PRESIDENT CLINTON DIDN'T CREATE KAY BAILEY HUTCHISON BUT HE'S HELPED MAKE
HER WHAT SHE IS TODAY

AND TODAY THIS INTENSE 49YEAROLD STATE TREASURER IS FAVORED TO BECOME A
NEW POLITICAL PHENOMENON A FEMALE REPUBLICAN REPRESENTING TEXAS IN THE US
SENATE

IN THE NARROWEST TERMS THAT MEANS SHE'S LEADING APPOINTED DEMOCRATIC SEN
BOB KRUEGER AS THEY HEAD TOWARD A JUNE 5 RUNOFF ELECTION IN THE WIDEST
SENSE IT MEANS SHE IS BEATING BILL CLINTON AND IN THE PROCESS
ILLUSTRATING HOW HE HAS LOST CONTROL OF HIS MESSAGE TRAVELING IN TEXAS WITH
MS HUTCHISON IT'S CLEAR SHE'S SUCCEEDING BY SAYING SHE'D DO A BETTER JOB
FIGHTING CLINTONOMICS AND ITS TAX INCREASES THAN WOULD HER DEMOCRATIC FOE

DEMOCRATS' PROBLEMS WERE OBVIOUS IN AN IRONIC SCENE IN MCALLEN TEXAS
MONDAY NIGHT THE SENATE SEAT MS HUTCHISON AND MR KRUEGER ARE FIGHTING
OVER WAS OPENED UP WHEN LLOYD BENTSEN LEFT CONGRESS TO BECOME TREASURY
SECRETARY YET WHEN MS HUTCHISON ARRIVED IN THE RIO GRANDE VALLEY SHE
HEADED FOR A FUNDRAISER HELD FOR HER AT THE HOME OF CALVIN BENTSEN LLOYD
BENTSEN'S FIRST COUSIN AND A LIFELONG DEMOCRAT

DOES THE TREASURY SECRETARY APPROVE OF HIS COUSIN'S DECISION TO BACK A
REPUBLICAN FOR THE BENTSEN SENATE SEAT I DIDN'T CHECK WITH HIM CALVIN
BENTSEN REPLIES WITH A MISCHIEVOUS GRIN HE SAYS HE OPPOSES MR KRUEGER
BECAUSE I DON'T THINK HE'S AS INTERESTED IN THE COUNTRY'S NO 1 PROBLEM
THE DEFICIT

AS THAT SUGGESTS MR CLINTON HAS ALLOWED DEMOCRATIC ECONOMIC POLICY TO BE
TRANSLATED HERE AS A BIG LOAD OF TAX INCREASES THAT STILL WON'T SUCCEED IN
CUTTING THE BUDGET DEFICIT EVEN THE FACT THAT MR KRUEGER HIMSELF IS
RUNNING AWAY FROM CLINTONOMICS HASN'T ELIMINATED THE PERCEPTION AT
VIRTUALLY EVERY STOP MS HUTCHISON RECYCLES A FAMILIAR GOP MANTRA WE
DON'T HAVE A DEFICIT BECAUSE WE'RE TAXED TOO LITTLE WE HAVE A DEFICIT
BECAUSE WE'RE SPENDING TOO MUCH

DRIVING BETWEEN CAMPAIGN STOPS SHE ACKNOWLEDGES THAT SHE'S CAPITALIZING ON
THE GAP BETWEEN PRESIDENT CLINTON'S CAMPAIGN MESSAGE AND HIS PRESIDENTIAL
IMAGE IN TEXAS BILL CLINTON IS HAVING A REAL PROBLEM SHE SAYS HE
CAMPAIGNED AS A CENTRIST BUT HE'S GOVERNING AS A LIBERAL

MS HUTCHISON HAS SOME VULNERABILITIES THAT COULD CREATE PROBLEMS SHE'S
STILL BEATING BACK CHARGES THAT SHE MISTREATS HER EMPLOYEES IN THE
TREASURER'S OFFICE AND HAS USED THEM FOR POLITICAL WORK MORE SUBSTANTIVELY
SHE ISN'T EAGER TO CALL ON ANYONE TO SACRIFICE TO CUT THE DEFICIT SHE ALL
BUT DECLARES SHE WOULDN'T VOTE FOR ANY TAX INCREASES YET SHE SUPPORTS
SPENDING BILLIONS ON THE SPACE STATION AND THE SUPERCOLLIDER TWO PET TEXAS
PROJECTS AND SHE SAYS SHE WOULD SPEND MORE ON DEFENSE THAN WOULD MR
CLINTON

SHE CLAIMS SHE'D REDUCE THE DEFICIT BY TRIMMING GOVERNMENT PAYROLLS CAPPING
DOMESTIC SPENDING GROWTH AT 2 A YEAR AND FREEZING DISCRETIONARY SPENDING
PROGRAMS POLITICALLY APPEALING IDEAS THAT WOULDN'T REALLY CONQUER THE
DEFICIT HER BIG MONEYSAVER WOULD BE A VAGUE PLAN TO CAP SPENDING ON
ENTITLEMENTS AT THE RATE OF INFLATION AND POPULATION GROWTH PLUS 1

WHEN PRESSED SHE ACKNOWLEDGES DOING THAT WITHOUT REDUCING MEDICARE AND
MEDICAID BENEFITS WOULD REQUIRE TAMING HEALTHCARE COSTS YET SHE ALSO
ADAMANTLY OPPOSES MR KRUEGER'S NEW PROPOSAL FOR A MANDATORY ONEYEAR FREEZE
ON DRUG PRICES AND INSURANCE PREMIUMS AND A VOLUNTARY FREEZE ON OTHER
MEDICAL COSTS SHE CLAIMS COSTS CAN BE CONTAINED BY INJECTING MORE
COMPETITION INTO THE SYSTEM SUCH AS BY GIVING INDIVIDUALS TAX CREDITS TO
SHOP FOR THEIR OWN HEALTHCARE PLANS SENSING AN OPENING THE KRUEGER CAMP
IS CONSIDERING CALLING FOR A DEBATE STRICTLY ON HEALTH CARE

MS HUTCHISON STILL COULD FALL IF DEMOCRATS BETTER PERFORM THE TASK OF
GETTING CORE SUPPORTERS TO THE POLLS FOR A RACE THAT DOESN'T HAVE THE STATE
CRACKLING WITH EXCITEMENT AND THERE'S A HUTCHISON WEAKNESS ON THAT FRONT
BECAUSE OF HER SUPPORT FOR ABORTION RIGHTS STATE ANTIABORTION LEADERS SAY
SOME OF THEIR REPUBLICAN TROOPS SIMPLY WON'T SHOW UP

BUT MS HUTCHISON IS REDUCING THAT PROBLEM BOTH BY GETTING THE FIRM
ENDORSEMENT OF ANTIABORTION GOP REP JOE BARTON WHOM SHE DEFEATED IN THE
FIRST ROUND OF VOTING FOR THE SENATE SEAT AND BY RUNNING AS A STAUNCH
CONSERVATIVE ON EVERYTHING ELSE

MEANWHILE MR KRUEGER'S DECISION TO DISTANCE HIMSELF FROM CLINTONOMICS
LEAVES HIM IN A NOMAN'S LAND UNABLE TO FORCEFULLY CHALLENGE THE
NONEWTAXES MANTRA OR EXPLOIT ITS WEAKNESSES SO HE WARNS TEXANS THAT THE
WHITE HOUSE MAY KILL THE SPACE STATION AND SUPERCOLLIDER WITHOUT A DEMOCRAT
IN THE SENATE TO DEFEND THEM AND HAS LAUNCHED HUMOROUSLY SELFDEPRECATING
TV ADS MOCKING HIMSELF AS A LOUSY POLITICAN

STILL IF DEMOCRATS FAIL HERE BLAME FOR THE LOUSY OUTCOME WILL HAVE TO BE
SHARED BY PRESIDENT CLINTON 9305190119 930519 MARKETING & MEDIA HOME
SHOPPING NETWORK IN DEFENSE GETS JUDGE TO MUZZLE A MAJOR ACCUSER 
 BY JOHNNIE L ROBERTS AND MARK ROBICHAUX STAFF REPORTERS OF THE WALL
STREET JOURNAL

NEW YORK HOME SHOPPING NETWORK INC RESPONDED IN COURT TO A LITANY OF
ALLEGATIONS LEVELED BY A FORMER TOP INHOUSE LAWYER BY DENYING THE CHARGES
MOREOVER IT ARGUED THAT THE EXECUTIVE AS THE COMPANY'S LAWYER HAD A ROLE
IN ANY WRONGDOING HE'S ALLEGING AND SHOULDN'T BE ALLOWED TO TALK ABOUT IT
BECAUSE OF HIS POSITION

HOME SHOPPING MAKING ITS MOST DETAILED RESPONSE YET TO THE ALLEGATIONS OF
KICKBACKS SECURITIES LAW VIOLATIONS AND OTHER ILLEGALITIES PERSUADED A
FLORIDA JUDGE THIS WEEK TO TEMPORARILY MUZZLE ONE OF ITS CHIEF ACCUSERS
ALLEN P ALLWEISS MR ALLWEISS IS A FORMER SENIOR VICE PRESIDENT AND
GENERAL COUNSEL WHO SUED THE COMPANY LAST MONTH CHARGING HE WAS FIRED AFTER
THREATENING TO GO PUBLIC WITH THE VARIOUS CHARGES

IN AN UNUSUAL STRATEGY HOME SHOPPING SUCCESSFULLY ARGUED THAT MR ALLWEISS
HAD BASED THE ALLEGATIONS IN HIS LAWSUIT ON INFORMATION HE OBTAINED AS AN
INHOUSE LAWYER THUS VIOLATING ATTORNEYCLIENT CONFIDENTIALITY IN
ADDITION HOME SHOPPING ALLEGED THAT MR ALLWEISS HAD PERSONALLY PLAYED A
PIVOTAL ROLE IN MANY OF THE MISDEEDS HE CLAIMS IN HIS SUIT

THE ALLWEISS SUIT IS ONE OF SEVERAL FILED BY SHAREHOLDERS FORMER EXECUTIVES
AND OTHERS IN THE PAST SIX MONTHS ALLEGING IMPROPRIETIES MANY OF THEM
CENTERED ON SUPPOSEDLY SHADY PRACTICES IN HOME SHOPPING'S SPRAWLING
PURCHASING DEPARTMENT

IN ADDITION TO DENYING MR ALLWEISS'S CHARGES THE COMPANY'S RESPONSE
SKETCHES A PORTRAIT OF HIM AS A VINDICTIVE AND AUTOCRATIC EXECUTIVE WHO KEPT
A LOADED GUN IN HIS DESK WITH TWO BOXES OF HOLLOWPOINT BULLETS ACCORDING
TO DOCUMENTS INCLUDED IN THE COMPANY'S RESPONSE MR ALLWEISS DISAPPOINTED
BY A STOCK DEAL INVOLVING CHAIRMAN ROY SPEER ONCE VOWED HE WOULDN'T STOP
UNTIL ROY IS BEHIND BARS

HOME SHOPPING'S AGGRESSIVE EFFORT TO DISCREDIT A MAN WHO HAD SERVED AS A TOP
EXECUTIVE ONLY A FEW MONTHS BEFORE COMES AS A FEDERAL GRAND JURY'S
INVESTIGATION APPEARS TO BE GAINING MOMENTUM AN ATTORNEY FOR HOME SHOPPING
SAID THE GRAND JURY IN TAMPA FLA INVESTIGATING THE WIDENING ALLEGATIONS
HAS SUBPOENAED MINUTES OF THE COMPANY'S BOARD MEETINGS AND OTHER DOCUMENTS
D FRANK WINKLES THE ATTORNEY SAID HOME SHOPPING WILL HAND OVER ANY
DOCUMENTS THEY WANT THAT THEY ARE ENTITLED TO GET

IN ITS RESPONSE IN BOTH CASES HOME SHOPPING APPEARS TO BE TRYING TO TAKE
CARE OF LEGAL MATTERS EVEN AS IT EXPLORES NEW BUSINESS DIRECTIONS UNDER NEW
MANAGEMENT RECENTLY INSTALLED BY LIBERTY MEDIA CORP WHICH BOUGHT CONTROL
OF HOME SHOPPING IN DECEMBER IN A FILING WITH THE SECURITIES AND EXCHANGE
COMMISSION THIS WEEK IT HINTED THE POSSIBLE STARTUP OF A FIFTH NATIONAL
BROADCAST NETWORK INVOLVING UHF TELEVISION STATIONS OWNED BY A SISTER
COMPANY HOME SHOPPING SAID THE NEW INITIATIVES MAY INCLUDE AMONG OTHER
THINGS DEVELOPING AND DISTRIBUTING BROADCAST AND CABLE PROGRAMMING

IN THE ALLWEISS CASE HOME SHOPPING'S SUCCESS IN GETTING A TEMPORARY
RESTRAINING ORDER CAME EARLIER THIS WEEK IN THE SAME PINELLAS COUNTY FLA
COURT WHERE MR ALLWEISS HAD SUED THE COMPANY MR SPEER LIBERTY MEDIA AND
OTHERS LAST MONTH

IN HIS SUIT MR ALLWEISS ACCUSED MR SPEER OF COVERING UP HOME SHOPPING'S
DEALINGS WITH MR SPEER'S SON RICHARD AND OF EMPLOYING AN ADVISER FRANCIS
SANTANGELO WHO HAD ALLEGED TIES TO THE GAMBINO CRIME FAMILY MR ALLWEISS
ALSO ECHOED CHARGES THAT MR SPEER AND COFOUNDER LOWELL PAXSON HAD PAID MR
ALLWEISS'S PREDECESSOR FERNANDO DIFILIPPO STOCK WORTH 14 MILLION TO
SILENCE HIS THREATS TO EXPOSE THEIR ALLEGED SECRET INTERESTS IN SUPPLIERS TO
THE COMPANY

IN ITS RESPONSE HOME SHOPPING CHARACTERIZED MR ALLWEISS'S ASSERTIONS ABOUT
MR SANTANGELO'S MOB TIES AND OTHER MATTERS AS LITTLE MORE THAN AN
INCOHERENT STREAM OF CONSCIOUSNESS RAMBLING THAT SEEKS TO IMPUGN HOME
SHOPPING NETWORK THROUGH THE REPREHENSIBLE TACTIC OF GUILT BY ASSOCIATION

HOME SHOPPING FURTHER ALLEGED THAT MR ALLWEISS WAS INVOLVED EXTENSIVELY IN
THE VERY MATTERS HE ALLEGES IN HIS COMPLAINT AND FAILED TO DISCLOSE THEM TO
HOME SHOPPING DIRECTORS OR ANYONE ELSE FOR EXAMPLE HOME SHOPPING ALLEGED
MR ALLWEISS REVIEWED THE SEC FILINGS THAT HE NOW ALLEGES WERE MISLEADING
HE ALSO DIRECTED THE PREPARATION OF DOCUMENTS FOR MR DIFILIPPO'S STOCK
PAYOUT AND FOR THE REORGANIZATION OF TWO COMPANIES OWNED BY RICHARD SPEER

HOME SHOPPING ARGUED THAT THE CASE BOILED DOWN TO A DISPUTE OVER MR
ALLWEISS'S COMPENSATION AND HIS FIRING AND IT ASKED THE COURT TO THROW OUT
ALL OR PART OF THE CASE

IN TAMPA AN ATTORNEY FOR MR ALLWEISS SAID HIS CLIENT WILL RESPOND
APPROPRIATELY IN COURT 9305190118 930519 MARKETING & MEDIA NETWORK
LAWYERS RENO DISCUSS SYNDICATION RULES

WASHINGTON BROADCAST NETWORK LAWYERS MET WITH ATTORNEY GENERAL JANET RENO
TO DISCUSS THE FINANCIAL INTEREST AND SYNDICATION RULES BUT THE JUSTICE
DEPARTMENT DIDN'T INDICATE IT PLANS TO REOPEN THE BITTER BATTLE BETWEEN
HOLLYWOOD AND THE NETWORKS

IT WAS AN INFORMATIONAL MEETING LIKE THE ONE HELD EARLIER WITH MOVIE STUDIO
REPRESENTATIVES A JUSTICE DEPARTMENT SPOKESWOMAN SAID NOTHING WAS DONE
ON THE CASE TODAY NO DECISIONS WERE MADE THE DEPARTMENT WILL STUDY THE
COMMENTS IT HAS RECEIVED

LAST MONTH THE FEDERAL COMMUNICATIONS COMMISSION VOTED 30 TO RELAX THE
20YEAROLD RULES THAT LIMIT NETWORKS' ROLE IN PRODUCING PROGRAMS AND BAR
THEM FROM SELLING RERUN RIGHTS FOR THEIR SHOWS THE NEW FCC RULES WOULD LET
THE NETWORKS PARTICIPATE IN THE RERUN BUSINESS BUT A FEDERAL JUDGE FIRST
MUST LIFT CONSENT DECREES THE NETWORKS SIGNED MORE THAN A DECADE AGO WITH
THE JUSTICE DEPARTMENT

UNDER THE BUSH ADMINISTRATION THE JUSTICE DEPARTMENT AGREED THE DECREES
SHOULD BE LIFTED THE NETWORKS HAVE BEEN CONCERNED THAT THE CLINTON
ADMINISTRATION WITH ITS CLOSE TIES TO HOLLYWOOD WOULD REVERSE THAT STAND
9305190117 930519 WHO'S NEWS VITAL HEART SYSTEMS INC

VITAL HEART SYSTEMS INC BEVERLY MASS THIS MAKER OF DIAGNOSTIC
INSTRUMENTS NAMED G ROBERT TATUM III 50 YEARS OLD PRESIDENT AND CHIEF
EXECUTIVE OFFICER SUCCEEDING CHAIRMAN DAVID L PRINTY 45 WHO RECENTLY
STEPPED DOWN FROM THE PRESIDENT AND CEO POSTS MR TATUM IS A PARTNER OF
DAVINCI SCIENTIFIC CORP THE MAIN DISTRIBUTOR FOR VITAL HEART SYSTEMS
9305190116 930519 SOCIETY RANDOM HOUSE ACCORD

NEW YORK THE NATIONAL GEOGRAPHIC SOCIETY WHICH HAS SOLD ITS BOOKS ONLY
BY MAIL FOR NEARLY 75 YEARS SIGNED AN AGREEMENT WITH RANDOM HOUSE INC A
UNIT OF ADVANCE PUBLICATIONS INC FOR BOOKSTORE DISTRIBUTION

THE WASHINGTONBASED SOCIETY WHOSE MAGAZINE BOASTS NEARLY 10 MILLION
SUBSCRIBERS HAS PUBLISHED SOME 400 BOOKS OVER THE YEARS AND OFFERED THEM
ONLY TO SUBSCRIBERS ITS BESTSELLER HAS BEEN AN ATLAS OF THE WORLD WHICH
HAS SOLD ABOUT 18 MILLION COPIES SINCE 1963 THE REVISED SIXTH EDITION
INCLUDING 14000 REVISIONS AND UPDATES IN ITS MAPS WILL BE ONE OF 26 TITLES
AVAILABLE IN STORES THIS FALL MOST ARE COFFEETABLE PHOTO BOOKS AND ABOUT
HALF ARE CHILDREN'S BOOKS 9305190115 930519 TUESDAY'S MARKETS BONDS
FALL YIELDS RISE ABOVE 7  FED REVIEWS STRATEGY AMID INFLATION
FEARS STOCKS FINISH MIXED  BY TOM HERMAN STAFF REPORTER OF THE
WALL STREET JOURNAL

INTEREST RATES ROSE AGAIN LIFTING TREASURY BOND YIELDS ABOVE 7 FOR THE
FIRST TIME IN MORE THAN A MONTH STOCK PRICES WERE MIXED AND THE DOLLAR
ROSE

THE DOW JONES INDUSTRIAL AVERAGE DIPPED 554 POINTS TO 344439 IN BRISK
TRADING WHILE THE STANDARD & POOR'S 500STOCK INDEX FELL 005 POINT TO
44032 BUT THE NASDAQ COMPOSITE INDEX GAINED 282 POINTS TO 68078

HAUNTED BY RECENT SIGNS OF HIGHER INFLATION MANY INVESTORS ARE SHYING AWAY
FROM LONGTERM BONDS THE PRICE ON THE 30YEAR TREASURY BOND TUMBLED 5/8
POINT OR 625 FOR EACH 1000 FACE AMOUNT THE YIELD CLIMBED TO 701 FROM
696 MONDAY AND AS LOW AS 671 IN MIDAPRIL

INFLATION JITTERS DROVE UP PRICES OF GOLD STOCKS WHICH ARE OFTEN A REFUGE
FOR INVESTORS WORRIED ABOUT INFLATION THE PRECIOUS METALS GROUP POSTED BY
FAR THE BIGGEST GAIN AMONG THE DOW JONES US INDUSTRY GROUPS WITH A RISE
OF 692 ON NEW YORK'S COMMODITY EXCHANGE GOLD FOR JUNE DELIVERY SOARED 8
TO 376 AN OUNCE

TO CONTAIN INFLATION THE FEDERAL RESERVE MAY DRIVE UP SHORTTERM INTEREST
RATES IN COMING MONTHS SOME ECONOMISTS SAY THE FED'S POLICY COMMITTEE MET
YESTERDAY TO REVIEW ITS STRATEGY ALTHOUGH RESULTS AREN'T KNOWN IT'S
PRETTY CLEAR THE FED DECIDED NOT TO EASE ANY FURTHER AND COULD EVEN HAVE
DECIDED TO BEGIN NUDGING RATES SLIGHTLY HIGHER IN COMING MONTHS SAID IRWIN
L KELLNER CHIEF ECONOMIST AT CHEMICAL BANKING CORP

WORRIES ABOUT THE STOCK MARKET OUTLOOK WERE EVIDENT AT A LUNCHEON OF
INSTITUTIONAL INVESTORS HOSTED BY BRIMBERG & CO A NEW YORK SECURITIES
FIRM THERE WAS UNANIMITY THAT THE STOCK MARKET WAS OVERVALUED AND DUE FOR
A CORRECTION SAID MR KELLNER THE ONLY DISAGREEMENT WAS WHEN AND BY HOW
MUCH

BUT JAMES R SOLLOWAY RESEARCH DIRECTOR OF ARGUS RESEARCH CORP CONTENDS
THAT INVESTORS ARE OVERREACTING WE ARE SEEING A DEGREE OF PESSIMISM RIGHT
NOW THAT MATCHES WHAT WE SAW LAST OCTOBER WHEN THE BIG RALLY IN STOCKS WAS
JUST STARTING TO GET UNDER WAY HE SAID

WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX WAS DOWN 054 TO 10424

IN MAJOR MARKET ACTION

STOCK PRICES WERE MIXED VOLUME TOTALED 2623 MILLION SHARES ON THE NEW YORK
STOCK EXCHANGE WHERE 1082 ISSUES FELL AND 833 ROSE

BOND PRICES SLUMPED THE TREASURY'S 10YEAR ISSUE FELL NEARLY 1/2 POINT OR
NEARLY 5 FOR EACH 1000 FACE AMOUNT TO YIELD 612

THE DOLLAR ROSE IN LATE NEW YORK TRADING THE CURRENCY WAS QUOTED AT 16245
MARKS AND 11145 YEN COMPARED WITH 16125 MARKS AND 11130 YEN MONDAY
9305190114 930519 LEISURE & ARTS ROAD FOOD NEW MICHELIN THREESTARS 
 BY PAUL LEVY

ST ETIENNE FRANCE SINCE 1951 THE RED MICHELIN RESTAURANT GUIDE TO
FRANCE HAS RULED THE GASTRONOMIC ROOST IN THIS MOST STOMACHCONSCIOUS
COUNTRY ON EARTH THERE HAVE BEEN CHALLENGES TO ITS HEGEMONY IN 1972 THE
PUBLICATION OF THE GAULTMILLAU GUIDE WHICH WAS MORE ALERT TO FOOD FASHION
FORCED THE TRADITIONALIST MICHELIN INSPECTORS TO ACKNOWLEDGE THE EXISTENCE
OF THE THEN REVOLUTIONARY NOUVELLE CUISINE AND LET SOME OF THE AIR OUT OF
THE TIRES THAT COMPOSE THE BODY OF MICHELIN'S CARTOON EMBLEM M BIBENDUM
OR FAT MICH AS THE SYMBOL OF MICHELIN TIRE CO WAS NICKNAMED BY IRREVERENT
ENGLISHSPEAKING CRITICS

THERE ARE NOW MICHELIN RED GUIDES TO THE HOTELS AND RESTAURANTS OF MOST OF
THE COUNTRIES OF EUROPE BUT THEY HAVE NEVER ENJOYED THE GRIP ON THE PALATES
AND WALLETS OF THE DININGOUT CLASSES OF THEIR FRENCH BIBLE THE REASON FOR
THEIR LACK OF SUCCESS IS OBVIOUS THE INSPECTORS IN BRITAIN GERMANY SPAIN
ITALY AND THE OTHER COUNTRIES HAVE LIMITED CULINARY HORIZONS AND ARE EITHER
ACTUALLY LOOKING FOR FRENCH RESTAURANTS OR ARE JUST NOT COMPETENT TO JUDGE
THE MERITS OF NONFRENCH EATERIES THE ENTIRELY PREDICTABLE RESULT IS THAT
MICHELIN AWARDS ITS STARS FOR THE QUALITY OF A RESTAURANT'S COOKING TO A
MAXIMUM OF THREE TO FRENCHSTYLE PLACES WHILE MORE OR LESS NEGLECTING THE
INDIGENOUS CUISINE AND MAKING WRONG JUDGMENTS ABOUT THE INDIAN CHINESE
SOUTHEAST ASIAN AND OTHER ETHNIC CUISINES OF THE COUNTRIES FOR WHICH IT
PUBLISHES GUIDEBOOKS

NONETHELESS THREE MICHELIN STARS REMAIN THE FOODIE OSCAR THE ULTIMATE
ACCOLADE FOR PROFESSIONAL COOKS AT LEAST IN FRANCE AND TO A LESSER EXTENT
IN ENGLAND THE 1993 GREAT BRITAIN AND IRELAND GUIDE HAS REGAINED A LITTLE
CREDIBILITY BY REMOVING A THIRD STAR FROM LE GAVROCHE IN LONDON ONLY
BECAUSE IT HAS HAD A CHANGE OF CHEF AND GIVING A WELLDESERVED ONE TO
PIERRE KOFFMAN AT LA TANTE CLAIRE STILL MICHELIN'S ANTAGONISTS CONTINUE TO
QUESTION THE RETENTION OF BRITAIN'S ONLY OTHER THIRD STAR BY THE WATERSIDE
INN AT BRAYONTHAMES THE FAILURE TO GIVE THIRD STARS TO NICO LADENIS'S
NICO AT NINETY IN LONDON AND RAYMOND BLANC'S MANOIR AUX QUAT'SAISONS AT
GREAT MILTON OXFORD BY GENERAL CONSENT BRITAIN'S BEST RESTAURANT AND
WORST OF ALL FAT MICH'S FAILURE TO DEAL PROPERLY WITH LONDON'S WEALTH OF
SMART INDIAN AND CHINESE NOSHERIES

HOW MANY STARS DOES MICHELIN DESERVE THIS YEAR FOR ITS FRENCH EDITION THE
FOODIE WORLD IS BUZZING ABOUT THE ONLY NEW THREESTAR PIERRE GAGNAIRE
LOCATED HERE IN ST ETIENNE IN A HARDTOFIND ART DECO PRIVATE HOUSE
COMPLETELY DONE OVER INSIDE AND OUT IN PERVERSELY PLEASING DESIGNER
OVERKILL BY ATELIER NACO OF PARIS

ST ETIENNE IS ONLY A SHORT DRIVE FROM LYON SO I THOUGHT WE'D STOP FIRST AT
THE OLDEST ESTABLISHED MICHELIN THREESTAR 1965 IN THE AREA PAUL BOCUSE
AT COLLONGESAUMONT D'OR THE COMPARISON WAS ILLUMINATING

MY WIFE'S FIRST COURSE A SALAD OF WARM FOIE GRAS WITH GREEN BEANS AND
ARTICHOKES WHEN WE FIRST ENCOUNTERED IT IN THE LATE 1970S WAS THOUGHT TO BE
DARING EVEN A LITTLE DANGEROUS A FEELING SHARED BY ITS HUNDREDS OF
PROVINCIALRESTAURANT IMITATORS WHO CALLED THEIR VERSIONS OF IT SALADES
FOLLES CRAZY OR MAD SALADS TODAY IT IS A NOTVERYENTERPRISING CHOICE
FROM A CONSERVATIVE MENU AND WE CAN SEE MR BOCUSE'S RESTAURANT FOR WHAT IT
PROBABLY ALWAYS WAS A CHARMING COMFORTABLE COSY SAFE BOURGEOIS FAMILY
RESTAURANT SERVING EXQUISITELY AND SIMPLY PREPARED FOOD USING THE WORLD'S
FINEST INGREDIENTS

NOT A SINGLE ONE OF THOSE ADJECTIVES APPLIES TO THE DINING ROOMS OR COOKING
OF THE BLOND BABYFACED 42YEAROLD MR GAGNAIRE HIS MENUS LIKE THE
DISHES THEY LIST ARE UNBELIEVABLY COMPLICATED THEY ARE MORE LIKE SHOPPING
LISTS OF INGREDIENTS THAN DESCRIPTIONS OF DISHES AND WILD AND WONDERFUL
THOSE INGREDIENTS ARE FREQUENTLY CHALLENGING MY OWN FAIRLY EXTENSIVE FRENCH
CULINARY VOCABULARY

NASTURTIUM LEAVES IN ASPIC AND PRESERVED BEEFHEART CABBAGE PAIRED WITH
MORSELS OF BLOODRARE PEKING DUCK SUMACFLAVORED SEA BREAM WILD MUSHROOMS
WITH UNFAMILIAR NAMES WITH CINNAMONSCENTED SHALLOTS RABBIT LIVER AND
KIDNEYS WITH GRILLED CRAYFISH TAILS SPRINKLED WITH MARJORAM TINY BITS OF
LAMB INCLUDING AN EPIGRAM MADE FROM THE RIBS OF THE BREAST AND COOKED IN
HAY SERVED WITH A BUCKWHEAT AND BEEFMARROW CAKE AND HALF A DOZEN WHITE
BEANS FROM TARBAIS STRIPS OF SWEETBREADS AND COXCOMBS GARNISHING A CUSTARD
OF PIKEPERCH ZANDER AND FOIE GRAS TURBOT VELVETED WITH FLEUR DE SEL
WITH A SAUCE MADE OF FRESH ANCHOVIES BOUND WITH POTATO MILK VEAL MASSAGED
WITH WILD THYME ROASTED WITH WHOLE ALMONDS MADE INTO A SORT OF JAM WITH
PEAR SAUCED WITH BLUEBERRY BUTTER A CAKE OF COURGETTES FLAVORED WITH STAR
ANISE ENCLOSING BITS OF SAUTEED CALF'S SPINAL CORD WITH BABY TURNIPS TOO
SMALL TO CUT

EVERYONE GETS THE DESSERTS I LOST COUNT OF HOW MANY WERE SERVED BUT I
REMEMBER THE DATE SORBET WITH DRIED FRUITS REFRESHED IN EAU DE VIE THE
ORANGE MANGO AND MELON FRUIT SALAD IN A SAFFRON SAUCE AND THE CONSERVE OF
BLACK CURRANT SERVED WITH RAW UNPASTEURIZED MILK ICE CREAM AND NETTLE
SORBET FOR THE DESSERTS AS FOR THE EARLIER DISHES ALL TAKEN FROM THE TWO
FIXED PRICE MENUS ONE AT 690 FRANCS 127 AND THE OTHER AT 535 FRANCS 98
THE SAUCES APPEAR TO HAVE BEEN APPLIED WITH A PAINTBRUSH THERE IS NEVER AN
ACTUAL PUDDLE OF SAUCE SO ALMOST EVERY DISH LOOKS LIKE AN EXAMPLE OF
JAPANESE CALLIGRAPHY RENDERED IN THREE DIMENSIONS

GAULTMILLAU CALLS MR GAGNAIRE THE PICASSO OF THE WOODEN SPOON GILLES
PUDLOWSKI FRANCE'S BEST FOOD CRITIC CALLS HIM PIERRE THE MAGNIFICENT
ARTIST POET AND AESTHETE YES EVERY MOUTHFUL IS THRILLING BUT EVERY
MOUTHFUL IS ALARMING IN A WAY REMINISCENT OF DESCRIPTIONS OF FOOD IN
LITERATURE FROM PETRONIUS' FARCICALLY OVERBLOWN ROMAN BANQUET IN
SATYRICON TO THE MOCKDECADENT BLACK DINNER IN JK HUYSMAN'S NOVEL
AGAINST THE GRAIN 1884 YOUR INTELLECT IS AS ENGAGED AS YOUR EYES NOSE
AND PALATE

THIS IS THE FARE OF '90S DECADENCE THE UPTODATE EQUIVALENT OF LARKS'
TONGUES IN ASPIC IT CONVEYS A PROFOUND SLIGHTLY CHILLING MESSAGE ABOUT
CONTEMPORARY CULTURE AND IT SHOWS WHAT FUN IT MUST HAVE BEEN TO HAVE LIVED
AND FEASTED IN THE LAST DAYS OF THE ROMAN EMPIRE 9305190113 930519
ECONOMY CLINTON IS TO UNVEIL TWOPART PROGRAM TO BOOST LENDING IN POOR
COMMUNITIES  BY KENNETH H BACON STAFF REPORTER OF THE WALL STREET
JOURNAL

WASHINGTON THE CLINTON ADMINISTRATION IS PREPARING TO UNVEIL A PROGRAM TO
BOOST INVESTMENT IN POOR COMMUNITIES BY ENCOURAGING MORE LOANS FROM
COMMERCIAL BANKS AND FUNDING NEW DEVELOPMENT INSTITUTIONS

ROBERT RUBIN WHO HEADS MR CLINTON'S NATIONAL ECONOMIC COUNCIL YESTERDAY
BRIEFED A GROUP OF CONGRESSIONAL DEMOCRATS ON PLANS TO ESTABLISH A COMMUNITY
BANKING AND CREDIT FUND IT WOULD FUNNEL 382 MILLION OF FEDERAL MONEY INTO
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS INCLUDING BANKS CREDIT
UNIONS LOAN FUNDS AND OTHER INSTITUTIONS THAT ARE ESTABLISHED TO MEET THE
NEEDS OF POOR COMMUNITIES THAT AREN'T WELL SERVED BY COMMERCIAL LENDERS THE
FUND WHICH WOULD BE RUN BY AN 11MEMBER BOARD DOMINATED BY BANKERS AND
COMMUNITY ACTIVISTS MUST BE CREATED BY CONGRESS

IN ADDITION BANK REGULATORS SAID THEY ALREADY HAVE LAUNCHED AN EFFORT TO
REDRAFT COMMUNITY REINVESTMENT RULES IN LINE WITH PRESIDENT CLINTON'S
PROMISE TO CUT RED TAPE WHILE PROMOTING MORE LENDING THE ADMINISTRATION'S
TWOPART PROGRAM WHICH IS LIKELY TO BE ANNOUNCED WITHIN A WEEK OR SO IS
EXPECTED TO WIN STRONG DEMOCRATIC SUPPORT THE PLAN INCORPORATES MANY
ELEMENTS THAT SEN BILL BRADLEY OF NEW JERSEY AND SEN DONALD RIEGLE OF
MICHIGAN AS WELL AS MEMBERS OF THE CONGRESSIONAL BLACK CAUCUS HAVE ALREADY
PROPOSED THOUGH SOME MEMBERS OF THE BLACK CAUCUS MAY FIGHT FOR MORE MONEY
FOR THE NEW FUND

THE 1977 COMMUNITY REINVESTMENT ACT IMPOSES ON FEDERALLY INSURED BANKS AND
THRIFTS A CONTINUING AND AFFIRMATIVE OBLIGATION TO HELP MEET THE CREDIT
NEEDS OF THE COMMUNITIES WHERE THEY OPERATE

BUT BANKERS AND PRESIDENT CLINTON HAVE COMPLAINED THAT THE REINVESTMENT
RULES IMPOSE A PAPERWORK BURDEN WITHOUT SPURRING ENOUGH LENDING REGULATORS
AGREE SUSAN KRAUSE A SENIOR DEPUTY COMPTROLLER OF THE CURRENCY TOLD A
HOUSE BANKING SUBCOMMITTEE YESTERDAY THAT BANK EXAMINATIONS HAVE TOO OFTEN
EMPHASIED PROCESS DOCUMENTATION AND GOOD INTENTIONS RATHER THAN ACTUAL
LENDING TO POOR COMMUNITIES

THE NEW PROGRAM WOULD FOCUS ON INCREASES IN ACTUAL LOANS TO FINANCE HOUSING
AND BUSINESS DEVELOPMENT IN LOW AND MODERATEINCOME AREAS IN THEIR
COMMUNITY REINVESTMENT REVIEWS BANKS ALSO WOULD GET MORE EXPLICIT CREDIT
FOR OPENING OR MAINTAINING BRANCHES IN INNER CITIES AND RURAL AREAS AND FOR
INVESTING IN COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS THAT SPECIALIZE IN
HELPING PEOPLE WHO FIND IT DIFFICULT TO GET CREDIT FROM COMMERCIAL BANKS AND
THRIFTS

DURING THE PRESIDENTIAL CAMPAIGN MR CLINTON FREQUENTLY CITED THE SUCCESS
OF SOUTH SHORE BANK WHICH HELPED REVITALIZE A CHICAGO NEIGHBORHOOD AND HE
PROMISED TO CREATE A NETWORK OF 100 SUCH COMMUNITY DEVELOPMENT BANKS BUT
THE NEW PROGRAM ISN'T LIKELY TO INCLUDE THAT SPECIFIC PLEDGE BECAUSE IT
FOCUSES ON A BROADER RANGE OF DEVELOPMENT INSTITUTIONS INCLUDING LOAN FUNDS
AND CREDIT UNIONS AS WELL AS PRESSING COMMERCIAL BANKS TO LEND MORE

THE GOAL OF THE PROPOSED COMMUNITY BANKING AND CREDIT FUND ACCORDING TO A
WHITE HOUSE BRIEFING SHEET CIRCULATING YESTERDAY ON CAPITOL HILL IS TO
CREATE A NATIONAL NETWORK OF DEVELOPMENT INSTITUTIONS THAT WOULD COMPETE
FOR ASSISTANCE

TO WIN ASSISTANCE INSTITUTIONS MUST SHOW THAT THEY CAN MATCH PUBLIC FUNDS
WITH PRIVATELY RAISED MONEY AND THAT THEY HAVE A PLAN FOR EVENTUALLY
STANDING ON THEIR OWN WITHOUT GOVERNMENT SUPPORT THE FUND WOULD PROVIDE
ASSISTANCE IN THE FORM OF CAPITAL GRANTS DEPOSITS AND TECHNICAL ASSISTANCE

SOME REPUBLICANS COMPLAINED THAT THE FUND WOULD BECOME ANOTHER COSTLY
GOVERNMENT BUREAUCRACY THAT ENCOURAGES THE DEVELOPMENT OF SMALL RELATIVELY
INEFFECTUAL FINANCIAL INSTITUTIONS SEPARATE BANKS FOR SEPARATE COMMUNITIES
AREN'T GOING TO GO FAR ENOUGH TO SOLVE THE PROBLEM SAID REP THOMAS RIDGE
OF PENNSYLVANIA THE AUTHOR OF A 1991 LAW THAT GIVES COMMERCIAL BANKS A
MONETARY INCENTIVE TO EXPAND SERVICES IN POOR NEIGHBORHOODS THAT LAW HASN'T
TAKEN EFFECT YET

HOWEVER REP MAXINE WATERS D CALIF SAID THE WHOLE IDEA IS NOT TO
CREATE ANOTHER BUREAUCRACY THE FUND WOULD BE FEDERALLY CHARTERED BUT
PRIVATELY RUN ALTHOUGH FOUR CABINET SECRETARIES WOULD SIT ON ITS BOARD IT
ALSO WOULD RECEIVE LIMITED APPROPRIATIONS OVER A FOURYEAR PERIOD ACCORDING
TO THE PROPOSAL AFTER THE BRIEFING REP CHARLES SCHUMER D NY SAID
IT'S CLEAR THAT THE CLINTON ADMINISTRATION THINKS THIS IS VERY IMPORTANT
BUT THEY'RE NOT GOING TO DO A LOLLAPALOOZA OF A PROGRAM UNTIL THEY SEE WHAT
WORKS

SEPARATELY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND THE
COMPTROLLER OF THE CURRENCY ANNOUNCED THE CREATION OF A WORKING GROUP TO
HELP THE AGENCIES POLICE MORTGAGELENDING DISCRIMINATION BOTH AGENCIES ARE
IN THE PROCESS OF SETTING UP A PROGRAM TO TEST BANKLENDING PROCEDURES TO
DETERMINE WHETHER ALL APPLICANTS ARE TREATED FAIRLY

GREG HITT CONTRIBUTED TO THIS ARTICLE 9305190112 930519 WHO'S NEWS 
CIRCA PHARMACEUTICALS INC

CIRCA PHARMACEUTICALS INC COPIAGUE NY ROBERT MARROW 52 YEARS OLD
GENERAL COUNSEL WAS GIVEN THE ADDITIONAL TITLE OF VICE PRESIDENT THIS
GENERIC PHARMACEUTICAL COMPANY ALSO PROMOTED KAREN SATTIG 39 TO VICE
PRESIDENT SALES AND WILLIAM TAAFE 45 TO VICE PRESIDENT BUSINESS
DEVELOPMENT FORMERLY MS SATTIG WAS DIRECTOR OF SALES AND MR TAAFE WAS
DIRECTOR OF BUSINESS DEVELOPMENT 9305190111 930519 WHO'S NEWS FOSTER
WHEELER CORP

FOSTER WHEELER CORP CLINTON NJ THIS DESIGN ENGINEERING
CONSTRUCTION MANUFACTURING MANAGEMENT AND ENVIRONMENTAL SERVICES CONCERN
NAMED MARTIN J KARPENSKI 43 YEARS OLD PRESIDENT AND CHIEF OPERATING
OFFICER OF ITS FOSTER WHEELER POWER SYSTEMS UNIT MR KARPENSKI WAS
PREVIOUSLY EXECUTIVE VICE PRESIDENT COMMERCIAL OPERATIONS OF THE UNIT
HENRY BARTOLI A VICE PRESIDENT OF THE PARENT WAS PREVIOUSLY THE UNIT'S
CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE HE REMAINS CHAIRMAN AND CHIEF
EXECUTIVE 9305190110 930519 MARKETING LIGGETT BRAND DISTURBS TRUCE 
IN TOBACCO WAR  BY EBEN SHAPIRO STAFF REPORTER OF THE WALL STREET
JOURNAL

NEW YORK JUST WHEN IT SEEMED THAT PHILIP MORRIS COS HAD WON A TEMPORARY
CEASEFIRE IN THE PRICE WAR IN THE CIGARETTE MARKET LIGGETT GROUP INC AN
ALSORAN RIVAL WITH LITTLE TO LOSE IS RENEWING THE HOSTILITIES

THIS WEEK LIGGETT INTRODUCED EAGLE A NEW BRAND COMPLETE WITH STYLISH
PACKAGING DECENT QUALITY AND THE LOWEST PRICE IN THE BUSINESS THE NEW
ENTRY COMES AS THE NATION'S TWO LARGEST CIGARETTE MAKERS PHILIP MORRIS AND
RJR NABISCO HOLDINGS CORP HAD SEEMED TO EASE UP IN THEIR PRICE WAR BY
NUDGING UP PRICES ON THEIR CHEAPEST SMOKES IN THE PAST TWO WEEKS

THE TAKEOFF OF EAGLE WHICH WILL SELL FOR ABOUT 109 A PACK IN LOWTAX
NEBRASKA OR A DIME CHEAPER THAN PHILIP MORRIS'S LOWPRICED BASIC BRAND
COMES AT A FRAGILE TIME FOR THE TOBACCO GIANTS PHILIP MORRIS AND RJR ARE
ATTEMPTING TO NARROW THE YAWNING PRICE GAP OF 70 CENTS A PACK THAT SEPARATES
THE CHEAPEST SMOKES FROM PREMIUM CIGARETTES SUCH AS CAMEL AND MARLBORO THE
EFFORT BEGAN APRIL 2 WHEN PHILIP ANNOUNCED WHAT AMOUNTS TO A TEMPORARY
PRICE CUT OF 40 CENTS A PACK ON THE NO 1 BRAND MARLBORO IT GAINED
MOMENTUM EARLIER THIS MONTH WHEN PHILIP AND RJR BOTH RAISED PRICES AT THE
LOW END

NOW LIGGETT'S NEW EFFORT COULD WELL DEMONSTRATE THAT EVEN THE LARGEST AND
MOST POWERFUL CIGARETTE COMPANIES ARE VULNERABLE TO THE DESPERATION PRICING
MOVES OF THE WEAKEST COMPETITOR IT ALSO SHOWS THE DIFFICULTY THE GIANTS
HAVE HAD IN RAISING PRICES IN THE DISCOUNT MARKET DESPITE THE COMBINED 60
SHARE OF CHEAP SMOKES THE TWO LEADERS ALREADY HAVE

THIS MARKS THE THIRD TIME IN A DECADE THAT LIGGETT THE NATION'S SMALLEST
MAJOR TOBACCO COMPANY HAS INTRODUCED A CIGARETTE EXPRESSLY DESIGNED TO
UNDERCUT THE PRICES OF ITS LARGER RIVALS LIGGETT A UNIT OF BROOKE GROUP
LTD PIONEERED THE DISCOUNT SEGMENT IN THE EARLY 1980S AS A WAY TO SURVIVE
THE WITHERING OF ITS FULLPRICE BRANDS L&M AND LARK

FOR LIGGETT THE EAGLE EFFORT MAY BE DO OR DIE BROOKE REPORTED A 76
MILLION LOSS LAST YEAR AS LIGGETT ITSELF POSTED A PROFIT DECLINE OF 43
LIGGETT'S SHARE OF THE TOBACCO BUSINESS IS DOWN TO 3 OVERALL OF THE 44
BILLION MARKET THE COMPANY REMOVED ITS PRESIDENT AND ITS CHIEF FINANCIAL
OFFICER IN MARCH AND CLOSED ITS NEW YORK OFFICE LIGGETT ALSO CUT BACK ITS
SALESPEOPLE TO 280 FROM 400 LAST YEAR ACCORDING TO A BROOKE FILING WITH THE
SECURITIES AND EXCHANGE COMMISSION

INDEED EVEN IF EAGLE FLIES MANY TOBACCO EXPERTS BELIEVE IT WILL PROVIDE
ONLY TEMPORARY RELIEF IN A BUSINESS BOUND FOR A WRENCHING CONSOLIDATION
PHILIP MORRIS'S GRIM DETERMINATION TO SACRIFICE PROFITS FOR MARKET SHARE 
IT HAS SAID IT EXPECTS ITS US TOBACCO PROFITS TO DECLINE BY AS MUCH AS 2
BILLION THIS YEAR IS PUTTING UNTOLD PRESSURE ON THE WEAKER MEMBERS OF THE
CIGARETTE INDUSTRY

MANY OBSERVERS BELIEVE LIGGETT ULTIMATELY WILL BE THE FIRST VICTIM OF THE
CLASH BETWEEN RJR AND PHILIP MORRIS THE TWO ALREADY HAD A COMBINED 71
MARKET SHARE OF THE CIGARETTE BUSINESS BY VOLUME IN 1992 ROY BURRY AN
ANALYST AT KIDDER PEABODY & CO ESTIMATES THAT IN FIVE YEARS THE TWO
COMPANIES WILL CONTROL 95 OF THE BUSINESS WHETHER THERE WILL BE ENOUGH
LEFT ON THE TABLE TO SUPPORT THE SMALLER COMPANIES REMAINS TO BE SEEN HE
SAYS

THE SMALLER COMPANIES HAVE RELIED ON BOOMING SALES OF CHEAP CIGARETTES FOR
GROWTH IN RECENT YEARS BUT MORE RECENTLY THEY HAVE BEEN ALL BUT SHOVED
ASIDE AS PHILIP MORRIS AND RJR SEIZED CONTROL OF THE BIGGEST PART OF THE
DISCOUNT MARKET

LIGGETT AND BA T INDUSTRIES PLC'S BROWN & WILLIAMSON TOBACCO CO EACH GET
MORE THAN 50 OF THEIR VOLUME BY SELLING CHEAP CIGARETTES AMERICAN BRANDS
INC IS ALSO VULNERABLE GETTING JUST UNDER HALF ITS VOLUME FROM DISCOUNT
SMOKES LIKE LIGGETT AMERICAN BRANDS HAS DEMONSTRATED LESS WILLINGNESS TO
GO ALONG WITH THE PRICE INCREASES ON THE LOW END HOLDING BACK WHEN RJR AND
PHILIP MORRIS RAISED THEIR DEEPDISCOUNT PRICES EARLIER THIS MONTH

LIGGETT EXECUTIVES DECLINED TO COMMENT BEYOND CONFIRMING THEIR PLANS TO
INTRODUCE THE NEW BRAND

WITH EAGLE LIGGETT HOPES TO REPEAT ITS PAST SUCCESSES IN CHEAP CIGARETTES
AFTER LIGGETT'S FORAY INTO CHEAP SMOKES IN THE EARLY 1980S FORCED BIGGER
RIVALS TO FOLLOW SUIT IT MINED A NEW NICHE IN 1989 BY INTRODUCING PYRAMID
THE FIRST CHEAP SMOKE TO BE MARKETED LIKE A BRANDED CIGARETTE PRODUCT

NOW LIGGETT SEEKS YET ANOTHER NEW TIER AN UPSCALE PACKAGE WITH A
SUBGENERIC PRICE WHICH IS INDUSTRY PARLANCE FOR A ROCKBOTTOM PRICE SAYS
RANDY HARLAN A DISTRIBUTOR WITH FARNER BOCKEN CO IN COUNCIL BLUFFS IOWA
THE NEW BRAND COMES IN 11 STYLES PACKAGED IN VARYING HUES OF RICH REDS
MAROONS AND TEALS LIGGETT HAS JOINED UP WITH GPA MARKETING CO IN OMAHA
NEB TO ROLL OUT EAGLE TO DISTRIBUTORS IN THE MIDWEST AND FLORIDA WITH
NATIONAL DISTRIBUTION TO FOLLOW IN SEVERAL MONTHS

THEY ARE GOING TO TRY TO KEEP A COMPETITIVE EDGE SAYS MR HARLAN WHO
SUPPLIES CIGARETTES TO LINCOLN NEB AND OMAHA THE INITIAL RECEPTION HAS
BEEN STRONG HE ADDS NOTING THAT THE CIGARETTE IS A SMOOTHER SMOKE THAN
OTHER CHEAP BRANDS I'M SWITCHING HE SAYS

AMERICAN BRANDS INC'S US TOBACCO BUSINESS AMERICAN TOBACCO CO RELIES
ON DISCOUNT BRANDS FOR JUST UNDER HALF OF ALL SHIPMENTS BUT THE CHEAPER
BRANDS MAKE UP LESS THAN ONETHIRD OF AMERICAN BRANDS' TOBACCO SHIPMENTS
WORLDWIDE AN ARTICLE WEDNESDAY DIDN'T MAKE A DISTINCTION BETWEEN US AND
WORLDWIDE SHIPMENTS 9305190109 930519 FINANCING BUSINESS CLEVELAND
ELECTRIC ILLUMINATING CO

CLEVELAND ELECTRIC ILLUMINATING CO CLEVELAND SAID IT PLANS TO OFFER 75
MILLION OF A NEW SERIES OF SERIAL PREFERRED STOCK CLEVELAND ELECTRIC AN
ELECTRIC UTILITY IS A UNIT OF CENTERIOR ENERGY CORP CLEVELAND ELECTRIC
SAID THE STOCK WILL BE DEPOSITED WITH SOCIETY NATIONAL BANK CLEVELAND
WHICH WILL THEN ISSUE DEPOSITARY RECEIPTS EACH REPRESENTING 1/20TH OF A
SHARE OF THE PREFERRED STOCK THE DEPOSITARY RECEIPTS WILL BE SOLD TO THE
PUBLIC BY UNDERWRITERS AT 25 EACH PLUS ACCRUED DIVIDENDS IF ANY THE
DIVIDEND RATE AND OTHER TERMS WILL BE DETERMINED ON THE BASIS OF MARKET
CONDITIONS AT THE TIME OF SALE THE COMPANY SAID LEAD UNDERWRITER FOR THE
PLANNED OFFERING IS MORGAN STANLEY & CO CLEVELAND ELECTRIC SAID NET
PROCEEDS WILL BE USED TO FINANCE ITS CONSTRUCTION PROGRAM AND FOR GENERAL
CORPORATE PURPOSES 9305190108 930519 WHO'S NEWS SAMUELS NOMINATION 
TO TREASURY TAX POST IS APPROVED BY SENATE

WASHINGTON SETTING ASIDE A PARTISAN DISPUTE THE SENATE UNANIMOUSLY
APPROVED THE NOMINATION OF LESLIE SAMUELS TO BE ASSISTANT TREASURY SECRETARY
FOR TAX POLICY

THE CONFIRMATION OF MR SAMUELS A TAX PARTNER WITH THE NEW YORK LAW FIRM
CLEARY GOTTLIEB STEEN & HAMILTON HAD BEEN HELD UP BY REPUBLICAN SENATORS
PROTESTING THE TREASURY'S REFUSAL TO CHANGE ITS ANALYSIS OF PRESIDENT
CLINTON'S TAX PLAN

THE REPUBLICANS LED BY SENS WILLIAM ROTH OF DELAWARE AND BOB PACKWOOD OF
OREGON UNSUCCESSFULLY DEMANDED IN FEBRUARY THAT TREASURY SECRETARY LLOYD
BENTSEN ANALYZE THE IMPACT OF THE TAX PLAN ON DIFFERENT INCOME GROUPS BY
USING TAXPAYERS' ADJUSTED GROSS INCOMES NOT THE BROADER MEASURE OF
TAXPAYERS' ASSETS THAT THE TREASURY TRADITIONALLY HAS USED THEIR AIM WAS TO
SHOW THAT THE TAX PLAN ESPECIALLY MR CLINTON'S PROPOSED ENERGY LEVY WOULD
HIT LOWERINCOME GROUPS HARDER THAN THE ADMINISTRATION HAS SUGGESTED

BUT MR BENTSEN WROTE THE SENATORS IN MARCH AND AGAIN THIS WEEK THAT THE
TREASURY'S METHODOLOGY IS THE SAME AS THAT EMPLOYED IN THE REPUBLICAN REAGAN
AND BUSH ADMINISTRATIONS

SENATE MAJORITY LEADER GEORGE MITCHELL D MAINE CALLED FOR THE VOTE
YESTERDAY AND THE CONFIRMATION WAS APPROVED UNANIMOUSLY

MEANWHILE PRESIDENT CLINTON CHOSE GORDON LINTON A MEMBER OF THE
PENNSYLVANIA LEGISLATURE TO BE FEDERAL TRANSIT ADMINISTRATOR MR LINTON
HAS BEEN CHAIRMAN OF THE LEGISLATURE'S TRANSPORTATION SUBCOMMITTEE SERVED
ON THE BOARD GOVERNING PHILADELPHIA'S MASS TRANSIT SYSTEM AND SPONSORED THE
STATE'S MANDATORY SEATBELT LAW

NAMED ASSISTANT SECRETARY OF TRANSPORTATION FOR BUDGET AND PROGRAMS WAS
LOUISE STOLL AN EXECUTIVE OF O'BRIEN KREITZBERG & ASSOCIATES INC A SAN
FRANCISCO CONSTRUCTION MANAGEMENT FIRM SPECIALIZING IN MAJOR PUBLIC WORKS

PRESIDENT CLINTON ALSO PICKED RICHARD MOOSE TO BE UNDER SECRETARY OF STATE
FOR MANAGEMENT MR MOOSE WHO WAS DEPUTY UNDER SECRETARY IN THE CARTER
ADMINISTRATION CURRENTLY IS SENIOR VICE PRESIDENT AT AMERICAN EXPRESS CO

PRESIDENT CLINTON SAID HE PLANS TO NOMINATE MOLLIE BEATTIE TO BE DIRECTOR OF
THE US FISH AND WILDLIFE SERVICE MS BEATTIE IS EXECUTIVE DIRECTOR OF THE
RICHARD A SNELLING CENTER FOR GOVERNMENT IN VERMONT AND HAD BEEN A TOP
OFFICIAL IN THE STATE'S NATURAL RESOURCES AGENCY IF CONFIRMED SHE WOULD BE
THE FIRST WOMAN TO SERVE AS DIRECTOR OF THE FISH AND WILDLIFE SERVICE PART
OF THE INTERIOR DEPARTMENT 9305190107 930519 WHO'S NEWS UPJOHN CEO
SEARCH PANEL MAY NEED SEVEN MONTHS

KALAMAZOO MICH A COMMITTEE OF UPJOHN CO'S BOARD CHARGED WITH FINDING
A SUCCESSOR TO THE COMPANY'S LATE CHAIRMAN AND CHIEF EXECUTIVE THEODORE
COOPER SAID IT MAY TAKE AS LONG AS SEVEN MONTHS TO FIND A NEW CEO

WILLIAM E LAMOTHE CHAIRMAN OF THE NOMINATING COMMITTEE SAID THE COMMITTEE
MET FOR THE FIRST TIME YESTERDAY MORNING BEFORE UPJOHN'S ANNUAL
SHAREHOLDERS MEETING FOLLOWING THE ANNUAL MEETING MR LAMOTHE SAID THE
ISSUE OF MANAGEMENT SUCCESSION WASN'T SERIOUSLY ADDRESSED BEFORE DR
COOPER'S DEATH FROM CANCER LAST MONTH

ANALYSTS WERE SURPRISED BY THE EVIDENT LACK OF PROGRESS IN NAMING A
SUCCESSOR TO DR COOPER WHO WAS DIAGNOSED WITH CANCER LAST JANUARY
MOREOVER THE FACT THAT THE DRUG AND AGRICULTURALPRODUCTS COMPANY DIDN'T
TURN IMMEDIATELY TO WILLIAM PARFET A GREATGRANDSON OF THE COMPANY'S
PRINCIPAL FOUNDER AND A TOP UPJOHN EXECUTIVE OR LEY S SMITH THE ACTING
CHIEF EXECUTIVE OFFICER SIGNALS THAT THE COMPANY MAY BE LOOKING OUTSIDE FOR
A CANDIDATE ANALYSTS SAID 9305190106 930519 MARKETING & MEDIA 
ADVERTISING COLT 45 TAKES SHOTS AT BEER RIVALS TO TRY TO ENTER PREMIUM
MARKET  BY KEVIN GOLDMAN

COLT 45 AIMING TO BROADEN ITS FRANCHISE BEYOND ITS TRADITIONAL CONSTITUENCY
OF YOUNG INNERCITY BLACKS IS LAUNCHING ITS FIRST PREMIUMPRICED BEER WITH
AN AD CAMPAIGN THAT BLASTS AWAY AT THE SLOGANS OF SUCH POWERFUL BRANDS AS
BUDWEISER MILLER LITE AND HEINEKEN

COLT 45'S PARENT G HEILEMAN BREWING MAY HAVE A TOUGH TIME GAINING A
FOOTHOLD IN THE FIERCELY COMPETITIVE 12 BILLION PREMIUM AND LIGHT BEER
CATEGORY COLT HASN'T VENTURED INTO THAT MARKET IN ITS 30YEAR HISTORY AND
ITS BRAND NAME IS CONSIDERED DECIDEDLY DOWNMARKET BUT THE BREWER SEES
LITTLE CHOICE PREMIUM BEER IS THE LARGEST CATEGORY AND THAT'S WHERE THE
OPPORTUNITY IS FOR BRAND EXPANSION SAYS CHARLES POWELL VICE PRESIDENT OF
MARKETING AT HEILEMAN

THE NEW PRODUCTS WILL BE CALLED COLT 45 PREMIUM BEER AND COLT 45 PREMIUM
LIGHT

COLT 45'S MOVE INTO THE PREMIUM MARKET ALSO COMES AS SALES OF ITS MALT
LIQUOR BRAND ARE LAGGING BEHIND INDUSTRY GROWTH ACCORDING TO M SHANKEN
COMMUNICATIONS' IMPACT DATABANK WHICH TRACKS INDUSTRY SALES MALTLIQUOR
SALES WERE UP 15 LAST YEAR TO 11 BILLION AT RETAIL COMPARED WITH FLAT
SALES IN THE OVERALL 35 BILLION BEER CATEGORY COLT 45'S SALES WERE UP ONLY
125 LAST YEAR ACCORDING TO IMPACT TO ABOUT 280 MILLION COMPARED WITH
18 GROWTH FOR PABST BREWING'S OLDE ENGLISH 800 NOW THE NO 1 SELLING MALT

FRANK WALTERS RESEARCH DIRECTOR AT IMPACT SAYS HE IS SURPRISED AT
HEILEMAN'S DECISION TO ENTER THE PREMIUM CATEGORY ON A NATIONAL BASIS HE
NOTES THAT THE COMPANY HAS HAD MOST OF ITS SUCCESS WITH REGIONAL BRANDS FOR
INSTANCE HEILEMAN HAS ONLY ONE NATIONAL BRAND IN IMPACT'S LIST OF THE TOP
25 BEERS COLT 45 AT NO 23 ITS OTHER BRAND OLD STYLE AT NO 20 IS
OFFERED REGIONALLY

COLT'S ADVERTISING CAMPAIGNS HAVE COME UNDER HEAVY FIRE FROM CRITICS AND
REGULATORS IN RECENT YEARS WHO CHARGED THAT THE ADS FOR MALT LIQUOR
TARGETED YOUNG MINORITIES AND GLAMORIZED DRINKING TWO YEARS AGO HEILEMAN
WAS PLANNING TO INTRODUCE POWERMASTER A POTENT MALT AIMED AT URBAN BLACKS
IT CANCELED PLANS AFTER AN OUTCRY FROM ANTIDRINKING ADVOCACY GROUPS THOUGH
IT LATER REINTRODUCED THE BREW UNDER ANOTHER NAME

FOR ITS PREMIUM BREW COLT 45 IS AVOIDING SUCH CONTROVERSY AND DIRECTING ITS
ADVERTISING EFFORTS AT RIVAL BEER ADS IN ALL NEW YORK AGENCY
DEUTSCH/DWORIN DESIGNED FIVE 30SECOND SPOTS THAT BEGAN RUNNING LAST WEEK ON
NEWS CORP'S FOX NETWORK AS WELL AS CABLE OUTLETS COLT WILL SPEND MORE THAN
8 MILLION ON THE CAMPAIGN THE TOTAL IT SPENT ON ALL ITS MALT LIQUOR
ADVERTISING LAST YEAR

ONE AD DEBUNKS ANHEUSERBUSCH'S BUDWEISER SLOGAN NOTHING BEATS A BUD
COLT'S AD RETORTS NOTHING SAYS WHO AMID SHOTS OF BUDWEISER BOTTLES
POSITIONED ALONGSIDE THE NEW BRAND WHAT IF YOU DECIDED WHO BEATS WHO AND
WHAT BEATS WHAT THE HALFMINUTE AD ENDS WITH A SUGGESTION TO TRY THE NEW
COLT 45 BEER AND IT INCLUDES A FURTHER TWEAK YOU'VE GOT NOTHING TO LOSE
EXCEPT MAYBE A BUD

NEEDLING MILLER LITE WHICH HAS BEEN HAVING PROBLEMS OF ITS OWN IN TRYING TO
SETTLE UPON A WINNING SLOGAN ANOTHER COLT AD SAYS MILLER LITE HAS BEEN
TELLING YOU IT'S IT AND THAT'S THAT DOES THAT MEAN WE DON'T HAVE A CHOICE
WHAT IF THE WORLD WASN'T ABOUT IT'S IT AND THAT'S THAT WHAT IF YOU DECIDE
WHAT'S WHAT AND WHO WINS

EACH AD ENDS THE SAME WAY WITH A CLOSEUP OF A CHILLED BOTTLE OF COLT 45
AND THE SLOGAN IT'S YOUR CHOICE

SUCH A COMPARATIVE CAMPAIGN IS UNUSUAL IN BEER ADS WHICH USUALLY RELY ON
CATCHY SLOGANS HIP MUSIC AND GOODLOOKING YOUTHS BEER ADVERTISING THESE
DAYS IS ALL ALIKE SAYS MATTHEW HELLER SENIOR VICE PRESIDENT AT DEUTSCH
WHICH ALSO HANDLES THE 8 MILLION COLT 45 MALT LIQUOR ACCOUNT IN OUR ADS
WE'RE NOT ATTACKING THE BEERS WE'RE ATTACKING THE WAY THE BRANDS ARE SOLD

MR HELLER CALLS THE BUDWEISER ADS FOR INSTANCE ABSURD AND ARROGANT
ADDING THE CHEST THUMPING INVITES CALLING IT INTO QUESTION WITH OUR ADS

CRITICS SAY THE STRATEGY OF ATTACKING FIRMLY ESTABLISHED BRANDS OTHERS
TARGETED BY COLT 45 ADS ARE MILLER GENUINE DRAFT AND COORS LIGHT APPEARS
RISKY AND MAY JUST REINFORCE THE MORE WELLKNOWN BRANDS LIKE BUD BUT SAYS
ERIC SHEPARD EXECUTIVE EDITOR OF BEER MARKETER'S INSIGHT WHAT DO THEY
HAVE TO LOSE THEY'RE A TOTAL UNKNOWN IN THE CATEGORY AND THEY CAN HAVE FUN
POKING THE BIG BRANDS IN THE INITIAL CAMPAIGN

INDEED THE INYOURFACE AD CAMPAIGN IS ONE WAY TO IMMEDIATELY ESTABLISH
THAT THIS ISN'T THE MALT LIQUOR COLT 45 IS WIDELY KNOWN FOR WE WANTED TO
PUT OURSELVES ASIDE THE MEGABRANDS SAYS DEUTSCH'S MR HELLER

MR POWELL AT HEILEMAN SAYS THERE IS NO SECOND PHASE OF THE TELEVISION
CAMPAIGN PLANNED A PRINT CAMPAIGN IS IN THE PLANNING STAGES BUT IT HASN'T
BEEN DECIDED WHETHER IT WILL USE THE SAME TACTIC OF ATTACKING ESTABLISHED
BRANDS SAYS MR POWELL WE DON'T KNOW WHETHER WE CAN GET THIS ACROSS IN
PRINT

NOR ARE PRINT ADS LIKELY TO GET ACROSS SUBTLE DIGS AT THE COMPETITION SUCH
AS THE ONE SLYLY FEATURED IN THE AD TAKING ON MILLER GENUINE DRAFT THE TWO
BREWS ARE SIDE BY SIDE IN A COOLER AS THE VOICEOVER REMINDS VIEWERS THAT
MILLER'S SLOGAN IS OUT OF THE OLD AND INTO THE COLD  WHY WOULD
ANYBODY WANT TO BE COLD  AT COLT BEER WE DON'T TELL YOU TO GET INTO
ANYTHING

AS A BOTTLE OF COLT 45 IS PICKED UP BY A THIRSTY CUSTOMER THE BOTTLES OF
MILLER GENUINE DRAFT SLIP INTO THE ICY WATERS OF THE COOLER AND OUT OF
SIGHT

INTERPUBLIC INTERPUBLIC GROUP SAID ITS EC TELEVISION UNIT ACQUIRED A
MINORITY INTEREST IN ATLANTIS FILMS LTD A CANADIAN PRODUCER AND
DISTRIBUTOR OF TELEVISION PROGRAMMING

FUJI AD FUJI PHOTO FILM WILL UNVEIL A COMMERCIAL ON THE FINAL EPISODE OF
CHEERS AND THE SEASON FINALE OF SEINFELD TOMORROW FOR ITS NEW FUJICOLOR
SUPER G FILM THE 30SECOND SPOT BY HAL RINEY & PARTNERS DECLARES THAT
KIDS ARE DIFFERENT TODAY FROM WHEN THEIR PARENTS GREW UP THE AD WHICH
NOTES FUJI'S SPONSORSHIP OF THE WORLD CUP SOCCER TOURNAMENT WILL RUN
THROUGH THE SUMMER

CABLE TV ADVERTISING REVENUES FOR BASIC CABLE NETWORKS INCREASED 166 IN
THE FIRST QUARTER FROM THE YEAREARLIER PERIOD ACCORDING TO THE BROADCAST
CABLE FINANCIAL MANAGEMENT ASSOCIATION THE QUARTERLY SURVEY OF THE
ASSOCIATION'S 21MEMBER CABLE NETWORKS FOUND THAT GROSS AD REVENUES WERE
528 MILLION UP FROM 453 MILLION THE FIGURES WERE AUDITED BY PRICE
WATERHOUSE

RIUNITE VB IMPORTS DISTRIBUTOR OF RIUNITE WINES IS TEST MARKETING NEW
RADIO AND TV SPOTS TO PROMOTE ITS CLASSIC WINES INCLUDING LAMBRUSCO THE
BANFI PRODUCTS CORP UNIT IS SPENDING A TOTAL OF 500000 TO 1 MILLION IN
EIGHT MARKETS THROUGH JULY THE CAMPAIGN BY LONG ISLAND NY AGENCY
GREENSTONE/ROBERTS MARKS RIUNITE'S FIRST BROADCAST ADS IN THREE YEARS

NEEDHAM DAVID JENKINS COEXECUTIVE CREATIVE DIRECTOR LEFT THE CHICAGO
OFFICE OF OMNICOM GROUP'S DDB NEEDHAM BY MUTUAL CONSENT THE COMPANY SAID
THE MOVE IS EFFECTIVE AT THE END OF MAY MR JENKINS WILL CONTINUE WITH
NEEDHAM ON A CONSULTING BASIS 9305190105 930519 MONEY RATES

THE KEY US AND FOREIGN ANNUAL INTEREST RATES BELOW ARE A GUIDE TO GENERAL
LEVELS BUT DON'T ALWAYS REPRESENT ACTUAL TRANSACTIONS

PRIME RATE 6 THE BASE RATE ON CORPORATE LOANS POSTED BY AT LEAST 75 OF
THE NATION'S 30 LARGEST BANKS

FEDERAL FUNDS 3 1/16 HIGH 2 5/8 LOW 2 7/8 NEAR CLOSING BID 2 15/16
OFFERED RESERVES TRADED AMONG COMMERCIAL BANKS FOR OVERNIGHT USE IN AMOUNTS
OF 1 MILLION OR MORE SOURCE PREBON YAMANE USA INC

DISCOUNT RATE 3 THE CHARGE ON LOANS TO DEPOSITORY INSTITUTIONS BY THE
FEDERAL RESERVE BANKS

CALL MONEY 5 THE CHARGE ON LOANS TO BROKERS ON STOCK EXCHANGE COLLATERAL
SOURCE TELERATE SYSTEMS INC

COMMERCIAL PAPER PLACED DIRECTLY BY GENERAL ELECTRIC CAPITAL CORP 305 30
TO 59 DAYS 306 60 TO 89 DAYS 308 90 TO 149 DAYS 315 150 TO 229
DAYS 320 230 TO 270 DAYS

COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR
CORPORATIONS 312 30 DAYS 313 60 DAYS 315 90 DAYS

CERTIFICATES OF DEPOSIT 259 ONE MONTH 263 TWO MONTHS 265 THREE
MONTHS 272 SIX MONTHS 299 ONE YEAR AVERAGE OF TOP RATES PAID BY MAJOR
NEW YORK BANKS ON PRIMARY NEW ISSUES OF NEGOTIABLE CDS USUALLY ON AMOUNTS
OF 1 MILLION AND MORE THE MINIMUM UNIT IS 100000 TYPICAL RATES IN THE
SECONDARY MARKET 303 ONE MONTH 310 THREE MONTHS 320 SIX MONTHS

BANKERS ACCEPTANCES 301 30 DAYS 302 60 DAYS 305 90 DAYS 307 120
DAYS 312 150 DAYS 314 180 DAYS OFFERED RATES OF NEGOTIABLE
BANKBACKED BUSINESS CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER

LONDON LATE EURODOLLARS 3 1/8 3 ONE MONTH 3 3/16 3 1/16 TWO
MONTHS 3 1/4 3 1/8 THREE MONTHS 3 5/16 3 3/16 FOUR MONTHS 3 3/8
 3 1/4 FIVE MONTHS 3 3/8 3 1/4 SIX MONTHS

LONDON INTERBANK OFFERED RATES LIBOR 3 1/8 ONE MONTH 3 1/4 THREE
MONTHS 3 3/8 SIX MONTHS 3 11/16 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 6 GERMANY 850 JAPAN 4 SWITZERLAND 750
BRITAIN 6 THESE RATE INDICATIONS AREN'T DIRECTLY COMPARABLE LENDING
PRACTICES VARY WIDELY BY LOCATION

TREASURY BILLS RESULTS OF THE MONDAY MAY 17 1993 AUCTION OF SHORTTERM
US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN UNITS OF
10000 TO 1 MILLION 3 13 WEEKS 310 26 WEEKS

FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 742 60 DAYS 751 STANDARD
CONVENTIONAL FIXEDRATE MORTGAGES 4125 2 RATE CAPPED ONEYEAR
ADJUSTABLERATE MORTGAGES SOURCE TELERATE SYSTEMS INC

FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS PRICED AT PAR FOR DELIVERY WITHIN 30 DAYS 738 60
DAYS 748 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 510 6/2 RATE
CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE TELERATE SYSTEMS INC

MERRILL LYNCH READY ASSETS TRUST 267 ANNUALIZED AVERAGE RATE OF RETURN
AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS
9305190104 930519 FINANCING BUSINESS SHILOH INDUSTRIES INC

SHILOH INDUSTRIES INC A STEEL PROCESSOR BASED IN MANSFIELD OHIO FILED
FOR AN INITIAL PUBLIC OFFERING OF 3350000 COMMON SHARES IN A FILING WITH
THE SECURITIES AND EXCHANGE COMMISSION THE COMPANY SAID IT EXPECTS AN
INITIAL OFFERING PRICE OF BETWEEN 11 AND 13 A SHARE PROCEEDS WILL BE USED
TO REPAY DEBT TO FINANCE PLANT AND EQUIPMENT EXPANSION AND FOR GENERAL
CORPORATE PURPOSES THE COMPANY WILL HAVE 125 MILLION COMMON SHARES
OUTSTANDING FOLLOWING THE OFFERING THERE IS AN OVERALLOTMENT OPTION FOR
502500 COMMON SHARES UNDERWRITERS FOR THE OFFERING ARE KIDDER PEABODY &
CO KEMPER SECURITIES INC AND CARLETON MCCREARY HOLMES & CO 9305190103
930519 ECONOMY PRESIDENT TO BEGIN REGULAR MEETINGS WITH CEOS TO IMPROVE
TIES TO BUSINESS  BY JEFFREY H BIRNBAUM STAFF REPORTER OF THE
WALL STREET JOURNAL

WASHINGTON PRESIDENT CLINTON IN AN EFFORT TO IMPROVE RELATIONS WITH THE
CORPORATE COMMUNITY TODAY WILL BEGIN A SERIES OF REGULAR MEETINGS WITH
CHIEF EXECUTIVE OFFICERS

MR CLINTON WHO FACES RISING DISCONTENT AMONG DEMOCRATIC LAWMAKERS AS WELL
AS BUSINESS LEADERS WILL ALSO TRAVEL TO CAPITOL HILL IN AN ATTEMPT TO SHORE
UP SUPPORT FOR HIS ECONOMIC PROGRAM HE'LL SPEAK AT A MEETING OF THE HOUSE
DEMOCRATIC CAUCUS WHERE MODERATE AND CONSERVATIVE MEMBERS ARE PRESSING TO
AMEND THE ADMINISTRATION'S PACKAGE OF TAX INCREASES AND SPENDING CUTS TO
ENSURE A STRONGER COMMITMENT TO DEFICIT REDUCTION

MR CLINTON WILL LUNCH AT THE WHITE HOUSE WITH A DIVERSE GROUP OF CORPORATE
CHIEFTAINS THE WHITE HOUSE HOPES TO SCHEDULE SUCH SESSIONS AS OFTEN AS TWO
OR THREE TIMES A MONTH FUTURE GATHERINGS ARE LIKELY TO FOCUS ON SPECIFIC
GROUPS SUCH AS AUTOMOBILEINDUSTRY AND HIGH TECHNOLOGY EXECUTIVES

THE PURPOSE IS TO STRENGTHEN COMMUNICATIONS WITH THE BUSINESS COMMUNITY
SAID ALEXIS HERMAN ASSISTANT TO THE PRESIDENT FOR PUBLIC LIAISON THE
FREERANGING INFORMAL MEETINGS SHE SAID WILL GIVE THE PRESIDENT A
REGULAR OPPORTUNITY TO HEAR FROM BUSINESS LEADERS ON ISSUES AND CONCERNS
THAT WE CAN WORK BETTER ON

IN THE MEANTIME PRESIDENT CLINTON IN A SURPRISE TO HIS OWN STAFF SAID HE
STILL WOULD LIKE TO CUT TAXES ON THE MIDDLE CLASS MR CLINTON HAD PROPOSED
SUCH A TAX CUT DURING HIS CAMPAIGN AND DROPPED IT AFTER THE ELECTION
REASONING THAT THE FEDERAL BUDGET DEFICIT HAD GROWN TOO LARGE BUT AT A TOWN
HALL MEETING IN SAN DIEGO LATE MONDAY HE REVIVED THE IDEA SAYING I'VE
GOT FOUR YEARS GIVE ME FOUR YEARS TO DELIVER ON THE MIDDLECLASS TAX CUT

FOR THE TIME BEING THOUGH MR CLINTON MADE CLEAR THAT HIS PRIORITY WAS
DEFICITCUTTING THE FIRST THING WE NEED TO DO IS DRIVE THE DEFICIT DOWN
WITH CUTS AND SOME PRUDENT REVENUE INCREASES HE SAID ADMINISTRATION
OFFICIALS SAID THAT WAS WHAT HE TRAVELED TO CALIFORNIA TO SAY

CHIEF EXECUTIVES ATTENDING TODAY'S LUNCHEON WILL INCLUDE JOHN BRYAN OF SARA
LEE CORP STEPHEN WOLF OF UAL CORP'S UNITED AIRLINES HAROLD POLING OF
FORD MOTOR CO ROBERT WINTERS OF PRUDENTIAL INSURANCE CO OF AMERICA AND
JOHN ONG OF BF GOODRICH CO WHO ALSO IS CHAIRMAN OF THE BUSINESS
ROUNDTABLE

AFTER THE ELECTION LAST YEAR MR CLINTON MET FREQUENTLY WITH BUSINESS
EXECUTIVES INDEED THE HIGHLIGHT OF HIS TRANSITION TO OFFICE WAS AN ISSUES
CONFERENCE IN LITTLE ROCK ARK AT WHICH MANY PRIVATESECTOR LEADERS MET IN
TELEVISED SESSIONS WITH MR CLINTON AND VICE PRESIDENT AL GORE

BUT THE CRUSH OF EVENTS IN THE LAST SEVERAL WEEKS PREVENTED MR CLINTON FROM
MAINTAINING THE PACE OF SUCH MEETINGS WHITE HOUSE ADVISERS NOW SEE THE
LAPSE AS A FACTOR THAT CONTRIBUTED TO THE WHITE HOUSE'S DRIFT FROM ITS
ECONOMIC MESSAGE THEY NOW ARE TRYING TO FOCUS ANEW ON THE PRESIDENT'S
ECONOMIC PROGRAM

SO LAST WEEK WHEN MR CLINTON TRAVELED TO NEW YORK TO PROMOTE HIS ECONOMIC
PACKAGE HE MET QUIETLY WITH SEVERAL TOP EXECUTIVES IN MANHATTAN AND
LISTENED TO THEIR CONCERNS TODAY'S MEETING IS BUILT ON THAT MODEL

THE GATHERING ALSO HAS ANTECEDENTS IN ONE OF MR CLINTON'S MOST SUCCESSFUL
CAMPAIGN STRATEGIES SEVERAL TIMES LAST YEAR HE COMPILED AND PUBLICIZED
LONG LISTS OF CORPORATE EXECUTIVES WHO ENDORSED HIS CANDIDACY HE THEN MET
WITH THE EXECUTIVES OFTEN AT GREAT LENGTH AIDES CONSIDERED THE MANEUVER A
WAY TO UNDERCUT PRESIDENT BUSH'S SUPPORT IN THE USUALLY SOLIDLY REPUBLICAN
CORPORATE WORLD

MR CLINTON NEEDS CORPORATE SUPPORT THESE DAYS EVEN MORE THAN THEN THE
HEART OF HIS DOMESTIC AGENDA REDUCING THE BUDGET DEFICIT AND OVERHAULING
THE NATION'S HEALTHCARE SYSTEM IS OF DEEP CONCERN TO AMERICAN
CORPORATIONS THE MORE HE CAN ENLIST THEIR ASSISTANCE THE BETTER CHANCE HE
HAS OF GETTING HIS PROGRAM THROUGH CONGRESS

THE MEETING TODAY WILL BE CONVENED AMID SIGNS THAT PUBLIC CONFIDENCE IN MR
CLINTON AND HIS PROPOSALS HAS BEEN FADING TO BOLSTER HIS STANDING THE
PRESIDENT HAS BEEN TRAVELING AROUND THE COUNTRY TRYING TO SELL HIS PLANS
AND LISTENING TO CITIZENS' COMMENTS ABOUT THEM AIDES PORTRAY THE SERIES OF
MEETINGS WITH BUSINESS LEADERS AS YET ANOTHER FORUM FOR MR CLINTON TO
MARKET HIS PROGRAMS AND EVEN MORE TO LISTEN TO SUGGESTIONS ABOUT THEM

LIKE THE BUSINESS LEADERS THE DEMOCRATIC LAWMAKERS MR CLINTON ADDRESSES
TODAY ARE LIKELY TO BE A TOUGHER AUDIENCE THAN HE FACED ON THE ROAD SAID
REP TIM PENNY D MINN WHO IS AMONG THOSE PUSHING FOR GREATER DEFICIT
REDUCTION THESE FISCAL CONSERVATIVES ARE PRESSING SUCH OPTIONS AS CAPS ON
SOCALLED ENTITLEMENT SPENDING OR ADDITIONAL SPENDING CUTS OF AROUND 50
BILLION WHEN THE RECONCILIATION BILL IMPLEMENTING MR CLINTON'S ECONOMIC
PROGRAM COMES TO A FLOOR VOTE NEXT WEEK IN THE SENATE MODERATE AND
CONSERVATIVE FINANCE COMMITTEE DEMOCRATS HAVE BEGUN DISCUSSIONS WITH
CENTRIST REPUBLICANS AIMED AT A COMPROMISE THAT MIGHT SUBSTITUTE
ENTITLEMENTSPENDING CUTS FOR ALL OR PART OF MR CLINTON'S PROPOSED ENERGY
TAX

BOTH PUBLICLY AND PRIVATELY VICE PRESIDENT GORE BUDGET DIRECTOR LEON
PANETTA AND OTHER ADMINISTRATION OFFICIALS YESTERDAY REITERATED THEIR
OPPOSITION TO CAPPING ENTITLEMENTS WHICH COULD AFFECT SUCH POPULAR PROGRAMS
AS MEDICARE AND BENEFITS FOR FARMERS AND VETERANS DEMOCRATIC LEADERS ARE
EXPLORING OTHER WAYS TO ACCOMMODATE THE CONCERNS OF THE FISCAL
CONSERVATIVES THOUGH THEIR FLEXIBILITY IS LIMITED BY POTENTIAL DEFECTIONS
AMONG DEMOCRATIC LIBERALS

STILL ADMINISTRATION OFFICIALS AND HOUSE LEADERSHIP AIDES CONTINUED TO
EXPRESS CONFIDENCE THAT THE DISPUTE WOULD BE RESOLVED WITHOUT THREATENING
MR CLINTON'S PROGRAM IN AN ATTEMPT TO DEMONSTRATE GOOD FAITH WITH THE
HOUSE TREASURY SECRETARY LLOYD BENTSEN HAS ASKED SENATE FINANCE COMMITTEE
CHAIRMAN DANIEL MOYNIHAN D NY TO BEGIN COMMITTEE ACTION ON THE
ADMINISTRATION TAX PACKAGE USING THE VERSION APPROVED BY THE HOUSE WAYS AND
MEANS COMMITTEE LAST WEEK

IN A SEPARATE EFFORT TO BUILD SUPPORT FOR THE ECONOMIC PACKAGE VICE
PRESIDENT GORE YESTERDAY HELD HIS OWN NEWS CONFERENCE TO HIGHLIGHT SUPPORT
FOR THE PRESIDENT'S ECONOMIC PACKAGE PRESENT WERE REPRESENTATIVES OF 22
COMPANIES FIVE LABOR UNIONS FOUR BUSINESS ASSOCIATIONS AND 23 CIVIC
ASSOCIATIONS 9305190102 930519 MONEY GROWTH TIED TO EASE OF SHIFTING TO
MUTUAL FUNDS

WASHINGTON THE GROWING EASE WITH WHICH BANK CUSTOMERS CAN SHIFT MONEY
DIRECTLY FROM REGULAR DEPOSITS TO MUTUAL FUNDS MAY BE ONE REASON THE MONEY
SUPPLY IS GROWING SO SLOWLY THE FEDERAL RESERVE SAID

THE INCREASED AVAILABILITY OF STOCK AND BOND FUNDS MAY HAVE SOME IMPACT ON
MONEY GROWTH THE FED SAID AFTER SURVEYING 56 BANKS ALL BUT FOUR OF WHICH
ARE MARKETING MUTUAL FUNDS TO THEIR CUSTOMERS

AS BANKS STEP UP THEIR MARKETING OF BOND AND STOCK MUTUAL FUNDS RETAIL
DEPOSITORS MAY BE MORE WILLING AND ABLE TO TRANSFER ASSETS BETWEEN DEPOSITS
AND THESE FUNDS THE FED SAID ONE IMPLICATION OF THE ENHANCED ABILITY TO
MAKE TRANSFERS IS THAT MOVEMENTS IN THE MONETARY AGGREGATES MAY INCREASINGLY
REFLECT SHIFTS BETWEEN MONETARY AND NONMONETARY ASSETS RATHER THAN CHANGES
IN UNDERLYING MACROECONOMIC FORCES

THE SLOW GROWTH OF THE MONEY SUPPLY HAS PUZZLED THE FED AND MANY PRIVATE
ECONOMISTS MOST MUTUAL FUNDS AREN'T CAPTURED BY THE TRADITIONAL MONEY
SUPPLY MEASURES

LOW INTEREST RATES ARE DRAWING INVESTORS AWAY FROM BANK ACCOUNTS TO MUTUAL
FUNDS MOST BANKS REPORTED THAT THEIR SALES OF BOND AND STOCK FUNDS WERE
STRONGER IN 1992 THAN IN 1991 WITH VIRTUALLY ALL THE BANKS ATTRIBUTING THE
INCREASE IN PART TO THE RELATIVE ATTRACTIVENESS OF BOND AND STOCK FUND
YIELDS THE FED SAID 9305190101 930519 MELLON BANK TO BUY INSURANCE
SUBSIDIARY OF CONTINENTAL CORP

PITTSBURGH MELLON BANK CORP IN A FURTHER DIVERSIFICATION OUT OF ITS
TRADITIONAL BANKING BUSINESS SAID IT WILL BUY CONTINENTAL CORP'S AFCO
CREDIT UNIT FOR AS MUCH AS 178 MILLION

THE PITTSBURGH BANK HOLDING COMPANY SIGNED A LETTER OF INTENT UNDER WHICH IT
WILL PAY 100 MILLION IN CASH FOR AFCO WHICH PROVIDES FINANCING FOR
CASUALTY AND PROPERTY INSURANCE PREMIUMS FOR SMALL AND MEDIUM SIZE
COMPANIES IT WILL ALSO MAKE A CONTINGENT PAYMENT OF AS MUCH AS 78 MILLION
BASED ON AFCO'S PERFORMANCE OVER THE NEXT FIVE YEARS CONTINENTAL IS A NEW
YORK INSURANCE CONCERN

THE ACQUISITION PROVIDES FURTHER EVIDENCE THAT MELLON IS SEEKING TO REDUCE
ITS RELIANCE ON TRADITIONAL BANK PRODUCTS ON FRIDAY IT EXPECTS TO CLOSE
ITS ACQUISITION OF BOSTON CO THE MONEY MANAGEMENT UNIT OF AMERICAN EXPRESS
CO

THE TREND IS TO EXPAND REVENUE SOURCES BEYOND TRADITIONAL LENDING BECAUSE
GROWTH IS MODEST SAID RONALD I MANDLE ANALYST WITH SANFORD C BERNSTEIN
I THINK WE COULD CONTINUE TO SEE SMALL DEALS AS OPPORTUNITIES PRESENT
THEMSELVES

THE ACQUISITION LIFTS MELLON A NEWCOMER TO THE PREMIUM FINANCING BUSINESS
TO THE TOP SPOT IN THE INDUSTRY THE BANK SAID AFCO WHICH FINANCED 36
BILLION IN INSURANCE PREMIUMS IN 1992 OR ABOUT A THIRD OF THE TOTAL MARKET
HAD NET REVENUE OF 65 MILLION AND PRETAX PROFIT OF 23 MILLION

AFTER FINANCING WHICH MELLON WILL HANDLE WITH AVAILABLE CASH AND POSSIBLY
WITH PROCEEDS FROM NEW DEBT MR MANDLE SAID AFCO WOULD ONLY ADD ABOUT A
DIME A SHARE TO EARNINGS THE ANALYST BELIEVES MELLON'S 1993 EARNINGS WILL
EXCEED 5 A SHARE

THE TWO SIDES EXPECT TO CLOSE THE TRANSACTION IN THE FOURTH QUARTER

SEPARATELY CONTINENTAL SAID IT FORMED A UNIT TO UNDERWRITE DIRECTORS AND
OFFICERS LIABILITY INSURANCE COVERAGE THE NEW UNIT CONTINENTAL PRO ALSO
WILL UNDERWRITE LAWYERS' AND ACCOUNTANTS' COVERAGE AND MISCELLANEOUS ERRORS
AND OMISSIONS COVERAGE 9305190098 930519 COMMODITIES GOLD CONTINUES
RALLY PRICE HIGHEST SINCE '91  BY JEFFREY TAYLOR STAFF REPORTER
OF THE WALL STREET JOURNAL

GOLD PRICES SOARED AGAIN TO NEW 1993 HIGHS AS INVESTORS CONTINUED TO POUR
MONEY INTO PRECIOUSMETALS MARKETS

GOLD FOR JUNE DELIVERY SETTLED 8 HIGHER AT 376 AN OUNCE ON NEW YORK'S
COMMODITY EXCHANGE THE HIGHEST LEVEL SINCE JANUARY 1991 SILVER AND
PLATINUM PRICES ALSO SURGED DRIVEN UPWARD BY THE STRENGTH IN GOLD SILVER
FOR JULY DELIVERY ROSE 203 CENTS TO 4625 AN OUNCE WHILE THE JULY
PLATINUM CONTRACT ROSE 560 TO 391 AN OUNCE

THE KEY FACTOR IS THAT WE ARE SEEING MONEY FLOW OUT OF OTHER VEHICLES AND
INTO GOLD SAID WILLIAM O'NEILL CHIEF FUTURES STRATEGIST FOR MERRILL
LYNCH THERE IS SOME FLOW OUT OF BONDS AND CURRENCIES AND PERHAPS EVEN OUT
OF STOCKS

MARKET STRATEGISTS POINTED TO AN INFLUX OF MONEY INTO GOLD STOCKS AS ANOTHER
SYMPTOM OF THE REMARKABLE RALLY THAT GOLD HAS STAGED THIS YEAR AFTER 13
YEARS OF FALLING OR MORIBUND PRICES

IN THE STANDARD & POOR'S INDEX OF FOUR MAJOR GOLD STOCKS THERE WAS A NET
INFLOW OF 10 MILLION YESTERDAY OF WHICH 30 WERE RETAIL NONBLOCK TRADES
SAID LASZLO BIRINYI OF BIRINYI & ASSOCIATES A MARKET RESEARCH FIRM THAT'S
SIGNIFICANT

SINCE MARCH WHEN GOLD REACHED A LOW OF 327 AN OUNCE THE PRICE OF THE
ACTIVELY TRADED JUNE CONTRACT HAS CLIMBED NEARLY 15 TO YESTERDAY'S CLOSING
PRICE OF 376

NEWS IN LATE APRIL THAT TWO LEADING FINANCIERS GEORGE SOROS AND SIR JAMES
GOLDSMITH MADE SUBSTANTIAL BETS ON A RISING GOLD MARKET HAS DRAWN INVESTORS
FROM OVERSEAS AND PERSISTENT WEAKNESS IN THE DOLLAR IS ALSO MAKING GOLD
WHICH TENDS TO MOVE INVERSELY TO THE US CURRENCY ATTRACTIVE ANALYSTS
SAID

IT KIND OF REMINDS ME OF THE CARTER YEARS WHEN THE TALK OF GENERAL MALAISE
IN GOVERNMENT AND THE ECONOMY DROVE GOLD PRICES TO 800 AN OUNCE AND SILVER
TO 50 AN OUNCE SAID FRED DEMLER METALS ECONOMIST FOR PAINEWEBBER IN NEW
YORK IN SUCH TIMES THE INVESTMENT DEMAND PICKS UP SHARPLY THERE'S A
FLIGHTTOQUALITY ASPECT TO THE MARKET

ANALYSTS NOTE THAT A NUMBER OF FACTORS AFFECTING THE SUPPLYANDDEMAND
RELATIONSHIP IN GOLD HAVE SHIFTED DURING THE PAST FEW MONTHS MINING
COMPANIES AFTER MORE THAN A YEAR OF OPERATING AT UNUSUALLY HIGH OUTPUT
LEVELS ARE LETTING PRODUCTION TAPER OFF SALES OF GOLD AND OTHER PRECIOUS
METALS BY RUSSIA WHICH HAS WEIGHED DOWN THE GLOBAL MARKET FOR THE PAST TWO
YEARS HAVE FALLEN SHARPLY CENTRAL BANKS IN EUROPE WHICH WERE BIG SELLERS
OF GOLD LAST YEAR ARE ON THE SIDELINES AT LEAST FOR THE MOMENT AND CHINA
A TRADITIONAL USER OF GOLD IN THE PRODUCTION OF JEWELRY HELPED TO SPAWN THE
RECENT RALLY BY BUYING GOLD IN LARGE QUANTITIES

WE'RE STARTING TO SEE SOME OF THE TRADITIONAL INVESTORS GERMAN AND SWISS
INTERESTS AND MIDDLE EASTERN SYNDICATES COMING INTO THE MARKET AS WELL
MR O'NEILL SAID FOR QUITE A WHILE GOLD WAS ALMOST A MARKET OF
NONPARTICIPATION NOW WE'RE SEEING SOME OF THE TRADITIONAL PARTICIPANTS
RETURN

MOREOVER ALTHOUGH THERE ARE FEW SIGNS OF INFLATIONARY ACTIVITY IN THE
GLOBAL ECONOMY AT PRESENT GOLD TRADERS AT NEW YORK'S COMEX ARE BIDDING
PRICES UP IN ANTICIPATION OF THE POSSIBILITY THAT INFLATION MAY RETURN
ANALYSTS SAID

MUCH OF THE STRENGTH BEHIND THE RALLY IS WIDESPREAD BUYING BY TECHNICAL
TRADERS SUCH AS COMMODITY FUNDS WHICH ARE MANAGED POOLS OF INVESTOR MONEY
THAT BUY ON THE BASIS OF MATHEMATICAL FORMULAS RATHER THAN FUNDAMENTAL
FACTORS THE RALLY HAS PUSHED PRICES THROUGH IMPORTANT RESISTANCE POINTS OR
STOPS AT WHICH THESE FUNDS HAVE PLACED PREARRANGED ORDERS TO BUY GOLD
FUTURES CONTRACTS A LOT OF YESTERDAY'S RALLY WAS THIS TECHNICAL BUYING
MR DEMLER SAID

DENISE GIARDANO DIRECTOR OF BULLION TRADING AT SWISS BANK CORP IN NEW
YORK SAID WE BROKE THROUGH INCREDIBLY IMPORTANT LEVELS IN THE CASH
MARKET TODAY WAS AN IMPORTANT DAY FOR GOLD BECAUSE WE BROKE A RESISTANCE
LEVEL THAT WE HAVE HAD SINCE THE GULF WAR AT 372 IN THE CASH MARKET

MS GIARDANO SAYS THE GOLD RALLY HAS FURTHER TO GO THE MARKET LOOKS
EXTREMELY BULLISH SHE SAYS IT COULD TRADE UP TO 400 TO 420 ON THIS
OVERALL MOVE SHE NOTES THAT INVESTORS BOTH LARGE AND SMALL WHO HAVE BEEN
WAITING ON THE SIDELINES TO BUY ON ANY PRICE DIPS ARE BECOMING FRUSTRATED
AND ARE HAVING TO GET IN ON PANIC BUYING

DESPITE ALL THE BULLISH SENTIMENT IN GOLD SOME CAUTION THAT A RETURN TO THE
HIGH PRICES OF THE EARLY 1980S IS UNLIKELY

MR BIRINYI FOR INSTANCE SAYS THE MOVEMENT OF MONEY INTO GOLD STOCKS
DOESN'T YET SEEM TO POINT TO A SUSTAINED BULL MARKET IN GOLD PEOPLE ARE
BUYING BUT IN THE TOTALITY OF THE MARKET IT'S NOT AN OVERWHELMING AMOUNT OF
MONEY HE SAYS AFTER 12 YEARS OF A BEAR MARKET A LITTLE SUNSHINE MAKING
ITS WAY THROUGH THE CLOUDS DOES NOT NECESSARILY MEAN THAT ALL THE RAIN IS
OVER

IN OTHER COMMODITY MARKETS YESTERDAY

ENERGY CRUDE OIL FUTURES PRICES FELL IN NEW YORK MERCANTILE EXCHANGE
TRADING ON WHAT MARKET OBSERVERS SAY WERE PRIMARILY TECHNICAL FACTORS
APPARENTLY SOME PLAYERS ARE LOOKING AHEAD TO THURSDAY'S EXPIRATION OF THE
JUNE CONTRACT AND WORRIED THAT JULY CRUDE WILL WEAKEN FURTHER AT THAT POINT
JUNE CRUDE FELL 17 CENTS A BARREL TO SETTLE AT 1934 WHILE JULY CRUDE LOST
16 CENTS TO CLOSE AT 1967 A BARREL PETROLEUM PRODUCTS PRICES FOLLOWED
CRUDE LOWER IN ADDITION SEVERAL MAJOR REFINERIES SOLD GASOLINE FUTURES
THROUGHOUT THE SESSION JUNE GASOLINE FELL 046 CENT TO 5866 CENTS A
GALLON HEATING OIL FOR JUNE DELIVERY WAS 028 CENT LOWER AT 5380 CENTS A
GALLON MEANWHILE NATURALGAS FUTURES TRADING WAS ALSO TECHNICALLY DRIVEN
JUNE NATURAL GAS GAINED 35 CENTS PER MILLION BRITISH THERMAL UNITS TO
SETTLE AT 2349 A MILLION BTUS IS ROUGHLY EQUIVALENT TO ONE THOUSAND CUBIC
FEET OF NATURAL GAS

SUGAR TECHNICAL SELLING BATTERED THE SUGAR MARKET ERASING MOST OF THE
GAINS FROM LAST WEEK'S RALLY ANALYSTS SAID THE MARKET WAS WEAKENED BY ITS
INABILITY TO ATTRACT DEMAND FROM SUGAR USERS AT HIGHER PRICE LEVELS
YESTERDAY COMMODITY FUNDS WHICH ARE MANAGED POOLS OF INVESTOR MONEY THAT
TRADE ON THE BASIS OF MATHEMATICAL FORMULAS WERE HUGE SELLERS IN THE
SUGAR MARKET PRICE DECLINES TRIGGERED A NUMBER OF STOPS OR LEVELS AT
WHICH THE FUNDS PLACED PREARRANGED ORDERS TO SELL FUTURES CONTRACTS SELLING
AT THESE LEVELS SUSTAINED THE DOWNWARD MOMENTUM THROUGH THE TRADING DAY AT
NEW YORK'S COFFEE SUGAR & COCOA EXCHANGE SUGAR FOR JULY DELIVERY WAS DOWN
062 CENT TO 1235 CENTS A POUND

WARREN GETLER IN NEW YORK CONTRIBUTED TO THIS ARTICLE 9305190097 930519
GRAND JURY INDICTS PEOPLE'S SAVINGS HEAD

BOSTON A GRAND JURY INDICTED ROGER A KIBART PRESIDENT OF PEOPLE'S
SAVINGS BANK OF BROCKTON ON CHARGES OF MAKING FALSE STATEMENTS TO THE BANK
AND REGULATORS TO CONCEAL HIS INVOLVEMENT IN A LOAN HE ARRANGED

JOHN PAPPALARDO US ATTORNEY IN BOSTON SAID THE INDICTMENT CHARGES THAT
MR KIBART MADE THE FALSE STATEMENTS TO INFLUENCE THE BANK IN APPROVING A
400000 LOAN TO A CUSTOMER WHO PLANNED TO USE PART OF THE PROCEEDS TO BUY A
BUILDING FROM MR KIBART AND A PARTNER FOR 175000

MR KIBART FACES UP TO A FIVEYEAR SENTENCE AND A 250000 FINE

REACHED AT HIS OFFICE AT THE BANK MR KIBART REFERRED QUESTIONS TO HIS
ATTORNEY MARY ELLEN KELLEHER AN ATTORNEY FOR MR KIBART SAID MR KIBART
ADAMANTLY DENIES ANY WRONGDOING IN THE MATTER SHE ADDED THE CASE WILL BE
VIGOROUSLY DEFENDED AND WE'RE CONFIDENT MR KIBART WILL BE EXONERATED SHE
ADDED THAT SHE DIDN'T KNOW WHETHER HE WOULD REMAIN PRESIDENT OF THE BANK
9305190096 930519 FINANCING BUSINESS DMI HOME WAREHOUSE INC

DMI HOME WAREHOUSE INC CLEVELAND SAID ITS PROPOSED INITIAL PUBLIC
OFFERING OF 2175000 COMMON SHARES WAS PRICED AT 10 A SHARE DMI SAID
IT WILL SELL ALL THE SHARES IN THE OFFERING THE COMPANY HAS GRANTED THE
UNDERWRITERS LED BY WILLIAM BLAIR & CO OF CHICAGO A 30DAY OPTION TO
PURCHASE AS MANY AS 300000 ADDITIONAL SHARES TO COVER OVERALLOTMENTS IF
ANY DMI SAID NET PROCEEDS WILL BE USED TO FINANCE THE DISTRIBUTION OF
PREVIOUSLY TAXED BUT UNDISTRIBUTED EARNINGS TO THE COMPANY'S CURRENT
SHAREHOLDERS TO REPAY DEBT AND TO EXPAND THE COMPANY'S BUSINESS DMI
WHICH OPERATES SIX WAREHOUSETYPE HOMEIMPROVEMENT CENTERS WHICH OFFER
PRODUCTS USED IN DOITYOURSELF HOME REPAIR AND REMODELING SAID THAT ONCE
THE OFFERING IS COMPLETED ITS COMMON STOCK WILL BE TRADED ON THE NASDAQ
NATIONAL MARKET SYSTEM UNDER THE SYMBOL DIYH

DIY HOME WAREHOUSE INC CLEVELAND SAID ITS INITIAL PUBLIC OFFERING WAS
PRICED AT 10 A SHARE IN AN ITEM WEDNESDAY THE COMPANY WAS INCORRECTLY
IDENTIFIED AS DMI HOME WAREHOUSE INC 9305190095 930519 WINNING ESSAY
GIVES COXES ELEVEN ROOMS AT THE INN

CENTER LOVELL MAINE JANICE AND RICHARD COX OF STEVENSVILLE MD WILL
SOON BECOME THE NEW OWNERS OF AN 11BEDROOM COUNTRY INN HERE AFTER WINNING
AN ESSAY CONTEST THEY ENTERED FOR 100

THE ESSAY CONTEST WAS THE SUBJECT OF A FRONTPAGE STORY IN THE WALL STREET
JOURNAL IN JANUARY BIL AND SUSIE MOSCA OWNERS OF THE CENTER LOVELL INN
RECEIVED MORE THAN 5000 ENTRIES FROM ALL OVER THE US AND AS FAR AWAY AS
CHINA ITALY AND RUSSIA

MANY OF THE CONTESTANTS DESPERATE TO ESCAPE THE URBAN RAT RACE TRIED TO
INGRATIATE THEMSELVES WITH THE MOSCAS BY SENDING CHRISTMAS CARDS BUTTER
COOKIES AND POEMS ONE ENTRANT SENT A TENNIS SHOE IN HOPES OF GETTING HER
FOOT IN THE DOOR SHE SAID

BUT THE COXES JANICE A RESTAURANT MANAGER AND RICHARD A HOTEL CHEF 
SIMPLY SENT A 250WORD ESSAY DESCRIBING HOW THEY WOULD GIVE THEIR GUESTS A
WARM AND FRIENDLY PLACE TO STAY AND A TIME THEY WOULD REMEMBER

THE COXES WHO'VE NEVER BEEN TO CENTER LOVELL DEBATED WHETHER TO ENTER THE
CONTEST FOR THE INN BUT DECIDED TO GO AHEAD AFTER THEY WON 400 IN THE
MARYLAND STATE LOTTERY

WE HAVE A SIGN ON OUR CAR THAT SAYS MAGIC HAPPENS' SAYS MS COX
9305190094 930519 RECENT SEC FILINGS

WASHINGTON THE FOLLOWING ISSUES WERE RECENTLY FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION

ELCOR CORP AN OFFERING OF 15 MILLION COMMON SHARES

EQUIFAX INC AN OFFERING OF 200 MILLION OF SENIOR NOTES DUE 2003 VIA THE
FIRST BOSTON CORP KIDDER PEABODY & CO AND THE ROBINSONHUMPHREY CO

HUNGARIAN TELECONSTRUCT CORP AN INITIAL OFFERING OF 700000 COMMON SHARES

WESTCOTT COMMUNICATIONS INC AN OFFERING OF 805000 COMMON SHARES VIA
ALEX BROWN & SONS INC AND BEAR STEARNS & CO 9305190093 930519
WESTINGHOUSE CLEARED BY JURY OF BRIBE CHARGES  PHILIPPINES HAD
ALLEGED FIRM PAID OFF MARCOS TO WIN NUCLEAR PACT  BY ERLE NORTON
 STAFF REPORTER OF THE WALL STREET JOURNAL

A FEDERAL JURY CLEARED WESTINGHOUSE ELECTRIC CORP OF CHARGES THAT IT BRIBED
FORMER PHILIPPINE PRESIDENT FERDINAND MARCOS IN THE EARLY 1970S TO WIN A
NUCLEAR POWER PLANT CONSTRUCTION CONTRACT

THE VERDICT IN US DISTRICT COURT IN NEWARK NJ IS A MUCHNEEDED DOSE OF
GOOD NEWS FOR WESTINGHOUSE WHICH HAS BEEN STUNG BY POOR FINANCIAL
PERFORMANCE AND THE RESIGNATION UNDER PRESSURE OF ITS CHIEF EXECUTIVE
OFFICER PAUL LEGO IN JANUARY THE COMPANY HAS YET TO NAME A NEW CHIEF
EXECUTIVE

MONETARY DAMAGES AGAINST WESTINGHOUSE PROBABLY WOULD HAVE BEEN RELATIVELY
SMALL BECAUSE THE JUDGE SAID HE WOULD LIMIT DAMAGES TO THE SIZE OF THE
ALLEGED BRIBES OR ABOUT 17 MILLION HOWEVER THE JUDGE ALSO COULD HAVE
ALLOWED PUNITIVE DAMAGES AFTER THE TRIAL

WE'VE GONE BEFORE A JURY OF 12 MEN AND WOMEN AND THEY REAFFIRMED THAT OUR
ETHICS AND INTEGRITY IN THE PHILIPPINES WERE ABOVE REPROACH SAID LOUIS J
BRISKMAN WESTINGHOUSE'S SENIOR VICE PRESIDENT AND GENERAL COUNSEL IN
PITTSBURGH HE NOTED THAT IN THE TRIAL WHICH LASTED NINE WEEKS AND
INVOLVED MORE THAN 40 WITNESSES AND 600 DOCUMENTS THE PHILIPPINES PRESENTED
ABSOLUTELY NO EVIDENCE THAT PRESIDENT MARCOS RECEIVED A PENNY OF
WESTINGHOUSE'S COMMISSIONS

HOWEVER RAUL GOCO PHILIPPINE SOLICITOR GENERAL SAID HIS GOVERNMENT WOULD
CONTINUE ITS EFFORTS TO SEEK JUSTICE A SPOKESMAN SAID THE PHILIPPINE
GOVERNMENT IS CONSIDERING APPEALING THE VERDICT AND THE PHILIPPINE
GOVERNMENT SAID IT WILL SEEK REMEDIES FOR BREACH OF CONTRACT FRAUD
NEGLIGENCE CIVIL CONSPIRACY AND ANTITRUST VIOLATIONS THROUGH AN ONGOING
ARBITRATION PROCESS IN GENEVA

WESTINGHOUSE TERMED THE REMAINING MATTERS IN ARBITRATION TECHNICAL CONTRACT
ISSUES IT ALSO SAID IT WANTS TO SETTLE THOSE ISSUES AND TRY TO START THE
POWER PLANT

THE JURY ALSO FOUND THAT BURNS & ROE ENTERPRISES INC AN ORADELL NJ
FIRM THAT HELPED TO DESIGN THE PLANT DIDN'T BRIBE MR MARCOS THE
PHILIPPINE GOVERNMENT HAD ALLEGED THAT THE FIRM PAID MR MARCOS 22
MILLION BURNS & ROE SAID THE DECISION CONFIRMS OUR LONGSTANDING POSITION
THAT THERE WAS NO BRIBERY AND THAT WE HAD A VALID CONTRACT BURNS & ROE IS
ALSO A TARGET FOR THE PHILIPPINES IN THE GENEVA ARBITRATION

WESTINGHOUSE AND THE PHILIPPINE GOVERNMENT STRUCK A PRELIMINARY SETTLEMENT
IN THE FIVEYEAROLD CASE A YEAR AGO THE SETTLEMENT INCLUDED GIVING
WESTINGHOUSE 300 MILLION TO UPGRADE THE PLANT AND 40 MILLION AND A
REVENUESHARING ARRANGEMENT TO OPERATE IT THE SETTLEMENT COLLAPSED WHEN
PHILIPPINE OFFICIALS CITED CONSULTANTS' FINDINGS THAT ANOTHER COMPANY COULD
DO THE JOB FOR LESS MONEY

THE CASE ALSO HAS BEEN HEARD BY AN ARBITRATION PANEL OF THE INTERNATIONAL
CHAMBER OF COMMERCE WHICH RULED IN WESTINGHOUSE'S FAVOR AND THE US
JUSTICE DEPARTMENT HAS LOOKED INTO THE ISSUE AND DIDN'T REPORT WRONGDOING BY
WESTINGHOUSE

THE SUIT FILED IN 1988 BY THEN PRESIDENT CORAZON AQUINO ALLEGED THAT
WESTINGHOUSE HIRED PHILIPPINE BUSINESSMAN HERMINIO DISINI TO PASS BRIBES TO
MR MARCOS MR MARCOS WAS DRIVEN INTO EXILE IN 1986 AND DIED IN 1989 WITH
THE BRIBES IN HAND THE GOVERNMENT AWARDED WESTINGHOUSE THE 12 BILLION
CONTRACT IN 1976 THE PHILIPPINE GOVERNMENT SAID THE 605MEGAWATT PLANT
COMPLETED IN 1985 HAS YET TO BE SWITCHED ON DESPITE THE COUNTRY'S POWER
SHORTAGE

WESTINGHOUSE CONTENDED THAT IT HIRED MR DISINI BECAUSE HE KNEW HOW TO
NAVIGATE HIS WAY THROUGH THE MAZE OF PHILIPPINE CUSTOMS AND REGULATIONS
NECESSARY TO SECURE THE CONTRACT IT SAID EVEN THE US EMBASSY IN MANILA
ENCOURAGED IT TO HIRE A SPECIAL REPRESENTATIVE AND SUPPORTED ITS SPECIFIC
HIRING PLANS MOREOVER WESTINGHOUSE PRESENTED TESTIMONY THAT SEVERAL
PHILIPPINES' GOVERNMENT WITNESSES WERE COERCED OR PAID

WESTINGHOUSE OFFICIALS ALSO SAW THE VERDICT AS A BOOST FOR ITS NUCLEAR POWER
BUSINESS THIS GETS US REINVIGORATED AGAIN SAID NATHANIEL D WOODSON
VICE PRESIDENT AND GENERAL MANAGER OF WESTINGHOUSE'S ENERGY SYSTEMS GROUP

THE COMPANY'S NUCLEAR PLANT CONSTRUCTION BUSINESS HAS BEEN MORIBUND FOR
YEARS ALTHOUGH IT HAS DEVELOPED A BUSINESS SERVICING EXISTING PLANTS ON
MONDAY WESTINGHOUSE ANNOUNCED THAT IT WON A 350 MILLION CONTRACT TO SUPPLY
TECHNOLOGY EQUIPMENT AND SERVICES FOR A NUCLEAR POWER PLANT IN THE CZECH
REPUBLIC AND WESTINGHOUSE OFFICIALS SAID AN ADDITIONAL 32 PLANTS IN CENTRAL
EUROPE AND THE FORMER SOVIET REPUBLICS ARE CANDIDATES FOR SIMILAR PROJECTS

WESTINGHOUSE NOTING THAT IT IS OPEN TO RUNNING THE PLANT FOR THE PHILIPPINE
GOVERNMENT ESTIMATES IT WOULD COST 400 MILLION TO MODERNIZE AND START THE
FACILITY

IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY WESTINGHOUSE WAS
UNCHANGED AT 15375 9305190092 930519 RULE OF LAW WHO'S TOO
CONSERVATIVE' FOR CLINTON'S COURT  BY TERRY EASTLAND

AS PRESIDENT CLINTON MULLS HIS CHOICE TO REPLACE SUPREME COURT JUSTICE BYRON
WHITE THE SPECULATION FOCUSES ON WHETHER HE WILL PUSH FOR DIVERSITY BY
NOMINATING A WOMAN OR A MINORITY THE MORE IMPORTANT QUESTION IS WHETHER MR
CLINTON WILL FOLLOW THE PATTERN OF HIS APPOINTMENTS TO THE JUSTICE
DEPARTMENT AND APPOINT SOMEONE FROM THE JUDICIAL LEFT OR WHETHER HE WILL
TRY TO RESTORE HIS NEW DEMOCRAT CREDENTIALS BY NOMINATING A MODERATE

WHILE THE PRESIDENT APPARENTLY HASN'T MADE UP HIS MIND YET INSIDE THE WHITE
HOUSE QUESTIONS HAVE BEEN RAISED ABOUT THREE STRONG CANDIDATES WITH STERLING
MODERATE CREDENTIALS FEDERAL JUDGES AMALYA KEARSE STEPHEN BREYER AND
JOSE CABRANES A COUPLE OF WEEKS AGO IT WAS WIDELY REPORTED THAT THESE THREE
CANDIDATES ALL CARTER APPOINTEES WERE TOO CONSERVATIVE FOR MR CLINTON
NOW IN THE WAKE OF CRITICISM OVER MR CLINTON'S LEFTLEANING NOMINEES TO
THE JUSTICE DEPARTMENT IT APPEARS THAT MODERATES MAY BE BACK IN THE
RUNNING WHOEVER TURNS OUT TO BE THE PRESIDENT'S CHOICE IT'S USEFUL TO
EXAMINE THE RECORDS AND VIEWS OF THESE THREE JUDGES IF THEY ARE TOO
CONSERVATIVE FOR MR CLINTON IT WOULD APPEAR THAT HE IS LOOKING FOR A
JUSTICE TO THE LEFT OF 1970SSTYLE JUDICIAL LIBERALS

SITTING ON THE US COURT OF APPEALS FOR THE SECOND CIRCUIT SINCE 1979
JUDGE KEARSE'S TOWERING INTELLECT IS RECOGNIZED BY HER COLLEAGUES WHO CALL
HER OUR RESIDENT GENIUS THE JUDGE IS A WORLD BRIDGE CHAMPION TWICE AND
HAS TRANSLATED TWO BOOKS ON BRIDGE FROM FRENCH TO ENGLISH JUDGE KEARSE 55
WAS A PARTNER IN THE BIG WALL STREET FIRM OF HUGHES HUBBARD & REED AND KNOWS
BUSINESS LAW SHE WOULD BRING TO THE SUPREME COURT LEGAL EXPERIENCE AND
KNOWLEDGE HELD BY NO OTHER CURRENT JUSTICE UPON APPOINTMENT

STEPHEN BREYER OF THE US COURT OF APPEALS FOR THE FIRST CIRCUIT IS AN
OXFORD GRADUATE CHIEF COUNSEL TO THE SENATE JUDICIARY COMMITTEE IN THE LATE
1970S AND AN ENERGETIC PROPONENT OF AIRLINE DEREGULATION JUDGE BREYER 54
IS A SCHOLAR HAVING TAUGHT ANTITRUST ADMINISTRATIVE LAW AND ECONOMIC
REGULATION AT HARVARD LAW SCHOOL SINCE 1965 AND HAVING WRITTEN TWO BOOKS
ANOTHER IS ON THE WAY AND NUMEROUS ARTICLES FROM 1985 TO 1989 HE SERVED
ON THE SENTENCING COMMISSION

JOSE CABRANES 52 IS A FEDERAL DISTRICT JUDGE IN CONNECTICUT HIS IS A
STORY OF IMMIGRANT SUCCESS AT AGE SIX HE ARRIVED IN THE SOUTH BRONX FROM
PUERTO RICO YET TO SPEAK ENGLISH A GRADUATE OF THE YALE LAW SCHOOL AND
FORMER GENERAL COUNSEL TO YALE UNIVERSITY MR CABRANES IN 1972 COFOUNDED
THE PUERTO RICAN LEGAL DEFENSE AND EDUCATION FUND AND FROM 1977 TO 1980
SERVED AS ITS CHAIRMAN HE REGULARLY ADVISES YOUNG HISPANICS TO DO AS HE
DID BECOME A MAINSTREAM AMERICAN

NONE COULD BE DESCRIBED AS CONVENTIONAL POLITICAL LIBERALS JUDGE KEARSE AND
JUDGE CABRANES MANAGED TO MAKE REAGAN AND BUSH ADMINISTRATION SUPREME COURT
LISTS JUDGE CABRANES HAS DISAGREED WITH THE PLAINTIFFS' TORT BAR ON
ABOLISHING DIVERSITY JURISDICTION HE'S FOR IT A POSITION THAT MAY BE TOO
CONSERVATIVE FOR A PRESIDENT WHO COUNTS PLAINTIFFS TRIAL LAWYERS AMONG HIS
MOST ARDENT SUPPORTERS JUDGE BREYER MEANWHILE HAS SAID MANY POLITICALLY
INCORRECT THINGS ABOUT RISK REGULATION THE POLITICS OF THESE THREE JUDGES
SUCH AS THEY ARE KNOWN MARK THEM AS SOMETHING ON THE ORDER OF NEW
DEMOCRATS

OF UTMOST CONCERN TO THE PRESIDENT IS JUDICIAL PHILOSOPHY HE HAS STATED HIS
DESIRE FOR A JUDICIAL LIBERAL SOMEONE WHO TAKES AN EXPANSIVE VIEW OF THE
CONSTITUTION WHO ENDORSES ROE V WADE AND THE UNENUMERATED RIGHT OF
PRIVACY

JUDGE KEARSE MAY BE THE MOST JUDICIALLY LIBERAL OF THE THREE AS SHE WOULD
APPEAR EASILY TO PASS THE PROROE/RIGHT OF PRIVACY LITMUS TEST SHE
VIGOROUSLY DISSENTED FROM HER COURT'S DECISION IN RUST V SULLIVAN
SUSTAINING THE CONSTITUTIONALITY OF ABORTIONCOUNSELING REGULATIONS WRITTEN
BY THE REAGAN ADMINISTRATION LATER AFFIRMED BY THE SUPREME COURT THE
PRESENT REGULATIONS DENY A WOMAN HER CONSTITUTIONALLY PROTECTED RIGHT TO
CHOOSE RECOGNIZED IN ROE SHE WROTE IN THE SALERNO CASE SHE WROTE THE
OPINION LATER REVERSED BY THE SUPREME COURT FINDING THE FEDERAL PRETRIAL
DETENTION LAW UNCONSTITUTIONAL EMBRACING A FAVORITE DOCTRINE OF JUDICIAL
ACTIVISTS SHE SAID THAT ANY PERIOD OF PRETRIAL DETENTION IS REPUGNANT TO
THE CONCEPT OF SUBSTANTIVE DUE PROCESS

STILL JUDGE KEARSE MAY HAVE COMMITTED ENOUGH ACTS OF JUDICIAL INCORRECTNESS
TO DISQUALIFY HER PERHAPS HER UNWILLINGNESS TO TURN ORDINARY COMMERCIAL
DISPUTES INTO CIVIL RICO CLAIMS IS SEEN IN THE WHITE HOUSE AS A TOO NARROW
 AND THUS TOO CONSERVATIVE APPROACH TO JUDGING

JUDGE BREYER HAS NOT OPINED IN MANY CASES INVOLVING CONTROVERSIAL SOCIAL
ISSUES SUCH AS ABORTION PERHAPS THE CLINTON WHITE HOUSE WANTS A JUDGE OF
ONTHERECORD VIEWS IN THESE AREAS BUT THE JUDGE WINS HIGH MARKS FOR HIS
INTELLECT AND WILLINGNESS TO LISTEN AND HIS COMMITMENT TO INTERPRETING AND
APPLYING THE LAW REGARDLESS OF RESULTS SAYS CHARLES FRIED A REAGAN
SOLICITOR GENERAL HE'S JUST A FINE LAWYER A FAIRMINDED MAN WITH A SENSE
OF THE LIMITATIONS THAT HIS JOB AS A JUDGE IMPOSES ON HIM HE DOESN'T THINK
THAT HE'S ENTITLED TO REFORM THE WORLD THAT SENSE OF JUDICIAL
SELFRESTRAINT MIGHT WELL MARK HIM AS TOO CONSERVATIVE

JUDGE CABRANES MAY BE THE LEAST JUDICIALLY LIBERAL OF THE THREE ALTHOUGH IT
IS MORE DIFFICULT TO DISCERN JUDICIAL PHILOSOPHY IN DISTRICT JUDGES HE DID
GIVE A SPEECH CALLING FOR CONTINUED FEDERAL JUDICIAL PROTECTION OF
INDIVIDUAL RIGHTS ARGUING THAT THE FEDERAL COURTS HAVE GIVEN CITIZENS WHAT
THEY EXPECT AND WHAT THEY WANT GREATER PROTECTION FOR THEIR INDIVIDUAL
RIGHTS BUT THE SPEECH WAS IN 1982 AND CERTAIN DECISIONS SUGGEST HE'S
HARDLY A LIBERAL IN THE STYLE OF WILLIAM BRENNAN

DENYING A MOTION TO ENJOIN DESIGN AND CONSTRUCTION OF INTERSTATE 84 IN
CONNECTICUT JUDGE CABRANES WROTE A COURT IS NEITHER AUTHORIZED NOR
WELLEQUIPPED TO SUBSTITUTE ITS JUDGMENT FOR THAT OF EXPERT ADMINISTRATIVE
AGENCIES IN ANOTHER CASE HE RULED AGAINST THE INTRODUCTION OF EXPERT
EVIDENCE CONCERNING A DEFENDANT'S COMPULSIVE GAMBLING DISORDER THE
CRIMINAL JUSTICE SYSTEM HE WROTE IS NOT MEANT TO BE A SYSTEM OF
STATESPONSORED THERAPEUTIC INTERVENTION

MR CLINTON'S CHOICE FOR THE SUPREME COURT WILL REVEAL HIS POLITICAL AND
JUDICIAL INTENTIONS IF HE PICKS SOMEONE TO THE LEFT OF JUDGES KEARSE
BREYER AND CABRANESPERHAPS SOMEONE AS RADICALLY ACTIVIST AS LANI GUINIER
HIS CHOICE TO HEAD THE JUSTICE'S CIVIL RIGHTS DIVISION THERE WILL BE ONE
LESS REASON TO BELIEVE MR CLINTON WHEN HE SAYS HE'S A NEW DEMOCRAT

MR EASTLAND IS EXECUTIVE EDITOR OF THE NEW FORBES MEDIA GUIDE QUARTERLY AND
A RESIDENT FELLOW AT THE ETHICS AND PUBLIC POLICY CENTER IN WASHINGTON DC
9305190091 930519 TECHNOLOGY & ENVIRONMENT MARION MERRELL TO BUY
RUGBY'S GENERIC DRUG UNIT  BY JAMES P MILLER AND THOMAS M BURTON
 STAFF REPORTERS OF THE WALL STREET JOURNAL

KANSAS CITY MO MARION MERRELL DOW INC A MAJOR BRANDNAME DRUG
COMPANY AGREED TO ACQUIRE THE GENERIC DRUG BUSINESS OF RUGBYDARBY GROUP
COS ONE OF THE NATION'S BIGGEST GENERICDRUG CONCERNS

MARION DIDN'T DISCLOSE TERMS OF THE PACT WITH THE CLOSELY HELD ROCKVILLE
CENTRE NY COMPANY BUT THE DEAL COULD BE A HARBINGER FOR THE INDUSTRY
IT IS A LOGICAL MOVE FOR BIG PHARMACEUTICAL CONCERNS TO GET MORE HEAVILY
INTO THE GENERIC BUSINESS IN LIGHT OF PRICING PRESSURES FROM MANAGED CARE
AND THE CLINTON ADMINISTRATION

MARION MERRELL HAD ALREADY FORMED A DEAL WITH RUGBY OVER MARION'S FLAGSHIP
HEART DRUG CARDIZEM LATE LAST YEAR THAT ARRANGEMENT FOLLOWED A PATTERN
ALREADY FORGED BY OTHER BRANDNAME CONCERNS IN THAT VENTURE MARION HAD
DECIDED TO PREEMPT COMPETITORS AS PATENT PROTECTION ENDED ON THE DRUG IT
JOINED WITH RUGBY TO BEGIN SELLING A GENERIC TABLET VERSION OF CARDIZEM

RUGBY NOW IS BELIEVED TO HOLD ABOUT TWOTHIRDS OF THE GENERIC MARKET FOR
THAT DRUG KNOWN AS DILTIAZEM

RUGBY'S PRODUCT LINE INCLUDES GENERIC VERSIONS OF MANY OF THE COUNTRY'S
TOPSELLING PRESCRIPTION PHARMACEUTICALS

GENERICS WILL BE A BIG PART OF THE NEW HEALTHCARE SYSTEM SAID RONALD
NORDMANN HEALTHCARE ANALYST WITH PAINEWEBBER

MARION LABELED THE ACQUISITION AS A MOVE TO BUILD ON ITS POSITION AS A
PROVIDER OF PHARMACEUTICALS TO THE MANAGEDCARE MARKET THE MOVE IS
CALCULATED TO PROVIDE A NEW REVENUE STREAM FOR MARION SEVERAL OF WHOSE KEY
PRODUCTS HAVE GONE OFF PATENT OR SHORTLY WILL MARION IS ALSO SEEN AS A
COMPANY WITH AN ESPECIALLY WEAK NEWPRODUCT PIPELINE

COSTCONSCIOUS PHARMACEUTICAL BUYERS IN LARGE RETAIL CHAINS AND OTHER LARGE
PURCHASING ORGANIZATIONS PREFER TO DEAL WITH A LIMITED NUMBER OF SUPPLIERS
THAT CAN MEET THEIR BROAD PRODUCT REQUIREMENTS SAID FRED W LYONS JR
MARION'S PRESIDENT AND CHIEF EXECUTIVE OFFICER THE RUGBY ACQUISITION WILL
HELP POSITION MARION MERRELL DOW AS A PREFERRED SUPPLIER FOR THESE IMPORTANT
CUSTOMERS

THE RUGBY ACQUISITION PROBABLY WILL IMPROVE MARION'S ABILITY TO SELL
PRODUCTS TO THE GROWING MANAGED CARE MARKET ONE THAT MAY WELL GROW FASTER
UNDER A NEW HEALTH PLAN FASHIONED BY THE CLINTON ADMINISTRATION

THE RUGBY OPERATION MARION MERRELL IS ACQUIRING HAS ABOUT 950 EMPLOYEES
RUGBYDARBY GROUP'S VETERINARY MEDICAL DENTAL AND CONSUMER MARKETING
GROUPS AREN'T INCLUDED IN THE DEAL 9305190090 930519 INSIDE TRACK 
INSIDERS SLAKE THIRST FOR SOFTDRINK STOCKS  BY WARREN GETLER 
STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK DESPITE THE RECENT BRANDNAME SCARE ROILING RETAIL STOCKS
INSIDERS AT LEADING SOFTDRINK MANUFACTURERS COCACOLA CO PEPSICO INC
AND DR PEPPERSEVEN UP COS ARE SNAPPING UP SHARES IN THEIR COMPANIES
SECURITIES AND EXCHANGE COMMISSION FILINGS SHOW

THE PURCHASES FOLLOW AN EXTENDED DEARTH OF BUYING BY INDUSTRY INSIDERS
ANALYSTS NOTE THE SURGE IN BUYING DURING THE PAST FEW MONTHS THEY SAY MAY
REFLECT INSIDER CONFIDENCE THAT SOFTDRINK MANUFACTURERS WILL FARE
RELATIVELY WELL AS DEFENSIVE STOCKS IN THE CURRENT SLOWGROWTH ECONOMIC
CLIMATE

IT MAY ALSO REFLECT INSIDER CONFIDENCE THAT THEIR COMPANIES' SHARES ARE
CURRENTLY UNDERVALUED BY WALL STREET INVESTORS IN THE WAKE OF THE BRANDNAME
SCARE TRIGGERED BY PHILIP MORRIS COS' STUNNING ANNOUNCEMENT IN EARLY APRIL
THAT IT WAS SLASHING THE PRICE OF ITS POPULAR MARLBORO BRAND CIGARETTES
MARKET EXPERTS SAY

ANALYSTS SAY PROSPECTS FOR INDUSTRY LEADERS COCACOLA AND PEPSICO ARE
BRIGHTER THAN THEY HAVE BEEN FOR SOME TIME BOTH COMPANIES HAD GOOD FIRST
QUARTERS AND THE OUTLOOK FOR THE YEAR LOOKS EXCELLENT SAYS LAWRENCE
ADELMAN SENIOR VICE PRESIDENT WITH DEAN WITTER REYNOLDS IN NEW YORK

THE DEAN WITTER ANALYST SAID THAT PEPSI IN PARTICULAR HAS SHOWN STRONG
GROWTH DOMESTICALLY NOT ONLY WITH ITS SOFTDRINK OPERATIONS BUT WITH ITS
FOOD AND RESTAURANT BUSINESSES IN THE US BOTH COMPANIES SHOULD POST
IMPRESSIVE GAINS DURING THE NEXT FEW MONTHS COMPARED WITH LAST SUMMER WHEN
SALES WERE DEPRESSED BY ONE OF THE COLDEST SUMMERS ON RECORD

MICHAEL PAINCHAUD DIRECTOR OF RESEARCH AT MARKET PROFILE THEOREMS IN
SEATTLE SAYS BEVERAGE COMPANIES ARE SHOWING ONE OF THE STRONGEST
INSIDEBUYING PROFILES OF ALL INDUSTRIES THIS QUARTER

THE SOFTDRINK INDUSTRY AS OF APRIL 1 WAS AMONG THOSE INDUSTRIES SHOWING
THE GREATEST IMPROVEMENT IN INSIDER BUYING HE SAYS MR PAINCHAUD'S
COMPANY TRACKS 99 SEPARATE INDUSTRY SECTORS FOR INSIDE BUYING AND SELLING
ACTIVITY

AT ATLANTABASED COCACOLA THE WORLD'S LARGEST SOFTDRINK PRODUCER THREE
INSIDERS BOUGHT 624000 OF STOCK BETWEEN MIDMARCH AND LATE APRIL SEC
FILINGS SHOW DIRECTOR PETER UEBERROTH PURCHASED 5000 SHARES APRIL 19 AT
3788 EACH LIFTING HIS DIRECT HOLDINGS TO 9000 SHARES DIRECTOR PAUL
OREFFICE BOUGHT 5000 SHARES ON THE SAME DAY AT 3813 EACH AND HIS FAMILY
TRUST BOUGHT AN ADDITIONAL 4000 SHARES AT THE SAME TIME LIFTING THEIR
COMBINED OVERALL HOLDINGS TO 112000 SHARES

THESE TWO INSIDERS BOUGHT AFTER THE STOCK BROKE AT 43 IN THE WAKE OF THE
BRANDNAME CONSUMER STOCK SCARE SAID BOB GABELE PRESIDENT OF
CDA/INVESTNET OF FORT LAUDERDALE FLA WHICH TRACKS AND ANALYZES THE TRADES
OF INSIDERS WHENEVER WE SEE A DOWNDRAFT IN A STOCK WE LIKE TO SEE IF
THERE'S INSIDER BUYING BECAUSE WE KNOW THAT SOME STOCKS ARE GETTING
OVERSOLD THAT DON'T DESERVE TO BE

COCACOLA VICE PRESIDENT JACK STAHL BOUGHT 2000 SHARES AT 4338 MARCH 16
LIFTING HIS TOTAL TO 202888 SHARES SEC DATA SHOW COCACOLA'S SHARES
CLOSED AT 40 DOWN 125 CENTS IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING
YESTERDAY

THE THREE COKE INSIDERS COULDN'T BE REACHED FOR COMMENT

AT PEPSICO THE WORLD'S SECONDLARGEST SOFTDRINK MAKER AND A MAJOR
MANUFACTURER OF SNACK FOODS A SPATE OF OPTIONRELATED SELLING LATE LAST
YEAR APPEARS TO HAVE COME TO AN END AND HAS BEEN MET WITH PURCHASES BY TWO
INSIDERS OF THE PURCHASE NY COMPANY DIRECTOR RICHARD BOYCE MADE HIS
FIRST PURCHASE ON RECORD BUYING 3600 SHARES AT 36 EACH APRIL 20 AND
DIRECTOR ROBERT STEWART BOUGHT 700 SHARES AT 3975 ON APRIL 13 LIFTING HIS
TOTAL TO 51405 SHARES BOTH INSIDERS PURCHASED THEIR SHARES AFTER THE STOCK
SKIDDED IN EARLY APRIL

I THINK IT'S A GREAT BUY AT 36 SAID MR BOYCE IN A TELEPHONE INTERVIEW
WE GOT CAUGHT UP IN THE PHILIP MORRIS DOWNDRAFT AND PROBABLY
INAPPROPRIATELY SO THERE'S AMPLE EVIDENCE THAT THE PRICING TRAJECTORY IN
THE COLA BUSINESS IS NOT AT ALL COMPARABLE TO WHAT HAS HAPPENED IN
CIGARETTES WHERE A PRICING UMBRELLA DEVELOPED OVER THE PAST DECADE MR
STEWART COULDN'T BE REACHED FOR COMMENT PEPSICO FELL 50 CENTS TO CLOSE AT
3650 A SHARE IN BIG BOARD COMPOSITE TRADING

THE BIGGEST INSIDE BUY IN THE INDUSTRY CAME AT DALLASBASED DR PEPPER WHICH
WENT PUBLIC JAN 27 AT 15 SHARE

THOMAS O HICKS A DIRECTOR PURCHASED 80000 SHARES BETWEEN APRIL 8 AND
APRIL 19 FOR 1170000 INCREASING HIS DIRECT AND INDIRECT HOLDINGS 9 SEC
FILINGS SHOW HE PAID AN AVERAGE 1460 A SHARE THE STOCK CLOSED AT 1525
UP 125 CENTS IN BIG BOARD COMPOSITE TRADING MR HICKS COULDN'T BE REACHED
FOR COMMENT 9305190089 930519 BUSINESS BRIEF CRAY RESEARCH SAYS SEC
PROBE TO INCLUDE SOME OF ITS OFFICIALS

ST PAUL MINN CRAY RESEARCH INC SAID THE SECURITIES AND EXCHANGE
COMMISSION PLANS TO TAKE THE DEPOSITIONS OF SEVERAL COMPANY OFFICIALS AS
PART OF A PREVIOUSLY ANNOUNCED INSIDER TRADING PROBE

IN REMARKS FOLLOWING THE COMPANY'S ANNUAL MEETING CRAY RESEARCH CHAIRMAN
JOHN F CARLSON SAID HE DOESN'T BELIEVE CRAY RESEARCH IS A TARGET OF THE
PROBE RATHER MR CARLSON SAID THE SEC IS FOCUSING ON THE TRADING OF STOCK
IN CRAY COMPUTER CORP A COLORADO SPRINGS COLO SPINOFF OF CRAY RESEARCH
WE HAVE NO REASON TO BELIEVE THAT THE COMPANY IS A TARGET OR HAS DONE
ANYTHING WRONG MR CARLSON SAID

MR CARLSON DECLINED TO SAY WHETHER HE OR OTHER TOP CRAY RESEARCH EXECUTIVES
WILL BE AMONG THOSE INTERVIEWED WHEN THE SEC DEPOSITIONS BEGIN LATER THIS
MONTH

PEOPLE FAMILIAR WITH THE INVESTIGATION EARLIER THIS MONTH SAID THAT JOHN
ROLLWAGEN MR CARLSON'S PREDECESSOR AND PRESIDENT CLINTON'S NOMINEE FOR THE
NO 2 POSITION AT THE COMMERCE DEPARTMENT IS AMONG THE SUBJECTS OF THE SEC
INQUIRY CONFIRMATION HEARINGS FOR MR ROLLWAGEN HAVE BEEN DELAYED PENDING
THE OUTCOME OF THE PROBE

CHARLES DAVIDOW MR ROLLWAGEN'S ATTORNEY SAID HE CONTINUES TO BE
CONFIDENT THAT MR ROLLWAGEN DID NOTHING WRONG

PEOPLE INVOLVED IN THE INVESTIGATION SAY THE SEC IS FOCUSING ON THE TRADING
OF CRAY COMPUTER'S SHARES IN LATE DECEMBER 1991 IMMEDIATELY BEFORE NEWS
SURFACED THAT LAWRENCE LIVERMORE NATIONAL LABORATORY CRAY COMPUTER'S ONLY
CUSTOMER HAD CANCELED A 30 MILLION SUPERCOMPUTER CONTRACT THE
CANCELLATION SENT THE STOCK OF CRAY COMPUTER TUMBLING MORE THAN 50

CRAY RESEARCH HAD BEEN SELLING CRAY COMPUTER STOCK IN THE WEEKS PRIOR TO THE
LIVERMORE ANNOUNCEMENT UNDER A DEAL STRUCK BETWEEN THE TWO COMPANIES AT THE
TIME OF THE SPINOFF 9305190088 930519 UNIT OF LTV PLEADS GUILTY IN
ILL WIND' CASE  DEFENSE CONTRACTOR TO PAY 23 MILLION TO ANSWER 
FRAUD BRIBERY CHARGES  BY THOMAS E RICKS STAFF REPORTER OF THE
WALL STREET JOURNAL

WASHINGTON A UNIT OF LTV CORP PLEADED GUILTY TO BRIBERY AND FRAUD
CHARGES STEMMING FROM THE GOVERNMENT'S LONGRUNNING ILL WIND INVESTIGATION
OF INFLUENCEPEDDLING AT THE PENTAGON

AS PART OF ITS GUILTY PLEA FILED IN FEDERAL COURT IN ALEXANDRIA VA LTV
AEROSPACE & DEFENSE CO AGREED TO PAY A FINE FEES AND CLAIMS TOTALING 23
MILLION

LTV SOLD ITS AIRCRAFT AND MISSILE OPERATIONS LAST YEAR BUT THE AEROSPACE
AND DEFENSE UNIT STILL EXISTS AS A LEGAL ENTITY A SPOKESMAN FOR LTV WHICH
RECENTLY MOVED ITS HEADQUARTERS TO CLEVELAND FROM DALLAS SAID THE COMPANY
DECIDED TO PLEAD QUILTY BECAUSE WE THOUGHT IT WAS IN THE BEST INTEREST OF
EVERYONE TO RESOLVE AND CLOSE THIS INVESTIGATION

IN COURT PAPERS THE US ATTORNEY'S OFFICE IN ALEXANDRIA STATED THAT DURING
THE MID1980S LTV AEROSPACE'S SIERRA RESEARCH DIVISION PAID SHELDON
MATZKIN A WASHINGTON LAWYER AND CONSULTANT TO HELP IT OBTAIN INSIDE
INFORMATION ABOUT COMPETING BIDS TO BUILD PART OF THE NAVY'S LAMPS OR LIGHT
AIRBORNE MULTIPURPOSE SYSTEM A DATALINK SYSTEM BETWEEN HELICOPTERS AND
SHIPS

MR MATZKIN IN TURN ENLISTED THE AID OF STUART BERLIN A SUPERVISORY
ENGINEER AT THE NAVY'S SPACE AND NAVAL WARFARE COMMAND AND A MEMBER OF THE
GOVERNMENT PANEL THAT EVALUATED COMPETING BIDS TO PRODUCE PART OF THE LAMPS
SYSTEM SIERRA RESEARCH ORIGINALLY SUBMITTED A BID HIGHER THAN ONE MADE BY
SPERRY UNIVAC NOW PART OF UNISYS CORP BUT IN ITS FINAL OFFER SIERRA
UNDERBID SPERRY IN JUNE 1987 IT WON THE CONTRACT WHICH ULTIMATELY WAS
VALUED AT 32 MILLION

MR BERLIN WAS TO BE PAID ABOUT 12000 FOR HIS HELP ACCORDING TO COURT
PAPERS SOME PAYMENTS WERE MADE BUT THE SCHEME ENDED IN JUNE 1988 WHEN THE
ILL WIND INVESTIGATION BECAME PUBLIC PROSECUTORS SAID 60TH CONVICTION THE
US ATTORNEY'S OFFICE SAID THAT MR MATZKIN WAS CONVICTED OF FRAUD AND
BRIBERY EARLIER THIS YEAR SENTENCED TO NEARLY THREE YEARS IN JAIL AND FINED
30000 MR BERLIN PLEADED GUILTY IN 1989 TO A SEPARATE BRIBERY SCHEME
COOPERATED WITH THE GOVERNMENT AND WAS SENTENCED TO ABOUT TWO YEARS IN JAIL
AND FINED 25000

LTV'S PLEA MARKS THE 60TH CONVICTION GROWING OUT OF THE OPERATION ILL WIND
INVESTIGATIONS THE US ATTORNEY'S OFFICE SAID OTHER MAJOR DEFENSE
CONTRACTORS THAT HAVE PLEADED GUILTY IN CASES RELATED TO ILL WIND ARE
UNISYS UNITED TECHNOLOGIES CORP AND TELEDYNE INC IN ADDITION GRUMMAN
CORP REPORTEDLY IS NEGOTIATING A CRIMINAL PLEA TO CHARGES RELATED TO THE
ILL WIND INVESTIGATION 9305190087 930519 POLICY MANAGEMENT IS UNDER
SCRUTINY AS A SHORT SELLER QUESTIONS ACCOUNTING  BY MARTHA
BRANNIGAN STAFF REPORTER OF THE WALL STREET JOURNAL

POLICY MANAGEMENT SYSTEMS CORP'S ACCOUNTING PRACTICES ARE THE SUBJECT OF
FEDERAL AND INTERNAL INVESTIGATIONS BOTH APPARENTLY SPURRED IN PART BY A
LETTER SENT TO THE SECURITIES AND EXCHANGE COMMISSION BY A SHORT SELLER

THE INQUIRIES FOLLOW THE COMPANY'S ANNOUNCEMENT IN EARLY APRIL THAT
FIRSTQUARTER EARNINGS WOULD BE FAR SHORT OF ESTIMATES THE NEWS SENT THE
INSURANCESOFTWARE COMPANY'S STOCK PLUNGING 43 IN A SINGLE DAY

IN A LETTER DATED MAY 10 GILFORD PARTNERS AN INVESTMENT PARTNERSHIP BASED
IN CHICAGO TOLD POLICY MANAGEMENT THAT IT HAS TURNED UP INFORMATION THAT
THE COMPANY'S ACCOUNTING PRACTICES TEND TO OVERSTATE REVENUE AND INCOME AND
VIOLATE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES THE LETTER WAS SENT BY
FRED S WADLER VICE PRESIDENTRESEARCH AT GILFORD PARTNERS TO POLICY
MANAGEMENT'S OUTSIDE AUDITORS ARTHUR ANDERSEN & CO AND ITS GENERAL
COUNSEL AS WELL AS TO THE SEC

IN AN INTERVIEW MR WADLER ACKNOWLEDGED THAT HIS FIRM IS SHORTING POLICY
MANAGEMENT'S STOCK SHORT SELLERS SELL BORROWED SHARES OF A COMPANY'S STOCK
ON THE EXPECTATION THAT ITS SHARE PRICE WILL FALL AND THAT THEY CAN PROFIT
BY BUYING THEM LATER AT A LOWER PRICE

TWO FORMER EMPLOYEES OF POLICY MANAGEMENT WHO ASKED NOT TO BE IDENTIFIED
CONFIRMED THAT THEY HAD BEEN CONTACTED RECENTLY BY SEC OFFICIALS FROM THE
AGENCY'S ATLANTA OFFICE AND HAD BEEN QUESTIONED ABOUT THE COLUMBIA
SCBASED COMPANY'S ACCOUNTING ACTIVITIES THE SEC DECLINED TO COMMENT

JAMES P BROWN SENIOR VICE PRESIDENT AND GENERAL COUNSEL AT POLICY
MANAGEMENT SAID HE WASN'T AWARE OF ANY SEC PROCEEDING AGAINST US BUT HE
ACKNOWLEDGED THAT THE COMPANY ITSELF IS INVESTIGATING ITS ACCOUNTING
PRACTICES AS A RESULT OF THE GILFORD PARTNERS LETTER

MR BROWN CONTENDED HOWEVER THAT POLICY MANAGEMENT'S ACCOUNTING PRACTICES
ARE SOUND WE'VE GOT ABSOLUTE CONFIDENCE OUR FINANCIAL RECORDS ARE CORRECT
IN EVERY MATERIAL WAY HE SAID THE COMPANY HE ADDED IS OBVIOUSLY
LOOKING INTO THE SHORT SELLER'S INFORMATION BUT REGARDS IT SKEPTICALLY
BECAUSE OF THE SOURCE'S INTEREST IN SEEING THE COMPANY'S FORTUNES FALTER
MR BROWN SAID THE COMPANY'S DIRECTORS ARE AWARE OF THE SHORT SELLER'S
LETTER AND THAT BOTH HE AND THE COMPANY'S OUTSIDE COUNSEL JONES DAY
REAVIS & POGUE ARE OVERSEEING THE INTERNAL INVESTIGATION

IN THE LETTER MR WADLER SAYS RESEARCH GLEANED FROM KNOWLEDGEABLE SOURCES
INDICATES THAT POLICY MANAGEMENT AMONG OTHER THINGS DOESN'T CLOSE ITS
BOOKS AT THE END OF PUBLIC REPORTING PERIODS BUT RATHER KEEPS THEM OPEN
UNTIL IT GENERATES REVENUE TO MEET WALL STREET EXPECTATIONS THE LETTER
ADDITIONALLY LAYS OUT ASSERTIONS THAT COMPANY EXECUTIVES HAVE SOMETIMES
ISSUED SIDE LETTERS THAT AMONG OTHER THINGS MADE CONTRACTS WITH SOFTWARE
CUSTOMERS CANCELABLE THE ALLEGED PURPOSE OF SUCH SIDE LETTERS WAS TO
CIRCUMVENT AUDITORS' REQUIREMENTS THAT A CONTRACT BE IRREVOCABLE IN ORDER
FOR THE APPLICABLE REVENUE AND INCOME TO BE RECOGNIZED

POLICY MANAGEMENT DECLINED TO RESPOND TO THE SPECIFIC ASSERTIONS ITS
GENERAL COUNSEL MR BROWN SAID HE BELIEVES THE COMPANY SHOULDN'T DISCUSS
ITS ACCOUNTING PRACTICES BECAUSE IT IS FACING A SPATE OF SHAREHOLDER SUITS
THAT WERE FILED LAST MONTH AFTER THE COMPANY'S STOCK PRICE FELL SHARPLY
SOME OF THOSE LAWSUITS MAKE SIMILAR ALLEGATIONS ABOUT INAPPROPRIATE REVENUE
RECOGNITION

POLICY MANAGEMENT UNTIL LAST MONTH HAD BEEN A MODEL OF EARNINGS
PREDICTABILITY TURNING IN CONSISTENT EARNINGS GROWTH OF 20 A YEAR BUT ON
APRIL 5 THE COMPANY ANNOUNCED THAT FIRSTQUARTER RESULTS WOULD FALL FAR
BELOW ITS OWN ESTIMATES LARGELY BECAUSE OF IT SAID DELAYS BY
HEALTHCARE INSURERS IN BUYING SOFTWARE GIVEN THE UNCERTAINTY SURROUNDING
HEALTHCARE REFORM

IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE POLICY
MANAGEMENT SHARES CLOSED AT 41 UNCHANGED THE COMPANY HAS LOST ABOUT 1
BILLION IN MARKET CAPITALIZATION SINCE APRIL 5

POLICY MANAGEMENT ISN'T THE FIRST INSTANCE IN WHICH GILFORD PARTNERS HAS
GONE TO THE SEC ABOUT SUSPECTED IMPROPRIETIES LATE LAST YEAR GILFORD
PARTNERS WROTE TO THE SEC ABOUT MTC ELECTRONIC TECHNOLOGIES QUESTIONING
WHETHER THE SMALL CANADIAN COMPANY REALLY HAD A CELLULARTELEPHONE CONTRACT
WITH CHINA

IN THE PAST MTC HAS REJECTED SPECULATION THAT ITS CHINESE CONTRACTS ARE
LESS SOLID THAN THE COMPANY CLAIMED BUT IT HAS DECLINED TO DISCUSS THE
VENTURES IN ANY GREATER DETAIL THAN PROVIDED IN A SHARE ISSUE PROSPECTUS
MADE LAST YEAR SINCE QUESTIONS ABOUT THE CHINESE CONTRACTS WERE RAISED
MTC'S SHARE PRICE HAS FALLEN FROM MORE THAN 20 A SHARE LAST DECEMBER
YESTERDAY THE STOCK CLOSED AT 825 DOWN 375 CENTS 9305190086 930519
MARKETING & MEDIA WALL STREET JOURNAL REPORTERS ARE NAMED LOEB AWARD
WINNERS

NEW YORK THREE WALL STREET JOURNAL REPORTERS WERE NAMED WINNERS OF GERALD
LOEB AWARDS FOR DISTINGUISHED BUSINESS AND FINANCIAL JOURNALISM

ALIX M FREEDMAN A SENIOR SPECIAL WRITER IN THE NEW YORK BUREAU WAS
HONORED IN THE LARGE NEWSPAPER CATEGORY FOR HER FRONTPAGE ARTICLE FIRE
POWER AN EXAMINATION OF HOW A SECRETIVE SOUTHERN CALIFORNIA FAMILY
DOMINATES THE MARKET FOR LOWPRICED HANDGUNS FREQUENTLY USED IN CRIMES

PAUL INGRASSIA DETROIT BUREAU CHIEF AND DEPUTY BUREAU CHIEF JOSEPH B
WHITE WERE HONORED IN THE DEADLINE/BEAT WRITING CATEGORY FOR THEIR COVERAGE
OF GENERAL MOTORS CORP THE PAIR EARLIER THIS YEAR WON THE 1993 PULITZER
PRIZE FOR BEAT REPORTING FOR THE COVERAGE OF THE COMPANY'S MANAGEMENT
TURMOIL LAST YEAR

AMONG OTHER AWARDS THE LIFETIME ACHIEVEMENT AWARD WENT TO CAROL LOOMIS A
MEMBER OF THE BOARD OF EDITORS AT FORTUNE MAGAZINE

THE WALL STREET JOURNAL IS PUBLISHED BY DOW JONES & CO

OTHER WINNERS WERE

MEDIUMSIZED NEWSPAPER SAN JOSE CALIF MERCURY NEWS REPORTERS PETE CAREY
AND LEWIS M SIMONS FOR PROFITS AND POWER JAPAN'S FOREIGNAID MACHINE A
SERIES DOCUMENTING CORRUPTION IN JAPANESE FOREIGN AID

SMALL NEWSPAPER ATLANTA BUSINESS CHRONICLE REPORTERS MICHAEL HINKELMAN AND
EMORY THOMAS JR FOR FAILING THE CHILDREN AN INVESTIGATION OF ATLANTA'S
PUBLIC SCHOOLS

COMMENTARY NEWSDAY ALLAN SLOAN DEALS COLUMNS 9305190084 930519
INTERNATIONAL VOLVO'S LOSS WIDENED IN QUARTER AS MARKET IN EUROPE
WEAKENED  SPECIAL TO THE WALL STREET JOURNAL

STOCKHOLM AB VOLVO'S PRETAX LOSS WIDENED IN THE FIRST QUARTER TO 331
MILLION SWEDISH KRONOR 451 MILLION FROM 248 MILLION KRONOR A YEAR
EARLIER AS FURTHER DETERIORATION OF KEY EUROPEAN MARKETS AND CONTINUED
CURRENCY VOLATILITY OFFSET BENEFITS OF TOUGH COSTCUTTING MEASURES

THE SWEDISH AUTO MAKER'S NET LOSS FOR THE QUARTER WIDENED TO 280 MILLION
KRONOR FROM 177 MILLION KRONOR

REVENUE CLIMBED 145 TO 2295 BILLION KRONOR FROM 2002 BILLION KRONOR BUT
EXCLUDING CURRENCY FLUCTUATIONS REVENUE DECREASED ABOUT 2 THE COMPANY
SAID

THERE WERE HOWEVER HINTS OF IMPROVEMENT DURING THE QUARTER OPERATING
LOSSES NARROWED AT BOTH VOLVO'S CAR AND TRUCK DIVISIONS REFLECTING
SHRINKING OVERHEADS AND SHARPLY REDUCED EXPENSES FOR PRODUCT DEVELOPMENT

SALES VOLUME FOR BOTH CARS AND HEAVY TRUCKS CLIMBED IN THE US VOLVO'S
LARGEST MARKET BUT DWINDLING VOLUME IN EUROPE MORE THAN OFFSET GAINS ACROSS
THE ATLANTIC

VOLVO DIDN'T OFFER A FULLYEAR FORECAST BUT ANALYSTS SAY THEY DON'T FORESEE
A TURNAROUND

AS USUAL STRATEGIC AFFILIATES SUCH AS FRENCH AUTO MAKER RENAULT SA AND
SWEDISH FOOD AND DRUG CONGLOMERATE PROCORDIA AB MADE HEFTY POSITIVE
CONTRIBUTIONS TO VOLVO'S PROFIT VOLVO'S SHARE OF ASSOCIATES' PROFIT DOUBLED
IN THE PERIOD TO 353 MILLION KRONOR FROM 170 MILLION KRONOR A YEAR EARLIER
9305190083 930519 APPEALS COURT RULES MELLON BANK CAN KEEP 55 MILLION
IN FEES

PITTSBURGH MELLON BANK CORP SAID A FEDERAL APPELLATE COURT RULED THAT
MELLON DOES NOT HAVE TO REFUND SWEEP FEES CHARGED TO TRUST ACCOUNTS SINCE
1981

ACCORDING TO THE DECISION BY THE THIRD CIRCUIT COURT OF APPEALS IN
PHILADELPHIA MELLON'S SWEEP FEE CHARGES WERE REASONABLE AND COMPARABLE TO
OR EVEN LESS THAN THOSE CHARGED BY OTHER BANKS BANKS CHARGE SWEEP FEES FOR
TEMPORARILY INVESTING OTHERWISE IDLE CASH ON BEHALF OF THEIR CUSTOMERS

YESTERDAY'S RULING OVERTURNS AN AUGUST 1992 RULING BY THE US DISTRICT
COURT IN PHILADELPHIA THAT COURT HAD DIRECTED MELLON TO REIMBURSE CUSTOMERS
55 MILLION IN SWEEP FEES

IN MAKING ITS RULING THE APPELLATE COURT SAID THE LOWER COURT DID NOT HAVE
JURISDICTION OVER THE CASE THE APPELLATE COURT RULED THAT THE CORRECT COURT
TO DECIDE THE CASE WAS ORPHANS' COURT FOR MONTGOMERY COUNTY PA THAT COURT
HAD APPROVED MELLON'S SWEEP FEE PRACTICES IN JUNE 1992 9305190082 930519
WHO'S NEWS USLIFE REORGANIZES CREATING FOURPERSON OFFICE OF THE
CHAIRMAN

NEW YORK USLIFE CORP REORGANIZED THE EXECUTIVE SUITE CREATING A
FOURPERSON OFFICE OF THE CHAIRMAN AT THE TOP OF THIS INSURANCE HOLDING
COMPANY

ROBERT J CASPAR CHRISTOPHER S RUISI AND GREER F HENDERSON WILL JOIN
GORDON E CROSBY JR CHAIRMAN AND CHIEF EXECUTIVE OFFICER IN THE OFFICE
MR CASPAR WAS ALSO NAMED PRESIDENT AND CHIEF OPERATING OFFICER OF THE
PARENT COMPANY STEPPING DOWN FROM HIS POSITION AS VICE CHAIRMAN AND CHIEF
EXECUTIVE OFFICER OF THE COMPANY'S US LIFE INSURANCE CO UNIT MR CASPAR
SUCCEEDS MR CROSBY AS PRESIDENT OF THE PARENT COMPANY

MR RUISI WHO HAD BEEN SENIOR VICE PRESIDENTADMINISTRATION WAS ELECTED
VICE CHAIRMAN CHIEF ADMINISTRATIVE OFFICER AND A DIRECTOR INCREASING THE
BOARD'S SIZE TO 15 MR HENDERSON WILL CONTINUE AS VICE CHAIRMAN AND CHIEF
FINANCIAL OFFICER AND MR CROSBY WILL CONTINUE AS CHIEF EXECUTIVE OFFICER

RALPH J CARGIULO PREVIOUSLY PRESIDENT AND CHIEF OPERATING OFFICER OF THE
US LIFE INSURANCE UNIT WAS NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF
THE UNIT SUCCEEDING MR CASPAR 9305190081 930519 BUSINESS BRIEF 
PARKER & PARSLEY SUES OTHER BIDDER FOR PRUDENTIAL ENERGY PARTNERSHIPS

NEW YORK THE ALREADY BULGING COURT DOCKET INVOLVING PRUDENTIAL SECURITIES
INC'S TROUBLED ENERGY PARTNERSHIPS JUST GOT MORE JAMMED

PARKER & PARSLEY PETROLEUM CO AN INDEPENDENT OIL AND GAS COMPANY SUED
LOUIS DREYFUS NATURAL GAS CORP IN A TEXAS DISTRICT COURT ALLEGING THAT
DREYFUS MALICIOUSLY INTERFERED WITH ITS AGREEMENT TO BUY THE PRUDENTIAL
PARTNERSHIPS LOUIS DREYFUS NATURAL GAS IS A UNIT OF LOUIS DREYFUS CORP

THE PRUDENTIAL INSURANCE CO OF AMERICA UNIT AGREED LAST WEEK TO SELL THE 35
OIL AND GAS PARTNERSHIPS TO PARKER & PARSLEY OF MIDLAND TEXAS FOR 4665
MILLION IN CASH BUT LOUIS DREYFUS AN OKLAHOMA CITY COMMODITIES TRADING
FIRM HAD EARLIER OFFERED TO BUY THE 35 PARTNERSHIPS FOR ABOUT 510 MILLION
DREYFUS NOW IS LINING UP THE FINANCING FOR THE OFFER

WE'RE PLAIN NOT GOING TO TAKE THEIR MESSING AROUND WITH OUR DEAL
WILLYNILLY SAID HERBERT C WILLIAMSON III PARKER & PARSLEY'S VICE
CHAIRMAN

THE COURT SQUABBLE IS THE LATEST LEGAL TWIST IN THE SAGA OF PRUDENTIAL'S
LIMITED PARTNERSHIPS PRUDENTIAL ALREADY FACES THOUSANDS OF UNHAPPY
INVESTORS WHO HAVE SUED IT OVER THE ENERGY PARTNERSHIPS WHICH WERE SOLD
BETWEEN 1983 AND 1990 AND HAVE LOST ABOUT HALF THEIR VALUE THE DOCKET
INCLUDES A CLASSACTION SUIT ON BEHALF OF 130000 INVESTORS WHO ACCUSE THE
BROKERAGE HOUSE OF MISLEADING THEM ON THE PARTNERSHIPS' RISKS AND RETURNS
THE SMOOTH SALE OF THE PARTNERSHIPS IS EXPECTED TO PLAY A BIG ROLE IN
SETTLING THAT CASE PEOPLE FAMILIAR WITH THE MATTER SAID

THE PARKER & PARSLEY SUIT ALSO NAMES GRAHAM ROYALTY LTD A COVINGTON LA
FIRM THAT WAS GENERAL PARTNER OF THE PARTNERSHIPS ALONG WITH PRUDENTIAL'S
PRUDENTIALBACHE ENERGY PRODUCTION INC UNIT GRAHAM AND DREYFUS BOTH
DECLINED TO COMMENT

THE SUIT ALLEGES THAT DREYFUS WITHOUT EXTENDING A BONA FIDE WRITTEN
OFFER HAS CONTINUED TO SOLICIT AND ENCOURAGE PRUDENTIAL TO NEGOTIATE
OVER THE SALE THAT THE SUIT ALLEGES VIOLATES PARKER & PARSLEY'S MERGER
AGREEMENT

THE SUIT ALSO ALLEGES GRAHAM ROYALTY HAS SOLICITED AND FURNISHED INFORMATION
TO DREYFUS PARKER & PARSLEY SEEKS UNSPECIFIED ACTUAL DAMAGES AND PUNITIVE
DAMAGES OF 500 MILLION JUDGE ANDREW KUPPER HAS GRANTED PARKER & PARSLEY'S
REQUEST FOR AN ORDER SPEEDING THE DISCOVERY OR FACTFINDING ASPECT OF THE
CASE

SOME PLAINTIFF LAWYERS SAID THE PARKER & PARSLEY SUIT IS SIMPLY A BID TO
STOP THE DREYFUS OFFER BY FORCING DREYFUS TO SPEND THE TIME AND MONEY
NECESSARY TO DEFEND THE ACTION IT APPEARS TO BE A PLOY TO DETER DREYFUS
FROM PURSUING ITS OFFER TO THE LIMITED PARTNERS SAID A BOYD PAGE OF PAGE
& BACEK AN ATLANTA LAW FIRM 9305190080 930519 INTERNATIONAL DENMARK
APPROVES EUROPEAN UNITY PACT  SECOND VOTE BRINGS RELIEF TREATY'S
NEXT HURDLES ARE IN GERMANY UK  BY PETER GUMBEL STAFF
REPORTER OF THE WALL STREET JOURNAL

COPENHAGEN DANISH VOTERS GAVE THE KISS OF LIFE TO THE MAASTRICHT TREATY
ON CLOSER EUROPEAN UNITY THAT THEY ALMOST KILLED OFF A YEAR AGO

IN THEIR SECOND REFERENDUM ON THE TREATY SUBTLY MODIFIED TO TAKE INTO
ACCOUNT SOME OF THEIR PREVIOUS OBJECTIONS THE DANES APPROVED IT BY A
COMFORTABLE MARGIN OF 568 TO 432 AN OFFICIAL TALLY SHOWED

THE OUTCOME BROUGHT RELIEF TO EUROPEAN COMMUNITY GOVERNMENTS WHICH HAVE
FACED ECONOMIC AND POLITICAL UPHEAVAL SINCE DENMARK REJECTED THE TREATY IN
JUNE IT ALSO MAY BOOST THE DANISH ECONOMY WHICH HAS SUFFERED FROM A
EUROPEWIDE RECESSION ON TOP OF THE UNCERTAINTY SPARKED BY LAST YEAR'S
REJECTION

IT REMAINS UNCERTAIN IF THE TREATY A BLUEPRINT FOR CLOSER POLITICAL
COOPERATION AND ESTABLISHMENT OF A SINGLE EUROPEAN CURRENCY BY 1999 CAN
STILL BE IMPLEMENTED IN THE FORM AND TIME FRAME PLANNED NONETHELESS
SUPPORTERS OF CLOSER EUROPEAN INTEGRATION HOPE DANISH APPROVAL WILL LIFT THE
GLOOM THAT HAS SURROUNDED THE EC FOR THE PAST YEAR

THERE'S A CYCLE IN THESE MOODS SAID NIELS THYGESEN A PROUNITY PROFESSOR
OF ECONOMICS AT COPENHAGEN UNIVERSITY WE WERE PROBABLY TOO OPTIMISTIC LAST
YEAR BEFORE THE FIRST REFERENDUM WE MUST NOW STOP BEING TOO PESSIMISTIC AND
LOOK REALISTICALLY AT WHAT THE TREATY COULD BE USED FOR

DENMARK'S YES VOTE WAS WIDELY EXPECTED BY EUROPEAN FINANCIAL MARKETS WHICH
HAD FACTORED IN THE OUTCOME ON THE BASIS OF OPINION POLLS OVER THE PAST TWO
MONTHS ONE COULD SEE A CERTAIN AMOUNT OF PROFITTAKING ON EUROPEAN STOCK
MARKETS SAID JAMES CORNISH A STRATEGIST AT NATWEST MARKETS IN LONDON

BEFORE IT CAN TAKE EFFECT THE MAASTRICHT TREATY MUST OVERCOME TWO OTHER
HURDLES RATIFICATION BY THE BRITISH PARLIAMENT AND APPROVAL BY GERMANY'S
CONSTITUTIONAL COURT DANISH APPROVAL SHOULD BOOST THE TREATY'S PROSPECTS IN
BRITAIN WHERE A RATIFICATION BILL IS EXPECTED TO COMPLETE INITIAL PASSAGE
IN THE HOUSE OF COMMONS TOMORROW AND TO BE SUBMITTED IN JUNE FOR A STORMIER
PASSAGE IN THE HOUSE OF LORDS

MEANWHILE EUROPE WATCHERS BELIEVE IT UNLIKELY THAT A GERMAN COURT WOULD BE
SO BOLD AS TO REJECT A TREATY THAT IS A LINCHPIN OF BONN'S FOREIGN POLICY

A SUBDUED WILLIAM CASH A LEADING BRITISH ANTIMAASTRICHT CAMPAIGNER ALL
BUT CONCEDED THAT THE TREATY WILL GET THROUGH THE HOUSE OF COMMONS MR CASH
HAS BEEN ONE OF SEVERAL BRITISH DEPUTIES CAMPAIGNING IN DENMARK FOR A NO
VOTE TO THE IRRITATION OF THE DANISH GOVERNMENT

DENMARK'S FOREIGN MINISTER NIELS HELVEG PETERSEN TOLD REPORTERS HE HAD A
MESSAGE FOR THE BRITISH ANTITREATY ACTIVISTS YOU LOST THE BATTLE OF
BRITAIN IN DENMARK I HOPE YOU LOSE IT IN BRITAIN AS WELL

ASSUMING THE BRITISH AND GERMAN QUESTIONS ARE RESOLVED THE 12 EC
GOVERNMENTS ARE EXPECTED TO MOVE ANOTHER STEP TOWARD A SINGLE CURRENCY BY
SETTING UP THE EUROPEAN MONETARY INSTITUTE EARLY NEXT YEAR ITS LOCATION AND
PRESIDENT ARE EXPECTED TO BE CHOSEN AT THE EC'S NEXT SUMMIT IN COPENHAGEN IN
JUNE ESTABLISHMENT OF THE INSTITUTE A NASCENT EUROPEAN CENTRAL BANK WOULD
SIGNAL THAT THE EC IS SERIOUS ABOUT A UNIFIED CURRENCY

BUT NINE MONTHS OF TURBULENCE IN CURRENCY MARKETS HAS FORCED A REAPPRAISAL
OF THE BASIC IDEA BEHIND THE PLANNED MONETARY UNION THAT MOST EC NATIONS
WOULD MOVE SMOOTHLY TOWARD A CONVERGENCE OF THEIR ECONOMIC PERFORMANCE AS
THEY GRAPPLE WITH A DEEP RECESSION AND RISING UNEMPLOYMENT MANY EC
COUNTRIES HAVE ALLOWED THEIR BUDGET DEFICITS TO BLOAT THAT CONTRADICTS THE
MAASTRICHT TREATY WHICH SOUGHT TO BRING DEFICITS INTO LINE AT A LOW LEVEL
AND REDUCE GOVERNMENT DEBT BEFORE A SINGLE CURRENCY IS INTRODUCED

MOREOVER THERE IS A WIDENING GULF BETWEEN A SMALL CORE GROUP OF NATIONS
WITH STRONG CURRENCIES GERMANY FRANCE THE NETHERLANDS BELGIUM AND
LUXEMBOURG AND OTHER EC MEMBERS WITH WEAKER CURRENCIES OR LESS POLITICAL
WILL TO JOIN A MONETARY UNION

TO WIN DANISH APPROVAL EC GOVERNMENTS HAD TO GIVE COPENHAGEN THE RIGHT TO
OPT OUT OF SEVERAL MAASTRICHT PROVISIONS INCLUDING THE MOVE TO A SINGLE
CURRENCY BRITAIN NEGOTIATED A SIMILAR EXEMPTION AT THE DECEMBER 1991 EC
SUMMIT IN MAASTRICHT THE NETHERLANDS THAT GAVE THE TREATY ITS NAME
BRITAIN ALSO REFUSED TO PARTICIPATE IN THE ACCORD'S PROVISIONS ON LABOR LAW
AS A RESULT A EUROPE OPERATING AT DIFFERENT SPEEDS IS ALREADY A REALITY

IF DENMARK HAD REJECTED MAASTRICHT A SECOND TIME THE WHOLE CONCEPT OF EC
COHESIVENESS COULD HAVE DIED MANY PEOPLE EXPECTED THAT FRANCE AND GERMANY
WOULD HAVE PRESSED AHEAD WITH A MINIEUROPE LEAVING THE LAGGARDS BEHIND
THE DANISH VOTE GREATLY REDUCES THE PROBABILITY OF SUCH DRASTIC ACTION

THAT VOTE ALSO REMOVES A MAJOR QUESTION OVERSHADOWING THE EC'S NEGOTIATIONS
WITH FOUR POTENTIAL NEW MEMBERS AUSTRIA FINLAND SWEDEN AND NORWAY A NO
VOTE IN DENMARK MIGHT HAVE HURT CHANCES FOR GOVERNMENTS IN THOSE COUNTRIES
TO WIN THEIR VOTERS' APPROVAL FOR EC MEMBERSHIP THE GOAL IS FOR THE FOUR TO
JOIN IN EARLY 1995 BUT TALKS ARE SLOW AND OPPOSITION TO MEMBERSHIP STRONG
PARTICULARLY IN NORWAY

IN COPENHAGEN DANISH OFFICIALS HOPE THE REFERENDUM OUTCOME IS THE TONIC THE
DANISH ECONOMY NEEDS ECONOMISTS AT DEN DANSKE BANK FORECAST ZERO ECONOMIC
GROWTH THIS YEAR WHILE INFLATION IS LOW UNEMPLOYMENT HAS RISEN SHARPLY AND
BUSINESS CONFIDENCE HAS PLUMMETED ECONOMISTS AND GOVERNMENT OFFICIALS SAY
APPROVAL OF THE TREATY MAY HELP RESTORE CONFIDENCE THAT WAS BATTERED BY LAST
YEAR'S REJECTION WHICH RAISED FEARS THAT DANISH PRODUCTS WOULD BE SHUT OUT
OF EC MARKETS

THE DANISH GOVERNMENT ALSO HOPES FOR A BOOST TO THE ECONOMY FROM A
TAXRELIEF PLAN THAT WOULD PROVIDE SAVINGS FOR MANY DANES GRADUALLY
REDUCING THE TOP INCOME TAX RATE FROM THE CURRENT 68 THE GOVERNMENT HAD
WARNED VOTERS THAT THE TAX RELIEF SCHEDULED TO BE RELEASED TODAY HINGED
PARTLY ON A YES VOTE

BOB HAGERTY IN BRUSSELS AND GLENN WHITNEY IN LONDON CONTRIBUTED TO THIS
ARTICLE 9305190079 930519 CLINTON MAY USE UNEARNED INCOME TAX TO PAY
FOR NONWORKERS' HEALTH CARE  BY RICK WARTZMAN AND HILARY STOUT 
STAFF REPORTERS OF THE WALL STREET JOURNAL

WASHINGTON THE CLINTON ADMINISTRATION LOOKING TO MAKE SURE THAT EVERYONE
PAYS INTO A NEW HEALTH SYSTEM MAY PROPOSE TAXING THE UNEARNED INCOME OF
PEOPLE WHO DON'T WORK AND AREN'T COVERED BY MEDICARE

SUCH A TAX ON SOCALLED UNEARNED INCOME WOULD APPLY ONLY IF THE WHITE HOUSE
ELECTS TO IMPOSE A PAYROLL TAX AS THE METHOD BY WHICH EMPLOYERS WOULD
FINANCE THEIR WORKERS' HEALTH COVERAGE LIKE THE PAYROLL TAX FOR WORKING
PEOPLE THE LEVY ON UNEARNED INCOME WOULD BE THE WAY THAT THOSE WHO LIVE OFF
THEIR INVESTMENTS AND DON'T COLLECT SALARIES WOULD BUY HEALTHCARE COVERAGE

UNEARNED INCOME INCLUDES INTEREST AND DIVIDENDS RENTAL INCOME TRUST FUND
DISTRIBUTIONS AND PENSION INCOME BUT EXACTLY WHICH ITEMS WOULD BE SUBJECT
TO SUCH A TAX HAVEN'T BEEN DETERMINED

CLINTON OFFICIALS STRESSED THAT NO DECISIONS HAVE BEEN MADE ON WHETHER TO
PROCEED WITH A TAX ON UNEARNED INCOME BUT THEIR AIM IS CLEAR TO FIND SOME
MECHANISM TO ENSURE THAT PEOPLE OF MEANS CONTRIBUTE TO A NEW SYSTEM THAT
GUARANTEES HEALTH CARE FOR ALL AMERICANS

INSTEAD OF A TAX ANOTHER OPTION WOULD BE TO HAVE NONWORKING PEOPLE PAY A
SURCHARGE ON TOP OF THEIR REGULAR PREMIUM WHEN THEY BUY THEIR HEALTH
INSURANCE THROUGH THE REGIONAL INSURANCE PURCHASING NETWORKS THAT PRESIDENT
CLINTON WANTS TO ESTABLISH ACROSS THE COUNTRY

SEVERAL ADMINISTRATION OFFICIALS SAID THEY HAVEN'T YET SETTLED ON THE RATE
OF A POSSIBLE TAX ON UNEARNED INCOME CONCEIVABLY IT COULD BE THE SAME AS
THE RATE OF THE PAYROLL TAX TO BE SHARED BY EMPLOYERS AND EMPLOYEES 
PROBABLY 8 TO 11 BUT THERE ARE ALSO INDICATIONS THAT IT COULD BE SOMEWHAT
LESS

WHATEVER THE RATE THOUGH ONE CLINTON OFFICIAL EMPHASIZED THAT THE TAX
WOULD APPLY TO UNEARNED INCOME ONLY UP TO A CERTAIN THRESHOLD PROBABLY
THE SAME AS THE SOCIAL SECURITY TAX CAP WHICH IS CURRENTLY 57600

THERE ARE MANY QUESTIONS LEFT TO BE ANSWERED CLINTON ADVISERS SAY THE
BIGGEST ONE IS WHETHER THEY WILL EVEN GO WITH THE PAYROLL TAX WHICH THE
WHITE HOUSE CALLS A WAGEBASED PREMIUM THE LEVY IS APPEALING TO SOME
BUSINESSES BECAUSE IT WOULD REPLACE THE MORE COSTLY HEALTH PREMIUMS THEY NOW
PAY ON BEHALF OF THEIR WORKERS BUT OTHERS OPPOSE THE PAYROLL TAX
VEHEMENTLY FEARING THAT THE LEVEL OF THE TAX IS BOUND TO KEEP RISING THERE
COULD ALSO BE ADMINISTRATIVE PROBLEMS IN THE WAY THE WHITE HOUSE IS
CONSIDERING STRUCTURING THE TAX IT COULD FOR INSTANCE VARY FROM STATE TO
STATE OR EVEN AMONG THE REGIONAL INSURANCE PURCHASING POOLS

IF THE WHITE HOUSE DOESN'T PROPOSE A PAYROLL TAX SYSTEM OFFICIALS SAY THEY
WILL VERY LIKELY MANDATE THAT ALL EMPLOYERS PAY MOST OF THE COST OF THEIR
WORKERS' HEALTHINSURANCE PREMIUMS

ANOTHER UNCERTAINTY SURROUNDING A POSSIBLE TAX ON UNEARNED INCOME IS HOW OR
EVEN WHETHER IT WOULD APPLY TO RETIREES WHO ARE TOO YOUNG TO QUALIFY FOR
MEDICARE WHICH COVERS PEOPLE AGE 65 AND ABOVE UNDER THE CLINTON PLAN THE
MEDICARE PROGRAM WOULD CONTINUE TO OPERATE AS IS THOUGH BENEFICIARIES MAY
EVENTUALLY GET THE CHANCE TO CHOOSE PRIVATE HEALTH COVERAGE THROUGH THE
REGIONAL PURCHASING POOLS

THE QUESTION OF WHO COVERS EARLY RETIREES IS ESPECIALLY IMPORTANT TO AGING
INDUSTRIES SUCH AS STEEL AND AUTOS IN A LETTER THIS MONTH TO HILLARY
RODHAM CLINTON WHO HEADS THE WHITE HOUSE HEALTHCARE TASK FORCE AUTO
INDUSTRY LEADERS ASKED FOR TANGIBLE RELIEF FOR FIRMS LIKE OURS  WITH
OLDER WORKERS AND A HIGH PROPORTION OF RETIREES

THE LETTER WHICH WAS SIGNED BY THE CHIEF EXECUTIVE OFFICERS OF GENERAL
MOTORS CORP CHRYSLER CORP AND FORD MOTOR CO AND THE PRESIDENT OF THE
UNITED AUTO WORKERS UNION URGED THE ADMINISTRATION TO CAP THE TOTAL AMOUNT
ANY EMPLOYER IS REQUIRED TO PAY TO HELP FINANCE HEALTH CARE

ALTHOUGH WE RECOGNIZE THIS APPROACH MAY REQUIRE ADDITIONAL PUBLIC
FINANCING WE BELIEVE IT IS ESSENTIAL TO THE LONGTERM COMPETITIVE SITUATION
OF US INDUSTRY THE FOURSOME WROTE 9305190078 930519 INTERNATIONAL 
RUSSIAN OFFICIALS INTRODUCE 3MONTH TREASURY BILLS

MOSCOW RUSSIA'S FIRST GOVERNMENT BOND AUCTION INTRODUCED A NEW FINANCIAL
INSTRUMENT THREEMONTH TREASURY BILLS THAT COULD EVENTUALLY BE USED TO
SPEED THE DEVELOPMENT OF CAPITAL MARKETS AND HELP CURB THE COUNTRY'S
INFLATION NOW RUNNING ABOUT 20 A MONTH

THE PLANNED MONTHLY TREASURYBILL AUCTIONS WILL PROVIDE THE GOVERNMENT WITH
THE OPTION OF BORROWING RATHER THAN CREATING INFLATIONARY RUBLE CREDIT TO
FINANCE RUSSIA'S BUDGET DEFICIT THE 100000RUBLE BONDS WERE OFFERED
YESTERDAY TO 25 LICENSED DEALERS WHO WILL BE ALLOWED TO RESELL THEM TO A
BROADER MARKET

THE CENTRAL BANK OF RUSSIA WILL OFFICIALLY DISCLOSE THE AUCTION RESULTS
TODAY BUT IT APPEARED THAT THE FIRST SALE HAD BEEN EXTREMELY MODEST IN
SIZE SOME REPORTS SAID THE BANK RAISED 750 MILLION RUBLES OR ABOUT
800000 FROM THE SALE

STILL RUSSIAN AND FOREIGN ADVOCATES OF MOVING RUSSIA TO A MARKET ECONOMY
HAILED THE FACT THAT THE INITIAL SALE TOOK PLACE IN ADDITION TO EQUIPPING
RUSSIA TO BETTER CONTROL INFLATION TREASURY AUCTIONS ALSO CAN PROVIDE A
BENCHMARK FOR INTEREST RATES THAT THE HAPHAZARD RUSSIAN BANKING SYSTEM HAS
SO FAR LACKED 9305190077 930519 NUMAC TO MERGE WITH WESTCOAST 
PETROLEUM LTD  BY LARRY M GREENBERG STAFF REPORTER OF THE WALL
STREET JOURNAL

CALGARY ALBERTA NUMAC OIL & GAS LTD SAID IT PLANS TO MERGE WITH CLOSELY
HELD WESTCOAST PETROLEUM LTD IN A TRANSACTION THAT VALUES WESTCOAST AT
ABOUT 411 MILLION CANADIAN DOLLARS US322 MILLION BASED ON THE CURRENT
MARKET PRICE FOR NUMAC SHARES

A GROUP OF HONG KONG INVESTORS ACQUIRED WESTCOAST PETROLEUM IN FEBRUARY FOR
C2475 MILLION FROM THE COMPANY'S FORMER PARENT WESTCOAST ENERGY INC OF
VANCOUVER BRITISH COLUMBIA SOME OF THE SAME HONG KONG INVESTORS ALSO OWN
395 OF NUMAC

STEWART MCGREGOR NUMAC'S PRESIDENT AND CHIEF EXECUTIVE OFFICER ATTRIBUTED
THE LARGE APPRECIATION IN THE VALUE OF WESTCOAST PETROLEUM PARTLY TO RECENT
SHARP INCREASES IN THE MARKET PRICE OF NATURAL GAS IN ADDITION HE SAID
IT'S NOT UNCOMMON AT ALL FOR A PRIVATE COMPANY BY GOING PUBLIC TO ENJOY A
HIGHER MULTIPLE IN THE MARKETPLACE

BASED ON NUMAC MANAGEMENT'S ASSESSMENT WE THINK IT IS A FAIR AND
REASONABLE ARRANGEMENT MR MCGREGOR SAID THE EXECUTIVE IS PART OF A GROUP
OF INDEPENDENT NUMAC DIRECTORS WHO AREN'T CONNECTED WITH NUMAC'S
CONTROLLING INVESTMENT GROUP THAT WILL REVIEW THE PROPOSED MERGER BEFORE IT
IS PUT TO THE COMPANY'S SHAREHOLDERS FOR A VOTE THE TRANSACTION ALSO IS
SUBJECT TO VARIOUS REGULATORY APPROVALS NUMAC AND WESTCOAST PETROLEUM ARE
BOTH OIL AND GAS CONCERNS BASED IN CALGARY ALBERTA

UNDER TERMS OF THE TWOSTEP MERGER PROPOSAL WESTCOAST PETROLEUM WHICH
CURRENTLY HAS 506 MILLION SHARES OUTSTANDING WOULD EXCHANGE ONE NEW SHARE
FOR EACH OF THE 33 MILLION NUMAC SHARES CURRENTLY OUTSTANDING THE RESULTING
836 MILLION WESTCOAST PETROLEUM SHARES WOULD THEN BE CONVERTED INTO NEW
SHARES OF NUMAC WHICH WOULD BE THE SURVIVING COMPANY

IN TRADING ON THE TORONTO STOCK EXCHANGE YESTERDAY NUMAC SHARES CLOSED AT
C8125 UP C1 ON LIGHT VOLUME THE SHARES CLOSED ON THE AMERICAN STOCK
EXCHANGE AT 625 UP 75 CENTS

FOLLOWING THE PROPOSED MERGER THE COMBINED COMPANY WHICH IS EXPECTED TO
HAVE ANNUAL CASH FLOW OF ABOUT C100 MILLION WOULD BE ABOUT 75OWNED BY
HONG KONG INVESTORS THE LEAD INVESTOR IS CHENG YUTUNG CHAIRMAN AND
CONTROLLING SHAREHOLDER OF NEW WORLD DEVELOPMENT CO A HOLDING COMPANY WITH
INTERESTS IN REAL ESTATE CONSTRUCTION TELECOMMUNICATIONS AND FINANCIAL
SERVICES

DALE HOHM NUMAC'S TREASURER SAID THE PROPOSED MERGER WOULD CREATE THE
CRITICAL MASS NECESSARY TO PURSUE OTHER SIZABLE TRANSACTIONS INSIDE AND
OUTSIDE OF CANADA THE OBJECTIVE IS FOR THIS COMBINED COMPANY TO GROW
SIGNIFICANTLY OVER THE COURSE OF THE NEXT FEW YEARS 9305190076 930519
MAJOR US CARRIERS LIFT LOWEST FARES BY 10 TO 20

MAJOR US AIRLINES HAVE INCREASED THEIR LOWEST FARES BY 10 TO 20
REPRESENTING THE FIRST SUCH ACROSSTHEBOARD INCREASE SINCE DECEMBER

THE PRICE CHANGE PRIMARILY APPLIES TO LEISURE TRAVELERS WHO BUY TICKETS 14
DAYS IN ADVANCE AND STAY OVER SATURDAY NIGHTS THE INCREASE TOOK EFFECT OVER
THE WEEKEND BUT HAS NOT COME TO LIGHT FOR MOST FLIERS THAT'S BECAUSE THE
INCREASE CAME DURING A 33 SUMMER FARE SALE AND SALE PRICES WEREN'T
AFFECTED BY THE WEEKEND PRICE HIKE

WHILE THE INCREASE ITSELF IS NOT HUGE IT DOES MARK A BREAKTHROUGH THE
INDUSTRY HAS NOT RAISED FARES SINCE MOST CARRIERS AGREED EARLIER THIS YEAR
TO EITHER SIGN OR FOLLOW A JUSTICE DEPARTMENT CONSENT DECREE THAT PROHIBITS
THEM FROM SIGNALING FUTURE FARE CHANGES IN THE COMPUTERRESERVATION SYSTEM
WITHOUT THAT ELECTRONIC COMMUNICATION AIRLINES HAVE BEEN RELUCTANT TO RAISE
FARES BECAUSE THEY'LL LOSE PASSENGERS IF COMPETITORS DON'T MATCH

IT'S UNCLEAR WHAT COMPANY INITIATED THE FARE INCREASE OVER THE WEEKEND AMR
CORP'S AMERICAN AIRLINES DELTA AIR LINES AND NORTHWEST AIRLINES A UNIT OF
WINGS HOLDINGS INC RAISED LEISURE FARES 10 ON FLIGHTS UNDER 1000 MILES
AND 20 ON FLIGHTS OVER 1000 MILES OTHER CARRIERS INCLUDING UAL CORP'S
UNITED AIRLINES TRANS WORLD AIRLINES AMERICA WEST AIRLINES AND USAIR A
UNIT OF USAIR GROUP INC RAISED ALL LEISURE FARES 10 9305190075 930519
UMW UNION WIDENS STRIKE AT ASHLAND COAL ARCH  A WALL STREET
JOURNAL NEWS ROUNDUP

THE UNITED MINE WORKERS UNION EXPANDED ITS WEEKOLD STRIKE YESTERDAY
TARGETING ASHLAND COAL CO FOR THE FIRST TIME AND BROADENING ITS WALKOUT AT
ARCH MINERAL CORP

THE NEW MINES AFFECTED BY THE STRIKE INCLUDING TWO UNITS OF ASHLAND COAL
AND SEVERAL WEST VIRGINIA MINES OF ARCH WHICH IS OWNED BY ASHLAND OIL INC
AND THE HUNT FAMILY OF TEXAS EMPLOY 2000 WORKERS THE UMW SAID THOUGH THE
COMPANIES PUT THE NUMBER AT 1225 ON MONDAY THE UMW ADDED AN ARCH MINE
WITH ANOTHER 275 WORKERS IN ILLINOIS

THE UMW BEGAN THE STRIKE MAY 10 WHEN IT STRUCK PARTS OF AMAX INC ARCH
AND ZEIGLER COAL HOLDING CO THAT PHASE INCLUDED 2000 WORKERS AND WAS
CENTERED IN ILLINOIS AND INDIANA

RICHARD TRUMKA UMW'S PRESIDENT PROMISED THAT THE STRIKE WOULD EXPAND EVEN
FURTHER IF THE BITUMINOUS COAL OPERATORS ASSOCIATION WHICH REPRESENTS THE
COAL PRODUCING SUBSIDIARIES OF 12 COMPANIES FAILS TO GIVE THE UNION ALL
JOBS IN WHAT ARE NOW NONUNION MINES

THE LATEST ACTION IS ANOTHER SIGN OF THE UMW'S EFFORT TO CREATE DISSENSION
AMONG BCOA PRODUCERS SAID RALPH BARBARO A CONSULTANT WTIH ENERGY VENTURES
ANALYSIS INC IN ARLINGTON VA 9305190074 930519 INTERNATIONAL 
FOSTER'S OF AUSTRALIA SETS SIGHTS ON CHINA WITH BREWERY PACT

SYDNEY FOSTER'S BREWING GROUP LTD PLANS TO BREW BEER IN CHINA MARKING
WHAT THE AUSTRALIAN COMPANY HOPES IS THE BEGINNING OF A BIG PUSH INTO THAT
NATION

FOSTER'S SAID IT WILL ENTER A JOINT VENTURE WITH STATEOWNED HUAGUANG
BREWERY IN SHANGHAI TAKING A 60 STAKE INITIALLY FOSTER'S WILL INVEST 30
MILLION AUSTRALIAN DOLLARS US21 MILLION AND EXPECTS TO INVEST AN
ADDITIONAL A90 MILLION WITHIN FIVE YEARS

THE JOINT VENTURE INTENDS TO EXPAND AND UPDATE AN EXISTING BREWERY IN
SHANGHAI AND BUILD A NEW BREWERY AT SHANGHAI'S PUDONG DEVELOPMENT ZONE

TED KUNKEL FOSTER'S CHIEF EXECUTIVE OFFICER CALLED THE VENTURE INTO CHINA
A CRITICAL STRATEGIC MOVE FOR THE LONGTERM GROWTH OF FOSTER'S HE SAID
FOSTER'S EXPECTS THE CHINA MARKET TO BECOME OUR FOURTH BREWING ARM
JOINING THE COMPANY'S BREWING OPERATIONS IN AUSTRALIA IN BRITAIN WHERE IT
OPERATES COURAGE LTD AND IN CANADA WHERE IT HAS A JOINT VENTURE WITH
MOLSON COS

THE MOVE IS ALSO ONE OF THE FEW NEW BREWING VENTURES FOSTER'S HAS ANNOUNCED
SINCE ITS EXPANSION DAYS OF THE 1980S LEFT IT SADDLED WITH DEBT RACKED BY
MANAGEMENT INSTABILITY AND FACED WITH A CORPORATE OVERHAUL 9305190073
930519 BUSINESS BRIEF PERKINELMER CORP LOSS POSTED FOR APRIL QUARTER
 DUE TO ACQUISITION CHARGES

PERKINELMER CORP CITING ONETIME CHARGES ASSOCIATED WITH THE ACQUISITION
OF APPLIED BIOSYSTEMS INC IN FEBRUARY REPORTED A LOSS FOR THE FISCAL THIRD
QUARTER

THE NORWALK CONN MAKER OF ANALYTICAL INSTRUMENTS ALSO HERALDED
NONRECURRING CHARGES OF BETWEEN 85 MILLION AND 95 MILLION FOR THE CURRENT
QUARTER REFLECTING ACCOUNTING CHANGES INCLUDING CHANGES FOR
POSTRETIREMENT HEALTH BENEFITS

THE LOSS FOR THE QUARTER ENDED APRIL 30 WAS 129 MILLION OR 29 CENTS A
SHARE COMPARED WITH YEAREARLIER NET INCOME OF 161 MILLION OR 35 CENTS A
SHARE

NEVERTHELESS THE COMPANY EXPRESSED SATISFACTION WITH ITS OPERATING RESULTS
IF IT WEREN'T FOR ONETIME CHARGES RELATED TO THE ACQUISITION OF APPLIED
BIOSYSTEMS PERKINELMER SAID IT WOULD HAVE REPORTED A PROFIT OF 45 CENTS A
SHARE FOR THE LATEST QUARTER

THIRDQUARTER REVENUE ROSE 29 TO 2851 MILLION FROM 2771 MILLION A YEAR
EARLIER 9305190072 930519 LETTERS TO THE EDITOR WHY GRINSTEIN'S TOUR 
IS NO WHISTLESTOP

STOP YOUR APRIL 6 PAGEONE ATTACK ON BURLINGTON NORTHERN CEO GERALD
GRINSTEIN MISSED ITS TARGET THE THESIS THAT MR GRINSTEIN'S TENURE WAS
FLAWED BY THE FACT THAT HE HAS NOT BEEN WORKING ON THE RAILROAD ALL HIS
LIVELONG DAYS IGNORES HIS VALUABLE EXPERIENCE GAINED AS CHIEF OF STAFF TO
SEN WARREN G MAGNUSON DURING THE LATTER'S TENURE AS CHAIRMAN OF THE SENATE
COMMERCE COMMITTEE THAT WAS A PERIOD IN WHICH SOME OF THE MOST SIGNIFICANT
RAILROAD LEGISLATION IN THE NATION'S HISTORY CAME FROM THAT COMMITTEE AND
DURING WHICH THE MERGER THAT LED TO THE CREATION OF BURLINGTON NORTHERN WAS
CLOSELY SCRUTINIZED BY CONGRESS SOME MIGHT WELL ARGUE BASED ON THE
PREVIOUS MEDIOCRE PERFORMANCES OF RAILROAD LIFERS THAT A LITTLE NEW BLOOD
WAS JUST WHAT BURLINGTON NEEDED

THE VALUE OF MR GRINSTEIN'S CONTRIBUTION TO THE PRESENT STRENGTH OF THE
BURLINGTON NORTHERN RAILROAD WILL NEVER BE FOUND IN THE CARPING AND WHINING
OF A FEW DISGRUNTLED SHIPPERS WHO HAD THEIR RATES RAISED NOR WILL IT BE
FOUND IN THE PATHETICALLY OBVIOUS CHEERLEADING YOUR REPORTER ORCHESTRATED
AND DIRECTED ON BEHALF OF A COMPETING RAILROAD WITH A PIECE THAT SHOULD
HAVE COME FROM THE PR DEPARTMENT OF UNION PACIFIC MR GRINSTEIN'S
CONSIDERABLE SKILLS ARE DEMONSTRATED THROUGH THE 45 REDUCTION IN THE
RAILROAD'S CRUSHING 28 BILLION IN DEBT LEFT BEHIND BY PREVIOUS MANAGEMENT
AND YET YOU MANAGE TO FIND FAULT WITH THE FACT THAT RATES WERE RAISED DURING
A RECESSION SO WHAT WHAT WOULD YOU SUGGEST BURNING THE DEBT INSTRUMENTS

YOUR CLOSING QUOTE FROM AN OBSCURE ANALYST FOR A SECONDRATE BROKERAGE HOUSE
REALLY TAKES THE CAKE HE WOULD OBVIOUSLY HAVE CONSIDERABLE DIFFICULTY IN
ANALYZING THE DIFFERENCE BETWEEN A BLUE CHIP AND A COW CHIP THE BURLINGTON
NORTHERN BOARD DOESN'T SUFFER FROM THE SAME PERCEPTION PROBLEMS MR
GRINSTEIN'S CONTRACT IS A DESERVED VOTE OF CONFIDENCE THAT EVEN YOUR
RHETORICAL DRIVEBY SHOOTING CANNOT DIMINISH IF THIS REMARKABLE CORPORATE
SUCCESS STORY IS THE WORK OF AN IDIOT THEN CLEARLY AMERICAN BUSINESS ON A
NUMBER OF FRONTS COULD USE A STRONG DOSE OF SUCH IDIOCY IBM GENERAL
MOTORS YOUR CHOICE OF AIRLINES AND A HOST OF FAILING DAILY NEWSPAPERS COME
IMMEDIATELY TO MIND

YOUR ARTICLE SMACKS OF A SNAKE IN THE GRASS WHAT IS THE SOURCE OF YOUR
ASSERTION THAT BURLINGTON HAS UNUSUAL MARKETING PROBLEMS OR THAT ANY
ALLEGED PROBLEMS AROSE AFTER CEO JERRY GRINSTEIN NAMED AN OUTSIDER JOHN
ANDERSON TO HEAD THE RAILROAD'S MARKETING DEPARTMENT YOU QUOTE A COUPLE OF
CUSTOMERS WHO ARE EVIDENTLY DISSATISFIED BUT DO NOT BOTHER TO QUANTIFY THE
SCOPE AND DEPTH OF THAT APPARENT DISSATISFACTION MORE IMPORTANT YOU
CONSCIOUSLY EXCLUDED COMMENTS FROM SATISFIED CUSTOMERS DID YOU VISIT WITH
NUCOR STEEL THE OMAHA PUBLIC POWER DISTRICT OR PHILLIPS 66 EACH IS A
SUBSTANTIAL BURLINGTON CUSTOMER WHOSE BUSINESS GREW IN LARGE MEASURE THROUGH
MR ANDERSON'S EFFORTS AND SKILLS

WHEN MR GRINSTEIN BECAME CEO IN APRIL 1989 BURLINGTON'S STOCK WAS TRADING
AROUND 22 A SHARE TODAY IT IS 58 A SHARE I WISH I HAD PURCHASED
BURLINGTON STOCK IN 1989 WHEN MR GRINSTEIN CAME ON BOARD AND HAD HAD TO
SUFFER THROUGH THESE PAST FOUR MISMANAGED YEARS WITH HIM 9305190071
930519 TECHNOLOGY & ENVIRONMENT SEMICONDUCTOR FIRMS SEE STRONG '93
GROWTH ESPECIALLY IN THE US

SAN JOSE CALIF THE WORLDWIDE SEMICONDUCTOR INDUSTRY EXPECTS ROBUST
GROWTH IN 1993 ESPECIALLY IN THE US MARKET A TREND THAT INDICATES US
COMPANIES ARE LIKELY TO GAIN OR MAINTAIN A NARROW MARKETSHARE LEAD OVER
JAPANESE RIVALS

LED BY EXPLOSIVE GROWTH AT INTEL CORP AND MOTOROLA INC THE US CHIP
INDUSTRY LAST YEAR EITHER PULLED ROUGHLY EVEN WITH OR SLIGHTLY AHEAD OF
JAPAN'S CHIP MAKERS ACCORDING TO DIFFERING STATISTICAL MEASUREMENTS AFTER
YEARS OF LOSING GROUND

THIS YEAR ACCORDING TO WORLD SEMICONDUCTOR TRADE STATISTICS INC
WORLDWIDE CHIP SHIPMENTS WILL GROW 202 TO 719 BILLION SHIPMENTS BY THE
US MARKET SEGMENT ARE EXPECTED TO LEAD THE WAY WITH PROJECTED GROWTH OF
281 COMPARED WITH 243 BY THE ASIA PACIFIC MARKET EXCLUDING JAPAN
181 BY THE EUROPEAN MARKET AND 116 BY THE JAPANESE MARKET

THE PROJECTED GROWTH IN JAPAN WOULD RESULT IN SHIPMENTS VALUED AT 216
BILLION AN AMOUNT SECOND TO THE US'S 236 BILLION WORLD SEMICONDUCTOR
A STATISTICS CONCERN THAT RECEIVES DATA FROM MAJOR CHIP MAKERS AROUND THE
WORLD ESTIMATES THAT BY 1996 US SHIPMENTS WILL REACH 312 BILLION
COMPARED WITH 285 BILLION BY JAPAN OUT OF A WORLDWIDE TOTAL OF 96
BILLION

THE OVERALL GROWTH IS BEING FUELED BY DEMAND FOR CHIPS USED IN PERSONAL
COMPUTERS AND RELATED APPLICATIONS AND BY THE GRADUAL US ECONOMIC
RECOVERY 9305190070 930519 BUSINESS BRIEFS

PARAMOUNT COMMUNICATIONS INC ACQUIRED THE 80 OF CANADA'S WONDERLAND INC
IT DIDN'T ALREADY OWN FROM A TORONTO DEVELOPER TERMS WEREN'T DISCLOSED

SYSCO CORP AGREED TO ACQUIRE PRIVATELY HELD RITTER FOOD CORP TERMS WEREN'T
DISCLOSED

CHEVRON CORP AGREED TO SELL ITS OIL PRODUCT MARKETING AND DISTRIBUTION
BUSINESSES IN GUATEMALA NICARAGUA AND EL SALVADOR TO ROYAL DUTCH/SHELL
GROUP FOR ABOUT 29 MILLION

CROWN CORK & SEAL CO WILL CLOSE ITS COFFEECAN PLANT IN RIDGEFIELD PARK
NJ

QUAKER OATS CO ACQUIRED THE CHICOSAN RICE CAKES BUSINESS OF HJ HEINZ CO
TERMS WEREN'T DISCLOSED 9305190069 930519 ABREAST OF THE MARKET 
INTEREST RATES UNNERVE INVESTORS BUT LATE BUYING MINIMIZES LOSSES 
 BY DAVE PETTIT STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK INTEREST RATE JITTERS DEPRESSED STOCKS THOUGH PROGRAM BUYING
LATE IN THE DAY MODERATED THE LOSSES

STOCK INVESTORS WHO HAVE COUNTED ON LOW INTEREST RATES TO SUPPORT THEIR
MARKET SHOVED PRICES SHARPLY LOWER THIS AFTERNOON AS HEAVY SELLING IN BONDS
PUSHED THE YIELD ON THE 30YEAR TREASURY ABOVE 7

LONGTERM GOVERNMENT SECURITIES ENDED THE SESSION WITH A LOSS OF 5/8 POINT
LEAVING LONGTERM YIELDS AT 701 THE YIELD WHICH MOVES IN THE OPPOSITE
DIRECTION OF BOND PRICES HASN'T CLOSED ABOVE 7 SINCE APRIL 6

LOW INTEREST RATES HELP LIFT STOCK PRICES SEVERAL WAYS EASY CREDIT
CONDITIONS HELP THE ECONOMY AND IN TURN CORPORATE PROFITS ALSO LOW
YIELDS ON INTEREST BEARING INVESTMENTS MEAN MORE PEOPLE WILL TURN TO STOCKS
IN SEARCH OF BETTER RETURNS

AT THE SESSION'S LOWS THE DOW JONES INDUSTRIAL AVERAGE WAS DOWN MORE THAN
25 POINTS THE AVERAGE RECOVERED LATE THOUGH TO FINISH WITH A LOSS OF JUST
554 OR 016 TO 344439

ON THE NEW YORK STOCK EXCHANGE THERE WERE 833 ISSUES ADVANCING 1082
DECLINING AND 624 UNCHANGED BIG BOARD VOLUME TOTALED 262300000 SHARES
COMPARED WITH 226180000 SHARES MONDAY

TRADERS SAID MUCH OF THE LATE RECOVERY WAS TIED TO FUTURESRELATED BUY
PROGRAMS THEY SAID THERE WAS NO NEWS BEHIND THE ADVANCE AND SAID THE
BOUNCEBACK DOESN'T NECESSARILY FORESHADOW NEW GAINS TODAY

THERE WERE SOME BUY PROGRAMS ON THE CLOSING BELL BUT THE OVERALL TONE OF
THE MARKET WASN'T VERY HEALTHY SAID SCOTT MARSH HEAD OF BLOCK TRADING AT
DEAN WITTER REYNOLDS

THE STANDARD & POOR'S 500 STOCK INDEX EDGED DOWN 005 OR 001 TO 44032
THE NEW YORK STOCK EXCHANGE COMPOSITE INDEX EASED 005 OR 002 TO 24353
BUT THE DOW JONES EQUITY MARKET INDEX ADDED 005 OR 001 TO 41738

HUGH JOHNSON CHIEF INVESTMENT STRATEGIST AT FIRST ALBANY SAID SOME OF THE
NEGATIVE SENTIMENT CREATED BY THE BOND MARKET WAS OFFSET BY LINGERING
OPTIMISM ABOUT THE ECONOMY HE SAID RECENT REPORTS INCLUDING A READING ON
APRIL HOUSING STARTS YESTERDAY HAVE BEEN AT LEAST MODERATELY ENCOURAGING

MEANWHILE EARNINGS NEWS FROM PALO ALTO CALIF COMPUTER MAKER
HEWLETTPACKARD WERE NOTHING SHORT OF SPECTACULAR MR JOHNSON SAID A
SURGE OF 5 1/8 TO 84 3/4 IN HP STOCK SPILLED OVER INTO THE SHARES OF OTHER
HARDWARE MAKERS

COMPAQ COMPUTER JUMPED 2 1/8 TO 55 3/8 IBM ADDED 1 3/8 TO 49 AND DIGITAL
EQUIPMENT INCREASED 1 TO 47 1/4 THE STOCK OF TEXAS INSTRUMENTS A CHIP
MAKER ADDED 2 TO 64 3/8 HP HAD NET OF 138 A SHARE FOR THE SECOND
QUARTER ENDED LAST MONTH WELL ABOVE THE 121 MEAN ESTIMATE OF ANALYSTS
SURVEYED BY INSTITUTIONAL BROKERS ESTIMATE SYSTEM IT EARNED 127 LAST
YEAR

ALSO GAINING AFTER AN EARNINGS REPORT WAS HOME DEPOT WHICH JUMPED 1 3/4 TO
44 1/4 THE COMPANY POSTED A FIRSTQUARTER PROFIT OF 24 CENTS A SHARE UP
FROM 18 CENTS A SHARE A YEAR EARLIER SALES ROSE 7 AT THE ATLANTA HOME
IMPROVEMENT PRODUCT RETAILER'S STORES THAT HAVE BEEN OPEN AT LEAST A YEAR

SURGING GOLD PRICES LIFTED THE SHARES OF GOLD PRODUCERS AMERICAN BARRICK
JUMPED 1 1/2 TO 23 3/4 BATTLE MOUNTAIN GOLD ADDED 1 TO 9 3/8 HOMESTAKE
MINING ADVANCED 1 1/2 TO 19 1/8 AND NEWMONT MINING GAINED 2 3/4 TO 51 7/8
SPOT GOLD PRICES ROSE 8 TO 376 AN OUNCE IN NEW YORK

BLESSINGS CORP CLIMBED 3 5/8 TO 22 IT REPORTED FIRSTQUARTER NET OF 69
CENTS A SHARE COMPARED WITH EARNINGS FROM OPERATIONS OF 51 CENTS A SHARE A
YEAR AGO SEPARATELY THE BEDMINSTER NJ PLASTIC FILM AND HEALTH CARE
PRODUCTS MAKER INCREASED ITS QUARTERLY DIVIDEND TO 16 CENTS FROM 145 CENTS

SCIENTIFICATLANTA JUMPED 2 TO 30 7/8 AFTER SALOMON BROTHERS ANALYST
DANIELLE DANESE RAISED A RATING ON THE STOCK TO BUY FROM HOLD SHE SAID
THE COMPANY COULD BENEFIT FROM A FORECAST REBOUND IN CAPITAL SPENDING BY
CABLE TELEVISION SERVICE CONCERNS

AIRBORNE FREIGHT JUMPED 1 7/8 TO 23 5/8 MORGAN STANLEY & CO ANALYST KEVIN
MURPHY UPGRADED HIS RATING ON THE SEATTLE PACKAGE DELIVERY CONCERN'S STOCK
TO BUY FROM HOLD HE CITED IMPROVEMENT IN THE COMPANY'S BUSINESS VOLUME
AND AN EASING IN ITS COSTS

ANDREA ELECTRONICS SURGED 5 1/4 TO 81 1/2 ON THE AMERICAN STOCK EXCHANGE
CONTINUING AN EXPLOSIVE RALLY THAT BEGAN AFTER AN IMPROVED EARNINGS REPORT
ON MAY 7 AND THE DECLARATION OF A 400 STOCK DIVIDEND LAST THURSDAY THE
STOCK WHICH ROCKETED 33 LAST WEEK ALONE WAS AT 44 7/8 THE DAY BEFORE ITS
EARNINGS NEWS A SPOKESMAN FOR THE LONG ISLAND CITY NY ELECTRONICS
COMPANY DIDN'T RETURN TELEPHONE CALLS SEEKING COMMENT ON THE GAINS
9305190068 930519 WARBURG PURCHASES OPTIONS PARTNERSHIP BASED IN
CHICAGO

CHICAGO SG WARBURG GROUP PLC A LONDONBASED SECURITIES FIRM IS
EXPANDING ITS PRESENCE IN US MARKETS BY BUYING A CHICAGO OPTIONSTRADING
PARTNERSHIP CALLED KCCO

WARBURG JOINS A MOVE BY SOME OTHER BANKS AND BIG SECURITIES CONCERNS INTO
BOOMING MARKETS IN DERIVATIVE PRODUCTS OR OPTIONS AND FUTURES CONTRACTS
BASED ON STOCKS AND OTHER INSTRUMENTS

THE ACQUISITION OF KCCO UNDERSCORES THE BROADENING USE OF DERIVATIVE
PRODUCTS BY ALL CLASSES OF INVESTORS THIS ACQUISITION HELPS US IN DEALING
WITH OUR INSTITUTIONAL CLIENTS SUCH AS PENSION FUNDS AND MONEY MANAGERS
AND OUR CORPORATE CLIENTS SAID MICHAEL C MCCARTY MANAGING DIRECTOR AND
COHEAD OF INVESTMENT BANKING FOR SG WARBURG WE NEED TO BE ABLE TO OFFER
THESE CLIENTS CUSTOMIZED AND STANDARD DERIVATIVE PRODUCTS WHICH ARE
BECOMING INCREASINGLY IMPORTANT

KCCO HAS 21 PARTNERS AND EMPLOYS 38 OTHER STAFF MEMBERS AS OF DEC 31 IT
HAD NET ASSETS OF 224 MILLION

WARBURG WANTS KCCO FOR ITS TRADING EXPERTISE IN OPTIONS MARKETS KCCO'S
MAIN FOCUS HAS BEEN IN THE AREA OF STOCK AND STOCKINDEX OPTIONS AT THE
CHICAGO BOARD OPTIONS EXCHANGE AND THE CHICAGO MERCANTILE EXCHANGE SAID
KENT HAEGER FOUNDER OF THE PARTNERSHIP AND NOW A DIRECTOR OF SG WARBURG
OPTIONS INC

MR HAEGER SAID HIS GROUP WILL HELP TO EXPAND WARBURG'S LONDON AND NEW YORK
DERIVATIVES OPERATIONS INTO OVERSEAS AND OVERTHECOUNTER STOCKOPTIONS
MARKETS OUR INITIAL MOVES WILL BE TO LONDON FRANKFURT AND HONG KONG HE
SAID WE'LL PRIMARILY BE DOING EQUITY DERIVATIVES ALTHOUGH WE MAY ALSO GET
INTO SOME CURRENCIES

WARBURG PAID FOR KCCO WITH WARBURG SHARES WORTH ABOUT 15 MILLION PLUS
WARRANTS FOR AN ADDITIONAL 97 MILLION WARBURG SHARES IN EXCHANGE WARBURG
RECEIVED COMMITMENTS FROM MR HAEGER AND THE OTHER 20 FORMER PARTNERS IN
KCCO FOR UP TO FIVE YEARS OF CONTINUED SERVICE 9305190067 930519 CREDIT
RATINGS

CHIQUITA BRANDS INTERNATIONAL INC CINCINNATI MOODY'S INVESTORS SERVICE
INC SAID IT PLACED THIS FOOD COMPANY'S SENIOR AND SUBORDINATED NOTES RATED
BA3 AND B2 RESPECTIVELY ON REVIEW FOR POSSIBLE DOWNGRADE ABOUT 11
BILLION OF DEBT IS AFFECTED THE RATINGS SERVICE CITED GROWING CONCERN
ABOUT CHIQUITA'S EXTENDED FINANCIAL CONDITION AND A CONTINUING UNCERTAIN
OUTLOOK FOR THE BANANA INDUSTRY WHICH IS SUFFERING FROM CROP DISEASE
STRICT EUROPEAN TRADE BARRIERS AND OVERSUPPLY MOODY'S SAID THE REVIEW'S
OUTCOME WILL DEPEND ON PROSPECTS FOR A RECOVERY IN BANANA PRICES AND THE
LIKELIHOOD FOR A TIMELY SALE OF CHIQUITA'S DISCONTINUED JOHN MORRELL
PACKAGED MEAT OPERATIONS A CHIQUITA SPOKESWOMAN DECLINED TO COMMENT
9305190066 930519 LATIN AMERICAN ART SELLS AT BELOWEXPECTED PRICES

NEW YORK THE REDHOT LATIN AMERICAN ART MARKET HAS TURNED COOL

IN A BUSINESSLIKE LOWENERGY AUCTION SOTHEBY'S HOLDINGS INC SOLD 48
CONTEMPORARY PAINTINGS AND SCULPTURES ABOUT HALF OF THEM AT PRICES BELOW
WHAT THE AUCTION HOUSE HAD EXPECTED AN ADDITIONAL 30 ARTWORKS DIDN'T SELL
AT ALL ALL TOLD THE SALE RAISED 46 MILLION AGAINST EXPECTATIONS OF
ABOUT 9 MILLION

BUT THE COLLAPSE IN THE LATIN AMERICAN ART MARKET THAT SOME DEALERS AND
COLLECTORS HAD FEARED DIDN'T HAPPEN

SOTHEBY'S LATIN AMERICAN ART EXPERT AUGUST URIBE SAID SOME MEXICAN BUYERS
WERE STAYING ON THE SIDELINES TO SEE IF THE NORTH AMERICAN FREETRADE
AGREEMENT WOULD BE ADOPTED

DESPITE THE OVERALL LACKLUSTER SALES RESULTS SOTHEBY'S SET A FEW PRICE
RECORDS FOR LATIN AMERICAN ARTISTS A FERNANDO BOTERO PAINTING FETCHED THE
TOP PRICE OF 717500 9305190065 930519 LEISURE & ARTS BOOKSHELF A
NOVELIST OF AMPLE MEANS WHEN YOUNG  BY BROOKE ALLEN

OF HER OWN EARLY BOOKS MURIEL SPARK ONCE SAID I WAS WRITING MINOR NOVELS
DELIBERATELY NOT MAJOR NOVELS MINOR THEY MAY BE BUT WITH SUCH SMALL
MASTERPIECES AS THE COMFORTERS 1957 MEMENTO MORI 1959 AND THE
PRIME OF MISS JEAN BRODIE 1962 MS SPARK PROVED HERSELF TO BE THAT
RAREST COMMODITY IN 20THCENTURY WRITING A COMPLETE ORIGINAL

ALONG WITH A MERE HANDFUL OF MODERN WRITERS CHRISTOPHER ISHERWOOD EUDORA
WELTY JR ACKERLEY IVY COMPTONBURNETT MS SPARK HAS A STYLE THAT
SEEMS NOT ONLY TO BE FREE OF THE BONDS IMPOSED BY LITERARY PREDECESSORS BUT
ALSO VIRTUALLY IMPOSSIBLE TO IMITATE AT ANY RATE SHE HAS INSPIRED NO
SUCCESSFUL FOLLOWERS AND HER NOVELS CONTINUE TO STAND ON THEIR OWN EACH AS
FRESH AND STARTLING AS ON THE DAY IT WAS WRITTEN

DRY AND SPARE HER TRAGICOMEDIES ARE MORAL TALES NOTICEABLY LACKING IN MORAL
COMMENTARY MS SPARK DISPENSES JUDGMENT AND REWARD TO HER CREATURES AS
COOLLY AS THE ALMIGHTY HIMSELF AND WITH AS LITTLE IN THE WAY OF APOLOGY OR
EXPLANATION MS SPARK IS A CONVERT TO ROMAN CATHOLICISM AND HER RELIGIOUS
TENETS MANIFESTED IN HER NICE SENSE OF INNOCENCE GUILT AND JUSTICE ARE
INTEGRAL TO HER PLOTS BUT THE ROLE OF CATHOLIC WRITER USUALLY IMPOSED ON
HER IS MISLEADING

PART OF WHAT MAKES HER FICTION SO INDIVIDUAL IS ITS VEIN OF PURITANISM AND
PREDESTINARIANISM NOW WITH THE PUBLICATION OF THE FIRST VOLUME OF HER
AUTOBIOGRAPHY CURRICULUM VITAE HOUGHTON MIFFLIN 213 PAGES 2295 WE
ARE PROVIDED WITH A KEY TO THIS ECCENTRIC TALENT

BORN IN 1918 MURIEL CAMBERG GREW UP IN THE MORNINGSIDE DISTRICT OF
EDINBURGH WHERE CLEANLINESS AND GODLINESS SHOOK HANDS WITH EACH OTHER
HONESTY WAS THE BEST POLICY ALL WAS NOT GOLD THAT GLISTERED AND NECESSITY
WAS THE MOTHER OF INVENTION SHE WAS THE DAUGHTER OF A JEWISH FATHER AND AN
ENGLISH MOTHER IF HER FAMILY WAS IN ANY WAY A SUBJECT OF PREJUDICE IT WAS
FOR ITS ENGLISHNESS RATHER THAN ITS JEWISHNESS FOR 'FOREIGNERS' WERE
FAIRLY TOLERATED BUT 'THE ENGLISH' WERE SOMETHING QUITE DIFFERENT BUT IN
EDINBURGH SO UNLIKE OTHER EUROPEAN CITIES OF THE 1920S AND '30S TOLERANCE
WAS DECIDEDLY THE PREVAILING RELIGION ALWAYS WITH A PURITANICAL SLANT

THE SCOTS VALUED EDUCATION ABOVE ALL ELSE FOR GIRLS AS WELL AS BOYS AND
YOUNG MURIEL WAS FORTUNATE ENOUGH TO ATTEND JAMES GILLESPIE'S HIGH SCHOOL
FOR GIRLS RECOGNIZABLY THE MODEL FOR THE MARCIA BLAINE SCHOOL WHERE MISS
JEAN BRODIE TAUGHT DURING HER PRIME THE TEACHER ON WHOM MISS BRODIE WAS
BASED MISS CHRISTINA KAY THAT CHARACTER IN SEARCH OF AN AUTHOR IS
LOVINGLY DESCRIBED AND THE CHAPTER ON GILLESPIE'S IS IN FACT THE MOST
PASSIONATE AND REWARDING PORTION OF THE AUTOBIOGRAPHY

INSTEAD OF ATTENDING A UNIVERSITY MURIEL TOOK A COURSE IN PRECIS WRITING
IMPORTANT IN THE FORMATION OF HER CLEAN ECONOMICAL PROSE SHE THEN EMBARKED
ON A SECRETARIAL CAREER CUT SHORT BY HER MARRIAGE IN 1937 TO SYDNEY OSWALD
SPARK A TEACHER SOME YEARS OLDER THAN HER WHO TURNED OUT TO BE SEVERELY
UNBALANCED THE COUPLE MOVED TO SOUTHERN RHODESIA NOW ZIMBABWE WHERE
THEIR SON ROBIN WAS BORN WHEN SYDNEY BECAME INCREASINGLY ABUSIVE MURIEL
INSISTED ON A DIVORCE

SHE GOT A PASSAGE BACK TO LONDON AT THE HEIGHT OF THE INCENDIARY BOMBING IN
1944 LIVED AT THE WOMEN'S CLUB THAT INSPIRED THE MAY OF TECK CLUB IN THE
GIRLS OF SLENDER MEANS 1963 AND BEGAN WORK IN MILITARY INTELLIGENCE
CONCOCTING BLACK PROPAGANDA TO FEED THE NAZIS AT THE END OF THE WAR SHE
BEGAN DOING LITERARY WORK INCLUDING A PAINFUL STINT AS EDITOR OF THE POETRY
REVIEW WHICH INVOLVED ACTING AS PRESIDENT OF THE POETRY SOCIETY AN ABSURD
FACTIONRIDDEN GROUP THAT INDULGED IN PASSIONATE INFIGHTING AND SCHEMING
THE VOLUME ENDS WITH THE PUBLICATION OF HER FIRST NOVEL THE COMFORTERS

ONE COMES AWAY FROM MS SPARK'S NOVELS IMPRESSED BY THEIR BRILLIANCE IF A
LITTLE CHILLED BY THEIR SCORN FOR HUMAN FOIBLES AND CURRICULUM VITAE
CONFIRMS THE CHILLINESS FOR WHILE MOST READERS WILL BE PERFECTLY WILLING TO
ALLOW MS SPARK'S INTELLECTUAL SUPERIORITY IT DOES STICK IN ONE'S CRAW TO
HAVE HER ALSO CLAIM MORAL SUPERIORITY AS SHE DOES REPEATEDLY WITHOUT
APPARENTLY REALIZING THE IMPLICATIONS SHE SPEAKS OF BEING TRAINED BY HER
PARENTS IN THE CRAFT OF BEING POLITE WHILE PEOPLE WERE PRESENT AND LAUGHING
LATER IF THERE WAS ANYTHING TO LAUGH ABOUT OR CRITICIZING LATER IF THERE
WAS ANYTHING TO DEPLORE AND THIS ATTITUDE INFUSES HER WRITING HER SENSE
OF HUMOR SO GLITTERING WHEN SHE DESCRIBES OTHERS FAILS HER WHEN SHE MUST
WRITE OF HERSELF HER TRAVAILS AT THE POETRY SOCIETY FOR EXAMPLE ARE A
FITTER SUBJECT FOR FARCE THAN FOR BITCHINESS

IT IS UNBECOMING FOR AN ELDERLY REVERED AND HIGHLY SUCCESSFUL AUTHOR TO AIR
40YEAROLD GRIEVANCES AGAINST PATHETIC AND OBSCURE ADVERSARIES BUT
SOMETIMES THE NASTINESS IS SPLENDIDLY INSPIRED AS WHEN SHE DESCRIBES THE
MENAGE OF MARIE STOPES THE INVENTOR OF BIRTH CONTROL AND LORD ALFRED
DOUGLAS THE LOVER OF OSCAR WILDE AS AN ARRANGEMENT WHICH I IMAGINE WOULD
SATISFY ANY WOMAN'S CRAVING FOR BIRTH CONTROL

MS ALLEN IS A WRITER IN NEW YORK 9305190064 930519 REVIEW & OUTLOOK
EDITORIAL ASIDES NOW IT CAN BE TOLD'

DON'T GET THE IDEA THAT EVERYONE'S UNHAPPY WITH THE CLINTON ADMINISTRATION'S
CURRENT COURSE HERE'S ROBERT KUTTNER WRITING IN THE AMERICAN PROSPECT BEAR
IN MIND THAT PROGRESSIVE IS WHAT LEFTWING LIBERALS NOW CALL THEMSELVES
HAVING CONCLUDED THAT THE FORMER TERMINOLOGY UPSET VOTERS

IN THIS RESPECT CLINTON HAS PRETTY MUCH LIVED UP TO OUR SUSPICION NOW
IT CAN BE TOLD THAT DESPITE THE DOWNHOME ACCENT THE DLC BAGGAGE THE
ANTIWASHINGTON RHETORIC HE WAS A PROGRESSIVE FELLOW ALL ALONG AND THAT IN
TALENTED SELFCONFIDENT HANDS LIBERAL THEMES REMAIN VIABLE POLITICS
DESPITE EARLY STUMBLES CLINTON HAS PROVED AN ASTUTE POLITICIAN MASTERING
THE DETAILS EDUCATING THE PUBLIC WORKING THE CONGRESS REFRAMING THE
DEBATE HIS FIRST HUNDRED DAYS HAVE SHOWN A HEARTENING CAPACITY FOR FURTHER
GROWTH 9305190063 930519 TECHNOLOGY & ENVIRONMENT EPA UNVEILS PLANS
TO CURB INCINERATORS OF HAZARDOUS WASTE BY BLOCKING GROWTH  BY
TIMOTHY NOAH STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE ENVIRONMENTAL PROTECTION AGENCY UNVEILED A SERIES OF
PROPOSALS TO IMPOSE NEW RESTRICTIONS ON HAZARDOUSWASTE INCINERATORS AND
EFFECTIVELY BLOCK ANY GROWTH OF INCINERATOR CAPACITY IN THE NEAR TERM

AT A NEWS CONFERENCE EPA ADMINISTRATOR CAROL BROWNER SAID THE AGENCY WILL
FOCUS DURING THE NEXT 18 MONTHS ON REVIEWING PERMITS ISSUED TO ALREADY
OPERATING HAZARDOUSWASTE INCINERATORS AND INDUSTRIAL FURNACES MS BROWNER
SAID THE EPA WILL GIVE LOW PRIORITY TO ISSUING PERMITS FOR NEW
INCINERATORS

ALTHOUGH THAT CAPACITY HASN'T GROWN APPRECIABLY DURING THE PAST YEAR AND A
HALF DEMAND FOR NEW PERMITS HAS BEEN RISING LATELY ACCORDING TO SYLVIA
LOWRANCE DIRECTOR OF THE EPA'S OFFICE OF SOLID WASTE

SINCE PASSAGE IN 1984 OF AMENDMENTS TO THE RESOURCE CONSERVATION AND
RECOVERY ACT MUCH HAZARDOUS WASTE HAS BEEN SHIFTED TO INCINERATORS AND AWAY
FROM DISPOSAL IN LANDFILLS BUT MANY ENVIRONMENTALISTS CONTEND THAT
INCINERATION IS UNSAFE AND DURING THE 1992 PRESIDENTIAL CAMPAIGN THE
LEAGUE OF CONSERVATION VOTERS SECURED FROM CANDIDATE BILL CLINTON A PLEDGE
TO SUPPORT A MORATORIUM ON THE CONSTRUCTION OF NEW GARBAGE AND
HAZARDOUSWASTE INCINERATORS

ACCORDING TO THE EPA ITS NEW DE FACTO MORATORIUM WON'T INTERFERE WITH THE
PROCESSING OF HAZARDOUS WASTE BECAUSE INCINERATORS CURRENTLY AREN'T
OPERATING AT FULL CAPACITY

AT THE NEWS CONFERENCE MS BROWNER EMPHASIZED THAT SHE DIDN'T BELIEVE
INCINERATION WAS INHERENTLY UNSAFE IF PROPERLY REGULATED BUT SHE SAID SHE
WAS PARTICULARLY CONCERNED ABOUT THE SAFETY OF 171 INDUSTRIAL FURNACES
CURRENTLY OPERATING UNDER INTERIM STATUS WHICH PROCESS 70 OF THE
COMMERCIAL WASTE STREAM MANY OF THESE FURNACES SHE SAID WERE ORIGINALLY
BUILT TO PERFORM FUNCTIONS OTHER THAN THE PROCESSING OF HAZARDOUS WASTE AND
MAY NOT BE SUITABLE FOR THE JOB

IN ADDITION TO THE HALT ON INCINERATOR CAPACITY MS BROWNER SAID THE AGENCY
WOULD FORMALLY PROPOSE EMISSION STANDARDS FOR DIOXIN LEAD CADMIUM
MERCURY AND OTHER EMISSIONS REQUIRE A RISK ASSESSMENT PRIOR TO ISSUING
HAZARDOUSWASTE COMBUSTION PERMITS AND INCREASE PUBLIC PARTICIPATION IN
THE APPROVAL PROCESS MS BROWNER ALSO SAID SHE WOULD ANNOUNCE A LIST OF
COMPANIES THAT GENERATE HAZARDOUS WASTE AND WILL ASK THEM TO MAKE PUBLIC
THEIR PLANS TO REDUCE SUCH WASTE

THE TIMING OF MS BROWNER'S ANNOUNCEMENT APPEARED TO BE AFFECTED BY MOUNTING
PROTESTS BY GREENPEACE THE ENVIRONMENTAL GROUP AGAINST THE CLINTON
ADMINISTRATION'S FAILURE TO FOLLOW THROUGH ON A PROMISE TO BLOCK AN
INCINERATOR IN EAST LIVERPOOL OHIO LOCATED 1100 FEET FROM AN ELEMENTARY
SCHOOL

SHORTLY BEFORE ASSUMING OFFICE VICE PRESIDENT AL GORE PLEDGED TO BLOCK THE
APPROVAL OF A TEST BURN FOR THE INCINERATOR OWNED BY WASTE TECHNOLOGIES
INDUSTRIES A UNIT OF VON ROLL LTD UNTIL HE RECEIVED ANSWERS TO CERTAIN
QUESTIONS ABOUT THE PLANT'S SAFETY AND THE PROCESS BY WHICH IT WAS APPROVED
SINCE THEN HOWEVER THE CLINTON ADMINISTRATION HASN'T MOVED TO HALT
OPERATIONS BY THE PLANT WHOSE TEST BURN WAS APPROVED IN THE FINAL DAYS OF
THE BUSH ADMINISTRATION

THE RESTRICTIONS ANNOUNCED BY MS BROWNER DON'T APPEAR TO HAVE ANY IMMEDIATE
EFFECT ON THE OHIO INCINERATOR BUT THE EPA ADMINISTRATOR WHO HAS RECUSED
HERSELF FROM THE MATTER BECAUSE OF THE INVOLVEMENT OF CITIZEN ACTION A
GRASSROOTS LOBBY THAT EMPLOYS HER HUSBAND SAID YESTERDAY THAT HER ACTIONS
WERE INFLUENCED BY CONCERNS RAISED IN EAST LIVERPOOL AND ELSEWHERE
9305190062 930519 INSIDER TRADING SPOTLIGHT

FRIDAY WHICH MUST BE REPORTED TO THE SEC AND OTHER REGULATORS BY THE 10TH
OF THE MONTH FOLLOWING THE MONTH OF THE TRADE INCLUDES BOTH OPENMARKET AND
PRIVATE TRANSACTIONS INVOLVING DIRECT AND INDIRECT HOLDINGS EXCLUDES STOCKS
VALUED AT LESS THAN 2 A SHARE ACQUISITIONS THROUGH OPTIONS AND COMPANIES
BEING ACQUIRED

CBCHAIRMAN PPRESIDENT DDIRECTOR VPVICE PRESIDENT OOFFICER ZOTHER
9305190061 930519 CORRECTIONS & AMPLIFICATIONS

UTICA MUTUAL INSURANCE CO WON'T HAVE TO REIMBURSE BAUSCH & LOMB INC FOR
CLEANING UP A POLLUTED SITE IN MARYLAND AN ITEM IN FRIDAY'S LEGAL BEAT
COLUMN REPORTED THAT MARYLAND'S HIGHEST COURT HAD DECIDED IN THE CASE THAT
ENVIRONMENTAL DAMAGES CAN BE COVERED UNDER COMPREHENSIVE GENERAL LIABILITY
POLICIES BUT ONLY WHEN THE PROPERTY AFFECTED IS OWNED BY A THIRD PARTY THE
ARTICLE FAILED TO NOTE THAT CONDITION IN THE COURT'S RULING

SOUTHERN PACIFIC RAIL CORP HAS ABOUT 13 BILLION OF NET OPERATING LOSS
CARRYOVERS THAT COULD BE USED TO OFFSET FUTURE INCOME TAXES IN AN ARTICLE
MONDAY ABOUT THE COMPANY'S PLANS FOR AN INITIAL PUBLIC OFFERING THE FIGURE
WAS MISSTATED AS 13 MILLION 9305190060 930519 FED BARS ACQUISITIONS

WASHINGTON THE FEDERAL RESERVE BOARD BARRED FIRST COLONIAL BANKSHARES
CORP IN CHICAGO FROM ACQUIRING TWO SMALLER BANKHOLDING COMPANIES AFTER
FINDING THAT ONE OF ITS UNITS HAD A POOR COMMUNITYLENDING RECORD

IT WAS ONLY THE FOURTH MERGER APPLICATION THAT THE FED HAS DENIED BECAUSE OF
AN APPLICANT'S INADEQUATE PERFORMANCE UNDER THE COMMUNITY REINVESTMENT ACT
WHICH SAYS THAT BANKS SHOULD MEET LOCAL CREDIT NEEDS THE FED IS IN CHARGE
OF APPROVING MERGERS OF BANKHOLDING COMPANIES

FIRST COLONIAL WHICH HAS 12 BILLION IN DEPOSITS HAD APPLIED TO ACQUIRE
TWO SUBURBAN CHICAGO COMPANIES HIBANCORP AND GNP BANCORP BUT AVENUE BANK
ONE OF FIRST COLONIAL'S 15 SUBSIDIARY BANKS HAD RECEIVED A NEEDS TO
IMPROVE COMMUNITY LENDING RATING FROM THE FED THE AGENCY CITED AVENUE BANK
FOR LOW LEVELS OF LENDING IN LOWTOMODERATE INCOME AND MINORITY PORTIONS
OF ITS SERVICE AREA

THE FED VOTED UNANIMOUSLY TO DENY THE APPLICATION NOTING THAT THE BANK HAS
VOWED TO IMPROVE ITS COMMUNITYLENDING RECORD THE FED SAID IT WOULD
CONSIDER FUTURE MERGER APPLICATIONS FROM FIRST COLONIAL WITHOUT PREJUDICE
9305190059 930519 TAX REPORT A SPECIAL SUMMARY AND FORECAST OF
FEDERAL AND STATE TAX DEVELOPMENTS  BY SCOTT R SCHMEDEL

PERSONAL ESTIMATED TAXES WOULD BE EASIER TO FIGURE UNDER THE HOUSE TAX BILL

A 1991 LAW COMPLICATED CALCULATIONS FOR MANY FILERS WHOSE ADJUSTED GROSS
INCOME EXCEEDS 75000 AND RISES BY MORE THAN 40000 IN A YEAR THEY MUST
FORECAST THE CURRENT YEAR'S TAX AND BASE QUARTERLY PAYMENTS ON 90 OF IT
OTHERS MAY OPT FOR 100 OF THE PRIOR YEAR'S KNOWN TAX IN RESPONSE TO PLEAS
FROM SMALLBUSINESS OWNERS AND OTHERS THE WAYS AND MEANS COMMITTEE BILL
WOULD REPEAL THE SPECIAL RULE AFTER 1993 INSTEAD FILERS WITH INCOME ABOVE
150000 SIMPLY COULD PAY 110 OF THE PRIOR YEAR'S TAX OTHERS COULD PAY
100

WE ARE DELIGHTED THAT THE COMMITTEE HAS ACTED TO REVISE THE UNWORKABLE
1991 LAW SAYS GERALD PADWE OF THE AMERICAN INSTITUTE OF CPAS WHICH HAS
PRESSED FOR A CHANGE BUT HE SAYS THE AICPA AND OTHERS BACK A PROPOSAL BY
SEN BUMPERS D ARK TO LET MORE PEOPLE PAY 100 OF THE PRIOR YEAR'S TAX
THE 110 FIGURE WOULD APPLY ONLY TO THOSE WHOSE INCOME EXCEEDED 150000 AND
ROSE BY MORE THAN 40000 IN A YEAR

THE PROPOSED LAWS WOULD BE PERMANENT THE CURRENT LAW EXPIRES AFTER 1996

INSURANCE SCAMS TO BILK LOWPAID WORKERS WOULD BE WIPED OUT BY THE TAX BILL

THE WAYS AND MEANS BILL WOULD EXPAND EARNEDINCOME CREDITS FOR THE WORKING
POOR AND WOULD REPEAL AFTER 1993 A SUPPLEMENTAL CREDIT FOR HEALTHINSURANCE
COSTS THAT IS CONSIDERED NEEDLESSLY COMPLEX THE INSURANCE CREDIT ALSO
WOULDN'T BE MISSED BECAUSE IT SPAWNS FRAUD WASTE AND ABUSE OF THOSE IT IS
MEANT TO HELP SAYS A WAYS AND MEANS PANEL HEADED BY REP PICKLE D
TEXAS

A PANEL REPORT SAYS DEVIOUS INSURERS HAVE EXPLOITED EMPLOYERS AND WORKERS
CONFUSED BY THE CREDIT IN ORDER TO SELL POLICIES THAT AREN'T NEEDED TO EARN
THE CREDIT AND THAT OFTEN DON'T EVEN QUALIFY FOR IT SOME SALES PEOPLE WORE
MISLEADING BADGES AND HANDED OUT BUSINESS CARDS AND BROCHURES THAT
IDENTIFIED THEM FALSELY AS IRS COMPLIANCE AGENTS WHO WOULD SHOW WORKERS
HOW TO GET FREE INSURANCE THE PANEL RECOMMENDS NEW CRIMINAL PENALTIES FOR
SUCH ACTIVITIES

WHAT'S THE SHELF LIFE OF A SHELFSPACE FEE PAID TO A RETAILER

THE IRS QUESTIONS THE TIMING OF MANUFACTURERS' DEDUCTIONS OF CASH OR OTHER
SLOTTING ALLOWANCES PAID TO LOCK UP PRODUCTDISPLAY SPACE COMPANIES NOW
DEDUCT THE FEES WHEN PAID BUT A DRAFT OF AN IRS AUDITISSUE PAPER SAYS THE
EXPENSE MUST BE CAPITALIZED IF IT PROVIDES FUTURE BENEFITSRIGHTS TO SPACE
BEYOND THE YEAR OF PAYMENT THUS IF THE PERIOD IS LIMITED THE DEDUCTION IS
TO BE SPREAD OVER IT BUT IF THE AGREEMENT HAS INDEFINITE LIFE THE EXPENSE
CAN'T BE DEDUCTED UNTIL THE MANUFACTURER GIVES UP THE SPACE

AN ORAL OR WRITTEN AGREEMENT THAT KEEPS A PRODUCT ON THE SHELF UNTIL IT
SUCCEEDS OR FAILS WOULD REQUIRE CAPITALIZATION THE IRS SEEKS COMMENTS ON
ITS PAPER AND HASN'T INDICATED WHEN IT WILL ISSUE A FINAL VERSION DAVID
ANDRES OF PRICE WATERHOUSE CPAS ARGUES THAT THE PAYMENTS ARE FOR
POINTOFSALE ADVERTISING THAT NEEDN'T BE CAPITALIZED BUT HE ADVISES
COMPANIES THAT WANT TO CONTINUE TO DEDUCT PAYMENTS CURRENTLY TO TRY TO WRITE
CONTRACTS FOR SHELF SPACE

A CONTRACT SHOULD SPECIFY ITS LIFE AND REQUIRE NEW FEES FOR RENEWAL

CHARITIES FULFILL A WISH IN THE WAYS AND MEANS BILL DONORS PAYING THE
ALTERNATIVE MINIMUM TAX COULD DEDUCT THE FULL MARKET VALUE OF ANY TYPE OF
APPRECIATED PROPERTY BUT ALL DONORS DEDUCTING ANY SINGLE GIFT OF 750 OR
MORE WOULD HAVE TO GET A RECEIPT BEFORE FILING THEIR RETURNS

LARGE CORPORATIONS WOULD HAVE TO MAKE QUARTERLY ESTIMATEDTAX PAYMENTS
TOTALING AT LEAST 100 OF THE CURRENT YEAR'S TAX UNDER THE WAYS AND MEANS
BILL PRESENT LAW REQUIRES A 97 TOTAL THROUGH 1996 AND ONLY 91 THEREAFTER
SMALL CONCERNS COULD PAY 100 OF THE PRIOR YEAR'S TAX

TESTS FOR DEPENDENCY FILING STATUS AS A HEAD OF HOUSEHOLD AND ELIGIBILITY
FOR THE EARNEDINCOME CREDIT WOULD BE VASTLY SIMPLIFIED AND BASED ON
RESIDENCY UNDER A BILL PROPOSED BY SENS MOYNIHAN D NY AND PACKWOOD
R ORE

THE IRS MUST PAY FOR MISCLASSIFYING WORKERS AS INDEPENDENT CONTRACTORS

THIS IS A RARE VICTORY FOR AN EMPLOYER NOTES FORREST MILDER A BOSTON
LAWYER IT COMES AS THE IRS IS CRACKING DOWN ON FIRMS THAT DON'T WITHHOLD
INCOME TAXES OR PAY SOCIAL SECURITY TAXES FOR WORKERS WHO REALLY ARE
EMPLOYEES APOLLO DRYWALL KEPT SEVEN OR EIGHT DRYWALL INSTALLERS ON ITS
PAYROLL AS EMPLOYEES AND HIRED UP TO 23 CONTRACTORS AS NEEDED BUT THE IRS
CLAIMED THAT UNDER A LAW KNOWN AS SECTION 530 THE CONTRACTORS HAD TO BE
TREATED AS EMPLOYEES BECAUSE THEY DID THE SAME WORK AS THE EMPLOYEES

ALTHOUGH IT KNEW THE CONTRACTORS WORKED WITHOUT SUPERVISION AND ALSO FOR
OTHER COMPANIES THE IRS DEMANDED BACK TAXES AND PENALTIES APOLLO PAID AND
SUED FOR A REFUND AFTER LOSING IN PRETRIAL MANEUVERS THE IRS AGREED TO A
FULL REFUND 26112 THEN APOLLO SOUGHT LEGAL COSTS NOW US MAGISTRATE
JUDGE SOOVILLE IN MICHIGAN SAYS APOLLO IS ENTITLED TO FEES AND COSTS BECAUSE
THE IRS COMPLETELY MISREAD SECTION 530 AND TOOK AN UNJUSTIFIED POSITION IN
THE DISPUTE

A REASONABLY OBJECTIVE PERSON WHO CONSIDERED THE KNOWN FACTS WOULD SEE THAT
THE CONTRACTORS WEREN'T EMPLOYEES THE JUDGE COMMENTED

TAXBILL BRIEFS THE EDUCATION AND HOUSING AND URBAN DEVELOPMENT DEPARTMENTS
WOULD GET NEW ACCESS THROUGH FISCAL 1998 TO TAXRETURN DATA TO CHECK
BENEFITS ELIGIBILITY VETERANS AFFAIRS WOULD GET RENEWED ACCESS  
PRIVATE LENDERS AND US AGENCIES WOULD HAVE TO REPORT TO THE IRS ANY
FORGIVENESS OF A DEBT EXCEEDING 600 9305190058 930519 BUSINESS BRIEF 
HEALTHVEST INC WIDER LOSS OF 19 MILLION IS POSTED FOR FIRST QUARTER

HEALTHVEST INC BURDENED BY COSTS OF RESTRUCTURING HEALTHCARE INTERNATIONAL
INC REPORTED A WIDER FIRSTQUARTER LOSS TO 19 MILLION OR 18 CENTS A
SHARE FROM A YEAREARLIER LOSS OF 455000 OR FOUR CENTS A SHARE

THE AUSTIN TEXAS REAL ESTATE INVESTMENT TRUST SAID RESTRUCTURING EXPENSES
SOARED TO 14 MILLION FROM ONLY 569000 IN THE YEAREARLIER QUARTER

ALSO IN THE FIRST QUARTER INCREASED REVENUE REALIZED AS HEALTHVEST TOOK
OVER DAILY OPERATIONS FROM HEALTHCARE OF FIVE PSYCHIATRIC HOSPITALS FAILED
TO SIGNIFICANTLY OFFSET INCREASED OPERATING EXPENSES FOR THE FACILITIES
REVENUE MORE THAN DOUBLED TO 161 MILLION FROM 78 MILLION IN THE
YEAREARLIER QUARTER

HEALTHVEST STOCK FELL 125 CENTS TO CLOSE AT 2875 A SHARE IN AMERICAN
STOCK EXCHANGE COMPOSITE TRADING YESTERDAY 9305190057 930519 MARKETING &
MEDIA PBS TO LAUNCH CABLE NETWORK IN JOINT VENTURE  BY MARK
ROBICHAUX STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK THE PUBLIC BROADCASTING SERVICE WHOSE DOMINANCE IN CULTURAL
PROGRAMMING HAS ERODED IN A WASH OF NEW CABLE NETWORKS HAS DECIDED TO
LAUNCH ITS OWN CABLE CHANNEL

BY THE END OF NEXT YEAR PBS WILL BEGIN HORIZONS TV AN
ADVERTISINGSUPPORTED BUT NONPROFIT INFORMATIONAL AND CULTURAL CABLE
NETWORK IN A JOINT VENTURE WITH PUBLIC STATIONS WGBH IN BOSTON AND WNET IN
NEW YORK

WE HOPE TO BE THE MTV OF THE LITERARY SET SAID LAWRENCE K GROSSMAN A
FORMER PRESIDENT OF BOTH PBS AND NBC NEWS WHO IS SPEARHEADING THE NEW
VENTURE I LOOK AT THIS AS THE CULTURAL AND INTELLECTUAL COUNTERPART OF
CSPAN

THE SELFSUPPORTING NETWORK WILL AIR TALKS TOURS DEBATES READINGS AND
SYMPOSIUMS FROM MUSEUMS UNIVERSITIES LIBRARIES AND ART CENTERS IT WILL
RANGE FROM A NOBEL LAUREATE TALKING ABOUT A NEW THEORY IN PHYSICS TO JOHN
UPDIKE READING HIS LATEST NOVEL TO A DEBATE WITH NORMAN MAILER OVER THE
FUTURE OF THE NOVEL SAID MR GROSSMAN

THOSE CHANNELS HAVE GAINED A FOOTHOLD IN THE CABLE INDUSTRY AND CLAIM THEY
AREN'T THREATENED BY PBS'S NEW CABLE VENTURE GREG MOYER WHO OVERSEES
PROGRAMMING FOR BOTH THE DISCOVERY NETWORK AND THE LEARNING CHANNEL SAYS HE
EXPECTS EVEN MORE COMPETITION FOR VIEWERS FROM SUCH NEW ENTRANTS HE
BELIEVES THAT IF ANYTHING HORIZONS TV WILL DRAW VIEWERS FROM PBS'S CORE
AUDIENCE

NOT SO SAYS MR GROSSMAN HE ARGUES THAT PBS WILL LEVERAGE ITS
PUBLICINTEREST REPUTATION TO REACH AN OLDER WELLEDUCATED HIGH INCOME
DEMOGRAPHIC WHO TEND TO BE ANTITELEVISION AND DON'T WANT CABLE IN THE
HOUSE

COMMERCIAL MESSAGES THE NEW NETWORK PROMISES WILL NOT INTERRUPT PROGRAMS
BUT MAY APPEAR AT THE BEGINNING AND END OF SHOWS PUBLIC TELEVISION OPERATES
UNDER NONCOMMERCIAL LICENSES THAT DO NOT PERMIT COMMERCIALS AND WHILE
PUBLIC TELEVISION RECEIVES 19 OF ITS 132 BILLION BUDGET FROM THE FEDERAL
GOVERNMENT HORIZONS WILL RECEIVE NO GOVERNMENT FUNDING

THE NEW CHANNEL WILL OPERATE AS A SEPARATE NONPROFIT CORPORATION STEERED BY
A BOARD OF DIRECTORS MADE UP OF PUBLIC TELEVISION AND CABLE EXECUTIVES
ASIDE FROM THE INITIAL INVESTMENT FROM THE THREE PARTNERS THE VENTURE HOPES
TO RECEIVE MORE FINANCING FROM FOUNDATIONS CHARTER SPONSORS AND LATER
REVENUE FROM ADVERTISERS AND LICENSE FEES FROM CABLE OPERATORS 9305190056
930519 DAYTON HUDSON'S PROFIT DROPPED 14 IN 1ST QUARTER PENNEY'S NET
ROSE 51  BY GREGORY A PATTERSON AND ANDREA GERLIN STAFF
REPORTERS OF THE WALL STREET JOURNAL

DAYTON HUDSON CORP POSTED A 14 DECLINE IN FIRSTQUARTER EARNINGS ON WEAK
SALES WHILE JC PENNEY CO SAID ITS EARNINGS ROSE 51 BECAUSE OF COST
CUTTING AND REPOSITIONING PROGRAMS

DAYTON HUDSON THE MINNEAPOLIS OPERATOR OF DISCOUNT MODERATE AND
FULLPRICED STORE CHAINS REPORTED EARNINGS OF 30 MILLION OR 35 CENTS A
SHARE COMPARED WITH 35 MILLION OR 40 CENTS A SHARE A YEAR EARLIER

PENNEY REPORTED NET INCOME OF 206 MILLION OR 78 CENTS A SHARE COMPARED
WITH 136 MILLION OR 52 CENTS A SHARE A YEAR EARLIER PENNEY'S LATEST
QUARTER INCLUDED A 17 MILLION CHARGE FOR DEBT REDUCTION AND A 51 MILLION
GAIN FROM ADOPTING AN ACCOUNTING CHANGE FOR INCOME TAXES EARNINGS BEFORE
THE ITEMS WERE 172 MILLION OR 65 CENTS A SHARE BOTH COMPANIES' QUARTERS
ENDED MAY 1

PENNEY'S RESULTS EXCEEDED ANALYSTS' EXPECTATIONS OF ABOUT 62 CENTS A SHARE
THE COMPANY'S SALES FOR THE QUARTER ROSE 45 TO 396 BILLION FROM 379
BILLION

ANALYSTS SAID PENNEY IS REAPING THE BENEFITS OF A RESTRUCTURING BEGUN IN
EARLY 1992 THAT CALLED FOR CONSOLIDATING OPERATIONS DISCONTINUING OTHERS
AND WRITING DOWN THE VALUE OF SOME REAL ESTATE PROJECTS

COST CONTROL WAS ONE OF THE KEYS IN THIS QUARTER SAID DENNIS VAN ZELFDEN
AN ANALYST AT RAUSCHER PIERCE REFSNES INC IN DALLAS THE COMPANY SAID ITS
SELLING GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF SALES FELL
TO 30 IN THE QUARTER FROM 315 A YEAR EARLIER

DAYTON HUDSON SAID ITS EARNINGS WERE HURT BY SLOW SALES IN ITS MERVYN'S
STORE CHAIN AND CONSUMER MALAISE

WE HAVE BEEN DISAPPOINTED WITH OUR SALES RESULTS SINCE THE MIDDLE OF
FEBRUARY ESPECIALLY AT MERVYN'S AND THE DEPARTMENT STORES KENNETH A
MACKE DAYTON HUDSON CHAIRMAN SAID IN A STATEMENT A FEW WEEKS AGO THE
NATION'S FOURTHLARGEST RETAILER SIGNALED THAT ITS FIRSTQUARTER EARNINGS
TYPICALLY THE SMALLEST AND LEAST IMPORTANT OF THE YEAR WOULD BE LOWER

TOTAL REVENUE FOR THE QUARTER INCREASED 9 TO 404 BILLION FROM 372
BILLION IN 1992 BUT SALES IN STORES OPEN AT LEAST A YEAR INCREASED A MEAGER
2 CONSUMERS ARE VERY CAUTIOUS MR MACKE SAID PART OF THAT IS DUE TO
PERVASIVE ECONOMIC CONCERNS SUCH AS UNCERTAINTIES ABOUT JOB SECURITY TAX
INCREASES AND THE COST OF HEALTHCARE REFORM

THE TARGET DISCOUNT STORE UNIT WHICH ACCOUNTED FOR 61 OF THE COMPANY'S
SALES IN THE QUARTER HAS COME UNDER INTENSE PRICE PRESSURE FROM WALMART
STORES INC AND KMART CORP TARGET SALES ROSE 14 OVERALL AND 5 ON A
SAMESTORE BASIS THE UNIT HAD A SMALL INCREASE IN OPERATING PROFIT

BUT IN THE COMPANY'S MERVYN'S STORE CHAIN OPERATING PROFITS DECLINED AS A
RESULT OF LOWERTHANEXPECTED SALES ANALYSTS SAID MERVYN'S WHICH HAS 45
OF ITS STORES IN ECONOMICALLY DEPRESSED CALIFORNIA FAILED TO STIMULATE
SALES WITH PRICE CUTS THERE THEY KEEP TAKING THEIR EYE OFF THE BALL IN
CALIFORNIA SAID JEFFREY EDELMAN AN ANALYST WITH CJ LAWRENCE INC

BUT THE COMPANY'S DEPARTMENT STORE CHAIN WHICH OPERATES DAYTON'S HUDSON'S
AND MARSHALL FIELD'S STORES IMPROVED ITS OPERATING PROFIT DESPITE A 2
DECLINE IN OVERALL SALES AND SAMESTORE SALES DAYTON HUDSON DOESN'T SPECIFY
THE EXACT TOTALS OF THE OPERATING PROFITS OF ITS DIVISIONS ON A QUARTERLY
BASIS

THE FIRSTQUARTER RESULTS ALSO ARE AFFECTED BY A ONETIME CHARGE OF 3
MILLION OR TWO CENTS A SHARE FROM THE REDEMPTION OF 50 MILLION OF 1075
DEBENTURES THE COMPANY SAID REFINANCING THE DEBT AT LOWER INTEREST RATES
WILL REDUCE FUTURE INTEREST EXPENSE 9305190055 930519 LAW LEGAL BEAT
 BOY SCOUTS CAN PREVENT ATHEISTS FROM JOINING GROUP COURT RULES  
BY WADE LAMBERT STAFF REPORTER OF THE WALL STREET JOURNAL

THE BOY SCOUTS OF AMERICA CAN BAR ATHEISTS A FEDERAL APPEALS COURT RULED IN
A DECISION THAT COULD MAKE IT EASIER FOR OTHER PRIVATE ORGANIZATIONS TO
RESTRICT THEIR MEMBERSHIP

THE US APPEALS COURT IN CHICAGO FOUND THAT THE BOY SCOUTS AREN'T SUBJECT
TO THE FEDERAL LAW BARRING DISCRIMINATION IN PLACES OF PUBLIC
ACCOMMODATION WHICH INCLUDE A WIDE RANGE OF ENTITIES FROM MEETING HALLS TO
PLACES OF BUSINESS THE DECISION UPHELD A TRIAL JUDGE'S RULING THAT A BOY
SCOUT TROOP COULD BAR A 10YEAROLD ATHEIST FROM JOINING

IN ITS DECISION THE SEVENTH US CIRCUIT COURT OF APPEALS SAID THE
PUBLICACCOMMODATION LAW NEVER INTENDED TO INCLUDE MEMBERSHIP ORGANIZATIONS
THAT DO NOT MAINTAIN A CLOSE CONNECTION TO A STRUCTURAL FACILITY THE
RULING APPARENTLY MARKS THE FIRST TIME THAT A FEDERAL APPEALS COURT HAS
ADDRESSED THE ISSUE

IN THE 21 DECISION THE APPELLATE PANEL ALSO SAID THAT THE SCOUTS ARE A
PRIVATE CLUB THAT CAN SET MEMBERSHIP REQUIREMENTS SUCH AS A BELIEF IN GOD
THE COURT SAID SUCH A BELIEF WAS ONE OF THE THREE FOUNDING PRINCIPLES OF THE
BOY SCOUTS

WHEN THE GOVERNMENT IN THIS INSTANCE THROUGH THE COURTS SEEKS TO REGULATE
THE MEMBERSHIP OF AN ORGANIZATION LIKE THE BOY SCOUTS IN A WAY THAT SCUTTLES
ITS FOUNDING PRINCIPLES WE RUN THE RISK OF UNDERMINING ONE OF THE SEEDBEDS
OF VIRTUE THAT CULTIVATE THE SORTS OF CITIZENS OUR NATION SO DESPERATELY
NEEDS THE COURT SAID

IN A DISSENT JUDGE WALTER CUMMINGS SAID THAT THE MAJORITY HAD RULED TOO
BROADLY IN FINDING THAT SUCH ORGANIZATIONS AS THE BOY SCOUTS DON'T FALL
UNDER THE CIVILRIGHTS LAW FOR PLACES OF PUBLIC ACCOMMODATION THE
MAJORITY'S INTERPRETATION  WOULD LEAVE THE BOY SCOUTS AND OTHER LIKE
ORGANIZATIONS FREE TO DISCRIMINATE NOT JUST AGAINST ATHEISTS OR THOSE
WHOSE BELIEFS ARGUABLY CONFLICT WITH THE GROUP'S MOST CENTRAL PHILOSOPHY 
BUT AGAINST ANYONE AT ALL ON SHEER WHIM UNDER THE MAJORITY'S ANALYSIS A
GROUP SUCH AS ROTARY INTERNATIONAL OR THE JAYCEES OR LITTLE LEAGUE IS
ABSENT A MORE COMPREHENSIVE STATE STATUTE PERFECTLY FREE TO EXCLUDE BLACKS
JEWS CATHOLICS ETC JUDGE CUMMINGS WROTE

BUT JUDGE CUMMINGS SAID THE COURT COULD HAVE FOUND THAT BECAUSE OF THE BOY
SCOUTS' RIGHT OF ASSOCIATION THE GROUP DOESN'T HAVE TO ACCEPT MEMBERS WHO
DON'T SHARE ITS MOST ELEMENTARY BELIEFS

LAST YEAR A STATE JUDGE IN CALIFORNIA RULED THAT UNDER CALIFORNIA'S
CIVILRIGHTS LAWS THE BOY SCOUTS COULDN'T EXCLUDE ATHEISTS THE SCOUTS HAVE
APPEALED THAT DECISION ARGUING THAT EVEN UNDER THE BROADER PROTECTIONS OF
THE CALIFORNIA LAW THE ORGANIZATION CAN'T BE REQUIRED TO ADMIT ATHEISTS
THE ORGANIZATION ALSO IS FIGHTING SUITS CHALLENGING ITS BAN ON HOMOSEXUALS

BLAKE LEWIS THE NATIONAL SPOKESMAN FOR THE BOY SCOUTS BASED IN IRVING
TEXAS SAID WE'RE VERY PLEASED THAT THE COURTS AGAIN HAVE UPHELD THAT
SCOUTING IS A PRIVATE ORGANIZATION NOT A PLACE OF PUBLIC ACCOMMODATION HE
SAID THAT SCOUTS ARE REQUIRED TO PLEDGE AN OATH TO GOD AS ONE OF THE GROUP'S
BASIC STANDARDS OF MEMBERSHIP

RICHARD GROSSMAN AN ATTORNEY FOR 10YEAROLD MARK WELSH WHO BROUGHT THE
CHICAGO SUIT SAID THE BOY SCOUTS AREN'T REALLY A RELIGIOUS ORGANIZATION
AN ATHEIST'S PRESENCE WOULDN'T INTERFERE HE SAID AN APPEAL IS BEING
CONSIDERED

THE SCOUTS WOULDN'T HAVE GOTTEN THIS FAR IF THE CASE INVOLVED A BLACK
PERSON OR A JEWISH PERSON ATHEISTS ARE DISCRIMINATED AGAINST IN WAYS NOT
TOLERATED FOR ANY OTHER MINORITY SAID MR GROSSMAN OF THE CHICAGO LAW FIRM
DANNEN CRANE HEYMAN & SIMON

TRANSATLANTIC DIVORCES ARE BECOMING SO COMMON THAT ONE BRITISH LAW FIRM HAS
SET UP A NEW YORK OFFICE JUST TO HANDLE THE SPECIAL PROCEDURAL TAXATION AND
ALIMONY PROBLEMS SUCH RIFTS CREATE

COLLYERBRISTOW BASED IN LONDON HANDLES ABOUT 40 TRANSATLANTIC DIVORCES
AT ANY GIVEN TIME MOSTLY INVOLVING BRITISH AND US CITIZENS SAID PARTNER
JEREMY I LEVISON THE 40SOLICITOR FIRM HAS OPENED A PARK AVENUE OFFICE
WHICH FOR NOW WILL HAVE AN ATTORNEY PRESENT ONE WEEK A MONTH

GETTING DIVORCED IS ALWAYS TRICKY BUT BREAKING UP A TRANSATLANTIC MARRIAGE
IS ESPECIALLY HARD TO DO BECAUSE OF JURISDICTION AND ENFORCEMENT PROBLEMS

IN ONE RECENT CASE RECALLS NEW YORK ATTORNEY NORMAN M SHERESKY THE
HUSBAND SUED FOR DIVORCE IN ENGLAND BECAUSE HIS WIFE WOULD GET LESS MONEY
THERE UNDER BRITISH LAW SHE HOWEVER SIMULTANEOUSLY SUED IN THE US
ATTORNEYS ON BOTH SIDES WORKED OUT AN AGREEMENT IN WHICH THE WIFE GOT LESS
THAN WHAT SHE WOULD HAVE IN THE US BUT MORE THAN SHE WOULD HAVE IN
ENGLAND

CHILDSUPPORT PAYMENTS CREATE OTHER CONCERNS GUIDELINES ABOUT THE SIZE OF
THE PAYMENTS WHICH VARY FROM STATE TO STATE IN THE US MIGHT NOT BE
RESPECTED AT ALL ABROAD NEITHER MIGHT PRENUPTIAL AGREEMENTS WHICH FOR
INSTANCE ARE INVALID IN ENGLAND

A LAWSUIT IN FEDERAL COURT IN BOSTON WILL TEST A ONEYEAROLD DECISION BY
THE US COPYRIGHT OFFICE TO ALLOW THE REGISTRATION OF SOFTWARE PROGRAMS
THAT CREATE TYPEFACES AND FONTS

THE LAWSUIT FILED MONDAY BY FIVE COMPUTER COMPANIES BITSTREAM INC ADOBE
SYSTEMS INC FONTSHOP CANADA LTD QED PUBLISHING CO AND EMIGRE
GRAPHICS ACCUSES SWFTE INTERNATIONAL LTD OF COPYING THE PLAINTIFFS'
SOFTWARE CODES IN ORDER TO MAKE SWFTE'S POPULAR TYPECASE AND TYPECASE III
PROGRAM THE SWFTE PROGRAMS ALLOW USERS TO SWITCH AMONG A VARIETY OF FONTS
AND TYPEFACES

JAMES J FOSTER AN ATTORNEY FOR THE PLAINTIFFS AT THE BOSTON FIRM WOLF
GREENFIELD & SACKS SAID SWFTE DIDN'T DEVELOP THE TYPEFACE PROGRAMS ON ITS
OWN INSTEAD MR FOSTER SAID THE COMPANY WENT THROUGH A MECHANICAL
PROCESS OF COLLECTING THE PROGRAMS AND PUTTING THEM ON ONE COMPUTER DISK
AMONG OTHER PROGRAMS SWFTE ALLEGEDLY COPIED WAS ONE THAT PRODUCED
BITSTREAM'S STAR TREK TYPEFACE SWFTE CALLS ITS FONT KLINGON THE NAME OF
THE SPACE CREATURES WHO WERE THE NEMESIS OF STAR TREK'S HEROES

SWFTE DENIED THE ALLEGATIONS MADE IN THE SUIT WE BELIEVE WE HAVEN'T
VIOLATED THE RIGHTS OF ANY COMPANY IN THE PRODUCTION MARKETING AND SALE OF
OUR SOFTWARE PRODUCTS AND WE INTEND VIGOROUSLY TO DEFEND THIS LAWSUIT
SAID DIANE BOVE VICE PRESIDENT OF SALES AT SWFTE A CLOSELY HELD COMPANY IN
HOCKESSIN DEL

LEE GESMER A COMPUTERLAW SPECIALIST AT THE BOSTON FIRM LUCASH GESMER &
UPDEGROVE SAID THE SUIT IS APPARENTLY THE FIRST TEST OF THE COPYRIGHT
OFFICE'S DECISION REGARDING TYPEFACE SOFTWARE THE COPYRIGHT OFFICE HAD
MAINTAINED THAT BECAUSE TYPEFACES AND FONTS ARE UTILITARIAN THE SOFTWARE
THAT PRODUCED THEM DIDN'T DESERVE COPYRIGHT PROTECTION THE COPYRIGHT OFFICE
DIDN'T UNDERSTAND THAT SOFTWARE CAN BE WRITTEN DIFFERENTLY TO ACHIEVE THE
SAME FONT SAID MR GESMER WHO ISN'T INVOLVED IN THE SWFTE CASE

WHO'S NEWS STUART M GERSON WHO SERVED AS ACTING ATTORNEY GENERAL DURING
THE EARLY PART OF THE CLINTON ADMINISTRATION WILL REJOIN EPSTEIN BECKER &
GREEN AS A PARTNER IN ITS WASHINGTON OFFICE MR GERSON ASSISTANT ATTORNEY
GENERAL IN CHARGE OF THE JUSTICE DEPARTMENT'S CIVIL DIVISION DURING THE BUSH
ADMINISTRATION WILL HEAD THE NEW YORK LAW FIRM'S NATIONAL LITIGATION
PRACTICE  WILLIAM JAMES HAYNES II THE ARMY'S GENERAL COUNSEL UNDER
PRESIDENT BUSH JOINED THE WASHINGTON OFFICE OF JENNER & BLOCK AS A PARTNER
MR HAYNES WILL PRACTICE IN THE CHICAGO LAW FIRM'S GOVERNMENTCONTRACTS
GROUP

JUNDA WOO AND JONATHAN M MOSES CONTRIBUTED TO THIS ARTICLE 9305190054
930519 ENVIRONMENT VOLUNTEERS HELP PARKS WEATHER CUTBACKS  BY
ANNE NEWMAN STAFF REPORTER OF THE WALL STREET JOURNAL

PHILADELPHIA IT'S 9 AM ON A RAINY SATURDAY MORNING AND BILL JOHNSON A
FINANCIAL PLANNER WITH WADDELL & REED INC IS UP TO HIS ELBOWS IN WEEKEND
PAPERWORK

STUFFING GLOBS OF WET NEWSPAPERS WRAPPERS AND OTHER TRASH INTO GARBAGE
BAGS HE AND THREE OTHER MUDCAKED VOLUNTEERS ARE CLEANING UP PART OF
PHILADELPHIA'S PENNYPACK PARK A 1600ACRE RIBBON OF WOODLANDS AND MEADOWS
ALONG PENNYPACK CREEK IF IT WEREN'T FOR THE PARK'S 2000 VOLUNTEERS SAYS
THE 72YEAROLD MR JOHNSON THE TRASH WOULDN'T GET PICKED UP

FINANCIALLY STRAPPED PHILADELPHIA PARK OFFICIALS AGREE IF WE DIDN'T HAVE
THE STRENGTH OF OUR VOLUNTEER CORPS WE PROBABLY WOULDN'T HAVE SURVIVED TO
THIS POINT SAYS BARRY A BESSLER OF THE FAIRMOUNT PARK COMMISSION WHICH
RELIES ON 65 VOLUNTEER GROUPS TO HELP RUN PHILADELPHIA'S 8700ACRE SYSTEM
THE COMMISSION'S BUDGET HAS SHRUNK OVER 40 SINCE 1980

FROM INNERCITY PARKS TO THE TOWERING ROCK CATHEDRALS OF UTAH'S ZION
NATIONAL PARK VOLUNTEERS ARE FANNING OUT TO CLEAN UP TRASH PLANT TREES
RUN CAMPGROUNDS AND OTHERWISE PROVIDE SERVICES FORSAKEN BY BELTTIGHTENING
GOVERNMENTS MORE THAN 2000 VOLUNTEERS ARE ATTEMPTING TO RESTORE BROOKLYN'S
PROSPECT PARK TO ITS VICTORIANERA SPLENDOR NEARLY 60 VOLUNTEERS HELP
RANGERS EDUCATE AND MONITOR THE 26 MILLION VISITORS WHO STREAM THROUGH
ZION'S 147400 ACRES EACH YEAR IN GRANBY CONN POPULATION 9300
11YEAROLD MOLLY CASTNER RECENTLY LED 20 TEENAGERS ON A MARCH THAT RAISED
199 A FIRST STEP IN RESTORING A CITYOWNED FARM FOR USE BY 4H CLUB
MEMBERS

GOVERNMENTS SIMPLY AREN'T GOING TO BE ABLE TO BE THE SERVICE PROVIDER
LANDLORD AND EMPLOYER OF LAST RESORT FOREVER SAYS DAVID COHEN CHIEF OF
STAFF FOR PHILADELPHIA MAYOR EDWARD RENDELL THE CREATIVE USE OF VOLUNTEERS
IS ABSOLUTELY THE WAVE OF THE FUTURE

BUT ALTRUISM AND LOVE OF NATURE HAVE THEIR LIMITS SAY VOLUNTEERS WHO BALK
AT BEING EXPLOITED OUR JOB IS TO ENHANCE WHAT GOVERNMENT CAN DO NOT
REPLACE IT IRA MILLSTEIN CHAIRMAN OF NEW YORK'S CENTRAL PARK CONSERVANCY
TOLD A NEW YORK CITY COUNCIL HEARING RECENTLY ADDS CLYDE CROASDALE A
PHILADELPHIA FIREMAN WHO IS PRESIDENT OF THE FRIENDS OF PENNYPACK PARK THE
GOVERNMENT WANTS US TO DO MORE AND MORE AND OUR VOLUNTEERS ARE GETTING
FRUSTRATED

NONETHELESS GOVERNMENTS ARE LIKELY TO RELY MORE NOT LESS ON VOLUNTEERS AS
SPENDING ON PARKS AND RECREATION LAGS BEHIND SPENDING ON OTHER GOVERNMENT
SERVICES FEDERAL STATE AND LOCAL SPENDING FOR PARKS AND RECREATION ROSE
108 FROM 1980 TO 1991 WHILE ALL GOVERNMENT EXPENDITURES CLIMBED 148 THE
CENSUS BUREAU SAYS MEANWHILE IT SAYS CHARGES AND FEES FOR PARKS AND
RECREATION ROSE 206 LAST WEEK A HOUSE OF REPRESENTATIVES SUBCOMMITTEE
REJECTED ACROSSTHEBOARD INCREASES IN NATIONAL PARKS FEES

THE NATIONAL PARK SERVICE WHICH HAS 77000 VOLUNTEERS FIGURES IT GETS 32
OF WORK FOR EACH 1 IT SPENDS RECRUITING AND TRAINING VOLUNTEERS WE COULD
HARDLY SURVIVE WITHOUT OUR VOLUNTEERS AT THIS POINT SAYS ROY GRAYBILL WHO
RUNS THE VOLUNTEER PROGRAM

IN THE SAN FRANCISCO AREA WHERE 6000 VOLUNTEERS SUPPORT THE GOLDEN GATE
NATIONAL RECREATION AREA HIGH SCHOOL STUDENTS PLANT DUNE GRASS ON BEACHES
AN OLDER CREW OF NEARLY 200 BIRD LOVERS BANDS HAWKS FOR TRACKING ON
ALCATRAZ ISLAND NOW PART OF THE GOLDEN GATE RECREATION AREA THE PARK
SERVICE ENLISTS FORMER PRISON GUARDS AND INMATES TO OFFER VISITORS THEIR
UNUSUAL INSIGHTS

VOLUNTEERS ARE FLOCKING TO A NUMBER OF OTHER NATIONAL AND LOCAL
ORGANIZATIONS MEMBERSHIP IN THE WATCHDOG NATIONAL PARKS AND CONSERVATION
ASSOCIATION WHICH PRIMARILY MONITORS THE PARK SERVICE HAS EXPLODED IN FIVE
YEARS TO 350000 FROM 60000 THE WEEKEND OF APRIL 16 NEARLY 300000
VOLUNTEER MARCHERS ORGANIZERS AND DONORS CONTRIBUTED TO 480 FUNDRAISING
MARCHES COORDINATED BY THE GROUP IN AMERICAN SAMOA A PAGO PAGO 4H GROUP
RAISED MONEY FOR A NATURE TRAIL

LOCAL VOLUNTEER GROUPS SPAN THE MIGHTY AND THE HUMBLE NEW YORK'S NONPROFIT
CENTRAL PARK CONSERVANCY HAS RAISED 78 MILLION SINCE IT WAS FOUNDED IN
1980 TAPPING THE MANY WEALTHY CORPORATIONS AND RESIDENTS THAT SKIRT
MANHATTAN'S VERDANT OASIS WITH A FULL AND PARTTIME STAFF OF 150 AND A 10
MILLION ANNUAL BUDGET THE GROUP DRAFTS SUCH POWERFUL NEW YORKERS AS ITS
CHAIRMAN MR MILLSTEIN PERHAPS BEST KNOWN FOR ENGINEERING LAST YEAR'S
BOARDROOM REVOLT AT GENERAL MOTORS CORP TWO WEEKS AGO THE GROUP REAPED A
17 MILLION MATCHING GRANT FROM 61YEAROLD NEW YORK STOCKBROKER RICHARD
GILDER THE GIFT WAS REPORTEDLY THE LARGEST PRIVATE DONATION EVER TO A
MUNICIPAL PARK

FRIENDS OF PENNYPACK PARK ON THE OTHER HAND HAS A 29000 BUDGET ITS
PORTABLE OFFICE MOVES WITH EACH NEWLY ELECTED PRESIDENT A FOURDRAWER
FILING CABINET DESKTOP COMPUTER ANSWERING MACHINE AND SEPARATE TELEPHONE
LINE NOW CROWD THE LIVING ROOM OF MR CROASDALE'S MODEST ROW HOUSE THE
FULLTIME FIREMAN ESTIMATES HE SPENDS 30 HOURS A WEEK OF HIS OWN TIME ON PARK
ADVOCACY WORK

DESPITE THEIR DIFFERENCES THE CENTRAL PARK GROUP STRESSES FUNDRAISING
WHILE THE PHILADELPHIA CREW RELIES ON SWEAT EQUITY BOTH GROUPS MOBILIZE
2000 VOLUNTEERS CONSIDERED CRITICAL TO PARK OPERATIONS IT'S CHANGED THE
WAY WE DO THINGS AND I DON'T THINK WE'LL GO BACK TO THE OLD WAY SAYS NEW
YORK PARKS AND RECREATION COMMISSIONER BETSY GOTBAUM OF THE CITY'S ALLIANCE
WITH THE CONSERVANCY AND FIVE SIMILAR PARKADVOCACY GROUPS THE SIX GROUPS
RAISED 55 MILLION IN THE THREE FISCAL YEARS FROM 1990 THROUGH 1992 LARGELY
FOR CONSTRUCTION AND RENOVATION PROJECTS THE CITY WOULDN'T OTHERWISE TACKLE
MEANWHILE MS GOTBAUM'S OPERATING BUDGET WAS SLASHED BY 38 MILLION TO 155
MILLION SHE FACES ANOTHER 1 MILLION CUT IN FISCAL 1994 BEGINNING IN JULY
AND MUST ABSORB 2 MILLION IN PAY RAISES

THE DANGER OF EXPLOITATION RUNS ON BOTH SIDES HOWEVER PARK OFFICIALS WORRY
THAT SOME VOLUNTEERS WILL TRY TO CONTROL HOW PARKS ARE MANAGED IT'S A REAL
DIFFICULT LINE WHERE THE ADVOCATES HAVE A RIGHT TO DICTATE RULES SAYS A
CITY OFFICIAL

PARK MANAGERS ON THE OTHER HAND FEAR POLITICIANS WILL KEEP TIGHTENING
THEIR PURSES AS THEY BENEFIT FROM FREE LABOR WE HAVE TO BE AWARE OF THE
EXTENT TO WHICH WE RELY ON VOLUNTEERS OTHERWISE PEOPLE WILL GET THE
IMPRESSION THAT THINGS ARE FINE IN THE PARKS AND THAT THEY'RE ADEQUATELY
FUNDED SAYS CHRIS NIELSEN WHO COORDINATES NATIONAL PARK SERVICE
VOLUNTEERS IN THE WEST

YET PARK LOVERS AGREE THAT PUBLICLY OWNED LAND CAN ONLY BENEFIT FROM
VOLUNTEER CARE MR JOHNSON SEES HIS WEEKLY TRASH PICKUP IN PENNYPACK PARK
AS AN ENDOWMENT TO THIS GENERATION'S FAMILIES SEEKING A SANCTUARY IN THE
CITY I LOVE THAT PARK HE SAYS RECALLING HIKING THROUGH ITS WOODS AND
MEADOWS WITH HIS CHILDREN WHEN THEY WERE VERY YOUNG 9305190053 930519
BUSINESS BRIEF LAWRENCE SAVINGS BANK FIRM GETS DAMAGE AWARD FROM
LOAN DEFAULT CASE

LAWRENCE SAVINGS BANK SAID THAT AN ARBITRATOR AWARDED IT DAMAGES OF ABOUT
12 MILLION IN A CASE INVOLVING A DEFAULT ON ABOUT 13 MILLION IN COMMERCIAL
LOANS

LAWRENCE SAVINGS IN NORTH ANDOVER MASS SAID IT HAD SUED THE BORROWERS
ALAN OTTENS WHO IT SAID WAS ALSO KNOWN AS PAUL ALLEN AND HIS WIFE LINDA
FERANTE FOUR YEARS AGO FOR FAILING TO REPAY THE MONEY THEY HAD BORROWED
THE TWO SIDES HAD AGREED TO BINDING ARBITRATION SAID PAUL MILLER PRESIDENT
OF THE BANK

MR OTTENS AND MS FERANTE COULDN'T BE REACHED FOR COMMENT

MR MILLER OF THE BANK SAID THERE ISN'T ANY ASSURANCE THAT LAWRENCE WILL BE
ABLE TO RECOVER THE DAMAGES BUT HE SAID IT WILL TRY VIGOROUSLY LAST YEAR
THE BANK WHICH HAS 311 MILLION IN ASSETS REPORTED A NET LOSS OF 41
MILLION MR MILLER SAID THE LOAN WAS WRITTEN OFF LONG AGO SO WHATEVER WE
GET WILL BE A RECOVERY 9305190052 930519 REVIEW & OUTLOOK EDITORIAL 
HEYMANN'S LADDER'

WE'VE WRITTEN BEFORE ABOUT THE EXOTIC LEGAL VIEWS OF PRESIDENT CLINTON'S
JUSTICE DEPARTMENT NOMINEES BUT SOMETIMES EVEN WE'RE AMAZED CONSIDER WHAT
PHILIP HEYMANN THE DEPUTY ATTORNEY GENERALDESIGNATE HAS HAD TO SAY ABOUT
A HARDENED CRIMINAL NAMED JOHN ALLEN

THE ACCOUNT IS FROM ASSAULT WITH A DEADLY WEAPON THE AUTOBIOGRAPHY OF A
STREET CRIMINAL BY ALLEN PUBLISHED BY PANTHEON BOOKS IN 1977 MR HEYMANN
WHO HAS RECENTLY BEEN A PROFESSOR AT HARVARD LAW SCHOOL WAS COEDITOR OF
THE BOOK AND WROTE A PREFACE WE ALL WRITE SILLY THINGS SOMETIMES BUT MR
HEYMANN'S COMMENTARY IS A VINTAGE EXAMPLE OF THE THERAPEUTIC LIBERALISM THAT
PREVAILED ESPECIALLY TOWARD CRIME IN THE 1960S AND 1970S AND THAT APPEARS
TO BE COMING BACK IN THE AGE OF CLINTON

JOHN ALLEN A NATIVE OF WASHINGTON DC IS A CAREER CRIMINAL WHOM MR
HEYMANN FIRST MET AS A YOUNG PUBLIC DEFENDER ALLEN'S POLICE RECORD INCLUDES
A FIRST ARREST FOR THEFT IN 1950 AT AGE SEVEN ANOTHER AT AGE 11 FOR
POSSESSION OF A DEADLY WEAPON AND ONE AT 15 FOR RAPE REDUCED TO CARNAL
KNOWLEDGE FOR WHICH HE DREW PROBATION IN ALL HIS RAP SHEET RECORDS 11
ARRESTS AND SEVERAL JAIL TERMS HIS BOOK IS A KIND OF
STREAMOFCONSCIOUSNESS ACCOUNT OF THIS CRIMINAL LIFE OF PIMPING
ROBBING DRUGDEALING AND ASSAULT

YET IN HIS PREFACE MR HEYMANN TREATS THIS AS A CELEBRATION OF PERSONAL
INITIATIVE JOHN HAS SPENT HIS LIFE STRIVING FOR INDEPENDENCE SUCCESS
EFFECTIVENESS AND RESPECT IN THIS REGARD HIS DREAM IS THAT OF HORATIO
ALGER FOR JOHN THE LADDER OF SUCCESS' MEANS EXCELLING IN TOUGHNESS
SHREWDNESS COURAGE AND RUTHLESSNESS TOWARD OPPONENTS HE WROTE ABOUT
ALLEN THESE CHARACTERISTICS WHEN MIXED WITH ABSOLUTE AND SELFSACRIFICING
LOYALTY AND GENEROSITY TO FRIENDS AS THEY ARE IN JOHN CAN BE THE PRIZED
ATTRIBUTES OF A JAMES BOND OR FOR THAT MATTER OF AN OCCASIONAL WHITE HOUSE
AIDE

MR HEYMANN WRITES ABOUT HIS ATTEMPTS TO REFORM THIS BUDDING AGENT 007 I
WANTED JOHN TO STAY OUT OF PRISON BUT MY MORALIZING DID NOT HELP SOME
STEAL WITH A GUN OTHERS WITH A PEN' HE WOULD ANSWER WE DID DISCUSS A FEW
JOB POSSIBILITIES BUT NONE WAS TEMPTING TO HIM TEMPTING MR HEYMANN'S
CHOICE OF WORDS REFLECTS A LIBERAL'S MORAL RELATIVISM IF OUR YOUNG FELON
WON'T WORK IT CAN'T BE BECAUSE HE PREFERRED THE EASE OF LARCENY BUT BECAUSE
NO LEGITIMATE JOB WAS ENTICING ENOUGH PERHAPS HE WANTED MORE VACATION TIME

I TALKED TO JOHN ABOUT WRITING A BOOK BUT HE WAS TOO BUSY HE'D GONE BACK
TO HUSTLING AND TURNED TO SELLING DOPE HE HAD BECOME ADDICTED HIMSELF
ROBBED OTHER DOPE DEALERS SHOT PEOPLE GOT ARRESTED AND ESCAPED MR
HEYMANN WRITES FINALLY IN A SHOOTOUT WITH THE POLICE HE TOOK A BULLET IN
HIS SPINAL CORD THAT PLACED HIM IN A WHEELCHAIR FOR THE REST OF HIS LIFE
JOHN WAS STILL IN THE HOSPITAL WHEN I AGAIN RAISED THE IDEA OF DOING A BOOK
HE WAS READY

MR HEYMANN OFFERS NOT A WORD OF SYMPATHY FOR THIS THUG'S VICTIMS INSTEAD
HIS SYMPATHY IS FOR JOHN ALLEN VICTIM OF SOCIETY HE EVEN INVITED ALLEN UP
TO HARVARD TO ADDRESS MY LAW STUDENTS ON THE SUBJECT THAT HE KNEW BEST 
STREET CRIME COMING NEXT SEMESTER THE JOHN GOTTI LECTURE ON CONSPIRACY

AT A TIME WHEN MORE AND MORE AMERICANS ARE PETRIFIED OF VIOLENT STREET
CRIME MR HEYMANN'S INTELLECTUAL CODDLING OF JOHN ALLEN ISN'T VERY
REASSURING 9305190051 930519 POLITICS & POLICY PRESIDENT'S NEWIDEA
TEAM STRIVES TO CHANGE THE NATION BY TRANSLATING THEORY INTO ACTION 
 BY JAMES M PERRY STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THEY ARE TUCKED AWAY IN CLUTTERED ROOMS IN FEDERAL OFFICE
BUILDINGS ALL OVER TOWN WRITING MEMOS MAKING PHONE CALLS ATTENDING
MEETINGS THEY ARE THE NEWIDEA BRIGADE THE THINKERS WHO HAVE ANSWERED BILL
CLINTON'S CALL TO CHANGE AMERICA

ALMOST TO A PERSON THEY HAVE BEEN IN LIMBO FOR 12 YEARS DEMOCRATS WITH
CURRICULA VITAE GROANING WITH ACADEMIC AND OTHER CREDENTIALS BUT REFLECTING
LITTLE HANDSON EXPERIENCE RUNNING THE FEDERAL GOVERNMENT

NOW THEY'RE HERE TO DETERMINE WHETHER WHAT THEY HAVE BEEN SAYING AND
PROPOSING CAN BE TRANSLATED INTO ACTIONS THAT WILL AFFECT PEOPLE'S EVERYDAY
LIVES MR CLINTON'S CRITICS SAY HE ALREADY IS BLURRING HIS MESSAGE BY
FLITTING FROM ONE IDEA TO ANOTHER LIKE A BEE COLLECTING POLLEN BUT THE
VALIDITY AND VIABILITY OF THE PROPOSALS OF THESE NEWIDEA PEOPLE WILL HAVE
SOMETHING TO SAY IN THE LONG RUN ABOUT HOW SUCCESSFUL HIS ADMINISTRATION
TURNS OUT TO BE

HERE IS A LOOK AT THREE OF THESE THINKERS

MR CUOMO MAY BE A STRANGER IN WASHINGTON BUT THE NAME RINGS A BELL THE
HIGHLY POLITICAL 35YEAROLD SON OF NEW YORK GOV MARIO CUOMO IS THE NEW
ASSISTANT SECRETARY FOR COMMUNITY PLANNING AND DEVELOPMENT AT THE DEPARTMENT
OF HOUSING AND URBAN DEVELOPMENT HE HAS SPENT THE PAST SEVEN YEARS RUNNING
NOTFORPROFIT ORGANIZATIONS IN NEW YORK THAT HAVE BUILT HOUSING UNITS TO
ACCOMMODATE THOUSANDS OF LOWINCOME AND HOMELESS PEOPLE HE HAS COME TO
WASHINGTON TO TEACH A GIANT FEDERAL BUREAUCRACY HOW TO DO THE SAME KIND OF
JOB FOR THE WHOLE COUNTRY

THIS IS NO INTRACTABLE PROBLEM HE SAYS WE HAVE LOCAL MODELS SHOWING HOW
IT CAN BE DONE THE QUESTION IS CAN YOU DO IT FROM WASHINGTON CAN
WASHINGTON REALLY HELP

HE THINKS SO BUT IT CAN'T BE DONE THE OLD WAY WITH UNIFORM MODELS APPLIED
EVERYWHERE AND WITH BOOKLENGTH SETS OF REGULATIONS YOU LET THE LOCAL
COMMUNITIES DESIGN THEIR OWN SOLUTIONS EVERY COMMUNITY HAS A UNIQUE SET
OF REQUIREMENTS AND THEN YOU GET OUT OF THE WAY HE SAYS THE ONE THING
I BRING TO THE TABLE IS A CHECKBOOK

THE FEDERAL GOVERNMENT IS ORGANIZED VERTICALLY AND THE NEEDS ARE
HORIZONTAL MR CUOMO SAYS WE DO HOUSING HERE HHS DOES HUMAN SERVICES IF
YOU NEED A JOB GO TO COMMERCE IF YOU NEED JOB TRAINING GO TO LABOR IT
DOESN'T WORK

IN THE PROJECTS HE AND HIS GROUPS BUILT IN NEW YORK HE DIDN'T DO JUST
HOUSING THE UNITS ALSO SUPPLY MEDICAL CARE AND DAY CARE JOB TRAINING AND
TUTORING WE GIVE THE TENANTS A STAKE IF WE TURN A PROFIT WE SAY WE'LL
SPLIT IT WITH THEM THAT MEANS LESS GRAFFITI LESS DESTRUCTION FAMILIES
PITCH IN THEY NO LONGER AIRMAIL THE GARBAGE OUT THE BACK WINDOW

HE WOULD GO FARTHER THAN THAT IF HE COULD EVEN TO THE POINT OF STOPPING
FUNDING SHELTERS FOR THE STREET PEOPLE SLEEPING ON PARK BENCHES MOST OF
THEM ARE MENTALLY ILL AND THEY NEED TO BE TREATED IN COMMUNITY
MENTALHEALTH CENTERS NOT PARKED AT NIGHT IN HUGE SHELTERS HE SAYS YOU
DON'T SEND THEM A SOCIAL WORKER HE SAYS YOU SEND THEM A PSYCHIATRIST

MRS FROST 48 IS AN EXCEPTION ON THE CLINTON TEAM A CLASSIC WASHINGTON
INSIDER WHO SERVED IN THE CARTER ADMINISTRATION AT THE DEFENSE DEPARTMENT
NOW SHE IS THE LONGRANGE PLANNER OFFICIALLY THE COUNSELOR AT THE US
TRADE REPRESENTATIVE'S OFFICE WORKING FROM THE STYLISH OLD BUILDING WHERE
ABRAHAM LINCOLN URGED HIS GENERALS TO COME UP WITH PLANS TO WIN THE CIVIL
WAR

THIS IS A NEW JOB AND A NEW CHALLENGE SHE IS HERE TO FIND WAYS TO WIN THE
TRADE WARS ESPECIALLY THOSE INVOLVING JAPAN

JAPAN SHE SAYS IS A SPECIAL PROBLEM IN THE SHEER SIZE OF ITS ECONOMY
AND IN THE STUBBORNNESS OF ITS SECTORS THE JAPANESE FIND IT HARD TO IMPORT
WHAT YOU'D EXPECT THEM TO IMPORT IN RELATION TO THE GROWTH OF THEIR
ECONOMY

SHE SAYS AMERICANS AND JAPANESE GENERALLY TEND TO BE WARY OF ONE ANOTHER
WITH SOME AMERICANS CERTAIN THE JAPANESE GO TO BED AT NIGHT PRAYING FOR THE
OPPORTUNITY TO TAKE A JOB AWAY FROM AN AMERICAN WORKER MEANWHILE JAPANESE
ARE WIDELY BELIEVED TO GO TO BED THINKING EUROPE IS DEAD AND AMERICA IS
DYING

BUT AMERICA ISN'T DYING SHE SAYS AND SHOWS A GROWING ABILITY TO EXPORT
QUALITY GOODS SUCH AS AUTO PARTS AT COMPETITIVE PRICES TO JAPAN AND THE
REST OF THE WORLD TRADE NOW REPRESENTS 25 OF THE AMERICAN GROSS NATIONAL
PRODUCT MRS FROST SAYS AND THIS NEW ADMINISTRATION THINKS THAT'S WHERE
THE ECONOMIC GROWTH IS GOING TO HAPPEN

BUT TO DO BUSINESS WITH JAPAN WILL TAKE A WHILE SHE THINKS THE LONGRUN
ANSWER MAY BE REGIONAL PRESSURE FROM SURGING COUNTRIES IN ASIA THAT HAVE
THEIR OWN TRADE PROBLEMS WITH JAPAN LOOK FOR HELP SHE SAYS FROM A GROUP
CALLED THE ASIAPACIFIC ECONOMIC COMPETITIVE FORUM OR APEC MADE UP OF 15
COUNTRIES INCLUDING JAPAN CHINA AND THE US MEANWHILE YOU JUST KEEP
EXERTING THE PRESSURE CALMLY AND PROFESSIONALLY SHE SAYS THE JAPANESE
STILL NEED FOREIGN PRESSUREAND MANY OF THEM WILL TELL YOU THEY NEED IT

MR LOVEJOY ONE OF THE WORLD'S LEADING AUTHORITIES ON THE BRAZILIAN RAIN
FOREST HAS TAKEN A SHORTTERM ASSIGNMENT AT THE INTERIOR DEPARTMENT TO
BEGIN A CATALOG OF ALL THE BIRDS AND THE BEES THE FLOWERS AND THE FERNS 
EVEN ALL THE DIFFERENT MOLECULES IN A NATIONAL BIOLOGICAL SURVEY THAT
WOULD TELL US WHAT WE HAVE AND WHERE IT IS

WITH SUCH A SURVEY IN PLACE HE SAYS WE WOULDN'T BE FIGHTING NOW OVER THE
FUTURE OF THE SPOTTED OWL IN THE OLDGROWTH FORESTS OF THE PACIFIC
NORTHWEST REMEMBER THE ENDANGERED LITTLE SNAIL DARTER THAT STALLED THE
CONSTRUCTION OF A DAM IN TENNESSEE WE COULD HAVE BUILT THE DAM ON SCHEDULE
SAYS MR LOVEJOY BECAUSE A BIOLOGICAL SURVEY WOULD HAVE FOUND OUT THERE
WERE SNAIL DARTERS HAPPILY LURKING ELSEWHERE

WE WANT TO SOLVE PROBLEMS BEFORE THEY BECOME WHAT BRUCE INTERIOR SECRETARY
BRUCE BABBITT CALLS TRAIN WRECKS SAYS THE 52YEAROLD MR LOVEJOY A
TROPICAL BIOLOGIST BY TRAINING WHO IS THE SMITHSONIAN INSTITUTION'S
ASSISTANT SECRETARY FOR FOREIGN AFFAIRS

THE IDEA IS TO CREATE A FREESTANDING BUREAU WITHIN THE INTERIOR DEPARTMENT
WITH A BUDGET OF ABOUT 180 MILLION A YEAR OTHER PROGRAMS WOULD BE FOLDED
INTO THE NEW BUREAU THERE'S ALREADY A PILOT PROGRAM UNDER WAY IN THREE
COUNTIES IN SOUTHERN CALIFORNIA AN ECOSYSTEM CALLED THE CALIFORNIA COASTAL
SCRUB THAT MR LOVEJOY SAYS IS FILLED WITH ALL KINDS OF SPECIES NOW BEING
CHALLENGED BY THE SPREAD OF SUBURBAN HOUSING THREATENED ALREADY HE SAYS
IS A BIRD CALLED THE CALIFORNIA GNATCATCHER WE'RE TRYING TO FIND WAYS IN
WHICH PEOPLE CAN LIVE AND WORK IN THESE ECOSYSTEMS WITHOUT GETTING TO THE
POINT THAT EVERYTHING HAS TO BE ENDANGERED

HIS GOAL ISN'T JUST TO IDENTIFY ENDANGERED SPECIES BUT ALSO TO LOCATE AND
CATALOG THINGS THAT CAN BENEFIT HUMANITYEVEN MOLECULES FOR INSTANCE HE
SAYS THERE'S SOMETHING IN THE WATERS OF THE HOT SPRINGS AT YELLOWSTONE
NATIONAL PARK THAT CAN TAKE A VIRUS AND MULTIPLY IT THOUSANDS OF TIMES IN A
VERY SHORT PERIOD IT COULD LEAD TO MUCH QUICKER DIAGNOSES OF VIRAL
ILLNESSES YET HE SAYS RUEFULLY WE'RE STILL AT THE POINT THAT WHEN YOU
TELL PEOPLE ABOUT THE BACTERIA IN THE HOT SPRINGS AT YELLOWSTONE PARK THEY
SAY YOU'RE OUT OF YOUR MIND 9305190050 930519 PEPPERAND SALT

BUT THOSE ON THE CAR BEHIND ME

BITTERLY SATIRICAL CARTOONS MALIGN DRAWINGS 9305190049 930519 BUSINESS
BRIEF BAUSCH & LOMB INC FTC DISPUTE WITH DAHLBERG PUTS ACQUISITION
ON HOLD

BAUSCH & LOMB INC SAID ITS PLANS TO ACQUIRE HEARING AID MAKER DAHLBERG INC
HAVE BEEN PUT ON HOLD PENDING RESOLUTION OF A DISPUTE BETWEEN DAHLBERG AND
THE FEDERAL TRADE COMMISSION

DAHLBERG SAID THE FTC'S ENFORCEMENT DIVISION MAY RECOMMEND THAT THE FTC FILE
A LAWSUIT AGAINST DAHLBERG FOR ALLEGEDLY VIOLATING A 1976 CONSENT ORDER THE
ORDER FORBIDS DAHLBERG OF GOLDEN VALLEY MINN FROM MISREPRESENTING ITS
PRODUCTS IN ADVERTISING AND REQUIRES THE COMPANY TO KEEP ACCURATE AND
ADEQUATE RECORDS

THE CURRENT DISPUTE CENTERS ONADVERTISING FOR THE CLARIFIER A CIRCUIT
USED TO REDUCE BACKGROUND NOISE IN ABOUT 20 OF DAHLBERG'S HEARING AIDS
DAHLBERG SAID IT HAS BEEN COOPERATING WITH THE FTC'S INVESTIGATIONS OF THE
ADS SINCE FEBRUARY 1992 THE FTC DECLINED COMMENT

DAHLBERG SAID IT HOPES TO RESOLVE THE DISPUTE BY JUNE 30 WHEN ITS AGREEMENT
TO BE ACQUIRED BY BAUSCH & LOMB EXPIRES THE ROCHESTER NY MAKER OF
CONTACT LENSES OTHER HEALTHCARE PRODUCTS AND SUNGLASSES SAID IT PLANS TO
COMPLETE THE ACQUISITION IF THE DISPUTE CAN BE RESOLVED 9305190048 930519
ENTERPRISE KEMPER'S SHOWS EVEN ROOT BEER HAS A PREMIUM NICHE  
SMALL BREWER IN NORTHWEST IS EXPANDING NICELY SIXPACK BY 5 SIXPACK 
 BY BILL RICHARDS STAFF REPORTER OF THE WALL STREET JOURNAL

SEATTLE THOUSANDS OF SMALLBUSINESS OWNERS WOULD LOVE NOTHING MORE THAN
TO TAP THE UPSCALE MARKET WHERE MARGINS ARE BIG AND MASS MARKETERS ARE
SCARCE IF ONLY THEY COULD PRODUCE COGNAC OR GOURMET CHOCOLATES

BUT NOW ENTREPRENEUR LAURA BRACKEN IS PROVING THAT IN THE AUSTERE 1990S IT
IS POSSIBLE TO PEDDLE EVEN ROOT BEER AS A LUXURY SHE SAYS HER THOMAS KEMPER
SODA CO'S SALES SHOULD HIT ABOUT 2 MILLION THIS YEAR DOUBLE LAST YEAR'S
REVENUE

THE SECRET IS AGGRESSIVE MARKETING GOOD TIMING AND A DISTINCTIVE PRODUCT
THAT COMBINATION ENABLES THOMAS KEMPER SODA TO CHARGE A WHOPPING 5 A
SIXPACK FOR ITS SODA MORE THAN TWICE THE PRICE OF MOST COMPETING BRANDS

UNLIKE MOST SOFT DRINKS WHICH ARE PRODUCED AS SYRUP AND LATER CARBONATED
THOMAS KEMPER SODA CO ROOT BEER IS BREWED LIKE BEER AND LIKE BEER IT IS
DISTRIBUTED IN BOTTLES AND KEGS THE COMPANY USES BEER DISTRIBUTORS TO
DELIVER THE PRODUCT AND IT FOCUSED ITS INITIAL SALES EFFORTS ON BARS IT
EVEN CONVINCED SOME PUBS TO INSTALL ITS ROOTBEER TAP HANDLES ALONGSIDE
THEIR DRAFTBEER LEVERS

KEMPER SODA SUBSEQUENTLY EXPANDED TO CONVENIENCE AND SPECIALTY STORES AND
LAST MONTH IT CRACKED GIANT SAFEWAY INC'S 165STORE NORTHWEST REGION

THIS IS AN AGE OF SMALL INDULGENCES SAYS MS BRACKEN 38 YEARS OLD YOU
MAY NOT BE ABLE TO AFFORD A MERCEDES OR THE HOUSE YOU WANT BUT BY GOD YOU
CAN BUY A FANCY ROOT BEER

SOME MARKETING EXPERTS SAY KEMPER MAY BE ON TO SOMETHING ESPECIALLY IN A
REGION WHERE UPSCALE COFFEES LOCAL BEERS AND EVEN GOURMET POTATO CHIPS HAVE
BEEN BIG HITS THIS IS AN AREA WHERE A LOT OF CONSUMERS ARE WILLING TO PAY
MORE FOR WHAT THEY PERCEIVE AS HIGH QUALITY SAYS JOHN NARVER DIRECTOR OF
THE UNIVERSITY OF WASHINGTON'S CENTER FOR RETAIL AND BUSINESS MARKET
STRATEGY MOREOVER THE BEVERAGE MARKET IS IN FLUX ADDS HELLEN BERRY A
SOFTDRINK SPECIALIST AT BEVERAGE MARKETING CORP A NEW YORK CONSULTING
FIRM CONSUMERS SEEM TO BE IN A MOOD TO SUPPORT THIS KIND OF THING SHE
SAYS

KEMPER SODA WAS SPUN OFF NEARLY TWO YEARS AGO FROM A LOCAL BEER MICROBREWERY
THAT ALSO CARRIES THE THOMAS KEMPER NAME THE BREWERY MADE ROOT BEER AS A
SIDELINE MAINLY TO PASS OUT TO EMPLOYEES' CHILDREN AT COMPANY PICNICS

MS BRACKEN SAYS THAT WHEN SHE AND HER SISTER CAROL WHO TOGETHER OWN ABOUT
80 OF THE COMPANY GOT STARTED THEY HAD NO IDEA WHAT TO EXPECT BUT THEIR
TIMING COULDN'T HAVE BEEN BETTER WITH HARDLIQUOR AND BEER SALES
FLATTENING MANY BAR OWNERS WERE LOOKING FOR NONALCOHOLIC BEVERAGES TO
SERVE

STILL MS BRACKEN SAYS THIS IS A VERY TRICKY SELL FOR EXAMPLE AT CYRUS
O'LEARY'S A BARRESTAURANT IN SPOKANE WASH THE MANAGER TRIED TO HIDE
AFTER MS BRACKEN SHOWED UP TO MAKE HER FOURTH SALES PITCH SHE SAYS

MS BRACKEN PREVAILED HOWEVER AND CYRUS O'LEARY'S SAYS IT GOES THROUGH
ABOUT THREE KEGS OF KEMPER'S ROOT BEER A WEEK NOW DEAN HAYNES THE MANAGER
SAYS ROOTBEER FLOATS HAVE BECOME A POPULAR DESSERT WE NEVER HAD ANYONE
COME IN AND ASK FOR A ROOT BEER BEFORE HE SAYS

KEMPER'S ROOT BEER HAS A DISTINCTIVE TASTE THAT COMES IN PART FROM USING
HONEY INSTEAD OF SUGAR ALSO IT IS BREWED IN SMALL BATCHES OF 500 GALLONS
OF WATER WITH A DOZEN OR SO INGREDIENTS INCLUDING SASSAFRAS OIL OF
WINTERGREEN AND CACIEN A CINNAMONLIKE SPICE BREWING TIME IS THREE DAYS
COMPARED WITH A FEW MINUTES FOR THE COMMERCIAL SYRUPS

CONSUMERS LIKE THE RESULT AT PIZZA EXPERIENCE IN FIFE WASH JOSEPH MUNZI
HIS WIFE ISABELLA AND THEIR 11YEAROLD DAUGHTER MELISSA WASH DOWN A
MUSHROOM PIZZA WITH A PITCHER OF KEMPER'S WHICH THE PIZZERIA HAS ON TAP
ALONG WITH ITS BEERS MR MUNZI SAMPLES THE ROOT BEER AND LIKES IT NO
SUGAR BITE HE SAYS

STILL PERSUADING CONSUMERS LIKE THE MUNZIS TO SHELL OUT 5 FOR A SIXPACK
IS A TOUGH SELL I DRIVE A 1971 VOLKSWAGEN MR MUNZI SAYS THOSE KIND OF
PRICES JUST AREN'T OUR STYLE

AT 11000 CASES A MONTH THE COMPANY SAYS IT IS MAKING A PROFIT BUT IT
ISN'T MAKING MUCH OF A DENT IN THE NATION'S BIGGEST ROOTBEER MAKER A & W
BRANDS INC OF WHITE PLAINS NY A & W SELLS ABOUT FIVE MILLION CASES OF
ITS ROOT BEER A MONTH BUT KEMPER'S SALES SHOULD GET A BOOST FROM ITS NEW
SAFEWAY OUTLETS AND FROM TWO NEW PRODUCTS CREAM SODA AND BIRCH BEER ALSO
THE COMPANY PLANS TO EXPAND INTO TWO MARKETS NORTHERN CALIFORNIA AND
DENVER BY THE END OF THE YEAR

MS BRACKEN SAYS KEMPER ISN'T LOOKING TO REPLACE A & W OR COKE SHE SAYS HER
TARGET CONSUMER IS A YUPPIE WHO WAS INTO THE MICROBREW HERITAGE THE
COMPANY EVEN PUSHES SOME 200 CASES A MONTH OF ITS SODAS THROUGH SEATTLE'S
MULTITUDE OF CORNER ESPRESSO STANDS AND SELLS IN HIGHEND COFFEE BARS IN
CANADA MS BRACKEN SAYS THE COMPANY IS PROFITABLE

KEMPER ISN'T THE FIRST TO TRY ESTABLISHING A PREMIUMPRICE SOFT DRINK SAYS
JESSE MEYERS PUBLISHER OF THE TRADE PUBLICATION BEVERAGE DIGEST BUT SO
FAR HE SAYS SUCH ATTEMPTS HAVE MET A WALL OF CONSUMER DISINTEREST
BECAUSE OF THE PRICE FOR THAT VERY REASON PEPSICO INC DECIDED AGAINST
PRICING ITS NEW CRYSTAL PEPSI AT PREMIUM LEVELS A PEPSI SPOKESMAN SAYS

ROBERT WAKELEY A GROCERY MERCHANDISER AT SAFEWAY'S DISTRICT OFFICE HERE
SAYS KEMPER'S HIGH PRICE DID GENERATE SOME CONCERN AT FIRST BUT WHEN
SAFEWAY TESTMARKETED THE ROOT BEER IN COLD CASES AT A DOZEN OF ITS STORES
HE SAYS THE SODA DID VERY WELL AND SAFEWAY AGREED TO GIVE KEMPER A
SIXMONTH TRYOUT

THEY'VE DONE A VERY GOOD JOB OF WORDOFMOUTH MARKETING SAYS MR WAKELEY
MAYBE THE PRICE IS PART OF THE MYSTIQUE

OTHERS SAY KEMPER COULD END UP CONFUSING ITS CUSTOMERS BY KEEPING THE SAME
NAME AS AN ALCOHOLIC BEER WHEN YOU DON'T HAVE A JILLION DOLLARS TO
ADVERTISE YOU HAVE TO PICK YOUR HORSE ARE YOU A BEER OR A ROOT BEER SAYS
JACK TROUT COOWNER OF THE GREENWICH CONN MARKETSTRATEGY CONSULTING
FIRM TROUT & RIES

BUT MS BRACKEN DOESN'T SEEM WORRIED ABOUT HER ROOT BEER BEING MISTAKEN FOR
ITS BEERMAKING NAMESAKE WE'RE ALREADY BIGGER THAN THEM SHE SAYS THE
TAIL IS WAGGING THE DOG 9305190047 930519 NEXT BIG THING HOLLYWOOD IS
SEEING THE FUTURE AND IT IS INTERACTIVE SHOW BIZ  FILM TV
MOGULS DO LUNCH' WITH COMPUTER NERDS OVER MULTIMEDIA PLANS  NOT
JUST A BUZZ BUT A FRENZY'  BY RICHARD TURNER STAFF REPORTER OF THE
WALL STREET JOURNAL

HOLLYWOOD THE ENTERTAINMENT INDUSTRY HASN'T ALWAYS BEEN VERY FRIENDLY TO
OUTSIDERS OR TO OUTSIDE IDEAS

CASHRICH NEWCOMERS WING INTO TOWN OFTEN TO DEPART PENNILESS WHILE THE
STUDIOS TALENT AGENCIES AND PRODUCERS KEEP ON MAKING DEALS THE MAJOR
PLAYERS HAVE FOUGHT TECHNOLOGICAL INNOVATION SINCE THE ADVENT OF TALKIES
INITIALLY SHUNNING TELEVISION THE VIDEOCASSETTE RECORDER COMPACT DISKS AND
VIDEO GAMES

BUT THIS TIME MAY BE DIFFERENT FOR MONTHS NOW MOVIE AND TV PRODUCERS HAVE
BEEN SCHMOOZING ABOUT THE DIGITAL INTERACTIVE FUTURE SO HOLLYWOOD WAS AT
LEAST PSYCHOLOGICALLY PREPARED WHEN A REGIONAL PHONE COMPANY U S WEST INC
AGREED TO PAY 25 BILLION TO BUY MORE THAN 25 OF TIME WARNER INC'S
MOVIESTUDIO AND CABLETV ASSETS

THE MOVE CERTAIN TO FORESHADOW OTHER NEW ALLIANCES REINFORCES THE IDEA
THAT MOVIE AND TV PRODUCERS WILL BE AT THE CENTER OF A PROGRAMMINGDRIVEN
DIGITAL REVOLUTION SO FAR WITH EQUAL PARTS ANXIETY AND FADDISHNESS
HOLLYWOOD EXECUTIVES HAVE BOUGHT POWERBOOK LAPTOP COMPUTERS AND SIGNED UP
FOR SEMINARS AT THIS EARLY STAGE FEW CAN YET DEFINE HOLLYWOOD'S EXACT
ROLE OR LOCATE THE GOLDEN NEEDLE IN THE HAYSTACK OF HYPE

BUT HOLLYWOOD IS SO INFATUATED WITH THE FUTURE AND FOR THE MOST PART
STILL SO UNCERTAIN ABOUT HOW TO GET THERE THAT IT IS WILLING TO FLIRT
WITH ANYTHING FROM CHEAP PROGRAMMING FOR AN EVENTUAL 500CHANNEL TELEVISION
SYSTEM TO SELLING ZIRCONS CLEARLY A CONVERGENCE OF THE COMPUTER AND THE
TV SET WILL AT SOME POINT PROVIDE VIEWERS WITH MOVIES ON DEMAND SHOPPING
VIDEO GAMES AND EDUCATIONAL EXPERIENCES MOREOVER NEW MEDIA ARE LIKELY TO
BE CREATED AS CONSUMERS INTERACT WITH THEIR INTELLIGENT TV SETS IN WAYS
STILL BEING DEVELOPED

SO HOLLYWOOD WITH ITS EXPERTISE IN PROVIDING MASS ENTERTAINMENT IS TAKING
A CRASH COURSE A RECENT HOLLYWOOD RADIO AND TELEVISION SOCIETY LUNCHEON
RESEMBLED A SILICON VALLEY TRADE SHOW THE LOBBY OUTSIDE THE BEVERLY
WILSHIRE HOTEL BALLROOM WAS CRAMMED WITH COMPUTERS WHILE GUESTS SIPPED
PERRIER AND NODDED GRAVELY AT TALK OF PIXELS AND DISK DRIVES MANY MADE THE
INEVITABLE JOKES ABOUT HOW THEIR HOME VCRS KEEP FLASHING 1200

THE WISECRACKS BETRAYED A CERTAIN NERVOUSNESS ABOUT MISSING THE NEXT BIG
THING RICH FRANK STUDIO PRESIDENT OF WALT DISNEY CO INTRODUCED THE
AFTERNOON'S HIGHTECH PRESENTATIONS BY SAYING IF YOU'RE NOT PART OF THE
STEAMROLLER YOU'RE PART OF THE ROAD

SCARCELY A DAY PASSES WITHOUT SOME PANEL CONVENING TOP AGENTS TAKE
MEETINGS AS PEOPLE SAY OUT HERE WITH THE LIKES OF MICROSOFT CORP'S BILL
GATES AND APPLE COMPUTER INC'S JOHN SCULLEY APPLE AND INTERNATIONAL
BUSINESS MACHINES CORP EACH HAVE SPONSORED HOLLYWOOD COMPUTER TRAINING
CENTERS INVESTMENT BANKERS ARE COAXING HOLLYWOOD TYPES TO DO LUNCH WITH
EXECUTIVES FROM CLEVELAND THERE IS EVEN A NEWLY FORMED ACADEMY OF
INTERACTIVE ARTS AND SCIENCES TO OBSERVE THE ETERNAL HOLLYWOOD RITE OF
BESTOWING AWARDS

IT'S NOT JUST A BUZZ IT'S A FRENZY SAYS NICK DEMARTINO WHOSE CLASSES AT
THE AMERICAN FILM INSTITUTE'S COMPUTER CENTER SWELLED TO STANDINGROOMONLY
PRACTICALLY OVERNIGHT

YET THERE'S PALPABLE FEAR THAT HOLLYWOOD MIGHT LOSE ITS STRONG HAND TO
OUTSIDERS WE ARE AT AN AGE THAT REMINDS ME OF THE BEGINNING OF MOVIES
SAYS STAN CORNYN FORMER HEAD OF TIME WARNER'S WARNER NEW MEDIA UNIT WHEN
THEY PUT A CAMERA IN A THEATER AND SARAH BERNHARDT WAS DOING CAMILLE' IN
KANSAS CITY THE MOST IMPORTANT PERSON IN THE ROOM WAS THE CAMERA REPAIRMAN
WE'RE STILL IN AN ERA WHEN THE TECHNOLOGISTS ARE KINGS THAT'S GOT TO END

MORE THAN ANYTHING IT HAS BEEN THE CULT OF BARRY DILLER THAT HAS GALVANIZED
THIS TOWN'S OBSESSION WITH INTERACTIVE MULTIMEDIA EARLIER THIS YEAR
HOLLYWOOD DEVOURED NEWS ACCOUNTS OF MR DILLER'S ODYSSEY AFTER LEAVING THE
CHAIRMANSHIP OF NEWS CORP'S FOX STUDIO BUYING A POWERBOOK AND WINDING UP
AS HEAD OF QVC NETWORK INC A HOMESHOPPING NETWORK IN SUBURBAN
PHILADELPHIA

MR DILLER IS A HOLLYWOOD ICON WHEN THE CREATOR OF A FOURTH TV NETWORK AND
URBANE ARCHITECT OF SUCH FILMS AS TERMS OF ENDEARMENT THROWS IN HIS LOT
WITH A BUNCH OF PORCELAIN GNOME SALESMEN HOLLYWOOD WORRIES ABOUT BEING LEFT
BEHIND

TALK TO ANYBODY IN CABLE ANYONE IN THE WORLD OF COMPUTER PROGRAMMING AND
THEY ARE THINKING ABOUT EVERYTHING IN TERMS OF COMMUNICATION AND
ENTERTAINMENT PROGRAM DELIVERY MR DILLER SAYS BUT BROADCASTERS ARE
STILL ARGUING ABOUT THE FINANCIAL INTEREST AND SYNDICATION RULES AND THE
MOVIE STUDIOS ARE RIGHT IN THERE WITH THEM

THERE IS SOME COMPLACENCY AT WORK AFTER ALL HOLLYWOOD ULTIMATELY PROFITED
FROM TV HOME VIDEO AND CDS WHILE CORPORATE BEHEMOTHS ENGAGE IN MORTAL
COMBAT OVER THE HARDWARE SIDE OF THE DIGITAL FUTURE SOME AT THE STUDIOS
FEEL THEY CAN SIT BACK KNOWING THAT THERE WILL BE DEMAND FOR THEIR PRODUCTS
AFTER THE DUST HAS SETTLED

OTHERS SAY THAT LIKE WALL STREET HOLLYWOOD TODAY IS A MAGNET FOR HUNGRY
STREETSMART DYNAMOS WITH ENTREPRENEURIAL SPIRIT THEY'RE HIGHLY ADAPTIVE
SAYS ENTERTAINMENT ATTORNEY CHRISTOPHER MURRAY YOU COULD PARACHUTE SOME OF
THEM INTO THE CASBAH IN THE MORNING AND THEY'D BE THE BIGGEST RUG MERCHANT
IN TOWN BY DAY'S END

HOLLYWOOD KNOWS IT ALREADY HAS MISSED OPPORTUNITIES THE INHOME VIDEOGAME
BUSINESS GREW TO 5 BILLION ALMOST OVERNIGHT ITS US REVENUE EQUAL TO THAT
OF THE TOTAL DOMESTIC MOVIE BOX OFFICE SEGA ENTERPRISES LTD'S SONIC THE
HEDGEHOG 2 RELEASED NOV 23 SOLD 5 MILLION UNITS BEFORE THE END OF THE
YEAR THAT 300 MILLION IN GROSS WORLDWIDE REVENUE IS MORE THAN WHAT ALL
BUT A HANDFUL OF BLOCKBUSTERS GENERATE

THESE KIDS ARE NOT A SEPARATE AUDIENCE FROM MOVIEGOERS THEY ARE THE
AUDIENCE SAYS SASHA HARARI A FILM PRODUCER WORKING ON AN INTERACTIVE
VERSION OF CADILLACS AND DINOSAURS A COMIC BOOK PROPERTY THEY'RE THE
ONES WHO GO TO BATMAN' FIVE AND SIX TIMES AND THE YOUNGSTERS HAVE THE
REFLEXES OF AN F16 PILOT SAYS MR HARARI A CAPACITY TO ABSORB A
TREMENDOUS AMOUNT OF INFORMATION AND INTERACT WITH IT MOST CADILLACS
RIGHTS HAVE BEEN SUBLICENSED BUT MR HARARI IS KEEPING THE INTERACTIVE
RIGHTS FOR HIMSELF

RATHER THAN LET ALL THE SPOILS GO TO COMPUTER JOCKEYS WITH PONYTAILS TOILING
IN GARAGES IN NORTHERN CALIFORNIA STUDIOS IN FITS AND STARTS ARE
GETTING INTO THE BUSINESS OF CREATING COMPUTER SOFTWARE VIDEO GAMES AND
INTERACTIVE CDROM DISKS WHICH ARE MUCH LIKE COMPACT DISKS BUT CAN STORE
GREAT AMOUNTS OF VISUAL AUDIO AND TEXT INFORMATION

THERE HAS LONG BEEN A HOLLYWOOD SUBCULTURE INTERESTED IN THE POSSIBILITIES
OF INTERACTIVE MULTIMEDIA THE PIONEERS WERE THE SPECIALEFFECTS PEOPLE LED
BY THE LIKES OF STAR WARS CREATOR GEORGE LUCAS AND TERMINATOR DIRECTOR
JAMES CAMERON MR LUCAS'S INDUSTRIAL LIGHT & MAGIC WHICH HE HAS JUST
REORGANIZED TO STRESS THE IMPORTANCE OF COMPUTER GRAPHICS AND OTHER DIGITAL
EFFECTS IS THE BIGGEST PLAYER MR CAMERON HEADS A NEW STARTUP COMPANY
DIGITAL DOMAIN IN WHICH IBM HAS INVESTED IT PLANS TO PROVIDE COMPUTER
EFFECTS FOR MOVIE MAKERS AND TO DEVELOP NEW MEDIA ALONG THE WAY

MR LUCAS THOUGH A COMPETITOR ENDORSES THIS APPROACH IT'S THE WRITERS
AND DIRECTORS WHO ARE IMPORTANT HE SAYS NOT THE HOLLYWOOD CORPORATE
ENTITY THE STUDIOS HAVEN'T BEEN IN THIS BUSINESS VERY LONG AND THEY DON'T
KNOW WHAT THEY'RE UP AGAINST

IN FACT MANY INDUSTRY LEADERS BRAVING THE NEW WORLD OF MULTIMEDIA ARE THE
ONES WHO HAVE LEFT TOWN WHEN BRANDON TARTIKOFF DEPARTED HIS JOB AS CHAIRMAN
OF PARAMOUNT PICTURES LAST YEAR AND MOVED TO NEW ORLEANS TO SPEND MORE TIME
WITH HIS FAMILY HE FOUND SOMETHING HE HAD MISSED IN 20 YEARS OF HOLDING TOP
ENTERTAINMENT INDUSTRY JOBS TIME TO THINK

I'D SPEND 90 OF MY DAY PUTTING TOGETHER DEALS UNDOING DEALS LISTENING TO
VARIOUS SUPPLICANTS CODDLING THE TALENT HE SAYS MAYBE 10 OF MY TIME
WAS SPENT THINKING ABOUT NEW IDEAS NOW IT'S THE REVERSE

MULTICHANNEL TELEVISION SYSTEMS AND THE ABILITY TO INTERACT WITH PROGRAMMING
SHOULD CREATE INDUSTRIALSTRENGTH DEMAND FOR ENTERTAINMENT SOFTWARE BUT
WITH SO MUCH TO CHOOSE FROM AUDIENCES FOR INDIVIDUAL SHOWS WILL BE SMALLER
AND PROGRAMMING WILL HAVE TO BE CHEAPER AND MORE LOCALIZED MR TARTIKOFF
BELIEVES

SO HE HAS BEGUN TO DEVELOP LOCALLY PRODUCED TV SHOWS AS IDEAS LABORATORIES
IN THE SOUTH AT A FRACTION OF THE COST OF PROGRAMS SUCH AS THE COSBY
SHOW THAT HE PUT ON NETWORK TV BACK IN THE DAYS WHEN HE WAS PRESIDENT OF
NBC ENTERTAINMENT A HALFHOUR VARIETY SHOW HE DEVELOPED WITH MUSIC PRODUCER
QUINCY JONES PARADOXICALLY CALLED BIGTIME TV COST JUST 68000 A
24HOUR CABLE CHANNEL HE HELPED CONCEIVE FOR INVESTORS WOULD COST 20
MILLION A YEAR HE SAYS LESS THAN A MEDIUMPRICED MOVIE

FOR MR LUCAS TO DO HIS THINKING HE CUT DOWN ON HIS MOVIE MAKING AND FLED
TO NORTHERN CALIFORNIA OTHER WRITERS AND DIRECTORS HOWEVER ARE IN THE
MIDDLE OF THE MAELSTROM MR CAMERON MAKES MILLIONS FROM DIRECTING MOVIES
AND HAS RAISED MILLIONS MORE FROM OVERSEAS PARTNERS WHO WAIT IMPATIENTLY FOR
HIM TO DIRECT A TERMINATOR 3 WILL THIS LEAVE MUCH TIME FOR FUTURISTIC
DABBLING MR CAMERON DECLINES TO BE INTERVIEWED

LEARNING HOW TO WORK WITH NEW MEDIA HAS BEEN DIFFICULT TAKE COMPLEX
ADVENTUREFILLED VIDEO GAMES WHERE A PLAYER'S EVERY MOVE CAN CHANGE THE
DIRECTION OF THE STORY THE GAME ITSELF HAS TO CONTAIN A LARGE NUMBER OF
POSSIBLE OUTCOMES

SOFTWARE MAKER SIERRA ONLINE HIRED ACTOR ROBBY BENSON WHO DID THE VOICE OF
THE BEAST IN BEAUTY AND THE BEAST TO LIPSYNC AN ANIMATED CHARACTER FOR A
NEW GAME KING'S QUEST VI A TYPICAL MOVIE SCRIPT IS ABOUT 100 PAGES LONG
BUT THE GAME SCRIPT WITH ITS MYRIAD PATHWAYS WENT ON FOR 700 PAGES THERE
WAS NO SENSE OF CONTEXT EVERYBODY KEPT GETTING LOST AND TEMPERS FLARED
IT WAS MINDBOGGLING SAYS MR BENSON WHO NEVERTHELESS IS WORKING ON HIS
OWN MUSICAL INTERACTIVE PROJECT FOR CHILDREN

THE STUDIOS THEMSELVES HAVE TAKEN DIFFERENT APPROACHES TO A DIGITAL FUTURE
MICHAEL SCHULHOF VICE CHAIRMAN OF SONY USA WHICH OWNS COLUMBIA STUDIOS
SAYS THE LINE BETWEEN CONTENT AND DELIVERY IS BLURRING IT'S NO LONGER
POSSIBLE TO THINK ABOUT ENTERTAINMENT SOFTWARE OR GAMES OR INTERACTIVE VIDEO
SEPARATELY FROM ELECTRONIC DISTRIBUTION DISPLAY SYSTEMS OPTICAL MEDIA AND
HARDWARE HE ADDS THIS IS ONE BUSINESS NOT TWO

TWO YEARS AGO HE HIRED 28YEAROLD ICELANDIC PHYSICIST AND NOVELIST OLAF
OLAFSSON TO START AN ELECTRONIC PUBLISHING UNIT THAT HE PROJECTS WILL HIT
100 MILLION IN REVENUE NEXT YEAR FRANCIS FORD COPPOLA SAT DOWN WITH MR
OLAFSSON AS MR COPPOLA PREPARED TO FILM BRAM STOKER'S DRACULA FOR A
CDROM VIDEO GAME MR COPPOLA SUPPLIED DESIGNS FOR THE CHARACTERS A
BLUEPRINT OF DRACULA'S CASTLE EVEN STORYBOARDS OF THE FILM ACTORS KEANU
REEVES AND GARY OLDHAM NEGOTIATED TO PROVIDE THEIR LIKENESSES AND ACTUAL
FOOTAGE WAS OBTAINED FROM THE FILM SO THE GAME COULD BE RELEASED SOON AFTER
THE MOVIE OPENED

MATSUSHITA ELECTRIC INDUSTRIAL CO WHICH SPENT MORE THAN 6 BILLION TO BUY
MCA INC AND ITS UNIVERSAL PICTURES UNIT HAS MADE A SMALL INVESTMENT IN 3DO
CO THE STARTUP COMPANY WILL LICENSE SOFTWARE FOR A NEW MULTIPLAYER THAT
IT HOPES WILL BECOME THE SINGLE INTERACTIVE BOX ON TOP OF THE TV SET STEVEN
SPIELBERG'S COMING JURASSIC PARK WILL BE ONE OF 3DO'S FIRST GAME TITLES

PARAMOUNT COMMUNICATIONS INC HAS SET UP A SOFTWARE DEVELOPMENT COMPANY IN
SILICON VALLEY AND INVESTED IN A FIRM THAT PLANS TO TURN PARAMOUNT'S STAR
TREK THE NEXT GENERATION INTO VIRTUAL REALITY ENTERTAINMENT CENTERS
PARAMOUNT'S SOFTWARE ARM IS DOING PARALLEL FILMING ON THE SET OF THE
COMING MOVIE ADDAMS FAMILY VALUES TO BE USED FOR GAMES OR OTHER
INTERACTIVE FARE

BUT AT DISNEY CHAIRMAN MICHAEL EISNER HAS LONG FAVORED SOFTWARE OR
ENTERTAINMENT OVER HARDWARE OR DISTRIBUTION

I DON'T WANT TO BE A DINOSAUR EXECUTIVE WHO KEEPS HARKING BACK TO AESCHYLUS
WITH A GREEK SENSE OF DRAMA WHILE EVERYBODY ELSE IS IN A STAR TREK' OR
STAR WARS' MODE MR EISNER SAYS BUT AT THE SAME TIME I CAN'T HELP
BELIEVING THAT STORY EMOTION COMEDY A BEGINNING MIDDLE AND END
IDENTIFICATION WITH CHARACTERS THAT'S WHAT COUNTS AND THAT'S WHAT OUR
COMPANY IS ABOUT

PERHAPS THE MOST AGGRESSIVE COMPANY HAS BEEN PHILIPS ELECTRONICS NV THE
DUTCH GIANT THAT CONTROLS POLYGRAM RECORDS AND HAS MOVED SLOWLY INTO THE
FILM BUSINESS BUT ITS CDI MACHINE HAS HAD DIFFICULTY ATTRACTING THE BEST
SOFTWARE DEVELOPERS AND CUSTOMERS

SOME OF THE MOST INTERESTING WORK IS BEING DONE BY NICHE PLAYERS VOYAGER
CO HAS BEEN A PIONEER OF SOPHISTICATED INTERACTIVE SOFTWARE INITIALLY BY
ADDING MULTIPLE VOICE AND VISUAL TRACKS TO LASER DISKS OF FILMS IT HAS NOW
CREATED AN INTERACTIVE MACBETH AND A HARD DAY'S NIGHT FOR CDROM BUT
VOYAGER COFOUNDER BOB STEIN PREFERS BOOK PUBLISHERS TO HOLLYWOOD TYPES AND
HE HAS JUST MOVED TO NEW YORK THEY DON'T GET IT HE SAYS HOLLYWOOD IS
ABOUT SPECTACLE AND SPENDING GOBS OF MONEY TO ATTRACT A BROAD AUDIENCE
MULTIMEDIA HE SAYS IS SOMETHING MORE INDIVIDUALIZED

THE MOST VALUABLE ENTERTAINMENT FRANCHISES LIKELY WILL REMAIN THOSE WITH
ESTABLISHED BRANDS IN FILM THAT MAINLY MEANS DISNEY BUT IN CABLE
WELLKNOWN NAMES LIKE MTV AND ESPN ABOUND WHEN LOOKING THROUGH THE
500CHANNEL ENVIRONMENT PEOPLE ARE GOING TO GO WITH WHAT THEY KNOW
RICHARD MILLER PRESIDENT OF TV ANSWER AN INTERACTIVE PROGRAMMING GUIDE
TOLD A KAGAN SEMINARS AUDIENCE EARLIER THIS YEAR

OTHERS HOWEVER INSIST A HOST OF NEW NAMES WILL LEAD THE WAY TO A DIGITAL
FUTURE THE STUDIOS BELIEVE THEY CAN SIMPLY RECYCLE EXISTING PRODUCT SAYS
MARK STAHLMAN HEAD OF NEW MEDIA ASSOCIATES A CONSULTING FIRM BUT WE'RE
IN AN EXPLOSIVE EARLY STAGE WHEN BRAND NEW STYLES OF STORYTELLING ARE GOING
TO PROLIFERATE AND FOLKS YOU'VE NEVER HEARD OF WHO HAVE BEEN THERE
PLUGGING AWAY ARE GOING TO BENEFIT THE STUDIOS HAVE ENORMOUS REASON FOR
CONCERN 9305190046 930519 COMPUTERS IN DOWNSIZING FROM MAINFRAMES TO
PCS UNEXPECTED GLITCHES OFTEN DEFER GAINS  BY KYLE POPE STAFF
REPORTER OF THE WALL STREET JOURNAL

COMPUTER DOWNSIZING CAN OFTEN BE AN UPHILL EFFORT

THE MUCHTOUTED PROCESS SWITCHING CORPORATE DATA BANKS FROM MAINFRAME
COMPUTERS TO NETWORKS OF PERSONAL COMPUTERS IS THE HOTTEST THING IN
COMPUTING TODAY BUT DESPITE THE HYPE ABOUT ITS BENEFITS MUCH OF IT
DISSEMINATED BY COMPANIES PEDDLING NETWORKING HARDWARE OR SOFTWARE THE
TRANSITION FOR MANY COMPANIES IS PROVING PAINFUL

THE DALLAS OFFICE OF ACCOUNTANTS KPMG PEAT MARWICK FOR INSTANCE ESTIMATES
THAT 70 OF ITS CLIENTS ATTEMPTING DOWNSIZING PROGRAMS HAVE RUN INTO
UNEXPECTED PROBLEMS AND A DOUBLING OF ANTICIPATED COSTS ISN'T AT ALL
UNUSUAL

OTHERS CONCUR THE TOP TECHNOLOGY MANAGER AT SARA LEE CORP WHICH HAS
MANAGED TO COMPLETE A RELATIVELY PAINLESS DOWNSIZING PROJECT ESTIMATES THAT
NEARLY TWOTHIRDS OF THE COMPANIES NOW UNDERTAKING SUCH PROGRAMS WILL HAVE
TO SCRAP THEM BECAUSE THE PROBLEMS WILL BECOME SO SEVERE

PEOPLE HAVE GONE OVERBOARD ON THE CONCEPT SAYS WILLIAM ZACHMANN AN
INDUSTRY WATCHER AND COLUMNIST WIDELY CREDITED WITH COINING THE PHRASE
DOWNSIZING IN THE LATE 1970S IT'S LIKE PEOPLE UPON FIRST HEARING ABOUT
ELECTRICITY STUCK THEIR FINGER IN THE LIGHT SOCKET TO CHECK IT OUT IT'S
BECOME A MINDLESS FAD

THE CONCEPT OF DOWNSIZING HAS CONSIDERABLE ALLURE WITH CURRENT PC MODELS
PROVIDING A SHARP JUMP IN DESKTOP COMPUTING FIREPOWER AT A SLIVER OF THE
COST OF MAINFRAMES CORPORATE COMPUTER DIRECTORS ARE ABLE TO PUSH THE POWER
OF INFORMATION FURTHER INTO THE GUTS OF THE COMPANY CUTTING THEIR WORKLOAD
AND PLAYING INTO THE EMPLOYEE EMPOWERMENT KICK NOW UNDER WAY AT MANY
AMERICAN COMPANIES INDEED THE IDEA HAS SO ENTRANCED PEOPLE THAT THE SEERS
AT GARTNER GROUP A STAMFORD CONN RESEARCH AND CONSULTING FIRM ESTIMATE
THAT MORE THAN HALF OF ALL THE USERS OF MAINFRAMES TODAY ARE CONSIDERING
PROJECTS THAT INCLUDE DOWNSIZING

THESE COMPANIES THOUGH WOULD DO WELL TO LOOK AT THE EARLY PIONEERS ON THIS
FRONTIER EVEN COMPANIES THAT ARE SUPPOSED TO HAVE EXPERTISE IN THE AREA ARE
STRUGGLING 3COM CORP A MAKER OF NETWORKING PRODUCTS SAYS IT IS COMMITTED
TO DOWNSIZING YET A REVIEW OF THE SANTA CLARA CALIF COMPANY'S COMPUTER
NEEDS LED TO THE INSTALLATION OF A NEW MAINFRAME LAST JUNE THE COMPANY SAYS
IT COULD BE ANOTHER 2 1/2 YEARS BEFORE IT REMOVES BILLING AND
CUSTOMERINVOICE OPERATIONS FROM THE MAINFRAME

INDEED BOARDROOM DISILLUSIONMENT ABOUT THE PACE OF DOWNSIZING HAS PROMPTED
SOME ANALYSTS TO THINK WHAT LAST YEAR WOULD HAVE BEEN UNTHINKABLE THAT
DEMAND FOR MAINFRAME COMPUTERS COULD SURGE AS COMPANIES REALIZE THAT THE
DOWNHILL SHUFFLE ISN'T ALL IT WAS CRACKED UP TO BE WHICH ISN'T TO SAY THAT
MAINFRAMES WILL REGAIN THEIR FORMER LUSTER OR THAT NETWORKED PCS AREN'T THE
WAVE OF THE FUTURE INSTEAD THESE ANALYSTS ARE SAYING THAT THE DOWNSIZING
HOOPLA HAS PROMISED TOO MUCH TOO SOON AND THAT COMPANIES OUGHT TO SCALE BACK
THEIR EXPECTATIONS

AT CONTROL DATA CORP A ONETIME MAINFRAME VENDOR NOW IN THE BUSINESS OF
TELLING COMPANIES HOW TO RUN THEIR COMPUTER OPERATIONS OFFICIALS ADMIT
THEIR OWN INTERNAL DOWNSIZING TIMETABLE HAS SLIPPED TO TWO YEARS FROM ONE
AMONG OTHER THINGS THE COMPANY HAD TO FIND WAYS TO CONVERT ITS PAYROLL
SYSTEM SO THE RIGHT INFORMATION WOULD APPEAR ON EVERYONE'S CHECK STUB IT
BECOMES A REAL PLANNING NIGHTMARE SAYS JAMES OUSLEY THE COMPANY'S CHIEF
EXECUTIVE OFFICER

ANOTHER GLIMPSE OF THE DARK SIDE OF THE COMPUTER DOWNSIZING MOVEMENT CAN BE
SEEN IN THE EXPERIENCE OF FRANCIS NG DIRECTOR OF INFORMATION FOR A BIG
CONTAINERSHIPPING BUSINESS BASED IN HONG KONG MR NG UNPLUGGED HIS
COMPANY'S MAINFRAME COMPUTER FOR GOOD LAST MONTH REDIRECTING THE NUMBER
CRUNCHING TO DOZENS OF DESKTOP COMPUTERS LINKED INTO A NETWORK

SO FAR MR NG'S DOWNSIZING PROJECT HAS TAKEN 70 LONGER TO COMPLETE THAN HE
HAD PLANNED AND RUN ABOUT 1 MILLION OVER BUDGET EVEN WORSE THE TRANSITION
BETWEEN THE MAINFRAME WHERE DATA ARE EXTENSIVELY BACKED UP AND THE PC
NETWORK LEFT HIM OPEN TO DAYS OF EXPENSIVE DOWN TIME WHEN THE WORLD TRADE
CENTER BOMBING KNOCKED OUT THE NEW YORK HEADQUARTERS OF HIS COMPANY'S US
OPERATIONS IT'S VERY EASY TO PAINT A ROSY PICTURE SAYS A FRUSTRATED MR
NG TO DO THIS RIGHT IS STILL A DREAM

WHILE NO ONE HAS SOUGHT TO QUANTIFY THE SCOPE OR CAUSE OF DOWNSIZING
PROBLEMS EXPERTS SAY SNAGS GENERALLY FALL INTO TWO CATEGORIES TECHNICAL
AND POLITICAL

ON THE TECHNICAL SIDE THE WOES USUALLY CONCERN SOFTWARE THOUGH HUNDREDS OF
PROGRAMS HAVE BEEN WRITTEN OVER THE YEARS TO HELP COMPANIES RUN CRITICAL
FUNCTIONS ON MAINFRAME MACHINES RELATIVELY LITTLE HELP IS AVAILABLE FOR
COMPANIES THAT WANT TO RUN THOSE SAME APPLICATIONS ON LOWERPOWERED
MACHINES THE SOFTWARE THAT EXISTS SAY THE EXPERTS IS OFTEN FILLED WITH
BUGS COSTING COMPANIES MILLIONS OF DOLLARS IN LOST TIME OR DISAPPEARING
DATA

EXECUTIVES AT THE ROGERS GROUP A CONSTRUCTION AND MINING CONCERN BASED IN
NASHVILLE TENN PUT A DOWNSIZING PROGRAM ON HOLD FOR SIX MONTHS THE
STUMBLING BLOCK ENGINEERS HAD TO FIGURE OUT WAYS TO UNRAVEL A FLAWED
COMMUNICATIONS PROGRAM THAT WAS SUPPOSED TO LINK ALL OF THE COMPANY'S PCS
ROGERS OFFICIALS SAY THAT THE TIME SPENT TINKERING WITH THE SOFTWARE WHICH
HAD TO BE FIXED BEFORE THE SYSTEM COULD BE HOOKED UP DELAYED ABOUT 100000
IN SAVINGS THAT COULD HAVE RESULTED FROM THE NEW SYSTEM

SAYS MARK STAHLMAN PRESIDENT OF NEW MEDIA ASSOCIATES AND A NOTED MAINFRAME
WATCHER THE LEARNING CURVE IN THE PC BUSINESS ISN'T EVEN AT SQUARE ONE IN
TRYING TO SOLVE THESE PROBLEMS

USERS HAVE ALSO HAD PROBLEMS WITH SECURITY AND DATA BACKUP ON THEIR NEW
NETWORKS MOST NETWORKS STILL AREN'T HACKERPROOF AND MANY ARE MORE
SUSCEPTIBLE THAN MAINFRAMES TO VIRUSES POWER SURGES AND ACCIDENTALLY ERASED
DISKETTES

WHILE COMPANIES ARE RELUCTANT TO TALK ABOUT SECURITY PROBLEMS WINN
SCHWARTAU IS LIVING PROOF THAT THEY ARE A MAJOR ISSUE MR SCHWARTAU A
SEMINOLE FLA COMPUTERSECURITY CONSULTANT SAYS HE IS BUSIER THAN HE HAS
BEEN IN NINE YEARS NOW EVERYBODY IN THE WORLD WANTS ME HE SAYS

DOWNSIZING HAS CAUSED EVEN BIGGER POLITICAL HEADACHES AT COMPANIES SEEING
THE TREND AS A THREAT TO THEIR JOBS TURFCONSCIOUS INFORMATION MANAGERS
FREQUENTLY FIGHT IT CAUSING MORE DELAY AND JACKING UP COSTS AT ROGERS
GROUP THE ILL WILL GOT SO BAD THAT FIVE TOP TECHNOLOGY MANAGERS QUIT SOON
AFTER THE COMPUTING CONVERSION BEGAN AND THE COMPANY'S CURRENT INFORMATION
MANAGER THOMAS GMITTER SAYS HE EXPECTS TO DEPART NEXT APRIL HAVING
ESSENTIALLY WORKED HIMSELF OUT OF A JOB I'M A VICTIM OF MY OWN
DOWNSIZING HE SAYS

THE EMPLOYEE TURNOVER HAS CREATED TRAINING PROBLEMS SINCE MOST COMPANIES
AREN'T OVERRUN WITH NETWORKING EXPERTS SARA LEE ESTIMATES THAT IT WILL
SPEND THE EQUIVALENT OF ABOUT 25 OF ITS INFORMATION DEPARTMENT SALARY
BUDGET ON RETRAINING ELECTRONIC DATA SYSTEMS CORP MEANWHILE SEES AN
OPPORTUNITY THE COMPUTERSERVICE COMPANY IS BEEFING UP ITS STAFF AND
SETTING UP ADVISORY TEAMS TO HELP CLIENTS ALLEVIATE THEIR DOWNSIZING WOES

AS IN MOST THINGS THE SOLUTION TO DOWNSIZING DISTRESS LIES IN MODERATION
ANALYSTS SAY THEY ENCOURAGE COMPANIES TO TRANSFER ONLY SOME OF THEIR DATA
FROM MAINFRAMES TO NETWORKED PCS LEAVING THE MISSIONCRITICAL NUMBER
CRUNCHING TO THE MAINFRAME STANDBYS ONCE COMPANIES FIGURE THIS OUT MESSRS
ZACHMANN AND STAHLMAN PREDICT DELAYED MAINFRAME PURCHASES WILL FIND THEIR
WAY BACK INTO THE BUDGET

JAMES POYNER A COMPUTERINDUSTRY ANALYST AT RAUSCHER PIERCE REFSNES IN
DALLAS LOOKS AT IT THIS WAY IT IS AS IF MAINFRAME COMPUTERS ARE BANKS OF
DATA WORKSTATIONS ARE BRIEFCASES AND PCS ARE WALLETS YOU'RE JUST NOT
GOING TO CARRY ALL THE MONEY YOU OWN IN THE WORLD IN YOUR WALLET HE SAYS

FINALLY MR ZACHMANN ADVISES BE PATIENT WE ARE GOING THROUGH A
TRANSITION HE SAYS BUT WE'RE NOT GOING THROUGH IT IN THE NEXT 48 HOURS
9305190045 930519 INTERNATIONAL BRIEF BRITISH AIRWAYS PLC FIRM POSTS
DROP IN PROFIT AND INAUGURATES RIGHTS ISSUE

BRITISH AIRWAYS PLC REPORTED A 57 DROP IN PRETAX PROFIT FOR THE YEAR ENDED
MARCH 31 AND LAUNCHED A 4418 MILLION 6782 MILLION RIGHTS ISSUE

THE AIRLINE SAID THE RESULTS WHICH WERE LOWER THAN ANALYSTS' FORECASTS
REFLECT DECLINING YIELDS CAUSED BY INTENSE COMPETITION FEWER PASSENGERS
PURCHASED PREMIUMCLASS TICKETS IT SAID EXCHANGE RATES ALSO DEPRESSED
EARNINGS IT ADDED

PRETAX PROFIT TOTALED 185 MILLION DOWN FROM 434 MILLION SALES EDGED UP
56 TO 552 BILLION FROM 522 BILLION

BRITISH AIR SAID IT WILL ISSUE ONE NEW ORDINARY SHARE FOR EVERY FOUR
ORDINARY SHARES HELD AT THE CLOSE OF BUSINESS MAY 10 THE ISSUE PRICE IS 245
PENCE 376 A SHARE 9305190044 930519 BUSINESS BRIEF BURLINGTON
NORTHERN INC UNITED TRANSPORTATION UNION RATIFIES CUTS IN CREW SIZES

BURLINGTON NORTHERN INC FORT WORTH TEXAS SAID MEMBERS OF THE UNITED
TRANSPORTATION UNION OVERWHELMINGLY RATIFIED AN AGREEMENT TO REDUCE THE
SIZE OF FREIGHT TRAIN CREWS ON THE NORTHERN ONETHIRD OF ITS RAIL SYSTEM

THE AGREEMENT REACHED IN EARLY MARCH AND SUBJECT TO RATIFICATION BY THE
3600 UNION MEMBERS AFFECTED WILL HELP BURLINGTON NORTHERN CUT LABOR COSTS
AND COMPETE WITH RIVALS THAT OPERATE WITH SMALLER CREWS PREVIOUSLY
BURLINGTON NORTHERN SAID THAT LARGER CREW SIZES ON ITS NORTHERN LINES
SADDLED THE RAILROAD WITH 1650 EXTRA CREW MEMBERS AND AN ADDITIONAL 100
MILLION A YEAR IN COSTS

A UNION SPOKESMAN IN CLEVELAND SAID THE AGREEMENT WAS RATIFIED BY A MARGIN
OF THREE TO ONE HE ADDED THAT THE AGREEMENT HOPEFULLY WILL BE SIGNED AND
MADE EFFECTIVE JUNE 1 9305190043 930519 BUSINESS BRIEF WESTINGHOUSE
ELECTRIC CORP SALE OF REAL ESTATE ASSETS TO PARTNERSHIP IS COMPLETED

WESTINGHOUSE ELECTRIC CORP PITTSBURGH SAID IT COMPLETED THE SALE OF
NEARLY ALL OF THE COMMERCIAL REAL ESTATE ASSETS THAT IT HAD AGREED TO SELL
TO LW REAL ESTATE INVESTMENTS LP A PARTNERSHIP AFFILIATED WITH AMERICAN
EXPRESS CO'S LEHMAN BROTHERS UNIT

BUT WESTINGHOUSE RETAINED AN INTEREST IN THE PROPERTY BY PAYING 130 MILLION
FOR A 49 LIMITED PARTNERSHIP STAKE IN THE NEW OWNER

CASH PROCEEDS FROM THE SALE WERE ABOUT 900 MILLION AFTER COSTS FOR ASSET
LIQUIDATIONS THAT COMPARES WITH THE 1 BILLION THAT WESTINGHOUSE PROJECTED
IT WOULD GET WHEN IT ANNOUNCED THE SALE ON APRIL 8 THE BOOK VALUE OF THE
ASSETS WAS 17 BILLION BEFORE RESERVES WESTINGHOUSE SAID IT DOESN'T PLAN
TO TAKE MORE RESERVES RELATED TO YESTERDAY'S SALE

THE SALE WILL ENABLE WESTINGHOUSE TO LIQUIDATE MOST OF ITS COMMERCIAL REAL
ESTATE ASSETS BY MIDYEAR IT SAID WESTINGHOUSE IS AN ELECTRICAL
MANUFACTURER WITH INTERESTS IN FINANCIAL SERVICES BROADCASTING AND POWER
GENERATION EQUIPMENT 9305190042 930519 BUSINESS BRIEF HOME DEPOT INC
 FIRSTPERIOD PROFIT ROSE 34 ON 33 INCREASE IN SALES

HOME DEPOT INC REPORTED A 34 INCREASE IN FIRSTQUARTER EARNINGS AS
CONTINUED REBUILDING FROM LAST FALL'S HURRICANE ANDREW MADE UP FOR SOME OF
THE LOST BUSINESS FROM RECENT POOR WEATHER

THE HOMEIMPROVEMENT RETAILER IN ATLANTA REPORTED EARNINGS OF 1068
MILLION OR 24 CENTS A SHARE FOR THE QUARTER ENDED MAY 2 COMPARED WITH
795 MILLION OR 18 CENTS A SHARE A YEAR EARLIER SALES ROSE 33 TO 218
BILLION FROM 164 BILLION A YEAR EARLIER

HOME DEPOT'S SAMESTORE SALES WERE UP 7 IN THE QUARTER THE COMPANY SAID
THAT FIGURE WOULD HAVE BEEN 5 WITHOUT THE EIGHT STORES IN SOUTH FLORIDA
THAT ARE BENEFITING FROM THE HURRICANE RELIEF EFFORT HOME DEPOT HAS 224
STORES AND PLANS TO OPEN AN ADDITIONAL 40 THIS YEAR MOST OF THEM IN THE
NORTHEASTERN AND WESTERN US

THE RESULTS WERE IN LINE WITH ANALYST EXPECTATIONS HOME DEPOT'S STOCK ROSE
175 CLOSING AT 4425 A SHARE YESTERDAY IN LATE TRADING ON THE NEW YORK
STOCK EXCHANGE 9305190041 930519 BUSINESS BRIEF UGI CORP PENDING
DEAL FOR PETROLANE TO REQUIRE STOCK OFFERING

UGI CORP VALLEY FORGE PA SAID ITS PENDING ACQUISITION OF A SIGNIFICANT
STAKE IN PETROLANE GAS SERVICE LP WILL REQUIRE IT TO MAKE AN UNSPECIFIED
STOCK OFFERING

UGI AN ELECTRIC AND GAS UTILITY AND PROPANE GAS MARKETER HAS SOUGHT TO
ACQUIRE PETROLANE ALSO A PROPANE GAS MARKETER FOR ABOUT TWO YEARS IT
EXPECTS TO BEGIN ACQUIRING PETROLANE BY AUG 1

UNDER THE CURRENT PLAN UGI WOULD ACQUIRE PETROLANE WHICH IS UNDER CHAPTER
11 PROTECTION THROUGH A PETROLANE REORGANIZATION PLAN ACCORDING TO UGI
THE PLAN CALLS FOR A RESTRUCTURING OF 1 BILLION IN PETROLANE DEBT
PETROLANE A PROPANE GAS MARKETER WOULD EVENTUALLY BE 70OWNED BY
PETROLANE'S CURRENT BONDHOLDERS AND 30OWNED BY AMERIGAS A UNIT OF UGI

AMERIGAS WILL INITIALLY ACQUIRE 10 OF PETROLANE AND THEN ACQUIRE AN
ADDITIONAL 20 FOR UP TO 51 MILLION OF WHICH PETROLANE WILL CONTRIBUTE 19
MILLION UGI SAID IT WOULD RAISE ITS 32 MILLION CONTRIBUTION THROUGH AN
OFFERING OF UGI STOCK AMERIGAS CAN ACQUIRE THE REMAINING 70 OF PETROLANE
WITHIN FIVE YEARS FOR 26 OF THE STOCK OF AMERIGAS 9305190040 930519
PRICING HEALTH CARE A BETTER WAY TO DIE  BY CAROL RAPHAEL

NEWS REPORTS ON THE ACTIVITIES OF JACK KEVORKIAN HAVE DRAWN ATTENTION TO THE
NEEDS OF THE TERMINALLY ILL AND THE WRENCHING DECISIONS FACED BY THEM THEIR
FAMILIES AND THEIR PHYSICIANS IN MY EXPERIENCE MOST PATIENTS ARE LESS
TERRIFIED OF THE ACT OF DYING THAN OF DYING AN AGONIZING IMPERSONAL AND
UNDIGNIFIED DEATH

UNFORTUNATELY LOST IN THE SWIRL OF CONTROVERSY IS THE RECOGNITION THAT
THERE ALREADY EXISTS AN ALTERNATIVE APPROACH TO THE EXCRUCIATING PAIN AND
DEVASTATING ALIENATION THAT TOO OFTEN IS THE UNNECESSARY LOT OF THE DYING
PATIENT

THAT ALTERNATIVE IS ORGANIZED HOSPICE CARE A PROVEN EFFECTIVE AND
COMPASSIONATE SERVICE TO HELP THE TERMINALLY ILL PATIENT THROUGH THE DYING
PROCESS WITH DIGNITY AND IN COMFORT HOSPICE CARE ALSO HELPS THE FAMILY
THROUGH ITS LOSS AND BEREAVEMENT IN CONTRAST HOSPITALIZATION IS COSTLY
OFTEN INAPPROPRIATE AND FREQUENTLY UNWANTED BY THE PATIENT WHILE DR
KEVORKIAN'S DESPERATE REMEDY FOR PAIN REPRESENTS A MEDICAL AND MORAL
BREAKDOWN IN OUR HEALTH CARE SYSTEM

HOSPICE OFFERS TERMINALLY ILL INDIVIDUALS THE OPTION OF SPENDING THEIR FINAL
WEEKS AND MONTHS IN THE COMFORT AND PRIVACY OF THEIR OWN HOMES IN 90 OF
THE CASES WE SEE AT THE VISITING NURSE SERVICE OF NEW YORK THE PATIENT
TAKES AN ACTIVE ROLE IN THE DECISION TO SEEK HOSPICE CARE THE HOSPICE TEAM
 NURSE PHYSICIAN PASTORAL CARE COUNSELOR SOCIAL WORKER HOME HEALTH
AIDE AND VOLUNTEER WORKS COLLABORATIVELY WITH THE PATIENT THE PATIENT'S
FAMILY AND THE PATIENT'S PHYSICIAN TO ENSURE MAXIMUM PAIN MANAGEMENT
SYMPTOM CONTROL AND COMFORT

WHILE MORE THAN 75 OF OUR HOSPICE PATIENTS HAVE ADVANCED CANCERS THE
SERVICES ARE APPROPRIATE FOR ALL DYING PATIENTS INCLUDING THOSE WITH
ALZHEIMER'S CARDIAC DISEASE AIDS AND SEVERE DEGENERATIVE NEUROMUSCULAR
DISORDERS SUCH AS LOU GEHRIG'S DISEASE CHILDREN TOO CAN BE WELL SERVED
BY HOSPICE CARE

THE PROCESS OF DYING IS NEVER AN EASY ONE BUT THE FINAL DAYS CAN BE
COMFORTING FOR ALL INVOLVED 98 OF THE PATIENTS IN OUR HOSPICE PROGRAM DIE
AT HOME AND THE NEED FOR SERVICE DOES NOT END WITH DEATH BEREAVEMENT
COUNSELING IS AVAILABLE TO FAMILY MEMBERS FOR A YEAR AFTER THE DEATH OF A
LOVED ONE

VISITING NURSE SERVICE OF NEW YORK SERVES 30 OF NEW YORK CITY'S ANNUAL
HOSPICE POPULATION OF APPROXIMATELY 2000 YET WE KNOW THAT THE NUMBER OF
PEOPLE IN HOSPICE CARE IS ONLY A FRACTION OF THE NUMBER OF TERMINALLY ILL
WHO COULD BENEFIT FROM IT MANY FAMILIES ARE STILL UNINFORMED ABOUT HOSPICE
CARE OR BELIEVE THAT HOSPICE SERVICE IS SOME FORM OF INSTITUTIONAL CARE

PART OF THE REASON IS THAT HOSPICE CARE IS NEW IT STARTED IN EUROPE IN
THE 1960S WHERE IT IS OFTEN INSTITUTIONBASED AND WAS FIRST INTRODUCED IN
THE US IN THE 1970S WHERE IT IS LARGELY HOMEBASED INDEED MEDICARE
REGULATIONS REQUIRE THAT CERTIFIED HOSPICE PROGRAMS PROVIDE AT LEAST 80 OF
CARE IN THE PATIENT'S HOME INITIALLY A COSTSAVING REGULATION IT HAS
PROVED TO BE A WISE DECISION

MANY PHYSICIANS STILL DO NOT FULLY UNDERSTAND THE VALUE OF HOSPICE CARE FOR
THEIR PATIENTS THEY MAY THINK THEY HAVE TO GIVE UP CARE OF THE PATIENT
THEY DON'T IN FACT ALL ORDERS FOR SERVICE IN HOSPICE CARE MUST BE SIGNED
BY THE PATIENT'S PHYSICIAN WHO CAN BE AN INTEGRAL PART OF THE HOSPICE TEAM
IN ADDITION TRAINED HOSPICE MEDICAL DIRECTORS CAN WORK WITH THOSE
PHYSICIANS WHO MAY HAVE LITTLE OR NO TRAINING IN AGGRESSIVE PAIN MANAGEMENT
FEEL UNPREPARED TO CARE FOR A PATIENT SEEKING ONLY PALLIATIVE CARE OR ARE
UNCOMFORTABLE TALKING ABOUT DEATH AND DYING WE TELL PHYSICIANS THAT THEY
SHOULD VIEW A REFERRAL TO HOSPICE CARE AS THEY WOULD A REFERRAL TO ANY OTHER
SPECIALIST AND PHYSICIANS WHO DO REFER PATIENTS TO HOSPICE CARE ARE LIKELY
TO DO IT AGAIN

ONE OF THE SURPRISING STATISTICS ABOUT THE AMERICAN HEALTH CARE SYSTEM IS
THAT OUR OVERWHELMING RELIANCE ON CARING FOR THE DYING IN THE HOSPITAL
MEANS FOR EXAMPLE THAT WE SPEND 28 OF ALL MEDICARE DOLLARS FOR CARE IN
THE LAST YEAR OF PATIENTS' LIVES AND HALF OF THAT FOR CARE IN THE LAST TWO
MONTHS HERE TOO HOSPICE IS A RATIONAL ALTERNATIVE THE MOST RECENT STUDY
OF HOSPICE COSTS SHOWS THAT WHEN TERMINALLY ILL PATIENTS ARE CARED FOR AT
HOME THEY SPEND SIX FEWER DAYS IN THE HOSPITAL AND INCUR NEARLY 20 LESS IN
COSTS OVER A SIXMONTH PERIOD WHEN A DAY OF HOSPICE CARE DIRECTLY REPLACES
A DAY IN THE HOSPITAL THE SAVINGS CAN BE MORE THAN 500 PER PATIENT PER
DAY

WHEN A CURE IS NO LONGER A REASONABLE EXPECTATION THE PHYSICIAN HAS AN
OBLIGATION TO MINISTER TO HIS OR HER PATIENT TO RELIEVE PAIN AND TO
COMFORT AND SUSTAIN THE PATIENT'S FAMILY MODERN HOSPICE CARE CAN HELP THE
PHYSICIAN MEET THAT BASIC OBLIGATION

MS RAPHAEL IS CHIEF EXECUTIVE OFFICER OF VISITING NURSE SERVICE OF NEW
YORK THE LARGEST NONPROFIT PROVIDER OF HOME HEALTH CARE IN THE US
9305190039 930519 BUSINESS BRIEF PEPSICO INC TACO BELL TO BUY
CHEVYS FULLSERVICE MEXICAN CHAIN

TACO BELL CORP EXPANDING INTO THE FULLSERVICE END OF THE RESTAURANT
INDUSTRY SAID IT IS ACQUIRING CHEVYS MEXICAN RESTAURANTS A CHAIN OF 37
OUTLETS BASED IN SAN FRANCISCO

TACO BELL AN IRVINE CALIF DIVISION OF PEPSICO INC IN PURCHASE NY
SAID IN APRIL THAT IT PLANNED TO OPEN SEVERAL HUNDRED FULLSERVICE
RESTAURANTS IN THE NEXT FIVE YEARS YESTERDAY JOHN MARTIN TACO BELL'S
PRESIDENT AND CHIEF EXECUTIVE SAID TACO BELL WILL TURN CHEVYS INTO A
NATIONAL CHAIN OF AS MANY AS 500 SITES TERMS OF THE TRANSACTION WHICH IS
SUBJECT TO PEPSICO BOARD APPROVAL WEREN'T DISCLOSED

TACO BELL ALSO SAID IT IS LOOKING FOR OPPORTUNITIES TO DEVELOP ANOTHER
CHAIN OF FULLSERVICE RESTAURANTS WITH A MEXICAN OR SOUTHWESTERN THEME THIS
NEW CHAIN ACCORDING TO THE COMPANY WOULD HAVE A HIGHERPRICED MENU THAN
CHEVYS AND AIM AT UPSCALE MARKETS

MIKE HISLOP CHEVYS CHAIRMAN AND CHIEF EXECUTIVE WILL REMAIN IN HIS
POSITIONS AND WORK WITH TIM RYAN SENIOR VICE PRESIDENT AT TACO BELL WHO
HEADS THE FULLSERVICE DINING CONCEPTS DIVISION 9305190038 930519 CREDIT
MARKETS TREASURY PRICES DECLINE ON INFLATION CONCERNS BUT NEW YORK
CITY SELLS 900 MILLION OF DEBT  BY THOMAS T VOGEL JR AND THOMAS
D LAURICELLA STAFF REPORTERS OF THE WALL STREET JOURNAL

NEW YORK AS TREASURY PRICES PLUNGED BECAUSE OF INFLATION WORRIES NEW
YORK CITY CAME TO MARKET WITH OVER 900 MILLION OF MUNICIPAL BONDS
INCLUDING ITS FIRST YENDENOMINATED BOND ISSUE EVER

DESPITE THE UNFAVORABLE ENVIRONMENT DEMAND FOR THE CITY'S
DOLLARDENOMINATED BONDS WAS DECENT SAID MICHAEL W GEFFRARD DIRECTOR OF
THE CITY'S OFFICE OF PUBLIC FINANCE OFFICIALS FROM THE CITY COMPTROLLER'S
OFFICE SAID THE YENDENOMINATED SAMURAI BONDS WHICH WERE ISSUED IN THE
JAPANESE MARKET EARLY YESTERDAY ALSO MET WITH STRONG DEMAND

NEW YORK'S SAMURAI ISSUE WAS ONLY THE THIRD TIME A US MUNICIPAL ENTITY
SOLD DEBT DENOMINATED IN YEN IN JAPAN ACCORDING TO CITY OFFICIALS AND
UNDERWRITERS THE NEW YORK ISSUE WAS THE LARGEST NONDOLLAR US MUNICIPAL
ISSUE EVER

NEW YORK CITY WAS ONE OF A NUMBER OF MUNICIPAL ISSUERS THAT FLOODED THE
MARKET WITH OVER 15 BILLION OF NEW BONDS EVEN AS TREASURY BOND PRICES
DIPPED IN REACTION TO INFLATION FEARS

THE BENCHMARK 30YEAR TREASURY BOND FOR EXAMPLE DROPPED 5/8 POINT OR
625 FOR A BOND WITH A 1000 FACE VALUE TO 101 10/32 THE YIELD WHICH
MOVES IN THE OPPOSITE DIRECTION OF THE PRICE ROSE ABOVE 7 FOR THE FIRST
TIME IN OVER A MONTH TO FINISH AT 701 COMPARED WITH 696 ON MONDAY
TENYEAR NOTES DROPPED NEARLY 1/2 POINT TO 100 27/32 TO YIELD 612 UP FROM
605

ACCORDING TO CITY COMPTROLLER ELIZABETH HOLTZMAN THE CITY SAVED AN
ESTIMATED 38 MILLION OVER 10 YEARS BY ISSUING ABOUT 200 MILLION OF
TAXABLE FLOATINGRATE SAMURAI BONDS SHE SAID THE ESTIMATE WAS BASED ON A
STUDY COMMISSIONED BY THE CITY THAT COMPARED THE COST OF THE SAMURAI ISSUE
WITH THE COST OF A HYPOTHETICAL CITY ISSUANCE OF TAXABLE FIXEDRATE DEBT IN
THE US

THE SAMURAI BONDS WERE SOLD IN FOUR MATURITIES RANGING FROM SIX TO 10 YEARS
WITH COUPONS RANGING FROM 565 TO 605 BECAUSE OF AN INTERESTRATE SWAP
JAPANESE INVESTORS WILL RECEIVE A FIXED RATE OF RETURN WHILE NEW YORK CITY
WILL PAY A RATE THAT FLOATS AT A FIXED SPREAD TO THE LONDON INTERBANK
OFFERED RATE

ACCORDING TO MASUMI YAMAGUCHI PRESIDENT OF NIKKO SECURITIES INTERNATIONAL
WHICH UNDERWROTE THE ISSUE BUYERS RANGED FROM LIFE INSURANCE COMPANIES TO
REGIONAL BANKS

THE SAMURAI ISSUE WAS NOTABLE ALSO BECAUSE OF THE LENGTHS THE CITY WENT TO
SET IT UP IN THE FIRST PLACE ACCORDING TO MS HOLTZMAN NEW YORK CITY
WOULD HAVE SAVED TAXPAYERS HUNDREDS OF THOUSANDS OF DOLLARS MORE IF THE
STATE LEGISLATURE HAD PERMITTED THE CITY TO SELL NONDOLLAR DEBT DIRECTLY
BUT SINCE THE CITY IS NOT PERMITTED TO DO SO IT HAD TO CREATE THE NEW YORK
CITY SAMURAI FUNDING CORP TO SELL THE YENDENOMINATED BONDS TO JAPANESE
INVESTORS SETTING UP THE CORPORATION COST THE CITY MORE IN THE FORM OF
LEGAL FEES SAID MS HOLTZMAN

ACCORDING TO MS HOLTZMAN TO DO THE YEN DEAL THE CITY ENTERED INTO A RATHER
COMPLEX CURRENCY AND INTERESTRATE SWAP WITH LONG TERM CREDIT BANK AND FUJI
BANK BUT THE COMPTROLLER'S OFFICE WOULDN'T PROVIDE A COPY OF A DRAFT OF THE
SWAP AGREEMENT TO THE WALL STREET JOURNAL ACCORDING TO OFFICIALS AT THE
COMPTROLLER'S OFFICE AND LEGAL COUNSEL FOR NIKKO SECURITIES INTERNATIONAL
JAPANESE SECURITIES LAWS PROHIBIT THE DISTRIBUTION OF THE SWAP AGREEMENT
UNTIL THE BONDS ARE DELIVERED TO INVESTORS MAY 27

BECAUSE OF THE SWAP ARRANGEMENTS THE CITY IS GUARANTEED A SET EXCHANGE RATE
FOR CHANGING DOLLARS INTO YEN TO MAKE COUPON PAYMENTS ON THE BONDS
ACCORDING TO MS HOLTZMAN LONG TERM CREDIT BANK AND FUJI BANK WILL ASSUME
ALL CURRENCY RISKS SHE SAID

THE LARGER PORTION OF YESTERDAY'S BOND OFFERINGS FROM NEW YORK CITY
HOWEVER DID NOT GO NEARLY AS SMOOTHLY AS THE YENDENOMINATED PORTION
APPEARED TO THE CITY SOLD ABOUT 700 MILLION OF DOLLARDENOMINATED GENERAL
OBLIGATION BONDS BUT BECAUSE OF RISING INTEREST RATES IN THE TREASURY
MARKET THE CITY WAS FORCED TO RAISE THE OFFERED YIELD ON SOME OF THE BONDS
ACCORDING TO MR GEFFRARD OF THE CITY'S PUBLIC FINANCE OFFICE YIELDS FOR
MANY MATURITIES WERE RAISED 005 TO 010 PERCENTAGE POINT TO ATTRACT BUYERS

ACCORDING TO DANIEL KEATING HEAD OF THE MUNICIPAL BOND DEPARTMENT AT BEAR
STEARNS & CO WHICH UNDERWROTE A PORTION OF THE OFFERING THERE WAS STRONG
DEMAND FOR BOND WITH MATURITIES OF 15 YEARS OR LESS BUT YESTERDAY'S SHARP
RISE IN YIELDS FOR LONGTERM BONDS MADE IT DIFFICULT TO SELL BONDS WITH
MATURITIES LONGER THAN 15 YEARS

TREASURYS CONTINUED TO FLOUNDER YESTERDAY WITH CONTINUED ANXIETY ABOUT
INFLATION DRAGGING PRICES OF NOTES AND BONDS LOWER

HARDEST HIT YESTERDAY WERE LONGERTERM MATURITIES AS SHORT AND INTERMEDIATE
SECURITIES FINALLY FOUND SOME SUPPORT AFTER BEING HIT HARD IN RECENT
SESSIONS

THE PRICE OF THE BENCHMARK 30YEAR TREASURY BOND DROPPED 5/8 POINT WHILE
OTHER MATURITIES DROPPED LESS SHARPLY THE FIVEYEAR NOTE FOR EXAMPLE
DROPPED 1/8 POINT TO 99 11/32 TO YIELD 446 UP FROM 443

ADDING TO THE MARKET'S ANXIETIES WAS A JUMP IN COMMODITY PRICES THE
COMMODITY RESEARCH BUREAU'S INDEX SURGED 181 POINTS TO CLOSE AT 21060 IN
ADDITION GOLD PRICES JUMPED 8 FROM MONDAY TO 376 AN OUNCE

THE INCREASE IN COMMODITY PRICES TOOK THE AIR OUT OF THE MARKET SAID ALAN
LEVENSON A MONEY MARKET ECONOMIST AT UBS SECURITIES INC

SUCH COMMODITYPRICE GAINS ARE ESPECIALLY WORRISOME FOR THE MARKET AS THEY
COME IN THE WAKE OF OF LAST WEEK'S GOVERNMENT REPORTS SHOWING
FASTERTHANANTICIPATED INCREASES IN INFLATION FOR APRIL

WALL STREET IS STILL ADJUSTING TO THE INFLATION FIGURES SAID MARK GRANT
MANAGER OF FIXEDINCOME TRADING AT RODMAN & RENSHAW CAPITAL GROUP INC IN
CHICAGO

ACTIVITY WAS AGAIN DOMINATED BY DEALERS AND SPECULATIVE TRADING ACCOUNTS
PARTICIPANTS SAID

DESPITE THE SELLOFF INSTITUTIONAL INVESTORS CONTINUE TO TAKE A
WAITANDSEE ATTITUDE TOWARD THE MARKET NEITHER SCARED INTO SELLING BY THE
INFLATION NEWS NOR ENTICED YET INTO BUYING BY THE HIGHER YIELDS

ALONG WITH SOME MOVEMENT OF CASH FROM LONGERTERM SECURITIES INTO
SHORTERTERM SECURITIES TRADERS SAID SHORT AND INTERMEDIATE SECURITIES
FOUND SOME SUPPORT YESTERDAY FROM UNANNOUNCED PURCHASES OF NOTES BY THE
FEDERAL RESERVE AS WELL AS BUYING RELATED TO MUNICIPAL DEFEASANCE

IN A DEFEASANCE PROGRAM STATE AND LOCAL GOVERNMENTS TAKE ADVANTAGE OF THE
LOW INTERESTRATE ENVIRONMENT BY ISSUING NEW SECURITIES TO REFUND OLDER
HIGHERINTEREST DEBT BUT UNTIL THE OLDER DEBT CAN BE CALLED THE PROCEEDS
FROM THE NEW ISSUES ARE PARKED IN TREASURYS

AT MIDAFTERNOON TODAY THE TREASURY DEPARTMENT IS SLATED TO ANNOUNCE THE
DETAILS OF NEXT WEEK'S TWOYEAR AND FIVEYEAR NOTE AUCTIONS ECONOMISTS
BELIEVE THE TREASURY WILL KEEP THE SIZE OF THE FIVEYEAR OFFERING UNCHANGED
AT 11 BILLION WHILE THE TWOYEAR NOTE COULD EITHER BE HELD AT 1525
BILLION OR INCREASED BY AS MUCH AS 500 MILLION

RISING INTEREST RATES CAST A PALL OVER THE ISSUANCE OF INVESTMENTGRADE
BONDS YESTERDAY BUT ENTHUSIASM REMAINS FOR NEW HIGHYIELD ISSUES DUE SOON

THE LARGEST DEAL YESTERDAY WAS A TWOPART 600 MILLION FIRST AND REFUNDING
MORTGAGE BOND OFFERING BY PUBLIC SERVICE ELECTRIC & GAS CO A UNIT OF
PUBLIC SERVICE ENTERPRISE GROUP ONE SYNDICATE OFFICIAL SAID THE
INVESTMENTGRADE ISSUE MET LITTLE INTEREST AND SALES WERE SLUGGISH

PRICES OF SEASONED INVESTMENTGRADE SECURITIES TUMBLED 1/4 TO 1/2 POINT

SECONDARY PRICES IN THE BROADER HIGHYIELD MARKET ENDED FIRMER WITH SOME
ISSUES UP AS MUCH AS 1/8 POINT A TRADER SAID

TWO HIGHYIELD ISSUES DUE SHORTLY ARE EXPECTED TO MEET THE SAME STRONG
INVESTOR DEMAND THAT GREETED SOME RECENT ISSUES JUNK BONDS ARE GENERALLY
LESS SENSITIVE TO INTERESTRATE VOLATILITY THAN INVESTMENTGRADE ISSUES

AMONG THE NEW JUNK OFFERINGS DUE SOON ARE A 135 MILLION ISSUE OF SEVENYEAR
SENIOR NOTES BY FINLAY FINE JEWELRY CORP AND AN 85 MILLION ISSUE OF
10YEAR SENIOR SUBORDINATED DEBENTURES BY ALLNET COMMUNICATION SERVICES INC

CURRENTCOUPON MORTGAGE SECURITIES ENDED 1/4 POINT LOWER CURRENTCOUPON
SECURITIES ARE THOSE BACKED BY NEWLY ORIGINATED MORTGAGE LOANS

IN THE NEWISSUE MARKET A HOUSEHOLD FINANCE CORP ISSUE OF 650 MILLION OF
HOME EQUITY LOAN CERTIFICATES WAS PRICED BY A MERRILL LYNCH & CO GROUP THE
ISSUER IS A UNIT OF HOUSEHOLD INTERNATIONAL INC

THE ISSUE INCLUDES TWO FLOATINGRATE CLASSES TIED TO THE LONDON INTERBANK
OFFERED RATE ONE CLASS FLOATING OFF 30DAY COMMERCIAL PAPER AND A
FIXEDRATE CLASS

THE ISSUE ANTICIPATED THROUGHOUT THE SESSION WAS ANNOUNCED LATE IN THE DAY
WHEN THE TREASURY TWOYEAR NOTE DROPPED TO A YIELD OF 403 THE FIXEDRATE
CLASS WAS PRICED 088 PERCENTAGE POINT ABOVE THE TWOYEAR TREASURY

IN SECONDARY TRADING 7 AGENCY COUPONS FOR JUNE DELIVERY DROPPED ABOUT 1/4
POINT GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 7 SECURITIES LOST 9/32 TO
99 21/32 FEDERAL HOME LOAN MORTGAGE CORP GOLD ISSUES ENDED 1/4 LOWER AT
100 2/32 AND FEDERAL NATIONAL MORTGAGE ASSOCIATION ISSUES ENDED 1/4 LOWER
AT 99 29/32

LYNN K ADLER CONTRIBUTED TO THIS ARTICLE 9305190037 930519 BUSINESS
BRIEF HELEN OF TROY CORP FISCAL FOURTHQUARTER PROFIT SOARED TO
44 MILLION

HELEN OF TROY CORP EL PASO TEXAS WITH RECORD SALES OF ITS PERSONALCARE
PRODUCTS AND A REAL ESTATE GAIN SAW FISCAL FOURTHQUARTER EARNINGS NEARLY
QUADRUPLE TO 44 MILLION OR 59 CENTS A SHARE FROM 12 MILLION OR 17
CENTS A SHARE A YEAR EARLIER

THE COMPANY WHICH DEVELOPS DESIGNS AND MARKETS PERSONALCARE PRODUCTS HAD
SALES OF 275 MILLION IN THE QUARTER ENDED FEB 28 UP 25 FROM 221
MILLION A YEAR EARLIER

THE REAL ESTATE GAIN RESULTING FROM THE SALE OF THE COMPANY'S HONG KONG
OFFICE WHEN IT MOVED TO LARGER FACILITIES ADDED 26 MILLION TO EARNINGS
EXCLUSIVE OF THE GAIN EARNINGS ROSE 51 TO 18 MILLION OR 24 CENTS A
SHARE

FOR THE YEAR NET INCOME ROSE 80 TO 129 MILLION FROM THE YEAREARLIER
72 MILLION SALES ROSE 10 TO 132 MILLION FROM 1202 MILLION
9305190036 930519 BUSINESS BRIEF STUART ENTERTAINMANT INC 
FIRSTPERIOD NET WAS FLAT DESPITE RECORDHIGH SALES

STUART ENTERTAINMENT INC POSTED FLAT FIRSTQUARTER EARNINGS OF 627000 OR
18 CENTS A SHARE INCLUDING A ONETIME ACCOUNTING GAIN SAYING THAT RECORD
SALES FAILED TO OFFSET SHRINKING PROFIT MARGINS AND THE EXPENSE OF
DEVELOPING NEW PRODUCTS

IN THE YEAREARLIER PERIOD THE LITTLETON COLO MAKER OF BINGO PRODUCTS
POSTED EARNINGS OF 629000 OR 18 CENTS A SHARE

SALES DURING THE FIRST QUARTER WERE 139 MILLION UP 13 FROM 124 MILLION
IN THE YEAREARLIER PERIOD AND THE HIGHEST IN THE COMPANY'S 45YEAR HISTORY
ACCORDING TO RICHARD ELLISON CHIEF FINANCIAL OFFICER

PROFIT MARGINS HOWEVER WERE CUT BY PRICE COMPETITION IN MAJOR PRODUCT
CATEGORIES AND BY HIGHER MANUFACTURING COSTS MR ELLISON SAID ALSO THE
COMPANY SPENT 300000 DEVELOPING ELECTRONIC BINGO AND LOTTERY EQUIPMENT

EARNINGS WOULD HAVE DECLINED WITHOUT A ONETIME FAVORABLE ACCOUNTING CHANGE
THAT RESULTED IN A GAIN OF 187000 OR FIVE CENTS A SHARE THE COMPANY
SAID 9305190035 930519 BUSINESS BRIEF DAIMLERBENZ AG RECALL SLATED
OF 14300 CARS IN 19901992 500SL LINE

MERCEDESBENZ OF NORTH AMERICA SAID IT IS INITIATING A VOLUNTARY RECALL OF
ALL ITS 1990 THROUGH 1992 500SL MODELS TO REPLACE A VACUUM LINE FOR THE
AUTOMOBILE'S BRAKE BOOSTER UNIT THE RECALL AFFECTS 14300 VEHICLES

A CHECK VALVE IN THE CAR'S BRAKE BOOSTER VACUUM LINE CAN BECOME DAMAGED
DURING ROUTINE MAINTENANCE DAMAGE CAN RESULT IN LOSS OF POWER ASSIST FOR
THE BRAKES THAT CAUSES THE DRIVER TO APPLY MORE FORCE WHEN BRAKING THE
AUTO MAKER SAID THE DEFECT HAS RESULTED IN FOUR MINOR ACCIDENTS NONE OF
WHICH RESULTED IN INJURIES

THE OWNERS OF THE RECALLED VEHICLES ARE BEING NOTIFIED AND ASKED TO CONTACT
THE NEAREST AUTHORIZED MERCEDESBENZ DEALER THE AUTO MAKER A MONTVALE
NJ UNIT OF GERMANY'S DAIMLERBENZ AG WILL REPLACE THE DEFECTIVE VACUUM
LINE WITH A REDESIGNED VACUUM LINE AT NO CHARGE TO THE OWNER 9305190034
930519 BUSINESS BRIEF CAROLCO PICTURES INC COMPANY POSTS WIDER LOSS 
FOR QUARTER MISSES PAYMENT

CAROLCO PICTURES INC POSTED A WIDER FIRSTQUARTER LOSS AND DEFAULTED ON ITS
10 CONVERTIBLE SUBORDINATED DEBENTURES AFTER FAILING TO MAKE A 25 MILLION
INTEREST PAYMENT

THE LOS ANGELES INDEPENDENT FILM PRODUCER SAID HOLDERS OF 71 OF THE
DEBENTURES ARE CONTROLLING INVESTORS WHO HAVE AGREED TO DEFER PAYMENT UNTIL
JULY 31 OR COMPLETION OF A FINANCIAL RESTRUCTURING WHICHEVER COMES EARLIER
CAROLCO HAS SAID IT WILL FILE A PREPACKAGED BANKRUPTCYLAW REORGANIZATION IF
THE RESTRUCTURING FALLS THROUGH

CAROLCO ALSO INDICATED THAT IT DOESN'T PLAN TO PAY OFF ITS 14 SENIOR NOTES
THAT ARE DUE JUNE 1 AS OF MARCH 31 THERE WAS 353 MILLION IN PRINCIPAL
AND ACCRUED INTEREST OUTSTANDING ON THE NOTES

CAROLCO SAID IT INTENDS TO SATISFY SUCH OBLIGATIONS PURSUANT TO THE
RESTRUCTURING INSTEAD OF PAYING SUCH OBLIGATIONS WHEN DUE IF THE COMPANY
FAILS TO PAY THE NOTES WHEN THEY MATURE THE HOLDERS WILL BE ENTITLED TO
COMMENCE AN ACTION FOR COLLECTION OF AMOUNTS DUE THE COMPANY SAID

CAROLCO RECENTLY FILED AMENDMENTS TO ITS PROPOSED RESTRUCTURING PLAN WITH
THE SECURITIES AND EXCHANGE COMMISSION BUT IT HASN'T YET BECOME EFFECTIVE
THE PLAN INCLUDES AN EXCHANGE OFFER FOR HOLDERS OF THE COMPANY'S 14 NOTES
AND 13 SENIOR SUBORDINATED NOTES

THE FIRSTQUARTER LOSS WAS 68 MILLION OR 24 CENTS A SHARE COMPARED WITH
A LOSS OF 43 MILLION OR 20 CENTS A SHARE IN THE YEAREARLIER PERIOD
REVENUE FELL 32 TO 93 MILLION FROM 1365 MILLION 9305190033 930519
TECHNOLOGY & ENVIRONMENT BRIEF APPLIED MATERIALS INC SEMICONDUCTOR
EQUIPMENT MAKER'S 2NDPERIOD NET RISES

APPLIED MATERIALS INC THE LARGEST US MAKER OF SEMICONDUCTOR
MANUFACTURING EQUIPMENT SAID FISCAL SECONDQUARTER EARNINGS MORE THAN
DOUBLED AS SALES JUMPED IN RESPONSE TO INCREASED DEMAND FOR CHIPS USED IN
PERSONAL COMPUTERS

THE SANTA CLARA CALIF COMPANY SAID NET INCOME ROSE TO 223 MILLION OR
54 CENTS A SHARE FROM 94 MILLION OR 26 CENTS A SHARE SALES FOR THE
QUARTER ENDED MAY 2 INCREASED 42 TO 2557 MILLION FROM 1801 MILLION

CHIP MAKERS ARE INCREASING ORDERS FOR MANUFACTURING EQUIPMENT TO MEET
BOOMING DEMAND FOR MICROPROCESSORS AND OTHER PC CHIPS APPLIED MATERIALS
SAID NEW ORDERS REACHED A RECORD 2728 MILLION INCREASING BACKLOG TO
2869 MILLION FROM 2678 MILLION AT THE END OF THE PREVIOUS QUARTER

FOR THE FIRST HALF OF FISCAL 1993 APPLIED MATERIALS SAID IT EARNED 37
MILLION OR 90 CENTS A SHARE COMPARED WITH 158 MILLION OR 45 CENTS A
SHARE IN THE YEAREARLIER PERIOD SALES WERE 4713 MILLION UP SHARPLY
FROM 3471 MILLION 9305190032 930519 INTERNATIONAL BRIEF FISONS PLC
 FIRM'S HORTICULTURE BUSINESS TO BE SOLD FOR 60 MILLION

FISONS PLC SAID IT WILL SELL ITS NORTH AMERICAN HORTICULTURE BUSINESS TO A
CONSORTIUM LED BY MACLUAN CAPITAL CORP OF VANCOUVER FOR 60 MILLION IN
CASH

THE DIVISION MANUFACTURES AND SELLS HORTICULTURE PRODUCTS TO RETAIL AND
PROFESSIONAL MARKETS IN THE US AND CANADA THE SALE IS EXPECTED TO BE
COMPLETED BY JUNE 30 THE SALE PRICE IS SUBJECT TO ADJUSTMENT BASED ON THE
DIVISION'S FIRSTQUARTER RESULTS OPERATING PROFIT FOR THE GROUP TOTALED 14
MILLION FOR 1992 WHILE SALES TOTALED 85 MILLION

FISONS A BRITISH HEALTHCARE COMPANY WILL USE THE PROCEEDS OF THE SALE TO
REDUCE DEBT

MEANWHILE AT FISONS ANNUAL MEETING OFFICIALS SAID DEPRESSED EUROPEAN
MARKETS AND MARGIN PRESSURE IN ITS INSTRUMENTS BUSINESS MAY LIMIT THE
COMPANY'S FINANCIAL PROGRESS IN THE FIRST HALF OF 1993 CHAIRMAN PATRICK
EGAN SAID HOWEVER THAT FISONS IS STILL AIMING FOR A CONTINUING RECOVERY
OF PERFORMANCE IN THE FULL YEAR 9305190031 930519 MARKETING BRIEF 
NOTED

SPORTS IN SPANISH THE CABLE SPORTS NETWORK PRIME TICKET PLANS TO LAUNCH AN
ALL SPANISHLANGUAGE CABLE SPORTS CHANNEL THIS FALL TO VIEWERS IN THE
SOUTHWEST US THE PRIVATELY HELD LOS ANGELES COMPANY SAID THE NETWORK
CALLED PRIME TICKET LA CADENA DEPORTIVA WILL INITIALLY OFFER 18 HOURS OF
SPORTS PROGRAMMING DAILY PRIME TICKET SAID THE CHANNEL IS CRAFTED TO REACH
THE 82 OF THE LATINO AUDIENCE IN SOUTHERN CALIFORNIA ARIZONA AND NEVADA
WHICH DOES NOT CURRENTLY SUBSCRIBE TO CABLE 9305190030 930519 BUSINESS
BRIEF LOTUS DEVELOPMENT CORP CHAIRMAN EXPECTS INCREASE IN OPERATING
PROFIT MARGINS

LOTUS DEVELOPMENT CORP'S PRESIDENT AND CHIEF EXECUTIVE OFFICER JIM P
MANZI TOLD THE ANNUAL MEETING OF SHAREHOLDERS IN BOSTON THAT WE THINK WE
CAN DELIVER 15 TO 18 OPERATING MARGINS NEXT YEAR

HE BASED HIS PROFITMARGIN PROJECTION ON LOWER MARKETING AND DEVELOPMENT
COSTS AND STRONG SALES OF LOTUS'S NEW WINDOWSBASED PRODUCTS INCLUDING
LOTUS NOTES AND CCMAIL COMMUNICATIONS SOFTWARE

IN THE LATEST QUARTER LOTUS'S OPERATING MARGIN WAS ABOUT 9 ACCORDING TO
ITS CHIEF FINANCIAL OFFICER EDWIN GILLIS

PAUL JOHNSON AN ANALYST AT FIRST BOSTON CORP CALLED MR MANZI'S
PROJECTION A HUGE INCREASE IN PROFITABILITY IF THEY CAN DELIVER MR
JOHNSON HAD EXPECTED LOTUS TO EARN 180 A SHARE IN 1994 ASSUMING AN 11
OPERATING MARGIN UP FROM A PROJECTED 150 A SHARE THIS YEAR 9305190029
930519 WHAT'S NEWS  WORLDWIDE

MUSLIMS AND CROATS AGREED TO IMPLEMENT PARTS OF A BOSNIA PEACE PLAN

LEADERS OF THE TWO GROUPS AGREED TO SET UP COORDINATION COMMITTEES IN THREE
BOSNIAN PROVINCES WHERE FIGHTING HAS BEEN MOST INTENSE AS PRECURSORS TO
REGIONAL GOVERNMENTS AND VOWED TO ADHERE TO A CEASEFIRE MEDIATOR LORD
OWEN CALLED THE ACCORD THE FIRST IMPORTANT STEP IN IMPLEMENTING THE
UNBACKED PEACE PLAN WHICH BOSNIAN SERBS REJECTED MEANWHILE SECRETARY
OF STATE CHRISTOPHER VOWED TO PRESS ALLIES TO SUPPORT A LIFTING OF THE ARMS
EMBARGO AGAINST BOSNIA'S MUSLIMS AND RULED OUT ANY US ACTION WITHOUT
EUROPE'S SUPPORT

THE UN SECURITY COUNCIL IS EXPECTED TO VOTE TODAY TO APPROVE WARCRIMES
TRIBUNALS TO METE OUT PUNISHMENTS FOR ATROCITIES COMMITTED IN THE BALKANS

DANISH VOTERS APPROVED A EUROPEAN UNITY TREATY IN A SECOND REFERENDUM

THE MODIFIED TREATY A BLUEPRINT FOR CLOSER POLITICAL COOPERATION AND THE
CREATION OF A SINGLE EUROPEAN CURRENCY WAS ACCEPTED BY A MARGIN OF 568 TO
432 THE OUTCOME BROUGHT RELIEF TO EUROPEAN COMMUNITY GOVERNMENTS WHICH
HAVE FACED ECONOMIC AND POLITICAL UPHEAVAL SINCE DENMARK REJECTED THE TREATY
IN THE FIRST REFERENDUM LAST JUNE THE RESULT ALSO MAY BOOST THE DANISH
ECONOMY

THE TREATY FACES TWO OTHER BIG HURDLES IN THE NEXT FEW MONTHS RATIFICATION
BY BRITAIN'S PARLIAMENT AND APPROVAL BY GERMANY'SCONSTITUTIONAL COURT

THE AFRICAN NATIONAL CONGRESS SAID GROUPS INVOLVED IN SOUTH AFRICA'S
DEMOCRACY TALKS HAVE AGREED TO CONSIDER SELFDETERMINATION FOR MINORITIES
THE ANC PREVIOUSLY INSISTED ON A STRONG UNITARY STATE MEANWHILE POLICE
THWARTED A PLANNED STUDENT MARCH IN JOHANNESBURG BY PREVENTING PROTESTERS
FROM LEAVING BLACK TOWNSHIPS

A COURT IN MOSCOW POSTPONED INDEFINITELY THE TRIAL OF 12 SOVIET OFFICIALS
ACCUSED OF PLOTTING THE FAILED AUGUST 1991 COUP AGAINST GORBACHEV BECAUSE
OF ALLEGED MISCONDUCT BY RUSSIA'S CHIEF PROSECUTOR THE THREEJUDGE PANEL
RULED THAT THE PROSECUTOR VIOLATED THE DEFENDANTS' RIGHTS LAST YEAR BY
WRITING A BOOK THAT SAID THEY WERE GUILTY

RIOT POLICE IN SEOUL CLASHED WITH THOUSANDS OF STUDENTS RALLYING ON THE
ANNIVERSARY OF SOUTH KOREA'S 1980 CRACKDOWN ON A CIVIL UPRISING STUDENTS
WIELDING STEEL PIPES GATHERED NEAR THE HOMES OF TWO FORMER PRESIDENTS TO
DEMAND AN INQUIRY INTO THE CRACKDOWN AND WERE MET WITH TEAR GAS AT LEAST
TWO DOZEN STUDENTS WERE HURT

CHRISTOPHER CRITICIZED CHINA'S REPORTEDLY COERCIVE FAMILYPLANNING
PRACTICES THE SECRETARY OF STATE SAID HE WOULD CONSIDER LINKING BEIJING'S
MOSTFAVOREDNATION TRADE STATUS TO ENDING THOSE PRACTICES SEPARATELY FOUR
LAWMAKERS ACCUSED CHINA OF BREAKING A PLEDGE TO STOP EXPORTING PRISONMADE
GOODS TO THE US

A PEACEKEEPING OFFICIAL HAS ORDERED ALL UN PERSONNEL IN CAMBODIA NOT TO
SPEAK TO THE NEWS MEDIA BEFORE ELECTIONS BEGIN SATURDAY A MEMORANDUM FROM
THE CAMBODIA'S UN PEACEKEEPING CHIEF SAID THE UN WAS CONCERNED ABOUT
UNAUTHORIZED COMMENTS TO THE MEDIA MANY OF THEM CRITICAL OF THE UN AND
ITS MISSION IN CAMBODIA

THE BOY SCOUTS CAN BAR ATHEISTS A US APPEALS COURT RULED THE THREEJUDGE
PANEL IN CHICAGO SAID THE GROUP WASN'T SUBJECT TO A BAN ON DISCRIMINATION IN
PLACES OF PUBLIC ACCOMMODATION SUCH AS MEETING HALLS AND PLACES OF
BUSINESS THE SCOUTS HAVE APPEALED A 1992 CALIFORNIA RULING THAT ATHEISTS
COULDN'T BE EXCLUDED

AN ISRAELI ARMY OFFICER WAS KILLED AND TWO SOLDIERS WERE WOUNDED IN A
GUNFIGHT WITH GUERRILLAS IN ISRAELIOCCUPIED SOUTH LEBANON THE ARMY SAID
ISRAEL AND ITS LOCAL MILITIA ALLY THE SOUTH LEBANON ARMY RETALIATED FOR
THE ATTACK BY SHELLING GUERRILLA TARGETS IN THE AREA SEPARATELY
ARABISRAELI ARMSCONTROL TALKS RESUMED IN WASHINGTON

NICARAGUA SUSPENDED SEVERAL ARTICLES OF ITS CONSTITUTION IN A CAMPAIGN TO
COMBAT REARMED GUERRILLAS IN THE NORTHERN COUNTRYSIDE THE DECREE GIVES
POLICE AUTHORITY TO SEARCH HOMES AND DETAIN SUSPECTS WITHOUT A JUDGE'S
APPROVAL IN ADDITION THE ARMY PLANS TO LAUNCH OFFENSIVES AGAINST REBELS
NEXT MONTH AFTER AN AMNESTY PERIOD ENDS

NORWAY ANNOUNCED PLANS TO ALLOW 296 MINKE WHALES TO BE KILLED THIS YEAR IN
DEFIANCE OF AN INTERNATIONAL BAN ON WHALE HUNTING NORWEGIAN OFFICIALS
ARGUED THAT THE STOCK OF 86700 MINKE WHALES OFF NORWAY'S COAST IS LARGE
ENOUGH TO SUSTAIN A HUNT 9305190028 930519 INTERNATIONAL BRIEF HANSON
PLC PRETAX PROFIT INCREASED 14 DURING SIXMONTH PERIOD

HANSON PLC LONDON REPORTED A 14 RISE IN PRETAX PROFIT FOR THE FIRST SIX
MONTHS THAT ENDED MARCH 31

CHAIRMAN LORD HANSON SAID THE PERFORMANCE WAS IN LINE WITH INTERNAL
EXPECTATIONS DESCRIBING IT AS A VERY GOOD RESULT IN LIGHT OF THE LENGTHY
WORLDWIDE RECESSION

HANSON HAS BUSINESS IN COAL AND GOLD MINING HYDRAULIC CRANES INDUSTRIAL
PRODUCTS TOBACCO PRODUCTS BATTERIES VITAMINS COSMETICS FOOTWEAR
BUILDING PRODUCTS TIMBER AND ELECTRICAL WIRING ACCESSORIES

PRETAX PROFIT TOTALED 507 MILLION 330 MILLION UP FROM 500 MILLION THE
DIVIDEND WAS RAISED 36 TO 285 PENCE FROM 275 PENCE

LOOKING AHEAD LORD HANSON SAID IT WAS UNLIKELY THAT THE CURRENT SIGNS OF
ECONOMIC RECOVERY WOULD LEAD TO A SIGNIFICANT ADDITIONAL CONTRIBUTION TO
PROFIT THIS YEAR

SALES ROSE BY 74 TO 479 BILLION IN THE SIX MONTHS FROM 446 BILLION A
YEAR EARLIER

HANSON PLC OF BRITAIN POSTED PRETAX PROFIT OF 507 MILLION EQUIVALENT TO
7818 MILLION FOR THE SIX MONTHS ENDED MARCH 31 IN AN ARTICLE WEDNESDAY
THE FIGURE WAS INCORRECTLY CONVERTED AS 330 MILLION 9305190027 930519
BUSINESS BRIEF BECHTEL GROUP INC REVENUE ROSE 4 IN 1992 AND NEW
ORDERS GREW 16

BECHTEL GROUP INC SAID ITS 1992 REVENUE INCREASED 4 TO 78 BILLION FROM
75 BILLION THE PRIVATELY HELD COMPANY DOESN'T DISCLOSE EARNINGS

SAN FRANCISCOBASED BECHTEL ONE OF THE WORLD'S LARGEST CONSTRUCTION AND
ENGINEERING FIRMS SAID NEW ORDERS LAST YEAR JUMPED 16 TO 84 BILLION
FROM 72 BILLION IN 1991

THE YEAR'S MAJOR PROJECTS INCLUDE THE COMPANY'S ROLE AS PROJECT MANAGER FOR
RECONSTRUCTION OF KUWAIT IN THE AFTERMATH OF THE GULF WAR 9305190026
930519 INTERNATIONAL WORLD WIRE  COMPILED BY RICHARD L HOLMAN

STRIKING METALWORKERS IN AN EASTERN GERMAN STATE AGREED TO RETURN TO WORK
AFTER APPROVING AN ACCORD POSTPONING PROMISED PAY RAISES BUT TALKS
CONTINUED FOR METALWORKERS IN EASTERN BERLIN AND STEELWORKERS IN THE REGION

ABOUT 40000 WORKERS IN THE STEEL METAL AND ELECTRONICS INDUSTRIES BEGAN
THE STRIKE MAY 3 DEMANDING A 26 PAY INCREASE MISED IN A 1991 CONTRACT
DESIGNED TO BRING WAGES UP TO WESTERN GERMAN LEVELS BY 1994 BUT THAT DEAL
WAS SET BEFORE GERMANY'S RECESSION SET IN

A PILOT AGREEMENT REACHED LAST FRIDAY IN SAXONY STATE STRETCHED THE PAY
CATCHUP PERIOD TO 1996 AND THE IG METALL UNION AGREED TO LET FINANCIALLY
AILING COMPANIES DELAY RAISES UNION MEMBERS IN SAXONY VOTED TO ACCEPT THE
ACCORD AND ABOUT 23000 STRIKERS WHO CLOSED 44 PLANTS WERE TO GO BACK TO
THEIR JOBS TODAY

STRIKERS IN THREE OTHER EASTERN STATES SAXONYANHALT THURINGIA AND
MECKLENBURGVORPOMMERN BEGAN VOTING ON PACTS SIMILAR TO THE SAXONY DEAL AND
COULD END THEIR WALKOUTS THIS WEEK

FRENCH PRESIDENT FRANCOIS MITTERRAND FAULTED BRITAIN FOR DALLYING IN
BUILDING A HIGHSPEED RAIL LINK TO THE ENGLISH CHANNEL TUNNEL THAT WILL
CONNECT THE TWO COUNTRIES NEXT YEAR AT A CEREMONY INAUGURATING FRANCE'S
LATEST HIGHSPEED RAILWAY SERVICE CUTTING THE TRIP FROM PARIS TO THE
NORTHERN CITY OF LILLE TO 58 MINUTES FROM 88 STARTING IN SEPTEMBER MR
MITTERRAND SAID TRAVELERS FROM FRANCE TO BRITAIN WILL HAVE RAPID TRANSIT
UNTIL THEY ARRIVE ON THE ENGLISH SIDE OF THE TUNNEL BRITAIN ONLY RECENTLY
DECIDED TO BUILD A TRACK TO ACCOMMODATE FAST TRAINS FROM LONDON TO THE
TUNNEL BUT HASN'T APPROVED THE ROUTE

VIOLENT CRIME AND THEFT INCREASED LAST YEAR IN GERMANY THE INTERIOR
MINISTRY SAID REPORTED OFFENSES ROSE 10 IN WESTERN GERMANY RELIABLE
FIGURES FOR THE EASTERN REGION WEREN'T AVAILABLE THERE IS CLEARLY AN
INCREASE IN MANY OF AREAS THAT ARE ESPECIALLY IMPORTANT FOR OUR CITIZENS'
SENSE OF SECURITY THE MINISTRY SAID CITING INCREASES OF 30 IN CAR THEFTS
AND 14 IN BURGLARIES VIOLENT CRIME GREW 5 LED BY A 14 JUMP IN MURDER
AND MANSLAUGHTER AND A 53 RISE IN ASSAULTS

BIG INCREASES IN PRICES OF FUEL AND CONSTRUCTION AND INDUSTRIAL RAW
MATERIALS IN CHINA LAST MONTH SIGNAL HIGHER CONSUMER INFLATION THE PRODUCER
PRICE REPORT CAME A DAY AFTER CHINA REPORTED RETAIL PRICES IN MAJOR CITIES
LAST MONTH CLIMBED 17 FROM A YEAR EARLIER THE BIGGEST JUMP IN FIVE YEARS
THE GOVERNMENT IS RELUCTANT TO INTERVENE THOUGH PRICES FOR FUEL JUMPED 78
AND BUILDING MATERIALS 40 FOR EXAMPLE WHICH WILL BE PASSED ON TO
CONSUMERS IN PRICES OF FINISHED PRODUCTS

EUROPEAN COMMUNITY TRADE POLICIES WON PRAISE FROM THE GENERAL AGREEMENT ON
TARIFFS AND TRADE WHICH CONCLUDED THE EC INCREASED IMPORT AND EXPORT
OPPORTUNITIES THROUGH ITS SINGLEMARKET PROGRAM A REPORT BY THE WORLD TRADE
BODY SAID FEARS THAT THE EC WOULD TURN MORE INWARDLOOKING DO NOT SEEM TO
HAVE BEEN JUSTIFIED AND NOTED LITTLE EVIDENCE OF ANY MAJOR MOVE TO PROTECT
INDUSTRIALGOODS MARKETS BUT THE GATT REVIEW DID CRITICIZE EC POLICIES THAT
SUBSIDIZE AND PROTECT FARMERS REPRESENTATIVES OF GATT MEMBER NATIONS
MEETING IN GENEVA CONCEDED THAT THE EC HAS A LARGELY OPEN TRADING SYSTEM

THE PHILIPPINES APPROVED A MASTER PLAN TO BOOST ITS TOURISM INDUSTRY THE
GOVERNMENT ESTIMATED ITS MINIMUM SPENDING FOR THE PLAN TO CREATE TOURIST
DESTINATIONS AT 83 BILLION PESOS 3144 MILLION THROUGH 1999 WITH THE
PRIVATE SECTOR TO CONTRIBUTE AT LEAST 25 BILLION PESOS THE PLAN AIMS BY
THE YEAR 2010 TO HAVE ANNUAL TOURIST ARRIVALS OF FIVE MILLION AND RECEIPTS
OF 12 BILLION AND WITHIN 20 YEARS TO HAVE CREATED 27 MILLION JOBS IN
TOURISM AND RELATED SECTORS

JAPAN'S CABINET DOMINATED BY MEN PLEDGED TO FIND THE BEST WAY TO REFER TO
WOMEN TO PROMOTE SEXUAL EQUALITY

THE ISSUE CENTERS ON WHETHER TO JUNK THE OLDFASHIONED TERM FOR WOMEN
FUJIN USED IN MOST LAWS AND DOCUMENTS AND TO ADOPT THE MODERN WORD JOSEI
AS MOST LOCAL GOVERNMENTS ALREADY HAVE DONE

LABOR MINISTER MASAKUNI MURAKAMI ADVOCATED THE CHANGE SAYING YOUNGER WOMEN
MAY TAKE MORE INTEREST IN THE STATUS OF WOMEN IF THE GOVERNMENT USES A
MODERN TERM THEY CAN IDENTIFY WITH WOMEN'S ACTIVISTS ALSO FAVOR THE
CONTEMPORARY JOSEI WHICH MEANS WOMEN AND GIRLS AND PARALLELS DANSEI MEN
AND BOYS NEITHER WORD INDICATES MARITAL STATUS WHILE FUJIN WRITTEN WITH A
CHARACTER THAT COMBINES PARTS OF THE SYMBOLS FOR WOMAN AND BROOM IMPLIES
THAT WOMEN BECOME ADULTS ONLY WHEN THEY MARRY

EDUCATION MINISTER MAYUMI MORIYAMA FAVORED WIDENING THE STUDY TO OTHER
ISSUES ON SEXUAL EQUALITY BUT JUSTICE MINISTER MASAHARU GOTODA SAID POLICY
SUBSTANCE IS MORE IMPORTANT THAN TERMINOLOGY

AN ARMED STRIKE IN PERU CALLED BY THE MAOIST SHINING PATH TO MARK THE 13TH
ANNIVERSARY OF ITS GUERRILLA MOVEMENT SPUTTERED IN ITS SECOND DAY AS MOST
ACTIVITIES RETURNED TO NORMAL  AT LEAST 100000 OF THE 350000 WORKERS
AT EASTERN GERMAN FIRMS OWNED BY THE TREUHANDANSTALT PRIVATIZATION AGENCY
WILL LOSE THEIR JOBS THIS YEAR THE DGB UMBRELLA GROUP OF UNIONS PREDICTED
9305190025 930519 INTERNATIONAL BRIEF ALLIEDLYONS PLC FIRM REPORTS
PRETAX PROFIT CLIMBED 16 IN LATEST YEAR

ALLIEDLYONS PLC REPORTED THAT PRETAX PROFIT ROSE 16 IN THE FISCAL YEAR
ENDED MARCH 6 ON AN INCREASE IN PROFIT AT HIRAM WALKER SPIRITS AND A LOWER
INTEREST CHARGE

ALLIEDLYONS A UNITED KINGDOM DRINKS AND RESTAURANT GROUP ALSO ANNOUNCED
THAT IT BOUGHT A FRENCH DRINKS DISTRIBUTOR FROM CANADA'S SEAGRAM CO THE
PRICE WASN'T DISCLOSED PARISBASED PERRIERJOUET/BARTON & GUESTIER
DISTRIBUTION HAS DISTRIBUTED HIRAM WALKER'S BALLANTINE'S SCOTCH WHISKY SINCE
1961 AND NOW ALSO DISTRIBUTES HIRAM WALKER'S COURVOISIER COGNAC AND KAHLUA
COFFEE LIQUEUR

ALLIEDLYONS'S PRETAX PROFIT TOTALED 620 MILLION 9517 MILLION UP FROM
610 MILLION IN THE YEAREARLIER PERIOD SALES ROSE 35 TO 522 BILLION
FROM 504 BILLION

THE COMPANY'S 21 PENCE FULLYEAR DIVIDEND UP FROM 20 PENCE WAS AT THE TOP
END OF EXPECTATIONS

THE COMPANY SAID IT SAW GROWTH IN MOST OF ITS MAJOR LIQUOR BRANDS IT ALSO
SAID SALES ROSE AT ITS BASKINROBBINS ICE CREAM AND DUNKIN' DONUTS CHAINS IN
THE US 9305190024 930519 INTERNATIONAL BRIEF ELECTROLUX AB 
FIRSTQUARTER PRETAX PROFIT FELL 20 ON 23 SALES RISE

ELECTROLUX AB THE SWEDISH HOUSEHOLD AND INDUSTRIAL APPLIANCE GROUP
REPORTED A 20 DROP IN FIRSTQUARTER PRETAX PROFIT AFTER FINANCIAL ITEMS TO
202 MILLION KRONOR 275 MILLION FROM 253 MILLION KRONOR A YEAR EARLIER

ALTHOUGH SALES SURGED 23 IN THE QUARTER TO 2399 BILLION KRONOR FROM 1946
BILLION KRONOR THE GROUP SAID EUROPEAN DEMAND CONTINUED TO SLACKEN
PARTICULARLY IN SWEDEN AND SPAIN THE HIGHER SALES FIGURE WAS ATTRIBUTED IN
GREAT PART TO THE DEPRECIATION OF THE SWEDISH KRONA ON A POSITIVE NOTE THE
GROUP SAID THERE WAS SOME VOLUME GROWTH IN GERMANY AND IN NORTH AMERICA THE
RECOVERY CONTINUED

AN IMPROVEMENT IN OPERATING PROFIT WAS REPORTED IN MOST COUNTRIES WITH THE
EXCEPTION OF NORTH AMERICA AND SPAIN SAID ELECTROLUX 9305190023 930519
WHAT'S NEWS  BUSINESS AND FINANCE

THE YIELD ON LONGTERM TREASURY BONDS ROSE ABOVE 7 FOR THE FIRST TIME IN
MORE THAN A MONTH AS BOND PRICES FELL AMID CONTINUED INFLATION FEARS THE
PRICE ON THE BENCHMARK 30YEAR ISSUE TUMBLED 5/8 POINT PUSHING ITS YIELD TO
701 STOCK PRICES WERE MIXED WITH THE DOW JONES INDUSTRIAL AVERAGE
FALLING 554 POINTS TO 344439 IN BRISK TRADING THE DOLLAR ROSE

GOLD PRICES SOARED AGAIN TO THE HIGHEST LEVEL SINCE JANUARY 1991 INFLATION
JITTERS DROVE THE PRICE OF GOLD FUTURES UP 8 TO 376 AN OUNCE SPURRING A
SURGE IN SILVER AND PLATINUM PRICES

HOUSING STARTS INCREASED 67 LAST MONTH FROM A REVISED STORMBESET MARCH
LEVEL THE LARGEST REBOUND WAS IN THE NORTHEAST WHERE STARTS JUMPED 226
THE MIDWEST SHOWED A DROP

CLINTON IS PREPARING TO UNVEIL A PLAN TO BOOST INVESTMENT IN POOR
COMMUNITIES BY ENCOURAGING MORE LOANS FROM COMMERCIAL BANKS AND BY FUNDING
NEW DEVELOPMENT INSTITUTIONS

HEWLETTPACKARD'S SHARES JUMPED 5125 OR 64 TO 8475 AFTER THE
COMPANY REPORTED STRONGER THAN EXPECTED EARNINGS AND A SURGE IN REVENUE FOR
THE LATEST QUARTER ITS RESULTS ALSO BOOSTED OTHER COMPUTER FIRMS' STOCKS

THE ADMINISTRATION MAY PROPOSE TAXING UNEARNED INCOME OF PEOPLE WHO DON'T
WORK AND AREN'T COVERED BY MEDICARE TO ENSURE THAT EVERYONE PAYS A SHARE OF
A NEW HEALTH PLAN

WESTINGHOUSE ELECTRIC WAS CLEARED OF CHARGES BY A FEDERAL JURY THAT IT
BRIBED FORMER PHILIPPINE PRESIDENT MARCOS IN THE 1970S TO WIN A NUCLEAR
POWER PLANT CONSTRUCTION CONTRACT

LIGGETT INTRODUCED A LOWPRICED CIGARETTE BRAND ENDANGERING AN APPARENT
TRUCE IN A TOBACCO PRICE WAR BETWEEN PHILIP MORRIS AND RJR

CLINTON IS EXPECTED TO BEGIN A SERIES OF REGULAR MEETINGS WITH CHIEF
EXECUTIVES IN AN EFFORT TO IMPROVE RELATIONS WITH CORPORATIONS HE PLANS TO
MEET TODAY WITH THE CHIEFS OF UNITED AIR FORD AND PRUDENTIAL AMONG OTHERS
SEPARATELY HE SAID HE WOULD STILL LIKE TO CUT TAXES FOR THE MIDDLE CLASS

AN LTV UNIT PLEADED GUILTY TO BRIBERY AND FRAUD CHARGES AFTER THE GOVERNMENT
ACCUSED IT OF PAYING A LAWYER TO HELP IT GET INSIDE INFORMATION ON COMPETING
BIDS FOR A NAVY JOB

HOME SHOPPING NETWORK DENIED ALLEGATIONS OF KICKBACKS AND ILLEGALITIES
LEVELED BY A FORMER TOP INHOUSE LAWYER AND PERSUADED A JUDGE TO STIFLE THE
LAWYER ONE OF ITS CHIEF ACCUSERS

THE HOUSE APPROVED LEGISLATION TO ENCOURAGE HIGHTECH JOINT PRODUCTION
VENTURES BETWEEN RIVAL FIRMS BY LIMITING THEIR EXPOSURE TO ANTITRUST LAWS

JAPAN'S TRADE SURPLUS SOARED 44 LAST MONTH TO 1025 BILLION ITS TRADE
SURPLUS WITH THE US WIDENED 23

TOKYO STOCKS SLUMPED 16 IN THIN TRADING TUESDAY AS INVESTORS JITTERY
ABOUT CORPORATE EARNINGS STAYED ON THE SIDELINES THE NIKKEI INDEX DROPPED
33612 POINTS TO 2022939

FOUR LAWMAKERS ACCUSED BEIJING OF BREAKING A PLEDGE BY CONTINUING TO SHIP
PRISONMADE GOODS TO THE US THE CHARGE COMES AS PRESSURE BUILDS ON CLINTON
OVER CHINA'S TRADE STATUS

BONDS LEHMAN BROTHERS TREASURY INDEX 503158 OFF 2514

COMMODITIES OIL 1934 A BARREL OFF 17 CENTS DOW JONES FUTURES INDEX
12374 UP 205 SPOT INDEX 12054 UP 138

DOLLAR 11145 YEN UP 015 16245 MARKS UP 00120 9305190022 930519
BUSINESS BRIEF CIRCUS CIRCUS ENTERPRISES INC A JOINT VENTURE IS
FORMED FOR PROJECT IN RENO NEV

CIRCUS CIRCUS ENTERPRISES INC SAID IT ENTERED A JOINT VENTURE TO DEVELOP A
THEMED HOTEL AND CASINO COSTING AS MUCH AS 230 MILLION IN RENO NEV

THE GAMING GIANT'S LATEST MOVE WHICH IT SAID WILL INCLUDE 2000 ROOMS AND
WILL DEPICT A 16TH CENTURY SPANISH SEAPORT ON THE ISLAND OF ATLANTIS 
CAUGHT SOME IN THE INDUSTRY OFF GUARD BECAUSE THEY HAD EXPECTED THE
COMPANY'S NEXT BIG PROJECT TO BE IN THE MIDWEST OR SOME US REGION FURTHER
FROM NEVADA GAMBLING

THE STILLUNNAMED PROJECT WHICH WILL BREAK GROUND THIS YEAR IN DOWNTOWN
RENO IS A JOINT VENTURE WITH THE PRIVATELY HELD EL DORADO HOTEL & CASINO
THE TWO COMPANIES WILL SHARE EQUALLY IN THE COST WHICH WILL RANGE BETWEEN
210 MILLION AND 230 MILLION

THE NEW HOTEL AND CASINO WILL BE THE FIRST LARGESCALE THEMED HOTEL/CASINO
IN THE CITY OF ABOUT 250000 RESIDENTS IT IS EXPECTED TO BE COMPLETED IN
APRIL 1995 9305190021 930519 BUSINESS BRIEF FIRST ALABAMA BANCSHARES
 PACT SET TO ACQUIRE SECOR FOR 139 MILLION IN SWAP

FIRST ALABAMA BANCSHARES INC BIRMINGHAM ALA SAID IT AGREED TO ACQUIRE
SECOR BANK FSB ALSO BASED IN BIRMINGHAM THROUGH A TAXFREE STOCK SWAP
VALUED AT 139 MILLION

UNDER THE TRANSACTION WHICH REQUIRES APPROVAL FROM BOTH COMPANIES' BOARDS
AND SHAREHOLDERS EACH SHARE OF SECOR BANK COMMON STOCK WOULD BE CONVERTED
INTO 0667 OF A SHARE OF FIRST ALABAMA COMMON STOCK THE EXCHANGE RATIO
WOULD BE ADJUSTED IF FIRST ALABAMA'S STOCK FELL BELOW 2550 A SHARE OR
ROSE ABOVE 33 A SHARE

FIRST ALABAMA'S STOCK CLOSED AT 32875 DOWN 25 CENTS WHILE SECOR FELL 625
CENTS TO 16875 BOTH IN NATIONAL OVERTHECOUNTER TRADING

THE DEAL ALSO REQUIRES AN AGREEMENT BY THE FEDERAL DEPOSIT INSURANCE CORP
TO CANCEL IN EXCHANGE FOR CASH WARRANTS HELD BY THE FSLIC RESOLUTION FUND
TO ACQUIRE 16 MILLION SHARES OF SECOR STOCK DELAYS IN GRANTING A SIMILAR
REQUEST HELPED DERAIL AN AGREEMENT LAST YEAR FOR UNION PLANTERS CORP BASED
IN MEMPHIS TENN TO ACQUIRE SECOR FOR 35 MILLION OF STOCK

SECOR HAS ASSETS OF 2 BILLION AND OFFICES IN ALABAMA LOUISIANA AND
FLORIDA FIRST ALABAMA HAS ASSETS OF 79 BILLION WITH BANK AFFILIATES IN
ALABAMA FLORIDA GEORGIA AND TENNESSEE 9305190020 930519 INTERNATIONAL
BRIEF MARKS & SPENCER PLC UK RETAILER'S PRETAX PROFIT INCREASED
25 FOR FISCAL YEAR

MARKS & SPENCER PLC A BRITISH FOOD AND CLOTHING RETAILER SAID PRETAX
PROFIT ROSE 25 FOR THE YEAR ENDED MARCH 31 TO 7365 MILLION 113
BILLION FROM 5889 MILLION

SALES EDGED UP 21 TO 595 BILLION FROM 583 BILLION THE COMPANY SAID
YEAREARLIER ACCOUNTS WERE RESTATED TO COMPLY WITH NEW ACCOUNTING RULES
REGARDING GAINS AND LOSSES ON THE SALE OF BUSINESSES

THE COMPANY RAISED ITS DIVIDEND 14 TO 81 PENCE 12 CENTS FROM 71 PENCE

MARKS & SPENCER SAID OPERATING PROFIT AT ITS BROOKS BROTHERS CLOTHING
SUBSIDIARY ROSE 16 BROOKS BROTHERS SALES WERE UP 8 TO 3383 MILLION

THESE FIGURES INDICATE THAT WE ARE ON THE ROAD TO RECOVERY SAID WILLIAM
R ROBERTI PRESIDENT AND CHIEF EXECUTIVE OFFICER OF BROOKS BROTHERS HE
ATTRIBUTED THE IMPROVEMENT IN PART TO TIGHTER COST CONTROLS MADE POSSIBLE
THROUGH THE INSTALLATION OF A COMPUTERIZED INVENTORY SYSTEM 9305190019
930519 WHO'S NEWS JUDGE GRANTS ICN'S REQUEST TO BLOCK BROKER  
BY RHONDA L RUNDLE STAFF REPORTER OF THE WALL STREET JOURNAL

ICN PHARMACEUTICALS INC WON A BATTLE AGAINST CALIFORNIA STOCKBROKER RAFI M
KHAN WHO IS SEEKING TO WREST CONTROL OF THE COMPANY FROM MILAN PANIC
CHAIRMAN AND THE OTHER INCUMBENT DIRECTORS

FEDERAL JUDGE JOHN E SPRIZZO SAID HE WOULD GRANT THE COSTA MESA CALIF
DRUG COMPANY'S REQUEST FOR A PRELIMINARY INJUNCTION TO BLOCK MR KHAN'S
EFFORTS TO REMOVE THE BOARD IN UNUSUALLY HARSH AND POINTED LANGUAGE THE
JUDGE ALSO ACCUSED MR KHAN OF LYING UNDER OATH VIOLATING A FIDUCIARY DUTY
TO ICN AND ENGAGING IN INSIDER TRADING

MR KHAN REACHED AT HIS OFFICE IN BEVERLY HILLS CALIF DECLINED TO
RESPOND

THE STOCKBROKER IS EXPECTED TO APPEAL THE RULING AND HAS IN THE PAST
INDICATED HIS COMMITMENT TO STAY IN THE FIGHT UNTIL ALL HIS LEGAL AND
FINANCIAL RESOURCES ARE EXHAUSTED ICN PORTRAYED THE DECISION AS FINAL
WITH THIS MATTER OF TRAGIC BETRAYAL BEHIND IT THE COMPANY WILL CONTINUE TO
PROCEED WITH ITS LONGTERM GROWTH PLANS SAID ICN ATTORNEY ARNOLD I BURNS

JUDGE SPRIZZO HAD SAID LAST THURSDAY DURING A HEARING IN A NEW YORK FEDERAL
COURT THAT HE WOULD GRANT THE INJUNCTION BUT HAD DISCOURAGED THE PARTIES
FROM DISCUSSING THE MATTER AFTER A TRANSCRIPT OF THE HEARING BECAME
PUBLICLY AVAILABLE YESTERDAY ICN ISSUED A STATEMENT JUDGE SPRIZZO HASN'T
YET ISSUED A WRITTEN ORDER

THE INJUNCTION BARS MR KHAN FROM SOLICITING CONSENTS OR FROM WAGING A PROXY
FIGHT AGAINST ICN UNTIL THE COURT DECIDES THE UNDERLYING ISSUES IN ICN'S
LAWSUIT SAID DAVID WATT ICN GENERAL COUNSEL NO DATE HAS BEEN SET FOR THAT
PROCEEDING

ATTORNEYS FOR MR KHAN DIDN'T RETURN TELEPHONE CALLS FOR COMMENT AT LAST
WEEK'S HEARING HOWEVER ONE OF MR KHAN'S ATTORNEYS MICHAEL LESCH
INDICATED THAT HE PLANNED TO APPEAL THE RULING JUDGE SPRIZZO DENIED THE
ATTORNEY'S REQUEST FOR A STAY OF THE INJUNCTION PENDING AN APPEAL

JUDGE SPRIZZO SAID HE BELIEVED THAT MR KHAN LIED UNDER OATH DURING THE
HEARING AND THAT THERE ARE MANY MATERIAL NONDISCLOSURES IN THE CONSENT
STATEMENT THE JUDGE ALSO INDICATED HIS BELIEF THAT MR KHAN HAD ENGAGED IN
INSIDER TRADING

I THINK THE RECORD SUPPORTS AN INFERENCE THAT THERE WAS INSIDE INFORMATION
AVAILABLE TO MR KHAN AND THAT HE ACTED UPON THAT INFORMATION AS HIS STOCK
TRANSACTIONS REFLECT IN HIS EFFORTS TO USE WHATEVER LEVERAGE HE HAD AS A
RESULT OF THAT INSIDE INFORMATION TO BENEFIT HIMSELF JUDGE SPRIZZO SAID

AMONG THE NONDISCLOSURES JUDGE SPRIZZO CITED MR KHAN'S FAILURE TO INCLUDE
IN HIS SECURITIES AND EXCHANGE COMMISSION FILINGS THAT HE WAS PART OF A
GROUP THE JUDGE ALSO FOUND THAT MR KHAN BREACHED A FIDUCIARY DUTY TO ICN
THAT WAS RELATED TO HIS ROLE IN HELPING TO SELL SECURITIES OF VIRATEK INC
AN ICN SUBSIDIARY

THE RULING  CONFIRMS THAT MR KHAN FOR NO PURPOSE OTHER THAN PERSONAL
ENRICHMENT SECRETLY AND UNLAWFULLY SOUGHT TO TAKE ADVANTAGE OF THE
SITUATION THAT AROSE WHEN ICN CHAIRMAN AND FOUNDER MILAN PANIC TOOK A LEAVE
OF ABSENCE FROM THE COMPANY TO SERVE AS PRIME MINISTER OF YUGOSLAVIA SAID
ICN'S MR BURNS 9305190018 930519 HEARD ON THE STREET CLIPPER FUND 
TAKES A DOSE OF DRUG STOCKS  BY JONATHAN CLEMENTS STAFF REPORTER
OF THE WALL STREET JOURNAL

NEW YORK JAMES GIPSON HAS BEEN A MONEY MANAGER FOR TWO DECADES AND
THROUGHOUT THAT TIME HE HAS NEVER OWNED A DRUG STOCK UNTIL NOW

THERE ARE A LOT OF BRIGHT ARTICULATE PEOPLE IN THIS BUSINESS SAYS MR
GIPSON PRESIDENT OF PACIFIC FINANCIAL RESEARCH A BEVERLY HILLS CALIF
INVESTMENT ADVISER THAT MANAGES 22 BILLION IN MUTUALFUND MONEY AND
PRIVATE ACCOUNTS THE QUESTION IS DO YOU HAVE THE GUMPTION TO STEP UP AND
BUY WHEN YOU GET MAJOR OPPORTUNITIES

JUST SUCH AN OPPORTUNITY EXISTS AMONG THE DRUG STOCKS SAYS THE 50YEAROLD
MR GIPSON CLIPPER FUND THE NOLOAD MUTUAL FUND THAT HE MANAGES STARTED
LOADING UP ON THE DRUG STOCKS IN MIDFEBRUARY TODAY THE 240 MILLION FUND
HAS 15 OF ITS ASSETS INVESTED IN FOUR MAJOR DRUG COMPANIES JOHNSON &
JOHNSON MERCK PFIZER AND SCHERINGPLOUGH

HEALTHCARE REFORM COULD BE A VERY SIGNIFICANT BENEFIT FOR THESE
COMPANIES SAYS MR GIPSON IF SOME OF THE 35 MILLION PEOPLE WHO AREN'T
COVERED BY INSURANCE SUDDENLY ARE OR IF PRESCRIPTION DRUGS BECOME A
STANDARD PART OF INSURANCE COVERAGE THAT COULD MEAN A SIGNIFICANT BOOST TO
VOLUME FOR THESE COMPANIES AND THEREFORE FOR PROFITS

BIG BETS LIKE THIS HAVE PAID OFF HANDSOMELY FOR CLIPPER FUND'S SHAREHOLDERS
SINCE ITS 1984 LAUNCH THE FUND HAS RETURNED 2904 COMPARED WITH AN
AVERAGE 2243 FOR DIVERSIFIED US STOCK FUNDS

TO PAY FOR HIS BET ON DRUGS MR GIPSON OFFLOADED A 15 STAKE IN ZEROCOUPON
TREASURY BONDS HE HAD FIRST MOVED INTO LONGTERM BONDS IN 1981 AND ADDED
THE POSITION TO CLIPPER FUND WHEN THE FUND WAS LAUNCHED THREE YEARS LATER

IN 1981 BUYING BONDS WAS A VERY UNCONVENTIONAL THING TO DO HE SAYS
THERE WAS GREAT FEAR OVER BONDS BECAUSE OF INFLATION IT WAS THE GREATEST
OPPORTUNITY IN THE NATION'S HISTORY TO BUY BONDS

BUT THESE DAYS SAYS MR GIPSON BONDS DON'T LOOK NEARLY SO COMPELLING
BONDS ARE POPULAR WITH INVESTORS WHO HAVE CDS THAT USED TO YIELD 8 THAT
ARE NOW YIELDING 3 HE SAYS WHAT CREATED THE OPPORTUNITY IN 1981 WAS A
LARGE AMOUNT OF INVESTOR FEAR AND PANIC BOND WAS A FOURLETTER WORD FOR
INVESTORS IN 1981 DRUG IS A FOURLETTER WORD FOR INVESTORS IN 1993

MR GIPSON STARTED HIS STOCKPICKING CAREER IN 1973 AT SOURCE CAPITAL A
PUBLICLY TRADED MUTUAL FUND THAT HAS BEEN MANAGED FOR MOST OF THE PAST 22
YEARS BY GEORGE MICHAELIS ONE OF THE FUND INDUSTRY'S MOST HIGHLY REGARDED
VALUE INVESTORS

IT DOESN'T SURPRISE ME THAT HE'S BUYING DRUG STOCKS IN THE FACE OF STRONG
CONTRARY OPINION SAYS MR MICHAELIS THE STREAK OF INDEPENDENT THINKING
HAS ALWAYS BEEN THERE

JUST 16 MONTHS AGO DRUG STOCKS WERE IMMENSELY POPULAR BOTH WITH
GROWTHSTOCK MANAGERS AND MUTUALFUND INVESTORS HEALTHCARE SPECIALTY FUNDS
HAD SOARED 743 IN 1991 ATTRACTING A FLOOD OF MONEY FROM INVESTORS WHO
HOPED THAT THE DAZZLING PERFORMANCE WOULD CONTINUE

BUT EARLY LAST YEAR INVESTORS BEGAN SHIFTING MONEY OUT OF DRUGS AND INTO
STOCKS WHOSE PROFITS ARE MORE SENSITIVE TO THE ECONOMIC CYCLE MEDICAL
STOCKS WERE BATTERED AS CONCERNS MOUNTED ABOUT HEALTHCARE REFORM AND THE
GROWING PRESSURE TO HOLD DOWN DRUG PRICES SINCE YEAREND 1991 THE DOW
JONES EQUITY MARKET INDEX'S PHARMACEUTIAL INDUSTRY GROUP HAS PLUNGED 27

BY THE MIDDLE OF THE FIRST QUARTER YOU COULD GET THE BEST DRUG COMPANIES
IN THE WORLD AT EXTREMELY GOOD PRICES SAYS MR GIPSON TODAY THE FOUR
DRUG STOCKS OWNED BY MR GIPSON YIELD AN AVERAGE OF 25 AND TRADE AT LESS
THAN 17 TIMES ESTIMATED 1993 EARNINGS BY CONTRAST THE COMPANIES IN THE
STANDARD & POOR'S 500STOCK INDEX ARE YIELDING 29 AND TRADE AT JUST UNDER
16 TIMES THIS YEAR'S EXPECTED PROFITS

THE GROWTHSTOCK MANAGERS WHO OWNED THE DRUG STOCKS IN 1991 BOUGHT THEM NOT
BECAUSE THEY WERE CHEAP COMPARED WITH OTHER STOCKS BUT BECAUSE THEY
PROMISED RAPID FUTURE EARNINGS GROWTH MR GIPSON BY CONTRAST IS A VALUE
MANAGER WHICH MEANS HE LOOKS FOR STOCKS THAT ARE AT BARGAIN PRICES COMPARED
WITH EARNINGS OR CORPORATE ASSETS

BUT MR GIPSON ISN'T A TRADITIONAL VALUE MANAGER POINTS OUT DON PHILLIPS
PUBLISHER OF MORNINGSTAR MUTUAL FUNDS A CHICAGO NEWSLETTER HE WANTS TO
BUY GREAT COMPANIES AT GOOD PRICES SAYS MR PHILLIPS HE DOESN'T BUY
STOCKS JUST BECAUSE THEY'RE DIRT CHEAP

INDEED MR GIPSON STILL SEES HEALTHY PROFIT GROWTH FOR THE DRUG COMPANIES
WE'VE HAD A PERIOD OF HIGH DOUBLEDIGIT EARNINGS GROWTH HE SAYS GOING
FORWARD MY OWN ESTIMATE IS IN THE 10 TO 12 RANGE AND A LITTLE BIT
HIGHER FOR PFIZER PFIZER MIGHT BE IN THE 15 RANGE

MR GIPSON SAYS IT'S IMPOSSIBLE TO SAY WHAT IMPACT HEALTHCARE REFORM WILL
HAVE BUT HE BELIEVES THAT NOT ALL THE EFFECTS WILL BE BAD IN FACT MR
GIPSON IS MORE CONCERNED ABOUT THE PRICING PRESSURE ON DRUG COMPANIES WHICH
IS BEING BROUGHT BY HEALTH MAINTENANCE ORGANIZATIONS AND OTHER LARGE BUYERS
OF DRUGS HE SAYS THIS PRICING PRESSURE WILL BE A MILD NEGATIVE FOR THE
INDUSTRY BUT NOT A TRULY CATASTROPHIC ONE MR GIPSON NOTES THAT BULK
BUYING BY HMOS HAS GONE ON FOR MANY YEARS WITHOUT PUTTING A BIG DENT IN
DRUG COMPANY PROFIT GROWTH

MR GIPSON VIEWS JOHNSON & JOHNSON MERCK PFIZER AND SCHERING AS BEING
AMONG THE BESTRUN DRUG COMPANIES THERE IS NO DISPUTE AMONG ANALYSTS THAT
THESE ARE VERY PROFITABLE WELLMANAGED COMPANIES SAYS MR GIPSON BUT
THE CURRENT MARKET HAS NOT BEEN VERY DISCRIMINATING DRIVING DOWN THE BEST
COMPANIES WITH THE TROUBLED COMPANIES

OTHER DRUG COMPANIES LIKE SYNTEX AND UPJOHN TRADE AT LOWER MULTIPLES OF
EARNINGS THAN THE FOUR STOCKS BOUGHT BY CLIPPER FUND BUT MR GIPSON AVOIDED
THE COMPANIES BECAUSE THEY SELL SOME DRUGS THAT SOON WILL LOSE PATENT
PROTECTION

THEY MAY DO WELL AS COMPANIES BUT IT'S DIFFICULT FOR AN OUTSIDE INVESTOR
TO MAKE THAT DETERMINATION SAYS MR GIPSON IT'S POSSIBLE THAT THOSE
COMPANIES WILL COME THROUGH WITH BLOCKBUSTER DRUGS IN THE NEXT YEAR OR TWO
BUT THAT'S NOT A PREDICTION WE'RE ABLE TO MAKE

MR GIPSON NOTES THAT THE FOUR COMPANIES HE HAS BOUGHT ALL HAVE SHARE
BUYBACK PROGRAMS THE COMPANIES APPEAR TO SHARE THE CONCLUSION THAT THE
MARKET HAS SOLD THEM DOWN TOO MUCH HE SAYS IF A COMPANY IS WILLING TO
SPEND ITS OWN MONEY TO BUY ITS OWN SHARES THAT'S ONE OF THE THINGS THAT
PUTS THE ODDS ON YOUR SIDE AS AN INVESTOR

DRUG STOCKS BOUGHT BY MR GIPSON ARE SOMEWHAT ABOVE WHERE HE BOUGHT THEM
BUT THE CLIPPER FUND'S PERFORMANCE IS FLAT ON THE YEAR PRIMARILY BECAUSE OF
A LARGE STAKE IN PHILIP MORRIS AND LOEWS THE FUND OWNED BOTH STOCKS BEFORE
PHILIP MORRIS'S APRIL 2 ANNOUNCEMENT THAT IT WAS GOING TO CUT PRICES ON
MARLBORO CIGARETTES WHICH SENT TOBACCO STOCKS REELING

MR GIPSON'S RESPONSE HE BOUGHT MORE OF BOTH STOCKS BOTH ARE
EXTRAORDINARILY CHEAP HE SAYS THE NONTOBACCO ELEMENTS OF BOTH COMPANIES
ARE WORTH MORE THAN THE ENTIRE STOCK

ADDS MR GIPSON THIS YEAR WE'VE CERTAINLY HAD THE CHANCE TO BUY STOCKS
THAT ARE FACED WITH A LARGE AMOUNT OF INVESTOR DISCOMFORT 9305190017
930519 WHO'S NEWS SEVEN OAKS INTERNATIONAL INC

SEVEN OAKS INTERNATIONAL INC MEMPHIS TENN ARNOLD VIRAMONTES RESIGNED
AS PRESIDENT AND CHIEF OPERATING OFFICER OF THIS COUPON PROCESSOR CITING
PERSONAL REASONS MR VIRAMONTES 45 YEARS OLD WILL REMAIN A DIRECTOR AND
POSSIBLY A CONSULTANT THE COMPANY SAID A SUCCESSOR WASN'T NAMED
9305190016 930519 REVIEW & OUTLOOK EDITORIAL FINANCIAL RAID OFFICER

ADD TO THE DRUG MAKERS HEALTH INSURERS SPECIALIST DOCTORS BOB DOLE AND
RUSH LIMBAUGH ANOTHER VILLAIN IN THE EYES OF OUR HYPERCONSCIOUS PRESIDENCY
SALLIE MAE SALLIE MAE

THAT IS THE NAME WALL STREET GAVE TO THE STUDENT LOAN MARKETING ASSOCIATION
A CORPORATION SET UP IN THE NIXON ADMINISTRATION TO MAKE A SECONDARY MARKET
FOR THE GUARANTEED STUDENT LOANS MOSTLY TO COLLEGE STUDENTS THAT WERE
STARTED BY THE JOHNSON ADMINISTRATION THOSE FEDERALLY GUARANTEED LOANS
ORIGINATE IN THE PRIVATE SECTOR SALLIE MAE AND THE BANKS IT SERVES ARE
MAKING MONEY OFF THIS FEDERAL PROGRAM AND THE CLINTON ADMINISTRATION
DOESN'T LIKE THAT IT WANTS THE LOANS TO COME DIRECTLY FROM THE GOVERNMENT
INSTEAD THEREBY ELIMINATING THE SYSTEM'S PRIVATESECTOR PROFITS

BUT THERE'S MORE THAN SPITE AT WORK HERE JUST AS IN THE LARGER CASE OF
THEIR REPORTED THOUGHTS OF FOLDING PROBLEMS WITH WORKERS COMP AND AUTO
INSURANCE INTO THE HEALTH CARE REFORM THE CLINTONITES HAVE AN OPPORTUNITY
WITH COLLEGE LOANS TO MAKE THE BROAD MIDDLE CLASS OF AMERICA MORE DIRECTLY
DEPENDENT ON WASHINGTON JUST LIKE WELFARE BENEFICIARIES AT THE MOMENT
ABOUT FOUR MILLION STUDENT BORROWERS ARE INVOLVED WITH AN ADDITIONAL
MILLION EXPECTED WITHIN FIVE YEARS

IT IS HARDLY SURPRISING THAT THE 15 BILLION STUDENTLOAN BUSINESS WOULD
ATTRACT MARGINHUNGRY FINANCIERS ESPECIALLY WITH UNCLE SAM GUARANTEEING THE
WHOLE DEAL BUT THE PUBLICPRIVATE PARTNERSHIP THAT SALLIE MAE MAKES
POSSIBLE SEEMED IDEAL BACK IN THE EARLY 1970S WHEN GOOD LIBERALS AT THE
CARNEGIE FOUNDATION AND ELSEWHERE WERE LOOKING FOR WAYS TO MAKE REAL LBJ'S
PROMISE OF POSTSECONDARY SCHOOLING FOR EVERYBODY AS ANYBODY WHO'S
EXPERIENCED A HOSPITAL BILL OF LATE KNOWS WHEN THE PRIVATE SECTOR IS CALLED
UPON TO CARRY OUT A PUBLIC SOCIAL POLICY WITH ONLY SECONDARY REGARD FOR
COST IT WILL DO JUST THAT INEFFICIENCY AND DISTORTIONS ABOUND AND WHEN
THE COSTLINESS BECOMES TOO OBVIOUS TO IGNORE THE POLITICIANS PROFESS HORROR
THOUGH SOMEHOW THE BLAME GETS LAID OFF ON OTHERS

DESPITE WHATEVER FEES AND HASSLES ARE INVOLVED IN ARRANGING TODAY'S LARGE
FINANCIALAID PACKAGES A CASE CAN BE MADE THAT THE SALLIE MAE ARRANGEMENT
HAS BENEFITED BORROWERS STUDENTS NOW TYPICALLY PAY 31 OVER TREASURYBILL
RATES FOR THEIR LOANS AGAINST 35 TWO DECADES AGO IF ANYTHING IT HAS
BEEN THE TAXPAYERS WHO STAND BEHIND SALLIE MAE AND ON THE HOMELOAN SIDE
FANNIE MAE AND FREDDIE MAC WHO HAVE HAD REASON TO WORRY THE LIABILITIES OF
THESE GOVERNMENT SPONSORED ENTERPRISES DWARF THE FEDERAL BUDGET DEFICIT

DEFAULTS ON STUDENT LOANS WHICH HAVE PLAGUED THE PROGRAM SINCE THE
BEGINNING ARE A CONTINUING FISCAL DRAIN AND A BASIS FOR LONGTERM WORRIES
PRESIDENT CLINTON WOULD LIKE TO BELIEVE THE DEFAULTS ARE FUNDAMENTALLY THE
RESULT OF CARELESS BANKING AND BELIEVES USING THE IRS AS A COLLECTION AGENT
WOULD REDUCE THAT THOUGH THE IRS'S INVOLVEMENT MIGHT WELL SCARE OFF
POTENTIAL BORROWERS ALTOGETHER NO DOUBT BETTER INCENTIVES FOR BANKS TO
AVOID DEFAULTS AND TIGHTER COLLECTION PROCEDURES WOULD HELP BUT THAT MISSES
THE HEART OF THE PROBLEM

FROM THE BEGINNING THE GUARANTEED STUDENT LOAN NOW STAFFORD LOAN PROGRAM
HAS SOUGHT TO WIDEN DRAMATICALLY THE UNIVERSE OF YOUNG PEOPLE WHO TAKE
CLASSES AFTER HIGH SCHOOL IN MANY CASES IT PERMITS ENROLLMENT IN COLLEGE
OR TRADESCHOOL PROGRAMS THAT SIMPLY AREN'T GOING TO LEAD TO EMPLOYMENT FOR
SOME OF THE STUDENTS IT'S CONGRESS'S POORLY THOUGHTOUT GENEROSITY AS
USUAL NOT WILY DEADBEATS THAT ACCOUNTS FOR MOST OF THE UNPAID LOANS

MR CLINTON THINKS HE CAN COVER UP THE DEFAULT PROBLEM BY CREATING AN
INCOMEBASED REPAYMENT SYSTEM IF YOU DON'T MAKE MUCH MONEY AFTER YOU LEAVE
SCHOOL YOU CAN SEND IN LESS THAN YOU OWE AND UNCLE SAM WILL CALL IT EVEN
HERE THE PRESIDENT SPEAKS OF AIDING LAWYERS AND DOCTORS WHO WANT TO SERVE
THE POOR AT MEAGER PAY BUT WHAT'S AS SIGNIFICANT FROM THE STANDPOINT OF THE
LOAN PROGRAM'S FINANCES ARE ALL THE COSMETOLOGY STUDENTS WHO ARE POORLY
TAUGHT LACK A KNACK FOR THE TRADE OR DON'T HAVE ANY PLACE TO GO LOOKING FOR
WORK IF THEY ARE GRADUATED ASKING A TRADESCHOOL WASHOUT FOR 20 OF ZERO
INCOME IS OF NO MORE USE THAN SENDING A BILL FOR 5000

SOLVING THE JOB SKILLS AND EMPLOYABILITY PROBLEMS FACING SO MANY YOUNGSTERS
ISN'T GOING TO BE EASY AND THE CLINTON ADMINISTRATION MAY YET HAVE SOME
HELPFUL IDEAS FOR IT THE NATIONAL SERVICE SCHEME FOR SETTING UP
POLITICALLY CORRECT YOUTH CADRES IN EVERY STATE IN THE NATION DOESN'T APPEAR
TO BE ONE OF THEM BUT HAVING THE PRESIDENT INVEIGH ONCE MORE AGAINST
MIDDLE MEN AND CORPORATIONS WHO PROFIT AND SEEKING TO MAKE THE
DEPARTMENT OF EDUCATION THE BANKER TO MILLIONS OF NEW ADULTS ARE OBVIOUSLY
STRATEGIES THAT ARE GEARED TO SOME OTHER AGENDA 9305190015 930519 HEWLETT
POSTS STRONG RESULTS FOR 2ND PERIOD  PROFIT AND REVENUE RISES 
INDICATE FIRM LEAVING ITS PROFITMARGIN RUT  BY G CHRISTIAN HILL
 STAFF REPORTER TO THE WALL STREET JOURNAL

PALO ALTO CALIF HEWLETTPACKARD CO REPORTED UNEXPECTEDLY STRONG
EARNINGS AND A SURGE IN REVENUE AND ORDERS FOR ITS FISCAL SECOND QUARTER
ANOTHER SIGNAL THAT THE COMPANY MAY BE BREAKING OUT OF A LONGTERM
PROFITMARGIN RUT

THE RESULTS HELPED LIFT STOCKS OF OTHER COMPUTER COMPANIES AND CAUSED AN
IMBALANCE OF BUY ORDERS FOR HP'S SHARES TEMPORARILY HALTING TRADING ON THE
NEW YORK STOCK EXCHANGE HP STOCK CLOSED AT 8475 A SHARE UP 5125 OR
64 CLOSE TO ITS ALLTIME HIGH OF 85 A SHARE RECORDED IN THE 1992 FIRST
QUARTER SINCE LAST YEAR'S FINAL PERIOD THE STOCK HAS SOARED 69

HP SAID NET INCOME FOR THE QUARTER ENDED APRIL 30 ROSE 74 FROM A STRONG
YEARAGO PERIOD TO 347 MILLION OR 138 A SHARE FROM 323 MILLION OR
127 A SHARE PERSHARE EARNINGS WERE 15 ABOVE THE MEAN ESTIMATE OF
FINANCIAL ANALYSTS ACCORDING TO ZACKS INVESTMENT RESEARCH INC AND THOSE
ANALYSTS STARTED RAISING FISCAL 1993 PREDICTIONS

MOREOVER REVENUE AND ORDER GROWTH SURPRISED EVEN HP EXECUTIVES REVENUE
JUMPED MORE THAN 21 TO A RECORD 51 BILLION FROM 42 BILLION ORDERS
SURGED 28 TO 54 BILLION ANOTHER RECORD AND THE FASTEST GROWTH RATE IN
EIGHT YEARS INDICATING CONTINUED STRONG REVENUE GROWTH FOR AT LEAST THE
NEXT SEVERAL QUARTERS ORDERS GREW BY THE SAME RATE OVERSEAS AS IN THE US
WHICH REFLECTS THAT CONSUMER DEMAND IS FUELING MUCH OF HP'S GROWTH WHILE
DEMAND FOR MORE EXPENSIVE CAPITAL GOODS LAGS

LEWIS PLATT HP'S CHIEF EXECUTIVE OFFICER BELIEVES THE FAVORABLE TRENDS
MAY BE SECULAR IT REALLY COMES FROM A LONGTERM EFFORT TO GET OUR EXPENSE
STRUCTURE IN LINE WITH THE GROWING COSTS OF GOODS HE SAID IN AN INTERVIEW
I WOULD CHARACTERIZE THE IMPROVEMENT AS PART OF A LONGTERM PLAN HELPED BY
VERY STRONG ORDERS AND REVENUES

NONETHELESS HE REMAINS CAUTIOUS ABOUT THE NEXT YEAR BECAUSE OF TWO POSSIBLE
THREATS THE FIRST IS THAT THE ECONOMIES WORLDWIDE AREN'T IN GREAT SHAPE
THE UNDERLYING MARKET FORCES AREN'T REAL POSITIVE AT THIS TIME SECOND ARE
COMPETITIVE PRESSURES JUST ABOUT EVERYBODY IN ALL OUR BUSINESSES IS GUNNING
FOR HP HE SAID

MOST OF HP'S GAINS ARE COMING FROM ITS GROWING HEGEMONY IN THE WORLD
COMPUTER PRINTER MARKET A TREND THAT PROVIDES FURTHER PROOF THAT A HANDFUL
OF AMERICAN COMPANIES ARE BLITZING THE JAPANESE IN SEVERAL MAJOR AREAS SUCH
AS MICROPROCESSORS COMPUTER HARDWARE AND SOFTWARE DISK DRIVES PAGERS AND
CELLULAR PHONES HP'S OPERATING GROUP THAT SELLS PRINTERS HAD A 33 JUMP IN
ORDERS IN THE QUARTER TO 41 BILLION

HP HAS IN EFFECT BECOME BOTH THE MOTOROLA AND GILLETTE OF COMPUTER
PRINTERS

AS MOTOROLA INC DOMINATES PAGERS AND CELLULAR PHONES SO HP DOMINATES THE
PRINTER BUSINESS ACCOUNTING FOR ROUGHLY 60 OF WORLD MARKET SHARE IN THE
LASERJET SEGMENT AND PERHAPS SLIGHTLY MORE IN THE INKJET SEGMENT
ACCORDING TO ESTIMATES BY BARRY F WILLMAN AN ANALYST FOR SANFORD C
BERNSTEIN & CO

AND AS WITH GILLETTE CO'S RAZOR REPLACEMENT BUSINESS HP ENJOYS HUGE
PROFITS FROM PROVIDING CARTRIDGES AND OTHER SUPPLIES FOR ITS PRINTERS HP
FIGURES THAT OVER THE LIFE OF AN INKJET PRINTER IT WILL SELL CARTRIDGES
WORTH THREE TIMES THE PRINTER'S COST IT FIGURES TO SELL LASERJET
CARTRIDGES WORTH TWO TIMES THE PRINTER'S COST

THEY HAVE A TREMENDOUS FRANCHISE IN PRINTERS THAT HASN'T BEEN APPRECIATED
SAID STEVEN MILUNOVICH A MORGAN STANLEY ANALYST THE PRINTER SUPPLY
BUSINESS CREATES AN ANNUITY AND LIKE GILLETTE THEY ARE WILLING TO
CANNIBALIZE THEIR OWN PRODUCTS WITH NEW OFFERINGS

NEW PRINTER PRODUCTS PARTICULARLY THE LOWCOST LASERJET 4 FAMILY
CONTRIBUTED SIGNIFICANTLY TO THE 26 RISE IN SECONDQUARTER REVENUE TO
389 BILLION FOR THE COMPUTER PRODUCTS GROUP WHICH INCLUDES PRINTERS
MIDRANGE COMPUTERS WORKSTATIONS AND SERVICE AND SUPPORTS FOR THOSE
PRODUCTS MR WILLMAN CALCULATES THAT PRINTERS WILL ACCOUNT FOR ABOUT 25 OF
HP'S FISCAL 1993 REVENUE UP FROM ABOUT 20 THE PRIOR YEAR SERVICES AND
SUPPLIES WILL ACCOUNT FOR ABOUT 24 HE SAID

IN RECENT YEARS HP'S NET PROFIT MARGINS HAVE BEEN STUCK IN THE 4 TO 5
RANGE MAINLY BECAUSE OF FIERCE COMPETITION AND PRICECUTTING AMONG ITS
PRODUCT LINES WHILE RECENT QUARTERS HAVE BEEN INCONSISTENT THE COMPANY IS
SHOWING SIGNS OF A PROFIT BREAKOUT ITS NET PROFIT MARGIN FOR THE SECOND
QUARTER WAS 68 AND HIT 77 IN THE YEARAGO PERIOD THE MARGINS MAY
REFLECT A GROWING ABILITY TO SQUEEZE HIGHER PROFIT FROM THE PRINTER BUSINESS
BECAUSE OF ITS MARKET DOMINANCE CONTRARY TO POPULAR BELIEF HP'S PRINTER
MARGINS ARE ABOVE THE COMPANY AVERAGE

A MAJOR FACTOR IS HP'S ABILITY TO KEEP OPERATING EXPENSE GROWTH WELL BELOW
REVENUE GROWTH OPERATING EXPENSES GREW ONLY 6 IN THE SECOND QUARTER LESS
THAN ONETHIRD THE RATE OF REVENUE GROWTH THIS IS A SUPERB OUTCOME
ROBERT WAYMAN HP'S CHIEF FINANCIAL OFFICER TOLD ANALYSTS IN A TELEPHONE
CONFERENCE THE TWO TRENDS ARE OFFSETTING A SHARP RISE IN THE COST OF GOODS
WHICH DEPRESSED THE GROSS PROFIT MARGIN TO 412 IN THE PERIOD FROM 464 A
YEAR AGO

SECONDQUARTER RESULTS ALSO WERE AIDED BY EXTREMELY STRONG SALES OF HP'S
MIDRANGE UNIXBASED COMPUTER SYSTEMS USED FOR COMMERCIAL APPLICATIONS AND
EXCELLENT WORKSTATION SALES THE COMPANY DECLINED TO BE MORE SPECIFIC BUT
MR PLATT SAID NEW PRODUCTS BOOSTED RESULTS IN THESE LINES AS WELL AS
MEDICAL AND TEST INSTRUMENTS MR WILLMAN THE BERNSTEIN ANALYST ALSO NOTED
THAT THE SECONDQUARTER NET INCOME RECEIVED A ONETIME SEQUENTIAL BENEFIT
FROM RESTRUCTURING IN THE FIRST QUARTER WHICH CUT 1200 JOBS IN JANUARY

MR WILLMAN SAID HE WILL RAISE HIS FISCAL 1993 PERSHARE ESTIMATE FROM 465
A SHARE BUT HASN'T DECIDED ON A NUMBER MR MILUNOVICH THE MORGAN STANLEY
ANALYST RAISED HIS FISCALYEAR PREDICTION TO 5 A SHARE FROM 460 OR 9
AND PREDICTED REVENUE OF CLOSE TO 20 BILLION FOR FISCAL 1992 HP HAD
EARNINGS OF 881 MILLION OR 349 A SHARE BEFORE AN ACCOUNTING CHARGE ON
REVENUE OF 1641 BILLION

FOR THE FIRST HALF OF FISCAL 1993 HP SAID IT EARNED 608 MILLION OR 241
A SHARE COMPARED WITH 293 MILLION OR 115 A SHARE THE YEARAGO FIGURES
INCLUDED AN ACCOUNTING CHARGE OF 332 MILLION OR 131 A SHARE
9305190014 930519 OUT OF HARM'S WAY FOR KURDS AT LEAST SAFE AREA'
DESIGNATION PROVIDES PROTECTION  VICTIMS OF SADDAM HUSSEIN SLOWLY
BUILD DEMOCRACY IN SHADOW OF IRAQI ARMY  WOULD IT WORK IN BOSNIA 
 BY GERALDINE BROOKS STAFF REPORTER OF THE WALL STREET JOURNAL

SULAIMANIYA IRAQ SAFE AREAS CAN WORK THAT'S THE VIEW FROM THIS KURDISH
TOWN

THE IDEA OF TURNING PARTS OF BOSNIAHERZEGOVINA INTO SANCTUARIES FOR
BESIEGED MUSLIMS IS ONE THAT THE UNITED NATIONS IS PUSHING AND THE US IS
WEIGHING PARTICULARLY NOW THAT OTHER OPTIONS SUCH AS AIR STRIKES ON THE
BOSNIAN SERBS OR ARMING OF MUSLIMS SEEM UNLIKELY POSSIBILITIES

THE UN HAS ALREADY NAMED SIX TOWNS IN BOSNIA AS SAFE AREAS BOSNIAN SERBS
WHO HAVE CONSISTENTLY THUMBED THEIR NOSES AT UN RELIEF EFFORTS WON'T BE
DETERRED FROM ATTACKING THE AREAS UNLESS OPPOSED BY MILITARY POWER OF THE
SORT THE WEST HASN'T YET BEEN ABLE TO AGREE TO DEPLOY

BUT THE SITUATION ALSO LOOKED DESPERATE FOR THE KURDS OF NORTHERN IRAQ WHO
FOUND THEMSELVES UNDER SIEGE FROM SADDAM HUSSEIN AT THE END OF THE GULF WAR
THEN MANY OF PRESIDENT BUSH'S ADVISERS COUNSELED AGAINST INTERVENING IN
IRAQ'S TURBULENT INTERNAL POLITICS BUT HORRIFIC TV IMAGES OF SUFFERING
KURDS AND THE DETERMINATION OF THE BRITISH PRIME MINISTER JOHN MAJOR
FINALLY FORCED MR BUSH'S HAND

THE RESULTS ARE STRIKING A VISIT TO THE KURDISH AREAS EVEN LATE LAST
WINTER WHEN KURDS BATTLED FUEL SHORTAGES AND FREEZING TEMPERATURES SHOWS
JUST HOW MUCH HUMANITARIAN BANG HAS BEEN ACHIEVED FOR A MINIMAL MILITARY
BUCK

A LITTLE MORE THAN TWO YEARS AGO SULAIMANIYA WAS ALMOST A GHOST TOWN MOST
OF ITS KURDISH RESIDENTS FOLLOWING A FAILED UPRISING AT THE END OF THE GULF
WAR HAD FLED TO THE NEARBY MOUNTAINS RISKING STARVATION AND EXPOSURE
RATHER THAN RETRIBUTION FROM THE IRAQI ARMY BUT IN APRIL 1991 BACKED BY A
SECURITY COUNCIL RESOLUTION ORDERING IRAQ NOT TO HAMPER HUMANITARIAN
EFFORTS THE US BRITAIN AND FRANCE LAUNCHED OPERATION PROVIDE COMFORT
THEY SENT TROOPS TO PROTECT KURDS AS THEY RETURNED TO THEIR HOMES

SULAIMANIYA WAS WELL SOUTH OF THE ALLIES' PROCLAIMED SAFE AREA BUT
EMBOLDENED BY THE SHOW OF OUTSIDE SUPPORT KURDISH MILITIAS REGROUPED IN THE
DESIGNATED HAVEN THEN MUSCLED THE IRAQI ARMY OUT OF A MUCH WIDER AREA
BEYOND NOW THE CITY BUSTLES THE UNIVERSITY AND SCHOOLS ARE OPEN AND
ELECTIONS HAVE BROUGHT ORDERLY GOVERNMENT

BOSNIA'S SIX SCATTERED SAFE AREAS ARE LIKELY TO PROVE MUCH MORE DIFFICULT TO
SECURE THAN THE SINGLE SAFE AREA OF KURDISH IRAQ WHICH IS BIGGER THAN
MASSACHUSETTS AND NEW JERSEY COMBINED ALTHOUGH THE REGION WAS TRADITIONALLY
ALMOST EXCLUSIVELY KURDISH SADDAM HUSSEIN HAD TRIED TO ARABIZE IT IN HIS
OWN VERSION OF ETHNIC CLEANSING RESETTLING ARAB IRAQIS IN REGIONS
DEPOPULATED OF KURDS EITHER KILLED OR FORCIBLY MOVED MOST OF THE RESETTLED
ARABS FLED DURING OR AFTER THE KURDISH UPRISING THE REGION NOW IS HOME TO
AN ESTIMATED 35 MILLION KURDS

ALLIED PLANES CONTINUE TO ENFORCE AN AIR EXCLUSION ZONE OVER MOST OF THIS
TERRITORY AND SEVERAL TIMES THIS YEAR HAVE RESPONDED TO IRAQI THREATS BY
BOMBING MISSILE SITES BUT ONLY A HANDFUL OF ALLIED TROOPS AND UN GUARDS
REMAIN ON THE GROUND WHILE SADDAM HUSSEIN'S FORCES CONTINUE TO HARASS KURDS
THROUGH TERRORISM AND OCCASIONAL SHELLINGS KURDISH POLICE AND MILITIAS
LARGELY MANAGE THEIR OWN DEFENSES

NOW ALL ACROSS NORTHERN IRAQ IT IS A TIME OF FIRSTS FOR THE KURDS AS THEY
HURRY TO UNDO THE POLICIES OF SADDAM HUSSEIN AT THE EDITORIAL OFFICE OF THE
ONEYEAROLD NEWSPAPER NEW KURDISTAN THE EDITOR AZAD JUNDIANI BRAGS THAT
SOMEBODY IS ACTUALLY SUING HIM FOR LIBEL JUST LIKE IN A WESTERN
DEMOCRACY

AT THE TEACHER TRAINING INSTITUTE FOR GIRLS A GEOGRAPHY LESSON ON TECTONICS
 A SUBJECT THAT MIGHT BORE MOST 17YEAROLDS FINDS 44 YOUNGSTERS
SCRIBBLING FURIOUSLY AS THE TEACHER DESCRIBES HOW THE SAWTOOTHED CRAGS THAT
RIM THE CITY CRUNCHED INTO BEING EONS AGO IT'S BECAUSE IT'S ABOUT
MOUNTAINS SOMETHING THEY KNOW SAYS THE TEACHER NASANEEN RASHEED UP
TILL NOW ALL THEY EVER LEARNED WAS DESERTS CAMELS AND SONGS ABOUT SADDAM
FOR THE FIRST TIME THEY ARE LEARNING THE GEOGRAPHY OF KURDISTAN

ACROSS TOWN AT THE MINISTRY OF RECONSTRUCTION THE DEPUTY MINISTER HAS
TRADED HIS GUERRILLA OUTFIT OF SASHBELTED BAGGY TROUSERS FOR A NAVY BLAZER
PAISLEY TIE AND MATCHING POCKETHANDKERCHIEF THE OTHER CLOTHES WERE FROM
THE TIME WHEN WE WERE OUTLAWS NOW I'M PART OF THE GOVERNMENT SAYS HUSSEIN
SINJARI APPOINTED AFTER THE KURDS HELD ELECTIONS A YEAR AGO HIS MINISTRY
NEEDS TO REBUILD 3500 VILLAGES BULLDOZED OR DYNAMITED BY SADDAM HUSSEIN IN
THE 1980S MANY VILLAGERS FORCED INTO SQUALID COLLECTIVE TOWNS HAVE TAKEN
MATTERS INTO THEIR OWN HANDS RIPPING THE DOORS AND WINDOWS FROM THE
COLLECTIVES' SHACKS AND HAULING THEM BACK INTO THE MOUNTAINS TO REBUILD

ROADWORKS ARE AN OPPORTUNITY FOR YOUNG ENTREPRENEURS AFTER SCHOOL
YOUNGSTERS WITH SHOVELS TAKE TO THE HIGHWAYS FILLING POTHOLES ON A
FREELANCE BASIS GRATEFUL DRIVERS FLING THEM COINS

THE KURDS ARE SETTING UP SOMETHING THAT LOOKS EVERY DAY MORE LIKE AN
INDEPENDENT DEMOCRATIC STATE COMPLETE WITH WELCOME TO KURDISTAN SIGNS AT
ITS MAIN BORDER CROSSING WITH TURKEY

AT FIRST THE KURDS' TURKISH NEIGHBORS WERE AS UNENTHUSIASTIC ABOUT THEIR
ROLE IN SUPPORTING KURDISH HAVENS AS SOME OF THE BOSNIAN MUSLIMS' EUROPEAN
NEIGHBORS ARE NOW BUT THE KURDS RECIPROCATED BY COOPERATING IN A CRACKDOWN
ON KURDISH SEPARATISTS WAGING A TERROR CAMPAIGN IN EASTERN TURKEY

THE KURDS POLICE THEIR UNOFFICIAL BORDERS WITH THEIR NEWLOOK MILITARY
BANDS OF PESH MERGA GUERRILLAS ONCE RIVALS ARE LEARNING TO WORK TOGETHER
IN A REGULAR ARMY AT THE NEWLY ESTABLISHED MILITARY ACADEMY BOTH THE
UNIFORMS AND THE ORDER OF BATTLE ARE IRAQI ONLY THE INSIGNIA OF IRAQ'S
RULING BAATH PARTY HAVE BEEN STRIPPED OFF KURDS SAY THEIR ARMY MUST MATCH
IRAQ'S AS MUST THEIR COURTS MINISTRIES AND POLICE

ONE DAY THEY SAY THEIR AIM IS TO REUNITE WITH THE NATION AS AN AUTONOMOUS
KURDISH STATE INSIDE A DEMOCRATIC FEDERAL IRAQ IN MUCH THE SAME WAY THAT
MANY BOSNIANS STILL DREAM OF A MULTIETHNIC STATE WHILE MANY KURDS WISH FOR
AN INDEPENDENT KURDISTAN THEY KNOW THAT NEIGHBORS SUCH AS TURKEY IRAN AND
SYRIA WITH THEIR OWN RESTIVE KURDISH MINORITIES WOULDN'T BE LIKELY TO
TOLERATE IT

ON KURDISH STREETS POLICE WITH IRAQSTYLE RED BERETS HAVE REPLACED THE PATRO
OF KALASHNIKOVTOTING YOUTHS WHO HAD ROAMED THE CITIES AS THE REPLACEMENT
BEGAN A FEW MONTHS AGO ONE SADDAM SYMPATHIZER MISTOOK THE SMARTENEDUP
KURDS FOR GENUINE IRAQI POLICEMEN SHE RUSHED UP TO A STREETCORNER PATROL
AND GREETED THEM EFFUSIVELY I'M SO GLAD YOU'RE BACK SHE EXCLAIMED
THOSE KURDS WERE A DISASTER

SOME KURDISH OFFICIALS LIKE TO TELL THIS STORY AGAINST THEMSELVES THEY SAY
THEY ARE TRYING TO ENCOURAGE THE TOLERANCE OF PEACEFUL DISSENT SO THOROUGHLY
QUASHED UNDER SADDAM HUSSEIN'S REGIME AT FIRST SAYS JALAL TALABANI
LEADER OF ONE OF THE KURDS' TWO MAIN POLITICAL PARTIES PEOPLE THINK THAT
DEMOCRACY MEANS BEING ABLE TO SAY THAT SADDAM IS BAD IT TAKES LONGER FOR
THEM TO UNDERSTAND THAT IT ALSO MEANS BEING ALLOWED TO SAY JALAL IS BAD

NOT ALL THE SADDAM PICTURES HAVE DISAPPEARED NEJAD AZIZ DEPUTY SPEAKER OF
THE NEW PARLIAMENT TELLS OF PAYING A CHRISTMAS CALL ON THE HEAD OF A
CHRISTIAN CONGREGATION IN THE CITY OF IRBIL I WENT WITH THE PRIME MINISTER
AND THE GOVERNOR OF IRBIL AND THERE HE WAS RECEIVING US IN A ROOM WITH A
PICTURE OF HIM SHAKING HANDS WITH SADDAM ON THE WALL BEHIND HIM WE WERE
REALLY PLEASED HE'D KNOWN WE WERE COMING AND HE WASN'T AFRAID HE DIDN'T
BOTHER TO HIDE THE PICTURE

MR AZIZ ALSO WELCOMED A STRIKE BY IRBIL'S BUS DRIVERS EVEN THOUGH THEY
TOOK TO THE STREETS CHANTING DOWN WITH THE PARLIAMENT SOME IN THE KURDISH
GOVERNMENT HE SAYS JUMPED TO THE CONCLUSION THAT THE STRIKE HAD BEEN
ORGANIZED BY BAGHDAD AND WANTED THE DRIVERS PUNISHED I TOLD THEM THAT YOU
CAN'T SAY THAT WITHOUT AN INVESTIGATION IT'S THEIR RIGHT TO STRIKE AND TO
PROTEST

INSTEAD A COMMITTEE MET WITH THE DRIVERS AND HEARD THEIR GRIPES THEY
WANTED A CUT IN FUEL COSTS AND OBJECTED TO BANKS' TAKING A FEE FOR CHANGING
COINS INTO BANK NOTES WE REACHED A COMPROMISE MR AZIZ SAYS WHILE THE
PRICE OF FUEL COULDN'T BE CUT THE DRIVERS WERE ALLOWED TO RAISE FARES AND
THE BANKS WERE ORDERED TO REDEEM COINS AT FACE VALUE

THERE HAVE BEEN LAPSES SOME SERIOUS A KURDISH PARLIAMENTARY HUMANRIGHTS
COMMITTEE FOUND SOME ABUSES IN KURDRUN PRISONS MR AZIZ CONCEDES SOME
OF OUR INVESTIGATORS HAVE BEEN AFFECTED BY THE OLD METHODS OF BRUTALITY AND
TORTURE THEY THEMSELVES OFTEN EXPERIENCED IN BAATHIST JAILS HE SAYS IN
PART HE BLAMES THE DUAL EMBARGO THAT THE KURDS MUST ENDURE AS PART OF
IRAQ THE KURDISH REGION IS SUBJECT TO UN ECONOMIC SANCTIONS AIMED AT
SADDAM HUSSEIN

YET AS SADDAM HUSSEIN'S SWORN ENEMIES THE KURDS ALSO ARE CHOKED BY A
BLOCKADE HE IMPOSES ON THE MOVEMENT OF GOODS TO THEM FROM BAGHDAD THE
NASCENT POLICE FORCE MIGHT BE LESS LIKELY TO RESORT TO ROUGH INTERROGATION
MR AZIZ ARGUES IF IT COULD GET FINGERPRINT KITS OR OTHER MODERN
INVESTIGATION TECHNOLOGY TO HELP IT SOLVE CRIMES SUCH AS A JANUARY
CARBOMBING IN IRBIL THAT KILLED MORE THAN 20 PEOPLE

SOMETIMES SADDAM HUSSEIN'S WAR OF NERVES AGAINST THE KURDS IS MORE OVERT
THAN SUCH ANONYMOUS ACTS OF TERRORISM FROM THE STREETS OF CHAMCHAMAL A
SPRAWLING TOWN JUST YARDS FROM THE IRAQI ARMY'S FRONT LINES KURDS CAN WATCH
THE SOLDIERS MOVING TO AND FROM THEIR ARTILLERY POSITIONS FROM TIME TO
TIME THE SOLDIERS LOB A RANDOM SHELL ON THE TOWN ELSEWHERE FARMERS WHOSE
FIELDS RUN CLOSE TO IRAQI POSITIONS ARE AFRAID TO COMPLETE SPRING SOWING
SINCE SNIPERS BEGAN TARGETING ANYONE ON A TRACTOR

AND THEN THERE IS THE BAGHDAD BLOCKADE WHICH KEEPS KURDS FROM GETTING THE
FUEL THAT OTHER IRAQIS CAN BUY FOR PENNIES NASANEEN RASHEED THE GEOGRAPHY
TEACHER BELONGS TO WHAT USED TO BE ONE OF SULAIMANIYA'S WEALTHY FAMILIES
DURING THE KURDS' UPRISING OF MARCH 1991 SHE AND HER FAMILY PLAYED HOST TO
WESTERN JOURNALISTS AT A CELEBRATORY FEAST OF TRADITIONAL KURDISH DELICACIES
SUCH AS POMEGRANATE CHICKEN AND AN ELABORATE CONCOCTION KNOWN AS PILAF
BEHIND A CURTAIN

THESE DAYS MS RASHEED AND HER SISTER RARELY COOK AT ALL BECAUSE THEY CAN'T
AFFORD TO PAY THE HALFMONTH SALARY IT COSTS TO BUY A SMUGGLED BOTTLE OF
GAS LIKE MOST KURDS THEY SUBSIST ON YOGURT AND BREAD SUPPLEMENTED
OCCASIONALLY WITH A HOT DISH OF RICE OR BEANS THE RASHEEDS SPENT THEIR LIFE
SAVINGS IN THE MISERABLE FLIGHT TO IRAN THAT FOLLOWED SADDAM HUSSEIN'S
CRUSHING OF THE KURDISH UPRISING THEY CAME BACK AS SOON AS THE ALLIES'
DECLARATION OF A NOFLY ZONE GAVE THE PESH MERGA A CHANCE TO ROUT THE IRAQI
FORCES FROM THEIR CITY

COMING HOME ONE EVENING DURING ONE OF THE CITY'S INTERMITTENT BLACKOUTS MS
RASHEED STUBS HER TOE ON THE STEP AND CURSES GOD KILL SADDAM IF CLINTON
DOESN'T KILL HIM LIKE MANY KURDS SHE IS UNCERTAIN ABOUT MR CLINTON'S
INTENTIONS TOWARD IRAQ AFTER BEING SUPPORTED AND THEN DUMPED BY JIMMY
CARTER IN 1975 AND AGAIN BY MR BUSH DURING THE 1991 UPRISING KURDS HAVE
BECOME EXTREMELY WARY OF THEIR INTERNATIONAL BACKERS EVEN AS THEY CONTINUE
TO RELY ON THEM

AGAIN LIKE MANY KURDS MS RASHEED DEALS WITH THE UNCERTAINTIES BY IGNORING
THEM SHE LABORS OVER HER NEW LESSON PLANS AS IF THE FRESH CURRICULUM WERE
NOT AT RISK OF BEING SWEPT AWAY ANY DAY SADDAM HUSSEIN ATTEMPTS TO RETAKE
THE NORTH

AND EACH AFTERNOON WHEN SHE FINISHES TEACHING SHE WORKS AS A VOLUNTEER AT
ZHINAN WOMEN'S UNION OF KURDISTAN SETTING UP SMALL BUSINESSES TO EMPLOY THE
WIDOWS OF MEN KILLED IN SADDAM HUSSEIN'S OPERATION ANFAL IN WHICH KURDS
ESTIMATE 182000 PEOPLE DISAPPEARED BY SCROUNGING USED SEWING MACHINES AND
BITS OF METAL TUBING TO MAKE LOOMS SHE HAS MANAGED TO START A SMALL TAILOR
SHOP IN HALABJA THE SITE OF SADDAM HUSSEIN'S DEADLY 1988 POISONGAS ATTACK
AND A LARGE RUGWEAVING WORKSHOP IN SHORESH ONE OF THE MOST DISMAL OF
SADDAM'S COLLECTIVE TOWNS

ON THURSDAY NIGHTS THE BEGINNING OF THE IRAQI WEEKEND SHE SOMETIMES TAKES
AN EVENING OFF TO VISIT FRIENDS NIBBLING PICKLED RADISH AND SIPPING SWEET
TEA SHE AND HER FRIENDS FORGET POLITICS FOR AN HOUR OR TWO THE GOSSIP IS
LIGHTHEARTED A BROTHER'S COMING MARRIAGE A FRIEND'S POTENTIAL SUITOR
THEN A LEAN LARGEEYED TEACHER NAMED SIRWA MENTIONS RECENT NIGHTMARES AND
THE PARTY MOOD DARKENS IT IS ALWAYS THE SAME DREAM SHE SAYS SOFTLY
SOLDIERS FANNING THROUGH THE STREETS DRAGGING US FROM OUR HOUSE THE
WOMEN STARE AT THEIR PLATES AND SAY NOTHING

I WILL TELL YOU ONE THING SIRWA SAYS FINALLY IF THEY DO COME AGAIN I
WON'T RUN I'LL FIGHT THEM BUT IF THEY WIN SHE ADDS I'LL KILL MYSELF I
CAN NEVER GO BACK TO THE WAY IT WAS BEFORE 9305190013 930519 TECHNOLOGY
& ENVIRONMENT VIDEO GAME MAKER BELIEVES ITS MARKET IS A BIT TOO
MATURE  SEGA UNVEILS LITTLE COMPUTER THAT IT IS HOPING WILL PUT 
THE PRESCHOOL SET ONLINE  BY DAVID P HAMILTON STAFF REPORTER OF
THE WALL STREET JOURNAL

TOKYO VIDEO GAME MAKER SEGA ENTERPRISES LTD UNVEILED A NEW EDUCATIONAL
COMPUTER AIMED AT PRESCHOOLERS IN A BID TO HOOK AN ASYET UNTAPPED MARKET OF
FUTURE GAME PLAYERS

SEGA'S PICO A BRIEFCASELIKE BOX THAT UNFOLDS TO FEATURE A WRITING TABLET
A LIGHT PEN AND FIVE BRIGHTLYCOLORED BUTTONS IS DESIGNED TO PLAY
EDUCATIONAL SOFTWARE FOR CHILDREN THREE TO EIGHT YEARS OLD THE COMPUTER
WHICH LIKE SEGA'S MOST RECENT HOMEGAME MACHINES FEATURES A 16BIT
MICROPROCESSOR HAS TO BE HOOKED TO A TELEVISION SCREEN AND WILL RUN
SOFTWARE FROM PACKAGED CARTRIDGES

PICO ESSENTIALLY ACTS AS AN INTERACTIVE STORYBOOK DISPLAYING THE WORDS AND
PICTURES FROM A STORY TOGETHER WITH SOUND AND GRAPHICS INITIALLY SEGA
PLANS TO RELEASE JUST FIVE SOFTWARE STORIES MOST OF THEM FEATURING
POPULAR CARTOON CHARACTERS SUCH AS MICKEY MOUSE OR HELLO KITTY A FIXTURE ON
JAPANESE TELEVISION OCCASIONALLY EACH STORY WILL STOP TO ASK CHILDREN
QUESTIONS WHICH THEY CAN ANSWER BY POINTING TO OBJECTS WITH THE LIGHT PEN
MICKEY FOR INSTANCE IS SUPPOSED TO TEACH ELEMENTARY MATH SKILLS WHILE
HELLO KITTY WILL FOCUS ON COLOR RECOGNITION

PICO IS ALSO SUPPOSED TO ALLOW CHILDREN TO EXERCISE THEIR IMAGINATION BY
REARRANGING CHARACTERS AND BACKGROUND FEATURES WITH THE LIGHT PEN A
SPOKESMAN SAID

THE COMPANY SAID IT INTRODUCED PICO TO TEACH YOUNG CHILDREN HOW TO USE
COMPUTERS JUNIOR HIGH SCHOOL OR ELEMENTARY SCHOOL IS TOO LATE IN A CHILD'S
EDUCATION FOR INTRODUCING COMPUTER EDUCATION SAID A SEGA SPOKESWOMAN
PICO IS ONE OF OUR ANSWERS TO THIS KIND OF PROBLEM

AT THE SAME TIME HOWEVER THE COMPANY IS ALSO CLEARLY INTENT ON INTRODUCING
CHILDREN TO SEGA PRODUCTS AT AN EARLY AGE ACCORDING TO THE SPOKESWOMAN
PICO IS INTENDED TO INTRODUCE CHILDREN TO THEIR FIRST SEGA SHE ADDED THAT
CHILDREN'S SECOND SEGA SHOULD BE A SEGA HOME VIDEOGAME MACHINE WHILE
THEIR THIRD SEGA SHOULD BE FOUND IN THE COMPANY'S VIDEO ARCADES

SEGA PLANS TO RELEASE PICO JUNE 26 IN JAPAN THE US AND EUROPE NEXT YEAR
BUT PICO WON'T CARRY A KIDSIZE PRICE THE COMPUTER ITSELF WILL SELL FOR
16000 YEN 144 ROUGHLY THE SAME AS SEGA'S 16BIT GAME MACHINE PICO
SOFTWARE CARTRIDGES WILL GO FOR 3980 YEN APIECE THE COMPANY EXPECTS TO
SELL 200000 COMPUTERS IN ITS FIRST YEAR AND 300000 IN THE SECOND
9305190012 930519 WORTHINGTON FOODS AGREEMENT

WORTHINGTON OHIO WORTHINGTON FOODS INC SAID IT SIGNED A NONEXCLUSIVE
LICENSING AGREEMENT WITH PRIVATELY HELD ROSE ACRE FARMS INC OF SEYMOUR
IND FOR PROCESSING LIQUID WHOLE EGG USING A MICROWAVE DEVICE TERMS
WEREN'T DISCLOSED

UNDER THE PACT ROSE ACRE WHICH PRODUCES EGGS AND OFFERS EGG PRODUCTS
THROUGH DISTRIBUTORS WILL USE A WORTHINGTON PATENT TO TREAT EGGS WITH A
MICROWAVE DEVICE TO EXTEND SHELF LIFE WITHOUT SIGNIFICANTLY REDUCING THE
PROTEIN LEVEL

WORTHINGTON SAID IT AND ROSE ACRE ARE AWAITING APPROVAL OF THE PROCESS FROM
THE DEPARTMENT OF AGRICULTURE

THE COMPANY MAKES ZEROCHOLESTEROL VEGETARIAN AND EGGSUBSTITUTE FOOD
PRODUCTS 9305190011 930519 VERMONT PUTS HEAT ON WISCONSIN AFTER GETTING
REALLY CHEESED OFF  BY JOSEPH PEREIRA STAFF REPORTER OF THE WALL
STREET JOURNAL

WISCONSIN THE NATION'S DAIRY CAPITAL IS EATING HUMBLE PIE BECAUSE SOME OF
ITS CHEESE WAS WELL A BIT CHEESY

ABOUT 37000 POUNDS OF PROCESSED AMERICAN CHEESE FROM WISCONSIN WAS SENT BY
THE US DEPARTMENT OF AGRICULTURE TO VERMONT AS PART OF A GOVERNMENT
SCHOOLLUNCH PROGRAM BUT WHEN THE KITCHEN STAFF AT MONTPELIER HIGH SCHOOL
TRIED TO PREPARE GRILLEDCHEESE SANDWICHES THE CHEESE WOULDN'T MELT

THE BREAD GOT SO BROWN IT STARTED TO BURN BUT THE CHEESE REMAINED HARD AS
EVER SAYS BETTY BEATTIE THE SCHOOL'S FOODSERVICE DIRECTOR THE STAFF
TRIED TOASTING FRYING AND MICROWAVING ALL TO NO AVAIL WITH STUDENTS
HUNGRILY WAITING FOR 150 SANDWICHES WE HAD A NEAR RIOT IN THE SCHOOL
CAFETERIA SHE SAYS

A PROUD DAIRY STATE VERMONT WASN'T ABOUT TO LAY DOWN ITS SPATULA QUIETLY
IT CALLED FOR A USDA INVESTIGATION INTO THE CHEESE'S POOR MELTABILITY A
FIVEPOUND SAMPLE WAS SHIPPED TO A CHICAGO LABORATORY FOR INSPECTION THE
FINDING THE CHEESE HAD POOR MELTABILITY ALTHOUGH NO ONE HAS FIGURED OUT
WHY

VERMONT OFFICIALS WERE INCENSED NOT ONLY DID THE LAB TELL US WHAT WE
ALREADY KNEW THEY CHARGED US A 14 LAB FEE COMPLAINS AVRAM PATT AN
OFFICIAL AT THE VERMONT STATE OFFICE OF ECONOMIC OPPORTUNITY WHICH
DISTRIBUTES THE USDA FOOD

WHEN VERMONTERS FOUND OUT THAT THE CHEESE WAS FROM WISCONSIN IT CONFIRMED
WHAT THEY ALWAYS BELIEVED WISCONSIN MAY BEAT VERMONT IN CHEESE PRODUCED
PER SQUARE MILE BUT THIS INCIDENT IS PROOF THAT OUR CHEESE IS MUCH BETTER
BOASTS DONALD GEORGE A VERMONT DEPARTMENT OF AGRICULTURE OFFICIAL

RETORTS WISCONSIN SEN ALAN LASEE CHAIRMAN OF THE STATE SENATE AGRICULTURE
COMMITTEE WHAT DOES VERMONT KNOW ABOUT CHEESE ANYWAY WHY THEY HAVE MAPLE
SYRUP THAT MAKES YOUR TEETH ROT

FELLOW WISCONSINITE JOHN UMHOEFER EXECUTIVE DIRECTOR OF THE WISCONSIN
CHEESE MAKERS ASSOCIATION ADDS DIPLOMATICALLY WISCONSIN AND VERMONT BOTH
MAKE FINE CHEESES BUT I'D LIKE TO REMIND FOLKS THAT A WISCONSIN DAIRY TOOK
FIRST PRIZE IN THE US CHAMPIONSHIP CHEESE CONTEST IN MARCH IN THE
CATEGORY IN QUESTION PROCESSED AMERICAN CHEESE VERMONT DIDN'T WIN ANY
PRIZE IN THE CATEGORY

BUT VERMONTERS MAY HAVE THE LAST WORD THE REST OF THE WISCONSIN CHEESE WILL
BE SHREDDED AND SLIPPED INTO TACOS WHERE IT WON'T BE NOTICED AS MUCH
9305190010 930519 NEW SECURITIES ISSUES

THE FOLLOWING WERE AMONG YESTERDAY'S OFFERINGS AND PRICINGS IN US AND
NONUS CAPITAL MARKETS WITH TERMS AND SYNDICATE MANAGER AS COMPILED BY
DOW JONES CAPITAL MARKETS REPORT

EXPORTIMPORT BANK OF KOREA 200 MILLION OF NOTES DUE MAY 15 2000
PRICED AS 6 1/2S AT 99555 TO YIELD 658 THE NONCALLABLE ISSUE WAS PRICED
AT A SPREAD OF 083 PERCENTAGE POINT ABOVE THE TREASURY SEVENYEAR NOTE
RATED SINGLEA1 BY MOODY'S INVESTORS SERVICE INC AND SINGLEAPLUS BY
STANDARD & POOR'S CORP THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY
FIRST BOSTON CORP

INTERSTATE POWER CO 94 MILLION OF FIRST MORTGAGE BONDS DUE MAY 15
2023 WON IN COMPETITIVE BIDDING BY UNDERWRITERS LED BY SALOMON BROTHERS
INC AND REOFFERED AS 7 5/8S AT 98126 TO YIELD 7787 ACCORDING TO MCM
CORPORATEWATCH THE ISSUE NONREFUNDABLE FOR 10 YEARS WAS PRICED AT A
SPREAD OF 08 PERCENTAGE POINT ABOVE THE TREASURY 30YEAR BOND THE ISSUE IS
RATED SINGLEA1 BY MOODY'S AND SINGLEAPLUS BY S&P

PUBLIC SERVICE ELECTRIC & GAS CO 600 MILLION OF FIRST AND REFUNDING
MORTGAGE BONDS PRICED AS A TWOPART ISSUE ACCORDING TO MCM CORPORATEWATCH
THE FIRST PART CONSISTING OF 300 MILLION OF FIRST AND REFUNDING MORTGAGE
BONDS DUE MAY 1 2004 WAS PRICED AS 6 1/2S AT 99285 TO YIELD 6592 IT
WAS WON BY DEALERS LED BY FIRST BOSTON CORP THE NONCALLABLE ISSUE WAS
PRICED AT A SPREAD OF 053 PERCENTAGE POINT ABOVE THE TREASURY 10YEAR NOTE
THE SECOND PART CONSISTING OF 300 MILLION OF FIRST AND REFUNDING MORTGAGE
BONDS DUE MAY 1 2000 WAS PRICED AS 6S AT 99875 TO YIELD 6201 IT WAS
WON BY DEALERS LED BY JP MORGAN SECURITIES INC THE NONCALLABLE ISSUE WAS
PRICED AT A SPREAD OF 048 PERCENTAGE POINT ABOVE THE COMPARABLE TREASURY
NOTE THE ISSUE IS RATED SINGLEA2 BY MOODY'S AND SINGLEA BY S&P DELIVERY
IS SCHEDULED FOR MAY 25 WITH INTEREST ACCRUING FROM MAY 1 PSE&G IS A UNIT
OF PUBLIC SERVICE ENTERPRISE GROUP

BUCKEYE PARTNERS LP 23 MILLION LIMITEDPARTNERSHIP UNITS IN A SECONDARY
OFFERING PRICED AT 32625 APIECE THROUGH UNDERWRITERS LED BY PENN CENTRAL
CORP MANAGER LEHMAN BROTHERS

HEILIGMEYERS CO 2 MILLION COMMON SHARES PRICED AT 33875 APIECE
THROUGH UNDERWRITERS LED BY GOLDMAN SACHS & CO

IRG TECHNOLOGIES INC 23 MILLION COMMON SHARES SOLD AT 750 APIECE IN
AN OFFERING MANAGED BY MONTGOMERY SECURITIES KEMPER SECURITIES INC AND
RAYMOND JAMES & ASSOCIATES INC

FULTONDEKALB HOSPITAL AUTHORITY GEORGIA 336 MILLION SERIES 1993
REVENUE REFUNDING CERTIFICATES PRICED BY A MERRILL LYNCH & CO GROUP YIELDS
RANGE FROM 35 IN 1995 TO 591 IN 2020 THE CERTIFICATES ARE INSURED BY
MUNICIPAL BOND INVESTORS ASSURANCE CORP AND CARRY TRIPLEA RATINGS FROM
BOTH MOODY'S AND S&P

ILLINOIS HOUSING DEVELOPMENT AUTHORITY 98 MILLION SERIES 3 MULTIFAMILY
PROGRAM BONDS PRICED BY A FIRST BOSTON CORP GROUP INCLUDED IN THE ISSUE
ARE 605S PRICED AT PAR WHICH ARE TO YIELD 605 IN 2013 THERE ARE ALSO
61S PRICED AT PAR WHICH ARE TO YIELD 61 IN 2023 MOODY'S IS EXPECTED TO
RATE THE ISSUE SINGLEA1 AND S&P IS EXPECTED TO ASSIGN A SINGLEAPLUS
RATING

NEW YORK CITY 917 MILLION IN GENERAL OBLIGATION BONDS PRICED IN AN
OFFERING THAT INCLUDES 205 MILLION IN SAMURAI BONDS SAMURAI ISSUES ARE
OFFERED BY FOREIGN BORROWERS FOR ISSUE SOLELY IN JAPAN THE SAMURAI BONDS
WHICH WERE PRICED BY NIKKO SECURITIES CO ARE YEN DENOMINATED AND HAVE
YIELDS RANGING FROM 563 IN 1999 TO 602 IN 2003 ALSO INCLUDED IN THE
OFFERING IS 4966 MILLION IN CURRENTINTEREST GENERAL OBLIGATION BONDS
PRICED BY BEAR STEARNS & CO THOSE BONDS HAVE YIELDS THAT RANGE FROM 38
IN 1995 TO 625 IN 20152023 THE BALANCE OF THE ISSUE IS COMPOSED OF 130
TAXABLE VARIABLERATE BONDS TO BE PRICED BY KIDDER PEABODY & CO THERE IS
ALSO 70 MILLION IN ZEROCOUPON BONDS WHICH HAVE BEEN PRICED BY PRUDENTIAL
SECURITIES INC

SHELBY COUNTY TENN 81 MILLION 1993 SERIES A GENERAL OBLIGATION
REFUNDING BONDS PRICED BY A GOLDMAN SACHS & CO GROUP YIELDS RANGE FROM
45 IN 1999 TO 565 IN 2011 S&P HAS RATED THE BONDS DOUBLEAPLUS AND
MOODY'S IS EXPECTED TO ASSIGN A DOUBLEA RATING

TEXAS MUNICIPAL POWER AGENCY 579 MILLION SERIES 1993 REFUNDING REVENUE
BONDS PRICED BY A MERRILL LYNCH & CO GROUP YIELDS RANGE FROM 23 IN 1993
TO 615 FOR ZEROCOUPON BONDS DUE IN 201517 THE BONDS ARE INSURED BY
MUNICIPAL BOND INVESTORS ASSURANCE AND CARRY TRIPLEA RATINGS FROM BOTH
MOODY'S AND S&P

WASHINGTON PUBLIC POWER SUPPLY SYSTEM 797 MILLION SERIES 1993A REFUNDING
REVENUE BONDS PRICED BY A GOLDMAN SACHS & CO GROUP THE OFFERING INCLUDES
4653 MILLION NUCLEAR PROJECT NO 1 BONDS PRICED TO YIELD FROM 29 IN 1994
TO 607 IN 2012 AND 2013 THERE ARE ALSO 2518 MILLION NUCLEAR PROJECT NO
2 BONDS PRICED TO YIELD FROM 29 IN 1994 TO 607 IN 2012 THE ISSUE ALSO
INCLUDES 40 MILLION PERIODIC AUCTION RESET SECURITIES AND 40 MILLION
INVERSE FLOATINGRATE SECURITIES FOR NUCLEAR PROJECT NO 1 WHICH HAVE A
FINAL MATURITY OF JULY 1 2011 MUNICIPAL BOND INVESTORS ASSURANCE IS
INSURING PROJECT NO 1 BONDS DUE IN 2003 AND 2017 AND PROJECT NO 2 BONDS
DUE IN 2003 AND 2008 FINANCIAL SECURITY ASSURANCE IS INSURING PROJECT NO 1
BONDS DUE IN 1999 PROJECT NO 2 BONDS DUE IN 1999 THE PARS AND THE INFLOS
THE INSURED BONDS CARRY TRIPLEA RATINGS FROM BOTH MOODY'S AND S&P ALL
OTHER BONDS HAVE DOUBLEA RATINGS FROM MOODY'S S&P AND FITCH INVESTORS
SERVICE INC

FEDERAL NATIONAL MORTGAGE ASSOCIATION 500 MILLION OF REAL ESTATE
MORTGAGE INVESTMENT CONDUIT SECURITIES OFFERED BY SALOMON BROTHERS INC THE
OFFERING SERIES 199398 IS BACKED BY THE AGENCY'S 30YEAR 7 MORTGAGE
SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 76 AND
WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF 296 YEARS

HOUSEHOLD FINANCE CORP 650 MILLION OF HOMEEQUITYLOAN ASSETBACKED
SECURITIES PRICED IN FOUR PARTS BY UNDERWRITERS LED BY MERRILL LYNCH & CO
ACCORDING TO MCM CORPORATEWATCH MERRILL HAS NOT RELEASED THE TOTAL SIZES OF
EACH CLASS ALTHOUGH TERMS WERE MADE AVAILABLE THE A1 CERTIFICATES WERE
PRICED TO FLOAT 35 BASIS POINTS ABOVE 30DAY COMMERCIAL PAPER RATES THE
CERTIFICATES HAVE AN AVERAGE LIFE OF 339 YEARS AND ARE EXPECTED TO BE RATED
TRIPLEA BY MOODY'S S&P AND DUFF & PHELPS CREDIT RATING CO THE A2
CERTIFICATES WERE PRICED TO FLOAT 32 BASIS POINTS ABOVE THE ONEMONTH LONDON
INTERBANK OFFERED RATE THE CERTIFICATES HAVE A 339YEAR AVERAGE LIFE AND
ARE EXPECTED TO BE RATED TRIPLEA BY MOODY'S S&P AND DUFF & PHELPS THE A3
CERTIFICATES WERE PRICED TO YIELD 88 BASIS POINTS ABOVE THE TREASURY
TWOYEAR NOTE FURTHER TERMS WERE NOT AVAILABLE THE CERTIFICATES WERE
STRUCTURED AS A PLANNED AMORTIZATION CLASS AND ARE EXPECTED TO HAVE A
21YEAR AVERAGE LIFE IF PREPAYMENTS STAY WITHIN A CONDITIONAL PREPAYMENT
RATE BAND OF 14 TO 32 THE 5527 MILLION SUBORDINATED CLASS B
FLOATINGRATE CERTIFICATES WERE PRICED TO FLOAT 60 BASIS POINTS ABOVE
ONEMONTH LIBOR THE CERTIFICATES HAVE A 544YEAR AVERAGE LIFE AND ARE
EXPECTED TO BE RATED TRIPLEA BASED ON A 100 SURETY BOND BY CAPITAL MARKETS
ASSURANCE CORP CAPMAC ALSO PROVIDED A 41 GUARANTY ON THE ENTIRE DEAL
MERRILL OFFICIALS SAID HOUSEHOLD FINANCE IS A UNIT OF HOUSEHOLD
INTERNATIONAL INC

BAYERISCHE HYPOTHEKENUND WECHSEL BANK AG GERMANY 100 MILLION CANADIAN
DOLLARS OF 7 3/8 EUROBONDS DUE JULY 7 1998 AT ISSUE PRICE 100175 VIA
HAMBROS BANK LTD REOFFERED AT 986 TO YIELD 772 ANNUAL SPREAD 40 BASIS
POINTS ABOVE CANADIAN GOVERNMENT NOTE DUE SEPTEMBER 1998 FEES 1875 POINTS

CHUGAI PHARMACEUTICAL CO JAPAN 220 MILLION OF 1 1/8 EUROBONDS WITH
EQUITYWARRANTS ATTACHED DUE JUNE 3 1997 AT ISSUE PRICE PAR VIA NOMURA
INTERNATIONAL PLC EACH 10000 BOND HAS TWO WARRANTS ATTACHED EXERCISABLE
FROM JUNE 17 1993 TO MAY 27 1997 TO BUY CHUGAI SHARES AT EXPECTED 2 1/2
PREMIUM ABOVE CLOSING SHARE PRICE ON MAY 25 FEES 225 POINTS

CREDITO ITALIANO HONG KONG BRANCH ITALY PARENT 100 MILLION OF COLLARED
SUBORDINATED FLOATINGRATE EURONOTES DUE JUNE 22 2003 VIA CREDITO ITALIANO
SPA ISSUE PRICE PAR REOFFERED AT 9975 INTEREST FLOATS AT 0125 POINT
BELOW SIXMONTH LONDON INTERBANK OFFERED RATE FOR US DOLLARS SUBJECT TO
6 MINIMUM 10 MAXIMUM GUARANTOR CREDITO ITALIANO SPA FEES 05 POINT

EUROPEAN INVESTMENT BANK SUPRANATIONAL 100 BILLION LIRE OF
FLOATINGRATE EURONOTES MATURING JUNE 7 1999 AT ISSUE PRICE 10005 VIA
ISTITUTO BANCARIO SAN PAOLO DI TORINO INTEREST FLOATS AT 025 POINT BELOW
THREEMONTH LIBOR FOR LIRA FEES 015 POINT

NATIONAL BANK OF HUNGARY SOVEREIGN 150 MILLION OF 8 EUROBONDS DUE
JUNE 10 1998 REOFFERED AT 995 VIA BANKERS TRUST INTERNATIONAL YIELD AT
REOFFER 813 SPREAD 275 BASIS POINTS ABOVE US TREASURY'S FIVEYEAR NOTE
FEES 1 POINT

NISSHO IWAI EUROPE JAPAN PARENT 75 MILLION OF 6 NOTES MATURING JUNE
1 1998 AT ISSUE AND FIXED REOFFER PRICE OF PAR VIA IBJ INTERNATIONAL LTD
FEES NOT DISCLOSED

KREDITANSTALT FUER WIEDERAUFBAU GERMANY 10 BILLION SPANISH PESETAS OF
1035 EUROBONDS DUE JUNE 15 1998 AT ISSUE PRICE 1014 VIA BANCO CENTRALE
HISPANO AMERICANO YIELD 1041 ANNUAL AT BREAKEVEN PRICE FOR COMANAGERS
FEES 175 POINTS

TOYOTA MOTOR FINANCE BV NETHERLANDS JAPAN PARENT250 MILLION OF 4 3/4
EUROBONDS DUE JUNE 3 1996 AT ISSUE PRICE 1009775 VIA CREDIT SUISSE FIRST
BOSTON LTD REOFFERED AT 9979 TO YIELD 483 ANNUAL SPREAD 33 BASIS
POINTS ABOVE US TREASURY 4 1/4 NOTE DUE MAY 1996 KEEPWELL AGREEEMENT
WITH PARENT TOYOTA MOTOR CORP FEES 1375 POINTS 9305190009 930519
TECHNOLOGY JUDGE SAYS ATARI GAMES INFRINGED ON A PATENT BELONGING TO
NINTENDO

SAN FRANCISCO A FEDERAL JUDGE RULED THAT SOME ATARI GAMES CORP VIDEO
GAMES INFRINGED ON A PATENT AND COPYRIGHT HELD BY NINTENDO OF AMERICA INC

JUDGE FERN SMITH ISSUED A SUMMARY JUDGMENT AGAINST ATARI GAMES RULING THAT
IT IMPROPERLY USED A CERTAIN NINTENDO COMPUTER CODE THAT ACTS AS A SECURITY
SYSTEM TO PREVENT UNLICENSED SOFTWARE DEVELOPERS FROM PRODUCING GAME
SOFTWARE FOR PLAY ON NINTENDO'S HOME ENTERTAINMENT CONSOLE NINTENDO OF
AMERICA IS A UNIT OF NINTENDO CO OF JAPAN ATARI GAMES ISN'T RELATED TO
ATARI CORP OF SUNNYVALE CALIF

DENNIS WOOD AN ATARI GAMES SENIOR VICE PRESIDENT SAID IN A STATEMENT THAT
THE JUDGE'S DECISION IS SOLELY CONFINED TO NINTENDO'S OBSOLETE 8BIT VIDEO
GAME SYSTEM AND HAS NO EFFECT ON THE ONGOING BUSINESS OF EITHER ATARI GAMES
OR TENGEN A SUBSIDIARY HE SAID ATARI GAMES PLANS TO APPEAL THE RULING

JUDGE SMITH GRANTED A PRELIMINARY INJUCTION AGAINST ATARI GAMES IN 1990
ORDERING IT TO STOP SELLING THE PRODUCTS WHICH INCLUDE A VERSION OF ATARI'S
POPULAR PAC MAN GAME ATARI APPEALED TO THE FEDERAL CIRCUIT COURT WHICH
LAST SEPTEMBER AFFIRMED JUDGE SMITH'S 1990 RULING

NINTENDO ALLEGED IN A 1989 SUIT THAT REPRESENTATIVES OF ATARI GAMES WHICH
IS 80OWNED BY TIME WARNER INC NEW YORK IMPROPERLY OBTAINED INFORMATION
FROM THE US COPYRIGHT OFFICE ALLOWING THE MILPITAS CALIF COMPANY TO
DEVELOP VERSIONS OF ATARI'S GAMES FOR USE WITH NINTENDO CONSOLES

REMAINING TO BE SETTLED AMONG OTHER ISSUES IS A CLAIM BY ATARI GAMES THAT
NINTENDO'S PATENT IS INVALID AND THAT NINTENDO'S BUSINESS VIOLATES US
ANTITRUST LAWS AND NINTENDO'S CLAIM THAT ATARI'S INFRINGEMENT WAS WILLFUL
9305190008 930518 WHAT'S NEWS  WORLDWIDE

THE US REVIEWED NONMILITARY OP TIONS TO SLOW THE FIGHTING IN BOSNIA

DESPITE THE BOSNIAN SERBS' REJECTION OF A PEACE ACCORD THE US SAW LITTLE
HOPE OF WINNING EUROPEAN BACKING FOR CLINTON'S MILITARY PLAN THOUGH
SECRETARY OF STATE CHRISTOPHER PLANNED TO KEEP TRYING US OFFICIALS
INSTEAD WERE FOCUSING ON A VARIETY OF NONMILITARY STEPS TO SLOW THE FIGHTING
AND CONTAIN THE CONFLICT UNDER DISCUSSION WERE A EUROPEAN PLAN TO TRANSFORM
KEY MUSLIM CITIES INTO SAFE AREAS AND THE USE OF US AIR POWER TO
EXTRACT UN PEACEKEEPERS IF THEY ARE ATTACKED

OFFICIAL RESULTS FROM THE SERBS' WEEKEND VOTE ON THE PEACE PLAN AREN'T
EXPECTED UNTIL TOMORROW BUT BALLOTS COUNTED SO FAR SHOWED A MASSIVE
TURNOUT AND A NO VOTE OF 95 TO 99

DENMARK'S PRIME MINISTER WARNED VOTERS THAT THEY WILL NEVER BE FORGIVEN IF
THEY AGAIN REJECT THE MAASTRICHT TREATY ON CLOSER EUROPEAN COOPERATION IN A
REFEREN DUM TODAY A REJECTION COULD MEAN THE DEATH OF THE TREATY A GALLUP
POLL SHOWED THAT 50 OF DANES SUPPORTED THE TREATY AND 32 OPPOSED IT

THE SUPREME COURT AGREED TO DECIDE WHETHER POTENTIAL JURORS MAY BE EXCLUDED
BASED ON THEIR SEX THE JUSTICES WILL CONSIDER WHETHER TO EXTEND A LINE OF
DECISIONS BANNING RACEBASED JUROR EXCLUSION THE ALABAMA CASE INVOLVES A
PATERNITY SUIT IN WHICH STATE LAWYERS ALLEGEDLY TRIED TO KEEP MEN OFF THE
JURY

CLINTON HAS NARROWED HIS LIST OF POTENTIAL SUPREME COURT NOMINEES TO SIX OR
SEVEN PEOPLE INCLUDING THREE FEDERAL COURT JUDGES WHITE HOUSE AIDES SAID
THE PRESIDENT APPEARS TO BE FOCUSING ON MALE CANDIDATES TO THE DISMAY OF
LIBERAL ACTIVISTS AND WOMEN'S GROUPS A NOMINATION IS EXPECTED WITHIN ABOUT
TWO WEEKS

ABOUT 20000 PEOPLE RALLIED IN KWANGJU SOUTH KOREA TO DEMAND A NEW INQUIRY
INTO THE DEATHS OF 200 PEOPLE DURING A 1980 CRACKDOWN ON PRODEMOCRACY
ACTIVISTS CRITICS SAY A 1988 PARLIAMENTARY INVESTIGA TION OF THE CRACKDOWN
WAS INCOMPLETE

AMERICAN BLACKS AND HISPANICS RANKED JUST AHEAD OF RUSSIANS IN THE UN'S
QUALITYOFLIFE INDEX AND FAR BEHIND NO 1RANKED AMERICAN WHITES THE INDEX
MEASURED LIFE EXPECTANCY EDUCATION AND PURCHASING POWER OF PEOPLE IN 173
COUNTRIES JAPAN AGAIN WAS THE LEADING COUNTRY IN THE OVERALL SURVEY THE
US PLACED SIXTH

YELTSIN IS PREPARED TO BYPASS THE RUSSIAN PARLIAMENT AGAIN AND HOLD ANOTHER
REFERENDUM IF LAWMAKERS REFUSE TO RATIFY A PROPOSED NEW CONSTITUTION
ACCORDING TO DEPUTY PRIME MINISTER SHUMEIKO THE RUSSIAN PRESIDENT HAS
CALLED A JUNE 5 SPECIAL ASSEMBLY OF REGIONAL LEADERS TO DRAFT AND POSSIBLY
ADOPT A NEW CONSTITUTION

THE EPA WILL MOVE TO SEVERELY RESTRICT APPROVALS FOR NEW HAZARDOUSWASTE
INCINER ATORS THE AGENCY IS TO ANNOUNCE TODAY A POLICY GIVING PRIORITY TO
REVIEWING EXISTING PERMITS FOR INCINERATORS RATHER THAN AP PROVING NEW ONES
AN OFFICIAL SAID THE SHIFT WOULD HAVE THE EFFECT OF AN 18MONTH MORATORIUM
ON NEW APPROVALS

THE CLINTON ADMINISTRATION IS DEFENDING FORMER PRESIDENT BUSH'S DECISION TO
TRANSFER THOUSANDS OF COMPUTER TAPES OF WHITE HOUSE RECORDS TO THE NATIONAL
ARCHIVES THE DAY BEFORE HE LEFT OFFICE JUSTICE DEPARTMENT LAWYERS ASKED A
FEDERAL JUDGE TO REJECT A REQUEST BY PUBLIC INTEREST GROUPS TO HAVE THE
RECORDS RETURNED TO THE WHITE HOUSE

AFGHAN GOVERNMENT JETS STREAKED OVER KABUL TO BOMB THE HEADQUARTERS OF
HARDLINE GUERRILLA LEADER GULBUDDIN HEKMATYAR AS HIS ROCKETS POUNDED THE
CAPITAL KABUL RADIO REPORTED THAT 23 PEOPLE WERE KILLED AND 119 WOUNDED IN
THE ROCKET BARRAGE THAT BEGAN SUNDAY NIGHT THE JETS WERE SAID TO BE KEEPING
HIGH TO AVOID ANTIAIRCRAFT FIRE

DEFENSE EXPERTS CONCLUDED THAT PENTAGON PLANNERS IN THE BUSH ADMINISTRATION
UNDERESTIMATED COSTS FOR THE NEXT SEVERAL YEARS BY 15 BILLION BUT DEFENSE
SECRETARY ASPIN SAID NO MAJOR BUDGET CHANGES ARE NECESSARY ABOUT TWOTHIRDS
OF THE SHORTFALL HAD ALREADY BEEN FACTORED INTO CLINTON ADMINISTRATION
BUDGET PLANS ASPIN SAID

THE TREASURY SAID ITS REVIEW OF THE FEB 28 RAID ON THE BRANCH DAVIDIAN
COMPOUND IN WACO TEXAS WILL EXAMINE WHETHER AGENTS MISSED EARLIER
OPPORTUNITIES TO SEARCH THE CULT'S BUILDING AND SEIZE ARMS THE RAID IN
WHICH FOUR AGENTS DIED LED TO A STANDOFF THAT ENDED WHEN A FIRE DESTROYED
THE COMPOUND KILLING SCORES OF CULT MEMBERS 9305190007 930519 CORPORATE
FOCUS CHEMICAL BANKING TACKLES CORPORATE DEBT SECURITIES  FIRM
HOPES TO DRAW ON BIGNAME CLIENTS AS IT INVADES WALL STREET'S TURF 
 BY STEVEN LIPIN STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK CHEMICAL BANKING CORP FLUSH WITH A STRONG CAPITAL BASE AND
ROSTER OF BIGTIME CLIENTS IS TAKING ON WALL STREET

YESTERDAY CHEMICAL'S SECURITIES AFFILIATE RECEIVED REGULATORY APPROVAL TO
UNDERWRITE AND SELL CORPORATE DEBT SECURITIES REFLECTING A DRIVE BY BANKS
TO GET INTO TRADITIONAL INVESTMENTBANKING ACTIVITIES

CHEMICAL IS THE LEADING BANK IN QUARTERBACKING THE DISTRIBUTION OF BIG
COMMERCIAL LOANS AMONG A SYNDICATE OF BANKS WHICH HAS KEPT RELATIONSHIPS
STRONG WITH HUNDREDS OF US CORPORATIONS NOW IT AIMS TO PARLAY THOSE TIES
TO WIN OUTRIGHT OR SHARE WITH WALL STREET FIRMS LUCRATIVE ASSIGNMENTS TO
MANAGE BOND DEALS

IN ANTICIPATION OF APPROVAL BY THE FEDERAL RESERVE BOARD CHEMICAL
SECURITIES THE INVESTMENTBANKING SUBSIDIARY HAS BEGUN TO HIRE DEBT
PROFESIONALS AS WELL AS ADDING FROM WITHIN THE COMPANY INITIALLY IT PLANS
TO EMPHASIZE NONINVESTMENTGRADE COMPANIES WHERE THE FEES ARE HIGHER ITS
LINKS TO FIRMS SUCH AS KOHLBERG KRAVIS ROBERTS & CO THAT ARE TAPPING
TODAY'S MARKETS TO REFINANCE DEBT FROM LEVERAGED BUYOUTS OF THE 1980'S ARE
STRONG IN THAT AREA

WE THINK WE CAN BE EXTREMELY COMPETITIVE VERY QUICKLY SAID WILLIAM
HARRISON VICE CHAIRMAN AT CHEMICAL WHICH MERGED WITH MANUFACTURERS HANOVER
18 MONTHS AGO TO BECOME THE NATION'S THIRDLARGEST BANK CHEMICAL ALREADY
HAS AUTHORITY TO SELL MORTGAGEBACKED AND ASSETBACKED SECURITIES AND
COMMERCIAL PAPER

CHEMICAL JOINS A HANDFUL OF OTHER BANKS SUCH AS JP MORGAN & CO CITICORP
BANKERS TRUST NEW YORK CORP AND CHASE MANHATTAN CORP IN WINNING
REGULATORY APPROVAL FROM THE FED NATIONSBANK CORP AND BANCO SANTANDER A
SPANISH BANK WITH A GROWING US PRESENCE RECENTLY APPLIED FOR CORPORATE
DEBT POWERS

BANK LENDING HAS BEEN IN THE DOLDRUMS AND COMMERCIAL BANKS HAVE BEEN LOSING
BUSINESS TO AGGRESSIVE WALL STREET FIRMS CHEMICAL AND OTHER BANKS HOPE TO
FOLLOW THEIR CLIENTS TO THE SECURITIES INDUSTRY WHICH IS AGGRESSIVELY
WOOING NONINVESTMENTGRADE CLIENTS TO THE BOND MARKET CORPORATE FUNDING IN
WALL STREET'S COMMERCIAL PAPER MARKET OVER RECENT DECADES ALREADY HAS CUT
DEEPLY INTO BANK LENDING TO INVESTMENTGRADE COMPANIES

LAST YEAR CHEMICAL WAS THE NO 1 SYNDICATOR OF BANK LOANS ARRANGING 253
BANK DEALS WORTH 100 BILLION ACCORDING TO LOAN PRICING CORP A
COMMERCIALLENDING RESEARCH AND CONSULTING FIRM CHEMICAL COUNTS AS CLIENTS
SUCH DEAL FIRMS AS KKR AND BLACKSTONE GROUP AS WELL AS CORPORATIONS SUCH AS
TIME WARNER INC AND BLACK & DECKER CORP

WE THINK IT'S AN EXTENSION OF OUR FRANCHISE SAYS MR HARRISON WE KNOW
THESE PEOPLE EXTREMELY WELL AND THERE'S NO REASON NOT TO USE US

BUT DESPITE CHEMICAL'S LENDING PROWESS IT WON'T BE EASY BUILDING A BOND
BUSINESS BANKS HAVE HAD A TOUGH TIME WINNING TRADITIONAL INVESTMENTBANKING
BUSINESS AND HAVE HAD MORE SUCCESS IN THE MARKET FOR DERIVATIVE SECURITIES
SUCH AS SWAPS AND OPTIONS

JUST HAVING A RELATIONSHIP WITH A CLIENT WON'T DO MANY CORPORATIONS WANT TO
ENSURE THAT THEIR UNDERWRITERS HAVE A STRONG SALES FORCE TO PLACE THEIR
SECURITIES WITH INVESTORS AND RESEARCH ANALYSTS TO FOLLOW THE COMPANIES
CHEMICAL'S STAFF IS TINY COMPARED TO SECURITIES DEALERS OR OTHER BANKS SUCH
AS JP MORGAN SECURITIES WHICH HAS OVER 100 PROFESSIONALS IN ITS
CORPORATEDEBT UNIT

IT'S A SMART MOVE FOR BANKS AS LONG AS THEY CAN EXECUTE SAYS MICHAEL
KARSNER TREASURER AT BLACK & DECKER THEY STILL HAVE TO PERFORM IN THE
MARKETPLACE BEFORE WE GIVE THEM A SIGNIFICANT PIECE OF BUSINESS

WALL STREET HAS LONG CONTENDED COMMERCIAL BANKS SHOULDN'T BE GIVEN BROAD
UNDERWRITING POWERS UNLESS SECURITIES FIRMS ARE GIVEN SOME OF THE PRIVILEGES
OF THE BANKS SUCH AS GOVERNMENTBACKED INSURANCE ON DEPOSITS AND ACCESS TO
EMERGENCY FUNDING THROUGH THE FEDERAL RESERVE BANK OTHERWISE BANKS HAVE AN
ADVANTAGE BECAUSE OF THEIR LENDING RELATIONSHIPS WHICH THE STREET SAYS ARE
STRESSED IN WINNING BONDUNDERWRITING ASSIGNMENTS

TO DATE HOWEVER REGULATORS HAVEN'T FOUND EVIDENCE THAT BANKS ILLEGALLY
COERCE COMPANIES BY TYING THE CONTINUANCE OF LOAN AVAILABILITY TO A BOND
ASSIGNMENT AND CORPORATE TREASURERS SAY THAT DESPITE THE CONTROVERSY THEY
WOULD CONSIDER USING CHEMICAL AS WELL AS OTHER BANKS

WE CERTAINLY WOULD CONSIDER AND EVALUATE ANY MAJOR COMMERCIAL BANK THAT WE
HAVE A RELATIONSHIP WITH BLACK & DECKER'S MR KARSNER SAID LAST MONTH
THERE'S NO QUESTION THAT FROM A MARKETING STANDPOINT TO BE ABLE TO SELL
INVESTMENT BANKING SERVICES IS A REAL ADVANTAGE

WHILE THE FED'S DECISIONS HAVE BEEN CRITICIZED BY SOME MEMBERS OF CONGRESS
FOR ALLOWING GOVERNMENTINSURED INSTITUTIONS INTO RISKY BUSINESSES STUDIES
HAVE SHOWN THAT SELLING BONDS IS ACTUALLY SAFER THAN MAKING LOANS THAT IS
BECAUSE THE SALE OR SYNDICATION OF A DEBT SECURITY USUALLY TAKES HOURS OR
A DAY AT THE MOST BUT BANKS OFTEN HOLD LARGE CORPORATE LOANS FOR WEEKS
BEFORE SYNDICATING OR RESELLING THE LOANS TO OTHER LENDERS

THE PUSH INTO SECURITIES ACTIVITIES IS PART OF A LARGER MOVE AWAY FROM
TRADITIONAL COMMERCIAL BANKING BANKERS NO LONGER WANT TO BE SEEN AS JUST
LENDERS IN ADDITION TO TRADITIONAL INVESTMENTBANKING BUSINESS THEY WANT
TO SELL COMPANIES FINANCIAL RISKMANAGEMENT PROGRAMS IN THE FORM OF
DERIVATIVE SECURITIES CASH MANAGEMENT AND OTHER ANCILLARY BUSINESS TO
BECOME LESS DEPENDENT ON JUST MAKING LOANS LOANS ARE WHAT GOT BANKS INTO
TROUBLE IN THE 1980S BANKERS ADMIT

BANKS WANT TO CAPTURE A PIECE OF THE BOOMING CORPORATE DEBT MARKET IN
PARTICULAR THE LUCRATIVE UNDERWRITING ASSIGNMENTS FOR HIGHYIELD JUNK BONDS
LAST YEAR 236 HIGHYIELD ISSUES WERE SOLD WITH A DOLLAR VALUE EXCEEDING 39
BILLION WITH FEES TOTALING OVER 800 MILLION ACCORDING TO SECURITIES DATA
CO FEES FOR A TYPICAL HIGHYIELD LOAN ARE AROUND 23 OF A BOND'S SIZE
COMPARED WITH AROUND 05 OF A PERCENTAGE POINT FOR AN INVESTMENTGRADE BOND

CHEMICAL HAS BEEN BEEFING UP ITS FIXEDINCOME TRADING AND SALES FORCE IN
RECENT MONTHS TO PREPARE FOR THE NEW POWERS JAMES P LEE JR A SENIOR
MANAGING DIRECTOR WHO RUNS CHEMICAL'S HUGE LOAN SYNDICATIONS GROUP WILL
OVERSEE THE BANK'S BOND BUSINESS FOR HIGHERRISK COMPANIES PAUL DIMMICK A
SENIOR MANAGING DIRECTOR IN CHARGE OF THE SECURITIES MARKETS DIVISION WILL
OVERSEE SALES AND TRADING OF INVESTMENTGRADE DEBT TRANSACTIONS

THEY'RE LOOKING TO BECOME A FIXEDINCOME POWERHOUSE SAID STEVEN LAZARUS
A SENIOR VICE PRESIDENT AT MARIASCHIN & CO A NEW YORK EXECUTIVE RECRUITING
FIRM THEY DON'T WANT TO BE SEEN AS A LAGGARD IN THE MARKETPLACE

CHEMICAL ALSO HAS A BIG BUSINESS IN THE NEW YORK CITY AREA LENDING TO
MIDSIZE BUSINESSES THAT ARE OFTEN PRIVATE AND UNRATED BY CREDITRATING
AGENCIES MR HARRISON SAID THE BANK WILL ALSO LOOK TO UNDERWRITE SMALLER
BOND OFFERINGS FOR THESE PREVIOUSLY UNRATED COMPANIES 9305190006 930519
WHO'S NEWS CULLEN/FROST BANKERS INC

CULLEN/FROST BANKERS INC SAN ANTONIO THREE NEW MEMBERS WERE ELECTED TO
THIS BANK HOLDING COMPANY'S BOARD HENRY E CATTO JR A 62YEAROLD PARTNER
IN THE SAN ANTONIO INSURANCE BROKERAGE FIRM OF CATTO & CATTO HARRY H
CULLEN 57 A FOUNDING DIRECTOR OF CULLEN CENTER BANK & TRUST A SUBSIDIARY
AND RICHARD W EVANS JR 46 PRESIDENT OF FROST NATIONAL BANK ALSO A
SUBSIDIARY THE NEW MEMBERS BRING THE TOTAL NUMBER OF DIRECTORS TO 20
9305190005 930519 WORLD MARKETS TOKYO STOCKS SLUMP 16 AS INVESTORS
WORRY ABOUT CORPORATE EARNINGS LONDON PRICES FALL  A WALL STREET
JOURNAL NEWS ROUNDUP

TOKYO STOCK PRICES SLUMPED 16 IN THIN TRADING AS INVESTORS JITTERY ABOUT
CORPORATE EARNINGS STAYED ON THE SIDELINES LONDON SHARES WERE DRAGGED DOWN
BY CORPORATE AND ECONOMIC FACTORS

WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX WAS AT 10424 DOWN 054 REFLECTING DECREASES IN MARKETS IN EUROPE
AND THE ASIA/PACIFIC REGION AND A RISE IN THE AMERICAS

PRECIOUS METALS STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY
GROUPS CLOSING AT 13287 UP 487 OR 38 WITH BATTLE MOUNTAIN GOLD OF
THE US POSTING A 12 GAIN IN ITS LOCAL CURRENCY TRANSPORTATION EQUIPMENT
STOCKS TRAILED AT 10928 DOWN 211 OR 19 WITH PACCAR OF THE US
SLIDING 61 IN LOCAL CURRENCY

ON WEDNESDAY THE NIKKEI INDEX ROSE 2299 POINTS TO CLOSE THE MORNING
SESSION AT 2025238

TUESDAY'S FIRSTSECTION VOLUME WAS ESTIMATED AT 370 MILLION SHARES COMPARED
WITH 3285 MILLION SHARES MONDAY LOSERS TROUNCED GAINERS 907163

THE WEAKNESS WAS ATTRIBUTED MORE TO LACK OF BUYING THAN HEAVY SELLING AS
INVESTORS TOOK PROFITS OR PAUSED FOR THE IMMINENT ONSLAUGHT OF CORPORATE
EARNINGS REPORTS FOR THE YEAR ENDED MARCH 31 AND FORECASTS FOR THE CURRENT
FISCAL YEAR THE NIKKEI OPENED LOWER ON SELLING BY BASKET ARBITRAGERS AND
SPENT MOST OF THE SESSION INCHING DOWN PRICES MANAGED TO MOVE UP FROM THE
DAY'S LOWS ON SOME SUPPORT BUYING IN THE AFTERNOON BY PUBLIC PENSION FUNDS
THOUGH THEY DIDN'T RUSH IN AS MANY AWAITED BIGGER BARGAINS IF THE NIKKEI
FALLS FURTHER

PROFITTAKING TUESDAY RANGED FROM BLUE CHIPS TO SMALLERCAPITALIZED ISSUES
THAT HAD GAINED STEADILY IN THE PAST TWO WEEKS THIS HALTED A STRING OF 11
GAINS IN A ROW FOR THE SECOND SECTION INDEX ALSO CONTRIBUTING TO THE
MARKET'S COOLING WAS THE STEADY FALL IN BOND PRICES AND CONSEQUENT RISE IN
YIELDS

IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX LOST 108
POINTS TO 28473 THE FT 30STOCK INDEX FELL 84 TO 22165 VOLUME WAS 6734
MILLION SHARES COMPARED WITH 5329 MILLION SHARES A DAY EARLIER

THE MARKET'S TONE INITIALLY WAS REINED IN BY CORPORATE EARNINGS AND NEWS OF
A PLANNED STOCKRIGHTS ISSUE WHICH CAN DRAIN SOME LIQUIDITY FROM OTHER
STOCKS THOUGH PRICES DID STAGE ADVANCES BUT WEAK BRITISH INDUSTRIAL
PRODUCTION DATA FOR MARCH AND SOME PROFITTAKING HELPED TURN THE TIDE AND
PRICES QUICKLY FOLLOWED WALL STREET LOWER THE LONDON MARKET ALSO WAS
CAUTIOUS AHEAD OF RESULTS OF DENMARK'S REFERENDUM ON A EUROPEAN COMMUNITY
UNITY TREATY AND OF THE BRITISH CENTRAL BANK'S QUARTERLY BULLETIN TO BE
RELEASED AFTER THE MARKET CLOSED THE DANES VOTED FOR THE SECOND TIME ON
WHETHER TO RATIFY THE EC TREATY A NO VOTE LAST JUNE SENT EUROPEAN
FINANCIAL MARKETS SKIDDING

IN FRANKFURT SHARE PRICES CLOSED LITTLE CHANGED IN QUIET TRADING AFTER AN
OPENING RALLY LOST ITS POWER THE DAX 30STOCK INDEX EDGED UP 060 POINT TO
162848 MOST INVESTORS REMAINED ON THE SIDELINES AWAITING RESULTS OF
DENMARK'S REFERENDUM AND ANTICIPATING A GERMAN HOLIDAY TOMORROW

PARIS AND MADRID STOCKS ROSE REFLECTING OPTIMISM ABOUT A POSITIVE OUTCOME
IN THE DANISH VOTE MILAN STOCKS OVERCAME A WEAK OPENING TO END HIGHER
STOCKHOLM EQUITIES WERE MIXED WITH TELECOMMUNICATIONS GAINS OFFSET BY
SLIDES FOR BLUE CHIPS WITH DISMAL EARNINGS REPORTS ZURICH PRICES ROSE ON
STRONG FOREIGN DEMAND

SYDNEY STOCKS DROPPED AFTER THE AUSTRALIAN DOLLAR PLUNGED WITH ADDED
PRESSURE FROM WEAK WORLD PRICES FOR MINERAL EXPORTS AND THE COUNTRY'S SLOW
ECONOMIC RECOVERY

HONG KONG SHARES ENDED AT A RECORD HIGH AFTER A SEESAW SESSION MARKED
INITIALLY BY PROFITTAKING AND LATER BY RENEWED OPTIMISM ABOUT SINOBRITISH
RELATIONS SINGAPORE STOCKS ALSO CLIMBED TO AN ALLTIME HIGH AS LOCAL AND
INSTITUTIONAL BUYERS STAMPEDED INTO THE MARKET SEOUL PRICES ADVANCED FOR
THE THIRD STRAIGHT SESSION PROMPTING HOPES FOR A TURNAROUND FROM A
MONTHLONG DOWNWARD TREND TAIPEI EQUITIES STAGED A TECHNICAL REBOUND AFTER
FOUR SESSIONS OF DECLINES MANILA STOCKS SLID IN A CONSOLIDATION

AMONG CORPORATE DEVELOPMENTS IN LONDON ALLIEDLYONS FINISHED UNCHANGED AT
543 PENCE 834 MEETING MARKET EXPECTATIONS THE BEVERAGE AND RESTAURANT
COMPANY'S PRETAX PROFIT FOR THE YEAR ENDED MARCH 6 ROSE 16 TO 620 MILLION
9517 MILLION FROM A YEAR EARLIER ON AN EARNINGS INCREASE AT HIRAM
WALKER SPIRITS AND A LOWER INTEREST CHARGE ALLIEDLYONS ALSO REPORTED ITS
RESULTS UNDER NEW BRITISH ACCOUNTING RULES REGARDING DISPOSED BUSINESSES IN
WHICH PRETAX PROFIT ROSE 15 TO 505 MILLION THE COMPANY REVALUED ITS CHAIN
OF PUBLIC DRINKING HOUSES RESULTING IN A 312 MILLION WRITEDOWN OF WHICH
41 MILLION WAS A PERMANENT REDUCTION IN VALUES AND TAKEN AGAINST PROFIT AND
THE REMAINDER AGAINST REVALUATION RESERVES THE 5 INCREASE IN THE ANNUAL
DIVIDEND TO 21 PENCE A SHARE WAS AT THE TOP OF MARKET ESTIMATES

BRITISH AIRWAYS EASED 1/2 TO 296 1/2 THE CARRIER'S PRETAX PROFIT FOR THE
YEAR ENDED MARCH 31 DROPPED 57 TO 185 MILLION BELOW ANALYSTS' PREVIOUS
ESTIMATES HURT BY LOWER SALES OF HIGHERPRICED TICKETS AND BY CURRENCY
EXCHANGE RATES THE DIVIDEND WAS RAISED 41 TO 106 PENCE A SHARE BRITISH
AIRWAYS ALSO LAUNCHED A 4418 MILLION RIGHTS ISSUE OF ONE NEW ORDINARY
SHARE FOR EVERY FOUR SHARES HELD MAY 10 AT A PRICE OF 245 PENCE EACH TO
HELP PAY FOR INDUSTRY INVESTMENTS

MARKS & SPENCER FELL 4 1/2 OR 13 TO 345 1/2 ON PROFITTAKING AFTER THE
FOOD AND CLOTHING RETAILER REPORTED THAT PRETAX PROFIT FOR THE YEAR ENDED
MARCH 31 CLIMBED 25 TO 7365 MILLION

IN FRANKFURT CONTINENTAL ADVANCED 280 MARKS OR 14 TO 19880 MARKS
12320 THE TIRE MAKER REPORTED 1992 PERSHARE EARNINGS OF 1480 MARKS
UP SHARPLY FROM 505 MARKS A YEAR EARLIER AS PREVIOUSLY REPORTED
CONTINENTAL HAD TOTAL 1992 GROUP PROFIT OF 133 MILLION MARKS 824
MILLION COMPARED WITH A YEAREARLIER NET LOSS OF 128 MILLION MARKS
LARGELY BECAUSE OF WRITEOFFS AT THE GENERAL TIRE UNIT IN NORTH AMERICA
GROUP SALES ROSE 33 TO 969 BILLION MARKS

IN PARIS PSA PEUGEOT CITROEN WAS UNCHANGED AT 540 FRENCH FRANCS 9926
THE AUTO MAKER SAID IT IS HOLDING TALKS WITH A US COUNTERPART WHICH IT
WOULDN'T IDENTIFY ABOUT COLLABORATING ON A NEW CAR THAT WOULD AIM FOR A
NICHE MARKET WITH ANNUAL OUTPUT LIMITED TO BETWEEN 30000 AND 70000 AUTOS
ANOTHER MEETING IS SCHEDULED FOR SEPTEMBER WHEN PEUGEOT SAID A DECISION ON
PROCEEDING COULD BE MADE

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 1969 EQUALING 100 THE PERCENTAGE CHANGE IS SINCE YEAREND
9305190004 930519 TECHNOLOGY & ENVIRONMENT MICROSOFT'S BILL GATES 
WARNS CLINTON TREAD VERY LIGHTLY IN JAPAN

TOKYO WILLIAM GATES THE CHAIRMAN OF MICROSOFT CORP AND ONE OF AMERICA'S
MOST SUCCESSFUL CAPITALISTS HAS SOME ADVICE FOR BILL CLINTON ON HOW TO
MANAGE TRADE WITH JAPAN DON'T

IN AN INTERVIEW MR GATES STRONGLY OPPOSED THE ACTIVIST POLICIES THAT THE
CLINTON ADMINISTRATION AND OTHER US HIGHTECH FIRMS ARE PROMOTING

EVERY TIME YOU INTERFERE IN THESE MARKETS YOU HAVE OVERALL NET NEGATIVE
EFFECTS AND IN MOST CASES THE OPPOSITE OF THE EFFECT YOU INTENDED TO
HAVE MR GATES SAID OF GOVERNMENT ATTEMPTS TO NEGOTIATE TRADE OUTCOMES
WHY DON'T PEOPLE JUST CAPTURE THAT IN THEIR MINDS THAT SCREWING AROUND
WITH MARKETS IS TRICKY STUFF

MR GATES WAS IN TOKYO PROMOTING A JAPANESELANGUAGE VERSION OF HIS WINDOWS
SOFTWARE HE BLASTED US EFFORTS TO FORCE JAPAN TO AGREE TO IMPORT TARGETS
IN CERTAIN TRADE SECTORS IT'S TERRIBLE HE SAID IT'S SUBVERTING THE
MARKET MECHANISM

FOR EXAMPLE SEMICONDUCTOR MAKERS RECENTLY HAILED A USJAPAN CHIP
AGREEMENT THAT THEY SAY HELPED OPEN THE JAPANESE MARKET BUT MR GATES
CRITICIZED THE AGREEMENT UNDER WHICH JAPAN SAID IT WOULD HELP EXPAND
FOREIGN CHIP MAKERS' MARKET SHARE AND STOP ITS OWN COMPANIES FROM SELLING
CHIPS ABROAD BELOW FAIR MARKET VALUE SHORTLY THEREAFTER SPOT PRICES OF
MEMORY CHIPS ROSE SHARPLY LEADING TO SHORTAGES AND PRICE INCREASES FOR SOME
COMPUTERSA RESULT MR GATES BLAMES SOLELY ON THE CHIP AGREEMENT

SOME ECONOMISTS SUCH AS LAURA D'ANDREA TYSON NOW CHAIRWOMAN OF MR
CLINTON'S COUNCIL OF ECONOMIC ADVISERS HAVE ARGUED THAT THE JAPANESE
CHIPMAKERS HAD ALREADY DRIVEN OUT THEIR US COMPETITORS AND WERE READY TO
RAISE PRICES ANYWAY 9305190003 930519 LAWMAKERS ACCUSE CHINA OF
CONTINUING TO SHIP PRISONMADE PRODUCTS TO US  BY ROBERT S
GREENBERGER STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON AS PRESIDENT CLINTON CONSIDERS TERMS FOR RENEWING CHINA'S
TRADE STATUS FOUR LAWMAKERS ACCUSED BEIJING OF BREAKING A PLEDGE BY
CONTINUING TO SHIP PRISONMADE GOODS TO THE US

THE LAWMAKERS CITED A RECENT STUDY BY A NONPROFIT GROUP THE LAOGAI RESEARCH
FOUNDATION THAT SAID CHINA IS SHIPPING THE US AS MUCH AS 900000 POUNDS
OF PRISONERMADE RUBBER BOOTS AS WELL AS SUCH ITEMS AS DIESEL ENGINES
TEXTILE PRODUCTS HAND TOOLS AND CHAIN AND LEVER HOISTS

THE NONPROFIT GROUP ALSO SAID A US COMPANY COLUMBUS MCKINNON CORP IS
THE SOLE US AGENT FOR THE HOISTS WHICH IT ALLEGED ARE MANUFACTURED BY
ZHEJIANG PROVINCE NO 4 PRISON A SPOKESMAN FOR THE CLOSELY HELD AMHERST
NY COMPANY SAID TO OUR KNOWLEDGE AND FROM PERSONAL VISITS THERE THIS
PLANT IS NOTHING MORE THAN A NORMAL COMMERCIAL ENTERPRISE HE ADDED IF
AFTER EXAMINING THE FACTS THE ALLEGATIONS PROVE TO BE TRUE WE WILL STOP
DOING BUSINESS WITH THEM

EVERY YEAR SINCE THE 1989 KILLING OF PRODEMOCRACY STUDENTS IN BEIJING'S
TIANANMEN SQUARE BY CHINESE SOLDIERS CONGRESS HAS PASSED LEGISLATION
CALLING ON BEIJING TO IMPROVE ITS POLICIES ON HUMAN RIGHTS TRADE AND
WEAPONS PROLIFERATION TO MAINTAIN ITS MOSTFAVOREDNATION TRADE STATUS
WHICH THE US GRANTS TO NEARLY ALL OF ITS TRADING PARTNERS FORMER
PRESIDENT BUSH VETOED THE BILLS WHICH ALSO CONTAINED PROVISIONS CONCERNING
SHIPPING PRISONMADE GOODS TO THE US

MR CLINTON WHO PROMISED TO GET TOUGH WITH BEIJING DURING THE PRESIDENTIAL
CAMPAIGN IS WIDELY EXPECTED TO RENEW CHINA'S TRADE STATUS FOR A YEAR BUT TO
SET SOME CONDITIONS THAT BEIJING MUST MEET DURING THAT TIME HE MUST DECIDE
BY JUNE 3 WHETHER TO IMPOSE THE LEGISLATIVE CONDITIONS OR USE HIS EXECUTIVE
AUTHORITY TO NEGOTIATE CONDITIONS WITH CHINA MR CLINTON COULD RENEW THE
TRADE STATUS WITHOUT SETTING CONDITIONS BUT MANY LAWMAKERS HAVE SAID THEY
WOULD THEN PUSH THE LEGISLATION

PRESSURE IS BUILDING ON MR CLINTON BOTH FROM US BUSINESSES THAT DON'T
WANT TO JEOPARDIZE SALES OR LOSE OPPORTUNITIES IN THE WORLD'S
FASTESTGROWING ECONOMY AND FROM HUMANRIGHTS AND OTHER GROUPS THAT WANT TO
USE THE TRADE STATUS AS A LEVER TO ALTER CHINA'S BEHAVIOR

THIS MONTH FOR INSTANCE NEARLY 300 US FIRMS WITH TOTAL SALES TO CHINA OF
75 BILLION URGED PRESIDENT CLINTON TO RENEW THE TRADE STATUS
UNCONDITIONALLY IN A LETTER TO THE PRESIDENT THEY SAID WE MUST NOT
ISOLATE CHINA AS WE SEEK TO ADVANCE THE FORCES OF DEMOCRACY AND ECONOMIC
REFORM CHINA SHIPS MOSTLY INEXPENSIVE GOODS TO THE US AND IMPORTS US
HIGH TECHNOLOGY ITEMS INCLUDING AIRCRAFT AND TELECOMMUNICATIONS EQUIPMENT

BUT TO OTHERS INCLUDING REP FRANK WOLF R VA AND REP NANCY PELOSI
D CALIF WHO APPEARED AT YESTERDAY'S NEWS CONFERENCE CHINA'S BEHAVIOR
CONCERNING PRISON LABOR HIGHLIGHTS WHY PRESSURE NEEDS TO BE PUT ON BEIJING
WHICH HAS IMPRISONED MANY CITIZENS FOR PEACEFUL PROTEST OR PRACTICING
RELIGION

IN AUGUST CHINA AGREED TO PERMIT US CUSTOMS SERVICE OFFICIALS TO INSPECT
PRISONS THAT WERE SUSPECTED OF USING PRISON LABOR TO SHIP GOODS TO THE US
SINCE THEN US OFFICIALS HAVE ASKED TO INSPECT FIVE PRISONS BUT HAVE BEEN
PERMITTED TO VISIT ONLY ONE THEIR ACCESS DURING THAT VISIT WAS SO LIMITED
THAT US OFFICIALS REQUESTED ANOTHER INSPECTION TO WHICH CHINA HASN'T YET
AGREED

HONGDA HARRY WU EXECUTIVE DIRECTOR OF THE LAOGAI RESEARCH FOUNDATION AND A
POLITICAL DISSIDENT WHO SPENT 19 YEARS IN CHINESE PRISONS SAID THAT OVER
THE PAST 40 YEARS AS MANY AS 50 MILLION PEOPLE HAVE BEEN JAILED IN CHINA'S
EXTENSIVE PRISON SYSTEM

US OFFICIALS ALSO BELIEVE CHINA HAS RENEGED ON OTHER PLEDGES TO RESTRICT
SALES OF MISSILES AND HIGH TECHNOLOGY WEAPONS INCLUDING THE SALE OF
MEDIUMRANGE M11 MISSILE SYSTEMS TO PAKISTAN

TESTIFYING BEFORE THE HOUSE FOREIGN AFFAIRS COMMITTEE SECRETARY OF STATE
WARREN CHRISTOPHER VOICED HIS CONCERN ABOUT THE ALLEGED MISSILE SALES HE
ALSO SAID HE WAS APPALLED BY CHINA'S REPORTEDLY COERCIVE FAMILY PLANNING
PRACTICES AND WOULD SERIOUSLY CONSIDER TYING FAVORABLE TRADE BENEFITS TO
ENDING THEM

MR CHRISTOPHER ALSO SAID THAT HIS TOP AIDE FOR ASIA WINSTON LORD DIDN'T
MAKE MUCH PROGRESS LAST WEEK DURING TALKS IN BEIJING ABOUT HUMAN RIGHTS
TRADE AND ARMS PROLIFERATION 9305190002 930519 AN ELDERLY GERMAN STILL
SEEKS JUSTICE IN HER FATHER'S DEATH  FORMER HEAD OF SECRET POLICE
 ERICH MIELKE 85 IS ON TRIAL FOR MURDER 62 YEARS AGO  BY DANIEL
BENJAMIN STAFF REPORTER OF THE WALL STREET JOURNAL

BERLIN THE DEFENDANT ERICH MIELKE SITS HUNCHED OVER IN A GLASS BOOTH
HIS FACE ONLY OCCASIONALLY VISIBLE DORA ZIMMERMANN ONE OF HIS ACCUSERS
SITS ACROSS THE GLOOMY NEARLY EMPTY COURTROOM SHE HAS WISHED FOR THIS
CONFRONTATION FOR A LIFETIME NOW SHE CALLS IT MY TRIAL

IF MR MIELKE THE LONGTIME HEAD OF EAST GERMANY'S STASI OR SECRET POLICE
HAD EVER WONDERED TO WHOM HE MIGHT HAVE TO ANSWER FOR HIS LIFE'S WORK MRS
ZIMMERMANN A 73YEAROLD RETIRED BOOKKEEPER PROBABLY DIDN'T ENTER HIS
MIND

BUT MR MIELKE HAS BEEN IN HER THOUGHTS FOR MANY YEARS AND TODAY HE IS ON
TRIAL FOR THE MURDER OF HER FATHER PAUL ANLAUF IN 1931 TWO LONG GERMAN
DICTATORSHIPS AGO SEEING MR MIELKE BROUGHT TO JUSTICE SHE SAYS IS MY
LIFE'S TASK SPEAKING SLOWLY AND DELIBERATELY SHE EXPLAINS I'M THE LAST
MEMBER OF MY FAMILY WHO CAN SEE THAT THE DEATH OF MY FATHER IS ATONED FOR

THEY TOOK MY FATHER FROM ME WHEN I WAS 11 THAT I CAN'T FORGET THAT I
DON'T WANT TO FORGET SHE SAYS HER FATHER'S DEATH LEFT HER AN ORPHAN HER
MOTHER HAD DIED OF A KIDNEY AILMENT JUST THREE WEEKS EARLIER

HER TIE TO A FATHER KILLED 62 YEARS AGO APPEARS TO HAVE BEEN STRENGTHENED BY
OTHER CIRCUMSTANCES SHE WAS STUCK FOR DECADES IN THE GERMAN DEMOCRATIC
REPUBLIC WHERE SHE COULD OBSERVE AT CLOSE RANGE MR MIELKE'S RISE TO
FEARSOME POWER THE GDR WAS NO PLACE FOR THE DAUGHTER OF PAUL ANLAUF TO MAKE
A LIFE BUT AS THE ONLY ONE OF THREE SISTERS STILL LIVING IN EAST GERMANY
WHEN THE BERLIN WALL WENT UP SHE HAS ONE REASON NOT TO REGRET HER LIFE TOO
MUCH IT WAS GOOD THIS WAY I COULD TAKE CARE OF MY FATHER'S GRAVE

ALTHOUGH THE TRIAL OF MR MIELKE OPENED 14 MONTHS AGO WITH OVERFLOW CROWDS
DEMONSTRATORS AND A PACKED PRESS GALLERY MRS ZIMMERMANN IS ONE OF THE VERY
FEW GERMANS WHO STILL SEEM TO CARE ABOUT THE PROCEEDINGS WHICH STRIKE MANY
PEOPLE HERE AS MUCH ADO ABOUT ANCIENT HISTORY WITH ATTENTION SPANS SHORT
THE CASE HAS ALL BUT DISAPPEARED FROM NEWSPAPERS AND TELEVISION

NOW THE TRIAL DRAWS NO ONLOOKERS AND JUST A HANDFUL OF REPORTERS MRS
ZIMMERMANN HOWEVER HAS ATTENDED ALL BUT TWO OF THE 68 SESSIONS THOUGH HER
PRESENCE IS NOT REQUIRED

BECAUSE MR MIELKE IS NOW FRAIL AND 85 YEARS OLD THE PROCEEDINGS DRAG
ALONG CONVENING AT MOST TWICE A WEEK AND RARELY LASTING HALF AN HOUR
INDEED THE CASE COULD END AT ANY MOMENT SHOULD THE JUDGES CONCLUDE THAT MR
MIELKE IS IN NO CONDITION TO STAND TRIAL

THAT THIS IS TAKING PLACE AT ALL IS ONE OF THE WEIRDER TWISTS OF THE
POSTUNIFICATION PERIOD KNOWN BY ITS LOCATION AS THE BUELOWPLATZ SHOOTINGS
THE KILLING OF MRS ZIMMERMANN'S FATHER WHO WAS A PRECINCT POLICE CHIEF
AND ANOTHER POLICEMAN HAPPENED IN ONE OF THE STREET BATTLES BETWEEN NAZIS
AND COMMUNISTS THAT HELPED DESTABILIZE THE WEIMAR REPUBLIC IN ITS FINAL
DAYS

MR MIELKE A 23YEAROLD COMMUNIST AT THE TIME FLED TO THE SOVIET UNION
AFTER THE KILLINGS AND THE WEIMAR AUTHORITIES' INVESTIGATION PETERED OUT
THE NAZIS REVIVED THE CASE AFTER THEY CAME TO POWER IN 1933 INDICTING MR
MIELKE IN ABSENTIA IN 1934 IN THE SAME STATE COURTROOM WHERE HIS TRIAL IS
GOING ON NOW SOME 59 YEARS LATER

ONLY AFTER THE FALL OF THE COMMUNIST REGIME IN 1990 WERE COURT DOCUMENTS
WHICH DISAPPEARED AFTER WORLD WAR II FOUND IN MR MIELKE'S SAFE AT THE
FORMER MINISTRY FOR STATE SECURITY HERE

UNDER GERMAN LAW IMMEDIATE FAMILY MEMBERS OF A MURDER VICTIM CAN BE
COPLAINTIFFS WITH THE STATE WHICH MRS ZIMMERMANN DECIDED TO BECOME AFTER
CONSIDERABLE AGONIZING FOR A WOMAN WHOSE LIFE HAS LARGELY BEEN AN EXERCISE
IN WITHDRAWAL TO STAND UP IN COURT WAS AN EMOTIONAL CHALLENGE

ME A LITTLE GDR CITIZEN AS COPLAINTIFF AGAINST MINISTER MIELKE SHE
ASKS IN HER OWN NEIGHBORHOOD MANY STILL REFUSE TO SPEAK ON THE STREET
ABOUT MR MIELKE WHO AT THE PEAK OF HIS STASI POWER CONTROLLED A VAST
NETWORK OF SECRET POLICE AND INFORMERS IF I HADN'T LOVED MY FATHER SO
MUCH I COULDN'T HAVE FOUND THE STRENGTH SHE SAYS SHE DECIDED TO BE A
COPLAINTIFF JUST A WEEK BEFORE THE TRIAL BEGAN

SHE HAS ALWAYS LIVED HUMBLY TRYING NEVER TO BE CONSPICUOUS SAYS MANFRED
ZICHE MRS ZIMMERMANN'S NEPHEW AND WITH AN ORPHAN'S LASTING SENSE OF
INSECURITY

THE FEELING WAS POWERFULLY REINFORCED BY A LIFE SPENT IN A STATE WHERE MR
MIELKE WAS THE SECOND MOST POWERFUL MAN THROUGHOUT THE YEARS ERICH HONECKER
WAS PARTY CHIEF 1971 TO 1989 MR MIELKE WAS MINISTER FOR STATE SECURITY
FROM 1957 TO 1989

MRS ZIMMERMANN AND HER HUSBAND AN OFFICE WORKER WHO DIED EIGHT YEARS AGO
KNEW THAT COMMUNIST REGIMES DEALT RUTHLESSLY NOT ONLY WITH OPPONENTS BUT
WITH SUCH POTENTIAL OPPONENTS AS THEIR SURVIVING RELATIVES

SHE WONDERS WHY SHE WAS NEVER HARASSED BY THE STASI BUT SAYS I KEPT MYSELF
HIDDEN SHE EVEN WAITED UNTIL HER DAUGHTER NOW 36 TURNED 18 BEFORE
TELLING HER ABOUT THE FAMILY HISTORY

STILL WHEN OFFICIAL FORMS DEMANDED SHE DISCLOSED THAT HER MAIDEN NAME WAS
ANLAUF AND AVERRED THAT HER FATHER WAS A POLICEMAN WHO DIED IN 1931

THE ONLY ACTS OF RESISTANCE TO THE REGIME SHE VENTURED WERE TO REFUSE TO
JOIN THE COMMUNIST PARTY WHEN ASKED IN THE 1950S FOR WHICH SHE WAS DEMOTED
AND DEADENDED AT WORK AND TO GIVE HER HUSBAND A CHRISTIAN BURIAL THAT
MUCH COURAGE I HAD SHE SAYS

HER CONVERSATION CIRCLES BACK TO HER FATHER WHOSE REPUTATION SHE IS
DETERMINED TO REHABILITATE FROM COMMUNIST SLANDERS THEY PORTRAYED HIM AS A
BOURGEOIS TOOL A FRIEND OF THE FASCISTS AS A VICTIM OF THE HATED
COMMUNISTS THE NAZIS ADOPTED HIM AS A MARTYR

MRS ZIMMERMANN BRINGS OUT PICTURES SHE CALLS MY EVERYTHING OF A HUGE
PROCESSION AT HER FATHER'S FUNERAL AND OF THE STATUE THAT THE NAZIS ERECTED
TO HIS MEMORY IN 1935

BENEATH THE BRONZE FIGURES OF A STANDING VIGILANT POLICEMAN AND A FALLEN
ONE A WREATH BEARING A SWASTIKA HAS BEEN LAID HER FATHER WAS SO POPULAR
SHE INSISTS THAT MANY PEOPLE INCLUDING JEWS LEFT FLOWERS BY THE MEMORIAL
WHICH WAS MELTED DOWN DURING WORLD WAR II FOR WEAPONS THE INSCRIBED
PEDESTAL WAS RIPPED OUT BY THE COMMUNISTS

AT FIRST A CONVICTION OF MR MIELKE SEEMED UNLIKELY BECAUSE MOST OF THE
NAZIERA TESTIMONY WAS DEEMED INADMISSIBLE SINCE IT MAY HAVE BEEN EXTRACTED
THROUGH TORTURE WITNESSES TO THE KILLING ARE STILL ALIVE BUT NONE SAW THE
ASSAILANTS CLEARLY OTHERS HAVE HAD NOTHING TO CONTRIBUTE BUT HEARSAY

THE DISCOVERY IN MOSCOW THOUGH OF A PERSONAL HISTORY SUPPOSEDLY
HANDWRITTEN BY MR MIELKE AND ADMITTING TO HIS INVOLVEMENT IN THE
BUELOWPLATZ MATTER HAS HELPED THE PROSECUTION THOUGH THE DOCUMENT DIDN'T
GET MORE SPECIFIC THAN THAT A VERDICT BY A PANEL OF JUDGES COULD COME IN
THE NEXT MONTH OR TWO IF MR MIELKE'S HEALTH HOLDS OUT

THAT MOST OF HER FELLOW EASTERN GERMANS DON'T APPEAR TO CARE WHAT MR MIELKE
DID WHEN HE WAS 23 YEARS OLD AND REGARD HIS TRIAL FOR AN ANCIENT CRIME AS
ABSURD HAS BEEN THE MOST WOUNDING PART OF HER EXPERIENCE I CONSIDER THIS
TRIAL POINTLESS SAYS CORNELIA RUDEL A 37YEAROLD ENGINEER WHO LIVES IN
MRS ZIMMERMANN'S NEIGHBORHOOD THERE ARE OTHER THINGS HE COULD BE PUNISHED
FOR THINGS HE DID DURING THE GDR PERIOD FOR ME MIELKE IS THE ONE WHO HAS
TO ANSWER FOR IT ALL THE WHOLE STASI THING THE SHOOTTOKILL ORDER AT
THE BORDER BETWEEN THE GERMANYS

MRS ZIMMERMANN WONDERS WHAT WOULD ANOTHER PERSON DO IN MY PLACE SHE
HOPES THAT DESPITE MR MIELKE'S AGE THIS IS NOT HIS LAST TRIAL

MY TRIAL SHOULD ONLY BE A BEGINNING SHE SAYS I WISH THE GDR CITIZENS
WHOM HE DID SO MUCH HARM TO HAVE JUSTICE DONE FOR THEM SO THAT THEY FIND
THEIR PEACE

REGINE WOSNITZA CONTRIBUTED TO THIS ARTICLE 9305190001 930519 THE RIGHTS
STUFF  BY AMITY SHLAES

THE STATE DEPARTMENT OFFICIAL TALKS IN A QUIET VOICE EXPLAINING TO A
REPORTER WHAT ON FIRST HEARING SOUNDS LIKE A BIT OF ARCANE POLITICAL
PHILOSOPHY THE PREVIOUS TWO ADMINISTRATIONS HAD DRAWN A DISTINCTION
BETWEEN CIVIL AND POLITICAL RIGHTS ON THE ONE HAND AND ECONOMIC SOCIAL AND
CULTURAL RIGHTS ON THE OTHER HAND THE BUSH AND REAGAN ADMINISTRATIONS HE
SAYS PREFERRED TO CALL THE LATTER GROUP MERE GOALS' OR 'OBJECTIVES' THE
NEW ADMINISTRATION HE GOES ON HAS DECIDED TO DROP THIS DISTINCTION
BECAUSE IT FELT IT WAS LEADING TO NEEDLESS STERILE DEBATE

SOMETIMES BOMBSHELLS SOUND LIKE PINDROPS AND THIS WAS ONE OF THOSE
OCCASIONS THE ADMINISTRATION'S DRY LANGUAGE REFLECTS A FUNDAMENTAL CHANGE
IN THE DEFINITION OF RIGHTS THAT MAY WELL AFFECT THE WAY THE US CONDUCTS
FOREIGN AND AID POLICY IN AREAS AS FARRANGING AS TIBET AND BOSNIA

THE US AND MUCH OF THE REST OF THE WEST USED TO DIVIDE RIGHTS INTO
TWO CATEGORIES FUNDAMENTAL ONES LIKE THE RIGHTS TO FREEDOM OF RELIGION
FREE SPEECH AND PRIVATE PROPERTY AND A SECOND TIER OF LESSER RIGHTS CREATED
THROUGH LEGISLATION IN INTERNATIONAL VENUES INCLUDING MANY AIRLESS
UNITED NATIONS MEETINGS THE US INSISTED ON THAT DIFFERENCE THE US
WOULD MAKE THAT DISTINCTION EVERY TIME THIRD WORLD COUNTRIES ARGUED FOR
EXAMPLE THAT THE NORTHSOUTH DIVIDE BETWEEN DEVELOPED COUNTRIES AND POORER
ONES MEANT THAT THE NORTH HAD TO FUND THE SOUTH TO FULFILL ITS RIGHT TO
DEVELOPMENT

LATELY THOUGH EAST AND WEST BOTH HAVE FOCUSED ON THE LATTER GROUP PUSHING
TO STRENGTHEN COLLECTIVE RIGHTS SUCH AS THE RIGHTS OF ETHNIC MINORITIES AND
OF WOMEN AND ECONOMIC RIGHTS SUCH AS THE RIGHTS TO A MINIMUM WAGE AND TO
ECONOMIC DEVELOPMENT AT BEST THE US DECISION TO SIGN ONTO THE BLURRING
OF SUCH DIFFERENCES MOVES THE UN TOWARD BECOMING A VIRTUAL PIGGY BANK FOR
UNDERDEVELOPED NATIONS AT WORST IT MARKS THE BEGINNING OF A NEW ERA OF
CONFUSION OVER THE TERM RIGHT THIS COULD RENDER THE UN INCAPABLE OF
SORTING OUT THE MOST BASIC HUMANRIGHTS PROBLEMS

THE CLINTON ADMINISTRATION OF COURSE DOESN'T SEE IT THAT WAY THE STATE
DEPARTMENT OFFICIAL SAYS THAT DROPPING THIS DISTINCTION IS A TECHNICAL MOVE
THAT WILL CLEAR THE WAY FOR TACKLING THE WORLD'S REAL ILLS SUCH AS
HUMANRIGHTS VIOLATIONS IN CHINA BUT THIS STRATEGY WON'T WORK SAYS JOHN
BOLTON WHO RECENTLY DEPARTED AS ASSISTANT SECRETARY OF STATE FOR
INTERNATIONAL ORGANIZATIONS AND IT WON'T HELP US TO STOP TORTURE EITHER
IT JUST MEANS THAT REDISTRIBUTIONIST CLAIMS FOR ECONOMIC ASSISTANCE ARE
GOING TO COME RIGHT BACK INSTEAD OF DEPOLITICIZING THE UN ALL PLANS FOR
DEPOLITICIZATION WILL BE DISRUPTED

TO WATCH EVENTS ON THE FOREIGNPOLICY FRONT THESE DAYS IS TO WATCH THE SLOW
SLIDE TOWARD INTERNATIONAL CONSENSUS ON COLLECTIVE AND ECONOMIC RIGHTS AT
THE ANNUAL UN HUMAN RIGHTS COMMISSION MEETINGS IN GENEVA THE US ALWAYS
OPPOSED DEVELOPMENT AND ECONOMIC RIGHTS IT WAS OFTEN A LONE VOICE IN A BODY
WHOSE MEMBERSHIP IS DOMINATED BY NONALIGNED AND THIRD WORLD FANS OF THE
NOTIONS IN FEBRUARY THOUGH THE US VOTING PATTERN CHANGED

THE US JOINED WITH OTHER COMMISSION MEMBERS IN ENDORSING A RESOLUTION
DEFINING THE IMPLEMENTATION OF THE RIGHT TO DEVELOPMENT THE RESOLUTION
GOT RIGHT DOWN TO THE MOST IMPORTANT THIRD WORLD ISSUEMONEY IT NOTED THAT
SINCE ADVERSE EFFECTS OF THE DEBT BURDEN ON THE DEVELOPMENT PROCESS  
CONTINUE TO BE UNCERTAIN IT WAS TIME TO CALL FOR ADJUSTMENT PROGRAMS ON
THE EFFECTIVE ENJOYMENT OF ECONOMIC SOCIAL AND CULTURAL RIGHTS OF
DEVELOPING COUNTRIES

BOLDER SIGNS OF A US SHIFT FOLLOWED IN AN AMERICAN DRAFT HUMAN RIGHTS
ACTION PLAN PREPARED FOR AN INTERNATIONAL CONFERENCE ON HUMAN RIGHTS
SCHEDULED FOR VIENNA IN JUNE THE US FOCUSES ON THE KIND OF COLLECTIVE
RIGHTS IT USED TO ESCHEW IT DEVOTES AN ENTIRE SECTION TO WOMEN'S RIGHTS
PUSHING FOR THE INTEGRATION OF WOMEN'S ISSUES INTO UN HUMAN RIGHTS
PROGRAMS THERE'S NOTHING WRONG OF COURSE WITH FIGHTING DISCRIMINATION
AGAINST WOMEN BUT MANY WHO BACK WOMEN'S CAUSES FEEL THAT THIS NEW FOCUS ON
SPECIAL GROUPS OPENS A PANDORA'S BOX INVITING ALL SPECIAL CAUSES TO STAKE
THEIR CLAIMS IN UN DOCUMENTS

THE US ALSO IS BACKING THE CREATION OF A UN HIGH COMMISSIONER ON HUMAN
RIGHTS THIS MAY WELL EXTEND THE UN'S ALREADY VOLUMINOUS BUREAUCRACY 
ONE SO MISGUIDED THAT IT PURSUES AN OBSESSION WITH ISRAEL'S PALESTINIAN
ISSUE WHILE REMAINING DEADLOCKED OVER CHINA US OFFICIALS HAVE EVEN
INDICATED LATELY THAT THE ADMINISTRATION IS CONSIDERING A PUSH FOR SENATE
RATIFICATION OF AN INTERNATIONAL AGREEMENT ON THE RIGHTS OF THE CHILD AND
OTHER RIGHTS DOCUMENTS INCLUDING AN INTERNATIONAL COVENANT ON ECONOMIC
SOCIAL AND CULTURAL RIGHTS ORIGINALLY SIGNED BY JIMMY CARTER THE STATE
DEPARTMENT SAYS THAT SUCH LEGISLATIVE BACKING WOULD GIVE THESE ISSUES
GREATER STANDING IN THE WORLD

NO IT WOULD CAUSE UNPRECEDENTED FRUSTRATION SAYS MORRIS ABRAM A FORMER
PERMANENT REPRESENTATIVE TO THE UN AT GENEVA EVERYONE OUGHT TO HAVE A
HOUSE OR A FINE EDUCATION I'M ALL FOR THAT BUT WE CAN'T POSSIBLY FULFILL
SUCH COMMITMENTS

TO MEASURE THE DISTANCE THE US HAS COVERED IN MAKING THIS SHIFT IT HELPS
TO TALK TO PEOPLE LIKE MR ABRAM BACK IN THE 1960S HE HELPED MARTIN LUTHER
KING JR AND SR BATTLE SEGREGATION IN 1962 HE ARGUED THE ONEMAN ONEVOTE
CASE BEFORE THE SUPREME COURT

THE UN OF COURSE HAS ALWAYS STOOD FOR THE WIDEST INTERPRETATION OF THE
WORD RIGHT AS EARLY AS 1948 THE AUTHORS OF THE BODY'S UNIVERSAL
DECLARATION OF HUMAN RIGHTS INCLUDING ELEANOR ROOSEVELT CALLED FOR
EVERYTHING FROM THE RIGHT TO WORK TO THE RIGHT TO REST AND LEISURE FROM
THE START THE THIRD WORLD FOCUSED ON THESE EXTRA RIGHTS AND BATTLED
FOR THEM BUT THE US USUALLY FOUGHT BACK IN ANY CASE THE DEADLOCK
BETWEEN THE SUPERPOWERS MEANT THAT SUCH STRUGGLES WHILE ENTERTAINING
SCARCELY MATTERED

THESE DAYS THE UN'S OLD REDISTRIBUTIONIST IMPULSE IS STRONGER THAN EVER
AT A LUNCHEON WITH EDITORS OF THIS NEWSPAPER SECRETARYGENERAL BOUTROS
BOUTROSGHALI CITED FOSTERING INTERNATIONAL RECOGNITION OF THE NORTHSOUTH
DIVIDE AS ONE OF THE UN'S BIGGEST ACHIEVEMENTS HE ALSO MENTIONED THE
ENVIRONMENT ANOTHER TOPIC POPULAR WITH POORER COUNTRIES THAT WANT THE
RICH NORTH TO FINANCE SUCH LUXURIES AS TOUGHER EMISSION CONTROLS IN THE
THIRD WORLD AND THE SECRETARYGENERAL SHOWED NO SIGN OF BUCKING THE UN'S
THIRD WORLDDOMINATED MEMBERSHIP THESE KINDS OF THINGS ARE WHAT THEY THE
THIRD WORLD WANT HE ALSO ASKED WHAT DO YOU WANT OF ME I AM A MAN WITH
180 BOSSES

THE CLINTON ADMINISTRATION CLEARLY HASN'T DECIDED JUST HOW DEEPLY IT WANTS
TO ENSHRINE COLLECTIVE RIGHTS BUT ITS SOCIAL BENT MEANS IT IS LIKELY IN
THE WORDS OF THE STATE DEPARTMENT OFFICIAL MENTIONED ABOVE TO BE
COMFORTABLE WITH THE EXPLANATION THAT THE RIGHTS SHIFT IS MADE FOR SOCIAL
REASONS THE UN'S THIRD WORLDERS MAY FIND SUPPORT TOO FROM THE AMERICAN
PEOPLE IN THE TIME SINCE FIGURES LIKE MR ABRAM AND DR KING FOUGHT FOR
THEM RIGHTS HAVE PROLIFERATED IN AMERICA SHOPPERS IN SUPERMARKETS HAVE
GROWN ACCUSTOMED TO SEEING RECYCLERS' BILL OF RIGHTS OVER THE
BOTTLERETURN DEPARTMENT

AMERICANS' NEW FONDNESS FOR THE NOTION OF COLLECTIVE RIGHTS HAS SHOWN UP
PARTICULARLY STRONGLY IN THE CASE OF YUGOSLAVIA SYSTEMATIC TORTURE
SYSTEMATIC MURDER AND OTHER VIOLATIONS OF INDIVIDUAL LIBERTY HAVE BEEN
PROCEEDING MASSSCALE FOR YEARS IN THAT WARTORN COUNTRY BAD THINGS WERE
HAPPENING REAL TIME AND NO ONE CARED SAYS ONE FRUSTRATED DIPLOMAT
HE AND OTHERS FOUND THEY HAD MORE LUCK SELLING YUGOSLAVIA WHEN THEY
COUCHED TRAGEDIES THERE IN TERMS OF A COLLECTIVERIGHTS ISSUE THE RAPE OF
WOMEN COURT TELEVISION A CABLE STATION AIRED BOSNIANS' TRIALS OF SERBIAN
SOLDIERS AND INVITED FEMINIST ATTORNEY CATHARINE MACKINNON TO EXPLAIN ALL
OF BOSNIA'S PROBLEMS IN TERMS OF ONE GROUP

FOR THE CLINTON ADMINISTRATION THE SHIFT MAY WELL BACKFIRE THAT'S BECAUSE
MANY THIRD WORLD COUNTRIES WOULD LIKE TO USE THE LEVER OF CULTURAL RIGHTS
TO EXPLAIN AWAY THEIR HUMANRIGHTS ABUSES SINCE TIANANMEN SQUARE AND
BEFORE FOR EXAMPLE CHINA HAS MADE THE ARGUMENT THAT WESTERN CHARGES OF
CHINESE HUMANRIGHTS VIOLATIONS REPRESENTED THE WESTERN IMPOSITION OF ITS
VALUES ON COMMUNIST CHINESE CULTURE MANY NATIONS WANT TO RAISE CULTURE AS
AN EXCUSE FOR HUMANRIGHTS ABUSES SAYS KENNETH ROTH DEPUTY DIRECTOR OF THE
LARGEST US BASED HUMANRIGHTS GROUP HUMAN RIGHTS WATCH THEY ALSO SEEK
AN EXCUSE TO DELINK AID AND HUMANRIGHTS CONSIDERATIONS

THE CONFUSION ON POLICY WAS ALREADY EVIDENT AT THE PREPARATORY MEETINGS FOR
THE VIENNA HUMAN RIGHTS CONFERENCE THE PREPCOMS LASTED WEEKS LONGER THAN
INTENDED DIVISIONS WERE SO PROFOUND THAT MEMBER COUNTRIES COULD SCARCELY
COBBLE TOGETHER AN AGENDA

THE RESULT IS THAT OBSERVERS OF ALL POLITICAL BACKGROUNDS WORRY THAT
PROBLEMS LIKE MURDER TORTURE OR RACIAL DISCRIMINATION WILL BE LOST AT
VIENNA IN A POLITICAL RACE TO ESTABLISH ECONOMIC RIGHTS AND RIGHTS TO
CULTURAL DIFFERENCES THE CONFERENCE WILL BE THE BIGGEST HUMANRIGHTS SUMMIT
IN DECADES THE GUEST LIST INCLUDES NELSON MANDELA AND JIMMY CARTER BUT
MANY HUMANRIGHTS ORGANIZATIONS THINK THE CULTURALRELATIVISM DEBATE MAY END
UP OBSCURING SUCH REAL PROBLEMS AS SERBIAN CONCENTRATION CAMPS AND FORCED
ABORTIONS IN CHINA MR ROTH OF HUMAN RIGHTS WATCH IS ONE OF THOSE WITH
DOUBTS OUR MAIN CONCERN IN VIENNA HE CONFESSES IS AVOIDING SETBACKS

MISS SHLAES IS THE JOURNAL'S EDITORIAL FEATURES EDITOR 9305190100 930401
AGONIZING CHOICES PEOPLE MOST NEEDING TRANSPLANTABLE LIVERS NOW OFTEN
MISS OUT  POLICY FAVORS LOCAL PATIENTS AND LETS LOCAL HOSPITALS 
IN ON LUCRATIVE BUSINESS  SHOULD SURVIVABILITY MATTER  BY
SCOTT MCCARTNEY STAFF REPORTER OF THE WALL STREET JOURNAL

DALLAS REX VOSS 41 YEARS OLD AND FATHER TO FOUR TEENAGE BOYS HAD BEEN
SICK ONLY A FEW MONTHS BUT IT WAS ENOUGH TIME FOR HEPATITIS C TO DESTROY
HIS LIVER

BLEEDING IN HIS ABDOMEN AND BREATHING THROUGH A LIFESUPPORT MACHINE MR
VOSS LAY IN THE INTENSIVECARE UNIT OF BAYLOR UNIVERSITY MEDICAL CENTER HERE
WAITING FOR A LIVER TRANSPLANT HE WAS LISTED IN THE NATION'S ORGANSHARING
COMPUTER AT THE MOST CRITICAL LEVEL STATUS 4 NATIONWIDE EMERGENCY
LIKELY TO DIE SOON

AT ONE TIME A LIVER WOULD PROBABLY HAVE BEEN AVAILABLE WITHIN A DAY FOR THE
JACKSON MISS DAIRY WORKER NOW ONE DAY TURNED INTO TWO THEN THREE A
WEEK PASSED WITH NO CALL FROM AN ORGAN BANK

BUT THERE WERE LIVERS NEARBY AS CLOSE AS 40 MILES AWAY IN FORT WORTH OR
40 MINUTES AWAY BY AIR IN OKLAHOMA THE ORGANS WENT TO HEALTHIER PATIENTS
WHILE MR VOSS PALE YELLOW AND BARELY CONSCIOUS WAITED AND WORSENED

MR VOSS SOME DOCTORS SAY WAS A CASUALTY NOT ONLY OF THE VIRUS BUT OF THE
NATION'S SYSTEM FOR ALLOCATING LIVERS HAD HE FALLEN ILL JUST TWO YEARS
EARLIER BEFORE A FARREACHING POLICY CHANGE THAT SOME CONTEND HAD MORE TO
DO WITH MONEY THAN MEDICINE MR VOSS MIGHT BE ALIVE TODAY

THE SYSTEM AS IT IS NOW KILLS PEOPLE AND COSTS CONSIDERABLY MORE MONEY
CONTENDS JEFFREY ROMOFF PRESIDENT OF THE UNIVERSITY OF PITTSBURGH MEDICAL
CENTER THE NATION'S BIGGEST TRANSPLANT CENTER

TODAY'S SYSTEM EVOLVED FROM 1984 LEGISLATION PUSHED THROUGH BY THENSEN AL
GORE TO DEAL WITH A SHORTAGE OF ORGANS AVAILABLE FOR THE RAPIDLY EMERGING
FIELD OF TRANSPLANTATION THE BILL WAS MEANT TO ENSURE THAT THE SICKEST
PATIENTS WERE TREATED FIRST AND THAT ORGANS WEREN'T ALLOCATED ON THE BASIS
OF FINANCIAL GAIN THE UNITED NETWORK FOR ORGAN SHARING A NONPROFIT GROUP
IN RICHMOND VA WON A HEALTH AND HUMAN SERVICES DEPARTMENT CONTRACT TO RUN
THE NATIONAL PROGRAM IT WAS AUTHORIZED TO DISTRIBUTE ORGANS EQUITABLY
AMONG TRANSPLANT RECIPIENTS ACCORDING TO ESTABLISHED MEDICAL CRITERIA

BUT TWO YEARS AGO A UNOS COMMITTEE OF 12 TRANSPLANT SURGEONS QUIETLY AND
SUBTLY CHANGED THE WAY THE NATION DISTRIBUTES LIVERS IT ELIMINATED AN
EMERGENCY CLASSIFICATION THAT HELPED FUNNEL ORGANS TO DYING PATIENTS IN
EFFECT INCREASING THE IMPORTANCE OF 69 GEOGRAPHIC BOUNDARIES AN AVAILABLE
LIVER IS OFFERED FIRST TO A TRANSPLANT PATIENT LOCALLY EVEN IF THE PATIENT
IS HEALTHY ENOUGH TO BE CONSIDERED ELECTIVE FOR SURGERY ONLY IF THERE
WERE NO TAKERS LOCALLY IS THE ORGAN OFFERED ELSEWHERE FOR CRITICALLY ILL
PATIENTS

THE CHANGE BENEFITED DOZENS OF NEW TRANSPLANT PROGRAMS SCURRYING TO GET IN
ON WHAT HAD BECOME A 500 MILLION MARKET A MARKET THAT WAS GROWING SO FAST
THAT HOSPITALS WERE OFFERING MILLIONDOLLAR SIGNING BONUSES TO LURE COVETED
TRANSPLANT SURGEONS SINCE 1988 THE NUMBER OF LIVERTRANSPLANT PROGRAMS IN
THE US HAS NEARLY DOUBLED TO 105 AS HOSPITALS HAVE SOUGHT TO BUILD THEIR
TECHNICAL REPUTATIONS BOOST BILLINGS FILL BEDS GENERATE MEDIA ATTENTION
KEEP LOCAL PATIENTS IN TOWN FOR TREATMENT AND EVEN LIFT STAFF MORALE
THERE'S MONEY TO BE MADE IN LIVER TRANSPLANTATION NOT MANY PEOPLE
RUNNING HOSPITALS AROUND THE COUNTRY AREN'T AWARE OF THAT SAYS TRANSPLANT
SURGEON TODD HOWARD AT WASHINGTON UNIVERSITY IN ST LOUIS

BUT THE POLICY CHANGE COUPLED WITH THE INCREASED COMPETITION FROM LOCAL
CENTERS ALSO HAS MADE IT HARDER FOR HOSPITALS LIKE BAYLOR ONE OF THE
NATION'S THREE LARGEST ADULT LIVERTRANSPLANT CENTERS TO GET THE LIVERS
NEEDED TO SAVE DYING PATIENTS LIKE MR VOSS

IT BUGS THE HELL OUT OF ME TO SEE SOMETHING I SPENT MY LIFE CREATING TURNED
INTO A PIECE OF MERCHANDISE FUMES TRANSPLANT PIONEER THOMAS STARZL OF THE
UNIVERSITY OF PITTSBURGH WHO TRAINED ALL BUT ONE OF THE SURGEONS ON THE
12MEMBER COMMITTEE THAT INITIATED THE 1991 CHANGE ADDS OLGA JONASSON WHO
LED A TRANSPLANTPOLICY TASK FORCE IN 1986 THE INTENT OF THE WHOLE EFFORT
WAS THAT ORGANS DON'T BELONG TO SURGEONS THEY BELONG TO THE PUBLIC

MR VOSS'S CASE ALSO ILLUSTRATES THE NAGGING QUESTION UNDERLYING THIS
DEBATE WHICH PATIENTS SHOULD BE GETTING ORGANS ANYWAY IN AN EMERGENCY
SHOULD A LIVER BE USED FOR A 65YEAROLD WHO HAS BEEN BEDRIDDEN FOR TWO
YEARS AND WHOSE CHANCES FOR LONGTERM SURVIVAL WOULDN'T BE AS GOOD AS THOSE
OF A 41YEAROLD LIKE MR VOSS SHOULD MR VOSS HAVE BEEN MOVED TO A HIGHER
OR LOWER PRIORITY AFTER FALLING INTO A COMA WHAT ABOUT A CANCER PATIENT
WITH A HIGH PROBABILITY FOR RECURRENCE OR SHOULD THE LIMITED SUPPLY OF
ORGANS BE RESERVED FOR THE HEALTHIEST THOSE WITH THE BEST CHANCE FOR
SURVIVAL

TRANSPLANTING THE SICKEST FIRST ABOVE ALL ELSE SOUNDS HONORABLE BUT IS
BASICALLY DISHONORABLE SAYS RUUD KROM OF THE MAYO CLINIC CHAIRMAN OF THE
LIVER COMMITTEE THAT INITIATED THE ALLOCATION CHANGE IN 1991 WHAT WE DID
WITH THE CHANGE WAS GIVE SOMEWHAT LESS WEIGHT TO THE SICKEST PATIENTS SO
OTHER PATIENTS COULD BE TRANSPLANTED AS WELL THE CURRENT SYSTEM ACCEPTS A
CERTAIN DEATH RATE

BUT OTHERS SUGGEST THAT TRANSPLANT SURGEONS HAVE TOO MUCH INCENTIVE TO
TRANSPLANT EASY CASES FIRST BY MAINTAINING A HIGH ONEYEAR SURVIVAL RATE
THEY STAND TO GAIN MORE BUSINESS ESPECIALLY THROUGH CONTRACTS WITH MAJOR
INSURERS AS DOCTORS OUR JOB IS NOT TO TRY TO ACHIEVE THE BEST RESULTS
OUR JOB IS TO HELP THE SICKEST PATIENTS SAYS JOHN NAJARIAN A TRANSPLANT
PIONEER AT THE UNIVERSITY OF MINNESOTA AND EDITOR OF THE JOURNAL CLINICAL
TRANSPLANTATION

HEALTHCARE EXPERTS SAY THEY DON'T EXPECT LIVER TRANSPLANTATION TO BE
AFFECTED MUCH BY PRESIDENT CLINTON'S ATTEMPTS TO REFORM THE HEALTHCARE
DELIVERY SYSTEM ANY PACKAGE OF BASIC BENEFITS WILL PROBABLY INCLUDE THE
SERVICE THEY SAY THIS COULD HOWEVER INTENSIFY THE SHORTAGE OF ORGANS

WHEN MR VOSS ARRIVED AT BAYLOR IN OCTOBER HE WAS JUST ANOTHER PATIENT WHO
HAD CONTRACTED HEPATITIS C THROUGH AN UNKNOWN SOURCE A COUPLE OF DOZEN
PATIENTS EACH MONTH FLOCK TO THE PROGRAM RUN BY GORAN KLINTMALM OF BAYLOR
WHICH HAS SOME OF THE HIGHEST SUCCESS RATES IN THE NATION

MR VOSS WAS EVALUATED ACCEPTED AND AFTER HIS INSURANCE COVERAGE WAS
CONFIRMED PLACED ON THE WAITING LIST AND SENT TO HIS MOTHER'S HOME IN
SHREVEPORT LA IN TIME WHEN HE ROSE CLOSE ENOUGH TO THE TOP AND A GOOD
MATCH OF SIZE AND BLOODTYPE CAME ALONG HE WAS TO BE SUMMONED TO BAYLOR
WHILE A TEAM RETRIEVED A LIVER FROM A BRAINDEAD DONOR PLACED IT IN
SOLUTIONS TO PRESERVE IT FOR AS LONG AS 18 HOURS AND CARRIED IT BACK TO
DALLAS IN A COLEMAN COOLER

JUST 10 YEARS AGO ONLY A HANDFUL OF DOCTORS HAD ENOUGH SKILL AND EGO TO
TAKE A LIVER FROM ONE BODY AND PLACE IT IN ANOTHER WITH TRANSPLANTS WHICH
COST 150000 TO 350000 NOW USED AS TREATMENT FOR A HOST OF DISEASES AND
COVERED BY MOST INSURANCE POLICIES TRANSPLANT CENTERS ARE A GROWTH
INDUSTRY

NO ONE HAS GONE ABOUT ESTABLISHING A NEW LIVERTRANSPLANT CENTER WITH THE
GUSTO OF NAZIH ZUHDI A WEALTHY LEBANESEBORN CARDIAC SURGEON WHO WAS
DETERMINED TO ESTABLISH A LIVER CAPITAL AT BAPTIST MEDICAL CENTER IN
OKLAHOMA CITY OVER THE PAST SIX MONTHS DR ZUHDI SAYS HE HAS SPENT
MULTIMILLIONS MUCH OF IT FROM HIS OWN CHECKBOOK TO GATHER THE TALENT 
FROM A STARZLTRAINED SURGEON AND A RENOWNED HEPATOLOGIST TO A 17PERSON
RESEARCH SQUAD AND A COMPUTER EXPERT FOR A LIVER PROGRAM TO COUPLE WITH
HIS ALREADY SUCCESSFUL HEARTTRANSPLANT TEAM

OVERNIGHT BAPTIST HAD TO HAVE AN ADDITIONAL TELEPHONE OPERATOR OPERATING
ROOMS WERE REMODELED TREATMENT ROOMS ADDED ON OFFICES ARE BEING RENOVATED
THE PRIOR OCCUPANTS SHUNTED TO PORTABLE TRAILERS PLANS ARE IN THE WORKS FOR
CONSTRUCTION OF A NEW TRANSPLANT BUILDING COMPLETE WITH GARDEN SUITES AND
RESEARCH FACILITIES FOR NOBEL PRIZE WINNERS I ALWAYS AIM FOR THE BEST
DR ZUHDI SAYS

HE PREDICTS HIS PROGRAM THE CITY'S SECOND WILL DO 50 LIVER TRANSPLANTS
THIS YEAR AND 100 NEXT YEAR THE LIVERS WILL HAVE TO COME FROM OUTSIDE
OKLAHOMA SINCE ONLY ABOUT 30 ARE PROCURED IN THE STATE ANNUALLY BUT THEY
WILL BE AVAILABLE HE SAYS IF MEDIOCRE PROGRAMS ARE CLOSED FREEING MORE
ORGANS ACROSS REGIONS

BEFORE WE DECIDE WHICH PATIENT TAKES THE ORGAN WE SHOULD DECIDE WHICH
CENTER TAKES THE ORGAN DR ZUHDI SAYS OTHERS MAY HAVE GOOD PROGRAMS HE
SAYS BUT NOT LIKE THE ONE I HAVE

SURGEONS AT SMALLER AND NEWER TRANSPLANT CENTERS OUTSIDE OF THE BIGGEST
CITIES HAVE BENEFITED MOST FROM THE RULES CHANGE AND DEFEND IT STAUNCHLY
THEY ARGUE THAT THE NEW POLICY MAKES TRANSPLANTATION MORE ACCESSIBLE AND
CHEAPER BECAUSE PATIENTS DON'T HAVE TO BE MOVED THE 1991 CHANGES ALSO PUT
STRICT MONITORING IN PLACE THEY POINT OUT AND CUT OFF WHAT SOME CONSIDERED
CHEATING BY THE BIG CENTERS WHICH SOMETIMES DIVERTED LIVERS SENT FOR
EMERGENCY CASES TO OTHER PATIENTS

MY PERSONAL BELIEF IS THE CITIZENS OF THIS COUNTRY HAVE THE RIGHT TO
COMPETENT MEDICAL CARE LOCALLY SAYS JOSEPH COFER WHO DID 26 LIVER
TRANSPLANTS IN 1992 AT MEDICAL UNIVERSITY OF SOUTH CAROLINA SEND MY SOUTH
CAROLINIANS BACK TO ME AND I'LL TRANSPLANT THEM AND TAKE THE PRESSURE OFF
PITTSBURGH AND DALLAS

MR ROMOFF OF THE PITTSBURGH MEDICAL CENTER COUNTERS THAT BIG CENTERS HAVE
THE BEST SUCCESS RECORDS BUT THE CURRENT SYSTEM ENDS UP COSTING PATIENTS
MORE IN PITTSBURGH FOR EXAMPLE INTENSIVECARE PATIENTS AWAITING
TRANSPLANTS PAY 3000 TO 5000 A DAY WHETHER THEY RECEIVE A LIVER AND
RECOVER OR DIE UNDER THE NEW POLICY THE NUMBER OF TRANSPLANTS THERE HAS
FALLEN TO 359 LAST YEAR FROM A PEAK OF 650 JUST A FEW YEARS AGO

AND CRITICS OF THE POLICY CHANGE POINT TO UNOS STATISTICS SHOWING THAT
NATIONALLY MORE PEOPLE ARE DYING WHILE WAITING IN 1992 ACCORDING TO
PRELIMINARY CALCULATIONS 492 PEOPLE DIED WHILE ON THE LIVER WAITING LIST
49 MORE THAN THE 330 DEATHS IN 1989 WHILE UNOS ALSO SAYS THE WAITING LIST
GREW AT AN EVEN FASTER PACE OVER THE SAME PERIOD CRITICS SAY THAT DEATHS
SHOULDN'T BE PROPORTIONAL TO THE NUMBER OF PEOPLE WAITING UNLESS CRITICAL
PATIENTS ARE BEING IGNORED

IN PITTSBURGH 46 PEOPLE DIED WHILE ON THE WAITING LIST THE YEAR BEFORE THE
POLICY CHANGE LAST YEAR THE NUMBER ALMOST DOUBLED TO 91 IN MY MIND IT
CAN ONLY BE EXPLAINED BY THE ALLOCATION SYSTEM MR ROMOFF SAYS

NOW 70 OF TRANSPLANT PATIENTS IN PITTSBURGH ARE ON LIFESUPPORT MACHINES
BEFORE SURGERY BECAUSE THEY WAIT SO LONG SAYS DR STARZL WHO DID THE
WORLD'S FIRST HUMANLIVER TRANSPLANT AND WHO NOW FINDS HIMSELF AT ODDS WITH
MANY OF HIS DISCIPLES IT HAS COME TO BE THAT THE INDICATION FOR LIVER
TRANSPLANTATION IS POSSESSION OF A LIVER NOT THE NEED FOR ONE HE SNAPS

FOR MR VOSS ALL THE ADDED COMPETITION MEANT A LONGER WAIT THE WAIT AT
BAYLOR FOR NONEMERGENCY PATIENTS LENGTHENED BY A GROWING CASELOAD AND A
TIGHTENING SUPPLY OF ORGANS HAS STRETCHED TO FIVE MONTHS FROM JUST WEEKS OR
DAYS IN FEBRUARY DR KLINTMALM WHOSE PROGRAM USUALLY AVERAGES THREE
LIVERS A WEEK WENT 19 DAYS WITH ONLY ONE

THE GROWING LIVER SHORTAGE STARTS AT THE LOCAL ORGAN BANKS PRIVATE
ORGANIZATIONS THAT COMPETE FOR ORGANHARVESTING FRANCHISES AMONG HOSPITALS
IN A REGION WITH MORE CENTERS THE COMPETITION FOR ORGANS HAS GROWN PRETTY
HEATED WITH TWO TRANSPLANT CENTERS IN THE STATE OKLAHOMA'S ORGAN BANK
WHICH USED TO SUPPLY ALL THE LIVERS SENT TO TEXAS EACH YEAR NOW RARELY
OFFERS A LIVER TO DALLAS HOUSTON'S ORGAN BANK BEAT OUT DALLAS'S TO WIN THE
RIGHT TO CLAIM AVAILABLE LIVERS FROM FORT WORTH HOSPITALS

THE QUESTION OF ORGAN AVAILABILITY TROUBLED MR VOSS WHO CAME TO BAYLOR ON
THE RECOMMENDATION OF HIS MISSISSIPPI GASTROENTEROLOGIST HE HAD CONSIDERED
A PROGRAM IN SHREVEPORT RUN BY A KLINTMALM TRAINEE SOME PATIENTS IN
SHREVEPORT HAD GOTTEN LIVERS AFTER ONLY A WEEK OR TWO BUT MR VOSS STILL
ABLE TO GET AROUND ON HIS OWN AND LIVE AT HOME DECIDED TO OPT FOR THE
EXPERTISE OF THE BAYLOR PROGRAM YOU DON'T KNOW WHAT TO DO SAYS HIS
MOTHER MARY JO VOSS ALL THE DOCTORS WE TALKED TO SAID TO GO WITH THE
NUMBERS

BUT AS HIS WAIT DRAGGED ON MR VOSS'S CONDITION DETERIORATED HIS LIVER
WASN'T PRODUCING COAGULANTS SO HE HAD TO BE HOSPITALIZED IN SHREVEPORT
THEN DALLAS FOR UNCONTROLLABLE NOSEBLEEDS BEING IN THE HOSPITAL RAISED HIS
PRIORITY TO NO AVAIL FOR A TIME HE AND HIS MOTHER LIVED IN A MOBILE
HOME IN THE BAYLOR PARKING LOT HOPING FOR A LIVER BEFORE IT WAS TOO LATE

THESE AGONIZING WAITS HAVE PROMPTED SOME IN THE TRANSPLANTATION COMMUNITY TO
RETHINK THE 1991 RULES CHANGE ONE ALTERNATIVE NOW DISCUSSED IS A
SUPERREGIONAL SYSTEM WHERE AVAILABLE ORGANS WOULD BE ALLOCATED ACROSS TWO
OR THREE WAITING LISTS SMALL CENTERS ARE OPPOSED TO THE IDEA OTHERS HAVE
PROPOSED A EUROPEANSTYLE PROGRAM WHERE CENTERS WOULD GET ORGANS BASED ON
HOW MANY TRANSPLANTS THEY DID IN THE PREVIOUS SIX MONTHS UNDER THOSE
PROPOSALS PATIENTS LIKE MR VOSS WOULD COMPETE FOR ORGANS BASED MORE ON
MEDICAL CRITERIA THAN ON THE HOSPITAL THEY SELECTED

THE ISSUE IS FAIRNESS WHY SHOULD THERE BE SUCH DISPARITY IN WAITING TIME
ASKS DR KLINTMALM WHO IS ALSO A MEMBER OF UNOS'S LIVER SUBCOMMITTEE AND IS
NOW ADVOCATING CHANGE

ANOTHER IDEA FLOATED BY LARGE CENTERS IS TO SET A MINIMUM ONEYEAR SURVIVAL
RATE A PROGRAM CAN TRANSPLANT ANY PATIENT IT WANTS BUT MUST ACHIEVE A
ONEYEAR SURVIVAL RATE FOR 75 OF ITS PATIENTS THIS WOULD FORCE A BROADER
BALANCE BETWEEN RELATIVELY HEALTHY PATIENTS WHO MIGHT HAVE A 90 CHANCE OF
SURVIVING A YEAR AND COMATOSE PATIENTS WITH PERHAPS ONLY A 50 CHANCE IF A
CENTER FELL BELOW 75 ITS ACCESS TO ORGANS WOULD BE CURTAILED

DURING THANKSGIVING WEEK MR VOSS WAS SENT TO THE INTENSIVECARE UNIT AND
PLACED ON EMERGENCY STATUS HIS ARMS AND LEGS WERE SO WEAK THEY TURNED
MUSHY HIS KIDNEYS BEGAN TO FAIL A TV SET OVER HIS BED RESOUNDED DURING THE
TRANSPLANT TEAM'S AFTERNOON ROUNDS WITH THE THEME SONG TO JEOPARDY A
KIND OF ANESTHESIA FOR NURSES FROM THE CONSTANT BEEPING OF MONITORS AND
PUMPS BUT A CRUEL REMINDER OF HIS PLIGHT AS WELL WHAT CAN YOU DO HIS
MOTHER WONDERED LATER MAYBE WE SHOULD HAVE STAYED IN SHREVEPORT

FACED WITH THE CURRENT CRISIS DR KLINTMALM HAS DECIDED TO ACCEPT LIVERS OF
MARGINAL QUALITY FOR MR VOSS HE WOULD EVEN HAVE CROSSED BLOODGROUP LINES
AND SIZE CRITERIA ONCE HE LAPSED INTO COMA WHILE SUCH STRETCHES PLACE
PATIENTS AT GREATER RISK DR KLINTMALM HAS BEEN FORCED TO DO IT BEFORE AND
SAYS THE RESULTS TO DATE HAVE BEEN ADEQUATE WE'LL TAKE ANYTHING NOW HE
SIGHS

MEANWHILE HOUSTON'S TWOYEAROLD LIVER PROGRAM FED BY THE AGGRESSIVE
HOUSTON ORGAN BANK LIFEGIFT CAN BE CHOOSIER LAST YEAR THE ORGAN BANK
DISCARDED 12 OF THE LIVERS DONATED BECAUSE THEY DIDN'T MEET SURGEONS'
STANDARDS ACCORDING TO REBECCA DAVIS DIRECTOR

DR KLINTMALM'S TEAM TOLD MRS VOSS THAT REX WOULD BE LISTED FOR NATIONWIDE
PRIORITY BUT THAT THEY ALREADY HAD A PATIENT IN INTENSIVE CARE WHO WAS THE
SAME BLOOD TYPE AND WHO WOULD GET THE FIRST AVAILABLE LIVER

ANOTHER PATIENT CAME INTO ICU SOON AFTER MR VOSS WITHOUT THE UNOS
EMERGENCY CLASSIFICATION AND WITH THE INTENSE COMPETITION OF THE LOCAL
ALLOCATION SYSTEM THE ODDS WERE EXTREMELY LONG THAT ALL WOULD GET ORGANS

AFTER SEVERAL DAYS OF WAITING A DEBATE BEGAN RAGING AT MR VOSS'S BEDSIDE
HAD HE GONE TOO FAR TO TRANSPLANT HIS KIDNEYS HAD FAILED AND HE WAS CLEARLY
TOO ILL FOR A DOUBLE TRANSPLANT WITHOUT KIDNEY FUNCTION THERE WAS NO POINT
IN GIVING HIM A LIVER AND NO POINT IN DOING A LIVER/KIDNEY COMBINATION AND
RISKING WASTING TWO ORGANS THE LACK OF LIVERS HAD FORCED A CHOICE WHO
WOULD LIVE AND WHO WOULD DIE

REX VOSS HAD MISSED HIS CHANCE THESE SMALLER CENTERS ARE SCARFING UP
LIVERS WHILE THIS GUY CRASHES AND BURNS BRISTLES ROBERT GOLDSTEIN ONE OF
DR KLINTMALM'S SURGEONS I HAD TO TELL REX VOSS'S FAMILY HE WON'T BE A
CANDIDATE AND HE WILL PROBABLY DIE' MRS VOSS PLEADED FOR ANOTHER CHANCE
DR GOLDSTEIN PROMISED HE WOULD COME BY TWICE A DAY AND CHECK FOR
IMPROVEMENT THE OTHER PERSON IN INTENSIVE CARE DID GET A LIVER FLOWN IN
FROM DETROIT SHE RECOVERED AND RETURNED HOME TO SOUTH TEXAS FOR THE TWO
OTHERS THERE WAS NOTHING DR KLINTMALM'S TEAM COULD DO BUT STAND BY AND
WATCH

MR VOSS DIED DEC 8 HIS OBITUARY IN THE LOCAL NEWSPAPER ASKED PEOPLE TO
SIGN UP AS ORGAN DONORS SEE RELATED LETTERS LETTERS TO THE EDITOR
WAITING AND DYING WSJ MAY 19 1993 9304010038 YY93 MM05 9305190085
930406 CHANGE MASTERS OUTSIDERS WHO TRANSFORM COMPANIES  LEARNING
CURVE BURLINGTON NORTHERN SHOWS RISKS OF HIRING AN OUTSIDER AS CEO 
 SOME OF GRINSTEIN'S DECISIONS REFLECT SCANT KNOWLEDGE OF THE
RAILROAD BUSINESS  AT LONG LAST SIGNS OF SUCCESS  BY DANIEL
MACHALABA STAFF REPORTER OF THE WALL STREET JOURNAL

FORT WORTH TEXAS FOUR YEARS AFTER HE TOOK CHARGE OF BURLINGTON NORTHERN
INC GERALD GRINSTEIN CONCEDES THAT HIS HASN'T BEEN A FLAWLESS
PERFORMANCE

THERE WAS FOR INSTANCE HIS APPOINTMENT OF A RETIRED AIR FORCE GENERAL
JOHN T CHAIN JR AS THE HEAD OF BURLINGTON NORTHERN OPERATING DEPARTMENT
FOR EMPLOYEES OF THAT DEPARTMENT TAKING ORDERS FROM SOMEONE WITH NO
RAILROAD EXPERIENCE WAS SO PROBLEMATIC THAT AFTER 16 MONTHS MR GRINSTEIN
REASSIGNED GEN CHAIN TO THE SAFETY DEPARTMENT AND REPLACED HIM WITH A
BURLINGTON NORTHERN VETERAN WILLIAM FRANCIS

WHY DIDN'T MR GRINSTEIN NAME MR FRANCIS OPERATIONS HEAD IN THE FIRST
PLACE I FRANKLY DIDN'T KNOW HOW GOOD HE WAS SAYS MR GRINSTEIN AND THAT
IS NOT SURPRISING A FORMER AIRLINE EXECUTIVE MR GRINSTEIN TOOK OVER
BURLINGTON NORTHERN KNOWING LITTLE ABOUT IT ITS MANAGEMENT OR RAILROADS IN
GENERAL

ONE OF THE MORE DANGEROUS THINGS MR GRINSTEIN CONCLUDES FROM THE
EPISODE IS FOR AN OUTSIDER TO BRING IN MORE OUTSIDERS

THESE DAYS THE ARGUMENT FOR HIRING CHIEF EXECUTIVE OFFICERS FROM OUTSIDE IS
GETTING LOTS OF ATTENTION THANKS TO INTERNATIONAL BUSINESS MACHINES CORP'S
RECRUITING OF LOUIS V GERSTNER FROM RJR NABISCO HOLDINGS CORP PROPONENTS
SAY A LACK OF SENTIMENT AND AN IGNORANCE OF TRADITION GIVES OUTSIDERS A
CLEARER AND BROADER VIEW OF OPPORTUNITIES AND SOLUTIONS FOR COMPANIES THAT
NEED A LIFT THIS ARGUMENT HAS GAINED FORCE RECENTLY FROM QUICK PROGRESS BY
OUTSIDERS AT FIRMS SUCH AS TENNECO INC

BUT THE EXPERIENCE OF MR GRINSTEIN BURLINGTON'S CHAIRMAN AND CEO
ILLUSTRATES THE HAZARDS OF THIS APPROACH SHOWING THAT SOME PROBLEMS AREN'T
EASILY SOLVED BY ANYONE AND PERHAPS LEAST OF ALL AN EXECUTIVE NEW TO THE
INDUSTRY LAST YEAR BURLINGTON NORTHERN HAD PRETAX OPERATING EARNINGS OF
597 MILLION WHICH WAS UP FROM 1991 BUT BELOW THE 657 MILLION OF 1989 THE
YEAR MR GRINSTEIN TOOK CHARGE IN TERMS OF EFFICIENCY AND COMPETITIVENESS
BURLINGTON NORTHERN IS ABOUT WHERE IT WAS THREE YEARS AGO OR MAYBE FARTHER
BEHIND CONTENDS MICHAEL BLACKWELL LOGISTICS DIRECTOR AT GEORGIA PACIFIC
CORP A MAJOR CUSTOMER

MR GRINSTEIN'S EXPERIENCE MAY BE MORE TYPICAL THAN THAT OF SAY C MICHAEL
ARMSTRONG A FORMER IBM EXECUTIVE WHO HAS MADE BIG IMPROVEMENTS QUICKLY AT
GENERAL MOTORS CORP'S HUGHES AIRCRAFT UNIT JON KATZENBACH A DIRECTOR OF
MCKINSEY & CO WHOSE CONSULTANTS HAVE ADVISED BURLINGTON NORTHERN SAYS A
MAJOR CHANGE TYPICALLY TAKES FIVE YEARS OR MORE AND IS MARKED AS MUCH BY
MANAGEMENT MISSTEPS AS BREAKTHROUGHS

IN THE YEARS BEFORE THE ARRIVAL OF MR GRINSTEIN THE BURLINGTON NORTHERN
RAILROAD LANGUISHED UNDER REPEATED MANAGEMENT CHANGES AND A PARENT COMPANY
TOO BENT ON DIVERSIFYING INTO ENERGY TO MAKE CAPITAL IMPROVEMENTS NEEDED AT
THE RAILROAD IN 1988 THE ENERGY UNIT WAS SPUN OFF TO SHAREHOLDERS LEAVING
THE RAILROAD WITH 28 BILLION IN DEBT MUCH OF IT ACCUMULATED ACQUIRING
ENERGY OPERATIONS

ALTHOUGH MR GRINSTEIN HAD BEEN A BURLINGTON NORTHERN DIRECTOR SINCE 1985
AND VICE CHAIRMAN SINCE 1987 AND WAS INVOLVED IN PARENTCOMPANY FINANCES
HE KNEW LITTLE ABOUT RUNNING A RAILROAD WHEN HE TOOK OVER AS CEO IN EARLY
1989 AND WHAT MADE HIM APPEALING WAS HIS TURNAROUND EXPERIENCE AT AN
ALTOGETHER DIFFERENT COMPANY WESTERN AIRLINES

MR GRINSTEIN 60 IS THE SON OF A SEATTLE PHYSICIAN AND A GRADUATE OF
HARVARD LAW SCHOOL HE CAME TO WESTERN FOLLOWING A CAREER AS COUNSEL TO THE
SENATE COMMERCE COMMITTEE ADMINISTRATIVE ASSISTANT TO SEN WARREN MAGNUSSON
OF WASHINGTON STATE AND A PARTNER IN A SEATTLE LAW FIRM

IT WAS PARTLY HIS DEMONSTRATED EFFECTIVENESS AT NEGOTIATING WITH UNIONS 
HIS SPECIALTY AT THE SEATTLE LAW FIRM THAT PROMPTED WESTERN TO NAME HIM
CHAIRMAN IN 1983 AND CHIEF EXECUTIVE TWO YEARS LATER MR GRINSTEIN QUICKLY
HELPED MAKE THE LOSSRIDDEN CARRIER PROFITABLE BY PERSUADING LABOR UNIONS TO
AGREE TO WAGE AND WORKRULE CONCESSIONS IN EXCHANGE FOR COMPANY STOCK AND
SEATS ON THE BOARD IN 1986 HE ENGINEERED THE SALE OF WESTERN TO DELTA AIR
LINES FOR 860 MILLION TURNING A PROFIT FOR SHAREHOLDERS INCLUDING HIMSELF
AND OTHER EMPLOYEES

MR GRINSTEIN WAS ABLE TO GET PEOPLE TO COOPERATE AND WORK TOWARD A SINGLE
GOAL SAYS W JOHN DONNELLY A VICE PRESIDENT OF THE AIR LINE PILOTS
ASSOCIATION

BEFORE MR GRINSTEIN ARRIVED BURLINGTON NORTHERN HAD A LONG TRADITION OF
CONFRONTATIONAL TACTICS WITH LABOR INCLUDING SELLING OFF SOME LINES TO
NONUNION RAILROADS MR GRINSTEIN SCRAPPED THAT APPROACH AND OFFERED TO SWAP
PROFIT SHARING AND STOCK OWNERSHIP FOR WORKRULE CONCESSIONS TO DEMONSTRATE
ALLIANCE WITH WORKERS HE VISITED REPAIR SHOPS RODE WITH DIESEL LOCOMOTIVE
CREWS AND SENT PERSONAL CHECKS OF 50 OR 100 TO RAILROADERS WITH PROBLEMS
SUCH AS A FAMILY ILLNESS OR HOUSE FIRE

DESPITE THESE EFFORTS UNION LEADERSHIP BALKED AT HIS OFFERS WAYNE HORVITZ
A LABOR ADVISER AND FRIEND OF MR GRINSTEIN'S SAYS THE RAIL UNIONS DIDN'T
FEEL THE SAME URGENCY THAT THOSE AT WESTERN FELT LOOKING BANKRUPTCY IN THE
FACE AS WESTERN DID FOCUSES PEOPLE MR HORVITZ SAYS BURLINGTON NORTHERN
HAD ITS SHARE OF PROBLEMS AND STILL DOES BUT THE RAILROAD IS HARDLY AT
DEATH'S DOOR

WHAT BURLINGTON NORTHERN AND OTHER RAILROADS WANTED WAS A REDUCTION IN THE
SIZE OF FREIGHT TRAIN CREWS TO TWO PEOPLE FROM THREE OR FOUR WITH UNIONS
BALKING CONGRESS GAVE THE INDUSTRY AUTHORITY TO FORCE THE ISSUE TO
ARBITRATION BUT BURLINGTON NORTHERN WHICH HAD BEEN NEGOTIATING WITH UNION
LEADERS ON ITS SOUTHERN ROUTES FAILED TO FILE THE DOCUMENTS NECESSARY TO
MAKE ANY ARBITRATION RULING APPLICABLE TO TRAIN CREWS ON ITS NORTHERN
ROUTES

CONSEQUENTLY AFTER ITS SOUTHERN ROUTES AND THE REST OF THE INDUSTRY WENT TO
TWOPERSON CREWS BURLINGTON NORTHERN CONTINUED PAYING FOR FOURPERSON CREWS
ON ONETHIRD OF ITS SYSTEM AT AN EXTRA COST OF 100 MILLION OVER THE LAST
YEAR ONLY NOW IS THE UNION REPRESENTING THE NORTHERN ROUTE WORKERS PREPARED
TO ADOPT THE SMALLER CREWS MEMBERS ARE EXPECTED TO VOTE ON IT IN THE WEEKS
AHEAD

LABOR ISN'T THE ONLY COST MR GRINSTEIN HAS HAD TROUBLE LOWERING THE
RAILROAD'S OPERATING RATIO EXPENSES AS A PERCENTAGE OF REVENUE HAS
RISEN SINCE HE TOOK OVER TO 871 IN 1992 FROM 856 IN 1988 RIVAL UNION
PACIFIC CORP'S OPERATING RATIO IS 79

FOR REASONS PARTLY BEYOND THE CEO'S CONTROL BURLINGTON NORTHERN HAS LOST
MARKET SHARE TO UNION PACIFIC IN RECENT YEARS THE INTERSTATE COMMERCE
COMMISSION IN THE EARLY 1980S CLEARED THE WAY FOR THE RIVAL TO HAUL COAL
FROM WYOMING'S POWDER RIVER BASIN A RICH COAL REGION THAT BURLINGTON
NORTHERN USED TO SERVE EXCLUSIVELY NOW UNION PACIFIC HAS 30 OF THAT
BUSINESS

BUT OVERALL OBSERVERS ATTRIBUTE UNION PACIFIC'S RECENT GAINS IN COST
CONTROL AND PROFITABILITY TO A TURNAROUND PROGRAM THAT HAS BEEN MORE
AGGRESSIVE THAN BURLINGTON NORTHERN'S LIKE BURLINGTON NORTHERN UNION
PACIFIC BROUGHT IN AN OUTSIDER MICHAEL WALSH THE 50YEAROLD EXECUTIVE
WHO IS NOW SHAKING UP TENNECO WHEN HE STARTED AT UNION PACIFIC IN 1986 HE
LEFT IN 1991 HE SLASHED MANAGEMENT LAYERS AND EMBRACED A PROGRAM TO CHANGE
BEHAVIOR THROUGHOUT THE COMPANY UNION PACIFIC'S RAILROAD PROFITS HAVE
DOUBLED SINCE 1985

MIKE HAD A PASSION TO TRULY CHANGE THE CULTURE OF THE UNION PACIFIC
RAILROAD SAYS JAMES MITCHELL TRANSPORTATION DIRECTOR OF BOISE CASCADE
CORP A LUMBER AND PAPER SHIPPER BUT THAT SAME KIND OF VISCERAL
COMMITMENT TO CHANGE THE CULTURE DOESN'T APPEAR TO BE THERE AT BURLINGTON
NORTHERN

MR GRINSTEIN BRISTLES AT SUCH COMPARISONS SAYING UNION PACIFIC HAD LESS
DEBT MORE LUCRATIVE ROUTES AND A LESS RECALCITRANT WORK FORCE HE ADDS THAT
WITH THE HISTORY OF THIS COMPANY NO ONE COULD TURN IT AROUND IMMEDIATELY

MR GRINSTEIN HAS REDUCED BURLINGTON NORTHERN'S DEBT BY 45 TO 153
BILLION BUT HE HAS DONE SO IN PART BY RAISING RATES ON CERTAIN COMMODITIES
SUCH AS FOREST PRODUCTS BECAUSE BURLINGTON NORTHERN DID THIS DURING A
RECESSION AND AT A TIME WHEN RIVALS WERE ENGAGING IN FIERCE RATE
COMPETITION THE MOVE COST IT SOME BUSINESS

THEY TOTALLY LOST TOUCH WITH THE MARKET SAYS GEORGIA PACIFIC'S MR
BLACKWELL PRESENTED WITH INCREASES OF AS MUCH AS 100 FROM BURLINGTON
NORTHERN GEORGIA PACIFIC SHIFTED BETWEEN 5 MILLION AND 10 MILLION OF ITS
NEARLY 50 MILLIONAYEAR BUSINESS WITH THE LINE TO OTHER RAILROADS MAINLY
UNION PACIFIC MR BLACKWELL ADDS A LOT OF MILLS WERE IN CURTAILMENT AND
BN CAME IN WITH BIG PRICE INCREASES AND ALIENATED A LOT OF PEOPLE

BURLINGTON NORTHERN HAS ALSO LOST BUSINESS TO LOWERCOST RAIL COMPETITORS
OFFERING BARGAIN RATES ONE INDICATOR OF LOST BUSINESS IS THAT DESPITE ITS
RATE INCREASES ON SOME COMMODITIES BURLINGTON NORTHERN HAS REPORTED FLAT
REVENUE SINCE MR GRINSTEIN TOOK OVER IN 1989 MR GRINSTEIN SAYS THE
RAILROAD IS QUICKLY REPLACING ANY BUSINESS IT MAY HAVE LOST

PRICE INCREASES ASIDE BURLINGTON NORTHERN LOST SOME BUSINESS IN RECENT
YEARS BECAUSE IT GOT OUTMARKETED SAYS BOISE CASCADE'S MR MITCHELL HE
SAYS THE LINE LOST A SUBSTANTIAL AMOUNT OF FREIGHT BUSINESS AT BOISE'S
INTERNATIONAL FALLS MINN PAPER MILL IN NOVEMBER BECAUSE ANOTHER CARRIER
AGREED TO SUPPLY THE MILL WITH SPECIAL PAPERHANDLING CARS THE OTHER
RAILROADS WERE FAR MORE CREATIVE AT MEETING OUR NEEDS THAN THE BN WAS SAYS
MR MITCHELL THE BN THOUGHT THEY HAD A CAPTIVE CUSTOMER AND THEY BLEW IT

BURLINGTON NORTHERN TELLS A DIFFERENT STORY SAYING THE ONLY ISSUE IN THAT
CASE WAS PRICE

IN ANOTHER MISSTEP BURLINGTON NORTHERN DISSOLVED A SPECIAL UNIT DEVOTED TO
STEALING BUSINESS FROM OVERTHEROAD HAULERS CALLED THE INTERMODAL GROUP
IT ARRANGED FOR RAILWAY FLATCARS TO HAUL CONTAINERS AND HIGHWAY TRAILERS
THIS IS THE FASTESTGROWING SEGMENT OF THE RAIL BUSINESS AND BURLINGTON
NORTHERN WAS AN INNOVATOR IN IT UNTIL THE RAILROAD MERGED ITS INTERMODAL
UNIT INTO GENERAL OPERATIONS IN 1991 SUDDENLY DECISIONMAKING BECAME VERY
FRAGMENTED AND RESPONSE TIME TOOK LONGER TO OFFER RATE QUOTES AND SERVICE
SAYS BOISE CASCADE'S MR MITCHELL

MR GRINSTEIN SAYS BURLINGTON NORTHERN HAS REVERSED THE REORGANIZATION IN
THE CHANGE PROCESS WE ALIENATED SOME CUSTOMERS AND WE WERE SMART ENOUGH TO
REALIZE WE WENT IN THE WRONG DIRECTION AND WE CORRECTED THAT HE SAYS

THAT MISTAKE AND OTHER MARKETING PROBLEMS AROSE AFTER MR GRINSTEIN NAMED AN
OUTSIDER JOHN ANDERSON A MCKINSEY CONSULTANT HEAD OF THE RAILROAD'S
MARKETING DEPARTMENT LIKE THE APPOINTMENT OF GEN CHAIN TO THE OPERATING
DEPARTMENT THIS WAS A DECISION THAT MR GRINSTEIN ULTIMATELY RESCINDED
BUMPING MR ANDERSON DOWN TO HEAD COAL MARKETING AND ASSIGNING THE
COMPANYWIDE MARKETING POSITION TO A RAILROAD VETERAN

MR GRINSTEIN'S BASIC MISTAKE WAS BRINGING OUTSIDERS WITHOUT RAILROAD
EXPERIENCE AND KNOWLEDGE INTO THE SENIOR COMMERCIAL AND OPERATING POSITIONS
OF THE RAILROAD SAYS JOHN WILLIAMS PRESIDENT OF WOODSIDE CONSULTING GROUP
IN WOODSIDE CALIF

DESPITE SETBACKS MR GRINSTEIN SAYS A TURNAROUND IS GAINING MOMENTUM AND
WILL TAKE HOLD BY 1995 WE ARE GOING TO PRODUCE AN EXTREMELY STRONG
RAILROAD HE SAYS

THE BURLINGTON NORTHERN BOARD SEEMS TO AGREE IT AWARDED HIM A THREEYEAR
CONTRACT LAST SUMMER AT A RATE OF PAY THAT TOTALED NEARLY 12 MILLION IN
1992

ON WALL STREET ANALYSTS ARE ENCOURAGED BY RECENT COST CUTTING AND
CONSOLIDATIONS BY THE DECISION TO PURCHASE OVER THE NEXT FIVE YEARS 350
HIGHPOWERED LOCOMOTIVES THAT WILL INCREASE EFFICIENCY AND PRODUCTIVITY AND
BY PLANS TO CENTRALIZE FARFLUNG DISPATCH AND CUSTOMER SERVICE FUNCTIONS
BURLINGTON NORTHERN'S STOCK HAS RISEN MORE THAN 15 SO FAR THIS YEAR
CLOSING YESTERDAY ON THE NEW YORK STOCK EXCHANGE AT 50875 UNCHANGED THE
STOCK STOOD AT BELOW 25 WHEN MR GRINSTEIN TOOK OVER FOUR YEARS AGO

THEY SEEMINGLY ARE BEGINNING TO GET THEIR ACT TOGETHER AND TURN IT AROUND
SAYS ANTHONY HATCH A PAINEWEBBER INC ANALYST

EVEN SHIPPERS NOTE IMPROVEMENTS MR BLACKWELL THE GEORGIA PACIFIC
EXECUTIVE WHO WAS SO CRITICAL OF BURLINGTON NORTHERN SAYS THE RAILROAD'S
MARKETING GROUP LATELY HAS SHOWN A MORE RESPONSIVE ATTITUDE AND A MORE
STABLE PRICING POLICY

BUT CONSIDERING THAT OTHER RAILROADS HAVE ALREADY MADE MANY SUCH MOVES AND
THAT BURLINGTON NORTHERN IS BLESSED WITH 25000 MILES OF ROUTES THROUGH SOME
OF THE NATION'S MOST PRODUCTIVE COAL AND GRAIN AREAS SOME QUESTION WHY IT
HAS TAKEN SO LONG TO GET BURLINGTON NORTHERN BACK ON TRACK AND WHETHER IT
WAS WISE AFTER ALL FOR THE COMPANY TO GO OUTSIDE FOR A CEO

BURLINGTON NORTHERN CONTENDS PAINEWEBBER'S MR HATCH IS SITTING ON A
FRANCHISE THAT ONLY AN IDIOT COULD SCREW UP AND THEY SEEM TO HAVE TESTED
THAT THESIS SEE RELATED LETTERS LETTERS TO THE EDITOR WHY GRINSTEIN'S
TOUR IS NO WHISTLE WSJ MAY 19 1993 9304060110 YY93 MM05 9305180151
930518 WHAT'S NEWS  BUSINESS AND FINANCE

TIME WARNER'S 25 BILLION HOOKUP WITH U S WEST BRINGS IT TO THE FOREFRONT
OF THE TELECOMMUNICATIONS AND ENTERTAINMENT REVOLUTION BUT IT WILL TAKE
YEARS AND MORE THAN 5 BILLION IN NEW CAPITAL INVESTMENTBEFORE TIME
REALIZES ANY SIGNIFICANT NEW REVENUE OR PROFIT FROM THE ALLIANCE THAT WAS
ANNOUNCED YESTERDAY ITS STOCK ROSE 150 OR 45 TO 35

U S WEST'S AGREEMENT TO ACQUIRE A 255 STAKE IN TIME'S ENTERTAINMENT
DIVISION GIVES IT A HEAD START AGAINST ITS BABY BELL SIBLINGS GTE AND OTHER
LOCAL PHONE COMPANIES IN THE RACE TO CARRY NEW COMMUNICATIONS SERVICES

GPA GROUP PLANS TO PAY ITS 50 MILLION MATURING BOND DEBT TODAY A SIGN THAT
THE IRISH AIRCRAFT LEASING COMPANY IS CLOSE TO PULLING OFF ITS
MULTIBILLIONDOLLAR GLOBAL RESTRUCTURING IN ADDITION TO BOND PAYMENTS DUE
TODAY GPA IS EXPECTED TO PAY OFF 250 MILLION IN MATURING OBLIGATIONS BY
THE END OF JUNE

TWO EXOFFICERS OF MANUFACTURERS HANOVER WERE INDICTED FOR ALLEGEDLY
CONSPIRING TO CHEAT THE BANK OF HUNDREDS OF THOUSANDS OF DOLLARS THROUGH
COLLUSIVE TRADING IN COLOMBIAN BANK DEBT BOTH MEN PLEADED NOT GUILTY THE
CASE STEMMED FROM A PROBE OF THE MARKET FOR DEVELOPING COUNTRY DEBT

BOND PRICES WERE KNOCKED LOWER BY CONTINUING INFLATION CONCERNS THE
TREASURY'S BENCHMARK 30YEAR BOND LOST THREEEIGHTHS OF A POINT ITS YIELD
ROSE TO 696 JUST SHY OF THE PSYCHOLOGICALLY IMPORTANT 7 LEVEL STOCKS
WERE MIXED AND THE DOLLAR ROSE

THE CHICAGO AND NEW YORK MERCANTILE EXCHANGES ANNOUNCED PLANS TO DEVELOP A
STANDARDIZED SYSTEM TO CLEAR FUTURES TRADES MARKING THE FIRST MAJOR
COOPERATION BETWEEN RIVAL FUTURES MARKETS IN DIFFERENT CITIES

KMART'S EARNINGS PLUNGED 80 IN THE LATEST QUARTER AFTER COOL WEATHER KEPT
CONSUMERS FROM BUYING SPRING CLOTHES AND GARDEN PRODUCTS ITS STOCK FELL 50
CENTS OR 22 TO 2250

MICROSOFT UNVEILED THE JAPANESELANGUAGE VERSION OF ITS WINDOWS 31 SOFTWARE
IN EFFORTS TO DOMINATE THE JAPANESE SOFTWARE MARKET THE MOVE MAY ALSO BODE
WELL FOR US PERSONAL COMPUTER MAKERS EMBROILED IN A PRICE WAR WITH
JAPANESE COMPUTER FIRMS

NICKELODEON SIGNED A TWOYEAR MOVIEPRODUCTION PACT WITH TWENTIETH CENTURY
FOX WHICH WILL FUND AND DISTRIBUTE MOTION PICTURES JOINTLY DEVELOPED WITH
THE VIACOM KIDS' NETWORK

THE YEN'S RUNUP AGAINST THE DOLLAR IN RECENT MONTHS HAS FOCUSED WORLD
ATTENTION ON THE JAPANESE CURRENCY THE WORLD'S CENTRAL BANKS ARE HOLDING
MORE YEN IN THEIR RESERVES OF FOREIGN CURRENCIES THAN EVER BEFORE

XEROX SAID ITS CORE DOCUMENTPROCESSING BUSINESS COULD POST WEAKER
SECONDQUARTER PROFIT DUE TO A MAJOR SALES REORGANIZATION PLAN THE FIRM'S
STOCK FELL 3125 DOWN 41 TO 7225

TOKYO BLUECHIP STOCKS POSTED SMALL GAINS MONDAY AMID A MIXED OVERALL
MARKET THE NIKKEI ROSE 9136 POINTS TO 2056551 ENDING A STRING OF FOUR
CONSECUTIVE DECLINES

BONDS LEHMAN BROTHERS TREASURY INDEX 505672 OFF 951

COMMODITIES OIL 1951 A BARREL UP THREE CENTS DOW JONES FUTURES INDEX
12169 UP 017 SPOT INDEX 11916 OFF 076

DOLLAR 11130 YEN UP 050 16125 MARKS UP 00105 9305180150 930518
CORPORATE FOCUS MICROSOFT URGES RUSSIAN SOFTWARE BOOTLEGGERS JOIN US 
 WITH A COPYRIGHT LAW NOW ON ITS SIDE COMPANY OFFERS CLEMENCY TO
PIRATES  BY LAURIE HAYS STAFF REPORTER OF THE WALL STREET JOURNAL

MOSCOW IN THE FORMER SOVIET UNION MICROSOFT CORP IS FIGHTING THE
SOFTWARE PIRACY EPIDEMIC WITH A SIMPLE DIRECTIVE COME CLEAN AND YOU CAN
WORK FOR US

IN PRACTICAL TERMS THE SOFTWARE COMPANY HAD LITTLE OTHER CHOICE WHEN
ROBERT CLOUGH MANAGING DIRECTOR FOR MICROSOFT'S RUSSIAN SUBSIDIARY STARTED
WORKING IN MOSCOW FOR ANOTHER SOFTWARE COMPANY THREE YEARS AGO HE WAS
STRUCK BY HOW DEEPLY ROOTED PIRACY HAD BECOME IN CUSTOMER EXPECTATIONS

THEY'D CALL UP INQUIRE ABOUT WHAT YOU HAD FOR SALE AND THEN ASK HOW MANY
DISKS SHOULD I BRING' RECALLS MR CLOUGH IT WAS LIKE WE WERE A PUBLIC
LIBRARY THEY THOUGHT ALL THEY HAD TO DO WAS COPY OUR SOFTWARE

A LITTLE RESEARCH BY MR CLOUGH REVEALED THAT HIS FIRM AT THAT TIME AS WELL
AS MICROSOFT HAD TENS OF THOUSANDS OF USERS BUT ALMOST ALL OF THEM HAD
PIRATED THE SOFTWARE INDEED THROUGHOUT THE SOVIET UNION A SOPHISTICATED
AND EXTENSIVE NETWORK OF BOOTLEGGERS OPERATED CONDONED AND EVEN FINANCED BY
THE GOVERNMENT

THE FORMER SOVIET UNION IS A PIRACY SUPERPOWER SAYS MR CLOUGH

PIRACY HAS PAVED THE WAY FOR MICROSOFT'S HIGH MARKET SHARE IN THE FORMER
SOVIET MARKET THE COMPANY'S MSDOS DISK OPERATING SYSTEM IS BY FAR THE MOST
POPULAR FUNCTION PROGRAM IN RUSSIA AS IT IS WORLDWIDE TODAY THE
CHALLENGE IS TO CONVERT USERS TO A LEGAL USE OF ITS PRODUCTS IN ORDER TO
SELL THEM IT'S A TASK THAT RANGES FROM TEACHING THE BASIC CONCEPT OF
INTELLECTUAL PROPERTY WHAT IT MEANS TO OWN A COPYRIGHT TO CONVERTING
SOMETIMES BLASPHEMOUS PIRATE TRANSLATIONS OF MICROSOFT'S SOFTWARE LANGUAGE
TO USAGE THE REDMOND WASHBASED CONCERN THINKS WILL APPEAL TO ALL ITS
USERS FIRMS' PREDICAMENT THE CURRENT PREDICAMENT OF MICROSOFT AND OTHERS
SUMS UP THE HAZARDS OF IGNORING THE FORMER SOVIET MARKET TOO LONG
PURPOSEFULLY OR NOT COMPUTER AND SOFTWARE COMPANIES NEGLECTED RUSSIA UNTIL
THE PAST FEW YEARS MICROSOFT OFFICIALLY OPENED ITS OFFICE ONLY IN DECEMBER
UNTIL LAST YEAR FIRMS SOLD ONLY IN DOLLARS BECAUSE OF THE RUBLE'S
INCONVERTIBILITY SO LEGAL PURCHASES COULD BE MADE ONLY BY THE GOVERNMENT OR
A SELECT FEW WITH HARD CURRENCY

MEANWHILE EAGER TO CATCH UP TO THE 21ST CENTURY EVERYBODY ELSE WENT THE
ILLEGAL ROUTE BY THE BEST ESTIMATES THERE ARE NOW 15 MILLION COMPUTERS IN
RUSSIA THOUGH THIS IS STILL ONLY A FRACTION OF THE 150 MILLION TOTAL
POPULATION THEY NEED SOFTWARE SINCE THERE WERE NO COPYRIGHT LAWS IT
WASN'T ILLEGAL TO COPY MICROSOFT PROGRAMS THE GOVERNMENT FINANCED GIGANTIC
BOOTLEG INSTITUTES AND SERVICE CENTERS FOR COPYING

MR CLOUGH'S FIRST GOAL WAS TO CREATE A COPYRIGHT LAW FOR RUSSSIA HE
PERSUADED OTHER WESTERN COMPANIES AS WELL AS RUSSIAN ONES TO JOIN TOGETHER
IN A SOFTWARE MANUFACTURERS' ASSOCIATION THE ASSOCIATION LOBBIED THE
PARLIAMENT AND LAST YEAR IT AGREED TO PASS LEGISLATION MAKING IT ILLEGAL TO
DUPLICATE AND SELL SOFTWARE WITHOUT A LICENSE THE ASSOCIATION HAS 15
WESTERN COMPANIES AS MEMBERS AND 40 RUSSIAN PRODUCERS THEIR MAIN PITCH
PROTECT THE RUSSIAN FIRMS SO RUSSIA COULD DEVELOP ITS OWN SOFTWARE INDUSTRY
MICROSOFT'S STRATEGY THE LAW WAS ONLY A LEVER NOBODY WANTED TO GO OUT AND
ARREST BOOTLEGGERS ACCORDING TO MR CLOUGH INSTEAD MICROSOFT'S STRATEGY
WAS TO CONVINCE THE PIRATES THAT AS THEIR TRADE WAS NOW ILLEGAL THEY SHOULD
BECOME PROPER DISTRIBUTORS THEY AFTER ALL KNEW THE MARKET BETTER THAN
ANYBODY

IN HIS HIGHTECH DECORATED MICROSOFT OFFICE IN MOSCOW NIKOLAI LUBOVNY
MANAGER OF LARGE ACCOUNTS FOR MICROSOFT IN RUSSIA SCANS NEWSPAPER AND
MAGAZINE ADVERTISEMENTS FOR THE BOOTLEGGERS WHEN HE SPOTS ONE HE
TELEPHONES THEM AND ASKS WHAT THEY'RE SELLING IF THEY'RE MARKETING
MICROSOFT HE MAKES AN APPOINTMENT WITHOUT IDENTIFYING HIS EMPLOYER THEN
HE PRESENTS THEM WITH THE OPPORTUNITY TO COME TO WORK WITH MICROSOFT
OTHERWISE HE LETS THEM KNOW THEY COULD BE FINED AND ARRESTED

IF THEY COME TO WORK FOR US THEY DON'T GET PUNISHED SAYS MR CLOUGH

ADDS ILYA BILLIG MARKETING MANAGER FOR RUSSIA FRANCIS DRAKE WAS A PIRATE
BUT BECAME AN ADMIRAL IN THE FLEET AFTER HE SIGNED A CONTRACT WITH THE
QUEEN

MANY COMPLY OTHERS REFUSE MAINLY BECAUSE THE DEALERSHIP ISN'T AS LUCRATIVE
AS BOOTLEGGING TODAY MICROSOFT HAS 13 DISTRIBUTORS AND 250 DEALERS
THROUGHOUT THE FORMER USSR AS AN INCENTIVE FOR HONESTY THEY'RE ENCOURAGED
TO POST AN OFFICIAL MICROSOFT DEALERSHIP SIGN MICROSOFT ALSO TRIES TO BUILD
A PARTNERSHIP RELATIONSHIP PROVIDING SPECIAL SERVICES THROUGH THE
DEALERS SUCH AS REPAIRS AND INFORMATION SHARING WE'RE TRYING TO MAKE IT
ATTRACTIVE TO BE A DEALER SAYS MR LUBOVNY

PART OF MR LUBOVNY'S CAMPAIGN INVOLVES PRESSURE TACTICS HE ASKS FRIENDS AND
COLLEAGUES WHO WORK AT VARIOUS COMPUTER PUBLICATIONS TO STOP PRINTING THE
PIRATE FIRMS' ADS IF THEY'RE RELUCTANT HE REMINDS THEM OF THE NEW LAW AS
A RESULT OF THE EFFORTS THE BOOTLEGGERS FOR THE MOST PART HAVE GONE
UNDERGROUND

THERE WERE THOUSANDS WHEN WE STARTED MR LUBOVNY RECALLS NOW YOU RARELY
SEE AN AD

ASIDE FROM THE LEGAL FRAMEWORK MICROSOFT WANTS RUSSIANS TO START TO EMBRACE
THE BASIC IDEA OF OWNERSHIP WHICH IS STILL AN ALIEN CONCEPT TO MANY PEOPLE
HERE WE WANT AN ENVIRONMENT WHERE PEOPLE ARE INTERESTED IN PROTECTING
THEIR OWN PROPERTY SAYS MR LUBOVNY THE IDEA IS THAT IF YOU STEAL
SOMEBODY'S PROGRAM THEY CAN STEAL YOURS TOO

AS A FIRST STEP MICROSOFT IS SPONSORING A NATIONWIDE CONTEST THE PURPOSE
IS TO DEVELOP A RUSSIAN ADAPTATION OF MICROSOFT'S POPULAR WINDOWS OPERATING
SYSTEM MICROSOFT HOPES THE CONTEST WILL RESULT IN A GOOD PRODUCT FOR THE
RUSSIAN MARKET BUT AS A BYPRODUCT IT HOPES THE 40 OR SO PARTICIPANTS WILL
STIMULATE THE IDEA OF PRODUCT DEVELOPMENT IN RUSSIA MICROSOFT IS LOOKING
FOR A VARIETY OF APPLICATIONS IN MEDICAL SYSTEMS BANKING AND ACCOUNTING AS
WELL AS REGULAR WORD PROCESSING

THE PRIZE IS A CDROM DRIVE MEMORY DISK WITH AN ACCOMPANYING SOFTWARE
DEVELOPMENT KIT KEY TOOLS FOR DEVELOPING NEW SOFTWARE PROGRAMS IT'S WORTH
ALTOGETHER ABOUT 600 AND IS HARD TO COME BY IN RUSSIA THERE ARE OTHER
LESSER PRIZES CONSISTING OF VARIOUS MICROSOFT PRODUCTS

ANOTHER CONCEPT THAT RUSSIANS AREN'T USED TO IS THAT IF THEY BUY AN OFFICIAL
PRODUCT IT COMES WITH ALL SORTS OF ADVANTAGES SUCH AS A MANUAL EXPLAINING
HOW IT WORKS AND A GUARANTEE THAT IT WILL WORK BOOTLEGGERS NO MATTER HOW
SOPHISTICATED INEVITABLY FORGET TO COPY CRUCIAL COMMANDS AND CONSUMERS
OFTEN FIND THEMSELVES WITH SOFTWARE THAT WON'T DO WHAT THEY NEED

MICROSOFT WILL SOON START A BULLETIN BOARD SERVICE IN MOSCOW WHERE USERS CAN
TALK ABOUT MICROSOFT AND HELP ONE ANOTHER WITH SMALL TECHNICAL PROBLEMS
9305180149 930518 CONTINENTAL SHIFT EUROPE'S BORDERS FADE AND PEOPLE
AND GOODS CAN MOVE MORE FREELY  A PYRENEES GATEKEEPER TOWN MAY
BECOME A GATEWAY SHOPPERS NOW LOOK AFAR  CATERING TO NATIONAL
TASTES  BY TONY HORWITZ STAFF REPORTER OF THE WALL STREET JOURNAL

LA JONQUERA SPAIN BARRY COTTER IS THE UNLIKELY FACE OF THE NEW EUROPE

A FLORID BEERBELLIED ENGLISHMAN HE SPEAKS NO FOREIGN LANGUAGES AND JOKES
ABOUT CLOGGIES THE DUTCH AND KERMITS AS IN FROGS OR FRENCHMEN
BUT AS HE STEERS HIS 18WHEEL TANKER THROUGH THE PYRENEES BETWEEN SPAIN AND
FRANCE HE ASSUMES A LESS PROVINCIAL ROLE A EUROPEAN COMMUNITY PASSPORT
HOLDER DRIVING FOR A GERMAN TRANSPORT FIRM AND HAULING SPANISHMADE
CHEMICALS TO ITALY

NOT THAT ANYONE AT THE BORDER CARES ON JAN 1 OFFICIALS HERE AS AT MANY
BORDERS IN EUROPE STOPPED MAKING PASSPORT CUSTOMS OR OTHER CHECKS THAT
USED TO DELAY MR COTTER FOR HOURS EVEN DAYS

ON MOST TRIPS I MADE WORSE TIME THAN HANNIBAL HE SAYS REFERRING TO THE
CARTHAGINIAN GENERAL WHO CROSSED THIS SAME MOUNTAIN PASS WITH ELEPHANTS IN
218 BC

NOW MR COTTER SPEEDS ACROSS THE BORDER WITHOUT SO MUCH AS A GLANCE FROM A
LONE IDLE GUARD WITH THE TRADITIONAL DELAYS VANISHING ACROSS EUROPE HE
CAN SPAN THE CONTINENT IN THREE DAYS AGAINST FOUR OR MORE JUST SIX MONTHS
AGO IN THIS BUSINESS TIME IS MONEY HE SAYS AND THESE DAYS I'VE GOT A
LOT MORE OF BOTH

HIS GLEE CONTRASTS SHARPLY WITH THE GLOOM IN EUROPEAN CAPITALS THERE THE
CONVENTIONAL WISDOM HOLDS THAT THE DREAM OF A UNITED STATES OF EUROPE IS
EVAPORATING AMID RECESSION POLITICAL BICKERING AND PARALYSIS OVER BOSNIA
BUT VIEWED FROM THE GROUND REPORTS OF THE NEW EUROPE'S DEMISE APPEAR
GREATLY EXAGGERATED A VISIT TO THE BORDERS OF SEVEN NATIONS FINDS A QUIET
REVOLUTION UNDER WAY AS PEOPLE VOTE WITH THEIR FEET AND WALLETS AGAINST HIGH
TAXES AND HEAVY REGULATION

FRONTIER REGIONS HAVE BECOME LABORATORIES OF THE NEW EUROPE A PLACE WHERE
SHOPPERS SMUGGLERS ENTREPRENEURS AND SAVERS HUNTING FOR THE BEST BANK ARE
TESTING THE BOUNDS OF A MUCHHERALDED BUT STILLNOVEL ENTITY A BORDERFREE
MARKET OF 12 NATIONS AND 345 MILLION CONSUMERS

SOMETHING WILD IS HAPPENING SAYS BERNARD CORNILLE A SALESMAN IN THE
FRENCH PORT OF CALAIS

MR CORNILLE'S LIFE WAS TURNED UPSIDE DOWN ON JAN 1 THE OFFICIAL STARTING
DATE OF THE SINGLE MARKET DEFINED BY THE EC AS AN AREA WITHOUT INTERNAL
FRONTIERS IN WHICH THE FREE MOVEMENT OF GOODS PERSONS SERVICES AND CAPITAL
IS ASSURED AN AGENT FOR A FRENCH MANUFACTURER OF CASH REGISTERS AND OTHER
SMALL BUSINESS MACHINES MR CORNILLE WATCHED DEMAND PLUNGE AS CHEAPER
EQUIPMENT POURED IN FROM ITALY AND SPAIN

BUT AT THE SAME MOMENT BRITISH SHOPPERS BEGAN FLOODING CALAIS TO BUY
ALCOHOL AND TOBACCO WHICH COST HALF AS MUCH IN FRANCE AS IN BRITAIN AND
WHICH SHOPPERS NOW CAN TAKE HOME IN ALMOST UNLIMITED AMOUNTS SO MR
CORNILLE TURNED THE GARAGE BEHIND HIS OFFICE INTO A WINE CELLAR AND
DISTRIBUTED LEAFLETS AT THE FERRY DOCK WITH DIRECTIONS TO HIS NEW CASH &
CARRY NOW HIS MACHINE SHOWROOM IS SILENT AND DUSTY WHILE IN THE GARAGE
HE CLEARS 2000 A WEEK DOUBLE HIS PREVIOUS INCOME

FOR MOST PEOPLE THE NEW EUROPE HASN'T ARRIVED SO ABRUPTLY INTEGRATION HAS
BEEN PROCEEDING FOR YEARS AND IMPORTANT CHANGES SUCH AS A COMMON EUROPEAN
CURRENCY STILL FACE HIGH HURDLES STARTING TODAY WITH A SECOND DANISH VOTE
ON THE MAASTRICHT TREATY ON EUROPEAN UNION

IN FACT TRAVELERS STILL HAVE TO FLASH THEIR PASSPORTS AT AIRPORTS AND AT A
FEW LAND FRONTIERS BUT MOST EC BORDERS NOW RESEMBLE STATE LINES IN AMERICA
EVEN NATIONAL FLAGS HAVE BEEN REPLACED BY THE EC SYMBOL A CIRCLE OF 12
STARS ON A BLUE FIELDWITH THE WELCOMING NATION'S NAME INSIDE ALSO GONE ARE
DECLARE AND NOTHING TO DECLARE LINES GENERALLY CONSUMERS MAY BRING
HOME AS MUCH AS THEY LIKE AS LONG AS IT IS FOR PERSONAL USE

THE FEW REMAINING RULES ARE EASILY DODGED DENMARK WHICH HAS KEPT LIMITS ON
SPIRITS AND TOBACCO ASKS TRAVELERS TO DECLARE EXCESS PURCHASES BY PLACING
FORMS IN BOXES ON THE BORDER THEY THEN ARE BILLED FOR THE DUTY BY MAIL
THUS FAR THE DANES HAVE RECEIVED ABOUT 100 FORMS MANY OF THEM COVERED WITH
JOKES OR GIBBERISH

THE DANISH BORDER ALSO SHOWS HOW THE NEW EUROPE SPELLS DOOM FOR
UNCOMPETITIVE TAX RATES AND PRICES ALREADY A TRADITIONAL AND RATHER
SURREAL TAX DODGE DRIVING TO GERMANY TO BUY DANISH BEER AT SUPERMARKETS
WITH DANISHSPEAKING STAFF AND TUBORGLINED AISLES HAS FORCED COPENHAGEN
TO LOWER ITS BEER TAX NOW A BIZARRE SCHEME DEVISED BY FLEGGAARD A
HOUSEHOLDGOODS COMPANY MAY FORCE DOWN DENMARK'S HEFTY VALUEADDED TAX AS
WELL

AT FLEGGAARD OUTLETS ACROSS DENMARK SHOPPERS SIMPLY ASK TO PAY THE GERMAN
VAT OF 15 RATHER THAN THE 25 DANISH RATE FLEGGAARD PRINTS OUT AN INVOICE
AT A SMALL OFFICE JUST OVER THE BORDER IN GERMANY LOADS THE APPLIANCE AT A
WAREHOUSE ON THE DANISH SIDE AND DRIVES ACROSS THE FRONTIER THEN THE TRUCK
TURNS AROUND AND DELIVERS THE MACHINE TO THE DANISH BUYER THE INVOICE AND
SHORT TRIP MAKE GERMANY THE POINT OF SALE AND OF TAXATION

FLEGGAARD SAYS ITS SALES SO FAR THIS YEAR HAVE MORE THAN DOUBLED WITH OVER
FIVE MILLION KRONERS 800000 GOING INTO GERMAN TAX COFFERS PEOPLE'S
IMAGINATIONS ARE JUST STARTING TO CATCH UP WITH THE POSSIBILITIES SAYS
PETER FLEGGAARD THE FIRM'S COOWNER WHO OFTEN ADVISES OTHER COMPANIES
MIMICKING HIS TACTICS HE ADDS THAT EVEN PREFABRICATED HOMES COULD SOON BE
CROSSING THE BORDER COSTING COPENHAGEN MILLIONS OF KRONERS IN LOST TAXES

SUCH TACTICS WOULDN'T BE POSSIBLE WITHOUT THE FREEINGUP OF CROSSBORDER
TRANSPORT ONCE A CLOTTED AND CORRUPT SECTOR THAT EXEMPLIFIED EUROPE'S
ECONOMIC STAGNATION ITS EUROSCLEROSIS UNTIL RECENTLY DIFFERING FEES AND
INSPECTIONS AT EACH BORDER STALLED TRUCKERS AND INFLATED THEIR COSTS SOME
NATIONS LIMITED HOW MUCH DIESEL FUEL TRUCKERS COULD CARRY FORCING THEM TO
BUY IT AT THAT COUNTRY'S PUMPS OTHERS REQUIRED OBSCURE CHECKS TO BOOST
EMPLOYMENT AND TAX REVENUE BRIBES WERE ROUTINE PARTICULARLY IN ITALY

IT COST 10000 LIRA MINIMUM TO GET ANYTHING DONE SAYS A DUTCH
DRIVER GILBERT VANDEHOVEN ECHOING DOZENS OF OTHER TRUCKERS IN BOTH ITALY
AND FRANCE HE ADDS MANY CUSTOMS OFFICERS PUT A BOX BY THE ROAD IN WHICH
DRIVERS LEFT SOUVENIRS FROM THEIR CARGOBLUE JEANS SAY OR CHEESE TO
AVOID DELAYS

BUT IT IS THE SPANISH BORDER TOWN OF LA JONQUERA THAT DRIVERS REGARD AS A
SHRINE TO THE ANCIEN REGIME HERE PAPERWORK THAT TOOK 10 MINUTES IN DENMARK
AND GERMANY TYPICALLY REQUIRED A DAY THE PROCEDURES WERE SO TANGLED THAT
TRUCKERS HIRED MIDDLEMEN TO FILL OUT FORMS AND GET THEM STAMPED WHILE THEY
THEMSELVES WAITED IN THE TOWN'S SHOPS BARS AND BROTHELS ONCE A DESOLATE
WINDBLOWN TOWN OF 2500 KNOWN ONLY FOR ITS ARSENIC MINES LA JONQUERA
BECAME A BUSTLING PLACE WHERE EVEN CLERKS COULD EARN 300000 PESETAS ABOUT
2500 A MONTH NOT COUNTING RAKEOFFS

NOW 35 OF LA JONQUERA'S WORK FORCE IS UNEMPLOYED AND SHOPS THAT HAD
ENJOYED A CAPTIVE MARKET OF BORED TRUCKERS ARE SILENT PAPERWORK IS
FINISHED AS A CAREER PERE BRUGAT THE TOWN'S MAYOR SAYS WISTFULLY AS THE
4000 OR SO TRUCKS THAT ONCE STOPPED HERE DAILY NOW WHIZ PAST ON THE HIGHWAY
OUTSIDE HIS WINDOW

HE AND OTHER OFFICIALS CONCEDE THAT THE RED TAPE WAS LARGELY UNNECESSARY
BUT THEY FEAR THAT WITHOUT IT EC STATES SUCH AS SPAIN AND PORTUGAL CAN'T
COMPETE WITH COUNTRIES LIKE GERMANY

BUREAUCRACY HELPED EQUALIZE THINGS SAYS JOSE GUANTER A REFERENCE
LIBRARIAN FOR THE FEW REMAINING CUSTOMS AGENTS HIS COMPUTER IS TURNED OFF
HIS SHELVES FILLED WITH DUSTY TOMES OF DEFUNCT REGULATIONS WITHOUT ALL
THIS HE ADDS WE ARE IN DARWIN'S WORLD WHERE ONLY THE STRONG ONES
SURVIVE

LA JONQUERA AT LEAST IS EVOLVING HAVING ONCE THRIVED AS A GATEKEEPER IT
NOW HOPES TO BECOME A GATEWAY INSTEAD THE TOWN IS TURNING A VAST PARKING
LOT WHERE TRUCKS WAITED OUT THE DELAYS INTO AN INDUSTRIAL PARK AND IT IS
OFFERING FREE LAND TO COMPANIES THAT RELOCATE THERE ITS OFFER ADVERTISED
WITH GLOSSY BROCHURES TITLED A DOORWAY TO EUROPE HAS ALREADY LURED A
FEW SPANISH AND FRENCH CONCERNS WHICH PLAN TO OPEN DISTRIBUTION WAREHOUSES

FROM HERE YOU CAN MOVE QUICKLY TO ANYWHERE IN FRANCE OR SPAIN WITHOUT
BUREAUCRACY SAYS MR BRUGAT SMILING AT THE IRONY OF HIS BOAST

OF COURSE CARTING PRODUCTS ACROSS EUROPE IS ONE THING SELLING THEM IS
QUITE ANOTHER MANY OF THE EC'S 282 DIRECTIVES ON THE SINGLE MARKET ARE
TARGETED AT TRADE WALLS AND STANDARDIZING PRODUCT RULESPROMPTING MANY
COMPANIES TO DESIGN PRODUCTS TO APPEAL ACROSS THE CONTINENT TO THE NEW
EUROCONSUMER THE DIRECTIVES ALSO ARE CREATING MORE EUROFIRMS
ECONOMISTS SAY ABOUT 50 OF MAJOR MERGERS IN EUROPE NOW ARE CROSSBORDER UP
FROM 15 A DECADE AGO

ATAG HOLDINGS NV A DIVERSIFIED DUTCH COMPANY WHOSE MAIN BUSINESS IS KITCHEN
APPLIANCES RECKONED IT WAS WELLPLACED TO EXPAND ABROAD ITS PLANT IS A
MILE FROM THE DUTCH/GERMAN BORDER AND NEAR EUROPE'S GEOGRAPHIC AND
POPULATION CENTER AND LIDWIEN JACOBS A PRODUCT MANAGER SAYS SHE WAS
CONFIDENT ATAG COULD CATER TO BOTH THE POTATO AND SPAGHETTI BELTS 
MARKETERS' TERMS FOR CONSUMER PREFERENCES IN NORTHERN AND SOUTHERN EUROPE

BUT AS ATAG QUICKLY DISCOVERED PREFERENCES VARY MUCH MORE THAN THAT TO
SELL IN AMERICA YOU NEED ONE OR TWO TYPES OF CERAMIC STOVE TOP MS JACOBS
SAYS IN EUROPE YOU NEED 11

BELGIANS WHO COOK IN HUGE POTS REQUIRE EXTRALARGE BURNERS GERMANS LIKE
OVAL POTS AND BURNERS TO FIT ITALIANS BOIL LARGE POTS OF WATER QUICKLY
FOR PASTA THE FRENCH NEED SMALL BURNERS AND VERY LOW TEMPERATURES FOR
SIMMERING SAUCES AND BROTHS SUCH QUIRKS AFFECT EVERY DETAIL GERMANS LIKE
OVEN KNOBS ON THE FRONT THE FRENCH ON TOP EVEN CLOCK PLACEMENT DIFFERS
AND ATAG HAS HAD TO TEST MARKET 28 COLORS WHILE CONTINENTALS PREFER BLACK
AND WHITE THE BRITISH DEMAND A VAST RANGE INCLUDING PEACH PIGEON BLUE AND
MINT GREEN

WHATEVER THE PRODUCT THE BRITISH ARE ALWAYS DIFFERENT MS JACOBS SAYS
WITH A SIGH ANOTHER SNAG DOMESTIC THE NAME OF ATAG'S BASIC OVEN TURNS
OFF BUYERS IN BRITAIN WHERE DOMESTIC IS A SYNONYM FOR SERVANT

ATAG'S KITCHENWARE UNIT HAS LIFTED FOREIGN SALES TO 25 OF ITS TOTAL FROM 4
IN THE MID1980S BUT IT NOW BELIEVES THAT ITS RANGE OF DESIGNS AND SPEED IN
DELIVERING THEM RATHER THAN THE MAGIC BULLET OF A EUROPRODUCT WILL KEEP
IT COMPETITIVE PEOPLE WOULD FIGHT ANOTHER WAR I THINK TO KEEP THEIR OWN
COOKING HABITS MS JACOBS JOKES

EUROPEANS ARE MORE FLEXIBLE WHEN IT COMES TO CASH FOR YEARS GERMANS HAVE
TAKEN A REGULAR BUTTERFAHRT BUTTER TRIP TO THE NETHERLANDS WHERE
DAIRY PRODUCTS ARE BETTER AND OFTEN CHEAPER NOW WITH CAPITAL CONTROLS
GONE GERMANS ARE MAKING A MARKFAHRT AS WELL CROSSING BORDERS TO FLEE A
BANKING SYSTEM SO RIGID THAT IT PROHIBITS MONEYMARKET ACCOUNTS

AT THE INTERNATIONALE NEDERLANDEN BANK IN THE DUTCH BORDER TOWN OF VENLO
THE LOBBY IS CRAMMED WITH GERMANS SOME CLUTCHING HANDBAGS STUFFED WITH
CASH FED UP WITH LOW RETURNS AT GERMAN BANKS AND WITH A NEW 30
WITHHOLDING TAX ON INTEREST INCOME THEY ARE DRIVING DOWN THE AUTOBAHN TO
DEPOSIT THEIR SAVINGS HERE DEPOSITING AN AVERAGE OF 60000 WHILE WEALTHY
GERMANS HAVE STASHED CASH IN LUXEMBOURG AND OTHER TAX HAVENS FOR YEARS THE
FLOW INTO VENLO IS NEW AND MOSTLY MIDDLECLASS IT ALSO SHOWS HOW THE NEW
EUROPE MAKES NONSENSE OF STRICTLY NATIONAL LAWS SUCH AS GERMANY'S NEW
WITHHOLDING TAX

THE FALL OF BORDERS THOUGH ALSO UNDERCUTS LAW ENFORCEMENT ALTHOUGH MOBILE
CUSTOMS CREWS STILL MAKE SPOT CHECKS BEHIND BORDERS MOST NATIONS HAVE PARED
OR REDEPLOYED THEIR CUSTOMS STAFFS THIS COUPLED WITH THE WITHDRAWAL OF
POLICE FROM THE BORDER TEMPTS SMUGGLERS THE FEAR IS GONE EVEN THOUGH THE
CONTROLS ARE NOT SAYS EGON NIELSEN A CUSTOMS INSPECTOR IN THE DANISH TOWN
OF PADBORG

AT A LOCKED PARKING LOT BY THE GERMAN BORDER MR NIELSEN DISPLAYS DOZENS OF
IMPOUNDED CARS ONE VAN HAS FALSE LINING TO CONCEAL MORE THAN 110000
DANISH CIGARETTES THE LEGAL LIMIT IS 300 A TRUCK WAS CAUGHT WITH TANKS
FULL OF HEATING OIL ALSO HEAVILY TAXED IN DENMARK OTHERS ARE CROSSING ON
BUS OR FOOT INCLUDING ONE WOMAN WHO SEWED CIGARETTE PACKS INTO HER
UNDERGARMENTS BUT WAS CAUGHT BECAUSE SHE WORE AN OVERCOAT ON A BALMY DAY

OVERALL SMUGGLING INCIDENTS AT THE DANISH BORDER HAVE INCREASED 75 SINCE
THE BEGINNING OF THE YEAR AND IT'S NOT EVEN SUMMER YET MR NIELSEN SAYS
WEARILY SPANISH AND DUTCH POLICE ALSO REPORT A STEEP RISE IN CROSSBORDER
CRIME WITH CARS BEING STOLEN FOR RESALE IN THE EAST AND DRUG TOURISTS
FLOODING THE NETHERLANDS TO EXPLOIT ITS LIBERAL NARCOTICS LAWS

THE BORDER CHANGES ALSO MAKES IT HARDER TO STOP ILLEGAL IMMIGRATION
PRIMARILY FROM EASTERN EUROPE AND NORTH AFRICA NATIONS SUCH AS GERMANY HAVE
MOVED MANY POLICE FROM INTERNAL EC FRONTIERS TO EXTERNAL ONES BUT LEAKAGE
CONTINUES AND ONCE ILLEGALS ARE INSIDE THE EC THEY FIND IT MUCH EASIER
THAN BEFORE TO MOVE AROUND EUROPE THIS REMAINS A CONTENTIOUS ISSUE 
ESPECIALLY WITH ANTIIMMIGRANT VIOLENCE FLARING IN GERMANY AND ELSEWHERE 
AND IS A PRIMARY REASON WHY DENMARK AND BRITAIN INSIST UPON RETAINING SOME
BORDER CONTROLS

ULTIMATELY THE EC HOPES TO CONTROL ILLEGAL TRAFFIC IN BOTH GOODS AND PEOPLE
WITH GREATER COOPERATION AMONG POLICE FORCES AS WELL AS A LEVELING OF TAX
RATES TO DETER SMUGGLING

ANOTHER CHALLENGE FACING THE NEW EUROPE LESS TANGIBLE BUT FAR MORE
SIGNIFICANT WILL THE OPENING OF FRONTIERS EASE THE HISTORIC RESENTMENTS
THAT REMAIN THE GREATEST OBSTACLE TO CLOSER INTEGRATION

HOSTILE MEMORIES APPEAR LONGEST IN BRITAIN AND DENMARK THE TWO NATIONS MOST
RESISTANT TO EUROPEAN UNION TYPICAL IS THE DANISH ENTREPRENEUR MR
FLEGGAARD WHO IS CASHING IN ON THE BORDERLESS EUROPE BUT VOTED AGAINST THE
MAASTRICHT TREATY IN HIS COUNTRY'S FIRST REFERENDUM LAST JUNE 2 WHICH
CALLS FOR MUCHCLOSER TIES GERMANS ARE STILL THE HERREFOLK THE MASTER
PEOPLE HE SAYS SARCASTICALLY I'M VERY HAPPY TO DO BUSINESS IN GERMANY
BUT NOT TO BE CONTROLLED BY THEM

AGAIN IT IS IN BORDER AREAS ONCE THE HEART OF WHAT WALT WHITMAN CALLED
EUROPE'S OLD DYNASTIC SLAUGHTERHOUSE THAT THE HEALING PROCESS IS BEING
PUT TO THE TEST AND APPROPRIATELY IT IS THE DUTCH TOWN OF MAASTRICHT THAT
OFFERS A HOPEFUL IMAGE OF WHAT A FUTURE EUROPE MIGHT LOOK LIKE CLOSE TO
SEVERAL BORDERS MAASTRICHT HAS HELD A MARKET SINCE MEDIEVAL TIMES IN ITS
COBBLESTONE CENTRAL SQUARE THESE DAYS IT DRAWS SHOPPERS FROM ACROSS
EUROPE MOST SELLERS ACCEPT HALF A DOZEN CURRENCIES AND DEAL IN ALMOST AS
MANY TONGUES

WILLKOMMEN BONJOUR HELLO SAYS JOSEF HERMANNS LURING BUYERS TO HIS
LEATHERGOODS STALL A GERMAN WHO MARRIED A DUTCH WOMAN OVER THEIR PARENTS'
PROTESTS MR HERMANNS BELIEVES THAT CROSSBORDER CONTACT IS SLOWLY EASING
OLD TENSIONS WHEN YOU MEET AND TALK LIKE THIS DAY AFTER DAY HE SAYS
THE HARD EDGES RUB OFF A BIT TRADE MAKES YOU TALK TO A PERSON NOT A
NATIONAL STEREOTYPE

YET NEITHER HE NOR OTHERS AT THE MARKET WANT A USSTYLE MELTING POT IN
FACT NATIONAL TRAITS ARE PART OF MAASTRICHT'S APPEAL SINCE JAN 1 SELLERS
LICENSED IN ONE EC NATION CAN TRADE ANYWHERE AND BELGIAN MEEUS HENDRIK
QUICKLY SET UP AT THE MAASTRICHT MARKET THE MAIN REASON HE IS THRIVING HE
SAYS IS THAT DUTCH SHOPPERS FIND HIS FLEMISH ACCENT SOOTHING AND SLIGHTLY
AMUSING VIVE LA DIFFERENCE HE SAYS AS A CROWD FORMS TO HEAR HIM HAWK
WOOD POLISH

INDEED EVEN IN MAASTRICHT HOME TO GROUPS SUCH AS THE EUROPEAN CENTRE FOR
DEVELOPMENT POLICY MANAGEMENT THERE IS LITTLE SIGN OF ENTHUSIASM FOR A
NEW PANEUROPEAN IDENTITY AT A SOUVENIR SHOP STUFFED WITH CLOGS AND
PORCELAIN WINDMILLS LOUISE AELMANS RECENTLY ADDED POSTCARDS AND TSHIRTS
ADORNED WITH EC SYMBOLS SALES THOUGH HAVEN'T BEEN GREAT AND SHE WON'T
EXPAND HER RANGE UNTIL SHE IS SURE THE MAASTRICHT TREATY WILL GO AHEAD

THERE CAN ALWAYS BE A HAIR IN THE BUTTER SHE OBSERVES

IF THERE IS ONE IT'S LIKELY TO BE THE DANES WHO PUT FURTHER INTEGRATION ON
HOLD BY VOTING AGAINST THE TREATY LAST YEAR BUT THERE TOO A THAW IS
OCCURRING EVEN IN SCHLESWIGHOLSTEIN ONCE A KIND OF SHORTHAND FOR
EUROPE'S TANGLED TERRITORIAL FEUDS THE RURAL REGION WHICH STRADDLES THE
DANISH/GERMAN BORDER WAS SEIZED BY BISMARCK IN 1864 PARTITIONED BY THE
ALLIES AFTER WORLD WAR I AND OCCUPIED BY THE NAZIS IN WORLD WAR II EVER
SINCE DANES AND GERMANS HAVE LIVED ESSENTIALLY WITH THEIR BACKS TO EACH
OTHER

NOW AS THE BORDER WITHERS REGIONAL TIES ARE REEMERGING WITH ECONOMICS
THE MAIN IMPETUS WE HAVE A COMMON PROBLEM WE'RE FAR AWAY FROM THE HEART
OF OUR OWN COUNTRIES SAYS KURT JOHANNSEN MAYOR OF THE DANISH TOWN OF
TONDER BUT IF WE ERASE THE BORDER WE'RE ACTUALLY MUCH CLOSER TO THE
CENTER OF THINGS

TO ATTRACT NEW INDUSTRY TONDER HAS HOOKED UP WITH A NEARBY GERMAN TOWN TO
FORM A JOINT COMPUTER CONSULTANCY BY TAPPING INTO EACH OTHER'S COMPUTERS
THE DANES CAN ACCESS DATA FROM ACROSS GERMANY WHILE THE GERMANS CAN REACH
ACROSS DENMARK AND BY POOLING RESOURCES THEY CAN ADVISE GERMAN AND DANISH
COMPANIES ON HOW TO DO BUSINESS WITH EACH OTHER

EVEN SO THE 58YEAROLD MR JOHANNSEN WHO RECALLS THE DAYS WHEN THE
FRONTIER WAS PATROLLED BY NAZI TROOPS THINKS IT IS DANGEROUS TO FORGET WHAT
BORDERS ONCE MEANT TO EUROPE SO HIS NEXT PROJECT IS TO OPEN A BORDER
MUSEUM REPLETE WITH OLD FRONTIER MARKERS SIGNS FLAGS FROM EARLIER ERAS 
PERHAPS EVEN ONE OF THE RECENTLY ABANDONED BORDER BOOTHS THAT WAY FUTURE
GENERATIONS CAN SEE WHAT IT WAS LIKE TO GO THROUGH A PASSPORT AND CUSTOMS
CHECK

HE SUSPECTS THE MUSEUM COULD BECOME A TOURIST ATTRACTION IF YOU SEE HOW
MUCH CHANGE HAS OCCURRED IN MY LIFETIME YOU MUST REALIZE HOW MUCH MAY OCCUR
IN THE NEXT HE SAYS FOR CHILDREN IN THE NEXT CENTURY A BORDER IN EUROPE
MAY SEEM LIKE A VERY OLDFASHIONED INSTITUTION 9305180148 930518
COMMODITIES PRECIOUS METALS PRICES WEAK AND PLATINUM FALLS DESPITE
FORECAST OF LOWER RUSSIAN PRODUCTION  BY WARREN GETLER AND NEIL
BEHRMANN STAFF REPORTERS OF THE WALL STREET JOURNAL

NEW YORK PRECIOUS METALS PRICES ENDED MODERATELY LOWER ACROSS THE BOARD
ON PROFITTAKING WITH PLATINUM GETTING LITTLE SUPPORT FROM AN INDUSTRY
FORECAST OF LOWER RUSSIAN PRODUCTION THIS YEAR TRADERS SAID

ON THE NEW YORK MERCANTILE EXCHANGE PLATINUM FOR JULY DELIVERY CLOSED AT
38540 AN OUNCE OFF 70 CENTS GOLD FOR JUNE DELIVERY SHED 30 CENTS TO
SETTLE AT 36800 AN OUNCE WHILE SILVER FOR JULY DELIVERY ENDED 41 CENTS
LOWER AT 4422 AN OUNCE

THE LOWER CLOSE FOR PLATINUM CAME DESPITE THE POTENTIALLY BULLISH FORECAST
OF LOWER RUSSIAN PRODUCTION THIS YEAR IN THE LATEST ANNUAL INDUSTRY REVIEW
BY JOHNSON MATTHEY PLC THE WORLD'S LARGEST SUPPLIER AND REFINER OF PLATINUM
GROUP METALS

AFTER SOUTH AFRICA RUSSIA IS THE WORLD'S LARGEST PRODUCER OF PLATINUM A
KEY COMPONENT OF CATALYTIC CONVERTERS AND AN INCREASINGLY POPULAR METAL FOR
JEWELRY

RUSSIAN OUTPUT CONTINUES TO DECLINE BECAUSE OF INTERNAL MARKET DISRUPTIONS
A DEARTH OF CAPITAL INVESTMENT AND LOWER PURCHASES FROM THE RUSSIAN
MILITARY JOHNSON MATTHEY SAID FIRSTQUARTER EXPORTS WERE 50 LOWER THAN
THE YEAREARLIER PERIOD THE COMPANY SAID

DESPITE THE EXPECTED SLOWDOWN IN SUPPLY FROM RUSSIA THE OVERALL WESTERN
MARKET REMAINS WELLSUPPLIED PARTLY THE RESULT OF THE WEAK RECOVERY IN
THE US AND THE SLIDE INTO RECESSION BY JAPAN AND GERMANY AS A RESULT THE
COMPANY SAYS THE METAL MAY NOT PUSH MUCH HIGHER THAN ITS CURRENT TRADING
LEVELS

THE FUNDAMENTALS SUGGEST THAT A PRICE ABOVE 390 MAY NOT BE SUSTAINABLE
IT CAUTIONS A RANGE BETWEEN 330 TO 390 IS FORECAST FOR THE YEAR AS A
WHOLE IN NOVEMBER THE COMPANY PREDICTED THE 1993 PEAK PRICE AT 400

LAST YEAR WORLD DEMAND FOR PLATINUM FELL 6 TO 38 MILLION OUNCES THE
REPORT SAID INVESTMENT IN PLATINUM BARS AND COINS WAS PARTICULARLY WEAK
TUMBLING TO 255000 OUNCES IN 1992 FROM 415000 OUNCES IN 1991 IT SAID

DEMAND FOR PLATINUM FOR USE IN CATALYTIC CONVERTERS COULD RISE BY AS MUCH AS
200000 OUNCES THIS YEAR JOHNSON MATTHEY SAID BECAUSE OF TIGHTER POLLUTION
CONTROLS AND A SLIGHT IMPROVEMENT IN US AUTO SALES

ANALYSTS SAID THE FUTURE OF PLATINUM RIDES LARGELY WITH THE OVERALL CLIMATE
FOR ECONOMIC GROWTH AS WELL AS WITH THE FUTURE PERFORMANCE OF GOLD WHICH
HAS BEEN THE STANDOUT AMONG PRECIOUS METALS IN THE SECOND QUARTER SO FAR
THE MARKET IS GOING TO BE DRIVEN BY TWO BASIC THINGS SAID JEFFREY
NICHOLS PRESIDENT OF AMERICAN PRECIOUS METALS ADVISORS THESE ARE WHAT
HAPPENS TO GOLD AND THE PACE OF INDUSTRIAL ACTIVITY IN EUROPE AND JAPAN IF
WE SEE A SOONER PICKUP THAN ANTIICIPATED THAT WOULD BE BULLISH AND I'M
MILDLY BULLISH ON GOLD I THINK IT WILL CONTINUE TO GO UP IN FITS AND
STARTS

IN OTHER COMMODITY MARKETS

ENERGY CRUDE OIL AND PETROLEUM PRODUCT PRICES ROSE SLIGHTLY LATE IN THE
SESSION LARGELY ON TECHNICAL TRADING AMONG VARIOUS ENERGY CONTRACTS FOR
MOST OF THE DAY HOWEVER PRICES WERE LITTLE CHANGED AND MARKET PARTICIPANTS
SAID THERE WASN'T ANY NEWS TO TRADE ON TOWARD THE END OF THE SESSION ON THE
NEW YORK MERCANTILE EXCHANGE SOME TRADERS BEGAN BIDDING UP HEATING OIL
CONTRACTS BECAUSE OF SOME RECENT TIGHTNESS IN THE CASH MARKET ON THE GULF
COAST THAT LED MANY TO TAKE NEW POSITIONS IN SOCALLED CRACK SPREADS THE
DIFFERENCE BETWEEN CRUDE AND PRODUCT PRICES AS WELL AS PLAYING ONE MONTH'S
CRUDE CONTRACT OFF AGAINST ANOTHER LIGHT SWEEET CRUDE OIL FOR DELIVERY IN
JUNE SETTLED AT 1951 A BARREL UP THREE CENTS ON THE NEW YORK MERC JUNE
HEATING OIL SETTLED AT 5408 CENTS A GALLON UP 048 CENT MEANWHILE
NATURAL GAS FUTURES ALSO ROSE ON TECHNICAL FACTORS THE JUNE CONTRACT
SETTLED AT 2314 PER MILLION BRITISH THERMAL UNITS UP 52 CENTS
9305180147 930518 INTERNATIONAL LAWSUITS RELATED TO INTIFADA BECOMING 
FINANCIAL BURDEN FOR ISRAELI MINISTRY  BY AMY DOCKSER MARCUS STAFF
REPORTER OF THE WALL STREET JOURNAL

TEL AVIV FOR MOST ISRAELIS AND PALESTINIANS THE COST OF FIVE YEARS OF
THE PALESTINIAN INTIFADA OR UPRISING WILL NEVER BE KNOWN BUT THE PRICE IS
CLEAR FOR THE FAMILY OF LULU MAHMOUD AHMAD ABU DAHI MORE THAN FIVE MILLION
SHEKELS 19 MILLION

THAT'S THE SUM THE FAMILY SEEKS IN A LAWSUIT AGAINST ISRAEL'S MINISTRY OF
DEFENSE FOR DAMAGES CAUSED BY A PLASTIC BULLET THAT HIT LULU THEN SEVEN
YEARS OLD AS SHE PLAYED WITH OTHER GIRLS IN 1989 OUTSIDE HER HOME IN THE
ISRAELIOCCUPIED GAZA STRIP

THE FAMILY CONTENDS THAT AN ISRAELI SOLDIER OPENED FIRE ON THE GIRLS LULU
SUFFERED EXTENSIVE BRAIN DAMAGE DESPITE TWO OPERATIONS SHE CAN'T HEAR
SPEAK OR FEED HERSELF THE SUIT SEEKS COMPENSATION FOR THE GIRL'S EMOTIONAL
SUFFERING HER LOSS OF FUTURE EARNINGS AND FUNDING FOR MEDICAL CARE FOR THE
REST OF HER LIFE

LULU'S CASE IS ONE OF A GROWING NUMBER OF LAWSUITS AGAINST THE DEFENSE
MINISTRY FOR INTIFADARELATED INJURIES THE DEFENSE MINISTRY REFUSES TO
DIVULGE THE NUMBER OF PENDING CASES BUT ONE OFFICIAL ESTIMATES THAT
HUNDREDS OF SUITS ARE FILED EVERY YEAR AND THAT MILLIONS OF SHEKELS HAVE
BEEN PAID AS COMPENSATION THESE TYPES OF LAWSUITS ARE BECOMING A SERIOUS
FINANCIAL PROBLEM FOR THE DEFENSE MINISTRY SAYS NAOMI STERN TEL AVIV
DISTRICT ATTORNEY IN CHARGE OF CIVIL CASES THE NUMBER OF CASES KEEPS
GROWING EVERY YEAR

THE ISRAELI GOVERNMENT TAKES THE CASES SERIOUSLY STATE LAWYERS ARE
CONSIDERING TIGHTENING RULES TO MAKE FILING SUCH SUITS MORE DIFFICULT
WE'VE ALREADY GONE OVERBUDGET PAYING SETTLEMENTS AND DAMAGES ON THESE
CLAIMS AND HAD TO GO BACK TO THE FINANCE MINISTRY FOR MORE MONEY AN
OFFICIAL SAYS

JAHED GANAM NOW 25 WAS OPENING UP HIS FALAFEL STAND IN THE WEST BANK CITY
OF HEBRON WHEN HE SAYS ISRAELI SOLDIERS ORDERED HIM TO TAKE DOWN A
PALESTINIAN FLAG THAT HAD BEEN HUNG FROM A HIGHVOLTAGE ELECTRICAL WIRE
ABOVE THE BUILDING HE WENT UP TO THE ROOF AND TRIED TO KNOCK THE FLAG DOWN
WITH AN IRON POLE HE RECEIVED A SEVERE ELECTRIC SHOCK AND BOTH OF HIS HANDS
HAD TO BE AMPUTATED LAST YEAR AN ISRAELI COURT AWARDED HIM ONE MILLION
SHEKELS IN DAMAGES RULING THAT THE SOLDIERS SHOULD HAVE EXPLAINED THE
HAZARD THE STATE IS APPEALING THE DECISION

WE ARE TRYING TO MAKE A POLITICAL STATEMENT WITH THESE LAWSUITS SAYS NEVE
GORDON A MEMBER OF THE GAZA TEAM AN ISRAELI HUMAN RIGHTS GROUP THAT WORKS
IN THE GAZA STRIP COLLECTING EVIDENCE FOR PALESTINIAN LEGAL CLAIMS AGAINST
THE GOVERNMENT ISRAELI TAX MONEY IS BEING USED TO PAY DAMAGES WE WANT
ISRAELIS TO UNDERSTAND THAT WHATEVER THEIR POLITICAL OUTLOOK THE
OCCUPATION IS HURTING US FINANCIALLY AND IT'S NOT WORTH IT

LAST YEAR SAMIR SHARVANA RECEIVED A 22000SHEKEL SETTLEMENT AFTER BEING
SHOT IN THE LEG THREE TIMES BY A SOLDIER SERVING IN A SPECIAL UNDERCOVER
UNIT MR SHARVANA SAYS HE PULLED OUT A KNIFE WHEN SOLDIERS DRESSED IN ARAB
DRESS PULLED UP TO THE PARKING LOT WHERE HE WORKED THINKING THEY WERE
THIEVES WHEN HE TRIED TO RUN AWAY HE SAYS A SOLDIER SHOT HIM WITHOUT
ORDERING HIM TO HALT OR FIRST SHOOTING IN THE AIR AS ISRAELI REGULATIONS
REQUIRE

DAN ASSAN A LAWYER WITH AMNON ZICHRONI LAW OFFICES IN TEL AVIV SAYS HIS
OFFICE WILL ONLY REPRESENT PEOPLE WHO CONTEND THEY WERE INNOCENT BYSTANDERS
THE ARMY IS REQUIRED TO FOLLOW CERTAIN RULES WHEN BREAKING UP A
DEMONSTRATION AND TECHNICALLY WE COULD ALSO FILE LAWSUITS FOR PEOPLE WHO
ARE INJURED BY SOLDIERS WHO DISOBEY OPENFIRE REGULATIONS SAYS MR ASSAN
WHOSE OFFICE HAS FILED 10 SUITS SEEKING MORE THAN 18 MILLION SHEKELS IN
DAMAGES AND IS PREPARING 20 MORE BUT WE DECIDED TO FILE SUITS ONLY IN
CASES OF PEOPLE WHO WEREN'T THROWING ROCKS AT SOLDIERS OR INVOLVED IN A
DEMONSTRATION THESE ARE PEOPLE WHO HAVE NO CONNECTION TO ANTIISRAELI
ACTIVITY

MS STERN THE DISTRICT ATTORNEY SAYS MOST SUITS AREN'T FILED UNTIL YEARS
AFTER THE ALLEGED EVENT OCCURRED AND THAT ONLY IN RARE CASES IS THERE
EVIDENCE SUCH AS A BULLET EYEWITNESS TESTIMONY OR HOSPITAL RECORDS TO BACK
UP OR REFUTE THE CLAIMS

NO ONE EVER ADMITS THAT THEY THREW A ROCK OR WERE AT A DEMONSTRATION
INSTEAD THEY SAY THAT THEY WERE AT HOME AT THE SUPERMARKET OR GOING TO THE
MOSQUE WHEN FOR NO REASON AT ALL A SOLDIER SUDDENLY SHOT THEM SOMETHING WE
BELIEVE HAPPENS IN ONLY A VERY VERY SMALL NUMBER OF CASES SAYS MS STERN
  WE HAVE THE FEELING THAT MANY PALESTINIANS ARE TAKING ADVANTAGE OF
THE FACT THAT THERE'S NO WAY FOR US TO PROVE OR DISPROVE THEIR CLAIMS

UNDER ISRAELI LAW PERSONALINJURY SUITS MAY BE FILED UP TO SEVEN YEARS FROM
THE TIME OF THE INCIDENT IN CASES INVOLVING CHILDREN THE SEVENYEAR LIMIT
DOESN'T BEGIN UNTIL THE AGE OF 18 SAYS MS STERN TWENTY YEARS FROM NOW
WE MAY FIND OURSELVES STILL DEALING WITH THE LEGAL CONSEQUENCES OF THE
INTIFADA 9305180146 930518 PHILADELPHIA ELECTRIC BONDS

PHILADELPHIA PHILADELPHIA ELECTRIC CO SAID IT PLANS TO CALL ON JUNE 15
ALL 125 MILLION OF 85 FIRST AND REFUNDING MORTGAGE BONDS DUE 2004 AT
10330 OF PRINCIPAL AMOUNT AND ALL 250 MILLION OF 9 3/8 FIRST AND
REFUNDING MORTGAGE BONDS DUE 2017 AT 10694

THE COMPANY ALSO PLANS TO CALL ON JULY 15 ALL 75 MILLION OF 8 5/8 FIRST
AND REFUNDING MORTGAGE BONDS DUE 2003 AT 10320 9305180145 930518 WHO'S
NEWS WALT DISNEY CO

WALT DISNEY CO BURBANK CALIF TOM STAGGS WAS NAMED TO THE NEW
POSITION OF VICE PRESIDENT OF STRATEGIC PLANNING MR STAGGS 32 YEARS OLD
PREVIOUSLY WAS DIRECTOR OF STRATEGIC PLANNING OF THIS MAJOR ENTERTAINMENT
COMPANY 9305180144 930518 RENO AIR TO DISCONTINUE ROUTES

RENO NEV RENO AIR INC SAID IT WILL DISCONTINUE SERVICE TO KANSAS CITY
AND MINNEAPOLIS ST PAUL ON JUNE 3 DUE TO DISAPPOINTING DEMAND THE
REGIONAL AIRLINE SAID IT PLANS TO REALLOCATE ITS AIRPLANES TO NORTHSOUTH
ROUTES IN THE WEST

RENO AIR WHICH BEGAN SERVICE IN JULY 1992 ALSO REPORTED FLYING 618
MILLION REVENUE PASSENGER MILES IN APRIL A REVENUE PASSENGER MILE IS ONE
PAYING PASSENGER CARRIED ONE MILE 9305180143 930518 DUQUESNE LIGHT CO
BONDS

PITTSBURGH DUQUESNE LIGHT CO SAID IT WILL REDEEM TWO SERIES OF FIRST
MORTGAGE BONDS ON JULY 1

THE ELECTRICAL UTILITY'S 775 SERIES DUE JULY 1 1999 WILL BE REDEEMED AT
10138 OF PRINCIPAL AMOUNT PLUS ACCRUED INTEREST THE TOTAL AMOUNT OF THE
BONDS OUTSTANDING IS 286 MILLION

ALSO THE 775 SERIES DUE JULY 1 2003 WILL BE REDEEMED AT 10223 OF
PRINCIPAL AMOUNT PLUS ACCRUED INTEREST THE TOTAL AMOUNT OF THE BONDS
OUTSTANDING IS 35 MILLION 9305180142 930518 LEISURE & ARTS ON SPORTS
 A COUPLE OF EARLY CONTENDERS GO AT IT  BY FREDERICK C KLEIN

ATLANTA ANYONE WHO THINKS BASEBALL IS IN BAD FAVOR WITH THE CITIZENRY
SHOULD HAVE SHOWN UP SUNDAY IN FRONT OF ATLANTAFULTON COUNTY STADIUM AT 11
AM MORE THAN TWO HOURS BEFORE THE HOME BRAVES WERE TO MEET THE
PHILADELPHIA PHILLIES THE LINES TO GET INTO THE PARK SNAKED FOR BLOCKS
AROUND THE STADIUM'S PARKING LOT ON THE GEORGIAPERFECT MORNING

ONE ATTRACTION WAS A BRAVES PREGAME PHOTO DAY IN WHICH FANS COULD GET
THEIR PICTURES SNAPPED WITH THEIR HEROES ATTENDANCE FOR THAT WAS SO LARGE
THAT ACCESS TO THE FIELD HAD TO BE SUSPENDED EARLIER THAN EXPECTED BUT THIS
IS A TEAM THAT SOLD 28000 OF ITS 52709 SEATS ON A FULLSEASON BASIS SO
MOST OF THE PEOPLE WOULD HAVE COME ANYWAY PHOTOS OR NO SUNSHINE OR NO

WE BOUGHT OUR TICKETS MONTHS AGO BEFORE WE HEARD ABOUT THE PHOTO DAY
SAID IRENE WIRTH OF ATHENS GA TENDING A GAGGLE OF CHILDREN NOT ALL HER
OWN IT'S THE GAME WE'VE COME TO SEE

THAT CONTEST THE LAST OF A THREEGAME SERIES PLAYED BEFORE THRONGS OF
48000 EACH PITTED THE CONSENSUS PICK FOR THE NATIONAL LEAGUE PENNANT 
THE DEFENDINGCHAMP BRAVES AGAINST BASEBALL'S HOTTEST TEAM SO FAR THE
PHILS AND WHILE MIDMAY IS TOO EARLY TO TALK ABOUT PENNANT RACES IT ISN'T
TOO EARLY TO EXAMINE A COUPLE OF THE POTENTIAL RACERS IN CASE ANYONE
DOUBTED IT THE TWOGAMESTOONE SERIES WIN BY THE BRAVES 2217 IN THE
WONLOST COLUMN UNDERLINED THEIR CONTENDER STATUS AND EVEN THE SHORT END
LEFT THE VISITORS AT 2510 STILL BEST IN THE BIGS BY QUITE A BIT

IT'S ALWAYS NICE TO BEAT A GOOD TEAM BRAVES MANAGER BOBBY COX REMARKED
AFTER SATURDAY'S 53 TRIUMPH JIM FREGOSI THE PHILLIES SKIPPER RETURNED
THE COMPLIMENT AFTER COMING OUT AHEAD SUNDAY 54 ADDING CONFIDENCEWISE
THIS WAS AN IMPORTANT WIN FOR US AFTER LOSING TWO

BUT WHILE THE COMBATANTS SHARE AN OPTIMISTIC OUTLOOK THEIR SUCCESS TO DATE
HASN'T BEEN WITHOUT ITS ODD POINTS THE BRAVES ENTERED THE CAMPAIGN SPORTING
THE STAFF THE FIVESTARTER PITCHING ROTATION OF CY YOUNG AWARD WINNERS TOM
GLAVINE AND GREG MADDUX ALONG WITH JOHN SMOLTZ STEVE AVERY AND PETE SMITH
IN THIS PITCHINGPOOR ERA THESE GUYS WOULD BE THE ENVY OF THEIR PEERS IF
THEY HAD ANY

THE STAFF HAS DONE SWELL IT HAD WON 16 OF 26 DECISIONS WITH A VERY GOOD
EARNED RUN AVERAGE OF 330 THROUGH SUNDAY BUT IT'S BEEN DOING IT PRETTY
MUCH ON ITS OWN EXCEPT FOR SIX GAMES IN WHICH THEY ERUPTED WITH
DOUBLEFIGURE RUN TOTALS THE PREVIOUSLY POTENT BRAVE BATSMEN HAVE BEEN
PECKING OUT AN AVERAGE OF JUST THREE RUNS A GAME THAT'S WHY THEIR 107 WIN
IN FRIDAY'S SERIES OPENER BROUGHT SPECIAL SMILES WE FINALLY PLAYED THAT
IS HIT TO OUR POTENTIAL SAID OUTFIELDER RON GANT WHO HAD THREE OF HIS
TEAM'S 12 SAFETIES

THE MAIN ODDITY ABOUT THE PHILLIES' SUCCESS IS THAT IT IS HAPPENING AT ALL
THIS IS A CLUB THAT HASN'T HAD A WINNING SEASON SINCE 1986 AND WAS LAST IN
THE NL EAST IN 1992 THIS YEAR THOUGH IT HAS ENJOYED UNACCUSTOMED GOOD
HEALTH AND A COMING TOGETHER OF DISPARATE PARTS

INDEED IF NOTHING ELSE THE '93 PHILS HAVE SHOWN THAT DEALS CAN BUILD A
TEAM EVEN IN THE ERA OF FREE AGENCY CENTERFIELDER LENNY DYKSTRA FIRST
BASEMAN JOHN KRUK THIRD BASEMAN DAVE HOLLINS STARTING PITCHERS TOMMY
GREENE TERRY MULHOLLAND AND CURT SCHILLING AND RELIEVER MITCH WILLIAMS ALL
CAME TO PHILADELPHIA IN TRANSACTIONS THAT CAN ONLY BE DESCRIBED AS
ADVANTAGEOUS

BINDING THIS BUNCH IS A FONDNESS FOR FACIAL HAIR TATTOOS CHEWING TOBACCO
AND PLAYINGFIELD FERVOR THAT HAS MADE THEM BASEBALL'S VERSION OF THE OLD
OAKLAND RAIDERS WE'RE THE BARBARIANS OF THE NORTHEAST EXCLAIMED RELIEF
PITCHER LARRY ANDERSEN WE'RE THROWBACKS QUIPPED SLUGGER KRUK A
SHORTNECKED ROUNDBELLIED SORT WHO EMBODIES MANY OF HIS TEAM'S VIRTUES AND
VICES WE'VE ALL BEEN THROWN BACK BY OTHER ORGANIZATIONS AND HERE WE ARE

WHATEVER SLIGHTS THE PHILS HAVE SUFFERED IN OTHER UNIFORMS ARE BEING
RECOMPENSED IN THEIR SPRINTER'S START THIS CAMPAIGN THROUGH SUNDAY THEY
WERE 60 IN EXTRAINNING GAMES 111 IN CONTESTS DECIDED BY ONE RUN AND 52
IN THOSE DECIDED BY TWO MOREOVER WHILE THEIR PATCHEDTOGETHER
STARTINGPITCHING CORPS OF GREENE MULHOLLAND SCHILLING DANNY JACKSON AND
BEN RIVERA TRAILS ITS BRAVES COUNTERPART BY SOME 7 MILLION PER ANNUM AT THE
PAY WINDOW IT HAD ONE MORE WIN THROUGH SUNDAY AND A BETTER ERA

WE'RE A TEAM OF CHARACTERS WITH CHARACTER SUMMARIZED FREGOSI IF WE KEEP
BUSTING OUR BUTTS ON THE FIELD THE WAY WE HAVE NO ONE CAN ASK FOR MORE

THERE WAS PLENTY OF BUTTBUSTING ON BOTH SIDES IN A SERIES IN WHICH EACH
TEAM COULD HAVE WONOR LOST ALL THREE GAMES THE PHILS TOOK A 40
FIRSTINNING LEAD IN GAME ONE FRIDAY NIGHT BEFORE FALTERING HOME RUNS BY
GANT AND DAVE JUSTICE AND FOUR HITS BY THE THERETOFORE SLUMPING TERRY
PENDLETON POWERED THE BRAVES

THE PHILS COULDAS ON SATURDAY NIGHT INCLUDED A BALK BY SCHILLING THAT BROKE
A 00 TIE IN THE SIXTH INNING AND A TWOOUT THROWING ERROR BY HOLLINS IN
THE EIGHTH THAT LET ATLANTA TURN A SCORELESS INNING INTO A DECISIVE
THREERUN BURST

THE ATLANTA HEROES WERE THIRD BASEMAN PENDLETON WHOSE DIVING STOP ON WES
CHAMBERLAIN'S BASESLOADED GROUND BALL IN THE EIGHTH SAVED AT LEAST TWO
RUNS AND RESERVE BILL PECOTA WHOSE DOUBLE IN THE BOTTOM OF THAT FRAME
DROVE IN THE WINNING RUNS IT'S REALLY COOL WHEN YOU CAN DO SOMETHING LIKE
THAT BENCHWARMER BILL SAID LATER

ANYBODY COULDA WON SUNDAY'S MATCH A COUPLA TIMES THE PHILS LED 10 TRAILED
13 LED 43 AND WERE TIED BEFORE POKING AHEAD FOR GOOD ON AN EIGHTHINNING
RUNSCORING SINGLE BY SECOND BASEMAN MICKEY MORANDINI HE'S A LIGHTHITTING
DEFENSIVE SPECIALIST WHO CHOKES HIS BAT HALFWAY TO ITS TRADEMARK BEFORE
THAT THE PHILS HAD STRANDED 10 BASE RUNNERS OFF STARTER SMOLTZ AND TWO
OTHER PITCHERS AND THE BRAVES CONTRIBUTED TO THEIR OWN WOES BY SENDING TWO
RUNNERS TO BE THROWN OUT AT HOME BY PHILLY LEFTFIELDER MILT THOMPSON

IT WAS A WEIRD GAME SAID PHILS STARTER JACKSON A WINNER DESPITE GIVING
UP SIX HITS FOUR WALKS AND A BUNCH OF LINEDRIVE OUTS IN SEVEN INNINGS HE
COULD HAVE SAID THE SAME ABOUT HIS TEAM'S SEASON 9305180141 930518
INTERNATIONAL HYUNDAI GETS CONTRACT

SEOUL SOUTH KOREA SOUTH KOREA'S HYUNDAI ENGINEERING & CONSTRUCTION CO
SAID IT SIGNED A 280 MILLION CONTRACT TO BUILD PART OF AN AIRPORT PROJECT
IN INDONESIA

HYUNDAI WILL UNDERTAKE THE THIRD PHASE OF INDONESIA'S BUTAM ISLAND HANGNADIM
AIRPORT PROJECT

THE PROJECT WHICH WILL BE CARRIED OUT IN FIVE PHASES IS SLATED FOR
COMPLETION IN 2005 THE THIRD PHASE WHICH WILL START IMMEDIATELY IS
EXPECTED TO TAKE 30 MONTHS HYUNDAI OFFICIALS SAID 9305180140 930518
ECONOMY YEN GAINS ACCEPTANCE FOR GLOBAL USE  CURRENCY HASN'T
ECLIPSED DOLLAR BUT STATUS GROWS  BY QUENTIN HARDY STAFF
REPORTER OF THE WALL STREET JOURNAL

TOKYO THE YEN'S SPECTACULAR RUNUP IN VALUE AGAINST THE DOLLAR IN RECENT
MONTHS HAS FOCUSED WORLD ATTENTION ON THE JAPANESE CURRENCY BUT WHAT HAS
HAPPENED TO THE YEN THIS YEAR IS BUT A FRACTION OF THE STORY

IN THE PAST 22 YEARS THE YEN HAS UNDERGONE AN EXTRAORDINARY METAMORPHOSIS
IT HAS NOT ONLY ROCKETED 225 IN VALUE AGAINST THE DOLLAR DURING THAT TIME
BUT IT HAS ALSO GAINED A GLOBAL STATUS ACCORDED TO FEW CURRENCIES

THANKS TO THE STRENGTHENING AND TO EASED FINANCIAL REGULATIONS IN JAPAN
AMONG OTHER THINGS THE WORLD'S CENTRAL BANKS ARE HOLDING MORE YEN IN THEIR
FOREIGNCURRENCY RESERVES THAN EVER BEFORE THERE ARE ALSO MORE FOREIGNERS
INVESTING IN JAPAN'S FINANCIAL MARKETS TRADE IS INCREASINGLY DENOMINATED IN
YEN RATHER THAN DOLLARS AND JAPANESE FISCAL AND MONETARY POLICY IS MORE
IMPORTANT THAN EVER FOR INTERNATIONAL MARKETS

AND THAT SAYS NOTHING ABOUT THE WAY PEOPLE AROUND THE WORLD HAVE COME TO
THINK OF THE YEN TO GRASP THE CHANGE JUST GO TO A CARPET SHOP IN ISTANBUL
HIRE A GUIDE IN EASTERN EUROPE OR VISIT A DEPARTMENT STORE IN SYDNEY

THE YEN IS LIKE THE DOLLAR IN TURKEY SAYS ARSLAN OR A RUG MERCHANT WHO
SELLS HIS WARES NEAR THE COUNTRY'S BIGGEST MOSQUE THE YEN GETS STRONGER
AND STRONGER SO WE'RE HAPPY TO ACCEPT IT

LAST YEAR IN HUNGARY I OFFERED MY GUIDE DOLLARS OR YEN RECALLS MAHOKO
HARA A 28YEAROLD BANK EMPLOYEE IN TOKYO HE WANTED THE YEN HE MUST HAVE
THOUGHT IT WAS THE STRONGER CURRENCY SHE USED TO BUY DOLLARS BEFORE SHE
LEFT JAPAN'S NARITA AIRPORT ON TRIPS BUT NOW MS HATA HAS CONFIDENCE IN HER
COUNTRY'S MONEY I JUST TAKE YEN AND A COUPLE OF JAPANESE CREDIT CARDS

MEANWHILE CASHIERS AT DAVID JONES AUSTRALIA PRIVATE LTD AUSTRALIA'S
PREMIER RETAILER HAVE BEEN ACCEPTING PAYMENT IN YEN AS WELL AS AUSTRALIAN
AND US DOLLARS FOR THE PAST 18 MONTHS

JAPANESE FEEL THE WAY THE AMERICANS USED TO FEEL SAYS TAKASHI YONEDA A
FINANCIAL CONSULTANT IN TOKYO IT MAKES YOU FEEL COMFORTABLE TRAVELING ALL
OVER THE WORLD AND USING THE YEN NOW WE'D BE SHOCKED IF THE YEN WAS
REJECTED

EXPLAINS GEORGE YEO SINGAPORE'S MINISTER FOR INFORMATION THE RISE AND
FALL OF INTERNATIONAL CURRENCIES FOLLOWS THE SHIFTS IN THE INTERNATIONAL
BALANCE OF POWER THE RISE OF THE YEN FOLLOWS THE GROWING ECONOMIC AND
POLITICAL INFLUENCE OF JAPAN IN THE WORLD

TO BE SURE THE YEN HAS A WAY TO GO BEFORE IT ECLIPSES THE DOLLAR AS THE
WORLD'S KEY CURRENCY THE US IS STILL THE WORLD'S TOP MARKET WHICH HELPS
KEEP THE DOLLAR THE MAJOR CURRENCY FOR INTERNATIONAL TRADE THOUGH IT HAS
LOST GROUND THE DOLLAR ALSO REMAINS THE WORLD'S BIGGEST RESERVE CURRENCY
IT CAN BE USED IN THE GREATEST VARIETY OF FINANCIAL INSTRUMENTS AND IT
REMAINS THE MONEY OF CHOICE IN THE WORLD'S BLACK MARKETS

BUT THE YEN IS CATCHING UP FAST ISSUES OF YENDENOMINATED EUROBONDS GREW
322 IN VALUE TERMS IN THE PAST SEVEN YEARS WHILE DOLLARDENOMINATED ISSUES
GREW 7 IN VALUE TERMS THOUGH OVERALL MORE EUROBONDS ARE STILL
DENOMINATED IN DOLLARS IN THE PAST SIX YEARS FOREIGN PARTICIPATION IN
JAPAN'S YENBOND FUTURES MARKET HAS GROWN TO AN AVERAGE 118 TRILLION YEN
10749 BILLION A MONTH UP 800 LAST SEPTEMBER 40 OF JAPAN'S EXPORTS
WERE DENOMINATED IN YEN UP FROM 37 IN 1986 THE DOLLARDENOMINATED SHARE
FELL TO 47 FROM 54

MOREOVER IN THE FIRST THREE MONTHS OF THIS YEAR FOREIGNERS ISSUED 720
BILLION YEN 649 BILLION IN SOCALLED SAMURAI BONDS OR YENDENOMINATED
BONDS ISSUED IN TOKYO THAT IS UP FROM 270 BILLION YEN IN THE FIRST QUARTER
OF 1992 AND 681 BILLION YEN IN ALL OF 1991 SEVENTY PERCENT OF ALL OF
CHINA'S OFFSHORE BOND ISSUANCES HAVE BEEN IN SAMURAIS ACCORDING TO NOMURA
SECURITIES CO

JAPAN'S TRADE TIES WITH SOUTHEAST ASIA HOME TO SOME OF THE FASTESTGROWING
ECONOMIES IN THE WORLD ARE LIKELY TO SPEED THE YEN'S INTERNATIONALIZATION

ACCORDING TO JAPAN'S MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY
YENDENOMINATED IMPORTS AND EXPORTS BETWEEN JAPAN AND SOUTHEAST ASIA GREW
107 AND 27 RESPECTIVELY BETWEEN 1987 AND LATE 1992 WHILE THE SHARE
MARKED IN DOLLARS AND THUS REQUIRING GREENBACKS FOR PAYMENT FELL BOTH
SINGAPORE AND THAILAND HAVE SWITCHED TO VALUING THEIR CURRENCIES AGAINST A
BASKET OF FOREIGN MONEY INCLUDING A HEFTY CONSIDERATION FOR THE YEN RATHER
THAN JUST VALUING THEIR MONEY AGAINST THE DOLLAR

ECONOMISTS CITE SEVERAL FACTORS FOR THE YEN'S HIGHER PROFILE INCLUDING
JAPAN'S RAPID ECONOMIC GROWTH THE LIBERALIZATION OF JAPANESE FINANCIAL
MARKETS INCREASED TRADE FLOWS WITH THE NATION AND EVEN WHAT ONE ANALYST
CALLS JAPAN'S TOURISM DEFICIT WHICH HAS JAPAN EXPORTING MORE VISITORS
THAN IT BRINGS IN

WHAT SEEMS TO MAKE EVERYONE WANT THE YEN FROM TURKISH SHOPKEEPERS TO
CURRENCY TRADERS IS CONFIDENCE

A TRULY INTERNATIONAL CURRENCY HAS THREE THINGS NOTES ULRIKE SCHAEDE
PROFESSOR OF JAPANESE BUSINESS AND FINANCE AT THE UNIVERSITY OF CALIFORNIA
AT BERKELEY A STABLE RATE OF INFLATION A STABLE POLITICAL ENVIRONMENT AND
A LARGE FINANCIAL MARKET THE YEN IS A CURRENCY THAT FULFILLS ALL THOSE
REQUIREMENTS

TEN YEARS AGO GREENBACKS WERE USABLE ANYWHERE AND THE YEN WAS NOT SAYS
TOYOO GYOTHEN CHAIRMAN OF THE BANK OF TOKYO AND FOR 20 YEARS AN OFFICIAL
AT JAPAN'S MINISTRY OF FINANCE PEOPLE RUSHED TO BUY DOLLARS DURING
INTERNATIONAL CRISES THAT KIND OF THING HAPPENS LESS AND LESS PEOPLE'S
CONFIDENCE IS SHIFTING

THE INTERNATIONAL YEN MAY MAKE JAPAN MORE IMPORTANT TO THE OUTSIDE WORLD
BUT TO THE CHAGRIN OF SOME JAPANESE WHO LIKE THEIR INDEPENDENCE IT ALSO
MAKES THE OUTSIDE WORLD MORE IMPORTANT TO JAPAN

THE RECENT 25 JUMP IN THE NIKKEI STOCK AVERAGE WAS LARGELY THE RESULT OF
STOCK PURCHASES BY FOREIGNERS WHO WERE ATTRACTED BY THE APPRECIATING YEN AS
MUCH AS BY THE STOCKS JAPANESE REGULATORS WELCOMED THE MARKET'S RISE BUT
WORRIED PRIVATELY ABOUT THE DOMINANCE OF UNRELIABLE OUTSIDERS WHO COULD
JUST AS QUICKLY SELL AND SEND THE MARKET SWOONING

SOME JAPANESE OFFICIALS ALSO ARE CONCERNED THAT THEY HAVE LOST COUNT OF HOW
MUCH YEN HAS LEFT THE COUNTRY WHICH MEANS THEY DON'T HAVE QUITE THE CONTROL
OVER THE MONEY SUPPLY AS THEY USED TO THE NUMBER OF YEN NOTES IN
CIRCULATION TRIPLED TO 664 BILLION BETWEEN 1973 AND 1991 A FASTER RATE
THAN THAT IN THE US GOD ONLY KNOWS HOW MUCH OF THIS IS OFFSHORE SAYS AN
ANXIOUS OFFICIAL AT THE BANK OF JAPAN

THESE SORTS OF WORRIES HAVE LONG BEEN ENDEMIC TO JAPAN WHICH TENDS TO BE
SUSPICIOUS AND SOMETIMES FEARFUL OF THE OUTSIDE WORLD THE YEN MAY CHANGE
THOSE ATTITUDES FASTER THAN MANY REALIZE HOWEVER AS TIME GOES BY THE
CURRENCY WILL ONLY BECOME MORE INTERNATIONALIZED WITH ALL OF THE ATTENDANT
INFLUENCE THAT BRINGS

THIS IS GOOD FOR JAPAN SAYS MALCOLM DOWLING CHIEF ECONOMIST OF THE ASIAN
DEVELOPMENT BANK IT BRINGS JAPAN OUT OF ITS SHELL IN TERMS OF
PARTICIPATING IN THE INTERNATIONAL COMMUNITY 9305180139 930518
INTERNATIONAL KYRGYZSTAN IS OUT FROM UNDER THE RUBLE  NEW CURRENCY
SEEN AS SHIELD AGAINST MOSCOW MESS  BY CLAUDIA ROSETT STAFF
REPORTER OF THE WALL STREET JOURNAL

BISHKEK KYRGYZSTAN CONSTRUCTION WORKER KAZAK KUDAIBERGENOV IS WAITING IN
FRONT OF THE CENTRAL BANK FOR HIS FIRST LOOK AT KYRGYZSTAN'S NEW CURRENCY
THE SOM

INSIDE THE BANK HIS COMPANY'S ACCOUNTANT HAS BEEN IN LINE ALL AFTERNOON TO
EXCHANGE EMPLOYEES' OLD RUSSIAN RUBLES FOR SOM BUT MR KUDAIBERGENOV IS
CHEERFUL DESPITE THE DELAY FOR HIM KYRGYZSTAN'S DECISION TO DROP THE
DEPRECIATING RUBLE AND LAUNCH ITS OWN MONEY MARKS A WELCOME BID BY HIS
GOVERNMENT TO STEP CLEAR OF THE ECONOMIC FLOUNDERINGS OF THE FORMER SOVIET
UNION

SHOWN A SAMPLING OF THE BLUE GREEN ORANGE AND PINK SOM NOTES HE ALSO
LIKES THAT THEY DEPICT NEITHER LENIN NOR FRESHER RUSSIAN MOTIFS BUT A
KYRGYZ HERO SWORD IN HAND MOUNTED ON A REARING HORSE

SOONER OR LATER PREDICTS MR KUDAIBERGENOV EVERYONE WILL HAVE TO LEAVE
THE RUBLE ZONE

SPEAKING AT A NEWS CONFERENCE IN MOSCOW BORIS FYODOROV RUSSIA'S FINANCE
MINISTER AND A DEPUTY PRIME MINISTER PRAISED KYRGYZSTAN'S SWITCH I HAIL
THIS DECISION HE SAID THE SOONER ALL THE REPUBLICS OF THE FORMER SOVIET
UNION INTRODUCE THEIR OWN CURRENCIES THE SOONER THEY WILL BECOME REAL
STATES

FOR MOST FORMER SOVIET REPUBLICS NOW IN THE COMMONWEALTH OF INDEPENDENT
STATES ESCAPE FROM THE RUBLE ZONE IS AN INTRIGUING BUT SCARY PROJECT STILL
ON THE DRAWING BOARDS A FEW REPUBLICS SUCH AS UZBEKISTAN AND KAZAKHSTAN
HAVE VOWED RECENTLY THAT THEY WILL NEVER FORSAKE THE RUBLE BUT IT IS CLEAR
THAT RUBLE MONETARY POLICY THESE DAYS HAS FLIPPED INTO SELFDESTRUCT MODE

WHAT WAS WIDELY ENVISIONED JUST A YEAR AGO AS A CIS IN WHICH A COMMON
RUBLE WOULD EASE TRADE AND REFORM HAS INSTEAD BECOME A SORT OF MONETARY
CHERNOBYL WITH INFLATION REACHING ABOUT 2500 IN 1992 AND SOARING UNABATED
INTO 1993 THE RUBLE HAS BECOME A MENACE FOR ANY REPUBLIC TRYING TO ADOPT
RESPONSIBLE STATE SPENDING AND MARKET REFORMS

AT A MEETING LAST WEEKEND IN MOSCOW OF CIS HEADS OF STATE NINE
REPUBLICS INCLUDING KYRGYZSTAN REACHED A VAGUE AGREEMENT TO HAMMER OUT A
BETTERCOORDINATED ECONOMIC UNION BUT WITH THE RUBLE LOSING VALUE BY THE
HOUR THE SEARCH FOR STABLE ALTERNATIVES IS MORE URGENT

THE THREE BALTIC STATES AND UKRAINE HAVE WITH VARYING SUCCESS ABANDONED
THE RUBLE AFTER KYRGYZSTAN MOLDOVA STANDS NEXT IN LINE TO ISSUE ITS OWN
CURRENCY SEVERAL OTHER REPUBLICS INCLUDING ARMENIA AND GEORGIA HAVE
REPORTEDLY BEEN PREPARING THEIR OWN BANKNOTES AND WAITING FOR CONVENIENT
DATES TO START CIRCULATING THEM MOST OTHER REPUBLICS ARE ALREADY ISSUING
THEIR OWN COUPONS OR SPECIALLY DESIGNATED RUBLE CREDITS WHICH TRADE AT
VARYING PRICES RELATIVE TO THE RUBLE THERE IS NO RUBLE ZONE SAID
RUSSIA'S MR FYODOROV AT HIS NEWS CONFERENCE

SO IN SOME QUARTERS INCLUDING THE INTERNATIONAL MONETARY FUND THERE HAS
BEEN A SHIFT IN STRATEGY A YEAR AGO THE IMF WAS AMONG THOSE CHEERING FOR
THE RUBLE ZONE NOW WITH DETAILED ADVICE TO THE KYRGYZSTAN GOVERNMENT AND
AN INITIAL 62 MILLION CREDIT THE IMF HAS DONE AN ABOUTFACE TO HELP
KYRGYZSTAN LAUNCH THE SOM INTERVIEWED IN HIS OFFICE ON THE SECOND FLOOR OF
BISHKEK'S CENTRAL BANK IMF RESIDENT REPRESENTATIVE HARRY TRINES SAYS IT WAS
ABOUT LAST AUGUST THAT THE IMF GAVE UP ON ITS EARLY HOPES THAT RUSSIA MIGHT
PRODUCE A RELIABLE RUBLE IN MOSCOW NOBODY REALLY WANTS TO TALK TO US
ANYWAY SAYS MR TRINES

PART OF THE PROBLEM HAS BEEN THAT THE RUSSIAN GOVERNMENT WHATEVER ITS
INTENTIONS ISN'T IN FIRM CONTROL OF ITS OWN MONEY THESE DAYS SADDLED WITH
A SYSTEM IN WHICH THE PRESIDENT AND THE PARLIAMENT STILL CAN'T AGREE ON WHO
HAS THE POWER TO DO WHAT RUSSIA HAS CONJURED UP ENOUGH RUBLES TO SHRINK THE
CURRENCY'S VALUE BY MORE THAN 50 SINCE THE START OF THIS YEAR ALONE TO
ROUGHLY 900 TO THE DOLLAR FROM ABOUT 415

KYRGYZSTAN ONE OF THE POOREST FORMER SOVIET REPUBLICS WITH ITS 45 MILLION
CITIZENS TUCKED AROUND THE TIAN SHAN MOUNTAINS NEAR CHINA DOESN'T SEEM AN
INSTANTLY OBVIOUS PLACE FOR THE IMF TO PIONEER ITS NEW TACK APART FROM
SHEEP HORSES AND A COLLECTION OF OLD SOVIET FACTORIES NOW MOSTLY CUT OFF
FROM THEIR SUPPLIERS KYRGYZSTAN HAS FEW RESOURCES AND SCANT CONTACT WITH
WORLD MARKETS

ASKED LAST WEEK HOW MUCH KYRGYZSTAN CAN CLAIM IN FOREIGN EXCHANGE RESERVES
CENTRAL BANK DEPUTY CHAIRMAN EMIL ABDUMANAPOV SAID NOT VERY MUCH

BUT WHAT KYRGYZSTAN DOES HAVE IS A PRESIDENT ASKER AKAYEV WHO SINCE HIS
ELECTION OVER COMMUNIST OPPONENTS IN 1990 HAS MADE A NAME FOR HIMSELF AS ONE
OF THE MOST DETERMINED MARKET REFORMERS IN THE CIS MR AKAYEV WHO IS
VISITING THE US THIS WEEK HAS BEEN PRESSING AHEAD WITH PROGRAMS TO
PRIVATIZE STATE PROPERTY FREE PRICES AND INFUSE THRIFT INTO STATE SPENDING
AND LENDING

ONE OF THE BIGGEST HITCHES IN MR AKAYEV'S PLANS HAS BEEN THE RUBLE WITH
QUADRUPLEDIGIT INFLATION AFFLICTING THE KYRGYZSTAN ECONOMY VIA THE RUBLE
THERE WASN'T MUCH REWARD TO MORE RESPONSIBLE STATE BUDGETING IN BISHKEK

THE SOLUTION WAS TO ISSUE THE SOM PRINTED IN SIX DENOMINATIONS IN ENGLAND
AND FLOWN TO KYRGYZSTAN IN THREE ILYUSHIN JETS THE SOM FIRST WENT INTO
CIRCULATION MAY 10 TEMPORARILY AT A FIXED RATE OF 200 RUBLES TO ONE SOM ON
SATURDAY THE SOM BECAME THE SOLE LEGAL TENDER INSIDE KYRGYZSTAN YESTERDAY
IN THE FINAL STEP THE KYRGYZSTAN GOVERNMENT LET THE SOM FLOAT AGAINST THE
RUBLE

SOME IN BISHKEK HAD FEARED THE SOM WOULD SINK AS SOON AS THE GOVERNMENT LET
IF FLOAT CANDY WRAP WAS HOW ONE YOUNG RUSSIAN LAWYER LAST WEEK DISMISSED
THE NEW NOTES SENTIMENT ABOUT THE SOM SEEMS TO DIVIDE LARGELY ALONG ETHNIC
LINES ETHNIC KYRGYZ WHO MAKE UP ABOUT HALF THE POPULATION SEEM LARGELY
PLEASED WITH THE SOM'S IMPLICATIONS OF INDEPENDENCE RUSSIANS WHO MAKE UP
ABOUT A FIFTH TEND TO BE ANGRY TO US THIS ISN'T EVEN A SERIOUS WORD
SOM' IN RUSSIAN IT MEANS A KIND OF FISH SAID ONE RUSSIAN BUSINESSMAN

MR ABDUMANAPOV OF THE CENTRAL BANK EXPLAINS THAT IN TURKIC SOM MEANS A
FIRM UNIT OF CURRENCY

THERE ISN'T ANY DOUBT THAT THE SOM HAS A HARD ROAD AHEAD ITS VALUE WILL
DEPEND NOT LEAST ON WHETHER PRESIDENT AKAYEV CAN DELIVER ON HIS PROMISES TO
CURB STATE SPENDING SOM STABILITY ALSO DEPENDS TO SOME EXTENT ON A 400
MILLION AID AND SUPPORT PACKAGE PIECED TOGETHER BY THE IMF WORLD BANK AND
NATIONS INCLUDING THE US JAPAN AND TURKEY MR TRINES SAYS A 75 BILLION
RUBLE CREDIT PROMISED BUT NOT DELIVERED BY RUSSIA COULD BE VITAL TO
SUPPORTING TRADE WHILE KYRGYZSTAN FINDS ITS ECONOMIC FOOTING

THE SOM SEEMS OFF TO A GOOD START IN THE FIRST AUCTION OF THE CURRENCY
YESTERDAY THE CENTRAL BANK SOLD SOM VALUED AT 27 MILLION AT AN OFFICIAL
PRICE OF FOUR SOM TO THE DOLLAR OR 230 RUBLES TO THE SOM UP 15 AGAINST
LAST WEEK'S FIXED RATE

AND IF THERE IS BUSINESS TO BE DONE SIGNS ARE THAT MOURNING FOR THE RUBLE
WON'T LAST LONG IN BISHKEK'S OSH BAZAAR FRIDAY AN ITINERANT TRADER FROM
UZBEKISTAN SELLING BROOMS AND RUBBER PLUNGERS DECLARED HE WOULD NEVER TAKE
THE NEW CURRENCY IF THEY START PAYING SOM I'LL TAKE MY BUSINESS TO
KAZAKHSTAN HE SAID

THE NEXT MORNING THE SAME TRADER WAS CHEERFULLY READY TO ACCEPT SOM
EXPLAINING YEAH WHEN WE GO HOME WE'LL JUST CHANGE THE SOM FOR RUBLES
9305180138 930518 MORGAN'S FOODS REPURCHASE PLAN

BEACHWOOD OHIO MORGAN'S FOODS INC SAID IT WILL BUY UP TO ONE MILLION OF
ITS COMMON SHARES FROM TIME TO TIME DURING THE REMAINDER OF ITS CURRENT
FISCAL YEAR WHICH ENDS MARCH 1 1994

THE SHARES WILL BE USED FOR GENERAL CORPORATE PURPOSES MORGAN'S A NATIONAL
FRANCHISEE OPERATING 70 KENTUCKY FRIED CHICKEN RESTAURANTS HAD 17783602
SHARES OUTSTANDING AS OF MARCH 2

THE BUYBACK PROGRAM IS INDEPENDENT OF LAST WEEK'S ANNOUNCEMENT THAT THE
COMPANY HAD CANCELED A PLANNED OFFERING OF 75 MILLION COMMON SHARES TO
RAISE MONEY TO BUY PRIME RESTAURANT GROUP THAT ACQUISITION FELL THROUGH
9305180137 930518 MARKETING & MEDIA WAVERLY HAS PACT WITH DAROX

BALTIMORE WAVERLY INC SAID THAT IT ENTERED INTO A MULTIYEAR AGREEMENT TO
DISTRIBUTE DAROX CORP'S INTERACTIVE VIDEODISK TRAINING MATERIALS TO NURSING
SCHOOLS

WAVERLY'S ELECTRONIC MEDIA DIVISION WILL DISTRIBUTE THE MATERIALS TO HEALTH
CARE MARKETS WORLDWIDE WAVERLY IS A PUBLISHER OF PRINT AND ELECTRONIC
TEXTS IN MEDICINE NURSING AND RELATED FIELDS

DAROX A LA JOLLA CALIF PRODUCER OF MULTIMEDIA TRAINING MATERIALS FOR THE
HEALTHCARE PROFESSIONS WILL CONTINUE TO DEVELOP ADDITIONAL TITLES ADDING
TO ITS 32 ALREADY AVAILABLE 9305180136 930518 BUSINESS BRIEF JWP SAYS
MANAGEMENT GROUP AGREES TO BUY ITS INFORMATIONSERVICES UNIT

RYE BROOK NY JWP INC SAID A MANAGEMENT GROUP BACKED BY A PRIVATE
INVESTOR WILL BUY ITS INFORMATIONSERVICES UNIT WHICH HAS HAMSTRUNG JWP
SINCE ITS ILLTIMED 1991 PURCHASE OF THE OPERATIONS

THE BUYERS WILL ASSUME MORE THAN 300 MILLION IN DEBT AND LIABILITIES OWED
BY THE UNIT WHICH CONSISTS LARGELY OF THE FORMER BUSINESSLAND INC
COMPUTERRESELLING BUSINESS THE TRANSACTION RELEASES JWP A TECHNICAL
SERVICES CONCERN OF GUARANTEES FOR 125 MILLION IN DEBT OWED BY THE UNIT
THE PURCHASE DOES NOTHING HOWEVER TO PARE THE 484 MILLION IN DEBT STILL
OWED BY JWP TO BANKS AND INSURANCE COMPANIES JWP SAID IT EXPECTS THE
TRANSACTION WON'T RESULT IN A MATERIAL GAIN OR LOSS

THE SALE IS THE LATEST IN A STRING OF DIVESTITURES INITIATED LAST YEAR BY
JWP TO REVERSE AN ACQUISITION SPREE THAT RAN HEADLONG INTO A SLUMP IN THE
CONSTRUCTION INDUSTRY AND COMPUTER PRICE WARS JWP HAS BEEN STRUGGLING TO
RETURN TO ITS CORE BUSINESS OF SUBCONTRACTING ELECTRICAL AND MECHANICAL
SERVICES FOR LARGE CONSTRUCTION PROJECTS

THE BUYERS OF THE INFORMATIONSERVICES UNIT INCLUDE PRIVATE INVESTOR DORT A
CAMERON III A GENERAL PARTNER WITH INVESTMENT FUND AIRLIE GROUP LP WHO
RAN DREXEL BURNHAM LAMBERT INC'S HIGHYIELD COMMERCIAL PAPER OPERATION IN
THE 1980S A SPOKESWOMAN SAID MR CAMERON IS INVESTING HIS OWN MONEY RATHER
THAN AIRLIE FUNDS TO BACK A MANAGEMENT TEAM LED BY JOHN A MCKENNA JR
SENIOR EXECUTIVE VICE PRESIDENT IN CHARGE OF THE INFORMATION SERVICES UNIT

THE INFORMATIONSERVICE UNIT RENAMED JWP INFORMATION SERVICES AFTER JWP
SHED BUSINESSLAND'S COMPUTER RETAILING BUSINESS HAD 1992 REVENUE OF ABOUT
12 BILLION AND EXPECTS 1993 REVENUE WILL BE FLAT MR MCKENNA SAID THE
UNIT DOESN'T EXPECT ANY MAJOR LAYOFFS AMONG ITS 1900 EMPLOYEES HE ADDED

ALSO BASED IN RYE BROOK THE INFORMATION SERVICES UNIT WILL FOCUS ON ITS
PERSONAL COMPUTER AND NETWORK SERVICES BUSINESS WHERE REVENUE IS GROWING
ABOUT 30 A YEAR MR MCKENNA SAID THE UNIT WILL PROBABLY CHANGE ITS NAME
AFTER THE DEAL CLOSES WHICH IS EXPECTED IN JUNE HE ADDED

JWP WHICH PAID 74 MILLION IN CASH AND SECURITIES FOR BUSINESSLAND IN 1991
ALSO WILL RECEIVE WARRANTS TO BUY AS MUCH AS 10 OF THE BUYERS' COMMON STOCK
FOR A NOMINAL AMOUNT WHICH WASN'T SPECIFIED THE TRANSACTION IS SUBJECT TO
A DEFINITIVE AGREEMENT AND APPROVAL BY LENDERS TO BOTH JWP AND THE
INFORMATION SERVICES UNIT

SEPARATELY JWP SAID IT ALSO SIGNED A LETTER OF INTENT TO SELL SOFTWARE
HOUSE INC A RELATIVELY SMALL UNIT THAT MAKES ELECTRONIC SECURITY SYSTEMS
THAT TRANSACTION IS EXPECTED TO CLOSE BY THE END OF THIS WEEK A SPOKESWOMAN
SAID THE COMPANY DIDN'T DISCLOSE THE BUYER OR TERMS 9305180135 930518
REDEMPTION NOTICES

THE FOLLOWING IS A LISTING OF SECURITIES CALLED FOR PARTIAL OR COMPLETE
REDEMPTION DURING THE WEEK ENDED MAY 14 1993 THE NOTICES ARE TAKEN FROM
ADVERTISEMENTS APPEARING IN EDITIONS OF THE WALL STREET JOURNAL AND ARE NOT
MEANT TO BE DEFINITIVE INQUIRIES REGARDING SPECIFIC ISSUES SHOULD BE
DIRECTED TO THE PAYING AGENT OR IF NONE IS LISTED THE ISSUER

EASTERN MICHIGAN UNIVERSITY WILL REDEEM ON JUNE 15 1993 40000 PRINCIPAL
AMOUNT OF ITS 5 1965 HOUSING REVENUE BONDS DUE JUNE 15 1997 SOCIETY
BANK MICHIGAN DALLAS IS TRUSTEE

HOUSTON HOUSING FINANCE CORP WILL REDEEM ON JUNE 1 1993 3075000
PRINCIPAL AMOUNT OF THE FOLLOWING SINGLE FAMILY MORTGAGE REVENUE BONDS
SERIES 1980 76 DUE 1994 775 DUE 1995 79 DUE 1996 8 DUE 1997
81 DUE 1998 82 DUE 1999 875 DUE 2003 8 DUE 2011 AND 9 DUE
2012 ALL BONDS ARE DUE ON JUNE 1 OF THEIR RESPECTIVE YEARS TEXAS COMMERCE
BANK HOUSTON IS TRUSTEE

KEARNEY NEB WILL REDEEM ON JUNE 15 1993 ITS SERIES 1983A COMBINED
UTILITIES REVENUE BONDS DUE DEC 1 19932003

MONTREAL URBAN COMMUNITY WILL REDEEM ON JUNE 15 1993 ITS 8375 SINKING
FUND DEBENTURES DUE DEC 15 2003 BANK OF MONTREAL NEW YORK IS TRUSTEE

MOUNT LAUREL TOWNSHIP NJ WILL REDEEM ON JUNE 15 1993 THE FOLLOWING
WATER AND SEWER REVENUE BONDS 110000 PRINCIPAL AMOUNT OF ITS 635 SERIES
1977 DUE JUNE 15 2017 AND 105000 PRINCIPAL AMOUNT OF ITS 6 SERIES
1973 DUE JUNE 15 2003 FIRST FIDELITY BANK PHILADELPHIA IS PAYING AGENT

NEW HAMPSHIRE INDUSTRIAL DEVELOPMENT AUTHORITY WILL REDEEM ON JULY 1 1993
ITS FLOATING RATE MONTHLY DEMAND INDUSTRIL FACILITY REVENUE BONDS SHAWMUT
BANK IS TRUSTEE

AETNA LIFE & CASUALTY CO WILL REDEEM ON JULY 17 1993 ITS 775 NOTES DUE
2016 BANKERS TRUST CO LONDON IS PAYING AGENT

BELLSOUTH TELECOMMUNICATIONS WILL REDEEM ON JUNE 14 1993 THE FOLLOWING
ISSUES SOUTH CENTRAL BELL TELEPHONE CO'S 92 35YEAR DEBENTURES DUE
APRIL 1 2010 AND SOUTHERN BELL TELEPHONE AND TELEGRAPH CO'S 8625
40YEAR DEBENTURES DUE SEP 1 2018 AND ITS 76 37YEAR DEBENTURES DUE
SEP 1 2008 FIRST ALABAMA BANK IS TRUSTEE OF THE SOUTH CENTRAL BELL
DEBENTURES SUN BANK IS TRUSTEE OF THE SOUTHERN BELL DEBENTURES

GEORGIA POWER CO WILL REDEEM ON MAY 22 1993 ITS 6625 AND 65 FIRST
MORTGAGE BONDS DUE SEP 1 1998 AND 1997 RESPECTIVELY CHEMICAL BANK NEW
YORK IS PAYING AGENT

SWV REALTY CORP WILL REDEEM ON JULY 1 1993 ITS 825 FIRST MORTGAGE
HOUSING ASSISTANCE REVENUE BONDS DUE JAN 1 2009 MANUFACTURERS & TRADERS
TRUST CO BUFFALO NY IS SUCCESSOR TRUSTEE

TEXAS INSTRUMENTS INC WILL REDEEM ON JUNE 25 1993 925000 SHARES OF ITS
SERIES A CONVERSION PREFERRED STOCK HARRIS TRUST & SAVINGS BANK CHICAGO
IS TRUSTEE 9305180134 930518 JUSTICES TO RULE ON JUROR EXCLUSIONS THAT
ARE BASED COMPLETELY ON GENDER  BY PAUL BARRETT STAFF REPORTER OF
THE WALL STREET JOURNAL

WASHINGTON THE SUPREME COURT AGREED TO DECIDE WHETHER POTENTIAL JURORS
MAY BE EXCLUDED BASED SOLELY ON SEX

SPECIFICALLY THE JUSTICES WILL CONSIDER WHETHER TO EXTEND A LINE OF
DECISIONS BANNING RACEBASED JUROR EXCLUSION TO BAR ATTEMPTS TO KEEP PEOPLE
OUT OF THE JURY BOX BECAUSE OF THEIR SEX

THE CASE THE HIGH COURT SAID IT WOULD HEAR INVOLVES A PATERNITY LAWSUIT IN
WHICH LAWYERS FOR THE STATE OF ALABAMA ALLEGEDLY TRIED TO KEEP MEN OFF THE
JURY THE JUSTICES ARE EXPECTED TO HEAR ARGUMENTS IN THE FALL AND ISSUE A
DECISION NEXT YEAR

THE COURTROOM PRACTICE AT ISSUE IS KNOWN AS PEREMPTORY CHALLENGE WHICH
ALLOWS LITIGANTS TO EXCLUDE POTENTIAL JURORS WITHOUT OFFERING A
JUSTIFICATION UNDER RULES THAT VARY FROM STATE TO STATE A CERTAIN NUMBER
OF PEREMPTORY CHALLENGES ARE PERMITTED IN ADDITION TO THE OPPORTUNITY TO
ELIMINATE POTENTIAL JURORS FOR ARTICULATED REASONS SUCH AS A CONFLICT OF
INTEREST

LAWYERS TRADITIONALLY HAVE USED RACE AND GENDER AMONG OTHER FACTORS AS A
BASIS FOR PEREMPTORY CHALLENGES FOR YEARS PROSECUTORS OF BLACK DEFENDANTS
FOR EXAMPLE COMMONLY TRIED TO KEEP BLACKS OFF JURIES BUT IN 1986 THE HIGH
COURT RULED THAT PROSECUTORS MAY NOT SEEK TO EXCLUDE POTENTIAL JURORS BASED
ON RACE ALONE IN SUBSEQUENT DECISIONS THE JUSTICES BROADENED THE RULE TO
BAN RACIALLY MOTIVATED PEREMPTORY CHALLENGES BY EITHER SIDE IN CIVIL AS WELL
AS CRIMINAL CASES A PARTY THAT SUSPECTS THE OTHER SIDE OF VIOLATING THIS
RULE MAY ASK THE TRIAL JUDGE TO DEMAND A NONDISCRIMINATORY BASIS FOR THE
DISPUTED CHALLENGES

NOW THE HIGH COURT MUST DECIDE WHETHER THE CONSTITUTIONAL GUARANTEE OF
EQUAL PROTECTION UNDER LAW EXTENDS TO COVER GENDERBASED PEREMPTORY
CHALLENGES THE MALE DEFENDANT IN THE ALABAMA PATERNITY SUIT APPEALED A
STATECOURT DECISION THAT REFUSED TO PROHIBIT GENDERBASED CHALLENGES
LAWYERS FOR ALABAMA WHO SOUGHT TO FORCE THE DEFENDANT TO PAY CHILD SUPPORT
USED NINE OF THEIR 10 ALLOTTED CHALLENGES TO BLOCK MALE JURORS THAT
RESULTED IN AN ALLWOMAN JURY THAT WASN'T FAVORABLY DISPOSED TOWARD THE
DEFENDANT ACCORDING TO THE APPEAL

OTHER LOWER COURTS THAT HAVE ADDRESSED THE GENDER ISSUE HAVE REACHED
CONFLICTING CONCLUSIONS THE FEDERAL APPEALS COURT IN SAN FRANCISCO HAS SAID
THAT EQUALPROTECTION PRINCIPLES BAR GENDERBASED PEREMPTORY CHALLENGES
BECAUSE THE MERE EXISTENCE OF DISCRIMINATORY PRACTICES IN JURY SELECTION
CASTS DOUBT ON THE INTEGRITY OF THE WHOLE JUDICIAL PROCESS JEB VS
TB

IN A SEPARATE ORDER THE HIGH COURT ASKED THE CLINTON ADMINISTRATION TO
STATE ITS POSITION ON CALIFORNIA'S AGGRESSIVE POLICY TOWARD TAXING
FOREIGNBASED MULTINATIONAL COMPANIES

THE WHITE HOUSE FOLLOWING THROUGH ON A CLINTON CAMPAIGN PROMISE TO
CALIFORNIA OFFICIALS HAD INSTRUCTED THE JUSTICE DEPARTMENT NOT TO FILE A
BRIEF ON WHETHER THE JUSTICES SHOULD HEAR A CHALLENGE TO THE STATE'S TAX
POLICY YESTERDAY'S ORDER WILL FORCE THE ADMINISTRATION TO STATE PUBLICLY
WHETHER IT IS ABANDONING THE FEDERAL GOVERNMENT'S LONGSTANDING OPPOSITION TO
SUCH TAXES AS CALIFORNIA'S

CALIFORNIA TAXES A PORTION OF THE WORLDWIDE INCOME OF FOREIGNBASED
COMPANIES INCLUDING THAT OF PARENT COMPANIES AND OTHER AFFILIATES BASED ON
A FORMULA REFLECTING THE AMOUNT OF BUSINESS THE COMPANIES DO IN THE STATE
IN CONTRAST THE FEDERAL GOVERNMENT AND MOST OTHER STATES TREAT A US
SUBSIDIARY OF A FOREIGN CONCERN AS A SEPARATE CORPORATION AND TAX ONLY THE
INCOME OF THAT UNIT

IN ANOTHER CASE THE JUSTICES SAID THAT WHEN A SPECIAL FEDERAL APPEALS COURT
IN WASHINGTON RULES THAT A DISPUTED PATENT HASN'T BEEN INFRINGED IT OUGHT
TO GO ON TO DECIDE WHETHER THE PATENT ITSELF IS VALID THE JUSTICES
UNANIMOUSLY REJECTED AN ALTERNATE APPROACH TAKEN BY THE US COURT OF
APPEALS FOR THE FEDERAL CIRCUIT WHICH HEARS ALL APPEALS OF PATENT RULINGS
BY TRIAL COURTS

THE ISSUE IN YESTERDAY'S HIGH COURT DECISION ARISES FREQUENTLY IN PATENT
LAWSUITS WHEN A PATENTHOLDER FILES AN INFRINGEMENT SUIT THE DEFENDANT
ROUTINELY FILES A COUNTERSUIT CLAIMING THAT THE PATENT WASN'T VALID IN THE
FIRST PLACE

THE FEDERAL CIRCUIT POLICY HAD BEEN TO SET ASIDE AUTOMATICALLY A TRIAL
COURT'S RULING ON THE QUESTION OF VALIDITY IF IT FOUND THAT A PATENT HADN'T
BEEN INFRINGED THE APPEALS COURT BASED THIS POLICY ON THE NOTION THAT IF
THERE WERE NO INFRINGEMENT THE ISSUE OF VALIDITY IS MOOT BUT THIS APPROACH
WAS WIDELY CRITICIZED BY PATENT EXPERTS WHO WERE ECHOED BY JUSTICE JOHN
PAUL STEVENS IN HIS OPINION FOR THE HIGH COURT

JUSTICE STEVENS SAID THAT BY LEAVING PATENTVALIDITY DISPUTES UNRESOLVED
THE FEDERAL CIRCUIT FOSTERED CONFUSION AND ENCOURAGED REPETITIVE LITIGATION
THE HIGH COURT SENT BACK TO THE FEDERAL CIRCUIT THE QUESTION OF THE VALIDITY
OF TWO PATENTS ON CHEMICAL COMPOUNDS HELD BY MORTON INTERNATIONAL INC
CARDINAL CHEMICAL CO VS MORTON INTERNATIONAL INC

SEPARATELY THE SUPREME COURT AGREED TO DECIDE WHETHER STATES MAY TAX THE
PROPERTY OF COMPANIES IN THE RAILROAD BUSINESS IF THEY DON'T TAX SOME OTHER
TYPES OF COMMERCIAL PROPERTY

IN 1976 CONGRESS BANNED STATES FROM IMPOSING DISCRIMINATORY TAXES ON
RAILROAD PROPERTY DISPUTES OVER THE LAW HAVE LED TO EXTENSIVE LITIGATION
IN THE CASE THE JUSTICES AGREED TO CONSIDER COMPANIES THAT LEASE RAILROAD
CARS TO CARRIERS CHALLENGED OREGON'S TAX ON THEIR PROPERTY THE STATE GRANTS
EXEMPTIONS TO SOME OTHER TYPES OF COMMERCIAL PROPERTY INCLUDING BUSINESS
INVENTORY REVERSING A TRIAL COURT VICTORY FOR OREGON THE FEDERAL APPEALS
COURT IN SAN FRANCISCO ORDERED THE STATE TO STOP TAXING THE RAILROAD
PROPERTY

OREGON VS ACF INDUSTRIES INC 9305180133 930518 LAW LEGAL BEAT 
DOCTORS BALK AT BID TO OFFER DATA ON MALPRACTICE CASES TO PUBLIC  
BY EDWARD FELSENTHAL STAFF REPORTER OF THE WALL STREET JOURNAL

PATIENTS' RIGHTS AND DOCTORS' PRIVACY ARE COLLIDING OVER A PROPOSAL TO MAKE
INFORMATION ON MEDICALMALPRACTICE CASES PUBLICLY AVAILABLE

LEGISLATORS AND CONSUMER ADVOCATES ARE URGING CONGRESS TO MAKE THE
INFORMATION PUBLIC BY ALLOWING PATIENTS ACCESS TO THE SOCALLED NATIONAL
PRACTITIONER DATA BANK THE FEDERAL DATA BANK WHICH BEGAN OPERATING IN
1990 RECORDS JURY VERDICTS AND SETTLEMENTS IN CASES AGAINST DOCTORS AS
WELL AS STATE DISCIPLINARY VIOLATIONS AND REVOCATIONS OF HOSPITAL
PRIVILEGES THE DATA CURRENTLY ARE AVAILABLE ONLY TO PHYSICIANS AND
HEALTHCARE ORGANIZATIONS SUCH AS HOSPITALS AND LICENSING BOARDS

THE PROPOSAL FOR PUBLIC ACCESS IS RAISING THE IRE OF DOCTORS' GROUPS WHO
HAVE OPPOSED THE DATA BANK SINCE ITS BEGINNING EVEN BEFORE THE CURRENT
DEBATE HEATED UP DOCTORS HAD INCREASED THEIR LOBBYING TO STOP THE DATA BANK
FROM RECORDING CASES THAT SETTLE FOR SMALL AMOUNTS OF MONEY BY RECORDING
THEM PHYSICIANS CONTEND THE BANK FORCES DOCTORS WHO WANT TO MAINTAIN A
CLEAR RECORD TO LITIGATE FRIVOLOUS SUITS THEY OTHERWISE WOULD SETTLE
CHEAPLY

NOW DOCTORS ARE FUMING THAT IN THE MIDST OF THEIR EFFORTS TO CURTAIL THE
DATA BANK'S FUNCTIONS SOME LEGISLATORS WANT TO EXPAND ITS ROLE EVEN FURTHER
BY OPENING ITS RECORDS TO THE PUBLIC WHO IS AGITATING TO HAVE THIS DONE
ASKS JAMES TODD EXECUTIVE VICE PRESIDENT OF THE AMERICAN MEDICAL
ASSOCIATION PEOPLE WHO HAVE A GENERIC DISLIKE OF PHYSICIANS

SUPPORTERS OF THE DATA BANK SAY CURRENT HEALTHREFORM EFFORTS HAVE PROMPTED
THE NEED FOR PATIENTS TO HAVE ACCESS TO THE DATA MANY STATE AND LOCAL
REFORM EFFORTS SEEK TO PROVIDE INFORMATION THAT WILL HELP LARGE PURCHASERS
AND INDIVIDUAL CONSUMERS SHOP INTELLIGENTLY FOR HEALTH CARE AND PRESIDENT
CLINTON HAS SAID HE WANTS TO INTRODUCE MORE COMPETITION INTO HEALTH CARE BY
POOLING NETWORKS OF INDIVIDUALS AND BUSINESSES TO LOOK FOR THE BEST HEALTH
PLAN AT THE BEST PRICE

TO MAKE A SYSTEM WITH A SIGNIFICANT ROLE FOR MARKET FORCES WORK YOU NEED
PUBLIC ACCESS TO THE KIND OF INFORMATION IN THE DATA BANK SAYS RON WYDEN
AN OREGON CONGRESSMAN WHO WAS A SPONSOR OF THE LEGISLATION THAT CREATED THE
SYSTEM REP WYDEN IS DRAFTING LEGISLATION THAT WOULD OPEN THE DATA BANK TO
THE PUBLIC AND PLANS TO HOLD HEARINGS ON THE SUBJECT WITHIN A MONTH

ALTHOUGH THE RESULTS OF MALPRACTICE TRIALS ARE PUBLIC TRACKING DOWN THAT
INFORMATION CAN BE COMPLICATED AND EXPENSIVE MOREOVER THE TERMS OF
OUTOFCOURT SETTLEMENTS ARE OFTEN CONFIDENTIAL

BUT DOCTORS SAY THE MALPRACTICE INFORMATION IN THE DATA BANK IS MOSTLY
IRRELEVANT FOR PATIENTS WHO MIGHT BE NEEDLESSLY ALARMED BY THE MERITLESS
SUITS THAT ARE FILED AGAINST MANY PHYSICIANS THE PUBLIC WOULD ONLY GET
NUMBERS OF MALPRACTICE CASES BUT WOULDN'T GET ANY OF THE DETAILS REGARDING
THE SUIT SAYS KATHY BRYANT A LOBBYIST FOR THE AMERICAN COLLEGE OF
OBSTETRICIANS AND GYNECOLOGISTS ACOG WAS ONE OF THE FEW PHYSICIANS GROUPS
THAT ORIGINALLY ENDORSED THE BANK BUT THE GROUP CONDITIONED ITS SUPPORT ON
CONGRESSIONAL AGREEMENT TO BAR PATIENT ACCESS

DOCTORS ALSO WORRY THAT IN THE PUBLIC'S HANDS THE INFORMATION IN THE DATA
BANK MIGHT UNJUSTLY HARM THEIR REPUTATIONS THE FACT THAT A PHYSICIAN IS
SUED AND LOSES A CASE DOESN'T MEAN THAT THE PHYSICIAN IS INCOMPETENT
BECAUSE WE WELL KNOW THAT MANY CASES IN THE COURTROOM ARE DECIDED LARGELY ON
EMOTION SAYS THE AMA'S DR TODD PHYSICIANS HAVE A CHANCE TO DEFEND
THEMSELVES BEFORE LICENSING BOARDS AND HOSPITAL COMMITTEES WHO USE THE DATA
BANK SAYS MS BRYANT BUT YOU WOULDN'T HAVE THAT OPPORTUNITY IN A PUBLIC
SETTING BECAUSE YOU WOULDN'T KNOW WHO'S GETTING THE DATA OR WHEN OR WHY

OPPONENTS OF THE BANK ALSO POINT TO RECENT STUDIES THAT HAVE CRITICIZED ITS
RECORD A JANUARY REPORT BY THE US GOVERNMENT ACCOUNTING OFFICE SCOLDED
THE BANK FOR RESPONDING TOO SLOWLY TO REQUESTS FOR DATA AND FOR RELEASING
SOME INFORMATION TO THE WRONG PEOPLE AND IN FEBRUARY A STUDY BY THE
DEPARTMENT OF HEALTH AND HUMAN SERVICES CONCLUDED THAT ALTHOUGH HOSPITALS
HAVE FOUND THE BANK HELPFUL IT ACTUALLY HAS ALTERED ONLY 1 OF THEIR
DECISIONS ON WHETHER TO ALLOW DOCTORS ON THEIR STAFFS

IN ADDITION IN A RECENT AMA SURVEY OF 37 MAJOR MALPRACTICE INSURERS ALMOST
ALL SAID THE DATA BANK HAS MADE DOCTORS MORE INCLINED TO LITIGATE
MALPRACTICE CLAIMS FEARING SETTLEMENTS WILL BLOT THEIR RECORDS THE BANK'S
SUPPORTERS CONCEDE IT HAS HAD PLENTY OF TECHNICAL TROUBLES BUT THEY SAY
SUCH A MASSIVE UNDERTAKING DESERVES MORE TIME FOR IRONING OUT PROBLEMS

I DON'T SEE HOW YOU CAN MAKE A COMPELLING ARGUMENT THAT PATIENTS AND
CONSUMERS OUGHT TO BE KEPT IN THE DARK ON THIS INFORMATION THAT CAN MEAN
THEIR LIFE AND DEATH SAYS REP WYDEN IT OUGHT TO BE A GOAL OF HEALTH
REFORM TO GET THIS OUT IN AN EASILY ACCESSED UNDERSTANDABLE READILY
DIGESTIBLE FASHION

PROSECUTORS GOT A TONGUELASHING FROM A FEDERAL JUDGE FOR REFUSING TO HONOR
A PLEA AGREEMENT WITH PAUL W MOZER THE FORMER SALOMON BROTHERS INC TRADER
AT THE CENTER OF THE TREASURYAUCTION SCANDAL

THE CRITICISM CAME TO LIGHT WHEN JUDGE PIERRE N LEVAL ORDERED UNSEALED A
TRANSCRIPT OF THE MARCH SESSION WITH PROSECUTORS AND MR MOZER'S LAWYERS
ACCORDING TO THE TRANSCRIPT THE JUDGE SAID THE PROSECUTORS MAY HAVE ACTED
OUT OF PETTINESS AND VINDICTIVENESS TOWARD THE SALOMON INC UNIT'S FORMER
HEAD GOVERNMENT TRADER

PROSECUTORS AND THE DEFENSE ATTORNEYS ARE AT LOGGERHEADS OVER WHETHER THE
PLEA AGREEMENT ANNOUNCED IN JANUARY IS STILL VALID UNDER THAT AGREEMENT
MR MOZER WAS TO PLEAD GUILTY TO TWO FELONY COUNTS OF MAKING FALSE
STATEMENTS TO US OFFICIALS IN A FEBRUARY 1989 TREASURYNOTE AUCTION BUT
AFTER A FALLOUT OVER THE SCOPE OF THE PLEA AGREEMENT PROSECUTORS SAID THEY
PLANNED TO PROCEED WITH A BROADER FOURCOUNT INDICTMENT THAT INCLUDES A
FRAUD CHARGE UNDER THE ORIGINAL DEAL MR MOZER HAD A CHANCE TO AVOID JAIL
TIME AN OUTCOME THAT IS MUCH LESS LIKELY UNDER THE BROADER INDICTMENT

THE GOVERNMENT HAS SAID IT BACKED OUT OF THE PLEA DEAL BECAUSE MR MOZER AND
HIS ATTORNEY STANLEY S ARKIN INTENDED TO USE IT TO UNDERMINE A POTENTIAL
PROSECUTION ON ANTITRUST CHARGES RELATED TO THE APRIL AND MAY 1989 TREASURY
AUCTIONS IN TURN MR ARKIN HAS CALLED THE GOVERNMENT'S DECISION TO
WITHDRAW FROM THE DEAL OUTRAGEOUS CONDUCT

PROSECUTORS ARE AWAITING JUDGE LEVAL'S RULING ON WHETHER THEY CAN BE FORCED
TO STICK WITH THE PLEA DEAL WHICH IS VIEWED BY THE COURTS LIKE A CONTRACT

ACCORDING TO THE TRANSCRIPT JUDGE LEVAL OF FEDERAL COURT IN NEW YORK
DIDN'T INDICATE HOW HE WILL RULE BUT HE TOLD PROSECUTORS WHETHER THE
COURT HAS THE POWER TO ORDER THE GOVERNMENT  TO PERFORM AN INCOMPLETE
UNEXECUTED PLEA BARGAIN IS ONE QUESTION WHETHER THE GOVERNMENT HAS ACTED 
 WITHOUT JUSTIFICATION AND IN ARGUABLE VIOLATION OF STANDARDS OF ETHICS
STANDARDS OF REASONABLE CONDUCT WHETHER THE GOVERNMENT HAS ACTED OUT OF
PETTINESS AND VINDICTIVENESS IS ANOTHER QUESTION

IN RESPONSE PROSECUTORS SAID IN A LETTER TO JUDGE LEVAL THAT MESSRS MOZER
AND ARKIN WERE TO BLAME FOR THE COLLAPSE OF THE PLEA AGREEMENT US
ATTORNEY ROGER HAYES SAID IN THE LETTER THAT MR ARKIN WAS ATTEMPTING TO USE
THE COURTS TO RENEGOTIATE PLEAAGREEMENT CONCESSIONS ALREADY REJECTED BY THE
GOVERNMENT

WE SIMPLY CANNOT ALLOW THE VIGOROUS NEGOTIATION WHICH PRECEDES A WRITTEN
PLEA AGREEMENT TO BECOME NOTHING MORE THAN A PROLOGUE TO FURTHER NEGOTIATION
IN THE GUISE OF LITIGATION MR HAYES SAID IN THE LETTER

WHO'S NEWS FORMER US REP MICHAEL D BARNES LEFT THE WASHINGTON LAW FIRM
ARENT FOX KINTNER PLOTKIN & KAHN TO JOIN HOGAN & HARTSON ANOTHER DC FIRM
AS A PARTNER SPECIALIZING IN LEGISLATIVE AND INTERNATIONAL AFFAIRS   
VAN Z KRIKORIAN A DEPUTY PERMANENT REPRESENTATIVE AND COUNSELOR AT THE
ARMENIAN MISSION TO THE UNITED NATIONS JOINED NEW YORK LAW FIRM PATTERSON
BELKNAP WEBB & TYLER AS COUNSEL TO ITS INTERNATIONAL PRACTICE GROUP

JONATHAN M MOSES CONTRIBUTED TO THIS ARTICLE 9305180132 930518 FOREIGN
EXCHANGE DOLLAR GAINS SLIGHTLY IN QUIET TRADING AHEAD OF DENMARK'S VOTE
ON EC TREATY  BY RICHARD SCHUMACHER STAFF REPORTER OF THE WALL
STREET JOURNAL

NEW YORK THE DOLLAR DRIFTED HIGHER IN SUBDUED TRADING MONDAY AIDED IN
PART BY UNCERTAINTY AHEAD OF THE DANISH REFERENDUM TUESDAY ON THE MAASTRICHT
TREATY ON EUROPEAN COMMUNITY UNION

LATE IN NEW YORK THE DOLLAR WAS QUOTED AT 16125 MARKS UP FROM 16020
MARKS LATE FRIDAY IN NEW YORK THE US CURRENCY ALSO WAS CHANGING HANDS AT
11130 YEN UP FROM 11080 YEN STERLING WAS TRADING AT 15360 DOWN FROM
15385

ABOUT MIDDAY TUESDAY IN TOKYO THE DOLLAR WAS TRADING AT 11133 YEN AND AT
16148 MARKS

THE MARKET GENERALLY EXPECTS THAT THE DANES WILL APPROVE THE TREATY WHICH
THEY NARROWLY REJECTED LAST JUNE BUT LINGERING CONCERNS LED THE DOLLAR TO
BENEFIT FROM THE PERCEPTION THAT IT IS A SAFE HAVEN CURRENCY SAID GILLIE
AUGERI CHIEF DEALER AT SHAWMUT BANK CONNECTICUT IN HARTFORD

IF THE DANES DO UNEXPECTEDLY REJECT THE PACT THERE ARE WIDESPREAD
EXPECTATIONS THIS WOULD TRIGGER RENEWED TURBULENCE IN EUROPE'S EXCHANGE RATE
MECHANISM DEALERS SAID

RECENT POLLS IN DENMARK HAVE SHOWN A CONSISTENT MAJORITY OF VOTERS FAVORING
THE TREATY A GALLUP POLL PUBLISHED MONDAY FOUND 50 OF DANES SURVEYED
SUPPORTED THE PACT WHILE 32 OPPOSED THE AGREEMENT SOME 14 WERE
UNDECIDED AND 4 SAID THEY WOULDN'T VOTE

THE POLL WAS CONDUCTED BETWEEN MAY 12 AND MAY 15 AND WAS BASED ON INTERVIEWS
WITH 1076 VOTERS

INDEED THE EUROPEAN CURRENCIES TRADED QUIETLY ON MONDAY WITH THE DANISH
KRONE FIRMING SLIGHTLY AGAINST THE MARK

THE DOLLAR'S ADVANCE MONDAY WAS LED BY GAINS AGAINST THE SWISS FRANC SAID
ALEXIS MCCARTHY CORPORATE FOREIGN EXCHANGE TRADER AT BANQUE INDOSUEZ
SENTIMENT IS MOUNTING THAT SWITZERLAND MIGHT CUT ITS INTEREST RATES AGAIN
MS MCCARTHY SAID

LOWER INTEREST RATES TEND TO MAKE A CURRENCY LESS ATTRACTIVE TO INVESTORS
DOLLAR'S TECHNICAL SUPPORT THE US CURRENCY FOUND GOOD TECHNICAL SUPPORT
AROUND ITS INTRADAY LOWS AGAINST THE MARK AND THIS ALSO CONTRIBUTED TO ITS
UPWARD MOVE MS MCCARTHY ADDED

MARKET PARTICIPANTS LARGELY IGNORED COMMENTS BY A MEMBER OF THE BUNDESBANK'S
POLICYSETTING CENTRAL BANK COUNCIL THAT ADDRESSED GERMAN INTEREST RATES

IN AN INTERVIEW WITH THE GERMAN NEWS SERVICE VWD JOHANN WILHELM GADDUM SAID
THE BUNDESBANK HAS BEEN TRYING TO RESTRAIN EXAGGERATED EXPECTATIONS ABOUT
FURTHER CUTS IN GERMAN INTEREST RATES

WE WANT TO HOLD EXPECTATIONS TO ACCEPTABLE STANDARDS MR GADDUM SAID

SHAWMUT'S MS AUGERI SAID GADDUM'S COMMENTS WERE IN THE SAME VEIN AS REMARKS
BY OTHER TOP BUNDESBANK OFFICIALS DURING THE LAST SEVERAL DAYS AND THUS
DIDN'T SURPRISE PLAYERS

THE BUNDESBANK'S CENTRAL BANK COUNCIL WILL MEET WEDNESDAY EXPECTATIONS THAT
THE COUNCIL MIGHT TRIM KEY OFFICIAL INTEREST RATES ROSE WHEN THE RATE ON
SECURITIES REPURCHASE AGREEMENTS OR REPOS WAS CUT 11 BASIS POINTS TO 760
LAST WEEK FROM 771 PREVIOUSLY

REPOS ARE THE GERMAN CENTRAL BANK'S PREFERRED METHOD FOR FINE TUNING THE
DOMESTIC MONEY MARKET

DOLLARYEN TRADING CONTINUED TO BE LISTLESS MONDAY THE US CURRENCY FIRMED
MODESTLY BUT REMAINED LOCKED INTO THE 110112 YEN RANGE IT HAS OCCUPIED FOR
THE PAST SEVERAL WEEKS

TRADERS SAID THE DOLLAR BEGAN TO GAIN AFTER RUMORS SURFACED THAT THE BANK OF
JAPAN HAD BOUGHT DOLLARS AROUND 11080 YEN IN ASIAN TRADING

BANQUE INDOSUEZ'S MS MCCARTHY SAID THE RUMORS WEREN'T SURPRISING THE BOJ
MAY BE MORE COMFORTABLE NOW WITH THE CURRENT STRENGTH OF THE YEN BUT IT'S
NOT ANXIOUS TO SEE THE YEN ADVANCE QUICKLY

ALTHOUGH STERLING EDGED LOWER AGAINST THE DOLLAR MONDAY IT STRENGTHENED
AGAINST THE MARK

TRADERS SAID THE POUND'S MOVE AGAINST THE DOLLAR REPRESENTED A FOLLOWING OF
THE MARKET'S TREND

AGAINST THE MARK THOUGH STERLING GAINED FROM UNCONFIRMED REPORTS THAT THE
BANK OF ENGLAND WILL INDICATE IN ITS QUARTERLY BULLETIN WEDNESDAY THAT IT
DOESN'T WANT UK INTEREST RATES CUT ANY MORE AT PRESENT MS MCCARTHY SAID
9305180131 930518 CHICAGO NEW YORK MERC EXCHANGES PLAN VENTURE TO CLEAR
FUTURES TRADES  BY JEFFREY TAYLOR STAFF REPORTER OF THE WALL
STREET JOURNAL

THE CHICAGO MERCANTILE EXCHANGE AND THE NEW YORK MERCANTILE EXCHANGE SAID
THEY WILL JOIN FORCES TO DEVELOP A STANDARDIZED SYSTEM TO CLEAR FUTURES
TRADES

EXECUTIVES OF FUTURES BROKERAGE FIRMS LONG HAVE CALLED FOR STANDARDIZED
CLEARING AMONG US EXCHANGES WHICH NOW RUN SEPARATE CLEARING SYSTEMS THEY
ALSO WANT A SYSTEM THAT CLEARS TRADES IMMEDIATELY RATHER THAN OVERNIGHT
AS IS CURRENTLY THE CASE SO THAT TRADING ERRORS CAN BE DETECTED MORE
QUICKLY

WHILE THE CME/NYMEX JOINT PROJECT WON'T MERGE FUNCTIONS OF THE TWO
EXCHANGES IT MARKS THE FIRST MAJOR COOPERATION BETWEEN RIVAL FUTURES
MARKETS IN DIFFERENT CITIES SUCH JOINT EFFORTS ARE ESSENTIAL MANY IN THE
FUTURES INDUSTRY SAY IF US FUTURES MARKETS ARE TO HOLD OFF CHALLENGES
FROM OVERSEAS AND OVERTHECOUNTER MARKETS

ONE CLEARING SYSTEM THROUGHOUT THE INDUSTRY WOULD SAVE A LOT OF TIME
TRAINING AND A LOT OF MONEY SAID BARRY LIND CHAIRMAN OF LINDWALDOCK
FUTURES INC WHICH HAS MEMBERSHIPS ON BOTH THE CHICAGO AND NEW YORK
EXCHANGES CERTAINLY ONE SYSTEM FOR TWO EXCHANGES IS BETTER THAN A
SEPARATE SYSTEM ON EACH SO I APPLAUD IT

NOT EVERYONE WAS AS ENTHUSIASTIC HOWEVER THE CME HAD ALSO BEEN NEGOTIATING
WITH ITS HOMETOWN RIVAL THE CHICAGO BOARD OF TRADE FOR A COMMON CLEARING
SYSTEM YESTERDAY CBOT CHAIRMAN PATRICK H ARBOR SAID THE COOPERATION
BETWEEN THE CME AND NYMEX UNDERMINED THOSE NEGOTIATIONS

WE REGRET THAT THE CME'S ACTIONS HAVE DERAILED OUR HOPES FOR A SUCCESSFUL
UNIFIED CLEARING SYSTEM MR ARBOR SAID THIS BREACH OF GOOD FAITH SERVES
TO WEAKEN CHICAGO'S POSITION AS THE PREMIER GLOBAL CENTER FOR FUTURES
TRADING

JOHN F SANDNER CHAIRMAN OF THE CME DENIED THAT HIS EXCHANGE'S COOPERATION
WITH NYMEX DAMAGED EFFORTS TO WORK OUT A COMMON CLEARING ARRANGEMENT WITH
THE CBOT I THINK IT MIGHT AFFECT THOSE NEGOTIATIONS POSITIVELY HE SAID
ADDING THAT HE HOPED THE CBOT WOULD CHOOSE TO SIGN ONTO THE CLEARING SYSTEM
DEVELOPED BY THE CME AND NYMEX AFTER IT IS UP AND RUNNING

THE CME TRADES MAINLY FINANCIAL FUTURES CONTRACTS BASED ON INTEREST RATES
CURRENCIES AND STOCKS WHILE THE SMALLER NYMEX IS BEST KNOWN FOR ITS FUTURES
BASED ON CRUDE AND HEATING OIL ONE OF THE MAIN BENEFITS OF THE NEW
CME/NYMEX SYSTEM WOULD BE TO PROVIDE QUICK CONFIRMATION OF TRADES IN THESE
INSTRUMENTS

IN THE BUSTLING FUTURES PITS AT THE TWO EXCHANGES TRADERS DREAD ERRORS
KNOWN AS OUTTRADES IN WHICH A BROKER ON ONE SIDE OF THE PIT THINKS HE
IS DOING A TRANSACTION WITH A TRADER ON THE OTHER SIDE ONLY TO LEARN LATER
THAT THE TRADER WAS ACTUALLY TRADING WITH SOMEONE ELSE

SUCH MISTAKES WHICH ARE COMMON IN THE PITS USUALLY AREN'T DISCOVERED UNTIL
THE FOLLOWING DAY THEY CAN COST A TRADER OR A FIRM THOUSANDS OF DOLLARS
THE NEW CME/NYMEX SYSTEM IS EXPECTED TO REDUCE LOSSES FROM OUTTRADES BY
CONFIRMING TRANSACTIONS ONLY MINUTES AFTER THEY OCCUR

IN ADDITION STANDARDIZATION OF CLEARING AT THE TWO EXCHANGES WOULD MEAN
THAT EACH COULD SERVE AS A BACKUP FOR THE OTHER IN THE EVENT OF A DISASTER
WITH STANDARDIZED CLEARING THE CME AND NYMEX COULD PROVIDE REMOTE BACKUP
AND RECOVERY CAPABILITIES FOR EACH OTHER IN THE EVENT OF SUCH EMERGENCIES AS
THE 1992 CHICAGO FLOOD AND THE RECENT WORLD TRADE CENTER BOMBING SAID
NYMEX PRESIDENT PATRICK THOMPSON

THE CME AND NYMEX HAVE EACH SET ASIDE 15 MILLION TO DEVELOP THE SYSTEM
ALTHOUGH THEY HOPE IT WILL COST LESS THAN THAT THEY EXPECT TO COMPLETE THE
SYSTEM WITHIN THREE YEARS 9305180130 930518 LETTERS TO THE EDITOR DOWN
HISTORY'S SLIPPERY SLOPE

IT IS IMPOSSIBLE TO POINT OUT ALL THE RAMIFICATIONS OF JOHN ATTARIAN'S APRIL
19 EDITORIAL PAGE ESSAY THE DEEP ROOTS OF OUR DECLINE BUT ONE CAN AT
LEAST SAY THAT HIS QUOTATION FROM DWIGHT D EISENHOWER OUR GOVERNMENT
MAKES NO SENSE UNLESS IT IS FOUNDED IN A DEEPLY FELT RELIGIOUS FAITH AND
I DON'T CARE WHAT IT IS  WHILE SOMEWHAT INELEGANTLY EXPRESSED IS BOTH
TRUE AND WISE IKE WAS TRYING TO PROCLAIM THAT GOVERNMENT LIKE SCIENCE
DEPENDS UPON A BELIEF THAT TRUTH EXISTS

DIFFERENT RELIGIONS AND DIFFERENT PHILOSOPHIES EXPRESS AND RITUALIZE THEIR
BELIEFS DIFFERENTLY BUT UNDERNEATH IS THE SEARCH FOR GOD SYNONYM FOR
TRUTH WE MUST HONOR BOTH THE SEARCH FOR TRUTH AND THE FACT THAT DIFFERENT
CULTURES EXPRESS THE SEARCH IN DIFFERENT WAYS IKE WAS A GOOD PRESIDENT AND
A WISE MAN WHICH THIS STATEMENT OF HIS MAKES CLEAR UNDERNEATH ALL LANGUAGE
IS REALITY THE EXISTENCE OF SO MANY LANGUAGES SHOULD NEVER UNDERMINE THE
BELIEF IN TRUTH

HISTORY IS FILLED WITH INDIVIDUALS LIKE SOCRATES WHO WERE WILLING TO GIVE
THEIR LIVES SO THAT SOME ORDER SOME GENUFLECTION TO TRUTH WOULD PREVAIL
THESE INDIVIDUALS SAID BETTER THAT I DIE THOUGH INNOCENT THAN THAT ALL
LIFE BE DESTROYED LIFE IS PRECIOUS I WILL NOT KICK OVER THE BELIEF IN
TRUTH SIMPLY BECAUSE I HAVE BEEN TREATED UNFAIRLY I MYSELF BELIEVE IN GOD
TRUTH EXISTS EVEN IF SOME CRIMINALS DO NOT ADMIT IT I WILL DIE FOR TRUTH
AND I WILL HELP PRESERVE SOCIETY FOR TRUTH

IN THE END ALL MEN UNDERSTAND WHAT GREAT MEN LIKE SOCRATES WERE SAYING ALL
HUMAN BEINGS ARE BORN WITH THE ABILITY TO THINK THEY ARE HUMAN THEY WISH
THEY COULD BE GOOD

OF COURSE ONE MUST ADD THAT THERE IS A VAST DIFFERENCE BETWEEN THE TRUTH
THAT IS THE SLOW ACCUMULATION OF REASON EXPERIENCE AND TRADITION AND THE
SOCALLED TRUTH THAT SPRINGS FULLBLOWN LIKE ATHENA FROM THE HEAD OF ZEUS
SUDDEN BURSTS OF INSIGHT MUST ALWAYS BE TESTED

NOR SHOULD ANYONE PLACE A LIMITING MODIFIER BEFORE THE WORD ETHICS NO ONE
GROUP HAS A MONOPOLY ON THE ETHIC THAT ONE SHOULD TELL THE TRUTH AND THAT
ONE SHOULD DO UNTO OTHERS AS THEY WOULD HAVE OTHERS DO UNTO THEM ETHICS ARE
UNIVERSAL

DWIGHT EISENHOWER TRIED TO PRESERVE DECENCY AND HONOR BOTH IN HIS WARTIME
EXPERIENCE AND IN HIS EXPERIENCE IN THE WHITE HOUSE IN ONE HE FOUGHT THE
NAZIS IN THE OTHER THE COMMUNISTS IT CAN EVEN BE ARGUED THAT HE HAD AS
MUCH TO DO WITH THE DEMISE OF BOTH AS ANY OTHER MAN HIS WORDS MAY NOT BE AS
INCISIVE AS SOME WORDSMITHS WOULD DEMAND BUT ACTIONS SPEAK LOUDER THAN
WORDS AND THE MOST METICULOUS WORDSMITHS SHOULD AGREE IT IS NO HELP IN A
DISCUSSION TO FORGET EITHER TRUTH OR TOLERANCE THIS IS WHAT IKE'S QUOTE
MEANS

ALL MEN ARE EQUAL BUT SOME CONTRIBUTE MORE TO THE WELLBEING OF HUMANKIND
THAN OTHERS PRESIDENT EISENHOWER WAS ONE WHO CONTRIBUTED GREATLY HE HAD
NOTHING TO DO WITH PROMULGATING EITHER RELATIVISM OR ABSOLUTISM

DR EWALD WAS A SPEECH WRITER FOR PRESIDENT EISENHOWER

DOES MR ATTARIAN REALLY BELIEVE THINGS WERE BETTER BEFORE THE
ENLIGHTENMENT TRUE THE IRON FISTS OF CHURCH AND STATE KEPT A CERTAIN KIND
OF ORDER AMONG THE POPULACE THROUGH THE USE OF BRUTE FORCE SUPERSTITION AND
IGNORANCE BUT I WOULD GUESS FEW OF US WOULD TRADE THE PRESENT AS CHAOTIC
AND DANGEROUS AS IT MAY SEEM FOR THE MORAL PSYCHOLOGICAL AND PHYSICAL
TYRANNY OF THE PAST AND BLAMING THE IDEAS OF THOREAU ROUSSEAU AND DARWIN
FOR THE CURRENT MESS IS LIKE BLAMING JESUS FOR THE EXCESSES AND DISTORTIONS
OF A DAVID KORESH

IF WE WANT TO GO BACK IN TIME TO TRY TO FIND THE ROOTS OF THE DECLINE WE
SHOULD INCLUDE THE REPRESSIVE EXCESSES OF THE CHURCH AND ITS OFFSHOOTS AND
THE PATRIARCHAL TYRANNY OF THE STATE AGAINST WHICH THE ENLIGHTENMENT STARTED
A CHAIN REACTION THAT IS CULMINATING IN OUR OWN DAY PAST REPRESSION HAD
MORE THAN A LITTLE TO DO WITH THE WILD ABANDON WITH WHICH THE SHACKLES WERE
FINALLY THROWN OFF AND THE EXCESSES IN THE WAY THE NEW FREEDOMS WERE
SOMETIMES EXERCISED LIKE THE STRICT MINISTER'S CHILD WHO AS SOON AS IT IS
ABLE THROWS ITSELF INTO ALL THAT HAD BEEN PREVIOUSLY FORBIDDEN WE ARE NOW
IN AN ORGY OF ABANDON FROM WHICH WITH LUCK AND THROUGH THE MATURING EFFECTS
OF SUFFERING WE MAY FINALLY EMERGE TO LIVE A SANE RESPONSIBLE AND
DIGNIFIED LIFE AS A SOCIETY THIS WILL NOT COME ABOUT BY CURSING OUR MOMENT
OF ENLIGHTENMENT NOR BY BLAMING THE LIKES OF THOREAU PLAYBOY OR ELVIS FOR
THAT WHICH HAS FAILED IN THE SOCIAL EXPERIMENT WE'VE UNDERTAKEN DURING THE
PAST TWO HUNDRED YEARS OR SO

RATHER THAN WAXING NAIVELY NOSTALGIC FOR THE SIMPLE BUT BRUTAL AND
REPRESSIVE BOUNDARIES OF THE PAST WHICH THOSE WHO CAME BEFORE US WISELY AND
COURAGEOUSLY DISCARDED WE MUST MOVE FORWARD TO FIND THAT PLACE OF BALANCE
AND HARMONY WHERE INDIVIDUAL RIGHTS AND FREEDOMS ARE EQUALLY WEIGHED AGAINST
A SENSE OF RESPONSIBILITY AND A WISE RESTRAINT TO CREATE A SOCIETY BUILT ON
SOLID MORAL AND INTELLECTUAL GROUND RATHER THAN ONE THAT TEETERS TOWARD
EITHER EXTREME OF LICENSE OR REPRESSION

MR ATTARIAN REFERS TO THE ROMANS WHO TOLD THEIR SONS TO RETURN WITH THEIR
SHIELDS OR ON THEM IT WAS THE SPARTANS OF GREECE NOT ROMANS WHO DEMANDED
THAT LEVEL OF SACRIFICE THE AUTHOR ALSO MAKES A GLIB REFERENCE TO PROPHETS
OF PERMISSIVENESS LIKE DR SPOCK WELL MY DAUGHTER WAS BORN IN 1953 AND I
READ DR SPOCK AND WHAT I READ WAS NOT PERMISSIVENESS BUT THE NEED TO TREAT
MY KID AS IF SHE HAD A MODICUM OF INTELLIGENCE SHE HAS TURNED OUT QUITE
WELL

MR ATTARIAN'S ATTEMPT TO DEFINE THE ORIGIN OF THE REVOLT AGAINST
CIVILIZATION SELFCONTROL AND RESPONSIBILITY MUST LOGICALLY TAKE US NOT
ONLY BACK TO THE ENLIGHTENMENT BUT TO THE RENAISSANCE AND THUS TO
ANTIQUITY WHAT MR ATTARIAN SEEMS TO BE DECRYING THE POISON IS THE RISE
OF SOCALLED SECULAR HUMANISM ONE MUST PAUSE THOUGH TO REFLECT THAT THIS
WORLD WE HAVE LOST WAS THE WORLD OF MONARCHICAL AND CONFESSIONAL STATES OF
THE ANCIEN REGIME WHAT HE WOULD CHART AS THE FAILURE OF OUR ONCENOBLE
GUARDRAILS IS IN REALITY THE GROWTH OF OUR NOW NOBLE FREEDOMS

THE RENAISSANCE AND ENLIGHTENMENT GAVE US OUR MODERN POLITICAL WORLD AND
THEIR TWO GREATEST BOONS DEMOCRACY AND TOLERATION IF THE GUARDRAILS
HAD HELD 200 YEARS AGO THE US WOULD NEVER HAVE BECOME INDEPENDENT NOT
ONLY NIHILISM BUT CONSERVATISM ARE CHILDREN OF THE ENLIGHTENMENT ONE MUST
AVOID EXTREMES SUCH AS BEING REACTIONARY BUT ONE MUSTN'T THROW THE BABY
OUT WITH THE BATH WATER

MR ATTARIAN'S ESSAY WAS INTERESTING BECAUSE FEW WRITERS STATE THAT HUMAN
ACTION STARTS WITH IDEAS AND PHILOSOPHY HE IS ABSOLUTELY CORRECT IN
CRITICIZING NEOCONSERVATIVE WRITERS WHEN THEY ATTEMPT TO FOCUS ON CONCRETE
EVENTS AS THE CAUSE OF CULTURAL DECLINE

HOWEVER HE IS MISTAKEN WHEN TRACING THE ROOTS OF BAD THINKING TO THE 18TH
AND 19TH CENTURIES THE PROBLEMS HE MENTIONS ARE ACTUALLY TWO MILLENNIUMS
OLD AND CAN BE TRACED BACK TO ANCIENT GREECE AND THE PHILOSOPHICAL BATTLE
BETWEEN PLATO AND ARISTOTLE

PLATO'S PHILOSOPHICAL SYSTEM IS BASED ON AN UNKNOWABLE REALITY AND
MYSTICISM ARISTOTLE'S IS THE EXACT OPPOSITE WHEN HE SAYS THIS WORLD IS
KNOWABLE TO MAN THROUGH LOGIC AND REASON PLATO'S SYSTEM LEADS TO THE ETHICS
OF ALTRUISM WHERE MAN'S LIFE IS SUBORDINATE EITHER TO GOD THE STATE OR
NATURE ARISTOTLE'S SYSTEM LEADS TO ETHICS WHERE MAN'S LIFE IS THE STANDARD
OF ALL VALUE

THERE HAVE BEEN TWO PERIODS IN HUMAN HISTORY WHERE ARISTOTLE'S IDEAS HAVE
BEEN IN FASHION THE FIRST WAS THE RENAISSANCE THE SECOND WAS THE
ENLIGHTENMENT WITH THE CULMINATING EVENT BEING THE FOUNDING OF THIS
COUNTRY IN EVERY OTHER PERIOD IN HISTORY INCLUDING TODAY PLATO'S INFLUENCE
HAS BEEN DOMINANT

HUMANS CAN LIVE CIVILLY AND PEACEFULLY ONLY WHEN A PHILOSOPHY OF REASON IS
PERVASIVE ONCE REASON IS DISREGARDED WATCH OUT BECAUSE ANYTHING GOES

REALLY BLAMING THE ENLIGHTENMENT WHY STOP THERE A MERE TWO CENTURIES AGO
WHY NOT BLAME THAT GREAT ARBITER OF MORALS THE ROMAN CATHOLIC CHURCH FOR
BECOMING RICH AND WORLDLY THEREBY FORCING MARTIN LUTHER TO REBEL AGAINST
ESTABLISHED AUTHORITY WHOOPS DETERMINISM SNEAKING IN WHY NOT BLAME THE
ROMANS WHO GAVE US CALIGULA AND BREAD AND CIRCUSES I'M SURE MR ATTARIAN
IF HE'S SINCERE WOULD FEEL MUCH MORE COMFORTABLE LIVING IN JOHN CALVIN'S
VERY MORAL GENEVA THAN HE DOES HERE IN THE US I BET HE COULDN'T FIND A
SINGLE COPY OF LADY CHATTERLEY'S LOVER ON ANY BOOKSTORE SHELF IN TODAY'S
TEHRAN THEIR JUDGES BEING SO MUCH MORE MORAL THAN OURS AND ALL I'LL STICK
TO MY FIRST JUDGMENT EXCEPT THAT IN A NEWSPAPER THAT PURPORTS TO TAKE DAN
QUAYLE SERIOUSLY THERE'S VERY LITTLE ROOM FOR SATIRE 9305180129 930518
GPA TO MAKE BOND PAYMENTS DUE BY TODAY  ACTION SIGNALS IRISH FIRM
 HAS BACKING TO PROCEED WITH ITS RESTRUCTURING  BY BRIAN COLEMAN
AND STEVEN LIPIN STAFF REPORTERS TO THE WALL STREET JOURNAL

GPA GROUP PLC SAID IT WOULD PAY MATURING BOND DEBT TODAY A SIGN THAT THE
AIRCRAFT LEASING GIANT IS CLOSE TO PULLING OFF ITS MULTIBILLIONDOLLAR
GLOBAL RESTRUCTURING

PROMPTING THE DECISION MADE BY THE COMPANY'S BOARD IN LONDON YESTERDAY
WERE ASSURANCES FROM BANK CREDITORS AND SHAREHOLDERS FOR ADDITIONAL FUNDING
WITHOUT THOSE ASSURANCES GPA WOULD HAVE BALKED AT MAKING THE 50 MILLION IN
BOND PAYMENTS TODAY WHICH IN TURN COULD HAVE LANDED THE GPA IN
BANKRUPTCYCOURT PROCEEDINGS

GPA NOW SEEMS FREE TO COMPLETE ITS TALKS WITH GE CAPITAL CORP LAST WEEK THE
GENERAL ELECTRIC CO UNIT ANNOUNCED THAT IT WOULD PURCHASE 135 BILLION IN
AICRAFT FROM GPA SET UP A TEAM TO HELP MANAGE THE COMPANY AND RECEIVE AN
OPTION TO BUY BETWEEN 60 AND 80 OF THE COMPANY THE DEAL WAS CONDITIONED
ON RECEIVING APPROVALS FROM BANKS AND SHAREHOLDERS SOURCES CLOSE TO THE
TALKS SAY A FINAL DEAL SHOULD NOW BE REACHED WITH TWO TO THREE WEEKS

THE WILLINGNESS OF GE CAPITAL A TRIPLEA RATED COMPANY TO ALIGN ITSELF
WITH GPA SEEMS TO HAVE GIVEN CONFIDENCE TO THE BANKS AND SHAREHOLDERS THAT
HAD PREVIOUSLY SHUNNED THE IRISH COMPANY'S PLEAS FOR HELP AS A RESULT THE
WORLD'S LARGEST AIRCRAFT LEASING COMPANY APPEARS TO BE HEADING OUT OF A
CRISIS THAT SENT TREMORS THROUGHOUT THE AEROSPACE AIRLINE AND BANKING
INDUSTRIES

WHILE THE I'S HAVEN'T BEEN DOTTED AND THE T'S CROSSED THE CRISIS IS NOW
OVER SAID PETE DEIGHTON AN AEROSPACE ANALYST WITH SMITH NEW COURT
SECURITIES LTD IN LONDON IT HAS PROBABLY AVERTED A CRISIS OF CONFIDENCE
IN THE INDUSTRY AS A WHOLE

GPA'S PROBLEMS BEGAN LAST JUNE WHEN ITS PLANS TO RAISE 1 BILLION ON THE
WORLD'S STOCK MARKETS FAILED BECAUSE OF A LACK OF INTEREST GPA UNDERTOOK A
THREEPRONGED PLAN TO SHORE UP ITS BALANCE SHEET THE PLAN INCLUDED 1
BILLION IN LOAN DEFERRALS CANCELLATION OF BILLIONS OF DOLLARS OF AIRCRAFT
ORDERS AND A 200 MILLION EQUITY INJECTION FROM ITS OWNERS THE
MANUFACTURING AGREEMENTS CAME RELATIVELY SMOOTHLY BUT THE COMPANY WAS
UNABLE TO FIND FRESH CASH AND TURNED TO GE CAPITAL CORP TO PURCHASE ASSETS

IN A BRIEF STATEMENT FOLLOWING A BOARD MEETING LATE YESTERDAY GPA SAID ITS
BANKERS AND SHAREHOLDERS AGREED TO GRANT THE COMPANY THE 100 MILLION BRIDGE
LOAN IT SOUGHT TO STRENGTHEN ITS CASH POSITION IN ADDITION THE COMPANY
SAID THAT A NUMBER OF SHAREHOLDERS HAVE CONFIRMED THEIR WILLINGNESS TO
SUBSCRIBE TO CONVERTIBLE LOANS INTENDED TO RAISE 150 MILLION IN FRESH
EQUITY A CONDITION OF THE DEAL WITH GE CAPITAL

THERE'S NO WAY BANKS WOULD LET 300 MILLION GO OUT THE DOOR IF THEY DIDN'T
BELIEVE A FAVORABLE DEAL WAS ABOUT TO BE CLOSED SAID JACK HERSCH DIRECTOR
OF RESEARCH AT MJ WHITMAN LP

AS GPA MADE A BOND INTEREST PAYMENT SEPARATE FROM THE PAYMENT ON PRINCIPAL
DUE TODAY ONE CREDITOR SAID IT FEELS LIKE A MIRACLE

THE COMPANY'S BONDS MOST OF WHICH ARE HELD BY US INSTITUTIONAL INVESTORS
ROSE ON THE NEWS GPA'S 875 NOTES DUE 1998 TRADED UP TO 59 CENTS ON THE
DOLLAR YESTERDAY FROM 53 CENTS HOWEVER YESTERDAY'S QUOTE STILL REFLECTS
SKEPTICISM THAT THE ACCORD WILL PERMANENTLY REPAIR GPA'S BALANCE SHEET

BUT BY THE TIME THE BONDS MATURE THE COMPANY HOPES TO HAVE REDUCED ITS DEBT
LOAD AND EARNED ITS WAY OUT OF ITS RECENT PROBLEMS SAYS MR HERSCH
9305180128 930518 TECHNOLOGY MICROSOFT OPENS WINDOWS IN JAPAN 
BRINGING FRESH AIR TO MARKET'S PC WAR  BY DAVID P HAMILTON STAFF
REPORTER TO THE WALL STREET JOURNAL

TOKYO MICROSOFT CORP IN A MOVE THAT PROMISES TO OPEN A NEW CHAPTER IN
JAPAN'S PERSONALCOMPUTER PRICE WAR UNVEILED THE JAPANESELANGUAGE VERSION
OF ITS WINDOWS 31 SOFTWARE

YESTERDAY'S ANNOUNCEMENT IS A MILESTONE FOR MICROSOFT WHICH IS COUNTING ON
WINDOWS TO HELP IT DOMINATE SOFTWARE IN JAPAN THE WAY IT COMMANDS SIMILAR
MARKETS AROUND THE WORLD IT'S ALSO BIG NEWS FOR US PC MAKERS NOW SLUGGING
IT OUT WITH GIANT NEC CORP THAT'S BECAUSE WINDOWS HOLDS THE POTENTIAL TO
VASTLY ACCELERATE PC SALES IN JAPAN'S KEYBOARDALLERGIC CULTURE AND
POSSIBLY TO GIVE US CONCERNS AN EDGE IN THEIR SEVENMONTHOLD PRICE WAR
WITH NEC WHICH CONTROLS MORE THAN HALF OF THE JAPANESE PC MARKET

I THINK WINDOWS WILL BECOME VERY POPULAR IN JAPAN SAID LEE KERK PHUA A
TECHNOLOGY ANALYST WITH BARING SECURITIES JAPAN LTD PARTLY AS A REST OF
THE WINDOWS LAUNCH HE ADDED I THINK NEC WILL START LOSING MARKET SHARE IN
THE SECOND HALF OF THIS YEAR

MICROSOFT'S LATEST VERSION OF THE SOFTWARE WINDOWS 31 HAS BEEN A HIT IN
THE US LARGELY BECAUSE THE SOFTWARE MAKES PCS EASIER TO USE WINDOWS
ALLOWS USERS OF STANDARD PCS TO MANIPULATE FILES AND DATA GRAPHICALLY MUCH
AS THEY WOULD ON APPLE COMPUTER INC'S MACINTOSH COMPUTER

DESPITE THE PROGRAM'S POPULARITY ELSEWHERE MICROSOFT SAID IT HAS SOLD 25
MILLION COPIES OF WINDOWS WORLDWIDE SALES IN JAPAN HAVE LAGGED BEHIND
LARGELY BECAUSE AN EARLIER VERSION WINDOWS 30 RAN SLOWLY AND WAS PRONE TO
ERRORS IN JAPAN MICROSOFT SHIPPED ONLY 440000 COPIES OF WINDOWS 30 THE
COMPANY WAS ALSO SLOW TO FINISH A JAPANESELANGUAGE VERSION OF THE IMPROVED
WINDOWS 31 WHICH NOW COMES TO MARKET MORE THAN A YEAR AFTER ITS
ENGLISHLANGUAGE COUNTERPART HIT THE SHELVES IN THE US

MICROSOFT HOWEVER EXPECTS TO MAKE UP FOR LOST TIME THE COMPANY PROJECTS
JAPANESE SALES OF WINDOWS 31 TO REACH ONE MILLION UNITS IN THE FIRST YEAR
 AND THAT MAY TURN OUT TO BE A CONSERVATIVE ESTIMATE NEC WHICH RELEASED
A VERSION OF WINDOWS 31 FOR ITS OWN PCS ON MAY 12 SAID IT TOOK ORDERS FOR
65000 COPIES IN THE FIRST TWO DAYS A FIGURE THAT AMOUNTS TO 13 OF THE
COMPANY'S SALES FORECAST FOR THE ENTIRE FIRST YEAR AFTER RELEASE

IF THE US EXAMPLE IS ANY GUIDE SUCH HEAVY DEMAND FOR WINDOWS WILL ALSO
BOOST PC SALES WHICH THANKS TO THE PRICE WAR ARE ALREADY UP AT SOME
STORES ABOUT 30 OVER LAST YEAR SUCH GROWTH SPELLS OPPORTUNITY FOR
MICROSOFT AND US PC MAKERS SUCH AS COMPAQ COMPUTER CORP INTERNATIONAL
BUSINESS MACHINES CORP AND DELL COMPUTER CORP ALL OF WHOM HAVE RECENTLY
TAKEN ON NEC IN ITS HOME MARKET

US PC MAKERS ARE PARTICULARLY OPTIMISTIC THAT WINDOWS WHICH WILL MAKE IT
POSSIBLE TO RUN THE SAME SOFTWARE ON OTHERWISE INCOMPATIBLE NEC AND USMADE
PCS WILL ELIMINATE NEC'S ESTIMATED TENFOLD ADVANTAGE IN JAPANESELANGUAGE
SOFTWARE TITLES

AS FOR MICROSOFT ANALYSTS SUGGEST IT WILL NEED MORE THAN A HIT WITH WINDOWS
31 TO REALIZE ITS AMBITIONS IN JAPAN FOR THERE ARE STRUCTURAL PROBLEMS IN
JAPAN'S PC MARKET TO OVERCOME MICROSOFT'S JAPANESE SUBSIDIARY HAS LONG BEEN
HAMPERED BY THE DIVERSITY OF PC STANDARDS IN JAPAN A SITUATION THAT HAS
FORCED THE COMPANY TO EXPEND TIME AND EFFORT REWRITING EACH VERSION OF ITS
MSDOS OPERATING SYSTEM SOFTWARE FOR INCOMPATIBLE COMPUTERS OFFERED BY NEC
FUJITSU LTD TOSHIBA CORP AND OTHER COMPANIES NOW INSTEAD OF ENDLESSLY
REWRITING DOS THEY MIGHT END UP ENDLESSLY REWRITING WINDOWS SAID STEVEN
MYERS A TECHNOLOGY ANALYST WITH JARDINE FLEMING SECURITIES LTD

RIGHT NOW IN FACT MICROSOFT'S BEST HOPE MAY LIE WITH THE US PC MAKERS
WHO HAVE AN OPPORTUNITY TO RALLY JAPANESE PC COMPANIES OTHER THAN NEC TO A
SINGLE STANDARD IBM'S DOS/V OPERATING SYSTEM WHICH ALLOWS ORDINARY
USMADE PCS TO RUN JAPANESELANGUAGE SOFTWARE 9305180127 930518
MONDAY'S MARKETS BONDS FALL AS INFLATION FEARS GROW  YIELD
NEARS 7 LEVEL ON THE 30YEAR ISSUE STOCKS FINISH MIXED  BY
STEVEN E LEVINGSTON STAFF REPORTER OF THE WALL STREET JOURNAL

CONTINUING INFLATION CONCERNS KNOCKED BOND PRICES LOWER STOCK PRICES WERE
MIXED AND THE DOLLAR ROSE

THE TREASURY'S BENCHMARK 30YEAR ISSUE FELL THREEEIGHTHS OF A POINT OR
375 FOR EACH 1000 FACE AMOUNT TO YIELD 696 JUST SHY OF THE
PSYCHOLOGICALLY IMPORTANT 7 LEVEL

THE DOW JONES INDUSTRIAL AVERAGE ROSE 692 POINTS TO 344993 STANDARD &
POOR'S 500STOCK INDEX EDGED UP 081 TO 44037 AND THE NASDAQ COMPOSITE
INDEX CLIMBED 159 TO 67796

TRACY HERRICK CHIEF INVESTMENT STATEGIST AT JEFFERIES & CO A LOS ANGELES
INVESTMENT BANKING AND TRADING FIRM SAID BOND TRADERS ARE REASSESSING THEIR
VIEWS ON INFLATION IN LIGHT OF LAST WEEK'S WORSETHANEXPECTED WHOLESALE AND
CONSUMER PRICE INDEXES

A LOT OF MONEY MANAGERS ARE SAYING THERE'S SOMETHING WRONG WITH THE
INFLATION STORY THEY'VE BEEN BELIEVING FOR THE LAST YEAR AND THAT STORY WAS
THERE WAS NOTHING TO WORRY ABOUT MR HERRICK SAID

WAYNE F WONG A MANAGING DIRECTOR AND FIXEDINCOME STRATEGIST AT MARINVEST
A SUBSIDIARY OF HONGKONG & SHANGHAI BANK ARGUED THAT LONGTERM INTEREST
RATES COULD JUMP THROUGH THE 7 LEVEL TO AS HIGH AS 725 IF INFLATION FAILS
TO COOL

IF INFLATION DOESN'T ABATE THE BOND MARKET WILL GO INTO A BEAR TUMBLE IN
THE BLINK OF AN EYE HE SAID

IN ADDITION TO INVESTORS' INFLATION WORRIES THERE IS THE GROWING PERCEPTION
THAT PRESIDENT CLINTON IS IN DANGER OF LOSING HIS FOCUS ON THE ECONOMY SAID
JAMES M SNYDER DIRECTOR OF FIXED INCOME MANAGEMENT AT NORTHERN TRUST CO
IN CHICAGO A PROCESS IS UNDER WAY IN WHICH WE'RE GETTING A CLINTON RISK
PREMIUM BUILT INTO BOND PRICES HE SAID

LARRY RICE CHIEF MARKET STRATEGIST AT JOSEPHTHAL LYON & ROSS SAID
PRESIDENT CLINTON'S POLITICAL WOES ALSO ARE PUTTING PRESSURE ON STOCK
PRICES

THE STOCK MARKET IS CONCERNED ABOUT THE LACK OF LEADERSHIP IN WASHINGTON
MR RICE SAID IF CLINTON ISN'T ABLE TO GET HIS PROGRAM THROUGH CONGRESS
STOCK PRICES WILL HEAD SOUTH

WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX LOST 005 TO 10478

IN MAJOR MARKET ACTION

STOCK PRICES WERE MIXED VOLUME TOTALED 2262 MILLION SHARES ON THE NEW YORK
STOCK EXCHANGE WHERE 1073 ISSUES DECLINED AND 854 ROSE

BOND PRICES FELL THE TREASURY'S 10YEAR ISSUE LOST NEARLY THREEEIGHTHS OF A
POINT OR 375 FOR EACH 1000 FACE AMOUNT TO YIELD 605

THE DOLLAR STRENGTHENED IN LATE NEW YORK TRADING THE CURRENCY WAS QUOTED
AT 16125 MARKS AND 11130 YEN COMPARED WITH 16020 MARKS AND 11080 YEN
FRIDAY 9305180126 930518 WHO'S NEWS US BIOSCIENCE INC

US BIOSCIENCE INC WEST CONSHOHOCKEN PA MARTHA E MANNING 38 YEARS
OLD WAS NAMED VICE PRESIDENT GENERAL COUNSEL AND CORPORATE SECRETARY OF
THIS PHARMACEUTICAL COMPANY SHE SUCCEEDS KENNETH LYNN WHO RESIGNED LAST
JANUARY MS MANNING HAD BEEN GENERAL COUNSEL OF WISTAR INSTITUTE A
PHILADELPHIA BIOTECHNOLOGY RESEARCH GROUP 9305180125 930518 MARKETING &
MEDIA BIG BLUE LAUNCHES ADS WITH ATTITUDE TARGETING MICROSOFT 
 IBM'S COMBATIVE CAMPAIGN PITS NEW OS/2 21 SYSTEM AGAINST WINDOWS AND
DOS  BY LAURIE HAYS STAFF REPORTER OF THE WALL STREET JOURNAL

FOR INTERNATIONAL BUSINESS MACHINES CORP STRUGGLING FOR A BIGGER CHUNK OF
THE MULTIBILLIONDOLLAR PERSONAL COMPUTER SOFTWARE MARKET IT'S NO MORE MR
NICE GUY

THE GLOVES HAVE COME OFF WITH THE START OF AN ACID AD CAMPAIGN FOR A NEW
ADVANCED OPERATING SYSTEM OS/2 21 THAT IBM ANNOUNCES TODAY AND HOPES WILL
OUTDO A COMPETING VERSION THAT MICROSOFT CORP PLANS TO ANNOUNCE NEXT WEEK

NICE TRY IBM SAYS IN A FULLPAGE AD IN LAST WEEK'S TRADE JOURNALS THE
LETTERS N AND T ARE HIGHLIGHTED IN A BIG BOLD CAPITALSIZED SNEER AT
MICROSOFT'S WINDOWS NT PROGRAM ON THE NEXT PAGE THE OVERSIZED TEXT READS
NOT JUST UP AND COMING UP AND RUNNING IMPLYING THAT MICROSOFT IS RUNNING
BEHIND BIG BLUE

IBM AND ITS AGENCY INTERPUBLIC GROUP'S LINTAS ALSO PLAN A BLITZ OF ADS IN
SPORTS ILLUSTRATED AND USA TODAY PEGGED TO THE INDIANAPOLIS 500 WHICH DOES
ALL ITS SCORING AND RECORDKEEPING USING THE IBM OS/2 21 SYSTEM ONE OF THE
ADS PICTURES A HANDHELD GLOBE WITH A CHUNK CUT OUT THE CORE REVEALS OS/2
21 AND THE SLICES INCLUDE MICROSOFT'S EXISTING OPERATING SYSTEMS WINDOWS
AND DOS SUGGESTING THAT THEY WILL SOON RUN ON OS/2 21 AS WELL

NOTING THAT MICROSOFT THE INDUSTRY LEADER IN SOFTWARE OPERATING SYSTEMS BY
A LONGSHOT HAS NEVER BEEN SENSITIVE TO ITS COMPETITORS IBM CONCEDES ITS
NEW STANCE IS BORN OF DESPERATION

WE'VE BEEN JUST PLUGGING ALONG TALKING ABOUT OUR PRODUCTS SAYS WALLY
CASEY IBM'S DIRECTOR OF MARKETING FOR PERSONAL SOFTWARE PRODUCTS THEN
LAST MARCH A GROUP OF DEALERS AND MANAGERS THAT MEETS REGULARLY SAID
WALLY YOU'VE GOT TO GET AGGRESSIVE' AND WE DECIDED TO GO AHEAD AND DO
IT

ONLY TWO YEARS AGO MICROSOFT WAS ACTUALLY AN IBM PARTNER HELPING TO DEVELOP
THE PREDECESSOR PROGRAM OS/2 20 BUT MICROSOFT LATER WALKED AWAY FROM THE
PROJECT

IBM SAYS OS/2 21 WILL SERVE SUCH SOPHISTICATED BUSINESS USERS AS HOTEL
CHAINS AND CAR RENTAL COMPANIES AS WELL AS THE INDY 500 THAT NEED TO
COORDINATE A VARIETY OF COMPUTER PROGRAMS AS WELL AS MULTIMEDIA SUCH AS
TEXT SOUND STILL PICTURES AND VIDEO ITS ADVANTAGE OVER MICROSOFT'S
CURRENT WINDOWS PROGRAM IS THAT IT CAN OPERATE A 32BIT PC SYSTEM THE
POTENTIAL MARKET IS BILLIONS OF DOLLARS OR THE CHANCE TO OUTFIT AROUND 35
MILLION TO 40 MILLION MACHINES

SOME INDUSTRY EXPERTS ARE ASKING WHY IBM IS TARGETING A GENERALINTEREST
MARKET WHICH MAY NOT NECESSARILY BE BUYING THE SOPHISTICATED OS/2 21 IBM'S
MR CASEY SAYS THE POINT IS PRODUCT AND NAME RECOGNITION

BUT MICROSOFT SAYS IT FINDS IBM'S NEWFOUND ADVERTISING BOLDNESS STRANGE
IT'S VERY CONFUSING TO ME WHY IBM IS DOING THIS SAYS DWAYNE WALKER
DIRECTOR OF MICROSOFT'S WINDOWS NT AND NETWORKING PRODUCTS BUT MR WALKER
SAYS HE ISN'T LOSING ANY SLEEP OVER IBM'S OS/2 21 WINDOWS NT IS A MORE
SOPHISTICATED PRODUCT THAT WHEN IT'S RELEASED WON'T EVEN FALL IN THE SAME
REALM AS OS/2 21 HE SAYS MICROSOFT IS ITSELF PLANNING AN INDUSTRYWIDE AD
EFFORT STARTING NEXT WEEK BUT PROMISES IT WILL BE MORE LOWKEY
9305180124 930518 WHO'S NEWS METROPOLITAN LIFE INSURANCE CO

METROPOLITAN LIFE INSURANCE CO NEW YORK ANNE E HAYDEN 44 YEARS OLD
WAS PROMOTED TO SENIOR VICE PRESIDENT IN THE CORPORATE HUMAN SERVICES
DEPARTMENT SHE WAS NAMED VICE PRESIDENT IN 1988 AND IN 1991 ASSUMED
RESPONSIBILITY FOR THE HUMAN RESOURCES DEPARTMENT 9305180123 930518 WHO'S
NEWS BDM INTERNATIONAL INC

BDM INTERNATIONAL INC MCLEAN VA MICHAEL ROSEN 31 YEARS OLD WAS
NAMED TO THE NEW POST OF CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER AT BDM
TECHNOLOGIES INC A UNIT OF THIS TECHNICAL SERVICES COMPANY MR ROSEN HAD
BEEN VICE PRESIDENT OF FINANCE AT ICF INTERNATIONAL INC FAIRFAX VA AN
ENVIRONMENTAL CONSULTING AND ENGINEERING COMPANY 9305180122 930518
ABREAST OF THE MARKET TECHNOLOGY AND DRUG STOCKS LIFT INDUSTRIALS YET
LOSERS TOP GAINERS  BY DAVE PETTIT STAFF REPORTER OF THE WALL
STREET JOURNAL

NEW YORK TECHNOLOGY AND DRUG ISSUES HELPED LIFT STOCKS TO A MIXED FINISH
DESPITE CONTINUED NERVOUSNESS ABOUT THE ECONOMY

TRADERS SAID WORRIES THAT STOCKS WILL BE TORPEDOED BY RISING INTEREST RATES
DOMINATED THE SESSION SOME FEAR THAT TWO POOR READINGS ON INFLATION LAST
WEEK WILL LEAD THE FEDERAL RESERVE TO FORCE UP SHORTTERM RATES THE CENTRAL
BANK'S POLICY SETTING FEDERAL OPEN MARKET COMMITTEE MEETS TODAY

OTHERS SAID BUYING INTEREST WAS DAMPED BY WORRIES THAT THE US WILL BE
DRAWN INTO THE VIOLENCE IN BOSNIA A UNITED NATIONSSPONSORED PEACE PLAN WAS
APPARENTLY REJECTED BY BOSNIAN SERBS OVER THE WEEKEND

THE DOW JONES INDUSTRIAL AVERAGE SPENT MUCH OF THE SESSION UNDERWATER BEFORE
CLIMBING IN THE LAST HOUR OF TRADING TO CLOSE WITH A GAIN OF 692 OR 020
TO 344993

THERE WAS NO NEWS TO ACCOUNT FOR THE LATE GAIN DECLINING ISSUES MAINTAINED
A SOLID 1073TO854 LEAD OVER ADVANCERS BIG BOARD VOLUME TOTALED
226180000 SHARES COMPARED WITH 252140000 SHARES FRIDAY

THOMAS GALLAGHER A MANAGING DIRECTOR AT OPPENHEIMER & CO TIED SOME OF THE
LATE BUYING TO OPTIMISM ABOUT THE MARKET'S RELATIVE STABILITY DESPITE ALL
THE NEGATIVES BUT HE SAID I STILL THINK THERE IS ENOUGH NERVOUSNESS
AROUND TO CONVINCE PEOPLE NOT TO MAKE A BIG COMMITMENT

THE STANDARD & POOR'S 500 STOCK INDEX ADDED 081 OR 018 TO 44037 THE
NEW YORK STOCK EXCHANGE COMPOSITE INDEX ROSE 024 OR 010 TO 24358 AND
THE DOW JONES EQUITY MARKET INDEX INCREASED 065 OR 016 TO 41733

SOME OF THE HEAVIEST BUYING WAS RESERVED FOR STOCKS SUCH AS MERCK & CO THE
GIANT PHARMACEUTICAL CONCERN WHICH ROSE 1 1/4 TO 38 5/8 AND COMPAQ
COMPUTER THE PERSONAL COMPUTER MAKER WHICH GAINED 1 5/8 TO 53 1/4

AMONG OTHER DRUG STOCKS PFIZER CLIMBED 1 7/8 TO 71 5/8 GLAXO HOLDINGS
ADDED 1/2 TO 20 1/4 JOHNSON & JOHNSON ADVANCED 1/2 TO 43 3/4 AND
SCHERINGPLOUGH INCREASED 1 1/4 TO 66 3/8

ALSO IN THE TECHNOLOGY SEGMENT MOTOROLA ROSE 1 1/8 TO 75 7/8
HEWLETTPACKARD RALLIED 1 1/8 TO 79 5/8 AND TEXAS INSTRUMENTS INCREASED 7/8
TO 62 3/8

TRADERS TIED PART OF THE DRUG GROUP GAINS TO A REPORT THAT CLINTON
ADMINISTRATION HEALTHCARE ADVISERS HAVE RECOMMENDED THAT THE GOVERNMENT SET
GUIDELINES FOR DRUG COMPANIES TO FOLLOW IN PRICING THEIR PRODUCTS NOT
LEGALLY BINDING PRICE CONTROLS

NEW YORKBASED PFIZER WAS ALSO HELPED BY NEWS IT RECEIVED FOOD AND DRUG
ADMINISTRATION APPROVAL TO MANUFACTURE STREPTOMYCIN FOR USE IN TREATING
TUBERCULOSIS THERE HAS BEEN A SHORTAGE OF THE DRUG SINCE ITS LAST US
MANUFACTURER ENDED PRODUCTION TWO YEARS AGO

HP MEANWHILE ADVANCED ON OPTIMISM AHEAD OF ITS SECONDQUARTER EARNINGS
REPORT WHICH IS EXPECTED EARLY TODAY ANALYSTS SAY REVENUE GROWTH SHOULD
OFFSET CONTRACTION IN PROFIT MARGINS AT THE COMPUTER CONCERN

XEROX TUMBLED 3 1/8 TO 72 1/4 AFTER THE STAMFORD CONN OFFICE EQUIPMENT
COMPANY PREDICTED THAT EARNINGS FROM ITS CORE DOCUMENTPROCESSING OPERATIONS
MAY FALL SHORT OF THE 112 A SHARE RECORDED A YEAR AGO IT BLAMED WEAK
ECONOMIC CONDITIONS AND WHAT IT BELIEVES ARE TRANSITORY EFFECTS OF A REVAMP
OF ITS US SALES FORCE

KMART SLIPPED 1/2 TO 22 1/2 THE COMPANY HAD FIRSTQUARTER EARNINGS FROM
OPERATIONS OF 11 CENTS A SHARE DOWN FROM ITS NET INCOME OF 26 CENTS A SHARE
A YEAR EARLIER THE TROY MICH DISCOUNT RETAILER SAID COLD WEATHER
CONDITIONS IN PARTS OF THE COUNTRY DEPRESSED SALES OF APPAREL AND
HORTICULTURE PRODUCTS WHICH ARE AMONG ITS MOST PROFITABLE

TIME WARNER JUMPED 1 1/2 TO 35 AFTER IT AGREED TO SELL A 25 STAKE IN ITS
CABLE AND ENTERTAINMENT OPERATIONS TO U S WEST FOR 25 BILLION TIME WARNER
AND THE ENGLEWOOD COLO REGIONAL TELEPHONE CONCERN WILL JOINTLY DEVELOP
INTERACTIVE COMMUNICATION AND ENTERTAINMENT SERVICES SHARES OF U S WEST
EASED 3/8 TO 40 5/8 9305180121 930518 OFFERING IS PLANNED BY GREAT
AMERICAN COMMUNICATIONS CO

CINCINNATI GREAT AMERICAN COMMUNICATIONS CO SAID IT EXPECTS TO FILE THIS
WEEK A REGISTRATION STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION
COVERING SECURITIES TO BE OFFERED UNDER ITS PREPACKAGED REORGANIZATION PLAN

GREAT AMERICAN WHOSE LARGEST SHAREHOLDER IS CINCINNATI FINANCIER CARL H
LINDNER'S CLOSELY HELD AMERICAN FINANCIAL CORP HAS NEGOTIATED PROPOSED
TERMS OF THE PLAN WITH UNOFFICIAL DEBTHOLDER COMMITTEES

THE MEDIA COMPANY SAID THE PLAN CALLS FOR THE ISSUANCE OF COMMON STOCK AND
14 NOTES TO PREFERRED SHAREHOLDERS AND DEBTHOLDERS GREGORY C THOMAS
EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER SAID THE PLAN IS
INTENDED TO REDUCE DEBT BY ABOUT 220 MILLION THE REORGANIZATION AFFECTS
GREAT AMERICAN AND THREE NONOPERATING UNITS BUT NOT THE COMPANY'S OPERATING
UNIT GREAT AMERICAN TELEVISION & RADIO CO

GREAT AMERICAN COMMUNICATIONS POSTED A LOSS OF 206 MILLION OR 36 CENTS A
SHARE ON REVENUE OF 436 MILLION FOR THE FIRST QUARTER THAT COMPARES WITH
A YEAREARLIER LOSS OF 272 MILLION OR 48 CENTS A SHARE ON REVENUE OF
444 MILLION MR THOMAS SAID YEAREARLIER REVENUE WAS 428 MILLION
EXCLUDING REVENUE FROM A 20 INTEREST IN THE SYNDICATED SHOW ENTERTAINMENT
TONIGHT WHICH GREAT AMERICAN SOLD LATE LAST YEAR FOR 26 MILLION IN ORDER
TO MAKE YEAREND DEBT PAYMENTS 9305180120 930518 MARKETING & MEDIA 
REUTERS AND VARIETY LAUNCH NEWS SERVICE

NEW YORK REUTERS AMERICA INC AND VARIETY INC SAID THEY LAUNCHED THE
REUTERSVARIETY ENTERTAINMENT REPORT A REALTIME NEWS SERVICE COVERING ALL
ASPECTS OF THE INTERNATIONAL ENTERTAINMENT INDUSTRY

TERMS WEREN'T DISCLOSED REUTERS AMERICA IS A UNIT OF REUTERS HOLDINGS PLC
AN INTERNATIONAL NEWS AND FINANCIAL TRADING SYSTEMS CONCERN VARIETY AN
ENTERTAINMENT INDUSTRY PUBLICATION IS OWNED BY REED PUBLISHING USA

IN A JOINT STATEMENT THE COMPANIES SAID THE SERVICE IS AVAILABLE
IMMEDIATELY TO NORTH AMERICAN NEWSPAPERS AND BROADCASTERS THE SERVICE ALSO
IS BEING MARKETED TO MEDIA AND ENTERTAINMENT ANALYSTS CORPORATIONS
ENTERTAINMENT INDUSTRY PROFESSIONALS AND COMPUTER DATABASE USERS A REUTERS
SPOKESWOMAN SAID PUBLISHERS AND BROADCASTERS WOULD BE CHARGED A FEE FOR THE
SERVICE BASED ON THEIR REPORTED CIRCULATION OR AUDIENCE FIGURES FOR OTHERS
THE SERVICE WILL COST A FLAT 500 MONTHLY FEE PLUS A CHARGE FOR EACH
ADDITIONAL SCREEN

THE COMPANIES SAID THEY PLAN TO MAKE THE SERVICE AVAILABLE BEYOND THE US
AND CANADA LATER THIS YEAR 9305180119 930518 WHO'S NEWS THAMES WATER
PLC PICKS SIR ROBERT CLARKE TO BE ITS CHAIRMAN  SPECIAL TO THE
WALL STREET JOURNAL

LONDON BRITAIN'S THAMES WATER PLC ANNOUNCED THAT SIR ROBERT CLARKE
CURRENTLY EXECUTIVE CHAIRMAN OF UNITED BISCUITS PLC WILL ASSUME THE
CHAIRMANSHIP OF THAMES WATER IN MARCH 1994 HIS ROLE WILL BE THAT OF A
NONEXECUTIVE CHAIRMAN

SIR CHRISTOPHER LEAVER CURRENTLY THE COMPANY'S DEPUTY CHAIRMAN WILL TAKE
OVER AS CHAIRMAN A POST HE WILL HOLD UNTIL MARCH THAMES WATER ADDED

MR CLARKE'S APPOINTMENT WAS PREVIOUSLY APPROVED BY THE THAMES WATER BOARD
MR LEAVER'S APPOINTMENT AS INTERIM CHAIRMAN WAS NECESSITATED BY THE SUDDEN
DEATH OF SIR ROY WATTS LAST MONTH THAMES WATER SAID

MR CLARKE WILL CONTINUE AS NONEXECUTIVE CHAIRMAN OF UNITED BISCUITS AFTER
MARCH 9305180118 930518 DIVIDEND NEWS CHATTEM INC

CHATTEM INC CHATTANOOGA TENN A HEALTHCARE PRODUCT MAKER AS EXPECTED
SAID ITS BOARD DECLARED A SPECIAL CASH DIVIDEND OF 20 A SHARE PAYABLE JUNE
11 TO HOLDERS OF RECORD JUNE 4 THE DIVIDEND AS REPORTED YESTERDAY IS
TIED TO A 100 MILLION CREDIT FACILITY FROM FIRST UNION CORP WHICH IS SET
TO ACQUIRE 1867000 SHARES IN A DEAL APPROVED BY CHATTEM'S BOARD YESTERDAY
CHATTEM STOCK JUMPED SHARPLY ON NEWS OF THE DIVIDEND CLOSING AT 2975 A
SHARE UP 450 IN LATE OVERTHECOUNTER TRADING 9305180117 930518 WHO'S
NEWS INTERNEURON PHARMACEUTICALS INC

INTERNEURON PHARMACEUTICALS INC LEXINGTON MASS HARRY J GRAY WAS
NAMED A DIRECTOR OF THIS MAKER OF DRUGS FOR CENTRAL NERVOUS SYSTEM
DISORDERS MR GRAY FORMERLY CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE
OFFICER OF UNITED TECHNOLOGIES INC IS PRESIDENT OF HARRY GRAY ASSOCIATES
OF FLORIDA A PRIVATE INVESTMENT FIRM HE ALSO SERVES ON THE BOARD OF
AMERICAN MEDICAL HOLDINGS INC HIS APPOINTMENT INCREASES THE NUMBER OF
DIRECTORS TO EIGHT 9305180116 930518 WHO'S NEWS ROTOROOTER INC

ROTOROOTER INC CINCINNATI NAOMI C DALLOB 39 YEARS OLD WAS NAMED A
DIRECTOR OF THIS PLUMBING SERVICES CONCERN EXPANDING THE BOARD TO 21
MEMBERS MS DALLOB IS AN ASSISTANT SECRETARY OF ROTOROOTER AND A VICE
PRESIDENT AND ASSISTANT SECRETARY OF CHEMED CORP CINCINNATI AN AFFILIATED
CONCERN 9305180115 930517 CLOSED END FUNDS

UNAUDITED NET ASSET VALUES NAV OF CLOSED END FUNDS REPORTED BY THE
COMPANIES AS OF FRIDAY'S CLOSE EACH QUOTE INCLUDES THE CLOSING STOCK
EXCHANGE PRICE OR DEALERTODEALER ASKED PRICE OF EACH FUND'S SHARES WITH
THE PERCENTAGE OF DIFFERENCE FOR EQUITY FUNDS THE FINAL COLUMN SHOWS
DIVIDENDS PAID FROM INCOME IN THE LAST 12 MONTHS AS OF THE PRIOR MONTHEND
AS A PERCENTAGE OF THE STOCK MARKET PRICE THE FIGURE DOESN'T INCLUDE
CAPITAL GAINS DISTRIBUTIONS NNEW YORK STOCK EXCHANGE OOVERTHECOUNTER
AAMERICAN MMIDWEST

NATIONAL MUNI BOND FUNDS WEDNESDAY'S CLOSE N/ANOT AVAILABLE OR NOT
APPLICABLE VCONVERTED AT COMMERCIAL RAND RATE ZNOT TRADING ON ANY
EXCHANGE 9305180114 930518 TECHNOLOGY IN THE LAB COMPUTER MIMICS
LIFE FREEING BIOLOGISTS FROM THE LAB  BY LAURENCE HOOPER STAFF
REPORTER OF THE WALL STREET JOURNAL

YORKTOWN HEIGHTS NY PHILIP SEIDEN TAPS THE KEYBOARD AND THE FIRST SET
OF IMMUNOLOGICAL GRAPHS APPEARS ON THE SCREEN OF HIS PERSONAL COMPUTER 
PERFECT RESULTS JUST AS HE HOPED

TO CHECK A THEORY THE STOOPSHOULDERED SCIENTIST HAS DISABLED A SMALL PART
OF HIS SUBJECT'S DISEASEFIGHTING SYSTEM THEN INJECTED FOREIGN SUBSTANCES
OR ANTIGENS

THE GRAPHS SHOW DR SEIDEN THAT THE IMMUNE SYSTEM DIDN'T MOBILIZE TO FIGHT
THESE INVADERS AS IT NORMALLY WOULD THE SMALL PART HE DISABLED WAS THE KEY
TO IMMUNITY IN THIS CASE

TO BE SURE HIS RESULTS AREN'T FLUKY HE HAS REPEATED THE TEST MANY TIMES
THAT'S STANDARD PROCEDURE PROCEDURE THAT WOULD USUALLY TAKE ABOUT 45 DAYS
AND COULD COST 100 LABORATORY MICE THEIR LIVES

BUT DR SEIDEN'S SERIES OF EXPERIMENTS HAS TAKEN ONLY TWO HOURS HE DOESN'T
HAVE A LAB AND HASN'T KILLED ANY MICE

IN FACT HE ISN'T EVEN AN IMMUNOLOGIST HE'S A PHYSICIST AT INTERNATIONAL
BUSINESS MACHINES CORP'S HUGE RESEARCH CENTER HERE BEFORE HE TOOK AN
INTEREST IN BIOLOGY HIS SPECIALTY WAS THE FORMATION OF SPIRAL ARMS IN
GALAXIES

NOW AFTER A CHANCE HOOKUP WITH A RESPECTED NEW YORK IMMUNOLOGIST THE
AFFABLE DR SEIDEN HAS DEVISED A NOVEL WAY TO DO MANY BIOLOGICAL
EXPERIMENTS INSIDE A COMPUTER

BY USING CELLULAR AUTOMATA CHUNKS OF COMPUTER CODE PROGRAMMED TO ACT
LIKE SIMPLE ORGANISMS HE'S SIMULATED SOME KEY PARTS OF THE HUMAN IMMUNE
SYSTEM IN A MAINFRAME COMPUTER DR SEIDEN IS HONING HIS COMPUTER MODEL SO
THAT IMMUNOLOGISTS CAN DO MORE OF THEIR RESEARCH IN MACHINA AS HE CALLS IT
AS WELL AS IN VIVO AND IN VITRO

I DON'T CONSIDER THIS TO BE THEORETICAL WORK HE SAYS HIS LIMBS DRAPED
LOOSELY IN HIS DESK CHAIR I CONSIDER IT AN EXPERIMENT OF A DIFFERENT
KIND

COMPUTER MODELS WON'T EVER COMPLETELY DISPLACE ANIMALS AS SUBJECTS IN
EXPERIMENTS HE SAYS BUT THEY COULD EASILY BE USED TO PINPOINT THE MOST
PROMISING AREAS TO EXPLORE SAVING LOTS OF TIME AND MONEY

THE IDEA IS GAINING ADHERENTS THE NATIONAL INSTITUTES OF HEALTH IS FUNDING
THE WORK OF DR SEIDEN AND FRANCO CELADA HIS COLLABORATOR A PAPER
DETAILING THE PAIR'S IDEAS WAS PUBLISHED LAST YEAR IN THE JOURNAL IMMUNOLOGY
TODAY

A SWISS RESEARCHER IS ALREADY USING THE COMPUTERIZED IMMUNE SYSTEM TO
RESEARCH RHEUMATOID FACTOR CELLS WHICH CAN PRODUCE ARTHRITIS AND OTHER
CONDITIONS US SCIENTISTS ARE WORKING ON CELL MUTATIONS AND OTHER
IMMUNOLOGYRELATED PUZZLES RESEARCHERS IN MILAN ITALY ARE BUILDING A
COMPUTER MODEL OF THE HUMAN THYMUS GLAND THAT WILL COMPLEMENT DR SEIDEN'S
MODEL

ANIMALRIGHTS CAMPAIGNERS MEANWHILE SAY SUCH HIGHTECH WORK IS THE RIGHT
SORT OF ALTERNATIVE TO ANIMAL RESEARCH NOT ONLY DOES IT SPARE LAB MICE BUT
IT IS ALSO FASTER CHEAPER AND IN MANY WAYS MORE PRECISE

DR SEIDEN'S COMPUTERIZED IMMUNE SYSTEM FITS INTO A BROADER DISCIPLINE THAT
SOME PEOPLE CALL ARTIFICIAL LIFE IN ALIFE RESEARCHERS CREATE
SELFCONTAINED CHUNKS OF SOFTWARE THAT RESPOND TO SIMPLE RULES ABOUT THEIR
SURROUNDINGS IF ONE SUCH CELLULAR AUTOMATON IS CIRCLED BY OTHER AUTOMATA
FOR EXAMPLE IT MIGHT DIE BY BEING ERASED

OR IT MIGHT REPRODUCE OR MUTATE OR MOVE AWAY

OVER TIME THE AUTOMATA SHOW BEHAVIOR THAT CAN BE EERILY LIFELIKE IF
DISPLAYED ON A COMPUTER SCREEN AS COMMUNITIES OF AUTOMATA WAX WANE AND
WRESTLE FOR RESOURCES SOME SCIENTISTS INCLUDING DR SEIDEN CLAIM THAT
SUCH EMERGENT BEHAVIOR ISN'T MUCH DIFFERENT FROM BIOLOGICAL LIFE

FOR HIS ALIFE IMMUNE SYSTEM DR SEIDEN HAS CREATED AUTOMATA THAT ACT LIKE
SIMPLE VERSIONS OF THE CELLS AND MOLECULES THAT HELP HUMANS FIGHT DISEASE T
CELLS B CELLS MACROPHAGES ANTIBODIES AND SO ON PROGRAMMING A T CELL FOR
EXAMPLE MEANS ENSURING THAT IT MULTIPLIES WHENEVER IT MEETS A CELL THAT HAS
PROCESSED A RECOGNIZED INVADER

BY LETTING LOTS OF THESE AUTOMATA LOOSE IN THE SAME COMPUTER SPACE
ELEMENTS OF A NORMAL IMMUNE SYSTEM EMERGE SUCH AS THE WELLKNOWN
IMMUNIZATION EFFECT WHEREBY A SECOND INJECTION OF ANTIGENS WILL PRODUCE FAR
MORE ANTIBODIES THAN THE INITIAL INJECTION

WHEN HE GOT THE IDEA FOR THE MODEL FIVE YEARS AGO DR SEIDEN DIDN'T KNOW
THE FIRST THING ABOUT BIOLOGY SINCE THE MID1970S HE HAD BEEN USING
CELLULAR AUTOMATA TO EXPLAIN HOW GALAXIES GROW EVEN TODAY HIS SPARSE
OFFICE IS DECORATED WITH PHOTOGRAPHS OF SPIRAL GALAXIES ALONGSIDE PICTURES
GENERATED FROM HIS COMPUTER MODELS THE PICTURES ARE CLOSE TO IDENTICAL

THEN THROUGH A COMPLEX CHAIN OF EVENTS INVOLVING MUTUAL FRIENDS AND A
CONFERENCE HOSTED BY ITALIAN NOVELISTSCIENTIST UMBERTO ECO IBM PHYSICISTS
WERE TREATED TO A TWOHOUR LECTURE BY DR CELADA A REAL HONESTTOGOD
MOUSESTICKING IMMUNOLOGIST DR SEIDEN CALLS HIM

THAT GOT DR SEIDEN THINKING ABOUT IMMUNOLOGY AND SOON HE CONTACTED DR
CELADA TO SEE IF THEY COULD WORK TOGETHER USING CELLULAR AUTOMATA UNTIL
THEN MOST COMPUTER MODELS OF IMMUNE REACTIONS WERE BASED ON ABSTRUSE
MATHEMATICAL EQUATIONS DR CELADA WAS EXCITED BY A PROCESS THAT SEEMED FAR
MORE LIFELIKE INTUITIVE AND UNDERSTANDABLE TO WORKADAY BIOLOGISTS

HE HELPED DR SEIDEN COME UP WITH WAYS TO DESCRIBE IN COMPUTER TERMS THE KEY
INTERACTIONS IN A HUMAN IMMUNE SYSTEM ALBEIT ON A FAR LESS ELABORATE
SCALE THAN THE REAL IMMUNE SYSTEM WHICH INVOLVES A TRILLION CELLS THE
COMPUTER MODEL FOR EXAMPLE IS COMPLETELY TWODIMENSIONAL CELLS ARE FLAT
AND CAN MOVE UP DOWN LEFT AND RIGHT BUT NOT BACKWARD AND FORWARD

DR SEIDEN STILL TRAVELS TO NEW YORK CITY EVERY THURSDAY TO VISIT DR CELADA
AT THE HOSPITAL FOR JOINT DISEASES WHERE HE ATTENDS SEMINARS AND ABSORBS
THE CULTURE THE TWO SCIENTISTS COLLABORATE CLOSELY WITH DR CELADA
PERFORMING MOUSESTICKING EXPERIMENTS THAT ARE SUITABLE FOR FURTHER
EXPLORATION BY DR SEIDEN AND HIS COMPUTER MODEL

UNTIL RECENTLY DR SEIDEN'S COMPUTERIZED IMMUNE SYSTEM WAS LIMITED TO THE
UNARTISTIC MAINFRAME HERE ALTHOUGH HE COULD MEASURE EVERY ASPECT OF AN
EXPERIMENT AS IT UNFOLDED ALL THESE MEASUREMENTS CAME OUT IN THE FORM OF
RATHER BORING GRAPHS

NOW HE'S WORKING ON MAKING MOVIES OF THE MODEL IN ACTION USING A
HIGHPOWERED GRAPHICS COMPUTER HE MADE MOVIES OF HIS GALAXY WORK AND FOUND
THAT ASTROPHYSICISTS COULD UNDERSTAND THE ALIFE APPROACH ALMOST
INSTANTANEOUSLY

WHAT'S MORE THE PICTURES QUICKLY PRODUCED INSIGHTS THAT LED TO NOVEL WAYS
OF THINKING ABOUT COSMOLOGY INSIGHTS THAT NEVER WOULD ARISE FROM LOOKING
AT A MOTIONLESS GRAPH

DR SEIDEN IS HOPING IT'LL PROVE THE SAME WITH BIOLOGISTS 9305180113
930518 XEROX ADVANCES INKJET PRINTERS

STAMFORD CONN XEROX CORP SAID IT DEVELOPED AN ADVANCED INKJET
TECHNOLOGY FOR DESKTOP COMPUTER PRINTERS THAT SIMULATES LASER PRINTING AT A
LOWER COST

THE 128NOZZLE PRINT HEAD AND ATTACHED RESERVOIR OF INK IS BUILT AS A
REPLACEABLE CARTRIDGE THE BUSINESS EQUIPMENT MAKER SAID THE INKJET
CARTRIDGES THE RESULT OF 12 YEARS OF RESEARCH WILL BE MADE IN XEROX'S
CANANDAIGUA NY MANUFACTURING FACILITY

THE BUSINESS EQUIPMENT MAKER SAID IT HAS RETAINED TOKYO ELECTRIC CO TO
ASSEMBLE DESKTOP PRINTERS THAT USE THE PATENTED XEROX INKJET TECHNOLOGY
XEROX SAID IT WILL INTRODUCE A PERSONAL PRINTER THAT INCORPORATES THIS
TECHNOLOGY LATER THIS YEAR 9305180112 930518 WHO'S NEWS SERVICO INC

SERVICO INC WEST PALM BEACH FLA DAVID BUDDEMEYER 36 YEARS OLD WAS
NAMED PRESIDENT OF THIS OWNER AND MANAGER OF HOTELS HE SUCCEEDS DAVID E
HAWTHORNE 42 WHO REMAINS CHAIRMAN AND CHIEF EXECUTIVE OFFICER MR
BUDDEMEYER WHO HAD BEEN EXECUTIVE VICE PRESIDENT WAS ALSO NAMED TO THE NEW
POSITION OF CHIEF OPERATING OFFICER 9305180111 930518 AT&T LEASING UNIT 
FILES FOR PUBLIC SALE OF 13 OF COMMON

WASHINGTON AT&T CAPITAL CORP THE EQUIPMENTLEASING UNIT OF AMERICAN
TELEPHONE & TELEGRAPH CO FILED FOR ITS INITIAL PUBLIC OFFERING OF FIVE
MILLION COMMON SHARES A 13 STAKE

AFTER THE OFFERING WHICH COULD RAISE TOTAL PROCEEDS OF 95 MILLION THE
LEASING COMPANY WOULD HAVE 461 MILLION OUTSTANDING SHARES WITH AT&T
HOLDING 87

LAST NOVEMBER THE PARENT SAID IT MIGHT SELL ABOUT 15 OF THE UNIT IN A
MOVE AIMED AT HELPING AT&T FOCUS ON ITS CORE TELECOMMUNICATIONS BUSINESSES
AT THE TIME AN INDUSTRY ANALYST SAID AT&T MIGHT SELL STAKES IN OTHER
EQUIPMENT BUSINESSES AS WELL TO CONCENTRATE ON NETWORK SERVICES

AT&T CAPITAL LAST YEAR HAD NET INCOME OF 736 MILLION ON REVENUE OF 127
BILLION TOTAL ASSETS WERE NEARLY 59 BILLION AT DEC 31

AN AT&T CAPITAL SPOKESMAN SAID IT TOOK ABOUT SIX MONTHS TO PREPARE FOR THE
PUBLIC OFFERING BECAUSE AMONG OTHER FACTORS A CREDIT UNIT OF AT&T CAPITAL
HAS NOTEHOLDERS WHOSE CLEARANCE HAD TO BE SOUGHT BEFORE THE OFFERING

IN THE NEW FILING WITH THE SECURITIES AND EXCHANGE COMMISSION AT&T CAPITAL
SAID FOUR MILLION SHARES WOULD BE SOLD IN THE US AND ONE MILLION IN
INTERNATIONAL MARKETS

PROCEEDS FROM THE OFFERING WOULD BE USED FOR WORKING CAPITAL AND TO PAY AT
MATURITY THE COMPANY'S OUTSTANDING MEDIUMTERM NOTES AND LOANS

THE COMPANY DID NOT ESTIMATE A RANGE FOR THE INITIAL OFFERING PRICE
HOWEVER THE SHARES WERE REGISTERED AT A PROPOSED MAXIMUM OFFERING PRICE OF
19 A SHARE 9305180110 930518 MARKETING & MEDIA ADVERTISING RISK
SEEMS TO HAVE PAID OFF IN PRINT CAMPAIGNS DURING 1992  BY KEVIN
GOLDMAN

THINK OF A CONTROVERSIAL AD GOOD OL' JOE CAMEL COME TO MIND HOW ABOUT
THOSE ADS WITH HINTS OF NUDITY AND ODD SEXUAL LIAISONS FROM CALVIN KLEIN

APPARENTLY IT PAYS TO BE IRREVERENT OR RISQUE THOSE ADS WERE AMONG THE MOST
POPULAR PRINT CAMPAIGNS OF 1992 ACCORDING TO AN ADVANCE LOOK AT THE ANNUAL
RANKING OF THE MOST MEMORABLE CAMPAIGNS BY VIDEO STORYBOARD TESTS INC THE
NEW YORK COMPANY ASKED 22000 INDIVIDUALS OVER THE COURSE OF 12 MONTHS OF
ALL THE ADS YOU'VE SEEN WHICH ONE IS THE MOST OUTSTANDING

NIKE IS RANKED NO 1 STEALING THE TOP SPOT FROM LAST YEAR'S TOPPER CALVIN
KLEIN ALTHOUGH MR KLEIN DEVELOPED A PERFUME NAMED ETERNITY ITS ADS'
POPULARITY DIDN'T LAST LONG ENOUGH TO KEEP IT ON TOP FOR TWO CONSECUTIVE
YEARS MR KLEIN'S ADS DONE INHOUSE FELL TO NO 2

EVEN MORE THAN TELEVISION IT IS HARD FOR PRINT ADS TO STAND OUT READERS
SKIM MAGAZINES AND DON'T NECESSARILY STOP AT EACH PAGE TO STARE AT AN
ADVERTISEMENT

FURTHERMORE PRINT IS A SLOW MEDIUM SAYS DAVID VADEHRA PRESIDENT OF
VIDEO STORYBOARD IT TAKES A LONG TIME FOR PRINT TO CREATE AN AWARENESS

PERHAPS THAT IS WHY JOE CAMEL SPOKESANIMAL OF THE CAMEL CIGARETTE ROSE TO
NO 3 FROM NO 8 IN 1991

THE SURGE IN POPULARITY OF THE CAMEL CAMPAIGN SEVERELY CRITICIZED BECAUSE
ANTISMOKING ADVOCATES ALLEGE THE CHARACTER APPEALS TO CHILDREN CAME AS THE
RJR NABISCO PRODUCT PRODUCED NEW EXECUTIONS AND SHUNNED THE SMILING ANIMAL'S
MUG IN SOME ADS FOR THE FIRST TIME SINCE IT WAS INTRODUCED SEVERAL YEARS
AGO NEW ADS FROM THE AGENCY MEZZINABROWN SHOW ONLY JOE CAMEL'S HAND ER
HOOF SELECTING SONGS ON A JUKEBOX

WHAT MAKES THE ADS WORK IS A SENSE OF FUN SAYS JOHN MEZZINA CHAIRMAN AND
EXECUTIVE CREATIVE DIRECTOR AT THE AD AGENCY WE CREATED A POP AND CURRENT
PERSONA YOU GET A SMILE OUT IF IT

MR MEZZINA SAYS THE CAMPAIGN DOESN'T TARGET UNDERAGE SMOKERS AS TO WHETHER
JOE CAMEL MAY BE GRACEFULLY PHASED OUT MR MEZZINA INSISTS JOE CAMEL IS
GOING TO BE WITH US FOR THE DURATION HIS PUBLIC WOULD BE VERY UPSET IF WE
ASKED HIM TO LEAVE

ESCHEWING RISQUE FOR ALLAMERICAN IS NIKE THE ATHLETIC FOOTWEAR COMPANY
ATOP THE LIST MR VADEHRA SAYS NIKE IS ONE OF THE ONLY CAMPAIGNS TO APPEAR
SIMULTANEOUSLY ON VIDEO STORYBOARD'S TOP 10 PRINT AND TELEVISION CAMPAIGNS
THERE WERE FIVE EXECUTIONS FOR NIKE APPAREL IN 1992 ALL OF WHICH FEATURED A
MARQUEE ATHLETE AND OF COURSE THE NIKE TAG LINE OF JUST DO IT

INTERESTINGLY NIKE STOMPED THE COMPETITION WITHOUT THE USE OF ITS TOP
SPOKESMAN BASKETBALL STAR MICHAEL JORDAN

ANOTHER CROWDPLEASER IS THE ABSOLUT VODKA CAMPAIGN EVEN THOUGH ITS ADS
SEEM LIKE THE EVEREADY ENERGIZER BUNNY ADS OF THE ALCOHOL CATEGORY IN THAT
DIFFERENT EXECUTIONS JUST KEEP COMING AND COMING AND COMING

ABSOLUT JUST KEEPS FRESHENING UP THE ADS SAYS MR VADEHRA THIS YEAR FOR
INSTANCE ABSOLUT HAD THREE PUZZLING EXECUTIONS FOR CITIES ATLANTA BOSTON
AND PITTSBURGH THE BOSTON AD TOOK THE SHAPE OF AN ABSOLUT BOTTLE ON A
BASKETBALL COURT AS IN GO CELTICS

MR VADEHRA THINKS THE SUN COULD BE SETTING ON THE MARLBORO MAN FROM LEO
BURNETT CHICAGO IT USED TO SIT HIGH IN THE SADDLE COMMANDING THE TOP SPOT
UNTIL SEVEN YEARS AGO ALTHOUGH IT HAD REMAINED IN THE TOP 10 THIS YEAR IT
RANKS NO 7 DOWN TWO NOTCHES IT'S THE SAME OLD STORY AND PEOPLE ARE
FINALLY GETTING TIRED OF IT SAYS MR VADEHRA HE SAYS HE WOULDN'T BE
SURPRISED IF IT DROPPED OFF THE LIST ENTIRELY NEXT YEAR

THE NEW ENTRY IS GUESS JEANS WITH ITS INHOUSE SEXY ADS OF SHAPELY WOMEN
MR VADEHRA'S REACTION THEY'RE LIKE CALVIN KLEIN ADS

OTHERS ROUNDING OUT THE SURVEY INCLUDE TWO AUTO MAKERS FORD MOTOR NO 6
FROM WPP GROUP'S J WALTER THOMPSON AND WELLS RICH GREENE BDDP AND LEXUS
NO 8 FROM TEAM ONE FORD WAS CITED FOR ITS QUALITY IS JOB 1 THEME
AMONG OTHERS AND LEXUS MADE THE LIST FOR BEAUTIFUL PHOTOGRAPHY

REVLON ADS FROM TARLOW ADVERTISING FELL TO NO 5 FROM NO 3 LAST YEAR
THESE ADS FEATURED THE MOST BEAUTIFUL WOMEN IN THE WORLD ANOTHER BEAUTY
PRODUCT IN THE TOP 10 IS MAYBELLINE FROM INTERPUBLIC GROUP'S LINTAS AT NO
9 UP FROM NO 10 THE REASON TO HEAR MR VADEHRA IS A NOBRAINER THE
MODELS HE SAYS AS IF NO ELABORATION IS NECESSARY

OF COURSE HAVING AN AD THAT IS POPULAR DOESN'T MEAN THE PRODUCT WILL FLY
OFF THE SHELF AND INTO THE HANDS OF CONSUMERS MARLBORO FOR INSTANCE IS
DISCOUNTING ITS BRAND BECAUSE IT IS UNDER HEAVY ATTACK FROM DISCOUNT RIVALS
BUT MR VADEHRA SALUTES TOBACCO AND HARD LIQUOR PRINT ADS BECAUSE THE BRANDS
AREN'T ALLOWED TO ADVERTISE ON TELEVISION THESE ADS HAVE TO DO WITH NO
RECOGNITION HELP FROM TELEVISION HE SAYS

OTHER THAN GUESS THE LIST DIDN'T HAVE ANY NEWCOMERS THAT SAYS MORE ABOUT
AD CAMPAIGNS FROM OTHER PRODUCTS THAN IT DOES ABOUT THE ADS THAT ACTUALLY
MADE THE LIST SAYS MR VADEHRA THIS HAS BEEN A SLOW YEAR FOR PRINT HE
SAYS THERE HASN'T BEEN ANYTHING NEW INTRODUCED RECENTLY THAT REALLY
KNOCKED ANYONE OUT

A COMMERCIAL WHICH APPEARED MONDAY NIGHT DURING ABC'S WILD PALMS
STARRING HOCKEY STAR WAYNE GRETZKY AND HIS TWOYEAROLD SON TY IS PART OF
A 12 MILLION EFFORT BY SHARP ELECTRONICS CORP TO PROMOTE ITS NEWEST
CREATION THE VIEWCAM AN 8MM CAMCORDER WITH A FOURINCH VIEWSCREEN INSTEAD
OF THE TRADITIONAL VIEWFINDER

AIMED AT YOUNG ACTIVE FAMILIES THE CAMPAIGN FEATURES THE WHOLESOMELOOKING
MR GRETZKY AND HIS TOWHEADED SON ROLLERSKATING AS THEY USE THE VIEWCAM TO
DEMONSTRATE THE VERSATILITY OF THE VIEWSCREEN WHICH ALLOWS THE CAMCORDER TO
BE HELD AWAY FROM YOUR FACE AS YOU TAPE

THE CAMPAIGN CREATED BY SHARP'S AGENCY GRIFFIN BACAL INC NEW YORK MARKS
SHARP'S FIRST MAJOR PITCH ON PRIME TIME NETWORK TV IN ABOUT FIVE YEARS SAYS
A SHARP SPOKESMAN

WHO'S NEWS JOHN WREN HAS BEEN NAMED CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF
OMNICOM GROUP'S DIVERSIFIED AGENCY SERVICES GROUP SUCCEEDING BRUCE CRAWFORD
WHO REMAINS OMNICOM CHAIRMAN AND CEO MR WREN 40 HAD BEEN DAS PRESIDENT
HE WILL BE SUCCEEDED BY PETER JONES MANAGING DIRECTOR OF OMNICOM UK A
HOLDING COMPANY THAT WILL BECOME PART OF DAS  VINCE SOTTOSANTI HAS
RESIGNED AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF COMART INC AFTER 16
YEARS WITH THE AGENCY DURING WHICH TIME HE LED A LEVERAGED BUYOUT OF THE
AGENCY AND LATER SOLD IT AGAIN COMART IS NOW A UNIT OF EURO RSCG MR
SOTTOSANTI 56 WILL BECOME A MEDIA CONSULTANT HE IS SUCCEEDED BY BONNIE
CARLSON 48 PRESIDENT HER FORMER POSITION AS CHIEF OPERATING OFFICER WILL
BE ELIMINATED

AMERICAN EXPRESS AMERICAN EXPRESS TRAVEL RELATED SERVICES CO AND THE PGA
TOUR HAVE LAUNCHED A MARKETING PARTNERSHIP TO DEVELOP EXCLUSIVE TRAVEL
RETAIL AND PROMOTIONAL OPPORTUNITIES FOR CARD HOLDERS 9305180109 930518
MOODY'S CONFIRMS BAA1 RATING ON BONDS ISSUED BY NEW YORK

NEW YORK MOODY'S INVESTORS SERVICE INC CONFIRMED ITS BAA1 RATING ON NEW
YORK CITY'S GENERALOBLIGATION BONDS AS THE CITY PREPARES TO SELL A NEW
ISSUE OF THE BONDS

THE RATING AGENCY SAID THE RATING WAS REVIEWED IN CONJUNCTION WITH THE
CITY'S PLANNED SALE TODAY OF 917 MILLION OF GENERALOBLIGATION BONDS

A MOODY'S OFFICIAL SAID HE HADN'T RECENTLY COMPUTED THE CITY'S TOTAL
GENERALOBLIGATION DEBT OUTSTANDING WHICH HE SAID WAS 214 BILLION AT THE
BEGINNING OF DECEMBER A SPOKESWOMAN FOR THE CITY PUT THE CURRENT TOTAL AT
ABOUT 20 BILLION

MOODY'S SAID A MODEST OPERATING SURPLUS IS PROJECTED FOR FISCAL 1993
CONTINUING THE CITY'S EXTENDED RECORD OF BALANCING ANNUAL OPERATIONS AS
REQUIRED BY LAW IT ADDED HOWEVER THAT THE FISCAL 1994 BUDGET IS
NOMINALLY BALANCED BUT CONTAINS SIGNIFICANT RISKS AND THE CITY'S FINANCIAL
PLAN FOR FISCAL 1995 AND BEYOND SHOWS AN ONGOING IMBALANCE BETWEEN THE
CITY'S EXPENDITURES AND REVENUES MOODY'S SAID 9305180108 930518
PEPPERAND SALT

IS DELIGHT AT THE END OF THE TUNNEL

SERVES ALSO LUNCH AND DINNER

THEY DON'T KNOW WHEN TO SIT DOWN 9305180107 930518 WHO'S NEWS PEER
REVIEW ANALYSIS INC

PEER REVIEW ANALYSIS INC MALDEN MASS ALFRED LEWIS WILL BECOME
PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE MANAGED HEALTHCARE SERVICES
CONCERN ON JUNE 1 MR LEWIS WHO WAS EXECUTIVE VICE PRESIDENT OF INTERQUAL
INC A HEALTHCARE UTILIZATION MANAGEMENT COMPANY WILL SUCCEED CHERYL L
CLARKSON A DIRECTOR WHO HAS BEEN ACTING CHIEF EXECUTIVE MS CLARKSON HAS
AGREED TO REMAIN AS CHIEF OPERATING OFFICER IN THE POSITION OF PRESIDENT
MR LEWIS WILL REPLACE RUSSELL G ROBBINS ACTING PRESIDENT AND ONE OF THE
COMPANY'S FOUNDERS WHO WILL REMAIN AS VICE PRESIDENT OF INVESTOR RELATIONS
BOTH MS CLARKSON AND MR ROBBINS ASSUMED THEIR ACTING POSITIONS IN DECEMBER
1992 WHEN ERIC R SPITZER RESIGNED AS THE COMPANY'S PRESIDENT AND CHIEF
EXECUTIVE TO PURSUE OTHER INTERESTS 9305180106 930518 TWO INDICTED IN
TRADING SCAM INVOLVING DEBT  EXMANUFACTURERS HANOVER OFFICERS
ACCUSED IN PLOT TO REAP OVER 500000  BY PETER TRUELL STAFF
REPORTER TO THE WALL STREET JOURNAL

NEW YORK A NEW YORK STATE GRAND JURY INDICTED TWO FORMER OFFICERS OF
MANUFACTURERS HANOVER CORP ALLEGING THAT THEY ILLEGALLY CONSPIRED TO
OBTAIN HUNDREDS OF THOUSANDS OF DOLLARS FROM COLLUSIVE TRADING IN
DEVELOPINGCOUNTRY DEBT

THE TWO MEN ARE ACCUSED OF VIOLATING STATE BANKING LAW AND ALSO OF
COMMERCIAL BRIBERY MANHATTAN DISTRICT ATTORNEY ROBERT MORGENTHAU TOLD
REPORTERS THAT THE CHARGES STEMMED FROM AN INVESTIGATION OF THE MARKET IN
THIRD WORLD DEBT OBLIGATIONS WHERE PROFIT IS EXPECTED TO EXCEED 600
BILLION THIS YEAR

THE INDICTMENT ALLEGES THAT DANIEL YOUNG A FORMER VICE PRESIDENT OF
MANUFACTURERS HANOVER AND GEORGE LIBERATORE A FORMER PRINCIPAL OF THE NEW
YORKBASED DEBTTRADING COMPANY DLF INC CONSPIRED IN 1990 AND 1991 TO MAKE
MORE THAN 500000 FROM TRADING COLOMBIAN BANK DEBT AT MANUFACTURERS
HANOVER'S EXPENSE MR LIBERATORE AND HIS TWO PARTNERS AT DLF HAD WORKED FOR
MANUFACTURERS HANOVER MR LIBERATORE HAD BEEN A VICE PRESIDENT AT THE NEW
YORKBASED BANK WHERE HE TRADED THIRD WORLD DEBT HE LEFT MANUFACTURERS
HANOVER IN THE LATE 1980S THE TWO PARTNERS AREN'T ACCUSED OF ANY
WRONGDOING

MESSRS YOUNG AND LIBERATORE PLEADED NOT GUILTY AT THEIR ARRAIGNMENT IN NEW
YORK STATE SUPREME COURT THEY WERE RELEASED ON 25000 BAIL EACH

GEORGE LIBERATORE IS INNOCENT SAID HIS LAWYER RAYMOND LEVITES
MANUFACTURERS HANOVER MADE A PROFIT ON THE TRANSACTIONS AT ISSUE HE
ADDED INDICTMENTS ARE EASY THE DISTRICT ATTORNEY CAN INDICT A HAM
SANDWICH COME BACK FOR THE VERDICT

MR YOUNG'S LAWYER JAMES MCGUIRE FROM CHICAGOBASED MAYER BROWN & PLATT
SAID THE PROSECUTORS SEEM TO THINK THERE WAS A CONFLICT OF INTEREST THAT
THEY ARE NOW TRYING TO CRIMINALIZE MR MCGUIRE SAID MANUFACTURERS HANOVER
HAD SHOWERED HIS CLIENT WITH PRAISE AND THE BANK'S CHAIRMAN JOHN
MCGILLICUDDY HAD EVEN WRITTEN A PERSONAL LETTER TO HARVARD BUSINESS SCHOOL
ON MR YOUNG'S BEHALF IN 1989

SEPARATELY THE FEDERAL RESERVE ANNOUNCED FORMAL PROCEEDINGS AGAINST MR
YOUNG FOR HIS ALLEGED VIOLATIONS OF US BANKING LAWS THE FED SEEKS TO BAR
MR YOUNG FROM BANKING FOR LIFE FINE HIM AS MUCH AS 500000 AND FORCE HIM
TO GIVE UP HIS PROFITS THE FED ALLEGED THAT AS A RESULT OF MR YOUNG'S
ACTIVITIES MANUFACTURERS HANOVER SUFFERED FINANCIAL LOSS OR OTHER DAMAGE
AND YOUNG HAS BEEN UNJUSTLY ENRICHED

BUT A SPOKESMAN FOR MANUFACTURERS HANOVER WHICH WAS MERGED INTO CHEMICAL
BANKING CORP IN 1991 SAID THE INSTITUTION HAD NO COMMENT ON EITHER THE
INDICTMENT OR THE FED ORDER

BIG BANKS LIKE MANUFACTURERS HANOVER HAD HUNDREDS OF MILLIONS OF DOLLARS IN
LOSSES ON THEIR DEVELOPINGCOUNTRY LOANS IN THE LATE 1980S IF AS THE
MANHATTAN DISTRICT ATTORNEY'S OFFICE AND THE FED ALLEGE THESE BANKS'
SHAREHOLDERS SUFFERED TO THE BENEFIT OF CURRENT AND FORMER BANK OFFICERS
THERE COULD BE A CONSIDERABLE SPATE OF LITIGATION MANY BANKS' TRANSACTIONS
IN THIRD WORLD DEBT WENT VIRTUALLY UNREGULATED AND IN MANY CASES THERE WERE
FEW INTERNAL CONTROLS OR OVERSIGHT

THE MANHATTAN DISTRICT ATTORNEY'S OFFICE FIRST BECAME INTERESTED IN THE
ALLEGED WRONGDOING IN THE MARKET THROUGH ITS INVESTIGATION OF BCCI HOLDINGS
LUXEMBOURG SA UNTIL 1991 DLF WAS 80OWNED BY GHAITH PHARAON A SAUDI
ARABIAN TYCOON WHO ALLEGEDLY ACTED AS A FRONT MAN FOR THE ROGUE BANK MR
LEVITES HOWEVER MAINTAINED THAT YESTERDAY'S INDICTMENT SHOULDN'T BE
CONNECTED WITH THE BCCI SCANDAL

THE INDICTMENT AND THE FED ORDER DETAIL MESSRS YOUNG AND LIBERATORE'S
ALLEGED WRONGDOINGS FROM 1988 MR YOUNG WORKED FOR MANUFACTURERS HANOVER
AS A TRADER OF THE OBLIGATIONS OF DEVELOPING COUNTRIES ONE OF HIS
SPECIALITIES WAS THE DEBT OBLIGATIONS OF COLOMBIA

MESSRS YOUNG AND LIBERATORE ACCORDING TO THE INDICTMENT CONSPIRED TO
PROFIT BY SETTING UP A JOINT VENTURE TO TRADE DEBT IN AUGUST 1990 MR
YOUNG ACTING FOR MANUFACTURERS HANOVER BOUGHT 62 MILLION MARKS 38
MILLION IN COLOMBIAN LOANS FROM DEUTSCHE SUDAMERIKANISCHE BANK AG FOR 6175
CENTS FOR EACH DOLLAR VALUE OF THE FACE AMOUNT MR YOUNG BELIEVED AS DID
OTHERS KNOWLEDGEABLE ABOUT COLOMBIA'S DEBT POSITION THAT THE COUNTRY'S
OBLIGATIONS WOULD INCREASE IN VALUE

IN ADDITION TO BEING A PARTNER AT DLF MR LIBERATORE WAS A PRINCIPAL IN
TRITECH HOLDINGS INC A PRIVATE PARTNERSHIP SET UP TO TRADE THIRD WORLD
DEBT THE INDICTMENT ACCUSES MR LIBERATORE OF USING DLF TRITECH AND OTHER
ENTERPRISES TO PROVIDE THE MEANS TO ACQUIRE THE COLOMBIAN LOANS FROM
MANUFACTURERS HANOVER WITH MR YOUNG'S ASSISTANCE ACCORDING TO GOVERNMENT
INVESTIGATORS MR LIBERATORE ON NOV 30 1990 ALSO NEGOTIATED THE PURCHASE
OF THE COLOMBIAN LOANS FROM A MANUFACTURERS HANOVER TRADER FOR 675 CENTS ON
EACH DOLLAR

MR YOUNG ACCORDING TO THE INDICTMENT GAVE MR LIBERATORE CONFIDENTIAL
AND MATERIAL INFORMATION CONCERNING THE SALE OF THE ASSET AND HE GAVE HIM
ADVICE ABOUT HOW TO MANIPULATE THE MANUFACTURERS HANOVER TRADER WHO
HANDLED THE COLOMBIAN LOANS ERIC BEAL THE TRADER HAS DECLINED TO COMMENT
ON THE COLOMBIAN DEBT TRANSACTION

IN ADDITION THE INDICTMENT ALLEGES THAT BOTH MR YOUNG AND MR LIBERATORE
CONCEALED AND MISREPRESENTED MR YOUNG'S ROLE AND FINANCIAL INTEREST IN
THE JOINT INVESTMENT MANUFACTURERS HANOVER HAD BECOME CONCERNED ABOUT MR
YOUNG'S ROLE IN THE COLOMBIAN TRANSACTION AND ON DEC 20 1990 HE RESIGNED
AT THE BANK'S REQUEST

BETWEEN AUGUST AND NOVEMBER 1991 MESSRS YOUNG AND LIBERATORE ALONG WITH
TRITECH DLF AND OTHER PARTIES THAT HAD ACQUIRED THE COLOMBIAN LOANS SOLD
THEM FOR BETWEEN 90 CENTS AND 93 CENTS FOR EACH DOLLAR OF DEBT MAKING
HUNDREDS OF THOUSANDS OF DOLLARS IN PROFIT 9305180105 930518 WHO'S NEWS
 SHEFFIELD INDUSTRIES INC

SHEFFIELD INDUSTRIES INC MIAMI GROVER FURR WAS NAMED CHAIRMAN AND
CHIEF EXECUTIVE OF THIS MANUFACTURER OF HOSIERY PRODUCTS MR FURR 70 IS A
TEXTILE CONSULTANT AND FORMER PRESIDENT OF BURLINGTON HOSIERY CANADA LTD HE
SUCCEEDS MITCHELL HAMMER WHO RESIGNED YESTERDAY AS PART OF A SHAKEUP
ORDERED BY THE BOARD OF THE COMPANY WHICH IS OPERATING UNDER CHAPTER 11
BANKRUPTCY PROTECTION MICHAEL MANDELBLATT CHIEF FINANCIAL OFFICER ALSO
RESIGNED AS PART OF THE REORGANIZATION THE COMPANY SAID IT PROMOTED CARL
SOLOMON TO PRESIDENT FROM VICE PRESIDENTSALES AND PROMOTED STEVEN MERRILL
TO VICE PRESIDENT FROM DIRECTOR OF PURCHASING 9305180104 930518 BUSINESS
WORLD ENTERPRISING ANSWERS TO CALIFORNIA'S CONTINUING CRISIS  BY
TIM W FERGUSON

EVEN BEFORE BILL CLINTON ARRIVED IN SAN DIEGO LAST EVENING TO OFFER A
SYMPATHETIC SHOULDER IT WAS CRYING TIME IN CALIFORNIA AGAIN ABOUT SIX
WEEKS SHORT OF THE NEW FISCAL YEAR IS WHEN THE STATE'S POLITICIANS BEGIN TO
FOCUS ON THE FACT THEY CAN'T PAY THE BILLS AGAIN THIS YEAR THEY'RE ABOUT
10 BILLION SHORT

SOME MUNICIPALFINANCE PROS CAME TO SACRAMENTO LAST WEEK TO STAMP THEIR
FEET ALTHOUGH CALIFORNIA MUNI YIELDS HAVE YET TO REFLECT MUCH FRIGHT THE
BUDGETARY SLOPPINESS IS ANOTHER CLOUD FOR THE BUSINESS CLIMATE IT
CONTRIBUTES TO AN ATMOSPHERE OF DISORDER AND OF COURSE TAXES WILL BE NEEDED
DOWN THE LINE TO COVER THE MONEY BEING OVERSPENT ALL THE MORE REASON TO
RELOCATE IF YOU REASONABLY CAN AND IF YOUR COMPANY DOESN'T THRIVE IN A
POLYGLOT CULTURE

AND YET EVEN AS THE BODYSNATCHERS FROM NEARBY STATES KEEP DROOLING
CALIFORNIA'S ENTREPRENEURIAL MAGIC ENDURES OF THE 100 TOP PUBLICLYHELD
GROWTH COMPANIES ON BUSINESS WEEK'S LATEST LIST 22 ARE BASED IN THE GOLDEN
STATE SIMILARLY DISPROPORTIONATE NUMBERS HOLD FOR PRIVATE CONCERNS DESPITE
ALL ITS HASSLES THE PLACE STILL APPEALS TO GOGETTERS

THERE'S POLITICAL PROMISE IN THE AIR AS WELL FOR BETTER OR WORSE THE VIEW
IN SACRAMENTO IS THAT GOV PETE WILSON ULTIMATELY WILL DODGE THE BUDGET
BULLET THIS TIME HE RECENTLY ACCEDED TO CARRYING OVER DEFICIT SPENDING
BETWEEN YEARS WHICH HE'S LONG SAID HE WOULDN'T DO IN FACT HE'S ENDED UP
WITH A DEFICIT IN THE BILLIONS OF DOLLARS IN EACH YEAR OF HIS GOVERNORSHIP
THE DIFFERENCE IS THAT NOW THE CRIME WILL BE PREMEDITATED

A PROSPECTIVE LOSS OF 26 BILLION IN STATE SUBSIDIES TO LOCAL GOVERNMENT
HAS GENERATED THE KIND OF WAR CRY THAT LAST YEAR GREETED MR WILSON'S
ATTEMPT TO CURB SCHOOL EXPENDITURES IN THE END HE PUNTED THEN TOO BUT
ONLY AFTER THE TEACHERS LOBBY DID HIM GRIEVOUS DAMAGE WHEN THE FIREFIGHTERS
ET AL STARTED UP THEIR SIRENS THIS TIME THE GOVERNOR UNDERSTANDABLY LOOKED
FOR ROOM TO PULL OVER IN THE END IT'S LIKELY THAT LOCAL OFFICIALS WILL BE
SPARED HAVING TO CONFRONT SUCH QUESTIONS AS WHY FIRE DEPARTMENTS PROVIDE
AMBULANCE PARAMEDIC SERVICE TO PEOPLE WITH SPRAINS AND HEADACHES

THE SPENDING INTERESTS AREN'T THROUGH PUNCHING MR WILSON HOWEVER HE'S HAD
THE GUMPTION TO INSIST ON LETTING LAPSE A TEMPORARY HALFCENT SALES TAX
INCREASE THAT WAS PART OF HIS BIG REVENUE PACKAGE IN 1991 WHICH ALSO HURT
HIM BADLY THOUGH WITH A DIFFERENT GROUP OF VOTERS A LIBERAL CAN'T
UNDERSTAND WHY YOU WOULD EVER GIVE UP A TAX WILLINGLY WHEN THERE ARE SO
MANY GOOD USES FOR IT BUT THE GOVERNOR HAS A VETOSUSTAINING REPUBLICAN
CORE IN THE LEGISLATURE TO LET HIM DO IT

SOME POLLS FOUND A MAJORITY FAVORS KEEPING THE SALES TAX BOOST IN EFFECT SO
STATE TREASURER KATHLEEN BROWN BOLDLY TOOK THAT STAND AS WELL AT THE SAME
TIME IN HER DUTIES AS THE BOND MARKET'S PROXY SHE'S BEEN TRYING TO
OUTFLANK MR WILSON FISCALLY BY TSKTSKING THE IDEA OF DEFICIT ROLLOVERS
STILL NO WORD FROM THIS DEMOCRATIC GUBERNATORIAL HOPEFUL ON STATE SPENDING
SHE WOULD CUT HOWEVER

NO SUCH RELUCTANCE HAS BEEN SHOWN BY THE LEGISLATURE'S FORMER AND REAL
BUDGET HAWK TOM MCCLINTOCK NOW IN EXILE AT A UNIT OF LEW UHLER'S TAX
LIMITATION COMMITTEE NEAR THE CAPITAL MR MCCLINTOCK REMAINS ABOUT THE ONLY
MAN IN CALIFORNIA WHO HAS CONSISTENTLY PROJECTED CORRECTLY THE MAGNITUDE OF
THE BUDGET CRISES OF THE 1990S NOW HE'S HELPFULLY COME UP WITH A LIST OF
98 BILLION IN SAVINGS MORE OR LESS WHAT IT WOULD TAKE TO STANCH THE RED
INK

LIKE ANY SUCH EXERCISE THIS ONE HAS ITS SHARE OF SOFT NUMBERS MANY OF THE
CUTS ARE POLITICALLY IMPLAUSIBLE AND SOME ACTIONS WOULD BE RESTRAINED BY AN
ACTIVIST FEDERAL JUDGE BEFORE NIGHTFALL BUT IT IS A BENCH MARK FOR THE SORT
OF STEPS NECESSARY TO BRING CALIFORNIA'S SPENDING IN LINE WITH CURRENT
REVENUES

ONE INTERESTING ELEMENT ESTIMATED AT NEARLY 32 BILLION IS A CESSATION OF
TAXPAID SERVICES TO ILLEGAL IMMIGRANTS THIS HAS BECOME A RALLYING THEME
FOR CONSERVATIVE REPUBLICANS IN THE STATE AND SEVERAL PROPOSALS HAVE BEEN
CROPPING UP FOR VOTES IN THE LEGISLATURE NONE HAS PASSED BUT THE
DEMOCRATIC LEFT IS BEING AROUSED TO VOCAL OPPOSITION

A FOREIGN INFLUX HAS A MIXED EFFECT ON THE ECONOMY BUT FEW DENY IT CAUSES A
SHORTRUN STRAIN ON TAXPAYERS AS GOV WILSON IS PUSHED FURTHER INTO AN
ECONOMIC AND POLITICAL CORNER HIS HANDLING OF THIS MATTER WILL INDICATE ITS
SALIENCY TO DATE HE HAS DISTANCED HIMSELF FROM ATTACKS ON IMMIGRATION
WHILE GENERALLY WARNING ABOUT A GROWING BENEFICIARY POPULATION

FEDERAL POLICY HAS IMPLICATIONS HERE THE CHART SHOWS HOW CLAIMS FOR AID TO
FAMILIES WITH DEPENDENT CHILDREN TO THE USBORN THUS USCITIZEN
OFFSPRING OF ILLEGAL IMMIGRANTS ACTUALLY DROPPED IN 198788 SEE
ACCOMPANYING ILLUSTRATION WSJ MAY 18 1993 A BIG REASON RECEIPT OF
SUCH PUBLIC ASSISTANCE WEIGHED NEGATIVELY ON APPLICATIONS FOR AMNESTY LEGAL
RESIDENCY BY THE PARENTS UNDER THE 1986 IMMIGRATION LAW AS AMNESTIES BEGAN
TO BE GRANTED THE NUMBER OF CLAIMS STARTED TO RISE AS IT HAS FOR THE
REMAINING MEMBERS OF THOSE FAMILIES

WITHIN THE SEPARATE GROUP KNOWN AS REFUGEES NUMBERING MORE THAN 600000 IN
CALIFORNIA MORE WELFARE PHENOMENA ARE OCCURRING SOME OF THESE APPEAR TO BE
SCAMS FOR INSTANCE ORANGE COUNTY OFFICIALS ARE SUSPICIOUS THAT LARGE
NUMBERS ARE DRAWING BENEFITS WHILE HIDING STANDARDSIZE INCOMES

WELFARE BENEFITS BECAME A RATHER ENTICING OPTION FOR ALL PEOPLES IN
CALIFORNIA OVER TWO DECADES OF BEING INDEXED TO THE COST OF LIVING AND
GOV WILSON IS AGAIN PROMOTING WORK INSTEAD BUT IF STATE SOCIALSERVICE
EXPENDITURES HAVE INCREASED 153 SINCE 1978 THAT IS MODEST COMPARED TO
GROWTH IN THE PRISONS BUDGET 592 THIS JUMP PLUS THE ALARMING EXPENSE OF
LOCAL JAILS MAY BE CONTAINED BY INCIPIENT ABANDONMENT OF A HARDLINE ARREST
POLICY FOR THE STREET DRUG TRADE THAT INROADS INTO PUBLIC ASSISTANCE AND
SOME PAYROLL DISCIPLINE IN STATE GOVERNMENT COULD BRING A CRESTING OF THE
OUTLAY WAVE

REGULATORY EXCESSES CONTINUE TO HAMPER BUSINESSES BIG AND SMALL BUT THE NO
1 COMPLAINT WORKERSCOMP COSTS IS NO LONGER BEING IGNORED OTHER
CONCESSIONS TO LURE AND RETAIN GOOD JOBS CAN BE EXPECTED AT THE SAME
TIME CALIFORNIA MIGHT EVEN CONSIDER MARKETING SOME OF THE FRUITS OF ITS
PAST TAX REBELLIONS MOST ESPECIALLY PROPOSITION 13 WHICH HAS HELD
EFFECTIVE COMMERCIAL PROPERTYTAX RATES BELOW THOSE OFTEN FOUND ELSEWHERE
IT'S TRUE THAT ASSESSED VALUATIONS HAVE BEEN HIGHER THUS CANCELING OUT MUCH
OF THE ADVANTAGE BUT RECESSION IS FIXING THAT TOO

WERE IT TO DEAL WITH ITS PECULIAR CURSES CALIFORNIA WOULD BE FREE TO
COMPETE WITH OTHER STATES ON THE BASIS OF SCARY CRIME RAMPANT VANDALISM AND
UNRULY SCHOOLS HEY THAT COULD BE A FAIR FIGHT 9305180103 930518
POLITICS & POLICY WITH HEALTHCARE PACKAGE NEARING COMPLETION CLINTON
NOW MUST MAKE SOME TOUGH DECISIONS  BY HILARY STOUT AND RICK
WARTZMAN STAFF REPORTERS OF THE WALL STREET JOURNAL

WASHINGTON THIS LOOKS LIKE THE WEEK THAT BILL CLINTON WILL FINALLY GET
DOWN TO MAKING THE TOUGH DECISIONS ON HEALTH CARE

MR CLINTON'S ADVISERS SAY THAT THE PRESIDENT WHO ALREADY HAS SAT THROUGH
NUMEROUS BRIEFINGS ON EVERYTHING FROM RURAL HEALTH CARE TO INSURANCEMARKET
CHANGES WILL BEGIN MAKING THE HARD CALLS ON PRECISELY WHAT TO INCLUDE IN
HIS PLAN AND HOW TO PAY FOR IT MR CLINTON SAT DOWN FOR SEVERAL HOURS WITH
KEY HEALTH AND ECONOMIC ADVISERS ON SUNDAY AND BEGAN TO OFFER SOME
GUIDANCE ON THESE CRUCIAL ISSUES ACCORDING TO GENE SPERLING A TOP
OFFICIAL ON THE WHITE HOUSE'S NATIONAL ECONOMIC COUNCIL MORE MEETINGS ARE
SCHEDULED FOR WEDNESDAY AND THURSDAY AIDES SAY

THE PLAN PROMISES TO BE A BOON FOR PEOPLE WHO CURRENTLY HAVE NO INSURANCE OR
ARE IN DANGER OF LOSING THEIR COVERAGE BUT THERE SURELY WOULD BE LOSERS
TOO PEOPLE WHO CURRENTLY HAVE VERY GENEROUS HEALTHCARE BENEFIT PACKAGES
FOR INSTANCE COULD END UP PAYING MORE MONEY FOR FEWER BENEFITS THERE'S NO
SUCH THING AS A FREE LUNCH FOR HEALTH CARE SAYS ALAIN ENTHOVEN A STANFORD
UNIVERSITY PROFESSOR WHO HAS ADVISED THE WHITE HOUSE HEALTHCARE TASK FORCE

ALTHOUGH THE DETAILS OF THE CLINTON PLAN STILL AREN'T FINALIZED AND THE
PACKAGE ISN'T TO BE UNVEILED UNTIL MIDJUNE ITS MAJOR PARAMETERS HAVE
BECOME CLEAR IN RECENT WEEKS HERE IS WHAT IS KNOWN SO FAR AND WHAT REMAINS
TO BE DECIDED

WHO WOULD BE COVERED UNDER THE CLINTON HEALTH PLAN

EVERY AMERICAN CITIZEN AND ANY OTHER PERSON LEGALLY LIVING IN THE US WOULD
BE COVERED NO MATTER WHETHER THEY FALL ILL CHANGE JOBS LOSE THEIR JOBS OR
SUFFER FROM A PREEXISTING MEDICAL CONDITION

FOR THE ADMINISTRATION OFFERING PEOPLE THIS LEVEL OF SECURITY UNDOUBTEDLY
WILL BE ITS SINGLE GREATEST SELLING POINT THE CLINTON PLAN WILL ESTABLISH
A SYSTEM TO PROTECT THOSE WHO NOW HAVE INSURANCE AND MIGHT LOSE IT SAYS
ARNOLD BENNETT OF FAMILIES USA A CONSUMER ADVOCACY GROUP THAT SPECIALIZES
IN HEALTH CARE I THINK THE AMERICAN PEOPLE ARE WILLING TO PAY TO GET THAT
KIND OF PEACE OF MIND

WHO WOULD PAY FOR MY HEALTH CARE

IF YOU ARE WORKING YOUR EMPLOYER WOULD PAY FOR MOST OF THE COST OF YOUR
HEALTH COVERAGE BUT YOU ALSO WOULD BE REQUIRED TO CONTRIBUTE IF YOU ARE
POOR AND UNEMPLOYED THE GOVERNMENT WOULD SUBSIDIZE ALL OR PART OF YOUR
PREMIUM EMPLOYERS TOO ARE LIKELY TO END UP HELPING TO SUBSIDIZE
LOWINCOME PEOPLE IF YOU ARE OVER 65 YEARS OLD OR DISABLED YOU WOULD
CONTINUE TO RECEIVE GOVERNMENTFINANCED CARE THROUGH THE MEDICARE PROGRAM
IF YOU ARE SELFEMPLOYED OR UNEMPLOYED BUT NOT POOR ENOUGH TO QUALIFY FOR
A GOVERNMENT SUBSIDY YOU WOULD PAY FOR YOUR INSURANCE YOURSELF BUT THE
RATE IS LIKELY TO BE CONSIDERABLY LOWER THAN PEOPLE NOW PAY FOR INDIVIDUAL
POLICIES ON THE OPEN MARKET

THAT'S BECAUSE MOST EVERY PERSON EXCEPT PERHAPS MEDICARE BENEFICIARIES
AND EMPLOYEES OF VERY LARGE COMPANIES WOULD OBTAIN THEIR HEALTH INSURANCE
THROUGH REGIONAL PURCHASING COOPERATIVES CALLED HEALTH ALLIANCES THE
ALLIANCES WOULD COLLECT MONEY FROM EMPLOYERS INDIVIDUALS AND FEDERAL AND
STATE GOVERNMENTS THEN WOULD CONTRACT WITH A SERIES OF HEALTH PLANS
INCLUDING HEALTH MAINTENANCE ORGANIZATIONS FEEFORSERVICE INSURANCE PLANS
AND NETWORKS OF DOCTORS AND HOSPITALS EACH PLAN WOULD BE REQUIRED TO OFFER
THE SAME FEDERALLY GUARANTEED PACKAGE OF HEALTH BENEFITS

ONCE A YEAR PEOPLE COULD GO TO THEIR REGIONAL HEALTH ALLIANCE AND ENROLL IN
ANY OF THE CONTRACTED HEALTH PLANS PEOPLE WHO CHANGE JOBS WITHOUT CHANGING
RESIDENCES WOULDN'T HAVE TO CHANGE HEALTH PLANS BUT IF THEY MOVED TO A NEW
REGION OR STATE THEY WOULD ENROLL IN A HEALTH PLAN THROUGH THE HEALTH
ALLIANCE FOR THAT AREA

WHAT HEALTH BENEFITS WOULD PEOPLE RECEIVE UNDER THE CLINTON PLAN

EVERYONE NO MATTER HOW RICH OR POOR WOULD RECEIVE THE FEDERALLY
GUARANTEED PACKAGE OF HEALTH BENEFITS PRESIDENT CLINTON HASN'T MADE A FINAL
DECISION ON WHAT WILL BE IN HIS PROPOSAL BUT ADVISERS INSIST IT WILL COVER
A COMPREHENSIVE ARRAY OF MEDICAL SERVICES INCLUDING PRESCRIPTION DRUGS
MENTALHEALTH CARE HOSPITALIZATION REGULAR CHECKUPS CHILDHOOD
IMMUNIZATIONS SOME LONGTERM CARE AND A VARIETY OF OTHER PREVENTIVE
SERVICES THERE IS A CONTEMPLATED DRAMATIC INCREASE IN THE SCOPE OF
BENEFITS FROM WHAT PEOPLE NOW ENJOY MARINA WEISS THE TREASURY'S TOP
HEALTH OFFICIAL TOLD CONGRESS

ABORTIONS ALSO ARE EXPECTED TO BE COVERED ALTHOUGH THE PLAN WILL NOT
SPECIFICALLY USE THE TERM

THE KEY QUESTION THAT PRESIDENT CLINTON'S HEALTH ADVISERS ARE WRESTLING WITH
NOW IS HOW BIG TO MAKE PEOPLE'S OUTOFPOCKET PAYMENTS ON THE MOREGENEROUS
END OF THE SPECTRUM IS A PLAN THAT WOULD HAVE NO DEDUCTIBLES AND ONLY
LIMITED COPAYMENTS SUCH AS 10 FOR A VISIT TO THE DOCTOR AT THE OTHER END
IS A PLAN THAT WOULD REQUIRE PEOPLE TO PAY 20 OF EACH DOCTOR BILL PLUS A
DEDUCTIBLE OF A FEW HUNDRED DOLLARS A YEAR

THE ADMINISTRATION IS UNDER CONSIDERABLE PRESSURE TO OFFER A PARTICULARLY
GENEROUS PACKAGE SO THAT MIDDLECLASS AMERICANS WON'T WIND UP WITH FEWER
BENEFITS THAN THEY NOW HAVE BUT THE MORE GENEROUS THE PACKAGE THE MORE
EXPENSIVE IT WILL BE TO BRING THE NEARLY 60 MILLION UNINSURED AND
UNDERINSURED INTO THE SYSTEM

WOULD THERE DEFINITELY BE TAX INCREASES TO PAY FOR THE CLINTON HEALTH PLAN

YES ADMINISTRATION OFFICIALS ARE ALMOST CERTAIN TO PROPOSE RAISING THE TAX
ON CIGARETTES AND POSSIBLY ALCOHOL ADMINISTRATION ECONOMISTS SAY THEY HAVE
BEEN REVIEWING OPTIONS THAT INCLUDE BOOSTING THE FEDERAL LEVY ON A PACK OF
CIGARETTES BY 1 OR 2 A PACK EXACTLY HOW HIGH THESE SIN TAXES MIGHT GO
HOWEVER WOULD DEPEND PARTLY ON WHAT THE REST OF THE FINANCING LOOKS LIKE
EVEN IF ALCOHOL IS HIT WITH HIGHER TAXES BEER IS LIKELY TO BE EXEMPT OWING
TO THE POTENT POLITICAL IMAGE OF JOE SIXPACK

BEYOND THIS INCREASE IN EXCISE TAXES ADMINISTRATION OFFICIALS ARE STRONGLY
CONSIDERING A PAYROLL TAX AS A MEANS FOR ALL EMPLOYERS TO CONTRIBUTE TO
BUYING HEALTH INSURANCE FOR THEIR WORKERS AND POSSIBLY FOR THE POOR AND
UNEMPLOYED THE LEVEL OF SUCH A TAX HASN'T BEEN FIRMLY SET BUT ROBERT
STONE CHAIRMAN OF THE BIGBUSINESSBACKED ERISA INDUSTRY COMMITTEE SAYS HE
WAS TOLD BY TOP CLINTON ADVISERS THAT A LIKELY CONFIGURATION OF A PAYROLL
TAX WOULD BE A 7 CONTRIBUTION FROM EMPLOYERS AND 2 FROM EMPLOYEES

ADMINISTRATION SUPPORTERS SUCH AS DEMOCRATIC SEN JOHN ROCKEFELLER OF WEST
VIRGINIA ARGUE THAT THIS ISN'T REALLY A TAX BECAUSE THE MONEY WOULDN'T BE
SENT TO WASHINGTON INSTEAD IT WOULD GO DIRECTLY TO THE REGIONAL
HEALTHINSURANCE PURCHASING POOLS THE CLINTON PLAN WOULD SET UP THUS THE
WHITE HOUSE PREFERS TO CALL IT A WAGEBASED PREMIUM

BUT THE IMPACT ON BUSINESS AND LABOR IS UNDENIABLY THE SAME AS A TAX WE DO
NOT SEE A MEANINGFUL ROLE FOR EMPLOYERS OTHER THAN TO PAY THE BILLS 
UNDER THE SYSTEM THAT THE ADMINISTRATION APPEARS TO BE DEVELOPING THE
ASSOCIATION OF PRIVATE PENSION AND WELFARE PLANS ANOTHER BIG BUSINESS
GROUP WARNED ITS MEMBERS IN A MEMORANDUM YESTERDAY

SOME CLINTON AIDES HOPE THAT BEYOND SIN TAXES AND PAYROLL TAXES NO
ADDITIONAL LEVIES WOULD BE NEEDED BUT THIS WON'T BE KNOWN FOR SURE UNTIL
TWO CRITICAL QUESTIONS ARE ANSWERED WHAT IS THE EXACT MAKEUP OF THE
BENEFITS PACKAGE AND HOW IS THE BURDEN TO PAY FOR IT GOING TO BE DIVIDED
AMONG THE GOVERNMENT BUSINESSES AND INDIVIDUAL CONSUMERS

HOW WOULD THE CLINTON PLAN CONTROL HEALTHCARE COSTS

CONTROLLING HEALTHCARE COSTS WHICH GOBBLED UP 14 OF THE NATION'S TOTAL
ECONOMIC OUTPUT LAST YEAR IS TO MANY CLINTON OFFICIALS THE SINGLE MOST
IMPORTANT OBJECTIVE OF HEALTH REFORM IN THE SHORT TERM THIS MEANS SOME
SORT OF COST CONTROLS ON PROVIDERS OF HEALTH SERVICES QUITE POSSIBLY THIS
WOULD TAKE THE FORM OF VOLUNTARY AGREEMENTS REACHED WITH DOCTOR GROUPS
HOSPITALS AND DRUG COMPANIES BUT IF PRICES EXCEEDED THE AGREEDUPON LEVEL
THE ADMINISTRATION WOULD CERTAINLY SEEK AUTHORITY TO IMPOSE A SURTAX OR SOME
OTHER SANCTION TO RECLAIM THE SURPLUS REVENUE

LONGER TERM THE CLINTON PLAN IS CONSIDERING AN OVERALL SPENDING CAP OR
GLOBAL BUDGET WHICH WOULD LIKELY BE ALLOCATED AND ENFORCED ON A
STATEBYSTATE BASIS ALTHOUGH CRITICS MAKE THE BUDGET OUT TO BE AS RIGID AS
COST CONTROLS IT WOULD LIKELY OFFER FLEXIBILITY IN MEETING SPECIFIC
SPENDING TARGETS WITH A BUDGET YOU GET THERE ANYWAY YOU CAN SAYS STUART
ALTMAN DEAN OF BRANDEIS UNIVERSITY'S GRADUATE SCHOOL FOR SOCIAL POLICY AND
A CLINTON HEALTH ADVISER DURING THE TRANSITION

HOW WOULD BIG BUSINESSES BE AFFECTED WHAT ABOUT SMALL BUSINESSES

THE ADMINISTRATION IS SURE TO MAKE THE CASE THAT BY BRINGING DOWN HEALTH
COSTS BIG BUSINESS WILL WIN BIG OFFICIALS NOTE THAT COMPANIES OFFERING
HEALTH PLANS TO THEIR WORKERS ALREADY PAY FOR TREATING UNINSURED PEOPLE
BECAUSE HOSPITALS AND DOCTORS INCREASE THEIR FEES TO COVER THEM SOME
COMPANIES IN FACT ESTIMATE THAT SUCH COST SHIFTING ACCOUNTS FOR MORE
THAN 25 OF THEIR HEALTH BILLS

IF THE ADMINISTRATION GOES WITH A PAYROLL TAX IT WOULD OF COURSE REPLACE
THE SHARE OF HEALTH PREMIUMS THAT EMPLOYERS NOW PAY ON BEHALF OF THEIR
WORKERS FOR SOME COMPANIES SUCH AS AUTO AND STEEL MANUFACTURERS EVEN A 9
OR 10 PAYROLL TAX WOULD BE A WINDFALL GIVEN THAT THEY NOW SPEND CLOSER TO
20 ON HEALTH CARE FOR WORKERS AND RETIREES BUT BUSINESSES ARE SKEPTICAL
FOR ONE THING THEY WORRY THAT A PAYROLL TAX THAT'S SET AT ONE LEVEL TODAY
WOULD ONLY RISE IN THE FUTURE DESPITE INDICATIONS FROM THE ADMINISTRATION
THAT A CAP MIGHT BE PUT ON THE TAX RATE HISTORY DOES NOT GIVE ONE REASON
FOR OPTIMISM ON THAT POINT SAYS THE MEMO FROM THE ASSOCIATION OF PRIVATE
PENSION AND WELFARE PLANS IF THE ADMINISTRATION DOESN'T PROPOSE A PAYROLL
TAX IT WOULD INSTEAD REQUIRE COMPANIES TO PAY MOST OF THEIR WORKERS' HEALTH
PREMIUMS

EITHER IDEA UPSETS SMALL BUSINESSES WHICH DON'T LIKE THE IDEA OF A
GOVERNMENT MANDATE BUT ADMINISTRATION OFFICIALS ARGUE THAT GETTING ALL
BUSINESSES TO CONTRIBUTE SOMETHING IS A MATTER OF EQUITY AND THEY HOPE THAT
BY ROOTING INEFFICIENCY FROM THE SYSTEM AND BRINGING DOWN HEALTHCARE COSTS
EVERYONE WILL BENEFIT DOWN THE ROAD IT'S NOT A ZEROSUM GAME ASSERTS
LAURA TYSON CHAIRWOMAN OF THE PRESIDENT'S COUNCIL OF ECONOMIC ADVISERS
9305180102 930518 TECHNOLOGY INTEL ANNOUNCES PRICES FOR NEW PENTIUM
CHIP

SANTA CLARA CALIF INTEL CORP ANNOUNCED THE PRICES FOR ITS NEW PENTIUM
CHIP TARGETED FOR USE IN HIGHEND PERSONAL COMPUTERS

SEPARATELY A HOST OF COMPUTER MANUFACTURERS SUCH AS AST RESEARCH INC AND
HEWLETTPACKARD CO ANNOUNCED THEY WILL BEGIN SELLING COMPUTER SYSTEMS
BASED ON THE NEW CHIP INCLUDING PC AND SERVER MODELS SEVERAL COMPANIES
ANNOUNCED PENTIUMBASED PCS PRICED AROUND 5000 EACH ABOUT HALF THE PRICE
OF WHAT SYSTEMS BASED ON INTEL'S OLDER 486CHIP INITIALLY SOLD FOR

ALTHOUGH THE NEW PENTIUMBASED SYSTEMS FURTHER THE TREND OF INCREASED
COMPUTING POWER AT LESS COST INDUSTRY ANALYSTS SAY THE NEW COMPUTERS AREN'T
YET A THREAT TO TRADITIONAL MAKERS OF POWERFUL DESKTOP SYSTEMS CALLED
WORKSTATIONS AND COMPUTERS USED AS DATABASES CALLED SERVERS ONLY WITH THE
PROLIFERATION OF NEW SOFTWARE SUCH AS MICROSOFT CORP'S WINDOWS NT WHICH
WILL ALLOW PCS TO PERFORM THE COMPLEX TASKS TYPICALLY PERFORMED BY MORE
POWERFUL MACHINES WILL PENTIUM SYSTEMS BEGIN THREATENING THE MARKET FOR
WORKSTATIONS AND SERVERS THEY SAID

INTEL SAID A 66MEGAHERTZ VERSION OF THE CHIP IS PRICED AT 965 EACH IN
LOTS OF 1000 UNITS AND A 60MEGAHERTZ VERSION IS PRICED AT 878 EACH IN
LOTS OF 1000 9305180101 930518 WHO'S NEWS MACANDREWS & FORBES
HOLDINGS INC

MACANDREWS & FORBES HOLDINGS INC NEW YORK PAUL J BLOCK 48 YEARS OLD
WAS NAMED CHAIRMAN OF THE REVLON INTERNATIONAL UNIT OF REVLON GROUP THE
COSMETICS BUSINESS OF THE HOLDING COMPANY CARLOS COLOMER WHOSE AGE WASN'T
AVAILABLE WAS NAMED CHAIRMAN OF REVLON PROFESSIONAL WORLDWIDE MR BLOCK
IN ADDITION TO THE NEW TITLE REMAINS PRESIDENT OF REVLON INTERNATIONAL MR
COLOMER WAS PREVIOUSLY PRESIDENT OF COLOMER GROUP A REVLON UNIT IN SPAIN
HE IS SUCCEEDED BY SANTIAGO VILAS A GENERAL MANAGER AT COLOMER GROUP BETH
BRONNER 41 PREVIOUSLY EXECUTIVE VICE PRESIDENT OF MARKETING FOR REVLON
BEAUTYCARE AND PROFESSIONAL PRODUCTS IN THE US WAS NAMED A REGIONAL
PRESIDENT OF REVLON PROFESSIONAL WORLDWIDE RESPONSIBLE FOR NORTH AMERICA
9305180100 930518 DUPONT REPORTS 6 RISE IN TOXIC CHEMICAL RELEASES

WILMINGTON DEL DUPONT CO THE NATION'S LARGEST TOXIC POLLUTER SAID
ITS TOXIC CHEMICAL RELEASES INCREASED 6 IN 1991 TO 2333 MILLION POUNDS
BECAUSE OF INCREASED PUMPING OF CHEMICAL BYPRODUCTS INTO DEEP INJECTION
WELLS

DUPONT SAID THE 1991 DATA WILL BE INCLUDED IN THE ENVIRONMENTAL PROTECTION
AGENCY'S ANNUAL TOXIC RELEASE INVENTORY OF CORPORATE POLLUTION WHICH IS
EXPECTED TO BE ISSUED NEXT TUESDAY THE 1991 FIGURES ARE THE LATEST
AVAILABLE FROM THE EPA

THE BULK OF THE TOXIC RELEASES RECORDED BY THE EPA ARE HYDROCHLORIC ACID AND
FERRIC CHLORIDE WHICH ARE DILUTED IN INDUSTRIAL WASTE WATER AND PUMPED DOWN
DEEP WELLS IN KENTUCKY TENNESSEE MISSISSIPPI LOUISIANA AND TEXAS SAID
DUPONT SPOKESMAN G IRVIN LIPP THE TOXICS ARE BYPRODUCTS FROM THE
PRODUCTION OF OZONEEATING CHLOROFLUOROCARBONS OR CFCS AND TITANIUM
DIOXIDE RESPECTIVELY

CFCS ARE COOLANTS AND CLEANERS WHOSE PRODUCTION WILL BE BANNED AFTER 1995
TITANIUM DIOXIDE IS USED TO ADD OPACITY TO EVERYTHING FROM GLOSSY MAGAZINE
PAGES TO THE CREAM FILLING IN COOKIES

DUPONT SAID IT REMAINS COMMITTED TO PHASING OUT INJECTING TOXIC WASTES INTO
DEEP WELLS BY THE YEAR 2000 9305180099 930518 INTERNATIONAL GERMAN
UNION'S LEADER IS DRAWN INTO TRADING PROBE  BY TERENCE ROTH 
STAFF REPORTER TO THE WALL STREET JOURNAL

FRANKFURT FRANZ STEINKUEHLER CHAIRMAN OF GERMANY'S IG METALL ENGINEERING
UNION HAS BEEN DRAWN INTO THIS COUNTRY'S LATEST INSIDERTRADING PROBE

THIS ONE INVOLVES THE APRIL 2 ANNOUNCEMENT BY DAIMLERBENZ AG THAT IT WOULD
DISSOLVE ITS MERCEDES AG HOLDING UNIT AND CONVERT MAH SHARES 1FOR1 INTO
DAIMLERBENZ SHARES AT YEAR END

BECAUSE MAH SHARES AT THE TIME WERE TRADING ABOUT 125 MARKS 7756 BELOW
DAIMLERBENZ'S STOCK PRICE THE DEAL PROVIDED A WINDFALL FOR MAH HOLDERS
ONE OF THEM BY HIS OWN ADMISSION WAS MR STEINKUEHLER A LABOR
REPRESENTATIVE ON DAIMLERBENZ'S SUPERVISORY BOARD

THE INSIDERTRADING COMMISSION OF THE FRANKFURT STOCK EXCHANGE LAUNCHED ITS
INVESTIGATION BECAUSE MAH SHARES BEGAN RISING DAYS BEFORE THE ANNOUNCEMENT
THE AFFAIR IS EMBARRASSING FOR DAIMLERBENZ WHICH THIS YEAR HOPES TO LIST
ITS SHARES ON THE NEW YORK STOCK EXCHANGE IT'S ALSO AN EMBARRASSMENT FOR
THE IG METALL UNION WHICH IS IN THE MIDDLE OF A HUGE WAGE STRIKE ACROSS
EASTERN GERMANY

MEETING REPORTERS YESTERDAY MR STEINKUEHLER CONFIRMED NEWS REPORTS THAT HE
HAD BOUGHT 2100 SHARES OF MAH FOR A TOTAL OF 998406 MARKS JUST AHEAD OF
THE APRIL 2 ANNOUNCEMENT HE MADE A 106049MARK PROFIT WHEN HE SOLD OFF
NEARLY HALF THE HOLDING AFTER MAH'S SHARE PRICE SOARED AFTER APRIL 2 HE
SAID

MR STEINKUEHLER DENIED ANY WRONGDOING OR ADVANCE KNOWLEDGE OF THE MAH SHARE
SWAP HE SAID HE LEARNED OF THE DEAL ONLY ON THE SECOND DAY OF THE COMPANY'S
SUPERVISORY BOARD MEETING ON APRIL 2 WHEN MANAGEMENT INFORMED DIRECTORS OF
ITS PLAN

THE CHARGE THAT I ILLEGALLY TOOK ADVANTAGE OF INSIDE INFORMATION IS
THEREFORE FALSE AND I JUDGE IT TO BE AN ATTEMPT TO DISCREDIT MY PERSON HE
SAID IN A STATEMENT TO UNION MEMBERSHIP

MR STEINKUEHLER DISTRIBUTED COPIES OF HIS REPLY TO BOURSE INVESTIGATORS IN
WHICH HE LAID OUT MAH STOCK TRANSACTIONS FOR HIMSELF AND HIS SON THESE
INCLUDED PURCHASES OF 2100 MAH SHARES FOR HIS ACCOUNTS AT BFG BANK AG AT
PRICES RANGING FROM 453 MARKS TO 493 MARKS BETWEEN MARCH 18 AND APRIL 1 HIS
BIGGEST SINGLE ORDER FOR 1000 MAH SHARES WAS MADE FOR HIS SON'S ACCOUNT
ON APRIL 1 A DAY BEFORE THE DAIMLERBENZ ANNOUNCEMENT

ON APRIL 19 MR STEINKUEHLER SOLD 1000 SHARES FOR 563 MARKS APIECE HIS
DECLARATION SAID THE UNSOLD MAH SHARES REMAINING IN HIS ACCOUNT HAVE
RETAINED GAINS OVER HIS PURCHASE PRICE BASED ON MONDAY'S CLOSING PRICE OF
547 MARKS 9305180098 930518 FED CRITICIZED ON PAYMENTS FOR FOREIGN BANK
EXAMS

WASHINGTON THE CHAIRMAN OF THE HOUSE BANKING COMMITTEE SAID THE FEDERAL
RESERVE BOARD FAILED TO CHARGE FOREIGN BANKS FOR ONSITE EXAMINATIONS AS
REQUIRED BY A 1991 BANKING LAW

TWO YEARS AGO CONGRESS TIGHTENED REGULATION OF FOREIGN BANK OPERATIONS IN
THE US FOLLOWING REVELATIONS THAT BANK OF CREDIT & COMMERCE INTERNATIONAL
HAD HIDDEN ITS OWNERSHIP OF FIRST AMERICAN BANKSHARES INC AMONG OTHER
THINGS CONGRESS REQUIRED ANNUAL ONSITE EXAMINATIONS OF FOREIGN BANK
OPERATIONS IN THE US AND ORDERED THE FED TO CHARGE BANKS FOR THE
INSPECTIONS

IN A LETTER TO FED CHAIRMAN ALAN GREENSPAN REP HENRY GONZALEZ D TEXAS
SAID THE FED HAS FOREGONE THE OPPORTUNITY TO COLLECT MILLIONS IN FEES FROM
FOREIGN BANKS LAST YEAR HE SAID FOREIGN BANK EXAMS COST THE NEW YORK
FEDERAL RESERVE BANK 5 MILLION

FED SPOKESMAN JOSEPH COYNE SAID THE AGENCY FULLY INTENDS TO COMPLY WITH THE
LAW AND IS STUDYING THE PROCEDURES FOR CHARGING EXAMINATION FEES
9305180097 930518 NOTABLE & QUOTABLE

STANFORD ECONOMIST VICTOR FUCHS FROM AN OPEN LETTER TO PRESIDENT CLINTON IN
THE APRIL 7 JOURNAL OF THE AMERICAN MEDICAL ASSOCIATION

IF YOUR GOALS INCLUDE COVERING ALL AMERICANS FOR A PACKAGE OF ESSENTIAL
SERVICES SHARING THE COSTS OF THIS PACKAGE FAIRLY AND SLOWING
SIGNIFICANTLY THE RATE OF GROWTH OF HEALTH EXPENDITURES DO NOT IMAGINE THAT
INCREMENTAL REFORM OF THE PRESENT SYSTEM CAN DO THE JOB ONLY COMPREHENSIVE
CHANGE IN FINANCE AND ORGANIZATION HAS A CHANCE OF SUCCESS

THE PUBLIC HOWEVER IS NOT READY FOR COMPREHENSIVE CHANGE MOST AMERICANS
HAVE HEALTH INSURANCE MOST AMERICANS ARE SATISFIED WITH THEIR DOCTOR MOST
AMERICANS BELIEVE THAT THE LARGE PROFITS OF DRUG COMPANIES AND EXCESSIVE
PHYSICIAN INCOMES ARE THE MAIN PROBLEMS THEY ARE NOT IF DRUG COMPANY
PROFITS WERE SLASHED IN HALF HEALTH CARE COSTS WOULD FALL BY LESS THAN 1
IF PHYSICIANS' NET INCOMES WERE CUT BY 20 HEALTH CARE COSTS WOULD FALL BY
LESS THAN 2 9305180096 930518 BUSINESS BRIEF ALLEGHENY POWER SYSTEM
INC WEST PENN POWER UNIT GETS CLEARANCE TO INCREASE RATES

ALLEGHENY POWER SYSTEM INC SAID IN NEW YORK THAT ITS WEST PENN POWER CO
UNIT GOT REGULATORY APPROVAL FOR AN INCREASE OF 616 MILLION IN BASE RATE
REVENUE A YEAR LAST YEAR WEST PENN HAD REVENUE OF 11 BILLION

THE PENNSYLVANIA PUBLIC UTILITY COMMISSION AUTHORIZED A RETURN ON EQUITY OF
115

THE 616 MILLION INCLUDES 26 MILLION IN CARRYING CHARGES FOR WEST PENN'S
SHARE OF FACILITIES BEING BUILT TO COMPLY WITH THE CLEAN AIR ACT AMENDMENTS
OF 1990 ABOUT 75 MILLION OF THE TOTAL ALREADY HAS BEEN COLLECTED THROUGH
A SURCHARGE IN ANTICIPATION OF THE RATE INCREASE 9305180095 930518
BUSINESS BRIEFS

PARKER HANNIFIN CORP AND SAES PURE GAS INC A UNIT OF SAES GETTERS GROUP
OF ITALY ESTABLISHED A JOINT VENTURE TO PRODUCE VALVES FOR ULTRAPURE
GAS USED IN SEMICONDUCTOR MANUFACTURING

STERIS CORP AGREED TO FORM A JOINT VENTURE WITH CLOSELY HELD STARTUP
ECOMED INC INDIANAPOLIS TERMS WEREN'T DISCLOSED

KIRBY CORP A MARINE TRANSPORTATION COMPANY COMPLETED THE ACQUISITION OF
AFRAM LINES CO HOUSTON FOR 255 MILLION

MERRY LAND & INVESTMENT CO PURCHASED THREE FLORIDA APARTMENT COMMUNITIES
FOR A TOTAL OF 32 MILLION

LEWIS GALOOB TOYS INC DROPPED ITS PLAN TO ACQUIRE CLOSELY HELD DIVERSIFIED
SPECIALISTS INC A HOUSTON MARKETER OF ELECTRONIC TOYS DESIGNED FOR YOUNG
CHILDREN

BUSINESS RECORDS HOLDING CORP COMPLETED ITS ACQUISITION OF CMSI INC AND A
RELATED UNIT FOR A TOTAL OF 362 MILLION

MERRYGOROUND ENTERPRISES INC COMPLETED THE ACQUISITION OF MELVILLE
CORP'S CHESS KING DIVISION TERMS WEREN'T DISCLOSED 9305180094 930518
REVIEW & OUTLOOK EDITORIAL TERM LIMIT EVASIONS

THE OUTLINES OF THE BATTLE FOR TERM LIMITS HAVE BECOME CLEAR WHEREVER
PEOPLE VOTE THE LIMITS PASS EASILY MOST RECENTLY IN LOS ANGELES LAST
MONTH WITH 67 SUPPORT NEW YORK CITY VOTERS ARE LIKELY TO APPROVE TERM
LIMITS THIS NOVEMBER BUT WHEN LEGISLATORS MAKE THE DECISION THERE IS ONLY
OPPOSITION OR EVASION

THE LATEST EXAMPLE OF THIS COMES FROM NEW HAMPSHIRE WHICH TERM LIMIT
ADVOCATES ARE TRYING TO MAKE THE 16TH STATE TO PASS TERM LIMITS ON THEIR
MEMBERS OF CONGRESS THE SUPPORT FOR LIMITS IS HUGE EXCEPT AMONG STATE
LEGISLATORS GOVERNOR STEVE MERRILL AND ALL FOUR MEMBERS OF THE STATE'S US
CONGRESSIONAL DELEGATION INCLUDING DEMOCRATIC REP DICK SWETT BACK
TERM LIMITS

BUT THAT HASN'T PREVENTED SOME NEW HAMPSHIRE STATE SENATORS FROM TRYING TO
IGNORE THE WILL OF THE PEOPLE AFTER TERM LIMITS NARROWLY PASSED THE NEW
HAMPSHIRE HOUSE LAST MONTH THE STATE SENATE JUDICIARY COMMITTEE VOTED 32
TO MODIFY THE BILL WITH THREE KILLER AMENDMENTS

FOR EXAMPLE ONE WOULD REMOVE TERM LIMITS IF CONGRESS PASSES CAMPAIGN
FINANCE REFORM LEGISLATION IT'S A RUSE THERE IS NO DEFINITION OF WHAT
CONSTITUTES CAMPAIGN FINANCE REFORM SO EVEN THE MOST MODEST CHANGE WOULD
KILL THE STATE'S TERM LIMIT LAW

THE ADULTERATED TERM LIMIT BILL GOES TO THE FULL SENATE FOR DEBATE TODAY
PERHAPS THE RESISTING NEW HAMPSHIRE SENATORS FEEL NO ONE MUCH WILL NOTICE
WHAT THEY'RE UP TO BUT POLLS ON THE ISSUE SUGGEST THAT 72 OF NEW HAMPSHIRE
RESIDENTS SUPPORT A SIMPLE TERM LIMIT WITH NO AMENDMENTS SOUNDS LIKE THE
PEOPLE WHOSE STATE MOTTO IS LIVE FREE OR DIE KNOW WHAT THEY WANT
9305180093 930518 TECHNOLOGY XEROX EXPECTS PROFIT TO DECLINE IN
CORE BUSINESS  BY GAUTAM NAIK STAFF REPORTER OF THE WALL STREET
JOURNAL

XEROX CORP SAID ITS CORE DOCUMENTPROCESSING BUSINESS COULD POST WEAKER
SECONDQUARTER PROFIT COMPARED WITH THE YEAREARLIER PERIOD DUE TO A MAJOR
SALES REORGANIZATION PLAN

IN A MEETING WITH ANALYSTS PAUL A ALLAIRE CHAIRMAN AND CHIEF EXECUTIVE OF
THE MAKER OF BUSINESS MACHINES SAID NET INCOME FROM DATAPROCESSING
OPERATIONS COULD BE SOMEWHAT BELOW THE 124 MILLION OR 112 A SHARE
EARNED IN THE 1992 SECOND QUARTER THE NEWS DISAPPOINTED INVESTORS AND
XEROX'S SHARES FELL 3125 OR 41 TO 7225 IN COMPOSITE TRADING ON THE
NEW YORK STOCK EXCHANGE YESTERDAY

THE STAMFORD CONN COMPANY SAID THE SALES REORGANIZATION WHICH HAS TAKEN
LONGER THAN EXPECTED CAUSED CONSIDERABLE DISRUPTION PREVIOUSLY SALES
WERE MADE MORE ON THE BASIS OF PRODUCTS INCLUDING WHAT TYPES OF PRODUCTS
WERE SOLD A XEROX SPOKESMAN SAID NOW THE SALES FORCE WILL FOCUS ON
DECISION MAKERS IN OFFICES CENTRALIZED REPRODUCTION DEPARTMENTS IN
BUSINESSES AND DATAPROCESSING CENTERS

FOR 1992 DOCUMENT PROCESSING HAD SALES OF 1468 BILLION OUT OF A TOTAL
1826 BILLION FOR THE COMPANY THE REMAINING SALES DERIVE FROM XEROX'S
INSURANCE AND FINANCIAL SERVICES BUSINESS WHICH THE COMPANY SAID IT PLANS
TO LEAVE

MR ALLAIRE SAID XEROX'S SALES SHIFT REQUIRED SIGNIFICANT TERRITORY CHANGES
EXTENSIVE TRAINING AND NEW SALES COMPENSATION APPROACHES THE EXPECTED
DECLINE IN SECONDQUARTER EARNINGS ALSO WOULD REFLECT WEAKNESS IN THE
EUROPEAN ECONOMY AND THE UNEVEN RECOVERY IN THE US HE ADDED

THE SALES REALIGNMENT FOLLOWS A NEW CORPORATE OFFICE STRUCTURE SET UP BY
XEROX LAST YEAR THE REALIGNMENT DIVIDED MANUFACTURING OPERATIONS FOR
DOCUMENTPROCESSING EQUIPMENT INTO NINE PRODUCT DIVISIONS AND CREATED THREE
GEOGRAPHICALLY BASED CUSTOMER OPERATIONS UNITS TO HANDLE DELIVERY SERVICE
AND CUSTOMER SATISFACTION

AS A RESULT OF THE SALES REALIGNMENT WE EXPECT TO GET MORE PRODUCTS CLOSER
TO CUSTOMERS AND A BETTER HANDLE ON WHAT PRODUCTS CUSTOMERS NEED THE
SPOKESMAN SAID THE COMPANY DISCHARGED ABOUT 800 EMPLOYEES IN THE FIRST
QUARTER A NUMBER THAT INCLUDED LAYOFFS VOLUNTARY RESIGNATIONS AND
RETIREMENTS WE EXPECT THE HEAD COUNT WILL BE DOWN FURTHER IN THE SECOND
QUARTER BUT NOT AS MUCH AS 800 THE SPOKESMAN ADDED

BECAUSE OF THE SALES REORGANIZATION XEROX SAID IT EXPECTS TO INCREASE
SALES MOMENTUM FOR THE BALANCE OF THE YEAR AS WELL AS POST PROFIT GROWTH
FOR THE DOCUMENTPROCESSING BUSINESS IN 1993 THE COMPANY SAID IT WOULD GO
AHEAD WITH A PUBLIC OFFERING OF SIX MILLION SHARES ANNOUNCED IN MARCH

XEROX'S OVERALL STRATEGY SEEMS TO BE TO COUNT ON A BETTER ECONOMY AND NEW
PRODUCTS SAID PETER ENDERLIN ANALYST AT SMITH BARNEY HARRIS UPHAM & CO
BUT MOST ANALYSTS WOULD LIKE TO SEE XEROX BEING MORE AGGRESSIVE ON CUTTING
COSTS HE SAID 9305180092 930518 WHO'S NEWS OEA INC

OEA INC DENVER TREVOR O JONES THE 62YEAROLD CHAIRMAN PRESIDENT
AND CHIEF EXECUTIVE OFFICER OF LIBBYOWENS FORD CO WAS ELECTED A DIRECTOR
OF THIS MAKER OF AEROSPACE AND AUTOMOTIVE SAFETY PRODUCTS OEA SAID MR
JONES'S ELECTION INCREASES THE SIZE OF THE BOARD TO 10 9305180091 930518
MARKETING & MEDIA RATHER WILL SHARE ANCHOR POST AT CBS WITH CONNIE
CHUNG  THE PAIRING IS EXPECTED TO GIVE NETWORK MORE FLEXIBILITY 
TO BROADCAST ON LOCATION  BY KEVIN GOLDMAN STAFF REPORTER OF THE
WALL STREET JOURNAL

NEW YORK AFTER YEARS OF SUGGESTIONS FROM UPPER MANAGEMENT THAT HE SHARE
THE CBS EVENING NEWS ANCHOR POST HE HAD SO FIERCELY STRUGGLED TO PROTECT
DAN RATHER AGREED TO ACCEPT CONNIE CHUNG AS HIS COANCHOR BEGINNING JUNE 1

MR RATHER SAID IN AN INTERVIEW THAT HE IS DOING SO ENTHUSIASTICALLY THE
61YEAROLD MR RATHER WILL GET A CONTRACT THAT RUNS THROUGH THE END OF THE
DECADE THOUGH IT DOESN'T GUARANTEE HIM THE ANCHOR CHAIR FOR THAT
DURATION HIS PREVIOUS CONTRACT WHICH CALLED FOR HIM TO BE SOLE ANCHOR OF
THE BROADCAST WAS SCHEDULED TO EXPIRE NEXT YEAR

FURTHERMORE HE DECLARED I INTEND TO SPEND THE REST OF MY CAREER AT CBS
NEWS MR RATHER WHO BECAME ANCHOR OF CBS'S FLAGSHIP NEWSCAST IN MARCH
1981 SAID THE NEW ARRANGEMENT WILL ALLOW HIM TO BE FREE TO BE ME MR
RATHER SAID HE ACCEPTED THE NEW ARRANGEMENT NOW BECAUSE IT WILL CONCEIVABLY
ALLOW HIM TO REPORT MORE FROM THE SCENE WHICH HE HAS DONE RECENTLY WITH
HURRICANE ANDREW AND THE STANDOFF IN WACO TEXAS

THE WAY TO DO IT IS TO SHARE MR RATHER SAID CBS MANAGEMENT TOLD HIM I
COULDN'T BE MORE EXCITED ABOUT IT

THE NEW BROADCAST TEAM WILL ALLOW FOR FLEXIBILITY ACCORDING TO MR RATHER
AND MS CHUNG WHO HAVE BEEN FRIENDS FOR MORE THAN 20 YEARS CBS NEWS WILL
NO LONGER HAVE TO SPEND HOURS DEBATING WHETHER TO SEND MR RATHER TO A BIG
STORY AND ONCE THERE WORRY ABOUT HOW LONG HE SHOULD STAY

CBS NEWS PRESIDENT ERIC W OBER AND MR RATHER INSISTED THAT THE NEW ANCHOR
ARRANGEMENT ISN'T RATINGS DRIVEN IN THE AC NIELSEN CO RATINGS FOR THE
PERIOD MARCH 30MAY 8 MR RATHER'S NEWSCAST WAS THE ONLY ONE OF THE THREE
MAJOR BROADCAST NETWORKS TO LOSE GROUND HIS NEWSCAST WAS WATCHED BY 87 OF
US HOMES WITH TELEVISION SETS ACCORDING TO NIELSEN COMPARED WITH 9 A
YEAR EARLIER THE POPULARITY RATINGS OF MS CHUNG 46 ARE AMONG THE HIGHEST
ON TELEVISION ALTHOUGH THEY DON'T GUARANTEE SUCCESS A PREVIOUS PRIMETIME
SHOW SATURDAY NIGHT WITH CONNIE CHUNG FAILED

ABC'S WORLD NEWS TONIGHT WITH PETER JENNINGS ATTRACTED 102 COMPARED
WITH 99 A YEAR AGO AND NBC NIGHTLY NEWS WITH TOM BROKAW WAS WATCHED BY
85 COMPARED WITH 81 LAST YEAR

IN THE PAST MR RATHER DISMISSED SHARING THE HALFHOUR NEWSCAST HE ONCE
TOLD A REPORTER THAT WHEN HIS PREDECESSOR WALTER CRONKITE WAS ON THE AIR
IT WAS CALLED SEVEN MINUTES OF MAGIC MEANING THAT ONCE THE COMMERCIALS
AND TAPED REPORTS WERE DISCOUNTED THE ANCHORMAN ACTUALLY SPOKE FOR ONLY
SEVEN MINUTES HE SAID IT WOULD BE HARD TO DIVVY UP THE ANCHOR'S SMALL
AMOUNT OF AIR TIME

BUT AT A NEWS CONFERENCE YESTERDAY AT THE CBS BROADCAST CENTER AN OLD DAIRY
BARN THAT HOUSES CBS NEWS HEADQUARTERS MR RATHER SMILED BROADLY WITH HIS
ARM AROUND HIS NEW PARTNER HE TOLD REPORTERS THEY WERE SEEING A VERY HAPPY
AND VERY EXCITED DAN RATHER

MS CHUNG WILL REPORT FROM THE FIELD AS WELL ALTHOUGH PERHAPS NOT INITIALLY
FOR THE CBS EVENING NEWS SHE IS CURRENTLY GEARING UP FOR A NEW PRIMETIME
SERIES EYE TO EYE THAT IS SCHEDULED TO DEBUT THIS SUMMER AND BE ON CBS'S
FALL SCHEDULE

ACCORDING TO A PERSON CLOSE TO THE SITUATION THIS WAS HARDLY THE FIRST TIME
CBS NEWS ASKED MR RATHER TO SHARE THE ANCHOR DUTIES ACCORDING TO ANOTHER
PERSON THIS TIME IT WAS MR RATHER'S AGENT WHO APPROACHED CBS NEWS
MANAGEMENT TO NEGOTIATE A NEW ARRANGEMENT WHEN HE FIRST SUCCEEDED MR
CRONKITE THERE WERE DISCUSSIONS TO PAIR HIM WITH ROGER MUDD THEN A CBS
NEWS CORRESPONDENT

IN THE LATE 1980S THERE WAS TALK OF HAVING DIANE SAWYER NOW AT ABC NEWS
TO COME ON BOARD WITH MR RATHER MORE RECENTLY THERE WERE DISCUSSIONS TO
TEAM MR RATHER WITH MS CHUNG IN LOS ANGELES AND TO HAVE 60 MINUTES
CORRESPONDENT ED BRADLEY ANCHOR FROM ANOTHER LOCATION ACCORDING TO THE CBS
EMPLOYEE MR BRADLEY DIDN'T WANT TO GIVE UP REPORTING ON THE TOPRATED
MAGAZINE SHOW

THE NEW BROADCAST TEAM COMES AS CBS NEWS IS ENJOYING ITS CALMEST PERIOD IN
RECENT HISTORY THANKS MAINLY EMPLOYEES SAY TO MR OBER WHO UNLIKE PAST
NEWS DIVISION PRESIDENTS HAS THE FULL BACKING OF CBS INC MANAGEMENT

MS CHUNG WAS SUMMONED TO CBS'S CORPORATE HEADQUARTERS LAST FRIDAY TO MEET
WITH MR OBER AND CBS BROADCAST PRESIDENT HOWARD STRINGER WHILE SHE WAS
BITING INTO AN APPLE DANISH SHE RECALLED THEY ASKED IF SHE WOULD COANCHOR
THE CBS EVENING NEWS

THE PAIRING OF MR RATHER AND MS CHUNG SETS THE STAGE FOR ONE OF THE MOST
DRAMATIC ONAIR EXPERIMENTS IN NETWORK TELEVISION NEWS SINCE BARBARA WALTERS
WAS UNSUCCESSFULLY TEAMED WITH HARRY REASONER IN OCTOBER 1976 ON ABC'S
THENTHIRDPLACE EVENING NEWSCAST 9305180089 930518 HEARD ON THE STREET
 KODAK BOUNCES BACK ON HOPES FOR TRUE TURNAROUND  BY JOAN E RIGDON
 STAFF REPORTER OF THE WALL STREET JOURNAL

RIDDLE TURNAROUND WHIZ JOINS LISTLESS COMPANY STOCK SOARS TURNAROUND WHIZ
QUITS STOCK DIVES A FEW WEEKS LATER THE STOCK IS TWOTHIRDS OF THE WAY
BACK UP WHAT'S CHANGED AT THE COMPANY

MAYBE ITS LONGTIME BOSS HAS A NEW ATTITUDE

SOME ANALYSTS AFTER STAMPEDING AWAY FROM EASTMAN KODAK LAST MONTH WHEN
FINANCE CHIEF CHRISTOPHER J STEFFEN QUIT ARE RUSHING TO ISSUE BUY
OPINIONS ON THE STOCK THEIR THEORY IS THAT AT LAST IRATE SHAREHOLDERS
WILL FORCE CHAIRMAN KAY R WHITMORE TO DELIVER ON HIS OFTENHEARD PROMISES
TO TURN AROUND THE ROCHESTER NY PHOTOGRAPHY CHEMICALS AND HEALTHCARE
CONCERN

LISTEN TO JACK KELLY OF GOLDMAN SACHS WHO BOOSTED HIS OPINION ON KODAK TO
BUY FROM NEUTRAL BASED ON WEDNESDAY'S ANNUAL MEETING THE DYNAMICS HAVE
GONE BEYOND THE COMPANY TO SHAREHOLDER ACTIVISM AND THE OUTSIDE BOARD HE
SAYS

AND MORGAN STANLEY'S BRENDA LEE LANDRY SWITCHED TO A SELL WHEN MR STEFFEN
LEFT BUT THEN FLASHED BACK TO A BUY AFTER WEDNESDAY'S MEETING HE MAY BE
BOWING TO SHAREOWNER PRESSURE SHE SAYS OF MR WHITMORE

SO FAR SUCH SENTIMENTS HAVE HELPED BUOY KODAK'S STOCK UP TO 51 5/8 UP 1/4
YESTERDAY THAT ISN'T AS HIGH AS THE 56 3/4 PEAK REACHED WHILE
CUTANDSLASH MR STEFFEN WAS DROPPING HEAVY HINTS THAT A KODAK TURNAROUND
PLAN WOULD CALL FOR SWEEPING LAYOFFS AND THE SALE OF AN ENTIRE BUSINESS
UNIT BUT IT IS WELL ABOVE THE 41 3/4 OF THE DAY IN EARLY JANUARY BEFORE MR
STEFFEN WAS NAMED WHEN MR STEFFEN QUIT AFTER 11 WEEKS HE INITIALLY SEEMED
TO TAKE KODAK'S CREDIBILITY WITH HIM THE STOCK PLUNGED 5 1/8 TO 47 1/4

BUT WITH THE STOCK BACK UP TO THE LOW 50S EVEN MR WHITMORE SEEMS TO BE
FEELING SOME ALTITUDE SICKNESS WE'VE ESCALATED EXPECTATIONS SKYHIGH FOR
A KODAK TURNAROUND PLAN HE SAID DURING A NEWS CONFERENCE LAST WEEK

MR WHITMORE IS DOING HIS BEST TO LIVE UP TO THOSE EXPECTATIONS FOR TWO
WEEKS HE HAS BEEN STUMPING ON WALL STREET LIKE A POLITICIAN PROMISING TO
SELL A MAJOR ASSET SLASH COSTS INCREASE CASH FLOW AND PUT MORE MONEY IN
SHAREHOLDERS' POCKETS AS IN THE PAST HE IS MUM ON THE DETAILS BUT IS
PLEDGING FULL DISCLOSURE BY SEPTEMBER AT THE ANNUAL MEETING HE PROMISED
SOLID EARNINGS THIS YEAR RECORD EARNINGS NEXT YEAR AND IN THE MEANTIME A
PLAN THAT WILL BRING ABOUT MAJOR CHANGE

SOUND CONVINCING I DON'T EVEN KNOW WHAT HE'S OFFERING GROUSES PRUDENTIAL
SECURITIES ANALYST B ALEX HENDERSON WHO CUT HIS RATING TO HOLD FROM
BUY WHEN MR STEFFEN QUIT HE'S NOT PUTTING MAGNITUDES ON ANYTHING I
MEAN WHAT IS MAJOR AS IN MAJOR ASSET SALE WHAT DO WE REALLY KNOW ABOUT
WHAT THEY'RE GOING TO DO IT'S PURE SPECULATION AND INNUENDO AT THIS
JUNCTURE

DEAN WITTER'S EUGENE GLAZER WHO ALSO LOWERED HIS RATING TO A HOLD FROM A
BUY WHEN MR STEFFEN LEFT FIGURES THE CHIEF FINANCIAL OFFICER LEFT FOR A
REASON PERHAPS THE ANALYST SPECULATES MR STEFFEN SAW THAT KODAK'S
TURNAROUND PLAN EITHER WASN'T AS BIG OR WOULDN'T COME AS QUICKLY AS MR
STEFFEN HOPED OR HE FELT THE COMPANY WAS NOT ORGANIZED TO PULL IT OFF
PROPERLY MR GLAZER SAYS

EVEN SOME BULLS CONCEDE THEY ARE WARY WHAT DO THOSE WORDS REALLY MEAN
MS LANDRY SAYS OF THE TERM MAJOR ASSET YOU DON'T KNOW AND I DON'T
KNOW WE'RE NOT IN MR WHITMORE'S HEAD

SHE IS HOPING KODAK'S FINAL PLAN WILL INCLUDE DRASTIC STEPS SUCH AS
SPINNING OFF OR SELLING THE PUBLIC A STAKE IN EASTMAN CHEMICAL BUT DOES
THAT MAKE HER A KODAK CHEERLEADER I AM NOT A BULL SHE INSISTS DESPITE
HER BUY RECOMMENDATION THIS IS NOT A TABLEPOUNDER

OTHERS SAY THEY'RE POSITIVE ON THE STOCK BECAUSE MR WHITMORE HAS REPEATED
PROMISES TO SLASH RESEARCH AND DEVELOPMENT SPENDING AND CAPITAL
EXPENDITURES WHILE FREEING CASH FLOW ALSO HE HAS PROMISED THAT OUTSIDE
BOARD MEMBERS WILL MEET WITH INVESTORS A FIRST FOR KODAK

BUT PROBABLY THE BIGGEST REASON ANALYSTS ARE BULLISH IS THAT THEY SMELL
BLOOD REMINISCENT OF THE UPHEAVALS AT AMERICAN EXPRESS AND GENERAL MOTORS
MR WHITMORE WON'T NECESSARILY LOSE HIS JOB THEY SAY BUT THIS TIME HE
SIMPLY HAS TO DELIVER A TURNROUND AND IF HE DOESN'T SOMEBODY ELSE WILL

WHAT HAS CHANGED IS NOT KODAK'S MANAGEMENT BUT THE ENVIRONMENT SAYS
WERTHEIM SCHRODER'S MICHAEL ELLMANN WHO'S RECOMMENDING THE STOCK NOW THAT
SHAREHOLDERS ARE ANGRY INVESTORS' TOLERANCE FOR SHALL WE SAY MISSED
DELIVERIES IS MUCH LOWER

AND MR WHITMORE HAS MISSED IN THE PAST ALTHOUGH HE IS SELLING HIMSELF AS A
CHANGE AGENT HE HAS BEEN CHAIRMAN FOR THREE YEARS AND PRESIDENT SINCE
1983 DURING THE PAST DECADE HE HAS CHEWED OVER MANY OF THE SAME PROMISES
HE IS MAKING NOW BUT HE HAS FAILED TO DELIVER

IN 1985 THE YEAR OF HIS FIRST RESTRUCTURING AS PRESIDENT MR WHITMORE SAID
IN AN INTERVIEW THAT THE DAYS HAD ENDED WHEN KODAK HAD NO COMPETITORS THE
WORLD DOESN'T ALLOW COMPANIES TO DO THAT ANYMORE SO WE'VE GOT TO CHANGE
AND THAT'S A VERY HARD LESSON TO LEARN MR WHITMORE SAID PROPHETICALLY
AS IT TURNS OUT

FOUR YEARS LATER THE COMPANY RESTRUCTURED AGAIN IN AUGUST 1989 ONE MONTH
AFTER THE COMPANY TOOK A 225 MILLION CHARGE FOR THE SHAKEUP MR WHITMORE
PROMISED MORE CHANGE WE NEED TO SHARPEN OUR FOCUS WE WANT TO MAKE CHANGES
NOW THAT WILL BE PERMANENT HE SAID IN AN INTERVIEW LATER THAT MONTH HE
ANNOUNCED 4500 LAYOFFS AND A PLAN TO SELL 20 SMALL BUSINESSES

APPARENTLY THOSE CHANGES DIDN'T STICK EITHER TWO YEARS LATER IN 1991
KODAK RESTRUCTURED AGAIN THIS TIME ANNOUNCING A RICH EARLY RETIREMENT
PROGRAM PLUS PLANS TO SELL OFF SMALL BUSINESSES IN THE 1991 ANNUAL REPORT
MR WHITMORE SAID KODAK HAD PROGRESSED IN PART BECAUSE OF A DECISION TO
SHARPEN AND IN SOME WAYS NARROW OUR FOCUS

AGAINST THIS HISTORY MR WHITMORE'S NEW PROMISES SOUND EERILY FAMILIAR AND
HE ISN'T EXACTLY APOLOGETIC CONSIDER HIS RESPONSE TO JOHN T RAGUSA AN
IRATE TEXAS SHAREHOLDER WHO DROVE ALL THE WAY TO THE FORT LAUDERDALE FLA
ANNUAL MEETING TO COMPLAIN THAT PERSHARE NET INCOME HAD GROWN ONLY 12 CENTS
IN 11 YEARS PERSHARE EARNINGS EDGED UP TO 353 IN 1992 FROM THE
DECADEEARLIER LEVEL OF 341 MR WHITMORE CONCEDED THAT THE MAN WAS
RIGHT

BUT HE BRUSHED ASIDE MR RAGUSA'S CRITICISM SAYING WE'RE NOT TALKING
ABOUT THE PAST WE'RE TALKING ABOUT WHAT WE'RE COMMITTED TO DO IN THE
FUTURE HE ADDED WE KNOW THE HISTORY VERY WELL WE TAKE ACCOUNTABILITY
FOR THAT HISTORY WE WILL CHANGE THAT HISTORY

LOST IN TRANSLATION SOME THINGS AREN'T FOR EXPORT INCLUDING PERHAPS US
STANDARDS FOR TREATMENT OF SHAREHOLDERS

TUBOS DE ACERO DE MEXICO OR TAMSA SAID YESTERDAY THAT HOLDERS OF 65 OF
ITS ROUGHLY 55 MILLION SHARES APPROVED ITS PLANNED RIGHTS OFFERING DESPITE
OPPOSITION FROM THE STATE OF WISCONSIN INVESTMENT BOARD THE STOCK TRADES IN
THE US AS AN AMERICAN DEPOSITARY RECEIPT WHERE IT CLOSED AT 5 1/4
UNCHANGED ON THE AMERICAN STOCK EXCHANGE

THE WISCONSIN PUBLIC PENSION FUND DECRIED THE RIGHTS OFFERING AS POTENTIALLY
GIVING UNFAIR ADVANTAGE TO THE ARGENTINIAN STEELPIPE MAKER SIDERCA ALREADY
A LARGE TAMSA SHAREHOLDER UNDER THE OFFERING TERMS WISCONSIN ARGUED
SIDERCA MAY BE ABLE TO PURCHASE WORKING CONTROL OF TAMSA FOR ONLY A SMALL
PREMIUM TO YESTERDAY'S CLOSING PRICE

HOLDERS ARE BEING OFFERED THE CHANCE TO BUY AS MANY AS SIX NEW SHARES FOR
EACH 25 ALREADY HELD AT 554 EACH BUT THE ABOVEMARKET PRICE COULD DETER
OTHER HOLDERS FROM EXERCISING THEIR RIGHTS

SUSAN PULLIAM IN NEW YORK CONTRIBUTED TO THIS ARTICLE

EASTMAN KODAK CO ANALYST EUGENE GLAZER OF DEAN WITTER REYNOLDS INC
DOWNGRADED HIS OPINION ON KODAK'S STOCK FROM BUY TO NEUTRAL ON FEB 10
1993 TUESDAY'S HEARD ON THE STREET COLUMN INCORRECTLY SAID THAT MR GLAZER
DOWNGRADED THE STOCK ON APRIL 28 WHEN KODAK ANNOUNCED THAT FINANCE CHIEF
CHRISTOPHER J STEFFEN HAD QUIT 9305180088 930518 BUSINESS BRIEF VALUE
MERCHANTS INC FIRM HIRES ADVISER TO HELP IN SALE OF ITS TOY DIVISION

VALUE MERCHANTS INC MILWAUKEE SAID IT HIRED THE INVESTMENT BANKING FIRM
OF WILLIAM BLAIR & CO TO ASSIST THE COMPANY IN THE SALE OF ITS TOY
DIVISION

THE VARIETY RETAIL CONCERN SAID THAT ALTHOUGH THE TOY BUSINESS WHICH
INCLUDES 121 TOY LIQUIDATORS STORES IS A VALUABLE ASSET ITS POTENTIAL
COULD BE BETTER REALIZED WITH A STRONGER WORKING CAPITAL POSITION THAN WE
CAN PROVIDE AT THIS TIME THE SALE VALUE MERCHANTS SAID WOULD ALSO
STRENGTHEN THE WORKING CAPITAL POSITION OF ITS EVERYTHING'S 100 AND OTHER
VARIETY STORE OPERATIONS

IN FISCAL 1992 ENDED JAN 30 THE COMPANY'S TOY DIVISION HAD SALES OF
1136 MILLION 9305180087 930518 US MULLS NONMILITARY STEPS IN BOSNIA 
AS ALLIES CONTINUE TO OPPOSE USE OF FORCE  BY CARLA ANNE ROBBINS 
STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON REALIZING THAT IT HAS LITTLE HOPE OF PERSUADING ITS EUROPEAN
ALLIES TO AGREE TO MILITARY ACTION IN BOSNIA THE CLINTON ADMINISTRATION IS
NOW TURNING ITS ATTENTION TO A VARIETY OF NONMILITARY OPTIONS INTENDED TO
SLOW THE FIGHTING AND CONTAIN THE CONFLICT

CONTAINING THE CONFLICT HAS ALWAYS BEEN A KEY AMERICAN INTEREST SAID A
SENIOR OFFICIAL WHO ACKNOWLEDGED THAT NONE OF THE NONMILITARY OPTIONS UNDER
DISCUSSION WAS LIKELY TO END THE KILLING IN BOSNIA WE ARE NOT GOING TO
DRAG THE EUROPEANS INTO THIS KICKING AND SCREAMING

AT A WHITE HOUSE MEETING OF TOP NATIONAL SECURITY ADVISERS YESTERDAY
OFFICIALS AGREED THAT SECRETARY OF STATE WARREN CHRISTOPHER WILL MAKE
ANOTHER EFFORT IN PHONE CALLS AND MEETINGS WITH HIS EUROPEAN COUNTERPARTS TO
RALLY SUPPORT FOR THE PRESIDENT'S PLAN TO USE LIMITED MILITARY FORCE BUT
DESPITE THE BOSNIAN SERBS' REJECTIONS THIS WEEKEND OF A PEACE ACCORD US
OFFICIALS SAID THEY SEE NO MOVEMENT IN THE EUROPEAN POSITION

UNDER DISCUSSION AT YESTERDAY'S MEETING WAS A EUROPEAN PLAN TO TRANSFORM
SEVERAL BOSNIAN MUSLIM CITIES INTO SAFE AREAS AND THE POSSIBLE USE OF
US AIR POWER TO EXTRACT UNITED NATIONS PEACEKEEPERS SHOULD THEY COME
UNDER ATTACK

IN ADDITION THE MEETING COVERED IN DETAIL A PROPOSAL TO INCREASE THE NUMBER
OF UN MONITORS ALONG THE BOSNIANSERB BORDER TO MAKE SURE A SERBIAN
EMBARGO OF BOSNIA'S SERBS IS ENFORCED AS WELL AS A SUGGESTION THAT THE
MONITORS BE ARMED NO AMERICANS WOULD BE PART OF THE MONITORING FORCE US
OFFICIALS SAID

OFFICIALS ALSO DISCUSSED THE IDEA OF IMPOSING NEW UN ECONOMIC SANCTIONS ON
CROATIA SHOULD BOSNIAN CROATS CONTINUE TO ATTACK MUSLIM TOWNS FIGHTING
BETWEEN BOSNIAN CROATIAN AND MUSLIM FORCES CONTINUED YESTERDAY AROUND THE
CITY OF MOSTAR WHILE BOSNIAN SERB FORCES ATTACKED THE MUSLIM TOWN OF ZEPA
IN EASTERN BOSNIA A UNDESIGNATED SAFE AREA

LOOKING BEYOND BOSNIA THE SENIOR OFFICIALS MORE CLOSELY REVIEWED THE IDEA
OF PLACING SEVERAL HUNDRED US PEACEKEEPERS IN MACEDONIA AND A FAR
SMALLER NUMBER OF HUMAN RIGHTS MONITORS IN KOSOVO AN ETHNICALLY ALBANIAN
PROVINCE OF SERBIA IN AN EFFORT TO PREVENT THE ETHNIC CONFLICT FROM
SPREADING FURTHER

US OFFICIALS SAY THEY STILL BELIEVE THAT THE PRESIDENT'S PROPOSAL TO LIFT
AN ARMS EMBARGO ON BOSNIA'S MUSLIMLED GOVERNMENT AND USE AIR STRIKES TO
CONTAIN FURTHER SERBIAN AGGRESSION HAS THE BEST CHANCE OF ENDING THE
FIGHTING IN BOSNIA THE EUROPEANS SO FAR HAVE RESISTED BOTH ELEMENTS OF MR
CLINTON'S PLAN WARNING THEY WOULD ONLY INCREASE THE KILLING IN BOSNIA AND
ENDANGER EUROPEAN PEACEKEEPING TROOPS ON THE GROUND

FOR THEIR PART US OFFICIALS CONTINUE TO EXPRESS STRONG DOUBTS ABOUT THE
EUROPEANS' FAVORED SAFEAREA PROPOSAL THEY WARN THAT FOR SUCH A PLAN TO
WORK IT WILL REQUIRE EITHER THE ACQUIESCENCE OF BOSNIA'S SERBS OR A
FULLSCALE MILITARY CONFRONTATION THEY ALSO DOUBT WHETHER THE PLAN WOULD
LEAD TO A LASTING PEACE ACCORD THE UN HAS DESIGNATED SIX MUSLIM CITIES
AND TOWNS AS SAFE AREAS BUT SO FAR HAS FAILED TO BACK THE DESIGNATION WITH
ANY REAL MILITARY MUSCLE

AND WHILE US OFFICIALS SAY THEY ARE WILLING TO EXPLORE THE PLAN FURTHER
THEY SAY PRESIDENT CLINTON REMAINS FIRMLY OPPOSED TO THE IDEA OF
CONTRIBUTING US GROUND TROOPS TO SUCH A FORCE MEANWHILE SOME
ADMINISTRATION OFFICIALS HAVE SUGGESTED THAT US AIR STRIKES MIGHT BE USED
TO PROTECT THE SAFE AREAS BUT OTHERS WARN THAT SUCH AN APPROACH HAS NO
CLEAR EXIT BECAUSE THE TASK COULD GO ON FOR MONTHS OR EVEN YEARS WITH NO
GUARANTEED SETTLEMENT

A US PROMISE TO EXTRACT UN PEACEKEEPERS FROM SAFE AREAS UNDER ATTACK
WOULDN'T BE NEW WHEN RELIEF EFFORTS BEGAN IN SARAJEVO LAST SUMMER THE BUSH
ADMINISTRATION QUIETLY PROMISED THAT IT WOULD RESCUE UN RELIEF WORKERS IF
NECESSARY

WHILE EXPRESSING A NEW WILLINGNESS TO DISCUSS NONMILITARY OPTIONS US
OFFICIALS INSIST THEY STILL HAVEN'T SETTLED ON A NEW POLICY FOR BOSNIA US
OFFICIALS YESTERDAY REJECTED RUSSIA'S CALL FOR A FOREIGN MINISTERS MEETING
AT THE UN FRIDAY THERE'S NO POINT IN HAVING A MEETING UNTIL WE AGREE
ANOTHER SENIOR OFFICIAL SAID 9305180086 930518 NEW SECURITIES ISSUES

THE FOLLOWING WERE AMONG YESTERDAY'S OFFERINGS AND PRICINGS IN US AND
NONUS CAPITAL MARKETS WITH TERMS AND SYNDICATE MANAGER AS COMPILED BY
DOW JONES CAPITAL MARKETS REPORT

EAGLE HARDWARE & GARDEN INC 45 MILLION COMMON SHARES PRICED AT 14
APIECE THROUGH UNDERWRITERS LED BY MONTGOMERY SECURITIES AND ALEX BROWN &
SONS

MEGATEST CORP INITIAL OFFERING OF 26 MILLION COMMON SHARES PRICED AT
12 APIECE THROUGH UNDERWRITERS LED BY ROBERTSON STEPHENS & CO

CHESAPEAKE VA 104 MILLION PUBLIC IMPROVEMENT BONDS PRICED BY A
DAVENPORT & CO OF VIRGINIA GROUP THE OFFERING INCLUDES 9575 MILLION
REFUNDING BONDS WHICH ARE PRICED TO YIELD FROM 235 IN 1993 TO 555 IN
2009 THERE ARE ALSO 85 MILLION NEW MONEY BONDS WITH YIELDS THAT RANGE
FROM 3 IN 1994 TO 565 IN 2010 THE ISSUE HAS BEEN RATED DOUBLEA BY BOTH
MOODY'S INVESTORS SERVICE INC AND STANDARD & POOR'S CORP

HILLSBOROUGH COUNTY FLA AVIATION AUTHORITY 1655 MILLION REVENUE
REFUNDING BONDS FOR TAMPA INTERNATIONAL AIRPORT PRICED BY A MORGAN STANLEY &
CO GROUP INCLUDED IN THE ISSUE ARE 1353 MILLION 1993 SERIES B REFUNDING
BONDS THAT ARE TO YIELD FROM 25 IN 1993 TO 572 IN 2019 THERE ARE ALSO
274 MILLION 1993 SERIES A REFUNDING BONDS AND 28 MILLION 1993 SERIES C
REFUNDING BONDS WITH YIELDS RANGING FROM 25 IN 1993 TO 455 IN 1999 ALL
BONDS ARE INSURED BY THE FINANCIAL GUARANTY INSURANCE CO AND CARRY TRIPLEA
RATINGS FROM BOTH MOODY'S AND S&P

RHODE ISLAND DEPOSITORS ECONOMIC PROTECTION CORP 207 MILLLION 1993
SERIES A SPECIAL OBLIGATION REFUNDING BONDS PRICED BY A DONALDSON LUFKIN &
JENRETTE SECURITIES CORP GROUP YIELDS RANGE FROM 52 IN 2000 TO 605 IN
2022 BONDS DUE IN 2019 AND 2021 ARE INSURED BY FINANCIAL SECURITY ASSURANCE
AND CARRY TRIPLEA RATINGS FROM BOTH MOODY'S AND S&P THE OTHER BONDS HAVE
BEEN RATED BAA1 BY MOODY'S AND SINGLEAMINUS BY S&P

VIRGINIA COMMONWEALTH TRANSPORTATION BOARD 91 MILLION SERIES 1993
TRANSPORTATION REVENUE REFUNDING BONDS PRICED BY A GOLDMAN SACHS & CO
GROUP YIELDS RANGE FROM 275 IN 1994 TO 57 IN 2012 THE BONDS HAVE BEEN
RATED DOUBLEA BY BOTH MOODY'S AND S&P

FEDERAL HOME LOAN MORTGAGE CORP 500 MILLION OF REAL ESTATE MORTGAGE
INVESTMENT CONDUIT SECURITIES OFFERED BY LEHMAN BROTHERS THE OFFERING
SERIES G013 IS BACKED BY GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 30YEAR
7 MORTGAGSECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF
75 AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF 299 YEARS

FEDERAL HOME LOAN MORTGAGE CORP 500 MILLION OF REAL ESTATE MORTGAGE
INVESTMENT CONDUIT SECURITIES OFFERED BY KIDDER PEABODY & CO THE OFFERING
SERIES 1541 IS BACKED BY THE AGENCY'S 30YEAR 7 MORTGAGE SECURITIES THE
COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 76 AND WEIGHTED AVERAGE
REMAINING TERM TO MATURITY OF 298 YEARS

FEDERAL NATIONAL MORTGAGE ASSOCIATION 500 MILLION OF REAL ESTATE
MORTGAGE INVESTMENT CONDUIT SECURITIES OFFERED BY FIRST BOSTON CORP THE
OFFERING SERIES 199399 IS BACKED BY THE AGENCY'S 30YEAR 7 MORTGAGE
SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 77 AND
WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF 298 YEARS

COMMERZBANK OVERSEAS FINANCE NV GERMAN PARENT 110 MILLION SWISS FRANCS
OF PRIVATELY PLACED NOTES DUE JULY 2 1998 WITH WARRANTS ATTACHED CARRYING
A 25 COUPON AT PAR VIA SWISS BANK CORP EACH 50000FRANC NOTE CARRIES 250
AMERICANSTYLE WARRANTS EXERCISABLE TO MAR 5 1996 INTO A BASKET OF GERMAN
UTILITIES THE EXERCISE PRICE IS FIXED MAY 18 AT AN EXPECTED 431 PREMIUM
OVER THE CLOSING SHARE PRICE FEES 175 POINTS

GENERAL ELECTRIC CAPITAL CORP US PARENT 150 BILLION ITALIAN LIRE OF
10 3/8 EUROBONDS DUE JUNE 14 2000 AT ISSUE PRICE 101837 VIA DEUTSCHE
BANK AG LONDON YIELD 1038 ANNUAL AT BREAKEVEN PRICE FOR UNDERWRITERS
FEES 1875 POINTS

KINGDOM OF BELGIUM SOVEREIGN 500 MILLION OF 5 3/8 EUROBONDS DUE JUNE
15 1998 REOFFERED AT 9942 VIA JP MORGAN SECURITIES LTD YIELD AT
REOFFER PRICE 551 ANNUAL A 21BASISPOINT MARGIN ABOVE THE BENCHMARK
FIVEYEAR US TREASURY NOTE FEES 025 POINT

PETROLEOS MEXICANOS SA MEXICO 700 MILLION AUSTRIAN SCHILLINGS OF 838
EUROBONDS DUE MAY 27 1998 AT ISSUE PRICE 1005 VIA
CREDITANSTALTBANKVEREIN YIELD AT REOFFER PRICE 868 ANNUAL AT BREAKEVEN
PRICE FOR CO MANAGERS FEES 18 POINTS

SANYO ELECTRIC CO JAPAN 20 BILLION YEN OF 51 EUROBONDS DUE SEPT 1
1999 AT ISSUE PRICE 101 5/8 VIA DAIWA EUROPE LTD REOFFERED AT 1001 TO
YIELD 508 ANNUAL FEES 1875 POINTS

SANYO ELECTRIC CO JAPAN 10 BILLION YEN OF FLOATINGRATE EURONOTES DUE
MAY 28 1998 AT ISSUE PRICE 10185 VIA SUMITOMO FINANCE INTERNATIONAL LTD
INTEREST FLOATS AT 025 POINT ABOVE THE THREEMONTH LONDON INTERBANK OFFERED
RATE FEES 1875 POINTS 9305180085 930518 INTERNATIONAL BRIEF RHONE
POULENC SA FIRSTQUARTER EARNINGS ROSE 10 DUE TO AUDITING CHANGE

FRENCH CHEMICALS AND DRUG GROUP RHONEPOULENC SA SAID ITS FIRST QUARTER NET
INCOME WAS UP 10 FROM THE YEAREARLIER PERIOD TO 676 MILLION FRANCS 125
MILLION FROM 614 MILLION FRANCS AFTER TAKING INTO ACCOUNT A CHANGE IN
DEPRECIATION CALCULATIONS

EXCLUDING THE 141 MILLION FRANC BENEFIT OF THIS ACCOUNTING CHANGE WHICH
REDUCED DEPRECIATION CHARGES BY LENGTHENING THE LIFE OF CERTAIN ASSETS
RHONEPOULENC'S NET GROUP PROFIT WOULD HAVE FALLEN 13 THE COMPANY IN PARIS
SAID

REVENUE FELL 79 TO 1982 BILLION FRANCS FROM 2153 BILLION FRANCS
OPERATING INCOME WAS DOWN AS WELL

RHONEPOULENC SAID THE OUTLOOK FOR THE FIRST HALF OF 1993 REMAINS WEAK
COMPARED WITH LAST YEAR'S STRONG PERFORMANCE BUT THE COMPANY SAID IT SEES A
RISE IN OPERATING INCOME FROM GAINS IN THE HEALTH AND AGRICULTURE SECTORS
9305180084 930518 TECHNOLOGY BRIEF PFIZER INC FDA APPROVES
ANTIBIOTIC FOR FIGHTING TUBERCULOSIS

PFIZER INC SAID IT RECEIVED APPROVAL FROM THE FOOD AND DRUG ADMINISTRATION
TO REINTRODUCE THE ANTIBIOTIC STREPTOMYCIN TO FIGHT THE REEMERGENCE OF
TUBERCULOSIS

PFIZER BASED IN NEW YORK SAID ITS STREPTOMYCIN SULFATE INJECTION USP IS
EXPECTED TO BE AVAILABLE NATIONWIDE IN MIDJUNE IT WOULD BE USED TO COMBAT
EMERGING MULTIPLE DRUGRESISTANT STRAINS OF TUBERCULOSIS WHICH ARE FATAL IN
40 OR MORE OF ALL CASES TUBERCULOSIS HAS BEEN SPREADING IN EPIDEMIC
PROPORTIONS SINCE 1984 WITH AN INCREASE IN DRUGRESISTANT STRAINS

STREPTOMYCIN HAS BEEN IN SHORT SUPPLY SINCE 1991 WHEN THE MAIN INGREDIENT OF
THE MEDICINE STERILE BULK STREPTOMYCIN WHICH WAS MANUFACTURED OVERSEAS
BECAME UNAVAILABLE IN THE US TO ADDRESS THE SHORTAGE PFIZER REFORMULATED
THE PRODT REVISED MANUFACTURING PROCESSES AND WORKED WITH THE FDA TO MAKE
THE DRUG AVAILABLE DOMESTICALLY 9305180083 930518 BUSINESS BRIEF 
TIFFANY & CO COMPANY POSTS 67 DECLINE IN FISCAL FIRSTQUARTER PROFIT

THE NEW YORK JEWELER AND SPECIALTY RETAILER REPORTED THAT NET INCOME FELL TO
1 MILLION OR SEVEN CENTS A SHARE FROM 31 MILLION OR 20 CENTS A SHARE
A YEAR EARLIER

SALES ROSE 2 TO 1095 MILLION FROM 1072 MILLION OUR MODEST SALES
INCREASE REFLECTS THE CHALLENGING ECONOMIC CONDITIONS AND CONSUMER CAUTION
THAT CONTINUE IN MANY MARKETS AROUND THE WORLD SAID CHAIRMAN WILLIAM R
CHANEY

EXPENSES FOR NEW STORES AND BOUTIQUES HURT EARNINGS IN THE LATEST PERIOD
WHILE STRENGTHENING LONGTERM GROWTH POTENTIAL MR CHANEY SAID
9305180082 930518 BUSINESS BRIEF OCELOT ENERGY INC FIRM GETS
PIPELINE CONTRACT VALUED AT ABOUT 33 MILLION

OCELOT ENERGY INC SAID ITS OJ PIPELINES UNIT WAS AWARDED A PIPELINE
CONSTRUCTION CONTRACT VALUED AT ABOUT 42 MILLION CANADIAN DOLLARS US33
MILLION

THE CONTRACT TO BUILD 23 MILES OF 24INCH AND 36INCH DIAMETER PIPELINE AND
MAINTAIN AND REPAIR SOME EXISTING PIPELINE IN SOUTHERN ONTARIO WAS AWARDED
BY TRANSCANADA PIPELINES LTD A CALGARY ALBERTA GAS TRANSPORTATION
CONCERN OCELOT SAID THE PROJECT IS SCHEDULED TO BEGIN MAY 31 AND TO BE
COMPLETED BY NOV 1

OCELOT ALSO BASED IN CALGARY IS AN OIL AND GAS EXPLORATION AND PRODUCTION
CONCERN WITH INTERESTS IN WELL DRILLING AND SERVICE AND PIPELINE
CONSTRUCTION 9305180081 930518 LATIN AMERICAN ART BOOM COMES TO A HALT
AT CHRISTIE'S

NEW YORK THE BOOMING MARKET FOR LATIN AMERICAN ART GROUND TO A HALT LAST
NIGHT AT CHRISTIE'S INTERNATIONAL PLC AUCTION HOUSE

HALF OF THE 64 PAINTINGS AND SCULPTURES FAILED TO FIND BUYERS DESPITE A
PACKED SALES ROOM AND VERY HIGH EXPECTATIONS

PRICES HAD BEEN SURGING IN ROUGHLY THE PAST TWO YEARS FOR LATIN AMERICAN
ART LISA PALMER HEAD OF CHRISTIE'S LATIN AMERICAN ART DEPARTMENT CALLED
LAST NIGHT'S BIDDING ERRATIC AND THE SALE SOFT MEXICAN BUYERS NORMALLY
THE UNDERPINNINGS OF THE MARKET WERE NOT ABLE TO COME UP WITH THE KIND OF
MONEY THEY DID SIX MONTHS AGO

HOWEVER THE AUCTION HOUSE DID SET A RECORD FOR A WORK BY MEXICAN ARTIST
RUFINO TAMAYO HIS HUGE 45FOOT LONG MURAL CALLED AMERICA HAD HUNG IN THE
CORPORATE HEADQUARTERS OF BANK OF THE SOUTHWEST IN HOUSTON THE WORK SOLD
FOR 26 MILLION TO AN UNIDENTIFIED BUYER

BEFORE 1990 NO WORK BY A LATIN AMERICAN ARTIST HAD SOLD AT AUCTION FOR 1
MILLION NOW SEVERAL HAVE CRACKED THE 1 MILLION BARRIER AT AUCTION IN THE
US ALL TOLD LAST NIGHT'S AUCTION RAISED 82 MILLION INCLUDING
CHRISTIE'S COMMISSION

CHRISTIE'S ALSO ATTEMPTED TO SELL SEVERAL PAINTINGS BY COLOMBIAN MASTER
FERNANDO BOTERO THE SALE OF 10 WORKS HAD BEEN OPPOSED BY THE ARTIST WHO
ARGUED IT WAS FLOODING THE MARKET ARTIFICIALLY DEPRESSING PRICES FOUR OF
HIS WORKS SOLD MOST OF THEM FOR LESS THAN THE AUCTION HOUSE HAD EXPECTED
9305180080 930518 INTERNATIONAL BRIEF SAN MIGUEL CORP EARNINGS FOR
FIRST QUARTER JUMPED 5 AS SALES ROSE 1

SAN MIGUEL CORP A PHILIPPINE FOOD AND PACKAGING CONGLOMERATE REPORTED
THAT CONSOLIDATED NET INCOME IN THE FIRST QUARTER ROSE 5 TO 617 MILLION
PESOS 234 MILLION FROM 589 MILLION PESOS A YEAR EARLIER SALES EDGED UP
1 TO 136 BILLION PESOS FROM 134 BILLION PESOS BUT PROFIT BEFORE
NONRECURRING ITEMS SLIPPED 3

SAN MIGUEL SAID SALES VOLUME DECLINED FOR MANY OF ITS PRODUCTS DUE TO THE
DEBILITATING EFFECTS OF THE POWER SHORTAGE ON THE ECONOMY IN ADDITION
HIGHER TAXES CONTINUED TO DAMP THE CONSUMPTION OF BEER

THE COMPANY ALSO TRACED ITS HIGHER EARNINGS TO LOWER INTEREST EXPENSE AND AN
INCREASE IN THE EARNINGS OF ITS AFFILIATES PARTICULARLY NESTLE PHILIPPINES

IT SAID INTEREST EXPENSE DECLINED BY 34 TO 366 MILLION PESOS FROM 557
MILLION PESOS DUE TO THE PREVAILING LOW INTEREST RATES

SALES OF HARD LIQUOR CERTAIN TYPES OF PACKAGING PRODUCTS CHICKEN ANIMAL
FEEDS PREPARED FOOD CHEESE BUTTER AND MARGARINE INCREASED SALES VOLUME
OF BEER SOFT DRINKS MILK AND FRUIT JUICES ICE CREAM AND SHRIMP DECLINED
9305180079 930518 BUSINESS BRIEF FORD MOTOR CO RECALL OF 113700
VEHICLES IN LINCOLN TOWN LINE IS SET

FORD MOTOR CO SAID IT IS RECALLING 113700 1991 MODEL YEAR LINCOLN TOWN CAR
VEHICLES TO REPLACE A FAULTY STEEL DISCHARGE LINE FORD SAID OVER TIME THE
ALUMINUM DISCHARGE LINE IN THE AIR CONDITIONING SYSTEM MAY CRACK OR FRACTURE
RESULTING IN THE LOSS OF REFRIGERANT

SEPARATELY FORD SAID IT IS RECALLING 8800 199293 MODEL YEAR TAURUS SHO
VEHICLES EQUIPPED WITH MANUAL TRANSMISSIONS TO REPLACE DEFECTIVE STARTERS

FORD SAID THE STARTER MOTOR ASSEMBLY ON THE VEHICLES WILL TAKE LONGER TO
CRANK UP OR MAY NOT START AT ALL FORD SAID IT WILL REPLACE THE OLD STARTER
SYSTEM

IN ADDITION ABOUT 8250 OF THOSE TAURUSES WILL HAVE A REVISED COOLANT
OVERFLOW RESERVOIR INSTALLED TO REPLACE A FAULTY SYSTEM THAT MAY CRACK
RESULTING IN ENGINE COOLANT LEAKAGE

ALL REPAIRS WILL BE MADE AT NO CHARGE 9305180078 930518 MOVIES 
NICKELODEON FOX FILM CHASE FAMILY VIEWERS  BY THOMAS R KING 
STAFF REPORTER OF THE WALL STREET JOURNAL

HOLLYWOOD THE FOLKS WHO BROUGHT REN & STIMPY AND OTHER CUTTINGEDGE
OFFKILTER PROGRAMMING TO TV ARE OUT TO CONQUER THE BIG SCREEN

IN A DEAL THAT UNDERSCORES HOLLYWOOD'S FASCINATION WITH FAMILY MOVIES
NICKELODEON SAID IT SIGNED A TWOYEAR MOVIEPRODUCTION PACT WITH TWENTIETH
CENTURY FOX FILM CORP THE NEWS CORP STUDIO WILL FUND AND DISTRIBUTE MOTION
PICTURES JOINTLY DEVELOPED WITH NICKELODEON THE HIGHRATED VIACOM INC
CABLETV NETWORK THAT OFFERS UP THE CARTOON DOGANDCAT DUO OF REN & STIMPY
AS PART OF ITS MUCHTALKEDABOUT CHILDREN'S PROGRAMMING

NEARLY EVERY STUDIO IN RECENT MONTHS HAS BEEN BUZZING ABOUT THE SUCCESS OF
LOWCOST HIGHRETURN FAMILY MOVIES SUCH AS WALT DISNEY CO'S HOMEWARD
BOUND THE INCREDIBLE JOURNEY THE FAMILY FILM HAS LONG BEEN THE TURF OF
THE FILMMAKERS AT DISNEY BUT NEARLY EVERYBODY IS NOW TRYING TO MAKE A
BUSINESS OUT OF IT JUST LAST WEEK FOR EXAMPLE TIME WARNER INC SAID IT
PLANS TO RELEASE A NUMBER OF MOVIES UNDER A NEW FAMILY ENTERTAINMENT LOGO

THERE'S A BIG AUDIENCE FOR QUALITY FAMILY PRODUCT SAID JEFFREY LOGSDON
AN ANALYST AT SEIDLER AMDEC SECURTIES INC IN LOS ANGELES I THINK STUDIOS
HAVE DIRECTED TOO MUCH OF THEIR ATTENTION ON BIG EVENT ACTION PICTURES AND
HIGHCONCEPT' DRAMAS OR COMEDIES THE FAMILY MARKET HAS ALMOST TOTALLY BEEN
IGNORED

BY LINKING UP WITH NICKELODEON HOWEVER FOX MAY WIND UP WITH A NUMBER OF
FAMILY MOVIES THAT WILL BE TRICKY TO MARKET NICKELODEON'S TV FARE IS AIMED
SQUARELY AT KIDS NOT PARENTS FAMILY MOVIES TYPICALLY HAVE BEEN ONES THAT
HAVE NEAREQUAL APPEAL TO BOTH ADULTS AND CHILDREN HOMEWARD BOUND FOR
EXAMPLE WAS A HIT LARGELY BECAUSE IT WAS BASED ON A BOOK THAT PARENTS
REMEMBERED FONDLY BUT IT ALSO HAD PETS AS STARS TO APPEAL TO KIDS

EXECUTIVES AT NICKELODEON THE NETWORK THAT AIRS THE WACKY GAME SHOW
DOUBLE DARE IN WHICH KIDS ARE SLOPPED WITH SLIME DON'T SEE A PROBLEM
NICKELODEON MOVIES WILL COME FROM A KID'S POINT OF VIEW AND HAVE A KID'S
UNIQUE BRAND OF HUMOR SAYS GERALDINE LAYBOURNE THE PRESIDENT OF
NICKELODEON BUT WE REALIZE THAT ONE OF THE THINGS KIDS NEED MOST ARE
POSITIVE FUN EXPERIENCES WITH THEIR PARENTS NICKELODEON HAS ALWAYS HAD A
PRETTY FAIR AMOUNT OF PARENTAL VIEWING SHE ADDS

THE KEY IS TO NOT AGGRESSIVELY TURN OFF PARENTS SAYS TOM JACOBSON
PRESIDENT OF WORLDWIDE PRODUCTION AT FOX I DON'T ANTICIPATE THAT THE
NICKELODEONSTYLE MOVIE WOULD DO THAT

EXECUTIVES INVOLVED WITH THE PARTNERSHIP SAY THEY PLAN TO MAKE BOTH ANIMATED
AND LIVEACTION FILMS THAT WILL BE EITHER GRATED OR PGRATED ALTHOUGH
DETAILS HAVEN'T BEEN MADE FINAL THE EXECUTIVES SAY THAT THERE WILL BE SOME
KIND OF PRODUCTION CREDIT OR LOGO AT THE BEGINNING OF THE FILMS IDENTIFYING
THEM AS NICKELODEON PRODUCTIONS WARNER BROS' NEW FAMILY LOGO FEATURES A
CARROTCHEWING BUGS BUNNY LEANING UP AGAINST THE STUDIO'S FAMOUS SHIELD

FOX AND NICKELODEON WOULDN'T SAY SPECIFICALLY WHAT FILMS THEY PLAN TO MAKE
OR WHEN THE FIRST COULD BE IN THEATERS WHEN PEOPLE FIRST HEAR NICKELODEON
PICTURES THEY EITHER THINK WE'LL DO SOME OF OUR EXISTING SHOWS AS MOVIES OR
SUBURBAN ADVENTURES THAT ARE COMEDIES MS LAYBOURNE SAYS WE DON'T THINK
EITHER ONE OF THOSE IS COMPLETELY TRUE BUT WE PROBABLY WILL INCLUDE THOSE
AS PART OF A TOTAL PRODUCTION PLAN

DEBORAH BEECE THE NICKELODEON EXECUTIVE WHO'S HEADING THE COMPANY'S FEATURE
FILM EFFORT SAYS ANIMATED FEATURES USING THE NETWORK'S FAMILIAR CHARACTERS
WILL DEFINITELY BE CONSIDERED I FULLY HOPE THAT ONE DAY WE WILL HAVE A REN
& STIMPY MOVIE A RUGRATS MOVIE AND A DOUG MOVIE SHE SAID THE CYNICAL
AND SOMETIMES GROSS HUMOR THAT WOULD SURELY FILL A REN & STIMPY MOVIE
HOWEVER MIGHT NOT EXACTLY GIVE PARENTS THE WARMANDFUZZY FEELING OF MORE
CONVENTIONAL FAMILY MOVIES

THERE'S A QUESTION AS TO WHETHER MOVIES BASED ON THOSE VERY WITH IT
CHARACTERS WILL HAVE THE TIMELESS FEEL OF OTHER SUCCESSFUL FAMILY MOVIES
NICKELODEON'S HALLMARK HAS BEEN MTVSTYLE PROGRAMMING THAT REEKS OF THE HIP
AND NOW DISNEY'S CLASSICS ONE REASON DISNEY'S FAMILYFILM BUSINESS HAS BEEN
SO LUCRATIVE IS THAT ITS ANIMATED CLASSICS HAVE PROVEN ATTRACTIVE TO
GENERATIONS OF VIEWERS THE COMPANY HAS MADE A FORTUNE BY CAREFULLY
RELEASING ITS ANIMATED HITS OVER AND OVER AND HAS MADE A FORTUNE IN HOME
VIDEO

SOME OF OUR FILMS WILL HAVE THE TRADEMARK OF TODAY MS LAYBOURNE SAYS
BUT OTHERS WILL BE CLASSIC STORIES THAT HAVE EMOTIONAL CONNECTIONS WITH
KIDS I THINK THAT'S WHAT CREATES TIMELESS MOVIES ADDS MS BEECE THE
GOAL IS NOT TO EXPLOIT OUR TV SHOWS TO FILM THE GOAL IS TO CREATE NEW IDEAS
WITH THE NICKELODEON SPIRIT

FOX UNDER THE GUIDANCE OF NEWS CORP'S RUPERT MURDOCH HAS MADE NO SECRET
OF ITS INTENTION TO GET INTO THE FAMILYFILM MARKET IT HIT BIG WITH THE
HOME ALONE MOVIES BUT FOUND ONLY MODEST BOXOFFICE RETURNS WHEN IT
RELEASED AN ANIMATED MOVIE FERNGULLY  THE LAST RAINFOREST NEXT
MONTH FOX WILL RELEASE ANOTHER ANIMATED FILM ONCE UPON A FOREST

OTHER STUDIOS ARE INCREASING THEIR COMMITMENT TO FAMILY FILMS UNIVERSAL
PICTURES WHICH HAD BIG SUCCESS WITH BEETHOVEN LAST YEAR IS READYING
BEETHOVEN'S 2ND FOR CHRISTMAS UNIVERSAL A UNIT OF MATSUSHITA ELECTRIC
INDUSTRIAL CO'S MCA INC STARTED PRODUCTION YESTERDAY ON THE
FLINTSTONES A LIVEACTION MOVIE STARRING JOHN GOODMAN RICK MORANIS AND
ELIZABETH TAYLOR THAT MOVIE IS SET TO BE RELEASED IN THE SUMMER OF 1994
9305180077 930518 BUSINESS BRIEF ZAPATA CORP FIRM COMPLETES
TRANSACTION FOR MONEY FOR REFINANCING

ZAPATA CORP SAID IT COMPLETED ITS TRANSACTION WITH AN AFFILIATE OF NOREX
AMERICA INC TO RAISE 111 MILLION LARGELY TO REFINANCE DEBT

THE TRANSACTION WAS COMPLETED FOLLOWING A DELAWARE CHANCERY COURT RULING
AGAINST A SUIT FILED BY A SHAREHOLDER WHO SOUGHT TO ENJOIN THE AGREEMENT

UNDER THE AGREEMENT NOREX LOANED ZAPATA 826 MILLION AND PURCHASED 15
MILLION COMMON SHARES AND 175 MILLION EXCHANGEABLE PREFERENCE STOCK AT AN
AGGREGATE PRICE OF 288 MILLION

ZAPATA A NATURAL GAS AND OIL PRODUCER BASED IN HOUSTON HAS INTERESTS IN
NATURALGAS SERVICES AND MARINE PROTEIN PRODUCTS NOREX INVESTS IN THE MARINE
AND OIL AND GAS INDUSTRY 9305180076 930518 BUSINESS BRIEF GENERAL
MOTORS CORP COMPANY TO END MARKETING OF GEO METRO CONVERTIBLES

GENERAL MOTORS CORP IN A CONTINUING EFFORT TO STREAMLINE ITS PRODUCT LINE
SAID IT WILL NO LONGER MARKET CONVERTIBLE MODELS OF ITS GEO METRO SUBCOMPACT
CAR

SUZUKI MOTOR CO ASSEMBLES THE CONVERTIBLES IN JAPAN FOR SALE BY GM IN THE
US SINCE THE START OF THE 1993 MODEL YEAR IN OCTOBER GM HAS SOLD ONLY
3000 CONVERTIBLE METROS ABOUT 65 OF METROS SOLD THUS FAR GM SAID IT
WILL CONTINUE TO SELL THE METROS WHICH ARE BUILT BY CAMI AUTOMOTIVE INC IN
CANADA A JOINT VENTURE BY SUZUKI AND GM

A GM SPOKESMAN SAID THE AUTO MAKER DISCONTINUED THE CONVERTIBLE METRO
BECAUSE IT WOULDN'T MEET 1994 SAFETY RESTRAINT REQUIREMENTS SO GM OPTED
NOT TO MAKE A BIGGER INVESTMENT IN A LOWVOLUME VEHICLE THAT HAD A NARROW
APPEAL 9305180075 930518 BUSINESS BRIEF INTERNATIONAL COLIN ENERGY
CORP FIRM AGREES TO SELL WARRANTS FOR PROCEEDS OF 269 MILLION

INTERNATIONAL COLIN ENERGY CORP SAID IT AGREED TO SELL 18 MILLION SPECIAL
WARRANTS TO A GROUP OF UNDERWRITERS FOR TOTAL PROCEEDS OF 342 MILLION
CANADIAN DOLLARS US269 MILLION

THE UNDERWRITING GROUP LED BY LOEWEN ONDAATJE MCCUTCHEON LTD WILL RESELL
THE WARRANTS TO THE PUBLIC AT THE PURCHASE PRICE OF C19 EACH EACH WARRANT
IS EXCHANGEABLE FOR ONE COMMON SHARE UNDERWRITERS MAY OPT TO ACQUIRE AN
ADDITIONAL 200000 WARRANTS AT THE SAME PRICE THE COMPANY SAID THE
TRANSACTION IS EXPECTED TO CLOSE JUNE 2 AND THE WARRANTS ARE EXPECTED TO BE
CONVERTIBLE INTO SHARES DURING A 10DAY PERIOD IN JULY

PROCEEDS WILL BE USED TO FINANCE ACQUISITIONS SUCH AS THE PREVIOUSLY
REPORTED PURCHASE OF NATURAL GAS ASSETS IN BRITISH COLUMBIA AND TO FUND
EXPLORATION ACTIVITIES

THE CALGARY ALBERTA OIL AND GAS COMPANY HAS ABOUT 10 MILLION SHARES
OUTSTANDING IN AMERICAN STOCK EXCHANGE TRADING YESTERDAY INTERNATIONAL
COLIN FELL 625 CENTS TO 1550 9305180074 930518 CABLEPHONE LINK IS
PROMISING GAMBLE  TIME WARNER SEES SYNERGY IN PARTNERSHIP 
 BY WALL STREET JOURNAL REPORTERS LAURA LANDRO JOHNNIE L ROBERTS AND
RANDALL SMITH IN NEW YORK

IN ONE MOVE TIME WARNER INC CHAIRMAN AND CHIEF EXECUTIVE GERALD LEVIN'S
25 BILLION DEAL WITH U S WEST INC BRINGS HIS COMPANY INTO THE FOREFRONT
OF THE GLOBAL TELECOMMUNICATIONS AND ENTERTAINMENT REVOLUTION AND BRINGS
HIM OUT OF THE GIANT SHADOW OF HIS PREDECESSOR STEVEN J ROSS

MAKING A BOLD AND RISKY BET MR LEVIN IS GIVING AWAY A HEFTY CHUNK OF TIME
WARNER'S MOST PRIZED ASSETS AND MORTGAGING ITS FUTURE CASH FLOW IN ORDER TO
CUT DEBT NOW AND ESTABLISH A BEACHHEAD THAT WILL TAKE HIS COMPANY WELL INTO
THE NEXT CENTURY IF THE ALLIANCE WITH U S WEST IS A SUCCESS IN THE COMING
DECADE MR LEVIN COULD FINALLY PROVIDE THE JUSTIFICATION AND THE RETURN
TO SHAREHOLDERS THAT WAS PROMISED IN THE 1989 MERGER OF TIME INC AND
WARNER COMMUNICATIONS INC

AS EXPECTED THE TWO COMPANIES ANNOUNCED YESTERDAY THAT U S WEST WILL
ACQUIRE A 2551 INTEREST IN TIME WARNER ENTERTAINMENT LP WHICH INCLUDES
ALL OF THE COMPANY'S CABLETELEVISION AND FILMED ENTERTAINMENT OPERATIONS
IN A NEW STRATEGIC ALLIANCE TIME WARNER AND U S WEST WILL BUILD A FULL
SERVICE NETWORK CARRYING COMMUNICATIONS ENTERTAINMENT AND INFORMATION ON
TIME WARNER CABLETV SYSTEMS REACHING 71 MILLION SUBSCRIBERS

THE PARTNERSHIP POSITIONS TIME WARNER TO LEAPFROG ITS COMPETITORS BOTH IN
CABLETV AND IN HOLLYWOOD WHERE THE TOP PLAYERS ARE SCRAMBLING FOR POSITION
IN THE RAPIDLY CHANGING MULTIMEDIA WORLD AND WALL STREET GREETED THE DEAL
JUBILANTLY RUNNING TIME WARNER SHARES UP 150 TO 35 IN COMPOSITE TRADING
ON THE NEW YORK STOCK EXCHANGE THE EQUIVALENT OF ABOUT 140 A SHARE
BEFORE A 4FOR1 SPLIT LAST YEAR

BUT FOR ALL THE SPLASH TIME WARNER MADE IN THE MARKET YESTERDAY PRESSING
QUESTIONS LOOM TIME WARNER SOLD A 125 INTEREST IN TIME WARNER
ENTERTAINMENT FOR 1 BILLION TO TWO JAPANESE CONCERNS LAST YEAR AND THE U S
WEST DEAL LEAVES TIME WARNER WITH JUST ABOUT 63 OF THE UNIT NOW THAT SHARE
COULD DECLINE MORE U S WEST HAS THE OPTION TO ACQUIRE AN ADDITIONAL 85 OF
THE UNIT IF IT MEETS CERTAIN CONDITIONS SUCH AS INCREASING THE CASH FLOW AT
THE CABLETV OPERATIONS

BUT IT WILL TAKE YEARS AND MORE THAN 5 BILLION IN NEW CAPITAL INVESTMENT
 BEFORE TIME WARNER REALIZES ANY SIGNIFICANT NEW REVENUE OR PROFIT FROM
THIS MEGAALLIANCE AND SOME SAY THE JURY IS STILL OUT ON THE BENEFITS FOR
TIME WARNER SHAREHOLDERS MANY STILL SMARTING OVER TIME'S REJECTION OF A
200ASHARE BID BY PARAMOUNT COMMUNICATIONS INC PRIOR TO THE 1989 MERGER
WITH WARNER

THE KNOCK TO IT IS THE QUESTION OF WHETHER TIME WARNER IS SELLING OFF THE
CROWN JEWELS IN LITTLE PIECES SAYS DAVID LONDONER AN ANALYST WITH
WERTHEIM SCHROEDER & CO WHO ADDS THAT ON THE POSITIVE SIDE TIME DOES GET
A DISPROPORTIONATELY LARGE SHARE OF THE REVENUE FROM THE ENTERTAINMENT AND
CABLETV OPERATIONS UNDER THE TRANSACTION'S FORMULA

FOR MR LEVIN THE DEAL IS THE CULMINATION OF A YEARLONG INTENSELY PERSONAL
EFFORT TO WOO A STRATEGIC PARTNER WITH BOTH DEEP POCKETS AND TECHNOLOGICAL
EXPERTISE THE 52YEAROLD EXECUTIVE WHO TOOK THE HELM OF TIME WARNER
FOLLOWING THE DEATH OF THE CHARISMATIC MR ROSS IN DECEMBER HAS SPENT
VIRTUALLY ALL HIS TIME IN RECENT MONTHS CLOSETED WITH TIME WARNER ADVISER
ODED ABOODI NEGOTIATING THE DETAILS OF THE U S WEST TRANSACTION

FOR TIME WARNER THE WORLD'S LARGEST OWNER AND PRODUCER OF COPYRIGHTS THE
FULL SERVICE NETWORK MEANS EXPLOSIVE GROWTH IN THE DEMAND BOTH FOR OUR
UNRIVALED LIBRARIES OF PRINT MUSIC FILM AND PROGRAMMING AND FOR NEW
COPYRIGHTS MR LEVIN SAYS THE PARTNERSHIP BETWEEN U S WEST AND TIME
WARNER ENTERTAINMENT MEANS THE FUTURE IS HERE NOW

BUT MR LEVIN'S INTENSE FOCUS ON THE TECHNOLOGICAL FUTURE HAS IN THE VIEW
OF SOME COME AT THE EXPENSE OF MORE IMMEDIATE PROBLEMS SUCH AS EXHIBITING
STRONG LEADERSHIP INTERNALLY AND UNIFYING THE COMPANY THREE YEARS AFTER THE
MERGER THE DISPARATE UNITS OF TIME WARNER HAVE EXHIBITED LITTLE IN THE WAY
OF SYNERGY AND SOME NOTABLY THE HOME BOX OFFICE UNIT AND THE WARNER BROS
STUDIO ARE DOWNRIGHT HOSTILE TOWARD ONE ANOTHER

MR LEVIN HAS ALSO SUFFERED BY COMPARISON TO MR ROSS AS A VETERAN TIME
EXECUTIVE HE STILL BORE THE BRUNT OF CRITICS WHO WERE ANGERED THAT TIME
TOOK ON 15 BILLION IN DEBT TO BUY WARNER IN 1989 REJECTING THE PARAMOUNT
BID

MR LEVIN HAS ALSO BEEN UNABLE TO ENTIRELY CLOSE THE GAP IN CORPORATE
CULTURE BETWEEN FORMER TIME AND WARNER UNITS TIME EXECUTIVES STILL RESENT
THE RICH SUMS PAID TO THEIR WARNER COUNTERPARTS IN THE MERGER AND WARNER
EXECUTIVES SAY THEY FIND THE TIME CULTURE ALMOST ANTITHETICAL TO THEIR
FASTPACED ENTREPRENEURIAL STYLE OF DOING BUSINESS

THOUGH TIME SHAREHOLDERS HAVE YET TO SEE 200 A SHARE MANY ARE FAR HAPPIER
NOW RICHARD KOPPES GENERAL COUNSEL OF CALIFORNIA PUBLIC EMPLOYEES
RETIREMENT SYSTEM WHICH OWNS ABOUT 22 MILLION SHARES SAYS THAT IN THE
PAST FEW MONTHS IT HAS REMOVED TIME WARNER FROM THE LIST OF COMPANIES WHOSE
CORPORATE GOVERNANCE IS UNDER SCRUTINY BECAUSE OF POOR PERFORMANCE FOR THE
FIRST TIME SINCE THE 1989 REJECTION OF PARAMOUNT'S BID FOR TIME

THEY'VE MADE A LOT OF CHANGES UNDER JERRY LEVIN WE'RE REAL PLEASED WITH
THE KIND OF ALLIANCES HE'S MAKING AND THE NEW DIRECTIONS HE'S TAKING THE
COMPANY ARE REALLY QUITE GOOD MR KOPPES SAID TIME WARNER HAD ALREADY
IMPROVED THE COMPOSITION OF ITS BOARD BY REDUCING THE SIZE AND MOVING TO ADD
OUTSIDERS IT HAD PREVIOUSLY BEEN SEEN AS A RUBBERSTAMP BOARD FOR
MANAGEMENT

BUT MANY INVESTORS AND OBSERVERS REMAIN CONCERNED THAT TIME WARNER IS GIVING
AWAY TOO MUCH FOR ITS SHOT AT A STILLNEBULOUS FUTURE ON THE ENTERTAINMENT
SIDE A PORTION OF CASH GENERATED FROM BLOCKBUSTER MOVIES AT WARNER BROS
SUCH AS THE BODYGUARD OR BATMAN WILL IN THE FUTURE GO TO THE JAPANESE
PARTNERS AND U S WEST WHEN TIME'S PUBLISHING AND RECORD OPERATIONS HAVE A
TOUGH YEAR THEY AREN'T INCLUDED IN THE U S WEST DEAL THE ENTERTAINMENT
AND CABLETV OPERATIONS WON'T BE ABLE TO PROVIDE AS MUCH CASH AND PROFIT TO
MAKE UP FOR IT

WARNER BROS STUDIO CHIEF ROBERT DALY FOR ONE REASONS THAT THE PARTNERSHIP
WITH U S WEST WILL OPEN NEW WINDOWS OR MARKETS FOR ITS MOVIES THAT MIGHT
HAVE OTHERWISE BEEN FAR OFF IN THE FUTURE STUDIOS FOR EXAMPLE ALREADY
SELL MOVIES ON CABLETV VIA PAYPERVIEW BUT TELEPHONE COMPANIES ARE
LOOKING AT WAYS TO SEND MOVIES EVEN FASTER AND MORE FREQUENTLY U S WEST IS
GIVING US A LOT OF MONEY RIGHT NOW MR DALY SAYS WE STILL OWN THE
COPYRIGHTS AND IT GIVES US ACCESS TO MORE MARKETS FOR ALL OF OUR FILMED
ENTERTAINMENT PRODUCT

FROM 1995 TO 1998 63 OF TIME WARNER ENTERTAINMENT'S ANNUAL CASH FLOW WILL
GO TO THE COMPANY AND 37 TO ITS PARTNERS FROM 1999 TO 2002 TIME WARNER
WILL RELINQUISH 370 MILLION OF THE FIRST 1 BILLION IN CASH FLOW TO ITS
PARTNERS AND KEEP THE NEXT 11 BILLION FURTHER ARRANGEMENTS WEREN'T
DISCLOSED THE REGIONAL PHONE COMPANY WILL ALSO RECEIVE MANAGEMENT FEES OF
130 MILLION OVER FIVE YEARS FOR JOINT MANAGEMENT OF THE CABLETV UNIT

LAST YEAR CASH FLOW OF 16 BILLION IN TIME WARNER ENTERTAINMENT ROSE 11
FROM A YEAR EARLIER THE PARTNERSHIP AND THE RESULTING SPEEDUP IN
CONSTRUCTION OF THE ELECTRONIC SUPERHIGHWAY WILL ENHANCE CASH FLOW GROWTH
RATE OF TIME WARNER ENTERTAINMENT BUSINESSES MR LEVIN VOWS

THE U S WEST AGREEMENT WILL CUT OVERALL DEBT BY 15 BILLION BUT TIME
WARNER'S BURDEN IS STILL HIGH SINCE 1989 THE COMPANY HAS CUT DEBT TO 163
BILLION INCLUDING PREFERRED STOCK FROM NEARLY 20 BILLION WITH 7 BILLION
OF THAT ON THE BOOKS OF TIME WARNER ENTERTAINMENT STANDARD & POOR'S CORP
YESTERDAY REVISED ITS LONGTERM DEBT RATINGS FOR TIME WARNER AND TIME WARNER
ENTERTAINMENT TO STABLE FROM NEGATIVE

MORRIS MARK PRESIDENT OF MARK ASSET MANAGEMENT CORP WHICH HELD MORE THAN
ONE MILLION SHARES OF TIME WARNER AS OF MARCH 30 SAYS HIS GENERAL
IMPRESSION IS THAT ON BALANCE IT'S FAVORABLE FOR SHAREHOLDERS BUT HE NOTES
THAT BECAUSE THE FUTURE OUTLOOK FOR THE CABLE INFRASTRUCTURE IS SO GREAT
IT CAN BE ARGUED THAT TIME WARNER GAVE AWAY TOO MUCH TOO SOON

MARK MANSON AN ANALYST AT DONALDSON LUFKIN JENRETTE PRAISES TIME WARNER
FOR HAVING ITS FINGERS IN MORE PIES AND LEADERSHIP IN MORE SECTORS THAN
ANYONE ELSE AS FOR THE U S WEST DEAL WHILE THERE WILL BE GREAT
UNCERTAINTIES ABOUT HOW THIS WILL EVOLVE TIME WARNER'S LINK WITH A
TELECOMMUNICATIONS POWER NOW SETS THEM APART EVEN MORE SEE RELATED
STORY U S WEST MOVE PUTS PRESSURE ON ITS RIVALS WSJ MAY 18 1993 
SHARE OF '92 OPERATING EARNINGS OF 134 BILLION TIME WARNER
ENTERTAINMENT CABLE TV 30 FILM 16 HBO 15 MUSIC 20 PUBLISHING
19 9305180073 930518 INTERNATIONAL WORLD WIRE  COMPILED BY
RICHARD L HOLMAN

MEXICAN PRESIDENT CARLOS SALINAS DE GORTARI SENT TO CONGRESS A
CONSTITUTIONAL AMENDMENT GRANTING INDEPENDENCE TO THE BANK OF MEXICO
PASSAGE IS CERTAIN

THE MEASURE IS INTENDED PRIMARILY TO CONSOLIDATE MEXICO'S AGGRESSIVE FIGHT
AGAINST INFLATION WHICH RAN AT 119 LAST YEAR SLOWED TO A 101 ANNUAL
RATE LAST MONTH AND IS EXPECTED TO FALL BELOW 10

IN ADDITION TO GRANTING THE CENTRAL BANK AUTONOMY IN MANAGING THE MONEY
SUPPLY AND CREDIT POLICY THE PROPOSAL WOULD CREATE STAGGERED APPOINTMENTS
FOR BANK GOVERNING BODY MEMBERS TO PREVENT SELECTION OF A MAJORITY BY THE
COUNTRY'S PRESIDENT

THE BANK OF MEXICO HAD BEEN INDEPENDENT UNTIL 1982 WHEN IT WAS PLACED UNDER
THE TREASURY AGENCY IN A BANKING NATIONALIZATION SINCE TAKING OFFICE IN
LATE 1988 PRESIDENT SALINAS CONSOLIDATED AND REORGANIZED THE BANKS AND
PRIVATIZED THEM

THE NATIONALIZATION ALSO LEFT THE GOVERNMENT FREE TO BORROW AT WILL FROM THE
CENTRAL BANK THOUGH THE SALINAS ADMINISTRATION HAS AVOIDED FORCING THE BANK
TO GRANT GOVERNMENT FINANCING THE PROPOSED AMENDMENT WOULD END THAT
AUTHORITY

A TOKYO COURT SENTENCED A BUSINESSMAN TO 5 1/2 YEARS IN PRISON FOR GIVING A
CABINET MINISTER 800000 IN BRIBES GORO MORIGUCHI A FORMER OFFICER OF
KYOWA CO A NOWBANKRUPT STEELFRAME MAKER PAID THE MONEY TO FUMIO ABE
WHILE HE HEADED A DEVELOPMENT AGENCY IN 1990 IN ONE OF MANY
INFLUENCEPEDDLING SCANDALS INVOLVING THE GOVERNING LIBERAL DEMOCRATIC
PARTY MR ABE WAS ARRESTED IN JANUARY 1992 AND CHARGED WITH ACCEPTING
BRIBES TO HELP KYOWA WIN CONSTRUCTION CONTRACTS HE SAID THE PAYMENTS WERE
POLITICAL CONTRIBUTIONS AND HIS CASE IS PENDING

GUANGDONG PROVINCE IN SOUTHERN CHINA UPGRADED ITS MOBILE TELEPHONE SYSTEM
NOW THE COUNTRY'S LARGEST WITH THE ABILITY TO SERVE 120000 CALLERS THE
PROVINCE PLANS TO SPEND 2 BILLION YUAN 3497 MILLION TO EXPAND CAPACITY
TO 200000 BY JULY AND TO 500000 BY YEAR END TO MEET SOARING DEMAND LAST
YEAR REGISTERED MOBILEPHONE USERS IN GUANGDONG MORE THAN TRIPLED TO
100000 FROM A YEAR EARLIER AND THROUGH LAST MONTH THE NUMBER GREW TO
126000

INDIA TERMED CHILD LABOR A NECESSARY EVIL BUT VOWED TO END THE PRACTICE
EVENTUALLY AT AN INTERNATIONAL LABOR ORGANIZATION CONFERENCE IN NEW DELHI
INDIA SAID IT WOULD HOLD TALKS WITH EMPLOYERS AND COORDINATE WITH STATE
GOVERNMENTS ON A NATIONAL PROGRAM TO ELIMINATE CHILD LABOR THOUGH INDIAN
LAW BARS JOBS FOR CHILDREN YOUNGER THAN 14 THE GOVERNMENT SAID 17 MILLION
OF THEM WORK MOSTLY IN MATCH AND GLASS MAKING DIAMOND POLISHING AND CARPET
WEAVING WHILE PRIVATE ESTIMATES PUT THE NUMBER AT 55 MILLION

JAPANESE CORPORATE INSOLVENCIES LAST MONTH RO 39 TO 1154 CASES MARKING
THE 31ST CONSECUTIVE MONTH OF YEARTOYEAR INCREASES AS THE ECONOMY'S SLUMP
CONTINUED IN MOST SECTORS THE FAILED COMPANIES' DEBTS FELL 56 TO 33767
BILLION YEN 305 BILLION THE PRIVATE CREDIT RESEARCH AGENCY TEIKOKU DATA
BANK LTD SAID OF THE FAILURES IN APRIL THE THIRD MONTH IN A ROW THAT
CASES EXCEEDED 1000 61 WERE CASUALTIES OF WEAK SALES OR EXPORTS PROBLEMS
WITH ACCOUNTS RECEIVABLE OR BAD DEBTS CASES ROSE NOTABLY IN THE TEXTILE
STEEL MINING AND ELECTRONICS SECTORS

SOUTH KOREA WILL PROPOSE A LEGAL REVISION TO ALLOW FOREIGN COMPANIES OR
THEIR BRANCHES OPERATING IN THE COUNTRY TO BUY LAND FOR BUSINESSRELATED
PURPOSES STARTING NEXT JAN 3 THE CONSTRUCTION MINISTRY MEASURE TO BE
INTRODUCED IN PARLIAMENT WAS IN RESPONSE TO REQUESTS BY FOREIGN FIRMS TO
EASE REGULATIONS ON THEIR ACTIVITIES NOW COMPANIES MORE THAN 50
FOREIGNOWNED MAY BUY LAND ON A LIMITED BASIS WITH GOVERNMENT APPROVAL IF
THEY ARE INVOLVED IN MANUFACTURING FINANCIAL INSURANCE HOTEL OR HIGHTECH
BUSINESSES

BRITISH RETAIL SALES ROSE IN APRIL THE FOURTH MONTH IN A ROW OF GROWTH FROM
A YEAR EARLIER AND RETAILERS PREDICTED AN INCREASE THIS MONTH

THE TREND IS BECOMING FIRMLY ESTABLISHED SAID THE CONFEDERATION OF
BRITISH INDUSTRY WHICH REPRESENTS 250000 COMPANIES IN ALL AREAS OF THE
ECONOMY BUT THE EMPLOYER GROUP CAUTIONED THAT RETAIL SALES WERE STILL BELOW
TRADITIONAL LEVELS AS BRITAIN EMERGES FROM RECESSION

IN THE LATEST SURVEY LARGE CHAIN STORES AND MAILORDER COMPANIES CONTINUED
TO POST STRONG GROWTH IN BUSINESS BUT SMALLER STORES AND RETAILERS WITH A
SINGLE OUTLET SAID THEIR CONDITIONS HADN'T IMPROVED

WHOLESALERS HAD A SECOND CONSECUTIVE MONTH OF STRONG GROWTH IN APRIL WITH
SALES WELL ABOVE SEASONAL NORMS WITH INVENTORIES INADEQUATE WHOLESALERS
INCREASED THEIR ORDERS FROM SUPPLIERS TO MEET PERKIER CONSUMER DEMAND

OPENING A SIXDAY TELECOMMUNICATIONS SHOW IN SINGAPORE PRESIDENT WEE KIM
WEE SAID ASIA'S TELECOM NETWORK WILL EXPAND 7 A YEAR UNTIL 2000 AND
SPENDING WILL TOTAL 40 BILLION  JORDAN ENACTED A MEDIA LAW THAT
GUARANTEES JOURNALISTS RIGHTS TO DUE PROCESS AND LIFTS THE GOVERNMENT'S
UNLIMITED AUTHORITY TO PENALIZE NEWSPAPERS THOUGH THE LAW STILL HAS
RESTRICTIONS IT WAS LAUDED AS A LANDMARK IN THE ARAB WORLD BY CONSOLIDATING
FREEDOM OF PRESS AND EXPRESSION AND PROVIDING PROTECTION FROM GOVERNMENT
INTERVENTION 9305180072 930518 WHO'S NEWS GRAHAM CORP

GRAHAM CORP BATAVIA NY J RONALD HANSEN 45 YEARS OLD WAS NAMED
CHIEF FINANCIAL OFFICER HE WAS PREVIOUSLY VICE PRESIDENT OF FINANCE AND
CHIEF FINANCIAL OFFICER FOR AL TECH SPECIALTY STEEL CO OF DUNKIRK NY A
UNIT OF SAMMI CORP SEOUL SOUTH KOREA MR HANSEN SUCCEEDS ALVIN L
SNYDER 57 WHO RETIRES JUNE 1 9305180071 930518 BUSINESS BRIEF 
WESTINGHOUSE ELECTRIC CORP FIRM GETS PACTS TO SUPPLY CZECH NUCLEAR
POWER PLANT

WESTINGHOUSE ELECTRIC CORP PITTSBURGH SAID IT SIGNED TWO CONTRACTS
TOTALING MORE THAN 350 MILLION TO SUPPLY TECHNOLOGY EQUIPMENT AND SERVICES
TO A NUCLEAR POWER PLANT IN THE CZECH REPUBLIC

UNDER THE CONTRACTS WESTINGHOUSE WILL PROVIDE INSTRUMENTATION AND CONTROL
SYSTEMS AND NUCLEAR FUEL FABRICATION FOR TWO 1000MEGAWATT REACTORS NEAR
CESKE BUDEJOVICE THE SOVIETDESIGNED TEMELIN NUCLEAR PLANT IS STILL UNDER
CONSTRUCTION

THE CONTRACTS ARE THE BEGINNING OF WHAT'S GOING TO BE A LONGTERM GROWTH
OPPORTUNITY FOR WESTINGHOUSE SAID JOHN B YASINSKY PRESIDENT OF THE
COMPANY'S POWER SYSTEMS AND ENVIRONMENTAL GROUPS

THE CONTRACTS WERE SIGNED WITH CESKE ENERGETICKE ZAVODY WHICH OWNS THE
PLANT AND SKODA PRAGUE THE PLANT'S PRIMARY SUPPLIER

WESTINGHOUSE SHOULD COMPLETE THE CONTRACTS BY EARLY 1997 9305180070
930518 BUSINESS BRIEF AMERICAN TELEPHONE & TELEGRAPH THREE CONTRACTS
ARE SIGNED TOTALING OVER 100 MILLION

AMERICAN TELEPHONE & TELEGRAPH CO SAID THAT HOLIDAY INN WORLDWIDE GEICO
CORP AND AMTRAK HAVE SIGNED LONGTERM AGREEMENTS FOR AT&T'S SOFTWARE
DEFINED NETWORK SERVICE AND OTHER LONGDISTANCE SERVICES TOTALING MORE THAN
100 MILLION

SOFTWARE DEFINED NETWORK OR SDN IS A PRIVATE NETWORKING SERVICE THAT
ALLOWS CUSTOMERS TO BUILD CORPORATE NETWORKS WITHIN THE AT&T SWITCHED
NETWORK

HOLIDAY INN WORLDWIDE A UNIT OF BRITAIN'S BASS PLC HAS ENTERED A
THREEYEAR CONTRACT WITH NEW YORKBASED AT&T FOR ITS SDN SERVICES TO SUPPORT
THE HOTEL CHAIN'S US OPERATIONS

GEICO A WASHINGTON DC PROPERTY AND CASUALTY INSURANCE CONCERN SIGNED A
FOURYEAR CONTRACT WITH AT&T FOR VARIOUS VOICE AND DATA LONGDISTANCE
SERVICES

NATIONAL RAILROAD PASSENGER CORP OR AMTRAK WHICH HAS BEEN USING SDN
ENTERED INTO A FIVEYEAR CONTRACT WITH AT&T FOR LONGDISTANCE CALLING
SERVICES FOR THE RAIL LINE'S 160 LOCATIONS IN THE US 9305180069 930518
BUSINESS BRIEF TOWN & COUNTRY CORP RECAPITALIZATION IS FINISHED IN
1155 MILLION DEBT SWAP

TOWN & COUNTRY CORP SAID IT COMPLETED A RECAPITALIZATION PLAN INVOLVING THE
EXCHANGE OF OLD DEBT FOR A COMBINATION OF NEW DEBT AND STOCK

THE CHELSEA MASS MAKER OF JEWELRY RINGS AND SPORTSRELATED MERCHANDISE
EXCHANGED ITS OLD 13 AND 1025 NOTES WITH A FACE VALUE OF 1155 MILLION
FOR NEW 13 SENIOR SUBORDINATED NOTES DUE MAY 31 1998 AND SHARES OF COMMON
STOCK AND EXCHANGEABLE PREFERRED STOCK THE OLD NOTES EXPIRED LAST WEEK

AS PART OF THE RECAPITALIZATION TOWN & COUNTRY ALSO SOLD 30 MILLION OF NEW
115 SENIOR SECURED NOTES DUE SEPT 15 1997 THE PROCEEDS WERE USED TO
REPAY EXISTING DEBT THE COMPANY ALSO ENTERED A 30 MILLION REVOLVINGCREDIT
AGREEMENT WITH FOOTHILL CAPITAL CORP AND STRUCK NEW AGREEMENTS WITH ITS
GOLD SUPPLIERS

ACCORDING TO C WILLIAM CAREY CHAIRMAN AND CHIEF EXECUTIVE THE
RECAPITALIZATION WILL REDUCE CASH INTEREST EXPENSE BY 28 MILLION OVER THE
NEXT TWO YEARS 9305180068 930518 BUSINESS BRIEF DRYPERS CORP 
COUPON PROGRAM IS BEGUN AFTER RIVAL OFFERS DISCOUNTS

DRYPERS CORP SAID IT HAS BEGUN AN AGGRESSIVE COUPON PROGRAM IN RESPONSE TO
PROCTER & GAMBLE CO'S DISPOSABLEDIAPER PRICE AND COUPON CUTS

CLOSELY HELD DRYPERS WHICH IS BASED IN HOUSTON SAID PACKAGES OF ITS THREE
REGIONAL BRANDS DRYPERS BABY'S CHOICE AND COZIES ALL WILL CONTAIN COUPONS
OF AT LEAST 75 CENTS OFF RETAIL PRICE

EFFECTIVE YESTERDAY P&G CUT THE LIST PRICE OF ITS LUVS DIAPERS BY 16 AND
THE LIST PRICE OF PAMPERS BY 5 P&G IS FUNDING THE MOVES BY CUTTING BACK ON
COUPONS PROMOTIONAL SPENDING AND THE NUMBER OF LUVS VARIETIES P&G HAS
SLASHED DIAPER PRICES THREE TIMES IN THE LAST 11 MONTHS TO HALT MARKETSHARE
EROSION IN DIAPERS ITS SINGLE LARGEST CATEGORY

A P&G SPOKESWOMAN SAID THE CINCINNATIBASED CONSUMER PRODUCTS GIANT WOULD
HAVE NO COMMENT ON DRYPERS'S COUPON STRATEGY

DRYPERS SAID THE COUPONS WILL BE AVAILABLE FOR THE NEXT 12 MONTHS AND COST
12 MILLION 9305180067 930518 BUSINESS BRIEF STANDARD BRANDS PAINT
CO UNIT OF FIDELITY INVESTMENTS WILL GET OWNERSHIP ROLE

STANDARD BRANDS PAINT CO SAID A FIDELITY MANAGEMENT & RESEARCH CO
AFFILIATE WILL BE THE COMPANY'S NEW MAJORITY OWNER UNDER A REORGANIZATION
PLAN APPROVED BY A FEDERAL BANKRUPTCY JUDGE

STANDARD BRANDS TORRANCE CALIF FILED FOR CREDITOR PROTECTION UNDER
CHAPTER 11 OF THE US BANKRUPTCY CODE IN FEBRUARY 1992 THE REORGANIZATION
PLAN IS SET TO TAKE EFFECT JUNE 14 FIDELITY MANAGEMENT IS A UNIT OF
FIDELITY INVESTMENTS

UNDER THE PLAN THE PAINT RETAILER WILL ISSUE 168 MILLION NEW SHARES OF
COMMON STOCK THAT WILL DILUTE THE OWNERSHIP STAKE OF EXISTING SHAREHOLDERS
TO 25 OF THE TOTAL OUTSTANDING

MUCH OF THE DEBT OF STANDARD BRANDS HAS BEEN HELD BY A PARTNERSHIP THAT
INCLUDES FIDELITY CAPITAL & INCOME FUND AND AN EASTMAN KODAK CO RETIREMENT
FUND A SPOKESWOMAN FOR STANDARD BRANDS SAID SHE SAID THE PARTNERSHIP IS
SWAPPING ITS DEBT FOR SOME OF THE NEWLY ISSUED COMMON STOCK BOSTONBASED
FIDELITY MANAGEMENT IS THE MAJORITY PARTNER IN THAT PAIRING WHICH WILL
CONTROL 505 OF STANDARD BRANDS' STOCK UNDER THE NEW PLAN 9305180066
930518 CABLEPHONE LINK IS PROMISING GAMBLE  U S WEST MOVE PUTS
PRESSURE ON ITS RIVALS  BY WALL STREET JOURNAL STAFF REPORTERS 
MARY LU CARNEVALE IN WASHINGTON AND JOHN J KELLER AND MARK ROBICHAUX IN
NEW YORK

U S WEST INC'S MOVE TO ACQUIRE A 255 STAKE IN TIME WARNER INC'S
ENTERTAINMENT DIVISION SETS A FIRE UNDER LOCAL TELEPHONE COMPETITION

BY AGREEING TO HELP UPGRADE TIME WARNER'S CABLE NETWORKS TO CARRY
INTERACTIVE VIDEO DATA AND VOICE SERVICES U S WEST GETS A HEAD START
AGAINST ITS BABY BELL SIBLINGS GTE CORP AND OTHER LOCAL TELEPHONE
COMPANIES IN THE RACE TO CARRY ORDINARY VOICE CONVERSATIONS AS WELL AS NEW
COMMUNICATIONS SERVICES

THIS IS A WATERSHED EVENT FOR COMPETITION FOR LOCAL TELEPHONE SERVICE
SAID JACK GRUBMAN A TELECOMMUNICATIONS ANALYST AT PAINEWEBBER INC IT
WON'T BE LONG BEFORE TIME WARNER WITH U S WEST BEHIND IT WILL OFFER
RESIDENTIAL DIALTONE SERVICE

WHILE THE TRANSACTION IS CERTAIN TO IGNITE COMPETITION OVER LOCAL PHONE
SERVICE IT TURNS ON ITS EAR CONVENTIONAL WISDOM THAT THE CABLE AND
TELEPHONE INDUSTRIES ARE ON A COLLISION COURSE FOR YEARS SOME ANALYSTS AND
INDUSTRY INSIDERS HAVE PREDICTED THAT THE TWO MONOPOLIES WOULD CRASH HEADON
AS ADVANCES IN TECHNOLOGY ALLOWED THEM TO INVADE EACH OTHER'S TURF

THE REAL BATTLE ISN'T BETWEEN TELEPHONE AND CABLE COMPANIES SAID U S WEST
CHAIRMAN RICHARD MCCORMICK IT'S BETWEEN THE STATUS QUO AND NEW CHOICES
IF ALL GOES ACCORDING TO U S WEST'S PLANS MANY OF TIME WARNER'S 71 MILLION
CABLE CUSTOMERS WILL BE ABLE TO CHOOSE BY THE END OF THE DECADE WHETHER THEY
WANT TO BUY LOCAL PHONE SERVICE FROM TIME WARNER CABLE

THE INTENTION HE SAID IS TO OFFER CUSTOMERS A ONESTOP SHOPPING SOURCE
FOR LOCAL CABLE AND TELEPHONE SERVICE INITIALLY U S WEST WILL BE ABLE TO
FORGE LINKS WITH BUSINESSES OFFERING PRIVATE LINE SERVICES AND DIRECT
CONNECTIONS TO LONGDISTANCE CARRIERS PROBABLY AT RATES LOWER THAN THE
LOCAL PHONE COMPANY CAN OFFER IN THE PAST FEW YEARS LONGDISTANCE
COMPANIES HAVE TURNED TO CABLE COMPANIES AND UPSTART FIBEROPTIC CARRIERS AS
A WAY TO CUT THE FEES THEY PAY TO LOCAL PHONE COMPANIES TO COMPLETE CALLS TO
HOMES OR BUSINESSES

AMERICAN TELEPHONE & TELEGRAPH CO FOR INSTANCE PAYS NEARLY 15 BILLION OF
ITS 40 BILLION IN LONGDISTANCE REVENUE TO LOCAL PHONE COMPANIES FOR ACCESS
TO THEIR NETWORKS FOR LOCAL PHONE COMPANIES SUCH ACCESS REVENUE ACCOUNTS
FOR ABOUT 25 OF THEIR REVENUE AND MORE THAN HALF OF THEIR PROFIT

THE TRANSACTION WITH TIME WARNER WAS DESIGNED IN A WAY THAT WILL ENCOURAGE U
S WEST TO GET CRACKING ON BUILDING FULLSERVICE CABLETELEPHONE NETWORKS
THE AGREEMENT INCLUDES AN INCENTIVE OPTION FOR AN ADDITIONAL 85 STAKE THAT
U S WEST CAN EXERCISE AS EARLY AS 1999 THE OPTION IS TIED TO THE CASHFLOW
GROWTH OF THE FULLSERVICE NETWORKS

OF THE 25 BILLION INVESTMENT 1 BILLION WILL BE SPENT ON UPGRADING TIME
WARNER'S EXISTING CABLE NETWORKS AND 15 BILLION WILL GO TOWARD PAYING
DOWN TIME WARNER DEBT MANAGEMENT OF THE NETWORKS WILL BE SHARED EQUALLY
BETWEEN TIME WARNER AND U S WEST BASED IN ENGLEWOOD COLO

NEWS OF THE U S WESTTIME WARNER AGREEMENT WHICH IS EXPECTED TO CLOSE THIS
YEAR WAS GENERALLY WELCOMED BY CABLE EXECUTIVES AND ANALYSTS WHO CONSIDER
IT AN EQUITY INVESTMENT IN THE CABLE INDUSTRY IN THE PAST YEAR PRACTICALLY
ALL OF THE LARGER CABLE OPERATORS HAVE HELD TALKS WITH PHONE COMPANIES ABOUT
TEAMING UP IN THE US

ALTHOUGH OTHER ALLIANCES ARE EXPECTED IT IS UNLIKELY THEY WILL BE AS
EXTENSIVE AS THE U S WESTTIME WARNER TIE EVERYBODY IN BOTH INDUSTRIES IS
GOING TO BE BEATING THE BUSHES AND SEEKING DEALS THAT MAKE SENSE FOR BOTH
SIDES SAID JOHN REIDY A MEDIA ANALYST WITH SMITH BARNEY THEY MAY BE
HARD TO FIND

INDEED THE U S WESTTIME WARNER DEAL IS UNIQUE FOR A COUPLE OF REASONS
TIME WARNER OWNS AN UNEQUALED LIBRARY OF MOVIES AND OTHER ENTERTAINMENT THAT
U S WEST CAN USE ON ITS OWN NETWORK EARLIER THIS YEAR U S WEST ANNOUNCED
A MAJOR PROJECT TO UPGRADE THE NETWORK IN ITS 14 STATE TERRITORY TO HANDLE
INTERACTIVE VIDEO VOICE AND DATA TRANSMISSIONS IN ADDITION THE
TRANSACTION RAISES FEW REGULATORY PROBLEMS MAINLY BECAUSE FEW TIME WARNER
CABLE SYSTEMS ARE WITHIN U S WEST'S TELEPHONE TERRITORY UNDER THE 1984
CABLE ACT PHONE COMPANIES ARE BARRED FROM OWNING CABLE SYSTEMS WITHIN THEIR
SERVICE TERRITORIES

TO AVOID RUNNING AFOUL OF THE 1982 CONSENT DECREE THAT BROKE UP THE BELL
SYSTEM TIME WARNER PLACED IN A SEPARATE SUBSIDIARY ABOUT 300 MILLION OF
ASSETS INCLUDING SATELLITE LINKS FOR HOME BOX OFFICE QVC AND OTHER CABLE
PROGRAMMING U S WEST SAID IT PLANS TO SEEK A WAIVER FROM FEDERAL JUDGE
HAROLD GREENE WHO OVERSEES THE DECREE SO THAT THOSE ASSETS CAN BE
REINTEGRATED WITH TIME WARNER ENTERTAINMENT THE DECREE BARS THE SEVEN BABY
BELLS FROM PROVIDING LONGDISTANCE SERVICE INCLUDING SATELLITE CONNECTIONS

WHILE THE BABY BELLS FACE A HOST OF REGULATORY HURDLES AT&T DOESN'T FOR
MONTHS RUMORS HAVE BEEN FLYING IN THE ENTERTAINMENT INDUSTRY ABOUT A PENDING
LINKUP BETWEEN AT&T AND TELECOMMUNICATIONS INC AT&T'S COMMUNICATIONS
CHIEF VICTOR PELSON WILL SAY ONLY THAT AT&T IS TALKING TO A LOT OF
PLAYERS

AND TCI WHILE ACKNOWLEDGING TALKS WITH THE PHONE GIANT HAS DECLINED TO BE
MORE SPECIFIC WE'RE EVALUATING A NUMBER OF COURSES OF ACTION SAID BOB
THOMSON A SPOKESMAN FOR TCI THE DECISION TO DO A DEAL WILL BE BASED ON
THE MERITS OF THE DEAL

IN FACT TCI WOULD FILL SEVERAL AT&T CRAVINGS NOT THE LEAST OF THESE IS A
DESIRE TO REACH INTO THE NOOKS AND CRANNIES OF AMERICA TO LOCAL PHONE
COMPANIES THROUGH AN ALTERNATIVE CARRIER AT&T HAS ALREADY REACHED AN
AGREEMENT TO BUY 33 OF MCCAW CELLULAR COMMUNICATIONS INC FOR 38 BILLION
ENGLAND AND IRELAND TCI IS THE LARGEST CABLE TV COMPANY WITH 10 MILLION
SUBSCRIBERS 30 MORE THAN TIME TCI'S IS ALSO THE ONLY SYSTEM THAT COMES
CLOSE TO COMPLEMENTING AT&T'S VAST BASE OF 80 MILLIONPLUS CUSTOMERS AND AS
AT&T EXPANDS ITS COMMUNICATIONS SERVICES GLOBALLY TCI IS HEADING THERE
TOO WITH CABLE TV HOLDINGS IN COUNTRIES SUCH AS ENGLAND IRELAND NORWAY
AND SWEDEN

THERE ARE OTHER ATTRACTIONS INCLUDING REDUCING ACCESS FEES PAID TO LOCAL
PHONE COMPANIES FOR CARRYING CALLS THE LAST MILE TO HOMES OR BUSINESSES

ANOTHER POSSIBLE ALLIANCE IS BETWEEN COX ENTERPRISES INC AND SOUTHWESTERN
BELL CORP THE TWO RECENTLY JOINED FORCES TO OPERATE TELEPHONE AND CABLE
SERVICE IN THE UK WHERE OTHER US PHONE AND CABLE COMPANIES INCLUDING
TCI AND U S WEST ARE GETTING EXPERIENCE RUNNING NETWORKS THAT OFFER BOTH
SERVICES

INVESTORS REACTED CAUTIOUSLY TO THE U S WESTTIME WARNER ANNOUNCEMENT
SENDING BABY BELL SHARES DOWN SLIGHTLY U S WEST CLOSED AT 40625 A SHARE
DOWN 375 CENTS AMERITECH CORP CLOSED AT 72 OFF 375 CENTS BELL
ATLANTIC CORP CLOSED AT 51875 DOWN 50 CENTS BELLSOUTH CORP CLOSED AT
5125 OFF 50 CENTS NYNEX CORP CLOSED AT 82125 DOWN 75 CENTS PACIFIC
TELESIS GROUP CLOSED AT 4675 DOWN 125 CENTS AND SOUTHWESTERN BELL
CLOSED AT 75125 OFF 50 CENTS

FOR CABLE INDUSTRY GIANTS WHO HAVE BEEN PUMPING MILLIONS OF DOLLARS INTO
UPGRADING THEIR COAXIAL CABLE WITH FIBER OPTICS THE U S WEST INVESTMENT WAS
SEEN AS A VOTE OF CONFIDENCE IN THEIR TECHNOLOGY U S WEST HAD THE CHOICE
OF INVESTING 25 BILLION AND THEY COULD HAVE INVESTED IN THEIR NETWORKS
BUSINESS ABROAD OR A NEW LINE OF BUSINESS SAID DECKER ANSTROM EXECUTIVE
VICE PRESIDENT FOR THE NATIONAL CABLE TELEVISION ASSOCIATION THEY TURNED
AROUND AND PUT IT IN CABLE THAT'S A STRONG MESSAGE

INDEED JUST THREE MONTHS AGO SOUTHWESTERN BELL STARTLED THE
TELECOMMUNICATIONS WORLD BY ANNOUNCING IT WOULD BUY TWO CABLE SYSTEMS FROM
HAUSER COMMUNICATIONS FOR 650 MILLION SOUTHWESTERN BELL FIRED THE FIRST
SHOT ACROSS THE BOW WITH THE HAUSER PROPERTIES SAID ROBERT MORRIS AN
ANALYST WITH GOLDMAN SACHS & CO IT IS CLEAR THAT COMPETITION IS ADVANCING
AND THAT THE BELLS MUST FIND WAYS TO EXPAND THEIR BUSINESS

GUS HAUSER CHAIRMAN OF HAUSER COMMUNICATIONS PREDICTS A REVOLUTION THE
PHONE COMPANIES' TERRITORIES ARE BEING INVADED AND THEY WILL HAVE TO
INVADE HE SAID WHY WOULD A COMPANY JUST SIT THERE SEE RELATED STORY
TIME WARNER SEES SYNERGY IN PARTNERSHIP WSJ MAY 18 1993  TIME
WARNER AND THE BABY BELLS U S WEST'S INVESTMENT IN TIME WARNER
ENTERTAINMENT OPENS UP THE POSSIBILITY OF DIRECT COMPETITION BETWEEN
REGIONAL BELL COMPANIES HOW THE REGIONAL BELLS STACK UP  '92 REVENUE
'92 NET INCOME MARKET BILLIONS VALUE BELLSOUTH 1520 166 2556
SOUTHWESTERN BELL 1002 130 2268 BELLATLANTIC 1265 138 2267
AMERITECH 1115 135 1954 PACIFIC TELESIS 994 114 1896 NYNEX 1316
131 1712 U S WEST 1028 118 1699 9305180065 930518 BUSINESS BRIEF 
ENVIRONMENT ONE CORP CUTS IN PAY ARE INSTITUTED DUE TO SLUGGISH
EARNINGS

ENVIRONMENT ONE CORP SAID IT HAS CUT STAFF BEGUN VOLUNTARY EXECUTIVEPAY
CUTS AND FROZEN SOME STAFF MEMBERS' WAGES IN RESPONSE TO POOR EARNINGS IN
THE WINTER AND SPRING AND TO SLOW RECOVERY IN THE SECOND QUARTER

THE SCHENECTADY NY MAKER AND PROVIDER OF RESIDENTIAL SANITARYWASTE
PRODUCTS AND SERVICES SAID IT CUT FIVE STAFF MEMBERS AND INSTITUTED A
VOLUNTARY 10 PAY CUT FOR EXECUTIVES

ENVIRONMENT ONE ALSO SAID IT OVERHAULED ITS OPERATING BUDGET TO ACCOUNT FOR
FIRSTHALF REVENUE THAT WAS DELAYED BY SEVERE WEATHER

THE EXECUTIVEPAY CUTS AND PAY FREEZES WILL REMAIN IN FORCE AT LEAST UNTIL
THE COMPANY TURNS PROFITABLE FOR THE YEAR THE COMPANY SAID

NO FURTHER STAFF REDUCTION IS EXPECTED THE COMPANY SAID 9305180064
930518 POLITICS & POLICY EPA IS MOVING TO CURB APPROVALS OF
INCINERATORS  BY TIMOTHY NOAH STAFF REPORTER OF THE WALL STREET
JOURNAL

WASHINGTON THE ENVIRONMENTAL PROTECTION AGENCY WILL MOVE TO SEVERELY
RESTRICT APPROVALS FOR NEW HAZARDOUS WASTE INCINERATORS ACCORDING TO AN
OFFICIAL INSIDE THE AGENCY

EPA ADMINISTRATOR CAROL BROWNER WILL ANNOUNCE TODAY THAT THE AGENCY WILL
INITIATE A POLICY GIVING PRIORITY TO A REVIEW OF EXISTING PERMITS FOR
HAZARDOUS WASTE INCINERATORS RATHER THAN APPROVING NEW ONES THE OFFICIAL
SAID THE ACTION WILL HAVE THE EFFECT OF A FREEZE ON NEW INCINERATOR
APPROVALS FOR 18 MONTHS

ALTHOUGH A FEW NEW INCINERATORS MAY GO ON LINE DURING THAT PERIOD THE
OFFICIAL SAID THEY WOULD LIKELY BE OFFSET BY OTHER INCINERATORS SHUTTING
DOWN

IN ADDITION MS BROWNER IS EXPECTED TO ANNOUNCE A SERIES OF PROPOSED RULES
AIMED AT REDUCING EMISSIONS SUCH AS DIOXIN FROM HAZARDOUS WASTE
INCINERATORS SHE WILL ALSO ANNOUNCE THAT SHE IS PUTTING OUT GUIDANCE FOR
COMPANIES THAT GENERATE CHEMICAL WASTE ON HOW TO MINIMIZE SUCH WASTE

THE CLINTON ADMINISTRATION HAS RECEIVED SOME CRITICISM FROM THE
ENVIRONMENTAL COMMUNITY FOR BACKING OFF FROM ITS INITIAL OPPOSITION TO THE
OPERATION OF A HAZARDOUS WASTE INCINERATOR IN EAST LIVERPOOL OHIO LOCATED
NEAR AN ELEMENTARY SCHOOL BEFORE TAKING OFFICE VICE PRESIDENT AL GORE SAID
THE INCINERATOR WOULDN'T BE GRANTED A TEST PERMIT UNTIL CERTAIN QUESTIONS
WERE ANSWERED ABOUT ITS SAFETY AND THE PROCEDURES BY WHICH IT WAS APPROVED
UNDER THE BUSH ADMINISTRATION

SUBSEQUENTLY HOWEVER THE VICE PRESIDENT QUIETLY DROPPED HIS OPPOSITION AND
THE EPA DIDN'T BLOCK THE INCINERATOR'S OPERATION MS BROWNER RECUSED
HERSELF FROM THE MATTER BECAUSE HER HUSBAND WORKS FOR CITIZEN ACTION A
GRASSROOTS GROUP THAT HAS OPPOSED THE INCINERATOR

THE EPA OFFICIAL SAID THAT TODAY'S ACTION ISN'T LIKELY TO BLOCK THE EAST
LIVERPOOL INCINERATOR BUT THAT IT COULD CREATE BARRIERS FOR THE PLANT IN A
FEW YEARS WHEN ITS PERMIT COMES UP FOR RENEWAL 9305180063 930518
BUSINESS BRIEF WOODWARD'S LTD RESTRUCTURING MERGER PLANS APPROVED
BY SUPREME COURT

WOODWARD'S LTD SAID THAT THE BRITISH COLUMBIA SUPREME COURT APPROVED ITS
PLAN OF ARRANGEMENT OR RESTRUCTURING AND A PROPOSED MERGER WITH ZELLERS'
INC A UNIT OF HUDSON'S BAY CO

COURT APPROVAL WAS THE LAST HURDLE BLOCKING IMPLEMENTATION OF THE PLAN AND
THE MERGER SHAREHOLDER AND CREDITHOLDER APPROVALS WERE OBTAINED IN A SERIES
OF MEETINGS EARLIER THIS MONTH

THE RESTRUCTURING WHICH WILL INVOLVE PAYMENTS TO THOSE CREDITORS WHOSE
CLAIMS HAVE BEEN APPROVED AND TO SHAREHOLDERS IS EXPECTED TO BE FINALIZED
IN ABOUT THREE WEEKS WOODWARD'S ADDED

WOODWARD'S A VANCOUVERBASED RETAILER HAS BEEN OPERATING UNDER BANKRUPTCY
COURT PROTECTION SINCE DECEMBER IT HAS CLOSED SOME RETAIL OUTLETS AND
PLANS TO MERGE ITS REMAINING OPERATIONS WITH THOSE OF ZELLERS' HUDSON'S BAY
IS A TORONTOBASED RETAILER 9305180062 930518 BUSINESS BRIEF ASHLAND
OIL INC FIRM INVESTIGATING EXPLOSION THAT KILLED REFINERY WORKER

ASHLAND OIL INC SAID A HEATER EXPLOSION AT ITS CATLETTSBURG KY REFINERY
KILLED ONE WORKER AND RELEASED A HYDROCARBON CLOUD INTO THE AIR

RICHARD SPARKS 38 YEARS OLD AND AN ASHLAND EMPLOYEE SINCE 1976 DIED OF A
HEART ATTACK CAUSED BY HEAD INJURIES RESULTING FROM THE EXPLOSION ACCORDING
TO OFFICIALS AT KING'S DAUGHTERS' MEDICAL CENTER MR SPARKS WAS THE ONLY
ONE PRESENT AT THE TIME OF THE EXPLOSION NO OTHER INJURIES WERE REPORTED

THE GREEN CLOUD DISSIPATED IN AN HOUR PART OF THE REFINERY AS WELL AS
NEARBY US ROUTE 23 WERE CLOSED TEMPORARILY

ASHLAND BASED IN ASHLAND KY SAID IT IS INVESTIGATING THE CAUSE OF THE
EXPLOSION WHICH TOOK PLACE AT THE NO 2 CRUDE DISTILLATION UNIT THE
SMALLEST OF THREE CRUDE OIL PROCESSING UNITS AT THE COMPLEX THE NO 2 UNIT
HAD BEEN DOWN FOR ROUTINE MAINTENANCE SINCE MAY 9 ASHLAND SAID

ASHLAND SAID IT'S UNLIKELY THE BLAST WILL HURT ITS ABILITY TO SUPPLY
CUSTOMERS OR HAVE A FINANCIAL IMPACT ON THE COMPANY THE NO 2 UNIT HAD A
CAPACITY OF 25000 BARRELS A DAY COMPARED WITH 213400 BARRELS A DAY FOR
THE WHOLE COMPLEX 9305180061 930518 BUSINESS BRIEF ATLAS CORP LOSS
AFTER CHARGES WIDENED IN FIRM'S FISCAL 3RD PERIOD

ATLAS CORP DENVER SAID ITS FISCAL THIRDQUARTER LOSS WIDENED TO 5
MILLION OR 79 CENTS A SHARE INCLUDING CHARGES FROM 900000 OR 15 CENTS
A SHARE A YEAR EARLIER

LOW GOLD PRICES CONTINUED TO PLAGUE THE MINING COMPANY ATLAS SAID THE LOSS
FOR THE QUARTER ENDED MARCH 31 INCLUDES A 17 MILLION CHARGE FROM
LOWERVALUED INVENTORY FOLLOWING A DROP IN GOLD PRICES AND A 670000
CHARGE RESULTING FROM OBLIGATIONS TO A BUILDING DIVISION SOLD TO A PURCHASER
WHICH LATER DIDN'T FULFILL THE OBLIGATIONS

REVENUE FOR THE QUARTER FELL 40 TO 49 MILLION FROM 81 MILLION THE DROP
STEMMED FROM A LOWER AVERAGE GOLD PRICE REALIZED 339 AN OUNCE COMPARED
WITH 357 AN OUNCE IN THE YEAREARLIER QUARTER AS WELL AS SIGNIFICANTLY
LOWER GOLD PRODUCTION THE COMPANY SAID 9305180060 930518 LEISURE & ARTS
 SPRING ART AUCTIONS THE APPLES OF CEZANNE'S  BY ANN E BERMAN

NEW YORK SOTHEBY'S AND CHRISTIE'S HAVE JUST HELD THEIR USUAL BLITZ OF
SPRING SALES THE RESULTS IN MOST YEARS A BAROMETER OF MARKET HEALTH
DIDN'T HELP AUCTIONWATCHERS COME UP WITH A CLEAR PROGNOSIS THE
CONTEMPORARY SALES FALTERED BADLY BRINGING JUST UNDER 30 MILLION AGAINST
EXPECTATIONS OF 45 MILLION TO 60 MILLION WHILE THE IMPRESSIONIST AND
MODERN SALES SOARED BRINGING IN 147 MILLION WITHIN SPITTING DISTANCE OF
THE EXPERTS' CUMULATIVE HIGH ESTIMATE THE OVERALL PICTURE THEN WAS
CONFUSING AND TO ANYONE TAKING A GLOBAL PERSPECTIVE ART STILL MUST SEEM
LIKE AN UNSAFE VEHICLE FOR INVESTMENT OR PLEASURE

BUT THERE ISN'T ANY VERY GOOD REASON TO TAKE A GLOBAL PERSPECTIVE JUST
BECAUSE THE AUCTION HOUSES CHOOSE TO SELL DAVID SALLE IN THE SAME WEEK WITH
PAUL CEZANNE DOESN'T MEAN THOSE ARTISTS HAVE MUCH IN COMMON AND NEITHER DO
THEIR MARKETS WHAT THESE AUCTION MARKETS DID SHARE WAS THE ARTIFICIAL BOOM
CAUSED BY JAPANESE AND OTHER SPECULATORS IN THE LATE 1980S OF COURSE THEN
RENOIR WAS WORTH 70 MILLION AND DE KOONING WAS ONLY WORTH 20 MILLION
BUT THE SAME BUOYANT MARKET FORCES SEEMED TO BE IN EFFECT FOR EVERYTHING
MADE BETWEEN 1870 AND 1990

NOW THE BOOM IS HISTORY AND INHERENT MARKET DIFFERENCES ARE MANIFESTING
THEMSELVES SOME ARE SELFEVIDENT ART THAT HAS NOT YET STOOD THE TEST OF
TIME IS MORE SPECULATIVE MORE VOLATILE SUPPLY IS MUCH GREATER IN A MARKET
IN WHICH SOME ARTISTS ARE STILL ALIVE AND WORKING STILL IN THE ART
MARKET'S CURRENTLY MIXED WEATHER SHORTNESS OF SUPPLY HAS NOW BECOME A
SERIOUS PROBLEM FOR THE AUCTION HOUSES

AT THE PEAK OF THE MARKET AUCTION HOUSES GOT A DISPROPORTIONATE AMOUNT OF
CONTEMPORARY ART SAYS NEW YORK DEALER JEFFREY DEITCH NOW THINGS ARE BACK
IN BALANCE WITH AUCTION PRICES NO LONGER THE ARTIFICIALLY INFLATED SURE
THING OF 1989 DEALERS THE TRADITIONAL DISCOVERERS AND SUPPORTERS OF
CONTEMPORARY ART HAVE RECLAIMED THEIR HISTORIC PREDOMINANCE IF YOU WENT
AROUND THE GALLERIES TODAY YOU'D FIND MUCH BETTER MATERIAL THAN WE SAW IN
THE SALES SAYS JEFFREY HOFFELD OF NEW YORK'S MAX PROTETCH GALLERY
NEITHER DEALERS NOR COLLECTORS ARE INTERESTED IN LETTING THINGS GO AT
BARGAINBASEMENT PRICES AT AUCTION ESTATES CONSISTING OF CONTEMPORARY ART
ARE RELATIVELY UNCOMMON ALL IN ALL AS CHRISTIE'S EXPERT DIANE UPRIGHT
ADMITS IT IS EXTREMELY DIFFICULT TO GET THINGS TO SELL THERE IS NO WAY TO
MINIMIZE IT

ERGO NEW YORK HAD THE WEAKEST CONTEMPORARY SALES IN MANY SEASONS AND IN
THEIR DESPERATION SOTHEBY'S EXPERTS MADE A RATHER LARGE MISTAKE THEY
AGREED TO OFFER 10 WORKS BY ANDY WARHOL FROM THE COLLECTION OF FREDERICK W
HUGHES THE ARTIST'S MANAGER AND EXECUTOR AS THE FAMILIAR POP IMAGES CAME
UP AND WERE SHOT DOWN ONE BY ONE WITH THE MUMBLED INCANTATION PASS
SOTHEBY'S OFFICIALS WERE REGRETTING THEIR DECISION TO ACCEPT AT AGGRESSIVE
ESTIMATES SO MANY WORKS BY THE SAME ARTIST THAT HAD ALREADY BEEN SHOPPED
AROUND BY A DEALER ONLY TWO SOLD BOTH BELOW ESTIMATE WHILE THIS IS
CLEARLY NOT THE END FOR WARHOL BIDDERS EVEN THOSE WHO KNEW THE CONSIGNMENT
WAS ILLADVISED WERE UNNERVED BY THE DRAMATIC PUBLIC FAILURE OF A
CONTEMPORARY FAVORITE SON

IN SUCH A CAUTIOUS CLIMATE ONLY THE VERY BEST MATERIAL BROUGHT BIG MONEY AT
SOTHEBY'S A WILLEM DE KOONING DRAWING SOLD FAR ABOVE ESTIMATES AT 965000
AND BLACK STRIPE BY MARK ROTHKO SOLD WITHIN ESTIMATES AT 882500
REPORTEDLY TO A KOREAN BUYER AT CHRISTIE'S THE JACKSON POLLOCK DRIP
PAINTING NUMBER 19 SOLD ABOVE ESTIMATE TO A EUROPEAN COLLECTOR AT 24
MILLION TWO OTHER PRICEY CLASSIC WORKS SABRO BY FRANZ KLINE ESTIMATED
AT 15 MILLION TO 2 MILLION AND ROBERT MOTHERWELL'S ELEGY TO THE SPANISH
REPUBLIC 134 ESTIMATED AT 550000 TO 650000 FAILED TO SELL THE
MARKET ALSO PASSED UP RECENT WORKS BY MR SALLE AND JULIAN SCHNABEL AND
BIDDING WAS TEPID FOR SOME MATERIAL BY LAST YEAR'S GERMAN WUNDERKINDER
SIGMAR POLKE ANSELM KIEFER AND GEORG BASELITZ ALL IN ALL UNSOLD RATES FOR
THE CONTEMPORARY SALES RAN AT 40 TO 50

WITH THE IMPRESSIONIST AND MODERN SALES LOOMING SOME OBSERVERS WORRIED THAT
THE DISMAL CONTEMPORARY RESULTS MIGHT CAST A PSYCHOLOGICAL PALL BUT THIS
WAS NOT THE CASE TEN MINUTES INTO SOTHEBY'S SALE IT WAS CLEAR THAT THE
TRADITIONAL INTERNATIONAL SUPPORT FOR IMPRESSIONIST AND MODERN ART WAS
FIRMLY IN PLACE

IT DIDN'T HURT THAT BOTH SALES WERE STOCKED WITH DESIRABLE MATERIAL
INCLUDING A BLOCKBUSTER NATURE MORTE LES GROSSES POMMES STILL LIFE
LARGE APPLES BY CEZANNE A SEMINAL WORK BY THE ACKNOWLEDGED FATHER OF
MODERN ART

HERE WAS THAT RARE MOMENT WHEN MARKET VALUE AND AESTHETIC VALUE SEEMED TO
CONVERGE AT THE HIGHEST LEVEL TO HONOR A PAINTING THAT COULD SERVE AS WELL
AS ANY AS AN EMBLEM OF THE BIRTH OF THE ART OF OUR TIME IT SEEMED RIGHT
THAT VERY BIG BUCKS WOULD BE SPENT ON SOMETHING SO DELICIOUSLY DECEPTIVELY
SIMPLE A PLATE OF APPLES AND A TEACUP SITTING ON A TABLE LIGHT FLOWS OUT
FROM THE APPLES ENTICING THE EYE WITH VIBRATING STROKES OF RED YELLOW
EVEN GREEN AROUND AND BEHIND THEM ARE PLAINER BUT NO LESS SIGNIFICANT
FORMS AN AWKWARDLY TILTED TABLE AN EMPTY FIREPLACE A DOORWAYTHE WORLD
EVERYONE KNOWS REDUCED TO LUMINOUS ESSENTIALS 9305180059 930518 BUSINESS
BRIEF INTERNATIONAL FAMILY ENTERTAINMENT CABLE COMPANY'S EARNINGS 
ROSE 66 IN FIRST QUARTER

INTERNATIONAL FAMILY ENTERTAINMENT INC REPORTED A 66 RISE IN FIRSTQUARTER
NET INCOME AFTER THE YEAREARLIER NET WAS RESTATED TO INCLUDE AN INCOMETAX
PROVISION

THE CABLE ENTERTAINMENT COMPANY SAID IT BENEFITED FROM A 5 RISE IN THE
NUMBER OF HOUSEHOLDS REACHED BY FAMILY CHANNEL TO MORE THAN 57 MILLION AS
WELL AS FROM INCREASED ADVERTISING RATES AND REVENUE ALSO THE LATEST
PERIOD'S RESULTS REFLECT THE ACQUISITION OF TVS ENTERTAINMENT AND ITS
SUBSIDIARY MTM ENTERTAINMENT WHICH PUT INTERNATIONAL FAMILY INTO THE
PRODUCTION AND SYNDICATION BUSINESSES

INTERNATIONAL FAMILY REPORTED NET OF 74 MILLION OR 22 CENTS A SHARE FROM
A RESTATED 44 MILLION OR 21 CENTS A SHARE A YEAR EARLIER THE COMPANY
WHICH WENT PUBLIC IN APRIL 1992 ORIGINALLY HAD REPORTED NET INCOME OF 72
MILLION FOR THE YEAREARLIER PERIOD REVENUE ROSE 33 TO 432 MILLION FROM
324 MILLION A YEAR EARLIER

THE COMPANY'S RESTATED EARNINGS THE PREVIOUS YEAR REFLECTED A CHARGE FOR
ACCOUNTING CHANGES COVERING DEFERRED INCOME TAXES 9305180058 930518
BUSINESS BRIEF DILLARD DEPARTMENT STORES INC COMPANY SAYS IT WILL
OFFER MORE PRIVATELABEL GOODS

DILLARD DEPARTMENT STORES INC OFFICIALS SAID THE DEPARTMENT STORE CHAIN
WILL BEGIN OFFERING MORE PRIVATELABEL MERCHANDISE AND EXPECTS TO ADD A
TOTAL OF 10 STORES THIS YEAR

JAMES FREEMAN CHIEF FINANCIAL OFFICER SAID THE COMPANY'S STORES HAVE
TRADITIONALLY SOLD ONLY BRANDNAME GOODS AND PRIVATELABEL GOODS PROBABLY
WON'T EXCEED 10 OF THE STORES' INVENTORY FOR THE FORESEEABLE FUTURE MR
FREEMAN SAID THE COMPANY IS MAKING THE SHIFT TO PROVIDE MORE VALUE TO
CUSTOMERS BECAUSE SOME VENDORS OF BRANDNAME GOODS ARE ADDING MORE COST TO
THE EQUATION THAN VALUE

THE RETAIL CHAIN WHICH CURRENTLY OPERATES 221 STORES IN THE SOUTH AND
MIDWEST PLANS TO OPEN SEVEN NEW STORES THIS YEAR IN ADDITION TO THE THREE
STORES IT RECENTLY LAUNCHED MR FREEMAN SAID

THE EXPANSION IS PART OF A CONSERVATIVE GROWTH STRATEGY CHAIRMAN WILLIAM
DILLARD SAID HE EXPECTS THE COMPANY TO PURSUE IN THE WAKE OF A
SATISFACTORY 1992 9305180057 930518 LEISURE & ARTS TOP TEN SINGLES /
ALBUMS

CONSTRUCTED BY BILLBOARD MAGAZINE FROM DATA PROVIDED BY BROADCAST DATA
SYSTEMS AND SOUNDSCAN INC AND BASED ON A NATIONAL SAMPLE OF RETAIL REPORTS
AND RADIO PLAY LISTS 9305180056 930518 BUSINESS BRIEF KENNAMETAL INC
 COMPANY AGREES TO PURCHASE GERMAN FIRM FOR 56 MILLION

KENNAMETAL INC LATROBE PA SAID IT REACHED AN AGREEMENT TO BUY HERTEL
AG A FURTH GERMANY MAKER OF METALCUTTING PIECES FOR 56 MILLION PLUS
THE ASSUMPTION OF 57 MILLION IN DEBT

THE TRANSACTION WOULD BOOST KENNAMETAL'S OFFERINGS OF CARBIDE TOOLS WHICH
ARE USED IN MACHINE TOOLS TO CUT METAL IT ALSO WOULD STRENGTHEN
KENNAMETAL'S POSITION IN THE MARKET FOR PARTS THAT HOLD CUTTING PIECES

HERTEL WILL SUPPORT KENNAMETAL'S GLOBAL STRATEGY WHILE ALLOWING US TO
SIGNIFICANTLY INCREASE OUR INFLUENCE IN THE EUROPEAN AND ASIAPACIFIC
MARKETS ROBERT L MCGEEHAN KENNAMETAL'S PRESIDENT AND CHIEF EXECUTIVE
OFFICER SAID IN A STATEMENT

BUT HERTEL IS AILING FINANCIALLY IT POSTED A 30 MILLION NET LOSS ON 259
MILLION IN SALES FOR 1991 YEAREND FIGURES FOR 1992 HAVEN'T BEEN RELEASED
YET HOWEVER HERTEL HAS TAKEN STEPS TO REMEDY ITS SITUATION LARGELY BY
SHUTTING UNPROFITABLE SUBSIDIARIES AND PARING ITS WORK FORCE A KENNAMETAL
SPOKESMAN SAID

KENNAMETAL WHICH HAD 5945 MILLION IN SALES IN THE YEAR ENDED JUNE 30
1992 SAID IT WILL FINANCE THE TRANSACTION THROUGH THE ISSUANCE OF DEBT OR
DEBT AND EQUITY KENNAMETAL EXPECTS THE TRANSACTION TO CLOSE IN THE FALL
9305180055 930518 INTERNATIONAL ARJO WIGGINS' OUTLOOK

LONDON COB STENHAM CHAIRMAN OF ANGLOFRENCH PAPER GROUP ARJO WIGGINS
APPLETON PLC SAID HE REMAINED PESSIMISTIC ABOUT THE OUTLOOK FOR THE PAPER
INDUSTRY AS A WHOLE BUT SAID HIS COMPANY WAS WELL PLACED TO PROSPER ONCE
RECOVERY WAS UNDER WAY

SPEAKING AT THE COMPANY'S ANNUAL MEETING MR STENHAM SAID A NUMBER OF
COSTCUTTING MEASURES PLANNED FOR 1993 WILL HELP PUT THE COMPANY ON A
STRONGER FOOTING THESE MEASURES INCLUDE A PROJECT TO CLOSE PLANTS IN FRANCE
AND GERMANY AND PLANS TO CUT THE WORK FORCE IN BELGIUM

THE OFFICIAL GAVE NO FIGURES TO ILLUSTRATE HOW THE COMPANY WAS PERFORMING SO
FAR THIS YEAR IN MARCH ARJO WIGGINS SAID ITS PRETAX PROFIT FOR 1992 FELL
30 9305180054 930518 BUSINESS BRIEF BIG O TIRES INC FIRM BUYS
BACK STOCKS WARRANTS FROM GENERAL TIRE

BIG O TIRES INC COMPLETED A 61 MILLION BUYBACK OF STOCKS AND WARRANTS
FROM SUPPLIER GENERAL TIRE INC A MOVE THE RETAILER SAID ESTABLISHED ITS
INDEPENDENCE AND GAVE IT FREEDOM TO BUY FROM OTHER MANUFACTURERS

THE DEAL WHICH INCLUDES THE BUYBACK AND RETIREMENT OF 400000 COMMON SHARES
AND CANCELLATION OF GENERAL TIRE'S WARRANTS TO BUY UP TO A MILLION SHARES
WAS FINANCED ON AN INTERIM BASIS BY THE COMPANY'S PRIMARY LENDER BIG O IN
ENGLEWOOD COLO SAID IT WILL BE ABLE TO REPAY THE LENDER IN PART BY
DEFERRING PAYMENTS TO A SUPPLIER BUT DECLINED TO GIVE DETAILS

SIMULTANEOUSLY WITH THE STOCK BUYBACK BIG O WHICH SELLS TIRES AND
AUTOMOTIVE SERVICES PAID BACK ABOUT 17 MILLION IN OUTSTANDING CASH LOANS
FROM GENERAL TIRE AND TERMINATED A 1989 SUPPLY AGREEMENT THAT OBLIGATED THE
RETAILER TO BUY A PREDETERMINED AMOUNT OF GENERAL TIRE PRODUCTS A
SPOKESWOMAN SAID 9305180053 930518 BUSINESS BRIEF NORD RESOURCES
CORP COMPANY TO PAY 4750000 TO SETTLE HOLDER'S LAWSUIT

NORD RESOURCES CORP DAYTON OHIO SAID IT AGREED TO PAY 4750000 TO
SETTLE IN PRINCIPLE SECURITIES LITIGATION PENDING AGAINST THE COMPANY NORD
A MINING AND MINERALS COMPANY WILL ALSO PAY AS MUCH AS 100000 IN RELATED
ADMINISTRATIVE COSTS

THE LAWSUIT FILED BY A SHAREHOLDER IN OCTOBER 1990 IN THE US DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF OHIO ALLEGED THAT NORD MADE PUBLIC
DISCLOSURES BETWEEN MARCH AND AUGUST OF 1990 THAT WERE MATERIALLY
MISLEADING THE SUIT ALSO ALLEGED THAT FIVE OF NORD'S OFFICERS AND DIRECTORS
SOLD NORD STOCK WHILE IN POSSESSION OF INSIDE INFORMATION

NORD TOOK A FIRSTQUARTER CHARGE OF 4750000 TO REFLECT THE SETTLEMENT
THE COMPANY REPORTED A NET LOSS FOR THE FIRST QUARTER OF 72 MILLION OR 48
CENTS A SHARE ON REVENUE OF 216 MILLION

OF THE TOTAL SETTLEMENT 500000 WILL BE PAID IN CASH AND THE REST WILL BE
PAID IN COMMON STOCK FINAL APPROVAL OF THE SETTLEMENT IS SUBJECT TO
APPROVAL BY NORD'S BOARD AND THE COURT 9305180052 930518 LEO'S FORMER
DIRECTOR SETTLES CHARGES ARISING FROM SALE OF STOCK

LOS ANGELES THE SECURITIES AND EXCHANGE COMMISSION FILED CIVIL CHARGES
ALLEGING INSIDER TRADING BY A FORMER DIRECTOR OF DEFUNCT LEO'S INDUSTRIES
INC THE PARENT COMPANY OF A CHAIN OF CONSUMERELECTRONICS STORES

THE FORMER DIRECTOR GARY LUBLINER AND FOUR FRIENDS RELATIVES AND
ASSOCIATES AGREED TO PAY THE GOVERNMENT 58291 IN PROFITS FROM THEIR
DEALINGS WITHOUT ADMITTING ANY WRONGDOING THEY ALSO AGREED TO OTHER FINES
AND RESTRICTIONS MR LUBLINER 47 YEARS OLD WHO MADE 40318 IN PROFIT ON
THE DEALINGS ALSO AGREED TO AN ORDER BARRING HIM FROM ANY FUTURE SERVICE AS
AN OFFICER OR DIRECTOR OF ANY PUBLICLY REPORTED COMPANY

THE GOVERNMENT ALLEGED MR LUBLINER AND THE OTHERS PROFITED BY TAKING
ADVANTAGE OF NONPUBLIC INFORMATION WHEN THEY SOLD STOCK IN LEO'S IN JULY
1991 THE SALE OCCURRED JUST BEFORE THE COMPANY'S LEO'S STEREO UNIT ENTERED
BANKRUPTCY PROCEEDINGS THE GOVERNMENT ALSO ALLEGED THAT ON FIVE OCCASIONS
MR LUBLINER FAILED TO FILE FORMS AS REQUIRED WHEN HE SOLD ABOUT 282000
SHARES FOR ABOUT 13 MILLION

MR LUBLINER'S ATTORNEY H THOMAS SEHN OF LOS ANGELES SAID HIS CLIENT
CONSENTED TO THE ORDERS SOUGHT BY THE COMMISSION BECAUSE HE WANTED TO AVOID
THE RIGORS OF LITIGATION HE SAID THE FAILURE TO FILE FORMS WAS RATHER A
MINOR TECHNICAL PAPERWORK PROBLEM AND NOT ANYTHING OF ANY SUBSTANCE
9305180051 930518 BUSINESS BRIEF TOYS R' US INC FISCAL 1STPERIOD
NET ROSE 25 AS SALES JUMPED 97

TOYS R US INC SAID FISCAL FIRSTQUARTER NET ROSE 25 TO 354 MILLION OR
12 CENTS A SHARE ON A 97 SALES INCREASE TO 129 BILLION

IN THE YEAREARLIER QUARTER THE PARAMUS NJ TOY RETAILER REPORTED NET
INCOME OF 283 MILLION OR 10 CENTS A SHARE ON SALES OF 117 BILLION THE
LATEST QUARTER ENDED MAY 1

TOYS R US SAID ITS SAMESTORE SALES FOR TOY STORES INCREASED 2 IN THE
US FROM THE YEAREARLIER QUARTER AND THAT THE COMPANY'S 1993 PROGRAM TO
ADD 40 STORES IN THE US AND 60 STORES INTERNATIONALLY IS PROCEEDING ON
SCHEDULE CURRENTLY TOYS R US OPERATES 504 STORES IN THE US 167 STORES
INTERNATIONALLY AND 215 KIDS R US CLOTHING STORES

IN TRADING ON THE NEW YORK STOCK EXCHANGE TOYS R US SHARES FELL 25 CENTS
TO 37375 9305180050 930518 BUSINESS BRIEF FIRST UNION CORP OVER
1000 JOBS TO BE CUT AT FIRST AMERICAN METRO

FIRST UNION CORP SAID IT WILL ELIMINATE AS MANY AS 1100 JOBS MORE THAN
ONETHIRD OF THE WORK FORCE AT FIRST AMERICAN METRO CORP WHEN IT
COMPLETES ITS ACQUISITION OF THAT BANK

FIRST UNION A BANK HOLDING COMPANY IN CHARLOTTE NC SAID IT WILL
IMMEDIATELY LAY OFF AS MANY AS 200 INCLUDING EXECUTIVES AND FINANCE
EMPLOYEES WHOSE FUNCTIONS WOULD BE DUPLICATED WHEN FIRST AMERICAN IS
COMBINED WITH FIRST UNION'S PREVIOUS ACQUISITIONS IN THE WASHINGTON AREA
FIRST UNION SAID IT WILL ELIMINATE ANOTHER 900 JOBS MANY OF THEM
COMPUTERRELATED BY THE END OF THE YEAR BUT WILL FIND NEW JOBS FOR MANY OF
THOSE WORKERS

FIRST UNION SAID THAT MOST OF THE JOBS TO BE CUT ARE IN FIRST AMERICAN'S
HEADQUARTERS IN MCLEAN VA AND THAT IT WON'T DECIDE ABOUT BRANCH
CONSOLIDATIONS UNTIL SEPTEMBER FIRST AMERICAN HAS 174 BRANCHES IN VIRGINIA
MARYLAND AND WASHINGTON AND EMPLOYS 2965 PEOPLE

FIRST AMERICAN IS A UNIT OF FIRST AMERICAN BANKSHARES WHICH HAS BEEN ROCKED
BY THE 1991 DISCLOSURE THAT MOST OF ITS STOCK WAS OWNED BY BCCI HOLDINGS
LUXEMBOURG SA THE NOWCLOSED ROGUE BANK 9305180048 930518 BUSINESS
BRIEF VISTA PROPERTIES INC FIRM DISCLOSES POSSIBILITY OF DEFAULT ON
SENIOR NOTES

VISTA PROPERTIES INC SAID IT TOLD SHAREHOLDERS THERE IS A SIGNIFICANT
POSSIBILITY THAT IT MIGHT HAVE TO DEFAULT ON ITS SENIOR SECURED NOTES

THE DALLAS LANDDEVELOPMENT COMPANY SAID IT IS WORKING ON A PLAN TO
RESTRUCTURE THE NOTES THE OUTSTANDING BALANCE OF THE NOTES COULD REACH AS
HIGH AS 253 MILLION BY OCT 31 1996 VISTA SAID

VISTA SAID THAT UNLESS THE VALUE OF ITS PROPERTIES APPRECIATES IT MAY HAVE
TO DEFAULT ON THE NOTES ON OR AFTER OCT 31 1996 THE COMPANY SAID IT HAS
HIRED AN INVESTMENT BANKING FIRM TO ASSIST IN THE RESTRUCTURING PLAN WHICH
IT EXPECTS TO PRESENT TO STOCKHOLDERS AND NOTEHOLDERS IN THE NEAR FUTURE

THE COMPANY MADE THE ANNOUNCEMENT IN CONJUNCTION WITH THE RELEASE OF ITS
RESULTS FOR THE FISCAL THIRD QUARTER ENDED MAR 31 FOR WHICH IT POSTED A
LOSS OF 81 MILLION OR 163 A SHARE COMPARED WITH A LOSS OF 71
MILLION OR 142 A SHARE A YEAR EARLIER SALES FOR THE QUARTER DECLINED
11 TO 16 MILLION FROM 18 MILLION A YEAR EARLIER 9305180046 930518
BUSINESS BRIEF COMCAST CORP FIRM POSTS BIG LOSS STRONG 1STPERIOD
OPERATING RESULTS

COMCAST CORP REPORTED A HUGE NET LOSS FOR THE FIRST QUARTER MOSTLY BECAUSE
OF ACCOUNTING CHANGES BUT IT SAID ITS OPERATING RESULTS WERE OUTSTANDING

THE CABLE TELEVISION AND CELLULAR TELEPHONE COMPANY IN PHILADELPHIA REPORTED
A LOSS OF 7666 MILLION OR 560 A SHARE COMPARED WITH A LOSS OF 367
MILLION OR 28 CENTS A SHARE IN THE YEAREARLIER QUARTER

COMCAST CITED AS OUTSTANDING ITS OPERATING CASH FLOW WHICH INCREASED 71
TO 1463 MILLION FOR THE LATEST QUARTER FROM 857 MILLION A YEAR EARLIER
OPERATING CASH FLOW WHICH CABLE COMPANIES CONSIDER A MORE MEANINGFUL
FINANCIAL INDICATOR IS INCOME BEFORE DEPRECIATION AMORTIZATION INTEREST
AND TAXES

REVENUE ROSE 65 TO 3252 MILLION FROM 1965 MILLION A YEAR EARLIER THE
COMPANY REPORTED

THE OPERATING RESULTS GAVE COMCAST'S STOCK A LIFT THE SHARES CLOSED
YESTERDAY AT 18875 UP 875 CENTS IN COMPOSITE TRADING ON THE NATIONAL
OVERTHECOUNTER MARKET 9305180045 930518 CREDIT MARKETS MOST TREASURY
NOTE AND BOND PRICES DECLINE DUE TO JITTERS OVER INFLATION MONETARY
POLICY  BY THOMAS D LAURICELLA SPECIAL TO THE WALL STREET JOURNAL

NEW YORK BURDENED BY FEARS OF HIGHER INFLATION AND WORRIES ABOUT THE
POSSIBILITY OF TIGHTER MONETARY POLICY INVESTORS ONCE AGAIN PUSHED THE
PRICES OF MOST TREASURY NOTES AND BONDS LOWER YESTERDAY

THE TWOYEAR NOTE ENDED THE DAY UNCHANGED BUT MOST OTHER TREASURY
SECURITIES DROPPED IN PRICE THE PRICE OF THE BENCHMARK 30YEAR TREASURY
BOND DROPPED 3/8 POINT OR 375 FOR A BOND WITH A 1000 FACE VALUE TO 101
30/32 THE YIELD WHICH MOVES IN THE OPPOSITE DIRECTION FROM THE PRICE ROSE
TO 696 COMPARED WITH 695 ON FRIDAY THE 10YEAR NOTE DROPPED NEARLY 3/8
POINT TO 101 12/32 TO YIELD 605 UP FROM 60 ON FRIDAY

MEANWHILE ATTENTION IN THE MUNICIPAL MARKET IS FOCUSED ON A FLOOD OF NEW
BONDS TO BE SOLD TODAY INCLUDING 917 MILLION OF GENERAL OBLIGATION BONDS
FROM NEW YORK CITY AND 700 MILLION OF REFUNDING REVENUE BONDS FROM THE
WASHINGTON PUBLIC POWER SUPPLY SYSTEM THE NEW YORK CITY ISSUE IS EXPECTED
TO INCLUDE OVER 200 MILLION OF SOCALLED YENDENOMINATED TAXABLE SAMURAI
BONDS TO BE SOLD IN JAPAN

IN THE TREASURY MARKET A NUMBER OF ANALYSTS AND ECONOMISTS YESTERDAY ARGUED
THAT THERE WAS NO DANGER OF A MAJOR SELLOFF DUE TO INFLATIONARY PRESSURES
WHILE THE BEST NEWS ON INFLATION IS NOW HISTORY THEY SAID PRICE PRESSURES
ARE NOT LIKELY TO MOVE SHARPLY HIGHER AGAINST A BACKDROP OF STILLSLUGGISH
ECONOMIC GROWTH THEY ADDED IT IS HIGHLY UNLIKELY THAT THE FEDERAL RESERVE
WOULD TAKE THE POLITICALLY DANGEROUS MOVE OF LEANING TOWARD RAISING RATES

ECONOMISTS SAID THE FEARS OF A FED TIGHTENING WERE EXAGGERATED MOST BELIEVE
THAT WHEN THE FED'S POLICYMAKING FEDERAL OPEN MARKET COMMITTEE MEETS TODAY
IT WILL OPT TO LEAVE POLICY STEADY WITH NEITHER A BIAS TOWARD RAISING OR
LOWERING SHORTTERM INTEREST RATES

THE REACTION IN THE MARKET HAS BEEN VERY OVERBLOWN SAID MARILYN SCHAJA A
MONEYMARKET ECONOMIST AT DONALDSON LUFKIN & JENRETTE SECURITIES CORP
GIVEN THE BACKDROP OF SLOW ECONOMIC GROWTH THE FED WILL KEEP POLICY STEADY
MS SCHAJA SAID

NO FRESH NEWS EMERGED AS A CATALYST FOR TRADING YESTERDAY AND INSTEAD THE
MARKET WAS LEFT TO CHEW ON LAST WEEK'S INFLATION DATA

THE NEGATIVE SENTIMENT THAT SPILLED OVER INTO THIS WEEK WAS ENOUGH TO CAST A
DARK CLOUD OVER THE MARKET TRADERS SAID SELLING PRESSURE WAS CONCENTRATED
IN SHORTER MATURITIES WHICH WOULD BE HURT MORE BY A FED TIGHTENING

THE LOOSE TALK THAT THE FED MIGHT ENTERTAIN TIGHTENING IS PUTTING A LOT OF
PRESSURE ON SHORTER MATURITIES SAID ANTHONY KARYDAKIS SENIOR FINANCIAL
ECONOMIST AT FIRST CHICAGO CAPITAL MARKETS IN CHICAGO

THE SHORT END OF THE YIELD CURVE IS ALSO FACING NEW SUPPLY WITH THE
TREASURY SET TO ANNOUNCE NEXT WEEK'S TWOYEAR AND FIVEYEAR NOTE AUCTIONS
TOMORROW AFTERNOON

THE BULK OF THE SELLING YESTERDAY CAME FROM SPECULATIVE TRADING ACCOUNTS
WITH MOST INSTITUTIONAL INVESTORS CONTENT TO RIDE OUT THE STORM FROM THE
SIDELINES SAID TRADERS

DESPITE A VERY NEGATIVE TONE TO THE MARKET THE 30YEAR TREASURY BOND FAILED
TO BREAK OUT OF THE BROAD RANGE IN WHICH IT HAS FLUCTUATED SINCE MIDMARCH
AS IT APPROACHED BUT DID NOT BREAK THROUGH THE 7 LEVEL YESTERDAY

THE NEXT FEW DAYS WILL BE VERY CRITICAL AS WE KEEP FLIRTING WITH THE 7
LEVEL SAID MR KARYDAKIS OF FIRST CHICAGO

ONE PORTFOLIO MANAGER WHO IS HOPING THE MARKET IS STILL CONFINED TO A
TRADING RANGE IS RON SPAULDING OF SAFECO MUTUAL FUNDS IN SEATTLE I THINK
WE'RE STILL IN A TRADING RANGE BUT I'M A LOT MORE CAUTIOUS HE SAID

MR SPAULDING SAID HE WAS PRETTY CLOSE TO BEGINNING TO SELL HIS BOND
HOLDINGS BUT SAID HE WAS WAITING TO BE SURE OF THE INFLATION OUTLOOK

I AM NOT CONVINCED INFLATION IS GOING TO BE A PROBLEM MR SPAULDING SAID

MR SPAULDING SAID THAT HE BELIEVES SHORTTERM SECURITIES WILL BE MORE
VULNERABLE TO BAD INFLATION NEWS THAN LONGTERM SECURITIES ANOTHER PIECE OF
BAD NEWS COULD SEND SHORTTERM RATES AS MUCH AS 1/2 PERCENTAGE POINT HIGHER
HE SAID

JAY WILLOUGHBY A CONTRARIAN PORTFOLIO MANAGER AT CRABBE HUSON CO IN
PORTLAND ORE HAS BEEN LOOKING FOR THE MARKET TO FALL BACK FOR SOME TIME
IF YOU LOOK AT THE ENVIRONMENT THAT WE HAVE HAD FOR BONDS IT CAN'T GET A
LOT BETTER

WE AREN'T WILDLY PESSIMISTIC WE JUST THINK THE MARKET HAS MORE THAN
DISCOUNTED ALL THE GOOD NEWS OF THE PAST MR WILLOUGHBY SAID

MR WILLOUGHBY ARGUED THAT THE YIELD ON THE BOND WILL CONTINUE TO RISE AS
INFLATION FEARS SNOWBALL THE MARKET IS READY TO TAKE ON A LITTLE WATER
HE SAID IT'LL PROBABLY GO BACK TO 725 BEFORE PEOPLE START COMING BACK
FEELING A LITTLE MORE BULLETPROOF

ON DECK FOR THE MARKET TODAY IS A FRESH ROUND OF ECONOMIC NEWS THE COMMERCE
DEPARTMENT IS SLATED TO REPORT ON APRIL HOUSING STARTS WITH ANALYSTS
EXPECTING A REBOUND FROM MARCH WHEN BAD WEATHER SLOWED CONSTRUCTION

THIS AFTERNOON THE JOHNSON REDBOOK SERVICE REPORT ON CHAIN AND DEPARTMENT
STORE SALES FOR THE FIRST TWO WEEKS OF MAY IS SLATED TO BE RELEASED JOHNSON
REDBOOK SERVICE IS AN AFFILIATE OF LYNCH JONES AND RYAN INC

HERE ARE THE DETAILS OF YESTERDAY'S AUCTION BY THE TREASURY OF 13WEEK AND
26WEEK BILLS

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 360DAY YEAR
WHILE THE COUPONEQUIVALENT YIELD IS BASED ON A 365DAY YEAR

BOTH ISSUES ARE DATED MAY 20 THE 13WEEK BILLS MATURE AUG 19 1993 AND
THE 26WEEK BILLS MATURE NOV 18 1993

MUNICIPAL BONDS FELL WITH TREASURYS AND WERE GENERALLY 1/8 POINT TO 1/4
POINT LOWER AT THE CLOSE

AMONG ACTIVELY TRADED ISSUES THE LOS ANGELES METROPOLITAN TRANSPORTATION
AUTHORITY'S 5 COUPON REFUNDING BONDS MATURING IN 2021 DROPPED 1/4 POINT TO
90 1/4 TO YIELD 564

AMONG NEW ISSUES YESTERDAY WAS THE RHODE ISLAND DEPOSITORS ECONOMIC
PROTECTION CORP'S 207 MILLION OF 1993 SERIES A SPECIAL OBLIGATION
REFUNDING BONDS THESE NONCALLABLE BONDS WERE PRICED BY A DONALDSON LUFKIN
GROUP AND GIVEN YIELDS THAT RANGE FROM 520 FOR NOTES MATURING IN 2000 TO
605 FOR BONDS MATURING IN 2022

TODAY MORE THAN 16 BILLION OF NEW MUNICIPAL BONDS WILL BE SOLD BY JUST TWO
ISSUERS NEW YORK CITY AND THE WASHINGTON PUBLIC POWER SUPPLY SYSTEM THE
NEW YORK CITY ISSUE IS SLATED TO INCLUDE 205 MILLION OF TAXABLE SAMURAI
BONDS TO BE SOLD TO JAPANESE INVESTORS THE LONGAWAITED SAMURAI ISSUE WILL
HAVE NIKKO SECURITIES INTERNATIONAL OF TOKYO AS THE LEAD UNDERWRITER NEW
YORK CITY IS ONLY THE THIRD LOCALGOVERNMENT ENTITY IN THE US TO ISSUE
YENDENOMINATED SECURITIES IN JAPAN

DESPITE THE RECENT DROP IN THE VALUE OF THE DOLLAR VS THE YEN OFFICIALS AT
NEW YORK CITY'S COMPTROLLER'S OFFICE HAVE SAID THAT THE YENDENOMINATED DEAL
WILL STILL SAVE THE CITY FROM 010 TO 025 PERCENTAGE POINT IN INTEREST
COSTS

CABLE TELEVISION COMPANIES WERE THE FOCUS OF THE CORPORATE BOND MARKET

WITH MANY POTENTIAL INVESTORS SHUNNING LONGERMATURITY BONDS AFTER THE
LATEST GOVERNMENT INFLATION DATA NO SIZABLE NEW ISSUES WERE PRICED IN
SECONDARY TRADING MOST INVESTMENT GRADE BONDS ENDED FLAT TO 1/4 POINT LOWER
AMONG LONGERDATED ISSUES

WITH THE EXCEPTION OF CABLE TELEVISION COMPANY BONDS SEASONED JUNK ISSUES
ENDED LITTLE CHANGED IN LIGHT ACTIVITY

ALSO IN THE JUNK SECTOR GPA GROUP PLC SAID IT WILL MAKE SCHEDULED BOND
PAYMENTS DUE TODAY

THE IRISH AIRCRAFT LEASING COMPANY HAS AT LEAST 50 MILLION IN PAYMENTS DUE
TODAY ON ITS BONDS OWNED BY A NUMBER OF THE LARGEST US INSURANCE
COMPANIES GPA'S 875 GUARANTEED NOTES DUE 1998 WERE QUOTED UNCHANGED AT 52
1/2 A TRADER SAID

THE OUTSTANDING BONDS OF CABLE TELEVISION COMPANIES MANY OF WHICH TRADE IN
THE HIGHYIELD SECTOR CLOSED 1/4 TO 1/2 POINT HIGHER FOLLOWING THE
ANNOUNCEMENT THAT U S WEST INC WILL INVEST 25 BILLION FOR A 255 STAKE
IN A TIME WARNER INC UNIT

TRADERS SAID THEY EXPECT OTHER CABLE COMPANIES TO RECEIVE SIMILAR OFFERS
AND THIS SENTIMENT HELPED PUSH THE CABLE SECTOR HIGHER

PRICES OF MORTGAGE SECURITIES ENDED LOWER

THE 7 COUPON OF ALL THREE AGENCIES DROPPED 3/8 POINT GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION ISSUES ENDED AT 99 7/8 FEDERAL HOME LOAN MORTGAGE
CORP GOLD ISSUES ENDED AT 100 7/32 AND FEDERAL NATIONAL MORTGAGE
ASSOCIATION ISSUES ENDED AT 100 2/32

THE LACK OF ANY FRESH ECONOMIC NEWS OR PREPAYMENT INFORMATION AFTER LAST
WEEK'S BEARISH INFLATION NUMBERS LEFT MANY MARKET PLAYERS ON THE SIDELINES

THE PRIMARY MARKET SAW THREE NEW REAL ESTATE MORTGAGE INVESTMENT CONDUIT
ISSUES TOTALING 15 BILLION ALL OF THE ISSUES WERE BACKED BY 7
SECURITIES

IN THE ASSETBACKED MARKET HOUSEHOLD INTERNATIONAL INC'S HOUSEHOLD FINANCE
CORP UNIT IS EXPECTED TO BRING A 650 MILLION ISSUE OF HOME EQUITY LOAN
CERTIFICATES TODAY

THE HOUSEHOLD ISSUE IS EXPECTED TO TAKE ADVANTAGE OF THE CURRENT APPETITE
FOR FLOATINGRATE SECURITIES LARGELY DRIVEN BY INVESTORS WHO EXPECT TO GAIN
FROM WHAT THEY EXPECT WILL BE AN EVENTUAL RISE IN SHORTTERM RATES

THE DEAL TO BE LED BY MERRILL LYNCH & CO IS EXPECTED TO HAVE TWO FLOATING
RATE CLASSES ONE PEGGED TO THE ONEMONTH LONDON INTERBANK OFFERED RATE AND
A SECOND PEGGED TO COMMERCIAL PAPER RATES DEMAND FOR THESE CLASSES IS
INTENSE MEANING THEY MAY BE EXPANDED BEFORE PRICING 9305180044 930518
PETER J SCHMITT CO

BUFFALO NY CLOSELY HELD PETER J SCHMITT CO SAID ITS PLAN OF
REORGANIZATION HAS BECOME EFFECTIVE AND THE COMPANY HAS EMERGED FROM COURT
PROTECTION UNDER CHAPTER 11 OF THE US BANKRUPTCY COURT

THE GROCERY CONCERN FILED FOR CHAPTER 11 REORGANIZATION PROTECTION ON MAY
29 1992 IT SOLD NEARLY ALL OF ITS OPERATING ASSETS IN JANUARY 1993
9305180043 930518 CHICAGO MERC SEAT IS SOLD

CHICAGO A SEAT ON THE CHICAGO MERCANTILE EXCHANGE WAS SOLD FOR 610000
THE SAME PRICE AS THE PREVIOUS SALE MAY 5 AND DOWN FROM THE JAN 15 1993
RECORD PRICE OF 620000

CURRENTLY SEATS ON THE EXCHANGE ARE QUOTED AT 592000 BID AND 790000
ASK 9305180042 930518 FORM + FUNCTION  BY JOHN PIERSON

JOHN HYNES MAY BE A MASTER OF THE UNIVERSE BUT ONLY TIME WILL TELL WHETHER
HE IS A MASTER OF INVENTION

MR HYNES A FIDELITY INVESTMENTS BOND TRADER IN BOSTON HAS REARRANGED THE
SEAMS ON A BASKETBALL INSTEAD OF EIGHT IRREGULAR ORANGEPEEL SHAPES HIS
BALL HAS 10 CIRCLES THIS MAKES IT EASIER TO KEEP ALL FIVE FINGERS ON A
SEAM FOR BETTER CONTROL MR HYNES SAYS IT ALSO GIVES A PLAYER BETTER
VISUAL FEEDBACK ON HOW HE'S SHOOTING HE SAYS AND IT LOOKS MORE ELEGANT

MR HYNES SAYS HE SUBMITTED HIS DESIGN TO SPALDING SPORTS WORLDWIDE AND
WILSON SPORTING GOODS THE LEADING BALL MAKERS NEITHER COMPANY RECALLS
HAVING SEEN IT AND NEITHER SEEMS MUCH INTERESTED SPALDING PREFERS TO TALK
ABOUT ITS NEW COMPOSITE BASKETBALL SKIN WILSON ABOUT ITS NEW TRANSPARENT
BALL NEITHER IS USED BY COLLEGE OR PROFESSIONAL TEAMS

LESS GUARDED IS JIM LONG OF SOUTH HADLEY MASS RETIRED AFTER 58 YEARS WITH
SPALDING MOST RECENTLY AS SENIOR VICE PRESIDENT CHANGES IN THE BASKETBALL
COME ABOUT GLACIALLY MR LONG SAYS SOME COLLEGE LEAGUES FORCED A 15YEAR
DELAY IN INTRODUCTION OF THE MOLDED BALL WHICH FINALLY REPLACED THE
STITCHED BALL IN 1950

THE PLAYERS WILL DECIDE ANY CHANGE IN THE SEAMS MR LONG PREDICTS NOT ALL
PLAYERS WANT A BETTER GRIP ON THE BALL HE SAYS SOME WANT TO GET RID OF IT
AS SOON AS THEY CAN

THINGS CAN BE TOUGH FOR WOMEN IN THE PROFESSIONS BUT THEY'RE WORSE FOR
WOMEN ARCHITECTS SO SAYS A GROUP OF CHICAGO ARCHITECTS PLANNING A FEMINIST
EXHIBITION FOR NEXT MONTH WHEN THE AMERICAN INSTITUTE OF ARCHITECTS AND THE
INTERNATIONAL UNION OF ARCHITECTS COME TO TOWN FOR THEIR CONVENTIONS

THE PAY AND EQUITY ISSUES ARE ABOUT THE SAME FOR WOMEN ARCHITECTS DOCTORS
AND LAWYERS SAYS KAY JANIS AN ORGANIZER OF THE EXHIBITION BUT WOMEN
ARCHITECTS HAVE AN EXTRA LAYER OF HARASSMENT THEY MUST GO OUT IN MUCK AND
MUD WHERE HARD HATS ARE WHISTLING AT THEM AND CONTRACTORS WON'T LISTEN TO
THEM

THE EXHIBITION AT CHICAGO'S RANDOLPH STREET GALLERY JUNE 16 TO JULY 2 WILL
CONSIST OF NINE WORKS OF SCULPTURE AND MULTIMEDIA THE GLASS BLOCK CEILING
WILL PORTRAY THE DIFFICULTY WOMEN ARCHITECTS FACE IN GETTING PROMOTED MANY
PAIRS OF MEN'S SHOES BUT ONLY ONE WOMEN'S PAIR WILL STAND ATOP THE
CEILING WATER COOLER WISDOM WILL USE MANNEQUINS WITH HEADS OF
WATERCOOLER JUGS AND A RUNNING AUDIO TAPE TO EXPLORE LOWKEY SEXUAL
HARASSMENT

ARCHITECT CAROL CRANDALL NOTES THAT THE AIA HAS ITS FIRST WOMAN PRESIDENT
SUSAN MAXMAN BUT SAYS MS MAXMAN IS MORE INTERESTED IN THE ENVIRONMENT THAN
IN THE CONDITION OF WOMEN IN ARCHITECTURE PRESIDENT MAXMAN FROM BALTIMORE
SAYS SHE CAN DO MORE FOR WOMEN ARCHITECTS BY BEING A GOOD ARCHITECT THAN BY
PURSUING WOMEN'S ISSUES

THE CHICAGO GROUP'S APPROACH IS INCLUSIVE MEN BELONG AND HUMOROUS
WITH LINES LIKE THE CHOICE OF HOMEMAKER OR HOME MAKER IS NO LONGER
MUTUALLY EXCLUSIVE

CHAIRS ARE LIKE CHILDREN SEND THEM TO SCHOOL AND THEY LEARN TO GIVE YOU A
HARD TIME AT LEAST CLIFFORD GROSS'S CHAIRS DO

DR GROSS HAS INVENTED THE INTELLIGENT SEAT WHICH HE HOPES WILL SOON FIND
ITS WAY INTO CARS TRUCKS FARM EQUIPMENT OFFICES WHEELCHAIRS AND EVEN
RUNNING SHOES A SERIES OF PRESSURE SENSORS INSIDE THE SEAT OR SHOE FIGURE
OUT THE SIZE AND WEIGHT OF THE OCCUPANT AND SEND THE INFORMATION TO A SMALL
COMPUTER WHICH KNOWS THE RIGHT CONTOURS AND FIRMNESS FOR PEOPLE OF ALL
SHAPES AND SIZES THE COMPUTER IS CONNECTED TO AIR BLADDERS WHICH IT
SIGNALS TO INFLATE TO GIVE THE SEAT THE RIGHT SHAPE

THE SEAT LEARNS ABOUT THE OCCUPANT AND ADJUSTS ACCORDINGLY SAYS DR
GROSS CHIEF EXECUTIVE OF BIOMECHANICS CORP OF AMERICA MELVILLE NY
INTELLIGENT TECHNOLOGY IS SIMPLER THAN MANUAL SYSTEMS WHICH REQUIRE MANY
FINE ADJUSTMENTS BY THE USER HE SAYS

SOME MANUFACTURERS AGREE THOMAS BEAVER DIRECTOR OF ADVANCED SALES AT
MCCORD WINN TEXTRON WINCHESTER MASS WHICH HAS LICENSED THE TECHNOLOGY
SAYS THE SEAT WILL PROVIDE MORE COMFORT FOR THE MANY PEOPLE WITH BACK
PROBLEMS MR BEAVER EXPECTS THE SEAT TO APPEAR IN CARS BY THE 1997 MODEL
YEAR

WEIR SEARS CHIEF EXECUTIVE OF SEARS MANUFACTURING DAVENPORT IOWA THE
COUNTRY'S LEADING MAKER OF SEATING IN FARM EQUIPMENT SAYS ISOLATING A
DRIVER FROM SHOCK MAKES HIM MORE EFFICIENT AND REDUCES WORKERS'
COMPENSATION CLAIMS FEW TRACTOR DRIVERS ARE WILLING OR ABLE TO ADJUST THEIR
SEATS MANUALLY MR SEARS SAYS

A MAJOR MAKER OF RUNNING SHOES IS NEGOTIATING WITH BIOMECHANICS BUT SAYS
SMART SHOES AREN'T LIKELY TO APPEAR BEFORE 1995

MAKERS OF OFFICE CHAIRS ARE DIVIDED DAVID FELDBERG A VICE PRESIDENT AT
GLOBAL UPHOLSTERY AN OFFICEFURNITURE COMPANY IN TORONTO CALLS THE
INTELLIGENT SEAT A LEAP FORWARD BUT CHARLES DAVIS A VICE PRESIDENT AT
STEELCASE GRAND RAPIDS MICH SAYS POWERING AN INTELLIGENT OFFICE CHAIR IS
A PROBLEM THE LAST THING YOU WANT IS TO HAVE TO RECHARGE BATTERIES MR
DAVIS SAYS AND IF YOU PLUG A CHAIR IN IT'S NO LONGER MOBILE MR GROSS
THE INVENTOR SAYS THE OFFICE CHAIR WOULD BE POWERED BY A BATTERY THAT WOULD
NEED RECHARGING JUST ONCE A MONTH

WILLIAM DOWELL RESEARCH PROGRAM MANAGER AT HERMAN MILLER INC ZEELAND
MICH SAYS HIS COMPANY HASN'T PURSUED THE TECHNOLOGY BECAUSE WE DON'T WANT
TO MAKE A PERSON FEEL LIKE A MACHINE 9305180041 930518 REVIEW & OUTLOOK
EDITORIAL BACK TO BASICS

HEARD ENOUGH INDUSTRIAL SOB STORIES HERE'S A WECANDOIT STORY FROM THE
PEOPLE OF WALES SANDWICHED BETWEEN STUMBLING ENGLAND AND IRELAND WHERE
THE DOGGED PURSUIT OF INVESTMENT HAS BEGUN TO PAY OFF

PASTORAL WALES OF COURSE WAS ONCE THE KINGDOM OF COAL BUT OF THE 230 COAL
MINES THAT ONCE PROVIDED THE MAIN SOURCE OF LIVELIHOOD FOR 250000 WELSH
WORKERS ONLY FOUR REMAIN TODAY SONY EMPLOYS MORE PEOPLE IN WALES THAN
BRITISH COAL AND SONY ISN'T ALONE

LAST WEEK THE EBULLIENT WELSH SECRETARY DAVID HUNT ASSERTED THAT WALES
HAS BECOME THE HEALTHIEST PART OF THE UK ECONOMY INDEED MANUFACTURING
OUTPUT IN WALES HAS INCREASED 31 SINCE 1985 WHILE FOR THE UK IT HAS
INCREASED 11 IN THAT TIME

THE JAPANESE WERE AMONG THE FIRST TO NOTICE THE WELSH WORK ETHIC WITH ITS
FIERCE COMPANY LOYALTY IS NOT UNLIKE THAT OF JAPAN SONY'S BRIDGEND TV
PLANT WHICH OPENED IN 1974 HAS RANKED AMONG THE TOP TWO SONY TV PLANTS
WORLDWIDE IN PRODUCTIVITY WALES NOW ACCOUNTS FOR MORE THAN 20 OF THE
UK'S INCOMING DIRECT INVESTMENT AND THAT WITH ONLY 5 OF THE UK'S
POPULATION OTHER IMPORTANT EMPLOYERS INCLUDE DOW CORNING PANASONIC HONDA
AND FORD

ALL THIS INVESTMENT HAS BROUGHT WELSH UNEMPLOYMENT DOWN TO 10 FROM AROUND
14 IN THE MID1980S OF COURSE 10 UNEMPLOYED ISN'T MUCH TO SHOUT ABOUT
BUT IT PUTS WALES BELOW THE UK AVERAGE FOR THE FIRST TIME SINCE THE 1920S
AND THE WELSH THEMSELVES LAUNCHED 50 MORE SMALL BUSINESSES LAST YEAR THAN
IN 1986

THE WELSH KNOW THAT GOOD BUSINESS DOESN'T HAVE TO BE AT ODDS WITH THEIR
STRONG SENSE OF IDENTITY INSTEAD OF REGARDING THE FOREIGN INVESTORS WITH
SUSPICION AND JEALOUSY AS IS THE CASE IN SOME OTHER EUROPEAN COUNTRIES AND
NOW THE US THE WELSH WELCOME THEM THEY MAY BE PROUDLY PAROCHIAL BUT
THIS IS A COUNTRY THAT DOESN'T CONCERN ITSELF WITH CONCEPTS LIKE COMPARABLE
OPENNESS IN TRADE

MOREOVER WALES TAKES THE STICKINESS OUT OF RED TAPE ADMINISTRATIVE TASKS
ARE ALL IN THE WELSH OFFICE A SORT OF ONESTOP SHOP AS MR HUNT PUT IT
THAT DEALS WITH EVERYTHING FROM AGRICULTURE AND TRANSPORT TO TRAINING AND
ISSUES INVOLVING LOCAL AUTHORITIES

WALES APPEARS TO HAVE DEVELOPED A COMPARATIVE ADVANTAGE IN RATIONAL
BEHAVIOR THE SUCCESS STEMS AT BASE FROM A HARDWORK ETHIC CONSERVATIVE
SOCIAL VALUES AND THE UNRELENTING PURSUIT OF INVESTMENT GOVERNMENTS
ELSEWHERE THAT ARE PURSUING SALVATION THROUGH STIMULUS PACKAGES AND
VARIOUS SUBSIDY REGIMES HAVE FAILED TO GRASP THE SIMPLE MESSAGE HERE
9305180040 930518 CENTERIOR ENERGY CREDIT LINE

INDEPENDENCE OHIO CENTERIOR ENERGY CORP SAID IT COMPLETED THE
ESTABLISHMENT OF A 205 MILLION THREEYEAR REVOLVING CREDIT FACILITY
BORROWINGS WILL BE USED TO PAY DOWN COMMERCIAL PAPER DEBT AT CENTERIOR'S
OPERATING COMPANIES CLEVELAND ELECTRIC ILLUMINATING CO AND TOLEDO EDISON
CO

THE FACILITY HAS 13 PARTICIPATING BANKS COMMITTING 10 MILLION TO 30
MILLION EACH CITIBANK IS AGENT CENTERIOR ENERGY IS A UTILITY HOLDING
COMPANY 9305180039 930518 BANC ONE MUTUAL FUNDS

COLUMBUS OHIO BANC ONE CORP RENAMED ITS HELMSMAN FUND FAMILY OF MUTUAL
FUNDS THE ONE GROUP THE NEW NAME HAS MORE NATIONAL APPEAL BANC ONE SAID
BANC ONE IS A BANK HOLDING COMPANY WITH 78 BANKS AND 70 BILLION IN ASSETS
9305180038 930518 UNITED USAIR EXTEND ACCORD

CHICAGO UNITED AIRLINES SAID IT AND USAIR GROUP INC AGREED TO EXTEND THE
DEADLINE FOR UNITED'S 145 MILLION PURCHASE OF USAIR'S PHILADELPHIALONDON
ROUTE BY 30 DAYS UNTIL JUNE 14

BOTH COMPANIES HAD THE RIGHT TO TERMINATE THE PURCHASE AGREEMENT IF IT
WASN'T COMPLETED BY MAY 14

UNITED A UNIT OF UAL CORP SAID THE EXTENSION WILL PROVIDE ADDITIONAL TIME
TO SECURE GOVERNMENT APPROVAL OF THE TRANSACTION WHICH IT SAID WILL IMPROVE
US CARRIER COMPETITIVENESS UNITED HAS PROPOSED TO PURCHASE THE USAIR
ROUTE AND TRANSFER IT TO CHICAGO WHERE THE AIRLINE OPERATES ITS LARGEST
HUB 9305180037 930518 DOLE FOOD TO CLOSE CARROT PLANT

WESTLAKE VILLAGE CALIF DOLE FOOD CO SAID IT PLANS TO CLOSE ITS
BAKERSFIELD CALIF CARROT PRODUCTION PLANT AND ELIMINATE MOST OF THE 400
JOBS THERE

THE MOVE IS PART OF DOLE'S PLAN ANNOUNCED IN DECEMBER TO PARE AT LEAST
100 MILLION IN ANNUAL COSTS A SPOKESMAN SAID HE DIDN'T HAVE ANY ESTIMATE
OF THE SAVINGS EXPECTED FROM THE PLANT CLOSING

SOME EMPLOYEES FROM THE BAKERSFIELD PLANT MAY BE TRANSFERRED TO THE
COMPANY'S TWO OTHER CARROT FACILITIES THE COMPANY SAID DOLE A FOOD
PRODUCER AND DISTRIBUTOR HAS A TOTAL OF ABOUT 50000 EMPLOYEES
9305180036 930518 IF US FEDERAL AGENCIES DID THIS NEW TAXES WOULDN'T
BE NEEDED  BY MASAYOSHI KANABAYASHI STAFF REPORTER OF THE WALL
STREET JOURNAL

TACHIKAWA JAPAN HERE'S SOME BATHROOM READING FOR THE JAMES BOND CROWD

THE CITY OF TACHIKAWA HAS DECIDED TO JUNK ITS OLD SHREDDER IDLE THE
INCINERATOR AND RECYCLE TONS OF TOPSECRET DOCUMENTS INTO TOILET PAPER
AND IT PROMISES THAT IT WON'T COMPROMISE SECURITY EITHER OLLIE NORTH
TAKE NOTE

TACHIKAWA WEST OF TOKYO HAS STARTED TURNING LISTS OF DELINQUENT TAXPAYERS
AND OTHER CLASSIFIED DOCUMENTS ABOUT 165 TONS A YEAR INTO ENOUGH PULP
TO MAKE 440000 ROLLS OF TOILET PAPER MARUKIN SEISHI CO A PAPER MAKER IS
SELLING THE PAPER IN PACKAGES OF SIX ROLLS AT A COMPETITIVE 450 YEN ABOUT
4 A POP

WHY BATHROOM TISSUE IT'S A CIVIC DUTY SAYS TAKAO ARITAKE A CITY
SPOKESMAN TOILET PAPER IS VERY CLOSE TO EVERYONE HE REASONS IT'S A
GOOD MATERIAL TO GET PEOPLE TO THINK ABOUT RECYCLING

ALTHOUGH TACHIKAWA'S STEALTH PAPER IS COMPETITIVELY PRICED ONE OF JAPAN'S
BIGGEST MAKERS OF PAPER AND PULP SAYS IT'S IN NO DANGER OF BEING DETHRONED
LET THEM GO AHEAD SAYS A SPOKESMAN FOR OJI PAPER CO OUR PRODUCTS ARE
MADE FROM 100 VIRGIN PULP THAT MAY NOT COMFORT ENVIRONMENTALISTS BUT IT
DOES MAKE FOR SOFTER PAPER

THE CITY'S RECYCLING PROGRAM IS STRICTLY A LOCAL OPERATION MR ARITAKE SAYS
THE MUNICIPALITY HAS NO PLANS FOR EXPLOITING THE RICH RESOURCES OF OTHER
WELLPAPERED BUREAUCRACIES

TACHIKAWA PROMISES MAXIMUM SECURITY JUST THE SAME ON THIS SCORE PLANNERS
WRACKED THEIR BRAINS TO SOLVE A TRICKY DILEMMA IF THE DOCUMENTS ARE CUT TOO
SMALL THE FIBERS ARE DESTROYED AND THE RECYCLED PAPER IS WEAK BUT IF YOU
DON'T USE A SHREDDER SENSITIVE INFORMATION MAY WIND UP IN THE WRONG HANDS
THE SOLUTION WAS A STATEOFTHEART SHREDDER THAT TEARS THE PAPER INTO
BIGGISH BUT NOTTOOREVEALING SQUARES THAT PREVENTS HANDLERS OF THE
SHREDDED PAPER FROM READING CITY SECRETS THE FINAL PRODUCT IS THEN BLEACHED
WHITE

WHILE THE CITY IS SATISFIED ITS PLAN DOESN'T MEASURE UP TO THE NEEDS OF
NATIONAL SECURITY JAPAN'S FIELD MARSHALS AND REAR ADMIRALS SAY THEY HAVE NO
PLANS TO COPY TACHIKAWA AND RECYCLE THEIR OWN UNWANTED PAPER OUR
REGULATIONS STATE THAT ALL SECRET DOCUMENTS MUST BE SHREDDED OR BURNED
SAYS A DEFENSE AGENCY SPOKESMAN POOHPOOHING THE IDEA THEY AREN'T
DISCHARGED OUTSIDE THE AGENCY 9305180035 930518 CORRECTIONS &
AMPLIFICATIONS

THE LABOR DEPARTMENT SAYS THE PRICE OF TOBACCO PRODUCTS ROSE AT AN 81
ANNUAL RATE IN THE PAST THREE MONTHS AND AT AN 11 RATE IN THE PRECEDING
THREE MONTHS IN YESTERDAY'S PAGEONE ARTICLE ABOUT INFLATION IT WAS
INCORRECTLY STATED THAT THE PRICE ROSE AT AN 11 RATE IN THE PAST THREE
MONTHS

ALEXANDER'S INC EXPECTS TO PAY 100 OF ALL ALLOWED CLAIMS OF ITS CREDITORS
INCLUDING DISPUTED CLAIMS THAT ARE ULTIMATELY RESOLVED PLUS ACCRUED
INTEREST ITS CHAPTER 11 REORGANIZATION PLAN NOTED THAT MORE THAN 269
MILLION OF CLAIMS ARE ASSERTED AGAINST IT BUT A SPOKESWOMAN SAID THE
ELIMINATION OF DUPLICATIVE CLAIMS AND THE NORMAL BANKRUPTCY RECONCILIATION
PROCESS WOULD LOWER THAT NUMBER CONSIDERABLY AND ALEXANDER'S EXPECTS 127
MILLION OF CLAIMS TO BE ALLOWED ALSO THE TOTAL OF SECURED DEBT IT WOULD
DEFER REPAYING IS ABOUT 473 MILLION INCLUDING 19 MILLION OF BANK DEBT
AN ARTICLE YESTERDAY SAID ALEXANDER'S WOULD PAY ABOUT HALF THE CLAIMS
AGAINST IT BASED ON THE 269 MILLION FIGURE THE ARTICLE ALSO INCORRECTLY
SAID ALEXANDER'S WOULD DEFER REPAYMENT OF 243 MILLION IN SECURED DEBT

INTERTAN INC EXPECTS TO TAKE A PRETAX CHARGE OF 70 MILLION TO 80 MILLION
FOR THE CLOSURE OF ITS EUROPEAN OPERATIONS AN ARTICLE IN YESTERDAY'S
BUSINESS BRIEFS SECTION INCORRECTLY REPORTED THE FIGURES IN CANADIAN
DOLLARS 9305180033 930518 INSURER GIVES HOPE TO HARDUP TEENS  THEN
GOES UNDER  THEIR COLLEGE MONEY IS GONE CAN TROUBLED COMMUNITY 
RALLY TO STUDENTS' RESCUE  BY LAURIE MCGINLEY STAFF REPORTER OF
THE WALL STREET JOURNAL

WASHINGTON MOST PEOPLE SAW THE BLIGHTED AREA AROUND THE PARADISE MANOR
HOUSING DEVELOPMENT HERE AS A HELLHOLE OF DRUGS CRIME AND MURDER JAMES
GIBBONS SAW AN OPPORTUNITY TO COMBINE BUSINESS AND SOCIAL CHANGE

IN 1985 JIM GIBBONS PRESIDENT OF CONSUMERS UNITED INSURANCE CO HAD HIS
COMPANY FINANCE THE PURCHASE OF A 26ACRE VACANT LOT NEXT TO THE PARADISE
MANOR APARTMENTS FOR 25 MILLION TO BUILD MODERATELY PRICED TOWNHOUSES HIS
COMPANY EVENTUALLY CHIPPED IN ANOTHER 25 MILLION FOR DEVELOPMENT OF THE
SITE AND FOR SOCIAL PROGRAMS TO HELP UPGRADE THE SURROUNDING POOR URBAN
NEIGHBORHOOD INCLUDING A COLLEGE FUND FOR LOCAL YOUNGSTERS

FOR AFRICANAMERICAN KIDS WITH THE RACISM IN THIS SOCIETY A COLLEGE
EDUCATION IS ESSENTIAL HE FIGURED WITHOUT IT THEY WON'T BE ABLE TO
PARTICIPATE THE RESULT IS A SUCCESS STORY OF PEOPLE REACHING OUT FROM BOTH
SIDES OF THE RACIAL DIVIDE TO HELP PROVIDE SELFSUFFICIENCY BUT IT ALSO IS
A CAUTIONARY TALE OF MIXING BUSINESS WITH SOCIAL GOALS

ONE OF MR GIBBONS'S EARLY CONVERTS WAS ALONZO PATTERSON IN MAY 1987 MR
PATTERSON THEN 15 WAS ON HIS WAY TO MAKE HIS FIRST DRUG DEAL HE SAYS
WHEN A FRIEND SUGGESTED THEY GO TO A MEETING ORGANIZED BY THE INSURANCE
COMPANY EXECUTIVE AND MARILYN MELKONIAN THE DEVELOPER WHO WAS GOING TO
RENOVATE THE AGING PARADISE MANOR DEVELOPMENT MR GIBBONS ASKED THE 27
CHILDREN WHO SHOWED UP WHAT DO WE HAVE TO DO TO KEEP YOU FROM WALKING
AROUND IN GOLD CHAINS THEN HE OFFERED A DEAL IF THEY TOOK PART IN HIS NEW
PROGRAM FOR SIX MONTHS AND STAYED OFF DRUGS AND ALCOHOL HE WOULD TAKE THEM
ON A TRIP WHEREVER THEY WANTED

THEY AGREED NAMED THEMSELVES YOUNG PEOPLE ON THE RISE AND BEGAN ATTENDING
SELFESTEEM WORKSHOPS LEARNING ETIQUETTE AND POLISHING ACADEMIC AND
ATHLETIC SKILLS THEY FED THE HOMELESS TOOK A BOAT RIDE ON THE POTOMAC
RIVER AND WENT TO THE KENNEDY CENTER TO SEE A SHERLOCK HOLMES PLAY THEY
MADE ME PUT ON A SUIT SAYS MR PATTERSON I SAT NEXT TO A WHITE KID AND
I FELT EQUAL AND I HAVE SINCE THEN THAT DECEMBER THEY WENT TO THE VIRGIN
ISLANDS TWO YEARS LATER MR GIBBONS PROMISED THAT HIS COMPANY WOULD
PROVIDE FINANCIAL ASSISTANCE TO WHOEVER GOT INTO COLLEGE

MEANTIME MS MELKONIAN HAD BEGUN A 20 MILLION RENOVATION OF THE
DILAPIDATED 653UNIT PARADISE MANOR APARTMENT COMPLEX USING A VARIETY OF
PUBLIC AND PRIVATE FUNDS SHE EVICTED 60 OF THE 500 TENANT FAMILIES FOR DRUG
DEALING SHE MADE THE BUILDINGS LOOK LESS LIKE BARRACKS AND MORE LIKE
MIDDLECLASS CONDOMINIUMS SHE TURNED ERSTWHILE DRUG LOTS INTO
CHILDFRIENDLY PLAYGROUNDS AND FOUNTAINS

AT THE RESIDENTS' REQUEST MEMBERS OF THE NATION OF ISLAM BEGAN PATROLS IN
THE SPRING OF 1988 TO DRIVE OUT THE DRUG DEALERS NOT LONG AFTERWARD THE
DEALERS DRIFTED OFF TO MORE HOSPITABLE TURF THERE ARE SO FEW CRIMES IN THE
DEVELOPMENT TODAY THAT THE POLICE DON'T EVEN HAVE A FOOT PATROL THERE ALL
OF THE CHANGES SAYS RESIDENT SHIRLEY GALES WERE MIRACULOUS

MR GIBBONS ALSO STRUCTURED HIS COMPANY'S LAND INVESTMENT TO HELP PAY FOR
YOUTH SERVICES EVENTUALLY MORE THAN 1 MILLION WENT TO YOUNG PEOPLE ON THE
RISE INCLUDING THE COLLEGE FUND TODAY 22 STUDENTS FROM THE SOUTHEAST
WASHINGTON NEIGHBORHOOD ARE ATTENDING COLLEGE INCLUDING MR PATTERSON AND
13 MORE ARE DUE TO START IN SEPTEMBER

BUT IN FEBRUARY THE DREAM BEGAN TO CRUMBLE MR GIBBONS'S COMPANY WHICH IS
BASED IN WASHINGTON BUT INCORPORATED IN DELAWARE RAN INTO FINANCIAL
TROUBLES AND WAS TAKEN OVER BY DELAWARE REGULATORS HE AND THE REGULATORS
AGREE THAT THE BACKBREAKER WAS A DISPUTE THAT LEFT CONSUMERS UNITED OWING
MORE THAN 2 MILLION IN BACK RENT TO ITS LANDLORD PLUS LEGAL FEES

REGULATORS HOWEVER ALSO SAY MR GIBBONS'S INVESTMENT OF MORE THAN 7
MILLION OF COMPANY MONEY INCLUDING INTEREST IN WHAT WAS ONCE A DANGEROUS
GHETTO CONTRIBUTED TO THE LOSS OF HIS FIRM OF THAT 7 MILLION INVESTMENT
MR GIBBONS'S COMPANY HAS BEEN REPAID ABOUT 21 MILLION

WOULD YOU WANT HIM TO DO THAT WITH YOUR INSURANCE MONEY ASKS CATHERINE
MULHOLLAND A DELAWARE OFFICIAL INVOLVED IN THE TAKEOVER

ON VALENTINE'S DAY MR GIBBONS TOOK 35 MEMBERS OF YOUNG PEOPLE ON THE RISE
INTO A ROOM AND TOLD THEM THE COLLEGE MONEY WAS GONE MR GIBBONS KEPT
SAYING IT'S NOT THE END OF THE WORLD' SAYS JANINE FRANCIS A HIGHSCHOOL
SENIOR BUT THE YOUNG PEOPLE WERE FILLED WITH DREAD

IT WAS LIKE SOMEBODY DIED SAYS MALIK FULLER A SOPHOMORE AT A COMMUNITY
COLLEGE MR FULLER WANTS TO TRANSFER TO A FOURYEAR UNIVERSITY BUT SAYS
WITHOUT THE AID HE MAY HAVE TO QUIT UNTIL HE CAN EARN THE MONEY I HAVE
MOMENTS WHEN I THINK EVERYTHING'S GOING TO FALL OUT FROM UNDER US HE SAYS

I'M STILL GOING TO TRY TO GO AWAY TO SCHOOL BUT I DON'T KNOW IF THERE WILL
BE ENOUGH MONEY SAYS LATANYA JOHNSON A HIGHSCHOOL SENIOR

THE YOUNG PEOPLE WORRIED THAT MONEY PROBLEMS WOULD END THEIR PLANS FOR A
BETTER LIFE AND RESIDENTS FRET THAT THEIR HOUSING PROJECTS WHICH HAVE
BECOME RELATIVELY SAFE WILL FALL BACK INTO THEIR OLD WAYS

MY MOTHER USED TO THROW BLEACH AT THE PIPEHEADS SMOKING CRACK COCAINE
RECALLS HIGHSCHOOL SENIOR FATIMA FULLER WHO SAYS IT WAS HARD TO SLEEP AT
NIGHT BECAUSE OF THE GUNSHOTS ONE DAY SHE SAW A MAN TIED UP IN A TRASH CAN
DOUSED WITH GASOLINE AND SET ON FIRE MARIE MCCOY REMEMBERS TAKING HER
FIVEYEAROLD GRANDSON TO GET ICE CREAM AND SEEING A MAN GUNNED DOWN IN
FRONT OF THEM

BUT DESPAIR HAS BEEN FOLLOWED BY DETERMINATION TO RAISE THE NEEDED MONEY SO
FAR THE STUDENTS HAVE RAISED ABOUT 6500 THROUGH A ROLLERSKATING PARTY
CARWASHES AND A CARNIVAL THEY ALSO PLAN A BLOCK PARTY FOR JUNE YOU SEE A
WHOLE NEW MOOD OF ENTHUSIASM SAYS MS FRANCIS AN HONOR STUDENT WHO HAS
BEEN ACCEPTED AT FIVE COLLEGES

MR GIBBONS IS LEADING THE AMBITIOUS FUNDRAISING EFFORT HE FIGURES THE
GROUP NEEDS 150000 TO 300000 FOR THE NEXT YEAR'S COLLEGE PAYMENTS
DEPENDING ON THE AMOUNT OF AID THE STUDENTS CAN GET FROM SCHOOLS AND
ELSEWHERE THE TRUTH IS THERE AREN'T A LOT OF SCHOLARSHIPS AVAILABLE FOR
THESE KIDS SAYS MR GIBBONS THEY AREN'T ALL ASTUDENTS OR ATHLETIC
STARS HE PLANS TO ASK INDIVIDUALS GROUPS AND CORPORATIONS TO FINANCIALLY
ADOPT THE YOUNGSTERS

WHILE HE ADMITS TO MISTAKES MR GIBBONS DISPUTES CONTENTIONS THAT INSURANCE
COMPANIES SHOULDN'T MAKE THE KIND OF INVESTMENT HIS FORMER CONCERN MADE IN
THE ECONOMICALLY DEPRESSED AREA IT'S EXACTLY THE KIND OF INVESTMENT WE
SHOULD BE MAKING WHO ELSE BUT INSURANCE COMPANIES AND PENSION FUNDS WILL
HAVE THE LONGTERM CAPITAL TO DO THIS SORT OF THING MS MELKONIAN
PRESIDENT OF TELESIS CORP IS BUILDING THE FIRST OF 232 TOWNHOUSES ON THE
ONCEVACANT SITE SHE SAYS THERE IS STILL A GOOD CHANCE THAT THE
DEVELOPMENT ONCE FINISHED WILL BE ABLE TO SUPPORT A COLLEGE ENDOWMENT AS
ORIGINALLY PLANNED

MEANWHILE BY JUNE THREE OF THE YOUNG PEOPLE IN THE GROUP WILL HAVE THEIR
COLLEGE DEGREES SOME OTHERS ARE GETTING GOOD NEWS MS FULLER WHO WANTS TO
STUDY PSYCHOLOGY AND LAW HAS GOTTEN A 20000 SCHOLARSHIP TO RUTGERS
UNIVERSITY AND MR PATTERSON WHO HAS LESS THAN A YEAR TO GO AT LINCOLN
UNIVERSITY IN PENNSYLVANIA IS WORKING THIS SUMMER AT THE PHILADELPHIA
OFFICE OF THE FEDERAL NATIONAL MORTGAGE ASSOCIATION WHICH MAY GIVE HIM SOME
COLLEGE AID

IN ANY CASE HE REFUSES TO GET DISCOURAGED I'M GETTING THROUGH THIS
SOMEHOW I'VE COME THIS FAR 9305180032 930518 ABEX AGREES TO SELL 
AEROSPACE SUBSIDIARY TO BF GOODRICH CO

HAMPTON NH ABEX INC AGREED TO SELL ITS AIRCRAFTLANDING GEAR UNIT TO
BF GOODRICH CO FOR ABOUT 200 MILLION PLUS ASSUMPTION OF CERTAIN
LIABILITIES

BECAUSE THE UNIT CLEVELAND PNEUMATIC CO IS TO BE SOLD FOR LESS THAN ITS
CARRYING VALUE ABEX TOOK A PRETAX CHARGE OF 335 MILLION IN ITS FIRST
QUARTER CONTRIBUTING TO A NET LOSS OF 335 MILLION OR 170 A SHARE FOR
THE QUARTER

IN THE YEAREARLIER QUARTER ABEX REPORTED A NET LOSS OF 4 MILLION OR 20
CENTS A SHARE IN 1993'S FIRST QUARTER THE COMPANY POSTED SALES OF 159
MILLION DOWN 13 FROM 1833 MILLION THE YEAR EARLIER IT CITED CONTINUING
WEAKNESS OF AEROSPACE OPERATIONS WHICH INCLUDE THE MANUFACTURING OF
LANDING GEAR AND FLIGHTCONTROL EQUIPMENT

FOR ABEX WHICH ALSO MAKES PASSENGERBOARDING BRIDGES AND VEHICLEBRAKE PADS
THE SALE OF CLEVELAND PNEUMATIC IS EXPECTED TO REDUCE LOSSES FROM THE
COMPANY'S AEROSPACE OPERATIONS THEY HAD AN OPERATING LOSS OF 504 MILLION
IN 1992 AND HAVE BEEN HARD HIT BY DEFENSE DEPARTMENT CUTS THE CLEVELAND
UNIT ACCOUNTS FOR JUST OVER 50 OF AEROSPACE REVENUE

BFGOODRICH BASED IN AKRON OHIO SAID ACQUISITION OF CLEVELAND
PNEUMATICTHE LARGEST PURCHASE IN GOODRICH'S HISTORY WOULD BE AN
IMPORTANT STEP IN THE SPECIALTY CHEMICAL MAKER'S STRATEGY OF EXPANDING ITS
AEROSPACE BUSINESS THE ABEX UNIT WHICH HAD 1992 SALES OF 272 MILLION
REPRESENTS A STRATEGIC FIT WITH GOODRICH'S CURRENT AIRCRAFT WHEEL AND
BRAKE OPERATIONS AN OFFICIAL SAID

THE PLANNED TRANSACTION ALSO CAUSED A 33 MILLION AFTERTAX CHARGE IN
ABEX'S FIRST QUARTER FOR THE WRITE OFF OF DEBTORIGINATION FEES RELATED TO
THE RETIREMENT OF BANK DEBT FROM PROCEEDS OF THE CLEVELAND PNEUMATIC SALE
WHICH IS PART OF THE COMPANY'S CONTINUING EFFORT TO LIGHTEN ITS DEBT LOAD

WITHOUT THE CHARGES SAID COMPANY SPOKESMAN NORMAN RITTER ABEX WOULD HAVE
HAD EARNINGS OF 33 MILLION OR 17 CENTS A SHARE IN THE QUARTER

THE SALE OF CLEVELAND PNEUMATIC WHICH IS SUBJECT TO REGULATORY REVIEW IS
EXPECTED TO CLOSE WITHIN 30 DAYS 9305180031 930518 US RAWSTEEL OUTPUT
 GREW 07 IN WEEK

WASHINGTON RAWSTEEL PRODUCTION BY US MILLS INCREASED 07 LAST WEEK TO
1818000 TONS FROM 1805000 TONS THE PREVIOUS WEEK THE AMERICAN IRON AND
STEEL INSTITUTE SAID

LAST WEEK'S OUTPUT ROSE 28 FROM THE 1768000 TONS PRODUCED A YEAR
EARLIER

THE INDUSTRY USED 859 OF ITS CAPABILITY LAST WEEK COMPARED WITH 853 THE
PREVIOUS WEEK AND 821 A YEAR AGO THE AMERICAN IRON AND STEEL INSTITUTE
REPORTED

THE CAPABILITY UTILIZATION RATE IS A CALCULATION DESIGNED TO INDICATE AT
WHAT PERCENT OF ITS PRODUCTION CAPABILITY THE INDUSTRY IS OPERATING IN A
GIVEN WEEK 9305180030 930518 THE POW DRAMA HANOI HILTON' SPANS THE
DECADES  BY CAIT MURPHY

HANOI ON A STREET JAMMED WITH BICYCLES AND RINGING WITH THE HOOTS OF
MOTOR SCOOTERS THE CYCLO DRIVER SLOWED TO A STOP AND POINTED TO A HIGH
YELLOWORANGE WALL TOPPED WITH BARBED WIRE HANOI HILTON HE SAID
DISTINCTLY THEN PEDALED ON

THE DRIVER WHOM I CAME TO KNOW AS MR NGUYEN SPOKE MAYBE A DOZEN WORDS OF
ENGLISH SO IT'S SIGNIFICANT THAT TWO OF THEM WERE HANOI HILTON THE
IRONIC NICKNAME GIVEN BY US PRISONERS OF WAR TO THIS BUILDING WHERE MANY
OF THEM WERE INCARCERATED TODAY THE WALLS OF THE HANOI HILTON COMPOUND ARE
AS FORBIDDING AS EVER AND AS MR NGUYEN SEEMED TO SENSE INSTINCTIVELY
AMERICA'S ABSORPTION WITH THE FATE OF THOSE WHO WERE LOST OR IMPRISONED
DURING THE VIETNAM WAR HAS ALSO NOT CHANGED

THE NEWEST CHAPTER IN THIS SAGA WAS BEGUN LAST MONTH WHEN STEPHEN MORRIS A
HARVARDBASED RESEARCHER WRITING A BOOK ON RUSSIA'S INVOLVEMENT IN THE
VIETNAM WAR REVEALED THAT HE HAD UNCOVERED A 1972 DOCUMENT FROM SOVIET
ARCHIVES THAT SAID VIETNAM WAS HOLDING 1205 PRISONERS AT THE TIME THE
VIETNAMESE CLAIMED TO HOLD ONLY 386 AND AT OPERATION HOMECOMING IN 1973
591 RETURNED THE IMPLICATION IS THAT ALMOST 700 AMERICANS WERE IN
VIETNAMESE PRISONS THAT THE US DID NOT KNOW ABOUT AND WERE LEFT BEHIND OR
KILLED

THE QUESTION OF WHETHER THE RUSSIAN DOCUMENT IS ON TARGET IS STILL BEING
ASSESSED IT DOES CONTAIN A NUMBER OF ANOMALIES FOR EXAMPLE THE DOCUMENT
ASSERTS THAT AMERICAN PRISONERS WERE SEPARATED ACCORDING TO RANK AND KEPT IN
DIFFERENT PRISONS RETURNED PRISONERS SAY THIS WAS NOT THE CASE THE
DOCUMENT ALSO SAYS THAT PRISONERS WERE DISPERSED AFTER A RAID WHEN IN FACT
THEY WERE CONCENTRATED AFTER THE RAID INTO FEWER LOCATIONS THE DOCUMENT IS
NOT ACCURATE SAYS MARK SAUTER WHO SPECIALIZES IN POW/MIA ISSUES AS AN
AIDE TO SEN JOHN MCCAIN R ARIZ A FORMER POW IT'S AUTHENTIC 
AUTHENTIC BUT A PRODUCT OF BAD INTELLIGENCEGIVING AND GATHERING IT IS
RIDDLED WITH THINGS THAT ARE FLATOUT WRONG

MR MORRIS ACKNOWLEDGES THAT THERE ARE INACCURACIES IN THE DOCUMENT BUT
SAYS MANY ERRORS ARE EASILY EXPLAINED THE CURIOUS NAMES IN THE DOCUMENT ARE
PROBABLY DUE TO DIFFICULTIES IN TRANSLATING FROM VIETNAMESE TO RUSSIAN THE
INFLATED NUMBER OF SENIOR OFFICERS COULD HAVE BEEN A RESULT OF PRISONERS
GIVING FALSE INFORMATION IN THE HOPE OF BETTER TREATMENT OTHER PROBLEMS HE
SAYS COULD BE EXPLAINED BY THE POSSIBILITY OF A SEPARATE PRISON SYSTEM 
ALTHOUGH NO EVIDENCE OF SUCH A SYSTEM HAS EMERGED

THE DOCUMENT IS NOT INFALLIBLE AND I'M NOT SAYING IT IS MR MORRIS SAID
IN A RECENT TELEPHONE INTERVIEW BUT WHAT WAS IT SAYING IT WAS SAYING THAT
WE THE VIETNAMESE HAVE A POLICY OF HOLDING BACK AMERICANS TO EXTRACT
POLITICAL MILITARY ECONOMIC OUTCOMES FROM THE US THE DOCUMENT HE
INSISTS SHOULD BE EVALUATED AS A WHOLE IN A FAIRMINDED WAY

THAT IS SOUND ADVICE FOR THE DISCUSSION OF AMERICANS UNACCOUNTED FOR FROM
INDOCHINA IN GENERAL THERE HAVE BEEN SO MANY CHARGES OF LIES COVERUPS AND
GENERAL NASTINESS DIRECTED AT BOTH VIETNAM AND THE US THAT THE
LARGER ISSUE OF WHAT IS KNOWN AND WHAT CAN BE DONE TENDS TO GET LOST WHAT
FOLLOWS IS AN ATTEMPT TO ADDRESS SOME OF THE MOST PRESSING QUESTIONS

 ARE THERE LIVING AMERICAN PRISONERS LEFT IN INDOCHINA PROBABLY NOT

THE POSSIBILITY THAT AMERICAN MEN ARE TODAY IMPRISONED SOMEWHERE IN THE
INDOCHINESE JUNGLE HAS GIVEN THE MIA ISSUE ITS EMOTIONAL STAYING POWER THE
CHANCE OF THIS HOWEVER IS SLIM

OF SOME 1687 FIRSTHAND LIVESIGHTING REPORTS ACCORDING TO FIGURES PROVIDED
BY THE RESPECTED NATIONAL LEAGUE OF FAMILIES OF AMERICAN PRISONERS AND
MISSING IN SOUTHEAST ASIA NLF ALL BUT 24 HAVE BEEN RESOLVED ALMOST A
QUARTER OF THE REPORTS WERE LIES AND MOST OF THE REST PERTAINED TO PEOPLE
WHO HAVE RETURNED TO THE US OR HAD OTHER REASONS SUCH AS MISSIONARY WORK
TO BE IN VIETNAM

OF THE 591 POWS WHO RETURNED IN 1973 NONE REPORTED PRISONERS LEFT BEHIND
THEY SPENT NEARLY EVERY WAKING HOUR KEEPING TRACK OF EACH OTHER AND DID A
SPECTACULAR JOB OF IT SAYS MR SAUTER THERE'S NOT ONE UNACCOUNTED PERSON
AMONG THE FORMER POWS EVERY ONE HAS COME HOME OR DIED IN CAPTIVITY

IT'S IMPOSSIBLE TO PROVE A NEGATIVETHAT IS TO KNOW CONCLUSIVELY THAT NO
AMERICAN IS IMPRISONED IN INDOCHINA WHICH IS WHY OFFICIAL US POLICY
OPERATES ON THE ASSUMPTION THAT SOME ARE STILL ALIVE ACCORDING TO THE
LATEST EDITION OF THE DEFENSE DEPARTMENT POWMIA FACTBOOK TWENTYSEVEN
PAGES LATER HOWEVER THE DEPARTMENT NOTES THAT DESPITE THE LARGE VOLUME OF
REPORTS RECEIVED AND THE CONSIDERABLE TECHNICAL MEANS AT THE DISPOSAL OF THE
INTELLIGENCE COMMUNITY NO SINGLE REPORT OR COMBINATION OF REPORTS AND
TECHNICAL SENSORS HAS THUS FAR OFFERED CONCLUSIVE EVIDENCE THAT ANY
AMERICANS ARE CURRENTLY IN CAPTIVITY IN SOUTHEAST ASIA

 ARE THERE SERIOUS ISSUES OF UNRESOLVED CASES YES

ONE PROBLEM WITH RULING OUT THE POSSIBILITY OF LIVE AMERICANS IS THAT THERE
IS SUBSTANTIAL IF NOT CONCLUSIVE EVIDENCE THAT SOME WERE LEFT BEHIND MOST
PROBABLY IN LAOS AT THE END OF THE VIETNAM WAR THAT AT LEAST WAS THE
VIEW OF FORMER DEFENSE SECRETARIES JAMES SCHLESINGER AND MELVIN LAIRD AND OF
RICHARD ALLEN WHO AS NATIONAL SECURITY ADVISER RECOMMENDED A RAID INTO LAOS
IN MAY 1981 TO CHECK REPORTS OF A PRISON SITE FORMER SECRETARY OF STATE
ALEXANDER HAIG WHO WAS IN THE NIXON WHITE HOUSE IN THE EARLY 1970S TOLD
THE SENATE IN SEPTEMBER WELL WE WERE UNSATISFIED TOTALLY DISSATISFIED
WITH THE ACCOUNTING OF MIAS

IN AN EXHAUSTIVE REPORT PUBLISHED THIS JANUARY THE SENATE SELECT COMMITTEE
ON POW/MIA AFFAIRS FRAMED ITS CONCLUSIONS AROUND TWO QUESTIONS ON WHETHER
THERE ARE FORMER POWS STILL ALIVE IN INDOCHINA TODAY IT FOUND NO
COMPELLING EVIDENCE BUT ON WHETHER SOME WERE ALIVE IN INDOCHINA FOLLOWING
THE RETURN OF THE 591 PRISONERS IN 1973 IT DID FIND EVIDENCE THAT
INDICATES THE POSSIBILITY OF SURVIVAL AT LEAST FOR A SMALL NUMBER SEN
JOHN KERRY CHAIRMAN OF THE COMMITTEE SAID THIS EVIDENCE WAS TANTALIZING
BUT THAT QUESTIONS ARE NOT FACTS AND ARE NOT PROOF

IN ANY EVENT THE UNIVERSE OF NUMBERS IS SMALL CONSIDER A DEFENSE
INTELLIGENCE AGENCY ACCOUNTING THERE ARE 2260 AMERICANS CONSIDERED
UNACCOUNTED FOR IN INDOCHINA OF THESE 1094 WERE DECLARED KILLED IN ACTION
UNDER CIRCUMSTANCES WHERE NO BODY WAS RECOVEREDFOR EXAMPLE BEING SHOT DOWN
OVER SEA THAT LEAVES 1166 MEN OF THESE CASEBYCASE INVESTIGATIONS HAVE
DETERMINED THAT 976 EITHER DIED IN CAPTIVITY OR ARE INDIVIDUALS WHO WOULD
NOT HAVE SURVIVED THEIR INCIDENT AMONG THESE ARE 323 SETS OF REPATRIATED
REMAINS THAT LEAVES 190 CASES STILL CONSIDERED COMPELLING 92 OF THEM
FROM VIETNAM ALTHOUGH MOST OF THE 98 FROM LAOS AND CAMBODIA WERE LOST IN
VIETNAMCONTROLLED AREAS

WELL OF COURSE THE GOVERNMENT COULD BE FIDDLING WITH THE NUMBERS
AMERICANS HAVE AN INNATE SKEPTICISM TOWARD GOVERNMENT STATISTICS
PARTICULARLY WHEN IT COMES TO VIETNAM AND THERE ARE VALID QUESTIONS ABOUT
HOW THE US HAS GONE ABOUT THE RECKONING BUT GIVEN THE OBVIOUS DIFFICULTY
THE US HAS IN KEEPING SECRETS A MASSIVE GOVERNMENTWIDE 20YEARLONG
COVERUP IS IMPROBABLE THE IDEA THAT THERE ARE HUNDREDS OF MEN IMPRISONED IN
INDOCHINA WHOM THE US KNOWS ABOUT AND CAN'T BE BOTHERED TO GET BACK DOES
NOT STAND UP TO SCRUTINY

 HAS VIETNAM DONE ALL IT CAN TO RESOLVE THIS ISSUE NO

VIETNAM KNOWS MORE THAN IT LETS ON IN FACT ITS GRUDGING COOPERATION HAS
BEEN ONE OF THE FACTORS NOT ONLY DELAYING THE ACCOUNTING OF MIAS BUT FEEDING
THE FLAKY CONSPIRACY THEORIES OF THE MOST IRRESPONSIBLE MIA ACTIVISTS

ANN MILLS GRIFFITHS EXECUTIVE DIRECTOR OF THE NATIONAL LEAGUE OF AMERICAN
PRISONERS AND MISSING IN SOUTHEAST ASIA NOTES THAT EVEN IN CASES THAT HAVE
BEEN RESOLVED QUITE RECENTLY THERE IS CLEAR EVIDENCE OF REMAINS THAT WERE
RECOVERED THAT HAVE NOT BEEN PRODUCED SHE GIVES THE EXAMPLE OF A PHOTO
SHOWN TO US INVESTIGATORS THAT CAME FROM VIETNAM'S NATIONAL NEWS AGENCY
SHE SAYS THE PHOTO SHOWS DISTINCTLY THE IMAGE OF A US AIRMAN AND HIS
SHOTDOWN PLANE THIS WAS NOT A MAN WHO WAS SMASHED UP HE WAS LYING THERE
IDENTIFIABLE AND THEY HAVE NOT REPATRIATED HIS REMAINS

SAYS RICHARD CHILDRESS FORMER NATIONAL SECURITY COUNCIL DIRECTOR OF ASIAN
AFFAIRS WHO PLAYED A MAJOR ROLE IN MIA MATTERS FROM 1982 TO 1989 THEY THE
VIETNAMESE COULD DO A LOT MORE UNILATERALLY FOR EXAMPLE OPEN THEIR
ARCHIVES THERE IS A LOT MORE THERE AND IT SITS IN THE MINISTRY OF NATIONAL
DEFENSE AND THE MINISTRY OF INTERIOR

VIETNAM HAS APPARENTLY BEEN MORE FORTHCOMING OF LATE GEN JOHN VESSEY
FORMER CHAIRMAN OF THE JOINT CHIEFS OF STAFF AND PRESIDENTIAL ENVOY TO HANOI
SINCE 1987 SAID LAST MONTH THAT COOPERATION HAS BEEN GROWING STEADILY IN
THE SIX YEARS THAT I HAVE BEEN DEALING WITH THIS MATTER THE VIETNAMESE
AGREED TO DO EVERYTHING THAT WE ASKED THEM TO DO

WHETHER IT WILL GET DONE IS ANOTHER MATTER AFTER STEPHEN MORRIS MADE THE
RUSSIAN DOCUMENT PUBLIC FOR EXAMPLE THE VIETNAMESE HANDED OVER WHAT
AMERICANS KNEW AS THE BLUE BOOK A HANDWRITTEN ACCOUNTING IN CHRONOLOGICAL
ORDER OF AMERICAN AVIATORS CAPTURED AND IMPRISONED IN NORTH VIETNAM THE
US GEN VESSEY ACKNOWLEDGED HAD BEEN ASKING FOR THE BLUE BOOK FOR A
LONG LONG TIME FURTHERMORE LAST OCTOBER PRESIDENT BUSH ANNOUNCED IN A
TRIUMPHANT ROSE GARDEN PRESS CONFERENCE THAT HANOI HAS AGREED TO PROVIDE US
WITH ALL AND I REPEAT ALL INFORMATION THEY HAVE COLLECTED ON AMERICAN
POWS AND MIAS WELL SIX MONTHS PASSED BEFORE THE BLUE BOOK WAS TURNED
OVER

 IS THIS ISSUE EVER GOING TO BE FULLY RESOLVED PROBABLY NOT

TO KNOW THE FATE OF EVERY AMERICAN WHO SERVED IN VIETNAM IS NOT POSSIBLE
TERRAIN THE LENGTH OF THE WAR THE RAVAGES OF HEAT AND HUMIDITY THE
MYSTERIES THAT ATTEND TO COMBAT ALL THIS MILITATES AGAINST CERTAINTY
MRS GRIFFITHS SAYS THAT THE NLF HAS NEVER EVER EXPECTED EVERY MAN TO BE
ACCOUNTED FOR OUR FUNDAMENTAL PURPOSE IS TO OBTAIN THE FULLEST POSSIBLE
ACCOUNTING THIS IS ALSO THE US GOVERNMENT POSITION ALTHOUGH HOW TO
DEFINE THE FUZZY PHRASE FULLEST POSSIBLE ACCOUNTING HAS NOT BEEN
CLARIFIED

OTHERS ARE NOT SO REASONABLE THERE EXIST A NUMBER OF MIA ACTIVIST GROUPS
THAT FEED ON SINISTER CONSPIRACY THEORIES AND ARE NOT INTERESTED IN
ACCOUNTING IF IT UPSETS THEIR VIEW OF THE WORLD SOME OF THESE CRANKS MAKE
WILD ACCUSATIONS FOR EXAMPLE THAT SEN MCCAIN WHO SPENT SIX YEARS IN
VIETNAMESE PRISONS IS A RUSSIAN SPY THEY DOCTOR PHOTOGRAPHS TWIST
TESTIMONY AND TELL WHOPPERS IN ORDER TO RAISE MONEY THROUGH THE MAIL AND
THERE IS JUST ENOUGH EVIDENCE AROUND TO KEEP THE MUD SWIRLING A
LIVESIGHTING REPORT AN AMBIGUOUS PHOTO THE PARTING SHOTS OF A DISGRUNTLED
DEFENSE EMPLOYEE AND SO ON

THE PROBLEM HERE IS NOT MERELY INTELLECTUAL HONESTY THERE HAVE BEEN CASES
OF VIETNAMESE BOAT PEOPLE BRINGING SPURIOUS BONES INTO HONG KONG CAMPS
THIS THEY THOUGHT WOULD ENDEAR THEM TO AMERICAN AUTHORITIES ALL IT DID
WAS CREATE WORK FOR PEOPLE WHOSE TIME COULD HAVE BEEN BETTER SPENT
EVALUATING REAL EVIDENCE

AT THIS POINT THE QUEST TO ACCOUNT FOR AMERICANS WILL BE DONE MOSTLY AT
DESKS AND LABORATORIES BY ANALYSTS COMPARING DOCUMENT X WITH A REFERENCE IN
FILE Y THAT CORRELATES TO AN ACCOUNT FROM REFUGEE Z IT IS GOING TO BE
PAINSTAKING AND TIMECONSUMING GEN VESSEY TALKS OF A FIVE TO 20 YEAR
PROJECT AND AT THE END OF IT THERE WILL ALMOST CERTAINLY BE A FEW
AMERICANS STILL LOST TO HISTORY EDBUL SHOULD THE US KEEP TRYING YES

LAST SEEN EJECTING FROM HIS AIRCRAFT IN 1968 THE FATHER OF A FRIEND OF MINE
WAS LOST OVER LAOS HIS FAMILY HAS NEVER GIVEN UP HOPE THAT HE MAY BE ALIVE
BUT IN CAPTIVITY HIS WIFE HAS EVEN CHARTERED AN AIRPLANE TO DROP LEAFLETS
AROUND THE THAILAOTIAN BORDER

WHY WOULD EITHER THE LAOTIANS OR THE VIETNAMESE STILL KEEP HIM IMPRISONED
WHAT ABOUT HATE MY FRIEND REPLIED IT IS THIS MIX OF HOPE AND TORMENT
THAT IS THE BEST AND ONLY REASON NECESSARY FOR THE US TO CONTINUE THE
EFFORT TO ACCOUNT FOR THOSE LOST IN INDOCHINA THE FACT THAT OTHER WARS SAW
MANY MORE MEN UNACCOUNTED FOR MORE THAN 78000 FROM WORLD WAR II AND
8100 FROM THE KOREAN WAR IS NOT AN EXCUSE TO GIVE UP IT'S A TRAGEDY

IF THE US CAN SUBSIDIZE BEE FARMERS AND BAD ART THEN IT CAN CERTAINLY
AFFORD TO FIND OUT WHAT HAPPENED TO THE MEN IT SENT TO A WAR TO WHICH THE
NATION NEVER FULLY COMMITTED ITSELF

MS MURPHY IS EDITORIAL PAGE EDITOR OF THE ASIAN WALL STREET JOURNAL

A MAY 18 EDITORIAL PAGE STORY HANOI HILTON' SPANS THE DECADES
MISSPELLED THE NAME OF AN AIDE TO SEN JOHN MCCAIN THE CORRECT SPELLING IS
MARK SALTER 9305180029 930518 MARKETSCAN COLAS INVADE CANDY'S CHECKOUT
SPACE  BY KATHLEEN DEVENY

CANDY GUM AND CIGARETTES ARE GETTING SOME CHILLED COMPETITORS AT
SUPERMARKET CHECKOUTS

WITHIN THE PAST YEAR BOTH PEPSICO INC AND COCACOLA CO HAVE LAUNCHED
SYSTEMS FOR SELLING COLD DRINKS AT CHECKOUT IN ADDITION PEPSI'S DISPLAY
FEATURES ITS FRITOLAY SALTY SNACKS

AT THE SAME TIME SOME SUPERMARKET CHAINS ARE BOWING TO THE WISHES OF
DISGRUNTLED PARENTS BY REMOVING CANDY FROM SOME LANES ALTOGETHER

THERE IS NO QUESTION FIGHT FOR SPACE HAS BECOME MORE COMPETITIVE SAYS
RICHARD BLATT EXECUTIVE DIRECTOR OF THE POINTOFPURCHASE ADVERTISING
INSTITUTE THERE HAS BEEN A BETTER REALIZATION OF HOW WELL PRODUCTS MOVE IN
THAT AREA

RETAILERS AND MARKETERS HAVE LONG KNOWN THAT SHOPPERS ARE GREATLY INFLUENCED
BY SALES DEVICES THEY MAY NOT NOTICE FEWER THAN 10 OF SHOPPERS COME INTO
THE GROCERY STORE PLANNING TO PICK UP A PACK OF WRIGLEY'S DOUBLEMINT GUM OR
A COPY OF PEOPLE MAGAZINE FOR EXAMPLE BUT MANY WILL TOSS ONE OF THE ITEMS
INTO THEIR BASKETS IF THEY ARE CONVENIENTLY STACKED ON EYECATCHING
DISPLAYS ITEMS PLACED NEAR CHECKOUT LANES RING UP SALES ESTIMATED BETWEEN
6 BILLION AND 8 BILLION ANNUALLY WITH CONFECTIONS CIGARETTES AND
MAGAZINES ACCOUNTING FOR 90 OF THE REVENUE

THE INCREASING AVAILABILITY OF SALES DATA FROM SUPERMARKET SCANNERS HAS
UNDERSCORED THE CHECKOUT AREA'S VALUE TO RETAILERS AND MARKETERS SALES OF
ITEMS DISPLAYED NEAR CHECKOUT LANES ACCOUNT FOR ABOUT 2 OF TOTAL GROCERY
SALES BUT PROVIDE NEARLY 4 OF TOTAL SUPERMARKET PROFITS ACCORDING TO
INFORMATION RESOURCES INC'S APOLLO SPACE MANAGEMENT GROUP THE CHECKOUT
AREA IS ESPECIALLY PROFITABLE FOR CANDY BRANDS ACCOUNTING FOR ABOUT 46 OF
TOTAL SUPERMARKET CANDY SALES BUT NEARLY 54 OF SUPERMARKETS' CANDY PROFITS

SALES OF THE TOP 100 CANDY AND GUM ITEMS SOLD AT SUPERMARKET CHECKOUTS
INCREASED 32 TO 8812 MILLION DURING THE 52 WEEKS ENDED MARCH 21
ACCORDING TO INFORMATION RESOURCES GUM ACCOUNTED FOR THREE OF THE 10
BESTSELLING ITEMS WITH WM WRIGLEY JR CO LEADING THE PACK AMONG THE BIG
GAINERS ON THE LIST WERE HERSHEY FOODS CORP'S KIT KAT AND MILK CHOCOLATE
BARS NESTLE SA'S BUTTERFINGER AND WRIGLEY'S EXTRA BUBBLE GUM

THIS SWEET OPPORTUNITY HAS FINALLY CAUGHT THE ATTENTION OF THE SOFTDRINK
GIANTS BOTH COKE AND PEPSI HAVE LONG BEEN FIGHTING FOR DISPLAY SPACE NEAR
THE END OF EACH SUPERMARKET AISLE BUT THE CHECKOUT AREA REPRESENTS
IMPORTANT NEW FOOTAGE FOR SELLING COLD DRINKS THAT IS PARTLY BECAUSE
SHOPPERS WHO INCREASINGLY SAY THEY LOATHE THE SUPERMARKET ARE SPENDING
LESS TIME ROAMING THE AISLES THE AVERAGE SHOPPING TRIP TODAY LASTS ONLY
ABOUT 22 MINUTES SIX MINUTES SHORTER THAN 10 YEARS AGO AND FEW SHOPPERS
VISIT EVERY AISLE

THAT MAKES GETTING DISPLAY SPACE NEAR THE CHECKOUT WHERE ALL SHOPPERS
MUST EVENTUALLY STOP EVEN MORE IMPORTANT FOR ITEMS LIKE GUM SNACKS OR
SOFT DRINKS WHICH COUNT ON IMPULSE PURCHASES FOR THE VAST MAJORITY OF THEIR
SALES

BUT CURRENTLY ONLY ABOUT 15 OF SHOPPERS WHO DASH INTO THE STORE FOR A
SHORT ORDER TOSS SOFT DRINKS INTO THEIR BASKETS ACCORDING TO ERIC FOSS
VICE PRESIDENT OF RETAIL CHANNELS FOR PEPSI'S SOFTDRINK BUSINESS TO BOOST
SALES AMONG THESE HURRIED SHOPPERS PEPSI IS FOCUSING ITS EFFORTS ON
SUPERMARKET EXPRESS LANES WHICH IT FIGURES ARE USED BY ABOUT 50 OF
SHOPPERS WEEKLY

PEPSI'S NEW DISPLAY CASES WHICH HAVE A REFRIGERATED COMPARTMENT FOR
SINGLESERVING SOFT DRINKS ALSO INCLUDE RACKS THAT CAN HOLD SNACK PRODUCTS
MADE BY ITS FRITOLAY DIVISION PEPSI WHICH IS THE TOPSELLING SOFT DRINK
IN SUPERMARKETS SAYS THE RACKS COULD BE STOCKED WITH SUCH TRADITIONAL
CHECKOUT FARE AS CANDY AND GUM YET ITS PROMOTION MATERIALS SHOW THE DISPLAY
SYSTEM LOADED WITH ITS OWN DORITOS AND SUN CHIPS SNACK BRANDS ALREADY MORE
THAN 10000 OF THE NEW CASES HAVE BEEN INSTALLED ADJACENT TO SUPERMARKET
EXPRESS LANES

PEPSI'S PITCH TO RETAILERS COLD BEVERAGES PRODUCE HIGHER SALES AND PROFITS
THAN CONFECTIONS OR MAGAZINES THE COMPANY FIGURES INSTALLING CHILLED DRINKS
NEAR THE CHECKOUTS WILL RESULT IN AVERAGE WEEKLY SALES PER LANE OF 348 AND
WEEKLY PROFIT OF 146 THAT COMPARES WITH WEEKLY SALES OF 118 AND PROFITS
OF 39 FOR CONFECTIONS AND SALES OF 211 AND PROFITS OF 67 FOR MAGAZINES

COCACOLA IS PURSUING A LESS CONFRONTATIONAL STRATEGY ALTHOUGH THE COKE
DISPLAYS INCLUDE A REFRIGERATED SECTION FOR BEVERAGES THEY LOOK MORE LIKE
TRADITIONAL CHECKOUT STANDS STOCKED ALSO WITH THE FAMILIAR COMBINATION OF
MAGAZINES AND CANDY TO BETTER MERCHANDISE THE OTHER PRODUCTS ON THE
DISPLAY COKE HAS TEAMED UP WITH THE AMERICAN CHICLE DIVISION OF
WARNERLAMBERT CO MAKER OF TRIDENT GUM AND JUNIOR MINTS A SPOKESMAN FOR
COKE SAYS THE COMPANY HAS CONTRACTED SO FAR TO INSTALL MORE THAN 6500 OF
THE UNITS WHICH IT CLAIMS CAN BOOST SOFT DRINK SALES ON AVERAGE BY 25 TO
40 CASES A WEEK IN EACH STORE

CANDY AND GUM MAKERS ARE PUTTING ON A BRAVE FACE SOFT DRINKS WILL COMPETE
FOR SPACE BUT WE THINK THERE WILL BE PEACEFUL COEXISTENCE SAYS RON COX
GROUP VICE PRESIDENT OF MARKETING AT WRIGLEY CO

WHILE CANDY MAKERS AND SOFTDRINK MARKETERS SLUG IT OUT SOME PARENTS WOULD
LIKE TO BANISH BOTH PRODUCTS FROM CHECKOUT COUNTERS GROWING NUMBERS OF
PARENTS FEEL THEY MUST BRACE THEMSELVES FOR BATTLE WITH YOUNG CHILDREN EVERY
TIME THEY ENTER THE CANDY ZONE SO SOME RETAILERS ARE PROVIDING CANDYFREE
CHECKOUT STANDS

CRAIG HOFFMAN MANAGER OF A WEGMANS FOOD MARKET IN CORNING NY RECENTLY
REMOVED CANDY AND GUM FROM TWO OF THE 20 CHECKOUT STANDS IN HIS STORE SINCE
THEN THE STORE HAS RECEIVED KUDOS FROM SEVERAL DIETING ADULTS AS WELL AS
PARENTS OF YOUNG CHILDREN IF YOU'VE EVER RUN A CASH REGISTER AND HEARD THE
SCREAMING KIDS WHO WANT CANDY OR GUM YOU KNOW WE'VE DONE THE RIGHT THING
MR HOFFMAN SAYS BUT IT'S ALSO A TEMPTATION FOR ADULTS HURTING
NUTRITIONISTS' ZEALOUS EFFORTS MOST SHOPPERS HATE TO WAIT IN LINE AND WON'T
SPEND EXTRA TIME TO FILE THROUGH A SPECIFIC CHECKOUT LANE

SOME KROGER CO SUPERMARKETS EXPERIMENTED WITH CANDYFREE LANES IN THE EARLY
1980S BUT AFTER A YEAR OR SO IN WHICH THE CHAIN RECEIVED VERY LITTLE
REACTION FROM CONSUMERS THE STORES RESTOCKED THE LUCRATIVE SPACE WITH CANDY
AND GUM

CERTAINLY STORES MAKE A FINANCIAL SACRIFICE WHEN THEY ELIMINATE ONE OF
THEIR HIGHESTMARGIN PRODUCT CATEGORIES CARRS QUALITY CENTERS BASED IN
ANCHORAGE ALASKA NOW HAS AT LEAST ONE JUNKFOODFREE AISLE IN EACH OF ITS
13 STORES THE COMPANY NOW STOCKS THE AISLES WITH ITEMS MEANT TO APPEAL TO
YOUNG MOTHERS INCLUDING PARENTING MAGAZINES AND CHILDREN'S BOOKS BUT SO
FAR IT HAS ONLY MANAGED TO MAKE UP ABOUT HALF OF THE 5000 IN LOST WEEKLY
JUNKFOOD REVENUE

WE KNEW WE WOULD HAVE TO GIVE SOMETHING UP SAYS JOHN J CAIRNS CHAIRMAN
OF CARR GOTTSTEIN FOODS CO BUT WE ARE DOING EVERYTHING WE CAN TO ATTRACT
YOUNG MOTHERS AND THE REACTION FROM OUR CUSTOMERS HAS BEEN TERRIBLY
POSITIVE 9305180028 930518 BUSINESS BRIEF CIRCLE K CORP JUDGE
DISMISSES A LAWSUIT AGAINST AMERICAN FINANCIAL

A FEDERAL JUDGE DISMISSED A LAWSUIT BY HOLDERS OF CERTAIN CIRCLE K CORP
BONDS AGAINST CARL H LINDNER'S AMERICAN FINANCIAL CORP

US DISTRICT JUDGE ROBERT P PATTERSON JR RULED IN NEW YORK THAT THE
BONDHOLDERS IN SEARCH OF A DEEP POCKET TO COVER THEIR LOSSES COULDN'T
PIERCE THE CORPORATE VEIL THAT SEPARATED AMERICAN FINANCIAL FROM CIRCLE K
THE CONVENIENCESTORE CHAIN IN WHICH MR LINDNER ONCE HAD A LARGE INTEREST

THE LAWSUIT WHICH ACCUSED MR LINDNER AND AMERICAN FINANCIAL OF USING THEIR
CONTROL OF CIRCLE K TO NEGOTIATE BETTER TERMS FOR THEIR INVESTMENTS IN THE
CHAIN AT THE EXPENSE OF OTHER INVESTORS WAS BELIEVED TO HAVE BEEN THE FIRST
FILED SOLELY AGAINST AMERICAN FINANCIAL BRUCE RESSLER THE ATTORNEY WHO
FILED THE SUIT ON BEHALF OF THE BONDHOLDERS SAID HE HAD NOT SEEN THE
DECISION AND WOULDN'T COMMENT

THE PHOENIX COMPANY FILED FOR BANKRUPTCYCOURT PROTECTION IN MAY 1990 IT IS
EXPECTED TO EMERGE FROM BANKRUPTCY COURT NEXT MONTH 9305180027 930518
WORLD MARKETS TOKYO BLUE CHIPS RISE IN MIXED OVERALL MARKET STOCK
PRICES GAIN IN LONDON LOSE IN FRANKFURT  A WALL STREET JOURNAL NEWS
ROUNDUP

TOKYO BLUE CHIPS POSTED SMALL GAINS MONDAY ENDING A STRING OF FOUR
CONSECUTIVE DECLINES BUT THE BROADER MARKET WAS MIXED TO LOWER LONDON
SHARES ROSE IN LIGHT CAUTIOUS TRADING FRANKFURT STOCKS ENDED AT THE DAY'S
LOWS

WORLDWIDE STOCK PRICES FELL SLIGHTLY IN DOLLAR TERMS THE DOW JONES WORLD
STOCK INDEX WAS AT 10478 DOWN 005 REFLECTING DECREASES IN EUROPEAN
MARKETS AND INCREASES IN THE AMERICAS AND IN THE ASIA/PACIFIC REGION

ENTERTAINMENT STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY
GROUPS CLOSING AT 13469 UP 326 OR 25 WITH TIME WARNER OF THE US
POSTING A 49 GAIN IN ITS LOCAL CURRENCY BIOTECHNOLOGY STOCKS TRAILED AT
6147 DOWN 232 OR 36 WITH AMGEN OF THE US SLIDING 75 IN LOCAL
CURRENCY

IN TOKYO THE NIKKEI 225STOCK INDEX WHICH DROPPED 5863 POINTS FRIDAY
ROSE 9136 TO 2056551 AFTER TRADING IN A TIGHT 170POINT RANGE

ON TUESDAY THE NIKKEI SKIDDED 21514 POINTS TO CLOSE THE MORNING SESSION AT
2035037

FRIDAY'S FIRSTSECTION VOLUME PLUMMETED TO AN ESTIMATED 330 MILLION SHARES
FROM 5672 MILLION SHARES ON THURSDAY WHEN TURNOVER WAS BOOSTED BY SPECIAL
QUOTATIONS TO DETERMINE MAY OPTIONSCONTRACT PRICES LOSERS EDGED OUT
GAINERS 515485

THE TOKYO STOCK PRICE INDEX OR TOPIX OF ALL FIRSTSECTION ISSUES WHICH
DECLINED 535 POINTS FRIDAY ADDED 554 TO 161125

THE TOKYO MARKET'S ABILITY TO PUSH HIGHER PROVED LIMITED AS PARTICIPANTS
AWAITED A FLOOD OF JAPANESE CORPORATE EARNINGS REPORTS AND FORECASTS
SCHEDULED FOR RELEASE THIS WEEK BUYING CONTINUED TO FOCUS ON SMALLER
COMPANIES

MEANWHILE ANXIETY WAS RISING IN TOKYO ABOUT FALLING BOND PRICES AND RISING
BOND YIELDS WHICH MAKE STOCKS LOOK MORE EXPENSIVE AND COULD DENT A MAJOR
PILLAR OF THE STOCK MARKET'S SUPPORT FALLING BOND AND MONEYMARKET YIELDS
HAVE BEEN A MAJOR FACTOR INFLUENCING INVESTORS TO SHIFT MONEY INTO EQUITIES
STILL JAPANESE ECONOMIC INDICATORS FOR APRIL AND MAY ARE EXPECTED TO BE
WEAK WHICH COULD LOWER BOND YIELDS GIVING STOCKS ROOM FOR GAINS

IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX CLIMBED 111
POINTS TO 28581 THE FT 30STOCK INDEX ROSE 65 POINTS TO 22249 VOLUME
WAS 5329 MILLION SHARES DOWN FROM 6197 MILLION SHARES IN THE PREVIOUS
SESSION

THE LONDON MARKET OPENED LOWER ON WEEKEND NEWS REPORTS THAT SEVERAL
COMPANIES WANTED TO LAUNCH STOCK RIGHTS ISSUES BUT PRICES REGAINED FIRM
FOOTING INVESTORS REMAINED CAUTIOUS AHEAD OF BRITISH ECONOMIC DATA AND
CORPORATE EARNINGS REPORTS TO BE ISSUED THIS WEEK TODAY SIX BIG COMPANIES
ARE TO POST EARNINGS THE GOVERNMENT WILL DISCLOSE MARCH INDUSTRIAL
PRODUCTION NUMBERS AND THE CENTRAL BANK WILL RELEASE ITS QUARTERLY BULLETIN
ON HOW IT VIEWS ECONOMIC CONDITIONS SOME ANALYSTS BELIEVE THE CENTRAL BANK
WILL STRONGLY DISCOURAGE FURTHER INTERESTRATE CUTS

IN FRANKFURT THE DAX 30STOCK INDEX FELL 663 POINTS TO 162788 OF THE DAX
ISSUES 22 DROPPED AND 6 ROSE DEALINGS WERE QUIET AS INVESTORS ALREADY
BEGAN TO WIND DOWN THEIR ACTIVITIES AHEAD OF THE ASCENSION DAY HOLIDAY
THURSDAY THE MARKET WAS PUSHED LOWER BY NEWS OF SNAGS BETWEEN EMPLOYERS AND
METAL WORKERS IN EASTERN GERMANY THAT CAUSED THEIR NEGOTIATIONS TO BREAK OFF
SUNDAY AFTER A BREAKTHROUGH HAD BEEN INDICATED LAST FRIDAY UNION LEADERS
SAID 15000 STEELWORKERS INTEND TO CONTINUE THEIR STRIKE AT 12 PLANTS OVER
PAY

PARIS SHARE PRICES FINHED LOWER ACROSS THE BOARD AS INVESTORS CONTINUED TO
REACT NEGATIVELY TO DISAPPOINTING FRENCH ECONOMIC AND CORPORATE DATA
AMSTERDAM STOCKS FELL AS SOME BLUE CHIPS SANK AMID INVESTORS'
DISAPPOINTMENT ABOUT DUTCH COMPANIES' EARNINGS REPORTS AND PROSPECTS MILAN
EQUITIES ROSE SLIGHTLY THOUGH DIVIDEND PAYOUTS AND A FLURRY OF CAPITAL
INCREASES CLOUDED SOME ISSUES IN MADRID SHARES DROPPED SLIGHTLY AS
SCATTERED PROFITTAKING EMERGED FOLLOWING SHARP GAINS IN PREVIOUS SESSIONS
ZURICH PRICES ADVANCED ON BUYING INTEREST IN SOME BLUE CHIPS AND ON HOPES
FOR A GERMAN RATE CUT THIS WEEK THOUGH ACTIVITY WAS LIGHT AHEAD OF A SWISS
HOLIDAY THURSDAY

SYDNEY SHARE PRICES FELL TO THEIR LOWEST LEVEL IN A WEEK FOLLOWING A
DECLINE FRIDAY IN METAL PRICES AND US STOCKS MOST MAJOR AUSTRALIAN METAL
PRODUCERS RETREATED AND GOLD SHARES EASED EVEN THOUGH THE PRICE OF GOLD
FIRMED IN HONG KONG BULLISH SENTIMENT CONTINUED TO FUEL A RALLY THAT
FENDED OFF PROFITTAKING PRESSURE AND PROPELLED STOCKS TO ANOTHER NEW HIGH
BANKING SHARES WERE AMONG THE BIGGEST GAINERS SINGAPORE SHARES CLIMBED BACK
FROM A DEEP DIVE IN MORNING DEALINGS TO CLOSE MIXED

TAIPEI SHARE PRICES DROPPED ON NEWS THAT TAIWAN STOCK EXCHANGE CORP WHICH
RUNS THE MARKET'S DAILY OPERATIONS PLANS TO FORBID TRADING IN EIGHT LISTED
COMPANIES BY INVESTORS USING BORROWED MONEY OR SHARES TO TAKE POSITIONS
MANILA'S TECHNICAL REBOUND CONTINUED FOR A SECOND SESSION AND STOCKS ENDED
HIGHER SEOUL STOCKS RALLIED BUOYED BY REMARKS BY A SOUTH KOREAN
PRESIDENTIAL ADVISER WHO DISMISSED ABRUPT IMPLEMENTATION OF THE REALNAME
FINANCIAL TRANSACTION SYSTEM CITING THE NATION'S SLOWERTHANEXPECTED
ECONOMIC RECOVERY WELLINGTON SHARES ROSE BROADLY AS SENTIMENT WAS
SUPPORTED BY BANKS STARTING A FRESH ROUND OF CUTS IN LENDING RATES

AMONG CORPORATE DEVELOPMENTS IN LONDON WHITBREAD ROSE 1 PENCE TO 482 PENCE
742 THE BREWER'S PRETAX PROFIT FOR THE YEAR ENDED FEB 27 ROSE 47 TO
512 MILLION 3866 MILLION FROM A YEAR EARLIER THE LATEST RESULTS WERE
AT THE UPPER END OF MARKET EXPECTATIONS BUT THE ANNUAL DIVIDEND OF 1775
PENCE A SHARE UP 47 WAS AT THE BOTTOM END OF PREVIOUS ESTIMATES
WHITBREAD ALSO WROTE DOWN ITS PROPERTY PORTFOLIO REDUCING ITS BOOK VALUE BY
595 MILLION POUNDS OR 22

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 1969 EQUALING 100 THE PERCENTAGE CHANGE IS SINCE YEAREND
9305180026 930518 SEC UPHOLDS FINE OTHER PENALTIES IN NASD CASE 
 BY ANNE NEWMAN STAFF REPORTER TO THE WALL STREET JOURNAL

THE SECURITIES AND EXCHANGE COMMISSION UPHELD STIFF PENALTIES IMPOSED FIVE
YEARS AGO BY THE NATIONAL ASSOCIATION OF SECURITIES DEALERS AGAINST A FORMER
HEAD OF DEFUNCT BROKERAGE FIRM ROONEY PACE INC NEW YORK AND ONE OF ITS
SALESMEN

A TWOYEAR SUSPENSION AND 100000 FINE AGAINST RANDOLPH K PACE OF NEW
YORK FORMER COCHIEF EXECUTIVE OF ROONEY PACE AND HEAD OF THE FIRM'S
OVERTHECOUNTER TRADING DESK WAS UPHELD BY THE COMMISSION THE PANEL ALSO
UPHELD A ONEYEAR SUSPENSION AND 10000 FINE AGAINST THOMAS HENRY OF
OKLAHOMA CITY OKLA A SALESMAN IN THE FIRM'S OKLAHOMA CITY BRANCH NEITHER
MR PACE NOR MR HENRY COULD BE REACHED FOR COMMENT

THE SEC SAID IT FOUND OVERWHELMING EVIDENCE TO SUPPORT THE NASD'S FINDING
THAT ROONEY PACE MANIPULATED THE STOCK PRICE OF AMERICAN EDUCATIONAL
COMPUTER INC WHICH LATER PLUNGED TO 450 A SHARE FROM 9 APIECE

SEPARATELY THE NASD BARRED AND IMPOSED HEAVY FINES AGAINST TWO OHIO MEN
EXPELLED A COLORADO BROKERAGE FIRM AND HEAVILY FINED ITS PRESIDENT IN
CONNECTION WITH THE ALLEGED MISUSE OF BONDS ISSUED BY THE GOVERNMENT
NATIONAL MORTGAGE ASSOCIATION

THE NASD BARRED AND IMPOSED A 200000 FINE AGAINST STEVEN KOCHENSPARGER OF
UPPER ARLINGTON OHIO A FORMER REPRESENTATIVE WITH PARSONS SECURITIES INC
A FORMER COLUMBUS OHIO BROKERAGE FIRM THE NASD CHARGED THAT IN 1989 AND
1990 MR KOCHENSPARGER FRAUDULENTLY MISREPRESENTED TO LENDERS INSURERS AND
OTHER INSTITUTIONS THAT PARSONS SECURITIES WAS HOLDING CERTAIN GINNIE MAE
BONDS AS COLLATERAL TO SECURE LOANS OR ENHANCE THE BALANCE SHEETS OF CERTAIN
INSURANCE COMPANIES

THE GINNIE MAE BONDS WERE CLEARLY NOT ON DEPOSIT THE NASD SAID LENDERS
LOST SEVERAL MILLION DOLLARS AND A CALIFORNIA SAVINGS AND LOAN WENT INTO
RECEIVERSHIP AS A RESULT OF THE ALLEGED SCHEME THE ASSOCIATION SAID MR
KOCHENSPARGER COULDN'T BE REACHED FOR COMMENT

THE NASD ALSO BARRED AND LEVIED A 165000 FINE AGAINST ROGER PARSONS OF
BALTIMORE OHIO PRESIDENT OF THE FORMER FIRM WHO SETTLED THE ALLEGATIONS
WITHOUT ADMITTING OR DENYING GUILT THE NASD CHARGED THAT MR PARSONS DIDN'T
TAKE ANY ACTION AGAINST MR KOCHENSPARGER DESPITE NUMEROUS TELEPHONE CALLS
ABOUT HIM AND VIOLATED OTHER NETCAPITAL AND MARKUP REQUIREMENTS

MR PARSONS SAID THAT HE SETTLED WITH THE SEC ONLY BECAUSE HE COULDN'T
AFFORD TO CONTINUE APPEALING THE CASE HE CHARGED THAT THE NASD INITIALLY
IGNORED HIS CALLS ABOUT THE GINNIE MAE SCAM HE FURTHER SAID THAT THE NASD
INCORRECTLY ADVISED HIM ABOUT AND MISCALCULATED NET CAPITAL REQUIREMENTS
MR PARSONS ALSO CONTENDS THAT HE ADEQUATELY SUPERVISED MR KOCHENSPARGER
AND THAT THE MARKUPS CHARGED BY HIS FIRM CONFORMED WITH INDUSTRY STANDARDS

THE NASD ALSO EXPELLED ORION SECURITIES INC ENGLEWOOD COLO AND BARRED
ITS PRESIDENT DOUGLAS W NUTT OF GREENWOOD VILLAGE COLO MR NUTT AND THE
FIRM ALSO WERE FINED 400000 JOINTLY AND SEVERALLY

AMONG OTHER CHARGES THE NASD ALLEGED THAT MR NUTT AND HIS FIRM WERE
INVOLVED IN A SCHEME IN WHICH THE PRINCIPAL COLLATERAL FOR A 500000 LOAN
OBTAINED BY AN INVESTMENT BANKING CLIENT SUPPOSEDLY WAS A GINNIE MAE BOND
PURPORTEDLY HELD BY PARSONS SECURITIES THE BOND WAS PLEDGED BY ANOTHER
ORION CLIENT DUBLIN OSAKA GROUP INC

BEFORE THE LOAN WAS OBTAINED MR NUTT OBTAINED 372000 SHARES OF DUBLIN
OSAKA UNDER MYSTERIOUS CIRCUMSTANCES THE NASD CHARGED AT AN AVERAGE
PRICE OF LESS THAN A PENNY A SHARE THE FIRM THEN ALLEGEDLY MADE A PROFIT OF
ALMOST 400000 BY ENTERING QUOTES FOR THE STOCK IN THE PINK SHEETS AT 5
A SHARE AND TRADING THE STOCK AT 125 TO 175 A SHARE

THE SEC DENIED MR NUTT'S AND HIS FIRM'S REQUEST FOR A STAY OF THE NASD
PENALTIES MR NUTT SAID IN A PREPARED RELEASE THAT HE AND THE FIRM EXPECT
THE SEC WILL FIND THEIR ACTIONS WERE JUSTIFIED IN AN APPEAL PENDING BEFORE
THE COMMISSION 9305180025 930518 BUSINESS BRIEF UNISYS CORP SUIT
SAYS MACRO COMPUTER INFRINGED ON TRADEMARK

UNISYS CORP IN BLUE BELL PA SAID IT FILED A LAWSUIT AGAINST MACRO
COMPUTER PRODUCTS INC A SELLER OF USED UNISYS EQUIPMENT ALLEGING MACRO
SOLD UNDER FALSE PRETENSES OF GENUINE UNISYS PARTS

THE COMPLAINT FILED LAST WEEK IN A FEDERAL COURT IN MICHIGAN IS AGAINST
MACRO A DISKDRIVE MANUFACTURER IN ROCHESTER HILLS MICH AND ITS
EXECUTIVES MARLIN KOVALESKI AND DAVID SHELLENBARGER THE SUIT ALLEGES
TRADEMARK AND COPYRIGHT INFRINGEMENT AND MISAPPROPRIATION OF UNISYS TRADE
SECRETS AND UNFAIR COMPETITION

THE SUIT CLAIMS THAT MACRO SOLD USED UNISYS EQUIPMENT THAT HAD BEEN UPGRADED
WITH COUNTERFEIT MEMORY CHIPS LABELED TO APPEAR AS GENUINE UNISYS PARTS
UNISYS SAID BY DOING SO MACRO AVOIDED PAYING ROYALTIES ON GENUINE PARTS TO
UNISYS THE COMPANY SAID

MACRO OFFICIALS COULDN'T BE REACHED FOR COMMENT 9305180024 930518 CBOE IS
LAUNCHING CONTRACTS

CHICAGO THE CHICAGO BOARD OPTIONS EXCHANGE SET A MAY 24 LAUNCH DATE TO
BEGIN TRADING OPTIONS CONTRACTS THAT TRACK EIGHT INDIVIDUAL SECTORS OF THE
MARKET

THE CBOE WILL TRADE SECTORINDEX OPTIONS CONTRACTS ON BANKING CHEMICAL
HEALTH CARE INSURANCE RETAIL TRANSPORTATION COMPUTER SOFTWARE AND
ENVIRONMENTAL STOCKS SIX OF THE SECTOR INDEXES WERE PUT TOGETHER BY
STANDARD & POOR'S CORP WHILE THE CBOE DEVISED TWO OF THEM ITSELF

SECTOR INVESTING IS GAINING IN POPULARITY AMONG RETAIL AND INSTITUTIONAL
INVESTORS AS IS THE DESIRE TO ACHIEVE A LOWCOST MEANS TO DIVERSIFY A
PORTFOLIO OR HEDGE THE RISKS OF INVESTING IN CERTAIN SECTORS SAID CBOE
CHAIRMAN ALGER B CHAPMAN THE SECTORINDEX OPTIONS WILL JOIN THE ARRAY OF
STOCK AND STOCKINDEX OPTIONS THAT THE CBOE NOW TRADES HE SAID
9305180023 930518 NEW TREATMENT CLINTON'S HEALTH PLANS ARE LIKELY TO
STEP UP THE SWITCH TO HMOS  TRADITIONAL MEDICAL INSURANCE SEEMS
FATED TO DWINDLE MAYBE EVEN DISAPPEAR  HOT ISSUE REJECTING THE
SICK  BY GREG STEINMETZ STAFF REPORTER OF THE WALL STREET JOURNAL

HILLARY RODHAM CLINTON HAS A BLUNT MESSAGE FOR MANY HEALTH INSURERS GET
OUT OF THE INSURANCE BUSINESS

IN FLORIDA IN MARCH SHE ANGRILY SAID COMPANIES THAT TURN DOWN SICK
APPLICANTS SHOULD QUIT THE BUSINESS AND LET OTHER PEOPLE GET IN WHO WANT TO
INSURE PEOPLE THE OLDFASHIONED WAY BY MAKING A LITTLE BIT OF MONEY ON A
WHOLE LOT OF PEOPLE

AS HEAD OF PRESIDENT CLINTON'S HEALTH CARE TASK FORCE MRS CLINTON IS
MAKING MORE THAN THREATS SHE AND HER GROUP ARE FINETUNING PROPOSALS THAT
COULD EASILY CLEAR THE FIELD FOR THE OTHER PEOPLE

THESE ARE THE BIG INSURERS AND OTHER COMPANIES THAT OPERATE MANAGEDCARE
NETWORKS SUCH AS HEALTH MAINTENANCE ORGANIZATIONS HMOS GET CREDIT FOR
PROMOTING A MAJOR ADMINISTRATION GOALCONTROLLING MEDICAL COSTS THEY ALSO
TEND TO FOLLOW THE STANDARD ADVOCATED BY MRS CLINTON IN FLORIDA THEY
REJECT FAR FEWER SICK PEOPLE THAN DO CONVENTIONAL INSURERS

THE LOSERS WOULD BE THE 500 OR SO OTHER COMPANIES IN THE HEALTHINSURANCE
BUSINESS ALTHOUGH THE CLINTON PLAN HAS BEEN MALIGNED AS THE HEALTH
INSURANCE PRESERVATION ACT THE REALITY FOR MANY INSURERS AND FOR
THOUSANDS OF INDEPENDENT AGENTS WHO SELL THEIR POLICIES COULD BE FAR
DIFFERENT STANDARD & POOR'S ANALYST BETH MORROW SAYS REFORM DEPENDING ON
HOW FAR IT GOES WILL EITHER FORCE INSURERS TO RESIGN THEMSELVES TO LOWER
PROFITS OR SET OFF A STAMPEDE OUT OF THE HEALTHCARE BUSINESS ALTOGETHER

THE CLINTON CAMPAIGN TO REVAMP HEALTH CARE COULD FOUNDER IN CONGRESS OF
COURSE THE HEALTHINSURANCE LOBBY DESPITE RECENT DEFECTIONS BY INSURERS
RUNNING HMOS REMAINS POWERFUL BUT THE PRESSURES TO CONTROL HEALTHCARE
COSTS ARE ENORMOUS AND THE PRESIDENT HAS STAKED SO MUCH ON THE ISSUE
EXPERTS SAY THAT SOME CHANGE SEEMS INEVITABLE

ALTHOUGH DETAILS OF THE CLINTON PLAN WON'T BE DISCLOSED UNTIL NEXT MONTH 
THE ADMINISTRATION IS TALKING OF SWEEPING CHANGES FOR DOCTORS HOSPITALS
DRUG MAKERS AND ESPECIALLY INSURERS SO THE INSURANCE INDUSTRY IS BRACING
FOR CHANGES THAT COULD PUT UP FOR GRABS HEALTHCARE PREMIUMS TOTALING AS
MUCH AS 300 BILLION A STAGGERING 5 OF THE COUNTRY'S GROSS DOMESTIC
PRODUCT

MUCH OF THAT MONEY WOULD MOVE FROM TRADITIONAL PLANS INTO HMOS FOR YEARS
HMOS HAVE BEEN GAINING GROUND ON OTHER INSURERS AND NOW COVER ABOUT 41
MILLION AMERICANS BY COMPARISON MEDICARE AND MEDICAID COVER ABOUT 58
MILLION PEOPLE AND INSURANCE COMPANIES INSURE OR ADMINISTER PLANS FOR 120
MILLION WHO AREN'T IN HMOS THE CLINTON PLAN WOULD ACCELERATE THE SHIFT TO
HMOS THOUGH THE PRESIDENT MAY IMPOSE TEMPORARY PRICE CONTROLS THAT BY
NARROWING THE HMOS' COST ADVANTAGES MIGHT SLOW THE CHANGEOVER A BIT

THE TRADITIONAL HEALTH INSURANCE INDUSTRY IS DISAPPEARING AND THE CLINTON
PLAN WOULD PRETTY MUCH KILL IT SAYS PAUL ELLWOOD HEAD OF THE JACKSON HOLE
GROUP AN INDUSTRYSPONSORED HEALTHCARE RESEARCH GROUP AND AN ADVOCATE OF
MANY HEALTHCARE IDEAS EMBRACED BY PRESIDENT CLINTON

THOSE IDEAS TROUBLE EDWARD KANE THE GENERAL COUNSEL FOR GUARDIAN LIFE
INSURANCE CO WHICH REJECTS ABOUT TWO OF EVERY 100 APPLICANTS ABOUT
AVERAGE FOR THE INDUSTRY MR KANE MAKES NO APOLOGIES FOR SCREENING RISKS
RISK SELECTION HAS ALWAYS BEEN PART OF INSURANCE HE SAYS BUT NOW THEY
CALL IT DISCRIMINATION

QUESTIONS ABOUT REJECTION MIGHT NOT MATTER TO EMPLOYEES OF BIG CORPORATIONS
WHOSE HEALTH PLANS TEND TO TAKE ALL COMERS BECAUSE THE INSURER CAN SPREAD
THE COSTS ACROSS A LARGE GROUP BUT THEY MEAN A LOT TO EMPLOYEES OF SMALL
COMPANIES AND TO INDIVIDUALS WHO BUY THEIR OWN INSURANCE IF THE INSURER
SEES THEM AS HIGHRISK THEY EITHER HAVE TO PAY MORE OR ARE DENIED COVERAGE

MR KANE ARGUES THAT BECAUSE GUARDIAN REJECTS SAY SOME APPLICANTS WITH
CANCER IT CAN OFFER LOWER RATES TO THOSE IT ACCEPTS HE ADDS THAT IT IS
FAIR TO CHARGE AN OLDER PERSON MORE FOR HEALTH INSURANCE THAN A YOUNGER
PERSON JUST AS IT IS FAIR TO CHARGE A SMOKER MORE THAN A NONSMOKER

BUT WHILE DECRYING MRS CLINTON'S APPROACH AS THE SOCIALIZATION OF HEALTH
CARE MR KANE CONCEDES THAT GUARDIAN PROBABLY HAS LITTLE CHOICE BUT TO
ADAPT TO IT HMOS ARE THE FUTURE HE SAYS

WHAT CAN BE EXPECTED NATIONALLY CAN BE SEEN IN SOME STATES NEW YORK FOR
EXAMPLE RECENTLY ADOPTED A HEALTHCARE PACKAGE THAT INCLUDES SOME OF THE
CHANGES BEING DISCUSSED IN WASHINGTON INCLUDING A PROHIBITION ON REJECTING
THE SICK THE NEW LAW ISN'T EXACTLY AN OPEN INVITATION FOR PEOPLE WITH AIDS
OR OTHER DISEASES TO COME TO NEW YORK ALTHOUGH INSURERS MUST TAKE ALL
COMERS THEY CAN MAKE NEW CUSTOMERS WAIT A YEAR BEFORE THEY PAY FOR
TREATMENT OF A PREEXISTING CONDITION BUT THE CHANGES ARE NEVERTHELESS
CONSIDERED REVOLUTIONARY SO REVOLUTIONARY THAT NINE HEALTH INSURERS HAVE
QUIT THE STATE SEVERAL OTHERS HAVE HAD TO RAISE PRICES

THE CHANGES ENCOURAGED BELLCO CORP A LINDENHURST NY COMPANY THAT SELLS
PHARMACEUTICAL AND BEAUTY PRODUCTS TO SWITCH TO A MANAGEDCARE PLAN OFFERED
BY CIGNA CORP REGINA KENNEDY BELLCO'S HUMANRESOURCES MANAGER WORRIED
THAT IF HER COMPANY STAYED WITH A TRADITIONAL PLAN THE INSURER MIGHT
ABRUPTLY CANCEL ITS POLICY OR RAISE RATES SHARPLY BECAUSE OF NEW LAWS BY
MOVING TO CIGNA MS KENNEDY GOT PEACE OF MID AND SAVED BELLCO 60000 A
YEAR UNDER BELLCO'S OLD PLAN THE COMPANY PAID 525 A MONTH FOR AN EMPLOYEE
AND FAMILY THE CIGNA PLAN COSTS 476 A MONTH AND PROVIDES MORE BENEFITS

THE BIGGEST DRAWBACK EMPLOYEES MUST CHOOSE A DOCTOR FROM A CIGNA LIST OR
PAY 30 OF THE COSTS THEMSELVES SUCH RESTRICTIONS AREN'T UNIVERSALLY
POPULAR BUT THEY HAVEN'T CAUSED BELLCO ANY PROBLEMS I'VE BEEN REALLY
SURPRISED MS KENNEDY SAYS MOST EMPLOYEES HAVE CHOSEN TO SWITCH THEIR
DOCTORS AND WE HAVEN'T HAD A COMPLAINT

CONVENTIONAL INSURERS SUCH AS GUARDIAN PUT THE FEWEST RESTRICTIONS ON
DOCTORS AND HOSPITALS AND OFFER THE MOST FREEDOM TO CUSTOMERS OTHER
INSURANCE PLANS SUCH AS PREFERREDPROVIDER PROGRAMS PUT SOME LIMITS ON
CUSTOMERS AND DOCTORS AT THE FAR END OF THE CONTROL SPECTRUM ARE HMOS
WHICH WATCH COSTS CLOSELY AND LIMIT CUSTOMER CHOICES

THE HMO INDUSTRY IS DOMINATED BY INDEPENDENT COMPANIES SUCH AS KAISER
PERMANENTE AND US HEALTHCARE CORP AS WELL AS BY GROUPS OF DOCTORS AND
HOSPITALS THAT HAVE BANDED TOGETHER BUT MANY GIANT INSURERS INCLUDING
CIGNA PRUDENTIAL INSURANCE CO OF AMERICA METROPOLITAN LIFE INSURANCE CO
AETNA LIFE & CASUALTY CO AND TRAVELERS CORP ALSO SAW THE MANAGEDCARE
TRAIN COMING AND HAVE INVESTED BILLIONS IN SETTING UP HMOS IF NONPROFIT
INSURERS SUCH AS THE BLUE CROSS & BLUE SHIELD ORGANIZATIONS ARE INCLUDED
INSURANCE COMPANIES OPERATE FOUR OF EVERY 10 HMOS NATIONWIDE

IF AS EXPECTED HMOS ESPECIALLY LARGE ONES WIN SIGNIFICANT ADVANTAGES
UNDER THE CLINTON PLAN OTHER INSURERS COULD BE LEFT FIGHTING FOR THE SCRAPS
OF HEALTH INSURANCE SUCH AS COVERAGE FOR PEOPLE IN RURAL AREAS AND FOR
POLICIES THAT SUPPLEMENT THE MINIMUM THE ADMINISTRATION IS LIKELY TO
REQUIRE AND IF THE ADMINISTRATION TILTS THE BALANCE COMPLETELY TOWARD
HMOS THE MARKET FOR TRADITIONAL INSURERS COULD DRY UP ENTIRELY

UNDER THE PLAN LARGE REGIONAL COOPERATIVES KNOWN AS HEALTH ALLIANCES
WOULD BE CREATED TO BUY INSURANCE FOR INDIVIDUALS SMALL BUSINESSES
MEDICAID RECIPIENTS AND POSSIBLY MEDICARE RECIPIENTS THE ALLIANCES CHARGED
WITH BUYING QUALITY CARE AT MINIMAL PRICES WOULD PROBABLY CHOOSE HMOS OVER
OTHER TYPES OF INSURANCE HMOS CAN OFFER LOWER PRICES THAN OTHER INSURERS
PARTLY BECAUSE THEY SIGN UP DOCTORS AND HOSPITALS FOR CONTRACTS THAT GIVE
THEM VOLUME DISCOUNTS RANGING FROM 10 TO 40 ON DOCTOR SERVICES AND
HOSPITAL STAYS AND BIG HMOS CAN GET BIGGER DISCOUNTS THAN SMALL ONES CAN

ALSO PLAYING INTO THE HANDS OF HMOS ARE THE FAIRNESS PROVISIONS ADVOCATED BY
MRS CLINTON SUCH AS HER DESIRE THAT INSURERS ACCEPT ALL APPLICANTS
ACCORDING TO AN OUTLINE OF THE PLAN RELEASED IN EARLY APRIL INSURERS NOT
ONLY WOULD HAVE TO ACCEPT ALL COMERS BUT ALSO WOULD BE PROHIBITED FROM
CHARGING A CUSTOMER WITH A POOR MEDICAL HISTORY MORE THAN ANYONE ELSE

HOW SUCH RESTRICTIONS CAN DISRUPT THE MARKET ARE OBVIOUS IN NEW YORK THERE
AS ELSEWHERE SMALL INSURERS DON'T HAVE ENOUGH HEALTHY CUSTOMERS TO ABSORB
THE COSTS OF AN INFLUX OF SICK PEOPLE SO SUCH COMPANIES FACED A CHOICE
EITHER QUIT THE STATE OR RAISE PRICES SOMETIMES SHARPLY

GUARDIAN DECIDED TO STAY IN NEW YORK FOR NOW BUT SAYS IT MAY EVENTUALLY
LEAVE DEPENDING ON HOW THE MARKET SHAPES UP BECAUSE OF A STATE RULE
REQUIRING THAT INSURERS CHARGE ALL CUSTOMERS THE SAME RATES GUARDIAN'S
OLDER CUSTOMERS HAVE SEEN THEIR RATES FALL WHILE OTHERS ARE PAYING HUGE
INCREASES THE COMPANY'S RATES FOR YOUNG SINGLE MALES FOR INSTANCE HAVE
JUMPED TO 276 A MONTH FROM 176

IF GUARDIAN'S CUSTOMER MIX HAD MIRRORED THE HEALTH CHARACTERISTICS OF THE
GENERAL POPULATION ITS AVERAGE RATE WOULDN'T HAVE CHANGED BUT BECAUSE
GUARDIAN SELECTS ITS RISKS TURNS DOWN SICK APPLICANTS ITS AVERAGE RATE
HAS INCREASED 15 SUCH RATE INCREASES PLUS THE WITHDRAWALS BY NINE
INSURERS HAVE CREATED OPPORTUNITIES FOR HMO OPERATORS ALTHOUGH THE NEW
RULES TOOK EFFECT ONLY APRIL 1 CIGNA IS ALREADY SEEKING OUT NEW CUSTOMERS

IN A BANQUET ROOM OF A LONG ISLAND HOTEL WILLIAM CORBA A CIGNA SALES
MANAGER IS TRYING TO INTEREST A COUPLE OF HUNDRED INSURANCE BROKERS IN
CIGNA'S HMO APOLOGIZING BECAUSE HIS SLIDES ARE OUT OF ORDER HE NOTES THAT
SUCH PRESENTATIONS ARE NEW TO CIGNA IT HAS LONG SERVED LARGE COMPANIES BUT
NEVER HAS BEEN A FORCE IN SMALLBUSINESS SALES WHERE THE NEW RULES ARE
HAVING THE BIGGEST IMPACT

OF ALL THE INSURERS PHILADELPHIABASED CIGNA HAS THE BIGGEST PRESENCE IN
THE HMO FIELD THE COMPANY OPERATES HMOS IN 42 MARKETS COVERS 22 MILLION
PEOPLE AND HAS 95000 DOCTORS ON CONTRACT AND MR CORBA IS CLEARLY
DELIGHTED BY THE SITUATION IN NEW YORK I'VE BEEN WITH CIGNA SEVEN YEARS
AND I DON'T REMEMBER WHEN WE'VE HAD COMPETITIVE RATES BEFORE HE TELLS THE
BROKERS THIS IS A HISTORIC DAY

NOT SURPRISINGLY INSURERS ARE FIGHTING A CIVIL WAR OVER HEALTHCARE REFORM
WITH COMPANIES SUCH AS CIGNA SQUARING OFF AGAINST CONVENTIONAL RIVALS

CIGNA FIRED THE FIRST SHOT TWO YEARS AGO WHEN IT WITHDREW FROM THE HEALTH
INSURANCE ASSOCIATION OF AMERICA THE INDUSTRY'S MAIN LOBBYING GROUP AND
STOPPED PAYING ITS 15 MILLION IN ANNUAL DUES CIGNA OFFICIALS SAY THEY
GREW FRUSTRATED WITH HOW SLOWLY THE ASSOCIATION WAS MOVING TO PROMOTE HMOS

AETNA METLIFE AND TRAVELERS LEFT TOO TOGETHER WITH PRUDENTIAL THEY
FORMED A LOOSE AFFILIATION KNOWN IN HEALTHCARE CIRCLES AS THE GANG OF
FIVE THE GROUP HAS MET WITH PRESIDENT CLINTON'S TOP HEALTHCARE ADVISERS
AND THE COMPANIES EXCEPT FOR TRAVELERS HAVE GIVEN MONEY TO DR ELLWOOD'S
JACKSON HOLE GROUP THE INSURERS SAY THEY SUPPORT HMOS BECAUSE THEY
GENUINELY BELIEVE THAT HMOS AND HEALTH ALLIANCES OFFER THE BEST SOLUTIONS TO
HEALTHCARE PROBLEMS

THE COMPETITION IS SKEPTICAL OF THEIR MOTIVES HOWEVER WHAT THEY'RE DOING
HAS NOTHING TO DO WITH THE MERITS OF THE POLICY SAYS GREG SCANDLEN
EXECUTIVE DIRECTOR FOR THE COUNCIL FOR AFFORDABLE HEALTH INSURANCE A GROUP
REPRESENTING COMPANIES OPPOSED TO THE CLINTON APPROACH THEY WANT TO DRIVE
OUT THEIR COMPETITION AND HAVE AN OLIGOPOLY

SOME INSURERS ARE TRYING TO COMPETE WITH THE GANG OF FIVE IN VARIOUS WAYS
ONE TACTIC IS TO CONCENTRATE ON A FEW MARKETS NEW YORK LIFE INSURANCE CO
FOR EXAMPLE OPERATES HMOS IN ONLY FOUR CITIES BUT IS A MARKET LEADER IN
EACH SIMILARLY PRINCIPAL GROUP RUNS THE BIGGEST HMOS IN DELAWARE AND IN
DES MOINES IOWA

MEANWHILE GUARDIAN HAS JOINED NORTHWESTERN MUTUAL LIFE INSURANCE CO GREAT
WEST LIFE & ANNUITY INSURANCE CO PACIFIC MUTUAL LIFE INSURANCE CO AND 12
OTHERS IN A NETWORK THAT POOLS THEIR MANAGEDCARE MEMBERSHIP TO GET VOLUME
DISCOUNTS NATIONWIDE THEIR ORGANIZATION PRIVATE HEALTHCARE SYSTEMS INC
HAS 23 MILLION MEMBERS AND OPERATES IN 63 CITIES AND PRESIDENT CLINTON'S
ELECTION HAS INTERESTED OTHER INSURERS IN SIGNING UP

ALL I'VE BEEN DOING IS FLYING AROUND THE COUNTRY AND TALKING TO INSURERS
SAYS GENE GUSELLI THE GROUP'S PRESIDENT 9305180022 930518 HOW TO DRAFT A
NATIONAL SERVICE PLAN  BY NICOLA CLARK

PRESIDENT CLINTON IS WINDING UP A WEEKLONG PROMOTIONAL TOUR OF HIS ECONOMIC
PLAN AMONG WHAT HE HAS ADVERTISED AS INTERDEPENDENT PROPOSALS IS HIS PLAN
FOR A NATIONAL SERVICE CORPS AN IDEA POLLSTERS HAVE FOUND TO BE EXTREMELY
POPULAR WITH THE MTV GENERATION MORE THAN 4000 TWENTYSOMETHINGS HAVE
ALREADY BESIEGED THE WHITE HOUSE WITH LETTERS VOLUNTEERING TO JOIN A MODEST
PILOT CORPS OF 1000 THESE EAGER SOULS WOULD BE PUT TO WORK AS TEACHERS
DAYCARE HEALTH AND ENVIRONMENTAL WORKERS IN RETURN FOR COLLEGE TUITION
BENEFITS THE IDEA IS TO INCREASE THE CORPS TO 25000 BY NEXT YEAR AND WORK
UP TO 150000 BY 1997 AND THE LATEST ESTIMATES PLACE THE COST OF THIS
DOMESTIC PEACE CORPS AT ABOUT 95 BILLION

THAT PRICE TAG IS STEEP COMPARED WITH THAT OF MR CLINTON'S FAVORITE MODEL
COUNTRY GERMANY IN GERMANY 135000 NATIONAL SERVANTS EACH YEAR WORK IN
HOSPITALS NURSING HOMES KINDERGARTENS AND OTHER PUBLIC AND NONPROFIT
AGENCIES FOR THE BARGAINBASEMENT COST TO TAXPAYERS OF JUST OVER 3 BILLION
A YEAR HOW DO THEY DO IT IT'S AN OLD IDEA CALLED THE DRAFT

THE US CANADA JAPAN AND BRITAIN ARE THE ONLY MAJOR INDUSTRIAL COUNTRIES
WITHOUT A DRAFT OF THE COUNTRIES THAT DO DRAFT MORE THAN THREEFOURTHS
HAVE A NATIONAL SERVICE ALTERNATIVE FOR CONSCIENTIOUS OBJECTORS BUT WHILE
PETITIONERS FOR NATIONAL SERVICE IN MOST COUNTRIES ARE SUBJECT TO AN
INTENSIVE APPEAL PROCESS TO PROVE THEIR MORAL OR RELIGIOUS OBJECTIONS TO
MILITARY SERVICE THIS HAS NOT BEEN THE CASE IN GERMANY SINCE 1985 WITH ITS
MORE LENIENT POLICY GERMANY HAS BEEN ABLE TO ENTICE 40 OF DRAFTABLE MALES
INTO ITS NATIONAL SERVICE CORPS AS AN ALTERNATIVE TO THE MILITARY

GERMANS HAVE BECOME HUGELY DEPENDENT UPON THEIR ARMY OF CONSCRIPTED NATIONAL
SERVANTS ZIVILDIENSTLEISTENDE OR ZIVIS AS THEY ARE CALLED ARE AGE 18
TO 28 THEY SERVE FOR 15 MONTHS THREE MONTHS LONGER THAN SOLDIERS AND
THE GOVERNMENT PAYS THEM A CONSCRIPT'S WAGE THAT STARTS AT ABOUT 850 A
DAY ROOM AND BOARD IF A ZIVI NEEDS IT ARE PAID BY THE EMPLOYING
INSTITUTION THESE NATIONAL SERVICE CONSCRIPTS CAN BE FOUND WORKING IN THE
HOMES OF GERMANY'S ELDERLY AND HANDICAPPED OR IN HOSPITAL EXAMINATION ROOMS
MEASURING PATIENTS' TEMPERATURES AND BLOOD PRESSURE THEY ASSIST THE RED
CROSS DURING DISASTERS AND KINDERGARTEN TEACHERS IN THEIR CLASSROOMS AND
EVEN COUNT GEESE IN THE MARSHES NEAR THE BALTIC COAST

ACCORDING TO A RECENT STUDY BY THE GERMAN ARMY'S SOCIAL SCIENCE INSTITUTE
EVERY ZIVI HIRED IN PLACE OF A CIVILIAN SAVES AN AVERAGE OF 21000
ANNUALLY AND NOWHERE IS THIS CHEAP LABOR POOL MORE INTENSIVELY USED THAN IN
GERMANY'S HEALTHCARE SECTOR MORE THAN HALF THE ZIVIS ARE EMPLOYED IN
HEALTHCARERELATED JOBS AND A FULL 30 WORK IN GERMAN HOSPITALSSAVING 1
BILLION ANNUALLY

THIS MAY SOUND LIKE A DROP IN THE BUCKET FOR A NEARLY 2 TRILLION ECONOMY
BUT THE GERMANS CLEARLY RECOGNIZE THE IMPORTANT ROLE NATIONAL SERVANTS PLAY
IN KEEPING THEIR SYSTEM AFLOAT IN ITS MORE THAN 30 YEARS OF EXISTENCE
EXPLAINED MINISTER OF WOMEN AND YOUTH ANGELA MERKEL IN 1991 THE NATIONAL
SERVICE HAS BECOME AN IMPORTANT AND FULLY LEGITIMIZED COMPONENT OF OUR
SOCIAL REALITY

IN AN ARTICLE THIS FEBRUARY HEADLINED THE WELFARE STATE CANNOT DO WITHOUT
ZIVIS THE POPULAR WEEKLY NEWS MAGAZINE DER SPIEGEL DESCRIBED GERMANYTHE
HIGHEST LABORCOST COUNTRY IN THE WORLDAS A LOWWAGE COUNTRY WHEN IT
COMES TO SOCIAL SERVICES AS ENORMOUS REUNIFICATION COSTS ARE COMPOUNDED BY
A DEEPENING RECESSION THE GERMAN GOVERNMENT IS LOOKING FOR ALL THE CHEAP
HELP IT CAN GET

JUST LAST YEAR MS MERKEL'S MINISTRY WHICH ADMINISTERS THE NATIONAL
SERVICE PROGRAM BEGAN AN ACTIVE CAMPAIGN TO ENCOURAGE GERMAN HOSPITALS
NURSING HOMES FACILITIES FOR THE HANDICAPPED AND ALSO  ORGANIZATIONS
THAT ARE PARTICULARLY ACTIVE IN ENVIRONMENTAL PROTECTION TO INVESTIGATE IF
PERHAPS THE NUMBER OF POSITIONS FOR ZIVIS COULD BE INCREASED

CURRENTLY 94 OF ALL PETITIONERS FOR NATIONAL SERVICE ARE ACCEPTED THIS
PARTLY REFLECTS THE NEED TO ABSORB CONSCRIPTS FROM THE NEW EASTERN STATES
BUT IT IS CLEAR THAT MANY PRIVATE GERMAN HELP ORGANIZATIONS RECOGNIZE THE
BOON OF NATIONAL SERVICE AS WELL FOR EXAMPLE COLOGNEBASED
MALTESERHILFEDIENST AN ECUMENICAL HUMANITARIAN AID ORGANIZATION EMPLOYS
3571 ZIVIS WHILE ITS REGULAR STAFF NUMBERS ONLY 1951 A QUARTER OF THE
GERMAN RED CROSS IS STAFFED BY NATIONAL SERVANTS

GERMANY IS NOT ALONE IN ITS USE OF CONSCRIPTED LABOR IN THE SERVICE OF
POLITICALLY POPULAR BUT BUDGETBUSTING GOVERNMENT PROGRAMS THE DANES FOR
EXAMPLE DISPATCH THEIR NATIONAL SERVANTS AS CIVILIAN PUBLIC WORKS LABORERS
AND FORESTERS FRENCH AND PORTUGUESE ZIVIS ARE FUNNELED TO VARIOUS
HUMANITARIAN ORGANIZATIONS OR ARE SENT TO DO DEVELOPMENT WORK IN THEIR
FORMER COLONIES AND IN 1992 ANTICIPATING THE EFFECTS OF A RAPIDLY AGING
POPULATION ON THEIR HEALTH SYSTEM DOCTORS IN SWITZERLAND ACTUALLY PROPOSED
SUPPLEMENTING THE NEWLY INTRODUCED SWISS NATIONAL SERVICE WITH A CORPS
DEVOTED TO PROVIDING LOWCOST AMBULATORY CARE FOR THE ELDERLY POLES ALREADY
CAN CHOOSE BETWEEN JOINING SUCH A 24MONTH HEALTHCARE SERVICE ALTERNATIVE
TO ARMED SERVICE OR AN ENVIRONMENTAL CONSERVATION CORPS

MR CLINTON HAS INUNDATED AMERICANS WITH PROPOSALS FOR EXPANDED GOVERNMENT
PROGRAMS IN PUBLIC WORKS ENVIRONMENTAL CONSERVATION CHILD CARE HEALTH
CARE COMMUNITY POLICING MANY OF WHICH ARE THE KINDS OF THINGS THAT ARE
DONE BY EXTREMELY LOWPAID CONSCRIPTED NATIONAL SERVANTS IN OTHER ADVANCED
INDUSTRIALIZED COUNTRIES WHY BECAUSE IT'S THE ONLY WAY THESE GOVERNMENTS
CAN AFFORD TO MAKE GOOD ON THE GENEROUS WELFARE PROMISES THEY HAVE MADE TO
VOTERS WITHOUT BURYING THEIR NATIONS IN DEBT EUROPEAN SOCIETIES YEARS AGO
DECIDED FOR BETTER OR WORSE THAT THEY WERE WILLING TO CASH IN SOME OF THE
CITIZENRY'S FREEDOM OF CHOICE FOR THE LUXURY OF WELFARE LARGESSE FOR ALL

AMERICANS ON THE OTHER HAND HAVE TIME AND AGAIN REFUSED TO MAKE SUCH
TRADEOFFS AND YET THE ONLY WAY PRESIDENT CLINTON'S MYRIAD SOCIAL PROGRAMS
COULD PRODUCE MEASURABLE RESULTS WOULD BE IF CITIZENS WERE PREPARED NOT ONLY
TO FUND THEM WITH HIGHER TAXES BUT PERHAPS ALSO TO ACCEPT SOMETHING AS
EXTREME AND UNPOPULAR AS A DRAFT

WHAT A TRULY RADICAL IDEA FOR MR CLINTON AND THE ROCKTHEVOTE CROWD

MS CLARK WORKS ON THE JOURNAL'S EDITORIAL PAGE 9305180021 930518
HOLLYWOOD PARK PLANS 100 MILLION OFFERING SHARES PLUNGE 125

INGLEWOOD CALIF HOLLYWOOD PARK INC SAID IT PLANS A 100 MILLION
OFFERING OF COMMON STOCK THAT AT CURRENT PRICES WOULD BOOST THE NUMBER OF
SHARES OUTSTANDING BY MORE THAN ONE THIRD

HOLLYWOOD PARK SHARES PLUNGED YESTERDAY A COMPANY OFFICIAL SAID THE DROP
CAME PRINCIPALLY BEFORE THE STOCK OFFERING WAS ANNOUNCED

SHARES OF THE HORSERACING CONCERN CLOSED AT 3175 A SHARE OFF 125 IN
TRADING ON THE OVERTHECOUNTER MARKET AFTER BEING DOWN AS MUCH AS 375
EARLIER IN THE DAY

HOLLYWOOD PARK SAID THE INTENDED COMMON STOCK OFFERING SUPPLANTS AN
EARLIERANNOUNCED 50 MILLION PRIVATE PLACEMENT OF SENIOR NOTES G MICHAEL
FINNIGAN EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER SAID AN
UPSURGE IN THE COMPANY'S STOCK PRICE IN RECENT MONTHS MADE THE EQUITY
FINANCING MORE ATTRACTIVE THAN DEBT

PROCEEDS FROM THE OFFERING WILL BE USD TO RETIRE THE BULK OF HOLLYWOOD
PARK'S DEBT FUND THE STARTUP COSTS OF A NEW GAMBLING CARD CLUB AND FOR
OTHER FUTURE EXPANSION OPPORTUNITIES THAT WEREN'T DESCRIBED

MR FINNIGAN DECLINED TO SAY WHETHER MANAGEMENT WILL PARTICIPATE IN THE
OFFERING MANAGEMENT AND DIRECTORS HOLD ABOUT 39 OF THE COMMON STOCK
CURRENTLY OUTSTANDING

AT THE COMPANY'S ANNUAL MEETING YESTERDAY SHAREHOLDERS APPROVED THE NUMBER
OF AUTHORIZED SHARES TO 40 MILLION FROM 20 MILLION HOLLYWOOD PARK CURRENTLY
HAS 93 MILLION SHARES OUTSTANDING ON A PRIMARY BASIS FULL CONVERSION OF A
CONVERTIBLE PREFERRED STOCK OFFERING WOULD ADD ANOTHER 18 MILLION SHARES
STOCK OUTSTANDING ON A PRIMARY AND DILUTED BASIS WILL BE INCREASED BY A
PREVIOUSLY REPORTED STOCK DIVIDEND OF ONE SHARE FOR EACH FOUR CURRENTLY
OUTSTANDING THE STOCK DIVIDEND IS PAYABLE JUNE 1 TO HOLDERS OF RECORD MAY
10 9305180020 930518 NORDSTROM TO LAUNCH CATALOG AS IMPETUS TO SELL
WARES ON TV

SEATTLE NORDSTROM INC SAID IT WILL START A CATALOG OPERATION AND DEVELOP
INITIATIVES TO SELL ITS WARES ON TELEVISION

THE SPECIALTY RETAILER SAID IT ENVISIONS CATALOG SALES OF 50 MILLION TO
100 MILLION IN TWO TO THREE YEARS NORDSTROM WILL SELL THE SAME MIX OF
CLOTHING APPAREL AND ACCESSORIES THROUGH THE CATALOG AS IT DOES IN ITS
STORES OFFICIALS SAID

NORDSTROM EXECUTIVES DECIDED TO GO FORWARD WITH THE CATALOG IDEA FOLLOWING A
SUCCESSFUL TRIAL EFFORT EARLIER THIS YEAR SAID DANIEL NORDSTROM GENERAL
MANAGER OF NORDSTROM'S DIRECT SALES DIVISION

NORDSTROM SAID THE CATALOG WILL BE AVAILABLE EARLY NEXT YEAR IT PLANS TO
MAKE FIVE CATALOG MAILINGS NEXT YEAR AND 15 WHEN THE PROJECT IS UP TO FULL
SPEED IN 1994 THE BIGGEST OF THE CATALOGS WILL CARRY ABOUT 160 PAGES OF
MERCHANDISE

MR NORDSTROM SAID THE COMPANY WILL USE THE CATALOG OPERATION AS A
SPRINGBOARD FOR ITS EFFORTS TO SELL TO CUSTOMERS THROUGH TELEVISION HE SAID
THE COMPANY IS MOST INTERESTED IN EXPLORING THE ADAPTABILITY OF INTERACTIVE
VIDEO TO RETAILING

IN PURSUING TELEVISION AS A SALES MEDIUM NORDSTROM JOINS SEVERAL OTHER
RETAILERS THAT HAVE MADE SUCH ANNOUNCEMENTS RECENTLY SAKS FIFTH AVENUE THE
APPAREL STORE CHAIN SAID IN MARCH IT WILL SELL ITS APPAREL ON QVC A
TELEVISION SHOPPING NETWORK TWO WEEKS AGO RH MACY & CO THE DEPARTMENT
STORE CHAIN SAID IT IS CONSIDERING LAUNCHING A 24HOUR HOMESHOPPING CABLE
NETWORK

NORDSTROM OFFICIALS SAID INTERACTIVE TELEVISION THROUGH WHICH CONSUMERS CAN
DIRECTLY COMMUNICATE WITH SALESPEOPLE FITS NORDSTROM'S BENT FOR CUSTOMER
SERVICE BUT NORDSTROM OFFICIALS DECLINED TO DISCLOSE HOW MUCH THEY ARE
INVESTING IN THE PROJECTS 9305180019 930518 BUSINESS BRIEF DOW CORNING
TO SELL ORTHOPEDIC BUSINESS DOW CORNING WRIGHT

MIDLAND MICH DOW CORNING CORP AGREED TO SELL THE ASSETS OF ITS
LARGEJOINT ORTHOPEDIC BUSINESS TO AN INVESTOR GROUP THAT INCLUDES A FORMER
US SURGICAL CORP EXECUTIVE

THE JOINT VENTURE BETWEEN DOW CHEMICAL CO AND CORNING INC DIDN'T DISCLOSE
TERMS OF THE PLANNED SALE OF ITS DOW CORNING WRIGHT UNIT

WRIGHT ACQUIRED BY DOW CORNING IN 1977 MAKES DEVICES SUCH AS METAL HIP AND
KNEEJOINT REPLACEMENTS AS WELL AS MEDICAL INSTRUMENTS USED IN SUCH
SURGERIES

UNTIL EARLY 1992 WRIGHT ALSO SERVED AS THE MARKETING ARM FOR SILICONE
BREAST IMPLANTS MADE BY OTHER DOW CORNING OPERATIONS AND MANUFACTURED A
LIMITED NUMBER OF THE DEVICES ITSELF BUT DOW CORNING QUIT THAT MARKET AFTER
THE CONTROVERSY AROSE OVER POSSIBLE HEALTH DAMAGE FROM SUCH IMPLANTS

BY SELLING WRIGHT'S ASSETS RATHER THAN THE ENTIRE BUSINESS DOW CORNING
RETAINS POTENTIAL LIABILITY FOR THE MANY LAWSUITS THAT IMPLANT PATIENTS HAVE
FILED AGAINST WRIGHT

THE VENTURE IS SELLING THE BUSINESS TO A GROUP LED BY INVESTMENT PARTNERSHIP
KIDD KAMM EQUITY PARTNERS OF GREENWICH CONN AND BY HERBERT W KORTHOFF A
FORMER EXECUTIVE VICE PRESIDENT OF US SURGICAL MR KORTHOFF RETIRED AT
THE END OF 1991 AND SUBSEQUENTLY STEPPED DOWN AS A US SURGICAL DIRECTOR

NOT INCLUDED IN THE DEAL WITH THE INVESTOR GROUP ARE WRIGHT'S SILICONE
MEDICALDEVICE BUSINESS INCLUDING HARDSILICONE FINGER AND TOEJOINT
IMPLANTS THOSE OPERATIONS WILL BE HANDLED SEPARATELY THE COMPANY SAID
WITH SOME PORTIONS OF THAT LINE PERHAPS BEING SOLD AND OTHERS BEING PHASED
OUT

DOW CORNING SAID IT DOESN'T EXPECT THE SALE WHICH SHOULD BE COMPLETED BY
MIDYEAR TO HAVE A MATERIAL IMPACT ON ITS FINANCIAL CONDITION 9305180018
930518 WHO'S NEWS VIACOM INC

VIACOM INC NEW YORK THREE EXECUTIVES WERE NAMED TO WORK ON NICKELODEON
UK THE JOINT VENTURE BEHIND A CHILDREN'S TELEVISION CHANNEL DUE TO BEGIN
IN BRITAIN IN OCTOBER MANAGING DIRECTOR WILL BE JON MILLER PROGRAMMING
VICE PRESIDENT FOR A UNIT OF THE NATIONAL BASKETBALL ASSOCIATION DIRECTOR
OF PROGRAMS WILL BE JAMES BAKER OF INDEPENDENT TELEVISION IN THE UK
DIRECTOR OF MARKETING WILL BE HEIDI DIAMOND MARKETING VICE PRESIDENT OF THE
NICKELODEON TV CHANNEL IN THE US BEHIND THE JOINT VENTURE ARE VIACOM
INTERNATIONAL INC'S MTV NETWORKS UNIT WHICH OWNS THE NICKELODEON
TRADEMARK AND BRITISH SKY BROADCASTING LTD A JOINT VENTURE OF NEWS
INTERNATIONAL AND BSB HOLDINGS LTD 9305180017 930518 INTERNATIONAL DE
BENEDETTI SAYS OLIVETTI KICKBACKS DATE BACK TO 1983  BY LISA
BANNON STAFF REPORTER TO THE WALL STREET JOURNAL

MILAN ITALIAN COMPUTER MAKER ING C OLIVETTI & CO BEGAN PAYING
KICKBACKS TO ITALIAN POLITICAL PARTIES IN 1983 AFTER BEING TOLD BY
POLITICIANS THAT PAYING BRIBES WAS THE ONLY WAY TO WIN CONTRACTS FROM STATE
AGENCIES A DEPOSITION BY OLIVETTI CHAIRMAN CARLO DE BENEDETTI SAYS

ACCORDING TO THE 11PAGE DOCUMENT A COPY OF WHICH WAS OBTAINED BY THE WALL
STREET JOURNAL PAYING BRIBES WAS THE NORMAL ROUTINE FOR INSTANCE MR DE
BENEDETTI SAID OLIVETTI WAS INFORMED BY THENPOSTAL MINISTER GIUSEPPE
PARRELLA THAT EVERY SUPPLIER OF THE POSTAL MINISTRY HAD TO PAY AND DID PAY
A PERCENTAGE TO THE PARTIES

OTHER COMPUTER SUPPLIERS DIDN'T RUSH IN TO BACK UP WHAT MR DE BENEDETTI
SAID A SPOKESMAN FOR THE ITALIAN ARM OF INTERNATIONAL BUSINESS MACHINES
CORP SAID THE US COMPUTER GIANT DID BUSINESS WITH THE ITALIAN GOVERNMENT
BUT NEVER PAID KICKBACKS CIE DES MACHINES BULL A FRENCH COMPUTER MAKER
HAD NO COMMENT ON THE ISSUE

STATE TELEVISION REPORTED THAT MR DE BENEDETTI'S NAME APPEARS IN A SECRET
LIST OF PEOPLE UNDER INVESTIGATION IN ITALY'S NATIONWIDE CORRUPTION SCANDAL
MR DE BENEDETTI'S LAWYER SAID HIS CLIENT HASN'T RECEIVED ANY FORMAL NOTICE
THAT HE IS UNDER INVESTIGATION MR DE BENEDETTI PRESENTED HIMSELF
VOLUNTARILY TO MILAN JUDGES TO GIVE THE DEPOSITION SUNDAY

MR DE BENEDETTI DIDN'T GIVE A TOTAL FIGURE OF WHAT OLIVETTI PAID POLITICAL
PARTIES OVER THE PAST DECADE ALTHOUGH AS AN EXAMPLE HE SAID OLIVETTI PAID A
TOTAL OF 10 BILLION LIRE 68 MILLION OVER A FOURYEAR PERIOD TO THE
POSTAL MINISTRY AND RECEIVED CONTRACTS TOTALING ABOUT 500 BILLION LIRE MR
DE BENEDETTI TOLD INVESTIGATORS HE STOPPED PAYING KICKBACKS AT THE END OF
1991 IN 1992 OLIVETTI'S CONTRACTS WITH THE POSTAL MINISTRY DECLINED TO 73
BILLION LIRE

IN THE DEPOSITION MR DE BENEDETTI ALSO IMPLIED THAT FORMER SOCIALIST PRIME
MINISTER BETTINO CRAXI BLOCKED OLIVETTI'S ATTEMPTED PURCHASE OF STATE FOOD
GROUP SME IN 1985 BECAUSE OLIVETTI DIDN'T OFFER THE SOCIALISTS BRIBE MONEY

MR DE BENEDETTI SAID THE KICKBACKS WERE LISTED ON OLIVETTI'S BALANCE SHEET
UNDER A LINE ITEM UNDOCUMENTED EXPENDITURES HE SAID HE PERSONALLY NEVER
NEGOTIATED NOR PAID A KICKBACK

STRESSING THAT THE PAYOFFS WERE IMPOSSIBLE TO AVOID MR DE BENEDETTI SAID
I HAVE BEEN A HOSTAGE AND I FOUGHT RUTHLESSLY AGAINST THE REGIME THAT WAS
INSTALLED IN ITALY IN THE LAST 10 TO 12 YEARS 9305180016 930518 OTC
FOCUS NASDAQ STOCKS PUT IN A MIXED SHOWING DESPITE COMPUTER TECHNOLOGY
STRENGTH  BY SARA CALIAN STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK THE OVERTHECOUNTER MARKET WAS MIXED BUT A MAJOR INDEX ROSE
WITH HELP FROM COMPUTERRELATED AND OTHER TECHNOLOGY SHARES

THE NASDAQ COMPOSITE INDEX EDGED UP 159 OR 024 TO 67796 DECLINING
ISSUES OUTNUMBERED ADVANCERS 1390 TO 1240 ON TOTAL VOLUME OF 2099 MILLION
SHARES DOWN FROM FRIDAY'S 2292 MILLION

THE MARKET IS BASICALLY TREADING WATER WITH LIGHT VOLUME SAID JOSEPH
LOFTUS A SENIOR OTC TRADER AT SHEARSON LEHMAN BROTHERS THE TECHNOLOGY
STOCKS DID WELL BUT THE HEALTHCARE ISSUES ARE WAITING FOR THE HEALTHCARE
PLAN

INTEL CLIMBED 1 1/2 TO 99 THE SEMICONDUCTOR COMPANY PRICED TWO VERSIONS OF
ITS NEW PENTIUM CHIP ONE AT 965 AND THE OTHER AT 878

MICROSOFT ROSE 1 TO 86 1/2 ADOBE SYSTEMS ADVANCED 2 1/8 TO 63 1/4 AND APPLE
COMPUTER EDGED UP 1/4 TO 55 3/4

THE NASDAQ UTILITIES INDEX SURGED 12 OR 15 TO 82405 WITH
TELECOMMUNICATIONS CLIMBING 1/2 TO 18 3/4 AND MCI COMMUNICATIONS RISING 1
3/8 TO 50 SHEARSON LEHMAN BROTHERS INITIATED COVERAGE OF MCI WITH AN
OUTPERFORM RATING

BUT AMGEN FELL 3 1/8 TO 38 1/2 SEVERAL ANALYSTS DOWNGRADED THE STOCK
SAYING IMMUNEX'S DRUG LEUKINE IS A COMPETITIVE THREAT TO AMGEN'S NEUPOGEN
BOTH DRUGS STIMULATE NEUTROPHILS OR WHITE BLOOD CELLS WHICH ARE DESTROYED
BY CHEMOTHERAPY AMGEN'S NEUPOGEN IS ALREADY APPROVED FOR USE IN
CHEMOTHERAPY WHILE IMMUNEX'S DRUG SO FAR IS APPROVED ONLY FOR USE AFTER
BONE MARROW TRANSPLANTS BUT IMMUNEX HAS APPLIED TO THE FOOD AND DRUG
ADMINISTRATION TO EXPAND THE LABEL ON THE DRUG TO INCLUDE CHEMOTHERAPY
MERRILL LYNCH DOWNGRADED AMGEN TO NEUTRAL FROM ABOVE AVERAGE

IMMUNEX DROPPED 1 TO 48 1/4 COMPANY OFFICIALS SPOKE TO ANALYSTS SUNDAY
NIGHT AT THE AMERICAN SOCIETY OF CLINICAL ONCOLOGY MEETING IN ORLANDO FLA
AT THAT MEETING IMMUNEX ALSO PRESENTED NEW DATA ON ITS DRUG PIXYKINE WHICH
IS DESIGNED TO STIMULATE BOTH WHITE BLOOD CELLS AND THROMBOCYTES OR
PLATELETS

VIDEO LOTTERY TECHNOLOGIES FELL 7/8 TO 11 5/8 THE SASKATCHEWAN GAMING
COMMISSION HAS PUT ON HOLD A RECENTLY AWARDED CONTRACT FOR 1000 TERMINALS
THE BOZEMAN MONT COMPANY MAKES VIDEO TERMINALS AND PROVIDES RELATED
SERVICES FOR THE VIDEO LOTTERY MARKET

THE COMPANY HAS A LOT OF PROBLEMS THEY ARE TRYING TO DIG THEMSELVES OUT
OF SAYS BRUCE TURNER AN ANALYST WITH RAYMOND JAMES LAST FALL THEY HAD A
LICENSE REVOCATION IN AUSTRALIA AND THIS IS THE MOST RECENT INVESTIGATION
MR TURNER SAID HE HAS HAD A SELL RECOMMENDATION ON THE STOCK SINCE
OCTOBER

THE SASKATCHEWAN COMMISSION'S MOVE STEMS FROM THE RECENT INDICTMENT OF
FORMER WEST VIRGINIA LOTTERY DIRECTOR EE BRYAN THE INDICTMENT ALLEGES
THAT MR BRYAN ENGAGED IN A SCHEME TO INSURE THAT VIDEO LOTTERY CONSULTANTS
A UNIT OF VIDEO LOTTERY TECHNOLOGIES WAS AWARDED A MONOPOLY CONTRACT WORTH
ABOUT 25 MILLION TO IMPLEMENT VIDEO LOTTERY IN THE STATE

MR BRYAN'S ATTORNEY JEROLD JONES HAS SAID THE FORMER LOTTERY DIRECTOR
OWNED SHARES IN SEVERAL LOTTERY COMPANIES BECAUSE HE KNEW MORE ABOUT THE
INDUSTRY THAN THE AVERAGE GUY ON THE STREET AS A RESULT HE SAID MR
BRYAN DIDN'T HAVE INCENTIVE TO TILT BIDDING TOWARD ANY ONE OF THEM

CHATTEM SURGED 4 1/2 TO 29 3/4 THE CHATTANOOGA TENN COMPANY SAID ITS
BOARD DECLARED A SPECIAL CASH DIVIDEND OF 20 A SHARE SUBJECT TO CERTAIN
CONDITIONS THE COMPANY HAS EXECUTED A COMMITMENT LETTER FROM FIRST UNION
NATIONAL BANK OF NORTH CAROLINA TO PROVIDE A 100 MILLION SENIOR SECURED
CREDIT FACILITY CHATTEM MAKES HEALTH AND BEAUTY PRODUCTS TOILETRIES
PROPRIETARY DRUGS AND FRAGRANCES

PRIME MEDICAL SERVICES ROSE 3/4 TO 3 7/8 THE AUSTIN TEXAS FIRM POSTED
FIRSTQUARTER EARNINGS OF FOUR CENTS A SHARE UP FROM ONE CENT A SHARE A
YEAR EARLIER PRIME MEDICAL PROVIDES NONMEDICAL MANAGEMENT SERVICES FOR
CARDIAC REHABILITATION CENTERS DIAGNOSTIC CENTERS AND OTHER SITES TO
PHYSICIANS CLINICS AND HOSPITALS

CARE CONCEPTS ROSE 1/4 TO 2 3/4 THE PHOENIX COMPANY SAID IT GOT A 17
MILLION CONTRACT FROM DALLAS AREA RAPID TRANSIT FOR 60 CAREVANS MINIVANS
DESIGNED FOR WHEELCHAIR USERS AND THE ELDERLY

PUREPAC PHARMACEUTICAL FELL 2 3/8 TO 8 5/8 THE ELIZABETH NJ FIRM EARNED
EIGHT CENTS A SHARE IN THE THIRD QUARTER ENDED MARCH 31 DOWN FROM 22 CENTS
A YEAR EARLIER THE GENERICDRUG SELLER BLAMED LOWER NET SALES OF
NIFEDIPINE A HEART MEDICATION AND CITED PRICE REDUCTIONS RESULTING FROM
INCREASED COMPETITION

CHATTEM SURGED 4 1/2 TO 29 3/4 THE CHATTANOOGA TENN COMPANY SAID ITS
BOARD DECLARED A SPECIAL CASH DIVIDEND OF 20 A SHARE SUBJECT TO CERTAIN
CONDITIONS THE COMPANY HAS EXECUTED A COMMITMENT LETTER FROM FIRST UNION
NATIONAL BANK OF NORTH CAROLINA TO PROVIDE A 100 MILLION SENIOR SECURED
CREDIT FACILITY CHATTEM MAKES HEALTH AND BEAUTY PRODUCTS TOILETRIES
PROPRIETARY DRUGS AND FRAGRANCES

PRIME MEDICAL SERVICES ROSE 3/4 TO 3 7/8 THE AUSTIN TEXAS FIRM POSTED
FIRSTQUARTER EARNINGS OF FOUR CENTS A SHARE UP FROM ONE CENT A SHARE A
YEAR EARLIER PRIME MEDICAL PROVIDES NONMEDICAL MANAGEMENT SERVICES FOR
CARDIAC REHABILITATION CENTERS DIAGNOSTIC CENTERS AND OTHER SITES TO
PHYSICIANS CLINICS AND HOSPITALS

CARE CONCEPTS ROSE 1/4 TO 2 3/4 THE PHOENIX COMPANY SAID IT GOT A 17
MILLION CONTRACT FROM DALLAS AREA RAPID TRANSIT FOR 60 CAREVANS MINIVANS
DESIGNED FOR WHEELCHAIR USERS AND THE ELDERLY

PUREPAC PHARMACEUTICAL FELL 2 3/8 TO 8 5/8 THE ELIZABETH NJ FIRM EARNED
EIGHT CENTS A SHARE IN THE THIRD QUARTER ENDED MARCH 31 DOWN FROM 22 CENTS
A YEAR EARLIER THE GENERICDRUG SELLER BLAMED LOWER NET SALES OF
NIFEDIPINE A HEART MEDICATION AND CITED PRICE REDUCTIONS RESULTING FROM
INCREASED COMPETITION 9305180015 930518 KEY INTEREST RATES

ANNUALIZED INTEREST RATES ON CERTAIN INVESTMENTS AS REPORTED BY THE FEDERAL
RESERVE BOARD ON A WEEKLYAVERAGE BASIS WEDNESDAY MAY 5 1993 CYIELDS
ADJUSTED FOR CONSTANT MATURITY 9305180014 930518 CLINTON TRIMS 
CANDIDATES LIST FOR HIGH COURT  BY JEFFREY H BIRNBAUM AND PAUL M
BARRETT STAFF REPORTERS OF THE WALL STREET JOURNAL

WASHINGTON PRESIDENT CLINTON IS CLOSE TO PICKING HIS FIRST NOMINEE TO THE
US SUPREME COURT

WHILE MR CLINTON HAS KEPT HIS OWN COUNSEL ABOUT WHOM HE MIGHT CHOOSE HE
APPEARS TO BE FOCUSING ON MALE CANDIDATES MUCH TO THE CHAGRIN OF LIBERAL
ACTIVISTS AND WOMEN'S ORGANIZATIONS HIGH ON THE LIST ARE THREE FEDERAL
COURT JUDGES STEPHEN BREYER OF BOSTON JOSE CABRANES OF NEW HAVEN CONN
AND A NEWCOMER TO THE LIST JON NEWMAN OF HARTFORD CONN

AS RECENTLY AS A FEW WEEKS AGO DOZENS OF NAMES TO SUCCEED RETIRING JUSTICE
BYRON WHITE WERE UNDER CONSIDERATION BUT TOP WHITE HOUSE AIDES SAID
YESTERDAY THE LIST OF POTENTIAL NOMINEES HAS NARROWED CONSIDERABLY THEY
EXPECT THE PRESIDENT TO ANNOUNCE HIS CHOICE WITHIN ABOUT TWO WEEKS

WHITE HOUSE AIDES SAID THE SHORT LIST NOW CONSISTS OF SIX OR SEVEN PEOPLE
INCLUDING MESSRS BREYER CABRANES AND NEWMAN TWO OTHER CANDIDATES WHO ARE
TALKED ABOUT ON CAPITOL HILL AS CONTENDERS RICHARD RILEY THE FORMER SOUTH
CAROLINA GOVERNOR AND THE CURRENT EDUCATION SECRETARY AND FEDERAL JUDGE
RICHARD ARNOLD OF MR CLINTON'S OWN LITTLE ROCK ARK ARE SAID TO HAVE
FALLEN OUT OF CONTENTION

THE FUNNEL HAS NARROWED ONE AIDE SAID SAID ANOTHER WE'RE SHOOTING FOR
THE END OF THE MONTH FOR AN ANNOUNCEMENT

PEOPLE CLOSE TO THE PROCESS SAID MR CLINTON AND HIS STAFF HAVE ACTIVELY
CONSIDERED MEN AND WOMEN WITH A RANGE OF EXPERIENCE NOT FOCUSED EXCLUSIVELY
IN THE COURTS SUCH JURISTS AS AMALYA KEARSE OF NEW YORK AND STEPHANIE
SEYMOUR OF OKLAHOMA BOTH FEDERAL JUDGES HAVE BEEN DISCUSSED BUT AT THE
MOMENT MALE CANDIDATES APPEAR TO TOP THE LIST

MR BREYER A 54YEAROLD APPEALS COURT JUDGE IS A WIDELY RECOGNIZED EXPERT
ON ADMINISTRATIVE AND REGULATORY LAW AND HAS TAUGHT AT HARVARD LAW SCHOOL
ALTHOUGH HE WAS A SENIOR AIDE TO LIBERAL SEN EDWARD KENNEDY D MASS HE
IS CONSIDERED A POLITICAL MODERATE AND IS WELLREGARDED BY SUCH CONSERVATIVE
MEMBERS OF THE SENATE JUDICIARY COMMITTEE AS STROM THURMOND R SC

MR CABRANES 52 THE CHIEF TRIAL COURT JUDGE IN CONNECTICUT WAS ONCE
GENERAL COUNSEL AT YALE UNIVERSITY HE IS A POLITICAL MODERATE WHO HAD BEEN
DISCUSSED AS A POTENTIAL SUPREME COURT NOMINEE DURING THE BUSH
ADMINISTRATION HE WOULD BE THE FIRST HISPANIC JUSTICE AND IS ONE OF SEVERAL
CANDIDATES BEING PUSHED BY HISPANIC GROUPS

MR NEWMAN 61 IS A VETERAN OF THE FEDERAL COURTS HE IS A FORMER US
ATTORNEY A FORMER FEDERAL TRIALCOURT JUDGE AND IS NOW AN APPEALS COURT
JUDGE HE ALSO WORKED AS A TOP AIDE TO FORMER CONNECTICUT SEN ABRAHAM
RIBICOFF 9305180013 930518 LABOR LETTER A SPECIAL NEWS REPORT ON
PEOPLE AND THEIR JOBS IN OFFICES FIELDS AND FACTORIES  BY
CHRISTOPHER CONTE

CITIES WARN TIME IS RUNNING OUT TO PUT EXTRA SUMMERJOB FUNDS TO WORK

WITH CLINTON'S JOB PLAN MIRED IN CONGRESS LITTLE TIME REMAINS TO ENROLL
MORE YOUTHS AND TRAIN SUPERVISORS IT'S ALREADY TOO LATE COMPLAINS LAURIE
LARREA EXECUTIVE DIRECTOR OF THE PRIVATE INDUSTRY COUNCIL OF DALLAS LAST
YEAR DALLAS WAS UNABLE TO SPEND 2 MILLION OF ITS 83 MILLION ALLOTMENT
BECAUSE MONEY APPROVED AFTER THE LOS ANGELES RIOTS DIDN'T ARRIVE UNTIL JUNE

IF LAWMAKERS DON'T ACT THIS MONTH THE TULSA OKLA PROGRAM MAY BE UNABLE
TO ABSORB ADDITIONAL YOUNGSTERS FRETS ANNA YELDELL ITS SUPERVISOR IN MANY
CITIES APPLICANTS FAR EXCEED RESOURCES LOS ANGELES HAS ENROLLED 15000
YOUTHS FOR THIS SUMMER BUT IT CAN PAY FOR ONLY 9000 JOBS DALLAS
COUNCILMAN DOMINGO GARCIA WARNS OF A LOT OF SOCIAL PROBLEMS IF KIDS ARE ON
THE STREETS

NATIONWIDE 184 MILLION WENT UNSPENT LAST YEAR ALONG WITH 683 MILLION
ALREADY APPROPRIATED THERE IS ENOUGH FOR ABOUT 600000 JOBS CLINTON WANTS
320 MILLION MORE

SEASONAL SCRAMBLE WHEN SCHOOL'S OUT WORKING PARENTS FACE EXTRA HASSLES

FOR SOME THE STRUGGLE TO ARRANGE SUMMER CARE BEGINS AS EARLY AS DECEMBER
AT RICE UNIVERSITY MORE THAN HALF THE SUMMERJOB NOTICES FOR STUDENTS ARE
FOR CHILD CARE THOUGH THERE ARE HARDLY ANY SUCH POSTINGS DURING THE YEAR
FEW EMPLOYERS HELP AND MANY CAMP SCHEDULES DON'T DOVETAIL WITH SCHOOLS
FORCING PARENTS TO SPEND VACATION TIME COVERING GAPS

COST COMPOUNDS THE PROBLEM ESPECIALLY FOR LOWINCOME PEOPLE THE OUTDOOR
SCHOOLS A CAMP RUN BY HOUSTON'S ESPERANZA DAYCARE CENTER COSTS 450 A
MONTH WHILE MANY PARENTS SHUN DAY CARE IN THE SUMMER BARBARA REISMAN
EXECUTIVE DIRECTOR OF THE CHILD CARE ACTION CAMPAIGN IN NEW YORK SEES
YEARROUND SCHOOL AS A POSSIBLE ANSWER THE AMERICAN BUSINESS COLLABORATION
FOR QUALITY DEPENDENT CARE HELPS CREATE 900 SUMMERCAMP SLOTS FOR WORKERS
THIS SUMMER

COLLEGE GRADUATES FACE ANOTHER YEAR OF DISMAL JOB PROSPECTS

AT THE UNIVERSITY OF SOUTHERN CALIFORNIA THE NUMBER OF COMPANIES RECRUITING
HAS LEVELED AT ABOUT 300 AND NOW INSTEAD OF LOOKING FOR 35 PEOPLE
THEY'RE LOOKING FOR 10 OR FIVE SAYS CAREER DEVELOPMENT DIRECTOR JERRY
HOUSER A MICHIGAN STATE UNIVERSITY SURVEY SHOWS HIRING QUOTAS DROPPING
21 THE FOURTH CONSECUTIVE DECLINE

AT NEW JERSEY'S RIDER COLLEGE GRADUATESCHOOL APPLICATIONS RISE 10 AS SOME
STUDENTS DECIDE TO SIT OUT THE STORM SAYS PLACEMENT DIRECTOR SHIRLEY
TURNER VICTOR DESANTIS HER COUNTERPART AT THE STATE UNIVERSITY OF NEW YORK
AT ALBANY ADVISES STUDENTS TO LOWER THEIR SIGHTS STUDENTS WHO WANT TO GO
INTO BANKING MAY HAVE TO START AS TELLERS HE SAYS

SNELLING PERSONNEL SERVICES SAID 48 OF PLACEMENT OFFICES REPORT FEWER
ENTRYLEVEL POSITIONS FOR GRADS COMPARED WITH LAST YEAR WHILE 24 NOTE AN
INCREASE

MORE IN THE PIPELINE A RECORD 63 OF 1992 HIGHSCHOOL GRADUATES ENROLLED IN
COLLEGE LAST FALL UP FROM ABOUT 50 IN 1980 THE CENSUS BUREAU SAYS THAT
INCLUDED 64 OF WHITES BUT ONLY 49 OF BLACKS AND 57 OF HISPANICS FOR THE
400000 HIGHSCHOOL DROPOUTS DURING THE 19911992 SCHOOL YEAR THE
UNEMPLOYMENT RATE WAS 391 ABOUT DOUBLE THE RATE FOR HIGHSCHOOL
GRADUATES

DEFENSE CUTBACKS HAVE ELIMINATED ABOUT ONETHIRD OF THE 28 MILLION IN
DEFENSERELATED JOB LOSSES PROJECTED FOR 198797 SAYS LABOR DEPARTMENT
ECONOMIST NORMAN SAUNDERS AMONG HIS PROJECTIONS ELIMINATION OF 655000
MORE MILITARY AND CIVILIAN GOVERNMENT JOBS 594000 MORE MANUFACTURING JOBS
AND 286000 MORE SERVICE JOBS

HEALTHY BONUS WHEN DOMINION RESOURCES INC IN RICHMOND VA CAME IN
135000 UNDER ITS 1992 HEALTHCARE BUDGET IT RETURNED HALF THE SUM TO
EMPLOYEES WHO HADN'T EXHAUSTED THEIR ANNUAL DEDUCTIBLES ABOUT 70 OF THE
COMPANY'S 175PERSON STAFF RECEIVED 800 AND 30 MORE GOT LESSER AMOUNTS
UNDER THE PROGRAM WHICH WILL CONTINUE

TELECOMMUTING IS IT FAIR TO THOSE WHO STILL MUST GO IN TO THE OFFICE

SOME 27 OF TELECOMMUTERS' OFFICE COLLEAGUES SAY THE INNOVATION HAS
INCREASED THEIR WORKLOAD REPORTS THE WASHINGTON STATE ENERGY OFFICE AMONG
THE COMPLAINTS HAVING TO ANSWER PHONES AND DEAL WITH WALKINS FOR THE
ABSENT TELECOMMUTERS WORKERS AT APPLE COMPUTER COMPLAINED THAT MANAGERS
TEND TO OVERLOOK TELECOMMUTERS WHEN IT COMES TO ASSIGNING TASKS PHONE MAIL
BETTER SCHEDULING AND TRAINING HAVE HELPED ALLEVIATE SUCH PROBLEMS

UNISYS EASED COMMUNICATIONS PROBLEMS BY HAVING TELECOMMUTERS MAINTAIN TWO
PHONE LINES SEARS REQUIRES TELECOMMUTERS TO WORK IN THE OFFICE TWO DAYS A
WEEK AND TO PROVE THEY HAVE BABYSITTING ARRANGEMENTS WHEN THEY ARE WORKING
AT HOME PENNSYLVANIA BLUE SHIELD WORRIES ABOUT PAY EQUITY OFFICE WORKERS
WHO FINISH WORK EARLY CAN'T GO HOME BUT TELECOMMUTERS COULD SHOP OR COOK
DINNER

HEWLETTPACKARD HAS A DIFFERENT PROBLEM ITS TELECOMMUTERS GET TOO FAR AHEAD
OF THEIR OFFICE COLLEAGUES ON INDEPENDENT WORK TEAMS

THE CHECKOFF DESPITE QUESTIONS ABOUT SAFETY AND RETURN MORE THAN HALF OF
ALL 401K ASSETS REMAIN INVESTED IN GUARANTEED INVESTMENT CONTRACTS WYATT
CO SAYS  THE SERVICE EMPLOYEES UNION BOASTS IT HAS ORGANIZED WORKERS
AT 18 OF 28 MAJOR LEAGUE BASEBALL PARKS 9305180012 930518 TOKYO MARKET TO
LITTLE GUY COME BACK  BY QUENTIN HARDY STAFF REPORTER OF THE WALL
STREET JOURNAL

TOKYO EAGER TO KEEP TOKYO'S STOCKMARKET RALLY ALIVE REGULATORS ARE
TRYING TO LURE THE LITTLE GUY INTO THE MARKET

THE NIKKEI STOCK AVERAGE HAS GAINED 23 SINCE THE BEGINNING OF MARCH AND
TRADING VOLUME HAS IMPROVED DRASTICALLY AFTER MONTHS AT DEEPLY DEPRESSED
LEVELS BUT THE MARKET HAS BEEN CURIOUSLY SHORT OF SMALLSCALE INDIVIDUAL
INVESTORS WHO HOLD SO MUCH OF JAPAN'S WEALTH

TRADERS HERE SAY IT WILL BE HARD FOR THE RALLY TO CONTINUE UNLESS SOME OF
THEIR MONEY GOES INTO STOCKS

THAT'S WHY GOVERNMENT OFFICIALS ARE TAKING STEPS TO BRING MORE SMALL
INVESTORS INTO THE MARKET REGULATORS HAVE APPROVED NEW INVESTMENT PRODUCTS
AIMED AT SMALL INVESTORS ARE WAIVING CERTAIN TAXES FOR COMPANIES THAT
ENCOURAGE SMALLSCALE STOCK PURCHASES AND ARE PUSHING COMPANIES TO INCREASE
DIVIDENDS

BUT A LOOK AT JAPANESE INVESTMENT TRUSTS THE MUTUAL FUNDS THROUGH WHICH
JAPANESE INDIVIDUALS USUALLY BUY STOCKS INDICATES THE LITTLE GUY WHO WAS
BADLY BURNED IN THE TOKYO MARKET'S SPECTACULAR RETREAT DURING THE PAST FEW
YEARS STILL HATES THE MARKET

FROM THE START OF THE YEAR THROUGH THE FIRST WEEK OF MAY JAPANESE
INVESTMENT TRUSTS WERE NET SELLERS OF 726 BILLION YEN 657 BILLION OF
STOCK ALMOST TWOTHIRDS OF THAT SINCE THE NIKKEI RALLY STARTED IN MARCH
THE 1993 SELLING FOLLOWS NET STOCK INVESTMENT TRUST LIQUIDATIONS OF 74
TRILLION YEN IN 1992 AND 64 TRILLION YEN IN 1991

THE BIG BUYERS IN THE JAPANESE MARKET HAVE BEEN FOREIGN INVESTORS WHO
PURCHASED 443 BILLION YEN OF JAPANESE STOCKS IN MARCH ALONE LATELY THEY
HAVE BEEN JOINED IN THE SPREE BY WEALTHY JAPANESE INDIVIDUALS MANY OF WHOM
ARE PURCHASING SPECULATIVE STOCKS ON CREDIT TRADERS SAY

NEITHER THE UNPREDICTABLE FOREIGNERS WHO COULD EASILY YANK THEIR MONEY OUT
AS FAST AS THEY PUT IT IN NOR THE SPECULATORS ARE REGARDED AS A DESIRABLE
BEDROCK BY JAPAN'S CONSERVATIVE REGULATORS

MOST PEOPLE ARE HAPPY THE MARKET HAS RECOVERED SAYS ONE FINANCEMINISTRY
BUREAUCRAT BUT TOO MANY FOREIGNERS AND SPECULATORS MAY BECOME A PROBLEM
IF THE TREND CONTINUES

STABILITY IS ONE REASON JAPANESE REGULATORS WANT THE LITTLE GUY BACK IN THE
MARKET WE WANT MORE SHAREHOLDERS WHO RESPECT THE PRICE MECHANISM OR THE
UNDERLYING WORTH OF AN INVESTMENT SAYS A SENIOR MINISTRY OF FINANCE
OFFICIAL INDIVIDUALS' ARE THE BEST CANDIDATE

ANOTHER REASON JAPANESE REGULATORS WANT TO ATTRACT SMALL INVESTORS INTO THE
MARKET IS THAT THEY HAVE THE MONEY THERE'S A LITTLE OVER 9 TRILLION IN
JAPANESE PRIVATE ASSETS HELD BY INDIVIDUALS SAYS KENJI TOZAKI CODIRECTOR
OF INTERSEC RESEARCH CORP AN INTERNATIONAL PORTFOLIO CONSULTING FIRM THE
KEY TO LONGTERM MARKET RECOVERY IS THE INDIVIDUAL

OTHER TRADITIONAL JAPANESE BUYERS AREN'T LIKELY TO TAKE UP THE SLACK
CORPORATIONS ARE SELLING THEIR STOCKHOLDINGS BECAUSE THEY NEED THE MONEY
AND INSURERS WANT TO LOWER THE PERCENTAGE OF THEIR HOLDINGS IN EQUITIES

JAPANESE SECURITIES COMPANIES MEANWHILE HAVE LAUNCHED STOCK FUNDS AIMED AT
SMALL INVESTORS THAT REQUIRE INVESTMENT OF JUST 10000 YEN A MONTH COMPANY
OFFICIALS SAY THEY HAVE OPENED MORE THAN 300000 OF THESE ACCOUNTS SINCE
FEBRUARY BUT ADD THAT THE INFLOW OF CASH IS SO SMALL ABOUT FOUR BILLION
YEN A MONTH THAT IT WON'T MAKE MUCH DIFFERENCE FOR THE MARKET

IT'S NOT A BIG DEAL FOR THE MARKET SAYS AN OFFICIAL AT NOMURA SECURITIES
CO THE IDEA IS FOR THEM TO TASTE WHAT OWNING EQUITY IS LIKE SO WE CAN
CONVERT THEM INTO LONGTERM STOCK OWNERS

BUT NOT EVERYONE WANTS LITTLE INVESTORS OWNING STOCK A BIG HURDLE FOR SMALL
INVESTORS IN JAPAN IS THAT VIRTUALLY ALL OF JAPAN'S BLUECHIP COMPANIES
REQUIRE A MINIMUM PURCHASE OF 1000 SHARES WITH THE AVERAGE SHARE PRICE IN
TOKYO NEAR 1000 YEN THAT'S NEARLY ONE MILLION YEN FOR A SINGLE STOCK
INVESTMENT

THE GOVERNMENT RECENTLY BEGAN WAIVING TAX DUTIES FOR COMPANIES THAT REDUCE
MINIMUM PURCHASE REQUIREMENTS BUT THE COMPANIES MANY OF WHICH DON'T WANT
THE UNCERTAINTY AND HEADACHES OF WIDER SHARE OWNERSHIP HAVE BEEN SLOW TO
TAKE THE GOVERNMENT UP ON WHAT AMOUNTS TO A MODEST TAX REDUCTION BETWEEN 30
AND 40 COMPANIES ARE EXPECTED TO LOWER THEIR MINIMUM PURCHASE LIMIT THIS
YEAR OUT OF SOME 2000 LISTED COMPANIES IN JAPAN

SOME ANALYSTS CHARGE THAT JAPAN ISN'T MAKING THE RIGHT EFFORTS TO BRING THE
LITTLE GUY INTO THE MARKET THERE'S GOT TO BE A MASSIVE RESTRUCTURING
SAYS CRAIG CHUDLER STRATEGIST AT UBS SECURITIES LTD

MR CHUDLER SAYS HIGH TAXES ON STOCK TRANSACTIONS AND DIVIDEND PAYOUTS
DISCOURAGE INDIVIDUALS AND HELP KEEP JAPAN'S STOCKDIVIDEND PAYOUT AT A
MEASLY 07 ATTRACTING BUYERS WHO ARE FOCUSED CHIEFLY ON QUICK PRICE GAINS

REGULATORS AREN'T CREATING AN ENVIRONMENT FOR THE LONG TERM THEY'RE
CREATING A SPECULATIVE AURA HE SAYS

OTHERS HOWEVER SAY JAPANESE CITIZENS MAY BE REGAINING CONFIDENCE IN THE
MARKET BECAUSE OF THE RALLY IN THE NIKKEI THEY POINT OUT THAT IN THE WEEK
ENDED APRIL 23 THE LAST PERIOD FOR WHICH FIGURES ARE AVAILABLE INVESTMENT
TRUSTS WERE NET PURCHASERS OF STOCK IF ONLY BY 29 BILLION YEN THIS COULD
BE THE BEGINNING SAYS KATHY MATSUI STRATEGIST AT BARCLAYS DE ZOETE WEDD
SECURITIES LTD SLOWLY BUT SURELY THEY'RE COMING BACK 9305180011
930518 BUSINESS BRIEF TELECOMMUNICATIONS INC CABLE OPERATOR REPORTS
NET OF 53 MILLION IN 1ST QUARTER

CABLE OPERATOR TELECOMMUNICATIONS INC REPORTED STRONG EARNINGS FOR THE
FIRST QUARTER COMPARED WITH A YEAREARLIER LOSS OPERATING CASH FLOW A KEY
BAROMETER OF CABLE COMPANY PERFORMANCE ROSE 22

FOR THE QUARTER TCI REPORTED NET INCOME OF 53 MILLION OR 11 CENTS A
SHARE COMPARED WITH A NET LOSS OF 18 MILLION OR FIVE CENTS A SHARE IN
THE YEAREARLIER QUARTER REVENUE INCREASED 19 TO 102 BILLION OPERATING
CASH FLOW OR OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION
INTEREST AND TAXES INCREASED TO 464 MILLION

THE ENGLEWOOD COLO COMPANY'S STRONG EARNINGS REFLECTED TO SOME DEGREE
ONETIME GAINS TCI REPORTED A 40 MILLION GAIN FROM ITS SALE OF NEWS CORP
PREFERRED STOCK COMPARED WITH A 3 MILLION GAIN ONE YEAR AGO FROM ASSET
SALES MOREOVER TCI SAID CONSOLIDATION OF A PORTION OF THE STORER CABLE
SYSTEMS WHICH OCCURRED IN DECEMBER 1992 ACCOUNTED FOR NEARLY 10 OF THE
GAINS IN BOTH REVENUE AND OPERATING CASH FLOW OTHER GAINS CAME FROM
CONTINUED GROWTH AND IMPROVED PROFITABILITY 9305180010 930518
INTERNATIONAL HENKEL'S 1STPERIOD NET FELL 74

DUSSELDORF GERMANY GERMAN SPECIALTY CHEMICALS GROUP HENKEL KGAA SAID
GROUP NET INCOME IN THE FIRST QUARTER OF 1993 FELL 74 TO 125 MILLION
MARKS 776 MILLION FROM 135 MILLION MARKS A YEAR EARLIER

HENKEL CHAIRMAN HANSDIETRICH WINKHAUS ALSO TOLD THE COMPANY'S ANNUAL
SHAREHOLDERS' MEETING THAT HE EXPECTED FULLYEAR GROUP SALES TO HIT 144
BILLION MARKS IN 1993 UP 21 FROM LAST YEAR'S 141 BILLION MARKS HE MADE
NO EARNINGS FORECAST FOR THE YEAR 9305180009 930518 POMEROY PICKED FOR
PROJECT

CINCINNATI POMEROY COMPUTER RESOURCES INC SAID IT IS ONE OF ONLY THREE
SUPPLIERS NAMED SO FAR BY THE KENTUCKY DEPARTMENT OF EDUCATION FOR A 420
MILLION TECHNOLOGY PROJECT

THE OTHER TWO CONTRACTORS ARE DIGITAL EQUIPMENT CORP MAYNARD MASS AND
APPLE COMPUTER INC CUPERTINO CALIF UP TO FOUR MORE SUPPLIERS MAY BE
NAMED POMEROY SAID

POMEROY A PROFESSIONAL COMPUTER SERVICES CONCERN SAID IT'S UNCLEAR WHAT
ITS SHARE OF THE CONTRACT WOULD BE BUT THE COMPANY EXPECTS ITS SHARE TO BE
A MAJOR ADDITION TO ANNUAL REVENUE WHICH WAS 61 MILLION LAST YEAR

UNDER TERMS THE SUPPLIERS WILL PROVIDE NETWORKED PERSONAL COMPUTERS TO MORE
THAN 1400 SCHOOLS IN KENTUCKY IN THE NEXT FIVE YEARS 9305180008 930518
ENTERPRISE FDA REGULATORY TIDE SWALLOWS UP MCCURDY FISH CO  
LITTLE MAINE SALT SHED MAY BE RED HERRING FOR CANADIAN DOUBLE STANDARD 
 BY BRENT BOWERS STAFF REPORTER OF THE WALL STREET JOURNAL

THIS IS THE STORY OF HOW GOVERNMENT REGULATION KILLED THE US
SMOKEDHERRING INDUSTRY

UNFORTUNATELY FOR JOHN MCCURDY HE WAS THE INDUSTRY HE SAYS HE WAS FORCED
TO SHUT DOWN HIS HERRING SMOKEHOUSE IN LUBEC MAINE BY ALL ACCOUNTS THE
LAST ONE IN AMERICA BECAUSE HE REFUSED TO GUT FRESHLY CAUGHT FISH BEFORE
DUMPING THEM INTO BRINE TANKS

WITH ONLY 250000 IN ANNUAL REVENUE MCCURDY FISH CO WAS NO MATCH FOR THE
US FOOD AND DRUG ADMINISTRATION UNDAUNTED MR MCCURDY IS STILL PRESSING
THE FDA TO MODIFY THE POLICY THAT DID IN HIS FAMILY BUSINESS IN 1991 THOUGH
HE DESPAIRS OF EVER REOPENING KEY EMPLOYEES SUCH AS THE SMOKE TENDER HAVE
SCATTERED HE SAYS HE HOPES THAT HIS QUIXOTIC CAMPAIGN WILL HAVE SOME
INFLUENCE ON HOW THE US GOVERNMENT HANDLES OTHER FOOD CASES HIS BATTLE
UNDERSCORES THE VULNERABILITY OF SMALL COMPANIES TO SUDDEN SHIFTS IN THE
REGULATORY ENVIRONMENT

THE FDA SAYS THAT IT INTERVENED TO PROTECT THE PUBLIC FROM THE THREAT OF
BOTULISM THE 62YEAROLD MR MCCURDY SAYS THAT THE AGENCY OVERREACTED HE
SAYS HIS COMPANY PRODUCED THREE MILLION POUNDS OF HERRING ROUGHLY 54
MILLION FILLETS IN HIS 20 YEARS AT THE HELM WITHOUT A SINGLE REPORT OF
FOOD POISONING

MR MCCURDY'S RUNIN WITH THE FDA BEGAN IN 1990 WHEN THE AGENCY INFORMED
HIM THAT IT COULD NO LONGER TOLERATE HIS METHODS THE COMPANY HAD USED THESE
METHODS SINCE MR MCCURDY'S GRANDFATHER FOUNDED THE CONCERN AT THE TURN OF
THE CENTURY THE NOTIFICATION GREW OUT OF THE AGENCY'S 1988 POLICY GUIDE
THAT FISH MUST BE EVISCERATED BEFORE BEING SALTED AND SMOKED FAILING TO DO
SO POSED A POTENTIALLY LIFETHREATENING ACUTE HEALTH HAZARD THE FDA TOLD
MR MCCURDY THE COMPANY EVISCERATED THE FISH AFTER THE SALTING AND SMOKING
PROCESS

NONSENSE MR MCCURDY RETORTED NOT ONLY HAD HE NEVER HAD ANY COMPLAINTS HE
SAYS BUT FDA INSPECTORS FOUND NOTHING AMISS IN THEIR ALMOST YEARLY TESTS OF
HIS FISH THE ENTREPRENEUR ARGUED THAT THE FDA WAS WRONGLY APPLYING
STANDARDS SET FOR FRESHWATER WHITEFISH WHICH HAD BEEN BLAMED FOR THREE
OUTBREAKS OF BOTULISM RESULTING IN THREE DEATHS IN THE 1980S OCEAN HERRING
ARE MUCH SMALLER ANIMALS THE HIGH SALT CONTENT IN THE COMPANY'S BRINE TANKS
WAS SUFFICIENT TO DESTROY ANY TOXINS HE SAYS

FDA OFFICIALS CONCEDE THAT ITS POLICY GREW OUT OF PROBLEMS WITH WHITEFISH
BUT SAY IT MADE MAKES SENSE TO APPLY THE STANDARDS TO ALL FISH

THE CONFRONTATION RAGED FOR A YEAR THE CRUX OF THE PROBLEM MR MCCURDY
SAYS WAS THAT HE COULDN'T AFFORD TO PAY 75000 FOR THE EQUIPMENT NEEDED TO
MEET THE FDA'S DEMANDS WITH LITTLE LOBBYING CLOUT AND NO MONEY TO WAGE AN
UPHILL LEGAL BATTLE HE FINALLY CLOSED IN MAY 1991

THE DEMISE OF MCCURDY FISH WIPED OUT 22 JOBS IN LUBEC A COASTAL VILLAGE OF
1900 PEOPLE TODAY A FOR SALE SIGN IS AFFIXED TO MR MCCURDY'S SALTING
SHED A RED BUILDING COVERED WITH CEDAR SHINGLES THAT SITS ON PILINGS IN
JOHNSON BAY SO FAR MR MCCURDY HAS BEEN UNABLE TO FIND A BUYER NO WONDER
HALF OF THE 20PLUS STORES IN DOWNTOWN LUBEC ARE BOARDED UP VICTIMS OF A
LONG ECONOMIC DECLINE MEANWHILE THE MAINE HISTORIC PRESERVATION COMMISSION
LAST MONTH NOMINATED MR MCCURDY'S SMOKEHOUSE COMPLEX FOR LISTING ON THE
NATIONAL REGISTER OF HISTORIC PLACES

MR MCCURDY STILL CHOKES WITH ANGER AT THE WAY THINGS TURNED OUT HE SAYS
TONS AND TONS OF SMOKED HERRING CONTINUE TO POUR INTO THE US FROM
CANADA SOME PROCESSED BY THE SAME METHODS THAT HE USED IT'S A DOUBLE
STANDARD THAT HAS DESTROYED MY LIVELIHOOD AND COST THIS TOWN MORE THAN 20
JOBS AND AN INDUSTRY THAT WAS PART OF THE COMMUNITY SINCE THE EARLY 1800S
HE SAYS BITTERLY

THE FDA COUNTERS THAT A US AGREEMENT WITH CANADA BLOCKS EXPORTS OF SMOKED
FISH THAT AREN'T EVISCERATED BEFORE PROCESSING AT LEAST ONE CANADIAN FISH
PROCESSOR HOWEVER PRIVATELY ACKNOWLEDGES THAT IT IGNORES THIS OFFICIAL
REQUIREMENT

PATRICK MCGUINNESS VICE PRESIDENT OF THE FISHERIES COUNCIL OF CANADA AN
INDUSTRY GROUP SUGGESTS THAT THE FDA OVERREACTED THIS TYPE OF PROCESS HAS
BEEN TRADITIONAL FROM DAY ONE AND STILL IS EVERYWHERE IN THE WORLD HE
SAYS HE ADDS THAT HE DOESN'T KNOW OF ANY STATISTICAL EVIDENCE INDICATING
THAT SMOKED HERRING POSES A BOTULISM THREAT

CONSIDERING AMERICANS' PHOBIA ABOUT CONTAMINATED FOOD THE FDA PROBABLY HAD
NO CHOICE SAYS ROY MARTIN VICE PRESIDENT FOR SCIENCE AND TECHNOLOGY AT THE
NATIONAL FISHERIES INSTITUTE A TRADE GROUP IN WASHINGTON DC BUT HE
WONDERS WHETHER THE CRACKDOWN IS JUSTIFIED BY THE THREE DEATHS IN THE 1980S
THE ONLY VILLAIN THERE'S A RISKBENEFIT QUESTION HERE THE COUNTRY HASN'T
ADDRESSED YET MR MARTIN SAYS THE ONLY VILLAIN IS THE POSSIBILITY OF A
PUBLICHEALTH PROBLEM' WHEN YOU HAVE THE WORD MAY' IN THERE YOU CAN DRIVE
A TRUCK THROUGH IT

WOULD HE HAVE EATEN MR MCCURDY'S SMOKED FISH SURE MR MARTIN SAYS I'M
SURE IT WAS PERFECTLY SAFE

THOMAS BILLY DIRECTOR OF THE FDA'S OFFICE OF SEAFOOD BRISTLES AT ANY
SUGGESTION THAT THE AGENCY ENGAGED IN OVERKILL WHAT WE'RE TALKING ABOUT IS
NOT SOME BUREAUCRATIC ARBITRARY WHIMSY BUT PEOPLE'S LIVES HE SAYS AFTER
ALL HE NOTES MR MCCURDY HAD THE OPTION OF BUYING WIDELY AVAILABLE
EVISCERATION EQUIPMENT THE FDA OFFICIAL SAYS THERE ALSO WAS A LACK OF
QUALITY CONTROL AT THE LUBEC PLANT

MR BILLY SAYS THE FDA MIGHT BE WILLING TO MODIFY ITS STAND TO PERMIT THE
SMOKING OF UNEVISCERATED FISH UNDER RIGOROUS PROCESSING AND TESTING
PROCEDURES IN PRACTICE HOWEVER SUCH A POLICY ONLY WOULD APPLY TO THE
CANADIANS MR MCCURDY SAYS THAT HE IS TOO OLD TO START OVER

BUT THE ENTREPRENEUR HAS YET TO GIVE UP THE REGULATORY BATTLE AND HAS
ENLISTED THE HELP OF MAINE SEN WILLIAM COHEN IN FEBRUARY SEN COHEN FIRED
OFF THE LATEST IN A SERIES OF LETTERS TO THE FDA QUESTIONING ITS POLICY IN
A SEPARATE NOTE TO MR MCCURDY THE SENATOR WROTE I UNDERSTAND YOUR
FRUSTRATION AND I AGREE THAT FDA'S POLICY IN THIS MATTER IS AT BEST
INCONSISTENT ADDS JOHN VERONEAU SEN COHEN'S LEGISLATIVE COUNSEL THE
BROADER POINT IS TO WHAT EXTENT ARE THERE OTHER MCCURDYS OUT THERE WHO
WILL BE THE NEXT VICTIM OF FDA ZEALOUSNESS 9305180007 930518 MAGNETIC
TECHNOLOGIES' STOCK

ROCHESTER NY MAGNETIC TECHNOLOGIES CORP SAID THAT ITS COMMON STOCK
WILL BEGIN TRADING ON THE NASDAQ NATIONAL MARKET LIST UNDER THE SYMBOL MTCC
EFFECTIVE TODAY

THE COMPANY'S STOCK HAS BEEN TRADING ON NASDAQ'S SMALL CAP MARKET LIST
MAGNETIC TECHNOLOGIES MAKES PRECISION MAGNETIC ELECTRONIC AND MECHANICAL
DEVICES USED IN COPIERS AND PRINTERS 9305180006 930518 AM INTERNATIONAL
FILES FOR REORGANIZATION SEES QUICK RECOVERY

MT PROSPECT ILL AM INTERNATIONAL INC SAID IT FILED FOR PROTECTION
FROM CREDITORS UNDER CHAPTER 11 OF THE US BANKRUPTCY CODE BUT ADDED THAT
AN AGREEMENT WITH CREDITORS COULD ALLOW IT TO QUICKLY EMERGE FROM COURT
PROTECTION

THE MAKER OF PRINTING EQUIPMENT SAID IT FILED A SOCALLED PREPACKAGED
CHAPTER 11 IN FEDERAL BANKRUPTCY COURT IN DELAWARE UNDER THE COMPANY'S
PROPOSED PLAN TO REORGANIZE ITS DEBT WHICH IT SAID HAS BEEN APPROVED BY
HOLDERS OF ITS 12 SENIOR SUBORDINATED DEBENTURES THE COMPANY WOULD SWAP
MOST OF ITS DEBT FOR NEW STOCK AND LARGELY ELIMINATE EXISTING COMMON
SHAREHOLDERS' EQUITY INTEREST IN THE COMPANY THE SENIOR SUBORDINATED
DEBENTURES HAVE A FACE VALUE OF 84 MILLION

THE DEBENTURE HOLDERS WOULD GET 97 OF THE NEW SEVEN MILLION SHARES OF
COMMON STOCK HOLDERS OF THE COMPANY'S 47 MILLION COMMON SHARES WOULD GET 1
OF THE NEW STOCK WHILE HOLDERS OF THE 34 MILLION PREFERRED SHARES WOULD
GET 2 THE OLD COMMON AND PREFERRED SHARES WOULD BE WIPED OUT

ABOUT 33 MILLION IN UNSECURED DEBT WOULD BE PAID OFF OVER FIVE YEARS THE
COMPANY SAID IT OBTAINED A NEW 25 MILLION CREDIT AGREEMENT FROM TWO BANKS

AM INTERNATIONAL HAS BEEN LOOKING FOR NEW EQUITY AND CONSIDERING SUCH A
FILING SINCE LAST YEAR WHEN ITS SALES PLUNGED AND HUGE LOSSES PILED UP FOR
THE FISCAL SECOND QUARTER ENDED JANUARY 30 AM'S SALES FELL 15 TO 1371
MILLION FROM 1605 MILLION THE COMPANY'S LOSS WAS 108 MILLION OR 27
CENTS A SHARE COMPARED WITH A YEAREARLIER LOSS OF 65 MILLION OR 18
CENTS A SHARE

THE PLAN WHICH WOULD LEAVE THE COMPANY WITH A MUCH STRONGER BALANCE SHEET
REQUIRES COURT APPROVAL THE COMPANY HOPES IT CAN EMERGE FROM COURT
PROTECTION POSSIBLY WITHIN 60 TO 120 DAYS 9305180005 930518 WALL STREET
IS USING JUNK BONDS TO TAKE ANOTHER SLICE OF BANKS' LENDING PIE  
BY STEVEN LIPIN AND CONSTANCE MITCHELL STAFF REPORTERS OF THE WALL STREET
JOURNAL

NEW YORK WALL STREET ALREADY HAS TAKEN THE BANKING INDUSTRY'S TOPTIER
CUSTOMERS NOW IT'S GOING AFTER THE LOWER TIERS TOO

IN RECENT MONTHS COMPANIES SUCH AS KROGER CO GRAND UNION CO NEWS
AMERICA HOLDINGS FORT HOWARD CORP AND MANY OTHER HIGHLY LEVERAGED
COMPANIES HAVE REPLACED BILLIONS OF DOLLARS OF BANK LOANS BY SELLING JUNK
BONDS THROUGH WALL STREET SECURITIES FIRMS

IN MANY CASES COMPANIES ARE WILLING TO PAY SUBSTANTIALLY HIGHER INTEREST
RATES TO REFINANCE THEIR BANK LOANS IN PART TO ESCAPE WHAT THEY CONSIDER
HIGHLY RESTRICTIVE BANK LOAN COVENANTS AND CONSTANT SCRUTINY BY BANKERS

THE CHOICE BETWEEN BANK LOANS AND BONDS IS THE BIGGEST DECISION YOU'VE GOT
TO MAKE TODAY SAID ANTHONY CUTI EXECUTIVE VICE PRESIDENT AND CHIEF
FINANCIAL OFFICER AT SUPERMARKETS GENERAL HOLDINGS THE NEW JERSEY GROCERY
CHAIN HAS REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION TO SELL
400 MILLION OF JUNK BONDS

THE TREND AWAY FROM COMMERCIAL BANK LOANS IS CLEAR NEW COMMERCIAL BANK
LOANS TO LEVERAGED COMPANIES PLUNGED TO 35 BILLION IN THE FIRST QUARTER
FROM 9 BILLION IN THE FOURTH QUARTER AND 98 BILLION IN THE FIRST QUARTER
OF 1992 ACCORDING TO LOAN PRICING CORP A COMMERCIAL LENDING RESEARCH AND
CONSULTING COMPANY BY COMPARISON SALES OF NEW JUNK BONDS SURGED TO 14
BILLION IN THE FIRST QUARTER FROM 81 BILLION IN THE FOURTH QUARTER AND
75 BILLION IN THE FIRST QUARTER OF 1992 ACCORDING TO SECURITIES DATA CO

PROCEEDS FROM ABOUT 35 OF THE 38 BILLION OF JUNK BONDS ISSUED IN 1992 WERE
USED TO REFINANCE BANK DEBT UP FROM 175 IN 1991 IN FACT MORE COMPANIES
USED PROCEEDS FROM JUNK BOND OFFERINGS TO REFINANCE BANK DEBT LAST YEAR THAN
FOR ANY OTHER PURPOSE

THESE CHANGES REFLECT THE CONTINUED BLURRING OF LINES IN CAPITAL MARKETS AS
BANKS AND SECURITIES FIRMS ENCROACH ON EACH OTHER'S BUSINESSES BUT IF BANKS
CANNOT FOLLOW THEIR CLIENTS INTO THE DEBT MARKETS THEY COULD BE LOSING YET
ANOTHER PRODUCT TO A HUNGRY WALL STREET

BEGINNING IN THE 1970S BANKS LOST MANY OF THEIR TOPRATED FORTUNE 500
CLIENTS WHO ARE ABLE TO BORROW MORE CHEAPLY BY SELLING CORPORATE BONDS TO
INVESTORS NOW THE BANKS ARE LOSING THEIR LOWERRATED CORPORATE BORROWERS
AND WHAT HAVE BEEN SOME OF THEIR MOST PROFITABLE LOANS

A LOT OF POTENTIAL BANK LOANS ARE BEING TAKEN OUT BY BONDS CREATING A
SHRINKING UNIVERSE OF BANK LOANS SAID STEVEN MILLER MANAGER OF MARKET
ANALYSIS AT LOAN PRICING

FEDERAL RESERVE BOARD CHAIRMAN ALAN GREENSPAN RECENTLY RAISED SERIOUS
CONCERNS ABOUT THE LONGTERM HEALTH OF THE US BANKING INDUSTRY BECAUSE OF
INROADS FROM THE SECURITIES INDUSTRY

ONE ADVANTAGE OF SELLING JUNK BONDS IS THAT A COMPANY CAN STRETCH OUT ITS
DEBT PAYMENTS OVER A LONGER PERIOD OF TIME THE AVERAGE BANK LOAN LASTS
THREE TO FIVE YEARS WHILE MOST HIGHYIELD SPECULATIVERATED JUNK BONDS
MATURE IN 10 YEARS

THE MOST CREDITWORTHY CORPORATIONS ISSUE BONDS THAT ARE INVESTMENT GRADE
WHICH IS A RATING OF TRIPLEB OR HIGHER FROM STANDARD & POOR'S CORP AND BAA
OR BETTER FROM MOODY'S INVESTORS SERVICE INC LOWERRATED SECURITIES ARE
CLASSIFIED AS JUNK BONDS

MOST JUNK BONDS ISSUED IN THE 1980S WERE SUBORDINATED TO SENIOR BANK DEBT
MEANING THE BONDHOLDERS HAD A LESSER CLAIM ON THE COMPANY'S ASSETS THAN DID
BANK LENDERS BUT MANY OF THE NEW JUNK BONDS BEING ISSUED NOW ARE SENIOR
JUNK BONDS THAT RANK HIGHER UP IN THE PECKING ORDER OFTEN EQUAL TO BANK
LOANS THE DESIGNATION OF THE NEW SECURITIES A SENIOR HELPS TO ATTRACT
INVESTORS

THE MARKET FOR SENIOR JUNK BONDS WHICH BARELY EXISTED A FEW YEARS AGO
ACCOUNTED FOR A WHOPPING 75 OF ALL JUNK SECURITIES SOLD IN THE FIRST
QUARTER

TODAY'S JUNKBOND BORROWERS ARE OPTING FOR HIGHERCOST FIXEDRATE FUNDING
INSTEAD OF CONTINUING TO BORROW AT SHORTTERM MONEYMARKET RATES OFFERED BY
MANY BANKS THEY ARE ALSO GIVING UP THEIR OPTION OF RETIRING BANK DEBT
WITHOUT A PENALTY WHEREAS PAYING OFF A BOND BEFORE ITS MATURITY USUALLY
INVOLVES PAYING A CALL PREMIUM

BUT MANY FACTORS WEIGH AGAINST BANK DEBT SAY CORPORATE FINANCE OFFICERS AND
BOND ANALYSTS FOR ONE CORPORATIONS MUST BEGIN PAYING TERM LOANS BACK
QUICKLY THROUGH SOCALLED AMORTIZATION PAYMENTS THAT MEANS COMPANIES MUST
PAY BACK THE LOAN FASTER DRAINING CASH FLOW FASTER THAN A BOND MOREOVER
BANKS KEEP CUSTOMERS ON A MUCH SHORTER LEASH THROUGH TOUGHER COVENANT RULES
THAT GOVERN FOR INSTANCE HOW A COMPANY MAY USE EXCESS CASH

IT'S CLEARLY A TRADEOFF SAYS MARTIN FRIDSON DIRECTOR OF HIGHYIELD
RESEARCH AT MERRILL LYNCH & CO IF YOU RAISE THE COST OF A COMPANY'S DEBT
THAT CAN HURT ITS PERFORMANCE BUT MANY COMPANIES HE SAYS FEEL THAT THE
ABILITY TO REFINANCE FROM THREEYEAR BANK LOANS TO A 10YEAR BOND ACTUALLY
IS LESS RISKY BECAUSE IT GIVES MORE TIME TO PAY BACK DEBT

IN RESPONSE TO THE COMPETITION BANKS HAVE FOUGHT BACK IN VARIOUS WAYS THEY
HAVE LOWERED THE COST OF BANK DEBT BY SHAVING THE INTEREST RATE CHARGED OVER
THE LONDON INTERBANK OFFERED RATE A COMMON BENCHMARK LENDING RATE THEY
HAVE ALSO CARVED OUT A NEW CLASS OF LOAN THAT IS LONGERDATED AND HAS NO
AMORTIZATION PAYMENTS

BUT MORE AND MORE COMPANIES ARE CHOOSING TO OPT FOR THE JUNKBOND MARKET
CONSIDER THE CASE OF QUANTUM CHEMICAL CO A LEADING PRODUCER OF
POLYETHYLENE AND RELATED CHEMICALS ALTHOUGH QUANTUM CHEMICAL'S REVENUE AND
NET INCOME HAVE DETERIORATED IN RECENT YEARS MANY SECURITIES ANALYSTS
EXPECT THE COMPANY'S FORTUNES TO IMPROVE SIGNIFICANTLY WHEN THE ECONOMY
PICKS UP STEAM

BUT UNTIL THEN QUANTUM CHEMICAL'S FORTUNES ARE EXPECTED TO CONTINUE TO
SLIDEAND THAT COULD MAKE IT DIFFICULT FOR THE COMPANY TO PAY OFF MORE THAN
330 MILLION IN BANK DEBT ON WHICH IT FACES GROWING AMORTIZATION PAYMENTS IN
1994 INDEED QUANTUM HAS SAID THAT ITS WEAKENING FINANCIAL PERFORMANCE
COULD ACTUALLY PUT IT IN VIOLATION OF CERTAIN BANK COVENANTS BY THE END OF
THIS YEAR

SO LAST MONTH QUANTUM SOLD 300 MILLION OF 10YEAR FIRST MORTGAGE NOTES IN
THE JUNK BOND MARKET THE NOTES WERE PRICED AT PAR TO YIELD 10375 
NEARLY FOUR PERCENTAGE POINTS HIGHER THAN THE 64 INTEREST RATE QUANTUM WAS
PAYING ON ITS BANK DEBT WHILE THE INTEREST PAYMENTS WILL BE A LOT HIGHER
THE COMPANY SAID THE REFINANCING BUYS IT SOME TIME

IF THE PETROCHEMICAL BUSINESS DOES NOT TURN AROUND SIGNIFICANTLY BEFORE
1994 WE WOULD LOOK AT THOSE MATURITIES ON THE BANK DEBT AS A HEAVY
DANGEROUS EVENT SAID JOHN SALISBURY QUANTUM'S GENERAL COUNSEL PUTTING
THE MATURITY ON THE DEBT OUT TO 2003 GIVES US THE BREATHING ROOM WE NEED

BANKS HOPE THAT THEY CAN CAPTURE THE LUCRATIVE UNDERWRITING BUSINESS FROM
CLIENTS BY ADDING SECURITIES UNITS THAT'S WHY BANKS WITH SECURITIES
AFFILIATES SAY THEY DON'T CARE A BIT WHICH MARKET A CLIENT CHOOSES WE'RE
INDIFFERENT SAID MARK PATTERSON MANAGING DIRECTOR AT BT SECURITIES THE
SECURITIES AFFILIATE OF BANKERS TRUST NEW YORK CORP

BUT BANKS STILL AREN'T WINNING MUCH CORPORATE UNDERWRITING BUSINESS
SUPERMARKETS GENERAL WHICH IS 52 OWNED BY A MERRILL LYNCH & CO AFFILIATE
CHOSE MERRILL OVER BANKERS TRUST FOR ITS BOND SALE EVEN THOUGH THE BANKING
COMPANY IS ARRANGING A NEW BANK LOAN AND AGGRESSIVELY SOUGHT THE BOND
BUSINESS

AND JUNKMARKET BORROWERS CAN OFTEN GET THE BEST OF THE BANKING AND
SECURITIES WORLD BY USING INTEREST RATE SWAPS WHICH ALLOW COMPANIES TO
EXCHANGE THE FIXEDRATE INTEREST COUPON ON A BOND FOR A FLOATING INTEREST
RATE

COMBINING BONDS AND A SWAP IS AN ALTERNATIVE TO BANK FINANCING SAID MR
CUTI OF SUPERMARKETS GENERAL WHICH HOPES TO SHAVE THREE PERCENTAGE POINTS
OFF THE RATES ON ITS JUNK BONDS THROUGH A SWAP 9305180004 930518 MONEY
RATES

THE KEY US AND FOREIGN ANNUAL INTEREST RATES BELOW ARE A GUIDE TO GENERAL
LEVELS BUT DON'T ALWAYS REPRESENT ACTUAL TRANSACTIONS

PRIME RATE 6 THE BASE RATE ON CORPORATE LOANS POSTED BY AT LEAST 75 OF
THE NATION'S 30 LARGEST BANKS

FEDERAL FUNDS 3 7/16 HIGH 3 1/8 LOW 3 1/8 NEAR CLOSING BID 3 1/4
OFFERED RESERVES TRADED AMONG COMMERCIAL BANKS FOR OVERNIGHT USE IN AMOUNTS
OF 1 MILLION OR MORE SOURCE PREBON YAMANE USA INC

DISCOUNT RATE 3 THE CHARGE ON LOANS TO DEPOSITORY INSTITUTIONS BY THE
FEDERAL RESERVE BANKS

CALL MONEY 5 THE CHARGE ON LOANS TO BROKERS ON STOCK EXCHANGE COLLATERAL
SOURCE TELERATE SYSTEMS INC

COMMERCIAL PAPER PLACED DIRECTLY BY GENERAL ELECTRIC CAPITAL CORP 306 30
TO 89 DAYS 308 90 TO 149 DAYS 315 150 TO 229 DAYS 320 230 TO 270
DAYS

COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR
CORPORATIONS 313 30 DAYS 314 60 DAYS 316 90 DAYS

CERTIFICATES OF DEPOSIT 259 ONE MONTH 264 TWO MONTHS 265 THREE
MONTHS 271 SIX MONTHS 299 ONE YEAR AVERAGE OF TOP RATES PAID BY MAJOR
NEW YORK BANKS ON PRIMARY NEW ISSUES OF NEGOTIABLE CDS USUALLY ON AMOUNTS
OF 1 MILLION AND MORE THE MINIMUM UNIT IS 100000 TYPICAL RATES IN THE
SECONDARY MARKET 303 ONE MONTH 310 THREE MONTHS 320 SIX MONTHS

BANKERS ACCEPTANCES 3 30 DAYS 301 60 DAYS 303 90 DAYS 304 120
DAYS 307 150 DAYS 310 180 DAYS OFFERED RATES OF NEGOTIABLE
BANKBACKED BUSINESS CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER

LONDON LATE EURODOLLARS3 1/8 3 ONE MONTH 3 3/16 3 1/16 TWO MONTHS
3 1/4 3 1/8 THREE MONTHS 3 1/4 3 1/8 FOUR MONTHS 3 5/16 3 3/16
FIVE MONTHS 3 3/8 3 1/4 SIX MONTHS

LONDON INTERBANK OFFERED RATES LIBOR 3 1/8 ONE MONTH 3 1/4 THREE
MONTHS 3 3/8 SIX MONTHS 3 11/16 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 6 GERMANY 850 JAPAN 4 SWITZERLAND 750
BRITAIN 6 THESE RATE INDICATIONS AREN'T DIRECTLY COMPARABLE LENDING
PRACTICES VARY WIDELY BY LOCATION

TREASURY BILLS RESULTS OF THE MONDAY MAY 17 1993 AUCTION OF SHORTTERM
US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN UNITS OF
10000 TO 1 MILLION 3 13 WEEKS 310 26 WEEKS

FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 735 60 DAYS 744 STANDARD
CONVENTIONAL FIXEDRATE MORTGAGES 4125 2 RATE CAPPED ONEYEAR
ADJUSTABLERATE MORTGAGES SOURCE TELERATE SYSTEMS INC

FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS PRICED AT PAR FOR DELIVERY WITHIN 30 DAYS 728 60
DAYS 738 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 510 6/2 RATE
CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE TELERATE SYSTEMS INC

MERRILL LYNCH READY ASSETS TRUST 267 ANNUALIZED AVERAGE RATE OF RETURN
AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS
9305180003 930518 ECONOMY KMART'S FISCAL 1STPERIOD NET FELL 80 
EFFECT OF COOL WEATHER ON SALES CITED  BY CHRISTINA DUFF STAFF
REPORTER TO THE WALL STREET JOURNAL

KMART CORP'S FISCAL FIRSTQUARTER EARNINGS PLUNGED 80 AS COOL WEATHER KEPT
CONSUMERS FROM BUYING SPRING CLOTHES AND GARDEN PRODUCTS

FOR THE QUARTER ENDED APRIL 28 THE TROY MICH DISCOUNT RETAILER REPORTED
NET INCOME OF 23 MILLION OR FIVE CENTS A SHARE SHARPLY BELOW YEAREARLIER
NET INCOME OF 116 MILLION OR 26 CENTS A SHARE THE LATEST QUARTER'S
RESULTS INCLUDED TWO CHARGES TOTALING 27 MILLION OR SIX CENTS A SHARE
RELATED TO A DEBT REDEMPTION AND AN ACCOUNTING CHANGE WITHOUT THE CHARGES
EARNINGS WOULD HAVE DROPPED 57

SALES IN THE QUARTER ROSE 92 TO 903 BILLION FROM 827 BILLION BUT
SALES AT STORES OPENED AT LEAST A YEAR A BETTER INDICATOR OF RETAIL
PERFORMANCE INCHED UP ONLY 01

KMART HAD ALREADY TOLD WALL STREET IN LATE APRIL TO EXPECT A PROFIT
SHORTFALL BUT THE RESULTS WERE EVEN WORSE THAN THE 20 CENTS TO 22 CENTS A
SHARE THAT RETAIL ANALYSTS WERE PROJECTING

IN LATE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE KMART WAS QUOTED
AT 2250 DOWN 50 CENTS

MOSTLY ANALYSTS WERE SURPRISED AT POOR PERFORMANCES WITHIN KMART'S
SPECIALTY STORES GROUP WHERE SAMESTORE SALES FELL 3 BECAUSE OF THE
UNSEASONABLY COOL WEATHER EARLYSPRING DEMAND FOR TREATED LUMBER AND
LANDSCAPING AT THE BUILDERS SQUARE UNIT WAS MUCH WEAKER THAN LAST YEAR
KMART SAID THAT UNIT WAS ALSO AFFECTED BY 4 MILLION MORE IN COSTS
ASSOCIATED WITH ITS MORE AGGRESSIVE EXPANSION AND NEW COMPETITION FROM HOME
DEPOT INC AND OTHERS IN SOME KEY MARKETS TOUGH COMPETITION IN THE
WAREHOUSECLUB INDUSTRY ALSO CONTINUED TO HURT KMART'S PACE MEMBERSHIP
WAREHOUSE CHAIN WHERE SAMESTORE SALES DROPPED 57

AS EXPECTED POOR WEATHER ALSO KEPT SHOPPERS FROM BUYING SPRING APPAREL AND
HORTICULTURE PRODUCTS AT KMART'S CORE DISCOUNT STORES INDEED MANY
RETAILERS ARE REPORTING FLAT TO LOWER EARNINGS BECAUSE SHOPPERS GENERALLY
DON'T BUY SHORTS SLEEVELESS SHIRTS AND OTHER HIGHMARGIN SPRING ITEMS WHEN
IT'S COOL OUTSIDE WITHOUT THOSE SALES KMART'S GROSS MARGIN FOR THE QUARTER
FELL TO 236 OF SALES FROM 244 MOSTLY REFLECTING SALES SKEWED TOWARD THE
COMPANY'S LOWERMARGIN ITEMS

WARMER WEATHER HAS SIGNIFICANTLY HEATED UP SALES IN MAY ESPECIALLY IN THE
COMPANY'S EASTERN MIDWESTERN AND SOUTHERN MARKETS CHAIRMAN JOSEPH ANTONINI
SAID THE UPWARD TREND BODES WELL FOR THE REST OF THE YEAR THE FIRST QUARTER
IS THE LEAST SIGNIFICANT PERIOD FOR RETAILERS AS IT TYPICALLY CONTRIBUTES
ONLY 10 TO 15 OF TOTAL ANNUAL SALES 9305180002 930518 INTERNATIONAL 
ONCE AGAIN EC'S EYES ARE ON DENMARK  UNITY TREATY LIKELY TO PASS 
BUT NATIONS' DEMANDS MAY CHIP AWAY AT PACT  BY PETER GUMBEL 
STAFF REPORTER OF THE WALL STREET JOURNAL

COPENHAGEN ONE YEAR AFTER THEY BLEW A HOLE IN THE EUROPEAN COMMUNITY'S
PLANS FOR GREATER UNITY DANISH VOTERS TODAY WILL AGAIN PASS JUDGMENT ON THE
MAASTRICHT TREATY THE EC'S MASTER PLAN FOR BRINGING THAT CLOSER UNION INTO
BEING

THIS TIME THOUGH THEY SEEM LIKELY TO APPROVE IT BRINGING RELIEF TO OTHER
EC GOVERNMENTS BUT NOT NECESSARILY SALVAGING THE TREATY AS IT WAS WRITTEN

ONE OF MAASTRICHT'S MAIN PROVISIONS ESTABLISHMENT OF A SINGLE EUROPEAN
CURRENCY BY 1999 HAS ALREADY BEEN RENDERED UNCERTAIN BY GROWING ECONOMIC
DIVERGENCE AMONG EC NATIONS AND BY THE CURRENCY TURMOIL THAT FOLLOWED THE
TREATY'S REJECTION IN THE FIRST DANISH REFERENDUM LAST JUNE 2

THAT VOTE ALSO SPARKED A BOUT OF SOULSEARCHING IN EUROPEAN CAPITALS THAT
HAS SLOWED THE MOMENTUM TOWARD UNITY IN CONTRAST WITH THE SPIRIT OF
MAASTRICHT THE DUTCH CITY WHERE THE TREATY WAS WORKED OUT IN DECEMBER 1991
THE EC'S 12 MEMBER NATIONS HAVE SPENT MONTHS BICKERING OVER THEIR RESPONSE
TO THE FIGHTING IN BOSNIA THEIR APPROACH TO THE CURRENT WORLD TRADE TALKS
AND EVEN THE NECESSITY OF LIFTING CONTROLS ON THE FREE MOVEMENT OF PEOPLE
ACROSS THEIR COMMON BORDERS

THIS TIME THE DANES ARE EXPECTED TO APPROVE THE TREATY WHICH HAS BEEN
SPECIALLY AMENDED FOR THEM TO TAKE ACCOUNT OF SOME OF THEIR OBJECTIONS THE
FINAL GALLUP POLL PUBLISHED YESTERDAY IN THE NEWSPAPER BERLINGSKE TIDENDE
SHOWED 50 OF DANES WILL VOTE IN FAVOR WITH 32 OPPOSED AND 14 UNDECIDED

A YES VOTE WOULD DOUBTLESS EASE THE UNCERTAINTY SURROUNDING THE EC'S
FUTURE BUT EVEN BEFORE THE DANISH REFERENDUM THERE HAVE BEEN CALLS FOR A
REVISION OF SOME OF THE OBJECTIVES PARTICULARLY THE AMBITIOUS ECONOMIC
TIMETABLE LAID DOWN IN THE MAASTRICHT TREATY BELGIUM'S FINANCE MINISTER
PHILIPPE MAYSTADT HAS TALKED ABOUT WATERING DOWN SOME OF THE STRICT
ECONOMIC CRITERIA LAID DOWN IN MAASTRICHT AS A CONDITION FOR THE MOVE TOWARD
A SINGLE CURRENCY THEY STIPULATE THAT EACH PARTICIPATING NATION HAVE A
BUDGET DEFICIT NO HIGHER THAN 3 OF GROSS DOMESTIC PRODUCT AND GOVERNMENT
DEBT OF LESS THAN 60 OF GDP THE ONLY NATION THAT CURRENTLY FULFILLS ALL
THE CRITERIA IS TINY LUXEMBOURG

IF NEXT YEAR WE ARE STILL IN A RECESSION I AM CONVINCED THAT REALISM WILL
LEAD US ALL TOGETHER TO ADAPT THE FIGURES TO TAKE ACCOUNT OF THE SITUATION
MR MAYSTADT SAID THE OBJECTIVE OF THE MAASTRICHT TREATY IS SIMPLY ONE OF
CONVERGENCE

SUCH A VIEW IS DIAMETRICALLY OPPOSED TO THAT OF GERMANY'S POWERFUL CENTRAL
BANK THE BUNDESBANK WHICH INSISTS ON STRICT COMPLIANCE WITH MAASTRICHT'S
CRITERIA TO ENSURE THAT A SINGLE CURRENCY WILL BE STABLE AND
NONINFLATIONARY IF THAT CAN'T BE ACHIEVED THEN THE UNIFIED CURRENCY SHOULD
BE DELAYED BUNDESBANK OFFICIALS SAY

IN A SPEECH IN LOS ANGELES LAST MONTH HELMUT SCHLESINGER THE BUNDESBANK'S
PRESIDENT SAID A SINGLE MARKET CAN EXIST AND BE BENEFICIAL WITHOUT
INEVITABLY REQUIRING FURTHER MOVES TOWARD INTEGRATION IN THE MONETARY
SPHERE

AS A RESULT OF THE TENSIONS WITHIN THE EC MANY ANALYSTS ARE NOW LOOKING AT
MAASTRICHT NOT AS A CASTIRON TIMETABLE BUT RATHER AS A LOOSE SET OF
GUIDELINES FOR FURTHER ACTION TO BE DECIDED BY AN INTERGOVERNMENTAL
CONFERENCE SCHEDULED FOR 1996 MEANWHILE THEY SAY THE EC NEEDS TIME TO
CONSOLIDATE WHAT IT ALREADY HAS ACHIEVED THE CREATION OF A SINGLE MARKET
THAT TOOK EFFECT AT THE BEGINNING OF THIS YEAR

THE PROCESS OF EC INTEGRATION TENDS TO GO IN FIVEYEAR PHASES SAYS ALISON
COTTRELL AN ECONOMIST AT BROKERS GREENWELL MONTAGU IN LONDON WHO THINKS
EUROPE WILL PAUSE FOR BREATH EVERYONE NEEDS TO RATIFY THE TREATY MERELY SO
THAT THEY CAN BE THERE FOR THE REDESIGN IN 1996

DANES MAY AGAIN SURPRISE THE POLLSTERS AND REJECT THE TREATY A SECOND TIME
LAST YEAR THE CRUCIAL FACTOR WAS THE REFUSAL OF THE MAJORITY OF SOCIAL
DEMOCRATIC VOTERS TO SUPPORT MAASTRICHT THIS TIME SOME OF THEM APPEAR
READY TO SWITCH SIDES POLLS INDICATE THOUGH IT ISN'T CERTAIN THEY WILL DO
SO IN BIG ENOUGH NUMBERS

IF DENMARK DOES SAY NEJ AGAIN THE EC PROBABLY WILL BE IN FOR ANOTHER
PROTRACTED BOUT OF POLITICAL AND ECONOMIC TURMOIL BRITAIN WHICH HAS YET TO
RATIFY THE ACCORD MAY NOT BE ABLE TO DO SO GIVEN A STRONG ANTIMAASTRICHT
LOBBY IN THE CONSERVATIVE PARTY OF PRIME MINISTER JOHN MAJOR AND FRANCE AND
GERMANY MAY BE TEMPTED TO CAST OFF THE LAGGARDS AND PRESS AHEAD WITH A
SINGLE CURRENCY WITH A SMALLER MORE COHESIVE GROUP OF NATIONS

A DANISH YES VOTE CONVERSELY WOULD PROBABLY HELP MR MAJOR SECURE
PASSAGE OF THE BILL THROUGH THE HOUSE OF COMMONS IN THE COMING WEEKS
BRITISH OFFICIALS SAY EVEN IF DENMARK AND BRITAIN SIGN OFF ON THE TREATY
ONE UNEXPECTED FINAL HURDLE NEEDS TO BE OVERCOME IN GERMANY MAASTRICHT HAS
BEEN APPROVED BY GERMANY'S PARLIAMENT BUT IT IS BEING CHALLENGED IN THE
NATION'S CONSTITUTIONAL COURT WHICH IS EXPECTED TO RULE THIS YEAR THE
CHALLENGE IS BEING MOUNTED BY A FORMER SENIOR GERMAN OFFICIAL AT THE EC'S
EXECUTIVE COMMISSION WHO CONTENDS THE TREATY INVOLVES AN UNCONSTITUTIONAL
TRANSFER OF GERMAN NATIONAL SOVEREIGNTY TO ECWIDE BODIES

DESPITE ALL THE PAST SETBACKS AND FUTURE HURDLES MOST NATIONAL GOVERNMENTS
REMAIN WEDDED TO THE NOTION OF CLOSER POLITICAL AND ECONOMIC INTEGRATION IN
ITALY FOR EXAMPLE MAASTRICHT HAS BEEN AN IMPORTANT FACTOR IN DOMESTIC
POLITICS BECAUSE IT HAS FOCUSED ATTENTION ON THE NEED TO BRING DOWN THE
CRIPPLING LEVEL OF DEBT ITALY'S DEBT IS CURRENTLY ABOUT 110 OF ITS GDP AND
IS EXPECTED TO GROW TO 120 BEFORE STABILIZING IN 1995 AT THE EARLIEST

NONETHELESS THE ESSENTIAL IDEA ENSHRINED IN MAASTRICHT THAT OF GROWING
ECONOMIC CONVERGENCE HAS TAKEN SOME BIG KNOCKS IN THE PAST FEW MONTHS THE
WITHDRAWAL OF THE BRITISH POUND AND THE ITALIAN LIRA FROM THE EUROPEAN
MONETARY SYSTEM'S EXCHANGE RATE MECHANISM IN SEPTEMBER COUPLED WITH SEVERAL
ROUNDS OF CURRENCY DEVALUATIONS MOST RECENTLY BY SPAIN AND PORTUGAL HAVE
BROUGHT ABOUT THE DE FACTO EMERGENCE OF A HARD CORE OF EC COUNTRIES WITH
STRONG CURRENCIES

WHILE THIS CORE CONSISTING OF GERMANY FRANCE THE NETHERLANDS BELGIUM
LUXEMBOURG AND DENMARK REMAINS TIED TOGETHER OTHERS HAVE GONE OFF IN
DIFFERENT ECONOMIC DIRECTIONS AND EVEN THE CORE GROUP IS SUFFERING FROM
ECONOMIC TENSIONS AND MALAISE PARTLY BECAUSE OF A LOSS OF COMPETITIVENESS
TO THE EC NATIONS THAT HAVE DEVALUED THEIR CURRENCIES AND PARTLY BECAUSE OF
THE GROWING PUBLICSECTOR DEFICIT IN GERMANY THE ANCHOR OF THE SYSTEM
WHICH KEEPS INTEREST RATES HIGH 9305180001 930518 REVIEW & OUTLOOK
EDITORIAL THE MIFFED MODERATE

REP DAVE MCCURDY IS AN OKLAHOMA DEMOCRAT AND A LONGTIME FRIEND OF BILL
CLINTON HE SECONDED MR CLINTON'S NOMINATION AT THE DEMOCRATIC CONVENTION
LAST YEAR AND STUMPED FOR HIS NEW DEMOCRAT AGENDA IN 36 STATES NOW HE'S
WORRIED THAT THE CLINTON ADMINISTRATION IS IGNORING WARNINGS FROM MODERATE
DEMOCRATS ABOUT A BREWING CAPITOL HILL REVOLT AGAINST THE PRESIDENT'S TAX
INCREASES AND BUDGET PLAN LAST FRIDAY MR MCCURDY TOLD THE DAILY OKLAHOMAN
THAT HE HIMSELF WOULD LEAD A DRIVE TO KILL THE CLINTON ENERGY TAX AND
SUBSTITUTE A CAP ON ENTITLEMENT SPENDING

MR MCCURDY THINKS THE ENERGY TAX CAN BE KILLED IN THE HOUSE AND WARNS THAT
OTHER CLINTON INITIATIVES ARE IN REAL TROUBLE HE SAYS THE TAX BILL'S
PASSAGE BY HOUSE WAYS AND MEANS SAYS NOTHING ABOUT HOW IT WILL FARE ON THE
FLOOR AND THE WHITE HOUSE SHOULD BE CONCERNED THAT'S WHY HE AND THE
MAINSTREAM FORUM A GROUP OF 70 HOUSE DEMOCRATS WHO BELONG TO THE CENTRIST
DEMOCRATIC LEADERSHIP COUNCIL WHICH MR CLINTON USED TO CHAIR WILL MEET
TODAY WITH HOWARD PASTER THE WHITE HOUSE'S ASSISTANT FOR LEGISLATIVE
AFFAIRS I THINK HE'S GOING TO HEAR AN EARFUL HE SAYS

MR MCCURDY EXPRESSES FRUSTRATION THAT CLINTON AIDES SEEM TO BE DEALING ONLY
WITH A CLOSED LOOP OF PARTY LIBERALS AND AREN'T FOLLOWING THE NEW DEMOCRAT
CAMPAIGN THEMES THAT ELECTED MR CLINTON THEY'RE LISTENING TO A SMALL
GROUP OF PEOPLE WHO DON'T SUPPORT A NEW DEMOCRAT AGENDA AND WEREN'T WITH
BILL CLINTON IN THE BEGINNING HE TOLD US

MR MCCURDY ISN'T THE ONLY MODERATE DEMOCRAT WHO WANTS BILL CLINTON TO END
HIS DETOUR TO THE LEFT REP TIM PENNY COMES FROM A RURAL MINNESOTA DISTRICT
THAT VOTED FOR MR CLINTON BUT ALSO GAVE ROSS PEROT 27 MR PENNY SAYS THE
FOLKS BACK HOME ARE SENDING A CLEAR MESSAGE THEY WANT TO CUT SPENDING AND
THINK THE DEFICIT ISN'T BEING ADEQUATELY ADDRESSED HE TOLD US THEY
SUFFER FROM TAX OVERLOAD AND THINK WHAT'S HAPPENING IN WASHINGTON IS THE OLD
TAX AND SPEND

MR PENNY IS ALSO CONCERNED ABOUT THE ENERGY TAX IF IT ISN'T PART OF A
REAL PROGRAM TO CUT THE DEFICIT IT WILL BE VIEWED AS AN ECONOMIC AND
POLITICAL DISASTER IN A COUPLE YEARS HE SAYS THE CLINTON TAX BILL NEEDS
TWO AMENDMENTS THAT WOULD ENFORCE REAL LIMITS ON ENTITLEMENT SPENDING AND
OFFER MEANINGFUL BUDGET CUTS GEORGE BUSH FAILED TO CONTROL SPENDING AND
THE DEFICIT WE CAN'T AFFORD TO HAVE THE SAME THING HAPPEN ON A DEMOCRATIC
PRESIDENT'S WATCH HE WARNS IT'S WORTH NOTING THAT THE DEMOCRATS DID
CONTROL CONGRESS AND HELD THE POWER OF THE PURSE DURING THAT PERIOD

BUT MR PENNY MAY NOT GET A CHANCE TO EVEN OFFER HIS AMENDMENTS IN THEIR
ZEAL TO RAM THE CLINTON LEGISLATIVE PROGRAM THROUGH HOUSE LEADERS HAVE
ENGAGED IN AN UNPRECEDENTED MUZZLING OF FLOOR DEBATE THIS YEAR IN PAST
YEARS THE RULES COMMITTEE HAS ROUTINELY ALLOWED BILLS TO BE OPEN TO ALL
RELEVANT AMENDMENTS SO FAR THIS YEAR 10 OF THE 11 BILLS DEBATED HAVE HAD A
CLOSED RULE SHARPLY LIMITING AMENDMENTS AND DEBATE

MR PENNY SAYS THESE CLOSED RULES MEAN THAT MODERATE DEMOCRATS SUCH AS
HIMSELF GET NO CONSIDERATION WHEN BILLS COME TO THE FLOOR HE SAYS THAT IF
MODERATES ARE SHUT OUT OF THE TAX BILL DEBATE IT COULD HAVE SERIOUS
PROBLEMS IN BEING PASSED IT ALSO MEANS HOUSE DEMOCRATS INVITE RIDICULE AND
DERISION WHEN THEY STAGE A PHONY RULES VOTE ON THE TAX BILL SOON

MANY VOTERS ARE STARTING TO THINK THAT ALMOST NO DEMOCRATS CAN BE TRUSTED TO
TACKLE THE BUDGET IN A RESPONSIBLE WAY ASK BOB KRUEGER THE APPOINTED TEXAS
SENATOR WHO FACES AN UPHILL BATTLE TO KEEP HIS SEAT NEXT MONTH VOTERS
SIMPLY DON'T BELIEVE HE MEANS IT WHEN HE RAILS AGAINST THE CLINTON BUDGET

REP MCCURDY SAYS THE PURPOSE OF TODAY'S MEETING WITH MR PASTER IS TO HELP
PRESIDENT CLINTON GET BACK ON THE RIGHT TRACK WE DON'T DOUBT THAT THE
WHITE HOUSE COULD BENEFIT BY HEEDING THIS ADVICE AND WE'RE EQUALLY CERTAIN
THAT MR CLINTON'S SELFCONFIDENT OPERATIVES WILL DO NO SUCH THING

AS WE'VE NOTED BEFORE MR CLINTON'S AGENDA AND THE GENERAL TONE OF HIS
ADMINISTRATION CREATE A BIG CREDIBILITY PROBLEM FOR MODERATE DEMOCRATS AT
SOME POINT THESE DEMOCRATS ARE GOING TO HAVE TO RECOGNIZE AS MR CLINTON
APPARENTLY HAS ALREADY CONCLUDED THAT THE PARTY DOESN'T BELONG TO THEM IT
BELONGS TO THE LIBERALS THEY HAVE ALL THE TROOPS AND THAT EVENTUALLY LEADS
ONE TO WONDER WHY THE MODERATES ARE STAYING 9305180034 930427 THE DEEP
ROOTS OF OUR DECLINE  BY JOHN ATTARIAN

NEOCONSERVATIVES INCREASINGLY BLAME OUR PROBLEMS MALEDUCATION VICTIMISM
CRIMINAL BEHAVIOR WHATEVER ON THE '60S AS IF IN THOSE YEARS AMERICA
ABRUPTLY PLUNGED FROM APOLLONIAN CIVILIZATION TO DIONYSIAN CHAOS RECENTLY
THE JOURNAL'S EDITORIALISTS FIXED THE DATE WHEN THE US OR MORE PRECISELY
WHEN MANY PEOPLE WITHIN IT BEGAN TO TIP OFF THE EMOTIONAL TRACKS AS AUGUST
1968 SUPPOSEDLY OUR NATIONAL LIFE UNRAVELED WHEN PROTESTERS BATTLED CHICAGO
POLICE AND LEFTIST INTELLECTUALS CONDONED THEM NONSENSE

VIOLENCE OF ALL KINDS AND EXCUSES FOR IT WAS MULTIPLYING WELL BEFORE 1968
MORE TO THE POINT THE CHICAGO DEMONSTRATORS AND MANY MURDERERS RAPISTS
MUGGERS AND RIOTERS WERE BORN IN THE '40S AND EARLY '50S AND RAISED IN
THE EISENHOWER YEARS SUPPOSEDLY AN ERA OF WHOLESOME NUCLEAR FAMILIES
INFORMED BY THE RIGHT VALUES IF WE ACCEPT THE PREMISE OF FAMILY VALUES
ADVOCATES THAT THE CHILD IS FATHER TO THE MAN THEN THE '60S MAYHEM PROVES
THAT SOMETHING WAS WRONG WITH MILLIONS OF AMERICAN FAMILIES IN THE '50S AND
THAT MOREOVER THE FOUNDATIONS OF CIVILIZED LIFE WERE CRUMBLING LONG BEFORE
CHICAGO

YES THE '60S SAW MASS REJECTION OF SELFRESTRAINT AND CONFINING SOCIAL
INSTITUTIONS BUT THE CAMEL'S NOSE ENTERED AMERICA'S TENT LONG BEFORE

EVEN BEFORE WORLD WAR I MANY INFLUENTIAL INTELLECTUALS HAD REJECTED THE
PROTESTANT ETHIC OF SELFRESTRAINT AMERICAN CAPITALISM'S SHIFT TO MASS
CONSUMPTION ALREADY ESTABLISHED IN THE 1920S UNDERMINED THAT ETHIC FOR THE
WHOLE SOCIETY THE MUCHBEWAILED ILLEGITIMACY RATE HAD ALREADY MORE THAN
TRIPLED BETWEEN 1940 AND 1960 FROM 71 PER THOUSAND UNMARRIED FEMALES OF
CHILDBEARING AGE TO 218 PLAYBOY APPEARED IN 1953 PRESENTLY ELVIS LEWDLY
BUCKED HIS PELVIS AGAINST HIS GUITAR TO CHEERS FROM MIDDLECLASS AUDIENCES
AND IN 1959 A FEDERAL JUDGE RULED THAT LADY CHATTERLEY'S LOVER WASN'T
OBSCENE AND THAT SENDING IT THROUGH THE MAILS WAS LEGAL OPENING THE DOOR
TO TORRENTS OF FABRICATED SATYRIASIS

AND THE IDEAS INFORMING THE MUCHMALIGNED '60S LEFTIST INTELLECTUALS
PROGRESSIVE EDUCATORS AND PROPHETS OF PERMISSIVENESS LIKE DR SPOCK WERE
ALREADY WELLENTRENCHED IN 1897 WHEN GOD WAS IN HIS CHURCH QUEEN VICTORIA
WAS ON HER THRONE AMERICA WAS ON THE GOLD STANDARD AND TO NAIVE
CONSERVATIVES ALL WAS RIGHT WITH THE WORLD SOCIALISM ANARCHISM AND
PRAGMATISM WERE GAINING POPULARITY DARWINISM AND HIGHER CRITICISM WERE
ALREADY UNDERMINING RELIGION WESTERN HIGH CULTURE WAS ROTTEN WITH FIN DE
SIECLE DECADENCE INSPIRED BY AMONG OTHERS THE MARQUIS DE SADE AND JOHN
DEWEY WROTE MY PEDAGOGIC CREED LAUNCHING AMERICAN EDUCATION ON THE ROAD
TO RUIN

GLORIFICATION OF SPONTANEITY AND THE NOBLE SAVAGE UNSULLIED BY
CIVILIZATION STARTED NOT WITH THE '60S BUT WITH THE ENLIGHTENMENT AS DID
THE RISE OF DETERMINISM WHICH RATIONALIZES MISCONDUCT AND DENIES PERSONAL
RESPONSIBILITY REBELLION AGAINST RESTRAINT INCLUDING SELFRESTRAINT WAS
CENTRAL TO THE ROMANTIC MOVEMENT AS FOR RATIONALIZING CRIME AS CIVIL
DISOBEDIENCE HAS THE JOURNAL FORGOTTEN THOREAU'S CIVIL DISOBEDIENCE OR
HIS HYSTERICAL A PLEA FOR CAPTAIN JOHN BROWN WHICH LAUDED THIS MURDERER
AS A SUPERIOR MAN HEROIC LIBERATOR AN ANGEL OF LIGHT DID THE '60S
SCRIBBLERS DO ANY WORSE

THE REVOLT AGAINST CIVILIZATION SELFCONTROL AND RESPONSIBILITY THEN WAS
ALREADY TWO CENTURIES OLD IN 1968 THE POISON INTELLECTUALLY RESPECTABLE
THANKS TO ROUSSEAU THOREAU DEWEY AND OTHERS HAD BEEN IN THE BLOODSTREAM
OF BELIEF FOR GENERATIONS THE '60S WERE ONLY THE CULMINATING PRACTICE OF
WHAT WAS PREACHED LONG BEFORE

BUT SUBVERSIVE INTELLECTUALS AND CULTURAL INFLUENCES COULD NOT HAVE
SUCCEEDED UNLESS THEY WERE TELLING PEOPLE WHAT THEY WANTED TO HEAR
ULTIMATELY THE BLAME FOR OUR LACK OF GUARDRAILS LIES WITH FLAWED HUMAN
NATURE WE SINNERS HAVE OUR CHOICES THE BUCK STOPS WITH THE SINNER NOT
WITH THE TEMPTER

MOREOVER SUBVERSIVES WERE CRASHING AN OPEN DOOR AUTHORITY FLOPPED AT
DEFENDING THE CIVILIZATION IT GUARDED SO DID SUCH IDOLS OF
NEOCONSERVATISM'S PANTHEON AS THE GOP AND YES THE FAMILY

AUTHORITY NOT ONLY NEGLECTED THE GUARDRAILS OR LIKE THE JUDGE RULING ON
LADY CHATTERLEY ACTUALLY REMOVED THEM IT SET A DISASTROUS EXAMPLE BY
CRASHING THEM LYNDON JOHNSON MANIPULATED US INTO VIETNAM THEN LIED ABOUT
IT REMEMBER THE CREDIBILITY GAP UNDERSECRETARY OF STATE NICHOLAS
KATZENBACH TOLD THE SENATE FOREIGN RELATIONS COMMITTEE THAT DECLARING WAR
WAS OUTMODED SO MUCH FOR OUR FUNDAMENTAL POLITICAL GUARDRAIL THE
CONSTITUTION CONGRESS AND THE SUPREME COURT FAILED TO BRING LBJ TO HEEL
CLEARLY AMERICA'S RULING CIRCLES WERE ALREADY DECADENT VIETNAM ONLY WEIGHED
THEM AND FOUND THEM WANTING

REPUBLICANS CANNOT POINT FINGERS FOR THEY PROVED EQUALLY POOR CUSTODIANS OF
GUARDRAILS THEY FAILED TO UPHOLD CIVILIZATION WITH ANYTHING BEYOND
RHETORIC MUCH OF IT APPALLINGLY SHALLOW INDICATIVE OF STAGGERING
INTELLECTUAL VACUITY A PATHETIC UNFITNESS FOR THE NEEDED BATTLE OF BELIEFS
TWO SAMPLES SUFFICE DWIGHT EISENHOWER IN DECEMBER 1952 LONG BEFORE THE
'60S OUR GOVERNMENT MAKES NO SENSE UNLESS IT IS FOUNDED IN A DEEPLY FELT
RELIGIOUS FAITH AND I DON'T CARE WHAT IT IS BARBARA BUSH AUGUST 1992
HOWEVER YOU DEFINE FAMILY THAT'S WHAT WE MEAN BY FAMILY VALUES

AND WHICH FAMILY VALUES DOMINATED THE MUCHLAUDED '50S FOR THE FIRST
TIME ENTERTAINMENT AND INDULGENCE OF CHILDREN WAS AN UNOFFICIAL NATIONAL
PRIORITY FROM DISNEYLAND AND ALLOWANCES TO CARS GIVEN UPON GRADUATION FROM
HIGH SCHOOL INTENSELY MATERIALISTIC THEIR OWN CHILDHOODS HARROWED BY THE
DEPRESSION FATALLY EQUATING INDULGENCE WITH LOVE TOO MANY AMERICAN PARENTS
WERE AS FAR REMOVED FROM THE ROMANS WHO TOLD THEIR SONS TO RETURN WITH THEIR
SHIELDS OR ON THEM AS THE KEYSTONE COPS ARE FROM THE COLDSTREAM GUARDS IF
THEIR KIDS GOT INTO TROUBLE AT SCHOOL OR ELSEWHERE THEY TYPICALLY SIDED
WITH THEM AND TRIED TO BAIL THEM OUT

THEY PUT COMFORT OVER CHARACTER AND RAISED THEIR CHILDREN TO FIT IN BE
POPULAR MAKE MONEY AND HAVE FUN RIGHTEOUSNESS RAN A POOR SECOND IF IT
HAD NOT THE LAWLESSNESS AND HEDONISM OF '60S YOUTH COULD HARDLY HAVE BEEN
SO WIDESPREAD

AND WHAT DO THE PARENTS' DERELICTIONS SAY ABOUT THEIR VALUES ACQUIRED IN
THE '40S '30S '20S

TODAY'S LACK OF GUARDRAILS ISN'T THE '60S' FAULT NO GREAT NATION GOES TO
PIECES SO ABRUPTLY AS THAT THE '60S DID NOT CAUSE OUR MORAL COLLAPSE THEY
ONLY UNMASKED IT BUT THE WORST ASPECT OF SLAPDASH NEOCONSERVATIVES'
PENCHANT FOR BLAMING THE '60S IS THAT IT UNDERSTATES THE PROBLEM THE
ASSAULT ON THE BELIEFS UNDERPINNING CIVILIZED LIFE AND THE FAILURE TO
UPHOLD THEM HAVE BEEN GOING ON NOT FOR 25 YEARS BUT FOR CENTURIES IT'S
LATER THAN YOU THINK

MR ATTARIAN IS A FREELANCE WRITER IN ANN ARBOR MICH SEE RELATED
LETTERS LETTERS TO THE EDITOR DOWN HISTORY'S SLIPPERY SLOPE WSJ MAY
18 1993 9304270134 YY93 MM05 9305170176 930517 WHAT'S NEWS 
WORLDWIDE

BOSNIA'S SERB LEADER DECLARED A UNBACKED PEACE PLAN DEAD

KARADZIC SPOKE AFTER A WEEKEND REFERENDUM ON THE PLAN ENDED WITH ALL SIGNS
POINTING TO ITS OVERWHELMING REJECTION BY BOSNIAN SERBS HIS ARMY'S CHIEF
THREATENED TO BOMB WASHINGTON AND LONDON IF THE WEST USED AIR STRIKES TO
FORCE ACCEPTANCE OF THE PLAN SERB VOTERS ALSO WERE EXPECTED TO DEMAND THEIR
OWN STATE IN ANSWER TO A SECOND REFERENDUM QUESTION FINAL RESULTS ARE
EXPECTED TODAY MEANWHILE CROATS RENEWED THEIR ATTACKS ON MOSTAR IN
SOUTHWESTERN BOSNIA AND REMOVED MORE MUSLIMS FROM THE CITY SERBS PRESSED
THEIR ATTACK ON BRCKO IN THE NORTH

BOSNIAN SERBS AND CROATS SIGNED A CEASEFIRE THAT WOULD TAKE EFFECT
TOMORROW BUT A UN PEACEKEEPING OFFICER CALLED IT A COMPLETE WASTE OF
TIME

EASTERN GERMAN STEEL TALKS COLLAPSED AS WORKERS REJECTED A LABOR COMPROMISE
AIMED AT HALTING A WAVE OF STRIKES A SPOKESMAN FOR THE IG METALL UNION SAID
THE STEEL STRIKES WOULD PROBABLY BE EXTENDED MEANWHILE EMPLOYERS IN THE
REGION'S ENGINEERING INDUSTRY BACKED A PAY AGREEMENT THAT COULD END TWO
WEEKS OF STRIKES WITHIN DAYS

KEVORKIAN WAS ARRESTED AFTER WITNESSING THE SUICIDE OF A MAN WITH CANCER IN
APPARENT DEFIANCE OF A NEW MICHIGAN LAW AGAINST ASSISTED SUICIDE THE
RETIRED PATHOLOGIST WAS LATER RELEASED INTO HIS LAWYER'S CUSTODY THE CANCER
PATIENT COMMITTED SUICIDE IN KEVORKIAN'S PRESENCE BY INHALING CARBON
MONOXIDE ACCORDING TO THE ATTORNEY

PRIME MINISTER RABIN TOLD HIS CABINET THAT ISRAEL WOULD MAKE NO FURTHER
GESTURES TO THE PALESTINIANS WITHOUT RECEIVING SOMETHING IN RETURN THREE
WEEKS OF MIDDLE EAST PEACE TALKS ENDED IN WASHINGTON ON THURSDAY WITH NO
AGREEMENT ON PALESTINIAN SELFRULE IN THE ISRAELIOCCUPIED TERRITORIES

ISRAELI SOLDIERS SHOT AND KILLED A BABY AND A PALESTINIAN BOY WHILE QUELLING
STONETHROWING PROTESTS IN THE OCCUPIED GAZA STRIP ACCORDING TO ARAB
REPORTS ALSO IN GAZA ARAB GUNMEN KILLED TWO ISRAELIS AND TWO PALESTINIANS
IN A DRIVEBY SHOOTING

YELTSIN'S CHIEF RIVAL WARNED THAT RUSSIA IS BEING PUSHED TOWARD CIVIL WAR
DISINTEGRATION AND FOREIGN CONTROL PARLIAMENTARY CHAIRMAN KHASBULATOV SAID
OVER THE WEEKEND THAT THE PRESIDENT'S ATTEMPT TO BYPASS THE LEGISLATURE IN
DRAFTING A NEW CONSTITUTION REFLECTED DICTATORIAL AMBITIONS AND WOULD LEAD
TO THE COLLAPSE OF RUSSIA

PERU'S SECURITY FORCES LAUNCHED COUNTERINSURGENCY OPERATIONS AROUND THE
CAPITAL AHEAD OF A THREATENED THREEDAY WORK STOPPAGE CALLED BY MAOIST
GUERRILLAS POLICE CHECKED DOCUMENTS AND VEHICLES IN AREAS WHERE THE SHINING
PATH REBELS ARE ACTIVE THE STRIKE WAS TO BEGIN TODAY THE 13TH ANNIVERSARY
OF THE START OF THE REBEL WAR

A STUDY OF THE FEDERAL JUDICIARY FOUND THAT BUSH'S TRIAL JUDGE APPOINTEES
ARE MORE CONSERVATIVE THAN THOSE OF ANY OTHER PRESIDENT IN THE PAST 60
YEARS TRIAL JUDGES PICKED BY CARTER WERE 56 MORE LIKELY TO ISSUE LIBERAL
DECISIONS THAN JUDGES APPOINTED BY BUSH THE STUDY EXAMINED 46000 DECISIONS
GOING BACK TO 1933

THE UN URGED ANGOLAN REBELS TO AGREE TO FINISH PEACE TALKS WITH THE
GOVERNMENT THAT HAVE DRAGGED ON FOR FIVE WEEKS THE UN HAS THREATENED TO
PULL OUT ITS 700 PEACEKEEPERS UNLESS THE UNITA REBELS AND THE GOVERNMENT
REACH AN AGREEMENT

SEN KERRY HINTED THAT THE US MIGHT LIFT ITS EMBARGO AGAINST VIETNAM IF
HANOI SUPPLIES MORE DOCUMENTS TO AID THE US SEARCH FOR INFORMATION ABOUT
AMERICAN POWS AND SERVICEMEN MISSING IN ACTION THE MASSACHUSETTS DEMOCRAT
WAS IN HANOI TO DELIVER A MESSAGE TO VIETNAMESE LEADER LE DUC ANH

FRENCH POLICE FATALLY SHOT A GUNMAN WHO WAS HOLDING SIX SMALL GIRLS AND
THEIR TEACHER CAPTIVE IN A NURSERY SCHOOL OUTSIDE PARIS HIS HOSTAGES HELD
FOR 46 HOURS WERE FREED UNHARMED THE GUNMAN HAD SEIZED 21 TODDLERS AND THE
TEACHER ON THURSDAY DEMANDING AN 18 MILLION RANSOM BUT HE RELEASED MOST
OF THE CHILDREN THE SAME DAY

SULEYMAN DEMIREL WAS SWORN IN AS TURKEY'S NINTH PRESIDENT AFTER BEING
ELECTED TO SUCCEED TURGUT OZAL WHO DIED LAST MONTH DEMIREL WHO HAD BEEN
PRIME MINISTER PLEDGED TO BE AN IMPARTIAL BUT INVOLVED LEADER HE HAD OFTEN
CRITICIZED OZAL FOR WIELDING HIS POLITICAL POWER UNFAIRLY

DIED WILLIAM RANDOLPH HEARST JR 85 HEAD OF THE HEARST PUBLISHING GROUP
FRIDAY IN NEW YORK OF A HEART ATTACK 9305170175 930517 CREDIT RATINGS
 MOODY'S CUTS RATING ON LONGTERM DEBT OF TWO FRENCH BANKS

PARIS MOODY'S INVESTORS SERVICE INC CUT THE LONGTERM DEBT RATINGS OF
BANQUE PARIBAS AND BANQUE INDOSUEZ BOTH OF PARIS CITING THE EFFECTS OF A
SLUMP IN THE PARISIAN REAL ESTATE MARKET

MOODY'S LOWERED THE RATINGS OF BANQUE PARIBAS'S LONGTERM CERTIFICATES OF
DEPOSITS AND LONGTERM LETTERSOFCREDIT TO SINGLEA1 FROM DOUBLEA2 THE
AGENCY DOWNGRADED RATINGS OF THE PARISIAN BANK'S SENIOR DEBT TO SINGLEA1
FROM DOUBLEA2 AND SUBORDINATED DEBT TO SINGLEA2 FROM DOUBLEA3

BANQUE PARIBAS'S PROFITABILITY MAY BE AFFECTED BY DETERIORATING ASSET
QUALITY PARTICULARLY IN ITS PORFOLIO OF LOANS TO REAL ESTATE PROFESSIONALS
IN THE PARIS AREA MOODY'S SAID BECAUSE OF THE DIFFICULT ECONOMY IN FRANCE
AND EUROPE THE RATING AGENCY ADDED THE BANK'S SALE OF CERTAIN EQUITY
INVESTMENTS IN INDUSTRIAL COMPANIES MAY NOT BE FULLY COMPENSATED BY NEW
INVESTMENTS WITH PREDICTABLE PROFIT STRENGTH NEVERTHELESS MOODY'S SAID IT
EXPECTS BANQUE PARIBAS TO MAINTAIN ITS POSITION AS A LEADER AMONG FRENCH
MERCHANT AND COMMERCIAL BANKS ABOUT 690 MILLION OF LONGTERM DEBT IS
AFFECTED

MOODY'S LOWERED THE RATINGS FOR BANQUE INDOSUEZ'S LONGTERM DEPOSITS AND
LONGTERM DEBT TO SINGLE SINGLEA1 FROM DOUBLEA3 THE RATING AGENCY SAID
IT IS PARTICULARLY CONCERNED WITH BANQUE INDOSUEZ'S SIGNIFICANT CREDIT
EXPOSURE TO THE PARIS REAL ESTATE SECTOR AND TO EQUIPMENT LEASING THE BANK
ALSO WILL BE MARGINALLY AFFECTED BY THE INCREASINGLY COMPETITIVE FINANCIAL
MARKETS IN FRANCE AND EUROPE MOODY'S ADDDED ABOUT 18 BILLION OF
LONGTERM DEBT IS AFFECTED

MOODY'S ADDED THAT BANK INDOSUEZ'S ASSET QUALITY IS EXPECTED TO CONTINUE
DETERIORATING WHILE TOUGH ECONOMIC CONDITIONS MAY ALSO AFFECT THE FINANCIAL
RESOURCES OF ITS PARENT COMPAGNIE DE SUEZ THE AGENCY HOWEVER PRAISED
BANQUE INDOSUEZ'S FRANCHISE AS A GLOBAL MERCHANT BANK ITS CONTROL OF
OVERHEAD AND ITS HEALTHY EQUITY POSITION 9305170174 930517 FINANCING
BUSINESS SIZELER PROPERTY INVESTORS INC

SIZELER PROPERTY INVESTORS INC KENNER LA SAID IT SOLD FOUR MILLION
COMMON SHARES AT 13 A SHARE AND 65 MILLION OF 8 CONVERTIBLE DEBENTURES
DUE 2003 THE REAL ESTATE INVESTMENT TRUST SAID IT WILL USE THE APPROXIMATE
111 MILLION NET PROCEEDS TO ACQUIRE TWO APARTMENT COMMUNITIES IN MOBILE
ALA FOR A TOTAL OF 24 MILLION TO REPAY SHORTTERM AND LONGTERM DEBT
AND FOR GENERAL CORPORATE PURPOSES INCLUDING ACQUISITIONS 9305170173
930517 CREDIT RATINGS

FOOD LION INC SALISBURY NC STANDARD & POOR'S CORP LOWERED THIS
SUPERMARKET CHAIN'S LONGTERM DEBT RATING THE AGENCY SAID UNFAVORABLE
PUBLICITY IN NOVEMBER 1992 GENERATED BY THE TELEVISION NEWS PROGRAM
PRIMETIME LIVE HAS HURT FOOD LION'S SALES AND PROFITS S&P DOWNGRADED THE
FOLLOWING RATINGS 150 MILLION MEDIUMTERM NOTE RATING LOWERED TO
SINGLEAMINUS FROM SINGLEA 350 MILLION SENIOR DEBT SECURITIES RULE 415
SHELF TO PRELIMINARY SINGLEAMINUS FROM PRELIMINARY SINGLEA AND
COMMERCIAL PAPER TO SINGLEA2 FROM SINGLEA1 THE DOWNGRADE REFLECTS TWO
QUARTERS OF SUBSTANTIALLY LOWER NET INCOME AND EXPECTATIONS THAT
PROFITABILITY AND CASH FLOW MEASURES MAY NOT REACH PREVIOUS LEVELS FOR AT
LEAST SEVERAL YEARS S&P SAID THERE MAY BE SOME FURTHER EROSION IN FINANCIAL
RATIOS DURING 1993 BUT THAT FOOD LION IS STILL FINANCIALLY STRONG AND IS
EXPECTED TO REMAIN ONE OF THE BETTER OPERATORS IN THE INDUSTRY MICHAEL
MOZINGO FOOD LION'S SPOKESMAN SAID THE CHAIN WAS DISAPPOINTED BUT WE
STILL FEEL LIKE WE HAVE AN EXCELLENT RATING IN COMPARISON TO OTHER COMPANIES
IN OUR INDUSTRY

GENERAL SIGNAL CORP STAMFORD CONN STANDARD & POOR'S CORP SAID IT PUT
ON CREDITWATCH WITH POSITIVE IMPLICATIONS ITS RATINGS ON ABOUT 420 MILLION
OF LONGTERM DEBT ISSUED BY THIS INSTRUMENT AND EQUIPMENT MAKER S&P SAID
ITS OPTIMISTIC OUTLOOK REFLECTS GENERAL SIGNAL'S IMPROVED FINANCIAL PROFILE
AND MORE CONSERVATIVE FINANCIAL POLICY THE COMPANY PLANS TO REDUCE DEBT BY
RAISING ABOUT 200 MILLION THROUGH TWO STOCK OFFERINGS IF BOTH OFFERINGS
ARE COMPLETED AS PLANNED S&P SAID ITS RATINGS ON GENERAL SIGNAL'S SENIOR
DEBT WILL BE RAISED TO SINGLEA ITS SUBORDINATED DEBT RATING WILL RISE TO
SINGLEAMINUS AND ITS RATING ON THE COMPANY'S COMMERCIAL PAPER WILL RISE
TO SINGLEA1 9305170172 930517 PRUDENTIAL SECURITIES DEFENDS CHOICE OF
A BUYER FOR ENERGY PARTNERSHIPS  BY MICHAEL SICONOLFI STAFF
REPORTER OF THE WALL STREET JOURNAL

NEW YORK PRUDENTIAL SECURITIES INC FACING THOUSANDS OF DISGRUNTLED
INVESTORS IN ITS TROUBLED ENERGY PARTNERSHIPS IS DEFENDING ITS ACTIONS
INVOLVING THE PARTNERSHIPS ON TWO FRONTS

ON FRIDAY THE PRUDENTIAL INSURANCE CO OF AMERICA UNIT DISCLOSED FOR THE
FIRST TIME WHY IT ACCEPTED ONE OFFER FOR ITS 35 OIL AND GAS PARTNERSHIPS 
EVEN THOUGH ANOTHER BIDDER APPARENTLY HAD OFFERED MORE CASH FOR THE
PARTNERSHIPS JUST THREE DAYS EARLIER

MEANWHILE THE BIG BROKERAGE CONCERN IS EXPECTED TO SOON FILE A RESPONSE IN
A NEW YORK STATE COURT TO CRITICISM FROM THE NATIONAL ASSOCIATION OF
SECURITIES DEALERS THE SECURITIES INDUSTRY'S MAJOR SELFREGULATORY BODY
PRUDENTIAL SUED THE NASD AFTER THE COMPANY WAS ORDERED TO TURN OVER
SENSITIVE DATA IN AN NASD ARBITRATION CASE INVOLVING THE ENERGY
PARTNERSHIPS BUT THE NASD IN COURT PAPERS FILED LAST WEEK SAID IT WAS
HYPOCRITICAL FOR PRUDENTIAL TO FIGHT AN ARBITRATOR'S RULING IN THE ENERGY
PARTNERSHIP CASE AND DISCLOSED FOR THE FIRST TIME PUBLICLY THAT PRUDENTIAL
FACES AT LEAST 744 ARBITRATION CASES PENDING BEFORE THE NASD

PRUDENTIAL AGREED LAST MONDAY TO SELL THE 35 PARTNERSHIPS TO PARKER &
PARSLEY PETROLEUM CO A MIDLAND TEXAS OIL AND GAS COMPANY FOR 4483
MILLION IN CASH THE COMPANY DIDN'T DISCLOSE THAT LOUIS DREYFUS NATURAL GAS
CORP AN OKLAHOMA CITY COMMODITIES TRADING FIRM HAD EARLIER OFFERED TO BUY
THE 35 PARTNERSHIPS FOR ABOUT 510 MILLION

IN A STATEMENT PRUDENTIAL SAID IT NEEDED DETAILS ON THE FINANCING ARRANGED
BY LOUIS DREYFUS FOR THE BID BEFORE THE BROKERAGE CONCERN COULD EVALUATE THE
OFFER OR PUT A TOTAL VALUE TO IT A PRUDENTIAL SPOKESMAN SAID THE COMPANY
DIDN'T POSTPONE AGREEING TO THE PARKER & PARSLEY DEAL BECAUSE AMONG OTHER
THINGS LOUIS DREYFUS DIDN'T PROVIDE A UNIT BY UNIT BREAKDOWN OF ITS
OFFER THE WAY PARKER & PARSLEY DID

THIS EXPLANATION DIDN'T SATISFY SOME LAWYERS REPRESENTING PARTNERSHIP
INVESTORS WHO HAVE SUED PRUDENTIAL ALLEGING THAT THE BROKERAGE FIRM MISLED
CUSTOMERS OVER THE RISK AND RETURN OF THE PARTNERSHIPS IN A LETTER TO
PRUDENTIAL LAWYERS FOR FLEMING HOVENKAMP & GRAYSON A HOUSTON LAW FIRM
REPRESENTING 2000 PARTNERSHIP HOLDERS WITH CLAIMS AGAINST PRUDENTIAL SAID
IT IS OUR POSITION THAT FAILING TO DISCLOSE THE DREYFUS OFFER TO INVESTORS
CONSTITUTES A BREACH OF FIDUCIARY DUTIES OWED TO OUR CLIENTS

FLEMING HOVENKAMP SAID IN THE LETTER THAT IT INTENDS TO SUBPOENA SEVERAL
BIDDING DOCUMENTS RELATING TO THE PENDING PARTNERSHIP SALE TO DETERMINE WHY
THE DREYFUS OFFER WASN'T GIVEN INITIAL CONSIDERATION BY PRUDENTIAL

PRUDENTIAL'S APPARENT LACK OF IMMEDIATE DISCLOSURE ON THE DREYFUS BID COULD
PROVE PROBLEMATIC FOR THE BROKERAGE FIRM PRUDENTIAL ALREADY FACES A
CLASSACTION CASE FILED ON BEHALF OF ABOUT 130000 INVESTORS WHO HAVE SUED
PRUDENTIAL OVER THE ENERGY PARTNERSHIPS A SMOOTH SALE OF THE PARTNERSHIPS
IS EXPECTED TO PLAY A BIG ROLE IN AN AMENDED SETTLEMENT PROPOSAL PRUDENTIAL
PLANS TO SOON FILE IN THE CASE PEOPLE FAMILIAR WITH THE MATTER SAID

IN FEBRUARY A FEDERAL JUDGE IN THE CLASSACTION CASE SAID HE HAD SERIOUS
RESERVATIONS ABOUT THE FAIRNESS OF PRUDENTIAL'S ORIGINAL SETTLEMENT
PROPOSAL WHICH OFFERED INVESTORS ABOUT 37 MILLION IN CASH PAYMENTS AND
INTERESTS IN THE PARTNERSHIPS IN A REORGANIZED FORM

SOME PLAINTIFF LAWYERS CONTEND THAT PRUDENTIAL DOESN'T WANT TO AGREE TO THE
DREYFUS OFFER BECAUSE DREYFUS PLANS TO RETAIN MANY OF THE EMPLOYEES OF
GRAHAM ROYALTY LTD A COVINGTON LA FIRM THAT WAS THE GENERAL PARTNER
ALONG WITH PRUDENTIAL IN THE PARTNERSHIPS IN A LETTER ACCOMPANYING ITS
OFFER DREYFUS SAID IT INTENDS TO OFFER EMPLOYMENT TO A LARGE NUMBER OF THE
INDIVIDUALS CURRENTLY INVOLVED IN THE OPERATION OF THE PROPERTIES OWNED BY
THE PARTNERSHIPS DREYFUS WILL OFFER JOBS TO A MAJORITY OF THESE
EMPLOYEES THE LETTER SAID INCLUDING A SUBSTANTIAL PERCENTAGE OF THE FIELD
AND PRODUCTION PERSONNEL

BY CONTRAST PARKER & PARSLEY WHICH FORMALLY BEGAN ITS TENDER OFFER FOR
THE PARTNERSHIPS FRIDAY WILL USE ITS OWN EMPLOYEES TO OPERATE THE
PROPERTIES PEOPLE FAMILIAR WITH THE MATTER SAID PRUDENTIAL WANTS TO MAKE A
CLEAN BREAK WITH THE PARTNERSHIPS INCLUDING THE EMPLOYEES WHO OPERATED THE
PROPERTIES THE PLAINTIFF LAWYERS SAID AND THUS PREFERS PARKER & PARSLEY
PRUDENTIAL FOR ITS PART SHRUGS OFF SUCH SPECULATION AND SAYS IT WANTS THE
BEST OVERALL DEAL FOR ITS ENERGYPARTNERSHIP INVESTORS

PRUDENTIAL'S PRUDENTIALBACHE ENERGY PRODUCTION INC UNIT RECOMMENDED FRIDAY
THAT INVESTORS TENDER THEIR PARTNERSHIP HOLDINGS TO PARKER & PARSLEY
MEANWHILE PRUDENTIAL SAID IT NOW WILL INVESTIGATE THE DREYFUS BID IT IS
EXPECTED THAT DREYFUS WILL PROVIDE A FINANCING COMMITMENT FOR ITS OFFER
WITHIN 10 DAYS

SEPARATELY THE NASD FILED PAPERS IN A NEW YORK STATE COURT CRITICIZING
PRUDENTIAL FOR SUING THE NASD IN AN ARBITRATION CASE INVOLVING THE ENERGY
PARTNERSHIPS AS PREVIOUSLY REPORTED PRUDENTIAL SUED THE NASD LAST MONTH
SEEKING TO BAR THE NASD FROM FORCING PRUDENTIAL TO DISCLOSE A CONFIDENTIAL
REPORT PREPARED BY A LAW FIRM COUNSELING THE BROKERAGE HOUSE IN AN
ENERGYPARTNERSHIP CASE

IN PAPERS FILED WITH THE STATE COURT THE NASD SAID PRUDENTIAL HAVING
ELECTED TO SUBMIT DISPUTES TO BINDING ARBITRATION BEFORE THE NASD IN AT
LEAST 744 CASES SHOULD NOT BE PERMITTED BY THIS COURT TO ABANDON ITS
CONTRACTUAL OBLIGATIONS MERELY BECAUSE IT DISAGREES WITH A DISCOVERY RULING
IN A SINGLE CASE

PRUDENTIAL IS SEEKING TO BAR THE DISCLOSURE OF THE SOCALLED LOCKE PURNELL
REPORT ON THE ARGUMENT THAT THE DATA IS PRIVILEGED AND CONFIDENTIAL BUT
PRUDENTIAL'S SUIT AGAINST THE NASD APPEARS TO IGNORE THE NASD'S ARBITRATION
CODE WHICH PREVENTS PARTIES IN AN ARBITRATION CASE FROM BRINGING A LAWSUIT
TOUCHING UPON ANY OF THE MATTERS REFERRED TO ARBITRATION

THE NASD SAID IN ITS COURT FILING THAT THE ARBITRATOR'S EXERCISE OF HIS
DISCRETION IN COMPELLING THE PRODUCTION OF THE LOCKE PURNELL REPORT AND ITS
EXHIBITS FALLS WITHIN THE SCOPE OF ACTIVITY ENTITLED TO IMMUNITY FROM
PLAINTIFF'S MONETARY CLAIMS THUS THE NASD ASKED THE COURT TO DENY AND
DISMISS PRUDENTIAL'S SUIT AND GRANT THE NASD JUST AND PROPER RELIEF
INCLUDING AN AWARD OF COSTS AND EXPENSES 9305170171 930517 PENDING
LOUISIANA MUNI REDEMPTION THREATENS TO BRING CALL FOR SEC INQUIRY  
BY JOHN CONNOR STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE MUNICIPAL SECURITIES RULEMAKING BOARD WILL CALL FOR
INQUIRIES BY THE SECURITIES AND EXCHANGE COMMISSION AND THE NATIONAL
ASSOCIATION OF SECURITIES DEALERS IF A LOUISIANA AGENCY EXECUTES ITS PLAN TO
REDEEM ABOUT 67 MILLION OF 1979 MUNICIPAL BONDS ON THURSDAY 

IF THESE BONDS ARE REDEEMED THE BOARD WILL IMMEDIATELY ASK THE SEC AND THE
NASD TO LOOK INTO THE MATTER SAID MSRB EXECUTIVE DIRECTOR CHRISTOPHER
TAYLOR WHO QUESTIONED WHETHER THE REQUIRED DISCLOSURE WAS MADE TO THE
MARKETPLACE THAT THE BONDS COULD BE CALLED AND WHETHER UNDERWRITERS
FULFILLED THEIR RESPONSIBILITIES

THE BOARD'S PROMISED CALL FOR AN SECNASD INQUIRY MARKS A NEW LEVEL OF MSRB
ACTIVISM IN POLICING PERCEIVED PROBLEMS INVOLVING THE INTEGRITY IN THE
MUNICIPAL BOND MARKET IT WOULD BE THE FIRST TIME THAT THE MSRB A
SELFREGULATORY BODY SUBJECT TO SEC OVERSIGHT HAS ASKED FOR SUCH AN
INQUIRY MUNICIPAL BOND ISSUERS REMAIN LARGELY UNREGULATED IN TERMS OF
SECURITIES LAW AND MUNIS AREN'T SUBJECT TO SEC REGISTRATION THOUGH THEY
ARE COVERED BY THE SEC'S ANTIFRAUD RULES

WILLIAM ROSS PROGRAM ADMINISTRATOR FOR THE EAST BATON ROUGE MORTGAGE
FINANCE AUTHORITY SAID THE AUTHORITY WILL PROCEED WITH ITS PLAN TO CALL THE
SECURITIES THURSDAY CONFIDENT OF OUR LEGAL POSITION THAT DISCLOSURE WAS
ADEQUATE AUTHORITY ADVISERS PREDICT THEIR POSITION WILL BE VINDICATED BY
ANY SEC OR NASD INQUIRY AN SEC OFFICIAL SAID THE AGENCY IS AWARE OF THE
MATTER

THE CASE INVOLVES THE EAST BATON ROUGE AUTHORITY'S SALE OF ABOUT 67 MILLION
OF OBLIGATIONS IN 1989 TO REFUND MORTGAGE BONDS SOLD A DECADE EARLIER THE
PROCEEDS OF THE REFUNDING ISSUE WERE INVESTED IN GOVERNMENT SECURITIES THAT
WERE PLACED IN AN ESCROW FUND TO PAY OFF DEBT SERVICE ON THE ORIGINAL BONDS
BY CALLING THE ORIGINAL BONDS AND USING THE ESCROWED GOVERNMENT SECURITIES
TO PAY OFF BONDHOLDERS THE AUTHORITY WILL MAKE A PROFIT OF SEVERAL MILLION
DOLLARS THE AUTHORITY PLANS TO USE THIS MONEY FOR PUBLIC PURPOSES AGENCY
ADVISERS SAID THE AUTHORITY INSISTS IT GAVE THE MARKET ADEQUATE NOTICE THAT
IT WAS RESERVING THE OPTION TO CALL THE 1979 MORTGAGE BONDS 9305170170
930517 CITIBANK ASKS THAT O&Y'S US UNIT RECEIVE APPOINTMENT OF TOP
OFFICER  BY LARRY M GREENBERG STAFF REPORTER OF THE WALL STREET
JOURNAL

CITIBANK ONE OF THE OLYMPIA & YORK EMPIRE'S BIGGEST CREDITORS ASKED A US
BANKRUPTCY COURT TO APPOINT A CAPTAIN TO STEER O&Y'S INSOLVENT US REAL
ESTATE UNIT THE SUBSIDIARY HAS BEEN RUDDERLESS FOR MONTHS BECAUSE OF A
STALEMATE BETWEEN US AND CANADIAN LENDERS

THE MOTION SEEKS TO APPOINT JOHN ZUCOTTI PRESIDENT OF OLYMPIA & YORK COS
USA AS THE RESPONSIBLE OFFICER FOR THE US UNIT CITIBANK SAID THE
MOVE WOULD FILL A VACUUM CREATED BY THE DISSOLUTION OF THE O&Y USA
BOARD AFTER THE COMPANY'S TORONTOBASED PARENT OLYMPIA & YORK DEVELOPMENTS
LTD EMERGED FROM CANADIAN BANKRUPTCY COURT PROTECTION IN MIDMARCH THE
COURT SET A HEARING FOR FRIDAY TO HEAR THE CITIBANK MOTION

O&Y USA BASED IN NEW YORK IS ITSELF INSOLVENT AND IS ATTEMPTING TO
RESTRUCTURE ITS 53 BILLION IN DEBT WITHOUT FILING FOR PROTECTION UNDER
CHAPTER 11 OF THE US BANKRUPTCY CODE CREDITORS SAID THE MOTION TO APPOINT
MR ZUCOTTI REPRESENTS A VOTE OF CONFIDENCE IN HIS HANDLING OF THE
RESTRUCTURING NEGOTIATIONS HE HAS A PLAN IN PLACE FOR THIS COMPANY A
CREDITOR SAID

THE MOTION BY CITIBANK A UNIT OF CITICORP ALSO REFLECTS CONCERN THAT SOME
OF O&Y USA'S CREDITORS MAY BE GROWING RESTIVE TWO LEGAL CASES
EXPECTED TO CONCLUDE SOON INVOLVE JUDGMENTS SOUGHT BY BANK LEUMI AND SVENSKA
HANDELSBANK TO ENFORCE THEIR UNSECURED CLAIMS AGAINST O&Y USA WHICH
TOTAL ABOUT 30 MILLION THE COMPANY HAS NO ABILITY TO MAKE DEALS WITH THE
RESTIVE BANKS A PERSON FAMILIAR WITH THE SITUATION SAID

MONTHS OF EFFORTS TO APPOINT A NEW BOARD FOR THE US SUBSIDIARY HAVE BEEN
STYMIED BY DISAGREEMENTS BETWEEN CREDITORS IN THE US AND THOSE IN CANADA
THE US CREDITORS WANT A MAJORITY OF THE BOARD TO BE INDEPENDENT DIRECTORS
THE CANDIDATES THAT HAVE BEEN PROPOSED WHOSE NAMES HAVEN'T BEEN MADE
PUBLIC ARE UNDERSTOOD TO HAVE BACKGROUNDS IN THE BANKING REAL ESTATE AND
INSURANCE INDUSTRIES

THE CANADIAN CREDITORS WHO ARE REPRESENTED BY A COURTAPPOINTED
ADMINISTRATOR AGREE THAT THE BOARD SHOULD BE PREDOMINATELY INDEPENDENT
HOWEVER AS THE EQUITY HOLDERS OF THE US SUBSIDIARY THESE CREDITORS WANT
THE RIGHT TO DISMISS THE BOARD US CREDITORS SAY THIS WOULD COMPROMISE THE
BOARD'S INDEPENDENCE

WE WANT JOHN ZUCOTTI TO BE NAMED THE OFFICER RESPONSIBLE WHILE WE CONTINUE
TO WORK TO PUT A BOARD IN PLACE A CITIBANK SPOKESWOMAN SAID THE PROPOSED
APPOINTMENT WOULD GIVE MR ZUCOTTI THE AUTHORITY TO MAKE CORPORATE
DECISIONS ON BEHALF OF O&Y USA SHE SAID

AN O&Y USA SPOKESMAN SAID THAT MR ZUCOTTI IS WILLING TO SERVE AS AN
INDEPENDENT OFFICER IF THAT'S WHAT THE COMPANY'S CREDITORS WANT HOWEVER
THE SPOKESMAN SAID IT'S IMPORTANT THAT A BOARD THAT HAS A REALLY
INDEPENDENT MAJORITY BE APPOINTED AS QUICKLY AS POSSIBLE THE BOARD ALSO
SHOULD INCLUDE THE CANADIAN ADMINISTRATOR THE SPOKESMAN SAID

THE ADMINISTRATOR ROBERT E LOWE OF ACCOUNTING FIRM COOPERS & LYBRAND
WASN'T AVAILABLE TO COMMENT

ALTHOUGH O&Y USA HASN'T FILED FOR BANKRUPTCYCOURT PROTECTION IN THE
US SEVERAL HOLDING COMPANIES OF OLYMPIA & YORK DEVELOPMENTS THROUGH
WHICH IT HOLDS THE US SUBSIDIARY ARE IN CHAPTER 11 THE CITIBANK MOTION
WAS FILED AS PART OF THESE CASES IN THE US BANKRUPTCY COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK 9305170169 930517 INTERNATIONAL FOREIGN
INVESTMENT IN MEXICO

MEXICO CITY TOTAL FOREIGN INVESTMENT IN MEXICO DURING THE FIRST QUARTER
TOTALED 276 BILLION OF WHICH 46 WAS IN EQUITIES AND THE REST IN THE FORM
OF DIRECT CORPORATE INVESTMENT THE COMMERCE DEPARTMENT SAID

THROUGH THE FIRST QUARTER TOTAL FOREIGN INVESTMENT UNDER THE ADMINISTRATION
OF PRESIDENT CARLOS SALINAS DE GORTARI REACHED 2888 BILLION SURPASSING
THE ADMINISTRATION'S GOAL OF 24 BILLION BY THE END OF 1994

OF THE FIRSTQUARTER CORPORATE FOREIGN INVESTMENT 533 WAS CAPTURED BY THE
MANUFACTURING SECTOR WHILE SERVICES ATTRACTED 273 THE US ACCOUNTED FOR
THE MAJORITY OF FOREIGN INVESTMENT IN THE PERIOD 628 WHILE EUROPEAN
COMMUNITY COUNTRIES INVESTED 19 OF THE TOTAL 9305170168 930517
ADVERTISING RALSTON ENDS PRODUCTION OF CEREAL TIED TO BIG SCREEN  
BY KEVIN GOLDMAN

IN A SETBACK TO THE SIZABLE BUSINESS OF TIEINS BETWEEN ADVERTISING AND
MOVIES RALSTON PURINA HAS QUIETLY STOPPED MAKING CHILDREN'S CEREAL THAT IS
INSPIRED BY SUCH BIGSCREEN STARS AS TEENAGE MUTANT NINJA TURTLES BATMAN
AND THE ADDAMS FAMILY

THE COMPANY HAD MADE SWEET TEMPTING TYKE CEREALS SINCE 1985 WHEN RALSTON
PURINA CASHED IN ON THE CABE PATCH KIDS PHENOMENON

BUT THE FORMULA OF QUICKLY CAPITALIZING ON HITS AT THE BOX OFFICE AS WELL AS
ON TELEVISION FIZZLED AS THE LICENSE FEES ROSE AND CEREAL SALES DROPPED A
RALSTON PURINA SPOKESMAN CONFIRMED THE MOVE IN AN INTERVIEW FRIDAY

THE DECISION BY RALSTON PURINA SHOWS THAT THE BIG BUSINESS OF TIEINS IS
FRAUGHT WITH RISKS NOT LEAST OF WHICH IS THE DIFFICULTY IN PREDICTING
WHETHER A MOVIE OR TV SHOW WILL BE SUCCESSFUL ENOUGH TO SPUR SALES OF A
PACKAGED GOOD PRODUCT EVEN IF THE SHOW IS SUCCESSFUL THE PRODUCT MIGHT NOT
BE AND MANY TV SHOWS AND MOVIES EVEN IF SUCCESSFUL ARE SHORTLIVED
FADS AS A RESULT RALSTON PURINA'S MOVE COULD BE THE FIRST INDICATION THAT
ADVERTISERS GENERALLY MAY BACK OFF FROM THESE KINDS OF TIEINS

RALSTON FOR INSTANCE PUT OUT A CEREAL TIED TO AN ANIMATED MOVIE VERSION OF
AN OLD TV SERIES THE JETSONS AS A MOVIE AND A CEREAL THE JETSONS
DIDN'T FLY BUT RALSTON WASN'T THE ONLY ONE TO BE DISAPPOINTED BY GEORGE
JETSON HIS WIFE JANE HIS SON ELROY AND DAUGHTER JUDY WENDY'S TOO
FOUND THAT CONSUMERS DIDN'T FLOCK TO ITS FASTFOOD RESTAURANTS TO PICK UP
JETSONS KNICKKNACKS

THE FORTUNES OF THE RALSTON PURINA CEREALS WITH TIEINS HAVE FALTERED
RECENTLY DROPPING 57 IN ONE YEAR FOR THE 52WEEK PERIOD ENDED MAY 1 THE
CEREALS HAD SALES OF ONLY ABOUT 13 MILLION COMPARED WITH SALES EXCEEDING
30 MILLION FOR THE YEAREARLIER PERIOD ACCORDING TO AC NIELSEN CO

JUST OVER TWO YEARS AGO RALSTON PURINA CONVERTED ONE OF ITS DOGANDCAT
CHOW PLANTS IN SPARKS NEV NEAR RENO INTO ONE THAT WOULD IN PART CRANK
OUT CEREALS WITH TIEINS TO SUCH MOVIE AND TV CHARACTERS AS URKEL THE
BESPECTACLED NERD FROM ABC'S FAMILY MATTERS AND BILL AND TED THOSE ZANY
KNUCKLEHEADS FROM THE MOVIE BILL AND TED'S EXCELLENT ADVENTURE

INSTEAD OF THE CALORIELADEN KIDDIE PRODUCTS THE SPOKESMAN SAYS THE ST
LOUIS COMPANY WILL CONCENTRATE ITS EFFORTS ON INCREASING THE MARKET SHARE OF
ITS CHEX BRAND AS WELL AS ITS LUCRATIVE PRIVATE LABEL BRANDS THE SPOKESMAN
DECLINED TO COMMENT FURTHER

THIS MOVE DOESN'T SURPRISE ME SINCE IT WAS TOO COSTLY AND DIVERTED RALSTON
PURINA FROM CREATING ITS OWN BRAND IT COULD SUSTAIN NURTURE AND GROW SAYS
LEN REITER PRESIDENT OF BRADFORD LICENSING ASSOCIATES THE TREND SEEMS TO
HAVE WANED

NOT EVEN EYECATCHING ADVERTISING FROM RALSTON PURINA'S AD AGENCY AVRETT
FREE & GINSBERG OF NEW YORK HELPED MAINTAIN SALES A SPOT FOR THE ADDAMS
FAMILY CEREAL USED ACTUAL FOOTAGE FROM THE MOVIE AVRETT FREE IS ALSO THE
AGENCY FOR RALSTON'S CHEX LINE

IT ISN'T ENOUGH TO HAVE A HIT MOVIE OR TELEVISION SERIES SAYS IRA MAYER
PUBLISHER AND EDITOR OF THE LICENSING LETTER OF NEW YORK YOU ALSO HAVE TO
PRODUCE A GOOD PRODUCT ONE THAT CONSUMERS WANT TO EAT RALSTON HAD SOME
REAL FLOPS

THE BARBIE DOLL FOR INSTANCE WOULD SEEM A LOGICAL CHOICE FOR A HIT TIEIN
NO SUCH LUCK FOR THE 52WEEK PERIOD ENDED MAY 2 1992 IT HAD SALES OF
7885 ACCORDING TO NIELSEN FOR THE LIKE PERIOD ENDED MAY 1 1993 THERE
WERE NO SALES RECORDED BY NIELSEN

JOHN M MCMILLIN AN ANALYST WITH PRUDENTIAL SECURITIES SAYS RALSTON
PURINA'S DECISION WAS IN PART BASED ON THE HEATED COMPETITION FOR SHELF
SPACE IN THE NATION'S INCREASINGLY CROWDED SUPERMARKETS THESE CEREALS
DIDN'T PROMOTE BRAND LOYALTY EITHER HE SAYS

THE ONLY CONTINUING SUCCESSFUL CEREAL TIEIN TO THE KID MARKET IS A PRODUCT
WITH FRED FLINTSTONE'S MUG ADORNING THE BOX BUT IT IS FROM KRAFT GENERAL
FOODS' POST UNIT

RALSTON NEVER EXPECTED TO ESTABLISH A LONGTERM FRANCHISE WITH THESE CEREALS
THAT REEK OF FAD INSTEAD THE IDEA WAS TO MAKE A QUICK KILLING AND HAVE THE
PRODUCT DISAPPEAR AFTER AN AVERAGE SHELF LIFE OF 12 TO 18 MONTHS

SOME OF THE MOVIE TIEIN CEREALS WERE VERY POPULAR AT THE CHECKOUT COUNTER
THANKS IN LARGE PART TO THE SUCCESS OF THE ORIGINAL A SEQUEL AND A TV
SERIES THE GHOSTBUSTERS CEREAL LASTED FOR FIVE YEARS BUT BATMAN
RETURNS HAD A SHORT FLIGHT OF POPULARITY PEGGED TO THE FILM'S OPENING
INTRODUCED IN MAY 1992 THE CEREAL OPENED MODESTLY SELLING 16000 ONE WEEK
NATIONWIDE ACCORDING TO NIELSEN BUT THE CEREAL TOOK OFF WHEN THE FILM
OPENED IN LATE JUNE WITH SALES TOTALING AN UNUSUALLY HIGH 609000 IN ONE
WEEK BY AUGUST SALES WERE OFF TO 210000 AND BY OCTOBER TO 128000
EARLIER THIS MONTH IT SOLD 8000 AN INDICATION THE COMPANY ISN'T MAKING
IT ANYMORE BUT RATHER SUPERMARKETS ARE SELLING OFF INVENTORY

ROBERT LEPRE A PRINCIPAL WITH THE NEW ENGLAND CONSULTING GROUP DOESN'T SEE
RALSTON'S UNEXPECTED WITHDRAWAL AS A CONDEMNATION OF ALL ADVERTISER/PRODUCT
TIEINS HOWEVER IT'S THE CATEGORY YOU'RE ATTEMPTING TO LICENSE THAT
COUNTS HE SAYS WITH CEREALS MERCHANTS DON'T LIKE TO RUN A BUSINESS WITH
PRODUCTS THAT AREN'T GOING TO BE MADE FOR LONG AND YOUR COMPETITION IS
MAKING PRODUCTS THAT ARE GOING TO BE AROUND FOR A LONG TIME LOOK AT RICE
KRISPIES AND CORN FLAKES

RAND MARLIS PRESIDENT OF CREATIVE LICENSING CORP WHICH LICENSED THE
ADDAMS FAMILY TO RALSTON PURINA HAS A SIMPLE REASON FOR THE BUST WE
THOUGHT THOSE TIEINS WERE A GOOD IDEA RALSTON THOUGHT THEY WERE A GOOD
IDEA HE SAYS BUT THE PUBLIC DIDN'T THINK IT WAS A GOOD IDEA

TOO BAD CONTINUES MR MARLIS HE HAS OTHER LICENSING POSSIBILITIES FOR
KIDS' CEREAL THAT MAY NOW NEVER MAKE IT TO THE SUPERMARKET SUCH AS A
PRODUCT BASED ON THE CBS SERIES RESCUE 911 SAFETY TIPS HE SAYS COULD
BE INCLUDED ON THE BOX

LEO BURNETT CO CHICAGO SAID IT DISMISSED 52 EMPLOYEES OR 22 OF ITS
WORK FORCE MARKING THE FIRST TIME IN A DECADE THAT THE BIG CLOSELY HELD
AGENCY HAS CUT BACK STAFF THE AGENCY ATTRIBUTED THE MOVE TO REDUCTIONS IN
ITS CLIENTS' AD SPENDING

A BURNETT SPOKESMAN SAID THE DISMISSALS AFFECTED JUNIOR AND SENIOR
STAFFERS IN ALL DEPARTMENTS BUT DIDN'T AFFECT EXECUTIVE MANAGEMENT
DECLINING TO ELABORATE HE SAID THE DISMISSALS WEREN'T RELATED TO BURNETT'S
UNSUCCESSFUL ATTEMPT AT SNARING THE 25 MILLION HYATT CORP ACCOUNT

THE AGENCY AFTER THE DISMISSALS EMPLOYS 2241 PEOPLE AND HAS 33 CLIENTS
THE SPOKESMAN SAID BURNETT REMAINS THE LARGEST AGENCY EMPLOYER IN THE
INDUSTRY

ESTEE LAUDER INC SAID IT HAS PLANS TO PRODUCE AN INFOMERCIAL TO SELL ITS
ORIGINS COSMETICS ON TELEVISION DIRECTLY TO CONSUMERS

WILLIAM P LAUDER VICE PRESIDENT AND GENERAL MANAGER OF LAUDER'S ORIGINS
NATURAL RESOURCES SUBSIDIARY SAID WILLIAMS TELEVISION TIME SANTA MONICA
CALIF WOULD PRODUCE THE INFOMERCIAL THE COMPANY IS CONSIDERING USING A
CELEBRITY ENDORSER HE SAID

ORIGINS WHICH IS SAID TO BE BASED ON NATURAL INGREDIENTS WITH NO ANIMAL
TESTING IS AIMING TO TEST A VERSION OF THE INFOMERCIAL THIS FALL IN FOUR OR
FIVE MARKETS INCLUDING SOME PLACES WHERE THE LINE ALSO IS AVAILABLE AT
RETAIL TO SEE HOW IT WILL AFFECT INSTORE SALES A NATIONAL ROLLOUT HAS
BEEN TENTATIVELY SET FOR EARLY 1994 HE SAID

WHO'S NEWS TED SANN 48 YEARS OLD ONE OF TWO VICE CHAIRMEN AND EXECUTIVE
CREATIVE DIRECTORS AT THE NEW YORK FLAGSHIP OFFICE OF OMNICOM GROUP'S BBDO
WAS NAMED CHIEF CREATIVE OFFICER THERE CHARLES MIESMER 50 THE AGENCY'S
OTHER EXECUTIVE CREATIVE DIRECTOR WAS NAMED SENIOR EXECUTIVE CREATIVE
DIRECTOR PHIL DUSENBERRY 57 CHAIRMAN AND CHIEF EXECUTIVE OF BBDO'S NEW
YORK OPERATIONS SAID THE MOVE WAS MEANT TO RECOGNIZE MR SANN AS THE ONE
TO REPRESENT THE FUTURE OF THIS CREATIVE DEPARTMENT

ACCOUNT THE AMERICAN EGG BOARD WHICH REPRESENTS EGG PRODUCERS TAPPED GREY
ADVERTISING NEW YORK FOR ITS 5 MILLION ACCOUNT PREVIOUSLY HANDLED BY THE
CHICAGO OFFICE OF SAATCHI & SAATCHI CO PLC'S CME KHBB CREATOR OF THE
INCREDIBLE EDIBLE EGG SLOGAN CONTENDERS IN THE REVIEW INCLUDED THE
INCUMBENT JORDAN MCGRATH CASE & TAYLOR NEW YORK DAVIS BALL &
COLOMBATTO LOS ANGELES AND THE CHICAGO OFFICES OF AYER AND
CRAMER/KRASSELT

DIRECT SALES VENTURE CAPITAL CITIES/ABC'S VIDEO ENTERPRISES UNIT AND
FINGERHUT COS MINNEAPOLIS SAID THEY HAVE AGREED TO SELL CUSTOMIZED
MERCHANDISE VIA SHORTFORM DIRECT RESPONSE COMMERCIALS OVER CAPITAL CITIES'
MEDIA PROPERTIES INCLUDING ITS CABLE CHANNELS RADIO NETWORKS AND
NETWORKOWNED TELEVISION STATIONS THE SPOTS COULD EVEN RUN ON THE ABC
NETWORK ITSELF FINGERHUT WILL CREATE THE SPOTS AND FILL THE ORDERS CAPITAL
CITIES HANDLES THE MEDIA PART OF THE VENTURE 9305170167 930517
INVESTMENTS BY ASIAN NEIGHBORS MAKE CHINA A COMPETITOR AND A CONSUMER 
 BY LAURENCE ZUCKERMAN STAFF REPORTER OF THE WALL STREET JOURNAL

HONG KONG ASIAN INVESTMENT IS FUELING CHINA'S BREATHTAKING ECONOMIC
TRANSFORMATION SO WHAT IS CHINA DOING FOR ASIA IN RETURN THE ANSWER IS A
LOT

AS THE REST OF THE WORLD REMAINS MIRED IN AN ECONOMIC MALAISE OF SLOW OR
NEGATIVE GROWTH CHINA'S RECORDBREAKING EXPANSION HAS QUICKLY BECOME A
MAJOR ENGINE OF THE REGIONAL ECONOMY HELPING SUSTAIN AN ANNUAL AVERAGE
GROWTH RATE EXCLUDING JAPAN OF 7 IN THE FACE OF AN OVERALL WORLD
INCREASE OF ONLY 05

THE STORY IS THAT CHINA'S GROWTH AND HUNGER FOR IMPORTS ARE NOW MAKING A
SIGNIFICANT IMPACT ON THE EXPORTS OF THE REGION SAYS AJAY KAPUR A SENIOR
ECONOMIST AT PEREGRINE BROKERAGE LTD IN HONG KONG

AND THAT IMPACT IS LIKELY TO GROW A RECENT WORLD BANK REPORT CONCLUDED THAT
CHINA HONG KONG AND TAIWAN AN AREA SOMETIMES REFERRED TO AS GREATER
CHINA HAD BECOME THE WORLD'S FOURTH GROWTH POLE AFTER EUROPE NORTH
AMERICA AND JAPAN GREATER CHINA ALREADY IMPORTS TWOTHIRDS AS MUCH AS JAPAN
DOES THE REPORT SAYS AND WILL SURPASS IT BY THE YEAR 2002 IF GROWTH
CONTINUES AT THE PRESENT RATE EVEN THEN HOWEVER CHINA WILL STILL BE AT AN
EARLY STAGE OF DEVELOPMENT ACCORDING TO THE WASHINGTONBASED DEVELOPMENT
BANK MEANING THAT GREATER CHINA COULD POTENTIALLY SUSTAIN A LEADERSHIP
ROLE IN GROWTH FOR A VERY LONG TIME

CHINA'S POTENTIAL AS A GLOBAL ECONOMIC BEHEMOTH IS BEST ILLUSTRATED BY THE
EFFECT IT ALREADY IS HAVING ON ITS NEIGHBORS ESPECIALLY THE SOCALLED FOUR
DRAGONS HONG KONG SINGAPORE SOUTH KOREA AND TAIWAN

FOLLOWING THE ESTABLISHMENT OF CHINA'S OPENDOOR POLICY IN THE LATE 1970S
THE FORCES OF CHANGE WERE FELT FIRST IN HONG KONG DRIVEN BY RISING COSTS
THE BRITISH COLONY'S INDUSTRIALISTS TOOK ADVANTAGE OF CHINA'S CHEAP LAND AND
LABOR AND BEGAN TRANSFERRING PRODUCTION ACROSS THE BORDER HONG KONG
MANUFACTURERS NOW EMPLOY AN ESTIMATED FOUR MILLION WORKERS IN NEIGHBORING
GUANGDONG PROVINCE AND THE MAINLAND HAS BECOME THE COLONY'S LARGEST TRADING
PARTNER SURPASSING THE US

BY THE END OF THE 1980S AFTER TAIWAN'S NATIONALIST GOVERNMENT EASED
RESTRICTIONS ON MAINLAND INVESTMENT THE ISLAND'S BUSINESSES SUFFERING THE
SAME COST PRESSURES AS THEIR HONG KONG COUNTERPARTS ALSO BEGAN TO INVEST IN
CHINA SINCE 1987 MORE THAN 8000 TAIWANESE BUSINESSES HAVE INVESTED AN
ESTIMATED TOTAL OF MORE THAN 10 BILLION ON THE MAINLAND

SINGAPORE TOO HAD BEEN RELUCTANT TO INVEST IN CHINA THROUGH MOST OF THE
1980S FOCUSING INSTEAD ON ITS NEIGHBORS MALAYSIA AND INDONESIA BUT SINCE
FORMAL DIPLOMATIC RELATIONS WITH BEIJING WERE ESTABLISHED IN OCTOBER 1990
THE ECONOMIC RELATIONSHIP HAS GATHERED PACE SINGAPORE'S INVESTMENT IN CHINA
MORE THAN DOUBLED IN 1992 REACHING A TOTAL OF 19 BILLION ACCORDING TO
CHINESE GOVERNMENT FIGURES SINGAPORE LEADERS ARE NOW ACTIVELY ENCOURAGING
THE COUNTRY'S LARGE STATEOWNED COMPANIES TO LOOK AT CHINA IN FACT THIS
WEEK LEE KUAN YEW THE ISLAND'S ELDER STATESMAN IS LEADING A CONTINGENT OF
BUSINESS EXECUTIVES TO SIZE UP INVESTMENTS ON THE MAINLAND

NOW SOUTH KOREA IS GETTING INTO THE ACT FORMAL DIPLOMATIC RELATIONS BETWEEN
SEOUL AND BEIJING WERE ESTABLISHED ONLY LAST AUGUST BUT SOUTH KOREA
ACCOUNTED FOR MORE THAN 9 OF CHINA'S FOREIGN DIRECT INVESTMENT IN 1992 AND
WILL EASILY FURNISH MORE THAN 14 IN 1993 ACCORDING TO KEITH FERGUSON
REGIONAL ECONOMIST AT WI CARR FAR EAST LTD

THESE INVESTMENTS HAVE HASTENED THE DECLINE OF THE DRAGONS' COMPETITIVENESS
IN SUCH TRADITIONAL LABORINTENSIVE INDUSTRIES AS GARMENTS FOOTWEAR AND
TOYS BUT THE BLOW HAS BEEN SOFTENED BY THE RESULTING SURGE IN CHINA'S
DEMAND FOR THEIR OTHER EXPORTS LAST YEAR FOR EXAMPLE SOUTH KOREAN EXPORTS
TO CHINA INCREASED 895 WHILE SHIPMENTS TO THE US JAPAN AND EUROPE
DECLINED 25 61 AND 51 RESPECTIVELY SINCE 1989 CHINA'S SHARE OF
KOREAN EXPORTS HAS MORE THAN DOUBLED TO 59 FROM 23

BEFORE 1980 THE MOST IMPORTANT MARKET TO TAIWAN WAS AMERICA BUT FOR THE
1990S WE KNOW THE MOST CRITICAL FACTOR IN THE SUCCESS OF TAIWAN'S ECONOMY IS
THE MAINLAND SAID YENSHIANG SHIH DIRECTORGENERAL OF TAIWAN'S MEDIUM AND
SMALL BUSINESS ADMINISTRATION IN A RECENT INTERVIEW

AND AS THE CHINA BOOM ROLLS ON THE NUMBERS KEEP CLIMBING TAIWAN'S EXPORTS
TO CHINA WERE UP 37 IN THE FIRST TWO MONTHS OF 1993 FROM THE YEAREARLIER
PERIOD WHILE SOUTH KOREA'S JUMPED 161 IN THE FIRST THREE MONTHS OF THIS
YEAR

SEOUL'S TOTAL EXPORT GROWTH IN THE SAME PERIOD WAS 75 STRIPPING OUT
CHINA'S CONTRIBUTION THE FIGURE DROPPED TO 37 ESSENTIALLY HALF OF
KOREA'S EXPORT GROWTH WAS ACCOUNTED FOR BY CHINA SAYS PEREGRINE'S MR
KAPUR

CHINA'S ROLE IS EVEN MORE SIGNIFICANT AS THE DRAGONS SHIFT TO
MORESOPHISTICATED PRODUCTS WHILE THE DRAGONS FACE DWINDLING DEMAND FOR
LOWWAGE LABORINTENSIVE EXPORTS THEY ALSO ARE FACING STIFF COMPETITION
FROM JAPAN THE US AND EUROPE AS THEY MOVE TOWARD HIGHERVALUE
CAPITALINTENSIVE EXPORTS SUCH AS CONSUMER ELECTRONICS COMPUTERS AND
ROBOTICS BUT CHINA HAS PROVED TO BE A STRONG MARKET FOR INTERMEDIATE GOODS
AND HIGHERVALUE CAPITAL GOODS SUCH AS SYNTHETIC FIBER STEEL PLASTICS
ELECTRONICS PETROCHEMICALS AND MACHINERY

KOREAN STEEL EXPORTS TO CHINA INCREASED MORE THAN FIVEFOLD LAST YEAR SCRAP
METAL IS NOW BEING SHIPPED FROM NORTHEAST CHINA TO THE KOREAN PENINSULA TO
BE TRANSFORMED INTO FINISHED STEEL TO FEED THE MAINLAND'S HUNGRY
CONSTRUCTION INDUSTRY IN 1992 KOREA EXPORTED 615 AUTOMOBILES TO CHINA SO
FAR 1365 CARS HAVE BEEN SOLD IN THE FIRST TWO MONTHS OF 1993 ALONE

THIS IS THE OLD STORY ACTUALLY COMING OUT IN THE NUMBERS OLD EXPORTS ARE
DECLINING AND NEW HIGHERVALUE EXPORTS ARE INCREASING MR KAPUR SAYS

AS FAST AS CHINA DEVELOPS ITS COMPETITIVE LOWCOST MANUFACTURING STEALING
MARKET SHARE FROM THE DRAGONS ITS IMPORT DEMAND IS GIVING THE DRAGONS
BREATHING ROOM TO UPGRADE OTHER INDUSTRIES FOR EXAMPLE TAIWAN'S
MACHINETOOL EXPORTS CLIMBED 6 LAST YEAR TO MORE THAN 660 MILLION EVEN
THOUGH SALES TO JAPAN DROPPED 42 WITHOUT A 117 INCREASE IN EXPORTS TO
CHINA TOTAL SALES WOULD HAVE DECLINED 9 THE DIFFERENCE PROVIDES THE
TAIWAN INDUSTRY WITH RESOURCES TO IMPROVE TECHNOLOGY AND PRODUCTIVITY TO
POSITION ITSELF TO COMPETE WITH THE US JAPAN AND EUROPE

BUT HOW LONG CAN THE BOOM LAST MANY ECONOMISTS WARN THAT A SLOWDOWN IN THE
MAINLAND ECONOMY IS ON ITS WAY YOU CANNOT SUSTAIN 12 OR 13 GROWTH RATES
FOREVER SAYS SANJOY CHOWDHURY CHIEF ECONOMIST ASIANPACIFIC AT MERRILL
LYNCH & CO THE BEST OF THE CYCLE IF YOU WILL IS OVER

MR CHOWDHURY AND OTHER ECONOMISTS PREDICT THAT CHINA'S IMPORT DEMAND WILL
CONTINUE THROUGH THE YEAR BUT BEGIN TO TRAIL OFF IN 1994 BUT THAT MAY NOT
NECESSARILY SPELL DISASTER FOR THE REGION'S GROWTH RATE BY THEN RECOVERY
IN JAPAN AND EUROPE MAY BE IN FULL SWING CREATING NEW DEMAND FOR THE
REGION'S EXPORTS

IN ADDITION A SHARP SLOWDOWN IN CHINA WOULD LIKELY DIVERT INVESTMENT BACK
TO SOUTHEAST ASIA WHICH HAS BEEN CONSOLIDATING THE HEAVY INVESTMENT IT
RECEIVED IN THE LATE 1980S AND EARLY '90S WHEN THE WORLD TURNED AWAY FROM
CHINA IN THE AFTERMATH OF THE CRACKDOWN ON PROTESTERS IN TIANANMEN SQUARE
FLUSH WITH MONEY COUNTRIES SUCH AS THAILAND MALAYSIA AND INDONESIA NOW ARE
WORKING TO EXPAND THEIR OVERSTRESSED INFRASTRUCTURES WHICH SHOULD MAKE THEM
MORE DESIRABLE TARGETS OF RENEWED INVESTMENT

TWO OR THREE YEARS FROM NOW WHEN THOSE PROJECTS ARE FINISHED AND CHINA
CANNOT HANDLE ANY MORE GROWTH INVESTORS WILL SHIFT BACK SAYS FRIEDRICH
WU VICE PRESIDENT AND HEAD OF ECONOMIC RESEARCH AT THE DEVELOPMENT BANK OF
SINGAPORE

ASSUMING THAT MUCH OF THAT INVESTMENT AGAIN WILL BE FROM THE DRAGONS
SOUTHEAST ASIA WILL LIKELY BE ABSORBING AN INCREASED PORTION OF THOSE
COUNTRY'S EXPORTS THAT WILL BE WELCOME RELIEF FOR BUSINESSES THAT WILL HAVE
BY THEN SEEN CHINA'S FURIOUS APPETITE FOR THEIR PRODUCTS FADE 9305170166
930517 CORRECTION

AN ARTICLE ON CHILD ABUSE KELLY MICHAELS'S OWELLIAN ORDEAL EDITORIAL
PAGE APRIL 15 REFERRED TO A QUOTE BY CATHERINE COMINS FORMER ASSISTANT
DEAN OF STUDENT LIFE AT VASSAR COLLEGE ON FALSE ACCUSATIONS OF RAPE IT WAS
PUBLISHED IN TIME MAGAZINE IN 1991 THOUGH DEAN COMINS LATER SAID HER
REMARKS WERE MISINTERPRETED 9305170165 930517 WHO'S NEWS OXBORO
MEDICAL INTERNATIONAL INC

OXBORO MEDICAL INTERNATIONAL INC MINNEAPOLIS LARRY RASMUSSEN 49 YEARS
OLD A BUSINESS CONSULTANT WAS NAMED CHAIRMAN A NEW POSITION AND CHIEF
FINANCIAL OFFICER SUCCEEDING HARLEY HAASE 46 WHO REMAINS PRESIDENT OF
THIS MEDICAL DEVICES DEVELOPER 9305170164 930517 WASTE MANAGEMENT NEW
NAME

OAK BROOK ILL WASTE MANAGEMENT INC SHAREHOLDERS APPROVED CHANGING THE
NAME OF THIS TRASH HAULING RECYCLING AND ENVIRONMENTAL SERVICES CONCERN TO
WMX TECHNOLOGIES INC

THE COMPANY'S NORTH AMERICAN SOLIDWASTE OPERATIONS WILL RETAIN THE NAME
WASTE MANAGEMENT INC 9305170163 930517 MARKETING & MEDIA NBC TO
REPLACE 40 OF FALL LINEUP IN QUEST FOR PRIMETIME LEADERSHIP  BY
ELIZABETH JENSEN STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK THE NBC NETWORK THIRD PLACE IN PRIME TIME AND SCRAMBLING FOR A
FIX WILL ADD 11 NEW SHOWS TO REPLACE ALMOST 40 OF ITS LINEUP NEXT FALL
CANCELING CRITICALLY PRAISED QUALITY DRAMAS IN FAVOR OF DECIDEDLY
MAINSTREAM FARE

NBC WILL PRESENT THE SCHEDULE TO ADVERTISERS TODAY BUT JUST AS IMPORTANT
WILL BE THE REACTION OF NBC'S AFFILIATE STATIONS WHICH BEGAN THEIR ANNUAL
MEETING IN ORLANDO FLA LAST NIGHT THE NETWORK BRASS IS MAKING AN ALLOUT
EFFORT WITH THE AFFILIATES FOLLOWING A PARTICULARLY DIFFICULT YEAR IN WHICH
NBC FELL TO THIRD PLACE IN PRIME TIME LOST DAVID LETTERMAN TO CBS AND
SUFFERED A MAJOR NEWSDIVISION SCANDAL WITH RIGGED FOOTAGE ON DATELINE
NBC

NBC'S 8 1/2 HOURS OF NEW PROGRAMMINGSEVEN COMEDIES TWO DRAMAS ONE WEEKLY
MOVIE AND A NEW NEWSMAGAZINEWILL LEAVE ONLY ONE NIGHTLY LINEUP UNCHANGED
MONDAYS FRIDAYS WERE COMPLETELY OVERHAULED WITH A NEW HIGH SCHOOL JOCK
DRAMA AGAINST THE GRAIN AND A MYSTERY MOVIE TWO OF THREE HOURS ON
TUESDAY WERE CHANGED WITH THE ADDITION OF FOUR SITCOMS INCLUDING SAVED BY
THE BELL THE COLLEGE YEARS A SPINOFF OF AN NBC SATURDAY MORNING SHOW FOR
TEENS

THE GENERAL ELECTRIC CO UNIT WHOSE PRIMETIME RATINGS FELL 10 THIS SEASON
TO AN AVERAGE 11 OF THE NATION'S 931 MILLION HOUSEHOLDS IS CLEARLY
BANKING ON RECOGNIZABLE MAINSTREAM TV STARS TO BOOST ITS FORTUNES NEXT YEAR
GONE ARE MUCHPRAISED BUT LOWRATED DRAMAS I'LL FLY AWAY AND REASONABLE
DOUBTS AS WELL AS SECRET SERVICE NBC ALSO SUSPENDED THE HEAVILY TOUTED
HOMICIDE FROM DIRECTOR BARRY LEVINSON RESERVING IT AS A POSSIBLE
MIDSEASON SHOW

IN THEIR PLACE NBC HAS TURNED TO THE LIKES OF FORMER LAVERNE AND SHIRLEY
STAR CINDY WILLIAMS FORMER NIGHT COURT STAR JOHN LARROQUETTE AMERICAN
SWEETHEART VALERIE BERTINELLI AND THE SHRINK FROM CHEERS FRASIER IS
THE OFFICIAL CHEERS SPINOFF BUILT AROUND KELSEY GRAMMER WHO PLAYED
FRASIER ON THE SHOW NBC ALSO PICKED UP GETTING BY A SITCOM STARRING
CINDY WILLIAMS AND TELMA HOPKINS AFTER ABC DROPPED IT LAST WEEK WHEN THE
SHOW'S PRODUCERS RESISTED A MOVE TO SATURDAYS

IN ONE OF THE MORE UNUSUAL MOVES NBC SWITCHED MAD ABOUT YOU A HIP ADULT
SITCOM ABOUT TWO NEWLYWEDS WHICH GARNERED FAIRLY STRONG RATINGS IN ITS
FIRST YEAR THIS SEASON TO THE CHILDRENORIENTED SLOT OF 8 PM ON
THURSDAYS

POTENTIALLY THE STRONGEST NEW SHOW A SUBMARINE/STAR TREK HYBRID CALLED
SEAQUEST DSV FROM DIRECTOR STEVEN SPIELBERG GOT THE PLUM 8 PM SUNDAY
SLOT THAT WILL ALSO BE HIGHLY COMPETITIVE NEXT SEASON ABC PUT ITS NEW LOIS
& CLARK THE NEW ADVENTURES OF SUPERMAN THERE AND CBS IS EXPECTED TO KEEP
THE STRONG MURDER SHE WROTE IN PLACE AS WELL

AT THE AFFILIATES' GATHERING THIS WEEK GENERAL ELECTRIC CHAIRMAN JOHN F
WELCH ADDRESSED THE STATION EXECUTIVES FOR THE FIRST TIME IN THE SEVEN YEARS
THE COMPANY HAS OWNED THE NETWORK IN A BID TO ALLAY CONTINUING AFFILIATE
CONCERNS

MR WELCH THANKED THE AFFILIATES FOR HANGING WITH US IN THESE TOUGH TIMES
AND TOLD THEM THAT THE NETWORK IS ON ITS WAY BACK AND GE IS COMMITTED TO
MAKING NBC NO 1

OUR FUTURE IS INEXTRICABLY TIED TO THE NETWORK AND WE WANT TO BE SURE GE
IS COMMITTED TO ITS FUTURE SAYS TONY VINCIQUERRA VICE PRESIDENTGENERAL
MANAGER OF KYWTV IN PHILADELPHIA

NBC PRESIDENT ROBERT WRIGHT ARGUES THAT THE NETWORK HAS DONE A COMPLETE
TURNAROUND IN RECENT WEEKS HIRING NEW EXECUTIVES TO OVERSEE PRIME TIME AND
NEWS AND LOCKING IN FUTURE NATIONAL BASKETBALL ASSOCIATION RIGHTS IN A
CREATIVE DEAL

WE HAVE AN AWFUL LOT OF MOMENTUM HERE THAT MAKES US FEEL PRETTY
COMFORTABLE MR WRIGHT SAID

BUT AFFILIATES WHILE GENERALLY POSITIVE ABOUT RECENT CHANGES ARE TAKING
MORE OF A WAITANDSEE ATTITUDE WHILE NBC HAS MADE A NUMBER OF RIGHT MOVES
SAID AFFILIATE BOARD CHAIRMAN JIM WATERBURY GENERAL MANAGER OF KWWLTV IN
WATERLOO IOWA WE'RE STILL SITTING LAST OF THE THREE MAJOR NETWORKS IN THE
RATINGS RACE WE HAVE NOTHING MORE THAN A FEW BRIGHT PROMISES IN DAYTIME
AND LATENIGHT IS VERY MUCH A CONCERN WITH THE NEW UNKNOWN CONAN O'BRIEN
TAKING OVER FOR MR LETTERMAN 9305170162 930517 OTC FOCUS PENTAIR
AFTER SWITCHING BUSINESSES IS OFTEN IGNORED BUT FINDS SOME FANS  
BY SARA CALIAN STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK PENTAIR IS AN OBSCURE COMPANY THAT BEGAN LIFE MAKING RESEARCH
BALLOONS SWITCHED INTO THE PAPER BUSINESS AND EVENTUALLY WOUND UP MAINLY IN
INDUSTRIAL MANUFACTURING

WALL STREET TENDS TO DISMISS SUCH STOCKS AS UNDECIPHERABLE GRAB BAGS BUT IN
TODAY'S HIGHPRICED STOCK MARKET PENTAIR IS JUST THE KIND OF OVERLOOKED
STOCK SOME SMART INVESTORS ARE BUYING

IT'S NOT SEXY ENOUGH FOR THE GROWTH GUYSSAYS ROBERT D'ALELIO A
SMALLCOMPANY MANAGER WITH PUTNAM INVESTMENTS IN BOSTON WHO RECENTLY BOUGHT
SOME SHARES IT'S A STOCK THAT CAN BE MISSED EVEN THOUGH IT HAS A
LONGTERM TRACK RECORD

MOST WALL STREET ANALYSTS SEE THE ST PAUL MINN CONCERN ONLY AS A PAPER
BUSINESS THE COMPANY GOT INTO PAPER IN 1968 AFTER JUST TWO YEARS IN
TECHNICAL BALLOONS A BUSINESS THAT DEFLATED BUT TODAY MORE THAN HALF OF
THE COMPANY'S EARNINGS COME FROM ITS SEVEN INDUSTRIAL SUBSIDIARIES ACQUIRED
IN THE 1980S

THE STOCK CLOSED AT 49 3/4 FRIDAY AROUND 14 TIMES INVESTORS' EARNINGS
ESTIMATES OF 355 FOR THIS YEAR LAST YEAR PENTAIR EARNED 305 A SHARE TO
SOME ANALYSTS THE CURRENT TRADING MULTIPLE MIGHT LOOK TOO CLOSE TO THE
COMPANY'S ANNUAL EARNINGS GROWTH RATE OF 16 BUT THE GROWTH POTENTIAL
JUSTIFIES AN EVEN HIGHER PRICE SOME INVESTORS SAY

IT WAS FOLLOWED A LONG TIME BY PAPER ANALYSTS AND NOW NOT MANY PEOPLE WANT
TO TAKE THE TIME TO UNDERSTAND THE COMPANY SAYS CHARLES WEBSTER AN
INDUSTRIAL ANALYST WITH PIPER JAFFRAY IN MINNEAPOLIS IT'S TOUGH TO FIGURE
OUT IT'S IN TRANSITION FROM A PAPER BUSINESS TO SEVERAL LITTLE INDUSTRIAL
BUSINESSES THAT WILL MAKE PENTAIR INTO A BIG COMPANY ON THE
OPERATINGINCOME LEVEL PENTAIR'S EARNINGS ON THE INDUSTRIAL SIDE ARE
GROWING AT A 16 YEARLY LEVEL

MR WEBSTER SAYS THE OPERATING EARNINGS FOR THE COMPANY'S TWO INDUSTRIAL
SEGMENTS INCREASED MORE THAN 32 IN THE FIRST QUARTER IN CONTRAST
OPERATING EARNINGS FOR THE PAPER LINES INCLUDING RECYCLED PAPER DROPPED
NEARLY 40 PENTAIR POSTED FIRSTQUARTER EARNINGS OF 68 CENTS A SHARE UP
FROM 59 CENTS A YEAR EARLIER BEFORE AN ACCOUNTING ADJUSTMENT

SAYS MR WEBSTER IF YOU DON'T REALIZE THE GROWTH IN THE INDUSTRIAL SIDE
YOU WILL MISS THE STORY

PENTAIR'S SPECIALTY PRODUCTS AREA CONSISTS OF THREE CONCERNS THAT
MANUFACTURE ELECTRIC POWER TOOLS WOODWORKING MACHINERY AND WELL WATER
PUMPS ITS FOUR INDUSTRIAL SUBSIDIARIES MAKE AMMUNITION PARTS VEHICLE
SERVICE EQUIPMENT AND LUBRICATING SYSTEMS

MR D'ALELIO SAYS THE SPECIALTY PRODUCTS AND GENERAL INDUSTRIAL DIVISIONS
REAPED ABOUT 76 MILLION IN OPERATING EARNINGS WHILE THE PAPER SIDE BROUGHT
IN ONLY 32 MILLION IN 1992

THE CONSISTENT GROWTH OF ITS INDUSTRIAL BUSINESS IS MASKED BY THE
CYCLICALITY OF THE PAPER BUSINESS WHICH HAS BEEN PRETTY WEAK THE LAST
COUPLE OF YEARS HE SAYS BUT THE PAPER BUSINESSES COULD BE THE KEY TO AN
EVEN HIGHER SURGE IN EARNINGS

THERE ARE A NUMBER OF WAYS TO WIN WITH THIS STOCK SAYS MR D'ALELIO THE
PAPER BUSINESS COULD REMAIN FLAT AND THE NONPAPER BUSINESS COULD HAVE AN
ABOVEAVERAGE GROWTH RATE IT COULD GET THE CYCLICAL LEVERAGE INHERENT IN THE
PAPER BUSINESS AND ADD TO ITS BOTTOM LINE OR IN CONJUNCTION WITH RISING
PAPER PRICES THE COMPANY COULD GET OUT OF THE PAPER BUSINESS BY SELLING IT

ANTHONY AVENI A MONEY MANAGER WITH SOCIETY ASSET MANAGEMENT IN CLEVELAND
SAYS PENTAIR'S EARNINGS COULD RECEIVE AN EXTRA 150ASHARE KICK IN THE
NEXT TWO TO THREE YEARS DEPENDING ON PAPER PRICES YOU DON'T KNOW WHEN THE
EXTRA LIFT IN EARNINGS WILL COME BUT THIS HAS BEEN THE WORST PAPER
RECESSION IN YEARS AND IT'S GOING TO BOUNCE BACK SOON

BULLS ALSO ARE COUNTING ON CONTINUED GROWTH IN THE ECONOMY TO KEEP
PROPELLING THE GAINS IN MANY BASICMATERIAL AND INDUSTRIALTYPE COMPANIES

THE STOCK MARKET IS VERY OVERPRICED IN GENERAL RIGHT NOW AND IT'S GETTING
HARDER AND HARDER TO FIND GOOD VALUE SAYS MR AVENI PENTAIR IS A GOOD
FIND IN THIS ENVIRONMENT

THE OVERTHECOUNTER MARKET HELD ITS GROUND EVEN AS INVESTORS WORRIED ABOUT
INFLATION RISKS

THE NASDAQ COMPOSITE INDEX EDGED UP 073 OR 011 TO 67637 DECLINING
ISSUES OUTNUMBERED ADVANCERS 1347 TO 1286 ON TOTAL VOLUME OF 2292
MILLION SHARES DOWN FROM THURSDAY'S 2625 MILLION

ADAPTEC TUMBLED 3 1/8 TO 20 1/8 PACIFIC GROWTH EQUITIES ANALYST BEN HUSTON
SAID ADAPTEC MIGHT SEE PRICES FALLING FOR ITS SMALL COMPUTER SYSTEM
INTERFACE OR SCSI HOST ADAPTER PRODUCTS BECAUSE OF NEW PRODUCTS AND LOWER
PRICES FROM A COMPETITOR IN THE SEGMENT

SOME INTERESTRATE SENSITIVE STOCKS WERE HIT WASHINGTON MUTUAL SAVINGS BANK
FELL 1 1/2 TO 29 1/2 PEOPLES BANCORP OF WORCESTER DROPPED 1 TO 27 3/4 AND
BSB BANCORP SLID 1 TO 29 3/4 9305170161 930517 NEW YORK CITY DESPITE ITS
APPEAL LOSES MORE PEOPLE THAN IT ATTRACTS  BY DAVE KANSAS STAFF
REPORTER OF THE WALL STREET JOURNAL

NEW YORK THIS CITY CONTINUES TO DRAW PEOPLE SEEKING A BETTER LIFE AND A
NEW CAREER ALTHOUGH NOT AS MANY AS THOSE TRYING TO ESCAPE THE BIG APPLE

A SURVEY BY THE COMMONWEALTH FUND AND THE MANHATTAN INSTITUTE FOUND THAT
AMERICANS MOVING TO NEW YORK CITY WERE MOSTLY SATISFIED WITH LIVING HERE
BUT THE TRADITIONAL QUALITYOFLIFE PROBLEMS CONTINUE TO HURT THE CITY'S
REPUTATION AND MORE PEOPLE LEFT THAN ARRIVED THIS PAST YEAR ACCORDING TO
THE SURVEY 119500 RESIDENTS LEFT NEW YORK IN 1992 AND ONLY 87000 ARRIVED
THE MAYOR'S OFFICE HOWEVER RESPONDING TO THOSE STATISTICS SAID THE CITY'S
POPULATION HAS GROWN BY MORE THAN 500000 IN THE PAST SEVERAL YEARS

THE STUDY SURVEYED 1500 PEOPLE COMING FROM AND GOING TO NEW YORK THE POLL
SOUGHT TO FIND OUT WHY PEOPLE GO OR STAY AND WHETHER OR NOT THEY ARE PLEASED
WITH THEIR DECISION A SPOKESWOMAN FOR THE COMMONWEALTH FUND SAID THE STUDY
WAS ORDERED UP A FEW YEARS BACK WHEN SEVERAL PROBLEMS PLAGUED THE CITY
INCLUDING A TIME MAGAZINE COVER STORY THAT LAMBASTED LIVING IN THE BIG
APPLE

FOR THOSE MOVING TO NEW YORK CITY 61 DID SO FOR JOBRELATED REASONS AND A
LITTLE MORE THAN HALF SAID THE CITY'S CULTURAL AMENITIES ADDED TO THE
ATTRACTION PERHAPS SURPRISINGLY 35 OF THOSE SURVEYED SAID THEY CAME TO
NEW YORK IN ORDER TO HAVE A BETTER LIFE

WHAT A MARVELOUS CONFIRMATION OF WHAT MANY NEW YORKERS INTUITIVELY SENSE
SAID WILLIAM LUERS PRESIDENT OF THE METROPOLITAN MUSEUM OF ART OUR
CULTURAL INSTITUTIONS ARE NOT ONLY A CASH PLUS FOR THE CITY BUT A MAJOR
FACTOR IN ATTRACTING THE BEST AND THE BRIGHTEST TO MOVE HERE

BUT ONCE HERE THE LUSTER OF THE BIG APPLE BEGINS TO FADE OF NEWCOMERS IN
TOWN FOR LESS THAN 12 MONTHS 67 THOUGHT PUBLIC TRANSPORTATION UNRELIABLE
33 HAD THEIR CAR STOLEN OR BROKEN INTO 29 HAD BEEN MUGGED AND 83 FOUND
HOUSING TOO EXPENSIVE

MOST NEWCOMERS 69 LIVE IN MANHATTAN WITH THE REST PRIMARILY IN BROOKLYN
AND QUEENS AND THE TRANSIENT NATURE OF NEW YORK PERMEATES THE INCOMING
RESIDENTS MORE THAN TWOTHIRDS EXPECT TO LEAVE NEW YORK WITHIN THE NEXT
THREE YEARS

OF COURSE THAT DOESN'T ALWAYS HAPPEN SAYS MARY LOU RUSSELL OF THE
COMMONWEALTH FUND PERHAPS A DIFFERENT JOB PANS OUT OR YOU DON'T MARRY THE
PERSON YOU EXPECTED TO MARRY OR YOU GET INTERESTED IN SOMETHING ELSE HERE
PRETTY SOON THE NEXT THREE YEARS HAVE TURNED INTO 10

FOR THOSE LEAVING NEW YORK QUALITY OF LIFE ISSUES DOMINATED MORE THAN HALF
WANTED A BETTER LIFE A BETTER HOME AND A SAFER NEIGHBORHOOD THE DEPARTING
NEW YORKERS EXPRESSED FRUSTRATION WITH POLICE CRIME AND SCHOOLS ONLY 35
OF THOSE ATTACKED OR MUGGED FELT THE POLICE MADE A SERIOUS EFFORT TO CATCH
THEIR ATTACKER MORE THAN HALF OF THE DEPARTEES SAID THEY WERE FEARFUL AT
NIGHT AND ON THE CITY'S SUBWAYS AND BUSES AND 49 OF THOSE LEAVING SAID
THEY OR SOMEONE LIVING WITH THEM HAD BEEN MUGGED OR ATTACKED JUST LESS THAN
HALF OF THOSE LEAVING SAID THEY WANTED TO FIND A BETTER PUBLIC SCHOOL
SYSTEM

THE QUALITY OF LIFE ISSUES ARE THINGS WE ARE CERTAINLY ADDRESSING A
SPOKESWOMAN FOR MAYOR DAVID DINKINS SAID OUR COMMUNITY POLICING PROGRAM
HAS HELPED REDUCE CRIME BY ABOUT 13 IN THE PAST YEAR ONE OF HIS MAYOR
DINKINS'S PRIORITIES IS PUBLIC SAFETY ALSO WE ARE DOING ALL WE CAN TO
SECURE FAIR FUNDING FROM THE STATE IN ORDER TO IMPROVE THE SCHOOLS
9305170160 930517 INTERNATIONAL JAPANESE RETAILERS TOUTING PRICE CUTS 
ON IMPORTS AS BENEFIT OF YEN'S RISE  BY YUMIKO ONO STAFF REPORTER
OF THE WALL STREET JOURNAL

TOKYO HOPING TO GIVE TIGHTFISTED CONSUMERS AN INCENTIVE TO SPEND
JAPANESE RETAILERS ARE SLASHING THE PRICES OF SOME IMPORTED GOODS AND
TOUTING THE BARGAINS AS A WINDFALL FROM THE YEN'S RISING VALUE AGAINST THE
DOLLAR

ISETAN CO A TOKYO DEPARTMENT STORE WITH AN EXTENSIVE FOOD SECTION
RECENTLY HELD A COMPENSATION CAMPAIGN WHERE IT SOLD CALIFORNIA ORANGES AT
500 YEN 447 FOR A BAG OF FIVE A THIRD OF THE STORE'S REGULAR PRICE OF
1500 YEN ISETAN ALSO OFFERED US BEEF NORWEGIAN SALMON AND IMPORTED WINE
AT PRICES AS MUCH AS 30 LOWER THAN USUAL

THAT'S A BIG REDUCTION CONSIDERING THE YEN HAS RISEN 10 AGAINST THE DOLLAR
SINCE THE START OF THIS YEAR NOT 30 RETAILERS ADMIT THAT IT TAKES MONTHS
FOR A CURRENCY FLUCTUATION TO SHOW UP IN THE PRICES THEY PAY FOR FOREIGN
GOODS SO THEY HAVEN'T YET REAPED THE BENEFITS OF THE HIGHER YEN A STRONGER
YEN MAKES OVERSEAS GOODS CHEAPER FOR JAPANESE BUYERS

BUT RETAIL SALES ARE SO GRIM THAT MERCHANTS WILL USE ALMOST ANY PLOY TO LURE
CONSUMERS BACK TO STORES YEARONYEAR DEPARTMENT STORE SALES HAVE DROPPED
FOR 13 CONSECUTIVE MONTHS THE LONGEST SLUMP SINCE 1965 IN MARCH SALES
DROPPED 88 FROM A YEAR AGO

OUR SINGLE GOAL IS TO LOOSEN THE CUSTOMER'S PURSE STRINGS SAYS A
SPOKESMAN FOR ISETAN THE STRONGYEN PROMOTIONS ARE EFFECTIVE HE SAYS
BECAUSE IF PEOPLE KNOW EXACTLY WHY PRODUCTS ARE ON SALE WE TEND TO DO GOOD
BUSINESS

US TRADE OFFICIALS HAVE BEEN EXPRESSING HOPE THAT THE HIGHER YEN WOULD
BOOST SALES OF FOREIGN GOODS FOR ITS PART THE JAPANESE GOVERNMENT SEEMS
EAGER TO PRODUCE STATISTICS SHOWING THAT THE NATION'S MERCHANTS ARE INDEED
PASSING ON LOWER PRICES TO CONSUMERS

IN A RECENT SURVEY NEARLY 70 OF THE 90 RETAILERS WHO RESPONDED SAID THEY
HAVE REDUCED THE PRICES OF SOME IMPORTED PRODUCTS BY 10 TO 20 THE
ECONOMIC PLANNING AGENCY SAID LAST WEEK SIMILARLY THE MINISTRY OF
INTERNATIONAL TRADE AND INDUSTRY RELEASED A REPORT LAST WEEK SAYING THAT
SOME DEPARTMENT STORES HAVE CUT THE PRICES OF AS MANY AS 120 IMPORTED
CLOTHING ITEMS EVEN THOUGH THE CLOTHES IN STORES NOW WERE ORDERED LAST
AUTUMN WHEN THE YEN WASN'T AS STRONG

THE MINISTRY SURVEY UNCOVERED REDUCTIONS ON A VARIETY OF US FOODS AMONG
THEM FLORIDA GRAPEFRUIT 40 OFF TO 88 YEN EACH BROCCOLI 35 OFF TO 98
YEN PER BUSHEL AND BUDWEISER BEER 20 OFF TO 192 YEN FOR A 12OUNCE CAN
THE STUDIES DIDN'T ESTABLISH WHETHER THE PRICES OF IMPORTS HAVE BEGUN
FALLING ACROSS THE BOARD

NEVERTHELESS RETAILERS ARE COMING OUT WITH PROMOTIONS BEARING SUCH TITLES
AS EMERGENCY COMPENSATION SALE ITOYOKADO CO A MAJOR TOKYOBASED
SUPERMARKET CHAIN RECENTLY CUT THE PRICES OF 80 IMPORTED FOOD ITEMS
INCLUDING AUSTRALIAN BEEF AND AMERICAN PORK EVEN IMAGECONSCIOUS DESIGNER
BRANDS SUCH AS GUCCI AND LOUIS VUITTON HAVE TRIMMED THE PRICES OF THEIR
HANDBAGS

STILL RETAILERS ADMIT THAT IT MAY TAKE A WHILE BEFORE CONSUMERS RUSH BACK
TO STORES WITH OPEN WALLETS ONE TOKYO OFFICE WORKER CERTAINLY REMAINS
UNCONVINCED A HIGH YEN OR A LOW YEN THAT DOESN'T MEAN MUCH TO ME SHE
SAYS WHILE BROWSING THROUGH THE SEIBU DEPARTMENT STORE IN THE TONY GINZA
DISTRICT RIGHT NOW I'M NOT GOING TO MAKE ANY SPECIAL PURCHASES
9305170159 930517 BUSINESS BRIEF DATAMETRICS REDUCES SIZE OF STOCK
SWAP IN ACQUISITION OFFER

CHATSWORTH CALIF DATAMETRICS CORP SAID IT SHARPLY LOWERED THE AMOUNT
OF STOCK IT WILL SWAP TO ACQUIRE RUGGED DIGITAL SYSTEMS INC THE LATEST
STEP IN PROTRACTED ACQUISITION NEGOTIATIONS

SEPARATELY DATAMETRICS A MAKER OF COMPUTER PRINTERS AND FACSIMILE
PRODUCTS SAID JOHN W BLACKBURN RESIGNED AS A DIRECTOR THE COMPANY SAID
MR BLACKBURN A VENTURE CAPITALIST WAS LEAVING AS PREFERRED STOCK ISSUED
TO EARLY INVESTORS WAS EXCHANGED FOR COMMON STOCK A SUCCESSOR WASN'T
IMMEDIATELY NAMED

DATAMETRICS SAID IT AGREED TO EXCHANGE 982000 NEW COMMON SHARES FOR THE
COMMON AND PREFERRED STOCK OF CLOSELY HELD RUGGED DIGITAL SYSTEMS IN
JANUARY THE COMPANIES HAD AGREED TO AN EXCHANGE OF ABOUT 16 MILLION
DATAMETRICS SHARES RUGGED DIGITAL A MAKER OF COMPUTERS AND WORKSTATIONS
FOR INDUSTRIAL AND MILITARY USE IS BASED IN SUNNYVALE CALIF

DATAMETRICS SAID THAT THE COMMON STOCK TO BE ISSUED WILL REPRESENT ABOUT
166 OF DATAMETRIC'S COMMON STOCK CURRENTLY OUTSTANDING IN BIG BOARD
TRADING FRIDAY DATAMETRICS CLOSED AT 1625 UNCHANGED

DATAMETRIC SAID IT ALSO WILL CONVERT UP TO 11 MILLION OF RUGGED DIGITAL'S
SUBORDINATED NOTES INTO ABOUT 613000 NEW DATAMETRICS SERIES B PREFERRED
STOCK PREVIOUSLY THE COMPANIES HAD AGREED TO EXCHANGE UP TO 750000 OF THE
SERIES B PREFERRED STOCK

DATAMETRIC SAID IT EXPECTS THE TRANSACTION WHICH IS SUBJECT TO VARIOUS
CONDITIONS TO BE COMPLETED NEXT MONTH 9305170158 930517 LAW DUPONT
CHAIRMAN DENIES WITHHOLDING FUNGICIDE EVIDENCE

COLUMBUS GA DUPONT CO CHAIRMAN AND CHIEF EXECUTIVE OFFICER EDGAR S
WOOLARD JR DENIED DURING A PRETRIAL HEARING THAT THE CHEMICAL COMPANY HAS
INTENTIONALLY WITHHELD EVIDENCE RELATING TO LAWSUITS CLAIMING ITS BENLATE DF
FUNGICIDE HAS CAUSED EXTENSIVE CROP DAMAGE

MR WOOLARD TESTIFYING BEFORE US DISTRICT COURT JUDGE J ROBERT ELLIOTT
HERE SAID THAT WE HAVE SENT A DIRECTIVE TO ALL EMPLOYEES WHO MIGHT IN ANY
WAY BE INVOLVED WITH BENLATE TO COLLECT DOCUMENTS OF ALL KINDS AND TO SUBMIT
THEM IF ANY DOCUMENTS WERE OVERLOOKED IT WAS INADVERTENT HE SAID

ATTORNEYS FOR FOUR PLAINTIFFS SUING THE CHEMICAL COMPANY FOR CROP DAMAGE
ALLEGEDLY CAUSED BY BENLATE MAINTAINED THAT DUPONT REPEATEDLY HAS FAILED TO
PRODUCE CERTAIN DOCUMENTS CONCERNING BENLATE MANY KEY STUDIES AND DOCUMENTS
HAVEN'T BEEN PRODUCED UNTIL THE PLAINTIFFS' ATTORNEYS LEARN ABOUT THEM AND
MAKE A SPECIFIC REQUEST THE ATTORNEYS SAID

WE'VE BEEN PLAYING GOTCHA' WITH THEM FOR MONTHS SAID C NEAL POPE AN
ATTORNEY WITH POPE MCGLAMRY KILPATRICK & MORRISON ATLANTA WHICH
REPRESENTS THE PLAINTIFFS

JUDGE ELLIOTT DIRECTED MR WOOLARD TO APPEAR IN COURT AND EXPLAIN WHY DUPONT
HAD IN HIS OPINION OBSTRUCTED THE PRETRIAL EVIDENCE GATHERING OR
DISCOVERY PROCESS LAST MONTH JUDGE ELLIOTT FINED DUPONT 500000 FOR
OBSTRUCTING THE DISCOVERY PROCESS HE IS EXPECTED TO RULE THIS WEEK ON
WHETHER TO DECREASE OR INCREASE THE FINE BASED ON MR WOOLARD'S TESTIMONY

DUPONT RECALLED ITS WIDELY USED BENLATE DRY FLOWABLE FUNGICIDE IN 1991 AFTER
FARMERS REPORTED THAT IT WAS DAMAGING CROPS DUPONT PAID 500 MILLION IN
DAMAGES TO FARMERS MOSTLY IN FLORIDA WHO SAID THEY HAD USED BENLATE ON
THEIR CROPS AND ORNAMENTAL PLANTS LAST NOVEMBER DUPONT HALTED ALL
PAYMENTS SAYING AN INDEPENDENT TEAM OF SCIENTISTS ASSEMBLED BY DUPONT HAD
DETERMINED THAT BENLATE WASN'T RESPONSIBLE FOR CROP DAMAGE HUNDREDS OF
BENLATE SUITS AGAINST DUPONT ARE PENDING AROUND THE COUNTRY 9305170157
930517 ASEA BROWN BOVERI SAYS PROFIT FELL BY 9 IN THE FIRST QUARTER

ZURICH ABB ASEA BROWN BOVERI AG SAID FIRSTQUARTER EARNINGS AFTER
FINANCIAL ITEMS FELL 9 TO 205 MILLION FROM 225 MILLION A YEAR EARLIER

THE SWISS ELECTRICAL ENGINEERING GROUP SAID INCOME BEFORE TAXES DECLINED 16
TO 187 MILLION FROM 222 MILLION WHILE REVENUES SLIPPED 43 TO 62
BILLION FROM 648 BILLION

ORDERS RECEIVED IN THE FIRST QUARTER EASED 3 TO 755 BILLION FROM 778
BILLION AS OF MARCH 31 THE COMPANY'S ORDER BACKLOG STOOD AT 294 BILLION
UP 11 FROM A YEAR EARLIER

THE COMPANY CITED THE DOWNTURN IN DEMAND IN WESTERN EUROPE PRESSURE ON
PRICES AND REDUCED VOLUMES FOR SEVERAL ABB UNITS IT SAID SIGNS OF AN
ECONOMIC UPTURN IN NORTH AMERICA HAVEN'T FILTERED INTO THE COMPANY'S ORDER
INTAKE YET IN ASIA IT SAID ORDERS ARE RISING AT A GOOD RATE

WITH MARKET CONDITIONS WEAK IN WESTERN EUROPE THE OUTLOOK IS UNCERTAIN
THE COMPANY ADDED BUT IT HELD OUT EXPECTATIONS THAT FOR THE FULL YEAR
EARNINGS AFTER FINANCIAL ITEMS SHOULD BE ABOUT LEVEL WITH THE 111 BILLION
EARNED IN 1992

BBC BROWN BOVERI AG WHICH OWNS 50 OF ABB ASEA BROWN BOVERI SAID ITS
FIRSTQUARTER EARNINGS BEFORE TAXES FELL 97 ASEA AB THE OTHER OWNER OF
ABB ASEA BROWN BOVERI SAID ITS PRETAX PROFIT AFTER FINANCIAL ITEMS ROSE 20
IN THE PERIOD 9305170156 930517 WHO'S NEWS CCOR ELECTRONICS SAYS 
WILLIAM GRAHAM QUIT

STATE COLLEGE PA CCOR ELECTRONICS INC SAID WILLIAM R GRAHAM ITS
PRESIDENT AND CHIEF OPERATING OFFICER RESIGNED EFFECTIVE IMMEDIATELY

MR GRAHAM HAD HELD THE POSTS ONLY SINCE JANUARY THE COMPANY WOULDN'T
ELABORATE ON WHY HE RESIGNED MR GRAHAM COULDN'T BE REACHED FOR COMMENT

RICHARD E PERRY CHAIRMAN AND CHIEF EXECUTIVE OFFICER WILL CONTINUE TO BE
RESPONSIBLE FOR ALL OPERATIONS AND STRATEGIC MATTERS MR PERRY JOINED THE
COMPANY IN JULY 1985 AS PRESIDENT AND CHIEF EXECUTIVE OFFICER AND BECAME
CHAIRMAN IN 1986

CCOR IS A MAKER OF ELECTRONIC EQUIPMENT USED IN CABLE TELEVISION AND DATA
COMMUNICATION SYSTEMS 9305170155 930517 FOREIGN EXCHANGE CURRENCY
DEVALUATIONS LEAVE MARKETS CALM AHEAD OF VOTE ON EUROPEAN UNION  
BY THOMAS D LAURICELLA SPECIAL TO THE WALL STREET JOURNAL

NEW YORK LAST WEEK'S DEVALUATION OF THE SPANISH PESETA AND THE PORTUGUESE
ESCUDO HAS LEFT FOREIGNEXCHANGE MARKETS IN AN UNUSUAL STATE OF CALM AHEAD
OF THE DANISH VOTE TOMORROW ON EUROPEAN MONETARY UNION

WHILE THE EUROPEAN CURRENCY SYSTEM IS STILL WEAKENED AFTER THE PUMMELING IT
TOOK LAST FALL TRADERS AND ANALYSTS SAID THEY BELIEVE THE EXCHANGE RATE
MECHANISM MAY NOW BE IN FOR A PERIOD OF RELATIVE QUIET

THAT'S CLEARLY A POSITIVE FOR THE DOLLAR THEY SAID TYPICALLY THE DOLLAR
TENDS TO DO WORSE WHEN THE ERM IS UNDER EXTREME PRESSURE SAID GEOFFREY
DENNIS INTERNATIONAL ECONOMIST AT JAMES CAPEL & CO

BUT AT THE SAME TIME CURRENCY SPECIALISTS SAID THE GLACIAL PACE AT WHICH
THE GERMAN CENTRAL BANK CONTINUES TO EASE MONETARY POLICY AND NERVOUSNESS
ABOUT THE SUCCESS OF THE CLINTON ADMINISTRATION'S ECONOMIC POLICIES ARE
WORKING AGAINST THE US CURRENCY

HAVING FAILED ALL WEEK TO PIERCE AN IMPORTANT TECHNICAL RESISTANCE LEVEL OF
16200 MARKS THE DOLLAR ENDED LOWER IN NEW YORK TRADING AS FRUSTRATED
PLAYERS SOLD DOLLARS AHEAD OF THE WEEKEND LATE FRIDAY THE DOLLAR WAS
QUOTED AT 16020 MARKS DOWN FROM 16160 MARKS LATE THURSDAY AND AT 11080
YEN DOWN FROM 11188 YEN

ABOUT MIDDAY MONDAY IN TOKYO THE DOLLAR WAS TRADING AT 11095 YEN AND
16047 MARKS

SPAIN'S 8 DEVALUATION OF THE PESETA LAST THURSDAY WHICH WAS ACCOMPANIED BY
A 65 DEVALUATION OF THE PORTUGUESE ESCUDO WAS THE FIFTH REALIGNMENT OF
EUROPEAN CURRENCIES SINCE LAST SEPTEMBER

BUT TRADERS AND ANALYSTS SAID EUROPE'S STRAINED EXCHANGE RATE MECHANISM
SEEMED TO HAVE COME THROUGH WITHOUT A SCRATCH THAT IS IN DEEP CONTRAST TO
THE FEELING OF NEARPANIC THAT HAS ACCOMPANIED SOME OTHER RECENT
DEVALUATIONS

TRADERS SAID THE RELATIVE QUIET OF THE MARKET WAS ESPECIALLY REMARKABLE
AHEAD OF THE VOTE TOMORROW IN DENMARK ON THE MAASTRICHT TREATY ON CLOSER
ECONOMIC UNION AND A SINGLE CURRENCY WHICH HAD MADE THE MARKETS MORE WARY
THAN USUAL OF A DEVALUATION

THERE WAS A FEAR THAT IF THERE WAS A FURTHER DEVALUATION THAT IT COULD
SPARK OFF A RENEWED ROUND OF CURRENCY UNCERTAINTY AROUND THE EUROPEAN
MARKET SAID MICHAEL O'HANLAN SENIOR INTERNATIONAL ECONOMIST AT KIDDER
PEABODY & CO IN LONDON

WHILE THE DEVALUATION ITSELF WASN'T UNEXPECTED THE TIMING WAS MOST MARKET
PARTICIPANTS HADN'T ANTICIPATED ANY ACTION UNTIL AFTER THE SPANISH GENERAL
ELECTIONS ON JUNE 6 AS DEVALUATIONS CAN BE EXPLOSIVE POLITICAL ISSUES

THE FACT THAT THEY WERE WILLING TO STEP FORWARD AND VOLUNTEER FOR
DEVALUATION IN A SENSE IS QUITE REASSURING SAID MR DENNIS OF JAMES CAPEL
WITH ECONOMIC CONDITIONS IN SPAIN HAVING BECOME UNBEARABLE THE SPANISH
SAID ENOUGH WAS ENOUGH' AND WENT FOR THE DEVALUATION HE SAID

IN ADDITION ANALYSTS AND TRADERS WERE ENCOURAGED THAT THE DEVALUATIONS CAME
BEFORE THE STRAINS SPREAD TO OTHER CURRENCIES THEY EXECUTED THE REQUEST
FOR SPAIN'S DEVALUATION BEFORE IT GOT TO THE CRISIS POINT SAID LISA
FINSTROM CURRENCY ANALYST AT LEHMAN BROTHERS INC THE CURRENCY WASN'T
TOTAL CRISIS SO THEY WERE ABLE TO RETAIN CONTROL OF THE REINS

THE DECISION BY THE IBERIAN COUNTRIES TO BITE THE BULLET HAS TO A CERTAIN
EXTENT SOOTHED SOME OF THE FEARS ABOUT THE VIABILITY OF THE ERM THIS
IMPROVES THE OUTLOOK FOR MANY OF THE EUROPEAN CURRENCIES MS FINSTROM
SAID IT TAKES AWAY THE NERVOUSNESS ABOUT THE ERM BLOWING UP

ALBERT SORIA FOREIGNEXCHANGE MANAGER AT KANSALLIS OSAKE PANNKI ADDED THAT
WHILE THE MAASTRICHT TREATY MAY STILL LOOK DEAD THERE ARE POSSIBLE SIGNS
OF RESURRECTION AND A YES' VOTE BY THE DANES WILL CONFIRM THIS

WHILE THE RELATIVE CALM IN THE MARKET MAY BE LARGELY DUE TO THE TIMING OF
THE DECISION ANALYSTS SAID THERE WAS A MAJOR DIFFERENCE IN THE PREVAILING
MARKET CONDITIONS BETWEEN THE PRESENT SITUATION AND WHAT OCCURRED LAST FALL

PARTIALLY IN RESPONSE TO AN UNWILLINGNESS TO STOCK UP ON GERMAN ASSETS
THERE HAS NOT BEEN A FLIGHT INTO MARKS AS A HAVEN PLAYERS SAID THE MARKET
WAS REACTING TO THE GROWING POLITICAL TURMOIL IN GERMANY AS WELL AS THE
COLLAPSE OF ECONOMIC ACTIVITY 9305170154 930517 NEW YORK TAKES SAMURAI'
OFFERING TO JAPAN  BY LYNN K ADLER SPECIAL TO THE WALL STREET
JOURNAL

NEW YORK DESPITE THE DOLLAR'S SHARP DROP RECENTLY AGAINST JAPAN'S
CURRENCY NEW YORK CITY THIS WEEK PLANS ITS FIRST YENDENOMINATED OFFERING
IN JAPAN

THE OFFERING OF SOCALLED SAMURAIYEN BONDS SOLD IN JAPAN BY A NONJAPANESE
BORROWER WILL TOTAL 225 BILLION YEN 205 MILLION IN TAXABLE MUNICIPAL
SECURITIES BONDS WILL BE OFFERED IN FIVE EQUAL PORTIONS OF SIXYEAR THROUGH
10YEAR MATURITIES SAID LEAD UNDERWRITER NIKKO SECURITIES INTERNATIONAL
TOKYO

NEW YORK CITY IS ONLY THE THIRD LOCALGOVERNMENTAL ENTITY IN THE US TO
ISSUE YENDENOMINATED SECURITIES IN JAPAN

JAPANESE BOND DEALERS PREDICT DEMAND WILL BE STRONGEST AMONG SMALLER
INSTITUTIONS SUCH AS LOCAL THRIFTS AND AGRICULTURAL FINANCE INSTITUTIONS
THESE INVESTORS LIKE THE SLIGHTLYHIGHER YIELDS THAN THOSE AVAILABLE ON
JAPANESE GOVERNMENT BONDS MARKET ANALYSTS IN JAPAN SAID

INTEREST AMONG BIGGER INSTITUTIONAL INVESTORS IS SAID TO BE LIGHT
INVESTORS AREN'T SHOWING MUCH INTEREST BECAUSE OF THE SMALL SIZE OF THE
OFFERING SAID A BOND DEALER AT ONE JAPANESE SECURITIES FIRM

AN OFFICIAL IN THE INVESTMENT SECTION AT A LARGE JAPANESE INSURANCE COMPANY
ADDED I'M NOT AWARE OF THE NEW YORK SAMURAI AND WHETHER OR NOT WE WOULD
BUY SOMETHING LIKE THIS DEPENDS ON THE TERMS AND CONDITIONS

THE DOLLAR AT 11080 YEN IN LATE TRADING FRIDAY IN NEW YORK HAS FALLEN
34 AGAINST JAPAN'S CURRENCY SINCE LATE MARCH WHEN IT TRADED AT 11475
YEN IT STOOD AS HIGH AS 12570 YEN 14 MONTHS AGO WHEN NEW YORK CITY FIRST
BEGAN LOOKING AT A SAMURAI

CURRENCY SWINGS CAN ALTER THE COSTS OF SUCH DEBT OFFERINGS ONE REASON IS
THAT WHEN A US ISSUER SELLS NONDOLLAR DEBT ABROAD IT USUALLY ENTERS A
CURRENCY SWAP A COMPLEX ARRANGEMENT IN WHICH BORROWERS AGREE TO EXCHANGE
INTERESTPAYMENT OBLIGATIONS A SWAP COULD GROW MORE EXPENSIVE TO LOCK IN IF
THE DOLLAR WEAKENS MORE

BUT THE DROP IN THE DOLLAR HASN'T ALTERED THE OVERALL ECONOMICS OF THE DEAL
SAYS DARCY BRADBURY NEW YORK CITY DEPUTY COMPTROLLER FOR FINANCE THE
DRIVING FACTOR IS THE  INTEREST RATES BETWEEN THE TWO COUNTRIES SHE
SAYS BENCHMARK JAPANESE 10YEAR GOVERNMENT BONDS THE NO 145 55 ISSUE
DUE 2002 YIELD ABOUT 450 WHILE THE US TREASURY 6 1/4 10YEAR NOTES
YIELD 6

MS BRADBURY SAYS CONSIDERING INTEREST RATES IN JAPAN ON YENDENOMINATED
BONDS FEES AND THE COST OF THE SWAP DOING THIS FLOATINGRATE INSTRUMENT
THERE IS SIGNIFICANTLY MORE ATTRACTIVE THAN A SIMILAR TRANSACTION IN THE
US

THIS TRANSACTION SHOULD SAVE US ANYWHERE FROM 10 TO 25 BASIS POINTS
INCLUDING ALL COSTS AND THE SWAP COMPARED WITH WHAT THE ALLINCOSTS WOULD
BE IF WE TRIED TO DO A SIMILAR LIBORBASED DOLLARDENOMINATED ISSUE SHE
SAYS LIBOR IS THE LONDON INTERBANK OFFERED RATE

NEW YORK CITY'S SAMURAI OFFERING WILL BE COUPLED WITH A LARGER GENERAL
OBLIGATION BOND ISSUE DENOMINATED IN DOLLARS TOGETHER THEY'RE EXPECTED TO
TOTAL 917 MILLION

THE CITY HAS BEEN WORKING ON ITS SAMURAI DEAL FOR 14 MONTHS SAYS MS
BRADBURY DURING THAT TIME THE DOLLAR PLUNGED AND THE YIELD DIFFERENTIALS
WAVERED

AS FOR THE USJAPAN YIELD DIFFERENTIAL LAST SPRING IT LOOKED VERY
ATTRACTIVE OVER THE SUMMER IT WAS A LITTLE LESS ATTRACTIVE BUT IT'S BEEN
LOOKING VERY ATTRACTIVE FOR MORE THAN SIX MONTHS NOW SAYS MS BRADBURY
YOU'D HATE AFTER ALL THAT TIME AND EFFORT TO HAVE IT TURN AGAINST YOU

HERE'S HOW NEW YORK CITY'S DEAL WILL WORK

NEW YORK CITY CREATED SAMURAI FUNDING CORP A SPECIALPURPOSE NONPROFIT
ENTITY SPECIFICALLY TO ISSUE ITS NONDOLLAR DENOMINATED DEBT

SAMURAI FUNDING WILL SELL THE YENDENOMIATED BONDS TO JAPANESE INVESTORS
NEW YORK CITY WILL MAKE FLOATINGRATE INTEREST AND PRINCIPAL PAYMENTS TO
SAMURAI FUNDING WHICH WILL PAY JAPANESE INVESTORS BY USING COUNTERPARTIES
TO SWAP THE CITY'S PAYMENTS INTO FIXEDRATE YEN

FUJI BANK LTD AND LONG TERM CREDIT BANK OF JAPAN ARE THE DESIGNATED
COUNTERPARTIES FOR THIS TRANSACTION

ALTHOUGH THE DOLLAR MIGHT EVENTUALLY RALLY REDUCING THE SWAP COST MS
BRADBURY SAYS WAITING FOR A REBOUND ISN'T ON THE CITY'S AGENDA WE'RE
MAKING A JUDGMENT TODAY THAT IT'S COSTEFFECTIVE RELATIVE TO OUR
ALTERNATIVES SHE SAYS WE DON'T WANT TO BE IN THE BUSINESS OF TAKING
CURRENCY RISK AND WE'RE NOT GOING TO BET ON FUTURE CURRENCY EXCHANGE RATES

PROCEEDS OF THIS FINANCING WILL BE USED FOR HOUSING AND ECONOMIC DEVELOPMENT
PROJECTS THAT DON'T QUALIFY FOR TAXEXEMPT BOND STATUS

BECAUSE NEW YORK CITY IS A FAIRLY FREQUENT ISSUER OF SUCH HYBRID BONDS 
MUNICIPAL SECURITIES THAT AREN'T TAXEXEMPT ANALYSTS SAY IT MAKES SENSE
TO DIVERSIFY THE INVESTOR BASE BY TAPPING INTO THE JAPANESE MARKET

CHRISTOPHER B WILCOCK AND KEVIN L DUNN IN JAPAN CONTRIBUTED TO THIS
ARTICLE 9305170153 930517 WHO'S NEWS GRANGES INC

GRANGES INC VANCOUVER BRITISH COLUMBIA THIS MINING COMPANY NAMED JOHN
S AUSTON PRESIDENT AND CHIEF EXECUTIVE OFFICER EFFECTIVE JUNE 30 MR
AUSTON WAS ELECTED A DIRECTOR OF GRANGES AT THE ANNUAL MEETING MAY 11 AND
WAS FORMERLY SENIOR VICE PRESIDENT OF MINING AT BP CANADA INC AS PRESIDENT
AND CHIEF EXECUTIVE HE SUCCEEDS COLIN KAISER 59 YEARS OLD WHO WILL RETIRE
NEXT MONTH 9305170152 930517 WHO'S NEWS BNP'S THOMAS SEEKS TO STEP
DOWN EARLY BANKING SOURCES SAY  A WALL STREET JOURNAL NEWS
ROUNDUP

RENE THOMAS CHAIRMAN OF BANQUE NATIONALE DE PARIS WANTS TO STEP DOWN
BEFORE THE FRENCH BANK'S PUBLIC OFFERING ACCORDING TO FRENCH BANKING
SOURCES MICHEL PEBEREAU CHAIRMAN OF CREDIT COMMERCIAL DE FRANCE IS WIDELY
VIEWED AS LIKELY TO SUCCEED HIM

MR THOMAS A VETERAN OF MORE THAN 30 YEARS WITH BNP WHICH HE HAS HEADED
SINCE 1982 ISN'T OFFICIALLY SCHEDULED TO RETIRE UNTIL HIS 65TH BIRTHDAY IN
JANUARY BUT FRENCH BANKING SOURCES SAY HE RECENTLY TOLD FRANCE'S NEW
CONSERVATIVE GOVERNMENT THAT HE WOULD PREFER TO LEAVE EARLIER TO GIVE HIS
SUCCESSOR TIME TO PREPARE BNP FOR ITS SLATED PRIVATIZATION

THE CHOICE OF HIS SUCCESSOR LIES WITH THE GOVERNMENT AND MUST BE APPROVED BY
PRESIDENT FRANCOIS MITTERRAND BUT MR THOMAS IS UNDERSTOOD TO HAVE
RECOMMENDED MR PEBEREAU A 51YEAROLD FORMER CIVIL SERVANT ACCLAIMED FOR
HIS MANAGEMENT OF CCF SINCE ITS PRIVATIZATION SIX YEARS AGO

REPRESENTATIVES OF BNP AND CCF DECLINED TO COMMENT ON THE REPORTS THERE
ARE RUMORS BUT NOTHING HAS HAPPENED A CCF SPOKESWOMAN NOTED NO DATE HAS
BEEN SET FOR BNP'S PUBLIC OFFERING A BNP SPOKESMAN SAID ADDING THAT IT
ISN'T YET CLEAR IF IT WOULD BE HELD IN ONE STAGE OR SEVERAL 9305170151
930517 WHO'S NEWS HARPER GROUP INC

HARPER GROUP INC SAN FRANCISCO PETER GIBERT PRESIDENT AND CHIEF
EXECUTIVE WAS NAMED TO THE ADDITIONAL POST OF CHAIRMAN OF THIS
INTERNATIONAL TRANSPORTATION COMPANY MR GIBERT 50 YEARS OLD SUCCEEDS
JOHN ROBINSON WHO BECAME CHAIRMAN EMERITUS IN JANUARY 9305170149 930517
WHO'S NEWS WITH DESIGN IN MIND INTERNATIONAL INC

WITH DESIGN IN MIND INTERNATIONAL INC CHATSWORTH CALIF WALTER F
CRUTTENDEN III AND HOWARD H HOFFMAN RESIGNED FROM THE BOARD FOR PERSONAL
REASONS AND RENEE WHITE FRASER HEAD OF A LOS ANGELES ADVERTISING AGENCY
BEARING HER NAME HAS BEEN NAMED TO SUCCEED MR CRUTTENDEN THE COMPANY
SAID A SPOKESWOMAN SAID THE MOVES BRING THE SIZE OF THE BOARD TO TWO SHE
SAID THE COMPANY EXPECTS TO FILL THE POSITION VACATED BY MR HOFFMAN
BRINGING THE BOARD TO THREE PEOPLE THE DESIGNER AND MAKER OF NOVELTY ITEMS
FRIDAY REPORTED THAT ITS FISCAL SECONDQUARTER NET LOSS NARROWED TO
564000 OR 18 CENTS A SHARE FROM 1265000 OR 34 CENTS A SHARE A YEAR
EARLIER SALES PLUNGED 61 TO 137000 FROM 352000 9305170148 930517
LEISURE & ARTS WILD CHILD' TURNED NOVELIST  BY HELEN DUDAR

NEW YORK AMY HOMES A HUMOROUSLY SERIOUS PERSON WANTS YOU TO KNOW THAT
ONE OF THE AIMS OF HER FICTION IS TO PROVOKE THOUGHT NOW I AM NOT
SUGGESTING THAT A RESPONSE OF THIS SORT IS UNLIKELY BUT NEWCOMERS TO HER
WORK SHOULD BE WARNED THAT BEFORE THEY START TO THINK THEY WILL BE EXPOSED
TO A COMMANDING NARRATIVE THAT IS BY TURNS WITTY AND UNNERVING AND AT
TIMES ALMOST UNBEARABLE IN ITS EMOTIONAL INTENSITY IN SHORT ELEMENTS
THAT DO NOT IMMEDIATELY LEAD TO USEFUL REFLECTION

AS AM HOMES SHE HAS JUST PRODUCED HER THIRD BOOK IN A COUNTRY OF
MOTHERS KNOPF 275 PAGES 22 BEFORE PUBLICATION THE NOVEL WAS SOLD FOR
TRANSLATION INTO EIGHT LANGUAGES IT WAS ALSO ACQUIRED BY A WALT DISNEY CO
UNIT FOR A FILM PLANNED FOR JULIA ROBERTS AND SUSAN SARANDON OH SURE A
MOVIE WITH BIG STARS IT HAS TO BE A THRILL BUT IF YOU WANT TO KNOW WHAT
MS HOMES SAVORS IT'S PICKING UP A BOOK OF HERS IN AN ENTIRELY UNFAMILIAR
LANGUAGE AND MURMURING I THINK I WROTE IT BUT WHAT DOES IT SAY

THE NEW NOVEL FOCUSES ON A YOUNG WOMAN ADOPTED IN INFANCY WHO SETS OUT TO
CONSULT A THERAPIST FOR CAREER GUIDANCE THE PSYCHOLOGIST WHO YEARS
BEFORE AS AN UNMARRIED TEENAGER GAVE UP A BABY TO ADOPTION GRADUALLY
CONVINCES HERSELF THAT THE PATIENT IS HER LOST CHILD THE CONVICTION BECOMES
AN OBSESSION AND BY THE END OF THE BOOK THE SHRINK HAS NEARLY DRIVEN HER
PATIENT CRAZY THE ULTIMATE PATIENT FEAR

MS HOMES IS 31 A MANHATTAN TRANSPLANT FROM CHEVY CHASE MD AN EAGER
ENGROSSING CONVERSATIONALIST WHO KEEPS INSISTING SHE IS SHY LIKE ALMOST
EVERYONE SHE KNOWS IN THE CITY SHE HAS EXPERIENCED THERAPY AND THINKS WE
OVERINVEST OUR EMOTIONS IN THE THERAPIST AS HEALER I WANT PEOPLE TO READ
IN A COUNTRY OF MOTHERS' SHE SAYS MILDLY AND WALK INTO THE SHRINK'S
OFFICE AND JUST LOOK AT THAT PERSON DIFFERENTLY I WANT THEIR HEADS TO BE
LIKE MY DOG'S WHEN YOU SAY COOKIE' HER HEAD TILTS TO THE LEFT AND SHE
LOOKS AT YOU VERY VERY QUIZZICALLY

NOT SURPRISINGLY THE HOMESIAN VIEW OF MODERN LIFE AND RELATIONSHIPS
SHIMMERS WITH GOTHICISM THE SEED FOR HER NOVEL FOR EXAMPLE WAS SOWN SOME
YEARS AGO WHEN HARPER'S MAGAZINE COMMISSIONED BUT NEVER PUBLISHED A GROUP
OF AUTHORS TO REWRITE OLD MYTHS MS HOMES CHOSE THE TALE OF PROCRUSTES THE
CHAP WHO STRETCHED OR SHORTENED CAPTIVES TO FIT HIS BEDS HER PROCRUSTES
BECAME A MODERN THERAPIST WHO TREATED PATIENTS SIMILARLY TO KEEP THEM IN
PROPORTION WITH HIS SOFA KIND OF A HORRIBLE STORY SHE SAYS THOUGHTFULLY
AND HE'S TORTURED BY HOW MUCH THEY LOVE THE TORTURE

THE MOST ENTRANCINGLY HORRIBLE HOMES STORY HAS MADE HER A CULT FIGURE A
REAL DOLL IS A BRIEF FUNNY PIECE ABOUT A YOUNG MAN WHO FALLS IN LOVE WITH
HIS SISTER'S BARBIE DOLL THE CONNECTION ISN'T JUST SYMBOLIC IT IS PHYSICAL
AND EROTIC AND THE STORY SEEMS TO HAVE INSPIRED THE BIRTH OF A NEW BARBIE
LITERATURE INCLUDING A COLLECTION ENTITLED MONDO BARBIE

A REAL DOLL IS ONE OF 10 STORIES IN THE SAFETY OF OBJECTS VINTAGE
MOST OF THEM DISTURBING IN SOME WAY A YOUNG MARRIED COUPLE SEND TWO YOUNG
SONS TO VACATION WITH GRANDMA AND HOME ALONE BEGIN TO BEHAVE LIKE
CHILDREN A KIDNAPPED BOY FOUND WANTING IS UNCEREMONIOUSLY SHIPPED BACK TO
HIS FAMILY BY THE KIDNAPPER A MISERABLE CHILD HIDING IN THE LINEN CLOSET
CANNOT LOVE HERSELF UNTIL SHE REALIZES SHE LOVES HER FOOT

THESE TALES ARE HARDLY WHAT YOU WOULD EXPECT FROM A WOMAN WHO REPORTS SHE
GREW UP IN A LOVING TOLERANT CREATIVE SOCIALLY CONCERNED FAMILY OF
LEFTISTS HER MOTHER WAS A SCHOOL COUNSELOR HER FATHER A PAINTER WHO MADE
HIS LIVING IN REAL ESTATE SHE SPENT MUCH OF HER CHILDHOOD REFUSING TO GO TO
SCHOOL ARRANT CRUELTY TO PARENTS WHO BELIEVED DEEPLY IN EDUCATION SHE IS
GRATEFUL TO THEM ANYBODY ELSE WOULD HAVE SHIPPED ME OFF SOMEWHERE MS
HOMES FINALLY GOT TO COLLEGE AND HAS HARDLY HALTED HER STUDIES SINCE HAVING
BY NOW ACQUIRED NEARLY TWO MASTER'S DEGREES SHE TEACHES WRITING AT COLUMBIA
UNIVERSITY

THE NAME ON HER BOOKS IS AM HOMES BECAUSE AMY WAS THIS VERY SWEET NAME
AND I WAS A WILD CHILD AS AMY HOMES I WOULD HAVE TO WRITE BOOKS WHERE
KNITTING WAS INVOLVED THE FIRST DRAFT OF HER FIRST NOVEL JACK
VINTAGE WAS COMPLETED WHILE SHE WAS AN UNDERGRADUATE AT AMERICAN
UNIVERSITY THE STORY OF AN ADOLESCENT WHOSE FATHER LEAVES HOME UPON
REALIZING HE IS GAY IT TOO HAS A FOLLOWING AMONG TEENAGERS WHO RESPOND TO
THE BOOK'S EXAMINATION OF BIGOTRY AND IN THE GAY COMMUNITY

JACK CAME ON THE WINGS OF ANOTHER PROJECT THAT WON HER NOTORIETY OF SORTS
AT SCHOOL SHE WROTE A PLAY IN WHICH HOLDEN CAULFIELD COMFORTS HIS RECLUSIVE
CREATOR JD SALINGER AND URGES HIM TO GET ON WITH HIS LIFE AND WORK
INSTEAD OF HIDING OUT AFTER THE PLAY WON A LOCAL PRIZE MR SALINGER'S
AGENTS AND THEN HIS LAWYERS MADE THREATENING NOISES AND THE CONFLICT TURNED
UP IN THE MEDIA IT WAS VERY HARD I FELT VERY OVEREXPOSED MS HOMES
SAYS SHE FINALLY CHANGED THE NAMES AND OTHER CRUCIAL DETAILS SO IT COULD BE
STAGED CATCHER IN THE RYE BECAME LIFE IN THE OUTFIELD

HER MUSINGS HAVE BROUGHT ON A NEW NOVEL NOT YET COMPLETED ABOUT A
MIDDLEAGED JAILED PEDOPHILE WHO IS REPELLENT AND APPEALING IN EQUAL PARTS
HE IS EDUCATED ARTICULATE AND LOVES FLOWERS AMONG THE BOOK'S UNDERLYING
MESSAGES WILL BE THE SUGGESTION THAT THE READER CONSIDER THAT YOU ARE THIS
TOO A WICKED NOTION SHE IS TOLD I'M NOT NICE SHE REPLIES WITH THE
NICEST SMILE

MS DUDAR IS A WRITER IN NEW YORK 9305170147 930517 DIVIDEND NEWS 
INFORMIX ANNOUNCES TERMS OF STOCK SPLIT

MENLO PARK CALIF INFORMIX CORP SAID IT APPROVED A 2FOR1 STOCK SPLIT
PAYABLE JUNE 11 TO STOCK OF RECORD MAY 28

UNDER TERMS OF THE SPLIT STOCKHOLDERS WILL RECEIVE AN ADDITIONAL SHARE FOR
EVERY SHARE HELD THE STOCK SPLIT WILL INCREASE THE NUMBER OF COMMON SHARES
OUTSTANDING FROM 318 MILLION TO 64 MILLION SHARES THE SOFTWARE MAKER SAID
THE SPLIT IS BEING DONE TO MAKE THE STOCK MORE ATTRACTIVE TO INVESTORS THE
COMPANY SAID

THE COMPANY ALSO SAID IT HAS INCREASED THE NUMBER OF AUTHORIZED SHARES OF
COMMON STOCK FROM 45 MILLION TO 150 MILLION TO ACCOMMODATE THE STOCK SPLIT

SEPARATELY INFORMIX ALSO SAID IT HAS APPROVED OF A STOCK BUYBACK PROGRAM
WHEREBY A TOTAL OF AS MANY AS ONE MILLION COMMON SHARES OR TWO MILLION
SHARES AFTER THE STOCK SPLIT MAY BE PURCHASED FROM TIME TO TIME IN THE OPEN
MARKET INFORMIX SAID IT AUTHORIZED THE CASH PURCHASES TO PROVIDE SHARES FOR
ITS STOCKPURCHASE AND STOCKOPTION PLANS WITHOUT DILUTING SHARES OF
EXISTING SHAREHOLDERS 9305170146 930517 WHO'S NEWS INTERMEDIA
COMMUNICATIONS OF FLORIDA INC

INTERMEDIA COMMUNICATIONS OF FLORIDA INC TAMPA FLA DAVID C RUBERG
A FORMER SENIOR EXECUTIVE AT DATA GENERAL CORP IN WESTBOROUGH MASS WAS
NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THIS PROVIDER OF
TELECOMMUNICATIONS SERVICES MR RUBERG 47 YEARS OLD SUCCEEDS ROBERT F
BENTON 65 WHO WILL CONTINUE IN HIS ROLE AS CHAIRMAN 9305170145 930517
WHO'S NEWS MEDCHEM PRODUCTS INC

MEDCHEM PRODUCTS INC WOBURN MASS JAMES F MARTEN FORMERLY VICE
CHAIRMAN WAS NAMED CHAIRMAN MR MARTEN 61 YEARS OLD SUCCEEDS DAVID A
SWANN WHO RESIGNED TO PURSUE OTHER BUSINESS INTERESTS JONATHAN D
DONALDSON 43 FORMERLY PRESIDENT WAS NAMED TO SUCCEED MR MARTEN AS VICE
CHAIRMAN MR DONALDSON RETAINS HIS POST AS CHIEF EXECUTIVE OFFICER EDWARD
F OVELL 48 FORMERLY EXECUTIVE VICE PRESIDENT WAS NAMED PRESIDENT
SUCCEEDING MR DONALDSON MR COVELL RETAINS HIS POST AS CHIEF OPERATING
OFFICER MEDCHEM MAKES CATHETERS AND OTHER MEDICAL PRODUCTS 9305170144
930517 KPMG GETS AROUND ARABS' ISRAEL BOYCOTT PLEASES JEWISH CLIENTS 
 ACCOUNTING GIANT LEAVES OUT TEL AVIV FIRM IN DIRECTORY PROVIDES
AN OPTIONAL INSERT'  BY LEE BERTON STAFF REPORTER OF THE WALL
STREET JOURNAL

NEW YORK KPMG PEAT MARWICK THE WORLD'S BIGGEST ACCOUNTING FIRM SEEMS TO
HAVE FIGURED OUT A WAY TO GET AROUND THE DECADESLONG ARAB BOYCOTT AND STILL
PLEASE ITS JEWISH CLIENTS BUT A JEWISH GROUP IS TRYING TO STOP PEAT'S PLOY

IN ITS 1993 400PAGE INTERNATIONAL DIRECTORY OF KPMG FIRMS AND AFFILIATES
PEAT DOESN'T LIST THE FIRM IN ISRAEL WITH WHICH IT DOES BUSINESS TEL
AVIVBASED KESSELMAN & KESSELMAN THE COUNTRY'S BIGGEST ACCOUNTING FIRM

BUT IF A CLIENT WANTS TO KNOW WHICH ACCOUNTING FIRM MIGHT HANDLE KPMG'S
INTERNATIONAL WORK IN ISRAEL THE CLIENT CAN ASK FOR A FREESTANDING PAGE
WHICH LISTS KESSELMAN & KESSELMAN ITS TEL AVIV OFFICE ADDRESS TELEPHONE
AND TELEFAX THE PAGE IS LABELED OPTIONAL INSERT

KPMG DENIES IT HAS ANY FORMAL RELATIONSHIP WITH KESSELMAN & KESSELMAN BUT
CONCEDES THAT IT DOES HAVE AN INFORMAL RELATIONSHIP WITH THE ISRAELI FIRM
MAJOR ACCOUNTING FIRMS OFTEN USE FIRMS IN NATIONS WHERE THEY DON'T HAVE
MEMBER FIRMS TO DO LOCAL ACCOUNTING AUDITING OR TAX WORK IN FACT AVI
BERGER MANAGER PARTNER OF 20PARTNER KESSELMAN & KESSELMAN WHICH HAS
BRANCHES IN JERUSALEM AND HAIFA SAYS HIS FIRM HAS BEEN DOING WORK FOR
PEAT'S MULTINATIONAL CLIENTS IN ISRAEL FOR A DECADE HE SAYS THE FIRM ALSO
DOES WORK FOR OTHER BIG US ACCOUNTING FIRMS NONE OF THE OTHERS HOWEVER
LIST KESSELMAN & KESSELMAN IN THEIR DIRECTORIES OR ON AN OPTIONAL PAGE

MR BERGER CONCEDES THAT PEAT HAS NEVER LISTED HIS FIRM IN ITS DIRECTORY
BECAUSE OF THE ARAB BOYCOTT AND ONLY BEGAN THE OFFERING THE OPTIONAL INSERT
LAST YEAR BUT HE DECLINES TO COMMENT FURTHER SAYING IT'S AN INTERFIRM
THING AND I DON'T WANT TO GO INTO TOO MANY DETAILS

THE SIMON WIESENTHAL CENTER A HUMANRIGHTS GROUP IN LOS ANGELES THAT'S
FIGHTING THE ARAB BOYCOTT SENT A LETTER TO PEAT LATE LAST MONTH ASKING
THAT ISRAEL BE INCLUDED IN ITS INTERNATIONAL DIRECTORY USING THE OPTIONAL
PAGE IS MISGUIDED AND UNFORTUNATE SAYS RABBI ABRAHAM COOPER AN OFFICIAL
AT THE CENTER

IN AN INTERVIEW RABBI COOPER SAYS THAT A JEWISH PARTNER AT PEAT WHOM HE
KNOWS BUT DECLINES TO IDENTIFY TOLD HIM THAT THE OPTIONAL LISTING IS
NECESSARY TO DO BUSINESS IN THE ARAB WORLD AND TO AVOID OFFENDING JEWISH
CLIENTS IN THE US KPMG'S DIRECTORY LISTS 13 OFFICES IN THE MIDDLE EAST
INCLUDING EGYPT IRAQ LEBANON AND SAUDI ARABIA

IN A LETTER SENT TO RABBI COOPER DATED LAST FRIDAY JON C MADONNA PEAT'S
CHAIRMAN STRONGLY DENIES THAT KPMG PEAT'S INTERNATIONAL ORGANIZATION IS
TRYING TO CIRCUMVENT THE ARAB BOYCOTT WITH THE OPTIONAL INSERT MR MADONNA
SAYS THAT KPMG'S WORLDWIDE REGULATIONS REQUIRE THAT ONLY FIRMS WITH
EXCLUSIVE RELATIONSHIPS WITH PEAT BE LISTED IN THE DIRECTORY HE SAYS THAT
PEAT DESIRES TO BE FORMALLY REPRESENTED IN ISRAEL AND WILL CONTINUE TO SEEK
AN APPROPRIATE FORMAT TO LIST AN ISRAELI FIRM AS OUR
SERVICEPROVIDEROFCHOICE 9305170143 930517 FUJITSU LTD PROJECTS 
RETURN TO PROFITABILITY IN CURRENT FISCAL YEAR  SPECIAL TO THE
WALL STREET JOURNAL

TOKYO FUJITSU LTD FORESEES A STEADY RETURN TO THE BLACK WITH PRETAX
PROFIT REACHING 5 OF OVERALL SALES IN ITS NEXT FISCAL YEAR ENDING IN MARCH
1995 A SPOKESMAN FOR THE COMPUTER MAKER SAID

FUJITSU OFFICIALS HAVE PROJECTED A RETURN TO PROFITABILITY IN THE YEAR
ENDING MARCH 31 AND THE SPOKESMAN SAID THE RECOVERY SHOULD PICK UP STEAM
THEREAFTER

THE OUTLOOK FOR THE CURRENT YEAR IS FOR CONTINUED SLUGGISHNESS IN THE
HIGHTECHNOLOGY MARKETPLACE IN THE FIRST HALF THROUGH SEPT 30 WITH MORE
RED INK ACCUMULATING AND A DECISIVE RETURN TO PROFITABILITY AS THE JAPANESE
ECONOMY REBOUNDS IN THE SECOND HALF THE SPOKESMAN SAID

FUJITSU ALSO PLANS TO STRENGTHEN ITS OPERATIONS INCLUDING TIGHTENING THE
BELT ON CAPITAL SPENDING IN THE LATER PORTION OF THE YEAR HE SAID

THE SPOKESMAN SAID FUJITSU IS LOOKING FOR THE DOLLAR TO STABILIZE NEAR
CURRENT LEVELS OR STRENGTHEN A BIT AGAINST THE YEN HE SAID FUJITSU IS
FORECASTING THAT THE DOLLAR WILL TRADE BETWEEN 110 YEN AND 115 YEN AND THAT
THE COMPANY'S PROFIT MARGIN WILL SLIM BY 16 BILLION YEN FOR EACH YEN THE
DOLLAR SLIDES

BUT FUJITSU ISN'T EXPECTING THE CURRENCY TO THROW A WRENCH INTO ITS PLANS
IT INTENDS TO MOVE AHEAD WITH STREAMLINING EFFORTS AND A SHIFT IN PRODUCTION
TO OVERSEAS PLANTS IN AN EFFORT TO MINIMIZE THE SWAY THE SPOKESMAN SAID
9305170142 930517 TIDEWATER HOLDERS TO SELL SHARES

NEW ORLEANS TIDEWATER INC SAID TWO OF ITS LARGE SHAREHOLDERS BESSEMER
CAPITAL PARTNERS LP AND CORPORATE PARTNERS WANT TO SELL A TOTAL OF SEVEN
MILLION TIDEWATER SHARES

BESSEMER SEEKS TO SELL 35 MILLION SHARES WHICH WOULD REDUCE ITS TIDEWATER
STAKE TO 81 FROM 147 CORPORATE PARTNERS WANTS TO SELL THE SAME NUMBER
OF SHARES WHICH WOULD ALSO REDUCE ITS STAKE TO 81 FROM 147 PREVIOUSLY
ZAPATA CORP SAID IT WANTED TO SELL ABOUT 35 MILLION TIDEWATER SHARES
WHICH WOULD REDUCE ITS HOLDINGS TO 91 FROM 157

TIDEWATER OWNS AND OPERATES VESSELS USED IN THE OFFSHORE OIL INDUSTRY

A TIDEWATER SPOKESMAN SAID THE COMPANY EXPECTS TO FILE A REGISTRATION
STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION SHORTLY TO REFLECT THE
SECONDARY OFFERINGS

TIDEWATER CLOSED FRIDAY AT 2475 DOWN 25 CENTS IN NEW YORK STOCK EXCHANGE
COMPOSITE TRADING