THE UNITED MINE WORKERS UNION WAS POISED TO GO ON STRIKE LATE LAST NIGHT
AGAINST THE NATION'S NO 1 COAL PRODUCER PEABODY COAL CO AFTER FAILING TO
REACH A NEW CONTRACT AGREEMENT WITH THE BITUMINOUS COAL OPERATORS
ASSOCIATION

SOME 7700 PEABODY WORKERS WERE SCHEDULED TO BEGIN THEIR STRIKE AT MIDNIGHT
AS THE NATIONAL BITUMINOUS COAL WAGE AGREEMENT EXPIRED THE UMW CALLED THE
SELECTIVE STRIKE WHEN IT COULDN'T GET THE BCOA'S 12 MEMBERS TO AGREE TO
GUARANTEE ITS MEMBERS WORK IN NEW MINES MANY OF WHICH HAVE BEEN HIRING
NONUNION WORKERS

INDEED THE TWO SIDES SEEM TO HAVE MADE LITTLE PROGRESS IN THEIR TALKS
COVERING 60000 MINERS WHICH BEGAN NOV 6 UMW PRESIDENT RICHARD TRUMKA IN
A STATEMENT SAID PEABODY AND OTHER BCOA MEMBERS HAVE REFUSED TO RESPOND TO
EVEN THE MOST SIMPLE INFORMATION REQUESTS

IN A STATEMENT BR BROWN THE BCOA CHIEF NEGOTIATOR SAID WE WERE UNABLE
TO DISCUSS ANY ISSUES OF SUBSTANCE BECAUSE THE UNITED MINE WORKERS RAISED
PROCEDURAL OBJECTIONS AND MADE TAKEITORLEAVEIT DEMANDS  THE UNION
MISCALCULATED AND OVERREACHED

OFFICIALS AT HENDERSON KYBASED PEABODY WEREN'T AVAILABLE FOR COMMENT

IT'S UNCLEAR WHETHER THE UMW WHOSE WORKERS MAKE AN AVERAGE OF 1650 AN
HOUR WILL TARGET OTHER COAL PRODUCERS BEFORE YESTERDAY THE UNION HAD
BLASTED CONSOLIDATION COAL CO OWNED BY DU PONT CO AND RHEINBRAUN AG IN
ITS LITERATURE COMPLAINING ABOUT THE COMPANY'S HIRING OF NONUNION WORKERS
OTHER COAL PRODUCERS INCLUDING ARCH MINERAL CORP OWNED BY ASHLAND OIL
INC ALSO HAVE OPENED NEW MINES AND STAFFED THEM WITH NONUNION WORKERS

THE STRIKE COULD HAVE A BIG IMPACT AT PEABODY OWNED BY BRITAIN'S HANSON
PLC WHERE 74 OF NEARLY 90 MILLION TONS A YEAR IS MINED BY UMW MEMBERS
ACCORDING TO RESOURCE DATA INTERNATIONAL A DENVER CONSULTING FIRM THAT
TRACKS ENERGY ISSUES

HOWEVER THE STRIKE'S IMPACT WON'T BE FELT IMMEDIATELY BEYOND PEABODY COAL
PRODUCERS' MAJOR CUSTOMERS ELECTRIC UTILITIES HAVE BIG STOCKPILES WHICH
WILL LAST AT LEAST 60 DAYS SAID RON MCMAHAN OF RESOURCE DATA PEABODY
SHIPPED 73 MILLION TONS OF COAL TO UTILITIES IN 1991 HE SAID

THE UMW WOULDN'T REVEAL STRIKE STRATEGIES BUT MR TRUMKA SAID THE CAMPAIGN
COULD DWARF THE GROUP'S 1989 STRIKE AGAINST PITTSTON CO THAT STRIKE WAS
MARRED BY VIOLENCE

THE UMW ALSO IS NEGOTIATING WITH ANOTHER INDUSTRY GROUP CALLED THE
INDEPENDENT BITUMINOUS COAL BARGAINING ALLIANCE THAT FOURMEMBER GROUP HAS
A 60DAY EXTENSION 9302020101 930202 TECHNOLOGY IN THE LAB XRAYS
MAY BE KEY TO SMALLER MICROCHIPS  BY DAVID P HAMILTON STAFF
REPORTER OF THE WALL STREET JOURNAL

TSUKUBA JAPAN IN A HUGE EQUIPMENTFILLED ROOM ON THE CAMPUS OF JAPAN'S
NATIONAL LABORATORY FOR HIGHENERGY PHYSICS KATSUMI SUZUKI SPENDS A LOT OF
TIME WORRYING ABOUT FLATNESS A SIMPLE NOTION THAT COULD BE THE KEY TO
DEVELOPING FUTURE GENERATIONS OF MICROCHIPS

THE SPECIFIC OBJECTS OF DR SUZUKI'S ATTENTION ARE THIN SLIVERS OF SILICON
NITRIDE THAT HE AND A TEAM OF SCIENTISTS FROM JAPAN'S NEC CORP THE BIG
SEMICONDUCTOR MAKER HAVE IRRADIATED WITH HIGHINTENSITY XRAYS BY SHINING
A LASER ACROSS THE SILICON NITRIDE SURFACE THE SCIENTISTS HOPE TO SEE
WHETHER THE XRAYS HAVE DAMAGED THE CRYSTAL A PROCESS THAT AMOUNTS TO
LOOKING FOR SURFACE RIPPLES THAT ARE LESS THAN 01 MICRON ONE TENMILLIONTH
OF A METER HIGH

THESE ENERGETIC XRAYS IT TURNS OUT DON'T TAKE LONG TO RUIN THE CRYSTAL
IF WE EXPOSE IT 10 HOURS A DAY THE DAMAGE WILL LIKELY APPEAR AFTER SEVEN
DAYS SAYS DR SUZUKI WHO ADDS THAT THE CRYSTAL MUST BE ABLE TO RESIST
XRAY DAMAGE FOR AT LEAST 100 DAYS BEFORE IT CAN BE PUT TO PRACTICAL USE

PRACTICAL USE THAT IS FOR XRAY LITHOGRAPHY LONG CONSIDERED THE NEXT
TECHNOLOGICAL FRONTIER IN THE MANUFACTURE OF ELECTRONIC CIRCUITS OVER THE
LAST 15 YEARS OR SO GOVERNMENTS AND ELECTRONICS COMPANIES IN THE US AND
JAPAN HAVE SPENT MILLIONS OF DOLLARS FIGURING OUT HOW TO ETCH
DENSELYINTEGRATED COMPUTER CIRCUITS WITH XRAYS

AS DR SUZUKI'S WORK WITH SILICON NITRIDE CRYSTALS DEMONSTRATES THE
ENGINEERING CHALLENGE OF MAKING CIRCUITS WITH XRAYS IS STILL DAUNTING
WHAT'S MORE THE NEED FOR EXPENSIVE AND COMPLICATED XRAY MANUFACTURING HAS
RECEDED SOMEWHAT AS THE TECHNOLOGY OF CONVENTIONAL CIRCUITMAKING HAS
ADVANCED FURTHER THAN ONCE THOUGHT POSSIBLE

STILL IN LABS AROUND THE WORLD THE RACE TO PERFECT XRAY LITHOGRAPHY
CONTINUES DR ZUKI EXPECTS THE TECHNIQUE TO ENTER COMMERCIAL USE MAYBE
WITHIN FIVE YEARSPOSSIBLY IN THE MANUFACTURE OF COMPUTER MEMORY CHIPS THAT
HOLD 256 MILLION BITS OF INFORMATION

SCIENTISTS FIRST BEGAN EXPLORING XRAYS FOR CIRCUITMAKING FOR A SIMPLE
REASON LIGHT WAVES ARE JUST TOO BIG

TO UNDERSTAND THAT IT HELPS TO REALIZE THAT MAKING AN INTEGRATED CIRCUIT IS
A LOT LIKE FOLLOWING A RECIPE FOR A HIGHTECH LAYER CAKE ENGINEERS START BY
DESIGNING A STENCIL OR MASK FOR EACH OF A MICROCIRCUIT'S MANY LAYERS
THEY THEN SHINE LIGHT THROUGH THE MASKS TO PROJECT THE STENCIL PATTERNS ONTO
A LIGHTSENSITIVE COATING APPLIED TO SILICON WAFERS THE WAFERS ARE THEN
ETCHED WITH ACIDS AND OTHER SOLVENTS BAKED AT HIGH TEMPERATURES AND
INJECTED WITH EXOTIC FILLINGS SUCH AS BORON OR ARSENIC IN A SERIES OF
INTRICATE STEPS THAT EVENTUALLY PRODUCES COMPLEX MULTILAYERED NETWORKS OF
TRANSISTORS ON THE WAFER SURFACE AUTOMATED SLICERS FINALLY CUT UP THE
WAFERS INTO THE MICROCHIPS THAT LIE AT THE HEART OF MODERN COMPUTING

AS CHIPS HAVE GROWN DENSER EACH TRANSISTOR AND ITS ASSOCIATED WIRING HAS
GROWN SMALLER THE DIMENSIONS OF TODAY'S TRANSISTORS HOWEVER AREN'T TOO
MUCH LARGER THAN THE WAVELENGTH OF THE LIGHT USED TO TRACE THEIR OUTLINE AS
A RESULT THE FUZZINESS AT THE EDGE OF THE SHADOW CAST BY A MASK CAN
INTRODUCE HUGE ERRORS IN A PRINTED CIRCUIT LIGHT WAVES JUST AREN'T SHARP
ENOUGH TO OUTLINE THE SMALLEST TRANSISTORS NOW UNDER DEVELOPMENT

THAT'S WHERE XRAYS COME IN BECAUSE XRAY WAVELENGTHS ARE SO MUCH SHORTER
THAN THOSE OF VISIBLE LIGHT THEY CAN OUTLINE MUCH FINER CIRCUIT PATTERNS
SCIENTISTS ONCE THOUGHT XRAYS WOULD BE NECESSARY TO MAKE CIRCUITS WITH
INTERNAL DIMENSIONS SMALLER THAN 05 MICRONS THE SIZE OF CIRCUITS FOR THE
NEXT GENERATION OF 16MEGABIT MEMORY CHIPS NOW XRAYS MIGHT NOT BE
NECESSARY UNTIL COMPANIES START MAKING CIRCUITS WITH DIMENSIONS OF 025
MICRONS SOMETIME AROUND 2000

WORKING WITH XRAYS HOWEVER HAS PRESENTED A WHOLE NEW RANGE OF CHALLENGES
FOR ONE THING XRAYS ARE BOTH DIFFICULT AND EXPENSIVE TO PRODUCE MAKING
THEM POWERFUL ENOUGH FOR CIRCUIT MANUFACTURE REQUIRES A SYNCHROTRON A
RING OF POWERFUL MAGNETS THAT GUIDES A ROTATING BEAM OF ELECTRONS SUCH
RINGS ARE PRICEY NEC'S DR SUZUKI WHO HAS DONE SEVERAL COST STUDIES OF
LITHOGRAPHY METHODS ESTIMATES THAT AN XRAY SYNCHROTRON AND ITS RADIATION
SHIELDING COSTS 55 MILLION TO 65 MILLION

SUCH EXPENSE IS THE MAIN REASON COMPANIES LIKE NEC DO THEIR XRAY
LITHOGRAPHY WORK AT THE HIGHENERGY PHYSICS LAB WHERE THE JAPANESE
GOVERNMENT PICKS UP MOST OF THE TAB IN FACT THE LAB'S APTLY NAMED PHOTON
FACTORY IS A CORPORATE HAVEN OF SORTS PROVIDING CHEAP XRAYS FOR NIPPON
TELEGRAPH & TELEPHONE CORP HITACHI LTD AND FUJITSU LTD AS WELL THE LAB
ALSO SUPPORTS 19 UNIVERSITY EXPERIMENTS

INSIDE THE PHOTON FACTORY'S HIGHCEILINGED CRESCENTSHAPED ROOM SLENDER
XRAY BEAM TUBES SPLAY FROM THE THICK INSIDE WALL LIKE SPOKES FROM A BICYCLE
HUB EACH TERMINATES IN A BEWILDERING JUMBLE OF BRIGHTLY PAINTED CUBICAL
RADIATION SHELTERS AND RACKS OF COMPUTERS AND MONITORING EQUIPMENT
MAKESHIFT OFFICES CROWD THE FLOOR AROUND EVERY EXPERIMENT

IN ADDITION TO THE EXPENSE XRAYS HAVE PROVEN TRICKY TO HANDLE
MASKMAKING FOR INSTANCE HAS BECOME A WHOLE NEW ART THANKS TO THE
DIFFICULTY OF BUILDING STENCILS OUT OF NEW MATERIALS THAT EITHER ABSORB OR
TRANSMIT XRAYS AFTER YEARS OF EFFORT RESEARCHERS HAVE FINALLY PRODUCED
WORKABLE MASKS OUT OF MATERIALS LIKE SILICON NITRIDE AND TANTALUM BUT THE
MATERIALS STILL DEVELOP STRESS DEFECTS AFTER LONG EXPOSURE TO XRAY
RADIATION ONE REASON DR SUZUKI'S TEAM IS TRYING TO GROW PURER SILICON
NITRIDE CRYSTALS IN A HIGHGRADE VACUUM SO THEY WON'T BE AS PRONE TO
RADIATION DAMAGE

BACKED BY THE US GOVERNMENT INTERNATIONAL BUSINESS MACHINES CORP AND
OTHER US COMPANIES ARE MAKING THEIR OWN EFFORTS TO MASTER THIS DEMANDING
TECHNOLOGY JAPANESE COMPANIES HOWEVER ARE CLEARLY SHOWING MORE
ENTHUSIASM THOUGH COMMERCIAL APPLICATION OF DR SUZUKI'S WORK IS STILL
SEVERAL YEARS AWAY HE HAS PLENTY OF COMPANY IN THE FIELD SINCE 1986 THE
JAPANESE GOVERNMENT AND 13 ELECTRONICS CONCERNS HAVE FUNNELED 15 BILLION
YEN 1204 MILLION A YEAR INTO AN XRAY LITHOGRAPHY CONSORTIUM KNOWN AS
SORTEC WHICH HAS DEVELOPED ITS OWN SYNCHROTRON AND OTHER SEMICONDUCTOR
MANUFACTURING EQUIPMENT

SORTEC AN XRAY LITHOGRAPHY CONSORTIUM HAS RECEIVED 15 BILLION YEN ABOUT
12 MILLION A YEAR SINCE 1986 FROM THE JAPANESE GOVERNMENT AND 13
ELECTRONICS CONCERNS YESTERDAY'S IN THE LAB COLUMN INCORRECTLY PUT THE
DOLLAR AMOUNT AT 1204 MILLION 9302020100 930202 CHEMICAL TO MARKET
HEALTH PLAN

NEW YORK CHEMICAL BANK DRAWING ON ITS LINKS TO SMALL AND MIDSIZE
BUSINESSES AGREED TO MARKET HEALTH INSURANCE ON BEHALF OF OXFORD HEALTH
PLANS INC

CHEMICAL SAID IT WILL TARGET 20000 OF ITS SMALL AND MIDSIZE BUSINESS
CUSTOMERS WHICH TOGETHER EMPLOY MORE THAN ONE MILLION PEOPLE CHEMICAL IS A
UNIT OF CHEMICAL BANKING CORP

OXFORD HEALTH IS A DARIEN CONN HEALTH MAINTENANCE ORGANIZATION
9302020099 930202 FINANCING BUSINESS SHERRITT GORDON LTD

SHERRITT GORDON LTD FORT SASKATCHEWAN ALBERTA SAID IT PLANS TO RAISE AS
MUCH AS 200 MILLION FROM THE SALE OF AN ISSUE OF 10YEAR SENIOR NOTES THE
CHEMICALS AND METALS CONCERN SAID IN A FILING WITH THE US SECURITIES AND
EXCHANGE COMMISSION THAT PROCEEDS FROM THE OFFERING WILL BE USED TO REPAY
BANK DEBT OUTSTANDING AND FOR GENERAL CORPORATE PURPOSES IT SAID GOLDMAN
SACHS & CO WILL UNDERWRITE THE OFFERING 9302020098 930202 BUSINESS
WORLD SHAREHOLDERS AT THE GATE  BY TIM W FERGUSON

THE HOME BOX OFFICE PRODUCTION OF BARBARIANS AT THE GATE AIRS NEXT MONTH
AS HOLLYWOOD WARILY DRAMATIZES A GONZO CONTEST FOR CORPORATE CONTROL THIS
PRESENTATION OF THE RJR NABISCO BUYOUT PROMISES A SCREEN NOVELTY THE
TAKEOVER FINANCIER WON'T BE THE ONLY GREEDHEAD AROUND

IT'LL ALL BE GREAT FUN IF IT'S ANYTHING LIKE THE BOOK THAT EARNED ITS
AUTHORS TWO JOURNAL COLLEAGUES SOMETHING CLOSE TO AN INVESTMENT BANKER'S
FEE BUT THE TURNOVER IN AMERICA'S EXECUTIVE SUITES THE PAST FEW WEEKS OUGHT
TO MAKE BARBARIANS SEEM DATED AND NOT JUST BECAUSE JAMES ROBINSON ONE OF
THE SUPPORTING CHARACTERS IS NO LONGER RUNNING AMERICAN EXPRESS

MR ROBINSON'S DECISION OVER THE WEEKEND TO LEAVE ENTIRELY DAYS AFTER HE
HAD APPEARED TO HAVE OUTFOXED CRITICS AND STAGED A STRATEGIC RETREAT FROM
ONE CORNER OFFICE TO ANOTHER IS THE LATEST EVIDENCE THAT THE FATE OF US
COMPANIES IS ULTIMATELY BEYOND THE CONTROL OF A HANDFUL OF POWERFUL MEN THE
MACHINATIONS AND MISCUES OF THEIR SET MATTER NO DOUBT BUT IN THE END THE
WONDROUS COLLECTIVITY OF CAPITAL SORTS THINGS OUT

THE SWOONING SHARE PRICE OF AMERICAN EXPRESS FOLLOWING THE ROBINSON
PUTSCHUP MADE CLEAR THAT HE MUST GO LIKEWISE THE DEPARTURES OF CEOS AT
WESTINGHOUSE GENERAL MOTORS AND IBM WERE SIGNS OF INCREASING INTOLERANCE
FOR MEDIOCRITY IN THE MARKETPLACE RECLAMATIONS AT SEARS KODAK AND UNITED
TECHNOLOGIES REFLECT IN SOME MEASURE A HEIGHTENED RESPECT FOR THE
SOMETIMESSWIFT SWORD OF WALL STREET WHICH IN TURN ENFORCES IF
IMPERFECTLY THE WILL OF A WORLD OF CONSUMERS

THE DEALMAKING DAYS THAT CLIMAXED WITH THE EVENTS CHRONICLED IN
BARBARIANS WERE PERHAPS THE APEX OF ALACRITY IN DISCIPLINING CORPORATE
MANAGEMENT BUT THE EXCESSES OF THAT PROCESS BOTH PERCEIVED AND REAL
PROVED UNSUSTAINABLE IN THE POLITICAL IF NOT THE FINANCIAL WORLD SO THE
RESULTING VACUUM INVITED SOME OTHER MEANS OF TELLING THE ENTRENCHED EMPERORS
THAT THEY WERE NAKEDLY DEFICIENT

WHAT HAS DEVELOPED IS A SOPHISTICATED CONCERTO FEATURING THE INSTITUTIONAL
POWERS OF THE LATE 20TH CENTURY ESPECIALLY THE PENSION AND MUTUAL FUNDS
AND SELECTED SOLO ACTS BY PATIENT INVESTORS THE STREET IS AN INTERACTIVE
AUDIENCE READY TO REWARD OR PUNISH DEPENDING ON THE OUTCOME OF THE
PERFORMANCE IT CAN BE AN INTRICATE ARRANGEMENT DEVOID OF SWASHBUCKLING
STARS AND THEREFORE NOT GREAT MOVIE MATERIAL BUT IT IS HONING US
COMPETITIVENESS

THE STAKEHOLDER ALLIANCES THAT ARE REFORMING CORPORATE AMERICA REMAIN LESS
FORMALIZED AND MORE FLEETING THAN IN OTHER CAPITALIST DEMOCRACIES AND THIS
STILL LEAVES THE SYSTEM OPEN TO ACCUSATIONS OF SHORTTERM FOCUS LEVELED AT
RAIDERS AND NIMBLE MONEY MANAGERS INDEED AT ANYONE WHO'D RATHER HAVE A
DIVIDEND PAID THAN LET CASH FLOW INTO THE HANDS OF MANAGEMENT THAT MUST
INVENT A WAY TO INVEST IT HARVARD'S JOHN POUND DISTINGUISHES THE US WAY
IN THE FALL 1992 JOURNAL OF APPLIED CORPORATE FINANCE

UNLIKE THE CORPORATE GOVERNANCE SYSTEMS IN OTHER MAJOR INDUSTRIALIZED
COUNTRIES INCUDING THOSE IN GERMANY FRANCE JAPAN AND TO A LESSER
DEGREE BRITAIN THE AMERICAN SYSTEM OF GOVERNANCE HAS NEVER RELIED ON A
STABLE SET OF CLOSE RELATIONSHIPS BETWEEN LARGE FINANCIAL INSTITUTIONS AND
MAJOR CORPORATIONS RATHER IT HAS RELIED UPON NO ONE AND EVERYONE UPON
THE ACTIONS OF UNCOUNTED NUMBERS OF INDIVIDUAL CORPORATE AND INSTITUTIONAL
INVESTORS OPERATING WITHIN A DEEP LIQUID AND ANONYMOUS SECURITIES MARKET

MR POUND OF THE KENNEDY SCHOOL IS A MODERATE AMONG THE SPECIALISTS IN THIS
FIELD OF FINANCE AN ADVOCATE OF WHAT HE CALLS A POLITICAL APPROACH TO
DEALING WITH THE DAWDLERS AND AGGRANDIZERS IN MANAGEMENT HE STRESSES INSIDE
MAKEOVERS INSTEAD OF EXECUTIVE UPHEAVAL BUT ON THESE PAGES AND ELSEWHERE
HE HAS WARNED AGAINST THE LITERAL FORM OF POLITICALIZATION THAT USES LAW TO
OBSTRUCT CAPITAL MARKETS IN THE NAME OF STABILITY OVER SPECULATION

GOVERNMENT IS NOT USUALLY A FRIEND OF CHANGE FOR ALL THE OBEISANCE PAID TO
THAT WORD IT RESISTS DISRUPTION OF CONSTITUENTS' CIRCUMSTANCES PREFERRING
TO MAINTAIN THE SEEN AT THE EXPENSE OF THE UNSEEN IN OTHER WORDS IT WILL
SIDE WITH THE STATUSQUO CORPORATION AND EXISTING JOBS AND FACILITIES EVEN
WHEN THEY REPRESENT WASTE THAT ROBS THE ECONOMY OF WEALTH THAT COULD FOSTER
MORE OPPORTUNITIES THE BUSINESS ROUNDTABLE KNOWS HOW TO WHISPER IN
WASHINGTON'S EAR

SO FAR HOWEVER AFTER PLAYING NO SMALL PART IN CURBING THE TAKEOVER OPTION
THAT EXCITED THE 1980S PUBLIC POLICY MAKERS HAVE BEEN LEFT BEHIND IN THE
RENEWED RUSH TO REHABILITATE US COMPANIES THE SEC IN SOME OF ITS PROXY
RULINGS HAS EVEN HELPED THE PROCESS ALONG BUT AS THE CASUALTIES BECOME
MORE NUMEROUS WE CANNOT EXPECT THE CONGRESSIONAL CLAQUE TO STAY QUIET
CONSOLIDATION IS ALREADY BRINGING CRIES OF ANTITRUST AND THE GREAT SCYTHE
OF FOREIGN CHALLENGE IS PROMPTING MORE THAN QUOTIDIAN QUEUING FOR
PROTECTIONIST BARRIERS OR SUBSIDIES THIS SOP MAY BE ALL THAT SUSTAINS THE
MISMANAGERS AT A FEW STEEL COMPANIES

IT IS NECESSARY TO ACKNOWLEDGE THAT THE RAPIDLY EVOLVING SOCIAL SCIENCE OF
CORPORATE GOVERNANCE DOESN'T HAVE ALL THE ANSWERS JUST AS THE ARMAND
HAMMERS OF THE PAST MANAGED TO ESCAPE THEIR DUE SO WILL THERE BE THE
OCCIDENTAL PETROLEUM ANOMALIES OF THE NEW ECONOMY AND BECAUSE EVEN AROUSED
DIRECTORS SEEK TO CUSHION THEIR BLOWS PERHAPS TO AVOID AN EXCUSE FOR
LITIGATION THE DISCREDITED CEOS WILL LEAVE WITH FAR MORE COMPENSATION THAN
THEY DESERVE OR THAN THE UNDERLINGS RESTRUCTURED IN THEIR WAKE CAN EXPECT

HOW HELPFUL IT WOULD BE IF PERSISTENTLY USELESS MEMBERS OF THE FAMILIAR POOL
OF PROFESSIONAL DIRECTORS COULD BE DISQUALIFIED FROM FURTHER SERVICE WE ARE
TOLD HOWEVER BY NO LESS AUTHORITATIVE AN INSURGENT THAN JOSEPH GRUNDFEST
OF THE STANFORD LAW SCHOOL AND THE REAGAN SEC THAT BAD BOARDS DON'T
NECESSARILY IMPLY BAD DIRECTORS THAT THE CORPORATE CULTURE CAN MAKE A
PERSON COMPLACENT IN ONE SETTING AND A TIGER ON SOME OTHER BOARD

THE BEST STANDARD MAY BE TO KEEP THE DIRECTORS FEW IN NUMBER AND LONG IN
STOCK HOLDINGS THE SAME GOES FOR TOP MANAGEMENT KEVIN MURPHY AT HARVARD
BUSINESS SCHOOL RECENTLY RATED FOR THE UNITED SHAREHOLDERS ASSOCIATION THE
SENSITIVITY OF CEOS TO IMPROVED PERFORMANCE BY THEIR COMPANIES ONE
COMPONENT WAS THE TOP EXECUTIVE'S OWNERSHIP SHARE POWER UTILITIES DOMINATED
THE BOTTOM OF THE LIST FOR PERHAPS GOOD REASON BUT CNA FINANCIAL NEWMONT
GOLD AND CONTEL CELLULAR 90 OWNED BY GTE ALSO SHOWED ALARMINGLY LOW
STAKES

CHANGE FOR THE BETTER DOESN'T ALWAYS ARRIVE ON A SCHEDULE IN BARBARIANS AT
THE GATE THE ACTION IS FAST AND FURIOUS BUT OTHER TIMES IT TAKES LONGER TO
SEE RESULTS A COINCIDENTAL CASE IN POINT MIGHT BE HBO'S PARENT TIME
WARNER YEARS AFTER IT WAS CREATED IN DEFIANCE OF SHAREHOLDER INTERESTS THE
MEDIA GIANT IS NOW THOUGHT TO BE GETTING THE MESSAGE ABOUT PROFITABILITY
ITS STOCK IS UP 43 IN THE LAST QUARTER 9302020097 930202 NICOR MULLS
SALE OF PROPERTIES

NAPERVILLE ILL NICOR INC SAID IT IS EXPLORING THE SALE OF ITS OIL AND
GAS PRODUCING PROPERTIES WHICH HAD 1992 REVENUE OF 58 MILLION

THE GAS UTILITY HOLDING COMPANY SAID IT HIRED PETRIE PARKMAN & CO HOUSTON
TO HELP FIND A BUYER THE COMPANY'S RESERVE AND PRODUCTION MIX IS ABOUT 80
NATURAL GAS AND 20 OIL WITH THE RESERVES MAINLY IN THE ANADARKO AND ARKOMA
BASINS IN OKLAHOMA AND THE GULF COAST OF TEXAS AND LOUISIANA

THE PROPERTIES' 1992 CASH FLOW WAS 42 MILLION NICOR SAID 9302020096
930202 INDEPENDENT JUSTICE DAVID SOUTER EMERGES AS REFLECTIVE MODERATE
 ON THE SUPREME COURT  HIS DEFENSE OF ROE VS WADE RUNINS WITH
SCALIA IRK HIS CONSERVATIVE BACKERS  TALK OF A MIGHTY THREESOME 
 BY PAUL M BARRETT STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON TO ACQUAINTANCES JUSTICE DAVID SOUTER STILL SEEMS AMAZED AT
TIMES TO FIND HIMSELF ON THE SUPREME COURT

HE IS ALMOST REVERENT ABOUT  THE COURT SAYS THOMAS RATH A LAWYER
AND CLOSE FRIEND HE SEES HIS ROLE AND THE COURT'S AS HEALER OF THE
DIVISIONS IN THE COUNTRY

THAT'S A FAR CRY FROM WHAT CONSERVATIVES THOUGHT THEY WERE GETTING WHEN
PRESIDENT BUSH IN JULY 1990 CHOSE THE OBSCURE NEW HAMPSHIRE JURIST TO
SUCCEED LIBERAL GIANT WILLIAM BRENNAN ON THE HIGH COURT THE WHITE HOUSE
ASSURED THE GOP HARD RIGHT THAT DAVID SOUTER WOULD BE A HOME RUN

THE BUSH ADMINISTRATION WAS MISERABLY INACCURATE COMPLAINS THOMAS
JIPPING VICE PRESIDENT OF THE FREE CONGRESS FOUNDATION WHICH COORDINATED
SUPPORT FOR THE NOMINATION AMONG CONSERVATIVE GROUPS HE SAYS THAT JUSTICE
SOUTER HAS BEEN HORRIBLE IN SOME OF THE REAL FUNDAMENTAL AREAS EXHIBIT A
WAS LAST JUNE'S ABORTION RULING IN WHICH THE COURT BY A 54 VOTE REBUFFED
THE BUSH ADMINISTRATION'S PUSH TO OVERTURN ROE VS WADE THE 1973 DECISION
THAT ESTABLISHED A CONSTITUTIONAL RIGHT TO ABORTION JUSTICE SOUTER
CONTRIBUTED AN ASSERTIVE OPINION FOR THE MAJORITY STRESSING THE COURT'S NEED
TO MAINTAIN PRECEDENT AND RESIST OUTSIDE POLITICAL PRESSURES

JUSTICE SOUTER 53 YEARS OLD IS FAR FROM A FLAMING LIBERAL BUT AS HIS
THIRD TERM UNFOLDS THE MAN WHO WAS CALLED A STEALTH NOMINEE HAS SURPRISED
LEGAL SCHOLARS WHO HAD QUESTIONED HIS CREDENTIALS AND SEEMINGLY NARROW LIFE
EXPERIENCE AS A RECLUSIVE BACHELOR HE IS BECOMING A MAJOR FORCE ON THE
CONSERVATIVE COURT BY MEANS OF INDEPENDENT THINKING AND STRONG PERSONAL
ALLIANCES WITH OTHER JUSTICES SHOULD PRESIDENT CLINTON APPOINT ONE OR MORE
LIBERAL JUSTICES SOME SCHOLARS PREDICT THAT JUSTICE SOUTER WOULD EMERGE AS
THE ANCHOR OF A MODERATE CENTER ON A DIVIDED COURT

WHO IS THIS GUY I NEVER HEARD OF HIM WAS LAW PROFESSOR DAVID STRAUSS'S
FIRST REACTION TO WORD OF THE SOUTER NOMINATION 2 1/2 YEARS AGO NOW THE
UNIVERSITY OF CHICAGO CONSTITUTIONAL LAW EXPERT CALLS JUSTICE SOUTER
UNUSUALLY THOUGHTFUL

IN THE 18 CASES DECIDED BY A 54 VOTE LAST TERM AND SO FAR THIS TERM MR
SOUTER HAS BEEN IN THE MAJORITY 14 TIMES MORE OFTEN THAN ANY OTHER
JUSTICE MOREOVER HE HAS SHOWN HE IS WILLING TO DO BATTLE WITH THE COURT'S
MOST ARTICULATE CONSERVATIVE JUSTICE ANTONIN SCALIA THEY ARE LIKELY TO
CLASH AGAIN IN TWO CASES ON RELIGION IN PUBLIC EDUCATION THAT WILL BE ARGUED
LATER THIS MONTH

PEOPLE TRIED TO MAKE HIM INTO SOMETHING HE WAS NOT EXPLAINS MR RATH
THEY MISTOOK A PERSON WHO IS CONSERVATIVE POLITICALLY FOR ONE WHO WOULD BE A
CONSERVATIVE ACTIVIST ON THE BENCH

ALONG WITH JUSTICES SANDRA DAY O'CONNOR AND ANTHONY KENNEDY TWO COLLEAGUES
ATTRACTED BY HIS CAUTIOUSLY CONSERVATIVE JURISPRUDENCE JUSTICE SOUTER IS
PART OF A THREESOME WHO SERVE AS A BRAKE ON MORE AMBITIOUS FORAYS TO THE
RIGHT BY CHIEF JUSTICE WILLIAM REHNQUIST AND JUSTICES SCALIA AND CLARENCE
THOMAS ALL OF THE JUSTICES HAVE BEEN CHARMED BY HIS COURTLY IF
OCCASIONALLY ECCENTRIC PERSONALITY

JUSTICE O'CONNOR IMMEDIATELY TOOK TO MR SOUTER HELPING HIM FIND A CHURCH
IN WASHINGTON AND INVITING THE LIFELONG BACHELOR TO JOIN HER AND HER
HUSBAND JOHN FOR HOLIDAY MEALS AND STROLLS ALONG THE CITY'S C&O CANAL
JUSTICE KENNEDY LIKEWISE WENT OUT OF HIS WAY TO TUTOR HIM IN THE COURT'S
PECULIAR TRADITIONS INCLUDING THE RULE THAT THE MOST JUNIOR JUSTICE MUST
ANSWER THE DOOR IF ANYONE KNOCKS DURING THE WEEKLY SECRET CONFERENCE TO
DISCUSS CASES JUSTICE SOUTER HAS RETURNED THE FAVOR BY PRIVATELY DEFENDING
JUSTICE KENNEDY AGAINST ACCUSATIONS THAT HE FLIPFLOPS ON CONTROVERSIAL
ISSUES

THOUGH SOMETIMES STUFFY IN HIS LEGAL PROSE JUSTICE SOUTER ISN'T POMPOUS IN
PERSON ASKED WHY HE SINGS ALONG WITH THE CHIEF JUSTICE AT MR REHNQUIST'S
ANNUAL CHRISTMAS CAROL PARTY HE REPLIES I HAVE TO OTHERWISE I GET ALL
THE TAX CASES

ON A COURT RIVEN WITH RESENTMENTS HE QUICKLY ENDEARED HIMSELF TO HIS
COLLEAGUES LIBERAL JUSTICE HARRY BLACKMUN TOLD A JUDICIAL CONFERENCE IN
MINNEAPOLIS LAST SUMMER THAT JUSTICE SOUTER MAY BE THE ONLY NORMAL PERSON
ON THE SUPREME COURT WITH A SMILE ON HIS FACE JUSTICE BLACKMUN ADDED I
WON'T EXPAND ON THAT

THE CRYPTIC COMPLIMENT COULD WELL REFER ALSO TO JUSTICE SOUTER'S ABILITY TO
CONFRONT JUSTICE SCALIA WITHOUT RANCOR THERE IS NO QUESTION THAT HE
DOESN'T TAKE CRITICISM FROM JUSTICE SCALIA AS PERSONALLY AS KENNEDY AND
O'CONNOR SAYS A LAWYER WHO CLERKED LAST TERM FOR ANOTHER JUSTICE
FREQUENTLY DURING ORAL ARGUMENT JUSTICES SOUTER AND SCALIA WHO SIT NEXT TO
EACH OTHER WILL DUCK THEIR HEADS TO SHARE A PRIVATE JOKE AND JUSTICE
SCALIA SURPRISED HIS BENCHMATE ONE DAY BY BRINGING HIM AN OIL PORTRAIT HE
HAD COME ACROSS OF A 19THCENTURY JUSTICE NAMED LEVI WOODBURY THE ONLY
OTHER PERSON EVER TO BE LIVING IN NEW HAMPSHIRE WHEN NAMED TO THE HIGH
COURT

YET DESPITE HIS INCLINATION TO MIX IT UP ON THE JOB JUSTICE SOUTER HASN'T
ABANDONED HIS ASCETIC NEW ENGLAND WAYS MOST DAYS HE DRIVES HIMSELF TO THE
COURT IN A VOLKSWAGEN LUNCHES ON YOGURT AND AN APPLE WORKS LATE INTO THE
EVENING AND RETURNS TO A TINY RENTED APARTMENT THAT FRIENDS SAY REMAINS
VIRTUALLY UNDECORATED RENOWNED FOR HIS PENNYPINCHING HE WAS DISMAYED ONE
DAY AT THE 8 PRICE OF A JUDICIAL LUNCHEON AT THE HIGH COURT OH DAVID
YOU'RE SO SILLY JUSTICE O'CONNOR LAUGHED WHAT'S SO SILLY ABOUT THAT A
GENUINELY CONFUSED JUSTICE SOUTER LATER ASKED HIS STAFF

UNABASHED IN HIS PAROCHIALISM JUSTICE SOUTER WOULD BE HAPPIER LIVING IN THE
RAMSHACKLE WEARE NH FARMHOUSE WHERE HE GREW UP AND STILL SPENDS SUMMERS
HE AVOIDS THE WASHINGTON COCKTAIL CIRCUIT AND DESPISING TRAVEL OF ANY SORT
SKIPS THE OUTOFTOWN SPEAKING GIGS THAT A NUMBER OF HIS COLLEAGUES ENJOY
HE TOLD US HE LIKES TO SLEEP IN HIS OWN SHEETS SAYS A FORMER SOUTER
CLERK

FOR CURRENT EVENTS HE REGULARLY READS ONLY THE SUNDAY NEW YORK TIMES I
GAVE HIM A COLOR TV BUT HE NEVER PLUGGED THE DAMNED THING IN SAYS FORMER
NEW HAMPSHIRE SEN WARREN RUDMAN WIDELY READ IN HISTORY LAW AND
PHILOSOPHY THE FORMER RHODES SCHOLAR KEEPS UP WITH CONTEMPORARY POLITICS
MOSTLY BY MEANS OF UPDATES FROM A TIGHT CIRCLE OF HARVARD CLASSMATES AND
LONGTIME NEW HAMPSHIRE FRIENDS LIKE MR RUDMAN

THOSE FOR WHOM HE MAKES TIME IN HIS WORKDOMINATED LIFE FIND HIM GENEROUS
GREGARIOUS AND ENTERTAINING WHETHER RECOUNTING LITTLEKNOWN FACTS ABOUT
OLIVER WENDELL HOLMES OR WAR STORIES FROM NEW HAMPSHIRE POLITICS

ON A RECENT RARE STOP AT A MCDONALD'S JUSTICE SOUTER MUSED TO A COMPANION
THAT HE HADN'T BEEN IN ONE OF THE FASTFOOD RESTAURANTS FOR 20 YEARS THE
LAST TIME HE RECALLED HAD BEEN IN THE EARLY 1970S WHEN AS NEW HAMPSHIRE
ATTORNEY GENERAL HE SUPERVISED THE EARLYMORNING ARREST OF DOZENS OF
PROTESTERS AT THE SEABROOK NUCLEAR POWER PLANT AFTERWARD PROSECUTOR SOUTER
WENT TO A MCDONALD'S AND USED HIS OWN MONEY TO BUY COFFEE AND BREAKFAST FOR
HIS DETAINEES

JUSTICE SOUTER DOESN'T GIVE FORMAL INTERVIEWS BUT HE HAS COMPARED HIS FIRST
TERM ON THE HIGH COURT TO WALKING INTO A TIDAL WAVE FRIENDS SAY THAT HE
STAGGERED BACK TO NEW HAMPSHIRE IN THE SUMMER OF 1991 LOOKING DRAWN AND
HARRIED LAST SUMMER BY CONTRAST HE WAS MUCH MORE AT EASE MORE
SELFCONFIDENT SAYS FEDERAL JUDGE HUGH BOWNES OF CONCORD

HIS SELFDEPRECATION CHARACTERIZES SOME OF JUSTICE SOUTER'S JURISPRUDENTIAL
CLASHES WITH JUSTICE SCALIA WHO ISN'T KNOWN FOR UNDERSTATEMENT IN A CASE
DECIDED LAST JUNE JUSTICE SCALIA ATTACKED A SOUTER MAJORITY FOR RESORTING
TO THAT LAST HOPE OF LOST INTERPRETATIVE CAUSES THAT ST JUDE OF THE
HAGIOLOGY OF STATUTORY CONSTRUCTION LEGISLATIVE HISTORY CONTENDING THAT
CONGRESSIONAL DEBATES AND COMMITTEE REPORTS ARE UNRELIABLE JUSTICE SCALIA
HAS PUSHED THE COURT TO STICK TO THE PLAIN MEANING OF STATUTORY TEXT

IN A FOOTNOTE ANSWERING THE SCALIA GIBE JUSTICE SOUTER MAINTAINED THAT THE
SHRINE OF LEGISLATIVE HISTORY IS WELL PEOPLED THOUGH IT HAS ROOM FOR ONE
MORE AND ITS CONGREGATION HAS INCLUDED SUCH NOTED ELDERS AS MR JUSTICE
FRANKFURTER WHOSE 23 YEARS ON THE COURT ENDED IN 1962 JUSTICE SOUTER HAS
LAUNCHED A FORCEFUL COUNTEROFFENSIVE AGAINST THE STRINGENT PLAINMEANING
APPROACH HE CONTENDS THAT WHEN THE COURT IGNORES OTHER EVIDENCE OF WHAT
LEGISLATORS HAD IN MIND IT MAY DISTORT THE PURPOSE OF LAWS IT IS ASKED TO
INTERPRET

LEGAL SCHOLARS SAY JUSTICE SOUTER BRINGS A FRESH APPROACH TO SUCH DEBATES
HE STRUGGLES WITH THE ARGUMENTS ON BOTH SIDES OF CASES SAYS PROF
STRAUSS YOU SEE A KIND OF HUMILITY WHICH IS LACKING IN SOME OTHER MEMBERS
OF THE COURT LIBERALS DISAGREE WITH MANY OF JUSTICE SOUTER'S VIEWS BUT
HAVE BEEN RELIEVED BY HIS PERFORMANCE HE IS CERTAINLY CONSERVATIVE ON MANY
ISSUES INCLUDING CRIMINAL LAW SAYS ELLIOT MINCBERG LEGAL DIRECTOR OF
PEOPLE FOR THE AMERICAN WAY BUT WE COULD HAVE DONE A LOT WORSE HE HAS
SHOWN SOME REAL INTELLECTUAL INDEPENDENCE FROM THE SCALIA WING

JUSTICE SOUTER HAS EXPRESSED PARTICULAR PRIDE TO FRIENDS IN HAVING RESHAPED
DEBATE ON THE COURT OVER RELIGION AND ABORTION

CHURCHSTATE DISPUTES FOR EXAMPLE INEVITABLY PROVOKE QUESTIONS ABOUT
CONSTITUTIONAL HISTORY WHICH JUSTICE SCALIA VIEWS AS MUCH MORE RELEVANT
THAN LEGISLATIVE HISTORY JUSTICE SCALIA CONTENDS THAT TO PREVENT JUDGES
FROM READING THEIR OWN VALUES INTO THE CONSTITUTION SUCH VAGUE PROVISIONS
AS THE FIRST AMENDMENT'S BAN ON OFFICIAL ESTABLISHMENT OF RELIGION SHOULD
BE ENFORCED ONLY AS THEY WERE UNDERSTOOD BY THE MEN WHO DRAFTED THEM
JUSTICES KENNEDY AND O'CONNOR WHILE REPELLED BY THE MORE EXPANSIVE
INTERPRETATIONS OF THE WARREN AND BURGER COURTS CAN'T BRING THEMSELVES TO
ACCEPT THE UNBENDING SCALIA VIEW EITHER JUSTICE SOUTER ARGUES THAT WHILE
HISTORY IS VITAL IN MAKING CONSTITUTIONAL JUDGMENTS IT PROVIDES FEW
CLEARCUT ANSWERS

THE FERMENT WAS ON DISPLAY IN LAST JUNE'S 54 RULING IN LEE VS WEISMAN
WHICH SAID THAT OFFICIAL PRAYERS AT A PUBLICSCHOOL GRADUATION VIOLATED THE
FIRST AMENDMENT IN A SCATHING DISSENT JUSTICE SCALIA ATTACKED THE MAJORITY
OPINION BY JUSTICE KENNEDY FOR FAILING TO TAKE A DISTINCT HISTORICAL POINT
OF VIEW JUSTICE SCALIA CITED RELIGIOUS PASSAGES FROM EARLY PRESIDENTIAL
ADDRESSES TO SHOW THAT OFFICIALLY SPONSORED PRAYER HAS BEEN ACCEPTED SINCE
THE COUNTRY'S FOUNDING

JUSTICE SOUTER JOINED THE MAJORITY BUT WROTE A SEPARATE OPINION THAT
CONFRONTED JUSTICE SCALIA JUSTICE SOUTER METICULOUSLY RECOUNTED THE
DRAFTING AND REVISION OF THE FIRST AMENDMENT TO REACH THE CONCLUSION THAT
HISTORY NEITHER CONTRADICTS NOR WARRANTS RECONSIDERATION OF THE SETTLED
PRINCIPLE THAT THE FIRST AMENDMENT FORBIDS GOVERNMENT SUPPORT FOR RELIGION
IN GENERAL NO LESS THAN FOR ONE RELIGION OVER OTHERS AS FOR THOSE EARLY
PRESIDENTS WHO BREACHED THE WALL SEPARATING CHURCH AND STATE HE NOTED
HISTORICAL EVIDENCE THAT JAMES MADISON AND OTHERS WERE ASHAMED OF HAVING
DONE SO

JUSTICE SOUTER FELT SO STRONGLY ABOUT LAST TERM'S ABORTION DECISION THAT HE
USED IT TO MAKE A PERSONAL STATEMENT ABOUT THE HIGH COURT'S PLACE IN THE
POLITICAL SYSTEM

MONTHS BEFORE THE JUSTICES EVEN KNEW WHICH ABORTION CASE THEY MIGHT
CONSIDER HE BEGAN STUDYING THE QUESTION OF WHETHER THE COURT SHOULD
OVERRULE ROE VS WADE PERSUADED THAT THE COURT HAD OVERREACHED ITS
AUTHORITY ON ABORTION JUSTICE SOUTER WAS NONETHELESS TROUBLED ABOUT THE
APPEARANCE OF BOWING TO CONSERVATIVE PRESSURE TO OVERTURN ROE

AFTER ORAL ARGUMENTS LAST APRIL IN THE ABORTION CASE FROM PENNSYLVANIA THAT
THE COURT ULTIMATELY AGREED TO DECIDE THERE WERE FOUR VOTES TO OVERRULE
THE CHIEF JUSTICE AND JUSTICES SCALIA THOMAS AND BYRON WHITE AT THE OTHER
EXTREME WERE ROE'S STALWART DEFENDERS JUSTICES BLACKMUN AND JOHN PAUL
STEVENS

ON SHAKY MIDDLE GROUND WERE JUSTICES O'CONNOR AND KENNEDY LONG A CRITIC OF
ROE'S REASONING JUSTICE O'CONNOR WANTED TO GIVE STATES MORE LEEWAY TO
REGULATE ABORTION BUT WORRIED ABOUT GOING TOO FAR SHE SOUGHT TO REPLACE
ROE'S RIGID APPROACH BASED ON THE TRIMESTERS OF PREGNANCY WITH A FLEXIBLE
STANDARD THAT WOULD ALLOW MORE STATE REGULATION BUT STILL LET JUDGES STRIKE
DOWN RESTRICTIONS THEY DEEM EXCESSIVE

JUSTICE KENNEDY WAS EVEN LESS CERTAIN OF HOW TO PROCEED THOUGH ON THE
RECORD AS OPPOSING ROE HE FELT UNCOMFORTABLE WITH THE CONSERVATIVE ARGUMENT
THAT THE CONSTITUTION DIDN'T RANK THE RIGHT TO ABORTION ANY HIGHER THAN THE
RIGHT SAY TO A DRIVER'S LICENSE

JUSTICE SOUTER ALSO WANTED TO COMPROMISE BUT HAD FAR MORE CONFIDENCE IN HIS
SOLUTION ROE IN SOME FORM MUST BE REAFFIRMED HE THOUGHT FOR THE COURT
TO REVERSE ITSELF ON SUCH A CONTENTIOUS ISSUE WOULD ENCOURAGE THE IMPRESSION
OF IT AS MOVED BY RAW POLITICS NOT REASON IN LATE APRIL HE AND JUSTICE
O'CONNOR SEPARATELY BEGAN WORK ON PIECES OF WHAT WOULD EVENTUALLY FORM A
PLURALITY OPINION

THE SOUTERO'CONNOR EFFORT PROVIDED JUSTICE KENNEDY WITH THE ALTERNATIVE TO
OVERRULING ROE FOR WHICH HE HAD BEEN GROPING HE JOINED THEIR OPINION AND
ADDED A SECTION OF HIS OWN THE CORE OF THE COOPERATIVE PRODUCT WAS JUSTICE
SOUTER'S ASSERTION THAT TO OVERRULE UNDER FIRE IN THE ABSENCE OF THE MOST
COMPELLING REASON TO REEXAMINE A WATERSHED DECISION WOULD SUBVERT THE
COURT'S LEGITIMACY BEYOND ANY SERIOUS QUESTION HE CALLED ON COMBATANTS IN
THE ABORTION CLASH TO END THEIR NATIONAL DIVISION BY ACCEPTING A COMMON
MANDATE ROOTED IN THE CONSTITUTION

IN HEATED DISSENTING OPINIONS THE CHIEF JUSTICE AND JUSTICE SCALIA SOUGHT
TO IDENTIFY WEAKNESSES IN JUSTICE SOUTER'S REASONING FOR ONE THING THEY
SAID HIS PAEAN TO UPHOLDING PRECEDENT HAD A PECULIAR ECHO WHEN FOLLOWED BY
JUSTICE O'CONNOR'S THOROUGH REWRITING OF ROE TO NARROW THE ABORTION RIGHT
MOREOVER THEY NOTED THAT THE PLURALITY OPINION ALSO CASUALLY OVERTURNED
OUTRIGHT TWO OTHER MAJOR DECISIONS ON ABORTION FROM THE 1980S

THOUGH TROUBLED BY THESE INCONSISTENCIES JUSTICES BLACKMUN AND STEVENS
NEVERTHELESS SIGNED ONTO JUSTICE SOUTER'S PIECE OF THE PLURALITY FORMING A
FRAGILE 54 RULING THAT REAFFIRMED A NARROWED VERSION OF ROE AND PROHIBITED
STATES FROM BANNING ABORTION ALTOGETHER

ON SUNDAY JUNE 28 THE DAY BEFORE THE PENNSYLVANIA ABORTION DECISION WAS
ANNOUNCED JUSTICE SOUTER TELEPHONED HIS FRIEND MR RATH IN NEW HAMPSHIRE
I THINK MY NAME MAY BE IN THE PAPER AFTER TOMORROW THE JUSTICE SAID
9302020095 930202 CBT TO ACQUIRE THREE BRANCHES

PADUCAH KY CBT CORP SAID ITS CITIZENS BANK & TRUST CO UNIT HAS SIGNED
AN AGREEMENT TO PURCHASE THREE BRANCHES OF SECURITY TRUST SAVINGS & LOAN
ASSOCIATION A UNIT OF UNION PLANTERS CORP A MEMPHIS TENN BANK HOLDING
COMPANY

TERMS OF THE AGREEMENT WEREN'T DISCLOSED

THE 506 MILLION BANK HOLDING COMPANY SAID IT WILL ACQUIRE THE ASSETS AND
DEPOSITS OF THE THREE BRANCHES WHICH ARE LOCATED IN MCCRACKEN COUNTY THE
TOTAL DEPOSITS FOR THE BRANCHES ARE ABOUT 70 MILLION CBT SAID

THE COMPANY SAID THE TRANSACTION IS SUBJECT TO REGULATORY APPROVALS IT
EXPECTS THE TRANSACTION TO BE COMPLETED IN 90 DAYS 9302020094 930202
WHO'S NEWS GOVIDEO'S PALKO RESIGNS POSTS

SCOTTSDALE ARIZ GOVIDEO INC SAID IT NAMED A DIRECTOR ROGER B
HACKETT AS PRESIDENT AND CHIEF OPERATING OFFICER AFTER THE RESIGNATION OF
ROBERT J PALKO

MR PALKO 46 YEARS OLD SAID HE RESIGNED TO PURSUE OTHER PROFESSIONAL
OPPORTUNITIES AND TO SPEND MORE TIME WITH HIS FAMILY HE ADDED THAT ON
JAN 20 THE BOARD OFFERED ME A PLAN AND PROGRAM TO BECOME CHIEF EXECUTIVE
OFFICER BUT WE COULDN'T COME TO TERMS

R TERREN DUNLAP CHAIRMAN AND CHIEF EXECUTIVE OFFICER DECLINED TO COMMENT
ON THE PLAN MR PALKO WILL CONTINUE WITH GOVIDEO AS A PARTTIME
CONSULTANT HE SAID THE COMPANY MARKETS VIDEOCASSETTE RECORDING SYSTEMS

MR HACKETT 42 WAS PREVIOUSLY A SENIOR VICE PRESIDENT AT SERVING SOFTWARE
INC A COMPUTER SOFTWARE CONCERN IN MINNEAPOLIS HE JOINED THE GOVIDEO
BOARD LAST MONTH MR PALKO RESIGNED FROM THE BOARD REDUCING IT TO FOUR
MEMBERS 9302020093 930202 WHO'S NEWS SEAGRAM CO

SEAGRAM CO NEW YORK ROBERT A MONROE 56 YEARS OLD WAS NAMED
EXECUTIVE VICE PRESIDENT DIVERSITY FOR THE JOSEPH E SEAGRAM & SONS US
SUBSIDIARY OF THIS MARKETER OF DISTILLED SPIRITS WINES AND FRUIT JUICES HE
HAD BEEN VICE PRESIDENT GENERAL MANAGER OF JOSEPH E SEAGRAM'S SPIRITS
UNIT 9302020092 930202 ENTERPRISE MORE SMALL FIRMS ARE TURNING TO
TRADE INTERMEDIARIES  MIDDLEMEN ENABLE COMPANIES TO BUILD 
INTERNATIONAL SALES FASTER  BY MICHAEL SELZ STAFF REPORTER OF THE
WALL STREET JOURNAL

MORE SMALL MANUFACTURERS ANXIOUS TO BOOST THEIR FOREIGN BUSINESS ARE
TURNING TO TRADE INTERMEDIARIES

THESE ENTREPRENEURIAL MIDDLEMEN TYPICALLY BUY US GOODS AT AS MUCH AS 15
BELOW A PRODUCER'S BEST DISCOUNT AND RESELL THEM OVERSEAS INTERMEDIARIES
SAY THAT THEIR WORLDWIDE CONTACTS ENABLE SMALL MANUFACTURERS TO BUILD THEIR
INTERNATIONAL SALES EFFORTS FASTER AS A RESULT INTERMEDIARIES CURRENTLY
ACCOUNT FOR AS MUCH AS 10 OF ALL US EXPORTS ESTIMATES ANNE C PERRY AN
ASSOCIATE PROFESSOR OF INTERNATIONAL BUSINESS AT AMERICAN UNIVERSITY

THERE NOW ARE 2000 TO 2500 INTERMEDIARIES NATIONWIDE ACCORDING TO THE
US COMMERCE DEPARTMENT THE NUMBER OF INTERMEDIARIES IS DEFINITELY
GROWING PROF PERRY SAYS TRADE INTERMEDIARIES REPRESENT NEARLY HALF OF
THE MEMBERS IN THE NATIONAL ASSOCIATION OF EXPORT COMPANIES WHOSE RANKS
TRIPLED LAST YEAR AND ARE EXPECTED TO DOUBLE THIS YEAR AND THE US SMALL
BUSINESS ADMINISTRATION SAYS THAT ATTENDANCE AT ITS ANNUAL CONFERENCE FOR
TRADE INTERMEDIARIES HAS DOUBLED SINCE 1989 TO 800 LAST YEAR

SMALL BUSINESSES DRIVE MUCH OF THE DEMAND FOR TRADE INTERMEDIARIES THERE
ARE MANY MORE COMPANIES EXPORTING TODAY AND FOR THE MOST PART THEY ARE
TURNING TO TRADE INTERMEDIARIES SAYS LAND GRANT A NEW YORK EXPORT
CONSULTANT AND PRESIDENT OF THE EXPORT COMPANIES' TRADE GROUP

DESPITE THEIR INTENSIFIED INTEREST IN EXPORTS MOST SMALL COMPANIES LACK THE
KNOWLEDGE AND RESOURCES TO DO THE JOB ALONE IT TAKES A GREAT DEAL OF
EFFORT TO ESTABLISH TRADE LINKAGES IN FOREIGN COUNTRIES SAYS ROSS DEVOL
DIRECTOR OF US FORECASTING FOR WEFA GROUP A BALA CYNWYD PA
ECONOMICCONSULTING COMPANY I THINK THAT'S WHERE INTERMEDIARIES ARE
PLAYING A VITAL ROLE BY HELPING SMALL AND MEDIUMSIZE BUSINESSES

HAMILTON MANUFACTURING CORP A SMALL MAKER OF MACHINES THAT EXCHANGE COINS
FOR PAPER CURRENCY IS A CASE IN POINT JAMES NESMITH PRESIDENT OF THE
TOLEDO OHIO CONCERN DECIDED TO BREAK INTO THE INTERNATIONAL MARKET TWO
YEARS AGO WHEN THE COMPANY BEGAN DEVELOPING BILL CHANGERS FOR FOREIGN MONEY
BUT AFTER TAKING AN INTERNATIONAL TRADE COURSE MR NESMITH SAYS THAT HE
QUICKLY LEARNED IT WAS A LOT MORE THAN I COULD HANDLE

SO HAMILTON SIGNED A FIVEYEAR AGREEMENT WITH INTERNATIONAL PROJECTS INC
A TOLEDO EXPORTMANAGEMENT COMPANY THAT SAYS IT SERVES AS A TRADE
INTERMEDIARY FOR 16 MAKERS OF PLEASURE BOATS HOSPITAL SUPPLIES AIR
CONDITIONERREPAIR EQUIPMENT AND STATIONERY DURING THE PAST FIVE YEARS
INTERNATIONAL PROJECTS' ANNUAL SALES HAVE DOUBLED TO 8 MILLION REPORTS ITS
PRESIDENT FRANK REYNOLDS

INTERNATIONAL PROJECTS ACHIEVED THAT GROWTH WITH SIX PEOPLE AND SEVEN
COMPUTERS MR REYNOLDS SAYS NOTING THAT ADVANCES IN COMMUNICATIONS
TECHNOLOGY HAVE FOSTERED THE GROWTH OF TRADE INTERMEDIARIES NOTES LESLIE
STROH PRESIDENT OF TRADE DATA REPORTS INC A NEWSLETTER PUBLISHER IN NEW
YORK THE LARGE TRADE COMPANY WITH OFFICES IN A MAJOR PORT CITY HAS BEEN
REPLACED BY A GUY WITH A FAX AND PERSONAL COMPUTER WORKING FROM HIS HOME

THE WIDENED POPULARITY OF TRADE INTERMEDIARIES COULD HAVE BROADER ECONOMIC
SIGNIFICANCE AS THE NUMBER OF INTERMEDIARIES INCREASES THEY COULD BE OUR
FRONTLINE TROOPS IN THE BATTLE TO REDUCE THE US TRADE DEFICIT SUGGESTS
JOHN MILLER AN SBA INTERNATIONAL TRADE OFFICER IN WASHINGTON DC

BUT INTERMEDIARIES HAVE DISADVANTAGES TOO USING THEM INFLATES THE COST OF
A MANUFACTURER'S PRODUCTS BESIDES MIDDLEMEN AREN'T ALWAYS AS DEVOTED TO
SELLING A PARTICULAR ITEM AS ITS PRODUCER MIGHT BE AND SOME FOREIGN BUYERS
HESITATE TO DEAL WITH A THIRD PARTY PREFERRING TO TALK DIRECTLY WITH THE
MANUFACTURER

NEVERTHELESS SOME RECENTLY FORMED INTERMEDIARIES SAY THEY ARE THRIVING
STEVEN DREYFUS LEFT HIS FAMILY'S EXPORT BUSINESS IN 1990 TO START DREYFUS &
ASSOCIATES LTD BY LAST YEAR HE SAYS REVENUE HAD REACHED 25 MILLION
DOUBLE THE YEAREARLIER LEVEL AS A SOCALLED EXPORTMANAGEMENT COMPANY
DREYFUS & ASSOCIATES HANDLES PRACTICALLY ALL EXPORT FUNCTIONS FOR EIGHT TOOL
MANUFACTURERS THE NEW YORK COMPANY FINDS FOREIGN BUYERS PAYS THE US
COMPANY FOR THE GOODS SHIPS THE PRODUCT EXTENDS CREDIT TO DISTRIBUTORS AND
COLLECTS PAYMENTS

EVERY MONTH TWO OF THE COMPANY'S FIVE EMPLOYEES TRAVEL THE WORLD IN SEARCH
OF FOREIGN BUYERS FOR DREYFUS & ASSOCIATES' EIGHT TOOLMAKING CLIENTS MR
DREYFUS SAYS THAT THE COMPANY ALSO RELIES ON FOREIGN TRADE SHOWS A GLOBAL
DATABASE OF 1500 DISTRIBUTORS AND 1600 TO 1800 A MONTH IN LONGDISTANCE
PHONE CALLS AND FAXES

MICHAEL KOULOUROUDIS STARTED AN EXPORTING COMPANY FROM HIS NEW YORK CITY
HOME IN 1991 AFTER COMPLETING A TWOYEAR TRAINING PROGRAM IN EXPORT
OPERATIONS HE SAYS THAT KOUDIS INTERNATIONAL INC GOT GOING BY TRACKING
LEADS FROM THE US COMMERCE DEPARTMENT AND THE JOURNAL OF COMMERCE

ONE LEAD BROUGHT HIM TO JAPANESE COMPANIES LOOKING TO PURCHASE COMMERCIAL
AIRCONDITIONERS FROM ABROAD KOUDIS INTERNATIONAL HAS SINCE SOLD THOSE
COMPANIES 100000 OF PRODUCTS SUPPLIED BY FEDDERS CORP A PEAPACK NJ
AIRCONDITIONER MAKER ACCORDING TO MR KOULOUROUDIS

TRADE INTERMEDIARIES SOMETIMES RUN THE RISK OF DOING THEIR JOB TOO WELL 
AS TIMOTHY FENTON PRESIDENT OF ITM CORP DISCOVERED A YEAR AGO MR
FENTON SAYS HIS WASHINGTON DC EXPORTMANAGEMENT COMPANY LOST A
MULTIMILLIONDOLLAR ACCOUNT WITH AN ORTHOPEDICPRODUCTS MANUFACTURER WHEN
THE CUSTOMER DECIDED ITS INTERNATIONAL VOLUME WAS HIGH ENOUGH TO DROP THE
MIDDLEMAN AND SELL DIRECT MAKING MATTERS WORSE THE CLIENT HIRED AN ITM
SALES MANAGER TO RUN THE EXPORT BUSINESS

ITM'S PRIOR DECISION TO BEGIN MANUFACTURING ON ITS OWN ENABLED THE SMALL
COMPANY TO WITHSTAND SUCH LOSSES IN 1990 ITM TOOK OVER THE BUSINESS OF AN
ORTHOPEDICPRODUCTS SUPPLIER THAT HAD FAILED THE STRATEGY GIVES US
PROTECTION SAYS MR FENTON IN FACT HE ADDS PRODUCTS MADE BY ITM NOW
ACCOUNT FOR 30 OF ITS ANNUAL SALES 9302020091 930202 BUSINESS & RACE 
 BY LEON E WYNTER

THE NATION'S LARGEST PENSION FUND HAS FOUND IT PAYS TO EXPAND ITS MONEY
MANAGERS BEYOND THE TRADITIONAL WHITE MALES

IN 1991 THE CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM KNOWN AS
CALPERS BEGAN USING 12 EMERGING FIRMS INCLUDING 10 RUN BY WOMEN OR
MINORITIES TO MANAGE A TOTAL OF ABOUT 1 OF THE FUND'S 57 BILLION IN
ASSETS IN THEIR FIRST SIX QUARTERS THESE FIRMS ACHIEVED HIGHER RETURNS AS
A GROUP AVERAGE GROWTH OF 36 IN THE 18 MONTHS THAN THE FUND'S OTHER
DOMESTIC EQUITY MANAGERS WHICH AVERAGED 32 ACCORDING TO CALPERS AND
WASHINGTON HACKETT CO PENSIONFUND CONSULTANTS IN NEW ORLEANS

THROUGH THE SECOND QUARTER OF 1992 ONE BLACKOWNED FIRM BROWN CAPITAL
MANAGEMENT IN PHILADELPHIA OUTPERFORMED ALL OTHER CALPERS DOMESTIC EQUITY
MANAGERS WASHINGTON HACKETT REPORTS A HISPANIC FIRM VALENZUELA CAPITAL
MANAGEMENT IN NEW YORK DID BETTER THAN FOUR OF THE SEVEN TRADITIONAL
LARGE DOMESTIC EQUITY MANAGERS

THE SUCCESS OF THE EMERGING FIRMS STEMS PARTLY FROM THEIR HANDLING OF
SMALLER SUMS THAN THE BIGGER FIRMS MAKING IT EASIER TO BEAT MARKET
AVERAGES SAYS DEWITT BOWMAN CALPERS' CHIEF INVESTMENT OFFICER MANAGERS OF
SMALLER SUMS SEEM IN PARTICULAR TO BETTER TARGET SMALL POTENTIALLY HOT
STOCK ISSUES

MR BOWMAN OF CALPERS SAYS HE EXPECTS TO INCREASE THE PORTION OF THE FUND'S
ASSETS MANAGED BY THE NEW FIRMS THIS YEAR WITHOUT HE HOPES JEOPARDIZING
THEIR SUPERIOR RETURNS

LOWELL THOMPSON A VETERAN BLACK CREATIVE DIRECTOR IN CHICAGO IS USING THE
TOOLS OF HIS TRADE TO HIGHLIGHT DISCRIMINATION AGAINST BLACKS IN THE AD
INDUSTRY

MR THOMPSON WHO HAS WORKED FOR THE CITY'S BIGGEST AD FIRMS AND NOW
FREELANCES IS PUBLICIZING A WHITELIST HE HAS COMPILED THAT GIVES THE
PERCENTAGE OF BLACKS IN THE CHICAGO CREATIVE DEPARTMENTS OF 10 NATIONAL
AGENCIES THESE FIGURES WHICH HE COMPILED USING HIS OWN CONTACTS IN THE
AGENCIES AREN'T GENERALLY AVAILABLE BECAUSE AD FIRMS AREN'T REQUIRED TO
PROVIDE THEM

MR THOMPSON'S FINDINGS FOR SPECIFIC FIRMS REINFORCE WHAT ADVERTISING AGE
CALLED A DIRTY LITTLE SECRET BLACKS HOLD LESS THAN 5 OF CREATIVE
MANAGEMENT JOBS IN THE INDUSTRY THE MAGAZINE SAYS IN CHICAGO MR THOMPSON
FOUND BLACKS HOLD LESS THAN 2 OF SUCH JOBS THE TWO BIGGEST OFFICES IN
CHICAGO LEO BURNETT CO AND DDB NEEDHAM HAVE 12 BLACKS BETWEEN THEM OR
JUST 25 OF THEIR TOTAL 474 CREATIVE EMPLOYEES ACCORDING TO THE LIST
RELEASED IN DECEMBER FIVE OF THE 10 FIRMS' CHICAGO OFFICES EMPLOY NO BLACKS
IN CREATIVE JOBS

SPOKESMEN CONCEDE THE NUMBERS BUT NOT THE BLAME THEY SAY RECENT SHRINKAGE
IN THE AD INDUSTRY HAS MADE IT TOUGHER TO INCREASE DIVERSITY IN THE CREATIVE
WORK FORCE BURNETT'S CHIEF EXECUTIVE RICHARD FIZDALE SAYS THERE AREN'T
ENOUGH BLACKS IN HIS SPECIALIZED TALENT POOL KEITH REINHARD CHAIRMAN AND
CHIEF EXECUTIVE OF NEEDHAM ADDS THAT MANY BLACKS HIS AGENCY MIGHT LIKE TO
HIRE ARE DRAWN INSTEAD TO MARKETING JOBS AT BIG CONSUMERPRODUCT COMPANIES
MR THOMPSON SAYS THESE EXPLANATIONS IGNORE DISCRIMINATION AGAINST
EXPERIENCED BLACK PROFESSIONALS

NEEDHAM AND BURNETT HAVE BOTH INCREASED THEIR COMMITMENT TO MINORITY
INTERNSHIPS AND CAREER TRAINING BUT BURNETT'S MR FIZDALE SAYS HE WON'T TRY
TO MEET A PARTICULAR MINORITYHIRING GOAL I VIEW IT AS SOME MINORITY GROUP
ASKING ME TO BE PREJUDICED AGAINST SOMEBODY ELSE

SOME ADVERTISERS HAVE FOUND A CREATIVE WAY TO REACH LINGUISTICALLY DIVERSE
ASIANAMERICAN AUDIENCES A LITTLEKNOWN MEDIUM CALLED SIDEBAND RADIO

AN ESTIMATED 35 TO 40 SIDEBAND BROADCASTERS IN NEW YORK AND A HANDFUL OF
OTHER BIG CITIES LEASE UNUSED PORTIONS OF OTHER STATIONS' FM CHANNELS TO
RUN PROGRAMMING IN CERTAIN FOREIGN LANGUAGES ESPECIALLY ASIAN GROUPS'
LISTENERS USE SPECIAL RADIO RECEIVERS SOLD USUALLY BY NEIGHBORHOOD
BUSINESSES

THE ADVANTAGES FOR ADVERTISERS INCLUDE LOW COSTS AND THE OPPORTUNITY TO
PINPOINT AUDIENCES THEY OTHERWISE MIGHT MISS SIDEBAND AUDIENCES AREN'T
COUNTED BY RATINGS SERVICES SO BROADCASTERS HAVE TO NEGOTIATE SPECIAL DEALS
WITH ADVERTISERS

LINO CELLE CHIEF EXECUTIVE OF RADIO MINDANAO USA FORT LEE NJ ESTIMATES
HE REACHES 100000 FILIPINOAMERICANS ABOUT 40 OF THE GROUP'S NEW
YORKAREA POPULATION IN THE TAGALOG LANGUAGE MR CELLE CHARGES FOR ADS BY
THE MONTH HE SAYS AMERICAN TELEPHONE & TELEGRAPH PAYS 720 MONTHLY FOR 120
60SECOND SPOTS AT&T SAYS IT USES ALL FOREIGNLANGUAGE MEDIA TO REACH
IMMIGRANTS BUT WON'T CONFIRM SPECIFIC SIDEBAND BUYS

SOME HOME BUILDERS IN THE ATLANTA SUBURBS HAVE LEARNED TO PROFIT BY HEEDING
THE WISHES OF MANY UPSCALE AFRICANAMERICANS TO LIVE IN ALLBLACK
COMMUNITIES

MORRISON HOMES BASED IN ATLANTA GOT THE MESSAGE LAST YEAR AFTER SELLING
JUST 14 HOMES IN THE PREDOMINANTLY BLACK SOUTHERN PART OF DEKALB COUNTY IN
1991 DIVISION MANAGER GARY FAY ADJUSTED HIS MARKETING TO REALITY ONLY
BLACK BUYERS WERE INTERESTED IN THE HOMES WHICH SELL FOR 120000 TO
225000

HE REPLACED HALF OF HIS ALLWHITE SALES FORCE WITH BLACK AGENTS FORGED
RELATIONSHIPS WITH BLACK REALESTATE AGENTS AND FOCUSED ADVERTISING ON
BLACKORIENTED MEDIA WITH ADVICE FROM CHARLOTTE ROY A LOCAL MARKETING
CONSULTANT MR FAY REDECORATED THE MODEL HOMES TO REFLECT UPSCALE BLACK
TASTES AND COMMISSIONED A PROMINENT BLACK ARTIST TO PAINT AFRICANTHEMED
MURALS ON THE NURSERY WALLS IN MODEL HOMES

FROM JUNE THROUGH DECEMBER OF LAST YEAR MORRISON MORE THAN DOUBLED ITS
SALES FOR ALL OF 1991 MR FAY CONCEDES HIS TACTICS DON'T FURTHER
INTEGRATION BUT IT'S PART OF UNDERSTANDING YOUR TARGET BUYER HE SAYS
THERE'S A FINE LINE BETWEEN BEING AN IDEALIST AND A BUSINESSMAN  IF
YOU DON'T RECOGNIZE IT YOU WON'T BE IN BUSINESS LONG

BROWN CAPITAL MANAGEMENT IS IN BALTIMORE YESTERDAY'S BUSINESS & RACE COLUMN
INCORRECTLY SAID THE MONEY MANAGER WAS IN PHILADELPHIA 9302020090 930202
UPS WINS CONTRACT FROM GM

ATLANTA UNITED PARCEL SERVICE OF AMERICA INC SAID IT WAS AWARDED A
MULTIYEAR CONTRACT TO DELIVER REPAIR PARTS IN EUROPE FOR GENERAL MOTORS
CORP

TERMS WEREN'T DISCLOSED BUT A UPS SPOKESWOMAN CHARACTERIZED THE PACT AS A
MULTIMILLIONDOLLAR AGREEMENT

UNDER THE CONTRACT UPS WILL PROVIDE OVERNIGHT DELIVERY OF PARTS FOR GM'S
OPEL AND VAUXHALL AUTOS SHIPMENTS WILL ORIGINATE FROM GERMANY SPAIN AND
THE UK AND WILL BE MADE THROUGHOUT EUROPE 9302020089 930202 WHO'S NEWS
 NASD GIVES KETCHUM NEW POST

WASHINGTON THE NATIONAL ASSOCIATION OF SECURITIES DEALERS SAID IT NAMED
RICHARD G KETCHUM CHIEF OPERATING OFFICER OF THE SELFREGULATORY AGENCY FOR
THE OVERTHECOUNTER MARKET

MR KETCHUM 42 YEARS OLD WHO WILL HEAD THE NASD'S RECENTLY CREATED
CORPORATE SERVICES GROUP HAD BEEN EXECUTIVE VICE PRESIDENT PRIOR TO
JOINING THE NASD IN 1991 HE WAS DIRECTOR OF THE SECURITIES AND EXCHANGE
COMMISSION'S DIVISION OF MARKET REGULATION

ADDITIONALLY JAMES M CANGIANO 46 AND DOUGLAS HENDERSON 42 WERE NAMED
SENIOR VICE PRESIDENTS IN THE NASD'S REGULATION GROUP AND SETH CHAMBERLAIN
46 WAS NAMED VICE PRESIDENT IN THE TECHNOLOGY GROUP

MR CANGIANO WHO HAD BEEN A VICE PRESIDENT WILL CONTINUE TO HEAD THE
MARKET SURVEILLANCE DEPARTMENT ONE OF NASD'S REGULATORY UNITS WITHIN THE
REGULATION GROUP MR HENDERSON WHO HAD BEEN A VICE PRESIDENT WILL
CONTINUE TO OVERSEE THE NEW YORK DISTRICT IN THE REGULATION GROUP MR
CHAMBERLAIN WHO HAD BEEN A DIRECTOR WILL CONTINUE TO HEAD THE SOFTWARE
ENGINEERING DEPARTMENT 9302020088 930202 LESLIE FAY SAYS IRREGULARITIES
IN BOOKS COULD WIPE OUT '92 PROFIT STOCK SKIDS  BY TERI AGINS 
STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK LESLIE FAY CO SAID IT IS INVESTIGATING ALLEGED ACCOUNTING
IRREGULARITIES THAT WHEN CORRECTED COULD WIPE OUT ITS 1992 NET INCOME AND
FORCE THE COMPANY TO RESTATE ITS 1991 EARNINGS

FOLLOWING THE ANNOUNCEMENT THE COMPANY'S STOCK LOST MORE THAN A THIRD OF
ITS VALUE

THE WOMEN'S APPAREL MAKER SAID THE COMPANY'S CORPORATE CONTROLLER DON
KENIA INDICATED FRIDAY DURING A YEAREND AUDIT THAT HE AND ANOTHER EMPLOYEE
HAD MADE SOME FALSE ENTRIES IN THE COMPANY'S RECORDS MR KENIA WHO HAS
BEEN SUSPENDED FROM HIS POST DIDN'T RETURN PHONE CALLS SEEKING COMMENT

LESLIE FAY ISSUED A STATEMENT DISCLOSING THE ACCOUNTING IRREGULARITIES
BEFORE THE STOCK MARKET OPENED YESTERDAY TRADING IN LESLIE FAY SHARES WAS
DELAYED UNTIL MIDMORNING WHEN NERVOUS INVESTORS QUESTIONING THE COMPANY'S
EARNINGS POTENTIAL AND THE INTEGRITY OF ITS INTERNAL FISCAL CONTROLS BEGAN
DUMPING THE SHARES

THE STOCK FINISHED THE DAY DOWN 39 AT 7375 A LOSS OF 4625 IN HEAVY
NEW YORK STOCK TRADING OF 17 MILLION SHARES

EVIDENTLY THE FALSE ENTRIES STARTED IN THE LAST QUARTER OF 1991 AND
CONTINUED THROUGHOUT 1992 SO THAT IF WHAT THEY ALLEGE IS TRUE ALL OF THE
RESULTS WE HAVE PUBLISHED ON A QUARTERLY BASIS SINCE THE FOURTH QUARTER OF
1991 WOULD HAVE BEEN AFFECTED A COMPANY SPOKESMAN SAID

LESLIE FAY WHICH SUPPLIES DEPARTMENT STORES WITH SUCH BRAND NAMES AS LESLIE
FAY ALBERT NIPON NOLAN MILLER AND HUE POSTED 1991 NET INCOME OF 293
MILLION OR 155 A SHARE ON SALES OF 8366 MILLION ANALYSTS' ESTIMATES
FOR 1992 NET INCOME RANGED FROM 125 A SHARE TO 135 A SHARE OR BETWEEN
24 MILLION AND 25 MILLION THE COMPANY HAS ABOUT 192 MILLION COMMON
SHARES OUTSTANDING

THE ENTRIES IN QUESTION WERE PRIMARILY RELATED TO INVENTORY ADJUSTMENTS AND
THE COST OF GOODS SOLD THE LESLIE FAY SPOKESMAN SAID BASED ON WHAT THEY
SAID THEY DID THEY INFLATED INVENTORY AND DECREASED THE COST OF GOODS 
THE EFFECT WOULD BE TO ENHANCE PROFITS IF THIS PROVES TO BE TRUE WE HAVE A
COMPLETE BREAKDOWN IN TERMS OF OUR FINANCIAL INFORMATION THERE IS A
CONTRADICTION TO WHAT EXISTS AND WHAT THEY ARE CLAIMING IN OUR BOOKS AND
RECORDS HE SAID WE HAVE A LONG WAY TO GO BEFORE WE KNOW WHAT HAPPENED

THE SPOKESMAN ADDED THAT THE CONTROLLER AND OTHER EMPLOYEES ALLEGEDLY
INVOLVED IN THE ACCOUNTING SITUATION DON'T HAVE ACCESS TO FUNDS IN THE
COMPANY JOHN POMERANTZ LESLIE FAY CHAIRMAN SAID IN A TELEPHONE
INTERVIEW THERE IS NO EVIDENCE THAT THERE WAS ANY THEFT YET BUT WE ARE
CONTINUING TO INVESTIGATE HE ADDED I DON'T KNOW WHAT THEIR MOTIVATION
COULD BE

MR POMERANTZ SAID HE WAS SHOCKED WHEN HE LEARNED OF THE SITUATION FRIDAY
WHILE ON A BUSINESS TRIP IN TORONTO I JUST COULDN'T FATHOM IT I THOUGHT
IT WAS A JOKE HE SAID

MR POMERANTZ SAID THAT PAUL POLISHAN THE COMPANY'S CHIEF FINANCIAL
OFFICER DIDN'T KNOW ANYTHING ABOUT THIS AND NONE OF THE OTHER COMPANY
OFFICERS WERE INVOLVED HE EMPHASIZED THAT LESLIE FAY'S FINANCIAL VIABILITY
ISN'T IN QUESTION HE SAID WE HAVE SPOKEN TO OUR EMPLOYEES TO OUR KEY
ACCOUNTS AND ALL OF OUR BANKS AND THEY ARE 100 BEHIND US

BASED ON INFORMATION MR KENIA HAS PROVIDED THE COMPANY SO FAR THE WORST
CASE SCENARIO WOULD WIPE OUT OUR 1992 EARNINGS MR POMERANTZ SAID

LESLIE FAY SAID THAT IN RESPONSE TO THE ALLEGATIONS IT HAS REQUESTED ITS
AUDIT COMMITTEE CONSISTING OF ALL INDEPENDENT DIRECTORS TO INVESTIGATE THE
SITUATION THE AUDIT COMMITTEE HAS RETAINED THE NEW YORK LAW FIRM WEIL
GOTSCHAL & MANGES AND WILL HIRE ANOTHER ACCOUNTING FIRM TO INVESTIGATE WE
WANT TO CLEAR THIS UP AND GET THIS BEHIND US AS QUICKLY AS POSSIBLE THE
LESLIE FAY SPOKESMAN SAID

MEANWHILE LESLIE FAY'S NEW YORK ACCOUNTING FIRM BDO SEIDMAN WILL PROCEED
WITH ITS INTERNAL YEAREND AUDIT THE COMPANY SAID A SPOKESMAN FOR BDO
SEIDMAN WHICH AUDITED THE COMPANY'S 1991 FINANCIAL STATEMENTS SAID IT WAS
INFORMED ABOUT THE ALLEGATIONS ON FRIDAY AT THIS TIME THE NATURE AND
EXTENT OF THE IRREGULARITIES IS UNCLEAR HOWEVER BDO SEIDMAN IS COOPERATING
FULLY WITH THE INVESTIGATION BEING CONDUCTED BY THE COMPANY'S MANAGEMENT
THE BDO SEIDMAN SPOKESMAN SAID

IT'S A CALAMITY WE'RE AT A LOSS TRYING TO FIGURE OUT WHAT THEIR EARNING
POWER IS SAID ED JOHNSON AN ANALYST WHO FOLLOWS THE COMPANY AT JOHNSON
REDBOOK SERVICES IF THEY MIGHT HAVE ZERO EARNINGS UNDER THE CURRENT
ACCOUNTING METHODS YOU WONDER IF THEY ARE CAPABLE OF SHOWING ANY EARNINGS
YOU WONDER WHERE THE STOCK SHOULD SELL THEY'D BETTER CLEAR IT UP
IMMEDIATELY 9302020087 930202 INTERNATIONAL BIC CORP YEAR PROFIT
ROSE 42

PARIS BIC CORP THE US UNIT OF THE FRENCH DISPOSABLE PEN RAZOR AND
LIGHTER GROUP BIC SA SAID GROUP PROFIT IN 1992 ROSE 42 TO 399 MILLION ON
BETTER SALES AND MARGINS IN ALL PRODUCT AREAS IN THE US

THE COMPANY SAID NONUS SALES AND PROFIT ALSO IMPROVED REVENUE ROSE 13
TO 4174 MILLION

IN THE FOURTH QUARTER BIC CORP'S PROFIT ROSE 39 TO 82 MILLION SALES
FOR THE QUARTER INCREASED 21 TO 961 MILLION 9302020085 930202 BUSINESS
BRIEF CHUBB CORP FOURTHQUARTER NET INCOME ROSE 42 TO 1975
MILLION

BOLSTERED BY INVESTMENT GAINS FOURTHQUARTER EARNINGS AT CHUBB CORP ROSE
42

THE WARREN NJ INSURANCE COMPANY HAD NET INCOME OF 1975 MILLION OR
221 A SHARE COMPARED WITH 1393 MILLION OR 158 A SHARE IN THE
YEAREARLIER QUARTER EARNINGS FOR THE QUARTER INCLUDE NET INVESTMENT GAINS
OF 774 MILLION COMPARED WITH 187 MILLION OF GAINS A YEAR EARLIER

LOSSES ON CATASTROPHES INCLUDING THE DECEMBER STORM IN THE NORTHEAST AND
ADDITIONAL LOSSES ON HURRICANE ANDREW TOTALED 636 MILLION

FOR THE YEAR CHUBB EARNED 6171 MILLION OR 696 A SHARE COMPARED WITH
552 MILLION OR 632 A SHARE IN 1991 NET INVESTMENT GAINS FOR 1992 WERE
1236 MILLION OR 137 A SHARE COMPARED WITH 434 MILLION OR 49 CENTS A
SHARE 9302020084 930202 BUSINESS BRIEF WOLVERINE WORLD WIDE INC 
SALE OF BUSINESS TO RESULT IN FOURTHQUARTER CHARGE

WOLVERINE WORLD WIDE INC SAID IT EXPECTS TO TAKE A 3 MILLION TO 4 MILLION
PRETAX CHARGE AGAINST ITS 1992 FOURTHQUARTER EARNINGS RESULTING FROM THE
DIVESTITURE OF ITS ATHLETIC SHOE BUSINESS

WOLVERINE BASED IN ROCKFORD MICH SAID IT CLOSED THE SALE OF ITS BROOKS
SHOE INC UNIT TO BROOKS SPORTS INC A NEWLY FORMED UNIT OF THE ROKKE
GROUP AN AMERICANNORWEGIAN INDUSTRIAL AND COMMERCIAL GROUP FOR 21
MILLION IN CASH AND NOTES

WOLVERINE IS STILL SEEKING BUYERS FOR ITS THREE REMAINING EUROPEAN
SUBSIDIARIES

WOLVERINE SAID PROCEEDS FROM THE SALE OF BROOKS SUBSIDIARIES WILL BE USED TO
REDUCE DEBT AS THE COMPANY FOCUSES ON NONATHLETIC FOOTWEAR AND PIGSKIN
LEATHER GOODS 9302020083 930202 FLIGHTSAFETY INTERNATIONAL INC

FLUSHING NY FLIGHTSAFETY INTERNATIONAL INC SAID IT COMPLETED ITS
ACQUISITION OF MCDONNELL DOUGLAS CORP'S VISUAL SIMULATION SYSTEMS UNIT

TERMS WEREN'T DISCLOSED FLIGHTSAFETY WHICH TRAINS PILOTS AND AIRCRAFT
MAINTENANCE EMPLOYEES SAID THE UNIT'S VISUAL SYSTEMS ARE PART OF MANY
ADVANCED FLIGHT SIMULATORS USED IN TRAINING PILOTS FOR OVER 40 AIRLINES AND
OTHER OPERATIONS THE UNIT WILL CONTINUE TO OPERATE IN ST CHARLES MO
9302020082 930202 LEISURE & ARTS TIME OFF DIVERSIONS AND EXCURSIONS
FEB 215

THE MUSEUM MARKS ITS 100TH ANNIVERSARY WITH THE REOPENING OF THE
PERMANENTCOLLECTION GALLERIES AFTER A TWOYEAR 9 MILLION RENOVATION
DESIGNED BY GEORGE B SEXTON OF WASHINGTON DC THE THIRDFLOOR GALLERIES
CONTAIN THE MUSEUM'S ENTIRE PRECOLUMBIAN COLLECTION AS WELL AS 70 OF ITS
SPANISH COLONIAL WORKS THE REDONE FOURTHFLOOR SPACE ALLOWS FOR AN EXPANDED
DISPLAY OF THE MUSEUM'S EXTENSIVE HOLDINGS IN CHINESE JAPANESE KOREAN
INDIAN TIBETAN AND SOUTHEAST ASIAN ART

MORE THAN 100 PAINTINGS AND SCULPTURES BY AMERICAN ARTISTS WHO SPENT TIME IN
ITALY BETWEEN 1760 AND 1914 INCLUDING JOHN SINGLETON COPLEY THOMAS COLE
JOHN SINGER SARGENT AND MAURICE PRENDERGAST

CLEVELAND MUSEUM OF ART 11150 EAST BOULEVARD AT UNIVERSITY CIRCLE FEB
3APRIL 11 216 4217340 THE SHOWWHICH WAS ORGANIZED BY THE MUSEUM OF
FINE ARTS BOSTON WHERE IT WAS PREVIOUSLY SHOWNTHEN TRAVELS TO THE MUSEUM
OF FINE ARTS HOUSTON MAY 16AUG 8

ALMOST 60 PAINTINGS SCULPTURES AND WORKS ON PAPER DATING FROM THE EARLY
1800S ONWARD BY BLACK ARTISTS SUCH AS HENRY OSSAWA TANNER ROMARE BEARDEN
AND WILLIAM H JOHNSON THE PIECES ARE ALL FROM THE SMITHSONIAN
INSTITUTION'S NATIONAL MUSEUM OF AMERICAN ART IN WASHINGTON DC

IBM GALLERY OF SCIENCE AND ART 590 MADISON AVE AT 56TH STREET FEB
9APRIL 10 212 7456100 THE SHOW THEN TRAVELS TO THE CROCKER MUSEUM OF
ART SACRAMENTO CALIF NOV 5 1993JAN 2 1994 THE MEMPHIS TENN
BROOKS MUSEUM OF ART JAN 30MARCH 27 1994 AND THE COLUMBUS GA MUSEUM
OF ART MAY 1JUNE 26 1994

AN OVERVIEW OF JAPANESE BUDDHIST ART FROM THE 12TH THROUGH 19TH CENTURIES
FEATURING 55 PAINTINGS AND PRINTS FROM THE HONOLULU ACADEMY OF ARTS

CONDUCTOR EVE QUELER PRESENTS ANOTHER ONE OF THE ODDITIES WITH WHICH SHE
ENLIVENS THE LOCAL OPERA SCENE A CONCERT PERFORMANCE OF VINCENZO BELLINI'S
LA STRANIERA THE CONSUMPTIVE COMPOSER'S LITTLEHEARD MASTERPIECELET ABOUT
A 14THCENTURY COUNT AND HIS BELOVED ADDING TO THE APPEAL IS THE VERSION
THE ONE ESPECIALLY COMPOSED FOR THE GREAT GIOVANNI BATTISTA RUBINI

GREGORY KUNDE SINGS ARTURO NOW WITH RENEE FLEMING IN THE TITLE ROLE AND
MATTEO MANUGUERRA AS BARON VALDEBURGO

THE COMPANY OPENS ITS SEASON WITH TCHAIKOVSKY'S MOST POPULAR OPERA EUGENE
ONEGIN LEADING THE CAST IS SWEDISH SOPRANO ANNE BOLSTAD MAKING HER
AMERICAN DEBUT IN THE ROLE OF TATIANA ERIC ROBERTS IN THE TITLE ROLE AND
CRAIG SIRIANNI AS LENSKI LIONEL FRIEND CONDUCTS 9302020081 930202 THREE
AIRLINES SEEK PROBE OF INVESTMENT IN USAIR

WASHINGTON THE NATION'S THREE LARGEST AIRLINES ASKED THE CLINTON
ADMINISTRATION TO INVESTIGATE BRITISH AIRWAYS PLC'S 300 MILLION INVESTMENT
IN USAIR GROUP INC

DELTA AIR LINES AMR CORP'S AMERICAN AIRLINES AND UAL CORP'S UNITED
AIRLINES FILED A JOINT PETITION YESTERDAY WITH THE TRANSPORTATION
DEPARTMENT ARGUING THAT THE JAN 21 INVESTMENT IS A REPACKAGED VERSION OF
A 750 MILLION INVESTMENT PLAN THAT BRITISH AIRWAYS WITHDREW DEC 22 IN THE
FACE OF BUSH ADMINISTRATION OPPOSITION

A SPOKESMAN FOR THE DEPARTMENT WHICH ALREADY IS SCRUTINIZING THE 300
MILLION INVESTMENT SAID THE AIRLINES' PETITION FOR A FORMAL INVESTIGATION
WOULD BE REVIEWED SUCH A SUBSTANTIAL INVESTMENT COMBINED WITH THE
EXPECTATION OF LARGER INVESTMENT WITHIN FIVE YEARS WILL GIVE BRITISH
AIRWAYS SIGNIFICANT INFLUENCE OVER THE DIRECTION OF USAIR POLICY THE
AIRLINES ASSERTED FURTHER INVESTMENT OF 450 MILLION IN TWO INSTALLMENTS
WOULD MAKE IT IMPOSSIBLE FOR USAIR'S MANAGEMENT TO MAKE INDEPENDENT
DECISIONS

THE AIRLINES ALSO ASKED THE ADMINISTRATION TO BEGIN FORMULATING A POLICY
REGARDING FOREIGN INVESTMENT IN US AIRLINES AND TO ORDER BRITISH AIRWAYS
EXECUTIVES TO RECUSE THEMSELVES FROM THE USAIR BOARD DECISIONS PENDING THE
OUTCOME OF THE REQUESTED REVIEW CURRENTLY US LAW LIMITS FOREIGN
OWNERSHIP TO 25 OF A US AIRLINE'S VOTING STOCK 9302020080 930202 WORLD
MARKETS TOKYO PRICES RISE LONDON AND FRANKFURT STOCKS CLIMB SHARPLY
AMID FOCUS ON RATES CURRENCIES  A WALL STREET JOURNAL NEWS ROUNDUP

THE COST OF CREDIT AND FOREIGNEXCHANGE DEALINGS DOMINATED THE BIG BOURSES
MONDAY TOKYO STOCKS ROSE ON A LATE REBOUND IN TECHNICAL DEALINGS THOUGH
INVESTORS ALSO CONTINUED TO FOCUS ON A JAPANESE INTERESTRATE CUT EXPECTED
THIS WEEK

AMID WIDESPREAD GAINS THROUGHOUT EUROPE LONDON EQUITIES CLIMBED SHARPLY
TOWARD RECORD TERRITORY ON HOPES FOR ANOTHER ROUND OF LOWER RATES AND
FRANKFURT STOCKS GOT A STRONG BOOST FROM A NEW WAVE OF SPECULATION THAT
GERMAN LENDING RATES WOULD BE REDUCED

IN TOKYO THE NIKKEI 225STOCK INDEX WHICH FELL 3963 POINTS FRIDAY GAINED
10986 TO 1713364 WHICH ALSO WAS THE INTRADAY HIGH

ON TUESDAY THE NIKKEI INDEX ROSE 6030 POINTS TO CLOSE THE MORNING SESSION
AT 1719394

MONDAY'S FIRSTSECTION VOLUME WAS ESTIMATED AT 170 MILLION SHARES DOWN
SHARPLY FROM 3241 MILLION SHARES THE PREVIOUS SESSION GAINERS OUTPACED
LOSERS 511399

THE TOKYO STOCK PRICE INDEX OR TOPIX OF ALL FIRST SECTION ISSUES WHICH
ADDED 701 POINTS FRIDAY EDGED UP 113 TO 130001

LASTMINUTE PROGRAM BUYING BY ARBITRAGERS ACCOUNTED FOR ALMOST ALL OF THE
NIKKEI'S GAINS THE INDEX HAD SPENT MOST OF THE SESSION GROPING FOR
DIRECTION

THE MARKET FOCUS ON INTEREST RATES CONTINUED WITH THE EXPECTATION
WIDESPREAD FOR A CUT THIS WEEK BY THE BANK OF JAPAN IN ITS OFFICIAL DISCOUNT
RATE THE RATE IT CHARGES ON SHORTTERM LOANS TO COMMERCIAL BANKS THE
SPECULATION ABOUT A CREDIT EASING WAS FURTHERED BY MORE NEWS REPORTS THAT
THE JAPANESE CENTRAL BANK HAD DECIDED TO LOWER THE DISCOUNT RATE THOUGH
SOME PARTICIPANTS SAID A MINIMAL REDUCTION ALREADY BUILT INTO EQUITY
PRICES MIGHT TRIGGER SELLING OF STOCKS WHILE A LARGER CUT COULD SPUR FRESH
BUYING MEANWHILE AS NO NEW INCENTIVES EMERGED AMID JAPAN'S ECONOMIC
WEAKNESS DEALERS LED ACTIVITY MONDAY BUT BUY ORDERS CONTINUED TO COME IN
FROM PUBLIC PENSION FUNDS LARGECAPITALIZATION ISSUES FELL ON
PROFITTAKING EVEN THOUGH A CREDIT EASING WOULD BENEFIT THESE COMPANIES
WITH THEIR LARGE DEBTS

IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX JUMPED 444
POINTS OR 16 TO 28516 THIS WAS NEAR THE MIDDAY PEAK OF 28545 WHICH
IN TURN WAS NEAR THE INDEX'S RECORD CLOSING HIGH OF 28615 REACHED EARLIER
IN THE YEAR THE FT 30STOCK INDEX SOARED 268 POINTS OR 12 TO 22041
VOLUME WAS A ROBUST 7934 MILLION SHARES COMPARED WITH 773 MILLION SHARES
IN THE PREVIOUS SESSION

INVESTORS CONTINUED TO BE CHEERED BY LAST WEEK'S CUT IN BRITISH BASE LENDING
RATES TO 6 AND THEY ANTICIPATED FURTHER REDUCTIONS THIS YEAR PERHAPS TO AS
LOW AS 4 AND AS SOON AS MARCH 16 WHEN THE FISCAL 1994 BUDGET IS TO BE
UNVEILED WHILE THE OUTLOOK FOR LOWER INTEREST RATES TOOK ITS TOLL ON
STERLING THE DECLINE IN THE BRITISH CURRENCY WAS WELCOMED FOR ITS HELP TO
OVERSEAS CORPORATE EARNERS THAT STAND TO BENEFIT FROM TRANSLATION INTO
STERLING WHEN THE BRITISH CURRENCY IS WEAK AT THE SAME TIME HOPES OF LOWER
INTEREST RATES BOOSTED DOMESTIC ISSUES SOME OF THE SHARPEST GAINS WERE
POSTED IN SECTORS THAT STAND TO BENEFIT MOST FROM LOWER RATES SUCH AS
BANKING INSURANCE PROPERTY AND RETAILING

BUT AFTER THE LONDON MARKET CLOSED GOVERNMENT SOURCES SAID BRITAIN IS
UNLIKELY TO CUT INTEREST RATES ANY FURTHER IN THE RUNUP TO ITS BUDGET
ANNOUNCEMENT THESE COMMENTS CAME IN THE WAKE OF WEEKEND NEWS REPORTS THAT
BRITISH PRIME MINISTER JOHN MAJOR HAD TAKEN OVER CONTROL OF ECONOMIC POLICY
FROM THE TREASURY AND WOULD LIKE TO CUT BASE RATES TO 4 BY SUMMER THE
PRIME MINISTER'S OFFICE DENIED THE REPORTS SUNDAY BUT STOCKS RALLIED
NONETHELESS AS INVESTORS PRICED IN MORE AGGRESSIVE RATECUT SCENARIOS ON
MONDAY WHICH WAS THE FIRST DAY OF A NEW TWOWEEK TRADING ACCOUNT

IN FRANKFURT THE DAX 30STOCK INDEX ADVANCED 1331 POINTS TO 158516 NEAR
THE INTRADAY HIGH OF 158781 INVESTORS BET THAT SEVERAL CONDITIONS OF THE
BUNDESBANK THE GERMAN CENTRAL BANK FOR CUTTING ITS KEY INTEREST RATES CAN
BE MET SOON THEY ALSO HOPED THE GOVERNMENT WILL REACH A QUICK CONTRACT
SETTLEMENT WITH THE 28 MILLION PUBLICSECTOR WORKERS AND THE DOLLAR'S
STRENGTH AND GENERAL BULLISHNESS ABOUT THE US CURRENCY IS EXPECTED TO HELP
GERMAN EXPORTERS THE WEEKEND REALIGNMENT OF THE IRISH POUND OR PUNT
MEANWHILE SHOULD LEAD TO NEW PRESSURE ON OTHER EUROPEAN CURRENCIES
EQUITIES DEALERS BELIEVE THE BUNDESBANK WILL COME UNDER RENEWED PRESSURE
FROM ITS EUROPEAN MONETARY PARTNERS FOR A NEW RATE CUT FRANKFURT'S
SPECULATIVE BUYING ALSO WAS SUPPORTED BY FUTURES TRADERS WHO LED PRICES
HIGHER FOR THE SHARES IN THE DAX FUTURES CONTRACT

ELSEWHERE IN EUROPE PARIS STOCKS ENDED HIGHER AFTER FEARS ABATED THAT THE
LATEST ROUND OF EUROPEAN CURRENCY INSTABILITY WOULD LEAD TO A FRENCH
INTERESTRATE INCREASE AMSTERDAM SHARES FIRMED ON A BUOYANT DOLLAR THAT
CAUSED DOLLARDENOMINATED DUTCH ISSUES TO SOAR IN STOCKHOLM TOO A
STRONGER DOLLAR LENT SUPPORT FOR THE SECOND CONSECUTIVE SESSION TO STOCKS
WHICH JUMPED IN MODERATE TRADING AND EXPORTERS CONTINUED TO GAIN
DOLLARSENSITIVE ISSUES ALSO LED THE ZURICH MARKET SHARPLY HIGHER BRUSSELS
SHARES RALLIED IN LINE WITH GAINS ON MOST OTHER BIG EUROPEAN BOURSES

AMONG THE BIG ASIAN EXCHANGES SINGAPORE STOCKS OVERCAME A SLUGGISH START TO
CLOSE AT A NEW HIGH ON BUYING SPARKED BY CONFIDENCE IN THE SINGAPORE
ECONOMY WHICH WAS PROMPTED BY ROBUST DECEMBER EXPORT FIGURES HONG KONG
SHARES FELL FOR THE THIRD CONSECUTIVE SESSION ON CONCERNS ABOUT THE BRITISH
COLONY'S POLITICAL SCENE TAIPEI PRICES SURGED IN EXTREMELY HECTIC TRADING
IN A CONTINUING RESPONSE TO THE EASING OF POLITICAL UNCERTAINTIES SINCE
TAIWAN PREMIER HAU PEI TSUN CLAIMED SATURDAY HE HAD DECIDED TO RESIGN
MANILA EQUITIES' DECLINE RESULTED FROM PROFITTAKING IN SEOUL A LACK OF
POSITIVE FACTORS TRIGGERED HEAVY SELLING AND PULLED PRICES DOWN THE BIGGEST
VICTIMS WERE INEXPENSIVE ISSUES WHICH HAD LED THE LATEST RALLY ON
EXPECTATIONS FOR IMPROVEMENT IN THEIR FINANCIAL HEALTH FOLLOWING A CUT IN
SOUTH KOREAN INTEREST RATES

AMONG CORPORATE DEVELOPMENTS IN LONDON BRITISH AIRWAYS JUMPED 950 PENCE
OR 34 TO 28750 PENCE 427 THE CARRIER DECLINED TO COMMENT ON BRITISH
NEWS REPORTS THAT ITS CHAIRMAN LORD KING WHO MADE TWO EMBARRASSING PUBLIC
APOLOGIES ABOUT A DIRTY TRICKS CAMPAIGN AGAINST VIRGIN ATLANTIC AIRWAYS
AND MADE A BIG PAYMENT TO SETTLE A LIBEL SUIT PLANS TO QUIT MONTHS AHEAD
OF HIS SCHEDULED RETIREMENT THIS SUMMER THE MOVE WAS SAID TO BE INTENDED TO
ENSURE THAT LORD KING IS SUCCEEDED BY COLIN MARSHALL THE CHIEF EXECUTIVE
OFFICER THE TWO EXECUTIVES HAVE BEEN CREDITED WITH TRANSFORMING BRITISH
AIRWAYS FROM A BLOATED BUREAUCRACY INTO ONE OF THE WORLD'S MOST SUCCESSFUL
AIRLINE COMPANIES

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 IS BASED ON THE CLOSE OF 1969 EQUALING 100
THE PERCENTAGE CHANGE IS SINCE YEAREND 9302020079 930202 OTC FOCUS 
BIG TECHNOLOGY STOCKS HELP BOOST INDEX BY 543 POINTS BIOTECH ISSUES ARE
SOFT  BY SARA CALIAN STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK LED BY LARGE TECHNOLOGY STOCKS THE OVERTHECOUNTER MARKET
REBOUNDED FROM LAST WEEK'S SELLOFF DESPITE LANGUISHING BIOTECHNOLOGY
ISSUES

THE NASDAQ COMPOSITE INDEX CLIMBED 543 POINTS OR 078 TO 70177 LESS
THAN 1 BELOW ITS ALLTIME HIGH OF 70716 REACHED LAST TUESDAY ADVANCING
ISSUES OUTNUMBERED DECLINERS 1426 TO 1197 ON TOTAL VOLUME OF 2139
MILLION SHARES DOWN FROM FRIDAY'S 2679 MILLION

MOST OF THE GAME IS IN THE BIGCAP OTC STOCKS LIKE INTEL AND MICROSOFT
SAID LAWRENCE RICE HEAD OF NASDAQ TRADING AT WEDBUSH MORGAN SECURITIES IN
LOS ANGELES THERE IS STILL A LOT OF UNDERLYING BUYING AND A LOT OF MONEY
COMING IN

INTEL LEAPED 4 1/2 TO 111 1/4 MICROSOFT ROSE 1 TO 87 1/2 APPLE COMPUTER
JUMPED 1 3/4 TO 61 1/4 AND ADOBE SYSTEMS ROSE 2 TO 43 1/2

YESTERDAY'S MARKET EUPHORIA EVEN HAD TRADERS BUZZING ABOUT A BIT OF TRADER
LORE KNOWN AS THE SUPER BOWL THEORY WITH SOME SAYING THE MARKET WAS
PROPELLED BY THE GOOD NEWS OF THE DALLAS COWBOYS' WIN IN SUNDAY'S GAME
MR RICE EXPLAINED THAT THE DOW JONES INDUSTRIAL AVERAGE SUPPOSEDLY RISES IN
EVERY YEAR IN WHICH AN ORIGINAL NATIONAL FOOTBALL LEAGUE TEAM OR AN NFL
EXPANSION TEAM WINS THE BIG GAME ALAS THIS THEORY DIDN'T HOLD TRUE IN
1990

MANY CELLULAR STOCKS ALSO BOUNCED BACK AFTER BEING BADLY BEATEN LAST WEEK
MCCAW CELLULAR COMMUNICATIONS EDGED UP 7/8 TO 33 3/8 LIN BROADCASTING
LEAPED 2 3/8 TO 80 5/8

THE UPWARD MOMENTUM IN THESE STOCKS WEATHERED ANALYSTS' DOWNGRADES HANIFEN
IMHOFF ANALYST ALFRED HUMPHRIES DOWNGRADED SHARES OF SEVEN CELLULAR
TELEPHONE COMPANIES TO HOLD FROM BUY CITING CURRENT CONCERNS OVER
MOBILE PHONE USE AND CANCER RECENT NEWS STORIES HAVE RAISED QUESTIONS ABOUT
POSSIBLE HEALTH DANGERS ASSOCIATED WITH FREQUENT USE OF CELLULAR PHONES
ALTHOUGH THERE IS A PAUCITY OF MEDICAL EVIDENCE COWEN & CO ANALYST
GEOFFREY JOHNSON LOWERED HIS INVESTMENT RATING ON SEVERAL CELLULAR STOCKS
INCLUDING LIN AND MCCAW TO HOLD FROM BUY HE COULDN'T BE REACHED TO
ELABORATE ON HIS REASONS

IN A LESS RESILIENT AREA OF THE MARKET BIOTECH STOCKS CONTINUED TO BE HIT
BY INVESTORS' WORRIES ABOUT COSTCONTAINMENT MEASURES THAT MIGHT BE ENACTED
BY PRESIDENT CLINTON TRADERS SAID THE BIOTECH GROUP FELL ON NEWS THAT
HILLARY CLINTON MAY PUSH FOR A BIG EXPANSION OF THE GOVERNMENT'S CHILDHOOD
IMMUNIZATION PROGRAM ONE POSSIBILITY BEING DISCUSSED IS REQUIRING ALL
CHILDREN TO BE IMMUNIZED BEFORE AGE TWO OR SO AND SETTING THE PRICES OF THE
VACCINATIONS

AMGEN SLIPPED 2 TO 60 SYNERGEN FELL 2 1/4 TO 55 1/2 AND BIOGEN EASED 3/4 TO
39

BUT MICHAEL WALSH A BIOPHARMACEUTICAL ANALYST WITH ROBERTSON STEPHENS & CO
IN SAN FRANCISCO SAID NEITHER THE PHARMACEUTICAL NOR THE BIOTECH BUSINESS
SHOULD BE AFFECTED BY SUCH A VACCINE PROGRAM THERE IS NO REASON TO BE
SELLING BIOTECHS MR WALSH SAYS INVESTORS ARE JUST SKITTISH ABOUT THE
WHOLE GOVERNMENT ACTION ON HEALTH CARE

ELSEWHERE ON THE NASDAQ LILLY INDUSTRIES GAINED 3/4 TO 23 3/4 THE COMPANY
REPORTED THAT FOURTHQUARTER NET INCOME WAS 39 CENTS A SHARE UP FROM 20
CENTS A SHARE A YEAR EARLIER IT ALSO EARNED 123 FOR THE YEAR COMPARED
WITH 61 CENTS IN 1991

ATRIX LABORATORIES DROPPED 1/2 TO 8 THE FORT COLLINS COLOBASED CONCERN
SAID COLGATEPALMOLIVE IS ENDING ITS PACT WITH THE FIRM FOR ATRISORB AND HAS
WAIVED MARKETING RIGHTS TO THE PRODUCT THE PRODUCT IS A DEVICE DESIGNED TO
ENCOURAGE TISSUE REGENERATION FOLLOWING PERIODONTAL SURGERY

GENCOR INDUSTRIES FELL 1/2 TO 12 1/2 THE COMPANY SAID LATE FRIDAY THAT IT
HAS BEEN ENJOINED FROM PRODUCING OR SELLING A KEY COMPONENT OF ITS PRODUCT
LINE THE ORLANDO FLABASED MAKER OF HIGHWAY CONSTRUCTION MACHINERY AND
EQUIPMENT FOR REMEDIATION OF CONTAMINATED SOILS SAID THE ORDER HAS BEEN
STAYED FOR 20 DAYS TO ALLOW REVIEW BY AN APPEALS COURT

COMPRESSION LABS DROPPED 7/8 TO 11 1/4 THE COMPANY SAID IT EXPECTS TO POST
A FOURTHQUARTER AND YEARLY LOSS BECAUSE OF WEAKER VIDEOCONFERENCING
PRODUCT SALES AND DELAYS IN OBTAINING A FEW CRITICAL SEMICONDUCTOR PARTS
IN 1991 THE COMPANY REPORTED A LOSS OF 155 A SHARE

FRAME TECHNOLOGY FELL 2 TO 15 1/2 ANALYSTS SAID INVESTORS WERE FOCUSED ON
FOURTHQUARTER INCREASES IN THE COMPANY'S ACCOUNTS RECEIVABLES WHICH
REFLECTED AN UNUSUALLY LARGE DEMAND FOR NONUNIX SOFTWARE PRODUCTS AND
CAPITALIZED SOFTWARE DEVELOPMENT COSTS WHICH WERE DUE TO A NUMBER OF NEW
PRODUCTS SCHEDULED TO BE RELEASED THIS YEAR

AMTECH JUMPED 2 1/8 TO 28 1/4 THE COMPANY REPORTED FOURTHQUARTER EARNINGS
OF 20 CENTS A SHARE HIGHER THAN ANALYSTS' ESTIMATES OF 15 CENTS A SHARE IT
ALSO POSTED 1992 EARNINGS OF 64 CENTS A SHARE COMPARED WITH A LOSS OF 50
CENTS IN THE PRIOR YEAR

MARY ROMANO CONTRIBUTED TO THIS ARTICLE 9302020078 930202 WHO'S NEWS 
TELLABS INC

TELLABS INC LISLE ILL PETER A GUGLIELMI CHIEF FINANCIAL OFFICER OF
THIS COMMUNICATIONS EQUIPMENT CONCERN ADDED THE TITLE OF PRESIDENT OF
TELLABS INTERNATIONAL AND WILL OVERSEE FOREIGN MARKETS IN THAT ROLE HE
SUCCEEDS PETER S FUSS WHO IS RETIRING BUT REMAINS A CONSULTANT TO THE
COMPANY BRIAN J JACKMAN WHO HAS HEADED MUCH OF THE COMPANY'S DOMESTIC
BUSINESS WAS NAMED TO THE NEW POST OF PRESIDENT OF TELLABS OPERATIONS THE
US UNIT BOTH MEN ALSO WERE NAMED DIRECTORS EXPANDING THE BOARD TO EIGHT
MEMBERS 9302020077 930202 REVIEW & OUTLOOK EDITORIAL ASIDES S&L
HISTORY CONT'D

FERNAND ST GERMAIN HAS RESURFACED ADDING A PIECE TO THE STORY OF THE GREAT
S&L MELTDOWN WE'VE LONG FELT THE SEEDS OF THE DISASTER WERE PLANTED DURING
A LATE NIGHT CONFERENCE COMMITTEE IN 1980 WHEN MR ST GERMAIN THEN
CHAIRMAN OF THE HOUSE BANKING COMMITTEE PUSHED THROUGH A SUDDEN INCREASE IN
THE LIMIT ON INSURED DEPOSITS FROM 40000 TO 100000 PUTTING THE
TAXPAYERS ON THE HOOK FOR S&L LOSSES COUPLED WITH A 1982 MOVE ALLOWING S&LS
TO MAKE RECKLESS INVESTMENTS CREATED THE DISASTER NOW MR ST GERMAIN WHO
WAS DEFEATED IN 1988 AFTER HE ACCEPTED THOUSANDS OF DOLLARS IN BENEFITS FROM
S&L LOBBYISTS HAS TOLD A CONGRESSIONAL COMMISSION INVESTIGATING THE S&L
FIASCO THAT RAISING THE DEPOSIT INSURANCE LIMIT WASN'T HIS IDEA HE FINGERS
CALIFORNIA SENATOR ALAN CRANSTON WHO RETIRED LAST MONTH AFTER BEING
REPRIMANDED BY THE SENATE AS A RINGLEADER OF THE KEATING FIVE TAXPAYERS
WILL BE INTERESTED TO LEARN THAT SENATOR CRANSTON'S INTEREST IN S&LS BEGAN
LONG BEFORE HE EVER MET CHARLIE KEATING 9302020076 930202 OLYMPIA & YORK
SCHEDULE ON BANKRUPTCY IS DELAYED

TORONTO OLYMPIA & YORK DEVELOPMENTS LTD'S BANKRUPTCYLAW PROTECTION
WHICH WAS SCHEDULED TO EXPIRE YESTERDAY WAS EXTENDED TO FRIDAY AS CREDITORS
CONTINUED TO THRASH OUT DETAILS OF THE COMPANY'S CANADIAN RESTRUCTURING PLAN
AMONG THEMSELVES

THE DELAY WHICH ISN'T EXPECTED TO SCUTTLE O&Y'S RESTRUCTURING PLAN CAME
AFTER A FULL DAY OF HEARINGS AT WHICH O&Y SOUGHT APPROVAL FOR THE PLAN FROM
THE ONTARIO BANKRUPTCY COURT O&Y'S CREDITORS VOTED TO APPROVE THE PLAN LAST
MONTH THE COURT ADJOURNED THE HEARING TO FRIDAY TO GIVE THE CREDITORS TIME
TO RESOLVE THEIR DIFFERENCES

THE PRINCIPAL CONTENTION CONCERNS AN OBJECTION BY CITIBANK A UNIT OF
CITICORP ONE OF O&Y'S BIGGEST CREDITORS TO A PART OF THE COMPANY'S PLAN
KNOWN AS THE GW REORGANIZATION UNDER TERMS OF THE REORGANIZATION O&Y WOULD
ACQUIRE THE MAJORITY OWNERSHIP OF GW UTILITIES LTD CURRENTLY HELD BY THE
REICHMANN FAMILY O&Y'S OWNERS

CITIBANK SAID IN DOCUMENTS FILED WITH THE COURT THAT THE PROPOSED
TRANSACTION IGNORES THE BANK'S INTERESTS AS HOLDER OF A US30 MILLION LOAN
TO O&Y THAT IS SECURED BY A PLEDGE OF SHARES IN A COMPANY THAT CONTROLS GW
UTILITIES A HOLDING COMPANY BUT CREDITORS OF O&Y WHOSE LOANS ARE SECURED
BY GW UTILITIES SHARES FAVOR THE GW REORGANIZATION 9302020074 930202
BUSINESS BRIEF PRESLEY COS LENDERS AGREE NOT TO PRESS COMPANY FOR
OVERDUE LOANS

PRESLEY COS SAID MOST OF THE BANKS IN A GROUP LED BY BANKAMERICA CORP'S
BANK OF AMERICA AGREED THEY WOULDN'T REQUIRE REPAYMENT OF 3172 MILLION OF
LOANS DUE LAST SUNDAY

THE FORBEARANCE AGREEMENT WHICH RUNS THROUGH MARCH 31 ALLOWS FOR CONTINUED
NEGOTIATION OF A RESTRUCTURING AND EXTENSION OF THE CURRENT LENDING
AGREEMENT THE NEGOTIATIONS BEGAN NEARLY SIX MONTHS AGO SAID DAVID SIEGEL
CHIEF FINANCIAL OFFICER OF THE NEWPORT BEACH CALIF HOMEBUILDING CONCERN

PRESLEY SAID IT BELIEVES THAT A DEFINITIVE RESTRUCTURED AGREEMENT CAN BE
REACHED WITH THE LENDERS ALTHOUGH NO ASSURANCES CAN BE GIVEN MR SIEGEL
SAID HE DIDN'T KNOW WHAT WOULD HAPPEN IF THE NEGOTIATIONS FAIL

PRESLEY SAID IT IS CONCERNED THAT NEW REAL ESTATE APPRAISALS REQUIRED BY THE
LENDERS ARE LIKELY TO RESULT IN LOWER VALUES WHICH IN TURN WILL REDUCE
MAXIMUM AVAILABLE BORROWINGS THE COMPANY SAID 9302020073 930202 BUSINESS
BRIEF ALLECO INC FIRM FILES AMENDED PLAN WITH A BANKRUPTCY COURT

ALLECO INC SAID IT FILED AN AMENDED PLAN OF REORGANIZATION AND AN AMENDED
DISCLOSURE STATEMENT WITH A FEDERAL BANKRUPTCY COURT LAST WEEK

ALLECO OF CHEVERLY MD ISN'T A PUBLIC COMPANY BUT HAS ABOUT 30 MILLION
OUTSTANDING IN PUBLICLY TRADED DEBENTURES IT SAID ITS UNSECURED CREDITORS
WOULD BE PAID IN FULL UNDER THE PLAN FILED WITH THE US BANKRUPTCY COURT IN
ROCKVILLE MD THE CREDITORS WOULD RECEIVE 33 MILLION IN CERTAIN ASSETS
AND THE BALANCE IN SECURED SEVENYEAR NOTES

ALTERNATIVELY AS MUCH AS 14 MILLION OF UNSECURED CREDITORS' CLAIMS COULD
BE EXCHANGED FOR A CASH PAYMENT ALLECO SAID THE CASH PAYMENT WOULD BE FOR
40 OF THE AMOUNT OF A CREDITOR'S CLAIM TO BE PAID AFTER CONFIRMATION AND AN
ADDITIONAL 3 TO 5 PAYABLE FROM CERTAIN ASSETS CREDITORS ELECTING THE CASH
OPTION WOULD BE TREATED ON A FIRSTCOME FIRSTSERVED BASIS

ALLECO IS A HOLDING COMPANY FOR TWO BUSINESSES A RIVET MANUFACTURER AND A
SCREEN PRINTER OF GARMENTS THE BANKRUPTCY COURT HAS SCHEDULED A HEARING ON
THE AMENDED DISCLOSURE STATEMENT FOR MARCH 2 9302020072 930202 BUSINESS
BRIEF JWP INC TALKS TO RENEGOTIATE DEBT CONTINUE AFTER STANDSTILL

JWP INC RYE BROOK NY SAID IT IS CONTINUING TALKS TO RENEGOTIATE ITS
BANK DEBT AND SENIOR LONGTERM NOTES AND HAS SUSPENDED INTEREST PAYMENTS ON
THE DEBT WHICH TOTALS 4844 MILLION

A STANDSTILL PERIOD UNDER WHICH THE LENDERS HAD AGREED NOT TO TAKE ANY
ACTION AGAINST THE DEBTLADEN TECHNICAL SERVICES CONCERN EXPIRED SUNDAY BUT
JWP SAID NO LENDER HAS INDICATED IT INTENDS TO TAKE ACTION THE COMPANY
PLANS TO WORK WITH LENDERS TO MODIFY TERMS OF THE AGREEMENTS

JWP HAS BEEN IN NEGOTIATIONS WITH LENDERS SINCE NOVEMBER WHEN THE COMPANY
FAILED TO COMPLY WITH CERTAIN LOAN COVENANTS AS A RESULT OF ITS
THIRDQUARTER LOSS THE COMPANY SAID IT WOULD CONTINUE TO REFRAIN FROM
MAKING PRINCIPAL PAYMENTS TO THE LENDERS IT EXPECTS TO MEET ALL ITS OTHER
OBLIGATIONS INCLUDING PAYMENTS TO LENDERS TO ITS SUBSIDIARIES 9302020071
930202 MARKETSCAN MANY FOOD COMPANIES FIND THE PROSPECTS FOR MICROWAVE
PRODUCTS AREN'T THAT HOT  BY EBEN SHAPIRO STAFF REPORTER OF THE
WALL STREET JOURNAL

MANY OF THE NATIONS' LARGEST FOOD MARKETERS HAVE BEEN BURNED BY THE
MICROWAVE

IN THEIR QUEST OVER THE PAST DECADE TO CREATE MICROWAVABLE PIZZAS
HAMBURGERS CAKE MIXES AND OTHER SPLITSECOND FARE FOOD COMPANIES HAVE
SPENT AN ESTIMATED 2 BILLION BUT DESPITE THE OCCASIONAL BRIGHT SPOT SALES
OF MANY FAMOUS MICROWAVABLE BRANDS HAVE BEEN SHRINKING AND THE NUMBER OF
NEW ENTRIES IN THE FALTERING CATEGORY IS DECLINING

FOOD SCIENTISTS NOW ADMIT THAT MASTERING THE HIGHSPEED AND ERRORPRONE ART
OF MICROWAVING HAS PROVED FAR TRICKIER THAN ANTICIPATED AND CONSUMERS ARE
LESS WILLING NOWADAYS TO SWAP GOOD TASTE FOR A SPEEDY REPAST PEOPLE DON'T
WANT ONLY CONVENIENCE THEY JUST AREN'T WILLING TO MAKE THE TRADEOFF SAYS
ELLEN PERL A MARKETING EXECUTIVE AT GRAND METROPOLITAN PLC'S PILLSBURY CO
WHICH WAS ONCE THE MICROWAVE'S MOST ARDENT BACKER

FOUR YEARS AGO WE WERE VIEWING MICROWAVABLE TECHNOLOGY AS THE HOLY GRAIL
FOR THE FROZENFOOD INDUSTRY SAYS MICHAEL H MCCAIN CHIEF EXECUTIVE OF
MCCAIN USA INC A UNIT OF CANADA'S MCCAIN FOODS HIS COMPANY SPENT ABOUT
10 MILLION DEVELOPING A POORLY RECEIVED LINE OF FRENCH FRIES AND PIZZAS
ONLY TO SCUTTLE THE EFFORT IT'S LARGELY BEEN A MAJOR DISAPPOINTMENT FOR
US

SUPERMARKET SALES DATA FROM INFORMATION RESOURCES INC'S INFOSCAN SERVICE
UNDERSCORE THE MICROWAVE DISAPPOINTMENT IN THE FROZEN DINNER AND ENTREE
CATEGORY CAMPBELL SOUP CO'S LEMENU HAD A 359 DECLINE IN SALES FOR THE 52
WEEKS ENDED DEC 6 1992 COMPARED WITH THE YEAREARLIER PERIOD CONAGRA
INC'S HEALTHY CHOICE DINNERS AND ENTREES DROPPED BY 13 AND SALES OF
NESTLE SA'S STOUFFER'S MEALS WERE FLAT

TRUE THERE ARE SUCCESS STORIES FOR EXAMPLE IN THE 52WEEK PERIOD SALES
OF GEORGE A HORMEL & CO'S HORMEL MICROWAVE BACON WERE UP 388 SALES OF
KIDS' KITCHEN DINNERS ALSO FROM HORMEL WERE UP MORE THAN 50

IN ALL SALES OF MICROWAVE FOODS ACCORDING TO FOODINDUSTRY ESTIMATES WERE
4 BILLION LAST YEAR THIS IS SLIGHTLY MORE THAN 1 OF THE 360 BILLION FOOD
INDUSTRY AND MICROWAVE POPCORN THE ONLY MAJOR SUCCESS STORY ACCOUNTED FOR
A HEFTY PORTION OF THOSE SALES

MYRIAD MARKETERS HAVE BEEN ZAPPED BY THE MICROWAVE PHILIP MORRIS COS'
KRAFT GENERAL FOODS THE NATION'S LARGEST FOOD COMPANY SPENT SIX YEARS AND
TENS OF MILLIONS OF DOLLARS DEVELOPING AND MARKETING THREE MICROWAVE LINES
JELLO DESSERTS MINUTE MICROWAVE SIDE DISHES AND KRAFT IMPROMPTU ENTREES
ALL THREE SOLD POORLY AND WERE DISCONTINUED THE COMPANY HAS SINCE SCALED
BACK ITS MICROWAVE FOOD DEVELOPMENT UNIT REASSIGNING EMPLOYEES TO OTHER
PRODUCTS

CAMPBELL SOUP HAS PULLED THE PLUG ON SUPER COMBOS A MICROWAVE FEAST THAT
INCLUDED A CUP OF SOUP AND A SANDWICH AND REQUIRED SEPARATE HEATING FOR
EACH GENERAL MILLS INC'S BETTY CROCKER HAD TO GIVE UP ON MICROWAVE
BROWNIES IT DID SO AFTER REFORMULATING THE STUFF NEARLY 20 TIMES ALL IN A
FAILED EFFORT TO GET THE SWEETS TO COOK EVENLY

ALMOST EVERYONE HAS A MICROWAVE NEARLY 90 OF HOUSEHOLDS MORE THAN THE
PENETRATION FOR VCRS OR COMPACTDISK PLAYERS BUT FOR MOST CONSUMERS IT IS A
200 POPCORN POPPER OR COFFEE WARMER

CERTAINLY THERE ARE COOKS WHO VIEW THE MICROWAVE AS INDISPENSIBLE
COOKBOOKS OFFER RECIPES FOR MICROWAVABLE MEALS FROM SCRATCH AND THERE ARE
THOSE WHO RAVE ABOUT THE APPLIANCE'S SPECIAL TALENTS COOKING BAKED POTATOES
IN MINUTES SAY OR HOT DOGS IN SECONDS BUT THE MOST COMMON USES OF THE
MICROWAVE ACCORDING TO A RECENT CAMPBELL SOUP STUDY ARE HEATING LEFTOVERS
POPPING POPCORN AND COOKING FROZEN MEALS

MICROWAVE USE FELL FOR THE FIRST TIME LAST YEAR ACCORDING TO NPD GROUP A
RESEARCH FIRM IN PARK RIDGE ILL THAT DROP SIGNALS GROWING DISTASTE FOR THE
CONTRAPTION IN A TYPICAL CONSUMER ASSESSMENT OF MICROWAVE COOKING MARGARET
MURPHY A BANKER AND THE MOTHER OF A YOUNG SON IN MINNEAPOLIS MINN SAYS
I DON'T LIKE TO USE THE MICROWAVE NOTHING WE PUT IN THERE IS HEALTHY IT'S
LIKE AIRLINE FOOD

YET THE FOOD INDUSTRY HAD BEEN SALIVATING OVER THE OVEN SINCE THE HEATING
PROPERTIES OF MICROWAVES WERE DISCOVERED IN WORLD WAR II WHEN ARMY
TECHNICIANS NOTICED THAT RATIONS LEFT NEAR RADAR GEAR WOULD WARM UP THE
FIRST COMMERCIAL MODEL INTRODUCED IN 1955 WAS THE SIZE OF A REFRIGERATOR
AND COST MORE THAN A CAR

EXPECTATIONS GREW AS THE SIZE OF THE OVENS SHRANK IN THE 1980S AN AD FOR
THE LEMENU LINE OF FROZEN DINNERS CLAIMED YOU'D DARE SERVE IT WITH A FINE
WINE FEW WOULD DARE MAKE SUCH A BOAST TODAY TO THIS DAY THERE IS NO
PRODUCT ON THE MARKET OF SUPERIOR QUALITY NOTHING YOU WOULD SERVE TO
COMPANY LAMENTS ROBERT F SCHIFFMANN A NEW YORK MICROWAVE CONSULTANT TO
THE FOOD INDUSTRY

UNEVEN QUALITY SOGGY FRIES LASAGNA THAT IS SCALDING IN ONE BITE AND
STILL FROZEN IN THE NEXT IS THE MAIN REASON CONSUMERS HAVE REJECTED FOOD
MADE EXPRESSLY FOR THE MICROWAVE

THE KEY TO A GOOD FRENCH FRY FOR EXAMPLE IS A CRISP BROWN CRUST BUT THE
CENTRAL FAILING OF THE MICROWAVE IS ITS INABILITY TO PRODUCE THAT A
CONVENTIONAL OVEN GIVES OFF DRY HEAT AND COOKS FROM THE SURFACE ALLOWING
FLAVORENHANCING BROWNING AND CRISPING THE MICROWAVE IS BASICALLY A
STEAMER AND STEAMING POTATOES RESULTS IN SOGGY FRIES IT BROADCASTS RADIO
WAVES THROUGH FOOD AGITATING THE MOLECULES OF AN ITEM TO CREATE FRICTIONAL
HEAT AND THEREBY COOKING THE FOOD FROM THE INSIDE OUT

COMPLICATING THE TASK IS THE WIDE POWER VARIANCE AMONG VARIOUS MICROWAVE
OVENS A BOX OF FRIES THAT TAKES A MINUTE IN A 1000WATT OVEN CAN TAKE
THREE TIMES AS LONG IN A 600WATT MODEL ALSO EACH OVEN HAS HOT AND COLD
SPOTS THAT MAKE IT DIFFICULT TO HEAT A FOOD CONSISTENTLY IT IS VERY
DIFFICULT TO HAVE A POSITIVE EXPERIENCE THE FIRST TIME WITH ANY MICROWAVE
PRODUCT CONCEDES JAMES WATKINS CHIEF EXECUTIVE OF GOLDEN VALLEY MICROWAVE
FOODS INC A UNIT OF CONAGRA

GOLDEN VALLEY IS STILL STRUGGLING TO GET A CRISP FRY INTO NATIONAL
DISTRIBUTION AFTER SIX YEARS OF INTENSIVE WORK INDUSTRY EXECUTIVES SAY THE
MICROWAVE FRY HAS THE POTENTIAL SIZZLE TO SURPASS THE BILLIONDOLLAR POPCORN
MARKET AND THE DAUNTING PURSUIT HAS ATTRACTED THE LIKES OF MCCAIN AND HJ
HEINZ CO'S OREIDA UNIT

TO COOK UP CRISPER MICROWAVE FRIES GOLDEN VALLEY HAS GONE TO REMARKABLE
LENGTHS AFTER SEVERAL FALSE STARTS THE COMPANY DEVISED A PATENTED
HONEYCOMBED BOX THE SIZE OF A PACK OF CIGARETTES EACH FRY IS PACKED IN ITS
OWN INDIVIDUAL GRID LIKE A BOTTLE OF WINE IN A CASE SURROUNDED BY STRIPS
OF LAMINATED ALUMINUM THAT HEAT UP EACH FRY INDIVIDUALLY

MICROWAVE EXPERTS CALL THE ELABORATE BOX A CLUMSY SOLUTION WITH EXCESSIVE
PACKAGING GOLDEN VALLEY'S ACT II FRIES ARE AVAILABLE IN LESS THAN HALF THE
COUNTRY AS THE COMPANY CONTINUES TO WRESTLE WITH A WAY TO INSERT THE FRIES
INTO THEIR COMPARTMENTS IN A MORE EFFICIENT MANNER

IT IS VERY EXPENSIVE THE COMPANY'S MR WATKINS ACKNOWLEDGES THE COST IS
PASSED ON ACT II FRIES COST ABOUT 50 CENTS A SERVING FIVE TIMES THE COST
PER SERVING FOR A BAG OF OREIDA FROZEN FRIES THAT ARE COOKED IN AN OVEN OR
SKILLET

THE MARKET FOR MICROWAVE FOODS ISN'T NEARLY AS LARGE AS MANUFACTURERS
EXPECTED SALES OF SUCH PRODUCTS AS CHEF BOYARDEE LUNCHES GREAT STARTS
BREAKFAST SANDWICHES AND HEALTHY CHOICE DINNERS AND ENTREES ARE FLAT OR
DECLINING WHILE PACKAGE PROBLEMS HAVE SLOWED THE NATIONAL LAUNCH OF ACT II
FROZEN FRENCH FRIES 9302020070 930202 BUSINESS BRIEF HEWLETTPACKARD
CO HDTV ENCODERS SET TO BE DEVELOPED MANUFACTURED

HEWLETTPACKARD CO DIPPING A TOE IN THE POTENTIALLY LUCRATIVE POND OF
HIGHDEFINITION TELEVISION SAID IT PLANS TO DEVELOP AND MANUFACTURE
BROADCAST ENCODERS FOR THE ZENITH/AT&T DIGITAL HDTV SYSTEM

UNDER AN AGREEMENT IN PRINCIPLE HP SAID IN PALO ALTO CALIF THAT IT
WOULD SUPPORT RAPID DEPLOYMENT OF DIGITAL HDTV ENCODER EQUIPMENT 
ELECTRONIC SYSTEMS USED TO PROCESS AND COMPRESS SIGNALS TO BROADCASTERS
FOLLOWING FEDERAL COMMUNICATIONS COMMISSION ADOPTION OF THE NEW BROADCAST
STANDARD

HP'S STRENGTH IN MEASUREMENT COMPUTATION AND COMMUNICATIONS POSITIONS US
WELL TO HELP SPEED THE CONVERSION OF HDTV TECHNOLOGY INTO COMMERCIAL
PRODUCTS SAID JAMES D OLSON GENERAL MANAGER OF HP'S STANFORD PARK
DIVISION PROTOTYPES ARE EXPECTED WITHIN A YEAR OF THE FCC'S DECISION ON A
STANDARD WITH COMMERCIAL PRODUCTS FOLLOWING IN ANOTHER YEAR 9302020069
930202 TECHNOLOGY BRIEF CEPHALON INC COMPANY ACQUIRES RIGHTS ON
DRUG TO TREAT NARCOLEPSY

CEPHALON INC ACQUIRED EXCLUSIVE RIGHTS FROM FRANCE'S LABORATOIRE L LAFON
TO DEVELOP MARKET AND SELL MODAFINIL A DRUG TO TREAT THE SLEEP DISORDER
NARCOLEPSY IN THE US AND MEXICO

TERMS OF THE DEAL WEREN'T DISCLOSED BUT CEPHALON WILL TAKE AN UNSPECIFIED
CHARGE FOR THE FIRST QUARTER TO REFLECT PAYMENT MADE TO LAFON AS PART OF THE
AGREEMENT

CEPHALON A WEST CHESTER PA BIOTECHNOLOGY COMPANY WILL PURCHASE SUPPLIES
OF MODAFINIL FROM LAFON AND FUND MODAFINIL'S CLINICAL DEVELOPMENT IN THE
US AND MEXICO THE AGREEMENT CALLS FOR ROYALTY AND CERTAIN OTHER FUTURE
PAYMENTS TO LAFON A PHARMACEUTICAL COMPANY

NARCOLEPSY IS A SLEEP DISORDER THAT IS ESTIMATED TO AFFLICT MORE THAN
125000 PEOPLE IN THE US THERE CURRENTLY IS NO CURE FOR THE DISORDER
WHICH USUALLY STRIKES IN ADOLESCENCE AND IS MOST OFTEN CHARACTERIZED BY
UNCONTROLLABLE DAYTIME SLEEP ATTACKS AND DROWSINESS 9302020068 930202
JP MORGAN RAISES 1 BILLION TO INVEST IN BANKING FIRMS  BY
STEVEN LIPIN STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK JP MORGAN & CO RAISED MORE THAN 1 BILLION FROM INVESTORS TO
TAKE MINORITY STAKES IN BANKING COMPANIES HOPING TO CASH IN ON THE
TURNAROUND IN THE INDUSTRY

THE FUND SOLD TO 46 PARTNERS RANGING FROM CORPORATE PENSION FUNDS TO
WEALTHY INDIVIDUALS WILL TAKE SIZABLE STAKES IN BANKING COMPANIES IN THE
US AND OVERSEAS MOSTLY THROUGH CONVERTIBLE PREFERRED STOCK THE COMPANY
HAS TOLD ITS PARTNERS IT EXPECTS TO EARN A 30 ANNUAL RETURN OVER A 10YEAR
TIME FRAME JP MORGAN PUT UP 100 MILLION FOR THE FUND AND EARNS A 2
INVESTMENT FEE ON FUNDS INVESTED BUT UNLIKE SOME INVESTMENT FUND MANAGERS
MORGAN DOESN'T EARN ANYTHING ON UNUSED FUNDS

DUBBED THE CORSAIR PARTNERSHIP LP FOR JP MORGAN'S LUXURY YACHT THE FUND
WILL LOOK FOR TURNAROUND STORIES AS WELL AS FINANCING FOR ACQUISITIONS BOTH
PRIVATE AS WELL AS GOVERNMENTASSISTED TRANSACTIONS JEFF GARRITY VICE
PRESIDENT AND HEAD OF PRIVATE EQUITY AT JP MORGAN SAYS THE FUND WILL EARN
BETTER RETURNS THAN THE PUBLIC MARKETS BY OBTAINING PREFERENTIAL TERMS ON
ITS INVESTMENTS THE COMPANIES' MANAGEMENTS MUST BE RECEPTIVE TO THE IDEAS
AND INPUT OF THE PARTNERSHIP SINCE IT WILL SEEK BOARD SEATS ON COMPANIES IN
WHICH IT INVESTS THE TYPICAL INVESTMENT SIZE WILL BE 100 MILLION

WE WANT INFLUENCE NOT CONTROL SAID MR GARRITY BUT IT'S ALL ON A
FRIENDLY BASIS WE'RE PATIENT CAPITAL

WITH THE BANKING INDUSTRY SIGNIFICANTLY RECAPITALIZED THE CHALLENGE TO JP
MORGAN WILL BE TO FIND OPPORTUNITIES THAT WERE ONCE AKIN TO SHOOTING FISH IN
A BARREL THE BANKING INDUSTRY RAISED MORE THAN 25 BILLION IN EQUITY
CAPITAL IN THE FIRST NINE MONTHS OF LAST YEAR AND THE INDUSTRY'S CAPITAL
RATIOS ARE THE STRONGEST SINCE 1966 AND INSTITUTIONAL INVESTORS ARE BETTING
THAT MORGAN CAN DO BETTER THAN THE PUBLIC MARKETS WHICH OFFERED
DOUBLEDIGIT RETURNS LAST YEAR IN BANKING STOCKS

ON THE SURFACE ONE WOULD THINK THE OPTIMUM MOMENT MAY HAVE PASSED FOR THIS
KIND OF CAPITAL INFUSION SAID EDWARD FURASH HEAD OF A WASHINGTONBASED
BANK CONSULTING FIRM BEARING HIS NAME THE LUSCIOUS AND QUICKEST PROFITS
ARE GONE

BUT MR FURASH SAYS COMPANIES THAT SURVIVED THE BANKING CRISIS MIGHT NEED
EQUITY CAPITAL TO FINANCE POSSIBLE ACQUISITIONS OR REACH THE 6 CAPITAL
RATIO THRESHOLD NEEDED TO BE CONSIDERED A WELLCAPITALIZED BANK AND AS OF
THE THIRD QUARTER THERE WERE STILL MORE THAN 900 BANKS ON THE FEDERAL
DEPOSIT INSURANCE CORP'S LIST OF PROBLEM BANKS

FRIDAY FOR INSTANCE FIRST EASTERN CORP A 23 BILLIONASSET BANKING
COMPANY IN WILKESBARRE PA SAID IT HAD RAISED ABOUT 28 MILLION OF COMMON
STOCK FROM EUROPEAN INVESTORS THROUGH FOXPITT KELTON AND ALEX BROWN &
SONS WHILE THE COMPANY'S CAPITAL RATIOS EXCEED THE MINIMUM REGULATORY
GUIDELINES FIRST EASTERN REMAINS OBLIGATED TO RAISE ADDITIONAL CAPITAL
UNDER A FORMAL AGREEMENT WITH BANK REGULATORS SIGNED LAST YEAR 9302020067
930202 COMMODITIES ORANGE JUICE FUTURES SLIDE TO A 16YEAR LOW AND
MARKET BRACES FOR POSSIBLE FURTHER DECLINES  BY WARREN GETLER 
STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK ORANGE JUICE FUTURES PRICES SETTLED TO A 16YEAR LOW PROMPTING
ANALYSTS AND SPECULATORS TO WONDER HOW MUCH LOWER PRICES CAN GO

ORANGE JUICE FUTURES PRICES PLUNGED BELOW THE PSYCHOLOGICALLY IMPORTANT
SUPPORT LEVEL OF 70 CENTS A POUND FOR MARCH DELIVERY OPENING THE DOOR TO
FURTHER DECLINES TOWARD 60 CENTS A POUND IN THE NEAR FUTURE ANALYSTS SAID

ON THE NEW YORK COTTON EXCHANGE THE ACTIVELY TRADED MARCH CONTRACT SHED
335 CENTS TO SETTLE AT 6830 CENTS A POUND THE MAY CONTRACT ENDED THREE
CENTS LOWER AT 7190 CENTS

THE FACT THAT MARCH SETTLED BELOW 70 FOR THE FIRST TIME IS EXTREMELY
BEARISH SAID SCOTT MEYERS A SENIOR ANALYST WITH REDELSILGO GROUP HOW
LOW IS LOW IS THE NEXT QUESTION THERE'S NO VISIBLE TECHNICAL SUPPORT
AND IF WE TAKE OUT GO BELOW 70 CENTS FOR THE MAY CONTRACT WE COULD DROP
ANOTHER 10 CENTS HE SAID

FROM A SUPPLYANDDEMAND PERSPECTIVE THE OUTLOOK IS NO LESS BEARISH
TRADERS AND ANALYSTS SAID DRIVING PRICES LOWER ARE REPORTS OF UNEXPECTEDLY
BOUNTIFUL CROPS IN BOTH FLORIDA AND BRAZIL AND LITTLE PROSPECT OF A
DAMAGING FREEZE ENVELOPING THE SOUTHERN US OVER THE REMAINING WEEKS OF
WINTER

A RECENTLY RELEASED REPORT FROM A BRAZILIAN TRADE GROUP SAID THE NATION'S
CROP THE SECOND LARGEST IN THE WORLD WOULD COME IN AT THE UPPER END OF
ANALYSTS' AND TRADERS' EXPECTATIONS AT 2928 MILLION BOXES UP FROM 2896
MILLION A YEAR EARLIER A BOX IS 408 KILOGRAMS OR NEARLY 90 POUNDS

IN THE PAST 100 YEARS THERE HAVE ONLY BEEN EIGHT CASES WHERE THE
TEMPERATURE DROPPED BELOW FREEZING IN THE MONTH OF FEBRUARY IN FLORIDA
NOTED JUDITH GANES A SENIOR ANALYST WITH MERRILL LYNCH ONLY FOUR OF THOSE
FREEZES WERE SEVERE SHE ADDED SO THE CHANCES OF A DAMAGING FREEZE
GRIPPING THE US CITRUS CROP ARE GREATLY DIMINISHED

NO ROBUST RISE IN DEMAND IS EXPECTED DESPITE SOME COMPETITIVE PRICECUTTING
AT THE RETAIL LEVELS ANALYSTS SAID

STEVE PLATT A VICE PRESIDENT WITH DEAN WITTER SAID THE DISMAL PERFORMANCE
BY THE ORANGE JUICE FUTURES MARKET SINCE THE BEGINNING OF THE YEAR REFLECTS
THE RATHER WEAK CASH FRUIT PRICES IN FLORIDA AS THE HARVEST PROGRESSES

BUT HE NOTED THE BIGGEST PROBLEM FOR JUICE IS PROBABLY ITS LONGTERM
PROSPECTS THESE TREES WILL BE PRODUCING SUCCESSIVELY LARGER YIELDS OF
FRUIT SO CURRENT PRICES ARE PROBABLY JUSTIFIED

UNTIL WE SEE SOME REAL RETRENCHMENT ON THE SUPPLY SIDE HE CAUTIONED OR
UNTIL WE SEE DEMAND PICK UP DRAMATICALLY WHICH WE HAVEN'T TO ANY LARGE
DEGREE AS YET A BEAR MARKET WILL REIGN

IN OTHER COMMODITY MARKETS YESTERDAY

LIVESTOCK & MEATS PRICES OF CATTLE FUTURES SETTLED MIXED IN THE WAKE OF A
GOVERNMENT REPORT SHOWING THAT THE FEEDLOT POPULATION IS INCREASING AT A
FASTERTHANEXPECTED RATE AFTER THE CLOSE OF TRADING FRIDAY THE
AGRICULTURE DEPARTMENT REPORTED THAT THE FEEDLOT POPULATION IN 13 MAJOR
RANCH STATES ON JAN 1 WAS 74 HIGHER THAN THE SAME 1992 DATE SOME CATTLE
ANALYSTS HAD EXPECTED THE GOVERNMENT TO REPORT A 4 RISE IN THE NUMBER OF
CATTLE ON FEEDLOTS WHICH FATTEN THE ANIMALS FOR SLAUGHTER THE GOVERNMENT
ALSO REPORTED THAT THE NUMBER OF YOUNG CATTLE PLACED ONTO FEEDLOTS IN
OCTOBER THROUGH DECEMBER ROSE 53 FROM THE YEAREARLIER PERIOD A FORECAST
FOR RISING BEEF SUPPLIES USUALLY TENDS TO DEPRESS PRICES ACROSSTHEBOARD
HOWEVER PRICES OF THE FEBRUARY AND APRIL CONTRACTS ROSE AMID FORECASTS FOR
A RETURN OF STORMY WEATHER TO THE SOUTHERN PLAINS IN MIDFEBRUARY A RASH OF
WINTER STORMS IN RECENT MONTHS HAVE HELPED SUPPORT FUTURES PRICES CATTLE
GAIN WEIGHT SLOWER WHEN THEY ARE COPING WITH MUDDY FEEDLOTS IN TRADING AT
THE CHICAGO MERCANTILE EXCHANGE YESTERDAY THE CATTLE CONTRACT FOR FEBRUARY
DELIVERY ROSE 075 CENTS TO SETTLE AT 7825 CENTS A POUND

COFFEE COFFEE FUTURES PRICES REBOUNDED SHARPLY ON WHAT ANALYSTS DESCRIBED
AS A SHORTCOVERING RALLY DESPITE A DEARTH OF FRESH FUNDAMENTAL NEWS
SHORT COVERING IS THE PROCESS BY WHICH INVESTORS HOLDING SHORT POSITIONS
 OR BETS THAT THE COMMODITY PRICE WILL DECLINE BUY BACK FUTURES
CONTRACTS TO CLOSE OUT THEIR POSITIONS ON THE COFFEE SUGAR AND COCOA
EXCHANGE IN NEW YORK COFFEE FOR MARCH DELIVERY JUMPED 265 CENTS TO FINISH
AT 6095 CENTS A POUND RECOVERING A SLIVER OF THE HEFTY LOSSES POSTED SINCE
THE BEGINNING OF THE NEW YEAR COFFEE FOR MARCH DELIVERY BEGAN THE YEAR AT
AROUND 85 CENTS A POUND WE WERE DUE FOR A BIT OF A TECHNICAL RECOVERY
AFTER THE STEEP FALL OF LAST WEEK SAID RAVI BULCHANDANI A SENIOR
COMMODITIES ANALYST WITH GOLDMAN SACHS HE NOTED THAT OVERALL MARKET
SENTIMENT REMAINED FOCUSED ON CONCERNS OVER A LARGE BRAZILIAN CROP MOST
ANALYSTS AGREED THAT THE COFFEE FUTURES MARKET WILL CONTINUE TO TRADE LOWER
IN A NARROW MOSTLY TECHNICAL RANGE UNLESS THE GROUNDWORK FOR A NEW
EXPORTQUOTA ACCORD IS ESTABLISHED AT THIS WEEK'S ROUND OF NEGOTIATIONS IN
LONDON OF THE INTERNATIONAL COFFEE ORGANIZATION THE ICO HAS SET A MARCH
DEADLINE FOR THE ACCORD 9302020066 930202 TECHNOLOGY BRIEF STORAGE
TECHNOLOGY CORP NEW ITEM LETS WORKSTATIONS USE FIRM'S STORAGE PRODUCTS

STORAGE TECHNOLOGY CORP TRYING TO EXPAND THE REACH OF ITS COMPUTER STORAGE
DEVICES BEYOND THE MORIBUND MAINFRAME MARKET INTRODUCED A PRODUCT TO LINK
WORKSTATION NETWORKS TO ITS ROBOTIC TAPE STORAGE PRODUCTS

THE PRODUCT KNOWN AS NEARNET WAS DEVELOPED JOINTLY WITH EPOCH SYSTEMS INC
OF WESTBOROUGH MASS STORAGETEK OF LOUISVILLE COLO SAID THE NEARNET
SYSTEM WILL COST ABOUT 200000 FOR A TYPICAL CONFIGURATION INCLUDING
SOFTWARE AND HARDWARE

DONALD KLEINSCHNITZ DIRECTOR OF SOFTWARE AND SOLUTIONS FOR STORAGETEK SAID
THE COMPANY IS BEING CONSERVATIVE ABOUT THE PRODUCT'S INITIAL IMPACT ON
REVENUE ALTHOUGH HE POINTED OUT THAT WORKSTATION NETWORKS ARE EXPANDING
RAPIDLY WHILE SALES OF INTERNATIONAL BUSINESS MACHINES CORP MAINFRAMES HAVE
BEEN WEAK

I THINK THIS IS A VERY GOOD ILLUSTRATION THAT WE'RE NOT NECESSARILY TIED TO
BIG BLUE HE ADDED 9302020065 930202 ADVERTISING BURNETT WINS FIGHT
TO RETAIN OLDS ACCOUNT  BY KEVIN GOLDMAN

IN A STUNNING COUP AD AGENCY LEO BURNETT SUCCESSFULLY DEFENDED THE
PRESTIGIOUS 125 MILLION OLDSMOBILE ACCOUNT AFTER A TENSE FOURMONTH REVIEW

THE VICTORY WAS PARTICULARLY DRAMATIC GIVEN THAT WHEN THE GENERAL MOTORS
DIVISION BEGAN THE REVIEW IN SEPTEMBER OLDSMOBILE EXECUTIVES BLUNTLY TOLD
BURNETT IT HAD VIRTUALLY NO CHANCE OF KEEPING THE ACCOUNT DESPITE THE
AGENCY'S 25YEAR RELATIONSHIP WITH THE AUTO MAKER INDEED OLDS KICKED THE
TIRES OF AS MANY AS 15 AD AGENCIES IN THE REVIEW ALTHOUGH LITTLE IF ANY
ELABORATE CREATIVE WORK WAS SUBMITTED

BURNETT ALSO HAD THE FORMIDABLE TASK OF WINNING OVER DISGRUNTLED OLDSMOBILE
DEALERS WHO HAD OBJECTED TO THE AD AGENCY STAYING ON THE ACCOUNT NEARLY UP
TO THE LAST MINUTE THE DEALERS PARTIALLY HELD THE AGENCY RESPONSIBLE FOR
THE CONTINUED STEEP DECLINE OF THE NAMEPLATE

BUT THE WIN COMES AT A STEEP PRICE FOR BURNETT THE AGENCY AGREED TO REMOVE
ITS TOP EXECUTIVE ON OLDSMOBILE GEORGE T TED JORDAN JR AND TO HAVE
RICHARD B FIZDALE BURNETT CHAIRMAN GET DEEPLY INVOLVED IN THE CREATIVE
PROCESS OVERSEEING THE OLDSMOBILE ACCOUNT WITH BURNETT PRESIDENT WILLIAM T
LYNCH

TO HOLD ON TO THE ACCOUNT THE LARGEST PIECE OF BUSINESS TO GO UP FOR REVIEW
IN THE PAST YEAR OR MORE THE AGENCY ALSO AGREED TO SHUT ITS 105PERSON
OFFICE IN SOUTHFIELD MICH WHERE MOST OF THE OLDSMOBILE WORK WAS DONE BY
APRIL 30 INSTEAD THE OLDS WORK WILL BE HANDLED OUT OF BURNETT'S CHICAGO
HEADQUARTERS BUTTRESSED BY A MINUSCULE SERVICE OFFICE OF FIVE TO 15
EMPLOYEES IN LANSING MICH FOR SOME STRATEGIC PLANNING THE NEW
ARRANGEMENT IS MEANT TO STREAMLINE THE BUREAUCRACY THAT HOBBLED THE
OLDSBURNETT RELATIONSHIP IN THE PAST

MR JORDAN THE HEAD OF THE SOUTHFIELD OFFICE WILL TAKE ON A NEW ASSIGNMENT
IN CHICAGO A CURRENT BURNETT EMPLOYEE NOT A MEMBER OF THE OLDSMOBILE TEAM
WILL REPLACE HIM AS THE TOP DAYTODAY EXECUTIVE WORKING WITH OLDS WHICH
WILL HAVE A SAY IN WHO WILL BE NAMED

BURNETT WHICH GENERATES GREAT LOYALTY AMONG ITS 2300 EMPLOYEES AND AMONG
SUCH CLIENTS AS PHILIP MORRIS'S MILLER BREWING SAYS IT WILL RELOCATE
RATHER THAN LAY OFF MANY OF THE SOUTHFIELD PERSONNEL ALTHOUGH IT
DECLINES TO BE SPECIFIC

BURNETT'S TRIUMPH COMES AMID UNPRECEDENTED TURMOIL BETWEEN AUTO MAKERS AND
THEIR AD AGENCIES BMW OF NORTH AMERICA IN OCTOBER PUT ITS 67 MILLION
ACCOUNT IN REVIEW AFTER 18 YEARS WITH AMMIRATI & PURIS LAST MONTH PORSCHE
PUT ITS ESTIMATED 10 MILLION ACCOUNT IN REVIEW FROM WPP GROUP'S FALLON
MCELLIGOTT

WHILE THE REVIEW WAS CONTINUING OLDS RELEASED A NEW SERIES OF ADS
INCLUDING ONE THAT WAS INCLUDED IN SUNDAY'S SUPER BOWL TELECAST THE NEW
SPOTS WHICH WERE COMMISSIONED PRIOR TO THE REVIEW CARRY THE SLOGAN
DEMAND BETTER A FITTING DESCRIPTION OF OLDSMOBILE'S MARCHING ORDERS TO
HUMBLED BURNETT EXECUTIVES

THIS RELATIONSHIP WILL NEVER GET BROKEN AGAIN SAYS MR FIZDALE WHO
INSISTS HIS ATTENTION WON'T BE SPREAD TOO THIN OVER OTHER BIGTICKET CLIENTS
WHO ALSO WANT HIS ATTENTION

THE BURNETT CHAIRMAN INSISTS OLDSMOBILE WASN'T WON AT A HIGH PRICE IT
WASN'T CLEAR WHETHER THAT VIEW WAS SHARED BY MR JORDAN HE DECLINED TO
COMMENT ON THE CHANGE BUT MR FIZDALE ADDED IF I'M GOING TO PLAY THE
GAME I'LL PLAY TO WIN WE'RE NOW ON THE SAME PAGE AS OLDS FOR THE FIRST
TIME OLDS AND BURNETT BOTH HAD SINS OF THE PAST ON THEIR PLATES BUT THAT'S
ALL OVER NOW

AUTO ANALYSTS SAY IT HARDLY MATTERS WHO OLDSMOBILE PICKS AS ITS AD AGENCY
IT ISN'T THE ADS THAT ARE SICKLY BUT RATHER OLDS ITSELF OLDS DOESN'T HAVE
A FOCUSED IMAGE AND THEY HAVE DIFFICULTY GENERATING A POSITIVE MARKETING
MESSAGE SAYS SUSAN JACOBS OF JACOBS AUTOMOTIVE AN AUTOMOBILE FORECASTING
AND CONSULTING FIRM

OLDS WHICH SOLD 11 MILLION CARS AND TRUCKS IN 1986 SOLD ONLY 417546
VEHICLES LAST YEAR DOWN 9 FROM 1991

GENERAL MOTORS HAS DENIED WIDESPREAD RUMORS THAT IT WILL DISCONTINUE THE
ENTIRE OLDS LINE OF SIX CARS AND TWO TRUCKS EVEN WITH THAT THREAT SEEMINGLY
GONE OLDS HAS TO REINVENT ITSELF TO A NEW GENERATION OF CAR BUYERS SAYS
CHRIS CEDERGREN AN ANALYST WITH AUTOPACIFIC GROUP OLDS HE SAYS LOST A
LOT OF ITS CORE BUYERS TO COMPETITIVE IMPORTS SUCH AS TOYOTA AND HONDA
AND YOUNG BUYERS AREN'T REPLACING OLDER OLDS CUSTOMERS

BURNETT TRIED TO OFFSET OLDSMOBILE'S AGING IMAGE WITH A DECIDEDLY YOUTHFUL
PITCH AND THE SLOGAN THIS IS NOT YOUR FATHER'S OLDSMOBILE BUT THAT PITCH
DID LITTLE TO MOVE CARS OUT OF THE SHOWROOM AND MAY HAVE ONLY FOCUSED MORE
ATTENTION ON THE DOWDINESS OF THE BRAND'S IMAGE BURNETT'S MORE RECENT
OLDSMOBILE CAMPAIGN THE POWER OF INTELLIGENT ENGINEERS DIDN'T FARE ANY
BETTER

THAT MADE SOME DEALERS WANT TO DUMP BURNETT OUTRIGHT KNOX RAMSEY
OLDSMOBILE'S GENERAL MARKETING MANAGER SAID IT AVOIDED THE TEMPTATION TO
MAKE A SHORTRANGE EMOTIONAL DECISION THE EIGHTMEMBER REVIEW COMMITTEE
CONSISTED OF FOUR OLDSMOBILE EXECUTIVES AND FOUR OLDS DEALERS

MR RAMSEY INSISTS THAT THE REVIEW PROCESS WHICH ENDED WHERE IT BEGAN WAS
NOT A WASTE OF TIME AND RESOURCES WE WOULD DO THE SAME THING THE SAME WAY
AGAIN HE SAID MR RAMSEY SAID THE REVIEW WAS AN EDUCATIONAL PROCESS FOR
OLDS TO LEARN WHAT IT WANTED TO GET OUT OF THE ACCOUNT

BURNETT HAS CREATED 60 NEW COMMERCIALS FOR OLDS AN ASTONISHING NUMBER FOR
ANY AGENCY LET ALONE ONE IN REVIEW THE COMMERCIALS ARE A FASTPACED
QUESTION AND ANSWER FORMAT SCRIPTED FOR THE TELEVISION SHOWS IN WHICH THEY
APPEAR FOR EXAMPLE IN THE NBC SERIES QUANTUM LEAP OLDS USES THE WORD
LEAP

BOTH COMPANIES SAY THAT COMPENSATION TERMS WOULDN'T BE AFFECTED BY THE NEW
CONTRACT ALTHOUGH THERE IS SPECULATION THAT IT WILL BE ADDRESSED WHEN THE
ACTUAL PACT IS SIGNED

NEITHER OLDSMOBILE NOR BURNETT WOULD SAY WHEN NEW CREATIVE WORK UNDER THE
NEW CONTRACT WOULD BE SEEN ALTHOUGH IT IS LIKELY TO CENTER AROUND THE
INTRODUCTION NEXT YEAR OF AN OLDSMOBILE MODEL AURORA WHICH WILL COMPETE
WITH LOWEND LUXURY SEDANS IN THE 30000 TO 35000 RANGE

ALTHOUGH THE OLDSMOBILE QUESTION IS SETTLED GENERAL MOTORS HASN'T FINISHED
TINKERING WITH ITS ADVERTISING THE COMPANY ALSO IS SCRUTINIZING ITS 1
BILLIONPLUS IN ANNUAL MEDIA SPENDING WEIGHING WHETHER TO CONSOLIDATE ALL
OR PART OF ITS MEDIA RESPONSIBILITIES WITH AN EXISTING AGENCY OR INDEPENDENT
SERVICE

THE BROAD ASSESSMENT HAS BEEN GOING ON SINCE THE MIDDLE OF LAST YEAR SAID
PHIL GUARASCIO GENERAL MANAGER MARKETING AND ADVERTISING OF GM'S NORTH
AMERICAN OPERATIONS CONFIRMING A REPORT YESTERDAY IN ADVERTISING AGE

CURRENTLY GM'S MEDIA DUTIES ARE DIVIDED AMONG THE SIX AGENCIES THAT CREATE
GM ADVERTISING THREE OF THEM LEO BURNETT INTERPUBLIC GROUP'S LINTAS AND
D'ARCY MASIUS BENTON & BOWLES HANDLE THE LUCRATIVE BROADCAST DUTIES MR
GUARASCIO SAID CURRENT AD AGENCIES AS WELL AS CERTAIN INDEPENDENT SERVICES
HAVE MET WITH THE COMPANY TO PRESENT IDEAS FOR RESTRUCTURING THAT
ARRANGEMENT

THERE IS NO MANDATE TO MAKE A CHANGE UNLESS WE CAN IDENTIFY MAJOR
BENEFITS MR GUARASCIO SAID ANY POSSIBLE CHANGES HE SAID COULD BE VERY
SPECIFIC OR VERY BROAD INCLUDING TAKING ALL OF OUR MEDIA AND HOUSING IT IN
ONE RESOURCE

CHIAT SHIFT DICK SITTIG CREATIVE DIRECTOR OF CHIAT/DAY'S NEW YORK OFFICE
IS RETURNING TO THE AGENCY'S LOS ANGELES OFFICE AS SENIOR VICE PRESIDENT AND
ASSOCIATE CREATIVE DIRECTOR AN AGENCY STATEMENT TERMED THE MOVE A
LIFESTYLE DECISION A SUCCESSOR FOR THE NEW YORK POSITION HAS BEEN HIRED
THE AGENCY SAID BUT WON'T BE IMMEDIATELY ANNOUNCED 9302020064 930202
BUSINESS BRIEF WORLDCORP UNIT TO PURSUE APPLICATIONS FOR TECHNOLOGY
IN GAMING

WORLDCORP HERNDON VA SAID IT FORMED A FOURTH OPERATING UNIT TO APPLY
LICENSED TECHNOLOGY IN WAGERING LOTTERIES AND OTHER GAMING OPERATIONS

THE BUSINESS UNIT NAMED WORLDGAMES IS PURSUING ONTRACK AND OFFTRACK
BETTING APPLICATIONS IN CALIFORNIA FLORIDA PUERTO RICO AND AUSTRALIA THE
UNIT WILL USE LICENSED TECHNOLOGY DEVELOPED BY US ORDER AN AUTOMATED
ORDERING SYSTEMS CONCERN IN WHICH WORLDCORP HOLDS A 51 STAKE

IN ADDITION TO WORLDGAMES AND US ORDER WORLDCORP ALSO OPERATES AN AIR
TRANSPORTATION BUSINESS AND A FLIGHT CREW SERVICES UNIT 9302020063 930202
BUSINESS BRIEF COMPRESSION LABS INC LOSSES LIKELY TO BE POSTED FOR
FOURTH QUARTER AND YEAR

COMPRESSION LABS INC SAN JOSE CALIF SAID IT EXPECTS TO POST AN
UNSPECIFIED LOSS FOR THE FOURTH QUARTER AND THE YEAR BECAUSE OF WEAK SALES
IN VIDEOCONFERENCING PRODUCTS AND DELAYS IN GETTING CRITICAL SEMICONDUCTOR
PARTS

THE COMPANY SAID IT EXPECTS A REVENUE SHORTFALL OF 45 MILLION FOR THE
QUARTER ALTHOUGH IT DIDN'T ANNOUNCE WHAT IT HAD PROJECTED OR RETURN PHONE
CALLS SEEKING MORE INFORMATION

THE VIDEOCONFERENCING SYSTEMS COMPANY ALSO SAID THOMSON CONSUMER
ELECTRONICS OF PARIS WILL INVEST 149 MILLION IN A NEW CLASS OF CONVERTIBLE
PREFERRED STOCK AS A PART OF A STRATEGIC ALLIANCE THE ELECTRONICS COMPANY
AND COMPRESSION LABS WILL SHARE TECHNOLOGY CODEVELOP PRODUCTS AND MAKE
AND DISTRIBUTE SYSTEMS FOR TELEVISION MARKETS WORLDWIDE 9302020062
930202 BUSINESS BRIEF PANCANADIAN PETROLEUM LTD OIL GAS CONCERN
TAKES STAKE IN PETROFINA UNIT PROJECT

PANCANADIAN PETROLEUM LTD SAID IT SIGNED AN EXPLORATION AGREEMENT WITH FINA
EXPLORATION LIBYA BV A UNIT OF PETROFINA SA TO TAKE A 15 STAKE IN AN OIL
EXPLORATION AND DEVELOPMENT PROJECT IN LIBYA

UNDER THE TERMS OF THE AGREEMENT PANCANADIAN WILL EARN THE WORKING INTEREST
BY PARTICIPATING IN 5270 MILES OF SEISMIC EXPLORATION AND IN THE DRILLING
OF 12 WELLS IN A 39 MILLION ACRE AREA OF LIBYA'S SIRTE BASIN THE VALUE OF
PANCANADIAN'S INVESTMENT WASN'T DISCLOSED

THE AGREEMENT IS SUBJECT TO APPROVAL BY THE LIBYAN GOVERNMENT AND THE LIBYAN
NATIONAL OIL CORP PANCANADIAN SAID DRILLING IS EXPECTED TO BEGIN BY THE
MIDDLE OF THIS YEAR

PANCANADIAN IS AN OIL AND GAS EXPLORATION AND PRODUCTION CONCERN BASED IN
CALGARY ALBERTA 9302020061 930202 ALLIEDSIGNAL CHRYSLER CONTRACT

WASHINGTON THE US AIR FORCE SAID IT AWARDED AN ALLIEDSIGNAL INC
AUTOMOTIVE UNIT AND CHRYSLER CORP HIGHLAND PARK MICH A CONTRACT TO
UPGRADE AVIATION ELECTRONIC SYSTEMS IN ITS ENTIRE FLEET OF C130 AND C141
TRANSPORTS THE PROGRAM IS VALUED BETWEEN 200 MILLION AND 300 MILLION

SEPARATELY ALLIEDSIGNAL OF MORRISTOWN NJ FORMED A JOINT VENTURE TO
PROVIDE VEHICLE PARTS TO THE RUSSIAN MARKET WITH FEDERALMOGUL CORP SOGEFI
SPA AND AUTOVAZ LADA SERVICE TERMS OF THE PACT WEREN'T DISCLOSED
9302020060 930202 INTERNATIONAL BRIEF ARGENTARIA CORP BANCARIA 
SPANISH STATEOWNED FIRM POSTS 15 RISE IN 1992 PROFIT

ARGENTARIA CORP BANCARIA A SPANISH STATEOWNED BANK THAT IS EXPECTED TO BE
PARTIALLY PRIVATIZED THIS SPRING REPORTED THAT CONSOLIDATED NET INCOME ROSE
15 FOR 1992 TO 674 BILLION PESETAS 5885 MILLION FROM 587 BILLION
PESETAS A YEAR EARLIER

NET INTEREST REVENUE INCREASED 9 TO 2358 BILLION PESETAS FROM 216178
BILLION PESETAS

ANALYSTS CAUTIONED THAT THE YEARTOYEAR COMPARISON ISN'T THAT MEANINGFUL
BECAUSE 1992 WAS THE FIRST FULL YEAR OF OPERATIONS FOR THE STATEOWNED
BANKING GROUP WHICH WAS CREATED IN MAY 1991

CHAIRMAN FRANCISCO LUZON DECLINED TO GIVE DETAILS ON THE SIZE OR TIMING OF
THE EXPECTED SHARE FLOTATION ARGUING THAT THE GOVERNMENT HAD NOT YET
AUTHORIZED THE OFFER ANALYSTS SAY THEY EXPECT THE BANKING GROUP TO ISSUE
20 TO 30 OF ITS SHARES THIS SPRING RAISING MORE THAN 100 BILLION PESETAS
9302020059 930202 TREASURY ESTIMATES FIRSTPERIOD BORROWING TO TOTAL
67 BILLION

WASHINGTON THE TREASURY DEPARTMENT ESTIMATED IT WILL NEED TO BORROW 67
BILLION FOR THE FIRST QUARTER WITH A 20 BILLION CASH BALANCE ON MARCH 31

THE PROJECTION IS IN LINE WITH THE 65 BILLION TO 70 BILLION RANGE THE
TREASURY ESTIMATED OCT 30 THE DEPARTMENT WILL ANNOUNCE TOMORROW HOW IT
PLANS TO SELL THE DEBT

IN ADDITION THE TREASURY ESTIMATED THAT FOR THE SECOND QUARTER IT WILL NEED
TO BORROW 25 BILLION TO 30 BILLION WITH A 35 BILLION CASH BALANCE AT THE
END OF JUNE THAT LEVEL OF BORROWING WOULD BE THE LOWEST AMOUNT SINCE THE
SECOND QUARTER OF 1989 BORROWING GENERALLY IS LOWER IN THE SECOND QUARTER
BECAUSE INDIVIDUAL INCOME TAXES ARE COLLECTED IN APRIL

ACTUAL BORROWING IN THE FOURTH QUARTER OF 1992 TOTALED 766 BILLION WITH A
CASH BALANCE OF 299 BILLION BORROWING WAS 10 BILLION LESS THAN ESTIMATED
OCT 30 9302020058 930202 BUSINESS BRIEF MARINE MIDLAND BANKS INC 
UNIT OF HSBC POSTS PROFITS REVERSING YEARAGO LOSSES

MARINE MIDLAND BANKS INC REPORTED EARNINGS FOR THE FOURTH QUARTER AND 1992
REVERSING LOSSES IN 1991 BUT SAID IT WOULD CONTINUE TO FOCUS ON COST
CONTROLS IN LIGHT OF NEW YORK STATE'S SOFT ECONOMY

JAMES CLEAVE PRESIDENT AND CHIEF EXECUTIVE OFFICER NOTED THE BUFFALO
NY BANK HAD ANNUAL PROFITABILITY FOR THE FIRST TIME IN THREE YEARS

THE REGIONAL BANKING COMPANY A UNIT OF LONDONBASED HSBC HOLDINGS PLC TOOK
34 MILLION FOR A LOANLOSS PROVISION AND REPORTED QUARTERLY NET INCOME OF
357 MILLION COMPARED WITH A YEARAGO LOSS OF 238 MILLION WHEN ITS LOSS
PROVISION WAS 41 MILLION LOAN CHARGEOFFS ALSO DROPPED SHARPLY TO 367
MILLION FROM 608 MILLION IN THE 1991 QUARTER

FOR 1992 NET INCOME WAS 1092 MILLION COMPARED WITH A LOSS OF 1899
MILLION A YEAR EARLIER THE LOANLOSS PROVISION WAS 732 MILLION COMPARED
WITH 230 MILLION 9302020057 930202 WALL STREETER IS PICKED FOR
EXPORTIMPORT BANK

WASHINGTON PRESIDENT CLINTON NOMINATED KENNETH BRODY A BIG WALL STREET
FUNDRAISER AND A LIMITED PARTNER AT GOLDMAN SACHS & CO TO BE CHAIRMAN OF
US EXPORTIMPORT BANK

MR BRODY 49 YEARS OLD IS AN INVESTMENT BANKER WITH BROAD INTERNATIONAL
FINANCING EXPERIENCE AND WAS ONE OF THE FIRST WALL STREET FINANCIERS TO
THROW HIS SUPPORT BEHIND MR CLINTON WITH COLLEAGUES HE ORGANIZED HUGE
FUNDRAISERS IN NEW YORK FOR MR CLINTON

DURING HIS TENURE AT GOLDMAN SACHS MR BRODY ADVISED THE TRANSPORTATION
DEPARTMENT ON THE PRIVATIZATION OF CONSOLIDATED RAIL CORP AND COUNSELED THE
MEXICAN GOVERNMENT ON THE PRIVATIZATION OF ITS TELEPHONE COMPANY HIS
NOMINATION REQUIRES CONGRESSIONAL APPROVAL

MR CLINTON YESTERDAY PRAISED THE NOMINEE AS THE RIGHT PERSON TO ENSURE THE
ORDERLY FLOW OF TRADE AND THE PROMOTION OF AMERICAN EXPORTS MR CLINTON
HAS SAID HE WANTS TO INTERTWINE US TRADE INTO THE COUNTRY'S ECONOMIC
GROWTH PLAN 9302020056 930202 TECHNOLOGY BRIEF CENTRAL & SOUTH WEST
CORP CONCERN PLANS 5YEAR STUDY OF CERTAIN ENERGY SYSTEMS

CENTRAL & SOUTH WEST CORP SAID IT WOULD SPEND 10 MILLION ON A FIVEYEAR
STUDY OF RENEWABLE ENERGY TECHNOLOGIES INCLUDING SOLAR AND WIND POWER

THE PROGRAM WILL TEST A 200KILOWATT FLATPLATE SOLARPOWER SYSTEM CONNECTED
TO CENTRAL & SOUTH WEST'S ELECTRICAL NETWORK AS WELL AS ROOFTOP SOLAR
UNITS FOR COMMERCIAL AND RESIDENTIAL BUILDINGS

IN ADDITION CENTRAL & SOUTH WEST WILL TEST ADVANCED WIND TURBINES USING A
2000KILOWATT WIND FARM A GROUPING OF AT LEAST SIX TURBINES IN ONE AREA
THE COMPANY SAID IT ALSO WOULD TEST TWO DIFFERENT SIZES OF STIRLING ENGINES
WHICH USE MIRRORS TO CONVERT SUNLIGHT INTO ELECTRICITY

CENTRAL & SOUTH WEST BASED IN DALLAS SAID IT WILL SCOUR ITS
152000SQUAREMILE SERVICE AREA TO FIND SITES FOR THE SUN AND WIND POWER
EXPERIMENTS 9302020055 930202 OUTSIDER GETS TOP AMERICAN EXPRESS POST
  FURLAUD NAMED CHAIRMAN IN AN EFFORT TO IMPROVE RELATIONS WITH
HOLDERS  BY PETER PAE STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK AMERICAN EXPRESS CO'S BOARD NAMED RICHARD M FURLAUD A
LONGTIME OUTSIDE DIRECTOR AS CHAIRMAN IN AN ATTEMPT TO REPAIR RELATIONS
WITH DISGRUNTLED SHAREHOLDERS

WHILE THE MOVE CAPS AN EXTRAORDINARY WEEK OF HIGHLEVEL CHANGES AT THE
COMPANY IT LEFT UNCLEAR WHO WOULD ULTIMATELY RUN THE SHEARSON LEHMAN
BROTHERS BROKERAGE UNIT MR FURLAUD PRONOUNCED FURLOW WASN'T NAMED TO
HEAD SHEARSON AND THE COMPANY DIDN'T DISCLOSE WHEN IT WOULD PICK A NEW
CHAIRMAN

MR FURLAUD'S SELECTION FOLLOWED THE WEEKEND ANNOUNCEMENT THAT JAMES D
ROBINSON III WAS STEPPING DOWN AS CHAIRMAN OF AMERICAN EXPRESS ENDING A
15YEAR TENURE AT THE HELM OF THE BIG FINANCIAL SERVICES COMPANY

INVESTORS REACTED FAVORABLY TO THE NEWS OF MR ROBINSON'S RESIGNATION AND
THE SUBSEQUENT APPOINTMENT OF MR FURLAUD A FORMER PRESIDENT OF
BRISTOLMYERS SQUIBB CO IN HEAVY TRADING ON THE NEW YORK STOCK EXCHANGE
AMERICAN EXPRESS SHARES ROSE 1375 TO 24625 THE STOCK HAD PLUNGED 13 IN
THREE DAYS LAST WEEK FOLLOWING THE BOARD'S DECISION TO RETAIN MR ROBINSON

MR FURLAUD IN A STATEMENT SAID THAT IN ADDITION TO RAISING APPROPRIATE
ISSUES FOR DIRECTORS TO CONSIDER HE WILL BE RESPONSIBLE FOR SEEING THAT
SIGNIFICANT MATTERS OF INTEREST TO SHAREHOLDERS ARE REVIEWED BY THE BOARD
AS A NONEXECUTIVE CHAIRMAN MR FURLAUD WON'T HAVE DAYTODAY
RESPONSIBILITIES OF RUNNING THE COMPANY THAT TASK WILL REMAIN WITH HARVEY
GOLUB WHO WAS NAMED CHIEF EXECUTIVE OFFICER LAST WEEK

IN A CONFERENCE CALL WITH REPORTERS MR FURLAUD 68 YEARS OLD SAID HIS
POSITION AS NONEXECUTIVE CHAIRMAN WAS PERMANENT AS LONG AS HIS HEALTH
PERMITTED AND NAMING HIS REPLACEMENT WOULD BE UP TO THE BOARD HE ADDED
THAT YOU CAN'T ASSUME MR GOLUB WOULD EVENTUALLY BE NAMED CHAIRMAN THE
RECENT TURMOIL OVER MR ROBINSON IS EXPECTED TO LEAVE MR FURLAUD A 22YEAR
MEMBER OF THE BOARD WITH A DAUNTING TASK OF REPAIRING MORALE AT THE COMPANY
AS WELL AS REBUILDING SHAREHOLDER CONFIDENCE IN THE DIRECTORS

STRONG OPPOSITION FROM SHAREHOLDERS AND KEY EMPLOYEES HAD LED MR ROBINSON
57 TO RESIGN DESPITE THE BOARD'S DECISION EARLIER LAST WEEK TO RETAIN HIM
AS CHAIRMAN MR ROBINSON HAD BEEN CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF
THE COMPANY UNTIL THE BOARD NAMED MR GOLUB TO BE CHIEF EXECUTIVE

THE BOARDROOM EPISODE SHOWED THAT THE DIRECTORS LACKED INDEPENDENCE SAID
ROBERT AG MONKS A PROMINENT SHAREHOLDER ACTIVIST THE DIRECTORS WERE
SUPPOSED TO BE DIRECTORS FOR EVERYONE BUT INSTEAD THEY FOLLOWED JIM

LAST WEEK THE COMPANY'S LARGEST INSTITUTIONAL INVESTORS MET WITH MR GOLUB
AFTER HE WAS APPOINTED CHIEF EXECUTIVE TO VOICE THEIR STRONG OPPOSITION TO
THE BOARD'S MOVE TO RETAIN MR ROBINSON AS CHAIRMAN THE ACRIMONIOUS MEETING
WAS ONE REASON MR ROBINSON CITED FOR DECIDING TO RESIGN

BUT WITH MR ROBINSON ALSO STEPPING DOWN AS CHAIRMAN CHIEF EXECUTIVE
OFFICER AND DIRECTOR OF THE COMPANY'S SHEARSON LEHMAN BROKERAGE UNIT IT WAS
UNCLEAR IF AN OUTSIDE CHIEF EXECUTIVE FOR THE UNIT WOULD BE SOUGHT

THE COMPANY WAS RELATIVELY MUTE ON THE POINT SAYING ONLY THAT IT WILL BE
WORKING WITH THE SHEARSON BOARD ON A SUCCESSION PLAN TO DEAL WITH THE
LONGERTERM EXECUTIVE MANAGEMENT STRUCTURE OF THE FIRM

THE ONLY SHEARSON EXECUTIVE RULED OUT BY MR GOLUB FOR RUNNING SHEARSON WAS
HOWARD L CLARK JR THE FIRM'S FORMER CHAIRMAN WHO WAS DEMOTED TO VICE
CHAIRMAN LAST WEEK MR GOLUB SAID HE EXPECTED MR CLARK TO STAY ON AS VICE
CHAIRMAN AND HIS CONTINUING ROLE IS ENTIRELY IN ORDER BUT ADDED HE
WILL NOT BE RENAMED CHAIRMAN AND CEO OF SHEARSON

FOR NOW THOUGH J TOMILSON HILL AND RICHARD FULD BOTH OF WHOM HAVE BEEN
ASSUMING GREATER RESPONSIBILITIES IN RUNNING SHEARSON ARE LIKELY TO TAKE
OVER THE MANAGEMENT OF THE UNIT MR GOLUB YESTERDAY SAID HE WILL CONSIDER
BOTH OUTSIDE AND INTERNAL CANDIDATES INCLUDING THE POSSIBILITY OF NAMING
MESSRS HILL AND FULD AS COCHIEF EXECUTIVES OF SHEARSON

AND MR GOLUB TOOK PAINS TO SQUELCH SPECULATION THAT AMERICAN EXPRESS WOULD
SEEK TO SELL ITS BROKERAGE UNIT IN A TALK WITH HUNDREDS OF SHEARSON
EMPLOYEES IN THE FIRM'S AUDITORIUM YESTERDAY MORNING MR GOLUB SAID THE
FIRM TYPICALLY DOESN'T COMMENT ON SUCH SPECULATION BUT I AM GOING TO MAKE
ONE EXCEPTION THIS TIME THERE IS NO TRUTH TO ANY OF THESE RUMORS MR
GOLUB TOLD EMPLOYEES ACCORDING TO PEOPLE WHO ATTENDED THE MEETING

STILL MESSRS FURLAUD AND GOLUB IN AN INTERVIEW YESTERDAY DIDN'T RULE OUT
SHEARSON'S EVENTUALLY BEING SOLD MEANWHILE MR GOLUB SAID SENIOR SHEARSON
EXECUTIVES WERE NOW IN THE PROCESS OF PUTTING IN PLACE PLANS TO ADDRESS
THE PROBLEM OF BLOATED COSTS FACING SHEARSON

IN HIS NEW DUTIES MR FURLAUD IS EXPECTED TO TAKE A DIPLOMATIC ROLE TRYING
TO BRIDGE THE GAP BETWEEN INVESTORS AND THE BOARD THAT HAD WIDENED BECAUSE
OF THE CONTROVERSY SURROUNDING THE COMPANY'S SUCCESSION ISSUE

THE FIRST THING HE'S GOT TO DO IS TO FIND A WAY TO INCREASE CREDIBILITY AND
HIGHER INDEPENDENCE ON THE BOARD SAID MR MONKS WHO SUGGESTED THAT THE
BOARD REPLACE THREE BOARD SEATS THAT ARE BEING VACATED SOON WITH
REPRESENTATIVES FROM LARGE INSTITUTIONAL SHAREHOLDERS

BUT MR FURLAUD SAID YESTERDAY WE PROBABLY WILL NOT ADD DIRECTORS AT THIS
PARTICULAR TIME HE ADDED HOWEVER IN RESPONSE TO QUESTIONS OF THE BOARD'S
CREDIBILITY WE ARE GOING TO REVIEW STEPS TO BE TAKEN TO IMPROVE THE
FUNCTIONING OF THE BOARD

DESCRIBED AS STRONG WILLED AND VERY INTENSE MR FURLAUD IS NO STRANGER
TO THE CHALLENGES FACED BY AMERICAN EXPRESS A LAWYER BY TRAINING HE IS
CREDITED WITH TURNING SQUIBB CO WHICH WAS A SLEEPY PHARMACEUTICAL
SUBSIDIARY OF OLIN MATHIESON INTO AN INTERNATIONAL POWERHOUSE

MICHAEL SICONOLFI CONTRIBUTED TO THIS ARTICLE 9302020054 930202 BUSINESS
BRIEF CAMECO CORP MINING CONCERN WILL RECORD 1992 CHARGE OF 663
MILLION

CAMECO CORP SAID IT EXPECTS TO TAKE A CHARGE OF 84 MILLION CANADIAN DOLLARS
US663 MILLION AGAINST ITS 1992 EARNINGS AS A RESULT OF THE SALE OF ITS
20 STAKE IN THE CLUFF LAKE MINING PARTNERSHIP IN SASKATCHEWAN

CAMECO A CANADIAN URANIUM MINING CONCERN SAID IT SOLD THE STAKE TO ITS
PARTNER IN THE VENTURE COGEMA CANADA LTD A UNIT OF THE FRENCH
GOVERNMENTOWNED MINING COMPANY COGEMA A SPOKESWOMAN SAID THE INTEREST WAS
SOLD FOLLOWING THE EXPIRATION OF A PRICING AGREEMENT BETWEEN COGEMA AND
CAMECO SHE SAID THAT UNDER NEW PRICING ARRANGEMENTS THE CONTRACT LIKELY
WOULDN'T HAVE BEEN PROFITABLE

CAMECO WOULDN'T DISCLOSE THE VALUE OF THE SALE PENDING THE RELEASE OF ITS
FINANCIAL RESULTS FEB 9 IT SAID IT EXPECTS TO POST A PROFIT FOR THE YEAR
DESPITE THE CHARGE

THE CLUFF LAKE PRODUCTION REPRESENTED ABOUT 3 OF CAMECO'S ANNUAL OUTPUT OF
URANIUM WHICH TOTALS ABOUT 13 MILLION POUNDS 9302020053 930202
INTERNATIONAL EC FACES NEW ROUND OF CURRENCY TURMOIL  MONETARY
OFFICIALS BRACE FOR SPECULATIVE PRESSURE ON FRENCH DANISH UNITS 
 BY WALL STREET JOURNAL REPORTERS BOB HAGERTY IN BRUSSELS GLENN
WHITNEY IN LONDON AND TERENCE ROTH IN DAVOS SWITZERLAND

IRELAND'S FOREIGN MINISTER DICK SPRING HAS A WARNING FOR POLITICIANS WHO
DREAM OF A SINGLE EUROPEAN CURRENCY TO RIVAL THE YEN AND THE DOLLAR UNLESS
WE ACT TOGETHER HE SAID AT A EUROPEAN COMMUNITY MEETING IN BRUSSELS
MONDAY WE COULD BE PICKED OFF ONE BY ONE

IT IS HAPPENING ALREADY IRELAND'S RELUCTANT DECISION TO DEVALUE ITS
CURRENCY SATURDAY WAS A TELLING SIGN THAT EC COOPERATION ISN'T YET STRONG
ENOUGH TO PROTECT A SMALL CURRENCY FROM A SUSTAINED ONSLAUGHT OF
SPECULATION TRADING WITHIN THE EC'S EXCHANGE RATE MECHANISM WAS CALM
YESTERDAY BUT TRADERS AND POLITICIANS ARE BRACING FOR FURTHER ONSLAUGHTS
AGAINST THE FRENCH FRANC THE DANISH KRONE AND OTHER CURRENCIES

AFTER FIVE MONTHS OF SUCH ATTACKS IT IS CLEAR THAT THE EC WON'T MOVE
SMOOTHLY TOWARD A MONETARY UNION BASED ON THE EUROPEAN CURRENCY UNIT OR
ECU BY THE BEGINNING OF 1999 AS FORESEEN IN THE MAASTRICHT TREATY YET
MANY POLITICIANS AND ECONOMISTS MAINTAIN THAT SOME SORT OF MONETARY UNION IS
STILL POSSIBLE BY THE END OF THE CENTURY AND THAT THE RECENT TURMOIL ONLY
HEIGHTENS THE APPEAL OF THAT GOAL

BY THE YEAR 2000 EUROPE WILL HAVE A COMMON CURRENCY SAYS LESTER THUROW
DEAN OF THE SLOAN SCHOOL OF MANAGEMENT AT THE MASSACHUSETTS INSTITUTE OF
TECHNOLOGY IF THE GOVERNMENTS DO IT RIGHT IT WILL BE CALLED THE ECU IF
THEY DON'T THEN COMPANIES WILL PICK A CURRENCY AND IT WILL BE THE GERMAN
MARK

THOUGH THEIR RECENT RECORD ISN'T VERY ENCOURAGING POLITICIANS STILL HOPE TO
GET IT RIGHT IRISH OFFICIALS SAY THEY STILL WANT THE IRISH POUND OR PUNT
TO BE CONSIDERED AMONG THE FIRST RANK OF CURRENCIES HEADING TOWARD A UNION
AND OFFICIALS OF SWEDEN AUSTRIA AND FINLAND WHO OPENED THEIR NEGOTIATIONS
ON ENTRY INTO THE EC YESTERDAY ALL EXPRESS ENTHUSIASM FOR A SINGLE
CURRENCY

HOW TO GET THERE ISN'T AT ALL CLEAR THE MAASTRICHT PLAN HAS RUN INTO TWO
OBSTACLES GERMANY'S STRUGGLE TO FINANCE UNIFICATION AND THE ENDING OF
CONTROLS ON CAPITAL MOVEMENTS BETWEEN EC COUNTRIES

GERMANY'S BUDGET DEFICIT AND RAPID WAGE INCREASES HAVE PROMPTED ITS CENTRAL
BANK THE BUNDESBANK TO KEEP INTEREST RATES HIGH AS A WAY OF HOLDING DOWN
INFLATION EVEN AS THOSE HIGH RATES AGGRAVATE EUROPE'S ECONOMIC SLUMP
COUNTRIES THAT WANT TO AVOID DEVALUATIONS AGAINST THE GERMAN MARK ARE FORCED
TO KEEP THEIR OWN INTEREST RATES PUNISHINGLY HIGH FRANCE DENMARK IRELAND
AND OTHER COUNTRIES HAVE FAITHFULLY PURSUED TOUGH POLICIES TO CONVERGE
THEIR ECONOMIES WITH THE GERMAN MODEL ONLY TO FIND THAT THEIR REWARD IS
HIGH INTEREST RATES RISING UNEMPLOYMENT AND A LOOMING RECESSION

MEANWHILE THE ENDING OF CAPITAL CONTROLS OVER THE PAST TWO YEARS HAS
ALLOWED HUGE AMOUNTS OF INVESTMENT FUNDS AND SPECULATIVE MONEY TO WASH
ACROSS BORDERS AND OVERWHELM CENTRAL BANKS' EFFORTS TO RESTORE ORDER IN THE
MARKETS

ALL OF THIS HAS SAPPED CONFIDENCE IN THE EC'S 13YEAROLD EXCHANGE RATE
MECHANISM THAT SYSTEM HIGHLY SUCCESSFUL IN THE FIVE YEARS UNTIL LAST
SEPTEMBER WAS ALWAYS MEANT TO BE A TEMPORARY MEANS OF LIMITING THE
FLUCTUATIONS AMONG EC CURRENCIES WHILE THE COMMUNITY PREPARED FOR MONETARY
UNION NOW THAT CAPITAL FLOWS ARE FREE AND MONETARY UNION REMAINS FAR AWAY
THE SYSTEM IS BY NATURE UNSTABLE SAYS JEANCLAUDE KOEUNE CHIEF ECONOMIST
AT BANQUE BRUXELLES LAMBERT

ITALY AND BRITAIN PULLED THEIR CURRENCIES OUT OF THE ERM IN SEPTEMBER AND
SOME ECONOMISTS THINK THE SYSTEM WILL BREAK DOWN COMPLETELY UNLESS RELIEF
COMES IN THE NEXT COUPLE OF MONTHS RESTRICTING CAPITAL FLOWS WOULD
CONTRADICT THE EC'S EFFORTS TO BUILD A SINGLE MARKET SO THE MAIN HOPE IS
FOR SIGNIFICANTLY LOWER GERMAN INTEREST RATES

THE BUNDESBANK'S POLICYSETTING CENTRAL COUNCIL MEETS THURSDAY WHILE AN
OUTRIGHT CUT IN KEY INTEREST RATES ISN'T EXPECTED THE CENTRAL BANK COULD
SIGNAL EASIER MONETARY POLICY BY LOWERING THE RATE ON SECURITIES REPURCHASE
AGREEMENTS WHEN IT SETS THEM TOMORROW

FRENCH POLITICIANS ARE DESPERATE FOR LOWER INTEREST RATES AS MARCH
PARLIAMENTARY ELECTIONS APPROACH BUT MOST STILL LOUDLY SUPPORT THE POLICY
OF AVOIDING DEVALUATION AGAINST THE MARK

JIM O'NEILL AN ANALYST AT SWISS BANK CORP SAYS MARKETS ARE INCREASINGLY
CONVINCED ABOUT THE DEPTH OF COMMITMENT BETWEEN FRENCH AND GERMAN
AUTHORITIES TO DEFEND THE CURRENT ERM PARITIES AND KEEP THE SYSTEM GOING
FRENCH SHORTTERM INTEREST RATES CURRENTLY AROUND 12 ALSO PROTECT THE
FRANC ANYONE SPECULATING AGAINST THE FRANC IN FAVOR OF THE MARK HAS TO
BORROW FRANCS AT A 12 ANNUAL RATE WHILE RECEIVING ONLY ABOUT 825 ON THE
MARK SOME OF THESE SPECULATORS ARE REALLY BLEEDING SAYS ESTHER BAROUDY
AN ECONOMIST AT CREDIT LYONNAIS IN PARIS BUT GRAHAM BISHOP AN ECONOMIST AT
SALOMON BROTHERS INTERNATIONAL IN LONDON ISN'T SURE FRANCE CAN HOLD OUT IF
GERMAN INTEREST RATES AREN'T HEADED SIGNIFICANTLY LOWER BY THE TIME THE
FRENCH ELECTION IS HELD HE SAYS THERE IS AN EVENMONEY CHANCE THAT THE
NEW FRENCH GOVERNMENT WILL OPT OUT EITHER BY DEVALUING THE FRANC WITHIN
THE ERM OR PULLING IT OUT OF THE SYSTEM AND LETTING IT FLOAT

DENMARK WHICH ALSO HAS SOME OF THE BEST ECONOMIC FUNDAMENTALS IN EUROPE IS
UNDER SIMILAR PRESSURE IF FRANCE AND DENMARK GIVE UP ON THE ERM EVEN
TEMPORARILY THE SYSTEM WOULD BE REDUCED TO GERMANY AND THE THREE SMALL
BENELUX COUNTRIES THE NETHERLANDS BELGIUM AND LUXEMBOURG EVEN THEN
TRADERS MIGHT SEE BELGIUM AS THE WEAK LINK THOUGH BELGIUM HAS LOW INFLATION
AND A BIG TRADE SURPLUS IT STILL SUFFERS FROM A STAGGERING PUBLICSECTOR
DEBT BELGIAN OFFICIALS ARE DETERMINED TO DEFEND THEIR FRANC BUT IF THE
FRENCH FRANC IS SHARPLY DEVALUED WARNS BBL'S MR KOEUNE BELGIUM'S CURRENCY
MIGHT VERY WELL COME UNDER ATTACK

IF THE ERM COLLAPSES NOT EVERYONE WILL WEEP POLLS SHOW THAT MOST GERMANS
OPPOSE A SINGLE CURRENCY THEY DON'T WANT TO SWAP THEIR MARKS FOR WHAT ONE
GERMAN POLITICIAN DERIDES AS ESPERANTO MONEY

STILL THE APPEAL OF STABLE CURRENCIES REMAINS STRONG BRITISH POLITICIANS
HAVE EXULTED THAT THEIR FLOATING MOSTLY DOWNWARD POUND HAS LET THEM
CHOP INTEREST RATES BUT MANY BUSINESSMEN ARE NERVOUS ABOUT THE LONGTERM
EFFECTS AMONG THEM ARE THE JAPANESE WHO HAVE PLOWED ABOUT 40 OF THEIR EC
INVESTMENT INTO BRITAIN TO MAINTAIN THAT LEVEL OF INVESTMENT SAYS TAMON
KITABATAKE JAPANESE COMMERCIAL ATTACHE IN LONDON IT IS VERY IMPORTANT
THAT THE POUND REGAIN STABILITY

IF THE MAASTRICHT PLAN FOR A SINGLE CURRENCY HAS TO BE ABANDONED SAYS
SALOMON'S MR BISHOP A DETERMINED CORE OF EC COUNTRIES ARE LIKELY TO TRY
ANOTHER ROUTE ONE POSSIBILITY HE SAYS IS THAT THOSE WITH THE STRONGEST
CURRENCIES WOULD MOVE SWIFTLY TO LOCK THEIR RATES TOGETHER AND ESTABLISH
COMMON CONTROL OVER MONETARY POLICY WITHOUT IMMEDIATELY TRADING IN THEIR
NATIONAL CURRENCIES FOR ECUS

A GENERATION OF EUROPEAN POLITICIANS HAVE INVESTED THEIR CAPITAL STOCK IN
EUROPEAN UNION INCLUDING A MONETARY UNION SAYS MR BISHOP THEY'RE NOT
GOING TO GIVE THAT UP LIGHTLY 9302020052 930202 HAUSER SAYS CONCERN 
OVER BRISTOLMYERS'S YEW CONTRACT IS FALSE

BOULDER COLO AFTER ITS STOCK PRICE PLUNGE 29 YESTERDAY HAUSER
CHEMICAL RESEARCH INC SAID THAT THE ELIMINATION OF PACIFIC YEW BARK
HARVESTING FROM FEDERAL LANDS WOULDN'T HAVE AN IMPACT ON ITS CONTRACT WITH
BRISTOLMYERS SQUIBB CO OR ON ITS EARNINGS

HAUSER THE ONLY COMMERCIAL PRODUCER OF THE SUBSTANCE WHICH WAS APPROVED BY
REGULATORS AS A TREATMENT FOR OVARIAN CANCER IN DECEMBER SAW ITS SHARES
PLUMMET 575 A SHARE TO 14 IN OVERTHECOUNTER TRADING YESTERDAY THAT
FOLLOWED BRISTOLMYERS'S ANNOUNCEMENT LAST WEEK THAT IT HAD MADE
FASTERTHANEXPECTED PROGRESS IN PRODUCING A SEMISYNTHETIC VERSION OF TAXOL

BRISTOLMYERS SAID IT EXPECTS TO PRODUCE SEMISYNTHETIC TAXOL BY 1995 ONE TO
FOUR YEARS EARLIER THAN EXPECTED AND ADDED THAT IT EXPECTS TO END YEW
HARVESTING ON PUBLIC LANDS ENVIRONMENTALISTS HAVE EXPRESSED CONCERN ABOUT
THE STRIPPING OF YEW TREES ON PUBLIC LAND FOR PRODUCTION OF THE SUBSTANCE

BUT HAUSER SAID YEW HARVESTING WAS ACTUALLY INCREASING ON PRIVATE LANDS AND
WOULD HAVE TO CONTINUE BEYOND DEVELOPMENT OF SYNTHETIC TAXOL THERE IS NO
DOWNSCALING WHATSOEVER WE'RE SCALING UP TO MAKE AS MUCH AS POSSIBLE FOR
BRISTOLMYERS HAUSER SPOKESWOMAN NORA STULL SAID THERE IS NO FORESEEABLE
IMPACT ON EARNINGS

HAUSER SAID IT WOULD BE ABLE TO PRODUCE TAXOL FROM CULTIVATED YEW TREES FOR
THE FIRST TIME THIS YEAR AND WAS ABLE TO MAKE MORE USE OF YEW NEEDLES AND
CLIPPINGS CHAIRMAN DEAN P STULL ALSO SAID THAT SINCE PURE SYNTHETIC TAXOL
HASN'T BEEN DISCOVERED THE SEMISYNTHETIC ADVANCE BRISTOLMYERS ANNOUNCED
WILL STILL REQUIRE PRECURSOR MATERIAL FROM HAUSER

THE CHEMICAL PROCESSOR SAID IT IS IN THE SECOND YEAR OF A THREEYEAR SUPPLY
AGREEMENT WITH BRISTOLMYERS VALUED AT MORE THAN 100 MILLION 9302020051
930202 BUSINESS BRIEF ADVANCED LOGIC RESEARCH INC CONCERN POSTS
915000 LOSS FOR THE FISCAL FIRST QUARTER

ADVANCED LOGIC RESEARCH INC POSTED A LOSS FOR THE FISCAL FIRST QUARTER DUE
TO THE PERSONALCOMPUTER PRICE WARS AND A CHANGE IN THE COMPANY'S
DISTRIBUTION

THE LOSS FOR THE PERIOD ENDED DEC 31 WAS 915000 OR 8 CENTS A SHARE
COMPARED WITH NET INCOME OF 462000 OR 4 CENTS A SHARE A YEAR EARLIER
REVENUE FOR THE PERIOD DECLINED 14 TO 425 MILLION FROM 494 MILLION

THE IRVINE CALIF MICROCOMPUTER COMPANY SAID THE DECREASE IN SALES WAS DUE
LARGELY TO CHANGING ITS FOCUS TO SUPPLYING ENDUSERS AND RESELLERS INSTEAD
OF MAJOR DISTRIBUTORS AND RETAILERS HOWEVER THE DECREASE WAS SOMEWHAT
OFFSET BY AN INCREASE IN OVERSEAS SALES

THE RESULTS WERE RELEASED AFTER THE CLOSE OF TRADING IN NATIONAL
OVERTHECOUNTER TRADING YESTERDAY THE COMPANY'S SHARES CLOSED AT 419
DOWN 625 CENTS 9302020049 930202 BUSINESS BRIEF LOCKHEED CORP 
FOURTHQUARTER NET ROSE 16 FROM THE YEAR EARLIER

LOCKHEED CORP SAID FOURTHQUARTER NET INCOME ROSE 16 TO 119 MILLION OR
195 A SHARE FROM 103 MILLION OR 163 A SHARE THE YEAR EARLIER

THE CALABASAS CALIF AEROSPACE COMPANY'S SALES IN THE PERIOD EDGED UP TO
29 BILLION FROM 28 BILLION THE YEAR BEFORE

FOR ALL OF 1992 LOCKHEED POSTED A NET LOSS OF 283 MILLION OR 458 A
SHARE REFLECTING A NEW ACCOUNTING STANDARD FOR RETIREMENT BENEFITS BEFORE
APPLICATION OF THE ACCOUNTING CHANGE LOCKHEED'S FULLYEAR EARNINGS WERE
348 MILLION OR 565 A SHARE A YEAR EARLIER THE COMPANY EARNED 308
MILLION OR 486 A SHARE

SALES ROSE TO 101 BILLION LAST YEAR FROM 1991'S 98 BILLION

SEPARATELY LOCKHEED'S BOARD DECLARED A QUARTERLY DIVIDEND OF 53 CENTS A
SHARE PAYABLE MARCH 1 TO COMMON STOCK OF RECORD FEB 15 9302020048
930202 KEY INTEREST RATES

ANNUALIZED INTEREST RATES ON CERTAIN INVESTMENTS AS REPORTED BY THE FEDERAL
RESERVE BOARD ON A WEEKLYAVERAGE BASIS WEDNESDAY JANUARY 20 1993
CYIELDS ADJUSTED FOR CONSTANT MATURITY 9302020047 930202 WHAT'S NEWS 
 BUSINESS AND FINANCE

THE US THREATENED THE EC WITH A SERIES OF RETALIATORY TRADE MEASURES
UNLESS THE EUROPEANS CHANGE THEIR PROCUREMENT RULES FAVORING THE PURCHASE OF
EUROPEAN GOODS THE ANNOUNCEMENT CLEARLY SIGNALS THAT THE CLINTON
ADMINISTRATION WILL PURSUE AN AGGRESSIVE TRADE POLICY

THE FACTORY SECTOR EXPANDED AT A HEALTHY RATE IN JANUARY BUT ITS EMPLOYMENT
LEVEL FELL AGAIN ACCORDING TO A SURVEY OF PURCHASING MANAGERS THE
PURCHASERS' INDEX ROSE FOR THE FOURTH CONSECUTIVE MONTH TO A 4 1/2YEAR
HIGH

STOCKS AND THE DOLLAR RALLIED ON NEW SIGNS OF ECONOMIC GROWTH THE DOW JONES
INDUSTRIALS GAINED 2215 POINTS TO 333218 IN HEAVY TRADING BOND PRICES
MEANWHILE SLIPPED

AMERICAN EXPRESS NAMED LONGTIME OUTSIDE DIRECTOR RICHARD FURLAUD TO SUCCEED
JAMES ROBINSON AS CHAIRMAN BUT THE COMPANY HASN'T YET REPLACED ROBINSON AS
HEAD OF SHEARSON AMERICAN EXPRESS'S STOCK JUMPED 1375 TO 24625 ON HIS
DECISION TO STEP DOWN

GENERAL MOTORS IS TAKING A 744 MILLION FOURTHQUARTER CHARGE RELATED TO ITS
NATIONAL CAR RENTAL SYSTEMS UNIT MORE THAN TWICE THE AMOUNT PROJECTED BY
THE COMPANY LAST FALL SEPARATELY THE AUTO MAKER ADDED TWO NONEMPLOYEE
DIRECTORS TO ITS BOARD

THE IRS IS EXPECTED TO REACH A SETTLEMENT TODAY WITH SINGER WILLIE NELSON
THAT REFLECTS A LESS PUNITIVE POLICY TOWARD ALLEGED TAX DELINQUENTS THE
POLICY ALLOWS THE AGENCY TO SETTLE FOR LESS THAN THE ENTIRE AMOUNT OWED

CLINTON AIDES ARE DIVIDED OVER WHETHER TO RAISE TAXES ON THE MIDDLE CLASS TO
SHRINK THE DEFICIT THE TREASURY AND BUDGET CHIEFS FAVOR DOING SO BY
IMPOSING AN ENERGY TAX BUT CLINTON'S POLITICAL ADVISERS ARE OPPOSED

LESLIE FAY CO IS INVESTIGATING ALLEGED ACCOUNTING IRREGULARITIES WHOSE
CORRECTION COULD WIPE OUT THE APPAREL MAKER'S 1992 PROFIT AND FORCE A
RESTATEMENT OF 1991 RESULTS LESLIE FAY STOCK PLUNGED 4625 OR 39 TO
7375

STOCK MUTUAL FUNDS TOOK IN 92 BILLION FROM INVESTORS IN DECEMBER AND FUND
OFFICIALS SAY THE PACE PICKED UP LAST MONTH POSSIBLY SETTING A RECORD FOR
ALL OF LAST YEAR STOCK FUNDS PULLED IN A RECORD 778 BILLION IN CASH

THE BRITISH POUND TUMBLED 18 AGAINST THE DOLLAR AND LONDON STOCKS JUMPED
16 ON RUMORS THAT BRITISH INTEREST RATES WILL BE CUT AGAIN TRADERS
MEANWHILE BRACED FOR ONSLAUGHTS AGAINST OTHER EUROPEAN CURRENCIES

DELL COMPUTER SAID ITS LATEST RESULTS FELL SHORT OF ANALYSTS' PROJECTIONS
BUT THE COMPANY PLANS TO RESUME EFFORTS TO SELL NEW STOCK BEFORE THE
ANNOUNCEMENT DELL SHARES ROSE 275 TO 49 ON EXPECTATIONS OF BETTER NEWS

AD AGENCY LEO BURNETT RETAINED OLDSMOBILE'S 125 MILLION ADVERTISING ACCOUNT
AFTER A FOURMONTH REVIEW

PIONEER ELECTRONIC RETREATED FROM ITS PLAN TO FORCIBLY RETIRE 35 MANAGERS BY
JAN 31 ILLUSTRATING HOW HARD IT IS FOR JAPANESE COMPANIES TO RETRENCH

BONDS LEHMAN BROTHERS TREASURY INDEX 483653 UP 047

COMMODITIES OIL 2031 A BARREL UP FIVE CENTS DOW JONES FUTURES INDEX
12217 UP 059 SPOT INDEX 12121 OFF 046

DOLLAR 12505 YEN UP 040 16358 MARKS UP 00241 9302020046 930202
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 5/16 HIGH 3 1/8 LOW 3 1/8 NEAR CLOSING BID 3 3/16
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 CHARGEON LOANS TO BROKERS ON STOCK EXCHANGE COLLATERAL
SOURCE TELERATE SYSTEMS INC

COMMERCIAL PAPER PLACED DIRECTLY BY GENERAL ELECTRIC CAPITAL CORP 308 30
TO 69 DAYS 310 70 TO 119 DAYS 313 120 TO 149 DAYS 315 150 TO 179
DAYS 318 180 TO 239 DAYS 325 240 TO 270 DAYS

COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR
CORPORATIONS IN MULTIPLES OF 1000 315 30 DAYS 318 60 DAYS 319 90
DAYS

CERTIFICATES OF DEPOSIT 267 ONE MONTH 272 TWO MONTHS 276 THREE
MONTHS 286 SIX MONTHS 302 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 305 ONE MONTH 315 THREE MONTHS 325 SIX MONTHS

BANKERS ACCEPTANCES 302 30 DAYS 303 60 DAYS 305 90 DAYS 307 120
DAYS 311 150 DAYS 312 180 DAYS 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 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 675 GERMANY 950 JAPAN 450 SWITZERLAND
750 BRITAIN 6 THESE RATE INDICATIONS AREN'T DIRECTLY COMPARABLE
LENDING PRACTICES VARY WIDELY BY LOCATION

TREASURY BILLS RESULTS OF THE MONDAY FEBRUARY 1 1993 AUCTION OF
SHORTTERM US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN
UNITS OF 10000 TO 1 MILLION 297 13 WEEKS 310 26 WEEKS

FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 756 60 DAYS 764 STANDARD
CONVENTIONAL FIXEDRATE MORTGAGES 4375 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 757 60
DAYS 766 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 545 6/2 RATE
CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE TELERATE SYSTEMS INC

MERRILL LYNCH READY ASSETS TRUST 289 ANNUALIZED AVERAGE RATE OF RETURN
AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS
9302020045 930202 BUSINESS BRIEF ESSEX FINANCIAL PARTNERS LP 
PAINEWEBBER TO BUY NOTES FOR TOTAL OF 234 MILLION

ESSEX FINANCIAL PARTNERS LP SAID PAINEWEBBER GROUP INC AGREED TO PURCHASE
234 MILLION OF NOTES IT ISSUED TWO YEARS AGO WHICH FACE DEFAULT

THE PURCHASE OFFER IS PART OF A RESTRUCTURING EFFORT THAT INCLUDES THE
MERGER OF ESSEX'S THREE SAVINGS BANK SUBSIDIARIES ESSEX BASED IN VIRGINIA
BEACH VA SAID YESTERDAY THAT IT RECEIVED CONDITIONAL APPROVAL FROM
FEDERAL THRIFT REGULATORS FOR THE MERGER

ESSEX SAID THE AGREEMENT PROVIDES FOR THE PAINEWEBBER CAPITAL INC
SUBSIDIARY TO BEGIN A TENDER OFFER FOR THE DEBT SECURITIES ON OR BEFORE
FRIDAY THE SECURITIES WERE ISSUED IN JANUARY AND FEBRUARY 1991 BY THE
PARTNERSHIP'S MORTGAGE SUBSIDIARY ESSEX MORTGAGE CORP ESSEX MORTGAGE
MISSED A 25 MILLION PAYMENT ON THE NOTES DUE DEC 31 AN ADDITIONAL
SINKING FUND PAYMENT OF 27 MILLION IS DUE THIS MONTH

UNDER THE PRELIMINARY AGREEMENT PAINEWEBBER'S TENDER OFFER IS FOR THE
PURCHASE OF THE OUTSTANDING PRINCIPAL BALANCE OF THE SECURITIES BUT WITHOUT
PAYMENT OF ACCRUED INTEREST SINCE JULY 1 1992 OR ANY OTHER AMOUNTS ESSEX
SAID

PAINEWEBBER ALSO AGREED TO INVEST 3 MILLION IN NEW SEVENYEAR NOTES ISSUED
BY ESSEX FINANCIAL PARTNERS 9302020044 930202 FOREIGN EXCHANGE 
STERLING FALLS 18 ON RATECUT RUMOR HELPING DOLLAR TO EXTEND BROAD
RALLY  BY GREGORY L WHITE STAFF REPORTER OF THE WALL STREET
JOURNAL

NEW YORK STERLING FELL 18 YESTERDAY UNDER THE WEIGHT OF RUMORS THAT
BRITISH INTEREST RATES WILL BE CUT AND THE PLUNGE HELPED THE DOLLAR EXTEND
ITS BROAD RALLY

LATE IN NEW YORK THE DOLLAR WAS QUOTED AT 16358 MARKS UP SHARPLY FROM
16117 MARKS LATE FRIDAY IN NEW YORK THE US CURRENCY ALSO WAS CHANGING
HANDS AT 12505 YEN UP FROM 12465 YEN STERLING WAS TRADING AT 14595
DOWN FROM 14865

ABOUT MIDDAY TUESDAY IN TOKYO THE DOLLAR WAS TRADING AT 16330 MARKS AND AT
12502 YEN

A LOT OF THE REASON THE DOLLAR IS SUPPORTED IS BECAUSE STERLING HAS COME
OFF SO DRAMATICALLY SAID ALEXIS MCCARTHY A CORPORATE TRADER AT BANQUE
INDOSUEZ IN NEW YORK

RELATIVE CALM WITHIN THE EUROPEAN EXCHANGE RATE MECHANISM OR ERM COMBINED
WITH SOME STRONG US ECONOMIC DATA ALSO SENT BUYERS TO THE DOLLAR DEALERS
SAID

PARTICIPANTS TRACED STERLING'S WOES TO A WEEKEND NEWSPAPER REPORT LATER
DENIED THAT SAID UK PRIME MINISTER JOHN MAJOR HAD TAKEN CONTROL OF
ECONOMIC POLICY AND PLANNED TO PILOT BASE LENDING RATES TO 4 BY SUMMER THE
BANK OF ENGLAND CUT BASE RATES TO 6 LAST TUESDAY

IN THE WAKE OF THIS WEEKEND'S REPORTS THE POUND RETESTED THE SIXYEAR LOWS
IT TOUCHED LAST WEEK TRADING AT LEVELS AGAINST THE DOLLAR NOT SEEN SINCE
LATE 1986 STERLING ALSO SET A NEW POSTWORLD WAR II LOW OF 23530 MARKS
MONDAY WELL BELOW THE PREVIOUS RECORD OF 23709 MARKS SET OCT 5 1992

BETSY REETZ A VICE PRESIDENT AT NATIONAL WESTMINSTER BANK PLC IN NEW YORK
SAID THAT DESPITE THE BANK OF ENGLAND'S PROTESTATIONS ABOUT THE POUND I
THINK THEY'RE WILLING TO SACRIFICE THE CURRENCY TO SPUR ECONOMIC GROWTH

AS A RESULT MS REETZ ADDED A LOT OF PEOPLE SEEM VERY DETERMINED TO PUSH
IT DOWN

BY LATE YESTERDAY HOWEVER STERLING REBOUNDED A BIT AGAINST THE MARK AS THE
GERMAN CURRENCY SLIPPED AGAINST THE DOLLAR

LATE IN NEW YORK THE POUND WAS QUOTED AT 23875 MARKS OFF FROM 23948
MARKS FRIDAY

THE DOLLAR GAINED AS TENSIONS IN THE ERM APPEARED TO EASE DEALERS SAID
IRISH AUTHORITIES AGREED TO A 10 DEVALUATION OF THE PUNT SATURDAY DENYING
SELLERS THEIR MAIN TARGET BUT SPURRING SPECULATION THAT SELLING COULD SPREAD
TO OTHER ERM MEMBERS

EXPECTATIONS THAT THE FRENCH FRANC AND THE DANISH KRONE WOULD FACE RENEWED
ATTACKS WENT UNREALIZED MONDAY BOTH CURRENCIES WHICH HAD SUFFERED ALONG
WITH THE PUNT AS ERM PRESSURES BUILT LATE LAST YEAR WERE STABLE EVEN AS THE
PUNT PLUNGED ABOUT 8 AGAINST THE MARK

LATE IN NEW YORK THE MARK WAS QUOTED AT 33812 FRANCS OFF FROM 33827
FRANCS LATE FRIDAY

INDOSUEZ'S MS MCCARTHY SAID THE PUNT'S PROBLEMS STEMMED FROM STERLING'S
FALL WHICH HAS LESS OF AN EFFECT ON OTHER ERM MEMBERS

THE IRISH SITUATION IS PRETTY OBVIOUS SHE SAID THERE'S A VERY STRONG
LINK BETWEEN THE PUNT AND THE POUND MOST OF IRELAND'S TRADE IS WITH THE
UK SO THE LOSS IN COMPETITIVENESS CAUSED BY STERLING'S FALL SQUEEZED THE
IRISH ECONOMY DEALERS SAID

AS ANOTHER ROUND OF ERM TENSIONS FAILED TO MATERIALIZE YESTERDAY DEALERS
SAID INVESTORS WHO HAD BET AGAINST THE FRENCH FRANC AND THE KRONE BY BUYING
MARKS CHOSE TO UNLOAD THEIR POSITIONS 9302020043 930202 YOUR MONEY
MATTERS KEMPER STRATEGIST HEADS ASSETALLOCATION PACK  BY JOHN R
DORFMAN STAFF REPORTER OF THE WALL STREET JOURNAL

AMONG INVESTMENT STRATEGISTS RAO CHALASANI ISN'T ONE OF THE MOST FAMOUS
BUT JUDGING BY HIS 1992 RESULTS THE KEMPER FINANCIAL SERVICES INC
EXECUTIVE IS ONE OF THE BEST

IN A YEAR IN WHICH STOCKS AND BONDS EACH ROSE ONLY 77 INVESTORS WHO
FOLLOWED HIS ADVICE ON SHIFTING MONEY FROM STOCKS TO BONDS AND THEN BACK TO
STOCKS WOULD HAVE SQUEEZED OUT AN ESTIMATED RETURN OF 81

AS A RESULT KEMPER FINANCIAL JUMPED TO THE TOP OF THE 12MONTH RANKINGS IN
THE WALL STREET JOURNAL'S CONTINUING STUDY OF BROKERAGE HOUSES'
ASSETALLOCATION ADVICE THE KEMPER CORP UNIT WAS ONE OF TWO FIRMS ADDED TO
THE STUDY DURING 1992 BRINGING THE NUMBER OF COMPANIES TO AN EVEN DOZEN

BUT THE OTHER NEWLY ADDED FIRM DIDN'T FARE NEARLY AS WELL SALOMON BROTHERS
INC A UNIT OF SALOMON INC RANKED 10TH OUT OF THE 12 CONCERNS IN A
CLOSELY BUNCHED FIELD

ASSET ALLOCATION IS THE ART OF DIVIDING AN INVESTMENT PORTFOLIO AMONG
STOCKS BONDS AND CASH THE CHOCOLATE VANILLA AND STRAWBERRY OF THE
INVESTMENT WORLD AND SOMETIMES OTHER ASSETS THE JOURNAL STUDY 
CONDUCTED QUARTERLY WITH HELP FROM WILSHIRE ASSOCIATES SANTA MONICA
CALIF AND ECONOMICS OFFICE HANOVER NH ESTIMATES HOW AN INVESTOR
WOULD DO BY FOLLOWING EACH BROKERAGEHOUSE STRATEGIST'S RECOMMENDED ASSET
BLEND

FOR MOST OF LAST YEAR KEMPER'S MR CHALASANI RECOMMENDED THAT INVESTORS
KEEP 50 OF THEIR PORTFOLIOS IN STOCKS BUT HE LOWERED THE PORTION IN STOCKS
TO 45 IN MIDMAY PRECEDING A MARKET DOWNTURN IN LATE MAY AND JUNE AND HE
RAISED IT TO 60 IN EARLY NOVEMBER IN TIME TO CATCH A BRISK YEAREND RALLY

TODAY MR CHALASANI ONCE MORE IS BACK TO A 50 POSITION IN STOCKS HE
FORESEES A SIDEWAYS TO DOWN STOCK MARKET FOR 1993 THE MARKET VALUATIONS
ARE AT THE HIGH END IN TERMS OF DIVIDENDS PRICE/EARNINGS RATIOS AND PRICE
TO BOOK HE SAYS THERE IS PLENTY OF DEMAND FOR STOCKS NO QUESTION ABOUT
THAT YET THE STOCK MARKET DID NOT GO ANYWHERE LAST YEAR THAT MEANS THAT
CORPORATIONS ARE ONLY TOO HAPPY TO FILL THE DEMAND BY ISSUING NEW STOCK

STILL MR CHALASANI THINKS THAT BY CONCENTRATING ON CYCLICAL STOCKS WHICH
TEND TO REACT QUICKLY TO THE ECONOMY'S UPS AND DOWNS INVESTORS CAN DO
BETTER THIS YEAR THAN THE 75 OR SO RETURN HE EXPECTS FROM BONDS

DAVID SCHULMAN SALOMON'S STRATEGIST STARTED THE YEAR WITH A 65 STOCK
ALLOCATION AND GRADUALLY SLICED IT DOWN TO 50 WITH HINDSIGHT THAT WAS A
MISTAKE MOST OF THE STOCK MARKET'S GAINS FOR THE YEAR CAME IN THE FOURTH
QUARTER

PRUDENTIAL SECURITIES INC AND RAYMOND JAMES FINANCIAL INC WHICH RANKED
11TH AND 12TH MADE THE SAME MISTAKE ALL THREE ALSO CARRIED HEFTY CASH
POSITIONS WHICH WERE A DRAG ON THEIR RESULTS BECAUSE THE RETURN ON CASH
INSTRUMENTS TREASURY BILLS MONEYMARKET FUNDS AND THE LIKE WAS PUNY LAST
YEAR

PRUDENTIAL A UNIT OF PRUDENTIAL INSURANCE CO OF AMERICA DID FAR BETTER
OVER THE LONGER TERM THANKS TO STRATEGIST GREG SMITH PRUDENTIAL WAS THE
TOP PERFORMER FOR THE FIVEYEAR PERIOD ENDED IN DECEMBER INVESTORS WHO
FOLLOWED ITS ADVICE HAD AN ESTIMATED RETURN OF 1028

MR SMITH BELIEVES 1993 WILL BE A YEAR OF UNINSPIRING INVESTMENT RETURNS HE
SEES RISING INTEREST RATES DRIVING DOWN THE TOTAL RETURN ON BONDS TO ABOUT
5 OR SO HE THINKS STOCKS WILL DO ONLY A SHADE BETTER

FUNDAMENTALS DO NOT MAKE STOCKS COMPELLING THE WAY THEY WERE IN 1988 AND
1989 HE SAYS BACK THEN THE EARNINGS STORY WAS TERRIFIC PLUS WE HAD A
SHRINKING SUPPLY OF EQUITIES STILL HE DOESN'T EXPECT STOCKS TO FALL SO
LONG AS PEOPLE KEEP POURING MONEY INTO MUTUAL FUNDS

THE TOP PERFORMER FOR THE FOURTH QUARTER WAS GOLDMAN SACHS & CO WHICH WAS
WAITING WITH OPEN ARMS A 75 STOCK ALLOCATION WHEN STOCKS SPURTED IN
NOVEMBER AND DECEMBER GOLDMAN'S COSTRATEGISTS STEVEN EINHORN AND ABBY
COHEN HAVE HAD THAT AGGRESSIVE ALLOCATION IN PLACE FOR MORE THAN A YEAR

FOR 1993 MR EINHORN PREDICTS A RESPECTABLE YEAR WITH STOCKS PROVIDING A
1012 RETURN AND BONDS A 910 RETURN CORPORATE EARNINGS WILL RISE
MODERATELY HE BELIEVES WHILE THE INTEREST RATE ON LONGTERM BONDS WILL
FALL TO 7 OR LESS FROM 72 RECENTLY IT DOES APPEAR THAT MR CLINTON
WILL DEVOTE PART OF HIS PROGRAM TO TRUE DEFICIT REDUCTION HE SAYS

EDWARD KERSCHNER OF PAINEWEBBER INC WAS RUNNERUP FOR BOTH THE YEAR AND THE
FOURTH QUARTER HIS RECOMMENDED CASH POSITION NEVER ROSE ABOVE 1 IN 1992
AS HE CORRECTLY TOLD INVESTORS CASH WAS A LOUSY PLACE TO PARK ONE'S MONEY
TODAY MR KERSCHNER THINKS BOTH STOCKS AND BONDS ARE PRICED ABOUT RIGHT
WHEN I HAVE A MARKET THAT'S FAIRLY VALUED I DON'T GET CUTE HE SAYS I
THINK WE WILL HAVE NORMAL RETURNS THIS YEAR ABOUT 7 TO 75 IN BONDS AND
8 TO 10 IN STOCKS HE THINKS THE MARKETS WILL BE FAIRLY TRANQUIL

MICHAEL SHERMAN OF SHEARSON LEHMAN BROTHERS INC A UNIT OF AMERICAN EXPRESS
CO HOLDS SECOND PLACE IN THE FIVEYEAR RANKING THIS MONTH HE TRIMMED HIS
STOCK POSITION FIVE POINTS TO 50 THE DOW JONES INDUSTRIAL AVERAGE
CURRENTLY YIELDS ONLY ABOUT 3 IN DIVIDENDS HE SAYS SINCE 1920 IT HAS
NEVER YIELDED LESS THAN 3 FOR A FULL YEAR

WITH STOCKS SO HIGH COMPARED WITH DIVIDENDS IT'S NOT A TIME TO TAKE A LOT
OF RISK MR SHERMAN SAYS I CANNOT ADVISE PEOPLE TO BE AGGRESSIVE THIS
YEAR HE EXPECTS SINGLEDIGIT GAINS FOR BOTH STOCKS AND BONDS BONDS MAY
OUTPERFORM STOCKS HE SAYS IF PRESIDENT CLINTON MAKES HEADWAY IN CUTTING
THE FEDERAL BUDGET DEFICIT

KIDDER PEABODY & CO A UNIT OF GENERAL ELECTRIC CO RANKED THIRD FOR THE
QUARTER THE YEAR AND THE FIVE YEARS THROUGH DECEMBER ITS CHIEF
QUANTITATIVE ANALYST EASTON RAGSDALE HASN'T CHANGED HIS RECOMMENDED BLEND
 70 STOCKS 30 BONDS IN NEARLY TWO YEARS KIDDER'S STOCKMARKET
MODELS PREDICT A VERY STRONG STOCK MARKET FOR 1993 HE SAYS BUT HE SCALES
BACK HIS FORECAST TO A 10 GAIN OR SO BECAUSE HIGH PRICE/EARNINGS RATIOS
AND LOW DIVIDEND YIELDS ARE DISCOURAGING PRICECONSCIOUS INVESTORS FROM
BUYING STOCKS

IN 1992 SEVEN OF THE 12 FIRMS OUTPERFORMED A MODEL THAT ROBOTICALLY ADHERES
TO A BLEND OF 55 STOCKS 35 BONDS AND 10 CASH MANY STRATEGISTS DISDAINED
CASH WHICH HELPED THEM BEAT THE FIXEDBLEND BENCHMARK

BUT FOR THE FIVE YEARS ENDED IN DECEMBER ONLY THREE OF 10 FIRMS OUTDID THE
ROBOT MODEL THAT RESULT SHOWS AGAIN HOW HARD IT IS TO OUTGUESS THE
INVESTMENT MARKETS INDEED SOME MONEY MANAGERS ARGUE THAT MARKET TIMING IS
FUTILE THAT PEOPLE SHOULD SIMPLY PICK A BLEND THAT SUITS THEM AND STICK
WITH IT

ONE POSSIBLE ADVANTAGE OF A FIXEDBLEND APPROACH IS THAT IT MAKES AN
INVESTOR SELL SOME OF AN ASSET THAT HAS CLIMBED AND BUY MORE OF AN ASSET
THAT HAS FALLEN IN QUITE A FEW CASES THAT MEANS BUYING LOW AND SELLING
HIGH

STILL KEMPER'S MR CHALASANI BOOSTED HIS PERFORMANCE LAST YEAR THROUGH
MARKET TIMING LONGERTERM MR KERSCHNER OF PAINEWEBBER AND MR SMITH OF
PRUDENTIAL HAVE ADDED ONE TO TWO PERCENTAGE POINTS A YEAR TO THEIR RETURNS
BY TIMING THE MARKETS ACCORDING TO ROBIN CARPENTER PRESIDENT OF ECONOMICS
OFFICE

SOME BROKERAGE FIRMS PUBLISH MORE THAN ONE SET OF ASSETALLOCATION ADVICE
AG EDWARDS IS CURRENTLY JUDGED BY ITS TACTICAL BLEND MERRILL LYNCH BY
ITS AGGRESSIVE BLEND AND KIDDER BY ITS INDIVIDUAL BALANCED BLEND
GOLDMAN SACHS AND PRUDENTIAL ARE JUDGED ON THEIR ADVICE FOR A SMALL
AGGRESSIVE PENSION FUND PAINEWEBBER ON ITS ADVICE FOR A LARGE PENSION FUND
RAYMOND JAMES IS JUDGED ON ITS ADVICE TO YOUNG URBAN PROFESSIONALS FIRMS
CAN CHANGE THE BLEND ON WHICH THEY ARE JUDGED BUT ONLY IN ADVANCE

PERFORMANCE OF ASSETALLOCATED BLENDS RECOMMENDED BY 12 BROKERAGE HOUSES IN
PERIODS ENDED DEC 31 1992 HOUSES ARE RANKED BY 12MONTH PERFORMANCE ALSO
SHOWN IS THE MIX EACH HOUSE NOW RECOMMENDS

KEMPER SECURITIES INC THE BROKERAGE UNIT OF KEMPER CORP PLACED FIRST FOR
THE 12 MONTHS THROUGH DECEMBER IN THE WALL STREET JOURNAL'S STUDY OF
BROKERAGE FIRMS' ASSETALLOCATION ADVICE RAO CHALASANI IS THE UNIT'S
INVESTMENT STRATEGIST IN YESTERDAY'S YOUR MONEY MATTERS COLUMN THE FIRM WAS
IDENTIFIED AS KEMPER FINANCIAL SERVICES INC WHICH IS KEMPER CORP'S
MONEYMANAGEMENT UNIT 9302020042 930202 BUSINESS BRIEF MILLIPORE
CORP MASSACHUSETTS CONCERN'S NET FELL 58 IN FOURTH QUARTER

MILLIPORE CORP REPORTED A 58 DROP IN FOURTHQUARTER NET INCOME ON A 55
SALES DECLINE AND SAID IT LAID OFF ABOUT 90 OF ITS 5820 EMPLOYEES TO CUT
COSTS

THE BEDFORD MASS MAKER OF PURIFICATION PRODUCTS POSTED FOURTHQUARTER NET
OF 68 MILLION OR 24 CENTS A SHARE INCLUDING PRETAX CHARGES OF 44
MILLION ON SALES OF 1932 MILLION COMPARED WITH YEAREARLIER NET OF 164
MILLION OR 58 CENTS A SHARE ON SALES OF 2044 MILLION

THE CHARGES IN THE LATEST QUARTER INCLUDE COSTS TO INCREASE THE EFFICIENCY
OF MILLIPORE'S MANUFACTURING OPERATIONS THE COMPANY SAID

FULLYEAR NET WAS 332 MILLION OR 117 A SHARE INCLUDING AN AFTERTAX
CHARGE OF 67 MILLION RELATED TO EMPLOYEE POSTRETIREMENT BENEFITS SALES
TOTALED 777 MILLION THE LATEST YEAR INCLUDES PRETAX CHARGES OF 124
MILLION RELATED TO RESTRUCTURING COSTS THE SALE OF A LABORATORY AND THE
SETTLEMENT OF ENVIRONMENTAL DISPUTES

NET IN 1991 TOTALED 546 MILLION OR 193 A SHARE ON SALES OF 7614
MILLION 9302020041 930202 MARKETING & MEDIA NEW YORK DAILY NEWS 
NAMES COLASUONNO OF THE POST AS EDITOR  A WALL STREET JOURNAL NEWS
ROUNDUP

NEW YORK THE NEW YORK DAILY NEWS NAMED LOU COLASUONNO TO BE EDITOR OF THE
NEWSPAPER MR COLASUONNO 44 YEARS OLD WAS EDITOR OF THE NEW YORK POST
THE LONGTIME RIVAL OF THE DAILY NEWS

THE DAILY NEWS WAS RECENTLY PURCHASED BY MORTIMER B ZUCKERMAN A REAL
ESTATE DEVELOPER AND PUBLISHER OF THE MAGAZINE US NEWS & WORLD REPORT

TWO OTHER TOP EDITORS AT THE POST MANAGING EDITOR JAMES LYNCH AND
METROPOLITAN EDITOR RICHARD GOODING ALSO QUIT TO JOIN THE NEWS REUTERS
REPORTED IT SAID THE MOVE STUNNED REPORTERS AT THE POST WHICH ONLY EIGHT
DAYS AGO CAME WITHIN MINUTES OF SHUTTING ITS DOORS AFTER 192 YEARS OF
CONTINUOUS PUBLISHING

STEVEN HOFFENBERG THE BUSINESSMAN WHO TOOK OVER THE POST AND PROMISED TO
KEEP IT GOING WHILE HE COMPLETED ITS PURCHASE VOWED TO SUE THE NEWS FOR
POACHING HIS STAFF REUTERS SAID

THE NEWS SERVICE SAID THAT ALSO LEAVING WAS THE POST'S LEAD COLUMNIST MIKE
MCALARY WHO LAST WEEK WROTE THAT HE WAS WILLING TO GIVE MR HOFFENBERG A
CHANCE

MR COLASUONNO IS KNOWN FOR ATTENTIONGRABBING STORIES AND PAGE ONE
HEADLINES HE CALLED QUITTING THE POST THE HARDEST THING HE EVER DID
ACCORDING TO REUTERS THIS IS THE BEST PAPER IN TOWN BECAUSE OF THE PEOPLE
IN THIS ROOM HE SAID IN A NEWSROOM SPEECH BEFORE BREAKING DOWN IN TEARS
MR COLASUONNO DIDN'T GIVE DETAILS ON WHY HE WAS LEAVING 9302020040
930202 BEAUTY SHOWS TURN BEASTLY AS SPONSORS BARE LACQUERED NAILS 
 A TIFF OVER L'IL MISS GEORGIA' AND ACHY BREAKY HEART' SASHAYS INTO
COUNTY COURT  BY DANIEL PEARL STAFF REPORTER OF THE WALL STREET
JOURNAL

JONESBORO GA AT THE AGE OF NINE ASHLEY KINARD HAS DISCOVERED JUST HOW
UGLY THE BUSINESS OF BEAUTY CAN BE

A WINNER OF MORE THAN 25 BEAUTY TITLES ASHLEY NOW FINDS HERSELF AT THE
CENTER OF A WAR BETWEEN TWO BEAUTY PAGEANTS SHE HAS WATCHED GROWN WOMEN
SCHEME OVER HER SCREAM OVER HER AND SUE EACH OTHER LAST OCTOBER WHILE
WAITING TO GO ON STAGE TO SING ACHY BREAKY HEART AT THE JONESBORO FALL
FESTIVAL SHE LEARNED THAT THE STARLITE USA PAGEANT COMPANY HAD STRIPPED HER
OF HER LITTLE MISS GEORGIA CROWN THE REASON SHE ALLEGEDLY BROKE A
CONTRACT BY SINGING THE BILLY RAY CYRUS HIT AT THE SAME FESTIVAL THE
PREVIOUS DAY AS 1992 NATIONAL OVERALL MOST BEAUTIFUL QUEEN FOR STARLITE'S
ARCHRIVAL PRESTIGE PAGEANTS

SHE CANNOT PERFORM AS LITTLE MISS BOOKCASE ON SATURDAY THEN LITTLE MISS
GEORGIA ON SUNDAY SAYS JAN KENNEDY EXECUTIVE DIRECTOR OF GEORGIA BEAUTY
PAGEANTS INC WHICH OWNS STARLITE IT'S CONFUSING TO THE PUBLIC IT
DOWNGRADES OUR TITLE AND WE SIMPLY WILL NOT TOLERATE IT

MS KENNEDY'S COMPANY FILED SUIT IN HENRY COUNTY MAGISTRATE COURT AGAINST
ASHLEY'S PARENTS TO GET BACK THE BLUE SASH RHINESTONE TIARA AND THE
MAGNETIC CAR EMBLEMS THAT PROCLAIM ASHLEY LITTLE MISS GEORGIA HER PARENTS
HAVE COUNTERSUED AND PRESTIGE HAS RALLIED TO HER DEFENSE SAYING STARLITE
DETHRONED HER OVER A BLURRED TECHNICALITY A COURT HEARING IS SCHEDULED
FOR NEXT WEEK

IT'S A WAR SAYS STANTON VARNADOE A PAGEANT JUDGE AND OWNER OF
EXCLUSIVELY DRESSED A LOCAL DRESS SHOP WHERE MOMS ROUTINELY DROP HUNDREDS
OF DOLLARS ON RAYON AND LACE IN THE HOPES MR VARNADOE SUSPECTS OF
INFLUENCING HIS VOTE PARENTS ASIDE HE SAYS WITH ALL THE BICKERING
BETWEEN PAGEANTS IT'S GOTTEN TO WHERE IT'S A DOGEATDOG SITUATION

SMALL WONDER PAGEANT PROMOTERS POPPED UP EVERYWHERE IN THE 1980S AS MORE
AND MORE MOTHERS DRESSED THEIR TINY TOTS IN WHITE GOWNS AND EYELINER AND
TRAINED THEM TO SASHAY SOON THERE WERE 1500 BEAUTY CONTESTS ATTRACTING
HALF A MILLION GIRLS NATIONWIDE SAYS TED COHEN PRESIDENT OF WORLD PAGEANTS
INC WHICH PUBLISHES A DIRECTORY OF THE CONTESTS

THEN THE RECESSION HIT PARENTS FOUND THEY HAD TO BE CHOOSY BEAUTY
COMPETITIONS COULD COST THOUSANDS OF DOLLARS WHAT WITH WESTERN WEAR
SPORTSWEAR EVENING CLOTHES AND PROFESSIONAL PAGEANT COACHES NOT TO MENTION
THE TYPICAL 200 ENTRY FEE 500 HOTEL STAY AND MANDATORY GOODLUCK ADS IN
THE PAGEANT PROGRAMS MANY COULD NO LONGER AFFORD TO ENTER THEIR KIDS IN
EVERYTHING FROM PLUM PRETTY TO USA'S LOVELIEST MISS COMPETITION AMONG
PAGEANTS GOT CUTTHROAT SAYS CLAUDIA TATUM WHO LIVES IN ATLANTA AND HAS
BEEN INVOLVED WITH PAGEANTS FOR 20 YEARS THINGS ARE SO BAD IN FLORIDA SHE
SAYS THAT PAGEANT DIRECTORS WOULD CANCEL EACH OTHER'S HOTEL RESERVATIONS

THE BEAUTY WORLD WAS A LOT PRETTIER IN THE EARLY '70S WHEN SUE JONES
STARLITE'S FOUNDER GOT STARTED IN THE BUSINESS HER FIRST PAGEANT WAS A
FUNDRAISER TO HELP HER DAUGHTER JAN'S BATONTWIRLING TEAM TRAVEL TO SOUTH
BEND IND WHEN SHE STARTED PRODUCING PAGEANTS FOR PROFIT SHE HAD THE RUN
OF THIS TOWN ABOUT 25 MILES SOUTH OF ATLANTA WHICH IS THE SITE OF THE
FICTIONAL TARA IN GONE WITH THE WIND WHAT LITTLE COMPETITION MRS JONES
ENCOUNTERED IN THOSE DAYS WAS MOSTLY FRIENDLY DIRECTORS SHARED MAILING
LISTS AND STAFF AND THEY TOOK CARE NOT TO SCHEDULE PAGEANTS ON THE SAME
DAY

AS HER DAUGHTER A FORMER LEGAL SECRETARY STARTED RUNNING THE BUSINESS THE
FIELD WAS GETTING CROWDED SOME NEW DIRECTORS WERE PAGEANT MOTHERS UPSET
WITH THE QUALITY OF JUDGING OTHERS WERE ENTREPRENEURS LOOKING FOR A HOT
OPPORTUNITY

ONE OF THOSE WAS KAY BECKOM WHO ATTENDED HER FIRST STARLITE PAGEANT IN 1987
AS SHE WAS DECIDING TO QUIT THE REALESTATE BUSINESS SHE FORMED PRESTIGE
PAGEANTS SCHEDULED A PAGEANT IN JONESBORO AND IMMEDIATELY STARTED BUTTING
HEADS WITH STARLITE FIRST RUMORS CIRCULATED SHE WAS GOING TO TRY TO PUT
STARLITE OUT OF BUSINESS THEN WORD GOT AROUND THAT SHE WAS PAYING PEOPLE TO
AVOID STARLITE'S PAGEANTS BOTH RUMORS WERE UNFOUNDED SHE SAYS

FOR ITS PART STARLITE WARNED MOTHERS NOT TO USE OTHER PAGEANTS BECAUSE THEY
MIGHT FACE UNQUALIFIED JUDGES PRESTIGE STARTED A NEWSLETTER PAGEANT
PATTER NEWS WHICH SLAMMED STARLITE'S PRACTICES AND BEGAN SCHEDULING
PAGEANTS THE SAME DAYS AS STARLITE'S

THEY TRIED TO OUTDO EACH OTHER IN PERKS AND PRIZES TOO STARLITE PAGEANTS
ARE AIRED ON A LOCAL TV STATION AND ITS WINNERS ARE FEATURED IN COMMERCIALS
FOR A DRYCLEANER AND OTHER BUSINESSES ALTHOUGH IT HAS TOUGHER RULES 
LIKE NO HAIR PIECES IT HOLDS THE COVETED MISS GEORGIA MONIKER
EVERYONE WANTS THAT TITLE SAYS ANNE KIM WHOSE 17MONTHOLD DAUGHTER
MACIE HAS ALREADY BEEN IN 10 PAGEANTS BUT PRESTIGE SOME PARENTS SAY
OFFERS BETTER PRIZES A 1993 HYUNDAI EXCEL FOR EXAMPLE COMPARED WITH
STARLITE'S TRIP TO LAS VEGAS

STARLITE HAS BEGUN GUARDING ITS 15ODD TRADEMARKED TITLES WITH VIGILANCE
SOMETIMES ADMONISHING GIRLS WHO WEAR RIVAL TITLES LIKE MISS GEORGIA PEACH
TO KEEP OUT FLYBYNIGHT COMPETITORS THE PAGEANT COMPANY ALSO HELPED
CONVINCE THE GEORGIA LEGISLATURE TO PASS A LAW REQUIRING PAGEANTS TO POST A
10000 BOND MS KENNEDY THEN KEPT COUNTY DISTRICT ATTORNEYS BUSY BY
TATTLING ON RIVALS THAT DIDN'T LIST A BOND COMPANY IN THEIR BROCHURES

ASHLEY KINARD BECAME A CRUCIAL BATTLEGROUND THE YOUNGSTER WHO WON HER
FIRST BABY MISS TITLE BEFORE SHE WAS OUT OF DIAPERS HAS ACCUMULATED MORE
THAN 500 BEAUTYPAGEANT TROPHIES OVER THE YEARS JUDGES PRAISED HER
BEAUTIFUL DELICATE SOFT FEATURES AND HER INVENTIVE COSTUMES LIKE THE
TUXEDO SHE STRIPPED AWAY TO REVEAL A BLACKANDWHITE POLKA DOT DRESS IN
1991 IF ASHLEY SNUBBED STARLITE FIVE OR SIX OTHER PAGEANT REGULARS WOULD
FOLLOW CONTENDS HER FATHER JOHN GAIL KINARD SAYS MS KENNEDY ASKED HER
NOT TO LET HER DAUGHTER WHO WON THE LITTLE MISS GEORGIA CROWN IN BOTH
1990 AND 1992 SING FOR ANOTHER PAGEANT LAST OCTOBER SHE SAID ASHLEY IS
MINE' MS KENNEDY SAYS SHE DOESN'T RECALL SAYING THAT

WHEN SHE DID SING ACHY BREAKY HEART FOR PRESTIGE ASHLEY WAS SURPRISED TO
SEE MRS JONES AND ANOTHER STARLITE OFFICIAL IN THE AUDIENCE SNAPPING
PHOTOS THE NEXT DAY BESIDE THE SAME STAGE HER AUNT GAVE HER A CORN DOG
AND BROKE THE NEWS THAT STARLITE HAD JUST STRIPPED HER OF THE TITLE AND
GIVEN IT TO HER RUNNERUP

BUT THE KINARDS REFUSED TO SURRENDER THE SASH AND TIARA AND THEIR SPAT WITH
STARLITE CONTINUED MS KENNEDY SAYS SHE WILL SOON DISCLOSE INFORMATION
ABOUT GAIL KINARD THAT WILL FREAK THESE PEOPLE MEANWHILE KINARD
SUPPORTERS ARE BUZZING ABOUT SENDING A COMPLAINT AGAINST STARLITE TO STATE
OFFICIALS

IN STARLITE'S OFFICE OFF TARA BOULEVARD MRS JONES EXPRESSES SOME CONCERN
ABOUT WHAT EFFECT THE BEAUTY BATTLE MIGHT HAVE ON THE BEAUTIFUL CHILDREN I
REALLY HATE IT FOR ASHLEY SHE SAYS AS SHE HELPS HER DAUGHTER SEARCH
FOR THE VIDEOTAPE OF A COMMERCIAL FROM WHICH ASHLEY WOULD SOON BE EXCISED

SO FAR ASHLEY HAS MANAGED TO KEEP HER COMPOSURE SHE'D LIKE HER TITLE BACK
BECAUSE IT MAKES ME FEEL LIKE A QUEEN BUT SHE DOESN'T GET AS WORKED UP AS
HER PARENTS DO ALTHOUGH HER MOTHER CAN SEE HER GROWING UP TO BE A
SOAPOPERA STAR ASHLEY WHO HAS THREE SCHNAUZERS AND A PET RABBIT NAMED
STARLITE WOULD PREFER TO BE A VETERINARIAN IN FACT SHE SAYS SHE PLANS TO
LEAVE THE PAGEANT CIRCUIT FOR A FEW YEARS AND PLAY MORE BASEBALL

LAURIE M GROSSMAN CONTRIBUTED TO THIS ARTICLE 9302020039 930202 SPORTS
 TRENDY JAPANESE CHEER FOR US TEAMS  BY YUMIKO ONO STAFF
REPORTER OF THE WALL STREET JOURNAL

TOKYO RIYA FUTAGI'S IDEA OF A TRENDY DATE IS DOWNING BUDWEISER BEER IN
THE SPORTY AND TASTY BAR

I READ ABOUT THIS IN A MAGAZINE AND I JUST HAD TO COME HERE SAYS THE
24YEAROLD STUDENT LOOKING AT THE POSTERS OF NATIONAL BASKETBALL
ASSOCIATION SUPERSTARS NOT THAT SHE CARES SO MUCH ABOUT THE PLAYERS SHE
SAYS BUT THE BAR CALLED SPORT HAS AN AMERICAN ATMOSPHERE THAT MAKES IT
HIP FOREIGN WAITERS VIDEOTAPED FOOTBALL GAMES AND ENGLISHLANGUAGE SPORTS
MAGAZINES

US SPORTS ARE SWEEPING JAPAN PROVIDING BIG OPPORTUNITIES FOR MERCHANTS 
LIKE THE OWNER OF THE SPORT BAR BARS ARE AIRING VIDEO CLIPS OF NATIONAL
FOOTBALL LEAGUE MATCHES ON MULTIPLE TELEVISION SCREENS STORE SHELVES ARE
STACKED WITH BASEBALL CAPS AND ICEHOCKEY SHIRTS ITOCHU APPAREL CO WHICH
MARKETS NBA TSHIRTS AND BAGS UNDER LICENSE SAYS IT EXPECTS SALES TO TRIPLE
TO ONE BILLION YEN 8 MILLION IN THE YEAR ENDING MARCH 31 AND DOUBLE THAT
AMOUNT IN THE FOLLOWING YEAR

THE JAPANESE MARKET IS EXTRAORDINARILY HIGH IN THIS FIELD FOR POTENTIAL
SAYS DAVID STERN THE NBA COMMISSIONER

MOST JAPANESE ARE STILL FUZZY ABOUT WHICH BASKETBALL TEAM MICHAEL JORDAN
BELONGS TO OR WHAT EXACTLY A TOUCHDOWN IS BUT IT'S THE US IMAGE THAT'S
APPEALING SAYS TAKASHI MAMEMURA EXECUTIVE DIRECTOR OF IBIS FOOD SERVICE
CO WHICH RUNS THE SPORT BAR AMERICAN SPORTS ARE ENTERTAINMENT THEY'RE
LIKE MAGIC HE EXCLAIMS US SPORTS HAVE MORE POTENTIAL AS SPECTATOR
EVENTS THAN DO SUCH JAPANESE SPORTS AS SUMO WRESTLING AND MARATHON RUNNING
HE SAYS JAPANESE SPORTS ARE ALL ABOUT HOW MUCH GUTS YOU HAVE HOW MUCH YOU
CAN ENDURE

THE BOOM WAS TRIGGERED BY SATELLITE BROADCASTING WHICH STARTED HERE THREE
YEARS AGO AND NOW HAS SIX MILLION SUBSCRIBING HOUSEHOLDS ONE CHANNEL
DEVOTES SUNDAY PROGRAMS TO SUCH EVENTS AS US FOOTBALL BASKETBALL AND
BASEBALL AS WELL AS SOCCER THE US DREAM TEAM'S BASKETBALL PERFORMANCE IN
THE OLYMPIC GAMES LAST SUMMER BOOSTED INTEREST TOO MORE THAN 11000 FANS
IN JAPAN PACKED THE YOKOHAMA ARENA IN NOVEMBER TO WATCH THE NBA'S
SEASONOPENING GAMES SOME PAYING AS MUCH AS 25000 YEN 200 A SEAT

THE TREND ALSO REFLECTS CHANGING PREFERENCES YOUNG JAPANESE ARE STARTING TO
TIRE OF THE EXPENSIVE SPORTS SKIING GOLFING AND YACHTING THAT WERE
ALL THE RAGE DURING THE ECONOMIC BOOM OF THE '80S

US SPORTS ARE BECOMING THE LATEST SYMBOL OF THE WEST THAT EVERYONE FROM
JOCKS TO FASHION FREAKS IS TRYING TO LATCH ONTO KANEBO LTD A MAJOR
COSMETICS COMPANY SUGGESTS THAT YOUNG MEN SHOULD USE NFLBRAND COLOGNE
BECAUSE IT'S AMERICAN GROOMING IN THE YEAR ENDED SEPT 15 THE COMPANY
SOLD THREE BILLION YEN OF COLOGNE AND HAIRSTYLING PRODUCTS AT ABOUT 1000
YEN A BOTTLE

MERCHANTS ARE ALSO PROVIDING PLENTY OF OPPORTUNITIES TO GET IN A SPORTY
MOOD AT BASEBALL CAFE A TOKYO RESTAURANT PACKED WITH YELLOWING PHOTOS OF
US MAJORLEAGUE BASEBALL TEAMS OF THE 1950S US WAITRESSES IN
CHEERLEADING UNIFORMS GREET GUESTS WITH A BOWL OF POPCORN AFTER STEPPING ON
HOME BASE DINERS CAN DEVOUR THIRDBASE PIZZA WHILE AN AMERICAN CLOWN
CAVORTS WITH A BASEBALLSHAPED YOYO

MEANWHILE DAIEI INC A MAJOR RETAIL CONGLOMERATE THAT PLANS TO OPEN
JAPAN'S BIGGEST INDOOR BASEBALL STADIUM THIS SPRING IN SOUTHERN JAPAN IS
NOW BUSY COLLECTING US SPORTS MEMORABILIA FOR ITS GIANT ONSITE SPORTS
BAR SNEAKER MAKERS CONVERSE INC A UNIT OF INTERCO INC AND NIKE INC
EAGER TO MAINTAIN LAST YEAR'S 30 RISE IN SALES OF BASKETBALL SNEAKERS ARE
SPONSORING A SERIES OF THREEONTHREE BASKETBALL TOURNAMENTS FOR MANY
JAPANESE THE SPORT AS WELL AS A POSTGAME NIKE FASHION CONTEST ARE NEW
EXPERIENCES

CRITICS SAY JAPAN'S INTEREST IN US SPORTS MAY NOT GO MUCH BEYOND A FAD
EVEN THOUGH THERE'S A GROWING CROWD OF TEENAGERS WEARING FOOTBALL JACKETS
THERE ARE NO SIGNS THAT THE SPORT IS ACTUALLY CATCHING ON AT JAPANESE
COLLEGES SAYS MARTY KUEHNERT WHO HAS BEEN COUNSELING JAPANESE SPORTS
BUSINESSES FOR MORE THAN 20 YEARS MR KUEHNERT STRESSES THAT HIS SPORTS
BARS IN WESTERN JAPAN ARE FULL OF REAL SPORTS FANS WHO COME TO DISCUSS THE
NIGHT'S GAMES BUT SOME OF THE OTHER NEW BARS ARE MISSING SOME MAJOR
INGREDIENTS NEITHER THE STAFF NOR THE GUESTS ARE INTERESTED IN SPORTS
HE SAYS INDEED AT NFL EXPERIENCE A RESTAURANT THAT ADVERTISES THAT IT'S
THE ONLY ENTERTAINMENT SPACE IN THE WORLD WHERE NFL CAN BE EXPERIENCED
ALMOST ALL THE GUESTS ARE TOO INVOLVED IN CONVERSATION TO GLANCE AT THE
TELEVISED GAME

THERE MAY BE MOREPERMANENT FALLOUT FROM THIS LATEST FASHION TREND LOTS OF
JAPANESE SPORTS ENTHUSIASTS SAY THEY LIKE THE WAY AMERICANS PLAY AND WANT
TO LEARN MORE ABOUT THEIR TECHNIQUES AFTER PLAYING BASKETBALL FOR EIGHT
YEARS NORIKO HANAWA A 20YEAROLD STUDENT SAYS SHE REALIZED FOR THE FIRST
TIME THAT AMERICANS SEEM LIKE THEY'RE HAVING SO MUCH FUN WHEN SHE WATCHED
AN NBA GAME RECENTLY JAPANESE TAKE SPORTS SO SERIOUSLY SHE SAYS
PRACTICING ONE SPORT ALL YEAR ROUND IN SCHOOL AND ALWAYS BEING PRESSURED TO
WIN

MARUBENI CORP A MAJOR TRADING COMPANY HAS ALREADY STARTED TO CHANGE THE
COMPANY HAS HIRED A US BASKETBALL COACH TO TEACH ITS AMATEUR TEAM TO PLAY
LIKE AMERICANS IN JAPAN IT'S VERY IMPORTANT TO HAVE A GOOD ATMOSPHERE TO
BE A TEAM PLAYER SAYS THE COACH PATRICK RYAN FOR NOW HE'S TEACHING THE
JAPANESE PLAYERS TO BREAK AWAY FROM GROUPORIENTED PRACTICE AND INSTEAD
DEVELOP INDIVIDUAL SKILLS 9302020038 930202 BUSINESS BRIEF AMERICAN
GENERAL CORP INSURER SAYS EARNINGS ROSE 13 DURING FOURTH PERIOD

AMERICAN GENERAL CORP REPORTED A 13 RISE IN FOURTHQUARTER EARNINGS
REFLECTING INCREASED EARNINGS IN RETIREMENT ANNUITIES AND CONSUMER FINANCE

NET INCOME IN THE QUARTER INCREASED TO 1337 MILLION OR 123 A SHARE
FROM THE YEAREARLIER 1194 MILLION OR 109 A SHARE FOR THE FULL YEAR
THE HOUSTON INSURANCE COMPANY HAD NET INCOME OF 5326 MILLION OR 489 A
SHARE COMPARED WITH 4802 MILLION OR 425 A SHARE A YEAR EARLIER

CHAIRMAN HAROLD S HOOK CALLED THE RESULTS THE BEST IN OUR
67YEARHISTORY IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING AMERICAN
GENERAL SHARES ROSE 3 TO 5975

INVESTMENT GAINS MORE THAN DOUBLED IN THE QUARTER TO 44 MILLION FROM 21
MILLION FOR THE YEAR AMERICAN GENERAL HAD INVESTMENT GAINS OF 9 MILLION
COMPARED WITH GAINS OF 787000 IN 1991 THE COMPANY HAD AN INVESTMENT
PORTFOLIO OF 28 BILLION AT YEAR END UP 11 FROM THE PRIOR YEAR
9302020037 930202 JUDGE HANDS DOWN PRISON TERM FOR GENETTI IN
BONDFRAUD SCHEME

LOS ANGELES A FEDERAL JUDGE SENTENCED JOHN ANTHONY GENETTI TO MORE THAN
11 YEARS AND THREE MONTHS IN PRISON FOR LEADING A BOGUS MUNICIPALBOND
SCHEME THAT CHEATED HUNDREDS OF INVESTORS OUT OF ABOUT 39 MILLION

MR GENETTI 45 YEARS OLD WAS ALSO ORDERED TO PAY A 25 MILLION FINE AND
RESTITUTION OF NEARLY 28 MILLION THE SANTA BARBARA CALIF RESIDENT
PLEADED GUILTY IN NOVEMBER TO FIVE COUNTS OF FRAUD RACKETEERING AND MONEY
LAUNDERING

JUDGE STEPHEN V WILSON CALLED THE CRIME A CALLOUS CALCULATED AND VICIOUS
FRAUD WHICH LEFT HUNDREDS OF INVESTORS ECONOMICALLY WOUNDED AND IN SOME
CASES FATALLY WOUNDED

THREE OTHER PEOPLE CHARGED IN THE CASE HAVE BEEN CONVICTED OF FRAUD OR
FILING FALSE TAX RETURNS IN CONNECTION WITH THE SCHEME WHICH SOLD
INVESTMENTS THROUGH COMPANIES SUCH AS RESERVE FINANCIAL GROUP FIRST
SECURITIES GROUP OF CALIFORNIA INC AND FSG FINANCIAL SERVICES WHICH HAD
OFFICES IN BEVERLY HILLS AND SANTA BARBARA 9302020036 930202 BUSINESS
BRIEF MOBIL CORP CONCERN SIGNS SECOND PACT TO DEVELOP QATAR
RESERVES

MOBIL CORP COMPLETED A SECOND AGREEMENT WITH QATAR GENERAL PETROLEUM CORP
TO DEVELOP NATURAL GAS RESERVES FROM THE NORTH FIELD OFFSHORE FROM QATAR

UNDER THE AGREEMENT MOBIL HAS ACQUIRED A 10 INTEREST IN BOTH THE QATAR
LIQUEFIED GAS CO OR QATARGAS AND THE ASSOCIATED OFFSHORE FIELD
DEVELOPMENT CONTRACT TOTAL COST OF THE PROJECT IS ESTIMATED AT BETWEEN 4
BILLION AND 5 BILLION AND QATARGAS ALREADY HAS AN AGREEMENT WITH CHUBU
ELECTRIC POWER CO OF JAPAN FOR CHUBU TO BUY FOUR MILLION TONS OF LIQUEFIED
NATURAL GAS OR LNG A YEAR FOR 25 YEARS

IN DECEMBER MOBIL AND QATAR'S NATIONAL OIL COMPANY SIGNED A JOINT VENTURE
AGREEMENT FOR A PROJECT TO BE CALLED RAS LAFFAN LIQUEFIED NATURAL GAS CO
WHICH ALSO WILL DEVELOP LNG FROM THE GIANT NORTH FIELD'S GAS RESERVES
MOBIL A FAIRFAX VABASED OIL AND GAS CONCERN HAS A 30 INTEREST IN THAT
VENTURE AND SAID KOREA GAS HAS SIGNED A LETTER OF INTENT TO PURCHASE AT
LEAST 24 MILLION TONS A YEAR OF LNG FROM THAT PROJECT 9302020035 930202
BUSINESS BRIEF HILTON HOTELS CORP FIRM TO DEVELOP PROPERTIES IN LAS
VEGAS FOR TIME SHARES

HILTON HOTELS CORP SAID IT WILL SPEND 91 MILLION TO DEVELOP TIMESHARE
PROPERTIES NEXT TO ITS TWO BIG CASINOHOTELS IN LAS VEGAS

THE PROJECTS WILL BE BUILT AND MANAGED BY A JOINT VENTURE FORMED LAST YEAR
BY HILTON OF BEVERLY HILLS CALIF AND GRAND VACATIONS LTD OF FLORIDA
WHICH SPECIALIZES IN TIMESHARE RESORTS HILTON OFFICIALS SAID THE PROJECTS
WOULD COMPLEMENT ONGOING REFURBISHMENT AND EXPANSION AT THE TWO CASINOS

THE JOINT VENTURE WILL BUILD A 200UNIT TIMESHARE PROPERTY WHICH IS
SCHEDULED TO BREAK GROUND IN JULY AND OPEN IN SUMMER 1994 NEXT TO THE
TOURISTORIENTED FLAMINGO HILTON ALONG THE LAS VEGAS STRIP IT ALSO WILL
BUILD A 250UNIT PROPERTY NEXT TO THE LAS VEGAS HILTON WHICH TARGETS
CONVENTIONEERS AND HIGHROLLING GAMBLERS

THE TIMESHARING CONCEPT HAS ATTRACTED RENEWED INTEREST FROM MAJOR HOTEL
COMPANIES IN RECENT YEARS ALTHOUGH THE CONCEPT STILL FACES SOME BAD
PUBLICITY FROM PAST PROBLEMS IN THE INDUSTRY HILTON'S STOCK WAS QUOTED AT
48875 A SHARE UP 875 CENTS IN LATE COMPOSITE NEW YORK STOCK EXCHANGE
TRADING 9302020034 930202 BUSINESS BRIEF ATRIX LABORATORIES INC 
AGREEMENT WITH COLGATE FOR DEVICE IS TERMINATED

ATRIX LABORATORIES INC SAID COLGATEPALMOLIVE CO TERMINATED A MARKETING
AGREEMENT FOR A DENTAL SURGICAL DEVICE ON WHICH EACH COMPANY HAS SPENT 1
MILLION

ATRIX BASED IN FORT COLLINS COLO SAID COLGATE WILL REMAIN A PARTNER ON
THE NONSURGICAL DENTAL TREATMENT THAT IS ATRIX'S PRIMARY PRODUCT

THE SURGICAL DEVICE A BIODEGRADABLE POLYMER CALLED ATRISORB THAT IS PLACED
UNDER GUMS TO OPTIMIZE HEALING HAS ENTERED HUMAN CLINICAL TRIALS BUT NO
LONGER FITS WITH COLGATE'S MARKETING CRITERIA ATRIX SAID

AN ATRIX SPOKESWOMAN SAID THE COMPANY ANTICIPATES ENTERING A NEW MARKETING
AGREEMENT WITH ANOTHER COMPANY

COLGATEPALMOLIVE OFFICIALS COULDN'T BE REACHED FOR COMMENT

COLGATE'S RIGHT TO CONVERT ITS 4 MILLION NOTE INTO ATRIX COMMON STOCK HAS
EXPIRED ATRIX SAID ATRIX HAS PREPAID THE NOTE

YESTERDAY IN OVERTHECOUNTER NATIONAL TRADING ATRIX CLOSED AT 8 A SHARE
OFF 50 CENTS ON VOLUME OF 85900 SHARES 9302020032 930202 BUSINESS
BRIEFS

CINCINNATI MILACRON INC COMPLETED THE PURCHASE OF GTE VALENITE CORP FROM
GTE CORP FOR 80 MILLION IN CASH AND ASSUMED DEBT

CONAGRA INC ACQUIRED NATIONAL FOODS INC AND ITS AFFILIATE HANAU MEAT CO
TERMS WEREN'T DISCLOSED

ROCKY MOUNTAIN HELICOPTERS INC WILL CLOSE A LUMBER PLANT IN EUGENE ORE
OPERATED BY ITS WHOLLY OWNED SUBSIDIARY RMH AEROLOGGING INC

UNION TEXAS PETROLEUM HOLDINGS INC SAID ONE OF ITS UNITS RECEIVED A LICENSE
FROM THE UNITED KINGDOM TO EXPLORE FOR NATURAL GAS AND OTHER HYDROCARBONS IN
SOUTHERN BRITAIN FOR SIX YEARS

BERGEN BRUNSWIG CORP COMPLETED THE ACQUISITION OF MOST OF THE ASSETS OF
HEALTHCARE DISTRIBUTORS OF INDIANA INC IN A TRANSACTION VALUED AT 14
MILLION

DRESSER INDUSTRIES INC AGREED TO ACQUIRE BREDERO PRICE HOLDING BV A PART
OF THE ROYAL BEGEMANN GROUP OF THE NETHERLANDS FOR 160 MILLION

BOC HEALTH CARE BOUGHT NORTH AMERICAN AND EUROPEAN MARKETING RIGHTS TO
BREVIBLOC A BLOODPRESSURE DRUG FOR 725 MILLION 9302020031 930202
LABOR LETTER A SPECIAL NEWS REPORT ON PEOPLE AND THEIR JOBS IN OFFICES
 FIELDS AND FACTORIES  BY CHRISTOPHER CONTE

BREAKING BARRIERS WORKFORCE DIVERSITY FACES BIG OBSTACLES

MANY EMPLOYERS SEEK LABOR UNIFORMITY BY RECRUITING LARGELY THROUGH
WORDOFMOUTH OR LOCALIZED ADVERTISING SAY GEOGRAPHERS SUSAN HANSON OF
CLARK UNIVERSITY AND GERALDINE PRATT OF THE UNIVERSITY OF BRITISH COLUMBIA
IN WORCESTER MASS THEY FOUND COMPANIES TARGET SPECIFIC TYPES OF WORKERS
SUCH AS POLISH IMMIGRANTS OR WORKINGCLASS WOMEN IN DECIDING WHERE TO
LOCATE PLANTS

MEANWHILE COMPANIES SEEKING TO PROMOTE WORKPLACE DIVERSITY FACE A GROWING
THREAT OF BACKLASH IN TRAINING AND DEVELOPMENT MAGAZINE CONSULTANTS
MICHAEL MOBLEY AND TAMARA PAYNE SAY COMPANIES SHOULD ASSIGN MORE WHITE MALES
TO CONDUCT DIVERSITY TRAINING THAT WAY THEY ARGUE EMPLOYEES WON'T DISMISS
DIVERSITY AS BEING ONLY ABOUT WOMEN AND MINORITIES

GEORGIA STATE ECONOMIST KEITH IHLANFELDT SAYS URBAN BLACKS AND HISPANICS
HAVE 35 LONGER COMMUTING TIMES THAN WHITES THAT EXPLAINS UP TO HALF THE
DISPARITY BETWEEN WHITE AND MINORITY TEENAGE EMPLOYMENT HE SAYS

MODEST WAGE AGREEMENTS REFLECT LOW INFLATION AND THE RECESSION'S IMPACT

COLLECTIVE BARGAINING AGREEMENTS REACHED IN LAST YEAR'S FOURTH QUARTER
PROVIDE AN AVERAGE 29 WAGE INCREASE IN THE FIRST YEAR AND AN AVERAGE 32
ANNUAL RISE OVER THEIR FULL TERMS THE LABOR DEPARTMENT SAYS THAT COMPARES
WITH WAGE INCREASES OF 5 IN THE FIRST YEAR AND 38 OVERALL IN THE
CONTRACTS THEY REPLACED

FOR ALL OF 1992 NEW CONTRACTS PROVIDED WAGE INCREASES ROUGHLY EQUAL TO
THOSE IN EXPIRING ONES IN THE PREVIOUS THREE YEARS NEW PACTS WERE MORE
GENEROUS THAN OLD ONES JUST 28 OF WORKERS COVERED BY MAJOR CONTRACTS NOW
HAVE COSTOFLIVING ADJUSTMENT CLAUSES DOWN FROM 30 IN 1991 AND ABOUT 40
FROM 1987 THROUGH 1990

WORKPLACE INJURIES MAY BE FAR WORSE THAN GOVERNMENT DATA SUGGEST

AS OF MARCH 1990 SOME 73000 MICHIGAN WORKERS HAD MISSED ABOUT 89 MILLION
WORKDAYS FOR ONTHEJOB INJURIES SUFFERED IN 1986 ACCORDING TO A UNIVERSITY
OF MICHIGAN SCHOOL OF PUBLIC HEALTH STUDY THE BUREAU OF LABOR STATISTICS
COUNTED JUST 19 MILLION LOST WORKDAYS AUTHORS EXTRAPOLATE THAT NATIONWIDE
THE GOVERNMENT DIDN'T COUNT 373 MILLION OF 421 MILLION MISSED WORKDAYS IN
THE PERIOD

THE MICHIGAN STUDY ANALYZED WORKERS' COMPENSATION RECORDS WHILE THE
GOVERNMENT DATA ARE BASED ON EMPLOYER SURVEYS THAT DON'T ACCOUNT FOR MANY
RECURRING EPISODES OF DISABILITY ACCORDING TO MICHIGAN'S ARTHUR OLEINICK
HE SAYS THE GOVERNMENT DATA LEAD TO COMPLACENCY ABOUT SERIOUS INJURIES IN
THE MICHIGAN STUDY 300 WORKERS DIED IN WORKPLACE ACCIDENTS BUT MORE THAN
3000 SUFFERED INJURIES THAT CAUSED THEM TO MISS THREE OR MORE YEARS OF
WORK

ACCORDING TO THE STUDY THE 15 OF INJURED WORKERS WHO ARE MOST SERIOUSLY
DISABLED RECEIVE 85 OF ALL PAYMENTS FOR MISSED WORK TIME

MINING DEATHS LAST YEAR FELL TO 98 A RECORD LOW BUT MINE SAFETY OFFICIALS
SEE AN ALARMING TREND IN THE LAST TWO MONTHS FOUR MINING ACCIDENTS
RESULTED IN 12 DEATHS STILL LAST YEAR'S DEATH TOLL WAS 25 BELOW THAT OF
1985 AND WAS DOWN 96 FROM 1931 WHEN 2288 MINERS DIED ON THE JOB

NEW FACE OLD POLICY GEORGE BECKER A LABORER WHO WORKED HIS WAY UP THROUGH
THE UNITED STEELWORKERS' RANKS APPEARS SET TO SUCCEED LYNN WILLIAMS AS
UNION PRESIDENT IN MARCH 1994 THE NEW PRESIDENT WILL PRESENT A CONTRAST IN
STYLE TO HIS PREDECESSOR AN INTELLECTUAL WHO HAS A DEGREE IN ECONOMICS AND
JOINED THE UNION AS AN ORGANIZER BUT DON'T LOOK FOR BIG SUBSTANTIVE
CHANGES WILLIAMS HANDPICKED BECKER

C'EST LA VIE UNDER A NEW FRENCH LAW ANYBODY WHO HAS WORKED FOR FIVE YEARS
 AND AT LEAST ONE YEAR WITH HIS CURRENT EMPLOYER IS ENTITLED TO
EMPLOYERFINANCED CONFIDENTIAL CAREER COUNSELING IN PARIS JEANCLAUDE DE
MESMAEKER MANAGING PARTNER OF EURAM CREATIVE SEARCH INC SAYS THE
EXECUTIVE ASSESSMENTS COULD COST 4000 PER PERSON

HOSPITALS SAVE WITH PARTTIME WORKERS BUT BENEFIT COSTS MAY RISE

ROUGHLY ONETHIRD OF THE WORKERS AT MEMORIAL HEALTHCARE SYSTEM IN HOUSTON
ARE PARTTIMERS FOR MOST OF THEM HOURS VARY WEEKLY THE HOSPITAL CUTS
COSTS BY ADJUSTING ITS WORK FORCE TO CHANGING NEEDS AND BY REQUIRING
PARTTIMERS TO PAY MORE FOR BENEFITS TEXAS CHILDREN'S HOSPITAL IN HOUSTON
DOESN'T COVER PARTTIMERS' DEPENDENTS SCRIPPS MEMORIAL HOSPITAL IN LA
JOLLA CALIF GIVES PARTTIMERS LESS VACATION TIME

HOSPITALS ARE UNDER INCREASING PRESSURE TO PROVIDE BETTER BENEFITS TO
PARTTIMERS A NEW CONTRACT BETWEEN 60 HOSPITALS AND NEW YORK'S DRUG
HOSPITAL AND HEALTH CARE EMPLOYEES UNION REQUIRES FULL BENEFITS FOR WORKERS
WHO PUT IN MORE THAN 21 HOURS A WEEK AT SCRIPPS MEMORIAL AND SANTA MONICA
HOSPITAL ANYBODY WHO WORKS 32 HOURS PER WEEK IS ELIGIBLE FOR FULL HEALTH
AND DENTAL INSURANCE

THE NEW YORK CONTRACT REQUIRES HOSPITALS TO DISCLOSE EVERY FOUR MONTHS HOW
MANY PARTTIME STAFF MEMBERS THEY EMPLOY AND TO ESTABLISH PROGRAMS TO HELP
PARTTIMERS SWITCH TO FULLTIME JOBS

THE CHECKOFF BRITISH AIRWAYS SAYS IT WILL SPEND 21 MILLION TO INTRODUCE A
NEW UNIFORM FOR THE 20000 MEMBERS OF ITS GROUND STAFF AND CABIN CREWS ITS
50TH UNIFORM IN 60 YEARS  FULL SERVICE BUILDING NEW YORK'S WORLD
TRADE CENTER WHICH HOUSES 350 COMPANIES EMPLOYING 40000 WORKERS OPENS ITS
OWN RECRUITMENT AND EMPLOYEETRAINING CENTER 9302020030 930202 MUTUAL
FUNDS INVESTORS RAN TO STOCK FUNDS DURING JANUARY  BY ROBERT
MCGOUGH STAFF REPORTER OF THE WALL STREET JOURNAL

INVESTORS JUST CAN'T GET ENOUGH OF THOSE MUTUAL FUNDS

CASH POURED INTO STOCK FUNDS IN JANUARY AT AN ACCELERATING AND POSSIBLY
RECORD RATE FUND INDUSTRY EXECUTIVES SAID DECEMBER'S STOCKFUND INFLOW WAS
92 BILLION THE SECONDHIGHEST ON RECORD JUST SLIGHTLY BEHIND NOVEMBER'S
ALLTIME HIGH OF 99 BILLION ACCORDING TO DATA RELEASED YESTERDAY BY THE
INVESTMENT COMPANY INSTITUTE A TRADE GROUP

THERE ARE HUGE NUMBERS OF NEW ACCOUNTS COMING IN SAID MICHAEL HINES A
SENIOR VICE PRESIDENT AT FIDELITY INVESTMENTS THE LARGEST MUTUAL FUND GROUP
IN THE COUNTRY FIDELITY AND VANGUARD GROUP THE NATION'S THIRDLARGEST FUND
GROUP HAD TO REASSIGN ADMINISTRATIVE WORKERS TEMPORARILY TO HANDLE THE
HEAVY VOLUME OF PHONE CALLS IN JANUARY

SMALL INVESTORS' CONTINUED APPETITE FOR STOCK FUNDS COULD MEAN HAPPY DAYS
AHEAD FOR THE STOCK MARKET BECAUSE ALL THE BUYING POWER OF THAT NEW MONEY
COULD PUSH STOCK PRICES HIGHER FUND MANAGERS HAVEN'T BEEN SHY ABOUT PUTTING
THE NEW CASH INTO STOCKS STOCK FUND HOLDINGS OF CASH WERE 9 OF THEIR TOTAL
ASSETS AT THE END OF DECEMBER DOWN FROM 95 IN NOVEMBER BUT SOME MARKET
VETERANS SAY IT'S A WARNING SIGN FOR THE MARKET WHEN LEGIONS OF SMALL
INVESTORS EMBRACE STOCK MUTUAL FUNDS

FOR ALL OF 1992 STOCK MUTUAL FUNDS PULLED IN A RECORD 778 BILLION IN
CASH VASTLY MORE THAN THE PREVIOUS RECORD INFLOW OF 383 BILLION IN 1991
THE TIDAL WAVE OF CASH CERTAINLY WASN'T ATTRACTED BY HIGH RETURNS BY STOCK
FUNDS WHICH GAINED ON AVERAGE ONLY 888 LAST YEAR BUT THE STEEP DECLINES
IN THE INTEREST RATES OFFERED BY BANKS AND MONEY MARKET FUNDS MADE STOCK
RETURNS LOOK COMPARATIVELY HIGH

LAST YEAR WAS STRONG FOR BOND FUNDS AS WELL ALL TOLD INVESTORS PUT A
RECORD 1711 BILLION INTO STOCK AND BOND FUNDS THAT SUM BEAT THE PRIOR
RECORD OF 1305 BILLION FOR STOCK AND BOND FUNDS SET IN 1986 THE FIGURES
REFER TO NEW FUND SALES MINUS REDEMPTIONS PLUS THE NET RESULT OF SWITCHES
AMONG FUNDS IN THE SAME FUND GROUP REINVESTED DIVIDENDS ARE EXCLUDED

THERE IS A LOT OF BUYING POWER IN THE CASH HOARD OF STOCK FUNDS ALONE THE
42 BILLION IN CASH HELD BY STOCK FUNDS EQUALS 624 DAYS OF AVERAGE TRADING
DONE ON THE NEW YORK STOCK EXCHANGE ACCORDING TO BIRINYI ASSOCIATES INC
THAT LEVEL IS DOWN A BIT FROM NOVEMBER BUT BIRINYI ASSOCIATES CONSIDERS THE
HIGH LEVEL OF CASH TO BE A POSITIVE SIGN FOR STOCK PRICES

SKEPTICS SAY MUTUAL FUND INVESTORS ARE ONCE AGAIN PLUNGING INTO THE MARKET
RIGHT AS IT PEAKS BY SOME MEASURES STOCK PRICES ARE HIGH COMPARED WITH
HISTORICAL VALUATIONS

BUT SMALL INVESTORS REMAIN BULLISH ACCORDING TO PRELIMINARY DATA FROM AMG
DATA SERVICES AN ARCATA CALIF FIRM THAT TRACKS MUTUAL FUND CASH FLOWS
AT LEAST 105 BILLION IN CASH FLOWED INTO STOCK FUNDS THROUGH JAN 27
AMG'S DATA CAME FROM FUNDS REPRESENTING ONLY 80 OF ALL MUTUAL FUND ASSETS
BUT EVEN THAT PARTIAL TALLY IS EXTREMELY HIGH FUND EXECUTIVES AT FIDELITY
JANUS GROUP OF MUTUAL FUNDS NEUBERGER & BERMAN MANAGEMENT T ROWE PRICE
ASSOCIATES INC STRONG FUNDS AND VANGUARD SAY THEY RECORDED THEIR BEST
MONTH FOR STOCK FUNDS EVER

SOME FUND EXECUTIVES ARGUE THAT CASH WILL CONTINUE TO POUR INTO MUTUAL FUNDS
BECAUSE SMALL INVESTORS ARE FINALLY GETTING SERIOUS ABOUT SAVING FOR THEIR
FUTURE BUT IT REMAINS TO BE SEEN WHETHER INVESTORS CONTINUE TO SOCK AWAY
MONEY IF STOCK PRICES GO INTO A SUSTAINED FALL

SMALL STOCKS HAVE BEEN THE HOTTEST PERFORMERS IN RECENT WEEKS AND INVESTORS
ARE PUTTING MORE MONEY INTO RISKY AGGRESSIVE FUNDS SPECIALIZING IN SMALL
STOCKS BUT AGGRESSIVE GROWTH FUNDS HELD A LOT OF CASH AT THE END OF
DECEMBER 118 OF THEIR ASSETS ACCORDING TO THE ICI SUGGESTING THAT THEIR
BUYING POWER HASN'T BEEN TAPPED OUT MOST FUND MANAGERS DON'T COSIDER
THEMSELVES FULLY INVESTED UNTIL CASH IS ONLY 5 OF THEIR ASSETS

IN ANY CASE THERE IS STILL MORE CASH GOING TO THE MORE CONSERVATIVE
FUNDS SAID AVI NACHMANY AN ANALYST AT STRATEGIC INSIGHT A NEW YORK
CONSULTING FIRM THESE MORE CONSERVATIVE STOCK FUNDS INCLUDE THOSE INVESTING
IN LARGE OR MIDSIZE COMPANIES OR IN STOCKS PAYING SIZABLE DIVIDENDS SALES
OF BALANCED FUNDS WHICH INVEST IN BOTH STOCKS AND BONDS AND WHICH DECLINE
LESS THAN PURE STOCK FUNDS DURING BEAR MARKETS HAVE ALSO BEEN STRONG

BUT INVESTORS WERE GETTING OUT OF FUNDS SPECIALIZING IN HEALTH STOCKS IN
JANUARY ACCORDING TO AMG DATA INVESTORS REMAIN WORRIED ABOUT THE OUTLOOK
FOR HEALTH STOCKS UNDER A CLINTON ADMINISTRATION INTENT ON REINING IN
HEALTHCARE INFLATION

PEOPLE PLAN TO KEEP ON BUYING STOCK FUNDS ACCORDING TO A SURVEY BY THE
UNIVERSITY OF MICHIGAN SURVEY RESEARCH CENTER CONDUCTED FOR FIDELITY SOME
40 OF INVESTORS SURVEYED SAID THAT THEY EXPECT TO INVEST IN STOCK FUNDS IN
THE NEAR FUTURE THE SECONDHIGHEST LEVEL IN THE THREE YEARS THE SURVEY HAS
BEEN CONDUCTED

IN JANUARY INVESTORS ALSO FUNNELED MORE CASH INTO BOND FUNDS WITH
ESPECIALLY BIG INCREASES IN TAXEXEMPT MUNICIPAL FUNDS FUND EXECUTIVES
REPORT IN DECEMBER 49 BILLION IN CASH FLOWED INTO BOND FUNDS FOR A
TOTAL OF 933 BILLION IN ALL OF 1992

MUNICIPAL BOND FUNDS HAD HIGHER SALES IN JANUARY AT SUCH FUND GROUPS AS
DREYFUS CORP PUTNAM COS THE SHEARSON LEHMAN BROTHERS UNIT OF AMERICAN
EXPRESS CO STATE STREET RESEARCH & MANAGEMENT INC AND TNE FUND GROUP A
UNIT OF NEW ENGLAND MUTUAL LIFE INSURANCE CO

TAXFREE BOND FUND SALES HAVE BEEN OFF THE CHARTS SAID STEPHEN GIBSON A
MANAGING DIRECTOR AT PUTNAM INVESTORS ANTICIPATE HIGHER TAXES UNDER THE
CLINTON ADMINISTRATION AND THE START OF THE TAX SEASON MAKES THEM MORE
AWARE OF EXISTING TAXES MR GIBSON SAID

MEANWHILE INVESTORS ALSO PILED INTO SHORTTERM TAXABLE BOND FUNDS THESE
FUNDS HAVE HIGHER YIELDS THAN MONEYMARKET FUNDS OR CDS BUT SMALLER PRICE
FLUCTUATIONS THAN LONGTERM BOND FUNDS

COMPANIES SUCH AS T ROWE PRICE AND KEMPER CORP'S KEMPER FINANCIAL SERVICES
REPORT HEAVY SALES OF FUNDS INVESTING IN BELOWINVESTMENTGRADE JUNK BONDS
JUNK BOND FUNDS TURNED IN THE BEST PERFORMANCE OF ANY BOND FUND GROUP LAST
YEAR 9302020029 930202 CORRECTIONS & AMPLIFICATIONS

PHYSICIANS HEALTH SERVICES INC TRUMBULL CONN A HEALTH MAINTENANCE
ORGANIZATION BEGAN TRADING ON THE NATIONAL MARKET SYSTEM OF THE
OVERTHECOUNTER MARKET LAST WEEK UNDER THE SYMBOL PHSV THE COMPANY WAS
INCORRECTLY CALLED PHYSICIANS HEALTH SCIENCES INC IN YESTERDAY'S NEW STOCK
LISTINGS COLUMN 9302020028 930202 LEISURE & ARTS BOOKSHELF AS LONG
AS SIEGFRIED'  BY MANUELA HOELTERHOFF

AN OPERA ENCYCLOPEDIA THAT GIVES A FULL PAGE AND A HALF PLUS PICTURE TO
FRANCESCO CILEA'S FEY ADRIANA LECOUVREUR AN OPERA SOMEWHAT LESS COMPLEX
THAN PARSIFAL OR HANSEL AND GRETEL IS BOUND TO BE EXCITING NEWS TO ALL
OPERA NUTS AND IS ALSO SURE TO BE WONDERFULLY LONG FOR ADRIANA IS IN THE
EARLY AS SMACK BETWEEN ADORNO THEODOR AND ADRIANO IN SIRIA AND WE HAVE
MANY MANY TOOTHSOME ENTRIES TO GO BEFORE SADLY REACHING ZYLISGARA TERESA
A POLISH SOPRANO DESCRIBED AS DIGNIFIED I REMEMBER HER AS QUITE DOWDY
BUT THE ENTRY'S AUTHOR ALAN BLYTH IS BRITISH AND POLITE

ZYLISGARA TERESA ENDS VOLUME FOUR OF THE NEW GROVE DICTIONARY OF OPERA
MACMILLAN 850 JUST BEFORE AN INDEX OF PRINCIPAL ROLES IN SOME 850
OPERAS ARON ALSO AARON TO ZUZKA ZUZKA ZUZKA LOOK IT UP EDITED BY
STANLEY SADIE THE NEW GROVE WAS INITIALLY INTENDED AS A SMALLER SPINOFF OF
THE ENCOMPASSING 20VOLUME NEW GROVE DICTIONARY OF MUSIC AND MUSICIANS BUT
THEN JUST LIKE TOPSY OR FAFNER IT JUST GREW AND GREW NURSED ALONG BY
ABOUT 1000 CONTRIBUTORS EAGER TO SHARE WITH US THEIR KNOWLEDGE OF THE
HISTORY OF THE SINGSPIEL OR BIOGRAPHICAL NOTES ON KULYASH BAYSEITOVA THE
BELOVED DIVA OF THE KAZAK OPERA SOME 90 OF THE MATERIAL IS NEW OR
RETOOLED AND ALL OF IT IS OF COURSE ESSENTIAL THOUGH THE SET'S COST MAY
MEAN FEWER MARIA CALLAS COMPACT DISKS THIS WEEK FOR HARDCORE STUDENTS OF
THE OPERATIC FORM

IT IS THE WORK'S VIRTUE THAT IT MIXES SCHOLARLY ESSAYS ALMOST ALWAYS
SKILLFULLY WRITTEN WITH SUCCINCT BIOGRAPHICAL SKETCHES THAT COMBINE FACTS
WITH A BRIEF APPRAISAL JUST THE OTHER DAY FOR INSTANCE I DASHED INTO THE
OFFICE TO LOOK UP SCHNEIDERSIEMSSEN GUNTHER AFTER SEEING A NEW
METROPOLITAN OPERA PRODUCTION OF RICHARD WAGNER'S DIE MEISTERSINGER WITH
SETTINGS BY HIM THAT WERE SO INCREDIBLY OLDFASHIONED SO DUSTILY DEJA VU
THAT I THOUGHT SOME MIRACLE OF SCIENCE HAD KEPT HIM ALIVE SINCE THE PREMIERE
IN 1868 BUT I SEE HE WAS BORN IN 1926 THOUGH THE AUTHOR OF THE ENTRY
SURELY STIRRED BY THE SAME CURIOSITY MENTIONS THAT THE MET RING ALSO
DESIGNED BY SCHNEIDERSIEMSSEN HARKS BACK TO AN 1897 RING IN BAYREUTH

AS SO OFTEN HAPPENS WHEN YOU LOOK UP ONE THING YOUR EYE FALLS ON SOMETHING
ELSE MINE FELL ON A PICTURE TWO PAGES LATER OF SCHNORR VON CAROLSFELD
LUDWIG A BIG KNODEL OF A HELDENTENOR BALANCING UNEASILY ON A SETTEE AS HIS
WIFE MALVINA CLUTCHES HIM AND SINKS TO THE FLOOR SOON THEREAFTER SCHNORR
WAS DEAD BARELY 30 AN AGE AT WHICH TODAY'S WAGNERIAN TENORS ARE JUST
DEVELOPING WHAT IS CALLED THE BAYREUTH BARK NOT ENTERED HERE CAN IT BE
 UNDER BARK BAYREUTH OR TENOR AS THE WRITER NOTES SCHNORR'S CONCERN
THAT TRISTAN WAS NOT RIGHT FOR HIM PROVED ONLY TOO TRUE WHEN HE CAUGHT A
CHILL SINGING IT WHICH LED TO A GOUTY KNEE THAT BLOSSOMED INTO TOTAL
DELIRIUM HE BURST INTO SONG ON HIS DEATHBED CALLING REPEATEDLY ON
WAGNER'S NAME

MORE OFTEN SINGERS GET TO CHOOSE THEIR DAY OF RETIREMENT OF COURSE THOUGH
THE AUDIENCE SOMETIMES HELPS FIRM UP THE DATE SCHODEL ROZA FOR INSTANCE
A NAME NEW TO ME AND MAYBE NOT ONLY ME WAS ENJOYING AN OVATION AT
BUDAPEST'S NATIONAL THEATER IN 1840 WHERE SHE WAS PAID THREE TIMES THE
SALARY OF HER COLLEAGUES WHEN SOMEBODY THREW AN ONION WREATH AT HER A
RIVAL DIVA YOU ARE MUTTERING SURELY VERY LIKELY SCHNORKA VON
POPPENBUTTEL BUT THE ENTRY ONLY NOTES THAT SCHODEL LEFT THE STAGE THE
COMPANY HUNGARY AND EVENTUALLY RETIRED QUITE EARLY NOT YET 40 YEARS OF
AGE CLEARLY MORE RESEARCH NEEDS TO BE DONE BEFORE THE SPINOFF GROVE
DICTIONARY OF HUNGARIAN DIVAS IS HURRIED TO THE TYPESETTERS

MEANWHILE THE MIND DRIFTS TO TANGENTIAL TOPICS THAT NEED IMMEDIATE FURTHER
EXPLORATION AS WE READ OF THE FATE OF SCHODEL ROZA AND TURN TO HUNGARIAN
OPERA CLAQUE AND FINALLY TO AN ADMITTEDLY MEATIER ENTRY SOPRANO SEVERAL
PAGES LONG IT OFFERS AN ADMIRABLY CONDENSED HISTORICAL OVERVIEW GREATLY
ENHANCED BY A COMMENT ON THE VARYING LEVELS OF TOLERANCE DIFFERENT AUDIENCES
BRING TO THE WOBBLE FROM THERE IT IS ONLY ONE LETTER MORE TO THE EQUALLY
ENCOMPASSING ENTRY ON TENOR WHICH TRACES THE HIGHEST NATURAL MALE VOICE
FROM ITS INSIGNIFICANT START AS THE CASTRATO'S SIDEKICK TO THE EGOMANIACS OF
TODAY THOUGH THE ARTICLE REFUSES TO LINK AS BIRGIT NILSSON ALWAYS LIKED
TO THE TENOR'S NEED TO HOLD LONG LOUD HIGH NOTES NOT WRITTEN BY THE
COMPOSER TO EARLY BRAIN DEATH

NILSSON BIRGIT HERSELF TAKES HER PLACE WITH JUSTLY ENTHUSIASTIC TRUMPET
FLOURISHES THOUGH ELSEWHERE AS IN THE CASE OF JESSYE NORMAN TINY CLOUDS
OF CRITICISM SOMETIMES FLOAT THROUGH SUNNY ENCOMIUMS ONLY OCCASIONALLY IS
THERE REAL PUFFERY OR AN ASSESSMENT SO REMOTE FROM REALITY YOU CAN ONLY READ
IN DISBELIEF SAY THE ENTRY ON COMPOSER REISE JAY WHOSE RIDICULOUS
RASPUTIN RECEIVES A RESPECTFULLY DETAILED EXPOSITION

WHO'S MISSING I WOULD HAVE INCLUDED MORE WRITERS WHO HAVE ENRICHED OUR
UNDERSTANDING OF THE GENRE SAY MARK TWAIN HIS DESCRIPTION OF A NIGHT AT
THE OPERA HAS LOST NO RESONANCE FOR US IT FORCED HIM TO RELIVE HE WROTE
ALL I HAD SUFFERED THE TIME THE ORPHAN ASYLUM BURNED DOWN OF NEW SINGERS
BARTOLI CECILIA BORN 1966 MADE IT IN BUT MANY OF THE OSHAPED GIRLS HAVE
CREAKED TOO RECENTLY TO THE OPERATIC STAGE TO BEAT DEADLINES ONE THINKS
OF PROSCENIUMFILLING DEBORAH VOIGT OR SHARON SWEET AND I DO THINK MR
SADIE THE EDITOR MIGHT HAVE GIVEN HIMSELF A FEW WORDS AND DEVOTED A FEW
MORE TO THE DICTIONARY HE HAS SO SPLENDIDLY EDITED IF THIS IS THE NEW
GROVE WHO WAS OLD GROVE 9302020027 930202 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

ASARCO INC 100 MILLION OF NOTES DUE FEB 1 2003 PRICED AS 7 3/8 AT
99323 TO YIELD 7472 THE NONCALLABLE ISSUE WAS PRICED AT A SPREAD OF 110
POINTS ABOVE THE TREASURY 10YEAR NOTE RATED BAA2 BY MOODY'S INVESTORS
SERVICE INC AND TRIPLEB BY STANDARD & POOR'S CORP THE ISSUE WILL BE SOLD
THROUGH UNDERWRITERS LED BY FIRST BOSTON CORP

CHUBB CAPITAL CORP 250 MILLION TWOPART ISSUE OF GUARANTEED NOTES
PRICED THROUGH UNDERWRITERS LED BY JP MORGAN SECURITIES INC THE FIRST
PART CONSISTING OF 150 MILLION OF NOTES DUE FEB 1 1998 WAS PRICED AS
6 AT 99845 TO YIELD 6036 THE NONCALLABLE ISSUE WAS PRICED AT A SPREAD
OF 044 POINT ABOVE THE TREASURY FIVEYEAR NOTE THE SECOND PART CONSISTING
OF 100 MILLION OF NOTES DUE FEB 1 2003 WAS PRICED AS 6 7/8 AT 99948
TO YIELD 6882 THE NONCALLABLE NOTES WERE PRICED AT A SPREAD OF 049 POINT
ABOVE THE TREASURY 10YEAR NOTE BOTH PARTS ARE RATED DOUBLEA2 BY MOODY'S
AND DOUBLEAPLUS BY S&P THE NOTES ARE GUARANTEED BY THE BORROWER'S PARENT
CHUBB CORP

DUKE POWER CO 50 MILLION OF PERPETUAL PREFERRED STOCK WON IN
COMPETITIVE BIDDING BY MORGAN STANLEY & CO THE 500000 SHARES OF
100ASHARE PREFERRED WILL BE REOFFERED WITH A DIVIDEND YIELD OF 7 THE
ISSUE NONCALLABLE FOR 10 YEARS IS RATED DOUBLEA2 BY MOODY'S AND
SINGLEAPLUS BY S&P

DUKE POWER CO 100 MILLION OF FIRST AND REFUNDING MORTGAGE BONDS DUE
FEB 1 2003 WON IN COMPETITIVE BIDDING BY DEALERS LED BY GOLDMAN SACHS &
CO THE BONDS WERE REOFFERED AS 6 5/8 AT 99099 TO YIELD 675 THE
NONCALLABLE ISSUE WAS PRICED AT A SPREAD OF 035 POINT ABOVE THE TREASURY
10YEAR NOTE THE ISSUE IS RATED DOUBLEA2 BY MOODY'S AND DOUBLEAMINUS BY
S&P

INTERNATIONAL LEASE FINANCE CORP 100 MILLION OF NOTES DUE FEB 1
1997 PRICED AS 5 7/8 AT 99875 TO YIELD 591 THE NONCALLABLE ISSUE WAS
PRICED AT A SPREAD OF 0835 POINT ABOVE A BLEND OF THE TREASURY THREEYEAR
AND FIVEYEAR NOTES RATED SINGLEA2 BY MOODY'S AND SINGLEAPLUS BY S&P
THE ISSUE WILL BE SOLD THROUGH LEHMAN BROTHERS INTERNATIONAL LEASE FINANCE
IS A UNIT OF AMERICAN INTERNATIONAL GROUP INC

LANDESKREDITBANK BADENWUERTTEMBERG 300 MILLION OF SUBORDINATED
DEBENTURES DUE FEB 1 2023 PRICED AS 7 5/8 AT 99054 TO YIELD 7706
THE NONCALLABLE ISSUE WAS PRICED AT A SPREAD OF 050 POINT ABOVE THE
TREASURY 30YEAR BOND RATED TRIPLEA BY MOODY'S AND S&P THE ISSUE WILL BE
SOLD THROUGH UNDERWRITERS LED BY SALOMON BROTHERS INC LANDESKREDITBANK
BADENWUERTTEMBERG IS THE WHOLLY OWNED STATE BANK OF THE GERMAN STATE OF
BADENWUERTTEMBERG

SALOMON INC 200 MILLION OF NOTES DUE FEB 1 2003 PRICED AS 7 1/2 AT
99307 TO YIELD 76 THE NONCALLABLE ISSUE WAS PRICED AT A SPREAD OF 120
POINTS ABOVE THE TREASURY 10YEAR NOTE RATED SINGLEA3 BY MOODY'S AND
SINGLEA BY S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY SALOMON
BROTHERS INC THE BORROWER'S INVESTMENT BANKING ARM

UCC INVESTORS HOLDING INC 855 MILLION FACE AMOUNT THREEPART ISSUE OF
SECURITIES PRICED THROUGH DEALERS LED BY MORGAN STANLEY & CO THE FIRST
PART CONSISTING OF 300 MILLION OF SENIOR NOTES DUE MAY 1 2002 WAS PRICED
AT PAR TO YIELD 105 THE NONCALLABLE NOTES ARE RATED SINGLEB2 BY MOODY'S
AND SINGLEBMINUS BY S&P THE SECOND PART CONSISTING OF 325 MILLION OF
SENIOR SUBORDINATED NOTES DUE MAY 1 2003 WAS PRICED AT PAR TO YIELD 11
THE NOTES NONCALLABLE FOR FIVE YEARS ARE RATED SINGLEB3 BY MOODY'S AND
SINGLEBMINUS BY S&P CORP THE THIRD PART CONSISTING OF 2299 MILLION
FACE AMOUNT OF SUBORDINATED DISCOUNT NOTES DUE MAY 1 2005 WAS PRICED AT
54359 TO YIELD 12 PROCEEDS TOTAL 125 MILLION THE NOTES NONCALLABLE FOR
FIVE YEARS ARE RATED SINGLEB3 BY MOODY'S AND SINGLEBMINUS BY S&P

HAWAII DEPARTMENT OF BUDGET AND FINANCE 106 MILLION OF SERIES 1993
SPECIALPURPOSE REVENUE BONDS PRICED BY A FIRST BOSTON CORP GROUP YIELDS
RANGE FROM 470 IN 1997 TO 645 IN 2016 AND 2019 THE OFFERING WHICH IS
FOR THE KAPIOLANI HEALTH CARE SYSTEM OBLIGATED GROUP IS RATED SINGLEA BY
MOODY'S AND S&P BONDS ARE CALLABLE AT A PRICE OF 102 ON JULY 1 2003 AND
WILL DECLINE TO PAR IN 2005

CYTEL CORP 28 MILLION COMMON SHARES PRICED AT 750 EACH THROUGH
UNDERWRITERS LED BY GOLDMAN SACHS & CO

DEVELOPERS DIVERSIFIED REALTY CORP INITIAL OFFERING OF EIGHT MILLION
COMMON SHARES PRICED AT 22 EACH THROUGH UNDERWRITERS LED BY DEAN WITTER
REYNOLDS INC

STANDARD MANAGEMENT CORP INITIAL OFFERING OF TWO MILLION COMMON SHARES
PRICED AT 13 EACH THROUGH UNDERWRITERS LED BY NOMURA SECURITIES
INTERNATIONAL INC

SUNRISE MEDICAL INC THREE MILLION COMMON SHARES PRICED AT 28375 EACH
THROUGH UNDERWRITERS LED BY KIDDER PEABODY & CO

WABASH NATIONAL CORP THREE MILLION COMMON SHARES PRICED AT 2350 EACH
THROUGH UNDERWRITERS LED BY ALEX BROWN & SONS INC

FEDERAL NATIONAL MORTGAGE ASSOCIATION 300 MILLION OF REAL ESTATE
MORTGAGE INVESTMENT CONDUIT SECURITIES OFFERED BY FIRST BOSTON THE
OFFERING SERIES 199323 IS BACKED BY FANNIE MAE'S 7 1/2 MORTGAGE
SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 82 AND
WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF 2966 YEARS

FEDERAL HOME LOAN BANKS 75 MILLION OF STEPUP COUPON NOTES WITH A
FINAL MATURITY OF FEB 12 1998 PRICED AT PAR TO YIELD 4 THE NOTES WERE
PRICED AT A SPREAD OF 057 POINT ABOVE THE WHENISSUED TREASURY ONEYEAR
BILL THE ISSUE'S COUPON INCREASES TO 624 ON FEB 12 1994 THE NOTES ARE
NONCALLABLE FOR ONE YEAR THE ISSUER CAN THEN CALL THE NOTES AFTER GIVING
NOTEHOLDERS 30DAYS' NOTICE KIDDER PEABODY & CO IS LEAD MANAGER OF THE
DEAL

WORLD BANK SUPRANATIONAL 250 MILLION CANADIAN DOLLARS OF 8 1/4
EUROBONDS DUE MARCH 5 2003 AT 99186 VIA SALOMON BROTHERS INTERNATIONAL
YIELD 837 A SPREAD OF 022 POINT ABOVE THE 7 1/4 CANADIAN GOVERNMENT
ISSUE DUE IN 2003 FEES 2

DEUTSCHE FINANCE CURACAO GERMAN PARENT 200 BILLION LIRE OF 11 3/4
EUROBONDS DUE FEB 23 1998 AT AN ISSUE PRICE OF 10155 VIA BANCA D'AMERICA
E D'ITALIA YIELD 1184 ANNUALLY AFTER DEDUCTING FEES GUARANTEED BY
DEUTSCHE BANK AG FEES 1 7/8

LA POSTE FRANCE 13 BILLION FRENCH FRANCS OF 8 EUROBONDS DUE FEB 26
2003 AT AN ISSUE AND REOFFERED PRICE OF 9821 VIA SOCIETE GENERALE YIELD
827 ANNUALLY A SPREAD OF 032 POINT ABOVE THE COMPARABLE FRENCH
GOVERNMENT ISSUE FEES 0325

AB SPINTAB SWEDEN 300 MILLION OF FLOATING RATE NOTES DUE OCT 1998 AT
9925 VIA MORGAN STANLEY INTERNATIONAL COUPON AT A MARGIN OF 0625 POINT
ABOVE THE THREEMONTH LONDON INTERBANK OFFERED RATE THERE IS A SHORT FIRST
COUPON CALLABLE AT PAR IN APRIL 1995 FEES 0375

HALIFAX BUILDING SOCIETY UK 100 MILLION OF FLOATINGRATE NOTES DUE
FEB25 2003 AT AN ISSUE PRICE OF PAR VIA SALOMON BROTHERS INTERNATIONAL
COUPON FLOATS AT 1/16 POINT BELOW THE SIXMONTH LONDON INTERBANK OFFERED
RATE MINIMUM COUPON OF 7 AND A MAXIMUM COUPON OF 10 3/4 FEES 1/2

LANDESKREDITBANK BADENWURTTEMBERG GERMANY 200 MILLION MARKS OF
FLOATINGRATE NOTES DUE JUNE 6 2003 AT AN ISSUE PRICE OF PAR VIA LEAD
UNDERWRITER TINKHAUS & BURKHARDT THE COUPON IS 9 FOR THE FIRST 15 MONTHS
AND ONE DAY AND IS PAYABLE ON JUNE 6 1994 THEREAFTER THE COUPON WILL
FLOAT AT A LEVEL EQUAL TO 13 MINUS THE SIXMONTH LIBOR FEES 030
9302020025 930202 BUSINESS BRIEF NESB THREATENED WITH FEDERAL
SEIZURE POSTS 4THPERIOD LOSS

NEW LONDON CONN NESB CORP UNDER THREAT OF FEDERAL SEIZURE REPORTED
FOURTHQUARTER AND 1992 LOSSES AND SAID IT MAY HAVE TO TAKE MORE LOANLOSS
PROVISIONS AND CHARGEOFFS

THE ANNOUNCEMENT DROVE NESB'S SHARES DOWN MORE THAN 60 YESTERDAY TO CLOSE
AT 22 CENTS DOWN 41 CENTS IN NATIONAL OVERTHECOUNTER TRADING

THE FOURTHQUARTER LOSS WAS 28 MILLION OR 372 A SHARE COMPARED WITH
EARNINGS OF 123 MILLION OR 159 A SHARE A YEAR EARLIER THE RECENT LOSS
REFLECTS LOSS PROVISIONS ON LOANS AND FORECLOSED REAL ESTATE OF 263
MILLION

THE YEAR'S LOSS WIDENED TO 351 MILLION OR 492 A SHARE COMPARED WITH A
1991 LOSS OF 57 MILLION OR 73 CENTS A SHARE

THE BANK COMPANY WHOSE CHIEF UNIT IS NEW ENGLAND SAVINGS BANK CALLED THE
RESULTS DISAPPOINTING BUT PRESIDENT WILLIAM C HORN JR SAID NESB IS
AGGRESSIVELY SEEKING ADDITIONAL CAPITAL THROUGH VARIOUS MEANS HE SAID THE
BANK HAS BEEN IN TALKS WITH POTENTIAL INVESTORS IS WORKING CLOSELY WITH
REGULATORS AND HOPES TO RECAPITALIZE IN THE NEAR FUTURE MR HORN ALSO
SAID THE BANK HAS TAKEN STEPS TO CUT COSTS INCLUDING STAFF REDUCTIONS AND
CHANGES TO EMPLOYEE BENEFIT PROGRAMS THAT SHOULD SAVE IT 14 MILLION A
YEAR

NESB SAID IT WAS NOTIFIED BY THE FEDERAL DEPOSIT INSURANCE CORP THAT IT IS
CRITICALLY UNDERCAPITALIZED AND WOULD BE PLACED UNDER RECEIVERSHIP OR
CONSERVATORSHIP WITHIN 90 DAYS UNLESS THE FDIC SEES A BETTER ALTERNATIVE
THEREFORE IF A RECAPITALIZATION IS POSSIBLE IT MUST BE COMPLETED PROMPTLY
NESB SAID

NESB WITH ABOUT 113 BILLION OF ASSETS CURRENTLY HAS CAPITAL RATIOS FAR
BELOW REGULATORY MINIMUM REQUIREMENTS 9302020024 930202 WHO'S NEWS 
BRIDGESTONE NAMES KAIZAKI PRESIDENT SUCCEEDING YEIRI  BY ERLE
NORTON STAFF REPORTER OF THE WALL STREET JOURNAL

BRIDGESTONE CORP NAMED YOICHIRO KAIZAKI PRESIDENT PULLING HIM FROM HIS
CHIEF EXECUTIVE'S SPOT AT ITS US UNIT JUST AS THE UNIT STRUGGLES TO STEM
ITS FALLING MARKET SHARE

TOKYOBASED BRIDGESTONE'S DECISION TO PROMOTE MR KAIZAKI 59 YEARS OLD
REPRESENTS MORE MANAGEMENT TURNOVER FOR BRIDGESTONE/FIRESTONE INC THE
COMPANY'S US SUBSIDIARY IN DECEMBER JAMES P MCCANN RESIGNED AS
PRESIDENT AFTER POWER WAS CONSOLIDATED UNDER MR KAIZAKI WHO CAME TO
BRIDGESTONE/FIRESTONE ONLY TWO YEARS AGO EVEN MORE NUMEROUS MANAGEMENT
CHANGES HAVE OCCURRED AT LOWER LEVELS

MR KAIZAKI WHO WILL REMAIN CHAIRMAN OF THE US SUBSIDIARY WILL ANNOUNCE
HIS SUCCESSOR WEDNESDAY MR KAIZAKI SUCCEEDS AKIRA YEIRI WHO IS RESIGNING
BECAUSE HE REACHES THE MANDATORY RETIREMENT AGE OF 65 IN APRIL THE
PRESIDENT'S POST IS THE TOP SPOT AT THE WORLD'S SECOND LARGEST TIRE MAKER

IN 1991 MR KAIZAKI CONSIDERED A DECISIVE MANAGER TOOK OVER
BRIDGESTONE/FIRESTONE WHICH WAS POSTING BIG LOSSES SINCE THEN HE HAS
RESTRUCTURED THE COMPANY BREAKING IT INTO 21 BUSINESS UNITS AND CHANGED
MARKETING STRATEGIES STILL THERE ARE TROUBLE SPOTS FOR ANYONE TRYING TO
COMPLETE MR KAIZAKI'S TURNAROUND THE US UNIT HAS LOST MARKET SHARE AND
IS JUST BREAKING EVEN IN A STRONG TIRE MARKET

AT THE SAME TIME HOWEVER BRIDGESTONE/FIRESTONE COULD GET MORE ATTENTION
FROM ITS PARENT COMPANY WE NOW HAVE SOMEBODY IN JAPAN WHO KNOWS WHAT HAS
TO BE DONE OVER HERE SAID JOSEPH DEPAOLIS OWNER OF JOHNNY ANTONELLI TIRE
A ROCHESTER NY FIRESTONE DEALER 9302020023 930202 TECHNOLOGY NASA
RESCINDS LOCKHEED CONTRACT PLANS REBIDDING  BY GARY PUTKA 
STAFF REPORTER OF THE WALL STREET JOURNAL

THE NATIONAL AERONAUTICS AND SPACE ADMINISTRATION RESCINDED A BIG
SPACEFACILITIES CONTRACT AWARD TO LOCKHEED CORP AFTER LOSING BIDDERS
PROTESTED

THE REVOKING OF THE 10YEAR 19 BILLION AWARD FOR MANAGEMENT OF THE
KENNEDY SPACE FLIGHT CENTER COULD BE A BREAK FOR EG&G INC WESTINGHOUSE
ELECTRIC CORP AND CLOSELY HELD BAMSI INC WHICH HAD BEEN LOSERS TO
LOCKHEED IN THE NASA BIDDING UNDER TERMS OF ITS REVERSAL DECISION NASA
WILL REBID THE CONTRACT AND ALL FOUR COMPANIES EXPECT TO SUBMIT NEW
PROPOSALS

NASA WASN'T SPECIFIC ABOUT ITS REASONS FOR ITS REVERSAL ONLY CITING
DEFICIENCIES IN THE AGENCY'S ACTIVITIES AND IN THE INFORMATION IT GATHERED
DURING THE BIDDING

BUT HUGH BROWN PRESIDENT AND CHIEF EXECUTIVE OFFICER OF BAMSI BASED IN
TITUSVILLE FLA SAID HE PROTESTED THE ORIGINAL AWARD BECAUSE LOCKHEED WAS
PERMITTED TO BID ON THE BASIS OF CONSOLIDATING THE FACILITIES MANAGEMENT
CONTRACT WITH A SEPARATE 600 MILLIONAYEAR LOCKHEED CONTRACT FOR
PREPARING SPACE SHUTTLES FOR LAUNCHING

THEY WANTED TO CONSOLIDATE THE TWO CONTRACTS AND WE JUST WANTED BIDDING TO
PROCEED ON A LEVEL PLAYING FIELD MR BROWN SAID

LOCKHEED BASED IN CALABASAS CALIF DISPUTES THAT IT PROPOSED
CONSOLIDATING THE TWO CONTRACTS WE PROPOSED SOME SHARED RESOURCES
BETWEEN THE TWO CONTRACTS SHARING OF CERTAIN SUPPORT PERSONNEL AND THE
LIKE BUT CONSOLIDATION FROM OUR POINT OF VIEW IS NOT AN OPERATIVE WORD
SAID JOHN WILLIAMS SPOKESMAN FOR LOCKHEED SPACE OPERATIONS CO IN
TITUSVILLE FLA A UNIT OF LOCKHEED

HE SAID LOCKHEED IS PREPARING TO BID AGAIN WE'RE CONVINCED WE HAD A VERY
FINE PROPOSAL IN THE FIRST ROUND AND WE'LL PRODUCE A PROPOSAL THAT WILL BE
VERY STRONG AND VERY COMPETITIVE IN PRICE THIS TIME HE SAID LOCKHEED WAS
TO HAVE BEGUN WORK ON THE ORIGINAL CONTRACT JAN 1

EG&G OF WELLESLEY MASS WHICH HAS MANAGED THE KENNEDY FACILITY FOR THE
PAST 10 YEARS WILL CONTINUE TO RUN IT UNTIL THE NEW BIDDING PROCESS IS
OVER WHICH NASA EXPECTS TO BE SOMETIME IN LATE SUMMER REVENUE FROM THE
CONTRACT REPRESENTS ABOUT 7 OF EG&G'S TOTAL REVENUE

THE SPACE CENTER IN COCOA BEACH FLA LAUNCHES SHUTTLES AND OTHER
SPACECRAFT THE MANAGEMENT CONTRACT COVERS ABOUT 3000 EMPLOYEES ABOUT 90
OF WHOM WERE EXPECTED TO BE RETAINED UNDER THE LOCKHEED PROPOSAL
9302020022 930202 WILLIE NELSON SETTLES WITH IRS SIGNALING LESS
PUNITIVE POLICY  COMPROMISE ON TAXES REFLECTS A NEW DEPARTMENT
TACK TO BE MORE REASONABLE'  BY LEE BERTON STAFF REPORTER OF
THE WALL STREET JOURNAL

A SETTLEMENT WITH COUNTRY MUSIC STAR WILLIE NELSON THAT THE INTERNAL REVENUE
SERVICE IS EXPECTED TO MAKE TODAY SIGNALS A MUCH LESS PUNITIVE IRS POLICY
TOWARD ALL TAX DELINQUENTS

THREE YEARS AGO THE IRS HIT MR NELSON WITH A 167 MILLION BILL FOR BACK
TAXES PENALTIES AND INTEREST RESULTING FROM SEVERAL COLLAPSED TAX SHELTERS
IN WHICH MR NELSON HAD INVESTED

UNTIL RECENTLY THE IRS HAD INSISTED ON COLLECTING THE FULL AMOUNT IT EVEN
AUCTIONED MR NELSON'S MAJOR POSSESSIONS AND TOOK THE PROCEEDS OF TAPES HE
WAS MAKING SO FAR THE IRS HAS COLLECTED ONLY 36 MILLION FROM MR NELSON

BUT TODAY THE IRS IS SCHEDULED TO CONCLUDE A SETTLEMENT THAT PERMITS MR
NELSON TO PAY ONLY A TOTAL OF 9 MILLION WITH 3 MILLION OF THIS SUM TO BE
PAID OVER THE NEXT FIVE YEARS ACCORDING TO MR NELSON'S CURRENT TAX
ADVISERS IN ADDITION UNDER THE AGREEMENT THERE WOULDN'T BE ANY FUTURE
LIENS ON MR NELSON'S ASSETS OR EARNINGS

THE 3 MILLION TO BE PAID OVER THE NEXT FIVE YEARS COULD BE OFFSET BY ANY
SETTLEMENT THAT MR NELSON RECEIVES FROM PRICE WATERHOUSE HIS FORMER
ACCOUNTANTS HE ACCUSES THE FIRM IN A FEDERAL COURT LAWSUIT FILED IN DALLAS
IN 1990 WITH GIVING HIM BAD ADVICE ABOUT THE SHELTERS PRICE WATERHOUSE
SAYS THAT MR NELSON HIMSELF MADE THE DECISION TO INVEST IN THE SHELTERS
THE FIRM DENIES ANY PROFESSIONAL LAPSES IN ADVISING THE SINGER

STARTING EARLY LAST YEAR THE IRS INSTITUTED A NEW OFFERS IN COMPROMISE
POLICY THAT POINTS TOWARD LESS PUNITIVE SETTLEMENTS THAN IN THE PAST WITH
TAX DELINQUENTS AND WITH ALL TAX PAYERS WHO HAVE DISPUTES WITH THE IRS THE
NEW POLICY GOT RELATIVELY LITTLE ATTENTION THE NELSON SETTLEMENT IS THE
FIRST MAJOR APPLICATION OF THE POLICY

UNDER THESE NEW PROCEEDINGS WE'RE WILLING TO SETTLE FOR SOMETHING LESS
THAN THE ENTIRE AMOUNT AND WE WANT TO BE MORE REASONABLE WITH TAXPAYERS
SAYS SALLY SASSEN A SPOKESMAN FOR THE IRS IN AUSTIN TEXAS

MS SASSEN WON'T SPECIFICALLY DISCUSS THE NELSON SETTLEMENT BECAUSE IT
HASN'T YET BEEN MADE PUBLIC BUT SHE SAYS THAT IN LIGHT OF CURRENT ECONOMIC
CONDITIONS THE IRS WANTS TO BE PERCEIVED AS BEING FAIRER AND MORE
EQUITABLE WITH TAXPAYERS WHO CAN'T PAY EVERYTHING THEY OWE

MR NELSON'S CURRENT TAX ADVISER LAURENCE GOLDFEIN AN ATTORNEY WITH THE
NEW YORK ACCOUNTING FIRM OF RICHARD A EISNER & CO SAYS THE SETTLEMENT
WITH MR NELSON SIGNALS THAT THE IRS IS TAKING A MUCH MORE PRAGMATIC AND
REALISTIC APPROACH TO TAX COLLECTION MR GOLDFEIN ADDS THIS COULD BE A
HAPPY DEVELOPMENT FOR ALL TAXPAYERS NEGOTIATING WITH THE IRS OVER PAST
TAXES PENALTIES AND INTEREST

THE IRS HASN'T BEEN QUICK TO WORK OUT COMPROMISES WITH RECALCITRANT
TAXPAYERS IN THE PAST IN THE FISCAL YEAR ENDED SEPT 30 1991 THE IRS
ACCEPTED ONLY 25 OF THE 8711 OFFERS OF COMPROMISE COLLECTING 37 MILLION
THE FEDERAL AGENCY NOTES BUT IN THE FISCAL YEAR ENDED LAST SEPT 30 A
YEAR IN WHICH THE LESS PUNITIVE POLICY BEGAN THE ACCEPTANCES ROSE TO 45
OF 17749 OFFERS FISCAL 1992 COLLECTIONS FROM COMPROMISES ROSE 186 TO 106
MILLION

THE IRS'S MS SASSEN SAYS THAT WHEN STATISTICS ABOUT SUCH COMPROMISES ARE
RELEASED FOR FISCAL 1993 LATER THIS YEAR THE ACCEPTANCES WILL PROBABLY RISE
TO 60 WE BELIEVE THAT BY BEING REASONABLE IN TODAY'S TOUGH ECONOMY THE
GOVERNMENT IN THE LONG RUN CAN COLLECT MORE BACK TAXES NOT LESS SHE ADDS
IN THE PAST THESE MATTERS USED TO DRAG OUT FOR YEARS AND WE WEREN'T AS
WILLING TO TAKE LESS UP FRONT TO AVOID LONG AND COSTLY NEGOTIATIONS
9302020021 930202 WHO'S NEWS BEVERLY ENTERPRISES INC

BEVERLY ENTERPRISES INC FORT SMITH ARK BERYL F ANTHONY JR A
FORMER ARKANSAS CONGRESSMAN WAS NAMED A DIRECTOR OF THIS NURSING HOME
OPERATOR HE IS A PARTNER IN THE CHICAGO LAW FIRM WINSTON & STRAWN
PRACTICING IN WASHINGTON DC THE APPOINTMENT OF MR ANTHONY 54 YEARS OLD
INCREASES BEVERLY'S BOARD TO NINE MEMBERS 9302020020 930202 ECONOMY 
MANUFACTURING GREW AT A HEALTHY PACE IN MONTH BUT SECTOR'S EMPLOYMENT
FELL  BY LUCINDA HARPER STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE MANUFACTURING SECTOR EXPANDED AT A HEALTHY CLIP IN JANUARY
BUT EMPLOYMENT CONTINUED TO DECLINE ACCORDING TO A SURVEY OF PURCHASING
MANAGERS

THE NATIONAL ASSOCIATION OF PURCHASING MANAGEMENT SAID ITS INDEX WHICH
PROVIDES ONE OF THE FIRST PEEKS AT HOW THE MANUFACTURING SECTOR DID LAST
MONTH CLIMBED TO 58 IN JANUARY FROM 554 IN DECEMBER IT WAS THE HIGHEST
LEVEL SINCE JULY 1988 AND THE FOURTH CONSECUTIVE MONTH OF GROWTH IN THE
INDEX A READING ABOVE 50 GENERALLY MEANS THAT MANUFACTURING IS EXPANDING
AND BELOW 50 MEANS IT IS CONTRACTING

THE GROWTH WAS SHARED BY MOST INDUSTRIES THE STRONGEST GAINS WERE REPORTED
IN APPAREL PLASTICS AND RUBBER PAPER COMPUTER EQUIPMENT FABRICATED
METALS AND CHEMICALS

PRODUCTION AND NEW ORDERS ROSE LAST MONTH EACH TO THEIR HIGHEST LEVELS IN
SEVERAL YEARS THE REPORT SAID THERE IS FAIRLY SIGNIFICANT GROWTH TAKING
PLACE OUT THERE AND IT HAS BEEN A FEW MONTHS RUNNING SAID ROBERT J BRETZ
WHO HEADS THE SURVEY AND IS ALSO DIRECTOR OF CORPORATE PURCHASING FOR PITNEY
BOWES INC

BUT IN WHAT HAS BECOME A PREVAILING SYMPTOM IN THIS RECOVERY THE
ENCOURAGING GROWTH LAST MONTH DID NOT BRING NEW JOBS THE ASSOCIATION'S
EMPLOYMENT INDEX REGISTERED A DECLINE IN JANUARY THOUGH AT A LESSER PACE
THAN IN DECEMBER WE MIGHT BE GETTING CLOSE TO THE POINT WHERE WE START
SEEING NEW HIRES BECAUSE INVENTORIES ARE SO LEAN AND DEMAND IS UP MR
BRETZ SAID

THOSE NEW ORDERS COMING IN CANNOT BE FILLED FROM THE SHELF PRODUCTION HAS
TO MOVE UP AND THAT WILL BE GOOD FOR EMPLOYMENT HE SAID HE CAUTIONED
HOWEVER THAT EMPLOYERS WILL PROBABLY STILL LOOK TO INCREASE OVERTIME EVEN
FURTHER BEFORE ADDING EMPLOYEES

IN A SEPARATE REPORT THE COMMERCE DEPARTMENT SAID CONSTRUCTION SPENDING
SLIPPED 04 IN DECEMBER AFTER INCREASING 09 IN NOVEMBER THE MONTHLY
FIGURES ARE ADJUSTED FOR INFLATION AND FOR SEASONAL CHANGE FOR ALL OF 1992
BUILDING OUTLAYS TOTALED 4258 BILLION UP 59 FROM 1991 AFTER ADJUSTMENT
FOR INFLATION

DURING DECEMBER SPENDING ROSE 3 FOR NEW SINGLEFAMILY HOMES AND 1 FOR
HOSPITALS OFFSETTING DECLINES IN APARTMENTS AND INDUSTRIAL AND OFFICE
BUILDINGS

HERE ARE THE COMMERCE DEPARTMENT'S FIGURES FOR CONSTRUCTION SPENDING IN
BILLIONS OF DOLLARS AT SEASONALLY ADJUSTED ANNUAL RATES 9302020019 930202
MARKETING BRIEF NOTED

TV NEWS CORP'S FOX TELEVISION STATIONS AGREED TO BUY WATL CHANNEL 36 IN
ATLANTA FROM RENAISSANCE COMMUNICATIONS CORP TERMS WEREN'T DISCLOSED THE
STATION IS ONE OF FOUR THAT RENAISSANCE AGREED TO BUY FROM CHASE
COMMUNICATIONS INC LAST YEAR THAT PURCHASE IS STILL PENDING 9302020018
930202 ABREAST OF THE MARKET INDUSTRIALS ADVANCE 2215 POINTS ON HOPES
OF LOWER INTEREST RATES  BY ANITA RAGHAVAN STAFF REPORTER OF THE
WALL STREET JOURNAL

NEW YORK INVESTORS PUSHED STOCK PRICES HIGHER IN EXPECTATIONS THAT LOWER
INTEREST RATES LIE AHEAD

THE DOW JONES INDUSTRIAL AVERAGE CLIMBED 2215 POINTS TO 333218 STANDARD &
POOR'S 500STOCK INDEX SHOT UP 374 POINTS TO 44252 AND THE NEW YORK STOCK
EXCHANGE COMPOSITE INDEX CLIMBED 189 POINTS TO 24381 BOTH INDEXES CLOSED
AT RECORDS

DAVID SHULMAN CHIEF STRATEGIST AT SALOMON BROTHERS SAID THE STOCK MARKET
RALLY WAS DRIVEN BY A GROWING SENSE AMONG INVESTORS THAT INTEREST RATES ARE
HEADED LOWER ALTHOUGH BOND PRICES IN THE CASH MARKET SLIPPED BOND FUTURES
ACTUALLY FINISHED ABOUT 1/4 POINT HIGHER STOCKS ARE BEGINNING TO SENSE
THAT THERE MAY BE A MAJOR BREAKOUT IN BONDS HE SAID

OTHER ANALYSTS SAID THAT A STEEP REBOUND IN OVERTHECOUNTER STOCKS AND
CONTINUING SIGNS THAT THE ECONOMY IS STRENGTHENING ALSO LIFTED STOCK PRICES
THE LATEST UPBEAT REPORT ON BUSINESS ACTIVITY CAME FROM THE NATIONAL
ASSOCIATION OF PURCHASING MANAGEMENT WHICH SAID ITS INDEX ROSE LAST MONTH
TO 58 THE HIGHEST READING SINCE JULY 1988

NED COLLINS HEAD OF TRADING AT DAIWA SECURITIES AMERICA SAID MANY
CORPORATIONS ARE SLATED TO PAY DIVIDENDS ON THEIR COMMON STOCK THIS WEEK HE
NOTED THAT THE STOCK MARKET TENDS TO PERFORM WELL DURING TIMES OF HEAVY
DIVIDEND PAYOUTS AS SOME INVESTORS BUY STOCKS TO CAPTURE THE DIVIDENDS AND
OTHER INVESTORS REINVEST DIVIDEND PAYMENTS

THERE WAS ANOTHER EXPLANATION FOR YESTERDAY'S RALLY

IT'S A REFLEX RALLY IN RESPONSE TO A STRONG DALLAS COWBOYS WIN IN THE
SUPER BOWL SAID MR SHULMAN HE NOTED THAT THERE IS A POPULAR THEORY THAT
IN YEARS WHEN AN ORIGINAL NATIONAL FOOTBALL LEAGUE TEAM OR A NATIONAL
FOOTBALL CONFERENCE EXPANSION TEAM WINS THE SUPER BOWL STOCKS POST GAINS

ACCORDING TO ROBERT STOVALL WHO SPAWNED THE THEORY AND HEADS A MONEY
MANAGEMENT FIRM THAT BEARS HIS NAME THE SUPER BOWLSTOCK MARKET THEORY HAS
WORKED 23 OUT OF 26 TIMES THE ONLY TIME IN RECENT HISTORY THAT IT DIDN'T
WORK WAS IN 1990 WHEN THE SAN FRANCISCO 49ERS A NATIONAL FOOTBALL
CONFERENCE TEAM WON THE SUPER BOWL BUT THE STOCK MARKET FELL

ADVANCING ISSUES TOPPED DECLINERS YESTERDAY 1189 TO 670 VOLUME ON THE BIG
BOARD WAS 238340000 SHARES DOWN FROM 247010000 SHARES FRIDAY

OIL STOCKS WERE BUOYED ON EXPECTATIONS THAT AN OIL IMPORT FEE WILL BENEFIT
PRODUCERS PARTICULARLY DOMESTIC ONES EXXON ADDED 3/8 TO 61 1/2 AND TEXACO
GAINED 3/8 TO 60 3/4 CHEVRON ROSE 1 1/8 TO 73 7/8 LARGELY AFTER DEAN
WITTER REYNOLDS RAISED ITS ESTIMATE ON CHEVRON'S 1993 EARNINGS FROM
OPERATIONS TO 5 A SHARE FROM 455

BROKERAGE FIRM STOCKS ALSO SURGED AS INVESTORS BID UP THE SHARES HOPING
THAT THE RECENT HEAVY STOCK TRADING VOLUME WILL TRANSLATE INTO HIGHER
PROFITS FOR WALL STREET MERRILL LYNCH SOARED 3 3/8 TO 68 3/8 CHARLES
SCHWAB JUMPED 2 1/2 TO 32 3/4 MORGAN STANLEY GAINED 2 3/8 TO 59 AND
PAINEWEBBER BOUNCED UP 1 7/8 TO 27 1/8

BUT SOME DRUG STOCKS CONTINUED TO TAKE A BEATING MERCK SLID 1 1/2 TO 38 7/8
AND GLAXO HOLDINGS SKIDDED 1 1/8 TO 19 5/8 LARGELY ON A NEGATIVE ARTICLE IN
BARRON'S

AMERICAN EXPRESS WAS THE SECOND MOST ACTIVE STOCK ON THE BIG BOARD JUMPING
1 3/8 TO 24 5/8 AS 6630900 SHARES CHANGED HANDS CHAIRMAN JAMES ROBINSON
III RESIGNED FRIDAY NIGHT LESS THAN A WEEK AFTER RETAINING HIS POSITION IN
A STUNNING BOARDROOM COUNTERCOUP

LESLIE FAY TUMBLED 4 5/8 TO 7 3/8 THE MAKER OF WOMEN'S CLOTHING SAID IT
ASKED ITS AUDIT COMMITTEE TO BEGIN AN INVESTIGATION INTO ALLEGED ACCOUNTING
IRREGULARITIES THAT IF TRUE COULD RESULT IN A RESTATEMENT OF ITS 1991
EARNINGS AND THE ELIMINATION OF ANY PROFIT FOR 1992

RJR NABISCO EDGED UP 5/8 TO 8 7/8 MAKING IT THE MOST ACTIVELY TRADED STOCK
ON THE BIG BOARD FRUSTRATED BY A STAGNANT SHARE PRICE DUE IN PART TO THE
TAINT OF TOBACCO THE FOOD AND TOBACCO GIANT IS CONSIDERING ISSUING A
SEPARATE CLASS OF STOCK PEGGED TO THE NABISCO FOOD BUSINESS ACCORDING TO
PEOPLE CLOSE TO THE COMPANY

BANKAMERICA ADDED 1/2 TO 53 3/8 SALOMON BROTHERS BOUGHT 24 MILLION SHARES
OF THE CALIFORNIA BANK'S STOCK YESTERDAY MORNING FROM FINANCIER RONALD
PERELMAN'S MACANDREWS & FORBES HOLDINGS INC WINNING A BIDDING CONTEST
WAGED WITH OTHER MAJOR BROKERAGE FIRMS MR PERELMAN RECEIVED THE
BANKAMERICA STOCK IN CONNECTION WITH HIS SALE OF FIRST GIBRALTAR BANK OF
IRVING TO BANKAMERICA FOR 110 MILLION

MOTOROLA ROCKETED 2 3/4 TO 53 3/4 INVESTORS HAMMERED THE TELECOMMUNICATIONS
COMPANY'S STOCK LAST WEEK ON FEARS THAT CELLULAR TELEPHONES MAY CAUSE BRAIN
TUMORS

THE AMERICAN STOCK EXCHANGE MARKET VALUE INDEX GAINED 055 POINT TO 41163
THERE WERE 291 ADVANCERS AND 263 DECLINERS 9302020017 930202 GM WILL TAKE
A CHARGE OF 744 MILLION IN THE 4TH QUARTER FOR AUTORENTAL UNIT  
BY JOSEPH B WHITE STAFF REPORTER OF THE WALL STREET JOURNAL

DETROIT GENERAL MOTORS CORP SAID IT WILL TAKE A 744 MILLION
FOURTHQUARTER CHARGE RELATED TO ITS TROUBLED NATIONAL CAR RENTAL SYSTEMS
CORP UNIT MORE THAN TWICE WHAT THE COMPANY PROJECTED LAST FALL

THE EXPANDED WRITEOFF IS A SIGN THAT GM'S NEW MANAGEMENT AND THE ACTIVIST
OUTSIDE DIRECTORS WANT A CLEAN SWEEP OF PROBLEMS LEFT OVER FROM THE
ADMINISTRATIONS OF FORMER CHAIRMEN ROBERT C STEMPEL AND ROGER B SMITH GM
OFFICIALS SAID YESTERDAY THE COMPANY IS TAKING A MORE CONSERVATIVE APPROACH
TO ACCOUNTING ISSUES IN GENERAL A REVERSAL OF THE TREND TOWARD LIBERAL
ACCOUNTING THAT HELPED MR SMITH BOOST REPORTED PROFITS IN THE LATE 1980S

GM ALSO SAID IT WILL TAKE A 208 BILLION NONCASH CHARGE RETROACTIVE TO JAN
1 1992 TO REFLECT ITS RETIREE MEDICAL BENEFITS LIABILITIES A MOVE THAT
HAD BEEN EXPECTED IN ANNOUNCING THE HUGE CHARGE RELATED TO RETIREE HEALTH
BENEFITS GM CALLED FOR GOVERNMENT INTERVENTION TO HELP SLOW RISING MEDICAL
COSTS AND EASE THEIR ADVERSE IMPACT ON INDUSTRIAL AMERICA

GM OFFICIALS SAID THE HEALTHCARE CHARGE DOESN'T AFFECT THE COMPANY'S
CURRENT CASH FLOW OR ITS ABILITY TO PAY DIVIDENDS AND ADDED THAT IT STILL
EXPECTS ITS STRUGGLING NORTH AMERICAN OPERATIONS TO BREAK EVEN THIS YEAR 
BEFORE INTEREST EXPENSES TAXES AND A CONTINUING NONCASH CHARGE RELATED TO
RETIREE MEDICAL BENEFITS ACCOUNTING RULES

BUT GM OFFICIALS CLEARLY WANT THE MULTIBILLIONDOLLAR WRITEDOWN AND THE
RESULTING REDUCTION IN GM'S SHAREHOLDER EQUITY TO MAKE AN IMPACT IN
WASHINGTON TO THAT END GM SAID IT BRIEFED THE CLINTON ADMINISTRATION ON
THE ACTION AND PLEDGED ITS SUPPORT TO THE EFFORT HEADED BY THE FIRST LADY
HILLARY RODHAM CLINTON TO FIND A NATIONAL SOLUTION TO THE HEALTH CARE
PROBLEM A GM SPOKESMAN SAID THE AUTO MAKER DISCUSSED ITS RETIREE MEDICAL
COSTS IN GENERAL WITH CLINTON ADMINISTRATION OFFICIALS AND PROVIDED THEM
WITH DETAILS OF THE CHARGE WHEN IT WAS DISCLOSED AFTER TRADING ON NEW YORK
MARKETS CLOSED YESTERDAY AFTERNOON

IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE GM COMMON
CLOSED AT 38125 UP 375 CENTS ON VOLUME OF 19 MILLION SHARES

THE COMPANY ISN'T WAITING FOR THE CLINTON ADMINISTRATION TO ACT BEFORE
MOVING TO CUT HEALTH COSTS ON ITS OWN IT HAS BEGUN CHARGING SALARIED
EMPLOYEES AND RETIREES COPAYMENTS FOR HEALTH SERVICES NOW GM IS WORKING
WITH THE UNITED AUTO WORKERS UNION TO DETERMINE WHAT ACTIONS CAN BE JOINTLY
TAKEN TO REDUCE THE UNACCEPTABLE COST OF OUR ONGOING HEALTHCARE PROGRAMS
G RICHARD WAGONER CHIEF FINANCIAL OFFICER SAID IN A STATEMENT

UAW OFFICIALS HAVE VOWED REPEATEDLY TO FIGHT ANY PROPOSAL TO SCALE BACK
HEALTH BENEFITS FOR UNION MEMBERS HOWEVER THE UAW RECENTLY AGREED TO
REDUCTIONS IN SOME HEALTH BENEFITS FOR UAW RETIREES AT NAVISTAR
INTERNATIONAL CORP THE TROUBLED HEAVY TRUCK MAKER

SEPARATELY THE AUTO MAKER FURTHERED ITS OVERHAUL AT THE TOP BY ADDING TO
ITS BOARD JOHN H BRYAN CHAIRMAN OF SARA LEE CORP AND DR LOUIS W
SULLIVAN PRESIDENT OF THE MOREHOUSE SCHOOL OF MEDICINE AND FORMER US
SECRETARY OF HEALTH AND HUMAN SERVICES

THE APPOINTMENTS EXPAND GM'S BOARD TO 17 MEMBERS FROM 15 OF WHOM 14 ARE
NONEMPLOYEE DIRECTORS THREE OF THE 17 CURRENT BOARD MEMBERS INCLUDING
FORMER CHAIRMAN SMITH WILL RETIRE IN APRIL

THE APPOINTMENTS OF DR SULLIVAN AND MR BRYAN REFLECT AN EFFORT BY JOHN G
SMALE GM'S CHAIRMAN TO BEEF UP THE COMPANY'S BOARD WITH NONEMPLOYEE
MEMBERS WHO BRING SPECIFIC BUSINESS OR POLICY EXPERTISE TO GM'S TURNAROUND
DRIVE

DR SULLIVAN 59 YEARS OLD BRINGS CONSIDERABLE KNOWLEDGE OF HEALTH POLICY
TO A COMPANY THAT FACES AN ENORMOUS HEALTHCOST CHALLENGE MR BRYAN 56 IS
CREDITED WITH REVITALIZING AND DIVERSIFYING SARA LEE THE ONCESTAID
CONSUMERPRODUCTS COMPANY AND GIVING IT A BROADER GLOBAL VIEW DURING
ALMOST 18 YEARS AS CHIEF EXECUTIVE OFFICER LAST MONTH GM ADDED TO ITS
BOARD PAUL O'NEILL CHAIRMAN OF ALUMINUM CO OF AMERICA WHO IS LEADING A
SWEEPING RESTRUCTURING OF THAT COMPANY

THE NEW BOARD MEMBERS WILL JOIN A BOARD THAT HAS TRANSFORMED ITSELF IN LESS
THAN A YEAR FROM A SYMBOL OF CORPORATE COMPLACENCY TO A LEADER IN A MOVEMENT
THAT HAS DISLODGED CHIEF EXECUTIVE OFFICERS AT SOME OF AMERICA'S BIGGEST
COMPANIES INCLUDING INTERNATIONAL BUSINESS MACHINES CORP AND AMERICAN
EXPRESS CO

THE DETERMINATION OF BOARD MEMBERS AND MR WAGONER TO APPLY TOUGHER
STANDARDS TO GM'S FINANCIAL MANAGEMENT SHOWS IN BOTH OF THE ACCOUNTING
DECISIONS ANNOUNCED AFTER THE MARKETS CLOSED YESTERDAY

GM EXECUTIVES AND OUTSIDE DIRECTORS HAD DEBATED SINCE LAST FALL WHETHER TO
CONTINUE TO HOLD OFF RECOGNIZING THE MASSIVE LOSSES CONNECTED WITH THE
NATIONAL CAR UNIT OR RECOGNIZE THEM IMMEDIATELY AND BEGIN A CRASH PROGRAM
TO FIX THE UNIT SO IT COULD BE SPUN OFF

IN A THIRD QUARTER 10Q STATEMENT FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION GM SAID IT EXPECTED TO TAKE A CHARGE OF 300 MILLION IN
CONNECTION WITH LOSSES AT THE AFFILIATE WHICH IS A MAJOR CUSTOMER FOR GM
VEHICLES

BUT YESTERDAY AT ITS MEETING IN SCOTTSDALE ARIZ GM'S BOARD DECIDED TO GO
FURTHER BY WRITING OFF ANOTHER 444 MILLION IN GOODWILL ASSOCIATED WITH GM'S
PURCHASE OF AN 815 STAKE IN NATIONAL GM IS LOOKING FOR A PARTNER TO BUY
ALL OR PART OF ITS STAKE IN THE OPERATION

NOW HOWEVER GM OFFICIALS SAY THEY PLAN TO REVISIT THE CURRENT 11 RATE
USED TO PREDICT PENSION TRUST RETURNS GM ALREADY CUT TO 855 FROM 93 THE
DISCOUNT RATE USED TO CALCULATE THE PRESENT VALUE OF PENSION LIABILITIES
INCLUDING THE RETIREE BENEFIT WRITEDOWN COMPANY OFFICIALS SAID AND GM IS
ADOPTING A MORE SOPHISTICATED AND CONSERVATIVE SET OF ASSUMPTIONS FOR
RETIREE LIFESPANS THAT PROBABLY WILL LEAD TO AN INCREASE IN GM'S PENSION
CONTRIBUTIONS 9302020016 930202 CHRYSLER COMPLETES SALE OF UNIT

HIGHLAND PARK MICH CHRYSLER CORP'S FINANCIAL UNIT SAID IT COMPLETED
THE SALE OF MOST OF ITS CONSUMER FINANCE UNIT TO NATIONSBANK CORP IN A DEAL
VALUED AT 22 BILLION

NET PROCEEDS FROM THE SALE OF CHRYSLER FIRST WILL BE USED TO REDUCE CHRYSLER
FINANCIAL CORP'S DEBT AND SUPPORT CHRYSLER'S AUTO DEALER RETAIL AND
WHOLESALE VEHICLE FINANCING NEEDS

SEPARATELY CHRYSLER ALSO SAID IT COMPLETED THE SALE OF 3900 RAIL CARS FOR
143 MILLION TO US LEASING A UNIT OF FORD MOTOR CO'S FORD FINANCIAL
SERVICES GROUP 9302020015 930202 LAW LEGAL BEAT LOS ANGELES 
BRACES ITSELF FOR KING TRIALS  BY AMY STEVENS STAFF REPORTER OF
THE WALL STREET JOURNAL

LOS ANGELES THIS CITY IS ON EDGE AGAIN

TOMORROW JURY SELECTION IS EXPECTED TO BEGIN IN THE FEDERAL TRIAL OF FOUR
POLICE OFFICERS ACCUSED OF BEATING RODNEY KING NEXT MONTH STATE
PROSECUTORS ARE SCHEDULED TO START TRYING THE FIRST FOUR MEN CHARGED WITH
ATTACKING TRUCKER REGINALD DENNY

SET IN COURTROOMS ONLY A FEW BLOCKS APART THE TRIALS ARE BOUND TO BE LINKED
IN THE TRIBUNAL OF PUBLIC SENTIMENT AND CERTAIN TO ATTRACT THE UNBLINKING
ATTENTION OF A COMMUNITY THAT HAS BARELY BEGUN TO RECOVER FROM THE VIOLENCE
SPARKED BY THE OFFICERS' ACQUITTALS IN STATE COURT LAST SPRING

AS A MATTER OF LAW A CIVIL RIGHTS CASE IS MORE DIFFICULT FOR PROSECUTORS
THAN A CRIMINAL BEATING CASE TO MANY OBSERVERS THE US ATTORNEY HERE
ALREADY APPEARS TO BE FACING TOUGHER LEGAL HURDLES THAN THE DISTRICT
ATTORNEY RAISING CONCERNS THAT THE WHITE OFFICERS WILL BE ACQUITTED AND THE
BLACK ALLEGED RIOTERS CONVICTED ON THE TOUGHEST CHARGES IN THE WIDELY
TELEVISED BEATING OF MR DENNY LOCAL LEADERS AND RESIDENTS OF TROUBLED
NEIGHBORHOODS ARE BRACING THEMSELVES AGAINST THAT POSSIBILITY

OUR FINGERS ARE ON THE PULSE OF THE COMMUNITY AND IT'S AN ANXIOUS ONE
SAYS JULIUS C BUTLER A SPOKESMAN FOR THE FIRST AME CHURCH IN SOUTH
CENTRAL LOS ANGELES MINISTERS AND OTHER CIVIC LEADERS PLAN TO HOLD MEETINGS
DURING THE TRIALS IN AN EFFORT TO AVOID THE FIRE NEXT TIME IN KOREATOWN
ONE OF THE AREAS HIT HARDEST LAST YEAR DANIEL OH SAYS HIS NEIGHBORS HAVE
BOUGHT GUNS WINDOW BARS AND ROLLDOWN METAL DOORS WE'RE READY THIS TIME
SAYS THE GENERAL MANAGER OF HAM HUNG RESTAURANT MAYOR TOM BRADLEY ALLOCATED
300000 TO HIRE 23 COMMUNITY ORGANIZERS TO WALK DOORTODOOR AND DISTRIBUTE
WEEKLY LEAFLETS AS THE CASES PROGRESS

STILL IF THE FIRST TRIAL RESULTS IN NOTGUILTY VERDICTS AND THE
DENNYRELATED CASES END IN TOUGH CONVICTIONS AN APPEAL TO PEOPLE TO BE
NICE' WILL FALL ON DEAF EARS PREDICTS JOHN MACK PRESIDENT OF THE URBAN
LEAGUE OF LOS ANGELES

IN THE FEDERAL CASE JUSTICE DEPARTMENT LAWYERS ARE CONTENDING THAT THE
OFFICERS VIOLATED MR KING'S CIVIL RIGHTS SPECIFICALLY HIS FOURTH
AMENDMENT RIGHT TO BE SAFE FROM UNREASONABLE FORCE DURING ARREST TO
PREVAIL THE GOVERNMENT MUST SHOW NOT ONLY THAT THE POLICE USED MORE FORCE
THAN NECESSARY BUT ALSO THAT IT WAS THEIR CONSCIOUS OBJECTIVE TO DO SO
PROSECUTORS IN THE STATE TRIAL LAST YEAR COULDN'T EVEN PROVE THE FIRST
ELEMENT AND DIDN'T HAVE TO PROVE THE SECOND

FEDERAL CIVIL RIGHTS CASES HAVE TRADITIONALLY BEEN DIFFICULT FOR THE
GOVERNMENT BECAUSE OF THE INTENT REQUIREMENT SOME LEGAL EXPERTS SAY THAT
PROSECUTORS' BEST HOPE IS THAT THE JURY MISUNDERSTANDS DIRECTIONS AND SIMPLY
ASSUMES THAT IF EXCESSIVE FORCE WAS USED THE OFFICERS MEANT IT TO BE
EVERYONE AGREES THAT TECHNICALLY SPEAKING THE FEDERAL PROSECUTORS HAVE
MORE TO PROVE AS A MATTER OF LAW THAN THE STATE PROSECUTORS SAYS PETER
ARENELLA A PROFESSOR OF LAW AT THE UNIVERSITY OF CALIFORNIA LOS ANGELES
WHAT'S IN DISPUTE IS WHETHER OR NOT THE INTENT REQUIREMENT WILL MAKE A REAL
DIFFERENCE

IN THE UPCOMING TRIAL PROSECUTORS ARE EXPECTED TO CALL MR KING TO TESTIFY
A RISKY MOVE SINCE HIS CRIMINAL PAST MIGHT UNDERMINE HIS CREDIBILITY HE
DIDN'T APPEAR AS A WITNESS LAST YEAR

LAST MONTH JUDGE JOHN G DAVIES IN A MAJOR REVERSAL OF HIS EARLIER VIEWS
AGREED WITH PROSECUTORS THAT THEY DON'T HAVE TO PROVE THE OFFICERS' INTENT
WAS ROOTED IN RACISM GOVERNMENT LAWYERS HAD SAID IN COURT THAT THE
INDICTMENT DIDN'T ALLEGE A RACIAL MOTIVE AND THAT THEY WEREN'T PREPARED TO
PROVE BEYOND A REASONABLE DOUBT THAT THE OFFICERS BEAT MR KING BECAUSE HE
IS AN AFRICAN AMERICAN WELLPUBLICIZED POLICE COMPUTER MESSAGES CONTAINING
RACIST COMMENTS INCLUDING AN APPARENT REFERENCE TO BLACKS AS GORILLAS IN
THE MIST WERE DEEMED INADMISSIBLE BECAUSE THEY DIDN'T DIRECTLY REFER TO
THE BEATING UNDER THE NEW RULING PROSECUTORS CAN SUCCEED IF THEY PROVE
INTENT AROSE FOR ANY REASON SUCH AS ANGER OVER THE MOTORIST'S BEHAVIOR

BUT IN A SETBACK FOR THE GOVERNMENT PROSECUTORS CONCEDED THAT JURORS IN THE
FEDERAL TRIAL SHOULDN'T BE ALLOWED TO HEAR A PORTION OF TESTIMONY GIVEN BY
ONE OF THE OFFICERS THEODORE BRISENO IN LAST YEAR'S CASE DEFENSE LAWYERS
HAD ARGUED THAT MR BRISENO THE ONLY OFFICER TO BREAK RANKS WITH HIS
COLLEAGUES IN THE EARLIER TRIAL IMPROPERLY DREW CONCLUSIONS ABOUT WHAT THEY
WERE THINKING IF CONVICTED THE OFFICERS COULD BE SENTENCED TO 10 YEARS IN
PRISON HOWEVER SINCE THE GOVERNMENT ALLEGED NO LESSER CHARGES A
NOTGUILTY VERDICT MEANS THE OFFICERS WILL GO FREE

THIS IS ALL OR NOTHING SAYS A SPOKESWOMAN FOR THE US ATTORNEY IN LOS
ANGELES

IN THE DENNYRELATED CASES AS IN THE OFFICERS' COMING TRIAL THE BASIC
FACTS AREN'T IN DISPUTE TELEVISION CAMERAS SAW TO THAT THE DISPUTE HINGES
INSTEAD ON THE ELUSIVE QUESTION OF THE DEFENDANTS' STATE OF MIND THREE OF
THE MEN SCHEDULED FOR TRIAL BEGINNING MARCH 15 ARE ACCUSED OF ATTEMPTED
MURDER THEY FACE A POSSIBLE SENTENCE OF LIFE IN PRISON A FOURTH WHOSE
TRIAL IS SET FOR MARCH 1 IS CHARGED WITH ROBBERY A TOTAL OF SEVEN MEN WERE
ARRESTED IN CONNECTION WITH THE ATTACKS AT THE LOS ANGELES INTERSECTION
WHERE MR DENNY WAS BEATEN

DEFENSE LAWYERS FOR THE THREE CONTEND THEIR CLIENTS WEREN'T TRYING TO KILL
MR DENNY GENERALLY YOU HAD A SPONTANEOUS CHAOTIC SERIES OF EVENTS
SAYS WILMA SHANKS AN ATTORNEY FOR DAMIAN WILLIAMS FOR AN ATTEMPTED MURDER
CONVICTION YOU HAVE TO SHOW PLANNING AND DELIBERATION MR WILLIAMS AND
THE OTHERS COULD BE CONVICTED ON LESSER CHARGES SUCH AS ASSAULT

THE SOCALLED DENNY DEFENDANTS HAVE ATTRACTED AN INCREASINGLY VISIBLE GROUP
OF SUPPORTERS WHO ARRIVE AT PRETRIAL HEARINGS WITH BUTTONS PROCLAIMING
FREE THE LA FOUR PLUS A REFERENCE TO THE FIRST FOUR MEN ARRESTED AND
THE ADDITIONAL DEFENDANTS A RALLY TWO MONTHS AGO BECAME VIOLENT AND WAS
QUICKLY SUPPRESSED BY POLICE

LOS ANGELES DISTRICT ATTORNEY GIL GARCETTI WHO INDICATED DURING HIS
CAMPAIGN FOR THE JOB LAST FALL THAT HE MIGHT CONSIDER A PLEA BARGAIN FOR
SOME OF THE DENNY DEFENDANTS HAS SINCE DISMISSED GANGRELATED CHARGES HE
HASN'T COMMENTED AGAIN PUBLICLY ABOUT POSSIBLE NEGOTIATIONS BUT THE INTENSE
PUBLIC SCRUTINY AND THE STRENGTH OF THE EVIDENCE MAKE IT UNLIKELY THAT THE
CASE WILL BE PARED DOWN MUCH FURTHER

OF COURSE THE FATE OF ALL THE DEFENDANTS RESTS IN THE HANDS OF TWO PANELS
OF TWELVE PEOPLE IN THE OFFICERS' STATE TRIAL LAST YEAR A JURY WITHOUT
BLACK MEMBERS DRAWN FROM A NEIGHBORING COMMUNITY WAS WIDELY VIEWED AS
UNJUST THIS YEAR CIVIL LIBERTARIANS AND DEFENSE ADVOCATES AMONG OTHERS
ARE QUESTIONING WHETHER FAIR TRIALS CAN BE HAD WHEN JURORS DRAWN FROM LOS
ANGELES COUNTY WILL UNDOUBTEDLY BE AWARE OF THE POTENTIALLY CATASTROPHIC
CONSEQUENCES OF THEIR DECISIONS

HARVEY SILVERGLATE A CRIMINAL DEFENSE LAWYER IN BOSTON SAYS THE POLICE
OFFICERS WILL HAVE GROUNDS TO APPEAL A CONVICTION IF THEY DEMONSTRATE THAT
EVEN ONE MEMBER OF THE JURY FELT THAT HE OR SHE WOULD BE PERSONALLY
THREATENED BY A RIOT LAWYERS FOR BOTH SIDES ARE DEVELOPING A QUESTIONNAIRE
TO SCREEN POTENTIAL JURORS FOR BIAS

IF THE OFFICERS' TRIAL LASTS ABOUT SIX WEEKS AS EXPECTED VERDICTS COULD BE
RETURNED JUST AS A JURY IS BEING IMPANELED IN THE CASE OF THE THREE DENNY
DEFENDANTS WE'RE LIKE TWO RUNAWAY TRAINS IN A SENSE COMING AT EACH
OTHER SAID HARLAND BRAUN MR BRISENO'S LAWYER IN REQUESTING THAT THE
TRIAL BE DELAYED JUDGE DAVIES DENIED THE REQUEST

NEW WORKPLACESAFETY RULES DESIGNED TO PROTECT HEALTHCARE EMPLOYEES FROM
HEPATITIS B AND AIDS ARE VALID A FEDERAL APPEALS COURT RULED

THE APPEALS COURT IN CHICAGO REBUFFED A CHALLENGE BY THE AMERICAN DENTAL
ASSOCIATION WHICH ARGUED THAT IT WAS UNFAIR TO APPLY THE RULES TO ALL
HEALTHCARE WORKERS WHEN SOME ARE MORE LIKELY TO BE EXPOSED TO DISEASE THAN
OTHERS THE COURT AGREED THAT THE RULES IMPLEMENTED BY THE OCCUPATIONAL
SAFETY AND HEALTH ADMINISTRATION LAST YEAR MIGHT BE COSTLY AND UNNEEDED IN
SOME CIRCUMSTANCES BUT NONETHELESS ARE VALID

THE RULES INCLUDE STANDARDS FOR PROTECTIVE CLOTHING AND WORKPLACE
CLEANLINESS AND THEY REQUIRE EMPLOYERS TO GIVE FREE CONFIDENTIAL TESTS FOR
THE HUMAN IMMUNODEFICIENCY VIRUS THAT CAUSES ACQUIRED IMMUNE DEFICIENCY
SYNDROME TO WORKERS EXPOSED TO INFECTION OSHA ESTIMATED THAT THE CHANGES
WILL COST THE HEALTHCARE INDUSTRY 813 MILLION BUT INDUSTRY
REPRESENTATIVES AND THE APPEALS COURT SUGGESTED THE COST IS EVEN GREATER

THE SEVENTH US CIRCUIT COURT OF APPEALS SAID THE DENTAL ASSOCIATION AND
OTHERS OPPOSING THE RULE HAD NOT SHOWN THAT THE BENEFITS WERE OUTWEIGHED BY
THE COSTS THE APPEALS COURT PANEL DID THROW OUT PART OF THE RULES DEALING
WITH HOME HEALTHCARE PROVIDERS BECAUSE THE REGULATIONS WERE TOO VAGUE

IN A DISSENT TO MOST OF THE PANEL'S DECISION JUDGE JOHN L COFFEY
QUESTIONED WHETHER OSHA RATHER THAN GOVERNMENT HEALTH AGENCIES SHOULD BE
REGULATING HEALTH CARE THE JUDGE ALSO CALLED THE RULES UNNECESSARY I AM
FORCED TO ASSUME THAT BECAUSE OF THE EXCESSIVE MEDIA COVERAGE REGARDING THE
AIDS VIRUS FUELED BY ONE SINGLE EPISODE INVOLVING KIMBERLY BERGALIS IN
FLORIDA CONTRACTING AIDS FROM HER DENTIST OSHA DECIDED TO PROMULGATE THIS
OVEREXPANSIVE RULE

KATHLEEN M TODD ASSOCIATE GENERAL COUNSEL FOR THE AMERICAN DENTAL
ASSOCIATION CHICAGO SAID THE GROUP IS CONSIDERING SEEKING A REHEARING OR A
SUPREME COURT REVIEW MEANWHILE THE GROUP IS ASKING CONGRESS TO REVISE THE
REGULATIONS

A FEDERAL JUDGE ENCOURAGED PROSECUTORS TO REOPEN A PLEA AGREEMENT WITH PAUL
MOZER THE FORMER SALOMON BROTHERS INC HEAD TRADER AT THE CENTER OF THE
TREASURY AUCTION SCANDAL

BUT THE JUDGE MADE IT CLEAR THAN ANY SUCH ARRANGEMENT WILL BE BASED ON THE
PROSECUTORS' UNDERSTANDING OF HOW IT AFFECTS POSSIBLE FUTURE ANTITRUST
PROSECUTIONS OF MR MOZER THE ORIGINAL DEAL FELL THROUGH AFTER MR MOZER'S
ATTORNEY STANLEY S ARKIN ARGUED THAT THE AGREEMENT BARRED POSSIBLE
ANTITRUST CHARGES A CLAIM SHARPLY DISPUTED BY PROSECUTORS

PROSECUTORS SAID THEY DIDN'T KNOW WHETHER THEY WOULD FOLLOW JUDGE ROBERT P
PATTERSON'S SUGGESTION THE US ATTORNEY'S OFFICE IN NEW YORK LAST MONTH
FILED A BROADER FOURCOUNT INDICTMENT AGAINST MR MOZER AFTER THE COLLAPSE
OF THE PLEA AGREEMENT WHICH CONTAINED ONLY TWO CRIMINAL CHARGES

JUDGE PATTERSON ALSO WAS SHARPLY CRITICAL OF MR ARKIN SAYING THE ATTORNEY
HAD TRIED TO HOODWINK THE PROSECUTORS INTO ACCEPTING A DEAL THAT MIGHT
HAVE UNDERMINED A POSSIBLE ANTITRUST CASE MR ARKIN DISPUTED THE JUDGE'S
COMMENT

THE JUDGE MADE HIS REMARKS AT A HEARING ON MR MOZER'S REQUEST THAT HE
ENFORCE THE ORIGINAL PLEA AGREEMENT THE JUDGE POSTPONED RULING ON THAT
REQUEST

SALOMON BROTHERS IS A UNIT OF SALOMON INC NEW YORK

WHO'S NEWS FORMER US REP MEL LEVINE D CALIF SAID HE WILL JOIN THE
700LAWYER LOS ANGELES FIRM GIBSON DUNN & CRUTCHER MR LEVINE WILL HAVE
OFFICES IN LOS ANGELES AND WASHINGTON HE SERVED IN CONGRESS FOR 10 YEARS
AND LAST SUMMER LOST THE DEMOCRATIC PRIMARY IN HIS BID TO RUN FOR THE US
SENATE

THE TAXMAN WINNETH MERRILL LYNCH & CO SAID IT WON'T APPEAL A RECENT COURT
RULING ORDERING THE COMPANY TO TURN OVER CLIENT RECORDS TO THE INTERNAL
REVENUE SERVICE MERRILL BALKED AT TURNING OVER RECORDS ON EIGHT TAX
SHELTERS SET UP IN THE LATE 1980S FOR LARGE COMPANIES CONTENDING THAT THE
IRS WAS TRYING TO GET THE BROKERAGE FIRM TO INFORM ON ITS CLIENTS BUT A
FEDERAL JUDGE RULED THAT THE IRS HAS A RIGHT TO THE CLIENT RECORDS BECAUSE
IT ALSO WAS INVESTIGATING MERRILL'S TAX LIABILITIES THE COURT HAS NOW
DECIDED AND WE WILL ABIDE BY THAT DECISION A MERRILL SPOKESMAN SAID

JUNDO WOO CONTRIBUTED TO THIS ARTICLE 9302020014 930202 LAW CLIFFORD
WILL UNDERGO OPENHEART SURGERY AHEAD OF BCCI TRIAL

NEW YORK CLARK M CLIFFORD WHO HAS BEEN ACCUSED OF ILLEGAL ACTIVITIES IN
CONNECTION WITH BANK OF CREDIT & COMMERCE INTERNATIONAL WILL UNDERGO HEART
SURGERY NEXT MONTH ACCORDING TO COURT PAPERS FILED IN WASHINGTON

BUT EVEN IF THE OPENHEART SURGERY IS SUCCESSFUL IT IS UNLIKELY THAT THE
86YEAROLD FORMER DEFENSE SECRETARY WILL EVER BE ABLE TO WITHSTAND THE
RIGORS OF A CRIMINAL TRIAL HIS ATTORNEYS SAID NONETHELESS THEY HAVE ASKED
US DISTRICT JUDGE JOYCE HENS GREEN IN WASHINGTON TO SET A MARCH 1994 TRIAL
DATE FOR THE FEDERAL CHARGES AGAINST MR CLIFFORD AND HIS PROTEGE ROBERT A
ALTMAN

MESSRS CLARK AND ALTMAN STILL FACE A MARCH 16 1993 TRIAL ON MUCH BROADER
CHARGES IN NEW YORK STATE COURT IN THE BCCI CASE MR CLIFFORD'S LAWYERS
SAID THEY ASKED FOR A 1994 FEDERAL TRIAL TO DISPEL THE NOTION THAT THEY WERE
TRYING TO GET THE NARROWER FEDERAL CHARGES TRIED BEFORE THE NEW YORK CASE

BOTH INDICTMENTS ALLEGE THAT MR CLIFFORD AND MR ALTMAN HELPED THE UNIT OF
BCCI HOLDINGS LUXEMBOURG SA ILLEGALLY AND SECRETLY GAIN CONTROL OF FIRST
AMERICAN BANKSHARES INC MR CLIFFORD WAS CHAIRMAN OF WASHINGTONBASED FIRST
AMERICAN AND MR ALTMAN WAS ITS PRESIDENT

MR CLIFFORD RECENTLY LOST A BID TO HAVE THE NEW YORK INDICTMENT DISMISSED
ON ACCOUNT OF HIS HEALTH STATE PROSECUTORS HAD ARGUED THAT HE MIGHT BE ABLE
TO GO TO TRIAL IF HE HAS OPENHEART SURGERY

IN THE COURT PAPERS FILED IN WASHINGTON ROBERT S BENNETT MR CLIFFORD'S
ATTORNEY IN WASHINGTON CITED A LETTER FROM A DOCTOR SAYING THAT WITHOUT THE
SURGERY MR CLIFFORD HAS SIX MONTHS TO LIVE WITH THE SURGERY THE LETTER
SAID MR CLIFFORD MIGHT LIVE FOR A FEW YEARS BUT WOULD STILL BE TOO WEAK TO
STAND TRIAL 9302020013 930202 JOURNAL EXPANDS ITS DATA ON MUTUAL FUNDS

THE WALL STREET JOURNAL TODAY INTRODUCES EXPANDED DAILY COVERAGE OF MUTUAL
FUND PERFORMANCE

WITH INVESTORS POURING MONEY INTO MUTUAL FUNDS IN UNPRECEDENTED AMOUNTS THE
JOURNAL HAS RESPONDED BY GREATLY ENHANCING ITS MUTUAL FUND QUOTATIONS SO
THAT THEY INCLUDE DETAILS OF EACH FUND'S PERFORMANCE SALES CHARGE ANNUAL
FUND EXPENSES AND INVESTMENT OBJECTIVE

MUTUAL FUNDS HAVE BECOME THE FAVORITE INVESTMENT VEHICLE FOR MANY
INDIVIDUAL INVESTORS SAYS PAUL E STEIGER MANAGING EDITOR OF THE JOURNAL
HE NOTES THAT INVESTORS NOW HAVE 16 TRILLION INVESTED IN MUTUAL FUNDS UP
FROM LESS THAN 95 BILLION AT THE START OF THE 1980S

BY REVAMPING OUR FUND QUOTATIONS WE'RE AIMING TO MAKE IT EASIER FOR THESE
INVESTORS TO MONITOR THE PERFORMANCE OF THEIR STOCK AND BOND FUNDS SAYS
MR STEIGER THE EXPANDED STATISTICS SHOULD ALSO ALLOW READERS TO MAKE
BETTER INFORMED DECISIONS WHEN BUYING AND SELLING MUTUAL FUNDS

EVERY DAY THE JOURNAL WILL CARRY INFORMATION ON A FUND'S INVESTMENT
OBJECTIVE AND YEARTODATE PERFORMANCE AS WELL AS THE USUAL DATA ON A
FUND'S CURRENT SHARE PRICE AND HOW IT PERFORMED THE PRIOR DAY

OTHER DATA WILL APPEAR ON SPECIFIED DAYS OF THE WEEK FOR INSTANCE
INITIALSALESCHARGE AND ANNUALEXPENSE DATA WILL BE PUBLISHED ON MONDAYS
FOURWEEK AND ONEYEAR PERFORMANCE ON TUESDAYS 13WEEK AND THREEYEAR
RESULTS ON WEDNESDAYS 26WEEK AND FOURYEAR PERFORMANCE ON THURSDAYS AND
39WEEK AND FIVEYEAR RETURNS ON FRIDAYS

THE REVAMPED FUND QUOTATIONS PAGES ARE THE RESULT OF SIX MONTHS OF WORK BY
THE WALL STREET JOURNAL AND LIPPER ANALYTICAL SERVICES A SUMMIT NJ
MUTUAL FUND RESEARCH FIRM LIPPER ANALYTICAL'S PERFORMANCE NUMBERS REFLECT A
FUND'S TOTAL RETURN WHICH INCLUDES BOTH SHARE PRICE CHANGE AND REINVESTED
DIVIDENDS FOR PERIODS LONGER THAN A YEAR ANNUALIZED RESULTS WILL BE SHOWN

THE JOURNAL'S NEW QUOTATION PAGES PROVIDE MORE INFORMATION THAN HAS EVER
BEFORE BEEN AVAILABLE IN A DAILY FORMAT SAYS A MICHAEL LIPPER PRESIDENT
OF LIPPER ANALYTICAL

HE NOTES THAT IN THE COURSE OF A WEEK INVESTORS CAN FIND OUT HOW FUNDS
HAVE PERFORMED OVER NINE DIFFERENT TIME PERIODS ALL THE TIME PERIODS ARE
USEFUL FOR TRACKING FUND PERFORMANCE SAYS MR LIPPER AND THE LONGER TIME
PERIODS ARE A DEPARTURE POINT FOR INVESTORS WHO ARE SETTING OUT TO FIND NEW
FUNDS

ON TUESDAYS THROUGH FRIDAYS THE JOURNAL WILL RANK FUNDS ON THEIR
PERFORMANCE COMPARED WITH OTHER FUNDS HAVING THE SAME INVESTMENT OBJECTIVE
TO DO THIS THE JOURNAL HAS ASSIGNED EACH FUND TO ONE OF 10 CATEGORIES
GENERAL US STOCK FUNDS SMALLCOMPANY STOCK FUNDS SECTOR FUNDS WORLD
STOCK FUNDS SHORTTERM BOND FUNDS INTERMEDIATE AND LONGTERM BOND FUNDS
HIGHYIELD JUNK BOND FUNDS WORLD BOND FUNDS MUNICIPAL BOND FUNDS AND
BLENDED FUNDS WHICH COMBINE STOCKS AND BONDS IN A SINGLE PORTFOLIO

EACH DAY'S RANKING WILL BE BASED ON THE LONGEST PERFORMANCE PERIOD PUBLISHED
THAT DAY FOR INSTANCE TODAY FUNDS ARE RANKED ON ONEYEAR PERFORMANCE
THREEYEAR RESULTS WILL BE USED ON WEDNESDAYS FOURYEAR RETURNS ON
THURSDAYS AND FIVEYEAR PERFORMANCE ON FRIDAYS A FUND WILL BE ASSIGNED AN
A IF ITS PERFORMANCE IS IN THE TOP 20 FOR ITS INVESTMENT OBJECTIVE B
IF IT IS IN THE NEXT 20 AND SO ON WITH FUNDS RECEIVING AN E IF THEY
FALL INTO THE BOTTOM 20

THE MUTUAL FUND QUOTATIONS PAGES WILL APPEAR IN THEIR USUAL POSITION AT THE
BACK OF THE MONEY & INVESTING SECTION TODAY'S LISTING BEGINS ON PAGE C24

LIPPER ANALYTICAL ALREADY SUPPLIES THE JOURNAL WITH THE INFORMATION USED FOR
THE DAILY MUTUAL FUND SCORECARD AND THE MUTUAL FUND INDEXES THESE FEATURES
WILL CONTINUE TO APPEAR NEXT TO THE MUTUAL FUND QUOTATIONS THE JOURNAL IS
PUBLISHED BY DOW JONES & CO NEW YORK 9302020012 930202 BRONFMAN
COMPANIES' DEBT RATING IS CUT DRIVING DOWN SHARES

TORONTO A DECISION BY A CANADIAN RATING AGENCY TO DOWNGRADE THE DEBT
ISSUED BY MOST OF THE BRONFMAN GROUP'S HOLDING COMPANIES AND OPERATING
CONCERNS TOUCHED OFF A BROAD RETREAT IN SHARES OF THE GROUP'S PUBLICLY
TRADED COMPANIES

THE STOCKS PLUNGED TO NEW LOWS IN BRISK TORONTO STOCK EXCHANGE TRADING ON
NEWS OF THE DOWNGRADES THE NEW SERIES OF BLOWS TO THE CORPORATE EMPIRE
CONTROLLED BY TORONTO FINANCIERS PETER AND EDWARD BRONFMAN ALSO SPARKED
CONCERN THAT THE TROUBLES WOULD SPREAD BEYOND THE GROUP'S REAL ESTATE AND
FINANCIALSERVICES BUSINESSES

THIS IS A WHOLESALE EROSION OF CONFIDENCE SAID FRED KETCHEN VICE
PRESIDENT OF EQUITY TRADING AT SCOTIA MCLEOD INC A TORONTO INVESTMENT
DEALER SHAREHOLDERS ARE FLEEING AND SPECULATORS ARE JUMPING IN HERE TO
MAKE A QUICK BUCK

CANADIAN BOND RATING SERVICE DOWNGRADED ITS RATINGS ON DEBT AND PREFERRED
SHARES ISSUED BY ROYAL TRUSTCO LTD THE GROUP'S BELEAGUERED
FINANCIALSERVICES CONCERN CITING A DETERIORATION IN THE COMPANY'S LOAN
PORTFOLIO AND THE NEED FOR LARGE ADDITIONAL LOANLOSS PROVISIONS IT ALSO
VOICED CONCERN ABOUT THE LEVEL OF UNCERTAINTY SURROUNDING ROYAL TRUSTCO'S
ABILITY TO LOCATE AN EQUITY PARTNER TO INVEST SEVERAL HUNDRED MILLION
DOLLARS THE COMPANY SAID LAST MONTH IT IS IN TALKS WITH A NUMBER OF
FINANCIAL INSTITUTIONS AIMED AT SECURING SUCH NEW INVESTMENT

SHARES OF ROYAL TRUSTCO SET YET ANOTHER 52WEEK LOW ON THE NEWS FALLING 28
TO END THE DAY AT 122 CANADIAN DOLLARS 96 US CENTS A SHARE OFF 48
CANADIAN CENTS SHARES OF TRILON FINANCIAL CORP THE HOLDING COMPANY
THROUGH WHICH THE BRONFMAN GROUP CONTROLS ROYAL TRUSTCO DROPPED 26 TO
C215 A SHARE OFF 55 CANADIAN CENTS 9302020011 930202 INTERNATIONAL 
WORLD WIRE  COMPILED BY RICHARD L HOLMAN

CHINA'S STATE BANKS PLAN TO ALTER POLITICALLY BASED LENDING POLICIES IN A
BID TO TAKE ECONOMIC REALITIES INTO ACCOUNT THE OFFICIAL CHINA DAILY SAID

BUT CHINA'S CENTRAL BANK WAS DIVIDED ON WHETHER TO INCREASE LOANS TO SUSTAIN
THE ECONOMIC BOOM OR TO TIGHTEN CREDIT TO WARD OFF INFLATION AND ECONOMIC
OVERHEATING DESPITE CONCERNS THIS COULD HINDER GROWTH AND DERAIL
MARKETORIENTED REFORMS

BIG BANKS NOW WANT TO AIM LENDING AT PROFITABLE ENTERPRISES THEY ARE
SADDLED WITH BAD DEBTS FROM LONGTERM LOWRATE LOANS TO BAIL OUT STATE
COMPANIES SUCH LOANS ACCOUNT FOR A THIRD OF THE TOTAL CHINESE BANKS LENT
360 BILLION YUAN 6164 BILLION LAST YEAR UP 20 FROM 1991

SOME CHINESE ECONOMISTS SAID BANKING REFORMS WERE BEING PREVENTED BY
BEIJING'S COSTLY CREDIT COMMITMENT TO INEFFICIENT STATE ENTERPRISES TO
MAINTAIN SOCIAL STABILITY ALMOST HALF OF BANK LOANS LAST YEAR WENT TO MAKE
UNMARKETABLE GOODS AND A HUGE INCREASE IN THE MONEY SUPPLY WAS CITED FOR A
33 JUMP IN INVESTMENT IN FIXED ASSETS TO 730 BILLION YUAN

KUWAIT BANNED MEDIA REPORTS WITHOUT THE EMIRATE'S PERMISSION ABOUT FINANCIAL
SCANDALS AT THE KUWAIT INVESTMENT OFFICE AND STATE SHIPPING FIRMS THE TOP
PROSECUTOR SAID PUBLICITY OFTEN HELPED SUSPECTS BLOCK INVESTIGATIONS OF
SUSPECTED CORRUPTION IN MANAGEMENT OF KUWAIT'S HUGE FOREIGNINVESTMENT
PORTFOLIO AND EMBEZZLEMENT IN ITS TANKER COMPANY WITH LOSSES OF BILLIONS OF
DOLLARS THE PRIORRESTRAINT ORDER PROMPTED FEARS THAT KUWAIT'S NEW PRESS
FREEDOM IS UNDER THREAT LEGISLATORS BRANDED THE MOVE AN INFRINGEMENT ON
THEIR AUTHORITY AND AN ATTEMPT TO PROTECT MEMBERS OF THE RULING FAMILY SOME
OF WHOM HAVE BEEN IMPLICATED

FEAR THAT BRAZIL'S FEBRUARY INFLATION COULD HIT 30 HAS FUELED ANXIETY ABOUT
GOVERNMENT INTERVENTION IN THE ECONOMY THE WORLD'S NINTH LARGEST IN THE
FOUR WEEKS ENDED JAN 23 PRICES ROSE 2783 ACCELERATING FROM 2689 IN
THE PREVIOUS FOUR WEEKS BRAZIL'S PAST TWO GOVERNMENTS TRIED FIVE DIFFERENT
ECONOMIC SHOCK PLANS FOR WHICH 30 MONTHLY INFLATION IS WIDELY VIEWED AS A
TRIGGER THE GOVERNMENT SAID IT WASN'T PREPARING ANY QUICK FIXES THOUGH
OFFICIALS HAVE ISSUED CONFLICTING STATEMENTS ABOUT THE POLICY OF HIGH
INTEREST RATES TO FIGHT INFLATION AND THE DESIRABILITY OF LOWER RATES TO
EASE THE RECESSION

FOREIGNERS IN VIETNAM NO LONGER MUST HAVE POLICE PERMITS FOR TRAVEL IN THE
COUNTRY THE RESTRICTION HAD RESULTED IN DETENTIONS OF BUSINESS
REPRESENTATIVES JOURNALISTS DIPLOMATS AND TOURISTS IN THE PAST FEW YEARS
AND LED TO COMPLAINTS BY POTENTIAL INVESTORS TRYING TO CHECK OUT VIETNAM'S
EMERGING ECONOMY FOREIGNERS STILL MUST REGISTER WITH POLICE WITHIN 48 HOURS
OF ARRIVAL IN THE COUNTRY AND ARE BARRED FROM BORDER AREAS MILITARY ZONES
AND OTHER PLACES THE GOVERNMENT DEEMS SENSITIVE

FOR THE FIRST TIME IN A DECADE WESTERN GERMAN ELECTRICITY USE FELL LAST
YEAR BECAUSE OF DECLINING INDUSTRIAL CONSUMPTION IN THE WEAK ECONOMY AS
WELL AS RELATIVELY WARM WEATHER COMPANIES AND HOUSEHOLDS USED 379 BILLION
KILOWATTHOURS DOWN 05 FROM A YEAR EARLIER BUT THE ELECTRICITY SUPPLIERS
ASSOCIATION FORECAST ANNUAL USE WILL RISE AN AVERAGE OF 1 IN WESTERN
GERMANY OVER THE NEXT FIVE TO EIGHT YEARS MEANWHILE EASTERN GERMAN
ELECTRICITY USE LAST YEAR SANK 64 TO 58 BILLION KWH REFLECTING INDUSTRIAL
WOES THOUGH THE DECLINE IMPROVED FROM A 26 DROP IN 1991 A TREND EXPECTED
TO CONTINUE AS THE REGION'S ECONOMY PICKS UP

NEW OUTLOOK THE LEFTISTZIONIST MAGAZINE THAT THE PHILOSOPHER MARTIN BUBER
HELPED FOUND IN ISRAEL 35 YEARS AGO TO PROMOTE PEACE BETWEEN JEWS AND ARABS
IS FOLDING THE ENGLISHLANGUAGE BIMONTHLY WHICH TOOK FEW ADS SAID IT RAN
OUT OF MONEY  FOR A FEW DAYS STYLISH SHOES IMPORTED FROM SYRIA WERE A
BIG HIT AMONG MEN IN IVANOFRANKIVSK UKRAINE UNTIL THE COLORS RAN THE
SOLES BEGAN PEELING AWAY AND FINALLY THE FOOTWEAR FELL APART THE SHOES HAD
BEEN MADE FOR CORPSES AT FUNERALS 9302020010 930202 HEARD ON THE STREET
 SINGAPORE IS RATED MOST ATTRACTIVE' MARKET BY A SHEARSON STRATEGIST
BUT OTHERS DISAGREE  BY G PIERRE GOAD AND ROBERT STEINER STAFF
REPORTERS OF THE WALL STREET JOURNAL

CAN TINY SINGAPORE REALLY BE THE MOST ATTRACTIVE EQUITY MARKET IN THE
WORLD

SHEARSON LEHMAN BROTHERS THE BIG WALL STREET BROKERAGE HOUSE SAYS IT IS

YOU'RE KIDDING SAY MANY ANALYSTS IN SINGAPORE

SHEARSON STRATEGIST STEVEN H NAGOURNEY RATES SINGAPORE THE BEST OF 17 STOCK
MARKETS TRACKED BY THE FIRM SINGAPORE IS IN THE EARLY STAGES OF A BULL
MOVE SAYS MR NAGOURNEY WHO IS BASED IN NEW YORK

DON'T FRET THAT THE SINGAPORE STOCK MARKET IS UP 235 SINCE LATE OCTOBER
INCLUDING A 15 GAIN MONDAY IT'S STILL A BUY OR AS THE STRATEGIST PUTS
IT WE CONTINUE TO ADVISE GLOBAL INVESTORS TO EMPHASIZE OVERWEIGHTING
SINGAPORE IN THEIR PORTFOLIOS

THE SHEARSON STRATEGIST IS LOOKING PRETTY SAVVY THIS WEEK HE ISSUED HIS
REPORT EARLY LAST WEEK AND SINGAPORE STOCKS HAVE JUMPED 3 IN THE PAST TWO
DAYS THE BELLWETHER STRAITS TIMES INDUSTRIALS INDEX ROSE 2193 POINTS
FRIDAY TO A RECORD IT ADDED 2428 MORE MONDAY TO 164444 THE PRIOR RECORD
OF 160712 WAS SET NEARLY THREE YEARS AGO IN MARCH 1990

MR NAGOURNEY ARGUES THAT SINGAPORE STOCKS ARE UNDERVALUED COMPARED WITH
THEIR FIVEYEAR AVERAGE FAIR VALUE A SHEARSON YARDSTICK THAT RELATES
STOCK PRICES TO EARNINGS AND CASH FLOW HE SAYS SINGAPORE'S MARKET SEEMS
POISED TO RISE TO THAT AVERAGE WITHIN 12 MONTHS WHICH WOULD MEAN A 245
RISE IN THE STRAITS TIMES INDEX TO 195839 MOREOVER SINGAPORE LOOKS
CHEAP AT 158 TIMES BOOK VALUE COMPARED WITH A HISTORICAL AVERAGE OF 179
TIMES AND ALTHOUGH THE MARKET TRADES AT 1467 TIMES ESTIMATED 1993 EARNINGS
 NOT CHEAP AT FIRST GLANCE PROFITS COULD EASILY BEAT EXPECTIONS MR
NAGOURNEY REASONS

ONE WAY FOR US INVESTORS TO PLAY SINGAPORE IS THROUGH SINGAPORE FUND A
CLOSEDEND INVESTMENT FUND ON THE NEW YORK STOCK EXCHANGE AT 11 1/4 UP 1/8
YESTERDAY THE SHARES AREN'T TRADING AT THE DANGEROUS PREMIUM LEVEL THAT
SOMETIMES AFFLICTS CLOSEDEND COUNTRY FUNDS IN FACT IT IS TRADING AT ABOUT
A 2 DISCOUNT TO NET ASSET VALUE THE PERSHARE VALUE OF THE STOCKS HELD IN
THE FUND'S PORTFOLIO

SHEARSON'S MODEL MEASURES MARKET MOMENTUM VALUE AND GROWTH IN 17 MARKETS
COMBINING ALL THREE SINGAPORE COMES OUT ON TOP FOLLOWED BY HONG KONG
DENMARK AND AUSTRIA THE US CANADA AND AUSTRALIA OCCUPY THE BOTTOM THREE
RUNGS

THE FOLKS IN SINGAPORE CAN'T FIGURE IT OUT I WAS A BIT SURPRISED TO HEAR
THAT SHEARSON CONSIDERS SINGAPORE THE BEST MARKET IN THE WORLD SAYS CHIA
YEW BOON REGIONAL RESEARCH DIRECTOR AT STANDARD CHARTERED SECURITIES IN
SINGAPORE MANY LOCAL ANALYSTS SAY THAT AFTER A 12WEEK RALLY SINGAPORE IS
EXPENSIVE AND DUE FOR A SETBACK

KON CHUNG LEE PORTFOLIO MANAGER AT FIDELITY INVESTMENTS MANAGEMENT HK
LTD SAYS WE FIND THE MARKET VERY UNATTRACTIVE USING OUR APPROACH WE
HAVE DIFFICULTY FINDING STOCKS TO BUY SOFTDRINK CONCERN FRASER & NEAVE
TRADES AT 1170 SINGAPORE DOLLARS US711 ABOUT 20 TIMES MR LEE'S 1993
EARNINGS ESTIMATE AND AT S492 FOOD CONCERN CEREBOS PACIFIC COMMANDS 24
TIMES ESTIMATES VERY RICH EVEN BY SOUTHEAST ASIAN STANDARDS MR LEE
SAYS

MR CHIA AT STANDARD CHARTERED SAYS IT SEEMS UNLIKELY STOCKS CAN SOAR FROM
HERE THE DAYS ARE LONG PAST WHEN THE MARKET WOULD TRADE UP TO 23 TO 24
TIMES EARNINGS ALSO SKEPTICAL IS KEVIN SCULLY HEAD OF RESEARCH AT
SCHRODERS SECURITIES IN SINGAPORE WHO SAYS I THINK YOU ARE BUYING 1994
EARNINGS HE'S RECOMMENDING A MARKET WEIGHTING OF 13 FOR REGIONAL
INVESTORS JUST A TOUCH ABOVE A NEUTRAL 12 THAT'S SINGAPORE'S SHARE OF
TOTAL ASIAN STOCKMARKET VALUE EXCLUDING JAPAN

SINGAPORE AND OTHER ASIAN MARKETS OFTEN RALLY FROM THE END OF THE CALENDAR
YEAR TO A BIT AFTER CHINESE NEW YEAR WHICH FELL ON JAN 23 THIS YEAR BY
SOME ANALYSTS' COUNT THE SINGAPORE MARKET HAS STAGED A CHINESE NEW YEAR'S
RALLY IN 10 OF THE PAST 12 YEARS WITH AN AVERAGE 219 GAIN

YET EVEN SKEPTICS ACKNOWLEDGE THAT THE SINGAPORE ECONOMY IS IMPROVING THE
GOVERNMENT FORECASTS THAT REAL GROSS DOMESTIC PRODUCT WILL GROW 55 TO 65
THIS YEAR COMPARED WITH AN ESTIMATED 56 IN 1992 INFLATION AND SHORTTERM
INTEREST RATES ARE BOTH BELOW 3 CORPORATE EARNINGS ARE WIDELY EXPECTED TO
IMPROVE IN THE SECOND HALF THERE'S ENCOURAGING ECONOMIC NEWS FROM THE US
SINGAPORE'S LARGEST TRADING PARTNER

BIBIANA CHOO RESEARCH DIRECTOR AT SMITH NEW COURT'S SINGAPORE OFFICE SAYS
WE'RE LOOKING AT 1800 FOR THE STRAITS TIMES INDEX THIS YEAR SHE LIKES
CONGLOMERATE KEPPEL CORP AT S690

ROBIN HOW DIRECTOR OF COUNTY NATWEST INVESTMENT MANAGEMENT ASIA LTD IN
HONG KONG SAYS SAYS IF YOU WANT TO GET INTO THE SINGAPORE MARKET FOR
THREE MONTHS THEN IT IS TOO LATE BUT IF YOU'RE LOOKING AT IT AS WE ARE 
THE START OF AN ECONOMIC CYCLE AND YOU TAKE A TWO OR THREEYEAR VIEW
THEN WE ARE AT THE START OF A REVALUATION OF THE SINGAPORE MARKET  THE
START OF AN EXTENDED BULL RUN 9302020009 930202 CREDIT MARKETS BOND
PRICES EASE SLIGHTLY AS INVESTORS AWAIT ANNOUNCEMENT OF TREASURY REFUNDING
DETAILS  BY THOMAS T VOGEL JR AND THOMAS D LAURICELLA STAFF
REPORTERS OF THE WALL STREET JOURNAL

NEW YORK THE TREASURY BOND MARKET SEEMED TO BE IN A HOLDING PATTERN
YESTERDAY AS INVESTORS WAITED ANXIOUSLY FOR TOMORROW'S SCHEDULED
ANNOUNCEMENT BY THE TREASURY ON THE SIZE OF THE NEXT QUARTERLY REFUNDING

YESTERDAY THE MARKET SEEMED TO GLIDE PAST THE LATEST IN A STRING OF REPORTS
SUGGESTING MORE STRENGTH IN THE ECONOMY THAN MANY BOND INVESTORS HAD
ANTICIPATED

THE BENCHMARK 30YEAR TREASURY BOND DROPPED 1/8 POINT TO 105 1/32 TO YIELD
720 UP FROM 719 ON FRIDAY THE 10YEAR NOTE DROPPED LESS THAN 1/8 POINT
TO 99 31/32 TO YIELD 636 UP FROM 635

RATHER THAN FOCUS ON ECONOMIC DATA HOWEVER THE ATTENTION OF THE TREASURY
MARKET REMAINED FIXED ON EVENTS IN WASHINGTON THE LIKELY DIRECTION OF
FISCAL POLICY AND THE POSSIBILITY FOR CHANGES IN THE WAY THE TREASURY
BORROWS MONEY

ONE REASON OFTEN CITED FOR THE SOLID PERFORMANCE OF THE MARKET RECENTLY IS A
BELIEF THAT THE TREASURY DEPARTMENT WOULD SLASH THE NUMBER OF 30YEAR BONDS
IT ISSUES AS A WAY TO LOWER LONGTERM INTEREST RATES AND REDUCE THE COST OF
FINANCING THE BUDGET DEFICIT

SOME ANALYSTS SAID THAT THE MARKET MAY BE SETTING ITSELF UP FOR A
DISAPPOINTMENT SINCE FEW OF THEM BELIEVE THE TREASURY HAS HAD ENOUGH TIME TO
MAKE SUCH A SUBSTANTIVE MOVE SO SOON AFTER PRESIDENT CLINTON'S INAUGURATION

THE MARKET HAS FACTORED IN SOME REDUCTION OF THE 30YEAR BOND AUCTION
SAID LOUIS CRANDALL CHIEF ECONOMIST AT RH WRIGHTSON & ASSOCIATES A FIRM
SPECIALIZING IN ANALYSIS OF TREASURY FINANCE POLICY ACCORDING TO MR
CRANDALL IT IS LIKELY THAT THE TREASURY WILL CUT THE SIZE OF NEXT WEEK'S
QUARTERLY AUCTION OF 30YEAR BONDS 10YEAR NOTES AND THREEYEAR NOTES BY
175 BILLION TO 3525 BILLION NOT BECAUSE OF A SHIFT IN FINANCING BUT
BECAUSE OF A SURGE IN TAX PAYMENTS DURING JANUARY WE THINK THAT THEY'RE
GOING TO CUT THE 30YEAR AUCTION BY 500 MILLION TO 975 BILLION SAID MR
CRANDALL IT WOULD PROBABLY BE A DISAPPOINTMENT TO THE TREASURY MARKET IF
THE REDUCTION WAS THAT SMALL HE ADDED BECAUSE A CUT IN THE 1 BILLION TO
2 BILLION RANGE IS PROBABLY WHAT THE MARKET IS EXPECTING

ACCORDING TO LAWRENCE N LEUZZI MANAGING DIRECTOR OF FIXED INCOME AT SG
WARBURG & CO THE TREASURY MARKET HAS SHOWN  RESILIENCE AND STRENGTH
IN THE FACE OF A LOT OF DIFFERENT ECONOMIC NUMBERS SUGGESTING ECONOMIC
STRENGTH BUT THERE IS STILL A MAJOR THREAD THAT IS HOLDING THE MARKET
TOGETHER DEFICIT REDUCTION

MR LEUZZI SAID THAT IF WE GET AN ANNOUNCEMENT WEDNESDAY THAT IS NOT AS
AGGRESSIVE AS THE MARKET EXPECTS THERE WILL BE A SETBACK BUT IT'S NOT
GOING TO BE A MAJOR SELLOFF THAT'S GOING TO CHANGE THE PSYCHOLOGY OF THE
MARKET ABOUT DEFICIT REDUCTION THE SENTIMENT THAT THE CLINTON
ADMINISTRATION IS SERIOUS ABOUT CUTTING THE DEFICIT WILL REMAIN INTACT
SAID MR LEUZZI

TRADERS SAY THE MARKET IS BEING FORCED TO BRUSH ASIDE ECONOMIC NEWS THAT
WOULD ORDINARILY DRIVE PRICES LOWER IT KEEPS COMING BUT THE PSYCHOLOGY OF
THE MARKET IS STILL SUCH THAT IT WANTS TO IMPROVE SAID STEPHEN MAHER AN
EXECUTIVE VICE PRESIDENT AT NIKKO SECURITIES CO INTERNATIONAL

WE ARE STARTING TO GET CONTINUING SURPRISES IN ECONOMIC DATA BEING ON THE
FIRM SIDE AND IT'S STARTING TO BE NOTEWORTHY SAID MR MAHER

YESTERDAY FOR EXAMPLE THE NATIONAL ASSOCIATION OF PURCHASING MANAGERS
REPORTED THAT ITS INDEX OF MANUFACTURING ACTIVITY ROSE FOR THE FOURTH
CONSECUTIVE MONTH IN JANUARY TO FINISH AT 580 UP FROM 554 IN DECEMBER
ECONOMISTS SURVEYED BY DOW JONES CAPITAL MARKETS REPORT HAD ANTICIPATED AN
INDEX OF 567 FOR JANUARY ANALYSTS SEE THIS AS MORE EVIDENCE THAT THE PACE
OF ECONOMIC GROWTH IS PICKING UP

A READING ABOVE 50 INDICATES THAT THE MANUFACTURING ECONOMY IS GENERALLY
EXPANDING BELOW 50 THAT IT'S GENERALLY DECLINING

BUT TREASURY PRICES DROPPED ONLY SLIGHTLY IN RESPONSE TO THE DATA

IT WAS A GOOD NUMBER THINGS ARE DEFINITELY IMPROVING SAID WARD MCCARTHY
A MANAGING DIRECTOR AT STONE & MCCARTHY RESEARCH ASSOCIATES IN PRINCETON
NJ BUT RIGHT NOW THAT DOESN'T MATTER TO THE BOND MARKET

TREASURY MARKET PLAYERS ARE ALSO BEGINNING TO CONCENTRATE ON THE JANUARY
EMPLOYMENT REPORT WHICH IS SCHEDULED TO BE RELEASED FRIDAY THE REPORT WILL
OFFER INVESTORS THEIR FIRST OFFICIAL LOOK AT THE STATE OF THE ECONOMY IN
JANUARY ECONOMISTS ARE PREDICTING AN INCREASE IN NONFARM PAYROLLS AS HIGH
AS 150000 WITH THE UNEMPLOYMENT RATE DROPPING TO 72 FROM 73 IN
DECEMBER

I THINK THE EMPLOYMENT NUMBERS WILL BE A FAIRLY IMPORTANT FOCUS AFTER THE
MARKET HAS DEALT WITH THE ANNOUNCEMENT OF THE SIZE OF THE QUARTERLY
REFUNDING SAID JAMES KENNEY HEAD OF GOVERNMENT TRADING AT PRUDENTIAL
SECURITIES INC

ANALYSTS WERE RELUCTANT TO READ MUCH INTO THE TREASURY'S ANNOUNCEMENT
YESTERDAY OF ITS BORROWING NEEDS FOR THIS QUARTER TREASURY SAID IT WOULD
NEED TO BORROW 67 BILLION IN THE FIRST QUARTER ABOVE ECONOMISTS'
EXPECTATIONS

IN RECENT YEARS THESE PROJECTIONS HAVEN'T BEEN TERRIBLY HELPFUL SAID MR
MCCARTHY OF STONE & MCCARTHY RESEARCH

ESPECIALLY PERPLEXING ABOUT THE FIGURE WAS THAT IT IMPLIED THAT THE TREASURY
WOULD HAVE TO INCREASE THE SIZE OF ITS AUCTIONS AT A TIME WHEN ITS COFFERS
ARE FILLED DUE TO A FASTER PACE OF TAX PAYMENTS AT SOME RECENT AUCTIONS
THE DEPARTMENT REDUCED THE AMOUNT OF SECURITIES SOLD BECAUSE OF INCREASED
TAX PAYMENTS

MR MCCARTHY TERMED THE FIGURES INEXPLICABLE ADDING THAT IT WOULD TAKE
AN EXTRAORDINARY TURN OF EVENTS TO RAISE 67 BILLION

MEANWHILE PARTICIPANTS IN THE MARKET CONTINUE TO WEIGH THE OUTLOOK FOR THE
CLINTON ADMINISTRATION'S FISCAL POLICY MOST RECENTLY THE MARKET HAS BEEN
ENCOURAGED BY TALK OF A LIMITED INCREASE IN GOVERNMENT SPENDING AND WHAT IT
PERCEIVES TO BE SERIOUS ATTEMPTS AT FINDING WAYS TO REDUCE THE BUDGET
DEFICIT

YESTERDAY WHITE HOUSE COMMUNICATIONS DIRECTOR GEORGE STEPHANOPOULOS SAID A
30 BILLION FISCAL STIMULUS PACKAGE EVENLY SPLIT BETWEEN PUBLIC AND PRIVATE
SECTOR INVESTMENT WAS WITHIN THE RANGE THAT THE PRESIDENT HAS BEEN
CONSIDERING

BUT SOME PARTICIPANTS ARGUE THAT CURRENT PRICE LEVELS ALREADY FACTOR IN
QUITE A BIT OF GOOD NEWS AND THAT THE MARKET MAY BE VULNERABLE

FOR THOSE BETTING ON PRICES HEADING STILL HIGHER IN TREASURYS YOU HAD
BETTER HOPE THERE IS A CREDIBLE DEFICIT PACKAGE COMING BECAUSE IT WOULD
APPEAR TO ME THAT YOU'RE GOING TO HAVE A CONTINUED PICKUP IN ECONOMIC
ACTIVITY SAID PAUL KASRIEL AN ECONOMIST AT NORTHERN TRUST CO IN CHICAGO

MEANWHILE THE TREASURY SOLD 2324 BILLION OF THREEMONTH AND SIXMONTH
BILLS AT ITS REGULAR WEEKLY AUCTION DOWN SLIGHTLY FROM LAST WEEK'S AUCTION
THE THREEMONTH BILL WAS SOLD AT AN AVERAGE DISCOUNT RATE OF 297 FOR A
COUPONEQUIVALENT YIELD OF 304 COMPARED WITH 298 AND 304 RESPECTIVELY
AT LAST WEEK'S AUCTION THE SIXMONTH BILL WAS SOLD AT AN AVERAGE DISCOUNT
RATE OF 310 FOR A COUPONEQUIVALENT YIELD OF 319 COMPARED WITH 309
AND 318 RESPECTIVELY AT LAST WEEK'S AUCTION

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 THE
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 FEB4 THE 13WEEK BILLS MATURE MAY 6 AND THE 26WEEK
BILLS MATURE AUG 5 1993

COMPANIES BROUGHT A STEADY STREAM OF NEW BONDS TO MARKET YESTERDAY
ENCOURAGED BY THE OPPORTUNITY TO REFINANCE OUTSTANDING HIGHCOUPON DEBT

NEARLY 19 BILLION OF BONDS WERE PRICED YESTERDAY BY A BROAD CROSS SECTION
OF BORROWERS INVESTMENTGRADE ISSUERS INCLUDED SALOMON INC DUKE POWER
CO CHUBB CORP'S CHUBB CAPITAL CORP AND LANDESKREDITBANK
BADENWUERTTEMBERG THE WHOLLY OWNED STATE BANK OF THE GERMAN STATE OF
BADENWUERTTEMBERG

IN THE SECONDARY MARKET SEASONED INVESTMENTGRADE ISSUES ENDED FLAT TO DOWN
1/8 POINT JUNK BONDS WERE LITTLE CHANGED WITH FEW ISSUES EXCHANGING HANDS

ONE HUGE JUNK BOND DEAL FROM UCC INVESTORS HOLDING INC THE PARENT OF
UNIROYAL CHEMICAL CO WAS PRICED YESTERDAY THE 855 MILLION THREEPART
OFFERING INCLUDED A 2299 MILLION ISSUE OF ZEROCOUPON NOTES

THE FIRST PART CONSISTING OF 300 MILLION OF SENIOR NOTES DUE MAY 1 2002
WAS PRICED AT PAR TO YIELD 105

THE NONCALLABLE NOTES ARE RATED SINGLEB2 BY MOODY'S INVESTORS SERVICE INC
AND SINGLEBMINUS BY STANDARD & POOR'S CORP

THE SECOND PART CONSISTING OF 325 MILLION OF SENIOR SUBORDINATED NOTES
DUE MAY 1 2003 WAS PRICED AT PAR TO YIELD 11 THE NOTES NONCALLABLE FOR
FIVE YEARS ARE RATED SINGLEB3 BY MOODY'S AND SINGLEBMINUS BY S&P

THE THIRD PART CONSISTING OF 2299 MILLION FACE AMOUNT OF SUBORDINATED
DISCOUNT NOTES DUE MAY 1 2005 WAS PRICED AT 54359 TO YIELD 12 THE
NOTES NONCALLABLE FOR FIVE YEARS ARE RATED SINGLEB3 BY MOODY'S AND
SINGLEBMINUS BY S&P

DISCOUNT NOTES ALSO CALLED ZEROCOUPON BONDS MAKE NO INTEREST PAYMENTS
PRIOR TO MATURITY THEY ARE GENERALLY ISSUED AT A FRACTION OF THEIR PAR
VALUE AND GRADUALLY RISE IN VALUE AS THEY APPROACH MATURITY

MUNICIPAL BONDS FINISHED NARROWLY MIXED AFTER A CALM SESSION

THE NORTH CAROLINA EASTERN MUNICIPAL POWER AGENCY'S 625 SERIES B SYSTEM
REVENUE REFUNDING BONDS OF 2012 ENDED 1/8 POINT LOWER AT 99 1/4 TO YIELD
630

HOWEVER THE SAN FRANCISCO AIRPORTS COMMISSION'S 6 INTERNATIONAL AIRPORT
REVENUE REFUNDING BONDS OF 2020 ENDED 3/8 STRONGER AT 98 3/8 TO YIELD
610

THE WEEK'S PRIMARY MARKET DEALINGS GOT OFF TO A VERY SLOW START WITH THE
PRICING OF A FEW ISSUES INCLUDING THE HAWAII STATE DEPARTMENT OF BUDGET AND
FINANCE'S 106 MILLION OF SERIES 1993 SPECIALPURPOSE REVENUE BONDS A FIRST
BOSTON CORP GROUP PRICED THE BONDS AND GAVE THEM YIELDS THAT RANGE FROM
470 IN 1997 TO 645 IN 2016 AND 2019

THE OFFERING WHICH IS FOR THE KAPIOLANI HEALTH CARE SYSTEM OBLIGATED GROUP
HAS BEEN RATED SINGLEA BY BOTH MOODY'S INVESTORS SERVICE INC AND STANDARD
& POOR'S CORP

THE WEEK'S LARGEST ISSUE HOMESTEAD FLA'S 470 MILLION OF SERIES 1993
SPECIAL INSURANCE ASSESSMENT REVENUE BONDS IS EXPECTED TO BE PRICED
TOMORROW BY A BEAR STEARNS & CO GROUP

THE BONDS ARE FOR THE HURRICANE ANDREW COVERED CLAIMS ASSISTANCE PROGRAM
PROCEEDS FROM THE OFFERING WILL BE USED IN PART TO MAKE PAYMENTS TO
FLORIDA CLAIMANTS AND POLICYHOLDERS WHOSE INSURANCE COMPANIES BECAME
INSOLVENT BECAUSE OF HURRICANE ANDREW IN AUGUST

PRICES OF MORTGAGE SECURITIES ENDED LITTLE CHANGED

IN SECONDARY TRADING GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 75 ISSUES
FOR FEBRUARY DELIVERY ENDED AT 101 29/32 UP 2/32 FEDERAL HOME LOAN
MORTGAGE CORP GOLD 75 ISSUES AND FEDERAL NATIONAL MORTGAGE ASSOCIATION
75 ISSUES BOTH ENDED UNCHANGED AT 101 23/32 AND 101 16/32 RESPECTIVELY

ONLY ONE REAL ESTATE MORTGAGE INVESTMENT CONDUIT WAS ANNOUNCED A 300
MILLION DEAL OFFERED BY FANNIE MAE AND BACKED BY THE AGENCY'S 75 MORTGAGE
SECURITIES

SEPARATELY FREDDIE MAC EARLY IN THE DAY RELEASED PREPAYMENT RATES FOR ITS
MORTGAGE SECURITIES FROM MIDDECEMBER TO MIDJANUARY THAT REPORT SHOWED
DROPS IN PREPAYMENT RATES ON SOME SECURITIES OF AS MUCH AS 30 PERCENT

THE RELEASE DIDN'T HAVE A MAJOR IMPACT ON THE MARKET AS INVESTORS AND
TRADERS LOOK AHEAD WITH CONCERN THAT HOME MORTGAGE RATES WILL CONTINUE TO
FALL AND FASTER PREPAYMENTS WILL RESULT WITHIN A FEW MONTHS 9302020008
930202 KU ENERGY CO UNIT

LEXINGTON KY KENTUCKY UTILITIES CO A UNIT OF KU ENERGY CO SAID A
FEDERAL BANKRUPTCY JUDGE APPROVED A MOTION FOR SETTLEMENT OF THE
LONGSTANDING COALCONTRACT LITIGATION INVOLVING KU SOUTH EAST COAL CO AND
ITS LENDING BANKS THE AGREEMENT CALLS FOR RELEASE OF ALL OUTSTANDING CLAIMS
AND AN END TO ALL LITIGATION BETWEEN THE PARTIES IT INCLUDES RELEASE OF 44
MILLION THAT KU HAD DEPOSITED WITH THE COURT REPRESENTING FUEL SAVINGS THAT
KU DIDN'T HAVE TO PAY SOUTH EAST THE COURT RULED

KU WILL NOW SEEK REGULATORY APPROVALS TO PASS FUELCOST SAVINGS ON TO ITS
MORE THAN 430000 RETAIL AND WHOLESALE CUSTOMERS IN KENTUCKY AND VIRGINIA
THE COMPANY SAID 9302020007 930202 ECONOMY US THREATENS TRADE
ACTION AGAINST THE EC  NEW ADMINISTRATION WANTS EUROPEANS TO
CHANGE PROCUREMENT PRACTICES  BY BOB DAVIS STAFF REPORTER OF THE
WALL STREET JOURNAL

WASHINGTON IN AN UNAMBIGUOUS SIGNAL THAT THE CLINTON ADMINISTRATION WILL
PURSUE AN AGGRESSIVE TRADE POLICY THE US THREATENED THE EUROPEAN
COMMUNITY WITH AN ARRAY OF RETALIATORY MEASURES UNLESS THE EC CHANGES ITS
GOVERNMENT PROCUREMENT PRACTICES

THE US COMPLAINING THAT THE EC HAD RECENTLY ADOPTED BUYEUROPE
PROCUREMENT RULES SAID IT WOULD DISCOURAGE EUROPEAN COMPANIES FROM
OBTAINING CONTRACTS FROM THE FEDERAL GOVERNMENT FOR TELECOMMUNICATIONS AND
POWERGENERATION EQUIPMENT AND A WIDE VARIETY OF SERVICES BEGINNING MARCH
22

THE TRADE REPRESENTATIVE'S OFFICE ALSO SAID IT WILL SOLICIT COMMENTS ON
WHETHER TO TAKE OTHER STEPS SUCH AS IMPOSING PUNITIVE DUTIES TO BLOCK
PRIVATE COMPANIES FROM BUYING EUROPEAN EQUIPMENT THE US DECLARED IT WILL
BEGIN A STUDY OF WHETHER THE NATION SHOULD WITHDRAW FROM THE GOVERNMENT
PROCUREMENT CODE OVERSEEN BY THE GENERAL AGREEMENT ON TARIFFS AND TRADE THE
WORLD TRADE BODY IN GENEVA

THE DOLLAR AMOUNTS INVOLVED AREN'T LARGE BY WORLD TRADE STANDARDS THE US
CONTENDS THAT ITS TELECOMMUNICATIONS AND GENERATOREQUIPMENT COMPANIES LOSE
HUNDREDS OF MILLIONS OF DOLLARS IN GOVERNMENT SALES BECAUSE OF THE EC'S
DISCRIMINATORY PRACTICES FOR ITS PART THE EC SELLS ABOUT 45 MILLION A
YEAR IN TELECOMMUNICATIONS AND POWERGENERATION EQUIPMENT TO THE FEDERAL
GOVERNMENT ACCORDING TO THE US

BUT THE CASE IS AN IMPORTANT MEASURE OF THE NEW ADMINISTRATION'S TRADE
POLICY US TRADE OFFICIALS SAID THAT TRADE REPRESENTATIVE MICKEY KANTOR
CHOSE A MORE AGGRESSIVE COURSE OF ACTION THAN THE STAFF HAD RECOMMENDED MR
KANTOR SAID THE NEW NATIONAL ECONOMIC COUNCIL WHICH REVIEWS TRADE AND
ECONOMIC POLICY UNANIMOUSLY APPROVED HIS RECOMMENDATIONS

THE CASE ALSO PUTS EUROPE AND THE US IN CONFLICT AT EXACTLY THE MOMENT
WHEN THEY HAD BEEN EXPECTED TO TRY TO WRAP UP WORLD TRADE TALKS MR KANTOR
ACCUSED THE EC OF REFUSING TO SHOW A SUFFICIENT DESIRE TO CONCLUDE A
BALANCED AGREEMENT SIR LEON BRITTAN THE EC'S CHIEF NEGOTIATOR COUNTERED
THAT THE US WAS RESORTING TO UNILATERAL BULLYING

DESPITE THE HARSH WORDS THE THREAT OF SANCTIONS WAS CLEARLY MEANT TO SPUR
FURTHER NEGOTIATIONS THE US SAID IT WOULD WAIT 45 DAYS BEFORE BLOCKING EC
SALES AND DURING THE BUSH ADMINISTRATION AT LEAST SUCH DEADLINES OFTEN
SLIPPED SIR LEON SAID HE WOULD DISCUSS THE PROCUREMENT ISSUE WITH MR
KANTOR WHEN THE TWO MEET FEB 11 ANOTHER ROUND OF
TELECOMMUNICATIONSPROCUREMENT NEGOTIATIONS IS SCHEDULED FOR FEB 16 IN
WASHINGTON

THE US WAS WORKING UNDER DEADLINES SET BY PRESIDENT BUSH AND US TRADE
LAW IN APRIL MR BUSH IDENTIFIED THE EC AS DISCRIMINATING IN PROCUREMENT
PRACTICES AS DEFINED BY THE TRADE AGREEMENTS ACT MR BUSH DELAYED IMPOSING
SANCTIONS UNTIL JANUARY 1993 TO GIVE THE EC TIME TO SUSPEND ENACTMENT OF
PORTIONS OF WHAT IS KNOWN AS THE UTILITIES DIRECTIVE

UNDER THE DIRECTIVE ADOPTED JAN 1 EC UTILITIES ARE REQUIRED TO APPLY A 3
PRICE PREFERENCE TO EUROPEAN BIDS IN EFFECT DISCOUNTING EUROPEAN BIDS BY
3 THE UTILITIES ALSO HAVE THE OPTION OF REJECTING NONEUROPEAN BIDS
EUROPEAN PRODUCTS ARE THOSE THAT HAVE MORE THAN 50 LOCAL CONTENT

THE US GOVERNMENT ALSO HAS A VARIETY OF BUY AMERICA PROVISIONS
ESPECIALLY FOR PENTAGON PURCHASES IN ADDITION DOZENS OF STATES RESTRICT
THE PROCUREMENT OF FOREIGNMADE PRODUCTS IN CONSTRUCTION PROJECTS DURING
NEGOTIATIONS OVER PROCUREMENT PRACTICES THE TWO TRADING PARTNERS TUSSLED
OVER HOW TO LIMIT LOCALCONTENT PROVISIONS ON BOTH SIDES THE NEGOTIATIONS
CENTER ON TELECOMMUNICATIONS AND POWERGENERATION EQUIPMENT BECAUSE NEITHER
IS COVERED BY GATT PROCUREMENT RULES

THE US EXEMPTED DEFENSE DEPARTMENT PURCHASES FROM THE SANCTIONS LARGELY
OUT OF CONCERN THAT THE EC WOULD RETALIATE IN THAT AREA THE US RUNS A BIG
SURPLUS IN WEAPONS TRADE WITH THE EC EVEN BEFORE YESTERDAY'S ACTIONS
FRENCH EXECUTIVES WERE PREDICTING THAT WORSENING TRADE RELATIONS COULD LEAD
EUROPE TO BLOCK ACQUISITION OF USMADE AIRTOAIR MISSILES ACCORDING TO
AVIATION WEEK & SPACE TECHNOLOGY A TRADE MAGAZINE

OVER THE PAST FEW MONTHS OF NEGOTIATIONS A SENIOR US TRADE OFFICIAL SAID
THE US HAD AGREED TO ENCOURAGE STATES TO DROP BUY AMERICA PROVISIONS AND
PROMISED TO HELP IF PRIVATE US UTILITIES DISCRIMINATED AGAINST EUROPEAN
SUPPLIERS BUT THE EC WANTED MORE FORMAL GUARANTEES AS NEGOTIATIONS HEADED
TOWARD THE JANUARY DEADLINE THE US PROPOSED THAT THE EC DELAY ENACTING
PARTS OF THE UTILITIES DIRECTIVE FOR SIX MONTHS TO ALLOW FURTHER
NEGOTIATIONS BUT THE EC REJECTED THAT THE TRADE OFFICIAL SAID

AN EC SPOKESWOMAN SAID THE UTILITIES DIRECTIVE WAS ACTUALLY A LIBERALIZATION
FROM PAST EC PROCUREMENT PRACTICES BECAUSE US COMPANIES THAT HAD
SUBSIDIARIES IN EUROPE WOULD PROBABLY GET THE SAME ADVANTAGES AS EUROPEAN
COMPANIES DID

JOHN JACKSON A TRADE EXPERT AT THE UNIVERSITY OF MICHIGAN SAID THE INITIAL
SANCTIONS PROPOSED BY THE US WERE CUSTOMARY TACTICS IN TRADE DISPUTES BUT
THE THREAT TO PULL OUT OF THE GATT PROCUREMENT CODE WHICH WOULD AFFECT
OTHER NATIONS THAT ADHERE TO THE CODE MAY REPRESENT OVERKILL ACCORDING
TO FRED BERGSTEN DIRECTOR OF THE INSTITUTE FOR INTERNATIONAL ECONOMICS A
THINK TANK IN WASHINGTON

AMERICAN TELEPHONE & TELEGRAPH CO WHICH HAS BEEN PUSHING FOR MORE
GOVERNMENT SALES IN EUROPE SAID IT HOPES THE THREAT OF SANCTIONS WILL
STIMULATE THE US AND EC TO REACH AGREEMENTS BUT THE EUROPEANAMERICAN
CHAMBER OF COMMERCE A EUROPEAN BUSINESS GROUP SAID IT IS CONCERNED THAT
THE US ACTIONS WOULD PRODUCE A SOUR ATMOSPHERE FOR THE MEETING OF MR
KANTOR AND SIR LEON 9302020006 930202 WHO'S NEWS UPJOHN'S COOPER IS
TREATED FOR A BONEMARROW TUMOR

KALAMAZOO MICH THEODORE COOPER CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF
UPJOHN CO SAID HE IS BEING TREATED FOR A BONEMARROW TUMOR AND THAT THE
PROGNOSIS WAS QUITE GOOD

DR COOPER 64 YEARS OLD SAID HE HASN'T RELINQUISHED HIS DUTIES AND PLANS
TO RESUME HIS REGULAR WORK SCHEDULE WHEN HE RETURNS TO THE OFFICE IN A FEW
DAYS THE TREATMENT HE IS RECEIVING FOR THE TUMOR INCLUDES A COMBINATION OF
RADIATION AND STEROIDS

IN A LETTER TO UPJOHN EMPLOYEES DR COOPER SAID HE BECAME AWARE OF A
POSSIBLE PROBLEM EARLIER THIS YEAR WHEN HE DEVELOPED BACK PAIN TESTING
REVEALED THE PAIN WAS CAUSED BY PLASMA CELL MYELOMA OR A BONEMARROW TUMOR

IN A STATEMENT MARK NOVITCH UPJOHN'S VICE CHAIRMAN SAID DR COOPER HAS
CONDUCTED BUSINESS MUCH THE SAME AS HE DOES WHEN HE TRAVELS

LAST OCTOBER UPJOHN ASKED DR COOPER TO CONTINUE IN HIS JOB FOR AN
INDEFINITE PERIOD AFTER HE REACHES THE MANDATORY RETIREMENT AGE OF 65 DR
COOPER WILL BE 65 IN DECEMBER 9302020005 930202 MONDAY'S MARKETS 
ECONOMIC DATA SEND STOCKS DOLLAR HIGHER  BY TOM HERMAN STAFF
REPORTER OF THE WALL STREET JOURNAL

MORE SIGNS OF ECONOMIC STRENGTH DROVE UP STOCK PRICES AND THE DOLLAR BUT
LEFT BOND PRICES OFF SLIGHTLY

THE DOW JONES INDUSTRIAL AVERAGE GAINED 2215 POINTS TO 333218 IN HEAVY
TRADING STANDARD & POOR'S 500STOCK INDEX ROSE 374 TO A RECORD 44252 THE
NASDAQ COMPOSITE INDEX LED BY TECHNOLOGY ISSUES ROSE 543 TO 70177 THAT
INDEX HAS SOARED 213 SINCE EARLY OCTOBER

THE LATEST SURPRISINGLY UPBEAT BULLETIN ON THE ECONOMY'S HEALTH CAME FROM A
SURVEY OF CORPORATE PURCHASING MANAGERS AN INDEX COMPILED BY THE NATIONAL
ASSOCIATION OF PURCHASING MANAGEMENT ROSE LAST MONTH TO 58 ITS HIGHEST
READING SINCE JULY 1988 THAT LEVEL WAS WELL ABOVE THE 565 THAT MANY
ANALYSTS HAD EXPECTED AND ABOVE DECEMBER'S 554

NEARLY EVERY BUSINESS INDICATOR LATELY SUGGESTS THE ECONOMY HAS A LOT MORE
VERVE THAN HAD GENERALLY BEEN THOUGHT SAID MICHAEL METZ CHIEF INVESTMENT
STRATEGIST AT OPPENHEIMER & CO AS A RESULT INVESTORS ARE FLOCKING TO BUY
CYCLICAL STOCKS THOSE GROUPS THAT ARE EXPECTED TO BENEFIT THE MOST FROM A
RISING ECONOMIC TIDE CYCLICAL STOCKS ARE PLAYING CATCHUP WITH THE REST OF
THE MARKET MR METZ SAID

HOPES FOR LOWER INTEREST RATES ALSO HELPED TO BOLSTER STOCK PRICES SEVERAL
TRADERS SAID THEY CITED A LATE RALLY IN BOND FUTURES PRICES IN ADDITION
SOME INFLUENTIAL INVESTMENT ADVISERS SUCH AS EDWARD S HYMAN OF ISI GROUP
INC ARE PREDICTING FURTHER DECLINES IN BORROWING COSTS MR HYMAN IN A
REPORT YESTERDAY PREDICTED THAT YIELDS ON 30YEAR TREASURY BONDS NOW
720 WILL BREAK THEIR 1986 LOW OF 711

WORLDWIDE STOCK PRICES ROSE THE DOW JONES WORLD STOCK INDEX GAINED 018
TO 9273

THE DOLLAR ROSE AGAINST THE MARK AND THE YEN ITS STRENGTH BODES WELL FOR
BOTH THE US STOCK AND BOND MARKETS SAYS BERNADETTE B MURPHY DIRECTOR OF
TECHNICAL ANALYSIS AT M KIMELMAN & CO THE STRONGER DOLLAR WILL MAKE OUR
MARKETS MORE ATTRACTIVE TO INVESTORS OVERSEAS SHE SAYS THOSE INVESTORS
HAVE NOT BEEN PARTICIPATING IN OUR MARKET IN A MAJOR WAY SINCE THE FIRST
QUARTER OF 1988

BUT SOME BOND INVESTORS ARE APPREHENSIVE BECAUSE A HUGE WAVE OF GOVERNMENT
BORROWING WILL FLOOD THE CREDIT MARKETS SOON THE TREASURY TOMORROW WILL
DISCLOSE DETAILS OF ITS QUARTERLY BORROWING PROGRAM EXPECTED TO TOTAL OVER
35 BILLION OF NEW NOTES AND BONDS SUCH HUGE BORROWING OFTEN DRIVES DOWN
BOND PRICES AND PUSHES UP INTEREST RATES IN THE PERIODS AROUND QUARTERLY
REFUNDING OPERATIONS THIS TIME HOWEVER SOME TRADERS THINK THE TREASURY
WILL REDUCE THE AMOUNT OF 30YEAR BONDS IT NORMALLY SELLS

IN MAJOR MARKET ACTION

STOCK PRICES CLIMBED VOLUME TOTALED 2383 MILLION ON THE NEW YORK STOCK
EXCHANGE WHERE 1189 ISSUES ADVANCED AND 652 FELL

LONGTERM BOND PRICES INCHED LOWER THE GOVERNMENT'S BENCHMARK 30YEAR BONDS
DROPPED 1/8 POINT OR 125 FOR EACH 1000 FACE AMOUNT TO YIELD 720

THE DOLLAR ROSE IN LATE NEW YORK TRADING THE DOLLAR WAS QUOTED AT 16358
MARKS AND 12505 YEN UP FROM 16117 MARKS AND 12465 YEN FRIDAY
9302020004 930202 BUSINESS BRIEF FORD MOTOR CO ST LOUIS PLANT TO
BECOME PRODUCTION SITE FOR EXPLORERS

FORD MOTOR CO DEARBORN MICH CONFIRMED PLANS TO CONVERT ITS ST LOUIS
ASSEMBLY PLANT INTO A PRODUCTION SITE FOR ITS POPULAR FORD EXPLORER SPORTS
UTILITY VEHICLE

THE COMPANY IS SPENDING 400 MILLION TO RECONFIGURE THE PLANT NOW A
PRODUCTION SITE FOR THE AEROSTAR MINIVAN WHICH FORD IS DISCONTINUING NEXT
YEAR

THE CONVERSION TO BE CONDUCTED NEXT YEAR WILL ALLOW FORD TO BUILD 230000
EXPLORERS ANNUALLY FROM ST LOUIS EXPLORER PRODUCTION WILL BEGIN IN JANUARY
1995

FORD ALSO SAID ABOUT 200000 EXPLORERS WILL CONTINUE TO BE BUILT AT ITS
LOUISVILLE KY PLANT WHERE THE FORD RANGER COMPACT PICKUP AND THE MAZDA
NAVAJO SPORTS UTILITY VEHICLE ALSO ARE BUILT

THE 45YEAROLD ST LOUIS PLANT WILL CONTINUE TO EMPLOY ABOUT 2500 PEOPLE
9302020003 930202 WHAT'S NEWS  WORLDWIDE

ISRAEL AGREED TO REPATRIATE ABOUT 100 PALESTINIANS EXPELLED TO LEBANON

PRIME MINISTER RABIN SEEKING TO RENEW THE MIDEAST PEACE PROCESS AND AVERT
UN SANCTIONS ALSO ANNOUNCED THAT ISRAEL WOULD TAKE BACK THE REMAINING 300
DEPORTEES WITHIN A YEAR HE SAID THE MOVE WAS PART OF A PACKAGE DEAL
REACHED WITH THE CLINTON ADMINISTRATION ADDING THAT THE ARRANGEMENT WOULD
APPLY WHETHER OR NOT THE DEPORTEES ACCEPTED IT THE PLO IMMEDIATELY REJECTED
THE OFFER ISRAELI OPPOSITION LEADERS CALLED THE DECISION A SURRENDER TO
FOREIGN PRESSURE

AT THE UN SECRETARY OF STATE CHRISTOPHER SAID THE MEASURES ANNOUNCED BY
ISRAEL MADE FURTHER ACTION BY THE SECURITY COUNCIL UNNECESSARY

CLINTON TOOK STEPS TO GIVE STATES GREATER FLEXIBILITY IN RUNNING MEDICAID
PROGRAMS ORDERING THE HEALTH AND HUMAN SERVICES DEPARTMENT TO STREAMLINE
ITS PROCESS FOR GRANTING WAIVERS FROM FEDERAL RULES THE WHITE HOUSE ALSO IS
CONSIDERING WAYS TO PUT MORE MONEY INTO MEDICAL RESEARCH AND HEALTH
SERVICES

TWO MEDIATORS SOUGHT US BACKING FOR THEIR PLAN TO END FIGHTING IN FORMER
YUGOSLAV REPUBLICS BUT THEY RECEIVED A LUKEWARM RESPONSE SECRETARY OF
STATE CHRISTOPHER TOLD CYRUS VANCE AND LORD OWEN THAT PRESIDENT CLINTON
BELIEVES MORE MUST BE DONE TO END BLOODSHED IN BOSNIA BUT THAT THE US
ISN'T CONSIDERING SENDING GROUND TROOPS

US IMMIGRATION OFFICIALS WARNED ALMOST 300 HAITIAN REFUGEES ON A HUNGER
STRIKE AT A US NAVAL BASE IN CUBA THAT THEIR ACTION WOULDN'T ENCOURAGE THE
US TO ADMIT THEM THE REFUGEES MOST OF WHOM ARE INFECTED WITH THE AIDS
VIRUS SAY THEY WANT CLINTON TO KEEP A CAMPAIGN PLEDGE AND ALLOW THEM TO
IMMIGRATE DESPITE THEIR MEDICAL PROBLEMS

TWO BUSH ORDERS WERE REVOKED BY CLINTON PERTAINING TO ORGANIZED LABOR ONE
ORDER PROHIBITED UNIONONLY LABOR AGREEMENTS FOR BILLIONS OF DOLLARS IN
FEDERAL CONSTRUCTION PROJECTS THE SECOND REQUIRED UNIONIZED CONTRACTORS ON
FEDERAL PROJECTS TO INFORM WORKERS THAT THEY MAY REJECT FULL UNION
MEMBERSHIP

THE UN INTENDS TO SEND MORE THAN 250 ADDITIONAL PEACEKEEPERS TO SOMALIA TO
STRENGTHEN UN MILITARY HEADQUARTERS IN THE COUNTRY THE PLAN IS AN
APPARENT ATTEMPT TO COUNTER US CHARGES OF FOOTDRAGGING ON REPLACING THE
24000MEMBER US FORCE WITH UN PERSONNEL

THREE MARINES WERE CHARGED WITH ASSAULT AFTER ALLEGEDLY TAKING A HOMOSEXUAL
MAN OUT OF A GAY BAR IN WILMINGTON NC AND BEATING HIM WHILE SHOUTING
CLINTON MUST PAY OFFICIALS SAID THE MARINES APPARENTLY WERE ANGRY ABOUT
CLINTON'S PUSH TO LIFT THE MILITARY'S BAN ON HOMOSEXUALS POLICE SAID THE
ATTACK OCCURRED SATURDAY

FOREIGNERS AND ZAIREANS RUSHED TO FLEE KINSHASA WHERE ARMYLED FIGHTING
REPORTEDLY HAS CLAIMED 1000 LIVES IN LESS THAN A WEEK PRESIDENT MOBUTU'S
TROOPS SEALED OFF THE CAPITAL AND BARRED ACCESS TO OPPOSITION STRONGHOLDS
THE VIOLENCE HAS WIDENED INTO A STRUGGLE BETWEEN LOYALIST TROOPS AND THOSE
BACKING ZAIRE'S DEMOCRACY MOVEMENT

CAMBODIAN TROOPS ARE ADVANCING ON THE KHMER ROUGE HEADQUARTERS IN THEIR
BIGGEST OFFENSIVE AGAINST THE REBELS SINCE UN PEACEKEEPERS ARRIVED IN
CAMBODIA LAST SPRING UN OFFICIALS SAID THE GOVERNMENT ASSAULT COMES IN
THE WAKE OF KHMER ROUGE INTRANSIGENCE REGARDING UN DEMANDS

SEN JOHN DANFORTH ANNOUNCED THAT HE WON'T SEEK A FOURTH SENATE TERM NEXT
YEAR DANFORTH 56 A MODERATE MISSOURI REPUBLICAN WHO IS AN ORDAINED
EPISCOPALIAN MINISTER SAID HE WANTED TO FULFILL A COMMITMENT TO THE CHURCH
HE WAS THE SENATE SPONSOR OF BUSH'S CHOICE FOR SUPREME COURT JUSTICE
CLARENCE THOMAS IN 1991

SALVADORAN LEFTIST GUERRILLAS HAVE FAILED TO DESTROY ALL THEIR WEAPONS
DESPITE A FORMAL END TO 12 YEARS OF CIVIL WAR UN CHIEF BOUTROSGHALI
SAID UNDER A PEACE PACT THE REBEL FMLN WAS TO HAVE DESTROYED ITS ARMS BY
DEC 15 THE UN ALSO HAS FAULTED THE CRISTIANI GOVERNMENT FOR NOT REMOVING
ARMY OFFICERS LINKED TO HUMANRIGHTS VIOLATIONS

THE WORLD HEALTH ORGANIZATION SAID IT IS INVESTIGATING POSSIBLE FINANCIAL
IRREGULARITIES IN THE AWARDING OF CONTRACTS THE CHIEF OF THE UN AGENCY
HIROSHI NAKAJIMA HAS ORDERED AN INTERNAL PROBE AND AN INDEPENDENT AUDIT AN
AIDE SAID WHO SOURCES SAID THE ALLEGATIONS CENTER ON FAVORITISM IN AWARDING
CONTRACTS TO RESEARCH INSTITUTES 9302020002 930202 REVIEW & OUTLOOK
EDITORIAL AN ARMY OF SOCIAL WORKERS

MOST AMERICANS WE SUSPECT STILL CONSIDER THE NATIONAL DEFENSE TO BE THE
MILITARY'S PRIME TASK AND THE ONLY GOAL WITH WHICH IT SHOULD BE
PREOCCUPIED LIBERALS HOWEVER SEEM TO HAVE OTHER IDEAS FOR THE AMERICAN
ARMED SERVICES

THE CONTROVERSY OVER GAYS IN THE MILITARY WITH ITS IMPLICIT ASSUMPTION THAT
THE ARMY SHOULD BECOME A LABORATORY FOR ACHIEVING SOMEONE'S UTOPIAN SOCIETY
IS REALLY ONLY THE TIP OF A MUCH LARGER ICEBERG EVERY PASSING DAY NOW IT
SEEMS WE HEAR MORE ABOUT THE UNIQUE POWER AND EFFICIENCY OF THE MILITARY
AND HOW WE SHOULD BE HARNESSING THIS WONDERFUL POWER TO SOLVE OUR DOMESTIC
SOCIAL PROBLEMS AND SERVE LARGER SOCIETAL GOALS

AS NOTED IN A RECENT OPED PIECE ON THIS PAGE SOME ARE NOW PROPOSING THAT
THE MARINES TAKE ON DUTY IN SLUM AREAS CLEANING UP THE DRUG PROBLEM WHILE
SERVING AS ROLE MODELS AND IF NECESSARY ENFORCING THE LAW DURING
OUTBREAKS LIKE THE LA RIOTS SOMEONE OUGHT TO TELL THOSE FANCYING THIS USE
OF THE MILITARY THAT PEOPLE ARE ALREADY PAYING A LOT OF TAX MONEY TO SUPPORT
ARMED FORCES IN EVERY CITY THEY ARE CALLED THE POLICE

MAYBE BEFORE CALLING IN THE MARINES WE SHOULD TRY TO DISCOVER WHAT IS
MAKING THE JOB OF MAINTAINING CIVIL ORDER SO HARD YOU COULD START BY
NOTICING THAT UNLIKE THE ARREST OF DRIVEBY SHOOTERS FROM CRACK GANGS IN
AMERICAN CITIES US TROOPS DON'T HAVE TO READ THE MURDEROUS SOMALI CLANS A
MIRANDA WARNING

SUCH A DYEDINTHEWOOL LIBERAL AS REP FORTNEY PETE STARK OF CALIFORNIA
RECENTLY ALLOWED AS HOW WE NEED SOMEONE LIKE STORMIN' NORMAN ON THE JOB IF
AN EARTHQUAKE STRIKES CALIFORNIA AND THAT WE NEED A STRIKE FORCE

AN ECHO OF THIS DELUSIONARY THINKING CAME LAST WEDNESDAY WHEN A SERIES OF
SOCALLED RELIEF SPECIALISTS CAME BEFORE A SENATE SUBCOMMITTEE TO ARGUE
THAT THE MILITARY SHOULD BE GIVEN MAJOR RESPONSIBILITY IN DEALING WITH
FLOODS AND HURRICANES AND OTHER NATURAL DISASTERS

THE EXPERTS TESTIFIED BEFORE THE SUBCOMMITTEE THAT FUNDS FEMA THE FEDERAL
EMERGENCY MANPOWER AGENCY NOW UNDER FIRE FOR ITS POOR RESPONSE TO HURRICANE
ANDREW AND OTHER DISASTERS THEIR ANSWER TO FEMA'S INEPTNESS IN A NUTSHELL
WAS CALL IN THE ARMY

J DEXTER PEACH ASSISTANT COMPTROLLER GENERAL OF THE GENERAL ACCOUNTING
OFFICE TOLD THE SENATORS THAT THE MILITARY HAS A UNIQUE CAPACITY FOR
DEALING WITH CATASTROPHES LIKE ANDREW AND THAT IT IS THE ONLY GAME IN
TOWN A WITNESS TOLD HOW MUCH VALUABLE TIME FEMA HAD WASTED BEFORE
RELIEVING VICTIMS OF HURRICANE ANDREW ITS MANAGERS IT SEEMS FELT LEGALLY
BOUND TO WAIT FOR OFFICIAL AID REQUESTS FROM SOUTH FLORIDA BEFORE MOVING

THE LOGIC OF ALL THESE CRIES FOR THE ARMY TO CLEAN UP EVERYTHING FROM
URBAN CRIME TO NATURAL DISASTERS IS CLEAR IF IRONIC COMING FROM DEVOUT
POLITICAL PROGRESSIVES CAN SUCH CALLINTHEARMY ADHERENTS BE SAYING THAT
THE MORASS OF DOMESTIC PROGRAMS LEGALISMS AND RED TAPE PRODUCED BY THE
LIBERAL MENTALITY FOR 30 YEARS HAS FINALLY RENDERED OUR CIVILIAN SOCIETY
INCAPABLE OF SOLVING ITS PROBLEMS IS THAT WHY MILITARY STRIKE FORCES ARE
NOW REQUIRED

THIS TRENDY VISION OF A NEW ARMY HAS BEEN COMING AS WELL FROM WITHIN THE
SERVICES THE MILITARY HAS ITS SHARE OF THOSE WHO THINK THEY KNOW WHICH WAY
THE WIND IS BLOWING AWAY FROM MILITARY BUDGETS AND INTO DOMESTIC NEEDS
 AND WHO HAVE DECIDED TO BLOW WITH IT THE FACT REMAINS THOUGH THAT MOST
OF THE SENIOR MILITARY LEADERSHIP RESISTS HEAVY USE OF THE ARMED SERVICES
FOR SOCIAL SERVICE MISSIONS A GRIM BUT PERTINENT FANTASY PUBLISHED BY AIR
FORCE LIEUTENANT COLONEL CHARLES J DUNLAP JR ENVISIONS THE HAVOC THIS
WOULD WREAK

TITLED THE ORIGINS OF THE AMERICAN MILITARY COUP OF 2012 IT POSES A
SCENARIO IN WHICH THE ARMED SERVICES THESE PHILANTHROPISTS THE AUTHOR
CALLS THEM ARE SO WEAKENED AND CONFUSED BY THEIR NEW ROLES AS SOCIAL
WORKERS EDUCATORS HEALTH CARE PROVIDERS AND CLEANERS OF THE ENVIRONMENT
THAT THEY LOSE THEIR CAPACITY TO FIGHT

IN ANY EVENT THIS CURRENT YEARNING FOR THE USES OF MILITARY AUTHORITY IS A
TELLING DEVELOPMENT PERHAPS IT IS AN OVERDUE RECOGNITION OF THE PERVASIVE
ABSENCE OF EFFECTIVE AUTHORITY OF ANY SORT IN MANY AREAS OF AMERICAN LIFE
STILL IT IS A TREND THAT SHOULD SERVE AS A CAUTIONARY RED FLAG DANGER
LOOMS WHEN A COUNTRY'S POLITICIANS AND INTELLECTUALS START TALKING ABOUT
DIVERTING THE MILITARY FROM ITS PRIMARY PURPOSE IT WOULD BE WELL TO KEEP
THAT FACT IN MIND BEFORE LETTING THE ARCHITECTS OF NEW NONTRADITIONAL
ROLES FOR THE MILITARY GO ANY FURTHER INTO THE WILD BLUE YONDER
9302020001 930202 REDEMPTION NOTICES

THE FOLLOWING IS A LISTING OF SECURITIES CALLED FOR PARTIAL OR COMPLETE
REDEMPTION DURING THE WEEK ENDED JAN 29 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

BETTENDORF IOWA WILL REDEEM ON MARCH 1 1993 ITS 1075 INDUSTRIAL
DEVELOPMENT REVENUE BONDS SERIES 1980 DUE SEPT 1 1995 DAVENPORT BANK
AND TRUST CO IS TRUSTEE

CALIF POLLUTION CONTROL FINANCING AUTHORITY WILL REDEEM ON MARCH 1 1993
500000 PRINCIPAL AMOUNT OF ITS 6 1/4 POLLUTION CONTROL REVENUE BONDS
1977 SERIES A DUE MARCH 1 2002 CHEMICAL TRUST CO OF CALIFORNIA IS
TRUSTEE

FORT DODGE IOWA WILL REDEEM ON MARCH 1 1993 235000 PRINCIPAL AMOUNT
OF ITS 57 COLLATERALIZED HOSPITAL REVENUE BONDS SERIES 1979 DUE MARCH 1
1994 NORWEST BANK MINNESOTA IS TRUSTEE

ILLINOIS STUDENT ASSISTANCE COMMISSION WILL REDEEM ON MARCH 1 1993 THE
FOLLOWING STUDENT LOAN REVENUE BONDS SERIES E DUE MARCH 1 OF THE INDICATED
YEAR 845 DUE 1994 865 DUE 1995 AND 88 DUE 1996 FIRST NATIONAL BANK
OF CHICAGO IS TRUSTEE

MUSKOGEE OKLA INDUSTRIAL TRUST WILL REDEEM ON MARCH 1 1993 300000
PRINCIPAL AMOUNT OF ITS 675 POLLUTION CONTROL REVENUE BONDS SERIES 1976
DUE MARCH 1 2006

NJ ECONOMIC DEVELOPMENT AUTHORITY WILL REDEEM ON MARCH 1 1993 ITS 10
REFUNDING TERMINAL REVNUE BONDS SERIES 1983 DUE MARCH 1 1998 HARRIS
TRUST AND SAVINGS BANK CHICAGO IS TRUSTEE

NORTH ANDOVER MASS WILL REDEEM ON MARCH 1 1993 3240000 PRINCIPAL
AMOUNT OF ITS 14 RESOURCE RECOVERY REVENUE BONDS SERIES B DUE MARCH 1
1997 STATE STREET BANK AND TRUST CO BOSTON IS TRUSTEE

NORTH BERGEN HOUSING DEVELOPMENT CORP WILL REDEEM ON MARCH 1 1993 5000
PRINCIPAL AMOUNT OF ITS 13 1/2 MORTGAGE REVENUE BONDS SERIES 1983 DUE
SEPT 1 2003 UNITED JERSEY BANK HACKENSACK NJ IS TRUSTEE

PARAMOUNT REDEVELOPMENT AGENCY WILL REDEEM ON MARCH 1 1993 645000
PRINCIPAL AMOUNT OF ITS REDEVELOPMENT PROJECT NO 1 TAX ALLOCATION BONDS
SERIES 1977 DUE MARCH 1 2002 BANK OF AMERICA LOS ANGELES IS FISCAL
AGENT

PARSIPPANYTROY HILLS WILL REDEEM ON MARCH 1 1993 THE FOLLOWING SEWER AND
GENERAL IMPROVEMENT BONDS 9 DUE MARCH 1 19952001 AND 91 DUE MARCH 1
20022008 NEW JERSEY NATIONAL BANK IS ESCROW AGENT

ROSALINDAMESBURY HOUSING ASSISTANCE CORP WILL REDEEM ON MARCH 1 1993
ITS MORTGAGE REVENUE BONDS SERIES 1982 DUE MARCH 1 AND SEPT 1 19932005
SOCIETY NATIONAL BANK CLEVELAND IS TRUSTEE

SEDALIA MO WILL REDEEM ON MARCH 1 1993 ITS 1025 HOSPITAL REVENUE
BONDS SERIES 1983 DUE MARCH 1 2003 MERCANTILE BANK OF ST LOUIS IS
ESCROW AGENT

ST LOUIS COUNTY MO CHRISTIAN HOSPITAL NORTHWEST WILL REDEEM ON MARCH 1
1993 1095000 PRINCIPAL AMOUNT OF ITS 6375 FIRST MORTGAGE HOSPIAL
BONDS SERIES 1973 DUE MARCH 1 2003 BANK OF TOKYO TRUST CO NEW YORK IS
TRUSTEE

TAHOETRUCKEE SANITATION AGENCY WILL REDEEM ON MARCH 1 1993 575000
PRINCIPAL AMOUNT OF ITS 75 SEWER BONDS SERIES 1973 DUE MARCH 1
19982000 BANK OF AMERICA LOS ANGELES IS PAYING AGENT

VIRGIN ISLANDS WILL REDEEM ON MARCH 1 1993 850000 PRINCIPAL AMOUNT OF
ITS GENERAL OBLIGATION MATCHING FUNDS BONDS SERIES 1979 DUE MARCH 1 1998
CORESTATES BANK PHILADELPHIA IS PAYING AGENT

WESTFIELD MASS WILL REDEEM ON FEB 1 1993 ITS FLOATING RATE MONTHLY
DEMAND INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES 1981 STATE STREET BANK
AND TRUST CO IS TRUSTEE

AMERICAN INTERNATIONAL GROUP INC WILL REDEEM ON MARCH 5 1993 ITS
EXCHANGEABLE MONEY MARKET CUMULATIVE PREFERRED STOCK SERIES M2 CHEMICAL
BANK NEW YORK IS PAYING AGENT

HYDROQUEBEC WILL REDEEM ON FEB 25 1993 ITS 8 1/4 DEBENTURES SERIES
CI DUE JAN 1 2004 BANK OF MONTREAL TRUST CO NEW YORK IS PAYING AGENT

INDIANA MICHIGAN POWER CO WILL REDEEM ON MARCH 1 1993 ITS 225
CUMULATIVE PREFERRED STOCK FIRST CHICAGO TRUST CO OF NEW YORK IS
REDEMPTION AGENT

ROCHESTER GAS & ELECTRIC CORP WILL REDEEM ON MARCH 1 1993 120000
OUTSTANDING SHARES OF ITS 825 PREFERRED STOCK SERIES R FIRST NATIONAL
BANK OF BOSTON IS REDEMPTION AGENT 9302020160 930122 ZOE BAIRD THE VIEW
FROM EL BARRIO'  BY CARLOS BALL

THE MOUNTING PRESSURE FOR ATTORNEY GENERALDESIGNATE ZOE BAIRD TO STEP ASIDE
IS A PUZZLE TO THE LATIN AMERICAN COMMUNITY IN THIS COUNTRY TO THOSE
INDIVIDUALS USUALLY REFERRED TO SOMEWHAT DISDAINFULLY AS HISPANICS

IT IS PLAINLY ABSURD THAT SOME LEFTIST GROUPS HAVE TRIED TO PRESENT THE
BAIRDS' PERUVIAN DOMESTIC SERVANTS AS VICTIMS MOST PERUVIANS CENTRAL
AMERICANS AND MEXICANS WHO IMMIGRATED LEGALLY OR ILLEGALLY TO THE US
WERE TRULY VICTIMS BACK HOME OF A MERCANTILIST SYSTEM THAT TRADITIONALLY HAS
AFFORDED LITTLE HOPE AND OPPORTUNITIES TO THE MASSES TO THE LUCKY COUPLE
EMPLOYED BY THE BAIRDS IT MUST HAVE SEEMED HEAVENLY TO HAVE A ROOM OF THEIR
OWN IN A NICE NEW HAVEN NEIGHBORHOOD WITH PLENTY OF FOOD A COLOR TV AND
BOSSES WHO APPRECIATED THE LOVE AND CARE GIVEN TO THEIR BABY AND WERE
WILLING TO HELP WITH THE LABYRINTHINE COMPLICATIONS OF THE ONLY THIRD
WORLDLIKE GOVERNMENT AGENCY IN THIS COUNTRY THE IMMIGRATION AND
NATURALIZATION SERVICE

IF MS BAIRD SURVIVES THE ILLEGAL ALIEN HULLABALOO LET'S HOPE THAT THE NEW
ATTORNEY GENERAL WILL NOT FIND IT NECESSARY TO BE ESPECIALLY TOUGH IN HER
DEALINGS WITH IMMIGRANTS IN ORDER TO MAKE UP FOR HER PAST PECCADILLO

BUT THE BAIRD AFFAIR HAS A MUCH MORE IMPORTANT MESSAGE IT IS A PRIME
EXAMPLE OF SEMANTIC CONFUSION BETWEEN WHAT IS LAW AND WHAT IS MERELY
LEGISLATION THE SMOKING OF MARIJUANA INHALING OR NOT THE PURCHASE OF
CUBAN CIGARS AND THE EMPLOYMENT OF ILLEGAL ALIENS MAY BE SEEN WITH
TREPIDATION AND DISMAY WITHIN THE BELTWAY BUT THEY COULD NEVER BE SERIOUS
GROUNDS FOR THE DISQUALIFICATION OF ANYONE IN THE REAL WORLD

THE NOMOS OF THE ANCIENT GREEKS AND THE ROMAN JUS WERE THE UNIVERSAL RULES
OF HUMAN CONDUCT QUITE A DIFFERENT MATTER FROM WHAT NOWADAYS WE CALL LAW
A SAD DEGRADATION OF THE TERM THE LAW IN THE MODERN SENSE IS WHATEVER THE
REPRESENTATIVES OF THE MAJORITY IN CONGRESS OR IN THE STATE ASSEMBLIES FIND
POLITICALLY EXPEDIENT TO ENACT SO IT IS AGAINST THE LAW TO SMOKE A CUBAN
CIGAR AND A DOUBLE CRIME TO DO SO IN A NONSMOKING AREA OF A RESTAURANT OR
A TRAIN ONE NEEDS THE LONG POLITICAL TRAINING OF A JOE BIDEN TO APPROACH
SUCH SILLINESS WITH POMPOSITY AND A STRAIGHT FACE

SINCE THE LAW IS NO LONGER A UNIVERSAL RULE OF HUMAN CONDUCT BUT RATHER
WHAT THE CASUAL MAJORITY IN POWER SAYS THE MODERN INDIVIDUAL FACES SOME
VERY TOUGH MORAL AND ETHICAL DECISIONS A CRUCIAL ONE RELATED TO THE BAIRD
CASE WHAT IS MORE IMPORTANT THE COMPLIANCE WITH GREEN CARD REGULATIONS
OR THE NATURAL RIGHT OF PEOPLE BLACK BROWN OR WHITE TO WORK AND EARN AN
HONEST WAGE

WE ARE NOT TALKING HERE ABOUT ABSTRACT CONCEPTS OF GOOD AND EVIL WE ARE
TALKING ABOUT PEDRO AND MARIA TWO HUMAN BEINGS ON MY FRONT DOOR WHO ARE
PLEADING FOR THEIR NATURAL RIGHT TO OFFER THEIR SERVICES FOR PAY IN ORDER
TO FEED THEIR CHILDREN AND THEMSELVES AS PARENTS THE BAIRDS ALSO SHOULD BE
FREE TO CHOOSE WHOMEVER THEY CONSIDER BEST TO CARE FOR THEIR CHILD WITHOUT
GOVERNMENT INTERFERENCE

MOST LIBERAL POLITICIANS IN THIS COUNTRY DISAGREE WITH CONSERVATIVE
POLITICIANS REGARDING OPEN SHOPS AFFIRMATIVE ACTION QUOTAS ETC BUT WHEN
IT COMES TO ILLEGAL ALIENS BOTH SIDES WANT TO APPLY ALL THE AVAILABLE
RESTRICTIONS TO THESE HUMAN BEINGS WHO HAVE THE MISFORTUNE OF NOT BEING ABLE
TO VOTE THE RASCALS OUT OF OFFICE AND WHILE THERE ARE NO NEONAZIS AROUND
HUNTING THESE PEOPLE DOWN BURNING THEIR ABODES AND KILLING THEM THE LAW
OF THE LAND SAYS THEY CANNOT WORK WHICH MEANS THAT THEY SHOULD NOT EAT
YES THE VIEW FROM EL BARRIO IS QUITE DIFFERENT

ILLEGAL LATIN AMERICANS DO NOT COME TO THIS COUNTRY TO GET WELFARE ALTHOUGH
SOME IMMIGRANTS WILL BE CORRUPTED BY THE WELFARE STATE BECOMING WILLING
VICTIMS OF THE SYSTEM THOSE ARE THE SAD RESULTS OF A FLAWED POLICY THE
BRAVE PEOPLE WHO ABANDON EVERYTHING THEY ARE FAMILIAR WITH TO IMPROVE THEIR
FAMILIES' FUTURES DO NOT COME HERE TO LIVE OFF THE WORK OF OTHERS

THE IMMIGRATION AND NATURALIZATION SERVICE HAS FAILED TO CONTROL THE
ENTRANCE OF ILLEGAL ALIENS SO IT PASSED ON THE DIRTY JOB TO AMERICAN
CITIZENS WHO ARE SUPPOSED TO DENY FELLOW HUMAN BEINGS THEIR NATURAL RIGHT
TO WORK IF WE ARE LOOKING FOR VICTIMIZERS THE INS IS A GOOD PLACE TO
START

MR BALL A VENEZUELAN JOURNALIST AND FORMER EDITOR IN CHIEF OF A CARACAS
NEWSPAPER IS PRESIDENT OF AIPE A SYNDICATION SERVICE FOR SPANISHLANGUAGE
NEWSPAPERS SEE RELATED LETTERS LETTERS TO THE EDITOR THE NANNY BOMB 
WSJ FEB 2 1993 9301220139 9302020150 930121 THE FUTURE OF POLITICS 
 ROOSEVELT REDUX FOR DEMOCRATS  BY SEYMOUR MARTIN LIPSET

AS PRESIDENT CLINTON TAKES OFFICE THE DEMOCRATIC COALITION THAT ELECTED HIM
IS BEGINNING TO SPLINTER LAST WEEK'S ATTACK BY HIS PARTY'S LEFT WING ON
ATTORNEY GENERALDESIGNATE ZOE BAIRD IS JUST ONE SIGN OF THE GROWING
DISCORD MR CLINTON WON THE PRESIDENCY BECAUSE HE WAS ABLE TO RESTORE THE
DEMOCRATIC PARTY TO ITS HISTORIC INCLUSIVENESS AND AN EARLY TEST OF HIS
PRESIDENCY WILL BE WHETHER HE CAN CONTINUE TO HOLD HIS PARTY TOGETHER FOR
HIS CAMPAIGN MODEL HE TOOK FRANKLIN ROOSEVELT WHO REFORMED THE DEMOCRATIC
PARTY INTO A BROAD COALITION THAT RANGED FROM LEFT TO MODERATE RIGHT FOR
HIS MODEL OF GOVERNANCE HE SHOULD ALSO TURN TO ROOSEVELT

HOLDING OFFICE IN MUCH MORE TROUBLED TIMES THAN MR CLINTON FACES ROOSEVELT
SPENT MUCH OF HIS ENERGY ASSEMBLING AND MAINTAINING SUPPORT BEHIND SPECIFIC
PROGRAMS THE DEPRESSION SPAWNED THOUSANDS OF PROTEST MEETINGS AND
ORGANIZATIONS THE RECORD INDICATES THAT ROOSEVELT DEVOTED ENORMOUS AMOUNTS
OF TIME TO CONTACTING PEOPLE INVOLVED IN THESE ACTIVITIES HE WAS ON THE
PHONE TO THE CHAIRMEN OF MEETINGS OF THE UNEMPLOYED IN OSHKOSH OR
SACRAMENTO HE DEALT WITH BUSINESS LEADERS FARM LEADERS UNION LEADERS HE
MOBILIZED THE PUBLIC THROUGH HIS FIRESIDE CHATS HE WORKED THE PRESS AND HE
SPENT CONSIDERABLE TIME DEALING WITH CONGRESS

ALTHOUGH HE HAD A MAJORITY IN CONGRESS IT WAS LIKE TODAY FAR FROM UNITED
RANGING FROM A LARGE GROUP OF LEFTWING MEMBERS TO NONIDEOLOGICAL MACHINE
POLITICIANS ORGANIZED AROUND CONSERVATIVE CATHOLICS OR RIGHTWING
SOUTHERNERS TO WIN SUPPORT FOR HIS LEGISLATIVE PROPOSALS ROOSEVELT HAD TO
SHOW ALL OF THEM THAT THE GENERAL PUBLIC OR SPECIFIC INTEREST GROUPS THAT
MATTERED TO THEIR CONSTITUENCIES SUPPORTED HIS LEGISLATION

TO DO THIS ROOSEVELT TURNED THE WHITE HOUSE INTO A REVOLVING TURNSTILE MANY
OF THOSE HE TALKED TO HAVE LEFT MEMORANDUMS REPORTING ON THEIR CONVERSATIONS
WITH THE PRESIDENT THESE MEMORANDUMS SUGGEST A GREAT DEAL OF SIMILARITY IN
THE WAY HE TREATED THOSE WHO PASSED THROUGH THE TURNSTILE THEY WOULD ENTER
THE OVAL OFFICE AND BE GREETED WITH SOME FAMILIARITY AND FLATTERY THE
PRESIDENT WOULD SAY THAT HE UNDERSTOOD THEY HAD SOME INTERESTING IDEA OR
PROGRAM THE GUEST WOULD THEN TELL THE PRESIDENT WHAT HE HAD ON HIS MIND
WHAT HE WANTED DONE IF THE CONVERSATION SO LENT ITSELF ROOSEVELT WOULD
PRACTICALLY JUMP OUT OF HIS CHAIR THAT IS HE WOULD HAVE IF HE COULD
HAVE HE WOULD SAY IN EFFECT WHAT'S WRONG WITH MY STAFF WHY DO THEY KEEP
THESE THINGS FROM ME THIS IS IT WE HAVE TO DO IT

BUT THEN CAME THE CAVEAT UNFORTUNATELY WE CAN'T DO THIS RIGHT AWAY HE
WOULD SAY BECAUSE IT WOULD ANTAGONIZE CERTAIN BLOCS IN THE CONGRESS I HAVE
TO GET THE BACKING OF SOME OF THESE RIGHTWING RACISTS OR LEFTWINGERS TO
GET A BILL PASSED THAT YOU AND I BOTH WANT

THUS HE WOULD TELL BLACK LEADERS THAT HE NEEDED THE SUPPORT OF THE WHITE
SOUTHERNERS TO EXTEND WORK RELIEF FUND THE WPA OR ENACT SOME OTHER MEASURE
THAT WAS IN THE INTERESTS OF THE BLACK POPULATION AFTER WE GET THEIR
LEGISLATION PASSED HE'D SAY THEN WE CAN TURN TO YOURS THIS WOULD OFTEN
MEAN A DELAY OF A YEAR TWO YEARS OR PERHAPS UNTIL AFTER THE NEXT ELECTION
WHEN WE CAN GET AN ENDORSEMENT FROM THE ELECTORATE AND DON'T HAVE TO WORRY
ANYMORE ABOUT THESE OTHER GROUPS IN OTHER WORDS THE PRESIDENT TOLD
DISPARATE GROUPS WHAT THEY WANTED TO HEAR

HE WAS REPORTED TO HAVE TOLD LEFTWINGERS THAT HE UNDERSTOOD THAT THE
DEMOCRATIC PARTY COULDN'T BE A VEHICLE FOR MAJOR REFORM THAT HE AGREED WITH
THEM ON THE NEED FOR A NEW THIRD PARTY AND THAT HE MIGHT EVEN RUN AS THE
CANDIDATE OF THAT NEW PARTY IN 1940 ON THE OTHER HAND HE WROTE TO A FRIEND
AFTER THE ELECTION OF 1938 IN WHICH MANY DEMOCRATS AND THIRDPARTY
LEGISLATORS FROM WISCONSIN AND MINNESOTA WERE DEFEATED ALONG WITH CANDIDATES
FROM LEFTWING FACTIONS ON THE WEST COAST THAT THE ELECTION RESULTS WERE
UNFORTUNATE BUT AT LEAST ONE GOOD THING HAD HAPPENED THE PARTY WAS RID OF
THOSE RADICAL ELEMENTS FROM THE MIDWEST AND FAR WEST

ROOSEVELT WAS FACED WITH COMPLEX PROBLEMS FOR WHICH THERE WERE NO
AGREEDUPON ANSWERS HE INTEGRATED INTO HIS COOPTIVE STYLE OF POLITICKING
AND POLICY MAKING A TRIALANDERROR PURSUIT OF ANSWERS BASICALLY HE
ASSIGNED THE FORMATION OF POLICY TO ASSISTANTS AND TO GROUPS IN DIFFERENT
CABINET DEPARTMENTS WITH DIVERSE AND OFTEN CONFLICTING APPROACHES

RECOGNIZING THAT DIFFERENT VALUES AND INTERESTS PRODUCED A VARIETY OF
SOLUTIONS HE WOULD ASSIGN THE SAME PROBLEM TO PEOPLE OR AGENCIES WITH
VARYING BIASES KNOWING THAT THEY WOULD DISAGREE AND SUBMIT ALTERNATIVE
POLICIES TO HIM HE ALSO BROUGHT INTO THE DISCUSSION INDIVIDUALS OR GROUPS
OUTSIDE THE WHITE HOUSE WHO REPRESENTED DISTINCTIVE POINTS OF VIEW OR
ELEMENTS WITHIN THE PARTY BY SO DOING HE GAVE EACH ELEMENT THE SENSE THAT
IT WAS INVOLVED AT THE SAME TIME SUCH PROCEDURES GAVE HIM THE OPPORTUNITY
TO CHOOSE BETWEEN ALTERNATIVE PROPOSALS

THE ROOSEVELT APPROACH IS THE WAY TO RUN THE PRESIDENCY SOME SUCH AS JIMMY
CARTER NEVER UNDERSTOOD THIS RONALD REAGAN DID AS HE NOTED WHEN HE SAID
REPEATEDLY THAT HE MODELED HIMSELF ON ROOSEVELT AND BILL CLINTON APPEARS TO
UNDERSTAND AS WELL UNLIKE MR CARTER WHO LET HIMSELF BE TAKEN OVER BY THE
LIBERAL WING OF HIS PARTY AND WHO FOR THE MOST PART IGNORED THE MODERATES
MR CLINTON IS TRYING TO KEEP IN TOUCH WITH TO COOPERATE WITH ALL PARTS OF
THE PARTY HE HAS APPOINTED PEOPLE FROM DIFFERENT SEGMENTS TO ADMINISTRATIVE
AND POLICY POSITIONS

WHILE HIS SYMPATHIES AND INCLINATIONS REMAIN ON THE MODERATE SIDE HE KNOWS
HE HAS TO BE IN THE CENTER TO BE REELECTED MR CLINTON LIKE ROOSEVELT
WILL LET EVERY FACTION HAVE ITS SAY WITH HIM HE WILL CONTINUE THE STYLE BY
WHICH HE HAS RAN HIS PRESIDENTIAL CAMPAIGN HE BASICALLY LAID OUT THIS
CENTRIST INCLUSIONIST STRATEGY IN HIS UNNOTICED TALK TO THE 1984 DEMOCRATIC
CONVENTION WHICH WAS DELIBERATELY CRITICAL OF THE MONDALE LIBERAL
ORTHODOXY AND HE HAS FOLLOWED IT EVER SINCE FORTUITOUSLY HE LIKE
ROOSEVELT HAS BEEN AIDED BY HAVING A POLITICALLY KNOWLEDGEABLE AND ACTIVIST
WIFE WHO IS HIS DOOR TO THE LEFT ELEANOR AND HILLARY HAVE MUCH IN COMMON

IT IS NOTEWORTHY THAT A FAILED DEMOCRATIC PRESIDENT JIMMY CARTER OPERATED
DIFFERENTLY UNLIKE ROOSEVELT WHO WELCOMED CONFLICT AND TENSION WITHIN HIS
ADMINISTRATION AND WHO GAVE THE DISPARATE SEGMENTS OF HIS COALITION THE
SENSE THAT THEIR REPRESENTATIVES WERE PART OF THE ADMINISTRATION JIMMY
CARTER SAW HARMONY AS VIRTUE WHEN ASKED BY THE NEW YORK TIMES AFTER HIS
FIRST YEAR IN OFFICE WHAT WAS HIS GREATEST SINGLE SATISFACTION WITH THE
JOB SO FAR HE REPLIED THAT IT WAS CREATING A HARMONIOUS AND HIGHLY
EFFICIENT TEAM

THE WAY IN WHICH MR CARTER'S MOST IMPORTANT DOMESTIC PROGRAM HIS ENERGY
PACKAGE WAS PUT TOGETHER REVEALED HIS PREOCCUPATION WITH EXPERTISE AND
HARMONY ACCORDING TO THE TIMES THE PLAN WAS CONCEIVED IN SECRECY BY
TECHNICIANS AND REFLECTED A DETACHED ALMOST APOLITICAL ATTITUDE THE
CHAIRMAN OF THE PLANNING GROUP JAMES SCHLESINGER WAS INSTRUCTED NOT TO
TALK TO ANY INTEREST OR POLITICAL GROUP CONCERNED WITH THE MATTER IT IS
HARDLY SURPRISING THEREFORE THAT THOSE WHO DISAGREED WITH MR CARTER'S
ENERGY PLAN FELT COMPELLED TO WAGE BITTER CAMPAIGNS AGAINST IT IN CONGRESS

DOES THIS MEAN THAT A CLINTON PRESIDENCY MAY BE PARALYZED TORN BETWEEN
DIFFERENT POINTS OF VIEW NO I DOUBT THAT THE ROOSEVELT MODEL IMPLIES AN
ACTIVIST THOUGH NOT AN IDEOLOGICAL ADMINISTRATION AGAIN UNLIKE MR
CARTER WHO IMMEDIATELY SENT 15 PROPOSALS TO THE HILL WITHOUT DISTINGUISHING
PRIORITIES AMONG THEM MR CLINTON LIKE ROOSEVELT IS OPERATING WITH AN
AGENDA OF IMPORTANT ITEMS THAT WILL GO UP ONE AT A TIME HE IS PREPARING THE
WAY FOR GETTING THEM ENACTED BY REACHING OUT TO DIVERSE GROUPS BY DEALING
WITH CONGRESS IN AN INDIVIDUAL PERSONAL WAY AND BY SPEAKING OUT TO THE
PUBLIC

FOLLOWING ROOSEVELT MR CLINTON WILL MAKE EXTENSIVE USE OF HIS ASSISTANTS
AND DEPARTMENTS THEY WILL PREPARE PROPOSALS FOR ACTION THE PRESIDENT WILL
MAKE THE ULTIMATE CHOICE BUT HE WILL GIVE EACH GROUP THE IMPRESSION THAT
THEY HAVE BEEN CLOSELY AND DEEPLY CONSULTED AND THAT IF THEY HAVE LOST OUT
ON ONE DECISION THERE IS A GOOD CHANCE THEY WILL WIN ON THE NEXT

MR CLINTON LIKE ROOSEVELT AND MR REAGAN WILL POLITICK WILL WORK THE
HILL MR CARTER DID NOT HE SENT ASSISTANTS TO THE CONGRESS THE AMERICAN
PRESIDENCY WHICH IS FAR FROM BEING IMPERIAL REQUIRES A HEAD WHOSE TIME IS
LARGELY DEVOTED TO POLITICS NOT TO ADMINISTRATION FRANKLIN ROOSEVELT AND
RONALD REAGAN UNDERSTOOD THIS JIMMY CARTER AND GEORGE BUSH DID NOT

MR LIPSET AFFILIATED WITH BOTH THE PROGRESSIVE POLICY INSTITUTE AND
STANFORD'S HOOVER INSTITUTION TEACHES AT GEORGE MASON UNIVERSITY'S
INSTITUTE OF PUBLIC POLICY SEE RELATED LETTERS LETTERS TO THE EDITOR
THE NANNY BOMB  WSJ FEB 2 1993 9301210067 9302020143 930125 REVIEW
& OUTLOOK EDITORIAL THE CLINTON WHIRLPOOL

BILL CLINTON CERTAINLY GOT A QUICK INITIATION INTO A HALLOWED RITE OF MODERN
WASHINGTON EVEN BEFORE GETTING ON THE JOB ONE OF HIS MAJOR APPOINTEES WAS
DESTROYED WELCOME TO THE WHIRLPOOLS OF WASHINGTON

IN FACT THE ZOE BAIRD AFFAIR WAS DRAGGED INTO A WHIRLPOOL OF SO MANY STRONG
AND COMPLEX FORCES THAT THE POLITICIANS ARE GOING TO BE AWHILE SORTING
THROUGH THE DEBRIS WE CAN'T HELP BUT NOTICE THAT ONE OF THE LIFEBOATS IS
MANNED BY JUST ONE PERSON BILL CLINTON HE MAY HAVE SURVIVED THIS BUT HE
ISN'T LOOKING TOO GOOD

THE CLINTON PEOPLE ARE PUTTING FORTH AN ARGUMENT ABOUT NOT WANTING TO WASTE
POLITICAL CAPITAL ON A BRUISING AND PROBABLY LOSING CONFIRMATION FIGHT
POSSIBLY SO BUT THERE'S ANOTHER WAY TO LOOK AT IT HE CUT AND RAN THE ZOE
BAIRD NOMINATION HAS SUNK NO DOUBT HE AVOIDED A BIG FIGHT BUT THE SIGNAL
TO THE BELTWAY COALITION THAT DIDN'T WANT MS BAIRD FROM THE START IS LIKELY
TO PROVE DEVASTATING TO HIS ADMINISTRATION WHAT WILL HE FIGHT FOR

ZOE BAIRD WAS HIS CHOICE BUT HER DEFEAT IS CLEARLY A VICTORY AND DELIGHT
FOR HIS PARTY'S LEFT WING THE DESTRUCTIVE FORCE OF THE STORY'S ORIGINAL
LEAK CONFIRMED THEIR POLITICAL STRENGTH AND THE ZOE BACKLASH AFFIRMS THEIR
WORLDVIEW PUBLICLY PAIDFOR DAY CARE FOR ALL NOT NANNIES FOR THE WEALTHY
FEW WITHIN HOURS OF MS BAIRD'S WITHDRAWAL PATRICIA IRELAND OF NOW
THREATENED WE DESERVE A SHARE OF THE POWER ON THE EVIDENCE YOU'D HAVE
TO WAGER THAT SHE'LL GET IT

OH YES THERE'S ANOTHER LIFEBOAT WITH A SURVIVOR IT'S CARRYING RON BROWN
NOW WILL SOMEONE RUN PAST US HOW A PRIMETIME WASHINGTON WHEELERDEALER
LIKE RON BROWN SLIDES THROUGH WHILE ZOE GETS BEATEN MAYBE IT WAS BECAUSE
MR BROWN APPEARED BEFORE A COMMITTEE OF HIS PEERS MAYBE IT WAS BECAUSE ZOE
AND THE NANNY WERE SOMETHING MOST PEOPLE COULD UNDERSTAND WHILE RON BROWN'S
MURKY WORLD IS SOMETHING UNDERSTOOD ONLY BY HIS CAMPAIGN DONORS AND THE
PATTON BOGGS CLIENT LIST

SOME ARE DESCRIBING THESE EVENTS AS BUSINESS AS USUAL BUT IT SEEMS AS IF
SOMETHING EVEN MORE NOXIOUS HAS OCCURRED HERE THE PAST FEW WEEKS AND THE
PUBLIC KNOWS IT GIVEN A WRONG THEY FELT THEY COULD RECOGNIZE THOUSANDS OF
ANGRY AMERICAN WOMEN PICKED UP THEIR PHONES AND HURLED HEAVY STONES OF ANGER
AND RESENTMENT AT MS BAIRD THE 500000AYEAR CORPORATE ATTORNEY WHO HAD
PERUVIAN HOUSEHOLD HELP WE SUSPECT THAT ZOE BAIRD AND MANY OTHER
PROFESSIONAL WORKING WOMEN ARE MORE THAN A LITTLE DISORIENTED BY THE ANGER
THAT THE NANNY FLAP GENERATED BUT THIS TOO IS A REFLECTION OF THE TONE OF
OUR POLITICS

THE UNITED STATES HAS BECOME A SOCIETY RIVEN WITH CLASS RESENTMENTS SOME OF
THOSE RESENTMENTS HAVE ALWAYS EXISTED BUT IN RECENT YEARS THEY'VE BEEN
SEIZED UPON AS A POLITICAL WEAPON FOR THE PAST FIVE YEARS OR SO THE
AMERICAN PEOPLE HAVE BEEN BOMBARDED WITH NEWS ARTICLES AND POLEMICS
ASSERTING THAT ONE CLASS OR ANOTHER PRIMARILY AS A RESULT OF THE REAGAN
PRESIDENCY HAS BENEFITED UNFAIRLY AT THE EXPENSE OF THE OTHERS ON BECOMING
SENATE MAJORITY LEADER GEORGE MITCHELL POPULARIZED THE FAIRNESS ISSUE
WHICH BECAME THE DEMOCRATS' CORE POLITICAL ARGUMENT BILL CLINTON STUCK THIS
ARGUMENT AT THE CENTER OF HIS CAMPAIGN

SO WE HAVE ARRIVED AT A POINT WHERE AN UNDERCURRENT OF INTENSE ANIMOSITY NOW
BUBBLES PERMANENTLY BEOW THE SURFACE OF AMERICAN LIFE PEOPLE SEEM ABLE TO
FIND A LOT OF REASONS TO SPRING AT EACH OTHER'S THROATS AT IMMIGRANTS AT
THE RICH AT UNFAIR TRADING PARTNERS AT DIVERSITY QUOTAS AND ON AND ON

WHAT GOES AROUND COMES AROUND WITH THE ADMINISTRATION'S ROUND OF
APPOINTMENTS IT'S SEEN THAT MANY OF THE CLINTONITES BENEFITED IMMENSELY
FROM THE '80S WHICH THEY SO ARDENTLY DENOUNCED AND NOW THE PRESIDENT'S
AROUSED MIDDLE CLASS HAS RISEN UP TO SMITE THE FIRST MEMBER OF HIS
UPPERMIDDLECLASS ADMINISTRATION

ZOE BAIRD AND MANY OTHER WOMEN LIKE HER HAVE BEEN LABORING THROUGH THIS
PERIOD UNDER THE ILLUSION THAT THEY WERE PART OF THE DEMOCRATIC COALITION
WE LEARNED LAST WEEK THOUGH THAT THESE WORKING WELLOFF WOMEN WHO SPEND
SOME OF THEIR INCOME ON NANNIES ACTUALLY LIE OUTSIDE THE MITCHELL POLITICAL
MODEL IT APPEARS THAT THE LOWERMIDDLECLASS WOMEN WHO'VE BEEN
PROPAGANDIZED THAT THE '80S WERE UNFAIR TO THEM DON'T ADMIRE THEIR MORE
SUCCESSFUL COLLEAGUES VERY MUCH OR AT BEST DON'T ABIDE THEIR NOTIONS OF
PARENTING

TO BE SURE ALL THE FOLKS WHO PUT UP WITH THE COMPLEX IRS FORMS ON HOUSEHOLD
HELP ARE FULLY ENTITLED TO BE ENRAGED AFTER ALL THIS IS THE TOP LAW
ENFORCEMENT JOB BUT THE REST OF THE NATION IS ALSO MORE THAN ENTITLED TO BE
OUTRAGED AT THE MORALITY OF WASHINGTON OR THE ABSENCE OF MORALITY AND THE
NATION MAY HAVE TO MAKE SOME EFFORT TO DECIDE WHAT IS MORE WORTH BEING
ENRAGED OVER SIMPSONMAZZOLI VIOLATIONS OR WHAT RON BROWN REPRESENTS

THIS IS THE CONFUSED POLITICAL CULTURE OVER WHICH BILL CLINTON PRESIDES AND
TO SOME EXTENT HAS HELPED FOMENT WE WORRY THAT UNLESS HE GAINS CONTROL ITS
FORCES MAY EVENTUALLY MOVE TO ENGULF HIM TOO SEE RELATED LETTER LETTERS
TO THE EDITOR THE NANNY BOMB WSJ FEB 2 1993 9301250068 9302020075
930118 REVIEW & OUTLOOK EDITORIAL ZOE'S LESSON AND BILL'S

IT APPEARS THAT ZOE BAIRD WILL BE CONFIRMED AS ATTORNEY GENERAL DESPITE THE
CRIME OF HIRING A PAIR OF BROWNSKINNED FOREIGNERS TO CARE FOR HER SON
ORRIN HATCH AND THE SENATE REPUBLICANS ARE SPARING HER THE KIND OF MUGGING
DEMOCRATS INFLICTED ON ROBERT BORK CLARENCE THOMAS AND OTHER REAGANBUSH
NOMINEES

THIS OUTCOME IS CONSUMMATELY TO BE DESIRED AND IS IN PARTICULAR AN ENORMOUS
BOON TO BILL CLINTON THE ISSUE HERE FAR TRANSCENDED IMMIGRATION LAW BUT
INVOLVED WHO IS GOING TO RUN HIS ADMINISTRATION FOR MS BAIRD'S FOES WERE
NOT REPUBLICANS BUT THE SAME WING OF MR CLINTON'S OWN PARTY THAT DID IN
MR BORK AND SO BRUTALLY PUNISHED JUSTICE THOMAS

RECALL THAT THE DAY BEFORE MR CLINTON CHOSE MS BAIRD ARNOLD & PORTER
PARTNER BROOKSLEY BORN WAS ADVERTISING ALL OVER WASHINGTON THAT SHE HAD THE
JOB MS BORN IS A HERO AMONG LIBERALS FOR HER WORK DURING THE 1980S IN
TURNING THE AMERICAN BAR ASSOCIATION INTO A CLUB TO BEAT UP CONSERVATIVE
JUDICIAL NOMINEES THEN MR CLINTON SURPRISED EVERYONE BY CHOOSING MS
BAIRD NOW A CORPORATE LAWYER SHE HAD BEEN IN THE CARTER ADMINISTRATION A
PROTEGE OF LLOYD CUTLER AND A CLINTON ACQUAINTANCE FROM RENAISSANCE WEEKEND
SHE IS SURELY NOT A CONSERVATIVE APPARENTLY HAVING DONE SOME BORKBASHING
HERSELF BUT SHE SEEMED THE KIND OF REALWORLD DEMOCRAT THE VOTERS THOUGHT
THEY HAD ELECTED

SLOWLY WORD LEAKED THAT SHE HAD LIVED TOO LONG IN THE REAL WORLD EVEN TO
THE POINT OF ENDORSING DAN QUAYLE'S LEGAL REFORMS AND OTHER POLITICALLY
INCORRECT THINGS THEN LO LAST WEDNESDAY DAVID JOHNSTON OF THE NEW YORK
TIMES TURNED UP ON PAGE A16 WITH A PIECE SAYING THAT CONSUMER ADVOCATES
SOME TRIAL LAWYERS AND OTHER CLINTON BACKERS THOUGHT SHE HAS LINED UP ON
THE WRONG SIDE OF CIVIL JUSTICE ISSUES AFFECTING HER EMPLOYERS THE DAY
AFTER THIS LEAKTOME AD MR JOHNSTON WAS SPLASHED ACROSS THE TIMES'S FRONT
PAGE WITH HIS SCOOP ON THE DANGEROUS PERUVIAN DOMESTICS IN CASE ANYONE
THOUGHT THE ISSUE MIGHT SLIDE THE TIMES THEN CHIMED IN WITH A NUANCED
EDITORIAL NEEDED ANSWERS FROM MS BAIRD BY SATURDAY THE WASHINGTON
POST WAS RUNNING STORIES ABOUT HER DIMINISHED GLOW

AND OF COURSE THE OUTSPOKEN CRITICS WERE ETHICIST FRIENDS OF THE TRIAL
LAWYERS CHIEF CHEERLEADER RALPH NADER DESCRIBES THE PERUVIAN HIRES AS
PREMEDITATED ILLEGAL ACTIVITY AND A TOTAL DISQUALIFIER BUT THEN EVEN
BEFORE THE GREEN CARD HASSLE HE'D OBJECTED THAT MS BAIRD'S SELECTION MEANT
THAT THE RIGHT OF INJURED PEOPLE TO A TRIAL BY JURY IS IN QUESTION
TOMMY BOGGS AND OTHER TRIALLAWYER NADER ALLIES KNOW THEY CAN ALWAYS COUNT
ON ST RALPH ELLEN MILLER ANOTHER BELTWAY PURITAN FROM THE CENTER FOR
RESPONSIVE POLITICS SAYS THIS IS A CRIME OF THE RICH APPARENTLY NOT
WORRYING ABOUT THE PERUVIANS' LIVELIHOOD

WHAT BASICALLY HAD BEEN GOING ON HERE IS AN ATTEMPT BY THE DEMOCRATIC LEFT
TO ROLL MR CLINTON IT THOUGHT IT WAS GETTING ONE OF ITS OWN WHEN IT MORE
OR LESS ORDERED HIM TO NAME A WOMAN AS ATTORNEY GENERAL BUT INSTEAD HE WENT
OUTSIDE THE BELTWAY IF THE LEFT CAN KILL NOMINEES OF REPUBLICAN PRESIDENTS
SURELY IT CAN AT LEAST EXTRACT A PRICE FROM A DEMOCRATIC PRESIDENT THAT
PRICE MIGHT BE SOME SUBCABINET NOMINEES A ZOE BAIRD WOULDN'T CHOOSE HERSELF
FOR EXAMPLE AND INTIMIDATING POSTURE OVER JUDICIAL APPOINTMENTS AND TORT
REFORM SO THE LEFT IS TROTTING OUT ITS TESTED TACTIC FIND SOMETHING 
ANYTHING SMACKING OF SCANDAL AND RAISE CRIES OF RIGHTEOUS INDIGNATION

WHAT WAS FOUND WAS A VIOLATION OF THE IMMIGRATION LAWS ON DOMESTIC HELP AN
AREA OF LAW SO COMPLICATED SO UNREALISTIC AND SO MORALLY AMBIGUOUS THAT IN
THE NORMAL COURSE OF BUSINESS THE GOVERNMENT DOESN'T DARE TO ENFORCE IT THE
IRS AND IMMIGRATION SERVICE POUR IMPOSSIBLE PAPERWORK ON MILLIONS OF
MIDDLECLASS PARENTS WHO TRY TO COMPLY AND MILLIONS OF OTHERS AVOID THIS
BURDEN BY COMMITTING MS BAIRD'S OFFENSE IF IDENTIFIED THEY ARE PRESSED FOR
BACK TAXES BUT NEVER PROSECUTED MS BAIRD HAS NOW NOT ONLY PAID UP THE
TAXES TO THE IRS BUT ALSO A FINE TO THE IMMIGRATION SERVICE

OF COURSE SOMEONE CAN PROTEST BUT IT'S THE LAW IF THIS KIND OF OFFENSE
BARS AN OTHERWISE QUALIFIED NOMINEE SPEEDING TICKETS AND PARKING VIOLATIONS
CANNOT BE FAR BEHIND AND IF IT DOES DEFEAT HER WE'D LIKE TO KNOW THE
IMMIGRATION STATUS OF ALL HOUSEHOLD HELP EMPLOYED BY THE MEMBERS OF THE
SENATE COMMITTEE ITS STAFF THE EDITORIAL BOARDS OF THE TIMES AND POST AND
MR NADER AND HIS PLAINTIFFLAWYER BUDDIES

WE AGREE WITH SENATOR HATCH THAT PAYMENT OF THE FINE OUGHT TO BE THE FINAL
STEP IN PUTTING THE MATTER TO REST INDEED IN AN ERA OF OVERWROUGHT
PROSECUTIONS WE TEND TO LOOK ON MS BAIRD'S BRUSH WITH THE LAW AS A
CONSCIOUSNESSRAISING QUALIFICATION FOR THE POST WE HOPE SHE KEEPS IT IN
MIND WHILE DELIBERATING WHETHER TO SUPPORT RENEWING THE SPECIAL PROSECUTOR
LAW

YET SOME REPUBLICANS AS NEWT GINGRICH'S COMMENTS SHOW ARE TEMPTED TO JOIN
THE CIRCUS IN A TITFORTAT MANNER NINA TOTENBERG OF NATIONAL PUBLIC RADIO
MAY YET WEIGH IN WITH OTHER CHARGES IT'S RUMORED THAT SENATOR HOWARD
METZENBAUM WILL CARRY THE BALL FOR THE CRITICS WE HOPE HE PAUSES TO TELL US
ABOUT RETURNING HIS FINDER'S FEE FOR THE HAYADAMS HOTEL

IF A BATTLE YET ERUPTS WE HOPE THAT MR CLINTON GOES TO BAT FOR HIS
NOMINEE IT SEEMS TO US HE HAS ALREADY GIVEN TOO MUCH TO THE DEMOCRATIC
FACTIONS HE RAN AWAY FROM WITH SUCH ALACRITY DURING THE CAMPAIGN AND WE
HOPE THAT WHEN ATTORNEY GENERAL BAIRD CONSIDERS JUDICIAL APPOINTMENTS AND
ISSUES SUCH AS TORT REFORM SHE REMEMBERS WHO TURNED OUT TO BE HER FRIENDS
AND HER ENEMIES SEE RELATED LETTERS LETTERS TO THE EDITOR THE NANNY
BOMB WSJ FEB 2 1993 9301180090 9302020026 930115 PARENT TRAP 
HIRING OF ILLEGAL NANNY BY ZOE BAIRD POINTS TO BOOMER BLIND SPOT  
MUST ONE GIVE UP GOOD HELP OVER A QUESTION OF TAXES THAT DEPENDS MANY
SAY  THIS IS A CRIME OF THE RICH'  BY CATHY TROST AND JOE
DAVIDSON STAFF REPORTERS OF THE WALL STREET JOURNAL

WASHINGTON IT IS A DILEMMA FACED BY THOUSANDS OF BABYBOOM PARENTS DO
YOU HIRE A NANNY WHO SEEMS LOVING AND RELIABLE BUT WHO IS AN ILLEGAL
IMMIGRANT MORE IMPORTANT IF YOU DO DO YOU PAY SOCIAL SECURITY TAXES ON
HER WAGES

LIKE MANY OTHERS ZOE BAIRD CHOSE TO HIRE THE ILLEGALS AND NOT TO PAY
THEIR SOCIAL SECURITY TAXES DURING THEIR TIME OF EMPLOYMENT BUT HER 1990
DECISION TO EMPLOY TWO PERUVIANS WHO WERE LIVING ILLEGALLY IN THE US NOW
COULD POSE PROBLEMS FOR HER CONFIRMATION AS THE CLINTON ADMINISTRATION'S
ATTORNEY GENERAL MS BAIRD HIRED THE COUPLE TO BE HER DRIVER AND THE NANNY
FOR HER SON WHEN SHE WENT TO WORK FOR AETNA LIFE & CASUALTY CO IN HARTFORD
CONN

TO THOUSANDS OF WORKING FAMILIES STRUGGLING TO FIND DECENT CHILD CARE IN A
COUNTRY LACKING ENOUGH TO GO AROUND MS BAIRD'S CRIME APPEARS TO RANK WITH
JAYWALKING MANY FAMILIES HIRE MAIDS NANNIES NURSES AND OTHER ILLEGAL
HOUSEHOLD EMPLOYEES AND DON'T PAY THE TAXES SOME GET CAUGHT BY THE INTERNAL
REVENUE SERVICE AND FACE THOUSANDS OF DOLLARS IN PENALTIES

THE IRS ESTIMATES THAT ABOUT TWO MILLION FAMILIES EMPLOY DOMESTIC WORKERS
BUT ONLY ONEQUARTER OF THEM FILE THE REQUIRED TAXES IT'S LIKE SMOKING
MARIJUANA SAYS MARY HEVENER A TAX LAWYER WITH LEE TOOMEY & KENT IN
WASHINGTON REFERRING TO SEVERAL POLITICAL APPOINTEES IN THE PAST WHO HAVE
ADMITTED EXPERIMENTING WITH THE ILLEGAL SUBSTANCE IN THEIR YOUTH THIS IS A
VERY VERY COMMON PROBLEM SHE ADDS THERE ARE VERY FEW PEOPLE WHO WOULD
BE ELIGIBLE FOR HIGH PUBLIC OFFICE IF NOT EVER HAVING ILLEGAL IMMIGRANTS
AND NOT PAYING THEIR TAXES WAS THE STANDARD

THE PROBLEM IS THE NATURE OF MS BAIRD'S NEXT JOB SHE IS TO BE THE NATION'S
SENIOR LAW ENFORCER ELLEN MILLER OF THE CENTER FOR RESPONSIVE POLITICS
THINKS THE SYMBOLISM ISN'T GOOD THIS IS THE NATION'S TOP COP SHE POINTS
OUT

ALTHOUGH SOME PARENTS WITH HIGHPOWERED CAREERS EXUDE SYMPATHY OTHERS
AREN'T READY TO SHRUG OFF TRANSGRESSIONS THAT OCCUR IN THE COURSE OF KEEPING
GOOD DOMESTIC HELP THIS IS A CRIME OF THE RICH SAYS MS MILLER NET
WORTH OF 2 MILLION MS BAIRD AND HER HUSBAND SHOW A COMBINED ANNUAL INCOME
OF 660345 FOR 1992 THE COUPLE HAS A NET WORTH OF 23 MILLION

CONSUMER ADVOCATE RALPH NADER POINTS OUT SINCE MAJOR OFFICIALS OF THE
GOVERNMENT HAVE HAD TO RESIGN FOR MUCH MORE MINOR VIOLATIONS IT WOULD SEEM
THAT VIOLATING THE IMMIGRATION LAWS AND THE TAX LAWS BY A LAWYER AND HER
HUSBAND WHO ALSO IS A LAWYER SHOULD BE A DISQUALIFICATION FROM THE OFFICE

EVEN BEFORE THE HIRED HELP ERUPTED AS A PROBLEM WHEN IT WAS REPORTED IN THE
NEW YORK TIMES YESTERDAY MR NADER TOOK EXCEPTION TO MS BAIRD'S HISTORY OF
WORKING FOR OR REPRESENTING BIG COMPANIES LIKE GENERAL ELECTRIC CO AND
AETNA WHICH MR NADER CONSIDERS ANTICONSUMER

DON STEIN EXECUTIVE DIRECTOR OF THE FEDERATION FOR AMERICAN IMMIGRATION
REFORM CALLS THE HIRING OF ILLEGAL IMMIGRANTS AS DOMESTICS AMERICA'S
LITTLE SECRET

IT'S DIFFICULT TO IMAGINE A PERSON COMMITTED TO ENFORCING THE LAW WHO IS
NOT COMMITTED TO IT IN A PERSONAL CAPACITY HE ADDS UP TO THE TIME SHE
WAS TAPPED FOR THE POSITION SHE APPARENTLY WAS KNOWINGLY VIOLATING A LAW
SHE WOULD HAVE TO ENFORCE AS ATTORNEY GENERAL

SENATE JUDICIARY COMMITTEE MEMBERS ARE WITHHOLDING FINAL JUDGMENT ON MS
BAIRD'S NOMINATION

A SPOKESMAN FOR SEN ORRIN HATCH THE RANKING REPUBLICAN ON THE COMMITTEE
SAYS HE WILL VOTE FOR HER CONFIRMATION SHE WAS KIND ENOUGH TO INFORM HIM
OF THIS SITUATION AND HE WAS SATISFIED WITH HER EXPLANATION SAYS PAUL
SMITH AN AIDE TO MR HATCH THE ISSUE WILL HOWEVER SUBJECT HER TO MORE
POINTED QUESTIONING AT HER CONFIRMATION HEARING NEXT TUESDAY

MS BAIRD CURRENTLY GENERAL COUNSEL FOR AETNA EARNING 507000 A YEAR
VOLUNTARILY INFORMED THE COMMITTEE AND THE FEDERAL BUREAU OF INVESTIGATION
THAT SHE AND HER HUSBAND YALE LAW SCHOOL PROF PAUL GERWITZ HIRED THE
ILLEGAL IMMIGRANTS AND THOUGH THEY HADN'T PAID THE COUPLE'S SOCIAL SECURITY
TAXES WHILE THEY WERE EMPLOYED THEY SENT IN A LUMP SUM OF ABOUT 12000 ON
JAN 5 INCLUDING A PENALTY AND INTEREST THE PAYMENT WAS MADE AFTER MS
BAIRD'S NOMINATION THE FAILURE TO PAY THE SOCIAL SECURITY TAXES WAS BASED
ON LEGAL ADVICE MS BAIRD AND HER HUSBAND SAY THEY OBTAINED AT THE TIME
ACCORDING TO TRANSITIONTEAM AND GOVERNMENT OFFICIALS MS BAIRD AND HER
HUSBAND CONSULTED A LAWYER WHO TOLD THEM THEY WOULDN'T BE ABLE TO PAY SUCH
TAXES ON WORKERS WHO HAD NO SOCIAL SECURITY NUMBERS IN A LETTER WRITTEN
LAST WEEK RECOUNTING THE ADVICE GIVEN TO THE COUPLE ATTORNEY THOMAS H
BELOTE SAID THAT ALTHOUGH CIVIL PENALTIES ARE TECHNICALLY APPLICABLE FOR
HIRING ILLEGAL ALIENS NO EMPLOYER SANCTIONS HAVE EVER BEEN APPLIED AS A
RESULT OF THE EMPLOYMENT OF UNDOCUMENTED DOMESTIC WORKERS IN CONNECTICUT

THE PROBLEM WITH THAT ADVICE ACCORDING TO MR STEIN IS THAT IT IS ILLEGAL
TO HIRE AN IMMIGRANT WITHOUT THE NECESSARY PAPERS IT'S DIFFICULT TO
BELIEVE SHE WAS GETTING INCOMPETENT LEGAL ADVICE GIVEN HER RESOURCES HE
ADDS

BESIDES OTHER LAWYERS SAY THE LAW CLEARLY REQUIRES EMPLOYERS TO PAY SOCIAL
SECURITY TAXES WHETHER THE EMPLOYEE IS FOREIGN OR DOMESTIC LEGAL OR
ILLEGAL MICHAEL MAGGIO A WASHINGTON IMMIGRATION LAWYER SAYS THE ISSUE
SHOULD NOT FOCUS ON MS BAIRD'S INADVERTENT BREAKING OF IMMIGRATION AND
TAX LAWS THE QUESTION IS HOW COULD A LAWYER OF SUCH STATURE WITH SUCH A
WIDE RANGE OF FRIENDS HIRE SUCH A BAD LAWYER

MR MAGGIO ARGUES THAT AT THE VERY LEAST IMMIGRATION LAWYERS SHOULD KNOW
THAT EMPLOYERS ARE REQUIRED TO MEET THEIR TAX OBLIGATIONS FOR ANY EMPLOYEE
LEGAL OR ILLEGAL

GEORGE STEPHANOPOULOS COMMUNICATIONS DIRECTOR FOR THE CLINTON TRANSITION
SAYS MS BAIRD AND HER HUSBAND WERE ACTING ON THE ADVICE OF COUNSEL AND
WERE DOING EVERYTHING IN THEIR POWER TO COMPLY WITH THE LAW MR
STEPHANOPOULOS SAYS MS BAIRD FOUND HERSELF IN A VERY COMMON SITUATION

MR STEPHANOPOULOS SAYS THAT MS BAIRD PROVIDED THE INFORMATION AFTER BEING
ASKED ABOUT HER PERSONAL LIFE HE SAYS THE MATTER WAS FULLY REVIEWED BY THE
TRANSITION TEAM AND THAT MR CLINTON WAS AWARE OF IT BUT MAY NOT HAVE SEEN
ALL THE REPORTS MR STEPHANOPOULOS SAYS THE PRESIDENTELECT BELIEVES SHE
WILL BE CONFIRMED

TERRY ADAMSON A FRIEND OF MS BAIRD'S AND A LAWYER WHO HAS BEEN CLOSELY
INVOLVED IN HER CONFIRMATION PROCESS TWO DAYS AGO SAID HE KNEW OF NO ISSUE
THAT WOULD POSE A PROBLEM TO MS BAIRD'S CONFIRMATION

YESTERDAY WHEN ASKED ABOUT MS BAIRD'S HIRING OF ILLEGAL IMMIGRANTS AND THE
NONPAYMENT OF SOCIAL SECURITY TAXES HE SAID I STILL DON'T CONSIDER THIS
ANY PROBLEM

ALTHOUGH THE NANNY FLAP COULD DERAIL MS BAIRD'S CONFIRMATION SOME
OFFICIALS THINK IT COULD ALSO DRAW ATTENTION TO THE PROBLEM FACING MANY
WORKING PARENTS SOME FLOUT THE LAW BECAUSE THEY DON'T WANT TO PAY THE
TAXES BUT OTHERS DO IT BECAUSE THERE ARE FEW ALTERNATIVES

ANY MOTHER AND ANY DAD WHO WORKS FACES THE SAME THING THAT SHE FACED HOW
DO YOU FIND THE BEST SITUATION FOR YOUR CHILD AND MAKE IT WORK ASKS
FRESHMAN DEMOCRATIC SEN PATTY MURRAY OF WASHINGTON WHO RAN AS A MOM IN
TENNIS SHOES HER OWN CHILDREN AGES 13 AND 16 WERE LOOKED AFTER IN A
CHILDCARE CENTER WHEN THEY WERE YOUNGER AND THEN THE SENATOR RELIED ON AN
INFORMAL BABYSITTING ARRANGEMENT WITH HIGHSCHOOL STUDENTS

WITH MANY OF THE TOP POSITIONS IN THE NEW CLINTON ADMINISTRATION AND THE NEW
CONGRESS HELD BY RELATIVELY YOUNG WORKING PARENTS WITH SMALL CHILDREN
ATTENTION TO CHILDCARE PROBLEMS IS EXPECTED TO SOAR WE HAVE A NEW
GENERATION OF LEADERS AND A NEW GENERATION OF WOMEN IN HIGH POSITIONS WHO
FRANKLY ARE GOING TO BE ABLE TO SAY FROM PERSONAL EXPERIENCE IT'S TOUGH OUT
THERE SAYS SEN MURRAY WHO BELIEVES THE NEW VISIBILITY WILL LEAD TO NEW
SOLUTIONS

ATTENTION TO MS BAIRD'S CASE UNDERSCORES THE DIFFICULTY THAT FAMILIES AT
ALL INCOME LEVELS HAVE IN FINDING THE KIND OF CHILD CARE THEY NEED TO MEET
THEIR PARTICULAR NEEDS SAYS BARBARA REISMAN EXECUTIVE DIRECTOR OF THE
CHILD CARE ACTION CAMPAIGN A NEW YORKBASED ADVOCACY GROUP

MS REISMAN RECALLS WORKING ON A GOVERNOR'S COMMISSION ON CHILD CARE IN NEW
YORK STATE AND DISCOVERING THAT A SIGNIFICANT NUMBER OF PEOPLE WORKING FOR
THE STATE WERE USING UNLICENSED FAMILY DAYCARE PROVIDERS THAT ISN'T A
VIOLATION OF THE LAW SHE SAYS BUT IT SHOWS THE CORNERCUTTING THAT EVEN
PEOPLE WHO OUGHT TO KNOW BETTER ENGAGE IN

SYMPATHY IS PARTICULARLY STRONG IN THE WASHINGTON AREA WHICH ATTRACTS A
LARGE POPULATION OF ILLEGAL IMMIGRANTS MANY OF WHOM FIND JOBS MINDING THE
CHILDREN OF WORKING PARENTS

ELLEN GALINSKY COPRESIDENT OF FAMILIES AND WORK INSTITUTE A NEW YORK
RESEARCH GROUP ESTIMATES ONLY 3 OF MOTHERS WITH YOUNG CHILDREN USE INHOME
CHILD CARE A NUMBER SHE SAYS HAS BEEN DECLINING BUT THE COST OF SUCH CARE
IS THE HIGHEST RANGING FROM 200 TO MORE THAN 400 A WEEK IN SOME MARKETS
THE SOCIAL SECURITY TAX RATE IS NOW 153 THOUGH ILLEGAL WORKERS MAY
END UP BEING PAID EVEN LESS AND IT'S VERY HARD TO FIND IT TAKES FAMILIES
ON AVERAGE ABOUT FIVE WEEKS TO FIND INHOME CHILD CARE SHE SAYS BECAUSE
CHILDCARE PROVIDERS ARE LOWPAID SOME ASK TO BE PAID OFF THE BOOKS I
HOPE THIS WILL BE USED AS A CALL TO TRY TO DO SOMETHING ABOUT THE LACK OF
CHILD CARE AND THE LOW SALARIES FOR CHILDCARE PROVIDERS SHE SAYS

LUCINDA HARPER CONTRIBUTED TO THIS ARTICLE SEE RELATED LETTERS LETTERS
TO THE EDITOR THE NANNY BOMB WSJ FEB 2 1993 9301150031 9302010182
930201 DURABLEGOODS ORDERS LEAPED 91 IN MONTH  BUT
PERSONALINCOME DATA FOR DECEMBER SHOWED SOFTNESS IN JOB SECTOR  
BY RICK WARTZMAN STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE GOVERNMENT'S LATEST SET OF ECONOMIC DATA SHOWS THAT THE
ECONOMY KEEPS STRENGTHENING BUT CONTINUING WEAKNESS IN THE JOB SECTOR COULD
STILL UNDERMINE THE PACE OF THE RECOVERY

THE COMMERCE DEPARTMENT SAID NEW ORDERS FOR BIGTICKET FACTORY ITEMS SOARED
91 FOR DECEMBER MORE THAN OFFSETTING A REVISED 16 DECREASE IN NOVEMBER
THE DECEMBER RISE IN DURABLE GOODS THE BIGGEST SINCE JULY 1991 WAS
BROADBASED WITH EVERY MAJOR INDUSTRY GROUP POSTING A SIZABLE GAIN FOR THE
YEAR ORDERS FOR DURABLE GOODS SHOT UP 41 THE LARGEST JUMP SINCE 1988

THE NUMBERS ARE IMPRESSIVE SAID VLADI CATTO CHIEF ECONOMIST AT TEXAS
INSTRUMENTS INC THE MOMENTUM OF THE RECOVERY IS PRETTY GOOD AT THIS
POINT SPEAKING AT A WORLD ECONOMIC FORUM IN DAVOS SWITZERLAND WAYNE
ANGELL A FEDERAL RESERVE GOVERNOR SAID THE SURGE SHOWS THAT THE US
ECONOMY IS IN BETTER SHAPE THAN MANY OBSERVERS HAD ANTICIPATED

THE COMMERCE DEPARTMENT ALSO REPORTED THAT PERSONAL INCOME CLIMBED 1 IN
DECEMBER FOLLOWING A 01 DECLINE THE PRECEDING MONTH AND PERSONAL SPENDING
ROSE 05 DURING THE MONTH AFTER INCHING UP 02 IN NOVEMBER BUT THE GAIN
IN INCOME WAS LARGELY DUE TO UNUSUAL CIRCUMSTANCES SUCH AS BONUSES FOR
EMPLOYEES IN THE SECURITIES AND AUTO INDUSTRIES FARM SUBSIDY PAYMENTS AND
RETROACTIVE SOCIAL SECURITY BENEFITS

WITHOUT THOSE SPECIAL FACTORS THE IMPROVEMENT IN INCOME WOULD HAVE BEEN A
MODEST 03 AND IN SOME EYES THAT POINTS DIRECTLY TO THE RECOVERY'S
ACHILLES' HEEL THE LACK OF JOB GROWTH

IT BRINGS YOU BACK TO THAT NAGGING QUESTION HOW LONG CAN THIS RECOVERY
LAST IF CONSUMERS DON'T GET JOBS ASKED ROBERT DEDERICK CHIEF ECONOMIST AT
NORTHERN TRUST CO THE DURABLEGOODS FIGURES INDICATE THAT BUSINESSES ARE
SPENDING A LOT ON NEW EQUIPMENT AS THEY BOOST PRODUCTIVITY BUT THE INCOME
NUMBERS SUGGEST THAT THEY'RE NOT SPENDING TO NEARLY THE SAME DEGREE ON
LABOR YOU HAVE TO WONDER IF THE STOOL IS GOING TO FALL OVER BECAUSE ALL OF
THE LEGS AREN'T IN PLACE MR DEDERICK SAID

UNDERSCORING THIS CONCERN THE UNIVERSITY OF MICHIGAN'S CONSUMER CONFIDENCE
INDEX FOR JANUARY DROPPED TO 893 FROM 91 ACCORDING TO MARKET PARTICIPANTS
WHO HAVE SEEN THE RESULTS ALTHOUGH CONSUMERS WERE MORE POSITIVE ABOUT
CURRENT CONDITIONS THEY WERE MORE WORRIED ABOUT THE FUTURE

THE SLOWNESS IN JOB CREATION AND INCOME GENERATION IS ONE REASON THAT THE
CLINTON ADMINISTRATION REMAINS INTENT ON INCLUDING A STIMULUS PACKAGE AS
PART OF THE PRESIDENT'S ECONOMIC PLAN SPEAKING TO DEMOCRATIC HOUSE MEMBERS
AT A RETREAT IN BALTIMORE ON FRIDAY BUDGET DIRECTOR LEON PANETTA SAID A
SHORTTERM STIMULUS WAS JUSTIFIED BY CONTINUING WEAKNESS IN THE ECONOMY
ECHOING COMMENTS AT AN EARLIER SESSION BY TREASURY SECRETARY LLOYD BENTSEN
MR PANETTA WARNED THAT A STRING OF ENCOURAGING STATISTICS INCLUDING
ECONOMIC GROWTH ACCELERATING TO AN ANNUAL RATE OF 38 IN THE FOURTH QUARTER
 MIGHT YET PROVE MISLEADING WE DO NOT WANT ANOTHER DOUBLE DIP MR
PANETTA SAID

TO CREATE JOBS BY THE SUMMER THE BUDGET DIRECTOR URGED HIS FORMER HOUSE
COLLEAGUES TO APPROVE THE STIMULUS SWIFTLY AFTER MR CLINTON LAYS OUT HIS
ECONOMIC PROPOSALS ON FEB 17 A HOUSE DEMOCRATIC LEADERSHIP AIDE SAID THE
STIMULUS PROGRAM EXPECTED TO COME IN THE FORM OF A SPENDING BILL OF AT
LEAST 16 BILLION COULD BE PASSED WITHIN DAYS OR A FEW WEEKS OF THE
PRESIDENT'S ADDRESS

ACCORDING TO THE COMMERCE DEPARTMENT ORDERS FOR NONDEFENSE DURABLE GOODS IN
DECEMBER WERE UP 88 FROM NOVEMBER TRANSPORTATION EQUIPMENT LOGGED THE
HEFTIEST INCREASE UP 208 WITH MORE THAN HALF OF THAT COMING FROM
AIRCRAFT AND RELATED PARTS EVEN EXCLUDING THIS VOLATILE CATEGORY ORDERS
INCREASED 55 OVERALL ORDERS FOR PRIMARY METALS ELECTRICAL MACHINERY AND
NONELECTRICAL GEAR WERE ALL STRONG

SHIPMENTS OF DURABLE GOODS INCREASED A SOLID 37 AFTER RISING 23 IN
NOVEMBER UNFILLED ORDERS MEANWHILE WERE UP 04 MARKING ONLY THE SECOND
TIME THAT BACKLOGS HAVE WIDENED IN THE PAST 16 MONTHS

IN ITS OTHER REPORT THE DEPARTMENT SAID THAT ON AN INFLATIONADJUSTED
BASIS AFTERTAX PERSONAL INCOME INCREASED 09 IN DECEMBER AND PERSONAL
SPENDING ADVANCED 04 THE SAVINGS RATE ROSE TO 47 OF DISPOSABLE INCOME
FROM 42 THE PREVIOUS MONTH

ALL FIGURES ARE ADJUSTED FOR NORMAL SEASONAL VARIATIONS

JOHN HARWOOD IN BALTIMORE CONTRIBUTED TO THIS ARTICLE

HERE ARE THE COMMERCE DEPARTMENT'S LATEST FIGURES ON NEW ORDERS FOR DURABLE
GOODS SEASONALLY ADJUSTED IN BILLIONS

HERE IS THE COMMERCE DEPARTMENT'S LATEST REPORT ON PERSONAL INCOME THE
FIGURES ARE AT SEASONALLY ADJUSTED ANNUAL RATES IN TRILLIONS OF DOLLARS
9302010181 930201 MARKETING & MEDIA TIME WARNER SONY INVEST IN
CONCERN IN NEW RADIO AREA  BY JOHNNIE L ROBERTS STAFF REPORTER
OF THE WALL STREET JOURNAL

NEW YORK TIME WARNER INC AND SONY CORP INVESTED IN DIGITAL CABLE RADIO
PROVIDING A BOOST TO A FLEDGLING ENTERTAINMENT SERVICE RADIO WITH
COMPACTDISKQUALITY SOUND DELIVERED BY CABLETELEVISION SYSTEMS

OFFICIALS OF THE THREE COMPANIES SAID SONY'S MUSIC UNIT SONY SOFTWARE
CORP AND TIME WARNER'S MUSIC AND CABLETV OPERATIONS AGREED TO BUY A STAKE
IN DIGITAL CABLE RADIO ASSOCIATES LP WHICH OWNS DIGITAL CABLE RADIO OF
HATBORO PA TERMS WEREN'T DISCLOSED

THE INVESTMENT ENABLES SONY AND TIME WARNER THE WORLD'S TWO LARGEST RECORD
COMPANIES TO HELP SHAPE A NASCENT BUSINESS BASED ON A NEW TECHNOLOGY THAT
COULD THREATEN THE MUSIC INDUSTRY BY FUELING INCREASED HOME TAPING OF MUSIC
AS PART OF THE TRANSACTION FOR EXAMPLE THE ENTERTAINMENT GIANTS GOT
DIGITAL CABLE RADIO TO AGREE TO LIMIT THE NUMBER OF CUTS IT PLAYS FROM
ALBUMS OR COMPACT DISKS DIGITAL CABLE ALSO AGREED TO PAY SONY AND TIME
WARNER A LICENSING FEE THOUGH SUCH FEES AREN'T REQUIRED UNDER CURRENT
COPYRIGHT LAWS

AND BECAUSE THE TECHNOLOGY CAN PROVIDE HUNDREDS OF CHANNELS FOR PROGRAMMING
THE RECORD GIANTS WILL HAVE AN OUTLET FOR MUSIC THAT APPEALS TO A BROAD
RANGE OF TASTES WE CAN EXPOSE MORE LISTENERS TO MORE FORMS OF MUSIC AND
WE HOPE DRIVE THEM INTO STORES TO BUY OUR PRODUCT MICHAEL SCHULHOF VICE
CHAIRMAN SONY USA SAID IN AN INTERVIEW TRADITIONAL RADIO IS VERY
LIMITING

DIGITAL CABLE RADIO IS ONE OF TWO COMPANIES OFFERING MUSIC WITH CDSOUND
QUALITY VIA CABLE THE OTHER IS LOS ANGELESBASED DIGITAL MUSIC EXPRESS A
SERVICE OWNED BY CLOSELY HELD INTERNATIONAL CABLECASTING TECHNOLOGIES INC
BOTH DELIVER MUSIC COMMERCIALFREE 24 HOURS A DAY VIA CABLE INTO A
DIGITAL TUNER SUPPLIED TO CUSTOMERS BY THE OPERATOR THE TUNER HOOKS INTO
THE HOME STEREO SYSTEM BUT AFTER TWO YEARS OF MARKETING THE SERVICE AT A
MONTHLY RATE OF 6 TO 11 DIGITAL CABLE RADIO ONLY HAS 50000 SUBSCRIBERS
ROUGHLY 1 OF THE 5 MILLION WHO NOW HAVE ACCESS TO IT DAVID DEL BECCARO
DIGITAL CABLE'S PRESIDENT BELIEVES SONY AND WARNER WILL BE A BIG HELP IN
WINNING NEW CUSTOMERS

SONY AND TIME WARNER ARE PARTICIPATING IN THE DEVELOPMENT OF A NEW MEDIUM
SAID INVESTMENT BANKER MICHAEL GARIN OF FURMAN SELZ INC WHICH REPRESENTED
DIGITAL CABLE RADIO

SONY AND TIME WARNER SAY THEY WILL SUPPLY SOME OF THE PROGRAMMING AND USE
DIGITAL CABLE RADIO AS A PROMOTIONAL VEHICLE PARTICULARLY FOR NEW MUSIC
THAT RARELY GETS PLAYED ON TRADITIONAL RADIO AND THEY HOPE TO LESSEN HOME
TAPING

ROBERT J MORGADO CHAIRMAN OF WARNER MUSIC GROUP SAID HOME TAPING IS A
REALITY BUT THE INDUSTRY WOULDN'T LIKE TO SEE IT INCREASE TO AN ABUSIVE
LEVEL 9302010180 930201 ECONOMY SOCIAL SECURITY OPTION SPARKS 
EARLY DEBATES  ON TALK SHOWS REPUBLICANS DEMOCRATS URGE CLINTON 
OVER ADJUSTMENT IDEA  BY DAVID WESSEL STAFF REPORTER OF THE WALL
STREET JOURNAL

WASHINGTON THE CLINTON ADMINISTRATION'S CONSIDERATION OF SKIPPING THE
SOCIAL SECURITY COSTOFLIVING ADJUSTMENT FOR ONE YEAR IS STIRRING
CONTROVERSY EVEN BEFORE THE PRESIDENT DECIDES THE ISSUE

ON WEEKEND TELEVISION TALK SHOWS THE DEMOCRATIC CHAIRMAN OF THE SENATE
FINANCE COMMITTEE DANIEL PATRICK MOYNIHAN OF NEW YORK SAID SUCH A PROPOSAL
IS A LAND MINE THAT PRESIDENT CLINTON SHOULD AVOID HE VOWED TO BLOCK ANY
SUCH ATTEMPT BUT THE REPUBLICAN LEADER OF THE SENATE ROBERT DOLE OF
KANSAS EXPRESSED INTEREST IN THE PROPOSAL AS PART OF A DEFICITREDUCTION
PACKAGE

AS REPORTED LAST WEEK THE ADMINISTRATION'S EFFORT TO SPREAD WIDELY THE PAIN
OF REDUCING THE DEFICIT HAS LED IT TO FOCUS ON A COUPLE OF WAYS TO TARGET
THE ELDERLY INCLUDING LIMITING THE ANNUAL COSTOFLIVING INCREASE FOR
SOCIAL SECURITY AND GOVERNMENTEMPLOYEE PENSIONS OR TAXING MORE OF THE
SOCIAL SECURITY BENEFITS PAID TO HIGHINCOME ELDERLY

LIBERAL DEMOCRATIC SENATORS INCLUDING SENATE BUDGET COMMITTEE CHAIRMAN
JAMES SASSER OF TENNESSEE BEGAN CRITICIZING THE COSTOFLIVING OPTION
ALMOST AS SOON AS THEY HEARD ABOUT IT PARTLY BECAUSE IT WOULD AFFECT ALL
SOCIAL SECURITY RECIPIENTS EVEN THE VERY POOR THEY PREFER THE LEADING
ALTERNATIVETAXING 85 OF THE BENEFITS PAID TO COUPLES WITH INCOMES ABOVE
32000 AND INDIVIDUALS WITH INCOMES ABOVE 25000 INSTEAD OF THE CURRENT
50

IN AN APPEARANCE YESTERDAY ON ABCTV'S THIS WEEK WITH DAVID BRINKLEY MR
MOYNIHAN SAID THAT HE IS WILLING TO TALK ABOUT THAT OPTION ON NBCTV'S
MEET THE PRESS MR DOLE SAID THAT HE WOULD PREFER TO TRIM THE
COSTOFLIVING ADJUSTMENTS AN OPTION THAT THE POWERFUL ELDERLY LOBBY
OPPOSES

AND IN AN INDICATION OF THE BATTLES THAT LIE AHEAD FOR MR CLINTON
CONSERVATIVE SEN TRENT LOTT R MISS SAID WE SHOULD BE FOCUSING ON
SPENDING IN EVERY AREA OTHER THAN SOCIAL SECURITY

SEPARATELY ROGER ALTMAN DEPUTY SECRETARY OF THE TREASURY SAID PRESIDENT
CLINTON PLANS TO PROPOSE A CUT IN THE CAPITALGAINS TAX BUT ONLY FOR
INVESTMENTS IN CERTAIN SMALL BUSINESSES

MR ALTMAN SAID MR CLINTON AS PROMISED DURING THE CAMPAIGN WILL OFFER A
PLAN TO CUT THE CAPITALGAINS TAX RATE IN HALF FOR INVESTORS WHO LEAVE THEIR
MONEY IN ELIGIBLE SMALL BUSINESSES FOR AT LEAST FIVE YEARS FOR THOSE WHO
LEAVE THEIR MONEY IN PLACE FOR 10 YEARS THE TAX WOULD BE WAIVED ALTOGETHER

APPEARING ON JOHN MCLAUGHLIN'S ONE ON ONE TELEVISION SHOW MR ALTMAN ALSO
SAID THAT MR CLINTON'S ECONOMIC PLAN WILL INCLUDE AN INVESTMENT TAX CREDIT
HE SAID THE CREDIT WILL BE DESIGNED TO REWARD NEW PURCHASES OF PLANT AND
EQUIPMENT RATHER THAN INVESTMENTS THAT WOULD HAVE BEEN MADE ANYWAY

MR ALTMAN ALSO CONFIRMED THAT THE TREASURY IS CONSIDERING ALTERING THE MIX
OF LONGTERM AND SHORTTERM DEBT THAT IT SELLS THE IDEA WOULD BE TO SAVE
TAXPAYERS' MONEY AND BRING DOWN LONGTERM INTEREST RATES THERE ARE SOME
GOOD ARGUMENTS IN FAVOR OF AT LEAST A MILD SHIFT BUT IT JUST REMAINS TO BE
SEEN HOW WE'LL GO HE SAID

IN ADDITION THE TREASURY OFFICIAL SAID THE ADMINISTRATION FINDS A
BROADBASED TAX ON ENERGY EITHER AS A SALES TAX OR A TAX ON THE HEAT
CONTENT OF FUELS MORE ATTRACTIVE THAN AN OILIMPORT FEE THERE ARE ALL
KINDS OF PROBLEMS WITH OIL IMPORT FEES AS THEY RELATE TO THE IMPACT ON
HOMEHEATING OIL AND SOME OF THE REGIONAL DISPARITIES HE SAID

THE CLINTON CAPITALGAINS TAX PLAN IS SIMILAR TO ONE THAT LONG HAS BEEN
ADVOCATED BY SEN DALE BUMPERS ANOTHER ARKANSAS DEMOCRAT SEN BUMPERS'
BILL DEFINES SMALL BUSINESSES AS THOSE WITH LESS THAN 100 MILLION IN
CAPITAL THE TAX BREAK WOULD APPLY ONLY TO STOCK SOLD DIRECTLY BY A COMPANY
THE MAXIMUM TAX RATE ON CAPITAL GAINS IS CURRENTLY 28

MR ALTMAN'S WILLINGNESS TO SAY WHAT WAS GOING TO BE IN THE PRESIDENT'S FEB
17 PACKAGE SURPRISED SOME ADMINISTRATION OFFICIALS THE DEPUTY SECRETARY
WASN'T SAYING WHAT WAS GOING TO BE IN THE PROGRAM EXCEPT AS HE WAS
EXPRESSING HIS OWN OPINION BASED PRIMARILY ON WHAT THE PRESIDENT SAID IN HIS
ELECTION CAMPAIGN A TREASURY SPOKESMAN SAID IT WAS MADE CLEAR DURING THE
TAPING THAT NO DECISIONS HAVE BEEN MADE AND NO DECISIONS HAVE BEEN MADE
9302010179 930201 TAMBRANDS SETS DIRECT CHALLENGE OF RIVAL PLAYTEX 
 CONCERN TO LAUNCH TAMPON WITH PAPER APPLICATOR LIKE RIVAL'S
PLASTIC ONE  BY GERRI WILLIS SPECIAL TO THE WALL STREET JOURNAL

NEW YORK TAMBRANDS INC WHICH HAS TRIED TO SHAKE ITS HUMDRUM IMAGE AMONG
YOUNG WOMEN NOW PLANS TO CHALLENGE ITS LONGTIME RIVAL IN THE ENVIRONMENT
ARENA

SOMETIME THIS YEAR THE COMPANY WILL INTRODUCE A PRODUCT CALLED SATIN TOUCH
A TAMPON WITH A PAPER APPLICATOR IN THE CLOSEDEND SHAPE OF THE PLASTIC ONE
OF RIVAL PLAYTEX FP GROUP THE PRODUCT IS DESIGNED TO ANSWER COMPLAINTS
ABOUT THE DESIGN OF TAMBRAND'S TAMPAX BRAND'S OPENENDED PAPER APPLICATOR
WHILE RETAINING THE ENVIRONMENTAL ADVANTAGES OF PAPER

WHILE RANKING AS AN IMPORTANT PRODUCT INTRODUCTION FOR TAMBRANDS THE MOVE
IS PIVOTAL BECAUSE IT COULD HAVE THE EFFECT OF DRAWING A LINE IN A BUSINESS
WHERE DIRECT CHALLENGES HISTORICALLY HAVE BEEN FEW

WE ARE CLEARLY TAKING AIM AT PLAYTEX SAYS BRUCE GARREN A SPOKESMAN FOR
TAMBRANDS BASED IN WHITEFIELD NY THEY ARE OUR BIGGEST COMPETITORS AND A
FRUITFUL AREA FOR OUR EXPANSION

THERE COULD BE FEW BETTER TIMES TO TEST WOMEN'S LOYALTIES TO TAMPON BRANDS
FIRST BOSTON CORP ANALYST LYNNE HYMAN SAID

HIGH DEBT FROM SEVERAL LEVERAGED BUYOUTS IN THE 1980S HAS CREATED LINGERING
PROBLEMS FOR PLAYTEX FP GROUP A PRIVATE COMPANY

LATE LAST FALL DONALDSON LUFKIN & JENRETTE INC COULDN'T FIND BUYERS FOR
105 MILLION OF HIGHYIELD PLAYTEX BONDS PEOPLE FAMILIAR WITH THE SITUATION
SAID KEY TO THE ISSUE'S DELAY WAS PRICING THEY SAID AND IN DECEMBER
PLAYTEX'S TAMPON SUBSIDIARY PLAYTEX FAMILY PRODUCTS CORP SAW ITS DEBT
DOWNGRADED BY MOODY'S INVESTORS SERVICE INC WHICH CITED THE OPERATION'S
FLAT VOLUMES AND DECLINING MARGINS

PLAYTEX IS HAVING A LOT OF FINANCIAL DIFFICULTIES MS HYMAN SAID FROM A
COMPETITIVE STANDPOINT IT'S A GOOD TIME

ALREADY THE TAMPAX BRAND HOLDS A COMMANDING MARKET SHARE IN TERMS OF SALES
IN THE THIRD QUARTER OF LAST YEAR TAMPAX HAD MARKET SHARE OF 523 WITH
PLAYTEX A DISTANT SECOND AT 294 ACCORDING TO INFORMATION RESOURCES INC

MEANWHILE PLAYTEX'S FORAY INTO PAPERAPPLICATOR PRODUCTS HAS FARED
SATISFACTORILY CAPTURING ABOUT 4 OF THE MARKET'S VOLUME SINCE ITS AUGUST
1991 INTRODUCTION OF ITS ULTIMATES A TAMPON WITH A PAPER APPLICATOR BUT
PROMOTIONAL COSTS ASSOCIATED WITH ULTIMATES WERE CITED IN MOODY'S DOWNGRADE
OF COMPANY DEBT

PLAYTEX EXECUTIVES COULDN'T BE REACHED FOR COMMENT

JOHN LISTER CHIEF EXECUTIVE OFFICER AND CREATIVE DIRECTOR OF LISTER BUTLER
INC A NEW YORKBASED CONSULTING FIRM THAT HAS GIVEN ADVICE TO BOTH THE BIG
TAMPON MAKERS SAID TAMBRANDS' DEVELOPMENT OF SUCH A PAPERBASED APPLICATOR
HAS BEEN AN ELUSIVE GOAL

THE TECHNOLOGY OF CARDBOARD HAS NOT BEEN UP TO THE TASK HE SAID ADDING
THAT HE LIKE OTHERS WANTS TO WITHHOLD FINAL WORD ON THE PRODUCT UNTIL IT
IS UNVEILED YET HE ALSO SAID SATIN TOUCH WILL LIKELY SERVE TAMBRAND'S GOAL
OF BOOSTING ITS CORPORATE IMAGE AS CONTEMPORARY AND RELEVANT

AND MS HYMAN SAID THE NEW PRODUCT COULD DO THE UNTHINKABLE MAKE WOMEN
CHANGE THEIR BUYING HABITS IN A TREMENDOUSLY BRANDLOYAL CATEGORY

IF IT'S AS GOOD AS THEY SAY WOMEN MAY MAKE A SWITCH SHE SAID

MR GARREN THE TAMBRANDS SPOKESMAN WHO DECLINED TO GIVE DEAILS ON EITHER
THE AMOUNT OF MONEY SPENT TO PRODUCE THE PRODUCT OR SPECIFICALLY WHEN IT
WILL BECOME AVAILABLE TO CONSUMERS SAID SATIN TOUCH SHOULD EXPAND THE
COMPANY'S APPEAL TO A YOUNGER AUDIENCE

YOUNG WOMEN ARE INCREASINGLY CONCERNED WITH THE EFFECTS OF PRODUCTS THEY
USE ON THE ENVIRONMENT HE SAID WE'VE TRIED VERY HARD TO COMBINE THE
ATTRIBUTES OF PLASTIC WITH THE BIODEGRADABILITY OF OUR ORIGINAL PRODUCT

HE SAID THE CELLULOSEBASED PRODUCT WILL TAKE THE PLACE OF COMFORT SHAPE
FLUSHABLE A PRODUCT INTRODUCED IN FEBRUARY 1991 WHICH HE SAID MET THE
COMPANY'S EXPECTATIONS

THE NEW PRODUCT WILL MOVE DIRECTLY INTO NATIONAL DISTRIBUTION SKIPPING THE
USUAL MORECAUTIOUS PROCEDURE OF TEST MARKETING 9302010178 930201 INDIA'S
NEW POWER MINISTER IS SEEKING INVESTMENT HELP FROM PRIVATE UTILITIES 
 BY SUMAN DUBEY SPECIAL TO THE WALL STREET JOURNAL

NEW DELHI INDIA'S NEW POWER MINISTER NKP SALVE NEATLY SUMMARIZES HOW
THE NATION INTENDS TO MEET ITS ELECTRICITY NEEDS THE ONLY HOPE IS THE
PRIVATE SECTOR

INDEED WITH DEMAND FOR ELECTRICITY INCREASING FASTER THAN GENERATING
CAPACITY INDIA'S ELECTRIC UTILITIES MOST OF THEM STODGY GOVERNMENT
MONOPOLIES WILL REQUIRE SOME OUTSIDE HELP BUT THANKS LARGELY TO THE REFORM
PROGRAM INSTITUTED BY THE GOVERNMENT OF PRIME MINISTER PV NARASIMHA RAO
FOREIGN AND LOCAL INVESTORS ARE SHOWING INCREASING INTEREST IN THE COUNTRY'S
POWER SECTOR

ALREADY ONE US UTILITY COMPANY IS GEARING UP TO BEGIN WORK ON A 21
BILLION POWER STATION AND SEVERAL OTHER FOREIGN COMPANIES ARE CLOSE TO
DECIDING ON INVESTMENTS WORTH SEVERAL HUNDRED MILLION DOLLARS EACH AND
THOUGH POTENTIAL INVESTORS CONTINUE TO COMPLAIN ABOUT BUREAUCRATIC HURDLES
 EVEN NOW 19 APPROVALS ARE REQUIRED FOR A SINGLE PROJECT MR SALVE
SWORN IN JAN 17 SAYS HE WILL TRY TO RESOLVE SUCH ISSUES QUICKLY

IN AN INTERVIEW MR SALVE SAYS THAT IN THE NEXT FEW WEEKS HE WILL ANNOUNCE
MEASURES INCLUDING FINANCIAL INCENTIVES TO PROMOTE PRIVATESECTOR POWER
INVESTMENT

THE GOVERNMENT LAST YEAR OPENED POWER GENERATION ALONG WITH
TELECOMMUNICATIONS AND PETROLEUM TO FOREIGN AND PRIVATE INVESTMENT AT THE
TIME SEVERAL INCENTIVES WERE ANNOUNCED INCLUDING A TWOPART ELECTRICITY
TARIFF A GUARANTEED 16 RETURN ON EQUITY PROTECTED AGAINST EXCHANGERATE
RISK ASSUMING THE PLANT IS OPERATING AT AN AVERAGE 685 OF CAPACITY AND A
NEGOTIABLE INCENTIVEDRIVEN RETURN IF THE PLANT OPERATES AT A HIGHER LOAD
FACTOR

SOME COMPANIES THAT SHOWED INTEREST SOON AFTER THE SECTOR WAS OPENED SUCH
AS SOUTHERN ELECTRICAL INTERNATIONAL INC HAVE SINCE DROPPED OUT BUT THE
LIST OF POTENTIAL INVESTORS THOSE LOCAL AND FOREIGN COMPANIES THAT HAVE
SUBMITTED EXPRESSIONS OF INTEREST AS A POWER MINISTRY OFFICIAL DESCRIBES
THEM STILL COVERS 40 PROJECTS TOTALING NEARLY 20000 MEGAWATTS OF
GENERATING CAPACITY AT A PROJECTED COST OF 46483 BILLION RUPEES US162
BILLION

WITH INDIA'S CURRENT INSTALLED GENERATING CAPACITY AT 69000 MEGAWATTS MOST
OF IT AVERAGING ABOUT A 52 LOAD FACTOR GOVERNMENT PLANNERS EXPECT THAT
EVEN WITH IMPROVED EFFICIENCY AT EXISTING SUPPLIERS THE COUNTRY WILL BE
MORE THAN 4600 MEGAWATTS UNDER THE PROJECTED GENERATING DEMAND OF 96600
MEGAWATTS IN 1997 MORE IMPORTANT MR SALVE SAYS THE GOVERNMENT EXPECTS TO
BE SHORT BY ABOUT 270 BILLION RUPEES IN INVESTMENT FUNDS NEEDED TO MEET THE
ESTIMATED 1997 GENERATING REQUIREMENT

IT HAS TAKEN THE BETTER PART OF A YEAR FOR THE POLICY CHANGE AIMED AT LURING
PRIVATESECTOR INVESTMENT TO YIELD SCHEDULED PROJECTS ONE OF THE FIRST OFF
THE MARK COULD BE ENRON POWER DEVELOPMENT CORP IN HOUSTON WHICH IN JANUARY
RECEIVED APPROVAL TO SET UP A WHOLLY OWNED 2550MEGAWATT COASTAL POWER
STATION AT DABHOL IN MAHARASHTRA STATE USING IMPORTED GAS AS FUEL IF
ENRON KEEPS TO ITS SCHEDULE IT COULD BEGIN AWARDING CONSTRUCTION CONTRACTS
BEFORE YEAR'S END AND THE FIRST OF THREE STAGES OF THE PROJECT COULD BE
GENERATING BY LATE 1995

INDIAN OFFICIALS ARE PARTICULARLY PLEASED ABOUT THE ENRON PROJECT BECAUSE
THE COMPANY HAS ACCEPTED STATEGOVERNMENT GUARANTEES OF PAYMENT FOR
ELECTRICITY SUPPLIED FROM THE PROJECT INSTEAD OF HOLDING OUT FOR FEDERAL
GUARANTEES AS OTHER POTENTIAL INVESTORS HAVE DONE SO FAR THE FEDERAL
GOVERNMENT HAS BEEN RELUCTANT TO ISSUE THESE SOCALLED SOVEREIGN
GUARANTEES

STILL JOE SUTTON AN ENRON OFFICIAL SAYS HE THINKS THAT WHEN ENRON
APPROACHES MULTILATERAL LENDING AGENCIES NEW DELHI WILL BECOME INVOLVED
STATE GOVERNMENTS AND LOCAL AUTHORITIES SUCH AS STATE ELECTRICITY BOARDS
WHICH PRODUCE AND DISTRIBUTE POWER LACK INTERNATIONAL CREDIT RATINGS AND
INSTITUTIONS SUCH AS THE WORLD BANK DON'T LEND TO PRIVATE COMPANIES WITHOUT
THE RECOMMENDATIONS AND GUARANTEES OF NATIONAL GOVERNMENTS

A HIGHLEVEL TEAM FROM COGENTRIX INC A CHARLOTTE NC ELECTRICITY
PRODUCER ALONG WITH GENERAL ELECTRIC CO FAIRFIELD CONN HAS PRESENTED
TO INDIA'S FOREIGN INVESTMENT PROMOTION BOARD A PLAN TO SET UP A
FOREIGNOWNED 1000MEGAWATT PLANT THAT WOULD BURN IMPORTED COAL AT
MANGALORE IN KARNATAKA STATE THE FIRST STAGE OF THE PROJECT WITH
GENERATING CAPACITY OF 330 MEGAWATTS IS ESTIMATED TO COST MORE THAN 500
MILLION

COGENTRIX AND GE OFFICIALS SAY THERE IS A GAP BETWEEN THE GUARANTEES THEY
ARE SEEKING AND THE GUARANTEES THE CENTRAL GOVERNMENT IS PREPARED TO GIVE
IT'S A GAP WE THINK WE CAN CLOSE SAYS STEPHEN BRANDON HEAD OF GE'S
INDIAN OPERATION

WHILE COGENTRIX THINKS THE TERMS INDIA IS OFFERING ARE ATTRACTIVE WE'RE
LOOKING AT OUR ABILITY TO EARN MORE THAN THE GUARANTEED 16 SAYS THE
COMPANY'S PRESIDENT ROBERT W ANDERSON JR COGENTRIX'S AVERAGE LOAD FACTOR
AT ITS POWER STATIONS IN THE US WAS 97 IN 1992 WELL ABOVE THE INDIAN
REQUIREMENT OF 685

ANOTHER PROJECT AWAITING FINAL AGREEMENT ON GUARANTEES IS A PROPOSED JOINT
VENTURE BETWEEN MISSION ENERGY CO AN IRVINE CALIF UNIT OF SCECORP AND
ASHOK LEYLAND LTD IN MADRAS TO SET UP A COALBASED 1000MEGAWATT POWER
STATION AT VISHAKAPATNAM IN ANDHRA PRADESH STATE

WE IDENTIFIED CERTAIN AREAS BETWEEN MISSION ENERGY AND OURSELVES CRITICAL
TO THE SUCCESS OF THE PROJECT AND TOP OF THE LIST IS SOVEREIGN GUARANTEE
FOR FINANCIAL ARRANGEMENTS SAYS R SHESHASAYEE FINANCE DIRECTOR OF ASHOK
LEYLAND THAT'S BECAUSE LIKE ALL OTHER PRIVATESECTOR PROJECTS THE
MISSIONASHOK STATION WILL FEED INTO A LOCAL GRID THUS RELIANCE ON A SOLE
BUYER AND ITS ABILITY TO PAY BECOMES KEY TO THE PROJECT'S VIABILITY AND
THAT TOO OVER SEVERAL YEARS MR SHESHASAYEE SAYS

BUT ALL INVESTORS AREN'T HOLDING OUT FOR SIMILAR GUARANTEES SPECTRUM
TECHNOLOGIES USA INC IN SCHENECTADY NY SAYS IT IS WORKING ON A
POWERPURCHASE AGREEMENT UNDER WHICH THE FEDERAL GOVERNMENT WOULD DIVERT
FUNDS ALREADY BUDGETED FOR THE RELEVANT STATE GOVERNMENT TO COVER ANY
DEFAULT COMPANIES SUCH AS SPECTRUM ARE ALSO WILLING TO CONSIDER REVOLVING
LETTERS OF CREDIT FROM STATE ELECTRICITY BOARDS

SPECTRUM WHOSE THREE PARTNERS IN THE PROJECT ARE CMS ENERGY CORP
INDIA'S STATEOWNED NATIONAL THERMAL POWER CORP AND THE LOCAL BAMBINO GROUP
 PLANS A GASBASED 200MEGAWATT POWER PLANT AT KAKINADA IN ANDHRA PRADESH
STATE AT A PROJECTED COST OF 217 MILLION

WITH MOST OF THE PROJECT'S REQUIRED CLEARANCES AGREEMENTS AND FINANCING
ARRANGEMENTS CLOSE TO COMPLETION SPECTRUM'S VICE PRESIDENT FOR MARKETING
AV MOHAN RAO BELIEVES THAT GROUNDBREAKING COULD TAKE PLACE AS EARLY AS
JUNE

BUT SPECTRUM'S INDIAN EXPERIENCE WHICH DATES BACK TO SEPTEMBER 1990 WHEN
THE ANDHRA PRADESH AUTHORITIES INVITED PROPOSALS FOR POWERRELATED JOINT
VENTURES LONG BEFORE THE FEDERAL GOVERNMENT OPENED THE SECTOR REVEALS
SOME OF THE PERSISTENT OBSTACLES TO INVESTING IN INDIA MR RAO SAYS IT HAS
TAKEN HIM 2 1/2 YEARS TO BRING HIS COMPANY'S PROJECT TO ITS PRESENT STAGE
WHAT'S LACKING IS A ONEWINDOW CLEARANCE HE SAYS 9302010177 930201
ROBINSON QUITS AT AMERICAN EXPRESS CO  AS BOARD SUPPORT
UNRAVELS CHAIRMAN RESIGNS POST SUCCESSOR TO BE NAMED  BY WALL
STREET JOURNAL REPORTERS FRED R BLEAKLEY PETER PAE AND MICHAEL
SICONOLFI

NEW YORK LESS THAN A WEEK AFTER RETAINING THE CHAIRMANSHIP OF AMERICAN
EXPRESS CO IN A STUNNING BOARDROOM COUNTERCOUP JAMES ROBINSON III RESIGNED
AMID UNRAVELING SUPPORT FROM DIRECTORS KEY EMPLOYEES AND BIG INVESTORS

THE DRAMATIC TURN OF EVENTS WHICH INCLUDED MR ROBINSON'S DEPARTURE AS
HEAD OF THE TROUBLED SHEARSON LEHMAN BROKERAGE UNIT CAME LATE FRIDAY
AFTERNOON ON THURSDAY MAJOR INSTITUTIONAL INVESTORS HAD MET WITH HARVEY
GOLUB MR ROBINSON'S HANDPICKED SUCCESSOR AS CHIEF EXECUTIVE OFFICER WHO
WAS NAMED TO THE POST IN A BOARD VOTE THREE DAYS EARLIER THE MONEY
MANAGERS BITTER OVER A SHARP FALL IN THE STOCK'S PRICE LAST WEEK AND THE
STOCK'S POOR PERFORMANCE IN RECENT YEARS WANTED TO KNOW HOW MR GOLUB COULD
FORGE A NEW DIRECTION FOR AMERICAN EXPRESS WITH MR ROBINSON STILL IN
CONTROL OF THE BOARD

THERE ALSO WERE GROWING SIGNS OF POTENTIAL DEFECTIONS AMONG KEY EMPLOYEES AT
SHEARSON AND UNREST AMONG AMERICAN EXPRESS PERSONNEL ALL OF WHICH LED MR
ROBINSON TO BEGIN SOUNDING OUT HIS ADVISERS AND DIRECTORS OVER WHETHER HE
SHOULD REMAIN AT THE COMPANY MR ROBINSON HOWEVER RESISTED THE
POSSIBILITY OF RESIGNING WHEN IT WAS TAKEN UP MORE SERIOUSLY BY SOME BOARD
MEMBERS AND MR GOLUB SAID SEVERAL PERSONS CLOSE TO THE BOARD

THE 57YEAROLD MR ROBINSON DENIED THAT PRESSURE FROM BOARD MEMBERS OR FROM
MR GOLUB PLAYED A PART IN HIS DECISION TO LEAVE THE COMPANY ENTIRELY A
COMBINATION OF THINGS LED ME TO THE CONCLUSION THAT IT'S NUTS TO LEAVE
CONFUSION OVER WHETHER HARVEY IS REALLY THE BOSS SO I DECIDED TO PULL UP
STAKES AND GET OUT OF TOWN MR ROBINSON SAID

MR ROBINSON'S DEPARTURE ANNOUNCED BY AMERICAN EXPRESS ON SATURDAY ADDED
TO THE UNCERTAINTY SURROUNDING THE FIRM'S STRUGGLING SHEARSON LEHMAN
BROTHERS INC BROKERAGE UNIT SHEARSON THE NATION'S SECONDLARGEST
BROKERAGE FIRM IS SADDLED WITH BLOATED COSTS TOO MANY EMPLOYEES AND TOO
LITTLE CAPITAL

THE DEPARTURE ALSO PAVES THE WAY FOR AMERICAN EXPRESS TO FOLLOW GENERAL
MOTORS CORP IN NAMING ONE OF ITS OWN DIRECTORS AS NONEXECUTIVE CHAIRMAN SO
THAT THE BOARD WILL KEEP A CLOSER WATCH ON CORPORATE STRATEGY PEOPLE CLOSE
TO THE COMPANY SAID A CONFERENCE CALL WILL LINK THE AMERICAN EXPRESS BOARD
TODAY SO IT CAN NAME A NEW CHAIRMAN TO SUCCEED MR ROBINSON WHO HAD LOBBIED
HARD TO KEEP THAT POSITION IN LAST WEEK'S VOTE

ANALYSTS EXPECT AMERICAN EXPRESS'S STOCK TO OPEN HIGHER TODAY LAST WEEK ITS
SHARES SANK 93 AS INVESTORS EXPRESSED THEIR DISAPOINTMENT OVER SHEARSON'S
EARNINGS AND MR ROBINSON REMAINING ON THE SCENE I DON'T CARE HOW YOU FELT
ABOUT THE COMPANY OR THE STOCK BUT IT WAS HARD TO STOMACH ROBINSON'S
APPARENT VICTORY SAID LAWRENCE ECKENFELDER AN ANALYST AT PRUDENTIAL
SECURITIES INC MR ROBINSON'S DEPARTURE WILL BE RECEIVED VERY FAVORABLY
BY INVESTORS HE PREDICTS

ON FRIDAY AMERICAN EXPRESS COMMON CLOSED IN COMPOSITE TRADING ON THE NEW
YORK STOCK EXCHANGE AT 2325 UP 875 CENTS ON VOLUME OF 29 MILLION
SHARES

AN INDIVIDUAL FAMILIAR WITH THE EVENTS LEADING UP TO MR ROBINSON'S
RESIGNATION SAID MR ROBINSON ELECTED TO RESIGN AFTER A TELECONFERENCE CALL
WITH SEVERAL DIRECTORS WHO WERE ALSO CHAIRMEN OF THE VARIOUS COMMITTEES OF
THE BOARD THE INDIVIDUAL SAID THE TELECONFERENCE TOOK PLACE AFTER MR
ROBINSON WHO HAD GROWN INCREASINGLY CONCERNED WITH THE OBJECTIONS RAISED
BY SHAREHOLDERS AND EMPLOYEES CALLED IN RICHARD FURLAUD A KEY DIRECTOR
ON THURSDAY TO DISCUSS THE POSSIBILITY OF A RESIGNATION

MR FURLAUD SAID YESTERDAY THAT HE NEITHER PARTICIPATED IN ANY
TELECONFERENCE CALL NOR WAS AWARE THERE HAD BEEN ONE HE DID CONFIRM THAT HE
HAD TALKED TO MR ROBINSON ABOUT THE POSSIBILITY OF MR ROBINSON'S
RESIGNING BUT DENIED HE HAD BEEN THE ONE TO SUGGEST IT AS FAR AS I KNOW
IT WAS MR GOLUB WHO PUT THE QUESTION TO MR ROBINSON HE SAID A COMPANY
SPOKESMAN SAID MR GOLUB WASN'T AVAILABLE FOR COMMENT OTHER THAN MR
FURLAUD WHO HEADS THE COMPENSATION AND BENEFITS COMMITTEE THE CHAIRMEN OF
THE BOARD'S COMMITTEES COULDN'T BE REACHED

MR FURLAUD IS CONSIDERED THE LIKELY CANDIDATE FOR THE BOARD TO CONSIDER AS
A NONEXECUTIVE CHAIRMAN TO SUCCEEED MR ROBINSON AND TO STAY IN THAT ROLE
UNTIL MR GOLUB IS CONSIDERED SEASONED ENOUGH FOR THE BROADER
RESPONSIBILITY

ALSO PROMPTING SOME DIRECTORS TO REASSESS THEIR BACKING OF MR ROBINSON
SAID ONE OF THE PERSONS CLOSE TO THE BOARD WERE CONVERSATIONS JOHN BYRNE A
FELLOW DIRECTOR HAD WITH THEM DURING LAST WEEK MR BYRNE WHO HAS SAID HE
WILL RESIGN FROM THE BOARD FELT THEY WERE CRAZY FOR THE POSITIONS THEY HAD
TAKEN IT MADE SOME OF THEM THINK ABOUT THEIR OWN LIABILITY SAID THIS
PERSON MR BYRNE COULDN'T BE REACHED FOR COMMENT AND MR ROBINSON SAID HE
WASN'T AWARE OF SUCH CONVERSATIONS

BESIDES MR BYRNE TWO OTHER OUTSIDE DIRECTORS SAID LAST WEEK THAT THEY
WOULD LEAVE THE BOARD

THROUGHOUT LAST WEEK SHEARSON'S BROKERS AND INVESTMENT BANKERS WERE IN AN
UPROAR OVER MR ROBINSON'S APPOINTMENT TO HEAD SHEARSON ON TUESDAY MR
ROBINSON ADDRESSED 400 BRANCH MANAGERS AT NEW YORK'S WALDORF ASTORIA HOTEL
MR ROBINSON'S TALK WAS MET WITH ICY STARES THE RECEPTION WAS GLACIAL
SAID ONE PERSON FAMILIAR WITH THE MEETING MEANWHILE SOME LEHMAN INVESTMENT
BANKERS COMPLAINED THAT THEIR JOBS IN WINNING OVER CORPORATE CLIENTS WERE
MADE MORE DIFFICULT BECAUSE THEY SAID MR ROBINSON HAD LOST SOME RESPECT
IN CORPORATE AMERICA

SOME DIRECTORS WERE LOBBIED DIRECTLY TO GET THIS GUY OUT OF HERE SAID ONE
OF THE PEOPLE CLOSE TO THE BOARD HE ADDED THAT TALK OF DEFECTIONS RANGED
FROM SENIOR EXECUTIVES AT AMERICAN EXPRESS TO TRADERS AND BRANCH MANAGERS
AND INVESTMENT BANKERS AT SHEARSON MR ROBINSON MAINTAINED THAT I WAS NOT
AWARE OF DISCOMFORT AMONG SHEARSON BRANCH MANAGERS AND HE DENIED OTHER
REPORTS THAT AT LEAST ONE INVESTMENT BANKER WALKED OUT OF A MEETING HE
HEADED CAUSING HIM TO END THE MEETING ABRUPTLY

THE CHIEF CATALYST FOR MR ROBINSON'S RESIGNATION HOWEVER APPEARS TO HAVE
BEEN THE STRONG OUTCRY FROM INSTITUTIONAL INVESTORS WHO UNTIL LAST THURSDAY
HAD PLAYED A PASSIVE ROLE IN THE SUCCESSION SAGA AT THE COMPANY THE
STOCKHOLDER REVOLT WAS WORSE THAN PORTRAYED SAID ONE PERSON FAMILIAR WITH
THE BREAKFAST MEETING WITH MR GOLUB

RATHER THAN COMING AWAY SATISFIED THEY DIDN'T RECEIVE ANSWERS THEY SOUGHT
ON A STRATEGY FOR SHEARSON OR ON HOW MUCH AUTONOMY MR GOLUB HAD SAID THIS
PERSON IN ADDITION THERE WERE RUMORS ON WALL STREET SAID ONE ANALYST WHO
FOLLOWS THE COMPANY THAT SEVERAL LARGE INSTITUTIONAL HOLDERS WERE GETTING
READY TO SLOWLY LIQUIDATE THEIR POSITIONS

IT WAS MR ROBINSON'S OWN FAILING SAID A PERSON CLOSE TO HIM FOR NOT
HAVING SPENT MORE TIME COURTING THE BIG HOLDERS OF THE STOCK THE ONLY
THING HE HAD REALLY LINED UP WERE HIS BOARD MEMBERS HE DIDN'T REALLY LINE
UP HIS STOCKHOLDERS AT ALL THIS PERSON SAID

MR ROBINSON'S DEPARTURE PAVES THE WAY FOR J TOMILSON HILL AND RICHARD
FULD SHEARSON'S COPRESIDENTS TO EFFECTIVELY TAKE OVER THE MANAGEMENT OF
THE BROKERAGE FIRM A SPOKESMAN SAID IT IS UNCLEAR WHETHER AN AN OUTSIDE
CHIEF EXECUTIVE WILL BE SOUGHT

MEANWHILE SOME TRADERS SPECULATED THAT AMERICAN EXPRESS WILL TRY TO QUICKLY
DISMANTLE THE BIG BROKERAGE FIRM BY SELLING OFF ITS PARTS YESTERDAY SENIOR
SHEARSON OFFICIALS DENIED THAT POSSIBILITY

AS FOR MR ROBINSON HE WILL REMAIN AT THE COMPANY UNTIL FEB 22 WHEN THE
BOARD NEXT MEETS BEYOND THAT HE ADDED CRYPTICALLY I'LL DO A LOT OF
THINGS

HE DENIED HE HAD YET DISCUSSED COMPENSATION FOR LEAVING THE COMPANY BUT
EVEN THAT VERSION OF THE SAGA WAS DISPUTED BY A PERSON WHO SAID HE WAS AWARE
OF WHAT TRANSPIRED AT A SMALL MEETING ON THE 51ST FLOOR OF THE AMERICAN
EXPRESS TOWER LATE FRIDAY AFTERNOON MR ROBINSON'S PARTING WORDS AFTER
HE ACQUIESCED AND SAID HE WOULD RESIGN WERE ACCORDING TO THIS PERSON
MAKE ME A VERY GOOD COMPENSATION PACKAGE 9302010176 930201 DESIGN FOR
LIVING OLDSTYLE TOWNS WHERE PEOPLE WALK HAVE MODERN BACKERS  
ARCHITECTURE FIRM CULLS IDEAS FROM THE PAST THAT STRESS A SIMPLE
NEIGHBORHOOD  DO RESIDENTS REALLY WANT IT  BY ERIC
MORGENTHALER STAFF REPORTER OF THE WALL STREET JOURNAL

MIAMI HALF A CENTURY AGO THEIR MESSAGE WOULDN'T HAVE SEEMED IN ANY WAY
REMARKABLE TOWNS SHOULD BE DESIGNED FOR WALKING AS WELL AS FOR DRIVING

YET TODAY SUCH SIMPLE INSIGHTS ARE HELPING MAKE ANDRES DUANY AND ELIZABETH
PLATERZYBERK HUSBAND AND WIFE TWO OF THE MOST INFLUENTIAL AND
CONTROVERSIAL YOUNG ARCHITECTS AND TOWN PLANNERS IN THE COUNTRY WITH A
HANDFUL OF PROJECTS ON THE GROUND AND SCORES MORE IN THE WORKS THEY ARE
LEADING AN EFFORT TO REVIVE THE PRINCIPLES OF OLDFASHIONED NEIGHBORHOOD
DESIGN AS A WAY OF PUTTING THE BRAKES ON CERTAIN EXCESSES OF THE AUTOMOBILE
AGE

IF YOU WERE A COMPLETELY OBJECTIVE OBSERVER OF OUR URBANISM YOU WOULD HAVE
TO CONCLUDE THAT THE SINGLE MOST IMPORTANT ASPECT OF OUR SOCIETY IS THE
HAPPINESS OF CARS SAYS THE 43YEAROLD MR DUANY WHO WITH MS
PLATERZYBERK WHO IS 42 HEADS A FIRM HERE THAT BEARS THEIR NAMES BUT IS
CALLED DPZ FOR SHORT THE HAPPINESS OF HUMANS IS ANOTHER MATTER

MR DUANY AND MS PLATERZYBERK DON'T DISLIKE CARS HE DRIVES A MAZDA MIATA
CONVERTIBLE AND SHE A BMW 325I SEDAN BUT HE SAYS THE AUTOMOBILE SHOULD BE
AN INSTRUMENT OF FREEDOM AND PLEASURE THE ROLE HE FIGURES IT PLAYED
THROUGH WORLD WAR II RATHER THAN AS IT OFTEN IS TODAY A PROSTHETIC
DEVICE ESSENTIAL FOR GETTING AROUND

YOU REALLY CANNOT HAVE A GOOD SOCIETY UNLESS A PORTION OF THE POPULATION
CAN LIVE WITHOUT THE CAR AS A TOOL HE SAYS

SO THE TWO ARCHITECTS AND THEIR STAFF OF 15 SEEK TO MAKE THAT POSSIBLE 
AND SOLVE OTHER PROBLEMS AT THE SAME TIME THROUGH TOWN DESIGN THEY URGE
A RETURN TO THE PATTERNS OF YESTERDAY WHEN TOWNS WERE MADE UP OF
NEIGHBORHOODS AND PEOPLE COULD WALK TO THE CORNER STORE OR TOWN CENTER THEY
SAY EXISTING OLD NEIGHBORHOODS FROM PRINCETON NJ TO CHARLESTON SC
TO KEY WEST FLA AND COUNTLESS LESSERKNOWN COMMUNITIES THROUGHOUT THE
LAND HOLD ALL SORTS OF LESSONS FOR SUBURBAN DEVELOPMENT

THIS IS NOT JUST ABOUT TURNING THE CLOCK BACK SAYS MS PLATERZYBERK IT
IS ABOUT REINCORPORATING THINGS THAT WERE SUCCESSFUL BUT WITH AN EYE TO
CURRENT CONDITIONS

MANY OF THEIR CRITICS HOWEVER ARGUE THAT IT IS INDEED ABOUT TURNING THE
CLOCK BACK IN WAYS THAT OFTEN DON'T REFLECT THE REALITIES AND CHOICES
OF MODERN LIFE ARCHITECT BERNARD TSCHUMI THE DEAN OF COLUMBIA UNIVERSITY'S
GRADUATE SCHOOL OF ARCHITECTURE FAULTS THE PAIR FOR USING OBSOLETE AND
QUITE OFTEN DISCREDITED FORMS FROM THE PAST RATHER THAN TRYING TO LOOK TO
OUR CONTEMPORARY SOCIETY FOR MODELS TO SUGGEST A NEW FUTURE FOR TOWNS AND
CITIES HE ADDS THE 21ST CENTURY WILL NOT LOOK LIKE THE 18TH CENTURY

THE COUPLE BEGAN TESTING THEIR APPROACH A DECADE AGO IN SEASIDE A NEW
RESORT TOWN THEY DESIGNED ON THE FLORIDA PANHANDLE COAST FOR DEVELOPER
ROBERT DAVIS WITH ITS OLDTIME LAYOUT SMALLTOWN LOOK AND MANDATORY
PORCHES AND PICKET FENCES SEASIDE WAS A HUGE HIT WITH THE PUBLIC LOT
PRICES HAVE RISEN MORE THAN TENFOLD SINCE 1982 AND ALSO WITH
PROFESSIONALS AND ACADEMICS A 1988 ATLANTIC MONTHLY ARTICLE DESCRIBED
SEASIDE AS THE MOST CELEBRATED NEW AMERICAN TOWN OF THE DECADE

SINCE THEN THE TWO HAVE DESIGNED ABOUT 70 PROJECTS RANGING FROM A FLORIDA
DEVELOPMENT CALLED WINDSOR WHERE LOTS START AT 185000 TO AN ARIZONA
TRAILER PARK REPLETE WITH A TOWN CENTER PEDESTRIAN WALKWAYS AND A STRICT
TRAILERDESIGN CODE THEY HAVE DESIGNED FACELIFTS FOR MORE THAN A DOZEN
CITIES FROM PROVIDENCE RI TO STUART FLA CONSTRUCTION HAS ACTUALLY
STARTED ON FEWER THAN 10 OF THE PROJECTS THOUGH

THEIR INFLUENCE FAR EXCEEDS THE MODEST SIZE OF THEIR FIRM WHICH HAS 12
ARCHITECTS AND HAD 1992 BILLINGS OF ABOUT 15 MILLION HARVARD'S GRADUATE
SCHOOL OF DESIGN STAGED AN EXHIBIT OF THEIR WORK IN 1990 AND IN THE
CATALOG PETER G ROWE WHO IS NOW DEAN OF THE FACULTY OF DESIGN CALLED MR
DUANY AND MS PLATERZYBERK A CONSPICUOUS EXCEPTION TO THE DESIGN
PROFESSIONS' PATTERN OF NEGLECT OF THE GROWTH OF SUBURBS IN RECENT
DECADES

THEY HAVE HELPED SPAWN A MOVEMENT OF SORTS AMONG LIKEMINDED ARCHITECTS
URBAN THEORISTS AND PLANNERS IT HAS COME TO BE CALLED NEOTRADITIONALISM
 A TERM THE TWO DISLIKE AND IT IS THE AMERICAN BRANCH OF THE
BACKTOTHEFUTURE VIEW OF ARCHITECTURE THAT PRINCE CHARLES HAS STRESSED IN
ENGLAND HE PRAISED SEASIDE IN HIS BOOK A VISION OF BRITAIN

THEIR FIRM IS SITUATED ON A QUIET SIDE STREET IN MIAMI'S LITTLE HAVANA
SECTION IN A FORMER AIRCRAFTENGINE PLANT THAT HAS BEEN REMODELED IN AN
AIRY STYLE THE ONLY SIGN OUT FRONT IS A SMALL ONE UNDER THE MAIL SLOT
READING BEWARE OF THE DOG IT IS A REFERENCE TO THE COUPLE'S DACHSHUND
TED WHO HAS THE RUN OF THE PLACE

MR DUANY AND MS PLATERZYBERK WORK IN AN OPEN ROOM IN THE REAR ON EITHER
SIDE OF A BIG BLACK TABLE THEY CONSULT CLOSELY BUT ONE OR THE OTHER
USUALLY TAKES THE LEAD ON EACH PROJECT THEY ALMOST ALWAYS START OUT WITH
OPPOSITE IDEAS AS SHE PUTS IT THEN PULL EACH OTHER SAYS HE WE'VE
MADE A CONSCIOUS EFFORT NOT TO GO OFF IN SEPARATE DIRECTIONS SHE SAYS

BY ALL ACCOUNTS THEY AREN'T OF LIKE MIND ANDRES IS ALL SENSES SAYS
JAIME CORREA A YOUNG ARCHITECT WHO HAS WORKED WITH THEM LIZZ IS ALL
RATIONALITY

THEY MET AS UNDERGRADUATES AT PRINCETON AND BOTH GOT MASTER'S DEGREES FROM
THE YALE SCHOOL OF ARCHITECTURE THEY MARRIED IN 1976 BOTH COME FROM
FAMILIES THAT IMMIGRATED TO THE US AFTER COMMUNIST TAKEOVERS HER FAMILY
FROM POLAND BEFORE SHE WAS BORN HIS FROM CUBA IN 1960

AT THE HEART OF THE COUPLE'S THINKING IS THAT THE TRADITIONAL AMERICAN
NEIGHBORHOOD IS A PANACEA A WORD THEY BOTH LIKE TO USE FOR SOCIAL
ILLS RANGING FROM TRAFFIC POLLUTION AND COMMUTING PROBLEMS TO THE
ILLHOUSING OF THE ELDERLY AND THE POOR THEY ARE VERY SPECIFIC ABOUT HOW TO
DESIGN A NEIGHBORHOOD AND THEY SAY DESIGN SHOULD BE LOCKED IN THROUGH
STRICT CODES

STREETS SHOULD BE RELATIVELY NARROW AND LAID OUT IN WAYS THAT DIFFUSE
TRAFFIC SUCH AS ON GRIDS RATHER THAN IN WAYS THAT CONCENTRATE IT AS
CULDESACS DO THEY THINK COMMERCIAL AND RESIDENTIAL AREAS SHOULDN'T BE
SEGREGATED SO PEOPLE CAN WALK TO THE STORE RATHER THAN BE FORCED TO DRIVE

THEY SAY HOUSES SHOULD BE RELATIVELY CLOSE TOGETHER AND NEIGHBORHOODS LAID
OUT SO THE MAJORITY OF PEOPLE ARE WITHIN A FIVEMINUTE WALK OR A QUARTER
MILE FROM THE CENTER BUS STOPS AND OTHER MASSTRANSIT FACILITIES SHOULD BE
SIMILARLY CONVENIENT THEY ENDORSE SIDEWALKS AND ONSTREET PARKING TO
SEPARATE PEDESTRIANS FROM MOVING TRAFFIC THEY FAVOR ALL SORTS OF HOUSING 
FROM SINGLEFAMILY DETACHED HOUSES TO TOWNHOUSES AND APARTMENTS

THEY THINK COMMUNITIES SHOULD BE ARRANGED SO PEOPLE WITHOUT MUCH MONEY CAN
BE NEIGHBORS OF PEOPLE WITH MORE ONE WAY TO DO THAT IS TO BRING BACK GARAGE
APARTMENTS AND ALLOW THEM TO BE RENTED OUT OR USED TO HOUSE COLLEGEAGE
OR ELDERLY FAMILY MEMBERS PEOPLE SHOULD BE ALLOWED TO LIVE OVER THE STORE

THE STRICT BUILDING CODES THEY FAVOR SHOULD STRESS DESIGN REQUIRING HIGH
GARDEN WALLS OR PICKET FENCES FOR INSTANCE OR BUILDING HOUSES CLOSE TO THE
STREET THE IDEA IS TO CREATE A STREETSCAPE PLEASANT FOR PEOPLE TO WALK
BY AND THAT IMPARTS A SENSE OF PLACE

MR DUANY AND MS PLATERZYBERK DON'T PRETEND THEIR IDEAS ARE NEW IN A WAY
THAT'S THE POINT OF THEIR WORK THEY HAD THE WILLINGNESS TO SEE THAT ONCE
WE WERE DOING ARCHITECTURE RIGHT IN THE US AND ELSEWHERE AND NOW WE'RE
DOING IT WRONG SAYS VINCENT SCULLY STERLING PROFESSOR EMERITUS OF
ARCHITECTURE AT YALE UNDER WHOM THEY STUDIED UNLESS YOU'VE BEEN MARINATED
IN THE MODERN MOVEMENT YOU CAN'T IMAGINE WHAT A BRAVE STATEMENT THAT WAS

PROF SCULLY SAYS MUCH OF THE PACESETTING ARCHITECTURE OF RECENT YEARS HAS
TO DO WITH PEOPLE DOING VERY DARING AND INVENTIVE BUILDINGS AND IGNORING THE
URBAN FABRIC AS A WHOLE HE ADDS WHAT LIZZ AND ANDRES DO IS REVERSE THAT
 AND THINK ABOUT THE URBAN FABRIC AS A WHOLE AND THE RELATIONSHIP OF
THINGS TO EACH OTHER

HE THINKS THAT'S IMPORTANT BUT IT IS ALSO CONTROVERSIAL

THE SUGGESTION IS THAT GIVEN THE OPTION TO SHOP AND EAT AND WORK WITHIN
WALKING DISTANCE PEOPLE WILL EXERCISE THAT OPTION SAYS HENRY SKOKOWSKI A
PRINCIPAL PARTNER IN URBAN DESIGN STUDIO A WEST PALM BEACH FLA FIRM AND
A FREQUENT CRITIC OF DPZ IN FACT I THINK THAT IF YOU GO INTO ANY
METROPOLITAN ENVIRONMENT YOU'LL FIND THAT THAT ISN'T TRUE

MR SKOKOWSKI SAYS THE COUPLE'S APPROACH TAKES AN UNREALISTIC VIEW OF THE
CHOICES THAT PEOPLE HAVE AND OPT FOR AND OF THE IMPORTANCE OF THE
AUTOMOBILE IN CREATING THOSE CHOICES PEOPLE THINK GEOGRAPHICALLY IN TERMS
OF TIME NOT DISTANCE ANYMORE HE SAYS THAT'S TOTALLY A BYPRODUCT OF THE
AUTO

OTHER CRITICS SAY DPZ MISREADS THE CONCERNS OF THE AVERAGE HOME BUYER 
WHO THEY SAY STILL WANTS THE BIG HOUSE ON THE BIG LOT ON A CULDESAC IN
THE 'BURBS

MANY CRITICS SUCH AS COLUMBIA UNIVERSITY'S MR TSCHUMI THINK DPZ'S
CAREFULLY CODED APPROACH TO THINGS DISCOURAGES THE SORT OF DIVERSITY THAT
MAKES CITIES AND TOWNS VIBRANT I THINK THEY GO FOR HOMOGENEITY HE SAYS
WHEN TODAY IS MUCH MORE ABOUT HETEROGENEITY DPZ ARCHITECT XAVIER
IGLESIAS COUNTERS THAT SEASIDE HAS INCREDIBLE VARIETY THERE ARE SOME
BUILDINGS THERE THAT REALLY STRETCH THE INTERPRETATION OF THE CODE

THERE'S LITTLE QUESTION THAT MR DUANY AND MS PLATERZYBERK ARE AGGRESSIVE
IN THEIR QUEST FOR VISUAL HARMONY FOR INSTANCE THE DESIGN CODES FOR
WINDSOR THE UPSCALE NEW FLORIDA DEVELOPMENT EXTEND TO THE SPACING OF
BALUSTERS ON BALCONIES AND PORCHES AN ARTICLE LAST YEAR IN PROGRESSIVE
ARCHITECTURE MAGAZINE SAID THE WINDSOR CODES ARE CHALLENGING THE VERY IDEA
WIDELY HELD IN THIS COUNTRY SINCE AT LEAST THE CIVIL WAR THAT PEOPLE HAVE A
RIGHT TO DO WHAT THEY WANT WITH THEIR PROPERTY AS LONG AS IT DOES NOT
ENDANGER THEIR OWN HEALTH AND SAFETY AND THAT OF OTHERS

OPINION IS DIVIDED ON THE WORK ITSELF EARLY LAST YEAR TIME MAGAZINE CITED
THE KENTLANDS A BIG DPZDESIGNED DEVELOPMENT OF NEOGEORGIAN AND
NEOFEDERAL NEIGHBORHOODS NORTHWEST OF WASHINGTON DC AS AMONG THE BEST
OF 1991 BUT IN JUNE CRITIC EVE M KAHN WRITING IN THE WALL STREET
JOURNAL CALLED THE KENTLANDS A VISUAL SWAMP AND SAID THE DWELLINGS 
WHICH WEREN'T DESIGNED BY DPZ ALTHOUGH IT WROTE THE DESIGN CODE HAVE
DETAILS SO BAD THEY MAKE YOUR TEETH HURT MR DUANY PROMPTLY PHONED MS
KAHN ACCORDING TO BOTH TO SAY HE AGREED THEN HE SAYS HE SENT COPIES OF
HER CRITIQUE TO HIS OTHER CLIENTS AS A CAUTIONARY TALE THIS IS WHAT WILL
HAPPEN TO YOU IF YOU DON'T FOLLOW THE CODE

NONETHELESS NEOTRADITIONALIST DESIGN IS GAINING STEAM IN CITIES AND SUBURBS
THROUGHOUT THE US AND CANADA ITS PRACTITIONERS TRACE MANY OF SOCIETY'S
CURRENT PROBLEMS TO CHANGES IN LIVING PATTERNS THAT TOOK PLACE AFTER WORLD
WAR II AS AMERICA BECAME A SUBURBAN SOCIETY AND THE CAR BECAME CENTRAL
NEIGHBORHOODS AND TOWNS YIELDED TO SUBURBS HIGHWAYS AND CARS DOWNTOWNS
DECLINED

THE IDEA CERTAINLY DIDN'T ORIGINATE WITH MR DUANY AND MS PLATERZYBERK
URBAN THEORISTS AMONG OTHERS HAVE BEEN BEMOANING THE ROLE OF THE
AUTOMOBILE AND THE END OF COMMUNITY FOR YEARS IN THE 1960S DEVELOPERS OF
SUCH NEW TOWNS AS RESTON VA AND COLUMBIA MD TRIED TO SOLVE THE
PROBLEM BY MIXING SOME OLD IDEAS SUCH AS TOWN CENTERS AND NEIGHBORHOODS
WITH BASICALLY AN AUTOMOBILE STRUCTURE SAYS PROF SCULLY OF YALE BUT MR
DUANY AND MS PLATERZYBERK WERE AMONG THE FIRST TO PROPOSE A SHARP TURN TO
THE PAST AND DEMONSTRATE HOW IT COULD BE DONE

SAYS SAN FRANCISCO ARCHITECT DANIEL SOLOMON WHAT LIZZ AND ANDRES HAVE
DONE POLEMICALLY AND MORE EFFECTIVELY THAN ANYBODY ELSE IS POINT OUT THE
WAYS THE PREMODERN TOWN THE TOWN AS IT EXISTED BEFORE WORLD WAR II 
IS A MORE CONGENIAL PLACE FOR MODERN AND POSTMODERN LIFE THAN THE TOWNS
WE'VE BEEN BUILDING SINCE WORLD WAR II

THEY ARRIVED AT THAT POSITION BY A DECIDEDLY MODERN ROUTE IN 1976 MR
DUANY AND MS PLATERZYBERK WERE AMONG THE FOUNDING PARTNERS OF
ARQUITECTONICA A MIAMI FIRM WHOSE WHIMSICALLY MODERN BUILDINGS MADE IT ONE
OF THE HOTTEST ARCHITECTURAL OUTFITS OF THAT PERIOD BUT BY 1980 THEY HAD
GROWN DISENCHANTED WITH HIGHRISE BUILDINGS AND MODERN DESIGN THEY LEFT TO
FORM THEIR OWN FIRM WHICH WITH SEASIDE BEGAN EVOLVING FROM AN
ARCHITECTURAL FIRM TO A TOWNPLANNING ONE

IN SEASIDE MR DUANY AND MS PLATERZYBERK DIDN'T DESIGN ANY BUILDINGS
ALTHOUGH THEY STILL DO ARCHITECTURAL WORK RATHER THEY DESIGNED THE TOWN
ITSELF LAYING OUT THE STREET GRID THE TOWN CENTER THE PARKS AND
WROTE THE CODES ARCHITECTS AND BUILDERS MUST FOLLOW THEY LIKE THE IDEA OF
HAVING VARIOUS ARCHITECTS DESIGN STRUCTURES WITHIN STRICTLY CODED
GUIDELINES AS IT GIVES A COMMUNITY DIVERSITY

THESE DAYS THE COUPLE SPEND MUCH OF THEIR TIME PROSELYTIZING THEY FEAR
OTHERS WILL COPY THEIR STYLE WITHOUT UNDERSTANDING IT AND THEY'RE TRYING TO
MAKE THINGS AS CLEAR AS POSSIBLE AND YET THEY STRESS THEIR APPROACH ISN'T
COMPLICATED

ONE SUNDAY MORNING MR DUANY IS IN WASHINGTON LEADING A BUS TOUR THROUGH
THE NARROW STREETS OF GEORGETOWN AS PART OF A SEMINAR ON NEIGHBORHOOD
DESIGN HE GESTURES OUT THE WINDOW AT A ROW OF LOVELY OLD BRICK TOWNHOUSES

LOOK AT THE BASIC MODESTY OF THE 19THCENTURY AMERICAN HOUSE THESE VERY
SIMPLE BOXES HE SAYS PEOPLE THEN KNEW HOW TO DO THINGS WITH SIMPLICITY
AND DIGNITY HE PAUSES AND THAT HAS BEEN ENTIRELY LOST BY ARCHITECTS WE
HAVE LOST THE ABILITY TO DO THINGS SIMPLY 9302010174 930201 ENTERPRISE
 SMALL BUSINESSES FACE PROBLEM FROM CRIME LAWSUITS  MORE AND MORE
VICTIMS ARE BLAMING OWNERS FOR INADEQUATE SECURITY  BY BARBARA
MARSH STAFF REPORTER OF THE WALL STREET JOURNAL

IF WORRY ABOUT HOLDUPS AND BURGLARIES ISN'T ENOUGH SMALLBUSINESS OWNERS
CAN NOW FRET ABOUT ANOTHER GROWING CRIMERELATED PROBLEM LAWSUITS BY PEOPLE
ATTACKED ON BUSINESS PREMISES

MORE VICTIMS ARE BRINGING SUCH SUITS ACCUSING OWNERS OF INADEQUATE SECURITY
FOLLOWING RAPES ROBBERIES MURDERS ASSAULTS AND OTHER VIOLENT CRIMES
SCORES OF LAWSUITS NOW TARGET OWNERS OF HOTELS MOTELS CONVENIENCE STORES
RESTAURANTS HOSPITALS APARTMENT BUILDINGS RETAIL SHOPS AND OTHER
CONCERNS LIABILITY AND INSURANCE EXPERTS REPORT THE NUMBER OF SOCALLED
PREMISESLIABILITY CASES INVOLVING VIOLENT CRIMES HAS DOUBLED DURING THE
PAST FIVE YEARS TO ABOUT 1000 ANNUALLY ESTIMATES LIABILITY CONSULTANTS
INC A SECURITYCONSULTING FIRM IN FRAMINGHAM MASS

VICTIMS LOOK TO BUSINESS OWNERS TO RECOVER THEIR LOSSES BECAUSE MOST PEOPLE
WHO COMMIT HEINOUS CRIMES LACK FINANCIAL RESOURCES SAYS THOMAS A DEMETRIO
A PERSONALINJURY LAWYER IN CHICAGO HE REPRESENTS ONE VICTIM'S FAMILY IN
THE JAN 8 MURDERS OF TWO OWNERS AND FIVE EMPLOYEES AT A BROWN'S CHICKEN &
PASTA FRANCHISE IN PALATINE ILL

FRANK PORTILLO PRESIDENT OF THE FRANCHISER BROWN'S CHICKEN & PASTA INC
IN OAKBROOK ILL SAYS WE WORK VERY CLOSELY WITH ALL OUR FRANCHISEES ON
SECURITY BUT HE DECLINES TO COMMENT ON LIABILITY ISSUES

MR DEMETRIO SAYS HE IS CONSIDERING WHETHER TO SUE THE FRANCHISER FOR
POSSIBLY FAILING TO MAKE SURE THE FRANCHISEE FOLLOWED PROPER SECURITY
PROCEDURES HE CITES A 1991 ILLINOIS APPELLATECOURT RULING INVOLVING A
ROBBERY AND MURDER AT A MCDONALD'S CORP FRANCHISE IN OAK FOREST ILL THE
COURT UPHELD A LOWER COURT WHICH HAD FOUND THE FRANCHISER NEGLIGENT IN
ENFORCING ITS FRANCHISEE SECURITY PROCEDURES AND HAD GIVEN THE PLAINTIFFS A
1250000 VERDICT A MCDONALD'S SPOKESMAN SAYS THE COMPANY UNSUCCESSFULLY
TRIED TO APPEAL THE RULING FURTHER

SUCH HUGE JUDGMENTS NO LONGER ARE UNUSUAL LIABILITY CONSULTANTS STUDIED 197
LAWSUITS BY VICTIMS OF VIOLENT CRIME CHARGING INADEQUATE SECURITY BY
BUSINESS AND PROPERTY OWNERS BETWEEN 1983 AND 1991 IN THE CASES THAT WENT
TO TRIAL JURY VERDICTS AVERAGED 22 MILLION FOR WRONGFUL DEATHS 18
MILLION FOR RAPES 12 MILLION FOR ASSAULTS AND 700000 FOR ROBBERIES
OUTOFCOURT SETTLEMENTS AVERAGED BETWEEN ONETHIRD AND TWOTHIRDS OF THESE
AMOUNTS IN ALL OF THE CASES STUDIED THE DEFENDANT EITHER LOST THE CASE IN
COURT OR REACHED A SETTLEMENT WITH THE PLAINTIFF

SMALL BUSINESSES ARE ESPECIALLY VULNERABLE TO VICTIM LAWSUITS BECAUSE THEY
OFTEN SCRIMP ON SECURITY A SMALL ROADSIDE MOTEL FOR INSTANCE MAY BE ABLE
TO AFFORD ONLY ONE OFFICE EMPLOYEE AT NIGHT NOTES NORMAN BATES PRESIDENT
OF LIABILITY CONSULTANTS AS A PROFESSIONAL HOTELSECURITY EXPERT MR
BATES MAKES FUN OF SHARING HIS NAME WITH THE MURDEROUS MOTEL OWNER IN ALFRED
HITCHCOCK'S MOVIE PSYCHO

IN RECENT YEARS STATE COURTS HAVE WIDENED THE TYPES OF BUSINESSES HELD
LIABLE FOR NEGLECTING SECURITY DURING THE 1970S COURTS FOCUSED ON OWNERS
OF APARTMENT BUILDINGS RECALLS EDWARD C MARTIN A LAWYER WHO HAS WRITTEN
EXTENSIVELY ON PREMISES LIABILITY BUT DURING THE 1980S HE ADDS COURTS
EXTENDED THAT LIABILITY TO HOTELS AND MOTELS CONVENIENCE AND LIQUOR STORES
FASTFOOD RESTAURANTS FRANCHISING COMPANIES AND OPERATORS OF AUTOMATED
TELLER MACHINES

SEVERAL INSURANCE BROKERS AND LIABILITY EXPERTS PREDICT THE INCREASED
INCIDENCE OF SUCH LITIGATION WILL DRIVE UP THE PRICE OF LIABILITY COVERAGE
FOR MANY SMALL BUSINESSES INSURERS HAVE ONLY RECENTLY BEGUN TO PAY
ATTENTION TO THE HIGH COST OF AWARDS FROM PREMISELIABILITY CASES INVOLVING
VIOLENT CRIMES CONTINENTAL INSURANCE CO SAYS IT STARTED TRACKING THE TREND
IN 1991 AND DISCOVERED THAT MORE THAN HALF OF THE 1 MILLIONPLUS CLAIMS
PAID IN 1991 RESULTED FROM THESE SUITS

COURTS OFTEN FIND BUSINESS AND LANDOWNERS LIABLE FOR CRIMINAL ACTS NEAR
THEIR PROPERTIES IF THEY FAILED TO TAKE REASONABLE CARE TO PROTECT PATRONS
AND OTHERS FACTORS VARY LEGAL EXPERTS SAY BUT COURTS GENERALLY CONSIDER
WHETHER AN OWNER COULD HAVE FORESEEN THE POSSIBILITY OF A CRIME PAST CRIMES
IN A NEIGHBORHOOD OFTEN ARE USED AS EVIDENCE OF SUCH FORESEEABILITY

INCREASINGLY THOUGH COURTS WEIGH OTHER CIRCUMSTANCES TOO A PREMISE'S
DESIGN LIGHTING AND ACCESSIBILITY CAN INFLUENCE THE EXTENT OF AN OWNER'S
LIABILITY C DAVID SULLIVAN SENIOR VICE PRESIDENT IN CHARGE OF KEMPER
NATIONAL INSURANCE COS' CLAIMS AND LITIGATION DEPARTMENT NOTES THAT
CRIMINALS LIKE SMALL BUSINESSES WITH CORNER LOCATIONS FOR EXAMPLE BECAUSE
THEY OFFER FOUR DIRECTIONS OF ESCAPE

THE TYPE AND HOURS OF A BUSINESS ARE OTHER FACTORS CONSIDERED IN SUCH COURT
CASES KEMPER'S MR SULLIVAN SAYS CRIMINALS ALSO FAVOR 24HOUR CONVENIENCE
STORES RESTAURANTS OPEN AT NIGHT AND PARKING GARAGES WHICH MAKE GOOD
HIDING PLACES

A VICTIM IS LESS LIKELY TO RECOVER FOR SECURITY NEGLIGENCE MR SULLIVAN
CONTINUES WHEN A SMALLBUSINESS OWNER TAKES NUMEROUS PRECAUTIONS INCLUDING
THE INSTALLATION OF ALARM SYSTEMS LIGHTS LOCKS GUARDS AND WARNINGS
TRAINING EMPLOYEES AND MONITORING THOSE EFFORTS

STILL IT IS HARD FOR SMALL BUSINESSES TO KNOW WHETHER THEY HAVE DONE
ENOUGH A YEAR AGO THE DELAWARE SUPREME COURT UPHELD A 600000 JURY
VERDICT AGAINST THE BLUE COAT INN IN DOVER A WAITRESS HAD SUED THE
RESTAURANT'S OWNERS FOR NEGLECTING TO PROVIDE ADEQUATE SECURITY AFTER SHE
WAS ABDUCTED ONE EVENING FROM THE INN'S PARKING LOT RAPED AND ROBBED

A LOWERCOURT OPINION NOTED THAT THE RESTAURANT HAD ROUTINELY PROVIDED
ESCORTS FOR FEMALE EMPLOYEES TO ITS PARKING LOT AND THAT EXPERT TESTIMONY
CONSIDERED THE LOT A MAGNET FOR CRIME ON THE NIGHT OF THE CRIME A BUSBOY
ACCOMPANIED THE WAITRESS UNTIL THEY CAUGHT SIGHT OF HER CAR ACCORDING TO
THE SUPREME COURT'S OPINION ONCE SHE GOT IN THE CAR SHE STARTED PUTTING
MONEY INTO HER PURSE AND THE CRIMINAL GAINED ENTRY THROUGH AN OPEN WINDOW
SAYS STEPHEN B POTTER A LAWYER WHO REPRESENTED THE RESTAURANT

MR POTTER SAYS HE FAILED TO PERSUADE THE COURT THAT THE WAITRESS ASSUMED
THE RISK OF BEING ATTACKED BY SITTING ALONE AND HANDLING HER MONEY IN A DARK
PARKING LOT HE OFFERS THIS WARNING TO SMALLBUSINESS OWNERS EVERYWHERE
THERE'S ALWAYS THE ARGUMENT THAT SOMETHING MORE COULD BE DONE TO PROTECT
PEOPLE AGAINST CRIME 9302010173 930201 FINANCING BUSINESS PAINEWEBBER
GROUP INC

PAINEWEBBER GROUP INC NEW YORK SAID IT CALLED FOR REDEMPTION ITS 9 3/8
SUBORDINATED NOTES DUE 1996 AT 100 OF PRINCIPAL AMOUNT PLUS ACCRUED
INTEREST THE REDEMPTION DATE IS MARCH 1 THERE IS 75 MILLION OF THE NOTES
OUTSTANDING 9302010172 930201 WHO'S NEWS MITSUBISHI CORP

MITSUBISHI CORP TOKYO MIKIO SASAKI 55 WAS NAMED CHIEF EXECUTIVE AT
MITSUBISHI INTERNATIONAL CORP A US UNIT OF THIS JAPANESE TRADING
COMPANY MR SASAKI WHO HAD BEEN AN EXECUTIVE VICE PRESIDENT SUCCEEDS
TETSUO KAMIMURA 60 WHO WILL RETURN TO THE PARENT IN TOKYO AS THE MANAGING
DIRECTOR IN CHARGE OF ADMINISTRATION AND VICE CHAIRMAN OF THE INVESTMENT
COMMITTEE 9302010171 930201 LEISURE & ARTS A TV COP SHOW LIKE BLUES'
BUT BETTER  BY ROBERT GOLDBERG

YOU NEVER KNOW WHAT'S GOING TO HAPPEN WHEN A FILM DIRECTOR COMES TO TV FOR
SOME WHEN THE SIZE OF THE SCREEN SHRINKS SO DO THEIR IDEAS ON THE OTHER
HAND JAMES BROOKS CREATOR OF BOTH THE MARY TYLER MOORE SHOW AND TERMS
OF ENDEARMENT HAS STATED THAT TELEVISION IN SOME STRANGE WAY TENDS TO
OFFER MORE CREATIVE FREEDOM THESE DAYS

YES AND NO DAVID LYNCH'S GOTHICAMERICAN MODE EXPLODED ONTO THE TUBE IN
TWIN PEAKS AND HIS SMALLTOWN SURREALISM FOUND A NATURAL SHOWCASE IN THE
TV FORMAT BUT STEVEN SPIELBERG AND GEORGE LUCAS HAVE HAD LESS LUCK

THREE YEARS AGO MR SPIELBERG AND BATMAN DIRECTOR TIM BURTON ANNOUNCED
THE PRODUCTION OF A REVOLUTIONARY NEW ANIMATED PRIMETIME SERIES FAMILY
DOG IT HAS YET TO APPEAR MORE RECENTLY MR LUCAS'S THE YOUNG INDIANA
JONES CHRONICLES HAS FAILED TO FIND AN AUDIENCE WITH ITS UNEVEN MIX OF
ADVENTURE AND HISTORY

BUT THIS YEAR UNDETERRED OUR COUNTRY'S MOTIONPICTURE DIRECTORS ARE COMING
BACK TO TELEVISION MR SPIELBERG WILL RETURN WITH AN UNDERWATER SAGA CALLED
SEAQUEST IN THE FALL THIS SPRING OLIVER STONE IS PRODUCING THE
FUTURISTIC MINISERIES WILD PALMS AND THIS WEEK BARRY LEVINSON TAKES HIS
TURN

FIRST OFF YOU HAVE TO FORGET HIS RECENT FAILURE WITH THE FILM TOYS MR
LEVINSON IS A WONDERFULLY TALENTED WRITER/DIRECTOR FROM DINER TO TIN
MEN TO AVALON HIS WRY NOSTALGIC DRAMAS SET IN HIS HOMETOWN OF
BALTIMORE IN THE 1950S ARE SMALL ENSEMBLE GEMS AND IN AVALON MR
LEVINSON REVEALS THE DEPTH OF HIS ATTRACTION TO TV THE MAGIC BOX OF HIS
YOUTH TV BEGUILER OF KIDS AND DESTROYER OF FAMILY LIFE

THIS WEEK FINDS MR LEVINSON BACK IN FAMILIAR TERRITORY IN BALTIMORE BUT
THIS TIME HE WITH COEXECUTIVE PRODUCER TOM FONTANA IS WORKING A MUCH
GRITTIER URBAN LANDSCAPE IN HOMICIDE LIFE ON THE STREET NBC
WEDNESDAYS 910 PM EST IT LOOKS A LOT LIKE LAW AND ORDER AND
ESPECIALLY HILL STREET BLUES THE COMPARISON WITH THE LATTER IS
INEVITABLE THE TWO SHOWS EVEN SHARE THE SAME INTERWOVEN STRUCTURE THE SAME
INTELLIGENCE BUT YOU WON'T CONFUSE THEM HOMICIDE IS BETTER

NOW ANYONE WHO'S WATCHED TV AT ALL HAS SEEN DOZENS OF COP SHOWS FROM
DRAGNET TO BARNEY MILLER FROM CHIPS RIGHT ON UP TO COP ROCK WE'VE
POUNDED THE BEAT WE'VE RIDDEN SHOTGUN ON DRUG BUSTS WE'VE TASTED THE STALE
DONUTS AND THE OVERHEATED COFFEE IN THE SQUAD ROOM IT'S EASIER TO FIND A
POLICE OFFICER ON YOUR TV SET THAN ON YOUR STREET BUT THE BADGES ON
HOMICIDE ARE NOT REGULAR FLATFEET THEY ARE THE CRUSTY ELITE EIGHT
HARDENED DETECTIVES AND THEIR BOSS LT GIARDELLO YAPHET KOTTO  ON THE
TRACK OF KILLERS

HOMICIDE IS THE SERIES VERSION OF A POLICE PROCEDURAL FOLLOWING THE
LEGWORK OF MURDER INVESTIGATIONS THE ACTION HERE TAKES PLACE ON THE
BOARD A DEPARTMENTAL SCOREBOARD ON WHICH THE CASES SOLVED ARE MARKED IN
BLACK THE ONES UNSOLVED IN RED YOU DON'T FIND THESE COPS IN CAR CHASES OR
SHOOTOUTS THE CONFRONTATIONS COME WHEN THE DETECTIVES STEP INTO THE BOX
WITH A MURDER SUSPECT AND TRY TO WRING OUT A CONFESSION IT'S NOT AS ONE
OF THEM PUTS IT AN INTERROGATION BUT AN ACT OF SALESMANSHIP  AS
SILVERTONGUED AND THIEVING AS EVER MOVED USED CARS FLORIDA SWAMPLAND OR
BIBLES BUT WHAT I'M SELLING IS A LONG PRISON TERM TO A CLIENT WHO HAS NO
GENUINE USE FOR THE PRODUCT

OVER THE FIRST FEW WEEKS THE DETECTIVES ARE TRACKING DOWN ONE CALPURNIA
CHURCH WHO HAS BEEN KNOCKING OFF HER HUSBANDS AND RELATIVES FOR INSURANCE
MONEY THE KILLER OF A YOUNG MOTHER NAMED JENNY GOODE AND ONE WELLTODO
GENTLEMAN WHO MAY OR MAY NOT BE DEAD CROSETTI JON POLITO ONE OF THE
INVESTIGATORS IS A CONSPIRACY THEORIST WHO STAYS UP NIGHTS TRYING TO FIGURE
OUT WHO REALLY WHACKED ABRAHAM LINCOLN

INTO THE INVESTIGATING TEAM COMES ROOKIE DETECTIVE BAYLISS KYLE SECOR WHO
BY CHANCE STUMBLES INTO THE BIGGEST MURDER CASE OF THE YEAR THE KILLING
OF A PRETTY YOUNG BLACK GIRL NAMED ADENA WATSON EARNEST AND CONSCIENTIOUS
AND MORE THAN A LITTLE OVERWHELMED BAYLISS IS LITERALLY TRYING TO SOLVE THE
CASE BY THE BOOK THE TEXTBOOK PRACTICAL HOMICIDE AS THE POLITICAL
PRESSURE STARTS TO BUILD

THE ACTION HERE IS LIVELY BUT ACTION IN HOMICIDE IS SECONDARY TO STRONG
CHARACTER DEVELOPMENT ACTING AND WRITING I HEARD MORE GOOD WRITING IN
THE FIRST TWO EPISODES OF THIS SERIES THAN IN THE PAST TWO MONTHS OF TV
WATCHING THANKS TO MR LEVINSON MR FONTANA AND CREATOR PAUL ATTANASIO 
WRITERS ALL HERE'S CYNICAL DETECTIVE JOHN MUNCH RICHARD BELZER
QUESTIONING A SUSPECT SO THIS UNKNOWN MYSTERY JAMAICAN KILLS BOTH VILLARD
BROTHERS CUTS YOUR HAND DRIVES YOU TO HOPKINS BLEEDING ALL OVER HIS CAR
AND SWEARS YOU TO SECRECY ALONG THE WAY  NOW I GET IT YOU'RE SAVING
THE REALLY GOOD LIES FOR SOME SMART COP IS THAT IT I'M JUST THE DOUGHNUT
IN THE ONDECK CIRCLE WAIT TILL THE REAL GUY GETS HERE  I'M JUST
MONTEL WILLIAMS AND YOU WANT TO TALK TO LARRY KING  LISTEN I'VE BEEN
IN THIS JOB FOR 10 YEARS IF YOU'RE GONNA LIE TO ME LIE TO ME WITH
RESPECT

THE STYLE OF HOMICIDE IS COLD AND FAST IT'S NOT NECESSARILY AN EASY SHOW
TO COZY UP TO YOU DON'T GET THE SAME WARM FEELING ABOUT THE CHARACTERS AS
IN HILL STREET BLUES MOREOVER IT'S VISUALLY JARRING HOMICIDE BRINGS
BACK THE JUMP CUT THE REAL HONESTTOGOODNESS ONPURPOSE JUMP CUT THAT
STAPLE OF THE FRENCH NEW WAVE ACTIONS ARE DOUBLED TRIPLED CHOPPED INTO
SMALL PIECES GIVING HOMICIDE A NERVOUS HARDEDGED LOOK ALL ITS OWN

MOST PROGRAMS UNROLL SO SLOWLY THAT THE TV INITIATE CAN TELL YOU THE WHOLE
PLOT AFTER THE FIRST 10 MINUTES HOMICIDE IS ONE OF THE FEW SHOWS THAT
MOVE ALMOST FASTER THAN YOU CAN ABSORB FRAGMENTED INTENSE JAGGED
WELLWRITTEN THIS SERIES HAS MORE VOLTAGE RUNNING THROUGH IT THAN AN
ELECTRIC CHAIR

HOMICIDE IS AN AWARDWINNING PROGRAM IN THE MAKING 9302010170 930201
BUSINESS BRIEF UNILEVER PLC LIPTON SUBSIDIARY TO ACQUIRE 2 EMPIRE OF
CAROLINA UNITS

THOMAS J LIPTON CO A US UNIT OF UNILEVER PLC SAID IT SIGNED A
DEFINITIVE AGREEMENT TO BUY TWO FROZENDESSERT UNITS FOR 155 MILLION FROM
EMPIRE OF CAROLINA INC DEERFIELD BEACH FLA

UNDER THE PREVIOUSLY ANNOUNCED AGREEMENT LIPTON IS BUYING EMPIRE'S WHOLLY
OWNED ISALY KLONDIKE CO BASED IN CLEARWATER FLA AND POPSICLE INDUSTRIES
LTD BASED IN BURLINGTON ONTARIO KLONDIKE HAD 1991 SALES OF 76 MILLION
AND POPSICLE HAD 1991 SALES OF 25 MILLION

BLAINE R HESS LIPTON'S PRESIDENT AND CHIEF EXECUTIVE OFFICER CALLED THE
BRANDS AN IDEAL COMPLEMENT TO OUR CURRENT GOOD HUMOR BUSINESSES

AFTER COMPLETION OF THE TRANSACTION EMPIRE SAID ITS OPERATING BUSINESSES
WILL BE THE MANUFACTURE MARKETING AND DISTRIBUTION OF PLASTIC TOYS
SEASONAL DECORATIVE ITEMS AND BUTTONS THROUGH ITS CAROLINA ENTERPRISES INC
SUBSIDIARY 9302010169 930201 WHO'S NEWS FEDDERS CORP

FEDDERS CORP PEAPACK NJ ROBERT L LAURENT 37 YEARS OLD WAS NAMED
EXECUTIVE VICE PRESIDENT OF FINANCE AND ADMINISTRATION AT THIS MAKER OF ROOM
AIR CONDITIONERS MR LAURENT WHOSE POSITION IS NEWLY CREATED HAD BEEN
VICE PRESIDENT OF FINANCE AND CONTROLLER HE CONTINUES AS CHIEF FINANCIAL
OFFICER 9302010168 930201 WHO'S NEWS TESORO PETROLEUM CORP

TESORO PETROLEUM CORP SAN ANTONIO GAYLON SIMMONS WAS NAMED SENIOR VICE
PRESIDENT REFINING MARKETING AND SUPPLY FOR THIS OIL AND GAS REFINING AND
MARKETING COMPANY FILLING A VACANCY MR SIMMONS 52 YEARS OLD WAS MOST
RECENTLY PRESIDENT AND CHIEF EXECUTIVE OF PERMIAN CORP A CRUDE OIL
PURCHASING TRANSPORTATION AND MARKETING COMPANY 9302010167 930201 WHO'S
NEWS PUROFLOW INC

PUROFLOW INC SANTA MONICA CALIF REUBEN M SIWEK GENERAL COUNSEL
WAS ELECTED CHAIRMAN OF THIS MAKER OF SPECIALTY FILTERS AND FLUID CONTROLS
MR SIWEK 72 YEARS OLD SUCCEEDS GEORGE SOLYMAR 52 WHO CONTINUES AS A
DIRECTOR JOSEPH B JASSO 57YEAROLD PRESIDENT CHIEF EXECUTIVE OFFICER
AND CHIEF OPERATING OFFICER AND MICHAEL H FIGOFF 49 VICE PRESIDENT OF
MARKETING WERE ELECTED DIRECTORS THEY SUCCEED JAY SLAGLE AND JERRY
PEARLMAN WHO RESIGNED 9302010166 930201 WHO'S NEWS PFIZER INC

PFIZER INC NEW YORK CONSTANCE J HORNER AND THOMAS G LABRECQUE WERE
NAMED DIRECTORS ON THE 16MEMBER BOARD AT THIS PHARMACEUTICAL AND HEALTH
CARE CONCERN MRS HORNER 51 YEARS OLD IS A GUEST SCHOLAR AT THE BROOKINGS
INSTITUTION IN WASHINGTON AND A FORMER ASSISTANT TO PRESIDENTS REAGAN AND
BUSH MR LABRECQUE 54 IS CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF CHASE
MANHATTAN CORP THEY FILL VACANCIES CREATED BY BARBER B CONABLE JR AND
WILLIAM J KENNEDY III WHO RETIRED 9302010165 930201 WHO'S NEWS SONY
CORP

SONY CORP TOKYO MICHELE ANTHONY 36 YEARS OLD WAS NAMED EXECUTIVE
VICE PRESIDENT IN CHARGE OF DAYTODAY OPERATIONS AT SONY MUSIC A UNIT OF
THIS CONSUMER ELECTRONICS AND ENTERTAINMENT COMPANY MS ANTHONY WHOSE
POSITION IS NEWLY CREATED HAD BEEN SENIOR VICE PRESIDENT RESPONSIBLE FOR
THE UNIT'S MUSIC LABELS TOURING FAMILY ENTERTAINMENT AND OTHER AREAS
9302010164 930201 WHO'S NEWS DRAVO CORP

DRAVO CORP PITTSBURGH WILLIAM E KASSLING 49 CHAIRMAN OF
WESTINGHOUSE AIR BRAKE CO WAS ELECTED TO THE BOARD OF THIS PRODUCER OF
LIME AND CONSTRUCTION AGGREGATES INCREASING THE SIZE OF THE BOARD TO 11
9302010163 930201 WHO'S NEWS MEDIA GENERAL INC

MEDIA GENERAL INC RICHMOND VA ROBERT P BLACK 54 WAS NAMED A
DIRECTOR AT THIS MEDIA COMPANY FILLING A VACANCY LEFT BY THE RETIREMENT OF
ANDREW J BRENT MR BLACK IS THE RETIRED PRESIDENT OF THE FEDERAL RESERVE
BANK OF RICHMOND 9302010162 930201 WHO'S NEWS ATLANTIC ENERGY INC

ATLANTIC ENERGY INC PLEASANTVILLE NJ JERROLD L JACOBS WILL SUCCEED
E DOUGLAS HUGGARD AS CHIEF EXECUTIVE APRIL 28 MR HUGGARD IS EXPECTED TO
CONTINUE AS CHAIRMAN MR JACOBS 53 WHO WILL CONTINUE AS PRESIDENT OF THE
ELECTRIC UTILITY REAL ESTATE AND INVESTMENT HOLDING COMPANY WILL ALSO
SUCCEED MR HUGGARD 59 AS CHAIRMAN AND CHIEF EXECUTIVE OF THE MAIN UNIT
ATLANTIC CITY ELECTRIC CO 9302010161 930201 WHO'S NEWS IKOS SYSTEMS
INC

IKOS SYSTEMS INC CUPERTINO CALIF ROBERT F GRAHAM 63 YEARS OLD HAS
BEEN NAMED TO A NEW SEAT ON THE BOARD OF THIS COMPANY WHICH MAKES
COMPUTERTESTING SYSTEMS HE IS CHIEF EXECUTIVE OFFICER AND CHAIRMAN OF
NOVELLUS SYSTEMS INC 9302010160 930201 WHO'S NEWS UNISYS CORP

UNISYS CORP BLUE BELL PA EDWIN A HUSTON 54 WAS NAMED A DIRECTOR
ON THE 12MEMBER BOARD AT THIS COMPUTER SYSTEMS CONCERN HE IS SENIOR
EXECUTIVE VICE PRESIDENT OF FINANCE AND CHIEF FINANCIAL OFFICER AT RYDER
SYSTEMS INC A TRANSPORTATION SERVICES CONCERN 9302010159 930201 WHO'S
NEWS PANHANDLE EASTERN CORP

PANHANDLE EASTERN CORP HOUSTON VERNELL P LUDWIG WAS NAMED TO THE NEW
POSITION OF VICE PRESIDENT CORPORATE DEVELOPMENT OF THIS NATURAL GAS
PIPELINE COMPANY MR LUDWIG 48 YEARS OLD WILL BE RESPONSIBLE FOR MAJOR
PROJECTS NEW BUSINESS VENTURES AND ACQUISITIONS HE IS PRESIDENT OF
PANHANDLE EASTERN'S ALGONQUIN GAS TRANSMISSION CO UNIT AND WILL CONTINUE
IN THAT POST UNTIL A SUCCESSOR IS NAMED 9302010158 930201 OLD STONE BANK
UNIT IS PUT IN RECEIVERSHIP BY FEDERAL AGENCY

WASHINGTON THE FEDERAL OFFICE OF THRIFT SUPERVISION SAID IT PLACED OLD
STONE CORP'S OLD STONE BANK UNIT IN RECEIVERSHIP AND CHARTERED A NEW
FEDERAL MUTUAL INSTITUTION TO TAKE ITS PLACE

FEDERAL REGULATORS SAID THE THRIFT WAS CRITICALLY UNDERCAPITALIZED WITH
TANGIBLE EQUITY OF LESS THAN 2 OF ASSETS WITH NO REASONABLE PROSPECT OF
BECOMING ADEQUATELY CAPITALIZED WITHOUT FEDERAL ASSISTANCE THE NEW
INSTITUTION OLD STONE FEDERAL SAVINGS BANK WILL ASSUME CERTAIN ASSETS AND
LIABILITIES OF THE OLD THRIFT AND WILL OPERATE UNDER MANAGEMENT OF THE
RESOLUTION TRUST CORP THEY ADDED OLD STONE CORP WILL RETAIN NO INTEREST
IN THE NEW THRIFT THE FEDERAL AGENCY SAID

OLD STONE OFFICIALS COULDN'T BE REACHED FOR COMMENT

OLD STONE BASED IN PROVIDENCE RI HAD BEEN OPERATING UNDER SCRUTINY OF
FEDERAL REGULATORS AFTER RECORDING A SERIES OF HEFTY LOSSES DUE TO SOURED
BUSINESS AND COMMERCIAL REAL ESTATE LOANS FOR THE NINE MONTHS ENDED SEPT
30 THE COMPANY REPORTED A LOSS OF 292 MILLION OR 419 A SHARE AFTER A
LOANLOSS PROVISION OF 387 MILLION

THE FEDERAL AGENCY SAID THAT AS OF SEPT 30 OLD STONE BANK'S NONPERFORMING
ASSETS TOTALED 2791 MILLION OR 145 OF ASSETS AS OF SEPT 30 OLD STONE
BANK HAD ASSETS OF 193 BILLION AND LIABILITIES OF 19 BILLION

THE ESTABLISHMENT OF LOSS RESERVES AS WELL AS THE DEPRESSED CONDITION OF
THE REAL ESTATE MARKET CONTINUE TO IMPEDE OLD STONE BANK'S EARNINGS MAKING
RECOVERY HIGHLY UNLIKELY THE FEDERAL AGENCY SAID A PROPOSAL BY OLD STONE
TO RECAPITALIZE THROUGH THE SALE OF BAD ASSETS AND OTHER MEANS WAS NOT
CONSUMMATED BECAUSE THE PARTIES INVOLVED WERE UNABLE TO REACH A MUTUALLY
BENEFICIAL AGREEMENT

OLD STONE CORP ANNOUNCED PLANS TO RAISE NEW CAPITAL IN OCTOBER THE COMPANY
SAID IT PLANNED TO SELL ABOUT 170 MILLION OF COMMERCIAL REAL ESTATE LOANS
TO A PARTNERSHIP TO BE FORMED BY LIBERTY REAL ESTATE GROUP INC A UNIT OF
LIBERTY FINANCIAL COS UNDER TERMS OF THE DEAL LIBERTY AND BT SECURITIES
CORP A UNIT OF BANKERS TRUST NEW YORK CORP WERE TO HAVE SERVED AS
FINANCIAL ADVISERS AND TO HAVE HELPED OLD STONE SELL COMMERCIAL REAL ESTATE
ASSETS 9302010157 930201 GRAND JURY INDICTS MONUS ON CHARGES OF FRAUD
EMBEZZLEMENT AT PHARMOR  BY GABRIELLA STERN STAFF REPORTER OF THE
WALL STREET JOURNAL

FORMER PHARMOR INC PRESIDENT MICHAEL I MONUS WAS INDICTED BY A CLEVELAND
FEDERAL GRAND JURY ON CHARGES OF FRAUD AND EMBEZZLEMENT INVOLVING THE
DEEPDISCOUNT DRUG STORE CHAIN HE COFOUNDED

THE US ATTORNEY'S OFFICE IN CLEVELAND CHARGED TWO OTHER FORMER PHARMOR
EXECUTIVES INDICATING THEY WAIVED THEIR RIGHT TO BE CHARGED BY A GRAND
JURY PATRICK B FINN 34 YEARS OLD FORMER CHIEF FINANCIAL OFFICER FACES
14 COUNTS AND JEFFREY C WALLEY 37 FORMER VICE PRESIDENT OF FINANCE
FACES FOUR COUNTS NEITHER MR FINN WHO COOPERATED WITH AUTHORITIES
ACCORDING TO HIS ATTORNEY NOR MR WALLEY COULD BE REACHED

ALTHOUGH THE 45YEAROLD MR MONUS COULD NOT BE REACHED HIS ATTORNEY
RICHARD GOLDBERG SAID WE HONESTLY BELIEVE MICKEY COMMITTED NO CRIMINAL
CONDUCT OF ANY NATURE ASSISTANT US ATTORNEY JOHN D SAMMON SAID FEDERAL
AUTHORITIES FOUND NO WRONGDOING BY PHARMOR CHIEF EXECUTIVE OFFICER AND
COFOUNDER DAVID S SHAPIRA ADDING I THINK IT'S FAIR TO SAY THAT MR
SHAPIRA  DID NOT KNOW

THE INDICTMENT AND CHARGES WERE THE RESULT OF A SIXMONTH INVESTIGATION BY
THE FEDERAL BUREAU OF INVESTIGATION AND THE INTERNAL REVENUE SERVICE
LAUNCHED AFTER PHARMOR DISCLOSED ACCOUNTING IRREGULARITIES AND FIRED
MESSRS MONUS FINN AND WALLEY THE CLOSELY HELD CHAIN BASED IN YOUNGSTOWN
OHIO FILED FOR PROTECTION UNDER CHAPTER 11 OF THE BANKRUPTCY LAW IN AUGUST

THE 129COUNT INDICTMENT AGAINST MR MONUS WHO LIVES IN YOUNGSTOWN
INCLUDES SEVERAL COUNTS OF BANK MAIL AND WIRE FRAUD FILING FALSE INCOME
TAX RETURNS CONSPIRACY AND 118 COUNTS OF MONEY LAUNDERING

THE INDICTMENT ALLEGES MR MONUS AND OTHERS ALTERED PHARMOR'S BOOKS FROM
JUNE 1989 TO JULY 1992 BY INFLATING INVENTORY VALUES AND ACCOUNTS
RECEIVABLE BY 499 MILLION THE ALLEGED SCHEME CONCEALED THE COMPANY'S
INCREASING LOSSES AND ENABLED MR MONUS TO RECEIVE HUGE BONUSES AND STOCK
OPTIONS THEY INCLUDED 13 MILLION MR MONUS RECEIVED IN 1991 WHEN HE
REDEEMED MORE THAN 59000 PHARMOR SHARES AND 400000 IN BONUSES HE
RECEIVED IN 1991 AND 1992 THE INDICTMENT SAID

MOREOVER MR MONUS IS CHARGED WITH DEFRAUDING CREDITORS AND INVESTORS BY
GIVING THEM ALLEGEDLY FALSE FINANCIAL STATEMENTS THEREBY OBTAINING
APPROXIMATELY 111 BILLION IN LOANS AND INVESTMENTS FOR PHARMOR ALLEGEDLY
DEFRAUDED INSTITUTIONS INCLUDE PNC FINANCIAL CORP'S PITTSBURGH NATIONAL
BANK AND 17 OTHER BANKS THAT PROVIDED PHARMOR A 600 MILLION LINE OF
CREDIT CORPORATE PARTNERS LP AN INVESTMENT FUND AFFILIATED WITH LAZARD
FRERES & CO WHICH INVESTED 200 MILLION IN PHARMOR 11 INSURANCE
COMPANIES THAT PURCHASED 155 MILLION OF SENIOR SECURED NOTES IN 1992
WESTINGHOUSE ELECTRIC CORP'S CREDIT UNIT WHICH LOANED 50 MILLION TO
PHARMOR AND NATIONAL WESTMINSTER BANK WHICH PARTICIPATED IN A 112
MILLION PRIVATE STOCK PLACEMENT IN 1991

THE INDICTMENT ACCUSES MR MONUS OF EMBEZZLING 105 MILLION FROM PHARMOR
AND DEPOSITING IT IN THE BANK ACCOUNT OF THE WORLD BASKETBALL LEAGUE WHICH
HE FOUNDED IT ALSO SAYS HE EMBEZZLED ANOTHER 568000 FOR PERSONAL USE
ALLEGEDLY USING 75175 TO PAY FOR AN ADDITION TO HIS HOME MR MONUS IS
ALSO CHARGED WITH FILING FALSE FEDERAL INCOME TAX RETURNS BY OMITTING MORE
THAN 24 MILLION IN INCOME ON 1990 RETURNS AND 43 MILLION IN 1991

MR FINN WHO LIVES IN CANFIELD OHIO WAS CHARGED WITH SEVERAL COUNTS OF
BANK MAIL AND WIRE FRAUD IN ADDITION TO MONEY LAUNDERING AND AIDING AND
ASSISTING IN THE PREPARATION OF FALSE INCOME TAX RETURNS

MR WALLEY A PITTSBURGH RESIDENT WHO WORKED FOR PHARMOR'S OUTSIDE
ACCOUNTANTS COOPERS & LYBRAND BEFORE JOINING THE DRUG STORE CHAIN WAS
CHARGED WITH AIDING AND ABETTING BOTH A BANK FRAUD AND A WIRE FRAUD AND
ENGAGING IN MONETARY TRANSACTIONS INVOLVING PROPERTY THAT WAS TIED TO
UNLAWFUL ACTIVITY

ACCORDING TO THE US ATTORNEY'S OFFICE EACH BANK WIRE OR MAIL FRAUD
CHARGE CARRIES A MAXIMUM PENALTY OF 30 YEARS IN PRISON AND A 1 MILLION
FINE EACH MONEY LAUNDERING CHARGE CARRIES A MAXIMUM OF 10 YEARS IN PRISON
AND A 250000 FINE EACH TAX CHARGE CARRIES A MAXIMUM OF THREE YEARS IN
PRISON AND A 250000 FINE AND THE CONSPIRACY CHARGE CARRIES A MAXIMUM OF
FIVE YEARS IN PRISON AND A 250000 FINE 9302010156 930201 NEW IMAGE UNIT
SHARES

CANOGA PARK CALIF NEW IMAGE INDUSTRIES INC SAID IT WOULD DISTRIBUTE
ONE SHARE OF ITS STYLES ON VIDEO INC UNIT ON MARCH 10 FOR EACH NEW IMAGE
SHARE OF RECORD FEB 8

NEW IMAGE A MAKER OF AN IMAGING CAMERA USED IN DENTISTRY SAID IT INTENDED
STYLES ON VIDEO'S SHARES TO TRADE OVER THE COUNTER OR ON THE AMERICAN STOCK
EXCHANGE STYLES ON VIDEO SELLS EQUIPMENT THAT ALLOWS HAIRSTYLING CUSTOMERS
TO SEE THEMSELVES IN DIFFERENT STYLES 9302010155 930201 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 HIGH 2 15/16 LOW 2 15/16 NEAR CLOSING BID 3 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 307 30
TO 69 DAYS 310 70 TO 119 DAYS 312 120 TO 149 DAYS 315 150 TO 179
DAYS 318 180 TO 239 DAYS 322 240 TO 270 DAYS

COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR
CORPORATIONS IN MULTIPLES OF 1000 313 30 DAYS 316 60 DAYS 318 90
DAYS

CERTIFICATES OF DEPOSIT 267 ONE MONTH 272 TWO MONTHS 277 THREE
MONTHS 286 SIX MONTHS 301 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 302 30 DAYS 302 60 DAYS 304 90 DAYS 306 120
DAYS 310 150 DAYS 311 180 DAYS 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 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 675 GERMANY 950 JAPAN 450 SWITZERLAND
763 BRITAIN 6 THESE RATE INDICATIONS AREN'T DIRECTLY COMPARABLE
LENDING PRACTICES VARY WIDELY BY LOCATION

TREASURY BILLS RESULTS OF THE MONDAY JANUARY 25 1993 AUCTION OF
SHORTTERM US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN
UNITS OF 10000 TO 1 MILLION 298 13 WEEKS 309 26 WEEKS

FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 752 60 DAYS 760 STANDARD
CONVENTIONAL FIXEDRATE MORTGAGES 4625 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 759 60
DAYS 768 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 545 6/2 RATE
CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE TELERATE SYSTEMS INC

MERRILL LYNCH READY ASSETS TRUST 289 ANNUALIZED AVERAGE RATE OF RETURN
AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS
9302010154 930201 WHO'S NEWS DELL COMPUTER CORP

DELL COMPUTER CORP AUSTIN TEXAS CHRISTOPHER GOPAL WAS APPOINTED VICE
PRESIDENT OF OPERATIONS STRATEGY AND REENGINEERING A NEWLY CREATED
POSITION AT THIS PERSONALCOMPUTER MAKER MR GOPAL 41 WAS MOST RECENTLY A
PARTNER AT ERNST & YOUNG WHERE HE DIRECTED THE FIRM'S MANUFACTURING AND
HIGH TECHNOLOGY LOGISTICS CONSULTING GROUP 9302010153 930201 WHO'S NEWS
 CARPENTER TECHNOLOGY APPOINTS TWO OFFICIALS IN REORGANIZATION STEP

READING PA CARPENTER TECHNOLOGY CORP APPOINTED TWO EXECUTIVES TO
POSITIONS IN CONJUNCTION WITH A BUSINESS REORGANIZATION AT THE MAKER OF
SPECIALTY STEELS AND STEEL ALLOYS

THE REORGANIZATION AIMS TO BUILD PROFITS AT CARPENTER'S STEEL DIVISION AND
EXPAND ITS MARKET SHARE IN THE SPECIALTY ALLOYS AND MATERIALS SEGMENTS

DONALD C BRISTOL 53 YEARS OLD FORMERLY VICE PRESIDENT MANUFACTURING
OPERATIONS WAS NAMED TO THE NEW POST OF SENIOR VICE PRESIDENTSTEEL
DIVISION

HE IS SUCCEEDED BY ROBERT J TORCOLINI 42 WHO WAS FORMERLY VICE PRESIDENT
OF TECHNICAL SERVICES

IN ADDITION NICHOLAS F FIORE 53 FORMERLY VICE PRESIDENT RESEARCH AND
CORPORATE DEVELOPMENT WAS NAMED TO THE NEW POST OF SENIOR VICE
PRESIDENTSTRATEGIC BUSINESSES MR FIORE WILL MANAGE THE COMPANY'S
STRATEGIC GROWTH EFFORTS INCLUDING CORPORATE DEVELOPMENT TWO EXISTING
VENTURES RELATED TO STRUCTURAL CERAMICS AND NEW BUSINESS VENTURES A
SUCCESSOR WASN'T NAMED

IN ADDITION G WALTON COTTRELL 53 FORMERLY VICE PRESIDENT FINANCE AND
CHIEF FINANCIAL OFFICER WAS NAMED SENIOR VICE PRESIDENT FINANCE HE
CONTINUES AS CARPENTER'S FINANCIAL CHIEF 9302010152 930201 BUSINESS
BRIEF ALLIED PRODUCTS CORP RESTRUCTURES ITS DEBT

CHICAGO ALLIED PRODUCTS CORP AN INDUSTRIAL AND AGRICULTURAL PRODUCTS
MANUFACTURER SAID IT COMPLETED A DEBT RESTRUCTURING BY REACHING AGREEMENTS
WITH ITS SECURED LENDERS PREFERRED STOCKHOLDERS AND NEW LENDING GROUPS

THE COMPANY SAID ITS SECURED LENDERS AGREED TO RESTRUCTURE SENIOR SECURED
DEBT AND PREFERRED STOCKHOLDERS AGREED THAT THERE WILL BE NO FURTHER
ISSUANCE OF COMMON STOCK REQUIRED FOR REDEMPTION AND DIVIDEND PAYMENTS THE
MULTIYEAR AGREEMENTS INCLUDE FINANCING ARRANGEMENTS WITH NEW LENDING GROUPS
FOR THE COMPANY'S BUSH HOG AND VERSON UNITS WHICH HAVE BEEN RECONFIGURED
INTO WHOLLY OWNED SUBSIDIARIES

THE AGREEMENTS ALLOW THE COMPANY TO LOWER ITS DEBT OUTSTANDING TO 62
MILLION FROM 114 MILLION THE REMAINING FUNDED DEBT WILL BE HELD BY CURRENT
LENDERS WITH CONTINENTAL BANK AS AGENT AND LEAD CREDITOR AND SECURED BY
OTHER ASSETS OF THE COMPANY ALLIED PRODUCTS SAID AS A RESULT OF THE NEW
ARRANGEMENTS THE COMPANY SAID THAT TWOTHIRDS OF THE DEBT OWED TO ITS
13MEMBER LENDING GROUP UNDER A 1990 RESTRUCTURING AGREEMENT HAS BEEN
REPAID

IN A PREPARED STATEMENT ALLIED PRODUCTS' PRESIDENT AND CHIEF EXECUTIVE
OFFICER RICHARD A DREXLER SAID THE AGREEMENT WITH OUR PREFERRED
SHAREHOLDERS IS ESPECIALLY SIGNIFICANT FOR OUR COMMON STOCKHOLDERS BECAUSE
IT ELIMINATES THE ISSUANCE OF COMMON STOCK REQUIRED FOR THE PURPOSE OF
PAYING SCHEDULED REDEMPTIONS AND DIVIDENDS DURING THE PAST THREE YEARS
THIS PRACTICE HAS SUBSTANTIALLY DILUTED THE EQUITY POSITION OF COMMON
SHAREHOLDERS HE SAID

THE COMPANY SAID THE ESTIMATED COST OF ITS RESTRUCTURING WILL BE PROVIDED
FOR IN ITS 1992 RESULTS 9302010151 930201 AGRICULTURE AGENCY TO REVIEW
PROCEDURES ON MEAT INSPECTION

WASHINGTON THE AGRICULTURE DEPARTMENT PLANS TO REVIEW ITS MEATINSPECTION
PROCEDURES TO SEE IF THEY SHOULD BE MADE MORE STRINGENT FOLLOWING THE DEATH
OF TWO CHILDREN WHO ATE AT A FASTFOOD CHAIN

SEPARATELY THE FOOD AND DRUG ADMINISTRATION HAS SENT STATES NEW GUIDELINES
THAT CALL FOR COOKING MEAT AT 155 DEGREES FAHRENHEIT UP FROM ITS PREVIOUS
RECOMMENDATION OF 140 DEGREES STATES CAN ENFORCE EXCEED OR IGNORE THE
RECOMMENDATION

THE DEATHS OF TWO CHILDREN AND ILLNESSES OF AN ESTIMATED 150 PEOPLE IN
VARIOUS WESTERN STATES HAVE BEEN LINKED TO CONTAMINATED HAMBURGERS SOLD BY
THE JACKINTHEBOX FASTFOOD CHAIN A SUBSIDIARY OF FOODMAKER INC A RARE
DEADLY BACTERIA WHICH WOULD BE KILLED BY COOKING AT HIGH TEMPERATURES WAS
FOUND IN THE MEAT

AGRICULTURE SECRETARY MIKE ESPY SAID WE'LL BE REVIEWING STANDARDS TO SEE
IF WE CAN APPLY ANY MORE STRINGENT STANDARDS AT THE WAREHOUSE HE SAID THE
DEPARTMENT WOULD CONSIDER WHETHER ITS MEAT INSPECTION SHOULD INCLUDE AN
EFFORT TO CHECK FOR MICROBIOLOGICAL CONTAMINATION

INVESTIGATIONS BY FEDERAL AND STATE HEALTH AUTHORITIES ARE CONTINUING
ACCORDING TO MR ESPY WHO SAID OFFICIALS HAVE DETERMINED THAT ALL THE MEAT
INVOLVED HAD BEEN PROPERLY EXAMINED UNDER CURRENT PROCEDURES AND THAT ALL
PASSED INSPECTION HE SAID HE WILL TRAVEL TO WASHINGTON STATE THIS WEEK TO
MEET WITH OFFICIALS ABOUT THE INCIDENT

WE HAVE A CONCERN HERE THAT WE'RE NOT DOING ENOUGH HE SAID 9302010150
930201 SOUTH CAROLINA BOND RATINGS

NEW YORK STANDARD & POOR'S CORP SAID IT LOWERED SOUTH CAROLINA'S GENERAL
OBLIGATION BOND RATING TO DOUBLEAPLUS FROM TRIPLEA AFFECTING 7992
MILLION OF GENERAL OBLIGATION BONDS

S&P ALSO ASSIGNED A DOUBLEAPLUS RATING TO 110 MILLION STATE CAPITAL
IMPROVEMENT BONDS SERIES 1993A

THE RATING ON 504 MILLION OF SOUTH CAROLINA RESOURCES AUTHORITY'S DEBT WAS
LOWERED TO SINGLEAPLUS THE DOWNGRADE REFLECTS THE STATE'S DIMINISHED
FINANCIAL POSITION OVER THE PAST FOUR YEARS S&P SAID NOTING THAT PENDING
PROPOSALS TO REVERSE THE STATE'S FISCAL DECLINE DON'T FULLY ADDRESS
LONGTERM NEEDS

IN COLUMBIA SC STATE OFFICIALS SAID THEY REGRETTED THE AGENCY'S
DECISION BUT ADDED THAT THEY PLANNED TO PETITION S&P AT THE EARLIEST
POSSIBLE OPPORTUNITY TO RESTORE THE TRIPLEA RATING 9302010149 930201
FINANCING BUSINESS TRW INC

TRW INC CLEVELAND SAID IT WILL REDEEM 100 MILLION PRINCIPAL AMOUNT OF
ITS 8 3/4 NOTES DUE 1996 REDEMPTION WILL BE MARCH 1 AT A PRICE OF 100 OF
THE PRINCIPAL AMOUNT TOGETHER WITH ACCRUED INTEREST 9302010148 930201
ATARI FOUNDER SEEKS TO BREAK GROUND WITH NEW SOFTWARE  STARTUP
FIRM IS SET TO LAUNCH PRODUCT LINKING PHONES AND DESKTOP COMPUTERS 
 BY KEN YAMADA STAFF REPORTER OF THE WALL STREET JOURNAL

NOLAN BUSHNELL MADE A FORTUNE WHEN HE INVENTED THE FIRST COMMERCIALLY
SUCCESSFUL VIDEO GAME CALLED PONG AND LATER FOUNDED VIDEOGAME MAKER
ATARI CORP NOW HE HOPES TO BREAK NEW GROUND WITH SOFTWARE THAT WILL TIE
TOGETHER DESKTOP COMPUTERS AND TELEPHONES

SINCE ATARI MR BUSHNELL HAS STARTED SEVERAL VENTURES SUCCEEDING IN SOME
FLOPPING IN OTHERS HE IS CURRENTLY CHAIRMAN OF A SMALL STARTUP COMPANY
CALLED OCTUS INC THE SAN DIEGO CALIF CONCERN PLANS TO PUBLICLY UNVEIL
ITS FIRST MAJOR SOFTWARE PRODUCT THIS WEEK AND BEGIN SALES IN THE SECOND
QUARTER

THE SOFTWARE IS TARGETED AT CORPORATIONS WITH MODERATE TO HEAVY TELEPHONE
USAGE AND WILL BE SOLD THROUGH MANUFACTURERS AND VENDORS OF COMPUTERS AND
TELECOMMUNICATIONS EQUIPMENT MR BUSHNELL SAID IN AN INTERVIEW HE WOULDN'T
ESTIMATE HOW WELL THE SOFTWARE WILL SELL BUT DESCRIBED THE MARKET FOR SUCH
PRODUCTS THAT TIE TOGETHER COMPUTERS AND TELECOMMUNICATIONS AS NEW AND
GROWING TO BILLIONS OF DOLLARS DURING THE NEXT THREE YEARS

MR BUSHNELL SAID THE COMPANY EXPECTS IN THE SECOND QUARTER TO ANNOUNCE THE
NAMES OF SOME OF THEIR VENDORS AND CUSTOMERS THE SOFTWARE WILL ALLOW
COWORKERS WHO ANSWER TELEPHONE CALLS FOR ONE ANOTHER TO EXCHANGE MESSAGES
ABOUT THE CALL ON COMPUTER SCREENS REFER CALLERS TO DIFFERENT RECIPIENTS
VIA COMPUTER DUMP CALLS INTO A VOICE MAIL SYSTEM FAX DATA AND PERFORM
OTHER FUNCTIONS HE SAID THE OCTUS SOFTWARE WILL COST 500 A COPY LOADED ON
A DESKTOP COMPUTER HE SAID

LAST MONTH OCTUS HAD AN INITIAL PUBLIC OFFERING THAT RAISED ABOUT 12
MILLION MR BUSHNELL SAID IN 1992 THE COMPANY WAS CLOSELY HELD AND WASN'T
REQUIRED TO DISCLOSE EARNINGS A SPOKESMAN SAID THE COMPANY HAD A NET LOSS
ON REVENUE OF 51 MILLION FOR 1992 PRIMARILY ON SALES OF ITS LASER PRINTER
EQUIPMENT WHICH IT IS PHASING OUT

EQUIPMENT REQUIRED TO RUN THE SOFTWARE INCLUDES PERSONAL COMPUTERS USING
MICROSOFT WINDOWS A VOICE MAIL SYSTEM AND TELEPHONE EQUIPMENT CALLED
CENTRIX WHICH IS OFFERED BY VARIOUS TELEPHONE COMPANIES MR BUSHNELL SAID

STEWART ALSOP WHO IS FAMILIAR WITH THE PRODUCT AND IS EDITORINCHIEF OF
INFOWORLD A COMPUTER TRADE PUBLICATION SAID THE NEW SOFTWARE ADDRESSES A
GROWING NEED BY BUSINESSES TO INTEGRATE DIFFERENT ELECTRONIC DEVICES IN THE
OFFICE SUDDENLY YOU CAN START MERGING ALL OF THE SYSTEMS AT YOUR COMPANY
HE SAID BUT COMPANIES LACKING THE SPECIFIC COMPUTERS AND TELEPHONES NEEDED
TO RUN THE SOFTWARE MAY FIND INSTALLATION COSTS HIGH BECAUSE OF NEW
EQUIPMENT COSTS HE SAID

OCTUS SOFTWARE FACES OTHER HURDLES AS WELL SUCH COMPANIES AS AMERICAN
TELEPHONE & TELEGRAPH CO AND OTHER SOFTWARE AND COMPUTER CONCERNS ARE
DEVELOPING THEIR OWN VERSIONS OF SIMILAR PRODUCTS

A SPOKESMAN FOR PACIFIC TELEPHONE A UNIT OF PACIFIC TELESIS SAID THE OCTUS
SOFTWARE IS DEFINITELY SOMETHING WE'RE INTERESTED IN BUT SAID THE COMPANY
HADN'T YET MADE A DECISION TO OFFER IT TO ITS CUSTOMERS 9302010147 930201
FINANCING BUSINESS BOISE CASCADE CORP

BOISE CASCADE CORP BOISE IDAHO SAID IT IS OFFERING 100 MILLION OF
PREFERRED STOCK SERIES F AT 25 A SHARE TO REDUCE DEBT GOLDMAN SACHS &
CO IS THE LEAD UNDERWRITER FOR THE FOREST PRODUCTS COMPANY 9302010146
930201 BUSINESS BRIEF ROHR AVERTS LOSS TO MARTIN MARIETTA OF KEY
CONTRACT FROM PRATT & WHITNEY

CHULA VISTA CALIF ROHR INC AVERTED LOSING TO MARTIN MARIETTA CORP A
CONTRACT FROM JET ENGINE MAKER PRATT & WHITNEY THAT REPRESENTS AS MUCH AS
750 MILLION IN BUSINESS FOR ROHR THROUGH THE YEAR 2002

THE PRATT & WHITNEY CONTRACT TO BUILD THRUST REVERSERS AND ENGINE HOUSINGS
CALLED NACELLES FOR THE PW4000 ENGINE HAD ACCOUNTED FOR 1825 MILLION OR
MORE THAN 14 OF ROHR'S 128 BILLION IN SALES FOR ITS JULY 31 FISCAL YEAR
LOSS OF THE BUSINESS WOULD HAVE CUT DEEPLY AT ROHR WHICH HOLDS 43 OF THE
WORLDWIDE MARKET FOR NACELLES

ROHR HAD SAID LAST YEAR THAT IT EXPECTED TO LOSE THE CONTRACT TO MARTIN
MARIETTA HOWEVER MARTIN MARIETTA AND PRATT & WHITNEY A UNIT OF UNITED
TECHNOLOGIES CORP ULTIMATELY WERE UNABLE TO AGREE ON HOW TO SHARE THE
COSTS OF TRANSFERRING THE MANUFACTURING BUSINESS TO MARTIN MARIETTA

ULTIMATELY IT WAS A CASE OF US DECIDING THAT THE FINANCIAL RISK TO US
OUTWEIGHED THE BENEFITS A MARTIN MARIETTA SPOKESMAN SAID

NEITHER PRATT & WHITNEY NOR MARTIN MARIETTA WOULD SAY EXACTLY WHAT IT WOULD
HAVE COST TO START UP PRODUCTION AT MARTIN MARIETTA THOUGH A SPOKESMAN FOR
PRATT & WHITNEY SAID IT WAS A SUBSTANTIAL AMOUNT OF MONEY MEASURED IN THE
MILLIONS OF DOLLARS

THE PRATT & WHITNEY SPOKESMAN ADDED THAT GIVEN THE SOMEWHAT PRECARIOUS
POSITION OF THE COMMERCIAL AVIATION INDUSTRY TODAY AND THE FACT THAT WE WERE
LOOKING AT THE OVERALL COST OF TRANSFERRING THE BUSINESS TO MARTIN MARIETTA
THE SWITCH DIDN'T MAKE SENSE TO US IT WAS A FINANCIALLY DRIVEN DECISION
WITH NOTHING AGAINST MARTIN MARIETTA

ROHR SO FAR HAS PRODUCED 334 NACELLES AND THRUST REVERSERS FOR THE PW4000
WHICH IS USED ON THE MCDONNELL DOUGLAS CORP MD11 AND AIRBUS INDUSTRIE A300
AND A310 WIDEBODY AIRLINERS ROHR ESTIMATES THAT WITH THE NEW AGREEMENT IT
WILL PRODUCE AN ADDITIONAL 500 OF THE UNITS THROUGH 2002 AT A COST OF
BETWEEN 1 MILLION AND 15 MILLION APIECE THE AGREEMENT INCLUDES AN OPTION
FOR 150 MORE UNITS THROUGH THE YEAR 2005

WE'RE VERY PLEASED BECAUSE IN ADDITION TO KEEPING THE BUSINESS WE'RE
PRESERVING THE MANUFACTURING BASE AND WON'T HAVE TO MAKE ANY CUTS BECAUSE OF
LOSING THIS PROGRAM A ROHR SPOKESMAN SAID 9302010145 930201 ITALIAN
JOBLESS RATE INCREASES

ROME ITALY'S UNEMPLOYMENT RATE ROSE 02 TO 111 IN 1992 FROM 1991
BUDGET MINISTER FRANCO REVIGLIO SAID

THE MINISTER SUGGESTED 1993 FIGURES COULD RANGE FROM 111 TO 116 WITH A
LEVEL OF 114 APPEARING THE MOST LIKELY SCENARIO 9302010144 930201
BANKERS AIM TO SLASH RED TAPE IMPOSED BY FDIC'S 1991 LAW ON SUPERVISION 
 BY KENNETH H BACON STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE CLINTON ADMINISTRATION'S PROMISED REVIEW OF BANK
SUPERVISION IS RAISING INDUSTRY HOPES FOR REGULATORY RELIEF AND
CONGRESSIONAL FEARS OF A RETURN TO REGULATORY LENIENCE

TODAY THE AMERICAN BANKERS ASSOCIATION PLANS TO LAUNCH NATIONAL CUT THE
RED TAPE WEEK BANKERS FROM ACROSS THE COUNTRY WILL DESCEND ON WASHINGTON
TO PERSUADE CONGRESS AND REGULATORS TO SCALE BACK BANK REGULATION A PRIMARY
TARGET OF THE INDUSTRY'S CAMPAIGN IS THE FEDERAL DEPOSIT INSURANCE CORP
IMPROVEMENT ACT A 1991 LAW THAT TIGHTENED REGULATION IN AN EFFORT TO REDUCE
BANK FAILURES

RECENT PLEDGES BY TREASURY SECRETARY LLOYD BENTSEN TO PARE BACK REGULATIONS
THAT IMPEDE LENDING HAVE BUOYED INDUSTRY HOPES FOR SUCCESS OVER THE
WEEKEND REFERRING BOTH TO REGULATIONS AND BANK EXAMINERS' ATTITUDES DEPUTY
TREASURY SECRETARY ROGER ALTMAN PLEDGED A MAJOR EFFORT TO TRY TO ALLEVIATE
SUPPLYSIDE CONSTRAINTS ON LENDING

WITHOUT SOME REGULATORY RELIEF INTELLIGENT BANKERS ARE ALL GOING TO GET
OUT OF THE BUSINESS AND LET THE 22YEAROLD REGULATORS START RUNNING THE
BANKS COMPLAINS MARSHALL SUTTON PRESIDENT OF NATIONAL BANK OF GRAND
PRAIRIE IN TEXAS THE INDEPENDENT BANKERS ASSOCIATION CONTENDS THAT
COMMUNITY BANKS SPEND THE EQUIVALENT OF 24 OR MORE OF THEIR PRETAX NET
INCOME TO COMPLY WITH REGULATIONS

BANKERS AND REGULATORS DISAGREE OVER THE IMPACT OF LIGHTER REGULATION ABA
PRESIDENT WILLIAM BRANDON HAS SAID THAT CUTTING REGULATORY RED TAPE WOULD
ALLOW BANKERS TO MAKE BILLIONS OF DOLLARS IN ADDITIONAL LOANS BUT LAST
WEEK STEPHEN STEINBRINK THE ACTING COMPTROLLER OF THE CURRENCY WARNED A
GROUP OF BANKERS AGAINST RAISING FALSE HOPES OF MORE LOANS EVEN IF THE
INDUSTRY SUCCEEDS IN WINNING REGULATORY RELIEF HE SAID THERE IS NO WAY TO
GUARANTEE THAT A LOWER REGULATORY BURDEN WOULD TRANSLATE DOLLAR FOR DOLLAR
INTO MORE CREDIT FOR INDIVIDUALS AND BUSINESSES

THE REGULATORYRELIEF CAMPAIGN FACES A SKEPTICAL RECEPTION IN CONGRESS
THIS IS NO TIME FOR BLANKET ATTACKS ON THE FEDERAL DEPOSIT INSURANCE CORP
IMPROVEMENT ACT FROM THOSE SEEKING THE FALSE PANACEA OF REGULATORY
RELAXATION' TO STIMULATE THE ECONOMY SAYS HENRY GONZALEZ THE TEXAS
DEMOCRAT WHO IS CHAIRMAN OF THE HOUSE BANKING COMMITTEE ABOUT 1000 BANKS
ARE STILL ON THE FDIC'S WATCH LIST OF PROBLEM BANKS AND MANY INSTITUTIONS
REMAIN BURDENED WITH BAD REAL ESTATE LOANS

SENATE BANKING COMMITTEE CHAIRMAN DONALD RIEGLE HASN'T BEEN AS BLUNT IN HIS
OPPOSITION TO CHANGING THE LAW THAT HE AND REP GONZALEZ HELPED WRITE BUT
LAST FALL THE MICHIGAN DEMOCRAT GRILLED REGULATORS AFTER THEY PROPOSED
RULES THAT HE SAID WATERED DOWN REAL ESTATE LENDING STANDARDS REQUIRED BY
THE LAW

BANKERS BELIEVE BOTH THE HOUSE AND SENATE PANELS HAVE TURNED MARKEDLY LESS
FRIENDLY TO THEM AS A RESULT OF NEW MEMBERS WHO JOINED THE COMMITTEES AFTER
THE LAST ELECTION EACH PANEL CONTAINS MORE WOMEN MORE MINORITIES AND MORE
MEMBERS FROM LARGE URBAN CONSTITUENCIES WHERE THE PRIMARY CONCERN ABOUT
BANKS IS DISCRIMINATORY MORTGAGE LENDING PRACTICES NOT THE REGULATORY
BURDEN THUS THE PANELS ARE LIKELY TO LOOK FOR WAYS TO EXPAND CONSUMER
PROTECTIONS AND PRESSURE BANKS TO LEND MORE FOR SMALL BUSINESS AND COMMUNITY
DEVELOPMENT

THE MAKEUP OF THE TWO COMMITTEES IN GENERAL STRENGTHENS THE HANDS OF THE
CHAIRMEN SAYS EDWARD YINGLING THE ABA'S CHIEF LOBBYIST ANOTHER PROBLEM
IS THAT THE FIRST FINANCIAL ISSUE THE COMMITTEES WILL HAVE TO VOTE ON THIS
YEAR IS LIKELY TO BE A REQUEST FOR AT LEAST 32 BILLION TO COMPLETE PAYING
THE COST OF A WAVE OF SAVINGS AND LOAN ASSOCIATION FAILURES AFTER THIS
PAINFUL REMINDER OF THE COST OF INADEQUATE REGULATION MANY IN CONGRESS MAY
BE RELUCTANT TO VOTE REGULATORY RELIEF FOR BANKS

THE ABA HAS HIRED TWO SUPERLOBBYISTS THOMAS HALE BOGGS JR AND CHARLES
MANATT A FORMER LEADER OF THE DEMOCRATIC PARTY AND A CLINTON CAMPAIGN VICE
CHAIRMAN TO HELP LOBBY FOR LEGISLATIVE RELIEF HOWEVER MR BOGGS IS
HIMSELF A REMINDER OF REGULATORY PROBLEMS THE JUSTICE DEPARTMENT HAS
CHARGED HIM WITH NEGLIGENCE FOLLOWING THE FAILURE OF THE NATIONAL BANK OF
WASHINGTON OF WHICH HE WAS A DIRECTOR HE DENIES THE CHARGE IN ADDITION
HIS LAW FIRM OF PATTON BOGGS & BLOW BRIEFLY REPRESENTED ANOTHER SYMBOL OF
REGULATORY LAXITY THE BANK OF CREDIT & COMMERCE INTERNATIONAL

EVEN IF THE INDUSTRY DOESN'T PERSUADE CONGRESS TO SCALE BACK WHAT IT CALLS
THE MICROMANAGEMENT OF BANK OPERATIONS THE ADMINISTRATION'S PLEDGE TO
REVIEW BANK REGULATION HAS ADVANCED PART OF THE INDUSTRY'S GOAL WHEN THE
ADMINISTRATION TALKS ABOUT THE NEED TO LOWER REGULATORY BARRIERS TO LENDING
IT CHANGES HOW A JUNIOR EXAMINER FEELS WHEN HE WALKS INTO A BANK MR
YINGLING SAYS BANKERS COMPLAIN THAT CONGRESSIONAL PRESSURE TO TIGHTEN
REGULATION HAS TURNED BANK EXAMINERS INTO RELENTLESS NITPICKERS WHO
DISCOURAGE LENDING BY DEMANDING EXTENSIVE DOCUMENTATION FOR EACH LOAN

ONE AREA WHERE THE BANKERS' CAMPAIGN MAY BEAR FRUIT LIES WITH THE REGULATORY
AGENCIES THEMSELVES FEDERAL RESERVE BOARD CHAIRMAN ALAN GREENSPAN HAS
CRITICIZED THE 1991 LAW AS A COLLECTION OF MICROMANAGEMENT REGULATIONS 
 AN OVERREACTION THAT IMPOSES SIGNIFICANT COSTS BY ABSORBING REAL RESOURCES
AND REMOVING DESIRABLE FLEXIBILITY AT OUR NATION'S BANKS

YET THE REGULATORS ADMIT THAT THEY HAVEN'T BEEN AS AGGRESSIVE AS THEY COULD
HAVE BEEN IN LOOKING FOR THE LEAST BURDENSOME WAY TO IMPOSE THE DOZENS OF
REGULATIONS REQUIRED TO DETAIL PROVISIONS OF THE 1991 LAW SO FAR THE
AGENCIES HAVE CHURNED OUT A BLIZZARD OF NEW RULES THAT INCLUDE MEASURES
GOVERNING INTEREST RATE DISCLOSURES BANK CAPITAL LEVELS REAL ESTATE
LENDING AND PERMISSIBLE ACTIVITIES BY STATECHARTERED BANKS OTHER MAJOR
PROPOSED RULES ARE PENDING INCLUDING A CONTROVERSIAL SET OF DIRECTIVES
PRESCRIBING NEW AUDITING STANDARDS

THE TENDENCY OF THE AGENCIES IS TO MAKE THE REGULATIONS AS DETAILED AS
POSSIBLE THE STAFF WANTS TO WRITE THESE REGULATIONS IN A WAY THAT DOESN'T
LEAVE ANY ROOM FOR QUESTION WHICH MAKES THE RULES LONG AND COMPLICATED
SAYS FDIC DIRECTOR CC HOPE

LAST YEAR THE FEDERAL RESERVE ISSUED A 46PAGE PROPOSED RULE INTERPRETING A
TWOSENTENCE SECTION OF THE LAW REQUIRING BANKS TO PROVIDE COPIES OF
PROPERTY APPRAISALS TO MORTGAGE APPLICANTS WHO REQUEST THEM THE LAW IS
BETTER THAN THE RULE WE'RE ONLY MAKING THINGS WORSE COMPLAINED FED
GOVERNOR WAYNE ANGELL YET THE FED DECIDED TO ISSUE THE PROPOSAL ANYWAY TO
GIVE BANKERS A CHANCE TO WEIGH WHETHER THEY PREFER THE LAW OR THE GREATER
SPECIFICS OF A RULE

REGULATORS DON'T SEE A LOT OF REWARD IN IMPOSING THE LIGHTEST POSSIBLE
BURDEN SAYS JOHN ROBSON THE BUSH ADMINISTRATION'S DEPUTY TREASURY
SECRETARY THERE IS A GENERAL TILT IN THE DIRECTION OF RISKADVERSITY
9302010143 930201 CALIFORNIA JUDGE RULES AGAINST FIRST INTERSTATE ON
CREDITCARD FEES

SAN FRANCISCO A SUPERIOR COURT JUDGE RULED THAT FIRST INTERSTATE BANK
ILLEGALLY LEVIED 145 MILLION IN FEES FROM ITS CREDITCARD CUSTOMERS

THE DECISION STEMS FROM A 1987 CLASSACTION SUIT ALLEGING THAT THE FIRST
INTERSTATE BANCORP UNIT'S FEES FOR EXCEEDING CREDIT LIMITS AND MAKING LATE
PAYMENTS OUTSTRIPPED THE BANK'S COLLECTION AND ACCOUNTING COSTS THE CLASS
INCLUDES MORE THAN A MILLION ACCOUNT HOLDERS AT THE LOS ANGELESBASED BANK
BETWEEN FEBRUARY 1983 AND OCTOBER 1991

A SIMILAR SUIT INVOLVING A WELLS FARGO & CO UNIT RESULTED IN A PAYMENT OF
52 MILLION PLUS INTEREST TO A SIMILARLY LARGE GROUP OF CARD HOLDERS THE
CASE WAS APPEALED TO THE CALIFORNIA SUPREME COURT WHICH REFUSED TO REVIEW
THE LOWERCOURT DECISION LAST MARCH

THE FIRST INTERSTATE AWARD IS LARGER PRIMARILY BECAUSE OF A DIFFERENT METHOD
USED BY THE JUDGE IN CALCULATING THE BANK'S REVENUE FROM CREDIT CARD
ACCOUNTS DURING THE PERIOD

A BANK SPOKESMAN WHO HADN'T REVIEWED THE JUDGE'S DECISION YET SAID WE
TAKE ISSUE WITH THE METHOD THE JUDGE USED TO CALCULATE THE AWARD AND WE PLAN
TO APPEAL IF THE JUDGE'S CLARIFICATION OF THAT METHOD IS NOT SATISFACTORY TO
US

JAMES STURDEVANT THE PLAINTIFFS' ATTORNEY IN BOTH ACTIONS SAID THE RULING
IS FULLY CONSISTENT WITH CALIFORNIA LAW DESIGNED TO PREVENT BANKS FROM
STEALING MONEY IN SMALL AMOUNTS FROM EACH PERSON AND WHICH IN THE
AGGREGATE COMES UP TO A HUGE AMOUNT 9302010142 930201 FINANCING
BUSINESS TESORO PETROLEUM CORP

TESORO PETROLEUM CORP SAN ANTONIO SAID IT PURCHASED 1125 MILLION OF ITS
120 MILLION 12 3/4 SUBORDINATED DEBENTURES OUTSTANDING DUE MARCH 15 2001
TESORO AN OIL AND GAS REFINING AND MARKETING COMPANY SAID IT REALIZED
SAVINGS WHEN IT BOUGHT THE DEBENTURES AT MARKET VALUE WHICH WAS BELOW PAR
TESORO WILL USE THE PURCHASED DEBENTURES BOUGHT WITH CORPORATE CASH TO
SATISFY ITS SINKING FUND REQUIREMENT DUE MARCH 14 9302010141 930201
AMERICAN WATER WORKS CO

VOORHEES NJ AMERICAN WATER WORKS CO SAID IT WILL ACQUIRE THE WATER
UTILITIES OF AVATAR HOLDINGS INC IN FOUR MIDWEST STATES

TERMS WEREN'T DISCLOSED THE AVATAR WATER UTILITIES BEING ACQUIRED INCLUDE
INDIANA CITIES WATER CO WHICH SERVES 200000 PEOPLE MISSOURI CITIES WATER
CO WHICH SERVES 105000 PEOPLE OHIO SUBURBAN WATER CO WHICH SERVES
40000 PEOPLE AND NORTHERN MICHIGAN WATER CO WHICH SERVES 10000 PEOPLE

THE FOUR COMPANIES HAVE ASSETS OF ABOUT 125 MILLION AND EARNED 31 MILLION
IN 1991 ON REVENUE OF 269 MILLION 9302010140 930201 BROAD INC TO
CHANGE NAME TO SUNAMERICA

LOS ANGELES BROAD INC SAID ITS SHAREHOLDERS APPROVED THE COMPANY'S NAME
CHANGE TO SUNAMERICA INC THE NAME USED BY ITS LARGEST OPERATING UNIT

ELI BROAD 59 YEARS OLD CHAIRMAN OF BROAD INC SAID HE WANTED TO CHANGE
THE NAME BECAUSE THE COMPANY IS OFTEN CONFUSED WITH KAUFMAN & BROAD HOME
CORP AND BECAUSE THE COMPANY'S PRIMARY BRAND RECOGNITION IS THROUGH THE
NAME SUNAMERICA

HE SAID HE ALSO WANTED TO REASSURE CLIENTS REGULATORS RATING AGENCIES AND
THE INVESTMENT COMMUNITY THAT BROAD IS NOT A ONEPERSON COMPANY

I THINK IF YOU'RE DOING BUSINESS WITH SOMEONE YOU WANT TO THINK THAT YOU'RE
DOING BUSINESS WITH A COMPANY THAT HAS A BROADBASED MANAGEMENT TEAM AND IS
NOT SO DEPENDENT UPON ONE PERSON HE SAID

BROAD A FINANCIAL SERVICES COMPANY SPECIALIZING IN RETIREMENT PRODUCTS WAS
FOUNDED AS KAUFMAN & BROAD BY DONALD KAUFMAN AND ELI BROAD IN 1957
INITIALLY A HOMEBUILDING COMPANY KAUFMAN & BROAD DIVERSIFIED INTO
FINANCIAL SERVICES IN 1971 AND SPLIT INTO TWO COMPANIES KAUFMAN & BROAD
HOME CORP AND BROAD INC IN MARCH 1989

LORIN M FIFE VICE PRESIDENT AND GENERAL COUNSEL OF BROAD INC SAID THE
LOS ANGELES COMPANY WHICH IS INCORPORATED IN MARYLAND WOULD FILE AN
AMENDMENT TO ITS CHARTER TODAY TO CHANGE THE NAME ON THE RECORDS OF THE
SECRETARY OF STATE HE SAID THE COMPANY'S STOCK WILL BEGIN TRADING UNDER THE
NEW YORK STOCK EXCHANGE SYMBOL SAI BEGINNING TOMORROW 9302010139 930201
FINANCING BUSINESS CYPRUS MINERALS CO

CYPRUS MINERALS CO ENGLEWOOD COLO SAID IT IS OFFERING TO THE PUBLIC
150 MILLION OF 8 3/8 DEBENTURES DUE FEB 1 2023 PRICED AT 99075 TO
YIELD 846 THE DEBENTURES ARE REDEEMABLE AT THE OPTION OF THE COMPANY ON
AND AFTER FEB 1 2003 AT 10373 DECLINING RATABLY TO PAR ON AND AFTER
FEB 1 2013 THE MINING COMPANY SAID IT WILL USE NET PROCEEDS FROM THE
OFFERING FOR GENERAL CORPORATE PURPOSES INCLUDING CAPITAL EXPENDITURES
FIRST BOSTON CORP AND KIDDER PEABODY & CO ARE UNDERWRITERS FOR THE
OFFERING 9302010138 930201 TECHNOLOGY GREENWICH GOSSIPERS SAY IBM
TEA LEAVES SPELL OUT SCULLEY'  APPLE CHIEF'S HOME PURCHASE IN
CONNECTICUT TOWN CITED IN SUCCESSION SPECULATION  BY LAURENCE
HOOPER STAFF REPORTER OF THE WALL STREET JOURNAL

THE GOSSIP STARTED IN GREENWICH CONN LONG BEFORE JOHN AKERS SAID LAST
TUESDAY THAT HE'D STEP DOWN AS CHIEF EXECUTIVE OF INTERNATIONAL BUSINESS
MACHINES CORP THE TROUBLED COMPUTER GIANT

THE HOT RUMOR WAS THAT FORMER GREENWICH RESIDENT JOHN SCULLEY CHAIRMAN OF
APPLE COMPUTER INC WAS A POSSIBLE CANDIDATE TO SUCCEED MR AKERS THUS
THE NEWS THAT MR AKERS WAS LEAVING THE HELM OF BIG BLUE MUST HAVE BEEN
SOMETHING OF A VINDICATION FOR THE CHATTERERS

AS WITH OTHER PUTATIVE IBM CEOS THERE'S NO EVIDENCE THAT MR SCULLEY IS
BEING CONSIDERED FOR OR WOULD CONSIDER TAKING THE JOB INDEED THE
GOSSIPERS' MAIN INDICATION SO FAR HAS BEEN TALK THAT AFTER A DECADE'S
ABSENCE MR SCULLEY BOUGHT A HOUSE IN NORTHERN GREENWICH ONLY MINUTES AWAY
FROM IBM'S HEADQUARTERS IN NEIGHBORING ARMONK NY

THAT RUMOR TURNED OUT TO BE TRUE MR SCULLEY AND HIS WIFE LEE ADAMS
SCULLEY TOOK POSSESSION OF THE 115 MILLION HOUSE COMPLETE WITH GUEST
HOUSE AND BARN IN EARLY SEPTEMBER

AND THAT'S ONLY ONE OF SEVERAL STRAWS FLOATING IN THE WIND NOW MR SCULLEY
ALSO IS SCHEDULED TO TAKE A SABBATICAL FROM APPLE SOMETIME THIS YEAR HE
PREVIOUSLY HAS SAID SUCH LEAVES SHOULD BE PRECEDED BY GETTING YOUR COMPANY
READY TO RUN WITHOUT ITS BOSS

IN ADDITION MR SCULLEY HAS CULTIVATED CLOSER TIES TO IBM EVER SINCE HE
STRUCK A HISTORIC ALLIANCE WITH APPLE'S ERSTWHILE ENEMY 18 MONTHS AGO TO
TOP IT OFF IBM REVEALED THAT THE PANEL SEARCHING FOR MR AKERS'S SUCCESSOR
WILL EMPLOY THE CORPORATE SEARCH FIRM THAT SNARED MR SCULLEY FOR APPLE 10
YEARS AGO

APPLE INSISTS THAT ALL THIS AMOUNTS TO WELL NOTHING MUCH JOHN HAS NO
PLANS TO LEAVE APPLE WHICH IS BASED IN CUPERTINO CALIF SAID A
SPOKESWOMAN FOR MR SCULLEY MR SCULLEY WASN'T AVAILABLE FOR COMMENT
HIMSELF

THE SPOKESWOMAN SAID MR AND MRS SCULLEY ALREADY OWN SEVERAL HOUSES ON BOTH
COASTS IT ISN'T UNUSUAL TO BE BUYING ANOTHER HOME SHE SAID THE
SCULLEYS LIKE THE EAST COAST AND JOHN HAS TO SPEND A LOT OF TIME THERE

BESIDES THE SPOKESWOMAN NOTED THE HOUSE WAS BOUGHT BEFORE IBM HIT ITS
WELLPUBLICIZED DIFFICULTIES LATE LAST YEAR

PEOPLE WITH LINKS TO THE SCULLEYS SAY THE IBM JOB PROBABLY WOULDN'T APPEAL
TO MR SCULLEY BUT ALSO THAT THINGS MAY NOT BE QUITE SO SIMPLE MRS
SCULLEY KNOWN TO FRIENDS AS LEEZY IS SAID TO BE ANXIOUS TO MOVE BACK EAST
AND MAY MAKE THE NEW HOUSE HER PERMANENT HOME MR SCULLEY COULD END UP WITH
AN AWKWARD COMMUTE FROM CONNECTICUT TO APPLE'S HEADQUARTERS THEY ADDED

AN IBM SPOKESMAN SAID THE COMPANY WOULDN'T COMMENT ON WHETHER MR SCULLEY
OR ANYONE ELSE IS A CANDIDATE TO BE ITS NEW CEO MR SCULLEY'S SPOKESWOMAN
SAID SHE DIDN'T KNOW WHETHER HE HAD BEEN CONTACTED BY IBM'S SEARCH COMMITTEE
OR A HEADHUNTER

ON FRIDAY IBM SAID IT RETAINED THE EXECUTIVE SEARCH FIRMS OF HEIDRICK &
STRUGGLES INC AND SPENCER STUART INC TO IDENTIFY AND RECOMMEND CANDIDATES
FOR MR AKERS'S CEO JOB GERARD ROCHE CHAIRMAN OF HEIDRICK & STRUGGLES
RECRUITED MR SCULLEY FOR HIS CURRENT POSITION AT APPLE 9302010137 930201
MARKETING & MEDIA ADVERTISING NAVY TO MAKE ITS DEBUT ON MTV AS
MILITARY FIGHTS IMAGE PROBLEM  BY KEVIN GOLDMAN

TONIGHT ON MTV YOU CAN WATCH VIDEOS FROM THE GROUPS BOYZ II MEN THE RED
HOT CHILI PEPPERS AND EN VOGUE BUT YOU WILL ALSO GET AN EYEFUL FROM ANOTHER
GROUP MAKING ITS UNLIKELY DEBUT ON THE ROCKMUSIC NETWORK THE US NAVY

IT'S A RATHER AWKWARD TIME FOR THE NAVY WHICH HASN'T LAUNCHED A PAID
TELEVISION ADVERTISING CAMPAIGN IN THREE YEARS TO GET BACK ON THE AIR AS A
BONA FIDE SPONSOR OR ANY BRANCH OF THE MILITARY FOR THAT MATTER THE ARMED
FORCES ARE UNDER SIEGE OVER THEIR DEFIANT OPPOSITION TO THE PLAN OF THEIR
COMMANDER IN CHIEF PRESIDENT CLINTON TO ELIMINATE THEIR BAN ON
HOMOSEXUALS

THE NAVY ITSELF STILL HASN'T RECOVERED FROM ITS BIGGEST MODERNDAY SCANDAL
KNOWN BY THE TWORD TAILHOOK A LAS VEGAS CONVENTION OF NAVAL PILOTS AND
THEIR BOOSTERS AT WHICH DOZENS OF WOMEN WERE MOLESTED AND HARASSED LONG
GONE ARE THE GLORY DAYS OF DESERT STORM AND EVEN OPERATION RESTORE HOPE IN
SOMALIA SEEMS AWFULLY FAR OFF THE COLD WAR IS ON ICE REMOVING A LONGTIME
PRIME SELLING POINT FOR RECRUITING THE ALLVOLUNTEER DEFENSE

THE MILITARY IN SHORT HAS A REAL IMAGE PROBLEM IT COMES AS THE MILITARY
ADJUSTS TO LIFE IN A POSTSOVIET WORLD WHEN ITS BUDGETS ARE BEING SLASHED
AND SOME CITIZENS AND POLITICIANS ARE DEBATING THE SIZE AND EXPENSE OF THE
ARMED FORCES THE TARRED MILITARY IMAGE RAISES THE QUESTION IN THE MILITARY
AND ALONG MADISON AVENUE ABOUT WHETHER ADVERTISING IS AN APPROPRIATE VENUE
TO ADDRESS THE DELICATE ISSUES

THE MILITARY SAYS NO SIR BUT SOME PROMINENT MARKETING EXPERTS CURTLY
DISAGREE INSTEAD OF TAKING ON THE CONTROVERSY AND INCREASING ITS
ADVERTISING THE MACHO RANKS HAVE BEEN KEEPING THEIR HEADS DOWN AND SCALING
BACK

THE NAVY IS PURCHASING EIGHT WEEKS OF AD TIME BUT ONLY ON MTV THE
HALFMINUTE SPOTS CREATED BY OMNICOM GROUP'S BBDO ARE ESPECIALLY PRODUCED
WITH AN MTV SENSIBILITY MEANING QUICK EDITS ERRATIC CAMERA SHOTS AND
PULSATING MUSIC NO MENTION OF TAILHOOK WILL BE MADE OF COURSE BUT THE
SPOTS WILL MOST CERTAINLY DEPICT WOMEN WORKING ALONGSIDE THEIR MALE COHORTS

BUT MIGHT IT MAKE SENSE TO UTILIZE ADVERTISING TO DIRECTLY DECLARE THAT THE
NAVY HAS PUT TAILHOOK BEHIND IT AND IT IS ONCE AGAIN SENSITIZED TO FEMALE
RECRUITS

NOT AT ALL SAYS THE NAVY WHICH FLOATS THE SLOGAN IN ADS YOU AND THE
NAVY FULL SPEED AHEAD CMDR JOEL KEEFER OF THE NAVY'S RECRUITING COMMAND
DIVISION SAYS TO ADDRESS THAT ISSUE WOULD HAVE KEPT IT ALIVE IN PEOPLE'S
MINDS LONGER THAN NECESSARY

DAN HOWARD WHO SERVED AS THE UNDERSECRETARY OF THE NAVY FROM 1989 THROUGH
THE CONCLUSION OF THE BUSH PRESIDENCY AND SUPERVISED THE INTERNAL DISCIPLINE
STEMMING FROM TAILHOOK SAYS IT IS A MISTAKE TO RAISE THE SCANDAL IN
ADVERTISING YOU LET THE PUBLIC KNOW THROUGH THE NEWS MEDIA THAT YOU'RE
TAKING POSITIVE STEPS TO RECTIFY THE SITUATION HE SAYS YOU MAKE IT REAL
FOR WOMEN RECRUITS BY DEMONSTRATING YOU'VE CHANGED THE CULTURE

THE ARMY HAS ITS PROBLEMS AS WELL BEING PERCEIVED AS A DECIDEDLY
ANTIHOMOSEXUAL ORGANIZATION ON FRIDAY PRESIDENT CLINTON DIRECTED
PREPARATION BY JULY 15 OF A FORMAL ORDER REVERSING A 50YEAR BAN ON
HOMOSEXUALS IN THE MILITARY IN THE MEANTIME MILITARY RECRUITERS WERE TOLD
TO STOP ASKING APPLICANTS ABOUT THEIR SEXUAL ORIENTATION

BUT DON'T EXPECT A STRONGJAWED GI TO DEFEND THE ANTIGAY POSTURE IN A
COMMERCIAL ARMY BRASS ADMIT THE DEBATE WHICH HAS JAMMED SWITCHBOARDS AT
THE WHITE HOUSE AND ON CAPITOL HILL IS TAKING ITS TOLL SINCE WE'RE IN THE
BUSINESS OF SELLING OURSELVES THIS CONTROVERSY CERTAINLY ISN'T A POSITIVE
FACTOR SAYS COL JOHN MYERS THE ARMY'S DIRECTOR OF ADVERTISING AND PUBLIC
AFFAIRS

STILL IT'S HIGHLY UNLIKELY THAT WE WOULD EVER ADDRESS THIS IN OUR
ADVERTISING SINCE WE DON'T WANT TO FOCUS ON CONTROVERSY

BUT ROBERT DILENSCHNEIDER WHO HEADS HIS OWN CORPORATE PUBLIC RELATIONS
AGENCY SAYS HE IS SURPRISED THAT THE ISSUE HASN'T CROPPED UP YET IN
ADVERTISING THE ISSUES ARE SO EMOTIONAL HE SAYS THAT IF YOU WANT TO
GET YOUR MESSAGE OUT UNFILTERED BE IT WHETHER YOU'RE FOR OR AGAINST LIFTING
THE HOMOSEXUAL BAN THEN THE ONLY WAY TO DO IT OTHER THAN TALK SHOWS IS
ADVERTISING

THE MILITARY'S AD BUDGETS HAVE BEEN CONSIDERABLY SLASHED IN RECENT YEARS
MAKING THE COMMERCIALS EACH BRANCH DOES AIR ALL THE MORE IMPORTANT THE ARMY
THIS YEAR HAS AN AD BUDGET FOR PRINT RADIO TELEVISION AND BILLBOARDS OF
225 MILLION DOWN 38 FROM LAST YEAR IN 1990 IT HAD A ROBUST BUDGET OF
65 MILLION

THE MARINES HANDLED BY THE ATLANTA OFFICE OF WPP GROUP'S J WALTER
THOMPSON IS PLANNING NOTHING NEW FOR 1993 BECAUSE OF CUTS IN ITS BUDGET
SAYS ROB CHEROF THE THOMPSON SUPERVISOR ON THE ACCOUNT HE DECLINES TO BE
SPECIFIC ABOUT THE AD BUDGET CUTS

THE NAVY HAD ITS SLIM BUDGET REDUCED 6 TO 13 MILLION FROM LAST YEAR IN
1990 THE SPENDING LEVEL WAS 251 MILLION

WITH A RELATIVELY SMALL BUDGET COMPARED WITH AD SPENDING FOR MAJOR CONSUMER
PRODUCTS THE NAVY DECIDED TO STORM THE MTV GENERATION AT ITS FAVORED
BEACHHEAD MTV ITSELF THIS IS DIFFERENT FROM ANYTHING WE HAVE EVER DONE
BEFORE SAYS CMDR KEEFER

BUT PERHAPS NOT DIFFERENT ENOUGH

THOSE AGAINST THE LIFTING OF THE BAN ON HOMOSEXUALS CONTEND THAT THEIR
PRESENCE WOULD UPSET MILITARY LIFE FOR HETEROSEXUALS SINCE THE LIVING
QUARTERS ARE SO CLOSE

BUT THE ARGUMENT IS SUSPECT SINCE HOMOSEXUALS HAVE BEEN IN THE MILITARY
SINCE THE FIRST SHOT WAS FIRED DEFENDERS OF THE BAN COUNTER

THE MILITARY ALSO IS TAKING IT ON THE CHIN FROM PROPONENTS WHO ARE URGING
THE BAN TO BE LIFTED THE NEW YORK TIMES ON FRIDAY FOR EXAMPLE ARGUED THE
BAN SHOULD BE LIFTED IMMEDIATELY THROUGH AN EXECUTIVE ORDER

OUR RESPONSIBILITY SAYS COL MYERS IS TO RECRUIT A QUALITY ARMY AND
ADVERTISING IS ONE WAY THE NEWS MEDIA IS THE PLACE TO AIR THE OTHER ASPECTS
OF THE ARMY STORY NOT IN ADVERTISING

ADVERTISING EXECUTIVES WHO HAVE ANXIOUSLY ENDURED THE FOURMONTH REVIEW FOR
GENERAL MOTORS' 125 MILLION OLDSMOBILE ACCOUNT MAY NOT HAVE TO WAIT MUCH
LONGER

OLDSMOBILE IS EXPECTED TO MAKE A DECISION AS EARLY AS THIS WEEK ACCORDING
TO EXECUTIVES CLOSE TO THE PITCH PERHAPS ON FRIDAY WHEN THE NATIONAL AUTO
DEALERS ASSOCIATION OLDSMOBILE INCLUDING OLDS DEALERS CONVENE IN NEW
ORLEANS DEALER DISSATISFACTION HELPED PROMPT OLDSMOBILE INTO THE REVIEW
AND THEIR REPRESENTATIVES HAVE BEEN AMONG THE EXECUTIVES WHO ARE HEARING
PITCHES FROM THE AGENCIES

INCUMBENT LEO BURNETT CHICAGO IS DEFENDING THE BIG ACCOUNT AGAINST
CONTENDERS BELIEVED TO BE AMMIRATI & PURIS NEW YORK AYER NEW YORK WPP
GROUP'S FALLON MCELLIGOTT MINNEAPOLIS AND HAL RINEY & PARTNERS SAN
FRANCISCO HANDICAPPERS USUALLY GIVE INCUMBENTS SLIM ODDS OF HOLDING ONTO
ACCOUNTS IN REVIEWS BUT THIS TIME BURNETT IS THOUGHT TO HAVE AS GOOD A
CHANCE AS ANY OF THE OTHER CONTENDERS

OLDSMOBILE HAS REMAINED TIGHTLIPPED ABOUT THE PROGRESS OF THE PITCH AND
HASN'T ITSELF NAMED ANY OF THE FINALISTS

RINEY JOHN YOST SENIOR VICE PRESIDENT OF HAL RINEY & PARTNERS AND GENERAL
MANAGER OF ITS SAN FRANCISCO HEADQUARTERS IS MOVING EAST TO BECOME
EXECUTIVE VICE PRESIDENT AND MANAGING DIRECTOR OF THE AGENCY'S NEW YORK
OPERATIONS MR YOST AGE 43 SUCCEEDS JOE O'NEILL WHO WAS NAMED NATIONAL
CREATIVE DIRECTOR OF THE AGENCY LAST MONTH MR YOST'S SAN FRANCISCO ROLE
WILL BE ASSUMED BY TONY HOUGHTON WHO WAS HIRED AS THE AGENCY'S PRESIDENT
LAST MONTH

WHO'S NEWS WILLIAM M LANE AN EXECUTIVE VICE PRESIDENT AT WPP GROUP'S J
WALTER THOMPSON IS FOLLOWING IN THE FOOTSTEPS OF THE NORTHWEST AIRLINES
ACCOUNT AND LEAVING THE AGENCY MR LANE 47 YEARS OLD HAD HELD A NUMBER OF
CREATIVE POSTS IN HIS 26YEAR CAREER AT THOMPSON INCLUDING THE SPRINT AND
MORE RECENTLY THE NORTHWEST ACCOUNTS NORTHWEST RECENTLY CONSOLIDATED MOST
OF ITS ACCOUNT WITH WPP GROUP'S FALLON MCELLIGOTT MINNEAPOLIS 9302010136
930201 FINANCING BUSINESS TEXAS UTILITIES CO

TEXAS UTILITIES CO DALLAS SAID IT FILED A SHELF REGISTRATION WITH THE
SECURITIES AND EXCHANGE COMMISSION FOR 800 MILLION OF FIRST MORTGAGE AND
COLLATERAL TRUST BONDS THE UTILITY SAID PROCEEDS FROM THE SALE TOGETHER
WITH FUNDS FROM OPERATIONS WILL BE USED TO MEET EXPENDITURES FOR TEXAS
UTILITIES' CONSTRUCTION PROGRAM AND FOR CORPORATE PURPOSES THAT MAY INCLUDE
THE ACQUISITION OR REDEMPTION OF CERTAIN FIXEDRATE SECURITIES AND REPAYMENT
OF SHORTTERM BORROWINGS THE UTILITY SAID 9302010135 930201 KOREAN
CIGARETTE IMPORTS RISE

SEOUL SOUTH KOREA A TOTAL OF 2668 MILLION PACKS OF IMPORTED CIGARETTES
WERE SOLD IN SOUTH KOREA IN 1992 UP 69 FROM 24949 MILLION PACKS IN 1991
THE FINANCE MINISTRY SAID

THE IMPORTED CIGARETTES ACCOUNTED FOR 52 OF THE DOMESTIC CIGARETTE MARKET
UP FROM 5 IN 1991 THE MINISTRY SAID

OF THE FOREIGN CIGARETTES US PRODUCTS TOPPED THE LIST WITH A 72 MARKET
SHARE DOWN FROM 74 IN 1991 JAPANESE CIGARETTES RANKED THE SECOND WITH A
23 UP FROM 16 IN 1991 9302010134 930201 APACHE NATURAL GAS DISCOVERY

HOUSTON APACHE CORP SAID A NATURAL GAS DISCOVERY OFFSHORE LOUISIANA FLOW
TESTED AT A COMBINED RATE OF 188 MILLION CUBIC FEET OF NATURAL GAS A DAY
FROM THREE OF THE FIVE PRODUCING ZONES

TWO ZONES OF THE WELL WERE TESTED ON CHOKE SIZES OF 17/64 INCH AND THE OTHER
ON A 20/64 INCH CHOKE SAID A SPOKESMAN FROM HARDY OIL & GAS USA THE
OPERATOR INITIAL PRODUCTION IS ANTICIPATED BY AUGUST 9302010133 930201
JAPAN'S HOUSING STARTS RISE

TOKYO JAPAN'S HOUSING STARTS ROSE 54 IN DECEMBER FROM THE YEAR BEFORE
TO 120003 UNITS BUT THE PACE OF YEARONYEAR GROWTH CONTINUED TO SLOW THE
CONSTRUCTION MINISTRY SAID

FOR 1992 JAPAN'S HOUSING STARTS ROSE 24 FROM THE YEAR BEFORE TO 1403000
UNITS THE LATEST YEAR SAW HOUSING INVESTMENT REBOUND FOLLOWING A 20
DECLINE IN 1991

ALTHOUGH HOUSING STARTS ROSE FROM YEAREARLIER LEVELS FOR THE SEVENTH
CONSECUTIVE MONTH IN DECEMBER THE PACE OF ADVANCE SHOWED CONTINUED SIGNS OF
DECELERATING

IN NOVEMBER HOUSING STARTS GREW ONLY 82 FROM A YEAR BEFORE FOLLOWING
THREE MONTHS IN A ROW OF DOUBLEDIGIT INCREASES 9302010132 930201 GIANT
INDUSTRIES EXPECTS TO REPORT 4THQUARTER PROFIT  BY SARAH LUBMAN
 STAFF REPORTER OF THE WALL STREET JOURNAL

SCOTTSDALE ARIZ GIANT INDUSTRIES INC BOASTING SHARPLY IMPROVED
PETROLEUMREFINING MARGINS EXPECTS TO REPORT FOURTHQUARTER NET INCOME OF
25 MILLION TO 3 MILLION OR 20 TO 25 CENTS A SHARE GARY NIELSEN CHIEF
FINANCIAL OFFICER SAID

IN THE YEAREARLIER QUARTER THE COMPANY POSTED A LOSS OF 39 MILLION OR
32 CENTS A SHARE THOSE RESULTS WERE AFFECTED BY 39 MILLION IN
NONRECURRING CHARGES INCLUDING RESTRUCTURING COSTS AMOUNTING TO 20 CENTS A
SHARE IN ADDITION TO REFINING PETROLEUM PRODUCTS GIANT OPERATES SERVICE
STATIONS IN THE SOUTHWEST

FOURTHQUARTER REVENUE WAS ABOUT 75 MILLION MR NIELSEN SAID IN AN
INTERVIEW UP SLIGHTLY FROM 74 MILLION A YEAR EARLIER BUT HE SAID
EXCELLENT REFINING MARGINS OF ABOVE 5 A BARREL IN THE FOURTH QUARTER
WERE A MORE TELLING FACTOR REFINING MARGINS IN THE 1991 FOURTH QUARTER WERE
308 A BARREL

FOR ALL OF 1992 MR NIELSEN SAID GIANT EXPECTS TO REPORT A LOSS OF 21
MILLION TO 26 MILLION OR 17 CENTS TO 22 CENTS A SHARE ON REVENUE OF MORE
THAN 300 MILLION THE RESULTS INCLUDE A FIRSTQUARTER WRITEDOWN OF 86
MILLION FOR GIANT'S EXPLORATION AND PRODUCTION OPERATIONS IN 1991 THE
COMPANY HAD A LOSS OF 66 MILLION OR 54 CENTS A SHARE ON REVENUE OF 287
MILLION

JAMES E ACRIDGE GIANT'S CHAIRMAN AND CHIEF EXECUTIVE SAID INCREASED
DEMAND AND IMPROVED EARNINGS IN THE COMPANY'S RETAIL SECTOR BODE WELL FOR
THE FUTURE

IN 1992 WE ACTUALLY SAW DEMAND PICK UP CONSIDERABLY IN OUR AREA ESPECIALLY
IN SUMMER AND FALL MR ACRIDGE SAID WE'RE LOOKING FORWARD TO A GOOD
YEAR THE COMPANY'S RETAIL VOLUME JUMPED 22 AND ITS FUEL VOLUME INCREASED
8 OVER THE PREVIOUS YEAR HE SAID

MR ACRIDGE ALSO EXPECTS GIANT TO BENEFIT FROM THE IMPACT OF THE 1990 CLEAN
AIR ACT AMENDMENTS ON COMPETITORS A LOT OF REFINERS ARE REQUIRED TO
DEDICATE A LOT OF CAPITAL TO STAY IN THE REFINING BUSINESS HE SAID WE'RE
AHEAD OF THAT GIANT HAS HALFCOMPLETED A 12 MILLION PROJECT AS PART OF
ITS COMPLIANCE MEASURES HE SAID

HE SAID GIANT IS SELLING A LITTLE OVER 35 OF THE GASOLINE IT MAKES AT ITS
OWN FACILITIES BUT THAT THE COMPANY HAS POSTPONED PLANS TO EXPAND ITS
RETAIL OPERATIONS UNTIL LATE THIS YEAR GIANT DIDN'T BUILD ANY NEW SERVICE
STATIONS IN 1992 AND NOW HAS A TOTAL OF 42 RETAIL STATIONS AND TWO LARGE
TRUCK STOPS

AT THE MOMENT OUR THRUST IS TO CONTINUE CLEANING UP OUR BALANCE SHEET AND
REDUCE DEBT FURTHER MR ACRIDGE SAID

GIANT REDUCED ITS DEBT IN 1992 TO ABOUT 96 MILLION FROM 112 MILLION THE
PREVIOUS YEAR MR NIELSEN SAID THE COMPANY AIMS TO REDUCE ITS
DEBTTOEQUITY RATIO TO 40 FROM ITS CURRENT 45 LEVEL HE ADDED
9302010131 930201 MAYTAG UNIT'S PLAN TO TRANSFER WORK STIRS STORM IN
EC  BY JULIE WOLF STAFF REPORTER OF THE WALL STREET JOURNAL

BRUSSELS AS IF DUMPING OF STEEL AND OTHER INDUSTRIAL PRODUCTS WEREN'T
ENOUGH THE EUROPEAN COMMUNITY NOW IS EMBROILED IN AN INTERNAL SQUABBLE OVER
SOCIAL DUMPING

FRENCH POLITICIANS LOUDLY ACCUSED BRITAIN OF THIS ALLEGED OFFENSE LAST WEEK
WHEN MAYTAG CORP'S HOOVER UNIT ANNOUNCED A PLAN TO TRANSFER PRODUCTION FROM
FRANCE TO SCOTLAND THE MOVE WILL LEAD TO THE LOSS OF 600 FRENCH JOBS AS THE
COMPANY CLOSES A PLANT THAT MAKES CYLINDER CLEANERS IN DIJON AND THE
CREATION OF AS MANY AS 400 JOBS IN CAMBUSLANG SCOTLAND

IT HAS ADDED TO A LONGSIMMERING RESENTMENT IN FRANCE AND OTHER EC MEMBERS
OVER BRITAIN'S HOSTILITY TO EC EMPLOYMENT LEGISLATION THE INCIDENT ALSO IS
HEIGHTENING CONCERN THAT BRITAIN WILL USE ITS RELATIVELY LOOSE EMPLOYMENT
LAWS AND ITS WEAK CURRENCY TO ATTRACT INVESTMENT AWAY FROM CONTINENTAL
EUROPE THE FRENCH CALL IT SOCIAL DUMPING

SOME GO SO FAR AS TO SAY THAT THE HOOVER AFFAIR AS IT HAS BECOME KNOWN IN
FRANCE WOULD HAVE LED TO A REJECTION OF THE MAASTRICHT TREATY ON EUROPEAN
UNITY IN LAST SEPTEMBER'S FRENCH REFERENDUM HAD THE INCIDENT COME EARLIER

FRENCH TRADE UNION OFFICIALS SAY THE COMPANY HELD SEPARATE TALKS WITH
WORKERS IN BOTH DIJON AND CAMBUSLANG WHICH IS NEAR GLASGOW IN AN EFFORT TO
EXTRACT CONCESSIONS THE FRENCH TRADE UNIONS SAY THE SCOTTISH WORKERS
OFFERED A DEAL THAT REDUCES HOOVER'S EMPLOYMENT COSTS BY 37 COMPARED WITH
THE DIJON PLANT PROMPTING THE COMPANY TO CHOOSE SCOTLAND HOOVER HOWEVER
SAYS THE DECISION REFLECTS BOTH THE DESIRE TO CREATE A EUROPEAN CENTER FOR
FLOORCARE PRODUCTS AND THE NEED TO CUT COSTS THE COMPANY PUTS THE
DIFFERENCE IN TOTAL EMPLOYMENT COSTS BETWEEN THE TWO PLANTS AT 25

THE FRENCH SOCIALIST GOVERNMENT WHICH FACES DEFEAT IN THE ELECTIONS AND IS
ANXIOUS TO BE SEEN TO BE DOING SOMETHING SAYS IT WILL ASK THE EC COMMISSION
TO INVESTIGATE THE AFFAIR CITING POSSIBLE BREACHES OF EC RULES ON STATE
SUBSIDIES AND PENSIONS THE COMMISSION HAS PROMISED TO NEGOTIATE ANY FRENCH
COMPLAINT ALTHOUGH EC SOURCES SAID THAT AT FIRST GLANCE RULES DON'T APPEAR
TO HAVE BEEN BROKEN

THE DIFFERENCES BETWEEN BRITAIN AND OTHER EC COUNTRIES HARK BACK TO THE LATE
1980S WHEN THE COMMISSION CALLED FOR THE SINGLE MARKET PROGRAM TO HAVE A
SOCIAL DIMENSION TO PROTECT WORKERS' RIGHTS AND ENSURE THAT THE PROGRAM
DIDN'T BENEFIT ONLY COMPANIES COMMISSION PRESIDENT JACQUES DELORS WORRIED
THAT WITHOUT MINIMUM EC SOCIAL LEGISLATION COMPANIES WOULD USE THE SINGLE
MARKET TO EXTRACT CONCESSIONS FROM THEIR WORK FORCES

BRITAIN HAS NEVER SHARED THE VIEW THAT THE SINGLE MARKET SHOULD BE
ACCOMPANIED BY LEGISLATION ON ISSUES SUCH AS WORKING HOURS AND THE
CONSULTATION OF EMPLOYEES ON MANAGEMENT DECISIONS FORMER PRIME MINISTER
MARGARET THATCHER AND HER SUCCESSOR JOHN MAJOR WAGED A CAMPAIGN AGAINST
THE EC'S SOCIAL CHARTER WHICH EVENTUALLY LED TO BRITAIN'S BEING GRANTED AN
EXEMPTION FROM THE MAASTRICHT TREATY'S PROVISIONS FOR ENHANCED SOCIAL
LEGISLATION

BRITISH OFFICIALS DENY THAT THERE IS A LINK BETWEEN THE HOOVER INCIDENT AND
THE WIDER DEBATE OVER SOCIAL POLICY INSTEAD THEY ARGUE HOOVER'S DECISION
REFLECTS A COMBINATION OF CORPORATE STRATEGY AND THE ABILITY OF
LESSPROSPEROUS EC REGIONS TO ATTRACT INVESTMENT THROUGH LOWER WAGES AND
REGIONAL DEVELOPMENT AID THE BRITISH GOVERNMENT OFFERED HOOVER ABOUT 25
MILLION 38 MILLION IN AID FOR THE SCOTTISH PLANT

HOOVER IS KEEPING OUT OF THE POLICY DEBATE BILL FOUST PRESIDENT OF HOOVER
EUROPE SAID HIS JOB IS TO IMPROVE THE COMPANY'S PERFORMANCE AT A DIFFICULT
TIME IN THE EUROPEAN ECONOMY WE LOOK AT IT FROM A DIFFERENT FOCUS WE'RE
TRYING TO DO WHAT IS NECESSARY IN ORDER TO COMPETE AND SURVIVE WE ALSO HAVE
TO PROTECT 3600 OTHER JOBS MR FOUST SAID HE ADDED THAT AT THE MOMENT
THE UK IS MORE COMPETITIVE THAN IN THE PAST BECAUSE OF LOW INFLATION LOW
INTEREST RATES AND LOWER TOTAL EMPLOYMENT COSTS

THE WEAKNESS OF THE POUND APPEARS NOT TO HAVE BEEN A MAJOR FACTOR IN THE
COMPANY'S DECISION EXCHANGERATE MOVEMENTS ARE OFTEN TEMPORARY THINGS
MR FOUST SAID 9302010130 930201 MAZDA MOTOR RECALLS 1991 AND 1992
TRUCKS TO FIX WHEEL DEFECT

IRVINE CALIF MAZDA MOTOR CORP SAID IT IS RECALLING 15822 OF ITS 1991
AND 1992 MODEL BSERIES PICKUP TRUCKS EQUIPPED WITH THE WHITE STEELSPOKED
WHEELS TO FIX A DEFECT IN THE WHEELS

MAZDA SAID THE WHITE STEELSPOKED WHEELS MAY HAVE BEEN IMPROPERLY WELDED
DURING ASSEMBLY WHICH MAY CAUSE THE WHEEL TO CRACK IF THAT OCCURRED TIRE
PRESSURE WOULD BE LOST WHICH COULD CAUSE RESULT IN LOSS OF VEHICLE CONTROL
A MAZDA SPOKESMAN SAID THE COMPANY IS AWARE OF A COUPLE OF ACCIDENTS
RESULTING IN CLAIMS OF MINOR INJURIES AND PROPERTY DAMAGE BECAUSE OF THE
PROBLEM

MAZDA SAID ITS DEALERS WILL MAKE THE REPAIRS AT NO CHARGE

MAZDA SAID IT IS ALSO RECALLING 3200 ACCESSORY HARDTOP HOISTS SOLD FOR USE
WITH THE DETACHABLE HARDTOP ON THE MAZDA MX5 MIATA SPORTS CAR MAZDA SAID
THE PLASTIC BUCKLES OF THE SECURING STRAP ON THE HOIST COULD FAIL RESULTING
IN POSSIBLE DAMAGE TO THE HARDTOP MAZDA SAID IT WILL REPLACE THE STEEL
BUCKLES AT NO CHARGE 9302010129 930201 INTERNATIONAL JAPAN ACCUSES 
CHINA OF DUMPING WILL IMPOSE DUTIES  BY JACOB M SCHLESINGER AND
MASAYOSHI KANABAYASHI STAFF REPORTERS OF THE WALL STREET JOURNAL

TOKYO FOR YEARS JAPAN HAS BEEN ACCUSED OF ILLEGALLY DUMPING
UNDERPRICED PRODUCTS ON FOREIGN MARKETS NOW FOR THE FIRST TIME TOKYO IS
TURNING THE TABLES WITH DUMPING CHARGES OF ITS OWN

ON FRIDAY JAPAN'S GOVERNMENT SAID IT WILL IMPOSE PUNITIVE DUTIES ON CHEAP
CHINESE STEELMAKING MATERIALS THE TIMING OF THE ANNOUNCEMENT UNDERSCORES
THE IRONY JAPANESE OFFICIALS WERE STILL FUMING ABOUT A US DECISION TO
SLAP TARIFFS ON JAPAN AND MANY OTHER COUNTRIES FOR ALLEGEDLY DUMPING
FINISHED STEEL ON THE US MARKET

INDEED JAPANESE GOVERNMENT AND INDUSTRY LEADERS HAVE BECOME INCREASINGLY
VOCAL AGAINST WHAT THEY CONSIDER THE GROWING ABUSE OF DUMPING CHARGES BY THE
US AND EUROPE THEY FEEL OFFICIALS ABROAD ARE TRYING TO UNFAIRLY BLOCK
JAPANESE MANUFACTURED EXPORTS IN WHAT WOULD BE THE LARGEST ANTIJAPANESE
TRADE CASE EVER THE BIG THREE AMERICAN AUTO MAKERS ARE CONSIDERING FILING A
COMPLAINT THAT CLAIMS THAT ALL CARS IMPORTED INTO THE US ARE DUMPED OR
SOLD BELOW HOMEMARKET PRICES

FOREIGN MINISTRY SPOKESMAN MASAMICHI HANABUSA INSISTED FRIDAY THAT JAPAN'S
TWO POSITIONS ARE CONSISTENT OUR POSITION IS THAT ANY NATION CAN IMPOSE
ANTIDUMPING DUTIES IN ACCORDANCE WITH THE RULES OF THE GENERAL AGREEMENT
ON TARIFFS AND TRADE HE SAID WE HAVE PROBLEMS WITH THE CASES AGAINST
JAPAN BECAUSE THEY OFTEN ARISE FROM DEPARTURES FROM INTERNATIONALLY
REQUIRED PROCEDURES

A MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY OFFICIAL SAID THE US AND
EUROPE USE BIASED FORMULAS TO JUDGE IF DUMPING IS TAKING PLACE AND THAT
JAPAN DOESN'T

JAPAN'S MOVE AGAINST CHINA COMES AS THE JAPANESE SAY THEY PLAN TO TAKE A
FIRMER STANCE AGAINST ALL TRADING PARTNERS IN ANOTHER ROLE REVERSAL MITI
LAST YEAR RELEASED A REPORT ON UNFAIR TRADING PRACTICES BY OTHER
COUNTRIES THAT STUDY CONCLUDED THAT THE US JAPAN'S CHIEF ACCUSER WAS
THE MOST UNFAIR

EVEN IF LEGALLY CORRECT JAPAN IS LIKELY TO FIND ITS STANCE ON DUMPING
POLITICALLY AWKWARD LAST YEAR JAPAN WRACKED UP A RECORD TRADE SURPLUS OF
10706 BILLION WITH OTHER NATIONS AND COULD WELL TOP THAT MARK THIS YEAR
JAPAN'S SURPLUS WITH ASIA ALONE GREW 32 TO 4176 BILLION ASIAN COUNTRIES
ARE PUSHING TO BREAK INTO THE JAPANESE MARKET THAT HAS SEEMED CLOSED TO ALL
BUT RAW MATERIALS JUST AS JAPAN FLOODED THE WEST WITH CHEAPER PRODUCTS AS
ITS ECONOMY DEVELOPED

MEANWHILE JAPAN'S SURPLUS WITH THE US AND THE EUROPEAN COMMUNITY ALSO
GREW LAST YEAR A TREND LIKELY TO ENCOURAGE EVEN MORE TRADE COMPLAINTS
AGAINST JAPANESE PRODUCTS THE JAPANESE ARE BRACING FOR A HARDER LINE ON
TRADE FROM PRESIDENT CLINTON THOUGH HE HASN'T YET ARTICULATED A POLICY MR
CLINTON FRIDAY APPOINTED A TOUGH JAPAN CRITIC CRAY RESEARCH INC CHAIRMAN
AND CHIEF EXECUTIVE JOHN A ROLLWAGEN TO THE NO 2 POST AT THE COMMERCE
DEPARTMENT

AS HEAD OF THE LEADING US SUPERCOMPUTER MAKER MR ROLLWAGEN WAGED
NUMEROUS BATTLES WITH JAPAN CHARGING THAT ITS MARKET WAS CLOSED TO HIS
PRODUCTS AND THAT JAPANESE COMPANIES WERE DUMPING COMPETING MACHINES IN THE
US

AS FOR JAPAN'S ACTION AGAINST CHINA BEGINNING WEDNESDAY MITI WILL IMPOSE
DUTIES OF BETWEEN 45 AND 272 ON FERROSILICON MANGANESE EXPORTED BY MORE
THAN 100 CHINESE PRODUCERS IN 1991 CHINA SHIPPED TO JAPAN 135000 METRIC
TONS OF THE MATERIAL VALUED AT 70 MILLION

MITI RULED THAT THE CHINESE EXPORTERS HAD HURT JAPANESE MAKERS BY UNFAIRLY
UNDERPRICING THEIR FERROSILICON MANGANESE CHINESE MAKERS INCREASED THEIR
SHARE OF JAPAN'S MARKET FOR THE MATERIAL TO 39 IN 1991 FROM 17 IN 1989
MITI SAID JAPAN ALSO ACCUSED NORWEGIAN AND SOUTH AFRICAN EXPORTERS OF
DUMPING THE MATERIAL AS WELL BUT MITI SAID THEY WERE NOT PENALIZED BECAUSE
NORWAY'S EXPORTS ARE VERY SMALL AND SOUTH AFRICA'S DUMPING MARGINS VERY
NARROW

FRIDAY'S DECISION WAS THE FIRST TIME JAPAN DECIDED TO IMPOSE DUMPING DUTIES
BUT IT HAS INVESTIGATED DUMPING CHARGES THREE TIMES BEFORE TWICE AGAINST
SOUTH KOREAN TEXTILE EXPORTERS AND ONCE AGAINST NORWEGIAN AND FRENCH
FERROSILICON MAKERS 9302010128 930201 CHICAGO MERCANTILE SEAT IS SOLD

SEAT PRICES ON THE EXCHANGE ARE CURRENTLY QUOTED AT 580000 BID 610000
ASK 9302010127 930201 WHO'S NEWS REICHMANNS AIDE LEAVE THE BOARDS 
OF 2 O&Y FIRMS  BY LARRY M GREENBERG STAFF REPORTER OF THE WALL
STREET JOURNAL

TORONTO AS PART OF OLYMPIA & YORK DEVELOPMENTS LTD'S DEBTRESTRUCTURING
PLAN MEMBERS OF THE REICHMANN FAMILY AND ONE OTHER OFFICIAL OF THE
INSOLVENT REAL ESTATE CONCERN RESIGNED FROM THE BOARDS OF GULF CANADA
RESOURCES LTD AND ABITIBIPRICE INC TWO COMPANIES CONTROLLED BY O&Y

O&Y INTENDS TO SEEK APPROVAL FOR ITS RESTRUCTURING PLAN FROM AN ONTARIO
BANKRUPTCY COURT TODAY WHEN THE COMPANY'S CANADIAN BANKRUPTCY LAW
PROTECTION IS DUE TO EXPIRE

THE RESIGNATIONS ANNOUNCED SEPARATELY BY GULF CANADA AND ABITIBIPRICE WAS
EXPECTED UNDER THE RESTRUCTURING PLAN O&Y WILL NOMINALLY RETAIN ITS
INTERESTS IN THE TWO RESOURCE CONCERNS HOWEVER CONTROL OF THE SHARES WILL
PASS TO A COURTAPPOINTED CUSTODIAN

O&Y'S SOCALLED GULF AND ABITIBI LOAN COMPRISES 25 BILLION OF DEBT HELD BY
SOME OF O&Y'S BIGGEST BANKS THE LOAN IS SECURED BY ABOUT 70 OF THE SHARES
OF GULF CANADA AND ABOUT 79 OF ABITIBIPRICE HOWEVER THE COLLATERAL IS
WORTH ONLY ABOUT 35 OF THE VALUE OF THE LOAN AT CURRENT MARKET PRICES THE
BANKS WILL RETAIN A CLAIM AGAINST O&Y FOR THE AMOUNT OF THEIR LOAN THAT NO
LONGER IS SECURED

ABITIBIPRICE A TORONTO FORESTRY CONCERN SAID FOUR OF ITS DIRECTORS
RESIGNED INCLUDING ALBERT PAUL AND RALPH REICHMANN AND GILBERT NEWMAN AN
O&Y EXECUTIVE GULF CANADA SAID THAT ALBERT AND PAUL REICHMANN AND MR
NEWMAN RESIGNED FROM ITS BOARD A GULF CANADA SPOKESMAN SAID RALPH REICHMANN
RESIGNED FROM THE BOARD LAST YEAR

BOTH ABITIBIPRICE AND GULF CANADA SAID THEY EACH EXPECT TO NAME NEW
DIRECTORS WHEN THEIR RESPECTIVE BOARDS MEET LATER THIS MONTH

MEANWHILE GW UTILITIES LTD ALSO CONTROLLED BY O&Y SAID IT WILL SEEK
SHAREHOLDER APPROVAL AT A MEETING SCHEDULED FOR MARCH 10 FOR A PREVIOUSLY
PROPOSED PLAN UNDER WHICH O&Y WOULD BUY OUT THE MINORITY HOLDING O&Y PLANS
TO OFFER MINORITY SHAREHOLDERS SHARES IN HOME OIL CO AN O&YCONTROLLED OIL
AND GAS CONCERN O&Y OWNS 893 OF GW UTILITIES 9302010126 930201
INTERNATIONAL MERCEDESBENZ AG TO BUILD R&D CENTER FOR PASSENGER CARS
  SPECIAL TO THE WALL STREET JOURNAL

STUTTGART MERCEDESBENZ AG BRACING ITSELF FOR TOUGHER COMPETITION SAID
IT WILL INVEST 800 MILLION DEUTSCHE MARKS 5044 MILLION IN A NEW
PASSENGERCAR RESEARCHANDDEVELOPMENT CENTER IN SOUTHERN GERMANY

THE SIGNS OF THE TIMES ARE CLEAR SAID DIETER ZETSCHE A MEMBER OF THE
MERCEDES MANAGEMENT BOARD RESPONSIBLE FOR PASSENGERCAR DEVELOPMENT WE
MUST MAKE THE DEVELOPMENT OF NEW PASSENGER CARS MORE EFFICIENT IN VIEW OF
THE EVER INCREASING WORLDWIDE COMPETITION

MR ZETSCHE SAID THE R&D CENTER WILL BE BUILT FROM THE GROUND UP ON A TRACT
ALREADY OWNED BY THE GROUP ADJACENT TO THE COMPANY'S PRODUCTION PLANT IN THE
STUTTGART SUBURB OF SINDELFINGEN THE CENTER SHOULD BE IN OPERATION BY 1996
HE SAID

ANOTHER MOTOR AND TRANSMISSION RESEARCH CENTER WILL BE ESTABLISHED AT THE
GROUP'S HEADQUARTERS IN THE STUTTGART VILLAGE OF UNTERTUERKHEIM TO
COMPLEMENT THE SINDELFINGEN FACILITY HE SAID

BOTH LOCATIONS RANK AMONG GERMANY'S MOST UNIONIZED AND EXPENSIVE
MANUFACTURING REGIONS IN GERMANY

THE TWO RESEARCH CENTERS WILL CONCENTRATE THE WORK CURRENTLY DONE IN 18
SEPARATE LOCATIONS THROUGHOUT MERCEDESBENZ'S FARFLUNG OPERATIONS IN
GERMANY AND ABROAD HE SAID 9302010125 930201 CREDIT RATINGS

SIGNET BANKING CORP NEW YORK STANDARD & POOR'S CORP RAISED THIS
VIRGINIA BANKING COMPANY'S SUBORDINATED DEBT RATING TO DOUBLEBPLUS FROM
DOUBLEBMINUS ABOUT 250 MILLION OF LONGTERM DEBT IS AFFECTED S&P SAID
THE SIGNET'S UPGRADE REFLECTS AN OVERALL IMPROVEMENT IN ASSET QUALITY
PARTICULARLY SUCCESS IN REDUCING VOLUME OF PROBLEM ASSETS AND OVERALL RISK
PROFILE THE ISSUE WAS REMOVED FROM S&P'S CREDITWATCH LIST 9302010124
930201 SOUTH KOREAVIETNAM AIR PACT

SEOUL SOUTH KOREA AND VIETNAM INITIALED AN AVIATION AGREEMENT TO OPEN
REGULAR AND DIRECT AIR ROUTES LINKING THE TWO CAPITAL CITIES SOUTH KOREA'S
FOREIGN MINISTRY SAID

ACCORDING TO MINISTRY OFFICIALS THE TWO COUNTRIES HELD MEETINGS IN HANOI
VIETNAM LAST WEEK AND AGREED TO ESTABLISH THE ROUTES WHICH WILL HELP THE
TWO COUNTRIES TO EXCHANGE FLIGHTS THREE TIMES A WEEK

POSSIBLY THE TWO SIDES WILL EXCHANGE FLIGHTS IN APRIL SAID AN OFFICIAL AT
THE MINISTRY IN THE MEANTIME THE TWO GOVERNMENTS WILL ENCOURAGE CHARTERED
FLIGHTS

SOUTH KOREA AND ITS FORMER ADVERSARY NORMALIZED DIPLOMATIC RELATIONS DEC
22 ENDING YEARS OF ANIMOSITY 9302010123 930201 RENISON GOLDFIELDS' NEW
MINE

SYDNEY AUSTRALIA RENISON GOLDFIELDS CONSOLIDATED LTD AN AUSTRALIAN
MINING COMPANY THAT IS 44OWNED BY HANSON PLC OF BRITAIN SAID IT WILL
INVEST 53 MILLION AUSTRALIAN DOLLARS US361 MILLION IN A NEW GOLD MINE IN
TASMANIA STATE

CONSTRUCTION OF THE HENTY PROJECT WILL START SOON AND TAKE ABOUT THREE
YEARS

RENISON SAID THE PROBABLE ORE RESERVE IS ESTIMATED AT 506000 METRIC TONS
GRADING 269 GRAMS OF GOLD A TON THIS WILL MAINTAIN A MINE FOR FOUR AND A
HALF YEARS UNLESS MORE RESERVES ARE DISCOVERED

A 353 STAKE IN THE HENTY PROJECT HELD BY LITTLE RIVER GOLDFIELDS NL WILL
BE TRANSFERRED TO RENISON BRINGING ITS INTEREST TO 100 IN RETURN LITTLE
RIVER GETS 10 OF ALL GOLD PRODUCED WITHOUT ANY FURTHER INVESTMENT AND IS
ENTITLED TO 1 OF ANY MINERALS PRODUCED FROM THE LEASE OUTSIDE THE PROJECT
AREA 9302010122 930201 PAINEWEBBER JOINS FIRMS LEAVING ARBITRAGE FIELD

NEW YORK PAINEWEBBER GROUP INC BECAME THE LATEST SECURITIES FIRM TO EXIT
THE ARBITRAGE BUSINESS AFTER TAKEOVER STOCK TRADING SUFFERED ANOTHER BLEAK
YEAR IN 1992

PAINEWEBBER SAID RICK SCHNEIDER WHO RAN THE ARBITRAGE DEPARTMENT WAS
LEAVING THE FIRM TO PURSUE HIS OWN BUSINESS INTERESTS MR SCHNEIDER 36
YEARS OLD COULDN'T BE REACHED FOR COMMENT BUT HE IS UNDERSTOOD TO BE
FORMING AN ARBITRAGE FUND TO BE RAISED FROM OUTSIDE INVESTORS

LEE FENSTERSTOCK PAINEWEBBER'S DIRECTOR OF CAPITAL MARKETS SAID RISK
ARBITRAGE WAS PROFITABLE ON A TRADING BASIS IN 1992 AND THAT MR
SCHNEIDER HAD DONE AN EXCELLENT JOB IN RUNNING THE DEPARTMENT SINCE
MID1990

HOWEVER MR FENSTERSTOCK SAID THE RISKS AND RETURNS OF SUCH TRADING WITH
THE FIRM'S OWN MONEY NO LONGER FIT PAINEWEBBER'S CLIENTORIENTED STRATEGY
THE FIRM HAD DISCONTINUED ALL OTHER PROPRIETARY TRADING MR FENSTERSTOCK
CALLED THE DECISION STRATEGIC IN NATURE AND NOT A RESULT OF ANY SHORT TERM
PROFITABILITY FLUCTUATIONS 9302010121 930201 CORRECTION

JEFFREY A TRACHTENBERG'S JAN 18 LEISURE & ARTS PAGE REVIEW OF SHOOTING
THE BOH A WOMAN'S VOYAGE DOWN THE WILDEST RIVER IN BORNEO MISIDENTIFIED
THE PUBLISHER IT IS VINTAGE BOOKS 9302010120 930201 WHO'S NEWS 
WALMART STORES INC

WALMART STORES INC BENTONVILLE ARK FREDERICK S HUMPHRIES
PRESIDENT OF FLORIDA A&M UNIVERSITY WAS NAMED TO THE BOARD OF THIS
RETAILER THE APPOINTMENT OF MR HUMPHRIES 57 YEARS INCREASES THE BOARD'S
SIZE TO 16 MEMBERS FROM 15 9302010119 930201 CHRYSLER PROFITSHARING
PAYOUTS

HIGHLAND PARK MICH CHRYSLER CORP SAID IT WOULD ISSUE IN MARCH
PROFITSHARING PAYMENTS AVERAGING 421 EACH TO ITS 63000 HOURLY WORKERS
THIS IS THE FIRST TIME SINCE 1989 THAT THE AUTO MAKER HAS ISSUED
PROFITSHARING PAYOUTS

THE ESTIMATED TOTAL COST OF THE PAYMENT IS 265 MILLION CHRYSLER INDICATED
THAT IT WOULD ISSUE PROFITSHARING PAYMENTS TO ITS SALARIED WORKERS UNDER A
SEPARATE PLAN CHRYSLER LAST WEEK POSTED A FOURTHQUARTER PROFIT OF 356
MILLION 9302010118 930201 HOSPITAL FIRM SAYS ITS '92 NET CLIMBED
SHARPLY  IMPROVED PROFIT MARGINS ARE CITED BY AMERICAN 
HEALTHCAREH MANAGEMENT  BY ROBIN GOLDWYN BLUMENTHAL STAFF REPORTER
OF THE WALL STREET JOURNAL

KING OF PRUSSIA PA AMERICAN HEALTHCARE MANAGEMENT INC EXPECTS TO POST
A SUBSTANTIAL RISE IN NET INCOME FOR 1992 DUE TO IMPROVED GROSS PROFIT
MARGINS ON HIGHER ADMISSIONS AND OUTPATIENT REVENUE AND THE BENEFITS OF A
RESTRUCTURING

THE OPERATOR OF 16 HOSPITALS IN NINE STATES EXPECTS TO REPORT EARLY THIS
WEEK THAT NET ROSE TO 711 MILLION OR 249 A SHARE STEVEN L VOLLA
CHAIRMAN AND CHIEF EXECUTIVE OFFICER SAID IN AN INTERVIEW THE PROFIT
INCLUDES A ONETIME GAIN OF 556 MILLION OR 195 A SHARE FROM A DEBT
REFINANCING IN JUNE

WITHOUT THE GAIN NET WOULD BE ABOUT 155 MILLION OR 54 CENTS A SHARE

IN 1991 NET WAS 8 MILLION OR 43 CENTS A SHARE ON AN AVERAGE OF ABOUT 10
MILLION FEWER SHARES OUTSTANDING A DEBTFOREQUITY SWAP IN THE FALL OF 1991
INCREASED SHARES OUTSTANDING TO ABOUT 285 MILLION AMERICAN HEALTHCARE
EXCHANGED 118 MILLION SHARES FOR 428 MILLION OF DEBT

THE COMPANY EXPECTS TO POST AN 8 RISE IN 1992 REVENUE TO 3132 MILLION
FROM 2895 MILLION IN 1991

FOR THE FOURTH QUARTER MR VOLLA EXPECTS TO POST A DECLINE IN NET TO 25
MILLION OR NINE CENTS A SHARE FROM 36 MILLION OR 13 CENTS A SHARE THE
DECLINE WAS A RESULT OF USING TROUBLED DEBT ACCOUNTING IN 1991 WHICH
UNDERSTATED INTEREST EXPENSE ABOUT 3 MILLION THE COMPANY EXPECTS TO REPORT
REVENUE ROSE 87 TO 809 MILLION FROM 744 MILLION

THE REFINANCING SLASHED THE COMPANY'S CASH INTEREST EXPENSE AT THE END OF
1992 TOTAL DEBT WAS 155 MILLION DOWN FROM 230 MILLION THE PREVIOUS YEAR
AMERICAN HEALTHCARE WAS PAYING A WEIGHTED AVERAGE RATE ON THE OLD DEBT OF
1275 ON THE REFINANCED DEBT THAT AVERAGE FELL TO 65

BECAUSE THE COMPANY WHICH EMERGED FROM A BANKRUPTCY REORGANIZATION LATE IN
1989 WAS USING SOCALLED TROUBLED DEBT ACCOUNTING IN 1991 IT ALSO WILL
ISSUE PRO FORMA COMPARISONS OF THE 1992 AND 1991 YEARS THAT ASSUME THE
REFINANCING AND DEBTFOREQUITY SWAP WERE COMPLETED AS OF JAN 1 1991

ON A PRO FORMA BASIS LATEST QUARTER NET WOULD BE THE SAME WHILE
YEARBEFORE PROFIT WOULD TOTAL 19 MILLION OR SEVEN CENTS A SHARE THE
DIFFERENCE BETWEEN THE REPORTED AND PRO FORMA YEAREARLIER NUMBERS REFLECTS
A NONCASH CREDIT AGAINST INTEREST EXPENSE UNDER THE TROUBLED DEBT METHOD OF
ACCOUNTING

MR VOLLA SAID OUTPATIENT REVENUE ROSE 18 IN THE YEAR WHILE OUTPATIENT
SURGERIES INCREASED 10 BOOSTING GROSS MARGINS ADMISSIONS ROSE 1 AND
COSTS INCREASED AT A SLOWER RATE THAN NET REVENUE

THE COMPANY WHICH RELIES HEAVILY ON FIXED REIMBURSEMENTS FROM PATIENTS
THROUGH MANAGED CARE OR MEDICARE AND MEDICAID IS CONTINUING ITS STRATEGY OF
FOCUSING ON PRIMARY HEALTHCARE SERVICES SUCH AS OBSTETRICS AND PEDIATRIC
CARE IT ALSO STRESSES MINIMAL INVASIVE SURGERY WHICH TENDS TO BE MORE
PROFITABLE THAN OTHER SURGERIES AND OUTPATIENT DIAGNOSTIC AND SURGICAL
SERVICES WHICH ARE IN HIGHEST DEMAND

AMERICAN HEALTHCARE HAS BEEN DEVELOPING ALLIANCES WITH MAJOR TEACHING
HOSPITALS THAT PERFORM MORECOMPLICATED SURGERIES SUCH AS OPEN HEART
SURGERY AND KIDNEY TRANSPLANTS SO THAT IT CAN MARKET ITS SERVICES AS PART
OF A PACKAGE TO A MANAGEDCARE PLAN

IN THESE ALLIANCES THE AMERICAN HEALTHCARE HOSPITAL MAKES AGREEMENTS WITH
THE OTHER HOSPITALS TO REFER PATIENTS TO EACH OTHER THIS GIVES THE COMPANY
ACCESS TO MANAGEDCARE PLANS THAT IT MIGHTN'T OTHERWISE HAVE ACCESS TO
BECAUSE THE MANAGEDCARE PLAN HAS TO CONTRACT WITH ONLY ONE ORGANIZATION

MR VOLLA SAID AMERICAN HEALTHCARE WILL SEEK TO GROW THROUGH INCREASED
ADMISSIONS AND SERVICES IN ITS OWN HOSPITALS AS WELL AS THROUGH ACQUISITIONS
THAT DON'T EXCESSIVELY INCREASE DEBT HE SAID THE COMPANY COULD BOOST ITS
BORROWINGS ABOUT 200 MILLION

IN TERMS OF THE POSSIBLE EFFECTS OF HEALTHCARE REFORM ON THE BUSINESS MR
VOLLA SAID HE WOULD ENCOURAGE CHANGES IN THE HEALTHCARE SYSTEM THAT WOULD
IMPROVE ACCESS  FOR THE UNINSURED OR UNDERINSURED BECAUSE AMERICAN
HEALTHCARE HAS BEEN ABLE TO PROSPER IN A HIGHLY COMPETITIVE MANAGEDCARE
ENVIRONMENT HE SAID THE COMPANY VIEWS THE KNOWN ELEMENTS OF CLINTON REFORM
POSITIVELY 9302010117 930201 ISUZU FUJI TO TERMINATE PACT

TOKYO ISUZU MOTORS LTD AND FUJI HEAVY INDUSTRIES LTD AGREED TO
TERMINATE MUTUAL SUPPLY OF CARS AT THE END OF JULY AS ISUZU IS ENTERING A
NEW PRODUCTION COOPERATION ARRANGEMENT WITH HONDA MOTOR CO SPOKESMEN AT
ISUZU AND FUJI HEAVY INDUSTRY SAID FRIDAY

THE END OF DOMESTIC COOPERATION BETWEEN THE FIRMS WILL NOT AFFECT THEIR
JOINT VENTURE IN THE US SPOKESMEN AT THE TWO FIRMS SAID THAT JOINT
VENTURE THE SUBARU ISUZU AUTOMOTIVE PLANT PRODUCES PASSENGER CARS

ISUZU AND FUJI HEAVY HAVE BEEN SUPPLYING SOME OF VEHICLES TO EACH OTHER
ISUZU'S VEHICLES SUPPLIED TO FUJI HEAVY ARE SOLD UNDER FUJI HEAVY'S BRAND
AND VICE VERSA

ISUZU AND HONDA ANNOUNCED IN DECEMBER THAT THEY WILL BEGIN MARKETING SOME OF
EACH OTHER'S VEHICLES ISUZU 375 OWNED BY GENERAL MOTORS CORP HOLDS THE
LARGEST SHARE IN THE JAPANESE TRUCK MARKET 9302010116 930201 BUSINESS
BRIEF CONCURRENT COMPUTER CORP FISCAL SECONDQUARTER NET DROPPED
SHARPLY TO 705000

CONCURRENT COMPUTER CORP REPORTED SHARPLY LOWER EARNINGS IN ITS FISCAL
SECOND QUARTER MAINLY REFLECTING A LARGE EXTRAORDINARY GAIN ON EARLY
PAYMENT OF DEBT IN THE YEARAGO PERIOD

NET INCOME FOR THE QUARTER ENDED DEC 31 WAS 705000 OR SEVEN CENTS A
SHARE COMPARED WITH 634 MILLION OR 697 A SHARE IN THE YEAREARLIER
QUARTER THE EXTRAORDINARY GAIN IN THE YEARAGO PERIOD WAS 611 MILLION OR
672 A SHARE

THE OCEANPORT NJ COMPUTER SYSTEMS AND PRODUCTS CONCERN SAID SALES FELL
TO 545 MILLION FROM 576 MILLION THE COMPANY WHICH WAS RESTRUCTURED AND
RECAPITALIZED IN LATE 1991 SAID IT IS CONSIDERING STEPS TO IMPROVE ITS
CAPITAL STRUCTURE THROUGH PRIVATE OR PUBLIC OFFERINGS OF DEBT AND EQUITY
SECURITIES

THE COMPANY ALSO SAID IT SIGNED A MARKETING PACT WITH LOCKHEED CORP'S
LOCKHEED MISSILES AND SPACE CO AUSTIN DIVISION TO JOINTLY MARKET AND SELL
A SERIES OF LOCKHEED METEREOLOGICAL PRODUCTS CONCURRENT'S SHARES FELL 75
CENTS TO 625 IN OVERTHECOUNTER TRADING FRIDAY 9302010115 930201
INTERNATIONAL BELGIUM TO SLASH SPENDING ON DEFENSE TO PARE DEFICIT

BRUSSELS AP UNDER PRESSURE TO PARE ITS ENORMOUS BUDGET DEFICIT BELGIUM
APPROVED A PLAN TO SLASH IN HALF THE ARMED FORCES AND MAKE SHARP CUTS IN
WEAPONS PROGRAMS AS A WAY OF SAVING MONEY IN THE POSTCOLD WAR ERA

BUT THE GOVERNMENT SCALED BACK AN EARLIER PROPOSAL FOR EVEN DEEPER CUTS
HOPING TO HEAD OFF CRITICISM FROM ITS MILITARY ALLIES IN THE NORTH ATLANTIC
TREATY ORGANIZATION

WEST EUROPEAN NATIONS ARE EYEING THEIR DEFENSE BUDGETS AS AN EASY PLACE FOR
TRIMS NOW THAT THE SOVIET UNION HAS COLLAPSED AND THE THREAT OF INVASION HAS
VANISHED MANY OF THE NATIONS' ECONOMIES ARE IN RECESSION SO GOVERNMENTS
WANT TO HOLD THE LINE ON SPENDING

THE BELGIAN DEFENSE BUDGET WILL BE FROZEN AT 98 BILLION BELGIAN FRANCS 3
BILLION A YEAR THROUGH 1997 THE ARMED FORCES WILL BE CUT TO 47500
SOLDIERS AND CONSCRIPTION WILL BE ABOLISHED

THE GOVERNMENT ALSO WILL REDUCE THE MONEY SET ASIDE FOR UPGRADING WEAPONS
CANCEL NEW PURCHASES OF ARMS AND SELL OFF SOME EQUIPMENT INCLUDING SHIPS
9302010114 930201 MEDITRUST STOCK DEBENTURE SALE

WALTHAM MASS MEDITRUST SAID IT RAISED 175 MILLION BY THE SALE OF
2850000 COMMON SHARES AT 30625 EACH AND 8725 MILLION OF 7 CONVERTIBLE
DEBENTURES DUE 1998

MEDITRUST SAID THE TOTAL OFFERING WAS INCREASED FROM 125 MILLION AS A
RESULT OF SUBSTANTIAL INVESTOR DEMAND PROCEEDS WILL BE USED TO PAY DEBT
AND FOR INVESTMENTS IN MORE LONGTERM HEALTH FACILITIES

UNDERWRITERS WERE LED BY NATWEST SECURITIES LTD 9302010113 930201 TWO
SUNBEAMOSTER OFFICIALS FILE SUIT OVER KAZARIAN'S 200 MILLION STAKE 
 BY WILLIAM M BULKELEY STAFF REPORTER OF THE WALL STREET JOURNAL

TWO OF THE LEADERS OF THE COUP THAT REMOVED PAUL KAZARIAN AS CHIEF EXECUTIVE
OF SUNBEAMOSTER CO HAVE FILED SUIT SEEKING TWOTHIRDS OF HIS 200 MILLION
EQUITY STAKE IN THE COMPANY

MICHAEL G LEDERMAN GENERAL COUNSEL AND A DIRECTOR OF SUNBEAM AND ROBERT
H SETRAKIAN CHIEF FINANCIAL OFFICER HAVE SUED MR KAZARIAN IN RHODE
ISLAND SUPERIOR COURT CHARGING HIM WITH BREACH OF FIDUCIARY DUTY AND ASKING
THE COURT TO DECLARE THAT EACH OF THEM IS ENTITLED TO A ONETHIRD INTEREST
IN JAPONICA PARTNERS LP

ACCORDING TO PARTNERSHIP DOCUMENTS CITED BY MR KAZARIAN IN A SUBSEQUENT
DELAWARE CHANCERY COURT SUIT MR LEDERMAN HAS A 1 STAKE IN JAPONICA AND
MR SETRAKIAN DOESN'T HAVE ANY STAKE ALTHOUGH HE WAS SOMETIMES REFERRED TO
AS A PARTNER IN THE DELAWARE CASE MR KAZARIAN SOUGHT A DECLARATORY
JUDGMENT THAT HE CONTROLLED JAPONICA BUT THE TWO MEN CONCEDED HE HAD
CONTROL MOOTING THE ACTION

MR KAZARIAN WAS DISMISSED AS CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE OF
SUNBEAMOSTER PROVIDENCE RI EARLY THIS MONTH IN A BOARDROOM COUP
OFFICERS OF THE COMPANY INCLUDING MESSRS LEDERMAN AND SETRAKIAN HAD
COMPLAINED TO THE BOARD THAT MR KAZARIAN'S HARDDRIVING STYLE HAD BECOME
ABUSIVE AND ERRATIC INCLUDING RENEGING ON CORPORATE AGREEMENTS SHOOTING
BBGUNS AT CHAIRS OF ABSENT OFFICIALS AND MAKING LEWD REMARKS TO WOMEN MR
KAZARIAN DENIES THE ALLEGATIONS

MR KAZARIAN SPEARHEADED THE EMERGENCE FROM BANKRUPTCY OF SUNBEAM FORMERLY
ALLEGHENY INTERNATIONAL AIDED BY MESSRS LEDERMAN AND SETRAKIAN IN THEIR
SUIT THE MEN SAY THAT AT VARIOUS TIMES HE VERBALLY OFFERED THEM 25 AND 10
STAKES IN JAPONICA HIS INVESTMENT VEHICLE

SUNBEAMOSTER IS 77 OWNED BY SUNBEAM OSTER EQUITIES LP THAT PARTNERSHIP
CONSISTS OF JAPONICA AND TWO INVESTMENT GROUPS STEINHARDT VENTURES INC
NEW YORK AND MUTUAL SERIES FUNDS SHORT HILLS NJ WHICH EACH HOLD ABOUT
40 OF THE PARTNERSHIP THE REMAINDER IS HELD BY JAPONICA MESSRS LEDERMAN
AND SETRAKIAN ESTIMATED THE VALUE OF JAPONICA'S STAKE AT 200 MILLION AND
MR KAZARIAN ESTIMATES IT AT 225 MILLION IN HIS SUIT IN DELAWARE

THE LAWSUITS INDICATE THAT MR KAZARIAN DESPITE HIS OUSTER COULD STILL
EXERT SOME INFLUENCE OVER AFFAIRS CONCERNING SUNBEAMOSTER

WHILE JAPONICA CAN BE OUTVOTED ON MOST MATTERS BY ITS TWO PARTNERS CERTAIN
ISSUES REQUIRE UNANIMOUS APPROVAL ACCORDING TO SUNBEAMOSTER'S PROSPECTUS
THAT COULD GIVE MR KAZARIAN A POTENTIAL VETO AND POTENTIAL INFLUENCE OVER
BOTH THE PARTNERSHIP AND THE COMPANY SAID ONE SOURCE FAMILIAR WITH THE
DOCUMENTS MR KAZARIAN DECLINED TO COMMENT AND HIS PARTNERS COULDN'T BE
REACHED

A SPOKESMAN FOR SUNBEAMOSTER SAID OF THE 37YEAR OLD MR KAZARIAN'S
INFLUENCE NOW I WOULD CHARACTERIZE IT AS NONE

MR KAZARIAN'S FUTURE ROLE ISN'T CLEAR HE REMAINS A DIRECTOR OF THE COMPANY
AND A MEMBER OF THE EXECUTIVE COMMITTEE ALTHOUGH HE DOESN'T HAVE ANY
MANAGEMENT RESPONSIBILITY AND SAYS HE HAS BEEN LOCKED OUT OF THE BUILDING

ONE INDIVIDUAL WHO DECLINED TO BE IDENTIFIED SPECULATED THAT THE MAJORITY
PARTNERS MIGHT OFFER TO BUY OUT MR KAZARIAN'S STAKE IN ORDER TO REDUCE
DISRUPTION 9302010112 930201 INTERNATIONAL FERRUZZI UNIT'S PROJECT IN
CHINA

MILAN FERRUZZI FINANZARIA SPA SAID ITS TECNIMONT UNIT RECEIVED A 90
MILLION CONTRACT FOR WORK AT AN AMMONIA PLANT TO BE BUILT AT URUMQI IN
CHINA'S XINJIANG PROVINCE

FERRUZZI AN ITALIAN AGROINDUSTRIAL CONGLOMERATE SAID TECNIMONT WILL
SUPPLY ENGINEERING SERVICES EQUIPMENT AND TECHNICAL ASSISTANCE DURING
CONSTRUCTION OF THE PLANT AND ITS STARTUP SCHEDULED FOR MID1996

THE PLANT WILL HAVE A CAPACITY TO PRODUCE 1000 METRIC TONS OF AMMONIA A
DAY A METRIC TON EQUALS 22046 POUNDS 9302010111 930201 TRIMBLE
NAVIGATION CREDIT LINE

SUNNYVALE CALIF TRIMBLE NAVIGATION LTD SAID IT HAS CLOSED A 15
MILLION THREEYEAR LINE OF CREDIT WITH BARCLAYS

PROCEEDS FROM THE INITIAL FUNDING OF 93 MILLION WERE USED TO PAY TRIMBLE'S
PREVIOUS CREDITS THE MAKER OF SATELLITEBASED NAVIGATION PRODUCTS SAID THE
FINANCING STABILIZES ITS BORROWING CAPACITY 9302010110 930201
PEPPERAND SALT

MY WIFE AT WHICH I POUTED

UNTIL THE DAY I SPROUTED

SHOULD BE KEPT IN ESCROW 9302010109 930201 REMADE STRAND HOTEL WILL SOON
PROVE IF BURMA IS ACTUALLY ACCOMMODATING  BY BARRY WAIN STAFF
REPORTER OF THE WALL STREET JOURNAL

RANGOON BURMA THE LANDMARK STRAND HOTEL WHICH IN ITS HEYDAY ATTRACTED
GUESTS SUCH AS GRAND DUKE CYRIL OF RUSSIA AND US PRESIDENT WILLIAM H
TAFT WILL SOON ROLL OUT THE WELCOME MAT AGAIN FOR THE RICH AND FAMOUS

THE RESTORATION IS BEING WATCHED WITH INTEREST BY THE OUTSIDE WORLD BECAUSE
OF ITS PIONEERING NATURE THE PROJECT IS ONE OF THE FIRST JOINT VENTURES
BETWEEN FOREIGN INTERESTS AND THE GOVERNMENT SINCE BURMA ABANDONED SOCIALISM
AND EMBRACED MARKET REFORMS IN 1988 OTHER POTENTIAL INVESTORS WANT TO KNOW
IS IT POSSIBLE TO DO BUSINESS IN BURMA

MORE THAN 2 1/2 YEARS AFTER THE AGREEMENT WAS SIGNED AN INTERIM JUDGMENT IS
A QUALIFIED YES BEHIND SCAFFOLDING THAT PARTLY OBSCURES ITS PEDIGREED
COLONIAL LINES IT IS SLOWLY VERY SLOWLY REGAINING ITS PAST GRANDEUR
THE HOTEL WILL OPEN ITS FIRST RENOVATED ROOMS IN JUNE BUT THE WORK HAS
TAKEN A LOT LONGER THAN EXPECTED AND IS COSTING A LOT MORE THAN PROJECTED

OUT OF THE ASHES SOMETHING IS EMERGING SAYS TONY CHILD MANAGING DIRECTOR
OF MYANMAR HOTELS INTERNATIONAL CO THE JOINTVENTURE CONCERN HAVING
SPENT SO MUCH MONEY AND ENCOUNTERED SO MANY DIFFICULTIES THIS IS SATISFYING
TO BOTH US AND THE BURMESE

MYANMAR HOTELS IS A 5050 ARRANGEMENT BETWEEN STATEOWNED MYANMAR HOTELS AND
TOURISM SERVICES AND STRAND HOTELS INTERNATIONAL LTD A BRITISH VIRGIN
ISLANDSINCORPORATED COMPANY LARGELY OWNED BY HONG KONG BUSINESS PEOPLE
BURMA IS ALSO KNOWN AS MYANMAR

THE PROJECT INVOLVES MUCH MORE THAN GIVING A FACELIFT TO THE STRAND A
STATELY STRUCTURE ON THE RANGOON WATERFRONT BUILT AT THE TURN OF THE CENTURY
AND NATIONALIZED AFTER GEN NE WIN SEIZED POWER IN A MILITARY COUP IN 1962
UNDER THE THREEPHASE AGREEMENT SIGNED IN MAY 1990 MYANMAR HOTELS
INTERNATIONAL ALSO IS TO REFURBISH THE 220ROOM INYA LAKE HOTEL AND THE
63ROOM THAMADA IN ADDITION TO BUILDING A FOURTH HOTEL THE PACKAGE IS
LIKELY TO END UP COSTING 50 MILLION

THE JOINT VENTURE LEASED FOR 30 YEARS THE THREE EXISTING HOTELS WHICH
TOGETHER ACCOUNT FOR 80 OF RANGOON'S CURRENT HOTEL ROOMS SUITABLE FOR
OVERSEAS VISITORS AFTER RENOVATION IT IS INTENDED THAT THE STRAND BE A
FIVESTAR PROPERTY INYA LAKE THREE STAR AND THAMADA TWO STAR

THE FIRST SETBACK WAS THE DISCOVERY THAT NO INTERNATIONAL BANK WAS WILLING
TO BET ON BURMA'S UNSETTLED POLITICAL AND ECONOMIC CLIMATE TO THE EXTENT OF
THE NORMAL 3070 OR 4060 EQUITYTOLOAN RATIO FOR CAPITALIZATION AFTER
BEING FORCED TO REORDER THE WORK AND RAISE ITS EQUITY CONTRIBUTION TO 12
MILLION MYANMAR HOTELS INTERNATIONAL MANAGED TO BORROW 45 MILLION FROM A
SINGAPORE BANK TO GET THE PROJECT GOING

A NOVEL FORMULA WAS USED TO OVERCOME THE LOCAL PARTNER'S LACK OF HARD
CURRENCY AND THE DIFFICULTY OF VALUING THE BURMESE EQUITY CONTRIBUTION IN
KYAT WHEN THE FREEMARKET EXCHANGE RATE IS 16 OR 17 TIMES THE OFFICIAL
RATE THIS IS THE SINGLE BIGGEST NONPOLITICAL OBSTACLE TO POTENTIAL FOREIGN
INVESTMENT IN BURMA

THE MAIN SECTION OF THE STRAND BUILT IN 1901 IS BEING GUTTED AND ITS 66
ROOMS REDUCED TO 32 TO RESTORE THEM TO THEIR ORIGINAL SIZE WHILE A BANQUET
HALL TO HOLD 800 GUESTS IS BEING ERECTED ON AN ADJACENT SITE

THIS FIRST PHASE WAS SUPPOSED TO HAVE COST 15 MILLION AND TO HAVE TAKEN 10
MONTHS IN FACT IT IS RUNNING 14 MONTHS LATE AND WON'T BE COMPLETED UNTIL
MAY AND THE PRICE IS NOW NEAR 20 MILLION

TO PLUG THE GAP EACH SIDE IS PLANNING TO KICK IN AN ADDITIONAL 15
MILLION WHILE 2 MILLION WILL BE DRAWN FROM OPERATING REVENUE FROM THE
THREE HOTELS WHERE ROOM RATES ARE QUOTED AND PAID ONLY IN DOLLARS THE
HOTELS WHICH HAVE STAYED OPEN DURING THE RENOVATIONS ARE VERY
PROFITABLE SAYS ONE INSIDER

THE WAY THE FOREIGN PARTIES TELL IT WORK ON THE STRAND RAN INTO SERIOUS
DELAYS FROM THE START LOCAL BUSINESS PRACTICES WEREN'T UP TO INTERNATIONAL
STANDARDS SAYS BERNARD PEWIN A BURMABORN BRITISH NATIONAL WHO HELPED
PUT THE PROJECT TOGETHER AND WAS THE FIRST MANAGING DIRECTOR OF MYANMAR
HOTELS IN PARTICULAR OUR PARTNER DIDN'T UNDERSTAND THE CRITICAL ELEMENTS
OF THE CONSTRUCTION PROCESS

RELATIONS BECAME SO STRAINED THAT THE VENTURE WAS IN JEOPARDY IN SIX MONTHS
IN ANSWER TO AN APPEAL BY THE FOREIGN PARTIES THE GOVERNMENT SET UP A
MEDIATION COMMITTEE TO HELP SOLVE THE PROBLEM

WHILE ROOM RATES HAVEN'T BEEN FIXED YET COMPANY SOURCES SAY THEY ARE LIKELY
TO START AT ABOUT 200 A NIGHT WITH SUITES GOING FOR ABOUT 800

DOING BUSINESS IN BURMA IS DIFFICULT IT'S TOTALLY UNCHARTED TERRITORY
MR PEWIN SAYS BUT THERE IS A LOT OF POTENTIAL HERE 9302010107 930201
INTERNATIONAL CANADA'S MULRONEY PLANS TO REMAIN PARTY LEADER

OTTAWA CANADIAN PRIME MINISTER BRIAN MULRONEY TOLD HIS PROGRESSIVE
CONSERVATIVE PARTY CAUCUS YESTERDAY THAT HE INTENDS TO LEAD THE PARTY IN THE
NEXT ELECTION BUT THE STATEMENT DID LITTLE TO QUELL SPECULATION THAT HE MAY
RESIGN SOON

GARTH TURNER A CONSERVATIVE MEMBER OF PARLIAMENT SAID THAT IN THE CAUCUS
MEETING WHICH IS CLOSED TO THE MEDIA MR MULRONEY WAS VERY DEFINITIVE
ABOUT HIS PLAN TO REMAIN PARTY LEADER

MR MULRONEY HOWEVER REFUSED TO MAKE ANY COMMENT TO REPORTERS ABOUT HIS
INTENTIONS FOLLOWING THE CAUCUS MEETING

MICHEL GRATTON A NEWSPAPER COLUMNIST WHO WAS A FORMER PRESS AIDE TO MR
MULRONEY SAID HE WOULD ONLY BELIEVE MR MULRONEY INTENDS TO REMAIN LEADER
WHEN I HEAR IT COMING FROM HIS OWN MOUTH HE SAID HE STILL EXPECTS MR
MULRONEY TO RESIGN BEFORE THE ELECTION WHICH HAS TO BE HELD BEFORE THE END
OF THIS YEAR

MR MULRONEY 54 YEARS OLD HAS BEEN PRIME MINISTER SINCE SEPTEMBER 1984
THE CONSERVATIVES TRAIL BADLY IN OPINION POLLS THE LATEST GALLUP POLL
SHOWED THE CONSERVATIVES SUPPORTED BY ONLY 19 OF DECIDED VOTERS THE
LIBERAL PARTY LED BY JEAN CHRETIEN WAS SUPPORTED BY 49 THE REMAINDER
BACKED OTHER PARTIES 9302010106 930201 FARM PRICES GAINED 07 IN
JANUARY FROM DECEMBER

WASHINGTON FARM PRICES IN JANUARY ROSE 07 FROM DECEMBER THE
AGRICULTURE DEPARTMENT SAID

AVERAGE PRICES FOR US FARMERS WERE UNCHANGED FROM A YEAR EARLIER

COMPARED WITH DECEMBER INCREASES FOR CATTLE CELERY WHEAT AND CALVES MORE
THAN OFFSET DECLINES FOR STRAWBERRIES LETTUCE GRAPEFRUIT AND MILK CATTLE
PRICES AVERAGED 7320 A HUNDREDWEIGHT UP 240 FROM DECEMBER AND UP 430
FROM JANUARY 1992 THE PRICE OF STRAWBERRIES FELL TO 73 CENTS A POUND FROM
140 IN DECEMBER AND 110 IN JANUARY 1992

HIGHER PRICES FROM JANUARY 1992 FOR CATTLE HOGS LETTUCE AND CELERY OFFSET
PRICE DROPS FOR ORANGES CORN MILK AND GRAPEFRUIT HOG PRICES AVERAGED
4150 A HUNDREDWEIGHT DOWN 30 CENTS FROM DECEMBER BUT 510 ABOVE JANUARY
1992 ORANGE PRICES FELL TO 266 A BOX FROM 290 IN DECEMBER AND 619 A
YEAR AGO

PRICES FOR DAIRY PRODUCTS FELL 15 FROM DECEMBER AND 65 FROM JANUARY
1992 COTTON PRICES DROPPED 33 FROM DECEMBER BUT ROSE 24 FROM A YEAR
EARLIER 9302010105 930201 POLITICS & POLICY CLINTON ACTS ON BAN ON
HOMOSEXUALS IN MILITARY BUT FINAL RESULT IS UNCLEAR  BY THOMAS E
RICKS STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON PRESIDENT CLINTON TOOK A CAUTIOUS FIRST STEP TOWARD LIFTING
THE BAN ON HOMOSEXUALS IN THE MILITARY BUT IT IS UNCLEAR HOW THE ISSUE
ULTIMATELY WILL BE RESOLVED

I THINK THIS IS A DRAMATIC STEP FORWARD THE PRESIDENT SAID FRIDAY
NORMALLY IN THE HISTORY OF CIVIL RIGHTS ADVANCEMENTS PRESIDENTS HAVE NOT
NECESSARILY BEEN IN THE FOREFRONT

THE PRESIDENT COULD FACE A CHALLENGE AS EARLY AS THIS WEEK IF SENATE
REPUBLICANS FOLLOW THROUGH ON VOWS TO TURN EXISTING MILITARY REGULATIONS
INTO LAW BUT GIVEN THE COMPROMISE THAT THE PRESIDENT HAMMERED OUT LAST WEEK
WITH SEN SAM NUNN THE INFLUENTIAL CHAIRMAN OF THE SENATE ARMED SERVICES
COMMITTEE ANY SUCH EFFORT IS EXPECTED TO FAIL

MEANWHILE PENTAGON OFFICIALS WERE PRESENTED WITH DATA INDICATING THAT THE
DEPTH OF FEELING AMONG THE TROOPS OVER THE ISSUE RUNS DEEPER THAN GENERALLY
HAS BEEN PERCEIVED IN AN INDEPENDENT SURVEY OF 946 ARMY PERSONNEL 78 OF
MALE RESPONDENTS SAID THEY DISAGREED WITH LIFTING THE BAN NORTHWESTERN
UNIVERSITY SOCIOLOGIST CHARLES MOSKOS WHO CONDUCTED THE STUDY LAST DECEMBER
WITH HIS COLLEAGUE LAURA MILLER NOTED THAT IN A SIMILAR SURVEY OF US
TROOPS CONDUCTED DURING THE KOREAN WAR ONLY 33 OF WHITE INFANTRYMEN
SURVEYED OBJECTED TO INTEGRATION

IT'S A DEEPER ISSUE THAN RACE RELATIONS PROF MOSKOS CONCLUDED

LAST WEEK'S COMPROMISE BETWEEN MR CLINTON AND MR NUNN WAS ONLY AN
AGREEMENT TO DISAGREE AND A RENEWED CONFRONTATION BETWEEN THEM IS LIKELY
SOMETIME OVER THE NEXT SIX MONTHS PRESIDENT CLINTON SAID FRIDAY HE WAS
ASKING DEFENSE SECRETARY LES ASPIN TO DRAFT BY JULY 15 A FORMAL ORDER
LIFTING THE BAN MEANWHILE THE MILITARY WILL STOP ASKING RECRUITS ABOUT
THEIR SEXUAL ORIENTATION

IN A SIGNIFICANT RETREAT THE PRESIDENT ALSO AGREED TO PERMIT THE MILITARY
TO CONTINUE SEPARATING HOMOSEXUALS FROM ACTIVE DUTY SERVICE OVER THE NEXT
SIX MONTHS BUT RATHER THAN BE DISCHARGED OUTRIGHT OPENLY HOMOSEXUAL
PERSONNEL CAN BE PLACED ON STANDBY RESERVE STATUS UNDER WHICH THEY WOULDN'T
RECEIVE PAY OR BENEFITS IF THE HOMOSEXUAL BAN WERE EVENTUALLY LIFTED THEY
COULD ASK TO RETURN TO ACTIVE DUTY

IN ADDITION THE PRESIDENT GAVE NO INDICATION THAT HE INTENDS TO ASK
CONGRESS TO ALTER THE UNIFORM CODE OF MILITARY JUSTICE WHICH CURRENTLY
PROHIBITS HOMOSEXUAL ACTS SOME HOMOSEXUAL ACTIVISTS THEREFORE ARE LIKELY
TO FEEL CHEATED EVEN IF MR CLINTON DOES ISSUE AN EXECUTIVE ORDER SIX MONTHS
FROM NOW THAT ISN'T OVERTURNED BY CONGRESS TWO THINGS AREN'T GOING TO BE
ACCEPTABLE SAID DAVID MIXNER A HOMOSEXUAL ACTIVIST WHO IS A LONGTIME
FRIEND OF THE PRESIDENT'S ONE WOULD BE A MILITARY SEGREGATION OF
HOMOSEXUALS AFTER THE BAN IS LIFTED HE SAID AND THE OTHER WOULD BE NOT
DROPPING THE CODE OF JUSTICE'S BAN ON SODOMY

THE BIGGEST WINNERS IN LAST WEEK'S SKIRMISHING ARE PROBABLY GEN COLIN
POWELL AND THE OTHER MEMBERS OF THE JOINT CHIEFS OF STAFF WHO OVER THE
WEEKEND HAD AN AIR OF QUIET TRIUMPH I THINK THEY ARE PLEASED AND RELIEVED
WITH THE COMPROMISE ONE SENIOR MILITARY OFFICIAL SAID YESTERDAY

THE JOINT CHIEFS' BIGGEST WORRY WASN'T THAT THE PRESIDENT WOULD LIFT THE BAN
OUTRIGHT THAT ALMOST CERTAINLY WOULD HAVE BEEN OVERTURNED BY CONGRESS 
BUT THAT THEY WOULD BE MANEUVERED INTO A COMPROMISE THAT WOULD HAVE AMOUNTED
TO A DE FACTO LIFTING OF THE BAN THAT FEAR LED TO THEIR INSISTENCE THAT
HOMOSEXUALS CONTINUE TO BE SEPARATED FROM ACTIVE DUTY WHILE ENDING THE BAN
IS DISCUSSED

SPEAKING BRIEFLY TO REPORTERS FRIDAY GEN POWELL CHAIRMAN OF THE JOINT
CHIEFS SAID THAT HE WILL WORK DURING THE NEXT SIX MONTHS TO DEVISE A
SOLUTION THAT IS FAIR TO ALL AMERICANS WHILE INSISTING THAT THEY DON'T
CONSIDER LIFTING THE BAN INEVITABLE HE AND OTHERS IN THE MILITARY SEEM TO
BE CONTEMPLATING MOVING TOWARD A LIVEANDLETLIVE APPROACH TO HOMOSEXUAL
PERSONNEL UNDER SUCH A POLICY SEXUAL ORIENTATION WOULD BE CONSIDERED A
STRICTLY PRIVATE MATTER BUT MAKING IT PUBLIC WOULD BE DISCOURAGED AND
PERHAPS EVEN FORBIDDEN

THE NEXT LINE IN THIS DEBATE IS GOING TO BE BETWEEN AFFIRMATION AND
LIVEANDLETLIVE WHICH THE MILITARY CAN ACCEPT PREDICTED PROF MOSKOS A
LONGTIME STUDENT OF MILITARY BEHAVIOR AND POLICY

GIVEN THE SIGNAL THAT IT IS WILLING TO ACCEPT A COMPROMISE ALBEIT ONE
THAT HOMOSEXUAL ACTIVISTS ALMOST CERTAINLY WILL CONSIDER UNACCEPTABLY
LIMITED THE MILIARY IS LIKELY TO COME UNDER FIRE FROM THE HARD RIGHT
WHICH IN RECENT DAYS SEIZED ON THE HOMOSEXUALSINTHEMILITARY ISSUE THE
REPUBLICANS COULD BE PROBLEMATIC OBSERVED THE SENIOR MILITARY OFFICIAL

NONETHELESS BEING MIDWAY BETWEEN A DEMOCRATIC PRESIDENT AND THE EXTREME
RIGHT COULD PROVE TO BE A COMFORTABLE POSITION THERE'S A DECENT CHANCE
THAT THE VIEWS OF THE JOINT CHIEFS WILL PREVAIL THE MILITARY OFFICIAL
SAID 9302010104 930201 TOYOTA NISSAN RAISE PRICES ON US MODELS 
 INCREASES OF AS MUCH AS 32 FOLLOW SIMILAR MOVES BY FORD AND
CHRYSLER  BY OSCAR SURIS STAFF REPORTER OF THE WALL STREET JOURNAL

DETROIT FACING POLITICAL AND PROFIT PRESSURES TOYOTA MOTOR CORP AND
NISSAN MOTOR CORP RAISED PRICES LAST WEEK ON MANY OF THEIR MODELS IN THE
US

THE PRICE INCREASES MEAN CONSUMERS WILL SEE STICKER PRICES ON NEW TOYOTA AND
NISSAN MODELS RISING BY AS MUCH AS 32 FROM THE BEGINNING OF THE CURRENT
MODEL YEAR WHEN COMPARED WITH INTRODUCTORY PRICES FOR 1992 MODELS HOWEVER
PRICES WILL RISE BY AS MUCH AS 30

THE ACTIONS BY THE TWO BIG JAPANESE AUTO MAKERS FOLLOW PRICE INCREASES BY
FORD MOTOR CO AND CHRYSLER CORP THE NO 1 US AUTO MAKER GENERAL MOTORS
CORP WHICH IS FIGHTING A SALES SLUMP HASN'T FOLLOWED ITS RIVALS A
SPOKESMAN SAID ON FRIDAY THAT A PRICE INCREASE ISN'T CURRENTLY IN THE
COMPANY'S PLANS

TOYOTA AND NISSAN ARE SUFFERING FROM SLUMPING SALES AND PROFITS IN JAPAN
THEIR PRICE INCREASES IN THE US FOLLOW SIGNALS FROM THE BIG THREE US
AUTO MAKERS THAT THEY ARE PREPARING TO FILE CHARGES WITH FEDERAL OFFICIALS
THAT JAPANESE MANUFACTURERS ARE DUMPING CARS IN THE US AT UNFAIRLY LOW
PRICES THE PRICE INCREASES COULD BLUNT DETROIT'S CASE

BUT ANALYSTS AND INDUSTRY OFFICIALS DOUBT THAT WILL DO MUCH TO EASE TENSIONS
BETWEEN JAPANESE AUTO MAKERS AND DETROIT'S BIG THREE WHO HAVE RECENTLY
PARKED HISTORIC DIFFERENCES TO FORM A UNITED FRONT FOR INCREASED PROTECTION
FROM FOREIGN RIVALS

TOYOTA JAPAN'S LARGEST AUTO MAKER IS RAISING PRICES ON MOST OF ITS
VEHICLES

FOR EXAMPLE BEGINNING FRIDAY TOYOTA'S LOWESTPRICED MR2 SPORT COUPE WILL
SELL FOR 18948 580 OR 32 GREATER THAN ITS PRICE AT THE START OF
THE CURRENT MODEL YEAR BUT THE PRICE JUMPS ARE FAR LARGER WHEN COMPARED
WITH TOYOTA'S BASE PRICES AT THE START OF THE 1992 MODEL YEAR TOYOTA'S
TOPOFTHELINE CELICA FOR EXAMPLE WILL SELL AT A BASE PRICE OF 28588 
6540 OR 30 MORE THAN ITS INITIAL 1992 PRICE OF 22048

TOYOTA ALSO RAISED PRICES AT ITS LEXUS LUXURY CAR DIVISION FOR EXAMPLE
BEGINNING FEB 26 A 1993 LEXUS LS 400 WILL CARRY A BASE PRICE OF 47000 
400 OR 1 HIGHER THAN THE INITIAL 1993 PRICE OF 46600 BUT 11 HIGHER
THAN THE SEDAN'S INITIAL 1992 BASE PRICE OF 42200

NISSAN WHICH RAISED PRICES EARLIER LAST MONTH ON MOST OF ITS VEHICLES
RAISED PRICES TODAY BY 200 TO 300 ON THREE OF ITS FIVE USMADE ALTIMA
MIDSIZE SEDANS FOR EXAMPLE THE ALTIMA XE A FOURSPEED AUTOMATIC SEDAN
WILL SELL FOR 14124 300 OR 22 HIGHER THAN ITS INITIAL 1993 PRICE
OF 13824

NEITHER TOYOTA NOR NISSAN ATTRIBUTED THE PRICE INCREASES TO PRESSURE FROM
THE BIG THREE WHO ALSO HAVE CALLED ON THE CLINTON ADMINISTRATION TO
INCREASE TENFOLD THE TARIFFS ON FOREIGN MINIVANS AND SPORT UTILITY VEHICLES

THE IDEA THAT THIS WOULD HAVE ANYTHING TO DO WITH THE CURRENT POLITICAL
CLIMATE IS UNFOUNDED A TOYOTA SPOKESMAN SAID FRIDAY

INDEED INDUSTRY ANALYSTS SAID A YEARLONG SLUMP IN THE JAPANESE ECONOMY AND
THE PROSPECT OF SLIMMER PROFITS ESPECIALLY IN THE CASE OF NISSAN LIKELY
PLAYED A ROLE IN THE NEW ROUND OF PRICE INCREASES

BUT THE ACTIONS FOLLOW A PRICING PATTERN THAT EMERGED LAST YEAR WHEN THE
BIG THREE ACCUSED JAPANESE AUTO MANUFACTURERS OF DUMPING MINIVANS IN THE
US ALTHOUGH DETROIT LOST THE CASE PRICES ROSE FOR JAPANESE IMPORTED
MINIVANS

IT'S ALL INTERCONNECTED SAID JOSEPH PHILLIPPI AN AUTO INDUSTRY ANALYST
FOR SHEARSON LEHMAN BROTHERS IN NEW YORK

SPOKESMEN FOR THE BIG THREE DIDN'T COMMENT SPECIFICALLY ON TOYOTA AND
NISSAN'S LATEST PRICING MOVES BUT EACH SAID THEIR COMPANIES WILL CONTINUE
STUDYING THE PRICING PRACTICES OF FOREIGN COMPETITORS

THE MONITORING IS ONGOING AND WE HAVE SAID THAT SINCE THE FILING OF THE
MINIVAN CASE SAID A CHRYSLER SPOKESMAN CHRYSLER RECENTLY ANNOUNCED A
PRICE INCREASE THAT ADDED MORE THAN 100 TO THE BASE PRICE OF MANY OF ITS
POPULAR MODELS THE MOVE CAME EXACTLY ONE WEEK AFTER FORD INITIATED A
MIDMODELYEAR PRICE INCREASE OF AS MUCH AS 17 OR 286

INDUSTRY ANALYSTS SAID GENERAL MOTORS MAY NOT FOLLOW SUIT AS AGGRESSIVELY
BECAUSE OF THE COMPETITIVE DISADVANTAGE MANY OF ITS MODELS FACE IN THE
MARKET 9302010103 930201 WHO'S NEWS NATWEST SECURITIES CORP

NATWEST SECURITIES CORP NEW YORK LYNN C SAWYER WAS NAMED VICE
PRESIDENT AND SPECIALTY RETAIL ANALYST AT THIS SECURITIES UNIT OF LONDON
BANK HOLDING COMPANY NATIONAL WESTMINSTER BANK PLC MS SAWYER 27 YEARS
OLD SUCCEEDS NATWEST'S FORMER RETAILING ANALYST MICHAEL EXSTEIN WHO
JOINED KIDDER PEABODY & CO LATE LAST YEAR ACCORDING TO A SPOKESMAN MS
SAWYER'S APPOINTMENT IS PART OF A FIVEYEAR PLAN TO RESHAPE THE ENTIRE
FIRM THE PLAN BEGAN WITH THE COMPANY'S NAME CHANGE FROM COUNTY NATWEST
SECURITIES USA TO ITS CURRENT NAME EFFECTIVE JAN 1 9302010102 930201
TRANSCO ENERGY CO PARTNERSHIP

HOUSTON TRANSCO ENERGY CO SAID A PARTNERSHIP WITH TWO OTHER NATURAL GAS
COMPANIES FILED WITH THE FEDERAL ENERGY REGULATORY COMMISSION FOR APPROVAL
TO BUILD A 107 MILLION PIPELINE FROM ALABAMA TO NORTH CAROLINA

THE PARTNERSHIP BLUE RIDGE PIPELINE CO WILL BE 50OWNED BY TRANSCO
PIEDMONT NATURAL GAS CO WILL OWN 35 AND PUBLIC SERVICE CO OF NORTH
CAROLINA 15

BLUE RIDGE HOPES TO BEGIN CONSTRUCTION IN EARLY 1994 AND BEGIN SERVICE BY
NOV 1 1994 9302010101 930201 SECURITIES OFFERING CALENDAR

THE FOLLOWING US TREASURY CORPORATE AND MUNICIPAL OFFERINGS ARE
TENTATIVELY SCHEDULED FOR SALE THIS WEEK ACCORDING TO DOW JONES CAPITAL
MARKETS REPORT

APPLIED MAGNETICS CORP 42 MILLION COMMON SHARES VIA LEHMAN BROTHERS
INC

BIOCIRCUITS CORP 25 MILLION COMMON SHARES VIA HAMBRECHT & QUIST INC

CARR REALTY CORP INITIAL 6250000 COMMON SHARES VIA MERRILL LYNCH &
CO

CATALYTICA INC INITIAL THREE MILLION COMMON SHARES VIA LEHMAN BROTHERS

CHESAPEAKE ENERGY CORP INITIAL 23 MILLION COMMON SHARES VIA PRUDENTIAL
SECURITIES INC

CHRYSLER CORP 40 MILLION COMMON SHARES VIA FIRST BOSTON CORP

CYTEL CORP 25 MILLION COMMON SHARES VIA GOLDMAN SACHS & CO

DEVELOPERS DIVERSIFIED REALTY CORP INITIAL EIGHT MILLION COMMON SHARES
VIA DEAN WITTER REYNOLDS INC

DI GIORGIO CORP 85 MILLION OF SENIOR NOTES VIA BT SECURITIES CORP

DIAL PAGE INC 85 MILLION OF SENIOR NOTES VIA ALEX BROWN & SONS INC

DUKE POWER CO 100 MILLION OF FIRST AND REFUNDING MORTGAGE BONDS VIA
COMPETITIVE BID

FLORIDA POWER CORP 80 MILLION OF FIRST MORTGAGE BONDS VIA COMPETITIVE
BID

GTE HAWAIIAN TELEPHONE CO 125 MILLION OF FIRST MORTGAGE BONDS VIA
COMPETITIVE BID

HEALTH MANAGEMENT ASSOCIATES INC THREE MILLION CLASS A COMMON SHARES
VIA MERRILL LYNCH

IMMULOGIC PHARMACEUTICAL CORP 25 MILLION COMMON SHARES VIA HAMBRECHT &
QUIST

KAISER STEEL RESOURCES INC TWO MILLION COMMON SHARES VIA SALOMON
BROTHERS INC

MATHSOFT INC INITIAL 25 MILLION COMMON SHARES VIA ALEX BROWN

MOLECULAR DYNAMICS INC INITIAL 21 MILLION COMMON SHARES VIA HAMBRECHT
& QUIST

NINE WEST GROUP INC INITIAL EIGHT MILLION COMMON SHARES VIA MERRILL
LYNCH

NORAND CORP INITIAL 35 MILLION COMMON SHARES VIA DONALDSON LUFKIN &
JENRETTE SECURITIES CORP

POWERSOFT CORP INITIAL 19 MILLION COMMON SHARES VIA GOLDMAN SACHS

PROXIMA CORP INITIAL TWO MILLION COMMON SHARES VIA LEHMAN BROTHERS

RIBI IMMUNOCHEM RESEARCH INC THREE MILLION COMMON SHARES VIA HAMBRECHT
& QUIST

SEAGULL ENERGY CORP FOUR MILLION COMMON SHARES VIA DONALDSON LUFKIN &
JENRETTE

SUNRISE MEDICAL INC 25 MILLION COMMON SHARES VIA KIDDER PEABODY & CO

TRANSRESOURCES INC 100 MILLION OF SENIOR SUBORDINATED NOTES VIA
KIDDER PEABODY

TRIPLEX PHARMACEUTICAL CORP INITIAL THREE MILLION COMMON SHARES VIA
FIRST BOSTON

UCC INVESTORS HOLDING INC 300 MILLION OF SENIOR NOTES 325 MILLION OF
SENIOR SUBORDINATED NOTES AND 125 MILLION OF SUBORDINATED DISCOUNT NOTES
VIA MORGAN STANLEY & CO

UNIVAX BIOLOGICS INC 25 MILLION COMMON SHARES VIA PRUDENTIAL
SECURITIES

COLORADO HEALTH FACILITIES AUTHORITY 639 MILLION OF HOSPITAL REVENUE
BONDS NORTHERN COLORADO MEDICAL CENTER MBIA CORP VIA A PAINEWEBBER
INC GROUP

CONNECTICUT HOUSING FINANCE AUTHORITY 160 MILLION OF SINGLEFAMILY
HOUSING REVENUE BONDS VIA A PAINEWEBBER GROUP

HOMESTEAD FLA 470 MILLION OF SPECIAL INSURANCE ASSESSMENT REVENUE
BONDS MBIA VIA A BEAR STEARNS & CO GROUP

MASSACHUSETTS INDEPENDENT FINANCE AGENCY 187 MILLION OF RESOURCE
RECOVERY REFUNDING REVENUE BONDS VIA A BEAR STEARNS GROUP

PHILADELPHIA 373 MILLION OF GAS WORKS REVENUE BONDS VIA A DONALDSON
LUFKIN & JENRETTE GROUP

PHILADELPHIA HOSPITALS & HIGHER EDUCATION FACILITIES AUTHORITY 150
MILLION HOSPITAL REVENUE BONDS TEMPLE UNIVERSITY HOSPITAL VIA A JP
MORGAN SECURITIES INC GROUP

NORTHSIDE INDEPENDENT SCHOOL DISTRICT TEXAS 861 MILLION OF SERIES 1993
UNLIMITEDTAX REFUNDING BONDS FOR BEXAR MEDINA AND BANDERA COUNTIES TEXAS
PUBLIC SCHOOL FUND VIA A PRUDENTIAL SECURITIES INC GROUP 9302010100
930201 NEW GOP CHAIRMAN FACES WIDER RIFT OVER PARTY'S POSITION ON ABORTION
ISSUE  BY GERALD F SEIB STAFF REPORTER OF THE WALL STREET JOURNAL

ST LOUIS REPUBLICANS HAVE WALKED INTO A NEW POTENTIALLY BITTER ABORTION
DEBATE JUST AS THE PARTY'S REINS HAVE BEEN HANDED TO A NEW CHAIRMAN WHO HAD
HOPED TO STEER CLEAR OF SUCH DIVISIVE ISSUES

THE PARTY GOT ITS NEW CHAIRMAN FRIDAY WHEN THE REPUBLICAN NATIONAL
COMMITTEE AT A MEETING HERE ELECTED HALEY BARBOUR A COMBINATION OF
AFFABLE MISSISSIPPI COUNTRY BOY AND POWERFUL WASHINGTON LAWYER AND LOBBYIST
DESPITE HIS WASHINGTON TIES MR BARBOUR A FORMER POLITICAL ADVISER TO
PRESIDENT REAGAN HAS STRESSED THE NEED TO FOCUS ATTENTION ON THE PARTY'S
WORKINGS AT THE STATE AND LOCAL LEVEL WHERE IT PERFORMED FAR BETTER THAN IN
THE PRESIDENTIAL ELECTION LAST YEAR

BUT WHETHER THEY LIKE IT OR NOT REPUBLICANS ALSO SAW THE ABORTION ISSUE
MOVED ONTO THE FRONT BURNER BY OUTGOING PARTY CHAIRMAN RICHARD BOND IN A
STUNNING DEPARTURE ADDRESS HE CALLED ON THE PARTY TO STEER CLEAR OF
ZEALOTRY AND TO STOP FOCUSING ON OPPOSITION TO ABORTION WARNING THAT THE
ABORTION ISSUE HAS BECOME THE DEFINING ISSUE FOR OUR PARTY MR BOND ASKED
ARE WE WILLING TO STAKE OUR PARTY'S FORTUNES ON A SINGLE ISSUE

BY PUSHING THE LONGFESTERING ABORTION ISSUE INTO THE OPEN NOW OPTIMISTS IN
THE GOP RANKS HOPE THAT REPUBLICANS CAN SETTLE THE DEBATE ONCE AND FOR ALL
AND MOVE ON TO THE ECONOMIC ISSUES THEY THINK HOLD THE KEY TO REPUBLICAN
SUCCESS BUT THERE IS A CLEAR RISK THAT THE RIFT BETWEEN THE PARTY'S
MAINSTREAM MEMBERS AND ITS SOCIAL CONSERVATIVES WILL ONLY GROW WIDER IN THE
SHORT TERM BECAUSE OF THE PASSIONS UNLEASHED HERE

FOR HIS PART MR BARBOUR WHO WON THE CHAIRMAN'S POST AFTER A VIGOROUS
CAMPAIGN AMONG FIVE CANDIDATES AND THREE BALLOTS HERE SAID HE ALSO WANTS TO
ELIMINATE AN IMPRESSION LEFT BY THE 1992 CAMPAIGN THAT THE REPUBLICAN PARTY
DOESN'T WELCOME THOSE WHO FAVOR ABORTION RIGHTS RIGHT NOW WE NEED TO MAKE
PLAIN THAT THERE ARE NO LITMUS TESTS MR BARBOUR SAID YESTERDAY ON
CBSTV'S FACE THE NATION HE ADDED WE'RE NOT GOING TO LET ABORTION BE
THE THRESHOLD TO REPUBLICANISM  I'M PROLIFE BUT THERE ARE MILLIONS
AND MILLIONS OF PROCHOICE REPUBLICANS WHO ARE JUST AS GOOD REPUBLICANS AS I
AM

BUT IT ALSO IS LIKELY THAT MR BARBOUR AND OTHER PARTY LEADERS WOULD PREFER
TO DEAL WITH THE ABORTION QUESTION BY LETTING IT COOL DOWN FOR A TIME
RATHER THAN BY FORCING IT TO A HEADON DEBATE NOW IN A BOOKLET ENTITLED
THE BARBOUR PLAN DISTRIBUTED TO COMMITTEE MEMBERS HERE MR BARBOUR
DECLARED WE MUST EMPHASIZE THE PRINCIPLES THAT UNITE US WHICH HE SAID
INCLUDED FREE MARKETS LOW TAXES REDUCED REGULATION AND FREE TRADE

SIMILARLY TEXAS SEN PHIL GRAMM A LIKELY 1996 PRESIDENTIAL CANDIDATE
URGED REPUBLICANS TO KEEP THEIR SIGHTS FIXED ON THE BIG ISSUES OF PEACE AND
PROSPERITY AND TO AVOID FACTIONALISM HE ATTACKED THE CLINTON
ADMINISTRATION'S PLAN FOR LEGALIZING HOMOSEXUALS IN THE MILITARY BUT
STEERED CLEAR OF THE ABORTION ISSUE IN HIS SPEECH

OTHER REPUBLICAN LEADERS SUCH AS FORMER REP VIN WEBER OF MINNESOTA A
PROMINENT CONSERVATIVE HAVE URGED THE PARTY TO STAY OUT OF HIGHPROFILE
DEBATES OVER THE ABORTION ISSUE THEY ARGUE THAT THERE ISN'T ANY NEED FOR
THE PARTY TO DECIDE WHETHER TO DROP ITS FORMAL POSITION OPPOSING ABORTION
RIGHTS UNTIL 1996 WHEN IT WILL COMPOSE A NEW PLATFORM FOR THE NEXT
PRESIDENTIAL ELECTION MEANTIME THEY PROPOSE LETTING DEMOCRATS AS THE
RULING PARTY STRUGGLE WITH THE ISSUE

BUT THE HIGH PROFILE MR BOND GAVE THE ISSUE HERE WILL MAKE IT MORE
DIFFICULT FOR MR BARBOUR TO KEEP IT IN THE SHADOWS WE'VE GOT A PROBLEM
WITH THIS ISSUE SAID SENATE REPUBLICAN LEADER BOB DOLE OF KANSAS I THINK
WHOEVER IS CHAIRMAN OF THIS PARTY WILL HAVE TO SIT DOWN AND WORK OUT A
SOLUTION

AND MR BOND'S SPEECH APPEARED TO HEIGHTEN EXPECTATIONS FOR A BATTLE AMONG
REPUBLICANS ON BOTH SIDES OF THE ISSUE I THINK THE STRUGGLE WILL ENSUE
SAID MARY DENT CRISP HEAD OF THE NATIONAL REPUBLICAN COALITION FOR CHOICE
BUT DARLA ST MARTIN AN OFFICIAL OF THE NATIONAL RIGHT TO LIFE COMMITTEE
DECLARED THAT THE REPUBLICAN PARTY WILL BE ABANDONING ITS BASE IF IT DROPS
ITS OPPOSITION TO ABORTION RIGHTS SHE ARGUED THAT AN ANTIABORTION STAND
BENEFITS REPUBLICANS CITING EVIDENCE INDICATING THAT MOST VOTERS WHO CAST
BALLOTS BASED SOLELY ON THE ABORTION ISSUE VOTE FOR ANTIABORTION CANDIDATES

WHILE JUGGLING THE ABORTION QUESTION MR BARBOUR ALSO TRIED TO MOVE QUICKLY
TO DEFUSE CONTROVERSY OVER HIS BACKGROUND AS A WASHINGTON LAWYER WHO HAS
LOBBIED THE GOVERNMENT FOR POWERFUL CLIENTS HE TOLD REPORTERS THAT AS HE
HAD PROMISED BEFORE HE IS WITHDRAWING FROM MY LAW PRACTICE AND SELLING IT
TO HIS PARTNERS MR BARBOUR HAS LAW OFFICES IN BOTH WASHINGTON AND
MISSISSIPPI 9302010099 930201 ACME STEEL WILL INCREASE PRICES

RIVERDALE ILL ACME STEEL CO A UNIT OF ACME METALS INC SAID IT WILL
INCREASE THE BASE PRICES OF HOTROLLED AND COLDROLLED SHEET AND STRIP
PRODUCTS BY 20 A TON BEGINNING THE WEEK OF APRIL 5

THE COMPANY SAID THE INCREASES FOLLOW SIMILAR INCREASES OF 4 TO 5 LAST
MONTH BY OTHER INTEGRATED STEEL PRODUCERS 9302010098 930201 NORTHWEST
AIRLINES TO CUT UP TO 40 FARES TO EUROPE  BY BRETT PULLEY 
STAFF REPORTER OF THE WALL STREET JOURNAL

NORTHWEST AIRLINES WITH THE HELP OF ITS NEW PARTNERSHIP WITH KLM ROYAL
DUTCH AIRLINES HAS DEVELOPED A FARE PROMOTION THAT ITS US RIVALS WILL
FIND HARD TO MATCH

THE CARRIER SAID IT WILL REDUCE FARES TO EUROPE AS MUCH AS 40 THIS SPRING
AND SUMMER AND USE ITS KLM LINK TO ALLOW TRAVELERS TO TACK ON ADDITIONAL
EUROPEAN DESTINATIONS FOR 70 TO 125 EACH WAY

THE OFFER GIVES NORTHWEST A UNIT OF CLOSELY HELD WINGS HOLDINGS INC AN
EDGE IN THE LUCRATIVE EUROPEAN LEISURE MARKET BECAUSE ITS MAJOR US
COMPETITORS DON'T HAVE THE INTEREUROPEAN CAPABILITY TO MATCH THE SALE AND
WHILE FOREIGN CARRIERS MIGHT MAKE SIMILAR OFFERS THEY LACK THE BREADTH IN
THE US FOR THEIR PROMOTIONS TO BE AS WIDESPREAD AND EFFECTIVE

THE CARRIERS THAT WILL BE HURT MOST ARE THE US CARRIERS THAT DON'T HAVE
THE CAPABILITY TO GO INTEREUROPE SAYS TOM NULTY PRESIDENT OF ASSOCIATED
TRAVEL A SANTA ANA CALIF TRAVEL AGENCY THIS DEFINITELY WILL BE
ATTRACTIVE TO AMERICANS WHO WANT TO VISIT A NUMBER OF CITIES IN EUROPE

THE FIRST PART OF THE PROMOTION COVERING FARES FROM THE US CITIES TO
EUROPEAN DESTINATIONS MATCHES DISCOUNTS THAT OTHER MAJOR US AIRLINES
ALSO ARE OFFERING THOSE FARES HAVE BEEN CUT ABOUT 20 TO 40 DEPENDING ON
THE MARKET AND THE TIME OF TRAVEL FOR EXAMPLE A PASSENGER CAN FLY ROUND
TRIP BETWEEN BOSTON AND PARIS FOR AS LITTLE AS 548 A 24 SAVINGS OFF THE
PREVIOUS FARE OF 724

HOWEVER THE NORTHWEST PLAN OFFERS PASSPORT TO EUROPE COUPONS FOR TRAVEL
WITHIN THE CONTINENT THE COUPONS WILL START AT 100 EACH FOR THE FIRST
THREE AND ADDITIONAL COUPONS WILL COST AS LOW AS 70 AND AS MUCH AS 125
THE NONREFUNDABLE DISCOUNT FARES AND COUPONS ARE FOR TRAVEL FROM APRIL 1 TO
OCT 31 AND THEY REQUIRE A SATURDAY NIGHT STAY TICKETS FOR THE FARES TO
EUROPE WENT ON SALE SATURDAY AND CONTINUE THROUGH FEB 19

NORTHWEST'S PROMOTIONAL EDGE REFLECTS ITS NEWLY FORMED PARTNERSHIP WITH KLM
THE UNION BECAME EFFECTIVE RECENTLY WHEN THE US JUSTICE DEPARTMENT GRANTED
ANTITRUST IMMUNITY TO ALLOW THE TWO AIRLINES TO JOINTLY PRICE AND MARKET
THEIR SERVICES KLM WHICH IS PARTIALLY OWNED BY THE DUTCH GOVERNMENT
ALREADY HELD A 20 VOTING STAKE IN NORTHWEST

WHILE AIRLINES LIKE AMR CORP'S AMERICAN AIRLINES HAVE A LARGER SYSTEM
WORLDWIDE THAN KLM AND NORTHWEST COMBINED BILATERAL AGREEMENTS PREVENT
AMERICAN AND OTHER US AIRLINES FROM HAVING THE EXTENSIVE INTEREUROPEAN
CAPABILITY THAT KLM POSSESSES AMERICAN FOR EXAMPLE SERVES ONLY 12 CITIES
IN EUROPE WHILE THE KLM AND NORTHWEST LINKUP WILL SERVE 80 EUROPEAN
DESTINATIONS MOREOVER AMERICAN AND OTHER US CARRIERS LACK THE AUTHORITY
TO FLY BETWEEN TWO EUROPEAN CITIES WE HAVE TO TURN AROUND AND GO FROM
WHENCE WE CAME SAYS AN AMERICAN SPOKESMAN 9302010097 930201 PHOENIX RE
REGISTERS OFFERING

NEW YORK PHOENIX RE CORP SAID IT FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION PLANS FOR A PROPOSED OFFERING OF TWO MILLION COMMON SHARES

PHOENIX RE A COMMERCIAL AND PERSONAL PROPERTY REINSURER WILL USE PROCEEDS
TO STRENGTHEN THE UNDERWRITING CAPACITY OF ITS REINSURANCE SUBSIDIARY
PHOENIX REINSURANCE CO THE UNDERWRITING WILL BE MANAGED BY ALEX BROWN &
SONS INC AND DILLON READ & CO

PHOENIX RE HAS ABOUT 38 MILLION SHARES OUTSTANDING 9302010096 930201
NOBEL INSURANCE PURCHASE INQUIRY

HAMILTON BERMUDA NOBEL INSURANCE LTD SAID IT RECEIVED UNSOLICITED
INTEREST FROM A GROUP THAT WANTS TO ACQUIRE A SIGNIFICANT PART OF ITS US
ASSETS

THE COMPANY WHICH PROVIDES INSURANCE FOR THE EXPLOSIVES INDUSTRY SAID ITS
BOARD IS ANALYZING AND REVIEWING THE INQUIRY AND WILL CONSIDER IT AT A
MEETING IN LATE FEBRUARY NOBEL ALSO SAID THE BOARD HAS PROVIDED INFORMATION
TO THE PROSPECTIVE PURCHASER BUT HAS NOT AGREED TO ENTER INTO NEGOTIATIONS

A COMPANY SPOKESMAN DECLINED TO IDENTIFY THE GROUP OR TO ELABORATE ON WHICH
OF ITS ASSETS MAY BE INVOLVED SAYING THOSE MATTERS WERE STILL CONFIDENTIAL
HE SAID NOBEL RELEASED THE NEWS ABOUT THE INQUIRY AFTER HEAVY NATIONAL
OVERTHECOUNTER TRADING IN ITS STOCK SHARES OF NOBEL ROSE 625 CENTS TO
7125 9302010095 930201 TREASURY TO SELL BILLS THURSDAY

WASHINGTON THE TREASURY PLANS TO SELL 1425 BILLION IN 52WEEK BILLS
THURSDAY TO RAISE 138 BILLION IN FRESH CASH AND REDEEM 1287 BILLION IN
MATURING BILLS

THE SALE AMOUNT IS DOWN FROM 1475 BILLION AT THE PREVIOUS SALE JAN 7

THE BILLS WILL BE DATED FEB 11 AND WILL MATURE FEB 10 1994

NONCOMPETITIVE TENDERS MUST BE RECEIVED BY NOON EST THURSDAY AT THE
TREASURY OR AT FEDERAL RESERVE BANKS OR BRANCHES COMPETITIVE TENDERS ARE
DUE BY 1 PM THE BILLS WHICH CARRY CUSIP NUMBER 912794H80 WILL BE
AVAILABLE IN MINIMUM DENOMINATIONS OF 10000 9302010094 930201 DIVIDEND
NEWS BECKMAN RAISES ITS DIVIDEND

FULLERTON CALIF BECKMAN INSTRUMENTS INC RAISED ITS QUARTERLY DIVIDEND
TO NINE CENTS A SHARE FROM EIGHT AND SAID IT PLANS TO REPURCHASE THREE
MILLION COMMON SHARES

IT SAID THE DIVIDEND WILL BE PAID MARCH 4 TO STOCK OF RECORD FEB

SHARES BOUGHT IN THE REPURCHASE PROGRAM WILL BE COMBINED WITH TREASURY
SHARES FROM A SEPARATE RECENTLY COMPLETED A TWOMILLIONSHARE REPURCHASE
TO FUND EXISTING EMPLOYEE BENEFIT PLANS THE COMPANY SAID THE NEW REPURCHASE
PLAN WILL END IN DECEMBER 1995 AND IS LIMITED TO ONE MILLION SHARES A YEAR

BECKMAN IS A SUPPLIER OF AUTOMATED SYSTEMS USED FOR BIOLOGICAL ANALYSIS IN
LABORATORIES FOR RESEARCH QUALITY CONTROL AND CLINICAL DIAGNOSTICS
9302010093 930201 GRUBB & ELLIS RESTRUCTURING

SAN FRANCISCO GRUBB & ELLIS CO SAID IT COMPLETED THE RESTRUCTURING OF
ITS DEBT AND EQUITY

THE REAL ESTATE COMPANY HAD ANNOUNCED THE AGREEMENTS WITH WARBURG PINCUS
INVESTORS LP INVESTOR JOE F HANAUER AND PRUDENTIAL INSURANCE CO OF
AMERICA

THE DEAL INVOLVED AN INVESTMENT OF 138 MILLION BY WARBURG AND MR HANAUER
IN EXCHANGE FOR CONVERTIBLE PREFERRED STOCK AND WARRANTS THE DEAL ALSO
INCLUDED A RESTRUCTURING OF THE COMPANY'S 40 MILLION DEBT TO PRUDENTIAL
WITH THE CONVERSION OF 15 MILLION DEBT INTO PREFERRED STOCK AND WARRANTS
9302010092 930201 SCHLUMBERGER TO POST CHARGE

NEW YORK SCHLUMBERGER LTD AN OILFIELD SERVICES COMPANY SAID ITS
FIRSTQUARTER RESULTS WILL INCLUDE AN EXTRAORDINARY CHARGE OF 248 MILLION
OR 102 A SHARE REFLECTING ADOPTION OF A NEW ACCOUNTING RULE FOR
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS

THE COMPANY SAID THE ADDITIONAL ANNUAL COST OF MEETING THE RULE WILL REDUCE
INCOME FROM OPERATIONS BY ABOUT 20 MILLION OR EIGHT CENTS A SHARE IN
1993

IN THE 1992 FIRST QUARTER SCHLUMBERGER HAD NET INCOME OF 1563 MILLION OR
65 CENTS A SHARE ON REVENUE OF 159 BILLION 9302010091 930201 CF&I
STEEL'S REORGANIZATION

PORTLAND ORE OREGON STEEL MILLS INC SAID THE US BANKRUPTCY COURT FOR
THE DISTRICT OF UTAH CONFIRMED THE REORGANIZATION PLAN OF CF&I STEEL CORP
A RAIL MAKER BASED IN PUEBLO COLO WHICH IS IN CHAPTER 11 BANKRUPTCY
PROCEEDINGS

THE PLAN ENDORSED BY THE UNSECURED CREDITORS' COMMITTEE THE UNITED STEEL
WORKERS OF AMERICA AND THE PENSION BENEFIT GUARANTY CORP PROPOSES
TRANSFERRING CF&I ASSETS TO A LIMITED PARTNERSHIP WITH OREGON STEEL AS
GENERAL PARTNER FOR 108 MILLION IN DEBT SECURITIES AND CASH 9302010089
930201 ARROW ELECTRONICS EXPECTS TO REPORT STRONG PROFIT RISE  
BY GAUTAM NAIK STAFF REPORTER OF THE WALL STREET JOURNAL

MELVILLE NY ARROW ELECTRONICS INC SAID IT EXPECTS TO REPORT A SHARP
RISE IN FOURTHQUARTER EARNINGS REFLECTING STRONGER REVENUE LOWER EXPENSES
AND MORE EMPHASIS ON SELLING HIGHERMARGIN COMPUTER PRODUCTS

THE DISTRIBUTOR OF COMPUTER AND ELECTRONIC PARTS SAID NET INCOME WAS ABOUT
13 MILLION OR MORE THAN 40 CENTS A SHARE COMPARED WITH 78 MILLION OR
32 CENTS A SHARE A YEAR EARLIER THE 1992 QUARTER INCLUDES THE EFFECT OF A
SPECIAL CHARGE OF 3 MILLION OR 10 CENTS A SHARE FOR EARLY REDEMPTION OF
HIGHINTEREST BONDS

STEPHEN KAUFMAN PRESIDENT AND CHIEF EXECUTIVE SAID IN AN INTERVIEW THAT
THE JUMP IN EARNINGS REFLECTS A FIRM MARKET AND THE SUCCESS OF OUR
MARKETING AND SALES PROGRAMS

MR KAUFMAN SAID STRONG GROWTH IN PERSONAL COMPUTERS AND PERIPHERALS DUE TO
LOWER PRICES AND MORE ADVANCED CAPABILITY HAD DRIVEN THE MARKET FOR
ELECTRONIC PARTS BUYERS ARE SHIFTING FROM LOWER COST SIMPLER CHIPS TO
HIGHER COST SOPHISTICATED CHIPS WE PREFER TO SELL A HIGHERPRICED CHIP
BECAUSE OUR SHARE OF THE GROSS PROFITS ARE MUCH HIGHER

FAVORABLE MARKET CONDITIONS AND THE COMPANY'S AGGRESSIVE MARKETING AND
COSTCUTTING EFFORTS ARE PAYING OFF SALES IN THE QUARTER TOPPED 450
MILLION COMPARED WITH 3465 MILLION A YEAR EARLIER

SALES FOR 1992 ROSE ABOUT 54 TO 16 BILLION INCLUDED IS THE EFFECT OF THE
ACQUISITION OF LEX SERVICE PLC'S ELECTRONICS DISTRIBUTION BUSINESSES THOSE
BUSINESSES CONTRIBUTED BETWEEN 450 MILLION AND 500 MILLION TO OVERALL
SALES ACCORDING TO ROBERT KLATELL ARROW ELECTRONICS' CHIEF FINANCIAL
OFFICER

ARROW ALSO SAID IT WILL ANNOUNCE EARLY THIS WEEK ITS ACQUISITION OF A
MAJORITY INTEREST IN GERMANY'S SPOERLE ELECTRONIC THE LARGEST ELECTRONICS
DISTRIBUTOR IN EASTERN EUROPE ARROW HAS HELD A 40 STAKE IN SPOERLE FOR
ABOUT EIGHT YEARS AND RECENTLY ACQUIRED AN ADDITIONAL 15 INTEREST SPOERLE
HAS ANNUAL SALES OF MORE THAN 300 MILLION

THE ABILITY TO CUT EXPENSES HAS BEEN ONE OF THE MOST SIGNIFICANT FACTORS
CONTRIBUTING TO OUR PROFITABILITY MR KAUFMAN SAID HE NOTED THAT
ECONOMIES OF SCALE DUE TO RAPID INTEGRATION OF ACQUIRED COMPANIES HAS
ALLOWED ARROW TO CUT ITS NONINTEREST EXPENSES TO 147 OF SALES IN 1992
FROM 175 IN 1991

THE COMPANY HAS ALSO MADE EFFORTS TO REDUCE THE BURDEN OF ITS HIGHLY
LEVERAGED BALANCE SHEET THROUGH VARIOUS PUBLIC OFFERINGS THE COMPANY'S
LONGTERM DEBT AT THE END OF 1992 WILL BE 225 MILLION INTEREST PAYMENTS IN
1993 ARE EXPECTED TO DECREASE TO ABOUT 21 MILLION FROM 30 MILLION IN 1991
AND 1992 MR KLATELL SAID 9302010088 930201 PACT PUTS BANK OF NEW YORK
 IN NEW JERSEY  NATIONAL COMMUNITY BANKS TO BE ACQUIRED IN SWAP 
OF 575 MILLION IN STOCK  BY PETER PAE STAFF REPORTER OF THE WALL
STREET JOURNAL

NEW YORK BANK OF NEW YORK CO AGREED TO ACQUIRE NATIONAL COMMUNITY BANKS
INC IN A STOCK SWAP VALUED AT 575 MILLION THE FIRST OF WHAT IS EXPECTED
TO BE A WAVE OF BIG BANK CONSOLIDATIONS IN NEW JERSEY

ANALYSTS SAID THE PURCHASE PRICE BASED ON FRIDAY'S PRICE FOR BANK OF NEW
YORK SHARES WAS HIGH RELATIVE TO OTHER RECENT BANK ACQUISITIONS INVESTORS
SEEMED TO AGREE IN COMPOSITE NEW YORK STOCK EXCHANGE TRADING BANK OF NEW
YORK SHARES FELL 125 TO 56625 WHILE NATIONAL COMMUNITY SHARES JUMPED 8
APIECE IN 5075 IN NATIONAL OVERTHECOUNTER TRADING

IT WILL BE BANK OF NEW YORK'S FIRST FORAY INTO NEW JERSEY AND WILL
SIGNIFICANTLY BOOST ITS PRESENCE IN AFFLUENT NEIGHBORHOODS WITHIN COMMUTING
DISTANCE OF NEW YORK CITY

NATIONAL COMMUNITY BASED IN WEST PATERSON NJ HAS 42 BILLION IN ASSETS
AND OPERATES 105 BRANCH OFFICES MOSTLY IN NORTHERN NEW JERSEY BANK OF NEW
YORK BASED IN NEW YORK CITY HAS NEARLY 300 BRANCH OFFICES PREDOMINANTLY
IN SUBURBAN AREAS OF THE CITY AND IS THE 17TH LARGEST BANK HOLDING COMPANY
IN THE US WITH MORE THAN 40 BILLION IN ASSETS

THERE ARE A LOT OF BANKS THAT WANT TO COME TO NEW JERSEY SAID ELIZABETH
A SUMMERS AN ANALYST WITH RYAN BECK & CO A BROKERAGE FIRM THAT
SPECIALIZES IN BANKS AND THRIFTS SHE NOTED THAT THE STATE HAS A POPULATION
WITH ONE OF THE HIGHEST MEDIAN INCOMES IN THE US AND A BANKING MARKET THAT
IS HIGHLY FRAGMENTED AS A RESULT CONSOLIDATIONS ARE GOING TO ESCALATE MS
SUMMERS SAYS

IN ANTICIPATION OF ADDITIONAL ACQUISITIONS INVESTORS DROVE UP THE STOCK OF
SEVERAL NEW JERSEY BANKS FRIDAY BANKING ANALYSTS SAY THE PROBABLE
ACQUISITION CANDIDATES INCLUDE SUMMIT BANCORP SHARES OF WHICH ROSE 2
APIECE TO 23 IN NATIONAL OVERTHECOUNTER TRADING UJB FINANCIAL CORP
SHARES OF WHICH ROSE 1125 TO 24625 IN BIG BOARD TRADING AND MIDLANTIC
CORP SHARES OF WHICH ROSE 50 CENTS APIECE TO 19 IN NATIONAL
OVERTHECOUNTER TRADING

ANALYSTS SAY POSSIBLE BIG ACQUIRERS OUTSIDE THE STATE INCLUDE NEW YORKBASED
CHEMICAL BANKING CORP AND CHASE MANHATTAN CORP PITTSBURGHBASED PNC
FINANCIAL CORP AND PHILADELPHIABASED CORESTATES FINANCIAL

WHILE THE ACQUISITION IS PROVIDING A COVETED ENTREE INTO THE NEW JERSEY
MARKET BANK OF NEW YORK APPEARS TO BE PAYING A HEFTY PRICE FOR IT ANALYSTS
SAY

THE PURCHASE AGREEMENT CALLS FOR THE EXCHANGE OF 096 SHARES IN BANK OF NEW
YORK FOR EACH SHARE OF NATIONAL COMMUNITY AT THE CURRENT PRICE THAT IS 24
TIMES NATIONAL COMMUNITY'S BOOK VALUE OF 2180 A SHARE MANY ANALYSTS HAD
BEEN ANTICIPATING A BUYER OF NATIONAL COMMUNITY TO PAY TWICE BOOK VALUE
WHICH HAS BEEN THE AVERAGE PRICE FOR A BANK IN THE PAST YEAR ACCORDING TO
SNL SECURITIES CORP BOOK VALUE IS ASSETS MINUS LIABILITIES

IT'S PRICEY SAID REID NAGLE PRESIDENT OF SNL WHICH IS A CHARLOTTEVILLE
VA BANK RESEARCH FIRM THEY'RE GOING TO HAVE TO WORK HARDER TO MAKE IT
WORTHWHILE

TO MAKE THE ACQUISITION PAY OFF BANK OF NEW YORK MUST SLASH OPERATING COSTS
AT NATIONAL COMMUNITY WHICH HAS ONE OF THE HIGHEST EXPENSE TO EARNINGS
RATIOS AND CONTINUE TO IMPROVE THE QUALITY OF NATIONAL COMMUNITY'S ASSETS
MR REID SAID

A SPOKESWOMAN SAID THE BANK PLANS TO SLASH EXPENSES AT NATIONAL COMMUNITY BY
30 TO 35 WHILE BOLSTERING REVENUE BY ADDING PRODUCTS AND SERVICES
9302010087 930201 WETLANDS PROJECT IN THAILAND REFLECTS GROWING CONCERN
ON COUNTRY'S POLLUTION  BY CYNTHIA OWENS STAFF REPORTER OF THE
WALL STREET JOURNAL

BANGKOK THAILAND AFTER YEARS OF HEADLONG INDUSTRIALIZATION THAILAND IS
JUST BEGINNING TO ADDRESS THE ENVIRONMENTAL EFFECTS OF POLLUTION THE
EFFORTS SO FAR ARE MEAGER BUT THEY SUGGEST THAT CONCERN HAS STARTED TO
REPLACE INDIFFERENCE

TAKING THE LEAD IN WATER TREATMENT IS ONE OF THE FIRST THAI COMPANIES FORCED
TO SHUT DOWN FOR WATER POLLUTION LAST APRIL PROVINCIAL AUTHORITIES IN
NORTHEAST THAILAND ORDERED THE CLOSURE OF PHOENIX PULP & PAPER CO FOR
DUMPING UNTREATED WASTE WATER INTO THE PANG RIVER THE SIXWEEK SHUTDOWN
COST THE COMPANY 25 MILLION IN CLEANUP AND LOST REVENUE

BESIDES CONSTRUCTING A NEW TREATMENT FACILITY TO MEET GOVERNMENT
REQUIREMENTS PHOENIX IS BUILDING THE COUNTRY'S FIRST MANMADE WETLANDS THE
SYSTEM REQUIRES A SERIES OF LAGOONS FILLED WITH SPECIAL PLANTS SUCH AS
CATTAILS RUSHES AND REEDS AS WASTE WATER FLOWS THROUGH THE LAGOONS THE
PLANTS PROVIDE A NATURAL FILTER DIGESTING SOME WASTE RELEASING OXYGEN INTO
THE WATER AND ALLOWING SOLID MATTER TO SETTLE ON THE BOTTOM

ENVIRONMENTALISTS IN MANY WESTERN COUNTRIES TOUT THE CONSTRUCTED WETLANDS AS
A SIMPLE ENERGYEFFICIENT WAY TO TREAT WASTE WHILE CREATING AN APPEALING
ENVIRONMENT THAT CAN ATTRACT WILDLIFE AND COLLECT WATER THAT CAN BE TAPPED
FOR IRRIGATION

THE PHOENIX PROJECT IS ONE OF FOUR WETLANDS PLANNED FOR THAILAND IN THE NEXT
TWO YEARS WITH THE HELP OF EXPERTS FROM THE TENNESSEE VALLEY AUTHORITY OF
THE US THE FOUR ARE THE FIRST TO BE ATTEMPTED IN A TROPICAL CLIMATE AND SO
ARE PARTIALLY EXPERIMENTAL IF PROJECTIONS ARE CORRECT THE WETLANDS MAY BE
EVEN MORE SUCCESSFUL IN TROPICAL CLIMATES THAN IN COOLER REGIONS AND
EXPERTS HOPE THE IDEA WILL SPREAD IN SOUTHEAST ASIA

PROTECTION OF THE ENVIRONMENT EMERGED AS A CONCERN IN THAILAND ONLY ABOUT
TWO YEARS AGO BUT IT HAS BEEN A PRIORITY FOR PRIME MINISTER CHUAN LEEKPAI
AND HIS PREDECESSOR ANAND PANYARACHUN WHO IS RESPONSIBLE FOR TOUGH LAWS
ENACTED IN EARLY 1992 THE CHANGES FOLLOWED YEARS OF RAPID ECONOMIC GROWTH
THAT SAW THE NUMBER OF FACTORIES RISE FROM SEVERAL HUNDRED TWO DECADES AGO
TO MORE THAN 50000 IN THE 1990S WITH VIRTUALLY NO CONTROLS ON WHAT THE
FACTORIES RELEASED

MOST THAILAND FACTORIES DON'T TREAT ANY OF THEIR WASTE AND THERE IS ALMOST
NO SEWAGE TREATMENT EVEN IN THE CAPITAL INDUSTRIAL POLLUTION IS EXPECTED TO
QUADRUPLE IN THE NEXT 15 TO 20 YEARS MEANWHILE DEFORESTATION HAS RAVAGED
JUNGLES AND BOOMING TOURISM HAS DAMAGED ONCEPRISTINE BEACHES

AUTHORITIES ARE BEGINNING TO GRAPPLE WITH HOW TO CLEAN UP AND REPAIR THE
DAMAGE AND HOW TO PREVENT FURTHER DESTRUCTION THE NEW ENVIRONMENTAL
STANDARDS WILL BE PHASED IN OVER THE NEXT DECADE AND COMPANIES ARE LOOKING
AROUND FOR THE BEST AND CHEAPEST WAYS TO MEET THEM

PHOENIX OFFICIALS ARE PLEASED THAT THE WETLANDS SYSTEM MIGHT PROVE TO BE
ENVIRONMENTALLY FRIENDLY BUT THEY FREELY ADMIT THAT THAT WAS A SECONDARY
CONSIDERATION IF IT WORKS AS EXPECTED THE WETLANDS WILL SAVE PHOENIX A LOT
OF MONEY

SURELY IT IS GOOD FOR THE COUNTRY BUT PURELY FROM A COMMERCIAL POINT OF
VIEW WE HAVE DECIDED TO GO FOR IT SAYS PK PAUL THE COMPANY'S MANAGING
DIRECTOR

THE WETLANDS IDEA CAME FROM JAMES GOBER DIRECTOR OF INTERNATIONAL
OPERATIONS FOR A TVA GROUP CALLED BICENTENNIAL VOLUNTEERS INC SHORTLY AFTER
PHOENIX REOPENED IN EARLY JUNE MR PAUL GOT A CALL FROM MR GOBER WHO SAID
HIS GROUP'S EXPERIENCE CLEANING UP WASTE IN THE US MIGHT PROVIDE HELP TO
PHOENIX HE SUGGESTED PUTTING A MANMADE WETLANDS ALONGSIDE THE COMPANY'S
CONVENTIONAL TREATMENT FACILITY

MR GOBER NOTES THAT IN THE US AND EUROPE THE COST OF CONSTRUCTING A
WETLANDS THAT COULD TREAT WASTE FOR 20 YEARS OR MORE IS TYPICALLY THE SAME
AS THE PRICE OF THE CHEMICALS NEEDED FOR CONVENTIONAL TREATMENT IN ONLY ONE
YEAR

EVEN IF YOU HAVE TO BUY SOME LAND WHEN YOU LOOK AT THE ENERGY IT TAKES TO
RUN THESE SYSTEMS THE LAND IS A VERY REASONABLE COST MR GOBER SAYS

HE AND THE OTHER EXPERTS WANT TO MONITOR PHOENIX'S WETLANDS AND CONVENTIONAL
TREATMENT FACILITY OVER THE NEXT SEVERAL YEARS BUT MR PAUL SAYS IF THE
PROJECTIONS ARE CORRECT HE WILL SHUT DOWN THE CONVENTIONAL FACILITY AS SOON
AS POSSIBLE

THE PROJECT HAS ATTRACTED THE ATTENTION OF THAI ENVIRONMENTALISTS AND
GOVERNMENT FISHERIES AND IRRIGATION OFFICIALS

WE HAVE A GOOD CHALLENGE AHEAD OF US TO PROVE THAT IT WORKS IN THAILAND
SAYS CHALAT SRIPICHARN COUNTRY DIRECTOR FOR THE WORLD ENVIRONMENT CENTER IN
BANGKOK

GOVERNMENT OFFICIALS BELIEVE THE SIMPLICITY AND LOW COST OF THE WETLANDS
MIGHT PERSUADE MANY NEW COMPANIES TO TREAT THEIR WASTE AND MIGHT REPLACE OLD
OR UNRELIABLE TREATMENT FACILITIES THE OFFICIALS ALSO ARE LOOKING TO THE
RUNOFF FROM THE WETLANDS AS A PARTIAL SOLUTION TO IRRIGATION PROBLEMS IN THE
CHRONICALLY DRY NORTHEAST 9302010086 930201 LETTERS TO THE EDITOR THE
ARROGANCE OF COLONIALISM

I WAS SHOCKED TO READ THAT DAVID BROOKS AGREES WITH HISTORIAN MAX BELOFF
WHO ASSERTED THAT COUNTRIES THAT ARE DOING WELL IN THE WORLD ARE THOSE
THAT HAD THE PRIVILEGE OF WESTERN MILITARY OCCUPATION FOR THE LONGEST PERIOD
OF TIME A KINDER GENTLER COLONIALISM EDITORIAL PAGE JAN 15 HIS
CONCLUSION THAT THE US SHOULD ESTABLISH A MORE COLONIAL ROLE IN PLACES
SUCH AS SOMALIA IRAQ AND BOSNIA TO HELP THESE STATES DO BETTER IN FUTURE
YEARS IS OUTRAGEOUS IN CONTRAST I BELIEVE COLONIALISM ONLY CREATES MORE
PROBLEMS THAN IT COULD EVER SOLVE THAT THE LENGTH OF OCCUPATION IS DIRECTLY
PROPORTIONAL TO THE SEVERITY OF THE COLONIZED COUNTRY'S PROBLEMS

INDIA WAS A COLONY RULED BY THE BRITISH FOR 200 YEARS NO ONE CAN ARGUE
TODAY THAT INDIA IS DOING BETTER THAN A COUNTRY LESS INFLUENCED BY WESTERN
POWER SUCH AS EGYPT OCCUPIED FOR 40 YEARS INDIAN MUSLIM AND HINDU VIOLENCE
KILLED MORE THAN 1000 PEOPLE IN NOVEMBER THE NORTHERN INDEPENDENCEMINDED
PROVINCES OF JAMMU AND KASHMIR HAVE SEEN INSTABILITY AND VIOLENCE FOR
DECADES

TODAY COUNTRIES ONCE OCCUPIED BY THE WEST CANNOT SUSTAIN THEIR OWN
POPULATIONS BECAUSE FOOD AND CLOTHINGPRODUCING FARMS WERE RAZED IN FAVOR
OF COFFEE TEA SUGAR COTTON AND CITRUS PLANTATIONS THESE COUNTRIES ALSO
LIVE WITH IMPOSED BORDERS THAT SHOW LITTLE RESPECT FOR THE ETHNIC AND
CULTURAL PATTERNS THAT EXISTED AT THE TIME ALSO IT IS CLEAR THAT THE
COUNTRIES THAT WERE RULED LONGEST BY WESTERN POWERS INDIA AND ALGERIA FOR
EXAMPLE EXPERIENCED THE BLOODIEST AND MOST PAINFUL INDEPENDENCE WARS IN THE
20TH CENTURY

BY GOING INTO SOME OF THE PLACES WHERE AUTHORITY HAS BROKEN DOWN AND
IMPOSING ORDER LONG ENOUGH TO ALLOW THE LOCALS TO GOVERN THEMSELVES WE
ONLY CREATE MORE PROBLEMS FIRST BY IMPOSING OR PROPPING UP A REGIME THAT
IS CULTURALLY WRONG IN THE EYES OF THE POPULATION WE CREATE ENEMIES THAT
THREATEN THE COMMERCE AND SAFETY OF OUR OWN POPULATION EG ISLAMIC
FUNDAMENTALISM SECOND MR BROOKS IS FOOLING HIMSELF IN BELIEVING THAT ANY
TYPE OF IMPOSED ORDER LASTS ONLY A GOVERNMENT TRULY SUPPORTED BY INDIGENOUS
POPULATIONS IS STABLE BY ASSUMING THAT OUR WAY OF GOVERNING IS BEST WE
CEASE TO LISTEN TO THE INDIGENOUS POPULATION AN EQUATION FOR DISASTER THAT
OFTEN LEADS TO THE JUSTIFICATION THAT WE NEED MORE INTERVENTION

MR BROOKS'S KINDER GENTLER COLONIALISM WILL NEVER SUCCEED AS WORLD
POLICY GLOBAL STABILITY IS CREATED BY OPENNESS OF MIND THAT UNDERSTANDS
THAT FAIR AND RESPONSIBLE ECONOMIC AND MILITARY POLICY IS THE BEST INSURANCE
AGAINST DEATH AND DESTRUCTION FOR FUTURE GENERATIONS

MR BROOKS IN HIS COMMENTS ON OUR COUNTRY'S POSTCOMMUNISM OBLIGATION TO
MAKE OVER THE WORLD IN OUR IMAGE WISELY QUOTES MAX BELOFF IN SAYING THAT IT
TAKES A LONG PERIOD OF COLONIAL OCCUPATION TO DEVELOP DEMOCRATIC
INSTITUTIONS IN FARAWAY LANDS THAT HAVE INGRAINED SYSTEMS OF GOVERNMENT BE
THEY FEUDAL TRIBAL OR OTHER

EVEN IF WE ARE CONVINCED WE HAVE THE RIGHT WAY ARE WE READY FOR THAT
DEPTH OF COMMITMENT THE US CAN LEAD BY EXAMPLE PLUS CARROTS AND STICKS OF
INVESTMENT TRADE AND IN EXTREME CASES ARMED INTERVENTION RECENT HISTORY
SHOWS THAT DEMOCRATIC GOVERNMENTS OFTEN EMERGE ON THE COATTAILS OF ECONOMIC
DEVELOPMENT WITNESS KOREA AND TAIWAN AND UPANDCOMING MEXICO AND CHILE

THE US SHOULD LEAD IN CONCERT WITH PARTNER COUNTRIES AND PERHAPS THE
ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT VIA THE UNITED
NATIONS GENERAL AGREEMENT ON TARIFFS AND TRADE ETC THE BRITISH EMPIRE
LEFT SOME POSITIVE AND NEGATIVE LEGACIES INCLUDING THE US AND IT IS
HOPED THAT WE ARE WISE ENOUGH TO LEAD AND ASSIST BUT NOT GEOCENTRICALLY
IMPOSE

AMEN AND MORE TO MR BROOKS'S ARTICLE WHICH HOWEVER FAILED TO MENTION
FRENCH RULE OVER MOST OF THE UPPER HALF OF THE CONTINENT AND A GOOD DEAL OF
THE SOUTHERN HALF AS WELL

UNTIL THE EARLY 1850S PRACTICALLY ALL OF AFRICA WAS IN AFRICAN HANDS AND
WAS SUFFERING WIDESPREAD ANARCHY AND BANDITRY THEN IN AN ACTION THAT HAD
UNEXPECTED CONSEQUENCES AN OBSCURE FRENCH MINISTER OF COLONIES INSTRUCTED
AN EVEN MORE OBSCURE ARMY MAJOR ON AN ISLAND IN THE SENEGAL RIVER TO
PROTECT THE BLACKS ACROSS HIS MINUSCULE JURISDICTION FROM THE MOORS'
SLAVING RAIDS

AFTER THE FRACAS THE MOORS WERE EXPELLED TO PRESENT MAURITANIA AND SOME
BLACK DISTRICTS WERE OCCUPIED TO PREVENT THEIR RETURN NO NATIVE LEADERS
COULD BE FOUND TO ADMINISTER THE DISTRICTS RESPONSIBLY AND WITH GREAT
RELUCTANCE THE PARSIMONIOUS MAJOR SPARED SOME OFFICERS TO RUN SAID
DISTRICTS NINETEENTHCENTURY COLONIALISM WAS BORN

WITHIN THE NEW COLONY INTERAFRICAN COMMERCE SURGED DUE TO EUROPEAN LAW AND
ORDER BUT ACROSS THE NEW BORDERS REIGNED THE KHOMEINI/SADDAM OF THE TIMEEL
HADJ OMAR EMPEROR OF THE ALLCOLORS THROUGH THE DECADES NEW CONFLICTS
AROSE NEW TERRITORIES HAD TO BE OCCUPIED OFTEN AGAINST OPPOSITION BY
PARIS LIKE THE BRITISH AFTER THEM THE FRENCH COMMANDERS/GOVERNORS TOLD
THEIR GOVERNMENTS THE NATIVES SHOULD NOT BE ABANDONED TO BE GOVERNED BY
THEIR OWN

ONLY THE EUROPEANS WOULD FEEL SUCH A SENSE OF OBLIGATION TO THEIR FELLOW
MEN ILLUSTRATIVELY THE BELGIAN CONGO WAS SPECIFICALLY MADE FREE TO THE
COMMERCE OF ALL NATIONS TO BRING THE 19TH CENTURY TO THE NATIVES AND THE
BELGIAN KING WAS CALLED ON TO STOP THE ARAB SLAVERAIDERS THEREWHICH HE DID
AT IMMENSE COST TO HIS MODEST TREASURY 9302010085 930201 INSURANCE FIRMS
 SEEN REPORTING MEDIOCRE PROFITS  FOURTHQUARTER EARNINGS TO
REFLECT LOW YIELDS RESULTS OF PRICE WARS  BY GREG STEINMETZ 
STAFF REPORTER OF THE WALL STREET JOURNAL

INSURANCE COMPANIES ARE EXPECTED TO POST MEDIOCRE EARNINGS WHEN THEY BEGIN
REPORTING THIS WEEK A CONTRAST TO THE ROBUST EARNINGS OF OTHER SEGMENTS OF
THE FINANCIALSERVICES INDUSTRY

ANALYSTS SAY FOURTHQUARTER PROFITS WILL REFLECT THE INDUSTRY'S PROBLEMS
RANGING FROM POOR INVESTMENT YIELDS ON REAL ESTATE TO THE FIERCE PRICE WAR
RAGING IN THE PROPERTY AND CASUALTY MARKET

TO BE SURE INVESTORS EXPECT BETTER TIMES AHEAD FOR INSURERS INSURANCE
STOCKS HAVE RISEN ON AVERAGE BETWEEN 2 AND 4 SINCE JAN 1 IN THE BELIEF
THAT THE WORST IS OVER FOR REAL ESTATE AND THAT HEALTHCARE REFORM COULD
HELP THE BIGGEST INSURERS PROPERTY AND CASUALTY STOCKS ARE UP ON HOPES THAT
THE CYCLE DRIVING DOWN INSURANCE PRICES IS ABOUT TO TURN

BUT THE GOOD TIMES HAVE YET TO ARRIVE AND FOURTHQUARTER EARNINGS WILL
REFLECT THAT

NAGGING THE PROPERTY AND CASUALTY INSURERS IN ADDITION TO THE POOR
ENVIRONMENT FOR PRICES ARE ONGOING LOSSES FROM CATASTROPHES CHUBB CORP
WARREN NJ FOR INSTANCE SAID ITS FOURTHQUARTER EARNINGS WILL BE 65
MILLION LOWER PARTLY BECAUSE OF CONTINUING LOSSES FROM HURRICANE ANDREW AND
THE DECEMBER STORM THAT HIT THE NORTHEAST CIGNA CORP PHILADELPHIA HAS
SAID ITS EARNINGS WILL BE REDUCED BY 33 MILLION FOR THE SAME REASONS

IN CASES WHERE YOU SEE ADDITIONAL DETERIORATION FROM ANDREW EARNINGS COULD
BE LOW SAID ALICE CORNISH AN ANALYST AT NORTHINGTON PARTNERS IN AVON
CONN

THEN THERE IS THE QUESTION OF RESERVE STRENGTHENING INDUSTRY OBSERVERS
AGREE THAT THE INDUSTRY HASN'T PUT ASIDE ENOUGH MONEY TO COVER FUTURE
CLAIMS ANALYSTS SAY SOME COMPANIES MIGHT USE THE FOURTH QUARTER TO BOLSTER
RESERVES

OVERALL I DON'T HAVE A LOT OF CONFIDENCE IN PROPERTY AND CASUALTY
FOURTHQUARTER EARNINGS SAID SANFORD C BERNSTEIN ANALYST WESTON HICKS
THERE'S BEEN A TENDENCY AT YEAR END TO THROW IN THE TOWEL HE CITED THE
RESULTS OF ST PAUL COS THE MINNEAPOLIS COMPANY WHICH LAST WEEK REPORTED A
4175 MILLON LOSS FOR THE FOURTH QUARTER

ANALYST STEVEN GAVIOS OF KIDDER PEABODY & CO SAID EVEN THE STRONGEST
PROPERTY CASUALTY INSURERS INCLUDING COMPANIES LIKE NEW YORKBASED AMERICAN
INTERNATIONAL GROUP THAT HAVE SEEN THEIR STOCK SOAR WILL HAVE UNINSPIRING
RESULTS BECAUSE OF FIERCE PRICE COMPETITION THE QUARTER WILL BE OK BUT
NOTHING TO WRITE HOME ABOUT HE SAID BUT HE REMAINS BULLISH ON THE CYCLE
TURNING THE OUTLOOK REMAINS GOOD HE SAID

LIFE INSURERS MEANWHILE WILL GET A KICK FROM LOWER INTEREST RATES WHICH
WILL SERVE TO REDUCE BORROWING COSTS AS A RESULT SALOMON BROTHERS ANALYST
MARGE ALEXANDER LOOKS FOR OPERATING RESULTS TO BE 10 TO 12 HIGHER FOR LIFE
COMPANIES

BUT SHE SAID NEW ACCOUNTING RULES GOING INTO AFFECT THIS QUARTER COULD DAMP
PROFITS ONE OF THE RULES FINANCIAL ACCOUNTING STANDARDS BOARD STATEMENT
106 DEALS WITH POSTRETIREMENT PENSION BENEFITS AND ANOTHER FASB 109
INVOLVES TREATMENT OF DEFERRED TAXES

NEW YORKBASED EQUITABLE COS THE BIGGEST PUBLICLY TRADED LIFE INSURER
SHOULD POST A PROFIT OF 20 CENTS A SHARE ON CONTINUING OPERATIONS SAID
ANALYST DANIEL MURRAY OF ARGUS RESEARCH DONALDSON LUFKIN & JENRETTE
EQUITABLE'S BROKERAGE FIRM IS DOING VERY WELL AND CORE INSURANCE BUSINESS
IS ON THE REBOUND HE SAID

ACCOUNTING ISSUES WILL ALSO BE A FACTOR AT THE BIG MULTILINE INSURANCE
COMPANIES TWO RULES WENT INTO AFFECT IN THE FOURTH QUARTER THAT CONCERN
REAL ESTATE ONE IS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
STATEMENT 923 WHICH FORCES INSURERS TO RECORD THE VALUE OF FORECLOSED REAL
ESTATE AT ITS MARKET VALUE THE OTHER FASB 107 FORCES INSURERS TO DISCLOSE
THE MARKET VALUE OF THEIR MORTGAGES INSURERS AREN'T OBLIGED TO MARK DOWN
THE VALUE OF THOSE MORTGAGES BUT THE EXTRA DISCLOSURE COULD SHAME THEM INTO
DOING SO ANALYSTS SAY

MS CORNISH EXPECTS LACKLUSTER PROFITS FOR AETNA LIFE & CASUALTY CO AND
TRAVELERS CORP THE TWO HARTFORD CONNBASED MULTILINE INSURANCE
COMPANIES SHE SAID BOTH COMPANIES WILL SHOW BETTER RESULTS IN THEIR
PERSONAL LINES HOMEOWNERS AND CAR INSURANCE BUSINESS REFLECTING THEIR
EFFORTS TO REDUCE LOSS EXPOSURES BUT THEIR ASSETMANAGEMENT BUSINESSES WILL
CONTINUE TO SHOW THE DRAG FROM REAL ESTATE

ANALYSTS SAY THERE IS ALSO A CHANCE THAT TRAVELERS MIGHT TAKE A
RESTRUCTURING CHARGE TO REFLECT CHANGES ADVOCATED BY ITS NEW SHAREHOLDER
PRIMERICA CORP PRIMERICA BOUGHT 27 OF TRAVELERS STOCK AT YEAR'S END
9302010084 930201 UNITED MINE WORKERS PRESS DEMANDS ON HIRING AS PACT
NEARS EXPIRATION  BY ERLE NORTON STAFF REPORTER OF THE WALL STREET
JOURNAL

WITH THEIR CONTRACT WITH THE BITUMINOUS COAL OPERATORS ASSOCIATION SET TO
EXPIRE TONIGHT THE UNITED MINE WORKERS CONTINUED TO SEEK GUARANTEES THAT
NEW MINES WILL EMPLOY ONLY UNION WORKERS

THE ISSUE HAS DIVIDED THE MINE WORKERS AND THE BCOA SINCE CONTRACT TALKS
WHICH COVER 60000 ACTIVE WORKERS BEGAN LATE LAST YEAR SHOULD THE TWO
SIDES FAIL TO REACH AN AGREEMENT BY 1159 PM TODAY THE MINE WORKERS MIGHT
AGREE TO WORK WITHOUT A CONTRACT EXTEND THE CURRENT AGREEMENT WHILE TALKS
CONTINUE OR STRIKE NEITHER THE BCOA OR UMW WOULD COMMENT

SEPARATELY SIX COMPANIES FILED LAWSUITS FRIDAY OVER PENDING PAYMENTS INTO
THE COAL WORKERS' RETIREE HEALTH BENEFIT PLAN ABOUT 100 COMPANIES NO LONGER
IN THE COAL BUSINESS ARE FACING MILLIONS OF DOLLARS IN NEW PAYMENTS INTO THE
FUND BECAUSE OF A LAW PASSED LAST YEAR

WHEN IT COMES TO HIRING MINERS COMPANIES INCREASINGLY HAVE SOUGHT
NONUMWAFFILIATED WORKERS MAJOR PRODUCERS SUCH AS CONSOLIDATION COAL CO
 WHICH IS OWNED BY DU PONT CO AND RHEINBRAUN AG AND ARCH MINERAL
CORP AN ASHLAND OIL INC UNIT HAVE ADDED NONUNION MINES RECENTLY

THE COMPANIES MAINTAIN THAT NONUNION MINES ARE MORE PRODUCTIVE PRIMARILY
BECAUSE OF MORE FLEXIBILE WORK RULES RALPH BARBARO A CONSULTANT WITH
ENERGY VENTURES ANALYSIS INC IN ARLINGTON VA SAYS NONUNION MINES C ABOUT
65 TONS OF COAL PER MANHOUR WHILE UNION MINES PRODUCE ABOUT 45 TONS PER
MANHOUR

A RECENT UMW FLIER CHARGES THAT CONSOLIDATION COAL HAS ATTEMPTED TO DESTROY
OUR FUTURE BY CONTRACTING OUT OUR JOBS AND OPENING NONUNION MINES CREATED BY
CORPORATE SHELL GAMES AND PAPER SHUFFLES AND THE UMW'S MAGAZINE RECENTLY
LAMBASTED CONSOLIDATION IN AN ARTICLE TITLED FIGHTING TO STAUNCH A LEGACY
OF GREED

I THINK CERTAINLY NO 1 ON THEIR HIT LIST IS CONSOL SAYS MR BARBARO

SELECTIVE STRIKES ARE THOUGHT TO BE THE UNION'S MOST LIKELY APPROACH IF IT
CHOOSES THE STRIKE OPTION THAT'S BECAUSE THE UMW'S OVERALL CLOUT HAS WANED
ITS WORKERS MINE JUST A THIRD OF THE NATION'S COAL AND COAL COMPANIES'
MAJOR CUSTOMERS ELECTRIC UTILITIES HAVE BIG STOCKPILES WHICH WOULD
LAST AT LEAST 60 DAYS SAYS RON MCMAHAN OF RESOURCE DATA INTERNATIONAL A
DENVER CONSULTING FIRM THAT TRACKS ENERGY ISSUES FOR COMPANIES

THE UMW ALSO IS NEGOTIATING WITH A FOURCOMPANY GROUP CALLED THE INDEPENDENT
BITUMINOUS COAL BARGAINING ALLIANCE BUT THAT GROUP CONSIDERED MORE
SYMPATHETIC TO THE UNION STRUCK A 60DAY EXTENSION OF THE CURRENT CONTRACT
SO TALKS COULD CONTINUE

MEANWHILE THE COAL INDUSTRY RETIREE HEALTH BENEFIT ACT OF 1992 WHICH
REMOVED A GIANT HURDLE FROM LABOR RELATIONS IS BEING CHALLENGED IN COURT
THE LAW BAILS OUT THE INDUSTRY'S RETIREE HEALTH BENEFIT PLANS LARGELY BY
FORCING FORMER COAL PRODUCERS TO BEGIN PAYING AGAIN IN THREE SEPARATE
SUITS LTV STEEL CO A UNIT OF LTV CORP BELLAIRE CORP OWNED BY NACCO
INDUSTRIES INC BARRICK GOLD EXPLORATION INC AN AMERICAN BARRICK
RESOURCES CORP UNIT ALLIEDSIGNAL INC AND GATEWAY COAL CO AND ITS
PARENT MAXUS ENERGY CORP CHARGE THAT THE NEW LAW IS UNCONSTITUTIONAL THEY
SAY THEY PUT MILLIONS OF DOLLARS INTO THE RETIREE FUNDS WHEN THEY WERE IN
THE COAL BUSINESS TAKING CARE OF THEIR OBLIGATIONS

IF THE LEGAL CHALLENGE FAILS EACH WILL HAVE TO CONTRIBUTE MILLIONS OF
DOLLARS TO THE FUNDS ANNUALLY LTV FOR INSTANCE WOULD HAVE TO PAY 15
MILLION A YEAR A SPOKESMAN SAYS 9302010083 930201 GLOBAL VIEW 
DEMOCRATS GUN FOR A BIRD THAT HAS FLOWN  BY GEORGE MELLOAN

PRESIDENT CLINTON IN HIS CAMPAIGN SPEECHES LAST YEAR ASSERTED THAT HE WOULD
NOT ALLOW THE US TO BECOME A TAX HAVEN FOR FOREIGN INVESTORS HE NEED
NOT HAVE WORRIED SO MUCH EVEN AS HE SPOKE FOREIGN ENTHUSIASM FOR BUILDING
NEW PLANTS IN THE US HAD DIMINISHED SHARPLY FROM THE GOGO YEARS OF THE
1980S WITH THE US ECONOMIC PICKUP THERE ARE A FEW SIGNS OF RENEWED
INTEREST BUT IF MR CLINTON AND THE DEMOCRATIC CONGRESS FOLLOW THROUGH ON
THEIR THREATS OF LEVYING SPECIAL TAXES ON FOREIGN MULTINATIONALS OPERATING
IN THE US THEY COULD LOSE SOME EXISTING INVESTORS AND DISCOURAGE
POTENTIAL NEWCOMERS

THIS IS NOT EXACTLY THE GREATEST TIME IN THE HISTORY OF THE WORLD TO BE
TURNING DOWN THE DAMPER ON INVESTMENT OF ANY KIND FOREIGN OR DOMESTIC THE
GLOBAL ECONOMY HAS SLUMPED INTO LOW GROWTH WORLDWIDE GROSS NATIONAL
PRODUCT MAY CLIMB ONLY 2 OR LESS THIS YEAR SOME ECONOMISTS ESTIMATE
DESPITE IMPROVING US PERFORMANCE MULTINATIONALS HEADQUARTERED IN THE
COUNTRIES THAT HAVE PROVIDED THE MOST FOREIGN INVESTMENT IN THE US ARE NOT
EXACTLY BRIMMING WITH SURPLUSES OR BEATING OFF BANKERS EAGER TO FINANCE NEW
PROJECTS

THOSE COUNTRIES IN ORDER OF THE NUMBER OF PEOPLE THEY EMPLOY IN THE US
ARE THE UNITED KINGDOM CANADA JAPAN AND GERMANY IN THE LATE 1980S DIRECT
PLANT INVESTMENTS FROM THIS BIG FOUR HAD GIVEN THE US ECONOMY AND US
JOB GROWTH A NICE BOOST BUT AS ALL FOUR FOLLOWED THE US INTO HARDER
TIMES IN THE 1990S INVESTMENTS FROM THESE SOURCES TOOK A NOSE DIVE
ACCORDING TO COMMERCE DEPARTMENT FIGURES NET FOREIGN DIRECT INVESTMENT IN
THE US SLUMPED TO 115 BILLION IN 1991 FROM NEARLY 68 BILLION IN 1989
THERE WAS ACTUALLY NET DISINVESTMENT IN THE FIRST QUARTER LAST YEAR WITH
SOME RECOVERY IN THE SECOND QUARTER

CONGRESSIONAL AND ADMINISTRATION DEMOCRATS HAVE FOCUSED ON FOREIGN
MULTINATIONALS AS A TAX TARGET FOR A REASON AS OLD AS POLITICS ITSELF IF
VOTERS ARE RESISTING TAX INCREASES TAX SOMEONE WHO DOESN'T VOTE ONE MEANS
BY WHICH THIS COULD BE DONE IS SOMETHING CALLED A TRANSFER TAX ON THE
CROSSBORDER TRANSACTIONS MULTINATIONALS MAKE WITHIN THEIR OWN CORPORATIONS
THERE ARE TWO THINGS WRONG WITH THIS KIND OF TAX IT IS ALMOST IMPOSSIBLE TO
ASSESS ACCURATELY TAX LIABILITIES ON THE INTERNAL TRANSACTIONS OF A
CORPORATION AND IF FOREIGNBASED MULTINATIONALS PRACTICE TAX AVOIDANCE IN
THE US AS THEY NO DOUBT DO YOU CAN BET THAT USBASED
MULTINATIONALS DO THE SAME THING ABROAD IF THE US GETS HEAVYHANDED WITH
FOREIGNBASED MULTINATIONALS US CORPORATIONS HAVE BEEN PROMISED BY TAX
AUTHORITIES ABROAD THAT THE SAME APPROACH WILL BE APPLIED TO THEM AS WELL
SINCE US DIRECT INVESTMENTS ABROAD ARE FAR HIGHER THAN FOREIGN INVESTMENTS
IN THE US AMERICAN COMPANIES COULD END UP ON THE SHORT END OF ANY
COMPETITION OVER WHO CAN SOAK THE MULTINATIONALS THE MOST

DEMOCRAT DAN ROSTENKOWSKI D ILL CHAIRMAN OF THE US HOUSE WAYS AND
MEANS COMMITTEE THOUGHT HE HAD FOUND A WAY LAST YEAR TO DEAL WITH THE TAX
ASSESSMENT DIFFICULTY HE AND REPUBLICAN WILLIS D GRADISON JR OF OHIO
INTRODUCED A BILL SETTING A STATUTORY MINIMUM ON EARNINGS FOREIGNOWNED
COMPANIES MUST REPORT ARBITRARILY CALCULATED AT 75 OF WHAT USOWNED
COMPANIES IN THE SAME INDUSTRY REPORT THAT SOUNDS LIKE A SIMPLE SOLUTION
BUT IT ENTAILS SINGLING OUT FOREIGNOWNED COMPANIES SOME OF THEM LARGE
EMPLOYERS OF AMERICAN CITIZENS FOR SPECIAL TAXATION WHETHER IT WOULD
SURVIVE A COURT TEST MIGHT DEPEND UPON THE DEGREE TO WHICH XENOPHOBIA HAS
SPREAD FROM CAPITOL HILL TO THE US COURT SYSTEM

SHOULD THE ASSESSMENT PROBLEM NOT BE FORMIDABLE ENOUGH THERE ALSO IS THE
QUESTION OF HOW MUCH SUCH A TAX WOULD BE WORTH REP JJ PICKLE D TEXAS
CLAIMS THE FOREIGN MULTINATIONALS ARE CHEATING THE US OUT OF 20 BILLION
TO 30 BILLION A YEAR BUT EVEN THE INTERNAL REVENUE SERVICE NEVER A PLACE
TO DISCOURAGE NEW TAXATION THOUGHT THAT ESTIMATE WAS OFF THE WALL MR
CLINTON'S OWN ESTIMATE IS FAR MORE MODEST REVENUES OF 135 BILLION A YEAR
BY 1996 EVEN IF THAT WERE LIKELY IT WOULD DO VERY LITTLE TO MAKE A DENT IN
A 300 BILLION FEDERAL DEFICIT

WHAT IT WOULD DO IS PROVIDE SOME FURTHER DISCOURAGEMENT ON THE MARGIN TO
FOREIGN INVESTMENT IN THE US THAT MEANS THAT ANY REVENUES WOULD BE OFFSET
TO SOME EXTENT BY THE FOREGONE EARNINGS AND THE TAXES ON THEM OF THE
CORPORATIONS THAT CHOSE NOT TO INVEST AND THE EMPLOYEES NEVER HIRED THERE
ALREADY ARE SIGNIFICANT NONTAX DISCOURAGEMENTS TO INVESTMENT COMPANIES
BUILDING PLANTS IN THE US FACE AN INCREASING LOAD OF COST BURDENS AMONG
THEM STRINGENT ENVIRONMENTAL RULES AND THE RISKS THAT ACCOMPANY DOING
BUSINESS IN THE WORLD'S MOST LITIGIOUS SOCIETY

THE NOTION THAT FOREIGNERS WERE BUYING UP THE US IN THE 1980S WAS A
PRIME EXAMPLE OF HOW AMERICA'S POLITICAL RHETORIC HAS BECOME INFLATED BEYOND
BELIEF A COMBINED EFFORT LAST YEAR BY THE US BUREAU OF ECONOMIC ANALYSIS
THE CENSUS BUREAU AND THE BUREAU OF LABOR STATISTICS ASCERTAINED THAT IN
1987 FOREIGN INTERESTS OWNED 66878 BUSINESSES IN THE US ONLY ABOUT 11
OF THE TOTAL THEY EMPLOYED 32 MILLION WORKERS OR ABOUT 37 OF THE TOTAL
WORK FORCE WITH A PAYROLL OF 811 BILLION OR ABOUT 47 OF THE TOTAL US
PAYROLL NO DOUBT THE HEAVY NET INVESTMENT IN 1989 AND 1990 EXPANDED THOSE
NUMBERS BUT THEY HARDLY CONSTITUTE BUYING UP AMERICA WHAT THEY IN FACT
REPRESENTED WAS A HELPFUL FURTHER BOOST TO AN ECONOMY THAT WAS IN THOSE
YEARS ENJOYING STEADY GROWTH

THE ROLE OF FOREIGNERS IN THE US ECONOMY EXPANDS IF YOU INCLUDE PORTFOLIO
INVESTMENTS BUT THAT NUMBER IS CONSTANTLY SHIFTING CERTAINLY IT IS NOT
SOMETHING THAT AMERICAN CORPORATIONS OR STOCK MARKET INVESTORS NEED REGRET
SO LONG AS THEY UNDERSTAND THAT THE FOREIGN BUYING THAT HAS AIDED THE SALE
OF US STOCKS AND BONDS COULD FLOW ELSEWHERE IF THE ATTRACTIVENESS OF US
SECURITIES SHOULD DIMINISH

INDEED EVEN IF INVESTOR PREFERENCE WERE NOT A FACTOR THERE ARE SOME OTHER
REASONS TO BE CONCERNED ABOUT CAPITAL FLOWS INTO THE US FOR ONE THING
BANKS ABROAD ARE FACED WITH THE SAME IMPERATIVES AS THOSE IN THE US TO
MEET THE CAPITAL REQUIREMENTS OF THE INTERNATIONAL BASEL AGREEMENT THIS
MEANS THAT THEY LIKE US BANKS ARE INVESTING HEAVILY IN GOVERNMENT
SECURITIES WITH GOVERNMENTS ALMOST EVERYWHERE RUNNING ENORMOUS DEFICITS
THERE IS NO SHORTAGE OF GOVERNMENT PAPER TO BE HAD THUS CROSSBORDER FLOWS
OF BANK LENDING HAVE DIMINISHED THAT IS MORE OF A PROBLEM FOR DEVELOPING
AND POSTCOMMUNIST NATIONS THAN FOR THE US BUT IT IS NONETHELESS A REASON
WHY THE WORLD ECONOMY IS SLUGGISH MULTINATIONAL CORPORATION BALANCE SHEETS
INCLUDING THOSE OF SOME OF THE VAUNTED JAPANESE COMPANIES ARE NOT IN THE
BEST OF HEALTH EITHER AFTER AN EXTENDED PERIOD OF WEAK EARNINGS

IT IS IN THIS CLIMATE THAT THE NEW DEMOCRATIC REGIME IN THE US WANTS TO
TAX INVESTMENT LOTS OF LUCK 9302010082 930201 REVIEW & OUTLOOK
EDITORIAL HAZING GREENSPAN

THE US ECONOMY GREW BY 38 IN THE FOURTH QUARTER ORDERS FOR DURABLE
GOODS JUMPED BY 91 IN DECEMBER AND INFLATION REMAINS LOW BUT SOME MEMBERS
OF CONGRESS JUST WON'T LEAVE WELL ENOUGH ALONE THEIR HAZING OF FED CHAIRMAN
ALAN GREENSPAN SUGGESTS WE ALL MAY HAVE TO RELEARN THE HARD ECONOMIC LESSONS
OF THE 1970S

INFLATION IS NOT WHAT AILS US HERE HOWLED SENATE BUDGET COMMITTEE
CHAIRMAN JAMES SASSER AT A HEARING LAST WEEK SOUNDING VERY MUCH LIKE FORMER
TREASURY SECRETARY NICHOLAS BRADY AS HE DEMANDED EASY MONEY FROM MR
GREENSPAN AN ANEMIC ECONOMIC RECOVERY IS PUBLIC ENEMY NUMBER ONE HE
ADDED ON THE SAME DAY THAT THE 38 GROWTH FIGURE CHECKED IN

THIS VERBAL ABUSE WAS ACCOMPANIED BY SOME POINTED THREATS TO REDUCE THE
FED'S INDEPENDENCE MARYLAND SENATOR PAUL SARBANES THREATENED TO REMOVE THE
FED'S REGIONAL BANK PRESIDENTS FROM MONETARYPOLICY DECISIONS WISCONSIN
LIBERAL DAVID OBEY CHIMED IN THAT HE THOUGHT IT WAS TIME TO SUBJECT THE FED
TO A CONGRESSIONAL APPROPRIATION THE FED CURRENTLY GENERATES ITS OWN
BUDGET FROM ITS FINANCIAL OPERATIONS

THIS ALL TOOK PLACE THE DAY BEFORE PRESIDENT CLINTON CALLED MR GREENSPAN IN
FOR A PHOTOOP AND CHAT THAT A WHITE HOUSE SPOKESMAN SAID WAS AIMED AT
COOPERATION WE'RE ALL FOR COOPERATING SO LONG AS IT DOESN'T MEAN THE
SORT OF BROWBEATING THAT TYPIFIED THE BUSH YEARS MR CLINTON SOUNDED VERY
SENSIBLE ABOUT THE ROLE OF MONETARY POLICY DURING THE CAMPAIGN AND WE HOPE
HE HASN'T REVERTED TO QUIET SASSERISM NOW THAT HE'S PRESIDENT

FOR THE NOTSOSECRET DEAL THAT MANY DEMOCRATS ARE PROPOSING IS THAT THE FED
GUN THE MONEY SUPPLY AFTER THEY APPLY THE FISCAL BRAKES OF A TAX INCREASE
IT IS CRITICAL THAT WE GET ASSURANCES FROM THE FEDERAL RESERVE THAT THE
WHITE HOUSE AND CONGRESS WILL NOT BE LEFT DANGLING AND TWISTING IN THE
WIND DECLARED MR SASSER IN OTHER WORDS THE FED WILL HAVE TO SAVE
CONGRESS FROM ITSELF

WITH THIS OFFER WE ARE BACK IN THE 1970S JIMMY CARTER BEGAN HIS PRESIDENCY
WITH THE 50 REBATE A BOW TO KEYNESIAN STIMULUS BUT BEFORE LONG HE WAS
SCROUNGING FOR TAX REVENUE HIS SAFETY VALVE ACCORDING TO THE ECONOMIC
WISDOM OF THE TIME WAS EASIER MONETARY POLICY WE ENDED UP WITH 13
INFLATION AND 800 GOLD UNTIL MARKETS FORCED MR CARTER TO APPOINT PAUL
VOLCKER

IT'S HARD TO BELIEVE ANYONE WOULD WANT TO REPEAT THIS EXPERIENCE BUT HERE
WE GO AGAIN THE CLINTON ADMINISTRATION AND CONGRESS ARE DISCUSSING A
SHORTTERM STIMULUS AS IF SPENDING 15 BILLION ON ROADS AND BRIDGES WILL
MATTER IN A 6 TRILLION ECONOMY SOME TIME LATER THE SECOND TERM WE
WILL GET A LONGTERM DEFICIT REDUCTION WHICH WILL INCLUDE LOTS OF NEW
TAXES AND MAY OR MAY NOT INCLUDE ANY REAL SPENDING CUTS MR GREENSPAN IS
THEN SUPPOSED TO SAVE THE DAY BY LOWERING INTEREST RATES

NOW THE LESSON WE DREW FROM THE 1970S IS THE SAME WARNING WE'D OFFER TODAY
 THAT FOR EVERY POLICY GOAL YOU NEED A POLICY LEVER THE LEVER OF FISCAL
POLICY CAN FIGHT STAGNATION WITH TAX INCENTIVES WHILE MONETARY POLICY CAN
PRODUCE STABLE PRICES BUT IT IS IMPOSSIBLE FOR A SINGLE LEVER MONETARY
POLICY TO ACHIEVE BOTH POLICY GOALS

IN ANY EVENT AS MR GREENSPAN TOLD CONGRESS THE FED CAN'T EVEN CONTROL
INTEREST RATES IT CAN RATCHET DOWN SHORTTERM RATES WHICH ARE ALREADY AT A
20YEAR LOW OF 3 WHAT DO DEMOCRATS WANT 0 LONGTERM RATES WHICH ARE
MORE IMPORTANT FOR INVESTMENT DECISIONS RESPOND MUCH MORE TO EXPECTATIONS
OF FUTURE INFLATION AND LONGTERM RATES HAVE A BETTER CHANCE OF FALLING IF
DEMOCRATS STOP BROWBEATING THE FED TO REINFLATE

THE POINT FOR MR CLINTON IS THAT HIS LEGACY ON ECONOMIC POLICY WILL HAVE TO
COME ON THE FISCAL SIDE WE AGREE WITH TREASURY SECRETARY BENTSEN THAT THIS
EXPANSION COULD USE SOME BETTER JOB GROWTH BUT JOBS WON'T COME FROM
FORCEFEEDING THE FORTUNE 500 WITH TARGETED INVESTMENT INCENTIVES THEY
ARE MORE LIKELY TO COME FROM SMALL AND NEW BUSINESSES THAT NEED MORE ACCESS
TO BANK LOANS AND TO CAPITAL FREED UP FROM CUTTING THE CAPITALGAINS TAX
RATE OR INDEXING IT FOR INFLATION

AS FOR THE DEFICIT THE ONLY POSSIBLE SUSTAINABLE REMEDY IS ON THE
SPENDING SIDE WITH SOME ENTITLEMENTS GROWING AT CLOSE TO 10 A YEAR TAXES
WOULD HAVE TO RISE EVERY YEAR JUST TO CATCH UP THIS IS WHAT MR GREENSPAN
MEANT LAST WEEK WHEN HE REPORTEDLY ENDORSED MR CLINTON'S
DEFICITREDUCTION PLANS WHAT HE TOLD CONGRESS WAS IT FUNDAMENTALLY
MEANS THAT THERE HAS GOT TO BE A VERY SUBSTANTIAL ADDRESSING OF THE
EXPENDITURE LEVEL MR CLINTON'S TRIAL BALLOON TO RAISE THE SOCIAL SECURITY
RETIREMENT AGE TO 67 FROM 65 AT AN EARLIER EFFECTIVE DATE IS A GOOD START

THE US ECONOMY SEEMS TO BE MOVING INTO AN EXPANSION WITH LOW INFLATION
THAT WILL LAST LONGER IF DEMOCRATS DON'T REPEAT THE MISTAKES OF JIMMYNOMICS
THEY'LL FARE BETTER IF THEY START THINKING THAT ALAN GREENSPAN IS THE BEST
FRIEND BILL CLINTON HAS 9302010081 930201 WHO'S NEWS CRAY RESEARCH
TAPS CARLSON TO SUCCEED ROLLWAGEN AS ITS CHIEF AND CHAIRMAN  BY
MICHAEL ALLEN STAFF REPORTER OF THE WALL STREET JOURNAL

CRAY RESEARCH INC APPOINTED JOHN F CARLSON PRESIDENT AND CHIEF OPERATING
OFFICER TO SUCCEED JOHN A ROLLWAGEN AS CHAIRMAN AND CHIEF EXECUTIVE AFTER
MR ROLLWAGEN RESIGNED TO ACCEPT THE NO 2 JOB IN THE COMMERCE DEPARTMENT

A 16YEAR VETERAN OF CRAY RESEARCH THE 54YEAROLD MR CARLSON HAD
PREVIOUSLY SERVED AS TREASURER EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL
OFFICER BEFORE BEING NAMED PRESIDENT IN 1991

ANALYSTS SAID THEY DON'T EXPECT THE CHANGE IN COMMAND TO HAVE MUCH EFFECT ON
THE EAGAN MINN SUPERCOMPUTER MANUFACTURER'S OPERATIONS SINCE SENIOR
MANAGERS HAVE WORKED TOGETHER FOR YEARS GENERALLY ARRIVING AT DECISIONS BY
CONSENSUS BUT SOME QUESTIONED WHETHER MR CARLSON AN ACCOUNTANT KNOWN FOR
A DRY MANAGEMENT STYLE AND FOCUS ON THE BOTTOM LINE WOULD BE AS EFFECTIVE
AS THE CHARISMATIC MR ROLLWAGEN WHO IS 52 IN FLYING THE COMPANY FLAG TO
THE REST OF THE WORLD

WHAT JOHN CARLSON CAN'T DO  IS TAKE OVER THE ROLE ROLLWAGEN HAD AS A
VISIONARY AND STRONG REPRESENTATIVE OF CRAY'S INTERESTS OUTSIDE THE
COMPANY SAID JEFFRY CANIN AN ANALYST WITH SALOMON BROTHERS

OTHER EXECUTIVES AFFECTED BY THE MOVE INCLUDE LESTER T DAVIS THE FORMER
EXECUTIVE VICE PRESIDENT AND GENERAL MANAGER OF CRAY RESEARCH'S
SUPERCOMPUTER OPERATIONS WHO WAS NAMED CHIEF OPERATING OFFICER REPORTING
TO MR CARLSON THE LACONIC MR DAVIS 62 YEARS OLD HAS TAKEN A MUCH HIGHER
PROFILE IN RECENT YEARS BECOMING THE COMPANY'S CHIEF TECHNOLOGY GURU AFTER
THE DEPARTURES OF FOUNDER SEYMOUR CRAY AND OF STEVE CHEN ANOTHER STAR
SUPERCOMPUTER ARCHITECT

ROBERT E EWALD A 45YEAROLD EXECUTIVE VICE PRESIDENT WILL ASSUME MR
DAVIS' FORMER ROLE AS GENERAL MANAGER OF SUPERCOMPUTER OPERATIONS

THE REMAINING EXECUTIVES HAVE THEIR WORK CUT OUT FOR THEM GIVEN THE
TECHNOLOGICAL TURMOIL IN THE SUPERCOMPUTER INDUSTRY AND CUTBACKS IN SPENDING
BY KEY CUSTOMERS IN 1992 FOR THE FIRST TIME SINCE ITS FOUNDING CRAY
RESEARCH REPORTED A NET LOSS FOR THE YEAR OF 149 MILLION OR 56 CENTS A
SHARE INCLUDING A 40 MILLION CHARGE FOR LAYOFFS AND RESTRUCTURING FOR
1991 THE COMPANY POSTED NET INCOME OF 113 MILLION OR 415 A SHARE

BUT ANALYSTS SAY CRAY RESEARCH APPEARS POISED FOR AT LEAST A SLIGHT REBOUND
IN 1993 WITH A LARGE BACKLOG OF ORDERS FOR ITS TOPOFTHELINE YMP C90
MACHINES THE COMPANY ALSO PLANS TO INTRODUCE THIS YEAR ITS FIRST
MASSIVELYPARALLEL SUPERCOMPUTER EMPLOYING A TRENDY TECHNOLOGY THAT USES
LARGE NUMBERS OF RELATIVELY INEXPENSIVE MICROPROCESSORS TO SPLIT UP
CALCULATIONS 9302010080 930201 GTE PLANS CHARGE FOR FOURTH PERIOD ON
SALE OF 2 UNITS  BY GAUTAM NAIK STAFF REPORTER OF THE WALL STREET
JOURNAL

STAMFORD CONN GTE CORP SAID IT COMPLETED THE SALE OF ITS WORLDWIDE
LIGHTING BUSINESS EXPECTS TO CLOSE THE SALE OF ITS VALENITE UNIT TODAY AND
WILL TAKE A CHARGE AGAINST 1992 FOURTHQUARTER EARNINGS TO REFLECT THE
TRANSACTIONS

THE TELECOMMUNICATIONS COMPANY'S LIGHTING BUSINESS WAS SOLD IN TWO PIECES TO
A SIEMENS AG SUBSIDIARY AND AN INVESTOR GROUP LED BY CITICORP FOR A TOTAL OF
ABOUT 11 BILLION THE VALENITE UNIT A MAKER OF PRECISION ENGINEERED
MATERIALS AND COMPONENTS WAS ACQUIRED BY CINCINNATI MILACRON INC
CINCINNATI FOR ABOUT 100 MILLION A GTE SPOKESMAN SAID

AS A RESULT OF THE SALES GTE SAID IT WILL TAKE A 100 MILLION CHARGE
AGAINST 1992 FOURTHQUARTER EARNINGS INCLUDING 52 MILLION FOR EARLY
RETIREMENT OF DEBT AND 48 MILLION FOR THE SALE OF THE ELECTRICAL PRODUCTS
GROUP WHICH HAS BEEN ACCOUNTED FOR AS A DISCONTINUED OPERATION GTE POSTED
NET INCOME OF 515 MILLION OR 57 CENTS A SHARE IN THE 1991 FOURTH QUARTER

LAST YEAR THE COMPANY HAD DESCRIBED THE SALE OF THE ELECTRICAL PRODUCTS
GROUP AS A BREAKEVEN DEAL MEANING NO CHARGE OR GAIN WOULD BE RECORDED
THE ELECTRICAL PRODUCTS GROUP INCLUDES THE WORLDWIDE LIGHTING BUSINESS
VALENITE AND ANOTHER PRECISION MATERIALS BUSINESS CONTROL DEVICES THE
SALE OF WHICH IS STILL BEING NEGOTIATED

GTE SAID PROCEEDS OF THE SALES WILL BE USED TO RETIRE HIGHCOUPON DEBT THE
SPOKESMAN ADDED THAT THE EARLY RETIREMENT OF HIGHCOUPON DEBT WOULD YIELD A
NET BENEFIT TO GTE OF OVER 80 MILLION

GTE'S NORTH AMERICAN LIGHTING BUSINESS WHICH INCLUDES OPERATIONS IN THE
US CANADA AND PUERTO RICO WAS SOLD TO OSRAM GMBH A GLOBAL LIGHTING
COMPANY AND UNIT OF SIEMENS THE BUSINESS WILL BE COMBINED WITH OSRAM'S
BUSINESSES IN THE US AND CANADA AND THE COMBINED COMPANY IN NORTH AMERICA
WILL BE BASED IN DANVERS MASS AND NAMED OSRAM SYLVANIA INC OSRAM SAID

DEAN T LANGFORD PREVIOUSLY PRESIDENT OF THE GTE ELECTRICAL PRODUCTS GROUP
WAS NAMED PRESIDENT OF OSRAM SYLVANIA AND DR WILFRIED BACKES WAS NAMED
EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER IN ADDITION HENNY A
PETERS WAS NAMED EXECUTIVE VICE PRESIDENT OF MARKETING AND SALES AND
VINCENT A ST ONGE WAS NAMED EXECUTIVE VICE PRESIDENT OF PRECISION
MATERIALS AND COMPONENTS

GTE ALSO SAID IT CLOSED THE SALE OF ITS INTERNATIONAL LIGHTING BUSINESS
OUTSIDE OF NORTH AMERICA TO A CONSORTIUM OF INTERNATIONAL INVESTORS
9302010078 930201 SHELL OIL SHOWS QUARTERLY PROFIT OF 71 MILLION 
 BY CALEB SOLOMON STAFF REPORTER OF THE WALL STREET JOURNAL

HOUSTON SHELL OIL CO REPORTED FOURTHQUARTER NET INCOME OF 71 MILLION
COMPARED WITH A LOSS A YEAR EARLIER INDICATING THE COMPANY IS ON THE MEND

THE COMPANY HAS REPORTED WEAK RESULTS IN RECENT YEARS BUT UNDERTOOK A
MASSIVE RESTRUCTURING THAT INCLUDED LARGE ASSET SALES STRATEGIC CHANGES AND
LAYOFFS SHELL HAS SET A TARGET OF CUTTING ITS COSTS BY 800 MILLION A YEAR
BY 1994 AND SAID THAT SO FAR IT HAS REDUCED ITS COST STRUCTURE BY 650
MILLION

AT THE END OF 1992 SHELL SAID IT EMPLOYED SLIGHTLY MORE THAN 25000
WORKERS DOWN FROM 32000 AT THE BEGINNING OF 1991 ABOUT 2500 PEOPLE LEFT
THE COMPANY WHEN IT SOLD ITS COAL MINING SUBSIDIARY AND CREDIT CARD CENTER
IN THE FOURTH QUARTER MOST OF THE LAYOFFS HAVE BEEN COMPLETED WE WILL
HAVE LARGELY ACHIEVED OUR STAFF REDUCTIONS BY THE END OF THE FIRST QUARTER
A SHELL SPOKESMAN SAID

FRANK RICHARDSON PRESIDENT SAID I AM ENCOURAGED THAT THE NUMEROUS
ACTIONS TAKEN OVER THE PAST 18 MONTHS TO REDUCE COSTS IMPROVE OPERATIONS
AND REDEPLOY ASSETS HAVE RESULTED IN SUBSTANTIAL IMPROVEMENTS IN EARNINGS
FROM OPERATIONS

SHELL IS THE US SUBSIDIARY AND THE LARGEST SINGLE OPERATING COMPANY WITHIN
ROYAL DUTCH/SHELL GROUP WHICH IS EXPECTED TO REPORT GROUP EARNINGS LATER
THIS MONTH SHELL'S REVENUE IN THE FOURTH QUARTER FELL 46 TO 559
BILLION FOR THE 1991 FOURTHQUARTER SHELL REPORTED A LOSS OF 23 MILLION
ON REVENUE OF 586 BILLION

WITH 1992 REVENUE OF 217 BILLION DOWN 3 FROM 1991 SHELL IS THE
SEVENTHBIGGEST USBASED OIL COMPANY FOR THE FULL YEAR SHELL HAD A LOSS
OF 190 MILLION COMPARED WITH NET INCOME OF 20 MILLION IN 1992 SHELL
ADOPTED NEW ACCOUNTING STANDARDS THAT REDUCED NET INCOME BY 635 MILLION

IN MIDDECEMBER SHELL STARTED UP AN 85000BARRELADAY CATALYTIC CRACKING
UNIT AT ITS NORCO LA REFINERY THE CRACKER WHICH PRODUCES GASOLINE
REPLACES A UNIT THAT WAS DESTROYED IN A 1988 EXPLOSION THAT PUT THE COMPANY
AT A TREMENDOUS DISADVANTAGE IN ITS REFINING BUSINESS

SHELL SAID EARNINGS FROM ITS GASOLINE REFINING AND MARKETING BUSINESS WERE
11 MILLION IN THE FOURTH QUARTER COMPARED WITH A LOSS OF 127 MILLION A
YEAR EARLIER THE 1991 QUARTER INCLUDED A 97 MILLION ENVIRONMENTAL CHARGE

PROFIT FROM OIL AND NATURAL GAS PRODUCTION ROSE IN THE QUARTER PRIMARILY
BECAUSE OF COSTCUTTING SHELL SAID HOWEVER WORRISOME FOR SHELL IS THAT
ITS OIL PRODUCTION FELL IN THE PERIOD NATURAL GAS PRODUCTION ROSE
PRIMARILY DUE TO NEW PRODUCTION FROM MOBILE BAY ALA

FOR ITS CHEMICAL OPERATIONS SHELL HAD A LOSS OF 53 MILLION COMPARED WITH
YEARAGO PROFIT OF 7 MILLION THE RECENT QUARTER INCLUDED CHARGES OF 65
MILLION INCLUDING AN ENVIRONMENTAL PROVISION FOR REMEDIATION AT THE ROCKY
MOUNTAIN ARSENAL IN COLORADO SHELL SAYS A WORLDWIDE SLUMP IN CHEMICALS MAY
HAVE HIT BOTTOM AND IT EXPECTS SOME IMPROVEMENT THIS YEAR 9302010077
930201 BUSINESS BRIEF SAABSCANIA AB AUTOMOBILE UNIT TO RECEIVE 
INFUSION FROM TWO OWNERS

SWEDISH SAAB AUTOMOBILE AB SAID IT WILL GET A 28BILLIONKRONA 3886
MILLION CAPITAL INFUSION FROM ITS OWNERS SAABSCANIA AB AND GENERAL MOTORS
CORP

EACH OF THE TWO OWNERS WILL PROVIDE 14 BILLION KRONOR IN NEW CAPITAL DURING
1993 SAAB AUTOMOBILE SAID SAABSCANIA IS PART OF INVESTOR AB A SWEDISH
INVESTMENT AND HOLDING GROUP

THE SHAREHOLDERS' CAPITAL INFUSION COMBINED WITH ONGOING STREAMLINING AND
INTRODUCTION OF NEW CAR MODELS DURING 1993 WILL FURTHER STRENGTHEN THE
COMPANY SAAB AUTOMOBILE SAID THE CAPITAL WILL ALSO BE USED FOR FUTURE
INVESTMENTS IN NEW CAR MODELS THE COMPANY SAID

SAAB AUTOMOBILE WAS FORMED IN 1990 FOLLOWING AN AGREEMENT BETWEEN GM AND
SAAB SCANIA WHICH TRANSFERRED ITS CARMAKING OPERATIONS TO THE NEW COMPANY
9302010076 930201 WHO'S NEWS PETROCANADA OUSTS HOPPER FROM TOP
SPOTS  DISMISSAL COMES AS CONCERN SWINGS TO PROFIT FOR '92 
STANFORD TAKES OVER  BY SUZANNE MCGEE STAFF REPORTER OF THE WALL
STREET JOURNAL

DESPITE A SHARP IMPROVEMENT IN THE COMPANY'S FINANCIAL PERFORMANCE THE
DIRECTORS OF PETROCANADA HAVE OUSTED WILBERT HOPPER AS CHAIRMAN AND CHIEF
EXECUTIVE OFFICER OF THE OIL AND NATURAL GAS CONCERN

MR HOPPER WHO HEADED PETROCANADA FOR 16 YEARS AND OVERSAW THE RAPID
EXPANSION THAT MADE IT CANADA'S SECOND LARGEST OIL AND GAS CONCERN WAS
DISMISSED BY THE BOARD AT A RANCOROUS MEETING THURSDAY NIGHT AT THE SAME
MEETING DIRECTORS APPROVED THE FINANCIAL RESULTS FOR 1992 WHICH SHOWED
THAT THE COMPANY SWUNG TO A PROFIT OF NINE MILLION CANADIAN DOLLARS US71
MILLION FROM A LOSS OF C598 MILLION THE PRECEDING YEAR ITS CASH FLOW ROSE
TO C517 MILLION FROM C292 MILLION A YEAR EARLIER

THE 1992 YEAR INCLUDES PRETAX CHARGES OF C60 MILLION RELATED TO
RESTRUCTURING AND REORGANIZATION C53 MILLION FROM RETIREMENT OF DEBT AND
C8 MILLION FROM DISPOSAL OF INVESTMENTS THE PREVIOUS YEAR INCLUDED PRETAX
CHARGES OF C655 MILLION FOR RESTRUCTURING AND REORGANIZATION AND C138
MILLION FROM THE WRITEDOWN OF AN INVESTMENT IT ALSO INCLUDED A PRETAX GAIN
OF C23 MILLION FROM RETIREMENT OF DEBT

COMPANY OFFICIALS HAVE DECLINED COMMENT ON MR HOPPER'S DISMISSAL BUT
PEOPLE CLOSE TO THE BOARD INDICATED THAT THE DISAGREEMENTS BETWEEN
PETROCANADA DIRECTORS AND MR HOPPER THAT RESULTED IN THE LATTER'S
DISMISSAL HAVE BEEN BREWING FOR SOME TIME AND RELATE TO THE UNHAPPINESS OF
SHAREHOLDERS WITH THE COMPANY'S PAST FINANCIAL PERFORMANCE AND ITS SHARE
PRICE

JAMES STANFORD THE COMPANY'S PRESIDENT WILL SUCCEED THE 60YEAROLD MR
HOPPER AS CHIEF EXECUTIVE PETROCANADA OFFICIALS SAY NO ONE HAS YET BEEN
NAMED TO THE POST OF CHAIRMAN

THE DEPARTURE OF MR HOPPER ALSO SEVERS ANOTHER LINK WITH PETROCANADA'S
PAST AS A STATERUN OIL AND GAS CONCERN IN THE WAKE OF A SERIES OF EQUITY
ISSUES OVER THE PAST 18 MONTHS THE CANADIAN GOVERNMENT'S STAKE IN
PETROCANADA HAS SHRUNK TO 70 AND IT NO LONGER HAS ANY REPRESENTATION ON
THE COMPANY'S BOARD

THIS IS CERTAINLY A SYMBOLIC MOVE TO TRY TO REASSURE SHAREHOLDERS THAT THIS
COMPANY IS NO LONGER AN INSTRUMENT OF GOVERNMENT POLICY SAID ELEANOR
BARKER AN OIL ANALYST WITH SANWA MCCARTHY LTD IN TORONTO

NEARLY EVERY YEAR SINCE ITS CREATION IN 1976 PETROCANADA SYSTEMATICALLY
UNDERPERFORMED ITS COMPETITORS IN THE CANADIAN OIL PATCH WHILE SPENDING
BILLIONS OF DOLLARS TO BUILD UP AN OIL AND GAS EMPIRE LAST YEAR
PETROCANADA'S FIRST AS A PUBLICLY TRADED CORPORATION THE COMPANY BEGAN TO
DISMANTLE ITS HOLDINGS IT CLOSED RETAIL GAS STATIONS ANNOUNCED PLANS TO
MOTHBALL REFINERIES AND SOLD CORPORATE ASSETS SUCH AS ITS 37 STAKE IN
WESTCOAST ENERGY INC A VANCOUVERBASED PIPELINE AND GAS UTILITY MR
HOPPER IS BELIEVED TO HAVE RESISTED MANY OF THESE MEASURES WHICH
NONETHELESS ALLOWED PETROCANADA TO CUT ITS DEBT LOAD BY ABOUT C700 MILLION
TO C954 MILLION AT YEAR END

MR STANFORD TAKES THE REINS AT A TIME WHEN PETROCANADA APPEARS SET TO POST
FURTHER EARNINGS GROWTH SOME ANALYSTS SAY DESPITE A LACKLUSTER OUTLOOK FOR
THE REFINING AND MARKETING BUSINESSES AS A WHOLE JIM DOAK AN ANALYST AT
FIRST MARATHON SECURITIES IN TORONTO SAYS HE EXPECTS THE COMPANY'S EARNINGS
TO REACH ABOUT C246 MILLION IN 1993 AND ITS CASH FLOW TO TOP C550
MILLION

BUT THE COMPANY'S IMPROVED BALANCE SHEET AND IMPROVING EARNINGS AS YET
HAVEN'T TRANSLATED INTO A HIGHER STOCK PRICE SHARES OF PETROCANADA WERE
FIRST ISSUED AT C13 US1024 A SHARE IN JUNE 1991 BUT HAVEN'T REACHED
THAT LEVEL IN MORE THAN A YEAR RECENTLY THE STOCK HAS BEEN TRADING NEAR
ITS 52WEEK LOW OF C7875 A SHARE IN TRADING ON THE TORONTO STOCK EXCHANGE
FRIDAY AFTER THE NEWS OF MR HOPPER'S DEPARTURE WAS ANNOUNCED THE STOCK
CLOSED AT C8125 UP 25 CANADIAN CENTS

A RECENT ATTEMPT BY THE COMPANY TO RAISE C250 MILLION OF NEW EQUITY LEFT
UNDERWRITERS HOLDING AS MANY AS HALF OF THE 30 MILLION SHARES ISSUED UNABLE
TO ATTRACT MAJOR INSTITUTIONAL INVESTORS SOME INVESTMENT INDUSTRY SOURCES
AND INSTITUTIONAL INVESTORS SAID MR HOPPER'S DEPARTURE SHOULD MAKE IT
EASIER TO PLACE THAT STOCK AND WILL HELP BOOST THE SHARE PRICE

EVEN SMALL RETAIL INVESTORS WHO STILL REPRESENT THE MAJORITY OF
PETROCANADA SHAREHOLDERS ARE UNLIKELY TO MOURN MR HOPPER'S DEPARTURE AT
THE COMPANY'S ANNUAL MEETING LAST YEAR THEY BLASTED THE FORMER CHAIRMAN FOR
HIS FREQUENT USE OF THE COMPANY'S CORPORATE JET HIS HIGH SALARY AND OTHER
PERQUISITES WHICH COMPANY SOURCES SAY INCLUDED AN EXECUTIVE CHEF AND
LIMOUSINE SERVICES AT A TIME WHEN THE COMPANY WAS POSTING HEAVY LOSSES
AND FIRING THOUSANDS OF EMPLOYEES

MR HOPPER COULDN'T BE REACHED FOR COMMENT HE HAS REPEATEDLY DECLINED
COMMENT ON HIS SALARY WHICH UNDER CANADIAN SECURITIES LAWS DOESN'T HAVE TO
BE DISCLOSED OR HIS PERKS

PETROCANADA IS BASED IN CALGARY ALBERTA IT IS INVOLVED IN OIL AND GAS
PRODUCTION AS WELL AS OIL REFINING AND MARKETING ACROSS CANADA 9302010075
930201 MANAGER'S JOURNAL NLRB MUDDIES REGULATORY WATERS  BY STEVE
GUNDERSON

AN EMPLOYEE UNHAPPY WITH THE COMPANY'S SMOKING POLICY WANTS SMOKING BANNED
FROM THE WORKPLACE HE SUGGESTS THAT OTHER EMPLOYEES FEEL THE SAME WAY
HOWEVER UPON HEARING OF THE COMPLAINT ANOTHER EMPLOYEE WHO LIKES THE
CURRENT POLICY OBJECTS WHAT IS THE BEST WAY TO RESOLVE THE CONFLICT

AS A PRACTITIONER OF MODERNDAY WORKPLACE MANAGEMENT THE MANAGER IS
INCLINED TO MAXIMIZE EMPLOYEE PARTICIPATION IN HIS DECISIONMAKING PROCESS
HE ANNOUNCES THE FORMATION OF A COMMITTEE AND POSTS A SIGNUP SHEET TO FIND
VOLUNTEERS HE THEN ENCOURAGES COMMITTEE MEMBERS TO DISCUSS THE ISSUE WITH
AS MANY OTHER WORKERS AS POSSIBLE BEFORE SUGGESTING A NEW SMOKING POLICY
AFTER ASSURANCES THAT IT REPRESENTS THE MAJORITY VIEW THE NEW POLICY IS
IMPLEMENTED

A GREAT BIT OF '90S MANAGEMENT STYLE RIGHT WRONG IN FACT ACCORDING TO
THE NATIONAL LABOR RELATIONS BOARD THE MANAGER'S ACTIONS PROBABLY WOULD
VIOLATE THE LAW AND PUT HIS ENTIRE COMPANY IN JEOPARDY WHY A RECENT NLRB
RULING SAYS SUCH COMMITTEES MAY NOT SPEAK ON BEHALF OF OTHER EMPLOYEES EVEN
IF THOSE EMPLOYEES AGREE WITH THE COMMITTEE AND HAVE NO OBJECTION TO
ALLOWING IT TO REPRESENT THEIR VIEWS

THE RULING HANDED DOWN DEC 16 AGAINST ELECTROMATION INC IN ELKHART IND
HAS SENT A SHOCK WAVE THROUGH AMERICA'S BESTMANAGED COMPANIES THE CASE
STEMMED FROM A 1989 COMPLAINT LODGED BY A TEAMSTERS UNION LOCAL THE UNION
OBJECTED TO COMMITTEES FORMED TO ADDRESS ABSENTEEISM AND INFRACTIONS
SMOKING POLICIES ESTABLISHING COMMUNICATION NETWORKS PAY PROGRESSION FOR
PREMIUM POSITIONS AND AN ATTENDANCE BONUS PROGRAM THE NLRB FOUND THAT SUCH
COMMITTEES VIOLATE A BAN AGAINST COMPANY UNIONS UNDER THE NATIONAL LABOR
RELATIONS ACT SUCH UNIONS WERE USED IN THE 1930S BY UNSCRUPULOUS EMPLOYERS
TO KEEP REAL UNIONS OUT

THE BAN AGAINST SHAM UNIONS IS NOT THE PROBLEM HOWEVER THE PROBLEM IS THAT
THE NLRB HAS MUDDIED THE DIFFERENCE BETWEEN WHAT CONSTITUTES A UNION AND
WHAT CONSTITUTES A TEAM OF EMPLOYEES ARRANGED AROUND A COMMON GOAL THE BAN
STATES THAT EMPLOYERS MAY NEITHER DOMINATE NOR INTERFERE WITH LABOR
ORGANIZATIONS THE NLRB RULING APPLIED THE BROADEST POSSIBLE DEFINITION TO
WHAT CONSTITUTES A LABOR ORGANIZATION COUNTING ANY GROUP OF TWO OR MORE
EMPLOYEES IF THEY DISCUSS WORKPLACE PROBLEMS WITH MANAGEMENT IN AN EFFORT TO
RESOLVE THEM

THE EFFECT IS THAT MANAGEMENT REFINEMENTS IN THE WORKPLACE TO CREATE A MORE
COMFORTABLE ENVIRONMENT TO IMPROVE PRODUCT QUALITY AND COMPETITIVENESS OR
TO MEET EMPLOYEE CONCERNS INCLUDING HEALTH AND SAFETY MAY BE ILLEGAL
IF THEY RESULT FROM DIALOGUE BETWEEN MANAGEMENT AND AN EMPLOYEE GROUP

HOW DOES THIS DECISION APPLY TO OUR CASE SUCCESSFUL EMPLOYEE INVOLVEMENT
PROGRAMS RELY ON AN ELEMENT OF GROUP REPRESENTATION TO IMPLEMENT BROAD
POLICIES BUT THE NLRB RULING STATED THAT ANY EXPECTATION YOU MIGHT HAVE
THAT YOUR VOLUNTEER COMMITTEE WOULD CONFER WITH OTHERS CONSTITUTES USING THE
COMMITTEE AS AN ILLEGAL REPRESENTATIVE BODY IE AS A COMPANY UNION

WHAT IF YOUR COMPANY IS UNIONIZED AND THE UNION EITHER PARTICIPATES IN THE
COMMITTEE OR SIMPLY WAIVES ITS RIGHT NOT TO BE DOMINATED OR INTERFERED
WITH AS THE NLRB REFUSED TO RESOLVE THIS IMPORTANT QUESTION YOUR
COMMITTEE MAY STILL BE ILLEGAL SO LONG AS CONDITIONS OF WORK WHICH ARE
LEFT TO COLLECTIVE BARGAINING AGREEMENTS WERE DISCUSSED

FINE YOU SAY YOU CAN STILL HAVE YOUR COMMITTEE AS LONG AS YOU INSTRUCT IT
TO STAY AWAY FROM DISCUSSIONS OF WORKING CONDITIONS BUT HOW CAN ANY
COMMITTEE TALK ABOUT ANY ISSUE IN THE WORKPLACE WITHOUT CROSSING THE FINE
LINE INTO CONDITIONS OF WORK CONSIDER THESE INNOCENT QUESTIONS THAT MIGHT
BE ASKED IF SMOKERS MUST LEAVE THE WORKSITE TO ACCOMMODATE NONSMOKERS
SHOULD THEY GET ADDITIONAL BREAKTIME HOW CAN THE WORKSPACE BE CONFIGURED TO
ACCOMMODATE A SMOKING AREA

IN FACT WORK TEAMS CANNOT POSSIBLY DISCUSS ISSUES OF QUALITY PRODUCTIVITY
OR EVEN MORALE IN A VACUUM THIS IS ESPECIALLY TRUE IN NONUNIONIZED
SETTINGS WHERE STRICT PARAMETERS ON EMPLOYEREMPLOYEE RELATIONSHIPS AND JOB
RESPONSIBILITIES ARE RARELY SET IN STONE

STILL WANTING TO BE A PROGRESSIVE MANAGER MAYBE YOU DETERMINE THAT THE NLRB
WILL NEVER HEAR OF YOUR VIOLATION OR IF IT DOES THE ONLY PENALTY IS LIKELY
TO BE A CEASE AND DESIST ORDER THINK AGAIN

ANYONE WHETHER A DISGRUNTLED EMPLOYEE AN OUTSIDE UNION OR A PESKY
COMPETITOR MAY FILE A CHARGE AGAINST YOUR COMMITTEE WITH THE NLRB AND THE
CHARGE ALONE MAY RAISE DIFFICULT PUBLIC RELATIONS PROBLEMS LIKELY
TARNISHING YOUR COMPANY'S IMAGE WITH LABOR GROUPS SUPPLIERS THE
SURROUNDING COMMUNITY AND OTHERS

BY SO CONFUSING THE ISSUE THE NLRB PUT EVEN THE MOST SUCCESSFUL EMPLOYEE
INVOLVEMENT PROGRAMS IN JEOPARDY HAVING FAILED TO DISCERN BETWEEN UNIONS
WHICH DESERVE PROTECTION FROM EMPLOYER MANIPULATIONS AND WORKPLACE TEAMS
WHICH SEEK TO ELIMINATE BARRIERS BETWEEN LABOR AND MANAGEMENT THE
ADMINISTRATIVE AGENCY HAS BADLY ERRED

CONGRESS MUST STEP IN TO CLARIFY THE LAW WITHOUT THE CHANGE THE BEST
AMERICAN BUSINESSES WHICH STRESS EMPLOYEE INVOLVEMENT WILL SUFFER

MR GUNDERSON R WIS IS A MEMBER OF THE HOUSE 9302010074 930201 TAXOL
PROGRESS ENDS NEED FOR US FORESTS' YEWS

NEW YORK BRISTOLMYERS SQUIBB CO SAID IT HAS MADE FASTERTHANEXPECTED
PROGRESS IN PRODUCING A SEMISYNTHETIC VERSION OF TAXOL A CANCER DRUG
DERIVED FROM PACIFIC YEW TREE BARK

AS A RESULT BY 1995 WE'LL NO LONGER HAVE TO DERIVE TAXOL FROM YEW BARK
A SPOKESMAN SAID

IN THE PAST ENVIRONMENTALISTS HAVE EXPRESSED CONCERN ABOUT THE STRIPPING OF
YEW TREES ON PUBLIC LAND FOR PRODUCTION OF TAXOL BRISTOLMYERS SQUIBB
HARVESTS HALF ITS BARK FROM FEDERAL LANDS AND HALF FROM PRIVATELY HELD
FORESTS

BUT THE COMPANY'S ADVANCEMENT IN USING SUBSTANCES DERIVED FROM TWIGS AND
NEEDLES FROM YEW TREES INSTEAD OF BARK MEANS WE DON'T EXPECT TO HARVEST
ANY YEW TREES FROM FEDERAL LANDS IN 1993 THE SPOKESMAN SAID THE COMPANY
HOWEVER WILL CONTINUE TO HARVEST YEW GROWING ON PRIVATE LAND

BRISTOLMYERS EXPECTS TO PRODUCE A SEMISYNTHETIC VERSION OF THE DRUG BY
1995 COMPARED WITH PREVIOUS ESTIMATES OF BETWEEN 1996 AND 1999 ACCORDING
TO THE SPOKESMAN THE PHARMACEUTICAL NUTRITIONAL PRODUCTS AND MEDICAL
DEVICES MAKER SAID IT EXPECTS TO APPLY FOR FEDERAL DRUG ADMINISTRATION
APPROVAL TO MARKET SEMISYNTHETIC TAXOL SOMETIME THIS YEAR

THE USE OF TAXOL TO TREAT ADVANCED OVARIAN CANCER WAS APPROVED BY THE FDA IN
DECEMBER 9302010073 930201 LEISURE & ARTS BOOKSHELF TIME AND TIME
AGAIN A NOVEL EXPERIENCE  BY LEE LESCAZE

THE 26YEAROLD ALBERT EINSTEIN WASN'T GOOD DINNER COMPANY NOR WAS HE A
GOOD HUSBAND NOR A GOOD FATHER HIS THOUGHTS WERE ELSEWHERE HE WAS A MAN
POSSESSED BY ONE OF HISTORY'S ASTONISHING BURSTS OF MENTAL CREATIVITY

THE EXTRAORDINARY 1905 OUTPUT OF THE BERN PATENT CLERK WHICH LAUNCHED HIM
AS ONE OF THE DEFINING INTELLECTUAL FIGURES OF THIS CENTURY IS THE
SPRINGBOARD FOR ALAN LIGHTMAN'S AMUSING THOUGHTPROVOKING AND CHARMING
NOVEL EINSTEIN'S DREAMS PANTHEON 179 PAGES 17

RELATIVITYAVERSE READERS WHO REGRET THAT EINSTEIN EXPLODED THE
EASIERTOUNDERSTAND NEWTONIAN UNIVERSE SHOULD BE PARTICULARLY HAPPY WITH
THIS NOVEL TIME HAS RARELY BEEN SO ENGAGINGLY PUT ON DISPLAY

IN THE SHORT CHAPTERS OF THIS VERY SHORT NOVEL THE DREAMING EINSTEIN
IMAGINES 30 DIFFERENT WORLDS DISTINGUISHED FROM ONE ANOTHER BY THE NATURE
OF TIME THESE WORLDS AREN'T DESCRIBED IN ABSTRACT TERMS INSTEAD MR
LIGHTMAN PRESENTS EACH ONE IN A BRIEF SCENE COMPLETE WITH REAL PEOPLE
CARRYING ON THE TASKS OF ORDINARY LIVES LOVERS MEET CHILDREN CHASE EACH
OTHER DOWN THE STREETS SHOPKEEPERS ROLL DOWN THEIR SHUTTERS AT THE END OF
DAY

MR LIGHTMAN RENDERS THE DREAMS WITH THE CLARITY AND GRACE OF A FABULIST
BUT HE ALSO KNOWS THAT THE TRUE STUDY OF TIME CAN BE CONFUSING AND
ALLABSORBING EVEN FOR AN EINSTEIN HIS DREAMS HAVE TAKEN HOLD OF HIS
RESEARCH HIS DREAMS HAVE WORN HIM OUT EXHAUSTED HIM SO THAT HE SOMETIMES
CANNOT TELL WHETHER HE IS AWAKE OR ASLEEP

IF THESE DREAMS EXHAUST THEIR DREAMER THEY ARE A DELIGHT TO READ WHAT
HAPPENS IF TIME IS A CIRCLE IN WHICH PEOPLE CARESS EACH PASSING MOMENT
OBLIVIOUS TO THE FACT THAT EACH WILL REPEAT ITSELF AGAIN AND AGAIN OR HOW
DOES A WORLD FUNCTION IN WHICH SOME PEOPLE HAVE BEEN TRANSPORTED BACKWARD IN
TIME WHERE THEY COWER HOPING NOT TO DISTURB THEIR FUTURES

SUPPOSE THAT PEOPLE HAVE NO MEMORIES AND THEREFORE PASSION IS EVERFRESH
OR WHAT IF EACH LIFE IS BUT A SINGLE DAY ONE SESSION OF LIGHT AND ONE OF
DARKNESS HOW DIFFERENT ARE THOSE BORN INTO LIGHT FROM THOSE WHO SPEND THEIR
FIRST HALFLIFE IN DARKNESS

IMAGINE THAT TIME IS RIGID THE FUTURE PREDETERMINED SINCE ALL IS
PREDESTINED IN SUCH A WORLD THERE IS NO CHOICE AND HENCE NO FREEDOM NO
RIGHT AND NO WRONG

EINSTEIN ALSO DREAMS SILLY WORLDS IN WHICH PEOPLE BELIEVE THAT TIME SLOWS AT
HIGH ALTITUDES AND THEREFORE IN PURSUIT OF LONGEVITY THEY NOT ONLY MOVE TO
MOUNTAINTOPS BUT BUILD THEIR HOMES ON STILTS THE RICHEST LIVE HIGHEST

THE DREAMING YOUNG PHYSICIST ALSO CONSIDERS A WORLD IN WHICH TIME SLOWS NOT
AT HIGH ALTITUDES BUT AT HIGH SPEEDS PEOPLE BUILD HOUSES OFFICES ENTIRE
CITIES ON WHEELS AND KEEP THEM RACING AROUND IN AN EFFORT TO DEFEAT TIME

THE ULTIMATE DEFEAT OF TIME HAS BEEN ACCOMPLISHED IN ANOTHER OF EINSTEIN'S
30 DREAMS IN A WORLD WHERE PEOPLE LIVE FOREVER SOCIETY SPLITS BETWEEN
PEOPLE WHO WOULD DO EVERYTHING LATER AND THOSE WHO WOULD ACT NOW IF THERE
IS INFINITE TIME THE LATERS ASK WHY RUSH IF THERE IS INFINITE
OPPORTUNITY SAY THE NOWS SEIZE IT ALL BUT IMMORTALITY HAS ITS DRAWBACKS
IF EVERYONE IS IMMORTAL EVERYONE FOREVER HAS A FATHER A MOTHER A
GRANDFATHER A GRANDMOTHER AND SO ON NO ONE COMES INTO HIS OWN ALL
QUESTIONS PROVOKE ENDLESS DELIBERATION THERE IS NO INDIVIDUAL FREEDOM

MR LIGHTMAN WHO TEACHES PHYSICS AND WRITING AT MASSACHUSETTS INSTITUTE OF
TECHNOLOGY MAKES THE CONCEPT OF TIME BOTH ACCESSIBLE AND FULL OF WONDER HE
GIVES EACH DREAM WORLD A DATE BETWEEN MIDAPRIL AND LATE JUNE 1905 THE
PERIOD IN WHICH EINSTEIN WAS WORKING ON HIS THEORY IN OCCASIONAL INTERLUDES
BETWEEN THE DREAMS MR LIGHTMAN PROVIDES GLIMPSES OF EINSTEIN'S LIFE AT THE
TIME EINSTEIN HAD STARTED OUT TO WRITE ABOUT ELECTRICITY AND MAGNETISM BUT
HE SUDDENLY ANNOUNCED TO A FRIEND THAT THIS WOULD REQUIRE A RECONCEPTION OF
TIME

THE FRIEND IS DAZZLED BY EINSTEIN'S AMBITION AND THINKS HIS MIND IS CAPABLE
OF ANYTHING AT THE SAME TIME HE WORRIES THAT LOST IN HIS THOUGHTS
EINSTEIN WILL FORGET TO EAT WILL TAKE SICK

THE NOVEL OPENS WITH EINSTEIN AT HIS PATENTOFFICE DESK AT 6 AM WAITING
FOR THE TYPIST HE HAS WRITTEN HIS THEORY OF TIME OTHER SCHEMES OF TIME MAY
EXIST IN OTHER WORLDS BUT EINSTEIN HAS CHOSEN WHAT STRIKES HIM AS THE MOST
COMPELLING EXPLANATION OF THIS WORLD THE NOVEL ENDS WITH THE TYPIST'S
ARRIVAL IT IS 806 AM WHEN HE HANDS HER HIS MANUSCRIPT WHICH SHE WILL
TYPE IN HER SPARE TIME HE LOOKS OUT THE WINDOW HE FEELS EMPTY

EINSTEIN'S DREAMS IS OF COURSE HARDLY A NOVEL NO PLOT NO CHARACTER
DEVELOPMENT NO CHARACTERS EXCEPT EINSTEIN

IT IS A MEDITATION A FABLE AND A PLEASURE ITS APPEAL IS A TRIBUTE TO THE
ENDURING POWER OF THE MYSTERY OF TIME EVEN IN A POSTEINSTEIN WORLD

PANTHEON HAS FURTHER ENHANCED THE BOOK'S CHARM BY PUBLISHING IT IN A SMALL
FORMAT SUITED TO ITS BREVITY THE BOOK FITS EASILY INTO A POCKET IN A SPARE
MOMENT ONE COULD PULL IT OUT TO READ ONE DREAM TAKES LITTLE LONGER THAN THE
BLINK OF AN EYE 9302010072 930201 INTERNATIONAL HONG KONG BUZZES WITH
POLITICAL DEBATE  RESIDENTS DIFFER ON HOW FAR CHINA SHOULD BE
PUSHED  BY JESSE WONG STAFF REPORTER OF THE WALL STREET JOURNAL

HONG KONG IN HIS PENTHOUSE OFFICE 69YEAROLD DANIEL KOO SITS SURROUNDED
BY MEMORABILIA THAT TESTIFY TO A LIFE OF COMMUNITY SERVICE HIS FACE RED
WITH EMOTION THE DEPARTMENTSTORE OWNER HAS THIS TO ASK NOW OF HIS
COMMUNITY LET US STOP THIS DESTRUCTIVE DEBATE OVER DEMOCRACY BEFORE IT
GETS TOO LATE

BUT IN HER OFFICE PACKED WITH ITALIAN PAINTINGS CHRISTINE LOH SPELLS OUT
WHAT SHE TREASURES MOST IN LIFE ART THE ENVIRONMENT AND ABOVE ALL
DEMOCRACY A VETERAN CHINA TRADER AT AGE 36 THE NEWLY APPOINTED HONG KONG
LEGISLATOR SAYS OF THOSE WHO OPPOSE POLITICAL CHANGE THEIRS IS A
SHORTTERM VIEW THAT COULD BRING US ONLY SHORTTERM PEACE

AS BRITAIN AND CHINA VEER FROM COLLISION TO COLLISION OVER THE SUBJECT OF
DEMOCRACY FOR HONG KONG SIMILAR BATTLES ARE TAKING PLACE AMONG THE BRITISH
COLONY'S 58 MILLION PEOPLE IN THE LEGISLATURE ON THE AIRWAVES AND IN
RESTAURANTS THEY ARGUE TAKE SIDES OR ASSIGN BLAME FOR A POLITICAL CRISIS
THAT SINCE IT ERUPTED LAST OCTOBER HAS SAPPED BUSINESS CONFIDENCE AND LEFT
A BATTERED STOCK MARKET TO RISE OR FALL ON OFFICIAL PRONOUNCEMENTS

WHAT BRITAIN SEEKS TO DO IS OPEN UP THE LARGELY POWERLESS COLONIAL
LEGISLATURE A LITTLE WIDER TO POPULAR VOTE IN 1995 TWO YEARS BEFORE HONG
KONG'S RETURN TO CHINESE RULE IT DOESN'T SEEK TO CHANGE THE EXECUTIVE ARM
OF GOVERNMENT WHICH ANSWERS MORE TO LONDON AND FROM 1997 TO BEIJING
CHINA REFUSES TO COUNTENANCE DEMOCRACY IN ANY FORM AND HAS THREATENED
REPRISALS

THE DEBATE IS MORE THAN AN EXERCISE IN POLITICAL THEORY NOW THAT CHINA HAS
SHOWN HOW EASILY ITS ANGRY RHETORIC CAN SEND HONG KONG'S JITTERY STOCK
MARKET INTO A TAILSPIN AND HONG KONG'S MILLIONS OF ETHNIC CHINESE WHO ARE
TO BECOME CHINESE NATIONALS IN 1997 MUST DECIDE WHETHER BUCKING CHINA'S
WILL IS BRAVE AND PATRIOTIC OR FOOLHARDY

THIS EMOTIONAL DEBATE IS LIKELY TO APPROACH A CLIMAX IN A FEW WEEKS THAT'S
THE APPROXIMATE TIMETABLE THAT CHRIS PATTEN HONG KONG'S BRITISHAPPOINTED
GOVERNOR SINCE JULY HAS SET FOR HIS PROPOSALS FOR LIMITED DEMOCRATIC REFORM
TO BE DECIDED ON BY THE LEGISLATIVE COUNCIL WITH CHINA ITS SYMPATHIZERS
AND OFFICIALS IN THE COLONY ENGAGING MR PATTEN IN REGULAR VERBAL DUELS THE
REST OF HONG KONG CAN BE HEARD ONLY FAINTLY ABOVE THE DIN

IN A SOUND STUDIO AT GOVERNMENTOWNED RADIO TELEVISION HONG KONG LEE
LUENFAI 39 RATTLES OFF THE 8 AM WEATHER BEFORE TAKING CALLS TO HIS DAILY
PHONEIN RADIO PROGRAM ELECTORAL REFORMS HAVE DOMINATED THE CONVERSATIONS
FOR WEEKS WITH SUPPORTERS OF DEMOCRACY SLIGHTLY OUTWEIGHING THOSE WHO WANT
TO KEEP THE STATUS QUO SAYS MR LEE THE AGITATED FIRST CALLER WHO BLASTS
BOTH CHINA AND BRITAIN IS NO EXCEPTION

IF I HAD MY WAY I WOULD HAVE TAKEN THEM TO COURT AND SUED THEM FOR
DISTURBING OUR PEACE THE CALLER SAYS

LATER A TEACHER VOICES DISMAY OVER THE TACTICS OF INTIMIDATION THAT CHINESE
OFFICIALS USE TO DISCOURAGE PRODEMOCRACY VIEWS IN THE COLONY IT IS VERY
EMBARRASSING FOR ME TO HAVE TO DEAL WITH THIS TOPIC IN THE CLASSROOM SHE
SAYS WHAT SHOULD I TELL MY STUDENTS THAT FANATICS WILL BE TAKING OVER
HONG KONG IN 1997

MEANWHILE ON A SIDEBOARD IN THE BOARDOOM OF MR KOO'S SHUI HING CO
DEPARTMENT STORE CHAIN STANDS A GROUP PHOTOGRAPH WITH CHINESE LEADER DENG
XIAOPING IN IT THE OCCASION WAS A GATHERING OF THE CHINESE PEOPLE'S
POLITICAL CONSULTATIVE COMMITTEE AN ADVISORY BODY THAT RUBBERSTAMPS
COMMUNIST POLICY NO APOLOGIST FOR CHINA MR KOO DOESN'T APOLOGIZE FOR
BEING IN THE PHOTO EITHER

SO WHAT IF IT'S ALL JUST PROPAGANDA SAYS THE SHUI HING CHAIRMAN IF IT
GIVES ME A CHANCE TO MEET THEM FACE TO FACE AND TELL THEM WHAT HONG KONG IS
REALLY ABOUT I'D BE HAPPY TO OBLIGE EVERY TIME

THOSE FACETOFACE ENCOUNTERS HAVE CONVINCED MR KOO THAT IT'S MORE USEFUL
KEEPING CHINA IN A GOOD MOOD THAN TO HAVE DEMOCRACY FOR HONG KONG TO
SURVIVE IT MUSTN'T UPSET CHINA YOU KNOW HOW IT IS WITH THIS GOVERNMENT OF
THEIRS YOU DON'T GET ANYWHERE FIGHTING THEM

TO CYD HO THAT SEEMS NO WAY TO LIVE AT ALL WITH A FEW FRIENDS MISS HO A
BOUTIQUE OWNER SPENDS HER SPARE TIME STANDING ON STREET CORNERS PASSING
OUT LEAFLETS URGING PEOPLE TO MAKE THEIR VOICES HEARD WHETHER THEY'RE FOR
OR AGAINST ELECTORAL REFORM

THE GROUP HAS NO AGENDA OR POLITICAL ASPIRATIONS BUT ITS MEMBERS GET INTO
TROUBLE JUST THE SAME AFTER A DEMONSTRATION AT THE LEGISLATIVE COUNCIL
BUILDING ONE OF THEM A GARMENT FACTORY WORKER ENDED UP IN A FRONTPAGE
PHOTO HE WAS FIRED FROM HIS JOB THE NEXT DAY

MISS HO 38 SPENDS MUCH TIME IN CHINA BUYING GARMENTS AND KNOWS ITS
POLITICS WELL HER WORRY ISN'T A JOB BUT THAT BECAUSE OF WHAT SHE'S DOING
I MAY GET STOPPED AT THE BORDER AND I WOULD JUST DISAPPEAR BUT SHE ADDS
I DON'T WANT HONG KONG TO BE LIKE CHINA AFTER 1997

THE PRESENT IS WHAT HOWARD GORGES IS MOST WORRIED ABOUT IN HIS OFFICE HIGH
IN THE BANK OF CHINA BUILDING THE DIRECTOR OF SOUTH CHINA BROKERAGE CO IS
ON THE PHONE WITH A CLIENT WE'RE DOWN 90 POINTS THIS MORNING HE SAYS
FROM BEHIND A MOUND OF PAPERWORK ON HIS DESK THE BRITS DON'T SEEM TO
UNDERSTAND THAT THEY ARE GOING ABOUT THIS ALL WRONG

IN FACT MR GORGES 47 COMES FROM A LONG LINE OF BRITISH GENERALS MEMBERS
OF PARLIAMENT AND KNIGHTS HE HAS LIVED IN THE COLONY FOR 12 YEARS
OPERATING HIS STOCK BROKERAGE FIRM HERE AND IN CHINA AND PLANS TO STAY
AFTER THE EMPIRE IS GONE BUT EVEN AS IT'S GOING THE EMPIRE IS WRECKING HIS
PLANS IN ONE BAD WEEK DURING THE LATEST SINOBRITISH STANDOFF THE HONG
KONG STOCK MARKET PLUNGED 10 AND LEFT IN LIMBO A 400 MILLION HONG KONG
DOLLAR US517 MILLION FLOTATION OF MR GORGES'S SECURITIES FIRM

GOV PATTEN THE MAIN AUTHOR OF THE ELECTORAL REFORMS SEEMS TO BE DEAF
MR GORGES SAYS HE'S NOT HEARING WHAT THE CHINESE ARE SAYING HE'S MAKING
HONG KONG PAY TOO HIGH A PRICE FOR WHAT AT BEST WOULD BE A MARGINAL GAIN

HIS PERCEPTIONS ARE WIDELY SHARED AMONG LOCAL BUSINESSMEN DO BUSINESS WITH
CHINA AND ITS LEADERSHIP MIGHT SOFTEN ON DEMOCRACY OVER TIME THEY TELL EACH
OTHER

TRY TO TELL THAT TO MISS LOH WHO IN LITTLE MORE THAN THREE MONTHS IN THE
LEGISLATURE HAS COME TO BE KNOWN AS ONE OF DEMOCRACY'S MOST ELOQUENT
ADVOCATES SHE SAYS OF THOSE WHO WANT TO SEE THE REFORMS SCRAPPED IN
BUSINESS AS IN POLITICS YOU DON'T START NEGOTIATIONS BY CAPITULATING

SHE REFLECTS ON ALL THE ARGUMENTS SHE HAS HAD WITH THOSE WHO DEEM ANY TALK
OF DEMOCRACY TOO PROVOCATIVE FOR CHINA IT SOUNDS STRANGE SAYING IT BUT I
HAVE MORE FAITH IN THE CHINESE GOVERNMENT THAN THESE GUYS SHE SAYS I
BELIEVE THAT THE CHINESE GOVERNMENT  CAN BE PERSUADED TO LISTEN TO
REASON

BORN IN HONG KONG AND EDUCATED IN BRITAIN THE LAWSCHOOL GRADUATE SPENT
MANY YEARS IN THE COMMODITY TRADING BUSINESS WORKING AND TRAVELING WIDELY
IN CHINA UNTIL HER APPOINTMENT TO THE LEGISLATURE SHE HAD NO POLITICAL
INVOLVEMENT EXCEPT MEMBERSHIP IN THE HONG KONG OBSERVERS A SMALL CIVIC
GROUP THAT WRITES POLITE LETTERS TO NEWSPAPERS ABOUT PERCEIVED SOCIAL
INJUSTICES THE HONG KONG GOVERNMENT DIDN'T MUCH CARE FOR THE LETTERWRITING
WHEN THE GROUP WAS FORMED IN THE LATE 1970S IT DOESN'T SEEM LIKELY THAT THE
CHINESE GOVERNMENT WOULD APPRECIATE MISS LOH'S PUBLIC SPEAKING TODAY

SOME OF MY FRIENDS TELL ME THAT I'M NOT GOING TO BE ABLE TO LIVE IN HONG
KONG AFTER 1997 SHE SAYS IT IS A POSSIBILITY SHE DOESN'T WISH TO EXPLORE
THE WAY I SEE IT I'M GOING TO SPEND THE NEXT FEW YEARS DOING WHAT I CAN TO
MAKE THIS THE SORT OF PLACE I WANT TO LIVE IN 9302010071 930201
CORPORATE FOCUS AMERICAN MEDICAL HOLDINGS TRIMS FAT AND HEALS ITSELF 
 NEW CHIEF EXECUTIVE MAKES COSTCUTTING A CORNERSTONE OF HOSPITAL
CONCERN  BY ROBERT TOMSHO STAFF REPORTER OF THE WALL STREET
JOURNAL

DALLAS PAMPERED EXECUTIVES AT THE FORMER AMERICAN MEDICAL INTERNATIONAL
INC USED TO ENJOY GOURMET MEALS PREPARED BY TWO COMPANY CHEFS AT THEIR POSH
BEVERLY HILLS HEADQUARTERS

WHICH MAY HELP EXPLAIN WHY THE ONCETHRIVING HOSPITAL CONCERN GOT FAT AND
SLOW IN THE MID1980S AND FAILED TO RESPOND QUICKLY ENOUGH TO A RAPID
CHANGES IN THE HEALTH CARE INDUSTRY NOW THE COMPANY IS KNOWN AS AMERICAN
MEDICAL HOLDINGS INC ITS HEADQUARTERS HAS BEEN MOVED TO DECIDEDLY MORE
HUMBLE SUBURBAN DALLAS AND THE BIGGEST CULINARY EXTRAVAGANCE THAT ROBERT
O'LEARY THE CURRENT CHAIRMAN AND CHIEF EXECUTIVE OFFICER ALLOWS HIMSELF IS
EXTRA JALAPENO PEPPERS WITH HIS CARRYOUT SUBMARINE SANDWICHES

THE BEST THING YOU CAN DO WITH OVERHEAD IS TO KEEP IT AS LEAN AS POSSIBLE
SAYS MR O'LEARY WHO WAS HIRED IN 1991 TO SLIM DOWN THE COMPANY SO FAR HE
SEEMS TO BE SUCCEEDING THANKS TO HIS OWN EFFORTS ON THE OPERATIONAL SIDE AS
WELL AS THE STRUCTURAL OVERHAUL UNDERTAKEN BEFORE HIS ARRIVAL BY THE
INVESTMENT GROUP THAT BOUGHT THE COMPANY IN A 1989 LEVERAGED BUYOUT

ALTHOUGH AMERICAN MEDICAL'S REVENUE FOR THE FISCAL FIRST QUARTER ENDED NOV
30 WAS FLAT AT 5419 MILLION THE COMPANY WAS OPERATING WITH 35 HOSPITALS
THREE FEWER THAN IN THE YEAREARLIER PERIOD AND NET INCOME SOARED TO 106
MILLION OR 14 CENTS A SHARE FROM 155000 OR TWO CENTS A SHARE IN THE
YEAREARLIER PERIOD WHICH INCLUDED A 18 MILLION EXTRAORDINARY LOSS FROM
THE EARLY EXTINGUISHMENT OF DEBT

AMERICAN MEDICAL'S OPERATING COSTS REMAIN AMONG THE HIGHEST IN THE INDUSTRY
BUT THE COMPANY HAS REDUCED THE ANNUAL GROWTH RATE OF ITS EXPENSES TO ABOUT
7 IN 1992 ROUGHLY HALF OF WHAT IT HAD BEEN DURING EACH OF THE PREVIOUS TWO
YEARS MEANWHILE THE COMPANY'S FIRSTQUARTER OPERATING MARGIN INCREASED TO
187 UP FROM 177 IN THE YEAREARLIER PERIOD THE MANAGEMENT TEAM
APPEARS TO BE PERFORMING VERY WELL SAYS JOHN HINDELONG AN INDUSTRY
ANALYST WITH DONALDSON LUFKIN & JENRETTE THEY HAVE MET OR EXCEEDED ALL
ESTIMATES SINCE TAKING CONTROL

AMERICAN MEDICAL INTERNATIONAL NOW THE CHIEF OPERATING UNIT OF AMERICAN
MEDICAL HOLDINGS ROSE TO PROMINENCE IN THE YEARS WHEN INSURERS DIDN'T
QUIBBLE OVER HOSPITAL BILLS TO INCREASE PROFIT IN THOSE DAYS ALL YOU HAD
TO DO WAS ADD BEDS AT ITS ACQUISITIONMINDED PEAK IN 1986 AMERICAN MEDICAL
BOASTED A HOSPITAL SYSTEM THAT INCLUDED 94 US FACILITIES AND A NETWORK OF
25 INTERNATIONAL HOSPITALS

BUT WHILE AMERICAN MEDICAL'S EMPHASIS ON QUALITY CARE AT ANY COST ATTRACTED
PATIENTS SUCH AS BRITAIN'S ROYAL FAMILY IT ALSO SLOWED THE COMPANY'S
RESPONSE TO BOTH MEDICARE'S 1984 SWITCH TO A FIXEDREIMBURSEMENT SYSTEM AND
THE RAPID GROWTH OF MANAGEDCARE NETWORKS WHICH DEMANDED DEEP DISCOUNTS
FROM HEALTH CARE PROVIDERS

AS PROFIT DWINDLED THE COMPANY SUFFERED THROUGH YEARS OF MANAGEMENT
TURNOVER BOARD INFIGHTING AND A TAKEOVER BATTLE THAT CULMINATED IN THE
LEVERAGED BUYOUT BY AN INVESTOR GROUP THAT INCLUDED FORMER UNITED
TECHNOLOGIES CORP EXECUTIVE HARRY GRAY TEXAS ATTORNEY MELVIN KLEIN AND THE
PRITZKER FAMILY OF CHICAGO

ALTHOUGH THE ACQUISITION LEFT THE COMPANY BURDENED WITH 31 BILLION IN
DEBT THE NEW OWNERS QUICKLY ESCALATED A DIVESTITURE PROGRAM ALREADY IN
PROGRESS WITHIN 18 MONTHS THEY SOLD OFF 40 HOSPITALS INCLUDING THE
REMAINING INTERNATIONAL PROPERTIES AND RAISED NEARLY 11 BILLION TO PAY
DOWN DEBT THE DEBT WAS FURTHER REDUCED WITH 470 MILLION RAISED BY NEW DEBT
AND EQUITY OFFERINGS AND TODAY STANDS AT ABOUT 14 BILLION AS A RESULT
THE COMPANY'S ANNUAL DEBT PAYMENTS HAVE BEEN REDUCED BY 42 SINCE THE
BUYOUT TO ABOUT 180 MILLION FROM 310 MILLION

THE INVESTORS ALSO CLOSED THE BEVERLY HILLS OFFICES REDUCED THE
HEADQUARTERS STAFF FROM 1500 TO 400 AND RELOCATED THEM TO DALLAS THE
MOVES REDUCED ANNUAL CORPORATE OVERHEAD TO ABOUT 45 MILLION LAST YEAR DOWN
FROM ABOUT 95 MILLION BEFORE THE BUYOUT I THINK THEY HAVE DONE A VERY
GOOD JOB IN TERMS OF CONSOLIDATING OPERATIONS AND REDUCING DEBT LOAD SAYS
BEAR STEARNS ANALYST ROBERT HOEHN

INDEED THE COMPANY'S ONCE FARFLUNG OPERATIONS HAVE BEEN DISTILLED TO A
CORE OF 34 ACUTECARE FACILITIES AND ONE PSYCHIATRIC HOSPITAL THE
FACILITIES ARE RELATIVELY NEW ONES CONCENTRATED IN SUNBELT MARKETS WHERE
REGULATORY AND LABOR COSTS ARE LOW AND THE POTENTIAL FOR POPULATION GROWTH
HIGH MOREOVER IN AN ESTIMATED 28 OF ITS MARKETS AMERICAN MEDICAL IS RATED
EITHER FIRST OR SECOND IN MARKET SHARE

WHAT YOU HAVE LEFT IS THE CREAM OF THE CROP SAYS MR O'LEARY A VETERAN
OF 25 YEARS IN THE INDUSTRY WHO HAS MADE COSTCUTTING A CORNERSTONE OF THE
REVAMPED ORGANIZATION'S CORPORATE CULTURE

IN ADDITION TO MOVING HIS OWN HIRES INTO SENIOR MANAGEMENT POSTS HE HAS
REPLACED EXECUTIVE DIRECTORS AT SEVEN OF THE COMPANY'S 35 HOSPITALS AND MADE
THEIR ANNUAL BONUSES ONCE DRIVEN SOLELY BY INCOME GROWTH DEPENDENT ON
ACHIEVING COSTCUTTING GOALS TO MAKE CERTAIN THE EXPENSES STAY CUT
ONETHIRD OF THE BONUS IS PAID OUT OVER A TWOYEAR PERIOD

THE COMPANY HAS ALSO RENEGOTIATED CONTRACTS WITH SUPPLIERS HIRED ADDITIONAL
STAFF NURSES TO REDUCE SPENDING ON MORE EXPENSIVE TEMPORARY HELP AND LIKE
MANY INSURANCE COMPANIES HIRED ITS OWN CASE MANAGERS TO MAKE CERTAIN
PATIENTS ARE CARED FOR AS EFFICIENTLY AS POSSIBLE

AT MANY FACILITIES STAFF COMMITTEES HAVE ALSO BEEN SET UP TO REVIEW ALL
MEDICAL AND NONMEDICAL PROCEDURES FOR ADDITIONAL OPERATING EFFICIENCIES AS
A RESULT HOUSTON'S 508BED PARK PLAZA HOSPITAL SAVED 230000 LAST YEAR BY
RECORDING PATIENT DISCHARGES IN ITS COMPUTERS EARLIER IN EACH SHIFT TO AVOID
OVERSTAFFING ANOTHER 60000 IN LABOR AND SUPPLY COSTS WAS CUT SIMPLY BY
ALLOWING A CHEMICAL FLOOR STRIPPER TO WORK LONGER BEFORE SCRUBBING IT OFF

BUT WHILE REDUCING OVERHEAD HAS BEEN AMERICAN MEDICAL'S MAIN STRATEGIC
THRUST IN RECENT MONTHS THE COMPANY HAS ALSO WORKED TO MAINTAIN THE QUALITY
OF CARE IN PART BY HIRING AN OUTSIDE CONSULTANT TO CONDUCT QUARTERLY
SURVEYS OF PATIENT SATISFACTION WITH TREATMENT SLUMPING SURVEY RESULTS CAN
MEAN A CUT IN PAY FOR EXECUTIVES AT THE OFFENDING FACILITY

ON THE REVENUE SIDE THE COMPANY HAS ALSO INCREASED ITS EFFORTS TO MARKET
ITSELF TO MANAGEDCARE PROVIDERS AND BOLSTER THE ROSTER OF OUTPATIENT
SERVICES OFFERED BY ITS FACILITIES OUTPATIENT VISITS INCREASED BY 68 TO
ABOUT 17 MILLION FOR THE FISCAL YEAR ENDED AUG 31 AND THE COMPANY HOPES
TO BOOST THAT FIGURE IN PART BY ACQUIRING OUTPATIENT AND HOMECARE
PROVIDERS IN THE MARKETS WHERE IT ALREADY HAS ACUTECARE FACILITIES

THE COMPANY IS ALSO CONSIDERING EXPANSION INTO A FEW NEW MARKETS ALTHOUGH
MR O'LEARY SAYS THAT THE COMPANY WILL BE VERY SELECTIVE AND ISN'T ABOUT TO
GO ON A HOSPITALBUYING BINGE LIKE THE OLD DAYS THE KINDS OF INSTITUTIONS
WE ARE LOOKING FOR PROBABLY AREN'T FOR SALE HE SAYS ADDING THAT HE STILL
HAS ADDITIONAL COSTCUTTING IN MIND FOR THE PROPERTIES ALREADY IN AMERICAN
MEDICAL'S BASKET

A HOSPITAL IS LIKE A BIG SUPERTANKER SAYS MR O'LEARY YOU DON'T JUST
TURN IT INTO THE WIND OVERNIGHT 9302010070 930201 INTERNATIONAL 
CANADA PUTS LEVIES ON STEEL SHEETS OF US 5 NATIONS  BY JOHN
URQUHART STAFF REPORTER OF THE WALL STREET JOURNAL

OTTAWA CANADA IN A RETALIATORY MOVE PLACED STIFF ANTIDUMPING LEVIES ON
STEEL SHEET IMPORTS FROM THE US AND FIVE OTHER COUNTRIES

THE CASE IS ONE OF THREE ANTIDUMPING ACTIONS THAT WERE INITIATED BY CANADIAN
STEEL PRODUCERS LAST YEAR AFTER THE US STEEL INDUSTRY FILED UNFAIR TRADE
COMPLAINTS AGAINST STEELMAKERS IN CANADA AND 18 OTHER COUNTRIES

REVENUE CANADA THE AGENCY THAT INVESTIGATES CANADIAN TRADE GRIEVANCES
RULED THAT FLAT HOTROLLED CARBON STEEL SHEET PRODUCTS FROM THE US
GERMANY FRANCE ITALY BRITAIN AND NEW ZEALAND WERE BEING SOLD AT UNFAIRLY
LOW PRICES IN CANADA SUCH STEEL IS USED TO MAKE AUTO PARTS INCLUDING
FRAMES BUMPERS AND WHEELS AND BUILDING AND HIGHWAY MATERIALS INCLUDING
SHEET PILING AND GUARD RAILS

TO COUNTER THE DUMPING REVENUE CANADA IMPOSED PROVISIONAL IMPORT LEVIES
RANGING FROM 45 TO 1242 ON US STEEL SHEET SUPPLIERS THE STIFFEST
LEVIES WERE APPLIED TO PRODUCERS THAT DIDN'T RESPOND FULLY OR AT ALL TO
THE AGENCY'S REQUEST FOR PRICE INFORMATION THOSE PRODUCERS INCLUDED SHARON
STEEL CORP FARRELL PA AND KASLE STEEL CORP DEARBORN MICH THE
AGENCY SAID

THE CANADIAN INTERNATIONAL TRADE TRIBUNAL WILL NOW TAKE UP THE CASE TO
DETERMINE IF CANADIAN STEEL PRODUCERS HAVE BEEN INJURED BY IMPORTS OF
LOWPRICED STEEL SHEET IF INJURY IS FOUND THE ANTIDUMPING LEVIES WILL BE
KEPT IN FORCE

THE US IN RECENT YEARS HAS ACCOUNTED FOR MORE THAN TWO THIRDS OF CANADA'S
IMPORTS OF FLAT HOTROLLED STEEL SHEET PRODUCTS SUCH IMPORTS AVERAGE ABOUT
120 MILLION CANADIAN DOLLARS US95 MILLION A YEAR

REVENUE CANADA ALSO IS TO RULE MARCH 31 ON WHETHER COLDROLLED STEEL SHEET
FROM THE US AND FOUR OTHER COUNTRIES HAS BEEN SOLD IN CANADA AT UNFAIRLY
LOW PRICES THE AGENCY DETERMINED EARLIER IN JANUARY THAT IMPORTS OF CARBON
STEEL PLATE FROM NINE COUNTRIES INCLUDING THE US HAD BEEN DUMPED ON THE
CANADIAN MARKET IT IMPOSED PROVISIONAL ANTIDUMPING LEVIES AVERAGING 114
ON US STEEL PLATE SUCH STEEL IS USED IN CONSTRUCTION AND IN HEAVY
EQUIPMENT SUCH AS RAIL CARS

THE US COMMERCE DEPARTMENT IN A RULING LAST WEDNESDAY IMPOSED
PROVISIONAL ANTIDUMPING LEVIES ON FOUR FLATROLLED STEEL PRODUCTS FROM 19
COUNTRIES INCLUDING CANADA

WITH RESPECT TO CANADIAN SUPPLIERS THE US FINDING WAS LESS SEVERE THAN
EXPECTED PROMPTING A RISE IN CANADIAN STEEL STOCKS DOFASCO INC CLOSED ON
THE TORONTO STOCK EXCHANGE FRIDAY AT C1275 UP 225 FROM A WEEK EARLIER
STELCO INC CLOSED AT C149 UP 19 CENTS FROM A WEEK EARLIER

CANADIAN TRADE MINISTER MICHAEL WILSON DEPLORED THE TRADE ACTIONS GIVEN THE
INTEGRATED NATURE OF THE NORTH AMERICAN STEEL MARKET HE SAID IT DOESN'T
MAKE COMMERCIAL SENSE FOR THE US AND CANADA TO BE SLAPPING ANTIDUMPING
LEVIES ON EACH OTHER'S STEEL CANADIAN STEEL PRODUCERS SPEND C150 ON
SUPPLIES IN THE US FOR EVERY C1 OF SALES THEY MAKE TO THE US HE SAID
9302010069 930201 ELECTRIC CARS STAY ON AGENDA IN EUROPE  AUTO
MAKERS PRESS AHEAD ALBEIT SLOWLY WITH PLANS  BY CACILIE
ROHWEDDER AND ROBERT L SIMISON STAFF REPORTERS OF THE WALL STREET JOURNAL

BRUSSELS ALTHOUGH VOLKSWAGEN AG RECENTLY BACKED OUT OF AN ELECTRICCAR
PROJECT WITH SWATCH EUROPEAN AUTO MAKERS ARE STILL PUSHING TOWARD
BATTERYRUN CARS ALBEIT SLOWLY

VW ITSELF EXPECTS TO OFFER AN ELECTRIC VERSION OF ITS POPULAR GOLF
SUBCOMPACT EARLY NEXT YEAR ALTHOUGH IT DOESN'T EXPECT TO SELL VERY MANY
FIAT SPA IS MAKING AND SELLING A FEW ELECTRIC VERSIONS OF ITS PANDA AND
CINQUECENTO SUBCOMPACTS PSA PEUGEOTCITROEN IS TESTING ELECTRIFIED SMALL
CARS AND EVEN DAIMLERBENZ AG'S MERCEDESBENZ DIVISION AND BAYRISCHE
MOTOREN WERKE AG ARE FIDDLING WITH ELECTRIC CARS

ASIDE FROM A FEW GOVERNMENTSPONSORED TRIALS AND EXPERIMENTS THOUGH DON'T
EXPECT TO SEE MANY BATTERYPOWERED CARS HUMMING AROUND EUROPE ANY TIME SOON
DESPITE THE IDEA'S ALLURE AMONG SOME ENVIRONMENTALISTS THE TECHNOLOGY
SIMPLY HASN'T BEEN INVENTED THAT WOULD MAKE ELECTRIC CARS PRACTICAL FOR MOST
USES TODAY'S BATTERIES WON'T POWER A CAR FAR ENOUGH AND THEY TAKE TOO LONG
TO RECHARGE

NOBODY IS TAKING IT SERIOUSLY SAYS PETER SCHMIDT OF AUTO INDUSTRY DATA
LTD IN ENGLAND AN INDUSTRY CONSULTING GROUP THE PRIME REQUIREMENT HE
SAYS WOULD BE FOR A MANDATE AS THE STATE OF CALIFORNIA HAS IN THE US

STARTING IN 1998 CALIFORNIA WILL REQUIRE THAT ZEROEMISSION VEHICLES 
ELECTRICS ACCOUNT FOR 2 OF EACH AUTO MAKER'S SALES IN THE STATE THE
PROPORTION IS TO RISE TO 10 IN 2003

THIS HAS SPURRED US CAR MAKERS TO COME UP WITH ELECTRIC CARS QUICKLY

FORD MOTOR CO AND CHRYSLER CORP HAVE CONVERTED EXISTING GASOLINEPOWERED
VEHICLES TO ELECTRIC MODELS BUT AS WITH EUROPEAN EXPERIMENTERS THEY'VE HAD
THEIR SHARE OF STARTS AND STOPS AND GENERAL MOTORS CORP IN DECEMBER SAID
ITS BUDGET FORCED IT TO SHELVE ITS AMBITIOUS PLAN TO MASS PRODUCE ITS IMPACT
ELECTRIC CAR ALTHOUGH IT WILL CONTINUE TO WORK ON PROTOTYPES THE BIG THREE
US MAKERS ALSO ARE PLANNING TO COLLABORATE ON ELECTRICCAR TECHNOLOGY

JAPANESE CAR MAKERS BIG PLAYERS IN THE US ALSO ARE PURSUING ELECTRICCAR
DEVELOPMENT

THE THREAT OF MORE CALIFORNIASTYLE REQUIREMENTS IS PROMPTING EUROPE'S AUTO
MAKERS TO STAY CURRENT ON ELECTRICCAR DEVELOPMENT OTHER US STATES MAY
FOLLOW CALIFORNIA AND AT LEAST SOME EUROPEAN CITIES EVENTUALLY MAY REQUIRE
ELECTRIC CARS IN AN ATTEMPT TO CLEAR THE AIR IN POLLUTED DOWNTOWN AREAS

INDEED EUROPEAN GOVERNMENTS ARE BACKING TRIALS HERE AND THERE IN GERMANY
THE MINISTRY FOR SCIENCE AND TECHNOLOGY IS SPONSORING A LARGESCALE
EXPERIMENT ON THE EASTERN GERMAN ISLAND OF RUEGEN THERE VW MERCEDES BMW
AND THE ADAM OPEL AG UNIT OF GENERAL MOTORS CORP ARE TESTING ELECTRIC
MODELS

AND IN FRANCE THE GOVERNMENT SIGNED AN AGREEMENT LAST JULY WITH ELECTRICITE
DE FRANCE TO INSTALL BATTERY RECHARGING FACILITIES IN 22 FRENCH CITIES BY
1995 THE PLAN IS TO SET UP SMALL SERVICE STATIONS WHERE ELECTRIC CARS CAN
PLUG INTO DEVICES RESEMBLING PARKING METERS FOR A SIXHOUR TO EIGHTHOUR
RECHARGE THERE ALSO WILL BE RECHARGING POINTS AT LARGE GAS STATIONS WHERE
ELECTRICCAR DRIVERS WILL BE ABLE TO POP IN FOR A QUICK 10MINUTE RECHARGE
THAT WILL BE GOOD FOR ABOUT 20 KILOMETERS 124 MILES

WHILE SUCH REALITIES MAKE CAR MARKETERS DESPAIR THEY DON'T DAUNT THE TRUE
BELIEVERS IN THE FUTURE OF ELECTRIC CARS NICOLAS G HAYEK MAY BE ONE OF
THEM THE CHAIRMAN OF SOCIETE SUISSE DE MICROELECTRONIQUE & D'HORLOGERIE SA
THE MAKER OF SWATCH WATCHES IS STICKING WITH HIS DREAM OF PRODUCING A
CHEAP TRENDY ENVIRONMENTFRIENDLY MINICAR DESPITE VW'S DEFECTION

MR HAYEK SAYS THAT HIS COMPANY ALSO KNOWN AS SMH IS STUDYING OFFERS FROM
SEVERAL CAR COMPANIES INTERESTED IN TAKING THE PLACE OF VW WHICH PULLED OUT
TO SAVE MONEY BUT SMH DECLINES TO IDENTIFY THE CANDIDATES RECENT NEWS
REPORTS HAVE MENTIONED PEUGEOT RENAULT MERCEDES AB VOLVO AND OPEL
SPOKESMEN FOR ALL OF THEM HAVE SAID THEY AREN'T INTERESTED

ANYHOW MR HAYEK MAINTAINS THAT SMH MAY NOT NEED A CARCOMPANY PARTNER AND
AT LEAST ONE ELECTRICCAR DEVELOPER BELIEVES HIM THEY COULD QUITE EASILY
GO AHEAD WITHOUT VW SAYS SIR JOHN SAMUEL A DIRECTOR OF CLEAN AIR
TRANSPORT SVENSKA AB SWATCH COULD USE VW AS A COMPONENT SUPPLIER WE DO

WHAT HAPPENED CLEAN AIR TRANSPORT OFFICIALS SAY IT HAS TAKEN LONGER THAN
EXPECTED TO LINE UP THE 30 MILLION IN ADDITIONAL FINANCING THAT THEY
NEEDED BUT THEY SAY 20 MILLION IS IN PLACE AND THEY ARE LOOKING FOR
SOMEONE WILLING TO RISK THE FINAL 10 MILLION

MEANWHILE EUROPE'S ESTABLISHED AUTO MAKERS ARE PROCEEDING CAUTIOUSLY
MOSTLY EXPERIMENTING WITH ELECTRIC VERSIONS OF EXISTING CAR MODELS SOME OF
THEM SEE ELECTRIC CARS FITTING INTO THE RELATIVELY NEW PHENOMENON OF THE
TWOCAR EUROPEAN FAMILY IN THE MORNING SAYS UWE MAHLA A BMW SPOKESMAN
OUTLINING A SCENARIO FOR THE FUTURE THE FAMILY DISCUSSES WHERE THEY GO
WHOEVER HAS THE SHORTER WAY TAKES THE ELECTRIC CAR

HERE IS A LOOK AT WHAT SOME OF EUROPE'S CAR MAKERS ARE DOING WITH
ELECTRICS

 VW EARLY NEXT YEAR PLANS TO START PRODUCING THE CITYSTOMER AN
ELECTRIC GOLF CAPABLE OF TRAVELING 80 KILOMETERS AT THE SPEED OF 50
KILOMETERS AN HOUR WITHOUT RECHARGING VW HASN'T SET A PRICE AND IT SAYS IT
WILL BUILD ONLY 100 AT FIRST VW IS ALSO TESTING A HYBRID VERSION WHICH
WOULD HAVE AN AUXILIARY ENGINE TO EXTEND THE CAR'S RANGE

 FIAT HAS BEEN SELLING ELECTRIFIED PANDAS AND CINQUECENTOS FOR ABOUT
20000 EACH WHICH FIAT SAYS IS ITS COST A SPOKESMAN SAYS SALES HAVE COME
TO A FEW HUNDRED UNITS AND HAVE BEEN MOSTLY TO PUBLIC UTILITIES DEPENDING
ON BATTERY CONFIGURATION AND OTHER VARIABLES THE CARS CAN GO 100 TO 150
KILOMETERS WITHOUT RECHARGING THIS SHOWS THAT FIAT CAN MOVE TO THE STAGE
OF INITIAL PRODUCTION A SPOKESMAN SAYS

 PEUGEOT IS PLANNING TO SELL ELECTRIC VERSIONS OF ITS PEUGEOT 106 AND
CITROEN AX MODELS IN 1995 THE IDEA IS TO ACQUAINT THE PUBLIC WITH ELECTRIC
CARS BEFORE PEUGEOT TAKES THE STEP OF OFFERING A PURPOSEBUILT ELECTRIC CAR
AT THE END OF THE DECADE THE AUTO MAKER HOPES TO SELL THE BATTERYPOWERED
MODELS AT THE SAME PRICE AS ITS CONVENTIONAL CARS THEY WILL NEED TO BE
RECHARGED AFTER 120 KILOMETERS AND HAVE A MAXIMUM SPEED OF 160 KILOMETERS AN
HOUR

 MERCEDESBENZ LATER THIS YEAR PLANS TO BUILD 500 TO 1000 ELECTRIFIED
VERSIONS OF ITS 190 COMPACT CAR UNLIKE SOME OF THE OTHER AUTO MAKERS WHICH
SOMETIMES CONVERT THE REAR PASSENGER AREA INTO A BATTERY COMPARTMENT
MERCEDES AIMS TO PRESERVE INTERIOR ROOM BY PLACING THE BATTERIES UNDER THE
HOOD AND IN THE TRUNK

 BMW IS TESTING ELECTRIFIED TOURING MODELS AND SMALL PASSENGER CARS AT
RUEGEN BUT IT ISN'T PLANNING TO GO INTO PRODUCTION WITH ELECTRIC MODELS
ITS EFFORTS HAD A FIVE MILLIONMARK 32 MILLION SETBACK RECENTLY WHEN THE
PROTOTYPE OF A NEW SMALL ELECTRIC VEHICLE WHICH BMW EXHIBITED AT THE
FRANKFURT AUTO SHOW IN 1991 WENT UP IN SMOKE AFTER A BATTERY CHARGER
SHORTCIRCUITED 9302010068 930201 POLITICS & POLICY CLINTON FACES BIG
OBSTACLES TO PUTTING TOGETHER AN ACTIVIST POLICY TOWARD EXSOVIET
REPUBLICS  BY CARLA ANNE ROBBINS STAFF REPORTER OF THE WALL STREET
JOURNAL

WASHINGTON EVEN BEFORE THEIR FIRST SUMMIT MEETING RUSSIAN PRESIDENT
BORIS YELTSIN HAS REASON TO FEEL GOOD ABOUT PRESIDENT CLINTON IT WAS
CANDIDATE CLINTON WHO MANEUVERED PRESIDENT BUSH INTO PROMISING A 24 BILLION
WESTERN BAILOUT FOR RUSSIA

BUT NOW PRESIDENT CLINTON MUST DECIDE HOW MUCH SUPPORT HE'S WILLING TO ANTE
UP

AIDES SAY THE NEW PRESIDENT UNDERSTANDS THE URGENCY AND COMPLEXITY OF
RUSSIA'S PROBLEMS BUT LIKE PRESIDENT BUSH MR CLINTON MAY SOON FIND THAT
BUDGET CONSTRAINTS DOMESTIC POLITICS AND THE SHEER SIZE OF THE TASK WILL
SEVERELY LIMIT HIS ABILITY TO HELP THERE IS AN ENTHUSIASM TO DO THE RIGHT
THING BUT NOT MUCH ROOM TO MANEUVER SAYS STEPHEN SESTANOVICH OF THE CENTER
FOR STRATEGIC AND INTERNATIONAL STUDIES A WASHINGTON THINK TANK

MR CLINTON TOOK HIS FIRST STEP TOWARD A NEW RUSSIA POLICY WHEN HE NAMED
TIME MAGAZINE COLUMNIST STROBE TALBOTT HIS ROOMMATE WHEN HE WAS A RHODES
SCHOLAR AS AMBASSADORATLARGE IN CHARGE OF POLICY TOWARD RUSSIA AND ALL
THE FORMER SOVIET REPUBLICS THAT TITLE MAY SOUND LIKE THE DIPLOMATIC
EQUIVALENT OF A SPECIAL COMMISSION BUT IT COULD TURN OUT TO BE A VERY
POWERFUL POST

ONE MEMO CURRENTLY CIRCULATING IN THE STATE DEPARTMENT SUGGESTS THAT MR
TALBOTT MAY BE GIVEN FINAL SAY ON MOST OF THE DEFENSE DEPARTMENT'S AND THE
TREASURY'S DEALINGS WITH RUSSIA AS WELL WE'RE NOT TALKING ABOUT
GUATEMALA SAYS AMBASSADOR RICHARD ARMITAGE THE CURRENT DIRECTOR OF
HUMANITARIAN ASSISTANCE PROGRAMS TO THE FORMER SOVIET STATES WE NEED A
SINGLE AUTHORITATIVE FIGURE FOR THIS MAMMOTH TASK

IF MR TALBOTT AND HIS BOSS SECRETARY OF STATE WARREN CHRISTOPHER DECIDE
TO PRESS FOR THOSE EXTRAORDINARY POWERS THEY UNDOUBTEDLY WILL FACE A NASTY
INTERAGENCY FIGHT WHILE OFFICIALS AT OTHER AGENCIES ARE RELUCTANT TO
PUBLICLY CRITICIZE THE PLAN THEY SAY IT COULD SPARK A BATTLE BETWEEN MR
CHRISTOPHER AND TREASURY SECRETARY LLOYD BENTSEN

AND EVEN WITH EXPANDED POWERS MR TALBOTT'S OPTIONS WILL BE SEVERELY
LIMITED DURING THE PRIMARY CAMPAIGN MR CLINTON ARGUED THAT NO NATIONAL
SECURITY ISSUE IS MORE URGENT THAN PRESERVING RUSSIA'S FLEDGLING DEMOCRACY
NINE MONTHS LATER FOREIGN POLICY AND ESPECIALLY FOREIGN AID IS AS
UNPOPULAR AS EVER WITH BOTH THE PUBLIC AND THE CONGRESS A RECENT WALL
STREET JOURNAL/NBC POLL PLACES FOREIGN ISSUES AND CRISES AT THE VERY BOTTOM
OF THE PUBLIC'S PRIORITIES AND DEFICIT REDUCTION AT THE VERY TOP

FRESHMAN REP PETER BLUTE R MASS SAYS INCREASED AID TO RUSSIA OR
ANYWHERE ELSE WILL BE A TOUGH SELL IN HIS DISTRICT WE NEED ASSISTANCE IN
WORCESTER AND FALL RIVER AS MUCH AS THEY NEED IT IN MINSK AND KIEV REP
PETER VISCLOSKY D IND AGREES MY CONSTITUENTS BELIEVE CHARITY BEGINS
AT HOME AND EVEN SEN RICHARD LUGAR R IND AN ENTHUSIASTIC SUPPORTER
OF RUSSIAN AID SAYS THE PROSPECTS FOR INCREASED ASSISTANCE ARE DIM

WORST OF ALL SAYS SEN LUGAR MOST AMERICANS THINK WE'VE ALREADY GIVEN THE
RUSSIANS 24 BILLION IN FACT THE US PORTION OF THE PACKAGE PROMISED BY
MR BUSH WAS NEVER MEANT TO BE MORE THAN 45 BILLION AND NEARLY HALF OF
THAT HAS YET TO BE DISBURSED

INDEED THE NEW ADMINISTRATION'S FIRST TASK WILL BE TO FIGURE OUT WHAT'S
ALREADY BEEN DONE TO HELP RUSSIA AND WHAT'S WORKING THAT WON'T BE AS EASY
AS IT SOUNDS RUSSIA'S AMBASSADOR IN WASHINGTON VLADIMIR LUKIN HAS SAID
FLATLY THAT HIS COUNTRY DIDN'T RECEIVE ANYTHING THE TREASURY MEANWHILE
ESTIMATES THAT SOME 16 BILLION WAS DISBURSED TO RUSSIA LAST YEAR ABOUT
25 BILLION FROM THE US

WHO'S RIGHT THE TRUTH IS SOMEWHERE IN THE MIDDLE BECAUSE OF RUSSIA'S
FAILURE TO REACH AGREEMENT WITH THE INTERNATIONAL MONETARY FUND ON AN
ECONOMIC REFORM PROGRAM A 6 BILLION CURRENCY STABILIZATION FUND AND 3
BILLION IN DIRECT MULTILATERAL ASSISTANCE HAVE BEEN WITHHELD

RUSSIA HAS GOTTEN AN ESTIMATED 12 BILLION IN AID FROM INDIVIDUAL COUNTRIES
INCLUDING ABOUT 2 BILLION FROM THE US THERE ARE SEVERAL REASONS WHY SUCH
A LARGE SUM HAS RECEIVED SUCH LITTLE NOTICE RUSSIA'S PROBLEMS ARE SO
ENORMOUS THAT THE AMOUNT IS A COMPARATIVE DROP IN THE BUCKET AND MOST OF
THE AID IS TIED AID WHERE THE DONOR GETS TO CHOOSE WHAT IS SENT SUCH AS
GRAIN CREDITS FROM THE US AND EAST GERMAN FACTORY PARTS FROM GERMANY THAT
HELP MAY HAVE STAVED OFF TOTAL ECONOMIC COLLAPSE SAYS AN ECONOMIST WITH
THE IMF BUT UNLIKE A DAM OR A ROAD NO ONE KNOWS WHERE IT'S COMING FROM

THE US MAY BE GETTING ITS BIGGEST POLITICAL BANG FOR THE BUCK FROM MR
ARMITAGE'S SMALL HUMANITARIAN AND TECHNICAL ASSISTANCE PROGRAM THAT SPENT
SOME 200 MILLION IN ALL THE FORMER REPUBLICS LAST YEAR IN ADDITION TO
DISTRIBUTING EMERGENCY GRANTS OF MEDICINE AND FOOD THE PROGRAM HAS BEGUN
DOZENS OF GRASSROOTS PROJECTS IT SENT US FARM FAMILIES TO ST PETERSBURG
TO ADVISE A MODEL FARM AND SENT AGRICULTURAL MARKETING EXPERTS TO MOSCOW
TWO LOCAL OFFICIALS FROM JUNEAU ALASKA WENT TO VLADIVOSTOK TO HELP
STREAMLINE GOVERNMENT OPERATIONS THE INTERNATIONAL FEDERATION OF
PHARMACEUTICAL MANUFACTURERS CONDUCTED PRODUCTION AUDITS IN 10 RUSSIAN
FACTORIES

FOR NOW CLINTON AIDES SAY THEY AREN'T RULING ANYTHING OUT AS THEY BEGIN
THEIR POLICY REVIEW HARVARD ECONOMIST AND YELTSIN ADVISER JEFFREY SACHS HAS
SUGGESTED SEVERAL HIGHCOST HIGHPAYBACK PROGRAMS INCLUDING A
MULTIBILLIONDOLLAR WESTERNFUNDED SOCIAL SAFETY NET BUT SUCH BIGTICKET
MULTILATERAL PROGRAMS WILL BE AS TOUGH TO SELL IN EUROPEAN CAPITALS AS THEY
ARE IN WASHINGTON

IF RUSSIA CAN'T MEET STRICT IMF TARGETS FOR INFLATION AND DEFICIT REDUCTION
WHICH IS A GOOD BET PRESIDENT CLINTON MAY HAVE TO DECIDE WHETHER TO
DISCREETLY PRESSURE THE IMF TO LOWER ITS TARGETS TO GET THAT MONEY FLOWING

IN COMING WEEKS THE ADMINISTRATION WILL CONTINUE TO PRESS FOR A GENEROUS
RESCHEDULING OF RUSSIA'S OFFICIAL DEBT A FREE RIDE THAT HAS GOTTEN VERY
LITTLE EXPOSURE RUSSIA'S NEW PRIME MINISTER VIKTOR CHERNOMYRDIN YESTERDAY
TOLD INTERNATIONAL POLITICAL AND BUSINESS LEADERS THAT THE WEST SHOULD COME
UP WITH A PLAN SOON TO RESTRUCTURE RUSSIA'S FOREIGN DEBT IN AN EFFORT TO
STAVE OFF HYPERINFLATION

SECRETARY OF STATE CHRISTOPHER IS EXPECTED TO MEET RUSSIAN FOREIGN MINISTER
ANDREI KOZYREV DURING HIS FIRST OVERSEAS TRIP PROBABLY IN MIDFEBRUARY AS
FOR A CLINTONYELTSIN SUMMIT NO ONE IS SAYING WHEN PRESIDENT YELTSIN IS
PRESSING HARD FOR AN EARLY MEETING AND PRESIDENT CLINTON WOULD LIKE TO
COMPLY BUT THE NEW US PRESIDENT MAY HAVE TO HOLD OFF FOR A WHILE AS HE
STRUGGLES TO SOLVE HIS OWN PROBLEMS AT HOME

WHICH ONE OF THESE GOALS SHOULD BE THE TOP PRIORITY FOR THE FEDERAL
GOVERNMENT 9302010067 930201 BEETLES COULD GIVE POWER TO THE PEOPLE 
OF BRAZIL ONCE AGAIN  PRESIDENT WANTS AUTOLATINA TO REVIVE THE VW
BUG BUT PRICE WON'T BE RETRO  BY THOMAS KAMM STAFF REPORTER OF
THE WALL STREET JOURNAL

RIO DE JANEIRO SOMETIME TODAY BRAZILIAN PRESIDENT ITAMAR FRANCO IS
EXPECTED TO RECEIVE A REPORT THAT HAS AUTO ENTHUSIASTS HERE ON THE EDGE OF
THEIR SEATS AT ISSUE WHETHER TO BRING BACK THE BEETLE

YOU KNOW THE NOISY ODDSHAPED BUT DEPENDABLE CAR THAT THRILLED MILLIONS OF
DRIVERS WORLDWIDE UNTIL IT WAS TAKEN OUT OF CIRCULATION EVERYWHERE EXCEPT
MEXICO IN THE 1980S

IT WAS SEVEN YEARS AGO THAT THE LITTLE PUTTPUTT WHICH IN 1972 ACCOUNTED
FOR 48 OF BRAZIL'S CARS ENTERED RETIREMENT HERE BUT A COUPLE OF WEEKS
AGO MR FRANCO TOOK ADVANTAGE OF A MEETING WITH THE COUNTRY'S AUTO MAKERS
TO SUGGEST THAT AUTOLATINA A JOINT VENTURE BETWEEN VOLKSWAGEN AG AND FORD
MOTOR CO RELAUNCH THE BEETLE KNOWN HERE AS THE FUSCA

MR FRANCO ARGUES THAT THE RETIREMENT OF THE FUSCA LEFT BRAZIL'S MASSES
WITHOUT A CHEAP DEPENDABLE CAR HE WANTS THE PEOPLE'S CAR TO BECOME THE
PEOPLE'S CAR AGAIN TAKING UP THE CHALLENGE AUTOLATINA PRESIDENT
PIERREALAIN DE SMEDT IMMEDIATELY SET UP A FEASIBILITY TASK FORCE IT IS
EXPECTED TO SUBMIT ITS INITIAL FINDINGS TO MR FRANCO TODAY AND AUTOLATINA
EXECUTIVES SAY THERE'S A 5050 CHANCE THE ANSWER WILL BE YES

TO AN INDUSTRY OBSESSED WITH MODERNIZING THE EFFORT TO BRING BACK A
60YEAROLD CAR IS SOMEWHAT PUZZLING WHY NOT BLACKANDWHITE TELEVISION
SETS AND 78RPM RECORDS ASKS A GENERAL MOTORS EXECUTIVE IN SAO PAULO

TO CRITICS OF MR FRANCO THE BEETLE BUSINESS MERELY CONFIRMS THEIR VIEW OF
HIM AS A POPULIST POLITICIAN LEADING BRAZIL BACKWARD THIS IS LIKE CLINTON
TELLING FORD TO RELAUNCH THE MODEL T SAYS OLIVIER COLAS CHIEF FINANCIAL
OFFICER OF CASTIRON PIPEMAKER METALURGICA BARBARA IF THE IDEA IS TO GO
BACK TO THE ORIGIN OF TIME I SUGGEST THE HORSEANDBUGGY SAYS ANTONIO
CARLOS MAGALHAES GOVERNOR OF BAHIA STATE

OTHERS SEE MORE AT STAKE THAN MERE TRANSPORTATION WHO KNOWS IF GOING BACK
TO THE PAST WE WON'T DISCOVER THE PLACE WHERE WE TOOK A WRONG TURN WHERE
WE STUPIDLY PUT ON OUR BLINKERS AND TURNED INTO A DEAD END WROTE COLUMNIST
MARCELO COELHO IN THE DAILY FOLHA DE SAO PAULO HE ALSO NOTED EVERY
COUNTRY HAS TO HAVE THE CAR IT DESERVES

THE FUSCA HAS ALWAYS BEEN MORE THAN JUST A CAR TO BRAZILIANS IT WAS AN
EMBLEM OF BRAZIL'S INDUSTRIALIZATION THE WHEELS THAT PUT IT ON THE ROAD TO
THE ECONOMIC MIRACLE OF THE 1970S BUT SINCE 1980 HIGH INFLATION AND
RECESSION HAVE HURT THE COUNTRY'S AUTO INDUSTRY EVEN IN 1992 THE
INDUSTRY'S BEST YEAR SINCE THE EARLY 1980S SALES REACHED ONLY 107 MILLION
ABOUT EVEN WITH 1980

A FEW YEARS AGO WITH PURCHASING POWER HERE CONSTANTLY WEAKENED BY
INFLATION AND PRICES HIGH BECAUSE OF LACK OF COMPETITION AND HEAVY TAXES
AUTO MAKERS CHANGED THEIR PRODUCT LINE FOCUSING ON THE UPPER END OF THE
MARKET THE CHEAPEST CAR ON THE MARKET NOW A CHEVROLET CHEVETTE JUNIOR 
COSTS ABOUT 8500 AND LIKE MOST CARS AVAILABLE IN BRAZIL IS BOUGHT
BY MEMBERS OF THE MIDDLE CLASS WHOSE PURCHASING POWER LEAVES THEM WITH FEW
ALTERNATIVES

THE FUSCA WAS RETIRED IN 1986 BECAUSE HIGH TAXES MADE IT LIKE ALL OTHER
CARS HERE PROHIBITIVELY EXPENSIVE TO MOST PEOPLE IT WAS A NATURAL DEATH
BY LACK OF DEMAND SAYS WOLFGANG SAUER WHO WAS AUTOLATINA'S CHIEF
EXECUTIVE AT THE TIME A RECENT STUDY SHOWED THAT BARELY 1 OF BRAZIL'S 150
MILLION INHABITANTS CAN AFFORD TO BUY A NEW CAR

RELAUNCHING THE FUSCA THE GOVERNMENT FEELS COULD BOTH JUMPSTART THE AUTO
INDUSTRY AND RESTORE THE HARDPRESSED MIDDLE CLASS'S DREAM OF OWNING A CAR
SAYS LUIZ FERNANDO MARTIN LIMA A 34YEAROLD MUSICIAN IN RIO TODAY IT'S
IMPOSSIBLE FOR ME TO BUY A NEW CAR BUT A FUSCA MIGHT BE AFFORDABLE IT'S
CHEAP GIVES YOU NO PROBLEMS AND IN A CITY FULL OF HOLES IN THE STREETS
LIKE RIO IT SURVIVES BETTER THAN NEW CARS

NOT EVERYONE AGREES JOAO ESTEBANEZ A 31YEAROLD COMPUTER EXECUTIVE SAYS
THE PRICE THEY'RE TALKING ABOUT 6500 TO 7000 WHILE CHEAPER THAN
ANYTHING YOU CAN BUY NEW IS STILL EXPENSIVE FOR THE SAME PRICE YOU CAN
GET A USED CAR AND I'D RATHER HAVE A TWOYEAROLD ONE THAN A 60YEAROLD
ONE

PRICE IS THE HEART OF THE MATTER EXECUTIVES OF AUTOLATINA WHICH HAD 1991
SALES OF 41 BILLION ADMIT THAT IN TODAY'S CONDITIONS IT WOULDN'T BE
POSSIBLE TO SELL THE FUSCA FOR LESS THAN ABOUT 6500 THAT'S FAR HIGHER
THAN THE ONE THAT STUCK IN THE COLLECTIVE MEMORY HERE AS A 1200 CAR IN
MEXICO THE LAST COUNTRY WHERE IT IS PRODUCED THE BEETLE SELLS FOR 8000
DESPITE BENEFITING FROM TAX BREAKS MR DE SMEDT SAYS THAT TO MAKE THE FUSCA
AFFORDABLE THE GOVERNMENT AUTOLATINA AND DISTRIBUTORS WOULD ALL HAVE TO
MAKE AN EFFORT AGREEING TO LOWER TAXES AND PROFIT MARGINS HE SAYS THE CAR
WILL BE PRODUCED ONLY IF THE NUMBERS TELL US IT'S REASONABLE

BUT THEN OTHER AUTO MAKERS ARGUE WHY GIVE THE FUSCA SPECIAL ADVANTAGES IF
TAXES WERE LOWERED THEY SAY THEY COULD ALL MAKE CHEAPER CARS THAT WOULD BE
A LOT MORE MODERN THAN THE BEETLE PROMOTING THE POPULAR CAR IS THE RIGHT
STRATEGY BUT I HAVE DOUBTS THAT THE FUSCA IS A POPULAR CAR FOR TODAY SAYS
PACIFICO PAOLI CHIEF EXECUTIVE OF FIAT'S BRAZILIAN UNIT THE FIAT UNO MILLE
HERE COSTS ABOUT 8500 BUT IF IT WERE TAX EXEMPT IT COULD BE SOLD FOR
6000 MR PAOLI CLAIMS AND HE ADDS IT IS MORE COMFORTABLE GUZZLES LESS
GAS AND IS ADAPTED TO CURRENT EMISSION STANDARDS RELAUNCHING THE FUSCA HE
SAYS IS LIKE GETTING REMARRIED TO THE SAME WOMAN AND IT'S NEVER THE SAME
THE SECOND TIME

FEW OF THESE ARGUMENTS ARE GETTING MUCH ATTENTION IN THE PUBLIC DEBATE THAT
PRESIDENT FRANCO'S SUGGESTION HAS AROUSED ALTHOUGH AUTOLATINA'S MR DE
SMEDT INSISTS THAT THE COMPANY WON'T REVIVE THE CAR OUT OF SENTIMENTAL
ATTACHMENTS THE AUTO MAKER IS BEING SWAMPED WITH LETTERS AND PHONE CALLS
FROM PEOPLE SAYING THEY LEARNED HOW TO DRIVE IN A FUSCA AND WANT IT BACK A
TYPICAL ONE TODAY I CAN'T BUY A CAR BUT MY JOY IS GREAT KNOWING THAT
THIS MARVELOUS MACHINE COULD BE BACK ON BRAZIL'S ROADS WRITES TRUCK DRIVER
IRANILDO LUIZ DA SILVA ONE WOMAN HAS EVEN SENT SUGGESTIONS FOR AN AD
CAMPAIGN ONE IDEA FUSCA LIKE A FIRST LOVE 9302010066 930201 ECONOMY
 TRACKING THE ECONOMY  BY ALAN YONAN JR

WITH THE ECONOMY FINALLY SHOWING SOME VIGOR ECONOMISTS LOOK FOR A GRADUAL
IMPROVEMENT IN THE PACE OF JOB CREATION

LYNN REASER CHIEF ECONOMIST AT FIRST INTERSTATE BANCORP SAID THE ECONOMY
PROBABLY PICKED UP 100000 NONFARM PAYROLL JOBS IN JANUARY CONTINUING A JOB
EXPANSION THAT BEGAN IN THE FOURTH QUARTER NONFARM PAYROLL JOBS INCREASED
AT A MEAGER RATE OF 71000 IN THE LAST THREE MONTHS OF 1992

THE INCREASES WILL TEND TO BE LARGER AS WE MOVE THROUGH 1993 MS REASER
SAID WE'RE LOOKING FOR IT TO BE IN THE 130000140000 RANGE

LEAN INVENTORIES LONG WORKWEEKS AND INDICATIONS OF CONTINUED DEMAND
STRENGTH LIKELY RESULTED IN THE STRONGEST GAIN IN GOODSPRODUCING JOBS SINCE
MAY 1992 SAYS ALAN LEVENSON OF WEFA GROUP A BALA CYNWYD PA CONSULTING
FIRM BUT HE SAYS MOST OF THE HIRING IN JANUARY WAS IN THE SERVICE SECTOR

LIKE SOME OTHER PRIVATE ECONOMISTS MS REASER SAYS THE IMPROVING JOB
OUTLOOK MAKES UNNECESSARY PRESIDENT CLINTON'S PLAN TO STIMULATE THE ECONOMY
WITH ADDED SPENDING AND TAX INCENTIVES BUT ADMINISTRATION OFFICIALS AS
WELL AS FEDERAL RESERVE CHAIRMAN ALAN GREENSPAN SAY THE ECONOMY ISN'T
CREATING AS MANY JOBS AS IT USUALLY DOES IN A RECOVERY IN PART BECAUSE SO
MANY COMPANIES ARE STREAMING THEIR WORK FORCES 9302010065 930201 ECONOMY
 CLINTON TURNS FOCUS TO ECONOMIC PLAN AFTER CABINET MEETINGS AT CAMP
DAVID  BY JEFFREY H BIRNBAUM AND ASRA Q NOMANI STAFF REPORTERS
OF THE WALL STREET JOURNAL

WASHINGTON HOPING TO MOVE BEYOND THE CONTROVERSIES THAT CLOUDED HIS FIRST
DAYS IN OFFICE PRESIDENT CLINTON SPENT THE WEEKEND CONFERRING WITH HIS
CABINET AND PLANS TO SPEND THIS WEEK NAILING DOWN THE INITIAL DETAILS OF HIS
ECONOMIC PLAN

THE WEEKEND RETREAT AT CAMP DAVID WAS DESIGNED TO GET THE CABINET WORKING
TOGETHER TO MAKE PROGRESS ON MR CLINTON'S TOP PRIORITIES ECONOMIC
REVITALIZATION HEALTH CARE OVERHAUL NATIONAL SERVICE AND REVISING
CAMPAIGNFINANCE AND LOBBYING LAWS THESE GOALS WERE HINDERED BY CLASHES
OVER THE PRESIDENT'S ILLFATED SELECTION OF ZOE BAIRD FOR ATTORNEY GENERAL
AND HIS STUNTED ATTEMPT TO ALLOW HOMOSEXUALS TO SERVE IN THE MILITARY

THE PRESIDENT'S AIDES SAID THEIR EFFORTS THIS WEEK WILL BE DEVOTED LARGELY
TO DECIDING WHAT COMPONENTS TO INCLUDE IN MR CLINTON'S ECONOMIC PLAN WHICH
IS SET TO BE UNVEILED FEB 17 IT WILL BE COMPOSED OF THREE PARTS
SHORTTERM ECONOMIC STIMULUS IN THE FORM OF NEW SPENDING LONGTERM
INVESTMENT WHICH WILL INCLUDE TAX BREAKS AND A BIG PACKAGE OF SPENDING
CUTS AND TAX INCREASES TO REDUCE THE BUDGET DEFICIT OVER TIME

MEANWHILE MR CLINTON HASN'T YET CHOSEN AN APPOINTEE FOR ATTORNEY GENERAL
SINCE MRS BAIRD WITHDREW HER NAME AND AIDES SAID FINDING A REPLACEMENT
COULD TAKE AS LONG AS A WEEK OR MORE US DISTRICT JUDGE RYA ZOBEL OF
BOSTON HAS BEEN INTERVIEWED FOR THE JOB HOWEVER AND THE PRESIDENT IS ALSO
SAID TO BE CONSIDERING SEVERAL OTHERS INCLUDING ANDREA ORDIN A FORMER
PROSECUTOR IN LOS ANGELES US APPEALS JUDGE RICHARD ARNOLD OF LITTLE ROCK
ARK AND US DISTRICT JUDGE ABNER MIKVA OF WASHINGTON

OFFICIALS SAID THE NO 2 AND 3 POSTS UNDER THE ATTORNEY GENERAL ARE CLOSE TO
BEING FILLED CHARLES RUFF A FORMER WATERGATE PROSECUTOR AND FORMER JUSTICE
DEPARTMENT AIDE WILL LIKELY BE CHOSEN FOR DEPUTY ATTORNEY GENERAL AND
WEBSTER HUBBELL A FRIEND OF MR CLINTON AND FORMER LAW PARTNER OF MRS
CLINTON IS EXPECTED TO BE PICKED FOR ASSOCIATE ATTORNEY GENERAL

SEPARATELY PRESIDENT CLINTON NOMINATED JOHN ROLLWAGEN THE CHAIRMAN AND
CHIEF EXECUTIVE OFFICER OF CRAY RESEARCH INC AS THE NO 2 COMMERCE
DEPARTMENT OFFICIAL MR ROLLWAGEN SAID HE WANTS TO PUSH THE CLINTON
ADMINISTRATION TO AGGRESSIVELY CONFRONT US TRADING PARTNERS SUCH AS JAPAN
TO OPEN THEIR MARKETS PARTICULARLY FOR HIGHTECH INDUSTRIES

IN A LETTER SENT THROUGHOUT THE EAGAN MINNBASED COMPANY ON FRIDAY MR
ROLLWAGEN WARNED WHETHER WE LIKE IT OR NOT OUR COUNTRY IS IN AN ECONOMIC
WAR AND WE ARE AT A KEY TURNING POINT IN THAT WAR HE ADDED THE NEXT FEW
YEARS WILL TELL IF THE US CONTINUES TO PLAY A LEADERSHIP ROLE IN THE NEW
INFORMATION AGE OR WHETHER WE WILL RECEDE INTO A SECONDARY ROLE BEHIND THE
JAPANESE AND THE EUROPEANS AND KOREANS AND TAIWANESE AND OTHERS

MR ROLLWAGEN IS ON RECORD AS SEEKING TO OPEN JAPANESE MARKETS LAST YEAR
HE PUBLICLY BLASTED THE JAPANESE FOR GIVING A MULTIMILLIONDOLLAR
SUPERCOMPUTER CONTRACT TO NEC CORP A HUGE JAPANESE ELECTRONICS COMPANY
INSTEAD OF TO CRAY IN CONGRESSIONAL TESTIMONY HE PROTESTED THAT NEC WAS
PICKED FOR POLITICAL NOT TECHNICAL REASONS AND SAID THAT THE DECISION
CONFIRMS OUR BELIEF THAT THE JAPANESE MARKET CONTINUES TO BE MANIPULATED

CRAY RESEARCH SAID IT HAS APPOINTED JOHN F CARLSON ITS PRESIDENT AND CHIEF
OPERATING OFFICER TO SUCCEED MR ROLLWAGEN

MEANWHILE THE ADMINISTRATION IS RECRUITING RUFUS YERXA FOR THE NO 2
POSITION IN THE US TRADE REPRESENTATIVE'S OFFICE ACCORDING TO TRADE
OFFICIALS MR YERXA HAS REPRESENTED THE US IN DISCUSSIONS TO OPEN
EUROPEAN AND JAPANESE MARKETS

AND MEXICOBORN POLITICAL ECONOMIST RAUL HINOJOSA OJEDA IS BEING
CONSIDERED FOR AN ASSISTANT TRADE REPRESENTATIVE POST MR HINOJOSA A
UNIVERSITY OF CALIFORNIA LOS ANGELES PROFESSOR WITH EXTENSIVE MEXICAN
EXPERIENCE WOULD HELP NEGOTIATE AN ENVIRONMENTAL AND LABOR PACT TO
SUPPLEMENT THE NORTH AMERICAN FREE TRADE ACCORD

IN HIS ACADEMIC WRITINGS MR HINOJOSA HAS PUSHED FOR A NORTH AMERICAN
ADJUSTMENT FUND AND DEVELOPMENT BANK SIMILAR TO THOSE USED IN THE EUROPEAN
COMMUNITY TO AID POORER NATIONS AND EASTERN EUROPE 9302010064 930201 LAW
 LEGAL BEAT BNL DEFENSE PASSED ON USING TWO FORMER ATTORNEYS GENERAL
  BY JOHN J FIALKA STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON WHEN WOULD A CLIENT NOT WANT FORMER ATTORNEYS GENERAL WILLIAM
P ROGERS AND GRIFFIN BELL DOUBLETEAMING ITS PUBLIC LEGAL DEFENSE

WHEN THE CLIENT IS THE BANCA NAZIONALE DEL LAVORO AND WHEN THE PRESENCE
OF SUCH LEGAL HEAVYWEIGHTS MIGHT FLAG THAT THE EMBATTLED
ITALIANGOVERNMENTOWNED BANK WAS IN MORE TROUBLE THAN IT WAS LETTING ON

THE BANK'S DECISION TO FORGO THE LEGAL DREAM TEAM IS REVEALED IN A DIARY
KEPT BY THE BANK'S TOP LEGAL COUNSEL PAOLO DI VITO WHICH WAS USED IN A
LEGISLATIVE INVESTIGATION IN ITALY AND OBTAINED BY THE WALL STREET JOURNAL
THE DIARY GIVES A RARE GLIMPSE OF THE LEGAL MANEUVERS INSIDE THE COMPLEX
CASE DESCRIBED BY THE JUSTICE DEPARTMENT AS THE LARGEST BANK FRAUD CASE IN
US HISTORY

THE CASE BEGAN IN FEBRUARY 1991 WHEN CHRISTOPHER P DROGOUL THE MANAGER OF
BNL'S ATLANTA OFFICE WAS CHARGED ALONG WITH SEVERAL OF HIS EMPLOYEES WITH
DEFRAUDING THE BANK BY MAKING 215 BILLION IN UNAUTHORIZED LOANS TO IRAQ
HE LATER PLEAD GUILTY TO THE FRAUD BUT REVERSED HIMSELF LAST FALL CHARGING
THAT OFFICIALS AT BNL ROME'S HEADQUARTERS KNEW AND ENCOURAGED THE FRAUD

THE DIARY SHOWS THAT TO HANDLE THE POLITICAL FLAP SURROUNDING THE CASE
WHICH INCLUDED ALLEGATIONS THAT THE WHITE HOUSE STEERED PROSECUTORS AWAY
FROM IMPLICATING ROME BNL CONSIDERED SENDING THE TWO FORMER US ATTORNEYS
TO REPRESENT BNL WITNESSES AT A HOUSE BANKING COMMITTEE HEARING IN OCTOBER
1990 THE DIARY SAYS THEIR PRESENCE MIGHT BE USEFUL IN LENDING A CERTAIN
TONE TO THE HEARINGS

AFTER MULLING IT OVER FOR TWO DAYS HOWEVER THE LAWYERS DECIDED AGAINST
APPEARING BECAUSE IN MR DI VITO'S WORDS ROGERS' AND BELL'S PRESENCE
WOULD LEND TOO MUCH IMPORTANCE TO THE HEARINGS WHICH WOULD OTHERWISE TAKE
PLACE SURROUNDED BY SUBSTANTIAL INDIFFERENCE IF MANAGED AT LOW INTENSITY

MANAGING BNL'S PROBLEMS AT LOW INTENSITY WAS NEVER EASY ACCORDING TO THE
DIARY ALTHOUGH BNL OFFICIALS IN ROME INSISTED THEY HAD NOT AUTHORIZED THE
LOANS ITS ATLANTA BRANCH ISSUED TO IRAQ THE DIARY STATES THAT SOME
DEPARTMENTS IN THE BANK FOUND OUT ABOUT ONE OF THE LOANS BEFORE FEDERAL
AGENTS RAIDED THE ATLANTA BANK ON AUG

MR DI VITO WORRIED THAT THIS FACT WOULD COME OUT IF LAWYERS FOR A US
COMPANY INVOLVED CENTRIFUGAL CASTING MACHINE CO OF TULSA OKLA PRESSED
THE COMPANY'S SUIT AGAINST BNL FOR REPUDIATING A 26 MILLION LETTER OF
CREDIT ATLANTABNL HAD ISSUED IT FOR THE CONSTRUCTION OF A PIPE
MANUFACTURING PLANT IN IRAQ

BNL'S BOARD LATER AGREED TO SETTLE THE CASE FOR 600000 ACCORDING TO THE
DIARY W THOMAS MCKEE PRESIDENT OF THE TULSA COMPANY SAID IT OBTAINED AN
AWARD FROM BNL AFTER A COURT ACTION BUT HE REFUSED TO DISCUSS THE AMOUNT
WALTER W DRIVER JR KING & SPALDING'S MAIN LAWYER FOR BNL SAID NEITHER
BNL NOR ITS LAWYERS WOULD COMMENT ON THE CONTENTS OF MR DI VITO'S DIARIES
WE MAINTAIN THAT THESE ARE PRIVILEGED DOCUMENTS HE SAID KING & SPALDING
IS FORMER ATTORNEY GENERAL BELL'S FIRM

THE DIARY INDICATES THAT BNL PUT PRESSURE ON JUSTICE DEPARTMENT PROSECUTORS
IN ATLANTA AND LOBBIED JUSTICE DEPARTMENT OFFICIALS IN WASHINGTON TO FOCUS
THE FRAUD CHARGES ON THE BANK'S EMPLOYEES IN ATLANTA WHICH THE GOVERNMENT
LATER DID THIS WAS IMPORTANT TO THE BANK IN PART BECAUSE IT COULD COLLECT
INSURANCE FOR LOSSES FROM THE FRAUD ONLY IF THE INSURERS WERE CONVINCED THAT
THE BANK HAD BEEN DEFRAUDED BY AN EMPLOYEE ACCORDING TO THE DIARY

THE INSURANCE COMPANIES WERE ARGUING THAT IT WAS DOUBTFUL BNL OFFICIALS
REMAINED IGNORANT OF THE HUGE EXPOSURE TO IRAQ THE DIARY INDICATED THAT BNL
OFFICIALS THOUGHT A FRAUD INDICTMENT AGAINST SPECIFIC INDIVIDUALS IN ATLANTA
WOULD BE HELPFUL IN PROVIDING EVIDENCE TO THE INSURERS THAT THE BANK HAD IN
FACT BEEN DEFRAUDED

MR ROGERS OF ROGERS & WELLS WHO SERVED AS ATTORNEY GENERAL DURING THE
EISENHOWER ADMINISTRATION AND LATER AS SECRETARY OF STATE UNDER PRESIDENT
NIXON DIDN'T RETURN CALLS SEEKING COMMENT NEITHER THE TWO LAW FIRMS
INVOLVED NOR BNL HAVE CHALLENGED THE AUTHENTICITY OF THE DIARIES WHICH
WERE FIRST OBTAINED BY AN INVESTIGATING COMMITTEE IN THE ITALIAN SENATE THAT
IS PROBING THE BNL AFFAIR A SMALL PORTION OF THE DIARY WAS REVEALED LAST
FALL DURING A SENTENCING HEARING FOR CHRISTOPHER DROGOUL MANAGER OF THE
ATLANTA BRANCH OF BNL

SEVEN VOLUMES OF THE DIARY WRITTEN FROM DECEMBER 1989 TO OCTOBER 1991 
SHOW THAT BESIDES KING & SPALDING BNL RETAINED A SECOND ATLANTA LAW FIRM
WHOSE SENIOR PARTNER P BRUCE KIRWAN FORMERLY WORKED WITH THE HEAD US
PROSECUTOR IN THE CASE GALE MCKENZIE AS AN ASSISTANT US ATTORNEY AND A
PUBLIC DEFENDER IN ATLANTA

ONE OF MR KIRWAN'S FUNCTIONS ACCORDING TO THE DIARY WAS TO REPORT ON
EVERY MOVE BEING MADE BY THE PROSECUTORS AND HE DELIVERED FREQUENTLY ON
JAN 4 1990 FOR EXAMPLE MR DI VITO WROTE MR KIRWAN CALLED WITH
IMPORTANT NEWS HE SPENT THREE HOURS LAST NIGHT WITH ASSISTANT US ATTORNEY
MCKENZIE

MR KIRWAN REPORTED THAT MR DROGOUL THE HEAD OF THE ATLANTA BRANCH WOULD
IMPLICATE BNL OFFICIALS IN THE ALLEGED FRAUD WHICH HE LATER DID DURING THE
SENTENCING HEARING MR KIRWAN ADDED THAT MS MCKENZIE PLANNED TO
INVESTIGATE THE CHARGES IN ROME THE ROME TRIP WAS LATER CANCELED BY JUSTICE
DEPARTMENT OFFICIALS IN WASHINGTON

NEITHER MR KIRWAN NOR MS MCKENZIE COULD BE REACHED FOR COMMENT THE DIARY
STATES THAT THE INVESTIGATION IN THE ATLANTA CASE TOOK A DRASTIC TURN IN
AUGUST 1990 AFTER IRAQ INVADED KUWAIT PROSECUTORS RESURRECTED OLD
EVIDENCE IMPLICATING IRAQI OFFICIALS IN THE ALLEGED FRAUD EARLIER
ACCORDING TO THE DIARY US OFFICIALS SHOWED AN UNWILLINGNESS TO ATTACK
IRAQ THROUGH THE COURTS

ANOTHER DRASTIC TURN OCCURRED LAST FALL WHEN THE JUSTICE DEPARTMENT DROPPED
MR DROGOUL'S GUILTY PLEA IN THE CASE AFTER HE CLAIMED THAT OFFICIALS AT
BNLROME ENCOURAGED THE ALLEGED FRAUD AFTER THAT THE JUSTICE DEPARTMENT
REPLACED THE PROSECUTORS BRINGING IN A NEW TEAM HEADED BY TERENCE J HART
AN ASSISTANT US ATTORNEY FROM DALLAS AND AN EXPERT IN SAVINGS AND LOAN
FRAUD CASES HE IS SUPPORTED BY TWO ATTORNEYS WHO HELPED TRY MANUEL NORIEGA
THE FORMER PANAMANIAN DICTATOR

MEANWHILE MR DROGOUL HAS MADE HIS FIFTH CHANGE IN LAWYERS THIS MONTH HE
HIRED ROBERT SIMELS A VETERAN NEW YORK DEFENSE ATTORNEY WHO HAS
REPRESENTED MAFIA DONS DRUG DEALERS AND SPORTS FIGURES PREVIOUSLY MR
DROGOUL HAD ACCEPTED GOVERNMENTPAID PUBLIC DEFENDERS ON THE GROUNDS THAT HE
WAS INDIGENT JAMES S TUPITZA A FAMILY FRIEND EXPLAINED THAT MR DROGOUL
HAS RECENTLY RECEIVED CONTRIBUTIONS FROM FRIENDS AND OTHER UNSPECIFIED
SOURCES THAT ARE GOING INTO A TRUST FUND SET UP TO PAY HIS LEGAL BILLS

MR DROGOUL'S NEW SOURCE OF FUNDS WAS IMMEDIATELY CHALLENGED BY THE JUSTICE
DEPARTMENT IT FILED A MOTION IN ATLANTA'S FEDERAL DISTRICT COURT LAST WEEK
CLAIMING THE MONEY COULD BE SEIZED BY THE GOVERNMENT EITHER TO REIMBURSE THE
GOVERNMENT FOR SOME OF MR DROGOUL'S PRIOR LEGAL BILLS OR TO REIMBURSE
CREDITORS HOUNDING THE DEFENDANT WHO HAS DECLARED BANKRUPTCY OR THEY
COULD BE PROCEEDS OF THE ALLEGED FRAUD IN WHICH CASE THEY WOULD BE
FORFEITABLE EXPLAINED MR HART THE NEW LEAD PROSECUTOR

THE FRAUD TRIAL OF MR DROGOUL IS NOW SCHEDULED FOR NEXT OCTOBER MEANWHILE
BNL'S TWO BIG US LAW FIRMS HAVE FILED A SUIT HERE IN THE US COURT OF
CLAIMS CHARGING THE US GOVERNMENT OWES BNL 370 MILLION

THE SUIT STATES THAT BNL IS THE ONLY BANK THAT REMAINS UNPAID FOR 19
BILLION WORTH OF COMMODITY LOANS ISSUED TO EXPORTERS TO IRAQ THAT WERE
INSURED BY THE US AGRICULTURE DEPARTMENT IRAQ STOPPED PAYMENT WHEN IT
INVADED KUWAIT THE SUIT CHARGES THAT BNL IS THE VICTIM OF A RATHER
INCREDIBLE CONSPIRACY THEORY THAT IT KNOWINGLY PLAYED A ROLE IN US POLICY
TO AID IRAQ BEFORE THE GULF WAR

JUST WHAT THE CLINTON ADMINISTRATION WILL DO WITH THE SUIT OR THE TANGLED
CASE IN ATLANTA IS UNCERTAIN ESPECIALLY SINCE IT DOES NOT YET HAVE AN
ATTORNEY GENERAL

THE SECURITIES AND EXCHANGE COMMISSION IS GETTING PRESSURE FROM THE
BIOTECHNOLOGY INDUSTRY TO CHANGE A POLICY THAT EMERGING COMPANIES SAY
THREATENS THEIR ABILITY TO INVEST THEIR FUNDS PROFITABLY

RECENTLY SEC LAWYERS HAVE TOLD AT LEAST ONE BIOTECH COMPANY THAT IT
QUALIFIED AS A SOCALLED INADVERTENT INVESTMENT COMPANY THEREFORE THE
SEC SAID THE COMPANY COULDN'T ALSO DEVELOP A PRODUCT IF THE COMPANY WANTED
TO DEVELOP A PRODUCT THE SEC SAID IT WOULD HAVE TO CEASE INVESTING
SIGNIFICANTLY IN CORPORATE SECURITIES

THE INVESTMENT COMPANY ACT SETS SPECIAL RULES FOR COMPANIES THAT INVEST OR
TRADE IN SECURITIES AND THE SEC LAWYERS SAID THAT BIOTECH COMPANIES THAT
ARE CURRENTLY RAISING MONEY TO DEVELOP PRODUCTS BUT HAVE NONE IN
ESSENCE DO NOTHING BUT INVEST OR TRADE IN SECURITIES

THE LAW IS INTENDED TO PROTECT SHAREHOLDERS FROM FRAUD BY SHELL COMPANIES
THAT HAVE NO SOLID PLANS OR REAL INTENTIONS TO MARKET A PRODUCT BUT JANICE
M LECOCQ CHIEF FINANCIAL OFFICER AT ICOS CORP IN BOTHELL WA SAYS THE
SEC HAS AN ESSENTIALLY THOUGHTLESS APPROACH TO APPLYING THE RULE A
SURREALISTIC SITUATION

ICOS AND OTHER BIOTECH FIRMS SAY THE MONEY THEY RAISE AND INVEST IS CRITICAL
FOR RESEARCH AND DEVELOPMENT IF THEY CAN'T INVEST PROFITABLY THEIR
VENTURES BECOME LESS ATTRACTIVE TO SHAREHOLDERS THEY ADD THE SEC LAST YEAR
REFUSED TO GRANT ICOS A LONGTERM OR PERMANENT EXEMPTION FROM THE INVESTMENT
ACT

THE SEC HAS BEEN WILLING TO GRANT ONEYEAR OR TWOYEAR EXEMPTIONS OR
COMPANIES CAN AVOID THE REGULATION BY SINKING A GOOD DEAL OF THEIR CASH IN
LESSHIGHYIELDING GOVERNMENT SECURITIES BUT THE BIOTECH INDUSTRY SAYS THE
ALTERNATIVE IS UNSUITABLE COMPANIES SAY THEY NEED HIGHER YIELDS AND WANT
LONGTERM OR PERMANENT EXEMPTIONS FROM THE REGULATION BECAUSE BRINGING A
GENETICALLY ENGINEERED DRUG TO MARKET TYPICALLY TAKES A DECADE OR MORE

THE SEC DIDN'T START ENFORCING THE LAW IN REGARD TO BIOTECH FIRMS UNTIL
RECENTLY SO EARLY INDUSTRY LEADERS SUCH AS AMGEN INC WEREN'T AFFECTED IN
THEIR STARTUP PHASE MARIANNE SMYTHE DIRECTOR OF THE SEC'S INVESTMENT
MANAGEMENT DIVISION SAYS SHE DOESN'T KNOW WHY THE RESPONSE CHANGED BUT
GUESSES THAT THE RAPIDLY INCREASED NUMBER OF BIOTECH COMPANIES GOING PUBLIC
MADE THE AD HOC RESPONSE TO HANDLING EXEMPTION REQUESTS NO LONGER
SUFFICIENT

MS SMYTHE SAYS HER DIVISION PLANS TO PRESENT SEC COMMISSIONERS IN THE VERY
NEAR FUTURE WITH A PROPOSED EXEMPTION OR RULE CHANGE THAT WOULD PROTECT
LEGITIMATE BIOTECH VENTURES THE PROPOSAL SHE SAID WILL BE SIMILAR TO ONE
OFFERED BY THE INTERNATIONAL BIOTECHNOLOGY ASSOCIATION AN INDUSTRY GROUP

A FEDERAL JUDGE HAS SCHEDULED A COURT HEARING FOR TODAY TO HEAR ARGUMENTS
OVER WHETHER TO REQUIRE THE GOVERNMENT TO HONOR A PLEA AGREEMENT WITH PAUL
MOZER FORMER HEAD GOVERNMENT TRADER AT SALOMON BROTHERS INC

THE CASE RAISES THE QUESTION OF WHETHER A PLEA AGREEMENT IS AN ENFORCEABLE
CONTRACT AS OF THE TIME IT IS REACHED OR WHETHER EITHER SIDE CAN BACK OUT AT
ANY POINT BEFORE THE PACT IS APPROVED BY A JUDGE THE ISSUE IS TO BE DECIDED
BY US DISTRICT JUDGE ROBERT P PATTERSON JR IN MANHATTAN

IN EARLY JANUARY MR MOZER WAS ABOUT TO PLEAD GUILTY UNDER AN AGREEMENT
WITH FEDERAL PROSECUTORS TO TWO FELONY COUNTS OF MAKING FALSE STATEMENTS TO
TREASURY OFFICIALS BUT THE DEAL WAS SCUTTLED IN A DISPUTE OVER WHETHER IT
ALSO PROTECTED HIM FROM FUTURE ANTITRUST PROSECUTIONS MR MOZER WAS
ALLEGEDLY AT THE CENTER OF SALOMON'S TREASURY BOND SCANDAL SALOMON BROTHERS
IS A UNIT OF SALOMON INC

MR MOZER'S ATTORNEYS INSISTED THAT THE AGREEMENT DID PROTECT HIM AND SAID
THEY PLANNED TO CALL PROSECUTORS AS WITNESSES TO PROVE THIS WAS SO THE US
ATTORNEY'S OFFICE IN NEW YORK SAYING THE DEAL OFFERED NO SUCH PROTECTION
WITHDREW FROM THE AGREEMENT AND THEN FILED A BROADER FOURCOUNT INDICTMENT
AGAINST MR MOZER

IN COURT PAPERS MR MOZER'S ATTORNEYS AND FEDERAL PROSECUTORS HAVE ALREADY
SPELLED OUT THEIR POSITIONS THE MANHATTAN US ATTORNEY'S OFFICE MAINTAINS
THAT SINCE THE PLEA AGREEMENT IS SUBJECT TO APPROVAL BY A JUDGE EITHER SIDE
CAN PULL OUT OF THE DEAL UNTIL THE LAST MOMENT TO HOLD OTHERWISE
PROSECUTORS ARGUE WOULD TURN FEDERAL JUDGES INTO REFEREES OF PLEA
NEGOTIATIONS

BUT MR MOZER'S ATTORNEY STANLEY S ARKIN OF CHADBOURNE & PARKE SAYS THAT
PROSECUTORS WANT THE POWER TO PENALIZE MOZER FOR HAVING THE TEMERITY TO
CONTEST THE GOVERNMENT'S UNREASONABLE INTERPRETATION OF THE PLEA AGREEMENT
HE ALSO ARGUES THAT THE GOVERNMENT'S POSITION WOULD UNDERMINE THE SANCTITY
OF WORKING COOPERATION AGREEMENTS BETWEEN DEFENDANTS AND PROSECUTORS
UNDER SUCH AGREEMENTS DEFENDANTS GIVE PROSECUTORS INFORMATION THEY MIGHT
NOT OTHERWISE DIVULGE BEFORE A FINAL PLEA DEAL IS REACHED

WHO'S NEWS JEANNE S ARCHIBALD FORMER GENERAL COUNSEL OF THE US TREASURY
DEPARTMENT HAS JOINED WASHINGTON LAW FIRM HOGAN & HARTSON SHE WILL BE A
MEMBER OF THE FIRM'S INTERNATIONALTRADE PRACTICE GROUP

ARTHUR S HAYES AND JONATHAN M MOSES CONTRIBUTED TO THIS ARTICLE
9302010063 930201 BUSINESS BRIEF DEUTSCHE LUFTHANSA AG LOSS FOR 1992
EXPECTED TO BE JUST UNDER 2799 MILLION

DEUTSCHE LUFTHANSA AG'S BOARD FORECAST A 1992 LOSS SLIGHTLY UNDER THE
COMPANY'S 444 MILLION DEUTSCHE MARK 2799 MILLION LOSS IN 1991

A COMPANY SPOKESMAN ALSO CONFIRMED LUFTHANSA'S PREVIOUS ESTIMATES THAT ITS
1992 OPERATING LOSS WILL BE ABOUT 12 BILLION MARKS

HOWEVER HE PROVIDED NO EXACT FIGURES AND DECLINED TO COMMENT ON ANY TRENDS
DURING THE AIR CARRIER'S TRADITIONALLY WEAK MONTH OF JANUARY 9302010062
930201 MARKETING BRIEF MEDIA GENERAL INC FIRM SWUNG TO PROFIT FOR '92
 BUT NET FELL 17 FOR QUARTER

MEDIA GENERAL INC REPORTED A 17 DROP IN FOURTHQUARTER EARNINGS
REFLECTING LOWER MARGINS BUT HAD FULLYEAR EARNINGS THAT REVERSED A LOSS IN
1991 ON SEVERAL CHARGES

FOURTHQUARTER NET INCOME FELL TO 76 MILLION OR 29 CENTS A SHARE FROM
THE YEAREARLIER 92 MILLION OR 35 CENTS A SHARE FOR 1992 THE COMPANY
HAD NET OF 19 MILLION OR 73 CENTS A SHARE COMPARED WITH A 1991 LOSS OF
621 MILLION OR 239 A SHARE THE 1991 RESULTS INCLUDED AFTERTAX CHARGES
OF 854 MILLION OR 328 A SHARE PRIMARILY ON LOSSES OF AN AFFILIATE
GARDEN STATE NEWSPAPERS

QUARTERLY REVENUE WAS ESSENTIALLY FLAT AT 1489 MILLION WHILE YEAREND
REVENUE DROPPED 14 TO 5777 MILLION FROM 5859 MILLION THE RICHMOND
VA COMPANY'S GAIN ON ADOPTING A NEW ACCOUNTING RULE FOR INCOME TAXES WAS
MOSTLY OFFSET BY A CHARGE FOR ACCOUNTING FOR POSTRETIREMENT MEDICAL
BENEFITS 9302010061 930201 BUSINESS BRIEF KASLER CORP 
INDUSTRIALIST RAISES HOLDING IN HEAVYCONSTRUCTION FIRM

MONTANA INDUSTRIALIST DENNIS R WASHINGTON SAID HE RAISED HIS STAKE IN
KASLER CORP OF HIGHLAND CALIF TO 77 OR 770900 COMMON SHARES OF THE
HEAVYCONSTRUCTION COMPANY

IN A FILING WITH THE SECURITIES AND EXCHANGE COMMISSION MR WASHINGTON
OWNER OF DW HOLDINGS OF MISSOULA MONT SAID HE BOUGHT AN ADDITIONAL
114700 COMMON SHARES OF KASLER FROM JAN 22 TO JAN 28 AT 963 TO 1050
EACH

MR WASHINGTON HAS SAID HE PLANS TO SEEK BOARD REPRESENTATION AND IS
INTERESTED IN EXPLORING A MERGER WITH KASLER MR WASHINGTON HOLDS INTERESTS
IN CONSTRUCTION MINING AND HEAVYHAULING BUSINESSES A SPOKESMAN FOR DW
HOLDINGS SAID EXECUTIVES HAVE BEEN IN CONTACT WITH KASLER MANAGEMENT AND
CHARACTERIZED THE DISCUSSIONS AS FRIENDLY

KASLER OFFICIALS COULDN'T BE REACHED IMMEDIATELY FOR COMMENT

KASLER'S STOCK CLOSED AT 10625 UP 25 CENTS ON THE NEW YORK STOCK
EXCHANGE 9302010060 930201 RJR NABISCO MAY ISSUE SEPARATE CLASS OF
STOCK TIED TO FIRM'S FOOD BUSINESS  BY EBEN SHAPIRO STAFF REPORTER
OF THE WALL STREET JOURNAL

NEW YORK FRUSTRATED BY A STAGNANT SHARE PRICE DUE IN PART TO THE TAINT OF
TOBACCO RJR NABISCO HOLDINGS INC IS CONSIDERING ISSUING A SEPARATE CLASS
OF STOCK PEGGED TO THE NABISCO FOOD BUSINESS ACCORDING TO PEOPLE CLOSE TO
THE COMPANY

THAT RJR IS EVEN STUDYING SUCH A STEP UNDERSCORES THE MOUNTING PRESSURE ON
THE COMPANY'S MANAGEMENT TO IMPROVE THE LOT OF ITS SHAREHOLDERS 
PRINCIPALLY KOHLBERG KRAVIS ROBERTS & CO THE BUYOUT FIRM ACQUIRED THE FOOD
AND TOBACCO GIANT IN 1989 AND KKR PARTNERSHIPS OWN 504 OF THE COMPANY'S
COMMON SHARES KKR AND RJR EXECUTIVES DECLINED TO COMMENT ON THE SITUATION

KKR TOOK RJR PRIVATE IN THE LARGEST BUYOUT IN CORPORATE HISTORY THE COMPANY
ISSUED A PUBLIC OFFERING AT 1125 A SHARE IN 1991 A HEFTY PREMIUM OVER
KKR'S ORIGINAL INVESTMENT AT THE EQUIVALENT OF 5 A SHARE BUT SINCE THEN
THE STOCK HAS LANGUISHED WELL BELOW THE 12 LEVEL ON FRIDAY RJR NABISCO
SHARES CLOSED AT 825 IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE
DOWN ABOUT 25 FROM ITS 52WEEK HIGH OF 11125

WHILE TOBACCO ACCOUNTS FOR ABOUT 75 OF RJR PROFIT IT DRAGS DOWN RJR'S
STOCK PRICE INVESTORS ARE WARY OF TOBACCO FOR A LITANY OF REASONS IT IS A
DECLINING MARKET AND CHEAP PRIVATELABEL SALES ARE HURTING SALES OF
FULLPRICE BRANDS SUCH AS RJR'S WINSTON AND SALEM THE POSSIBILITY OF HIGHER
TOBACCO TAXES LOOMS THERE'S PERSISTENT LITIGATION OVER CANCER DEATHS AND
EXPOSURE TO SECONDHAND SMOKE

SOME PORTFOLIO MANAGERS MOREOVER SHUN TOBACCO STOCKS FOR MORAL REASONS AN
ESTIMATED 434000 AMERICANS DIE EVERY YEAR FROM CIGARETTERELATED DISEASES

AS A RESULT TOBACCO STOCKS CURRENTLY SELL AT ABOUT 10 TIMES THEIR ESTIMATED
1993 PERSHARE EARNINGS WELL BELOW THE 17TIMESEARNINGS VALUE FOR FOOD
COMPANIES PHILIP MORRIS COS THE OTHER BIG FOOD AND TOBACCO CONGLOMERATE
HAS LOST ABOUT 11 BILLION IN STOCK MARKET VALUE SINCE SEPTEMBER IN PART
BECAUSE OF VARIOUS INVESTOR CONCERNS ABOUT THE TOBACCO SIDE OF THE COMPANY

IRONICALLY FRUSTRATION OVER RJR'S LOW VALUATION IS WHAT INITIALLY LED F
ROSS JOHNSON WHO WAS RJR'S CHIEF EXECUTIVE OFFICER IN THE LATE 1980S TO
BEGIN THE PROCESS THAT CULMINATED IN THE 1989 LEVERAGED BUYOUT BY KKR
TOBACCO STOCKS ONE RJR NABISCO INSIDER COMPLAINS ARE THE RODNEY
DANGERFIELD OF CONSUMERPRODUCT SHARES

THERE IS SOME FRUSTRATION AT KKR OVER WHERE THE STOCK IS SAID JOHN
MCMILLIN A FOOD ANALYST AT PRUDENTIAL SECURITIES INC HE ADDED YOU ARE
DEALING WITH ONE OF AMERICAN'S BEST FOOD COMPANIES NOBODY REALLY CARES
HE BELIEVES THAT INVESTORS HAVE SIMPLY FAILED TO RECOGNIZE THE STOCK'S
VALUE

SETTING UP NABISCO AS A SEPARATE CLASS OF STOCK WOULD ALLOW INVESTORS AND
KKR IN PARTICULAR TO ENJOY THE HIGHER MULTIPLES ASSIGNED TO FOOD
COMPANIES THAN TO TOBACCO STOCKS THE FOOD BUSINESS ACCOUNTS FOR ABOUT 25
OF RJR'S PROFIT

IN THE FIRST NINE MONTHS OF 1992 OPERATING PROFIT AT RJ REYNOLDS TOBACCO
CO RJR'S DOMESTIC TOBACCO DIVISION FELL 4 TO 164 BILLION WHILE FOOD
PROFIT ROSE 6 BUT DESPITE NABISCO'S RICH ARRAY OF BRANDS FIG NEWTONS
RITZ CRACKERS LIFE SAVERS CANDY AND PLANTERS NUTS AMONG OTHERS THE
COMPANY HAS BEEN HURT BY THE WEAK ECONOMY THE FOOD CONCERN HAS FROZEN
SALARIES FOR THOUSANDS OF EXECUTIVES AND RECENTLY LAID OFF 200

THE TOBACCO BUSINESS IS EXPECTED TO REMAIN UNDER PRESSURE THIS YEAR WHILE
HEAVY AD SPENDING MADE THE COMPANY'S CAMEL THE ONLY FULLPRICED CIGARETTE TO
INCREASE SHIPMENTS LAST YEAR BOTH WINSTON AND SALEM BRANDS WERE OFF
SHARPLY

ACCORDING TO PEOPLE KNOWLEDGEABLE ABOUT RJR'S PLANS THE MOST LIKELY
PROPOSAL WOULD BE TO CREATE A CLASS OF COMMON STOCK SIMILAR TO GENERAL
MOTORS CORP'S CLASS H OR CLASS E SHARES WHICH ARE PEGGED TO RESULTS OF THE
AUTO MAKER'S HUGHES AIRCRAFT CO AND ELECTRONIC DATA SYSTEMS BUSINESSES

DETAILS OF THE RJR PLAN ARE SKETCHY AND THERE ISN'T ANY ASSURANCE THAT RJR
WILL PROCEED DEVISING A WAY TO ISSUE THE NEW STOCK WOULD TAKE AT LEAST
SEVERAL MONTHS SHOULD THE COMPANY DECIDE TO PROCEED

THE CREATION OF SOCALLED TARGETED STOCK SECURITIES AS WALL STREET HAS
TAKEN TO CALLING THEM IS GAINING IN POPULARITY USX CORP SUCCESSFULLY
COMPLETED SUCH A TRANSACTION IN 1991 SEPARATING ITS ENERGY AND STEEL
BUSINESSES LAST MONTH RALSTON PURINA CORP ANNOUNCED A SIMILAR PLAN FOR
ITS AILING CONTINENTAL BAKING DIVISION AND RALSTON'S STOCK SURGED ALMOST 9
THE FOLLOWING DAY SEVERAL ANALYSTS HAVE EVEN SUGGESTED THAT INTERNATIONAL
BUSINESS MACHINES CORP WOULD BE BETTER OFF IN PIECES

THE TRANSACTIONS HAVE THE BENEFIT OF BEING TAXFREE TO SHAREHOLDERS AND THE
COMPANY ALIKE UNDER THE RALSTON PLAN THE COMPANY IS CREATING A SEPARATE
ISSUE FOR ITS LAGGARD BAKING GROUP WHICH RALSTON SHAREHOLDERS CAN SELL ON
THE MARKET NEW INVESTORS CAN BUY SHARES IN THE BAKING GROUP OR IN RALSTON
OR IN BOTH

I THINK YOU ARE GOING TO SEE A LOT OF COMPANIES THAT ARE GIVING SERIOUS
CONSIDERATION TO THIS SAID RONALD GALLATIN MANAGING DIRECTOR OF LEHMAN
BROS A UNIT OF AMERICAN EXPRESS CO'S SHEARSON LEHMAN BROS UNIT HE HAS
HELPED PIONEER TARGETED STOCK DEALS 9302010059 930201 LEISURE & ARTS 
WINE BRILLIANT BURGUNDIES  BY BARBARA ENSRUD

NEW YORK THE MOST REMARKABLE THING ABOUT THE 1990 RED BURGUNDIES IS THAT
THEY ARE SO OF A PIECE SUCH A HARMONIOUS YET MULTIFACETED SENSORY
EXPERIENCE THAT WORDS FAIL HOW DO YOU DESCRIBE A KALEIDOSCOPE ALL THE
DIFFERENT PIECES THAT DAZZLE WITH UNIQUELY CHISELED BITS OF COLOR YET
ARRANGE THEMSELVES IN SUCH SYMMETRY YOU CAN ONLY WONDER AT WHAT YOU SEE IN
THIS CASE THE SYMMETRY IS MADE UP OF FLAVORS AND AROMAS THAT AROUSE ALL THE
SENSES WITH THEIR COMPLEXITY AND SILKY TEXTURE

YOU HAVE TO SEE A KALEIDOSCOPE WITH YOUR OWN EYES TO GET IT YOU HAVE TO
TASTE THE 1990 BURGUNDIES TO GRASP THEM THE FACT THAT THEY ARE MADE FROM A
SINGLE GRAPE PINOT NOIR IS COMPLETELY BESIDE THE POINT IN THESE WINES
YOU'LL NEVER DETECT THIS COMMON BOND IN THE BEST OF THEM GRANDS ECHEZEAUX
OR MUSIGNY OR LA TACHE OR EVEN CERTAIN POMMARDS THE WINE SIMPLY SURPASSES
THE GRAPE IDENTITY AND BECOMES AN EXPRESSION OF SOMETHING FAR MORE PROFOUND
WHAT THE FRENCH CALL TERROIR A SPECIFIC PLOT OF GROUND BUT NOT ONLY
THAT EITHER THE TILT OF IT THE WAY THE SUN STRIKES IT THE MAKEUP OF THE
SOIL AND SUBSOIL THE VERY ATMOSPHERE THAT HOVERS ABOVE IT THE WAY WIND AND
RAIN SWEEP OVER IT THE WAY THEY DRAIN AWAY EVEN ALL THESE FACTORS
DETERMINE THE VERY INDIVIDUAL CHARACTER OF PINOT NOIR IN ALL THE EXTREMELY
INDIVIDUAL VINEYARDS OF BURGUNDY AND IN 1990 EACH TERROIR SEEMS TO HAVE
HAD A MIRACLE OF ITS OWN

I'VE NEVER SEEN SUCH PERFECT GRAPES REMARKED AUBERT DE VILLAINE AT A
RECENT TASTING HERE THE GRAPE CLUSTERS WERE PHOTOPERFECT EXAMPLES OF RIPE
PINOT BLACK AND PLUMP CLEAN AND SOUND NO SIGNS OF ROT EVENLY RIPENED
THROUGHOUT THE VINTAGE IS SO EXCEPTIONAL YOU TRY TO COMPARE AND HIT A DEAD
END THERE HAS BEEN NOTHING LIKE IT IN ALL MY YEARS AS A VIGNERON'
FIFTYTWOYEAROLD MONSIEUR DE VILLAINE IS HALFOWNER OF THE DOMAINE DE LA
ROMANEECONTI THE MOST ILLUSTRIOUS WINE ESTATE ON BURGUNDY'S COTE D'OR OR
IN THE WORLD FOR THAT MATTER SOMETHING NO ONE WOULD DISPUTE

DESPITE A RECENT FEUD BETWEEN THE TWO FAMILIES THAT OWN THIS VINOUS EDEN
THE DE VILLAINES AND THE TWO DAUGHTERS OF THE LATE HENRI LEROY OVER
INTERNATIONAL DISTRIBUTION NOW RESOLVED THE DOMAINE ITSELF CONTINUES TO
REIGN SUPREME ON THE GOLDEN SLOPES OF BURGUNDY IT CONSISTS OF SIX
VINEYARDS 74 ACRES IN ALL WHICH HAVE REMAINED INTACT FOR NEARLY A THOUSAND
YEARS SINCE THE MONKS OF CITEAUX TENDED THEM AND MADE THE WINE THE SIX
PROPERTIES ARE ECHEZEAUX GRANDS ECHEZEAUX ROMANEE STVIVANT
RICHEBOURG LA TACHE AND ROMANEECONTI IN ASCENDING ORDER OF GREATNESS IN
FACT LA TACHE AND ROMANEECONTI VIE EQUALLY FOR THE TOP SPOT IN BURGUNDY
LOVERS' HEARTS

THE RIVALRY IS ESPECIALLY INTENSE WITH THE 1990S IN A SHOW OF HANDS AT THE
TASTING AT THE FOUR SEASONS EARLIER THIS MONTH LA TACHE WAS FAVORED AS IT
WAS AT A SIMILAR TASTING IN SAN FRANCISCO IT IS NORMALLY MY FAVORITE AS IT
HAS BEEN SINCE I FIRST TASTED THE 1957 IN 1967 AND WAS TRANSPORTED FOR
THIS VINTAGE HOWEVER IT'S THE ROMANEECONTI FOR ME I HONESTLY DO NOT
EXPECT TO MEET ITS LIKE AGAIN

I'LL PROBABLY NEVER TASTE IT AGAIN EITHER ONLY 625 CASES WERE MADE IT
CURRENTLY COSTS 800 A BOTTLE COULD I BE CONTENT WITH THE 1990 LA TACHE AT
A MERE 270 YES BUT NOT YET THE 90 ECHEZEAUX LEAST OF THE SIX THOUGH
STILL LOVELY THE GRANDS ECHEZEAUX 130 IS THE BEST DRC HAS EVER MADE BUT
EQUALLY GOOD FROM PARCELS OWNED BY OTHERS SUCH AS RENE ENGEL OR GROS FRERES
60 AND 30 LESS RESPECTIVELY

MOST OF THE TIME WITH YOUNG GREAT WINES WE SAY IT IS INFANTICIDE TO DRINK
THEM SO YOUNG IN THEIR THIRD YEAR THE 1990 BURGUNDIES ALL OF THEM
VIRTUALLY MAKE THAT A MUCH HARDER CALL THEIR ALLURING FRUIT SENSUOUS
SOFT SILKY VOLUPTUOUS WITHOUT BEING ONE IOTA OVERBLOWN OR GARISH WILL NOT
BE THERE IN THE SAME GUISE WHEN THE WINES ARE MATURE THESE WINES MAY BE
MORE MAGNIFICENT MORE COMPLEX BUT THEY WILL NEVER BE MORE SEDUCTIVE THAN
THEY ARE RIGHT NOW OF COURSE THEY ARE BEING SNAPPED UP AT AN ALARMING RATE
PRICES FOR BURGUNDY MAKE CONSUMERS WHO AREN'T CAUGHT UP IN THE BURGUNDY
MYSTIQUE SHRUG OR ROLL THEIR EYES BUT TOUT SHEETS SUCH AS THE WINE ADVOCATE
AND THE WINE SPECTATOR THAT RATE WINES ON A 100POINT SCALE PUT DOZENS OF
THE 1990 BURGUNDIES AT 95 OR BETTER

THE 1990S ARE ONE OF THOSE SUPER VINTAGES THAT CAUSE HAVOC IN THE
MARKETPLACE AS DEMAND FOR THE WINES LEAPS AND PRICES ESCALATE OUT OF SIGHT
SOME WINE MERCHANTS ARE ALREADY ASKING 900 FOR THE '90 ROMANEECONTI A
FEW BANDWAGON VINTAGES OF THE PAST HAVEN'T ALWAYS LIVE UP TO THE HYPE FOR
EXAMPLE THERE WERE THE 1961 BORDEAUX AND POSSIBLY THE 1982S THOUGH THE
JURY IS STILL OUT ON THEM BUT THERE IS NO DANGER OF THAT WITH THE 1990 RED
BURGUNDIES THEY ARE TOO CLASSIC FAR SUPERIOR TO THE 1989S WHICH ARE MORE
DRAMATIC MORE POWERFUL BUT MUCH EARTHIER AND MORE THAN A MATCH FOR THE
1985S WHICH WERE ALSO MAGNIFICENT RIGHT OUT OF THE STARTING GATE AND HAVE
IN FACT REMAINED SO

THE 1990S HAVE LESS MUSCLE AND MORE FINESSE THAN THE '85S MORE GRACE IF YOU
WILL BUT ENORMOUS DEPTH AND AS MENTIONED THAT VINOUS ENIGMA COMPLEXITY
EVEN THE SIMPLER ONES HAVE IT LIKE VINCENT GIRARDIN'S MARANGES CLOS DES
LOYERES 1899 LOUIS JADOT'S BEAUNE CLOS DES URSULES 39 JOSEPH
DROUHIN'S CLOS DES MOUCHES 45 CHEVILLON'S NUITS STGEORGES 35 AND
AUBERT DE VILLAINE'S BOUZERON LA DIGOINE 1750 HEAD TO YOUR WINE
MERCHANT BUY WHAT YOU CAN AFFORD BUT BUY THE '90S

THESE ARE WINES THAT MAKE YOU GLAD TO BE ALIVE GLAD THAT YOU LIKE WINE AND
ARE ABLE TO DRINK AND SAVOR IT

AS I DRANK THE ROMANEECONTI I WONDERED CAN THIS EVER BE MATCHED ANYWHERE
ELSE AND I THOUGHT OF AMERICAN WINE MAKERS WHO HAVE FOLLOWED THE QUEST WITH
PINOT NOIR FOR YEARS AND I WORRIED I HOPE THE LIKES OF JIM CLENDININ AU
BON CLIMATE DAVID GRAVES SAINTSBURY DAVID LETT EYRIE VINEYARD JOSH
JENSEN CALERA LYN PENNERASH REX HILL MERRY EDWARDS LAURIER BOB
SESSIONS HANZELL DICK PONZI AND RICHARD SANFORD GET THE OPPORTUNITY TO
TASTE THESE BURGUNDIES BUT REMAIN UNDAUNTED BY THE ACHIEVEMENT AND CONTINUE
THE QUEST

MS ENSRUD IS A FREELANCE WINE WRITER 9302010058 930201 INTERNATIONAL
BRIEF CATHAY PACIFIC AIRWAYS LTD THREAT OF DISMISSAL ENDS STRIKE BY
FLIGHT ATTENDANTS

A 17DAYOLD STRIKE BY FLIGHT ATTENDANTS AT CATHAY PACIFIC AIRWAYS LTD
OFFICIALLY ENDED AS THE AIRLINE ANNOUNCED IT WOULD DISMISS ALL EMPLOYEES
WHO DIDN'T SIGN UP FOR FEBRUARY SHIFTS BY MIDNIGHT WEDNESDAY THE THREAT
WORKED AS MORE THAN 3500 FLIGHT ATTENDANTS MET THE DEADLINE

AT ONE POINT THE STRIKE INVOLVED ABOUT 90 OF THE FLIGHT ATTENDANT UNION'S
3800 MEMBERS

THE EMPLOYEES WERE FIGHTING FOR BETTER PAY AND WORKING CONDITIONS IN
PARTICULAR THEY WANTED THE COMPANY TO HIRE 300 OR 400 MORE CABIN CREW
PERSONNEL INSTEAD OF SHUFFLING WORKERS INTO LOWERLEVEL JOBS TO FILL IN FOR
THOSE ON LEAVE

CATHAY REPORTEDLY LOST MORE THAN 258 MILLION DURING THE STRIKE WHILE
CHARTERING PLANES AND CREWS FROM OTHER CARRIERS TO FLY ITS PASSENGERS IN AND
OUT OF HONG KONG 9302010057 930201 TECHNOLOGY BRIEF XICOR INC 
SEMICONDUCTOR MAKER'S LOSS WIDENED FOR QUARTER YEAR

XICOR INC HIT BY THE COMPUTER PRODUCT PRICE WARS AND A SWITCH TO A NEW
PRODUCTION LINE POSTED ANOTHER WIDENING LOSS FOR THE FOURTH QUARTER AND
YEAR

THE SEMICONDUCTOR MAKER WHICH IS BASED IN MILPITAS CALIF POSTED A
FOURTHQUARTER LOSS OF 72 MILLION OR 40 CENTS A SHARE COMPARED WITH A
LOSS OF 63 MILLION OR 35 CENTS A SHARE A YEAR EARLIER REVENUE WAS 30
MILLION UP ABOUT 9 FROM 276 MILLION A YEAR EARLIER

THE LOSS FOR THE YEAR INCLUDING AN 8 MILLION RESTRUCTURING CHARGE WAS
295 MILLION OR 164 A SHARE COMPARED WITH A LOSS OF 157 MILLION OR
87 CENTS A SHARE REVENUE FOR THE YEAR WAS 93 MILLION DOWN SLIGHTLY FROM
938 MILLION

THE COMPANY SAID IT PLANS TO FURTHER CUT COSTS BY TRANSFERRING MUCH OF ITS
PRODUCT TESTING TO OVERSEAS CONTRACTORS IT PREDICTED A POSITIVE CASH FLOW
BY MIDYEAR AND A RETURN TO PROFITABILITY IN THE SECOND HALF 9302010056
930201 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

BANK OF MONTREAL 250 MILLION CANADIAN ISSUE OF BONDS DUE JUNE 2003
WAS PRICED WITH AN 885 COUPON AT 9960 TO YIELD 891 THE BONDS WERE
PRICED AT 95 BASIS POINTS ABOVE THE GOVERNMENT OF CANADA 10YEAR BOND THE
ISSUE WILL BE SOLD BY A GROUP OF UNDERWRITERS HEADED BY NESBITT THOMSON LTD
OF TORONTO

CYPRUS MINERALS CO 150 MILLION ISSUE OF DEBENTURES DUE FEB 1 2023
WAS PRICED WITH AN 8 3/8 COUPON AT 99075 TO YIELD 846 THE ISSUE
NONCALLABLE FOR 10 YEARS WAS PRICED AT A SPREAD OF 125 BASIS POINTS ABOVE
THE TREASURY 30YEAR BOND RATED BAA2 BY MOODY'S INVESTORS SERVICE INC AND
TRIPLEB BY STANDARD & POOR'S CORP THE ISSUE WILL BE SOLD THROUGH
UNDERWRITERS LED BY FIRST BOSTON CORP

BOISE CASCADE CORP 100 MILLION ISSUE OF CUMULATIVE DEPOSITARY PREFERRED
STOCK WAS PRICED THROUGH UNDERWRITERS LED BY GOLDMAN SACHS & CO THE FOUR
MILLION SHARES OF 25ASHARE SERIES F PREFERRED WERE PRICED WITH A DIVIDEND
YIELD OF 94 THE SIZE OF THE DEAL WAS RAISED FROM AN ORIGINALLY PLANNED
THREE MILLION SHARES RATED BAA3 BY MOODY'S AND DOUBLEB BY S&P THE ISSUE
IS NONCALLABLE FOR FIVE YEARS

ZILOG INC AN OFFERING OF ONE MILLION COMMON SHARES OF WAS PRICED AT
3750 A SHARE THROUGH UNDERWRITERS LED BY ALEX BROWN & SONS INC THE
SHARES HAVE BEEN ADJUSTED FOR A 3FOR2 STOCK SPLIT TO HOLDERS OF RECORD
FEB 1

FEDERAL NATIONAL MORTGAGE ASSOCIATION 500 MILLION ISSUE OF REAL ESTATE
MORTGAGE INVESTMENT CONDUIT SECURITIES WAS OFFERED BY LEHMAN BROTHERS THE
OFFERING SERIES 1993G8 IS BACKED BY STRIPS 207 WHICH IN TURN IS BACKED
BY 8 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION MORTGAGE SECURITIES

STUDENT LOAN MARKETING ASSOCIATION 500 MILLION ISSUE OF NOTES DUE MARCH
3 1997 WAS PRICED TO FLOAT WEEKLY AT A SPREAD OF 32 BASIS POINTS ABOVE THE
TREASURY THREEMONTH BILL THE NOTES WHICH PAY INTEREST QUARTERLY ARE
NONCALLABLE THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MERRILL
LYNCH & CO

FEDERAL HOME LOAN BANKS 125 MILLION ISSUE OF STEPUP COUPON NOTES
WITH A FINAL MATURITY OF FEB 16 1996 WAS PRICED AT PAR TO YIELD 402
THE ISSUE'S COUPON STEPSUP OR INCREASES TO 515 ON FEB 16 1994 THE
NOTES ARE NONCALLABLE FOR ONE YEAR THE ISSUER CAN THEN CALL THE NOTES AFTER
GIVING NOTEHOLDERS 30DAYS' NOTICE DEAN WITTER REYNOLDS INC WILL BE LEAD
MANAGER

KINGDOM OF DENMARK SOVEREIGN 300 MILLION CANADIAN OF 7 1/2
EUROBONDS DUE FEB 26 1996 AT AN ISSUE PRICE OF 1009875 VIA LEHMAN
BROTHERS INTERNATIONAL REOFFERED AT 9980 TO YIELD 758 ANNUALLY A SPREAD
OF 40 BASIS POINTS ABOVE THE COMPARABLE CANADIAN GOVERNMENT ISSUE FEES 1
3/8

EUROFIMA SUPRANATIONAL 200 MILLION CANADIAN OF 7 3/4 EUROBONDS DUE
FEB 26 1998 AT ISSUE PRICE 101215 VIA SWISS BANK CORP REOFFERED AT 9959
TO YIELD 785 ANNUALLY A SPREAD OF 40 BASIS POINTS ABOVE COMPARABLE
GOVERNMENT ISSUE FEES 1 7/8

CREDIT FONCIER DE FRANCE FRANCE 200 MILLION CANADIAN OF EUROBONDS
DUE MARCH 17 2003 AT AN ISSUE PRICE OF 101257 AND WITH A COUPON OF 8 1/2
VIA MERRILL LYNCH INTERNATIONAL REOFFERED 99582 TO YIELD 856 A YIELD
MARGIN OF 45 BASIS POINTS ABOVE THE COMPARABLE GOVERNMENT BOND FEES 2

MUNICIPALITY OF METROPOLITAN TORONTO CANADA 125 MILLION CANADIAN OF 8
5/8 EUROBONDS DUE MARCH 4 2003 AT ISSUE PRICE PAR VIA WOOD GUNDY INC
BOOKS AND RBC DOMINION SECURITIES REOFFERED AT 98 3/8 TO YIELD 888
ANNUALLY SPREAD 74 BASIS POINTS ABOVE COMPARABLE GOVERNMENT ISSUE FEES 2

DEUTSCHE SIEDLUNGS UND LANDESRENTENBANK GERMANY 100 MILLION CANADIAN
OF 7 3/4 EUROBONDS DUE MARCH 4 1998 AT ISSUE PRICE 100 7/8 VIA UBS
PHILLIPS & DREW REOFFERED AT 99 1/4 TO YIELD 794 ANNUALLY SPREAD 48
BASIS POINTS ABOVE COMPARABLE CANADIAN GOVERNMENT ISSUE FEES 1 7/8 

BRADFORD & BINGLEY BUILDING SOCIETY UK 100 MILLION COLLARED FLOATING
RATE NOTES DUE FEBRUARY 2003 VIA NATWEST CAPITAL MARKETS INTEREST PAID AT
SIXMONTH LONDON INTERBANK OFFERED RATE FOR STERLING MINIMUM 7 1/16
MAXIMUM 11 1/16 ISSUE AND FIXED INITIAL OFFER PRICE PAR FEES 1/2

HELEBA FINANCE BV GERMANY PARENT 100 MILLION OF 7 1/8 EUROBONDS DUE
NOV 26 1998 AT ISSUE PRICE 10020 VIA BARCLAYS DE ZOETE WEDD REOFFERED
AT 9860 TO YIELD 742 ANNUALLY SPREAD 45 BASIS POINTS ABOVE UK
TREASURY'S 7 1/4 BONDS DUE 1998 GUARANTOR LANDESBANK HESSENTHURINGEN
FEES 1 7/8

CSFB FINANCE BV SWITZERLAND PARENT 100 MILLION DUTCH GUILDERS OF 7 1/2
EUROBONDS DUE FEB 22 2000 VIA CSFB NEDERLAND ISSUE PRICE 10145
REOFFERED AT 100 1/4 TO YIELD 745 ANNUALLY SPREAD 36 BASIS POINTS ABOVE
COMPARABLE GOVERNMENT ISSUE ADDON TO EXISTING 250 MILLION GUILDERS OF
IDENTICAL BONDS BRINGING TOTAL TO 350 MILLION GUILDERS FEES 1 1/2

GREAT BELT DENMARK 350 MILLION DANISH KRONER OF 8 1/2 EUROBONDS DUE
NOV 20 1999 AT AN ISSUE PRICE OF 10180 VIA UNIBANK GUARANTEED BY THE
KINGDOM OF DENMARK FEES 1 7/8 9302010055 930201 LAW JURY REJECTS
CLAIM THAT TOBACCO FIRMS CONSPIRED TO PLAY DOWN RISKS OF SMOKING  
BY JUNDA WOO STAFF REPORTER OF THE WALL STREET JOURNAL

REBUFFING THE LATEST LINE OF ATTACK BY ANTISMOKING GROUPS IN LIABILITY
CASES A JURY IN BELLEVILLE ILL REJECTED THE ALLEGATION THAT TOBACCO
COMPANIES HAD ENGAGED IN A CONSPIRACY TO PLAY DOWN THE HEALTH RISKS OF
SMOKING

THE STATECOURT JURY VERDICT LATE FRIDAY CAME IN A CASE AGAINST RJ
REYNOLDS TOBACCO CO BY CHARLES H KUEPER 51 A FORMER SMOKER WHO IS DYING
OF CANCER THE VICTORY FOR THE RJR NABISCO HOLDINGS CORP UNIT KEEPS INTACT
THE INDUSTRY'S PERFECT RECORD OF NEVER PAYING A CENT TO A PLAINTIFF IN SUCH
A LAWSUIT

THE VERDICT SETS NO PRECEDENT FOR OTHER CASES AND PLAINTIFFS' GROUPS SAY
THEY INTEND TO PROCEED WITH SIMILAR LAWSUITS ELSEWHERE

THE CASE WAS CLOSELY WATCHED BY INDUSTRY ANALYSTS BECAUSE IT WAS THE FIRST
TO GO TO TRIAL AFTER THE US SUPREME COURT'S RULING IN THE CIPOLLONE CASE
THAT DECISION ALLOWED SMOKERS TO ALLEGE A CONSPIRACY TO HIDE OR DISTORT
HEALTH RISKS BUT REJECTED THE MORE COMMON CLAIMS BY SMOKERS THAT THEY HADN'T
BEEN ADEQUATELY NOTIFIED OF THE DANGERS AFTER WARNING LABELS WERE ATTACHED
TO CIGARETTE PACKS IN 1969

JURY MEMBERS WHO DELIBERATED FOR TWO DAYS SAID THAT THEY BELIEVED SOME
CIGARETTE ADVERTISING WAS MISLEADING BUT THAT THEY DIDN'T THINK A CONSPIRACY
WAS INVOLVED SOME JURORS ALSO SAID THE RISKS OF SMOKING ARE WELLKNOWN AT
LEAST ONE JUROR AGREED WITH THE DEFENSE ARGUMENT THAT MR KUEPER COULD HAVE
GOTTEN CANCER WHEN HE WAS EXPOSED TO CHEMICALS WHEN HE SERVED AS A GREEN
BERET IN THE VIETNAM WAR AT THE START OF THE TRIAL SEVEN OF THE 15 JURORS
AND ALTERNATES WERE SMOKERS BUT ONE SAID HE STOPPED DURING THE TRIAL

MR KUEPER WHO SMOKED WINSTONS FOR 20 YEARS HAD SOUGHT 48 MILLION IN
DAMAGES ST CLAIR COUNTY JUDGE JAMES DONOVAN HAS YET TO RULE ON RJ
REYNOLDS'S LIABILITY UNDER A STATE CONSUMERFRAUD CLAIM

ANALYSTS SAID THE VERDICT MIGHT EDGE RJR STOCK UP SLIGHTLY AND WOULD BOOST
INVESTOR CONFIDENCE IN CIGARETTE MAKERS JOE LONGINOTTI AN INDEPENDENT
STOCK CONSULTANT WHO ATTENDED THE TRIAL CALLED THE VERDICT A TOTAL
COMPLETE VICTORY FOR RJR

ANTISMOKING ACTIVISTS SAID THE CASE ISN'T THE FINAL WORD ON THE QUESTION OF
WHETHER THERE WAS A CONSPIRACY AND THAT OTHER SUCH CASES ARE PENDING AND
WILL PROCEED THEY ALSO NOTED THAT THE BELLEVILLE JURY WASN'T GIVEN ALL THE
EVIDENCE THAT COULD HAVE BEEN OFFERED ON THE ISSUE FOR INSTANCE SAID
RICHARD DAYNARD HEAD OF AN ANTISMOKING PROJECT AT BOSTON'S NORTHEASTERN
UNIVERSITY THE JURY WASN'T SHOWN PARTICULARLY DAMAGING EVIDENCE CITED IN AN
OPINION BY A FEDERAL DISTRICT JUDGE IN NEW JERSEY PLAINTIFFS' ATTORNEYS
ARE GOING TO KEEP WORKING ON THESE CASES UNTIL THEY GET IT RIGHT MR
DAYNARD SAID

BUT AN ATTORNEY FOR RJ REYNOLDS PAUL G CRIST OF CLEVELAND LAW FIRM
JONES DAY REAVIS & POGUE SAID PLAINTIFFS COUNSEL WAS GIVEN EXTREMELY
WIDE LATITUDE IN TERMS OF THE KINDS OF EVIDENCE AND ARGUMENTS HE WAS ALLOWED
TO ADVANCE 9302010054 930201 BUSINESS BRIEF ELSINORE CORP NATIVE
AMERICAN CASINO AGREES TO FORM PARTNERSHIP

ELSINORE CORP SAID IT FORMED A PARTNERSHIP WITH CLOSELY HELD NATIVE
AMERICAN CASINO CORP OF CALIFORNIA TO DEVELOP A CASINO NEAR PALM SPRINGS
CALIF

ELSINORE WHICH OPERATES THE FOUR QUEENS CASINO IN LAS VEGAS SAID IT WILL
BE THE GENERAL PARTNER AND WILL HOLD ABOUT 85 OF THE PARTNERSHIP THE
CASINO TO BE SITUATED ON LAND OWNED BY THE TWENTY NINE PALMS INDIAN TRIBE
IS SUBJECT TO APPROVAL BY FEDERAL AND STATE REGULATORS AS WELL AS THE
SECURING OF FINANCING

THOMAS A MARTIN ELSINORE ACTING PRESIDENT SAID THE PROJECT WILL HAVE
ABOUT 30000 SQUARE FEET OF CASINO SPACE AND COULD COST AS MUCH AS 10
MILLION OTHER DEVELOPMENTS MAY BE PLANNED FOR THE SITE IN THE FUTURE HE
ADDED

ELSINORE ROSE 75 CENTS TO 225 IN AMERICAN STOCK EXCHANGE TRADING FRIDAY
9302010053 930201 BUSINESS BRIEF COMPUTERVISION CORP PROFIT POSTED
FOR 4TH QUARTER INITIAL DIVIDEND IS DECLARED

COMPUTERVISION CORP REPORTED A FOURTHQUARTER PROFIT AND INDICATED
CONFIDENCE IN ITS TURNAROUND BY DECLARING AN INITIAL QUARTERLY DIVIDEND OF
ONE CENT A SHARE

IN NEW YORK STOCK EXCHANGE TRADING FRIDAY COMPUTERVISION STOCK ROSE 50
CENTS TO 6125 A SHARE

THE BEDFORD MASS COMPANY FORMERLY PRIME COMPUTER INC DECLARED A RECORD
DATE FOR THE DIVIDEND OF FEB 9 BUT DIDN'T YET SET A PAY DATE

FOR THE FOURTH QUARTER COMPUTERVISION REPORTED NET INCOME OF 48 MILLION
OR 10 CENTS A SHARE COMPARED WITH A NET LOSS OF 341 MILLION OR 117 A
SHARE THE YEAREARLIER NET LOSS INCLUDED A LOSS FROM DISCONTINUED
OPERATIONS OF 176 MILLION THERE WERE 48 MILLION SHARES OUTSTANDING IN THE
LATEST QUARTER VS 23 MILLION A YEAR AGO

REVENUE FOR THE QUARTER FELL 20 TO 2661 MILLION FROM 3326 MILLION
COMPUTERVISION REVENUE HAS BEEN FALLING AS IT SELLS LESS COMPUTER HARDWARE
AND MORE OF ITS REVENUE COMES FROM SOFTWARE AND SERVICES PART OF THE
REVENUE DECLINE ALSO REFLECTS THE STRENGTHENING US DOLLAR 9302010052
930201 NEW STOCK LISTINGS

NEW YORK THE NEW YORK STOCK EXCHANGE ANNOUNCED SIX NEW LISTINGS
INCLUDING FOUR INITIAL PUBLIC OFFERINGS THE AMERICAN STOCK EXCHANGE
ANNOUNCED THREE NEW LISTINGS AND THE NATIONAL MARKET SYSTEM OF THE
OVERTHECOUNTER MARKET ANNOUNCED NINE INCLUDING SEVEN INITIAL OFFERINGS

THE NEW YORK STOCK EXCHANGE BEGAN TRADING THE FOLLOWING INITIAL OFFERINGS
AMERICAN RE CORP PRINCETON NJ A PROPERTY AND CASUALTY REINSURER UNDER
ARN DR PEPPER/SEVENUP COS DALLAS A SOFT DRINK DISTRIBUTOR UNDER DPS
WELLPOINT HEALTH NETWORKS INC WOODLAND HILLS CALIF A MANAGED HEALTH
CARE CONCERN UNDER WLP AND PARAGON TRADE BRANDS INC FEDERAL WAY WASH
A PRIVATELABEL DISPOSABLE DIAPERS CONCERN UNDER PTB

HEALTH IMAGES INC ATLANTA A PROVIDER OF OUTPATIENT MAGNETIC RESONANCE
IMAGING SERVICES WHICH PREVIOUSLY TRADED OVER THE COUNTER BEGAN TRADING
UNDER HII

THE AMEX BEGAN TRADING NEW YORK BANCORP INC A DOUGLASTON NY BANK
HOLDING COMPANY WHICH PREVIOUSLY TRADED OVER THE COUNTER UNDER NYB
THREEFIVE SYSTEMS INC PHOENIX ARIZ AN ELECTRONIC INFORMATION DISPLAY
SYSTEMS CONCERN MOVED UP FROM THE AMEX'S EMERGING COMPANY MARKETPLACE TO
ITS REGULAR LISTINGS TRADING UNDER TFS ALSO BETA WELL SERVICE INC
ALBERTA CANADA A INDEPENDENT OIL AND GAS CONCERN BEGAN TRADING UNDER BWS

THE NATIONAL MARKET SYSTEM BEGAN TRADING THE FOLLOWING INITIAL OFFERINGS
PHYSICIANS HEALTH SCIENCES INC TRUMBULL CONN A HEALTH MAINTENANCE
ORGANIZATION UNDER PHSV CELL GENESYS INC FOSTER CITY CALIF A
DEVELOPER OF DRUGS BASED ON GENETARGETING TECHNOLOGY UNDER CEGE
BIOSURFACE TECHNOLOGY INC CAMBRIDGE MASS A DEVELOPER OF ENGINEERED
HUMAN TISSUE FOR MEDICAL APPLICATIONS UNDER BSRF SHAMAN PHARMACEUTICALS
INC SAN CARLOS CALIF A PHARMACEUTICAL CONCERN UNDER SHMN DF&R
RESTAURANTS INC BEDFORD TEXAS A CASUALDINING RESTAURANT CHAIN UNDER
DFNR KENFIL INC VAN NUYS CALIF A MICROCOMPUTER SOFTWARE CONCERN UNDER
KNFL AND ORTHOLOGIC CORP PHOENIX A THERAPEUTIC DEVICES CONCERN
SPECIALIZING IN THE REPAIR OF MUSCULOSKELETAL TISSUE UNDER OLGC

THE FOLLOWING ISSUES MOVED UP FROM THE NASDAQ SMALL CAP MARKET TO THE
NATIONAL MARKET SYSTEM STEPHAN CO FORT LAUDERDALE FLA A PERSONAL
GROOMING PRODUCTS CONCERN UNDER STCP AND SUNRISE LEASING CORP
MINNEAPOLIS A FINANCIAL SERVICES CONCERN INVOLVED WITH DATA PROCESSING
EQUIPMENT UNDER SUNL

THE AMEX BEGAN TRADING OPTIONS ON STRATACOM INC SAN JOSE CALIF

THE PACIFIC STOCK EXCHANGE AND THE CHICAGO BOARD OPTIONS EXCHANGE BEGAN
TRADING OPTIONS IN COTT CORP QUEBEC CANADA

THE CBOE ALSO BEGAN TRADING OPTIONS IN BANDAG INC MUSCATINE IOWA
CRYOMEDICAL SCIENCES INC ROCKVILLE MD LATTICE SEMICONDUCTOR CORP
HILLSBORO ORE NATIONAL VISION ASSOCIATES LTD LAWRENCEVILLE GA
PROTEON INC WESTBOROUGH MASS AND VISHAY INTERTECHNOLOGY INC MALVERN
PA

PHYSICIANS HEALTH SERVICES INC TRUMBULL CONN A HEALTH MAINTENANCE
ORGANIZATION BEGAN TRADING ON THE NATIONAL MARKET SYSTEM OF THE
OVERTHECOUNTER MARKET LAST WEEK UNDER THE SYMBOL PHSV THE COMPANY WAS
INCORRECTLY CALLED PHYSICIANS HEALTH SCIENCES INC IN YESTERDAY'S NEW STOCK
LISTINGS COLUMN 9302010051 930201 HEARD ON THE STREET AVON WINS OVER A
LONGTIME SKEPTIC WHO SEES TOLLFREE PHONE NUMBER RINGING UP BIG SALES 
 BY JEFFREY A TRACHTENBERG STAFF REPORTER OF THE WALL STREET
JOURNAL

NEW YORK AT A TIME WHEN ANALYSTS ARE DOWNGRADING STOCKS LEFT AND RIGHT
SEVERAL WALL STREETERS ARE ACTIVELY BOOSTING AVON PRODUCTS A STOCK THAT HAS
ALREADY ENJOYED A HEFTY RUNUP

THE MOST SURPRISING CONVERT IS ROBERT RENCK JR CHIEF EXECUTIVE OFFICER OF
RL RENCK & CO A BROKERAGE AND INVESTMENT HOUSE MR RENCK IS A LONGTIME
CRITIC OF AVON'S MANAGEMENT AND A STRONG SUPPORTER OF EARLIER TAKEOVER
EFFORTS OF THE COMPANY YET ON FRIDAY HE RECOMMENDED TO CLIENTS THAT THEY
SCOOP UP AVON SHARES THE STOCK CLOSED AT 57 OFF 1/4

MR RENCK WHO SAYS HE HAS CONTROLLED AS MANY AS ONE MILLION SHARES OF AVON
IN RECENT YEARS ATTRIBUTES HIS CHANGE OF HEART TO THE COMPANY'S SHREWD
MARKETING EFFORTS HE LAUDS AVON'S GOAL OF LURING CONSUMERS WITH A TOLLFREE
800 PHONE NUMBER ALLOWING WOMEN WHO AREN'T SERVED BY AVON LADIES TO BUY THE
COMPANY'S COSMETICS AND OTHER PRODUCTS DIRECTLY

WE THINK THIS IS A STOCK WE CAN POUND THE TABLE WITH A STOCK THAT WILL HIT
75 THIS YEAR SAYS MR RENCK AVON'S USE OF A TOLLFREE NUMBER CHANGES
THE COMPLEXION OF THE COMPANY

MR RENCK PRAISES AVON'S COSTCUTTING AND RESTRUCTURING EFFORTS INCLUDING
THE PLANNED CLOSING OF A MIDWESTERN DISTRIBUTION SITE THIS YEAR TOGETHER
WITH OTHER CLOSINGS AVON SAYS IT WILL SAVE 40 MILLION IN ANNUAL OPERATING
EXPENSES BEGINNING IN 1994 ALL TOLD 1000 JOBS ARE BEING TRIMMED

MR RENCK IS ALSO OPTIMISTIC THAT AVON WILL AVOID MAKING DISASTROUS
ACQUISITIONS SUCH AS THOSE THAT SADDLED IT WITH MORE THAN 1 BILLION IN DEBT
IN THE 1980S RATHER HE EXPECTS AVON TO USE ITS EXCESS CASH TO BUY BACK
SHARES OR RAISE THE DIVIDEND THE BEAUTY PRODUCTS COMPANY INCREASED ITS
ANNUAL DIVIDEND RATE LAST AUGUST TO 160 A SHARE FROM 140 THE STOCK'S
DIVIDEND YIELD NOW IS 28

MR RENCK'S RECOMMENDATION COMES ON THE HEELS OF AN UPBEAT REPORT ISSUED
JAN 19 BY DIANA TEMPLE AN ANALYST AT SALOMON BROTHERS MS TEMPLE URGED
HER CLIENTS TO BUY AVON AT 55 OR 164 TIMES ESTIMATED 1992 EARNINGS OF
335 A SHARE BEFORE RESTRUCTURING CHARGES AT TODAY'S SLIGHTLY HIGHER
MULTIPLE OF 17 TIMES HER ESTIMATE AVON'S STILL SELLING AT A DISCOUNT TO THE
MARKET MULTIPLE OF 19 TIMES ESTIMATED 1992 EARNINGS FOR THE STANDARD &
POOR'S 500

AVON IS EXPECTED TO RELEASE YEAREND RESULTS THIS WEEK MS TEMPLE EXPECTS
IT WILL SHOW FULLYEAR EARNINGS OF ABOUT 240 MILLION BEFORE RESTRUCTURING
CHARGES A 14 INCREASE FROM 1991'S PROFIT BEFORE A ONETIME CHARGE SHE'S
LOOKING FOR 386 BILLION IN REVENUE A 7 BOOST SALES IN THE US ARE
EXPECTED TO REACH 143 BILLION UP 2

ONE PLUS IS THAT THEY'VE LEARNED HOW TO OFFER EVERYDAY LOW PRICES RATHER
THAN DEPENDING ON PROMOTIONS SAYS MS TEMPLE AVON HAS ALSO SCORED AS AN
INNOVATOR WITH ANEW A L5AJAR SKINCARE PRODUCT THAT GENERATED 70
MILLION IN 1992 SALES

THE ANALYST ALSO IS UPBEAT ABOUT AVON'S PLANS TO CABLECAST A 30MINUTE
INFOMERCIAL THIS MONTH HOSTED BY LINDA GRAY OF THE TELEVISION SHOW
DALLAS THE INFOMERCIAL A FIRST FOR AVON WILL BE SEEN IN LOS ANGELES
TAMPA FLA GREEN BAY WIS WICHITA KAN SALT LAKE CITY AND EL PASO
TEXAS IT TALKS ABOUT ALL OF AVON'S SKINCARE PRODUCTS INCLUDING ANEW

WHAT I LIKE ABOUT THIS IS THAT CUSTOMERS WILL BE ABLE TO BUY DIRECTLY FROM
THE COMPANY SAYS MS TEMPLE THIS HAS TO BE A PLUS FOR US SALES AVON
HAS INDICATED THAT ITS EXPECTS ITS DIRECT ORDERS IN THE US TO RISE TO
BETWEEN 35 MILLION AND FOUR MILLION IN 1993 FROM 800000 IN 1992

AVON'S SUCCESS COMES AT A TIME WHEN ITS US REVENUE IS BARELY BUDGING THE
BIG GAINS ARE COMING INTERNATIONALLY PARTICULARLY IN MEXICO WHERE AVON
HOLDS SWAY OVER AN ESTIMATED 35 OF THE COUNTRY'S COSMETICS MARKET IN
ADDITION AVON THINKS ITS BUSINESS IN EASTERN EUROPE NOW ABOUT 25 MILLION
ANNUALLY WILL GROW FIVEFOLD IN FIVE YEARS

NOT EVERYBODY ON WALL STREET IS A BELIEVER IN THE COMPANY'S FORTUNES
HOWEVER JACK SALZMAN AN ANALYST AT GOLDMAN SACHS LAST MONTH CITED AVON'S
FLATTODECLINING FOURTHQUARTER US DIRECTSELLING SALES AND URGED
CLIENTS TO HOLD NOT BUY AVON SHARES HE ALSO DOUBTS THAT AVON WILL
AGGRESSIVELY REPURCHASE SHARES LATER THIS YEAR MR SALZMAN DECLINED TO
COMMENT FOR THIS ARTICLE

NONE OF WHICH CONCERNS MR RENCK AVON HE SAYS SHOULD BE A STRONG STOCK
FOR THE NEXT THREE TO FIVE YEARS IN LARGE PART BECAUSE OF WHAT HE VIEWS AS
THE COMPANY'S ABILITY TO INCREASE CASH FLOW EVEN IN A SLOWGROWTH MARKET
WE SEE A BRIGHT FUTURE AHEAD SAYS MR RENCK AND THIS TIME WE DON'T
EXPECT THE COMPANY TO SQUANDER ITS CASH

NINE MONTHS ENDED SEPT 30 1992

THIRD QUARTER SEPT 30 1992 9302010050 930201 BUSINESS BRIEF OJI
PAPER CO MERGER WITH KANZAKI PAPER IS ANNOUNCED FOR OCTOBER

OJI PAPER CO JAPAN'S BIGGEST PAPER MAKER AND KANZAKI PAPER MANUFACTURING
CO RANKED SEVENTH ANNOUNCED IN TOKYO THAT THEY WILL MERGE OCT 1

THE ANNOUNCEMENT COMES AS THE INDUSTRY STRUGGLES TO COPE WITH OVERSUPPLY AND
WEAK ECONOMIC CONDITIONS

THE MERGER BETWEEN OJI AND KANZAKI WILL BE THE SECOND MARRIAGE IN THE
JAPANESE PAPER INDUSTRY FOLLOWING THE PENDING TIEUP OF JUJO PAPER CO AND
SANYOKOKUSAKU PULP CO IN APRIL TO FORM NIPPON PAPER INDUSTRIES CO WHICH
WILL SURPASS OJI AS JAPAN'S LARGEST MAKER BUT THE OJIKANZAKI MERGER WILL
CREATE A LARGER ENTITY IN TERMS OF BOTH SALES AND PROFITS AS THE
INDUSTRY'S RESTRUCTURING CONTINUES

THE TWO COMPANIES CAN POTENTIALLY COMPLEMENT EACH OTHER AS OJI IS STRONG IN
GENERAL PAPER PRODUCTS INCLUDING NEWSPAPER AND PRINTING PAPER WHILE
KANZAKI SPECIALIZES IN SURFACETREATED PAPER AND PROCESSEDPAPER PRODUCTS
9302010049 930201 ABREAST OF THE MARKET ADHERENTS OF THE DOW THEORY ON
STOCK TRENDS DISAGREE OVER WHEN THE BULL MARKET WILL END  BY
STEVEN E LEVINGSTON STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK FOLLOWERS OF THE VENERABLE DOW THEORY ARE FEUDING AGAIN ABOUT
THE STOCK MARKET

THE STOCK MARKET IS IN A BULL TREND NOBODY DISPUTES THAT BUT ADVOCATES OF
THE 90YEAROLD DOW THEORY WHICH SEEKS TO IDENTIFY STOCK MARKET TRENDS
USING TWO KEY DOW JONES STOCK MARKET AVERAGES CAN'T AGREE ON THE NEXT
IMPORTANT TURNING POINT WHEN THE BULL MARKET IS GOING TO END

WHILE STOCK MARKET THEORIES COME AND GO THE DOW THEORY LIVES ON IT'S BASED
ON THE STOCK MARKET WRITINGS OF CHARLES DOW A FOUNDER OF DOW JONES & CO
PUBLISHER OF THE WALL STREET JOURNAL TODAY FERVENT BELIEVERS IN THE DOW
THEORY ARE RELATIVELY FEW BUT MANY INVESTORS STILL KEEP AN EYE ON IT

THE DOW THEORY IS A TOOL TO IDENTIFY BROAD STOCK MARKET TRENDS SAYS HUGH
JOHNSON CHIEF INVESTMENT OFFICER AT FIRST ALBANY AND THE ONE THING YOU
SHOULD NEVER DO IS IGNORE THE TREND

SIMPLY PUT DOW THEORY STATES THAT A STOCK MARKET TREND EXISTS WHEN THE DOW
JONES INDUSTRIAL AVERAGE AND THE DOW JONES TRANSPORTATION AVERAGE ARE MOVING
IN THE SAME DIRECTION DOW THEORISTS USE THESE TWO AVERAGES BECAUSE THEY
BELIEVE THAT TAKEN TOGETHER THE 30STOCK DOW INDUSTRIALS AND THE 20STOCK
DOW TRANSPORTS PROVIDE THE BROADEST PICTURE OF TRENDS IN THE ECONOMY AND THE
STOCK MARKET

THE DOW INDUSTRIAL AVERAGE IS MADE UP OF THE LARGEST STOCKS AND TENDS TO
REFLECT INVESTMENT BY MAJOR INSTITUTIONS SAYS RICHARD EVANS A FLOSSMOOR
ILL INVESTMENT ADVISER WHO WRITES ABOUT DOW THEORY THE TRANSPORTATION
AVERAGE IS MADE UP OF STOCKS THAT ARE SENSITIVE TO ECONOMIC CYCLES AND IS
OFTEN A MEASURE OF SPECULATION THE IMPORTANCE OF THE TWO AVERAGES IS THAT
TOGETHER THEY GIVE US A GOOD MEASURE OF MARKET BREADTH

THE LATEST DEBATE ABOUT WHAT DOW THEORY IS TELLING INVESTORS BEGAN IN
OCTOBER WHEN THE DOW JONES INDUSTRIAL AVERAGE HIT A SIXMONTH LOW OF
313658 ONE OF THE BASIC TENETS OF DOW THEORY HOLDS THAT A MOVE BY THE
INDUSTRIAL AVERAGE MUST BE CONFIRMED BY A SIMILAR MOVE ON THE PART OF THE
DOW JONES TRANSPORTATION AVERAGE OR VICE VERSA

THE TRANSPORTATION AVERAGE FAILED TO GO TO A NEW LOW AT THE SAME TIME AS
THE DOW INDUSTRIALS MR EVANS NOTES WE WERE AT A STRESS POINT AND THE
TRANSPORTS HELD UP AND EVEN ROSE

WHEN THE DOW JONES INDUSTRIALS SUBSEQUENTLY BEGAN RISING MR EVANS
CONCLUDED THAT THE STOCK MARKET HAD ENTERED A NEW LEG OF THE BULL MARKET
THAT BEGAN IN LATE 1990

NOW MR EVANS IS FOCUSING HIS ATTENTION ON THE TRANSPORTATION AVERAGE
SEARCHING FOR CLUES TO THE STOCK MARKET'S DIRECTION HE BELIEVES THE
TRANSPORTATION AVERAGE HAS ASSUMED SOMETHING OF A LEADERSHIP POSITION AND
WILL INFLUENCE SHORTTERM MOVES IN THE DOW JONES INDUSTRIALS

THE TRANSPORTS HAVE BECOME INCREASINGLY IMPORTANT IN THE PAST FEW YEARS
HE SAYS WHEN THEY GET IN GEAR THE MARKET TAKES OFF

BUT JUST AS A RISING TRANSPORTATION AVERAGE CAN CARRY OTHER STOCKS HIGHER A
SLUMP IN THAT AVERAGE CAN DRAG DOWN OTHER STOCK PRICES MR EVANS BELIEVES
IF BOTH THE INDUSTRIAL AND THE TRANSPORTATION AVERAGE BEGIN SLIPPING
TOGETHER A STOCK MARKET CORRECTION OF SOME MAGNITUDE WILL BE UNDER WAY HE
SAYS THEN IT BECOMES A MATTER OF HOW FAR THE TWO AVERAGES FALL MODEST
DECLINES MAY BE JUST TEMPORARY CORRECTIONS BUT BIGGER DROPS WOULD SIGNAL
THE END OF THE BULL MARKET MR EVANS BELIEVES

WHILE MR EVANS REMAINS BULLISH RICHARD RUSSELL WHO PUBLISHES DOW THEORY
LETTERS IN LA JOLLA CALIF TURNED BEARISH SOME TIME AGO MR RUSSELL
THOUGHT HE FOUND A BEAR MARKET LURKING IN OCTOBER'S LOW POINT FOR THE DOW
JONES INDUSTRIALS ACCORDING TO HIS INTERPRETATION OF DOW THEORY THE
OCTOBER LOW WAS CONFIRMATION OF A BEAR MARKET THAT HE THOUGHT HAD BEGUN THE
PREVIOUS FEBRUARY

THAT WAS PREMATURE MR RUSSELL NOW CONCEDES

INDEED FAR FROM SLUMPING INTO A BEARISH TREND THE STOCK MARKET TOOK OFF IN
OCTOBER AND RALLIED THROUGH THE END OF THE YEAR BUT MR RUSSELL REMAINS
PESSIMISTIC HE POINTS TO THE STOCK MARKET'S HIGH VALUATIONS AS A DOW THEORY
SIGNAL OF AN IMPENDING DOWNTURN BUT HE WON'T TRY TO PREDICT WHEN THE BEAR
MARKET WILL BEGIN

EXTREME OVERVALUATION AS IS THE CASE NOW CAN TELL YOU WHAT PHASE YOU'RE
IN MR RUSSELL SAYS ONE SUCH MEASURE OF OVERVALUATION HE SAYS IS THE
RELATIONSHIP BETWEEN STOCK PRICES AND DIVIDENDS WHEN PRICES RISE SO FAR
THAT INVESTORS CAN ONLY EXPECT TO GET DIVIDENDS OF 3 OR LESS THE RED
FLAGS ARE FLYING WARNS MR RUSSELL BUT WHAT WEEK OR WHAT DAY THE
ULTIMATE TOP WILL BE RECORDED IS BEYOND THE SCOPE OF DOW THEORY OR ANY OTHER
THEORY

MR RUSSELL HAS CERTAINLY BEEN TAKING HIS OWN ADVICE SERIOUSLY HE HAS
GRADUALLY REDUCED HIS HOLDINGS OF STOCKS OVER THE PAST SIX MONTHS AND IS
NOW ONLY 10 TO 15 INVESTED IN THE STOCK MARKET ANY DOW THEORIST WORTH
HIS SALT WOULD HAVE TO BE CAUTIOUS NOW HE SAYS

BUT PLENTY OF STOCK MARKET ANALYSTS ARE SKEPTICAL THAT DOW THEORY IS GOOD
FOR ANYTHING AC MOORE PORTFOLIO MANAGER AND STRATEGIST AT ARGUS
INVESTMENT MANAGEMENT IN SANTA BARBARA CALIF ARGUES THAT IT TAKES TOO
LONG FOR DOW THEORY TO IDENTIFY CHANGES IN STOCK MARKET TRENDS FOR
INSTANCE HE BELIEVES THAT FOR DOW THEORY TO SIGNAL A NEW BEAR MARKET THE
DOW INDUSTRIALS WOULD HAVE TO DECLINE 45 AND THE TRANSPORTATION AVERAGE
WOULD HAVE TO FALL A STUNNING 20 FROM CURRENT LEVELS

IF THE TRANSPORTS HAVE TO DECLINE 20 JUST TO GIVE YOU A SIGNAL THAT'S TOO
LATE MR MOORE SAYS WE FIND THE DOW THEORY TOO SLOW TO BE OF ANY REAL
BENEFIT WE NEED TO HAVE EARLIER INDICATORS

OTHER ANALYSTS DON'T LIKE THE THEORY BECAUSE OF THE WEIGHT IT GIVES TO THE
DOW JONES INDUSTRIAL AVERAGE PETER CANELO CHIEF INVESTMENT STRATEGIST AT
COUNTY NATWEST SUGGESTS THAT THE DOW JONES INDUSTRIALS ARE WEIGHED DOWN BY
OLDLINE INDUSTRIAL COMPANIES CORPORATE DINOSAURS HE CALLS THEM 
THAT DON'T ADEQUATELY REFLECT THE GROWING ROLE OF TECHNOLOGY AND SERVICE
COMPANIES IN THE NATION'S ECONOMY

THE PROBLEM WITH THE DOW THEORY IS THAT THE DOW JONES INDUSTRIAL AVERAGE
HAS BECOME GROSSLY MISREPRESENTATIVE OF THE WHOLE STOCK MARKET MR CANELO
SAYS EVEN IF YOU THINK DOW THEORY HAS SOME USEFULNESS I'M NOT SURE THE
DOW INDUSTRIALS IS THE INDEX YOU WANT TO USE FOR CONFIRMATIONS

HE TOO ARGUES THAT DOW THEORY DOESN'T FLASH ITS SIGNALS SOON ENOUGH TO BE
USEFUL TO INVESTORS MOST OF A MARKET MOVE CAN BE OVER BEFORE BOTH INDEXES
CONFIRM ONE ANOTHER HE SAYS A PERSON WAITING FOR A DOW THEORY SIGNAL
WOULD MISS A LOT

BUT DEFENDERS OF THE DOW THEORY ARE ADAMANT MR EVANS CONTENDS THAT DOW
THEORY ISN'T MEANT AS AN EARLY WARNING TOOL RATHER IT IS A SAFETY VALVE
THAT HELPS INVESTORS PARTICIPATE IN UPWARD TRENDS AND AVOID MAJOR LOSSES
DURING THE DOWNWARD SWINGS

IF THE DOW THEORY SIGNALS A BEAR MARKET AFTER A 10 TO 15 DECLINE SURE
IT MAY BE LATE MR EVANS SAYS BUT WHAT IF THE MARKET IS GOING DOWN
ANOTHER 40 WHAT THE THEORY CAN DO IS HELP PEOPLE AVOID REALLY BIG LOSSES

STOCK PRICES ROSE MODESTLY

THE DOW JONES INDUSTRIAL AVERAGE GAINED 378 POINTS TO 331003 STANDARD &
POOR'S 500STOCK INDEX ADDED 012 TO 43878 AND THE NEW YORK STOCK EXCHANGE
COMPOSITE INDEX INCHED UP 022 TO 24192

VOLUME ON THE BIG BOARD TOTALED 247010000 SHARES ADVANCING ISSUES
OUTPACED DECLINERS 1021 TO 828

FOR THE WEEK THE DOW JONES INDUSTRIALS GAINED 16 THE S&P 500 ROSE 06
AND THE BIG BOARD COMPOSITE ALSO ADDED 06

WORLDWIDE STOCK PRICES FELL FRIDAY THE DOW JONES WORLD STOCK INDEX LOST
025 TO 9255

ANALYSTS SAID TRADING WAS RELATIVELY QUIET AFTER A WEEK OF HECTIC ACTIVITY
FRIDAY'S TRADING VOLUME WAS THE SLOWEST OF THE WEEK

MOTOROLA WHICH TOPPED THE MOSTACTIVE LIST DROPPED 4 7/8 TO 51 AFTER
JOSEPHTHAL LYON & ROSS LOWERED ITS RATING ON THE STOCK TO HOLD FROM
LONGTERM BUY

SCIENTIFICATLANTA PLUNGED 4 5/8 TO 24 1/4 AFTER IT ANNOUNCED FISCAL SECOND
QUARTER PROFIT OF FOUR CENTS A SHARE DOWN FROM SIX CENTS A YEAR AGO

GTECH A LOTTERY SYSTEMS DEVELOPER TUMBLED 2 TO 41 AFTER NEW JERSEY GOV
JIM FLORIO WROTE TO STATE'S LOTTERY OFFICIALS ASKING THEM TO HALT A PLANNED
TEST OF ELECTRONIC KENO

NORTHERN TELECOM LOST 1 3/4 TO 43 1/4 THE CANADIAN TELECOMMUNICATIONS
CONCERN SAID ITS PRESIDENT AND CHIEF OPERATING OFFICER JEAN C MONTY WILL
SUCCEED PAUL G STERN AS CHIEF EXECUTIVE MARCH 1

BANK OF NEW YORK CO FELL 1 1/4 TO 56 5/8 AFTER IT SIGNED AN AGREEMENT TO
ACQUIRE NATIONAL COMMUNITY BANKS INC OF WEST PATERSON NJ IN A STOCK
SWAP THE AGREEMENT CALLS FOR NATIONAL COMMUNITY HOLDERS TO RECEIVE 096
COMMON SHARES OF BANK OF NEW YORK FOR EACH NATIONAL COMMUNITY COMMON SHARE
NATIONAL COMMUNITY BANKS SOARED 8 TO 50 3/4 IN OVERTHECOUNTER TRADING

DOLE FOODS ROSE 1 3/4 TO 32 3/4 THE FRUIT DISTRIBUTOR REPORTED A
FOURTHQUARTER LOSS OF 39 CENTS A SHARE INCLUDING A CHARGE OF 274
MILLION THE COMPANY HAD EARNINGS OF 48 CENTS A SHARE THE PRIOR YEAR

XEROX ROSE 3 3/8 TO 85 3/4 DESPITE ITS REPORT OF A FOURTHQUARTER LOSS OF
780 A SHARE INCLUDING A 778 MILLION RESTRUCTURING CHARGE XEROX POSTED A
PROFIT OF 73 CENTS A SHARE A YEAR AGO

TERADYNE SLIPPED 1 5/8 TO 14 1/2 THE BOSTON SOFTWARE DEVELOPER REPORTED
FOURTHQUARTER EARNINGS OF 15 CENTS A SHARE COMPARED WITH 23 CENTS A SHARE
9302010048 930201 THE OUTLOOK INFLATION MAY LAG AS GROWTH QUICKENS 
 BY ALFRED L MALABRE JR

NEW YORK WHEN ECONOMIC GROWTH QUICKENS CAN A SPEEDUP IN INFLATION BE FAR
BEHIND

INFLATION OFTEN DOES ACCELERATE ON THE HEELS OF FASTER ECONOMIC GROWTH BUT
A LIKELIER PROSPECT NOW IS FOR LITTLE OR NO INFLATIONARY SPEEDUP IT'S EVEN
POSSIBLE THAT THE PACE OF INFLATION ALREADY MODEST MAY SLOW IN COMING
MONTHS

THERE'S LITTLE QUESTION THAT THE ECONOMIC TEMPO HAS RECENTLY PICKED UP AS
THE COMMERCE DEPARTMENT REPORTED LAST WEEK THE GROSS DOMESTIC PRODUCT
ADJUSTED FOR INFLATION ROSE AT AN ANNUAL RATE OF 38 IN LAST YEAR'S FOURTH
QUARTER THAT'S THE SWIFTEST QUARTERLY ADVANCE SINCE THE FOURTH QUARTER OF
1988 WHEN THE LONG EXPANSION OF 198290 WAS STILL IN PROGRESS IT COMPARES
WITH INCREASES OF 34 IN THE THIRD QUARTER OF 1992 AND 15 IN THE SECOND
QUARTER

THE LATEST QUARTERLY GAIN ALSO EXCEEDS THE ECONOMY'S AVERAGE RATE OF ADVANCE
 LESS THAN 3 A YEAR OVER THE COURSE OF THIS CENTURY WHEN ECONOMIC
GROWTH ACCELERATED SO MARKEDLY IN THE PAST INFLATION OFTEN ACCELERATED AS
WELL BETWEEN 1986 AND 1988 FOR INSTANCE THE ECONOMY'S YEARLY GROWTH
INCREASED TO 39 FROM 29 AND THE ANNUAL RATE OF INFLATION USING THE
CONSUMER PRICE INDEX JUMPED TO 44 FROM 11

ONE REASON THAT NO SUCH INFLATIONARY SPEEDUP SEEMS LIKELY NOW IS THAT SO
MUCH ECONOMIC SLACK UNEMPLOYED WORKERS IDLED PRODUCTION FACILITIES AND
SO ON REMAINS FROM THE LATEST RECESSION WHICH ENDED IN MARCH 1991
NORMALLY SO MANY MONTHS AFTER A RECESSION SUCH SLACK WHICH SERVES AS A
BUFFER AGAINST INFLATIONARY PRESSURE HAS NARROWED SHARPLY

BUT THIS HASN'T HAPPENED IN THE CURRENT ECONOMIC UPTURN WHICH HAS BEEN
UNUSUALLY SLUGGISH SOME 21 OF THE NATION'S INDUSTRIAL CAPACITY STILL
STANDS IDLE BARELY LESS THAN WHEN THE RECESSION ENDED AND UNEMPLOYMENT
REMAINS ABOVE 7 OF THE LABOR FORCE A HIGHER RATE THAN AT THE RECESSION'S
END

ECONOMISTS HAVE DEVISED STATISTICAL BAROMETERS THAT RELIABLY FORESHADOW
PRICE TRENDS AND THESE TOO SUGGEST NO BUILDUP OF INFLATIONARY PRESSURE

ONE SUCH MEASURE DEVELOPED BY COLUMBIA UNIVERSITY'S CENTER FOR
INTERNATIONAL BUSINESS CYCLE RESEARCH HAS FALLEN CONSIDERABLY SINCE LAST
SUMMER THE MEASURE TYPICALLY TURNS UP OR DOWN AT LEAST A YEAR BEFORE PRICES
IN GENERAL FOLLOW SUIT SO ITS RECENT BEHAVIOR DESPITE A RISE IN DECEMBER
 IS ENCOURAGING SUGGESTING THAT INFLATION IS LIKELY TO REMAIN SUBDUED IN
1993 ACCORDING TO THE RESEARCH CENTER'S LATEST REPORT THE MEASURE'S
COMPONENTS INCLUDE THE PERCENTAGE OF THE WORKINGAGE POPULATION AT WORK THE
GROWTH OF DEBT CHANGES IN PRICES OF KEY MATERIALS AND THE DELIVERY SPEED OF
INDUSTRIAL SUPPLIERS

ENCOURAGING AS WELL IS THE RECENT PERFORMANCE OF A PRECURSOR OF INFLATION
COMPILED BY THE ECONOMICS GROUP OF PAINEWEBBER INC THE BAROMETER HAS FALLEN
STEADILY SINCE A HIGH LAST SEPTEMBER OF 1074 ON A BASE OF 1982=100 ITS
DECEMBER READING OF 1054 WAS THE LOWEST SINCE LAST APRIL THIS SUSTAINED
DECLINE LEADS PAINEWEBBER TO FORECAST AN INCREASE OF ONLY 27 IN CONSUMER
PRICES THIS YEAR

IF OUR INDICATOR KEEPS FALLING THROUGH THE WINTER A PAINEWEBBER REPORT
ADDS WE'LL START TRIMMING OUR FORECAST CLOSER TO 2 FOR PERSPECTIVE
CONSUMER PRICES ROSE 29 LAST YEAR THE SLIMMEST RISE IN SIX YEARS

A RENEWED SLOWING OF ECONOMIC GROWTH IN COMING MONTHS WHICH MANY ECONOMISTS
ANTICIPATE ALSO COULD SERVE TO HOLD INFLATION DOWN HIGH DEBT LOW SAVINGS
PERSISTENT JOBLESSNESS MODEST PAY GAINS AND SLUGGISH ECONOMIC ACTIVITY
OVERSEAS WILL MAKE THE ECONOMY'S RECENT GROWTH HARD TO SUSTAIN MANY
FORECASTERS SAY PREDICTING LESS GROWTH AHEAD LACY H HUNT CHIEF
ECONOMIST IN NEW YORK OF HONGKONG AND SHANGHAI BANKING CORP ALSO FORESEES
LOWER INFLATION IN 1993 WITH CONSUMER PRICES RISING 28 ANNUALLY IN THE
YEAR'S FIRST HALF

EVEN IF THE ECONOMY CONTINUES TO GROW AT A SUBSTANTIAL PACE SEVERAL
DEVELOPMENTS SHOULD WORK TO KEEP INFLATION IN CHECK DEFENSE SPENDING IS AN
ESPECIALLY INFLATIONARY SORT OF FEDERAL SPENDING SINCE IT PUMPS MONEY INTO
THE ECONOMY WITHOUT EXPANDING THE SUPPLY OF THINGS FOR CONSUMERS TO BUY BUT
WITH THE COLD WAR OVER DEFENSE SPENDING HAS DROPPED TO ABOUT 20 OF FEDERAL
OUTLAYS DOWN FROM NEARLY 30 A FEW YEARS AGO AND A FURTHER SHRINKAGE SEEMS
LIKELY

CONCERN IN WASHINGTON ABOUT THE FEDERAL BUDGET DEFICIT ALSO SHOULD SERVE TO
LIMIT INFLATION WHILE IT'S TOO SOON TO KNOW PRECISELY WHAT STEPS MAY BE
TAKEN TO REDUCE THE RED INK DEFICITTRIMMING GENERALLY TENDS TO SLOW
INFLATION ALSO THE DETERMINATION OF MANY CORPORATIONS TO BE MORE
COMPETITIVE SHOULD HELP RESTRAIN INFLATION FOR MANY YEARS PAY GAINS AT
MOST CORPORATIONS FAR OUTPACED PRODUCTIVITY GAINS AS A RESULT LABOR COSTS
SURGED GENERATING INFLATIONARY PRESSURE BUT IN THE LAST YEAR PRODUCTIVITY
HAS RISEN ABOUT AS FAST AS PAY ENDING THE LABORCOST SPIRAL

THERE ARE NO GUARANTEES OF COURSE THAT INFLATION WILL IN FACT REMAIN
SUBDUED THE ECONOMY CONTINUES TO BE VULNERABLE TO UNEXPECTED SHOCKS SUCH
AS WAR OR SURGING OIL PRICES AND THE SEVEREST PRICE SPIRALS HAVE OFTEN
COINCIDED WITH SUCH SHOCKS HIGHLY PROTECTIONIST TRADE RULES REDUCING
COMPETITION AND FACILITATING PRICE INCREASES ALSO COULD FUEL INFLATION SO
COULD POLITICAL PRESSURE FORCING THE FEDERAL RESERVE BOARD TO PURSUE TOO
EASY A MONETARY POLICY

SUCH POSSIBILITIES ARE WORRISOME TO BE SURE BUT THE LIKELIEST PROSPECT IS
A HEARTENING ONE THAT INFLATION WILL REMAIN SUBDUED WHILE THE ECONOMY KEEPS
EXPANDING 9302010047 930201 BUSINESS BRIEF PFIZER INC FIRM DEFENDS
HIP IMPLANT IN RESPONSE TO FEDERAL SUIT

RESPONDING TO A FEDERAL LAWSUIT FILED LAST WEEK PFIZER INC DEFENDED THE
ARTIFICIAL HIP SOCKET MADE BY ITS HOWMEDICA INC UNIT SAYING IT IS SAFE
AND EFFECTIVE WHEN APPROPRIATELY SELECTED AND IMPLANTED BY SURGEONS

IN THE SUIT FILED IN THE US DISTRICT COURT LAW FIRM GAINES & STERN
CHARGED THAT HOWMEDICA MANUFACTURED DEFECTIVE ARTIFICIAL HIPS THE FIRM IS
SEEKING CLASSACTION STATUS FOR THE SUIT ON BEHALF OF MICHAEL KEARSE AND
OTHER RECIPIENTS OF ARTIFICIAL HIP JOINTS

NEW YORKBASED PFIZER SAID IT COULDN'T COMMENT ON THE LAWSUIT'S ALLEGATIONS
BECAUSE IT HADN'T BEEN SERVED WITH THE COMPLAINT BUT IT SAID HOWMEDICA
INTENDS TO DEFEND THE PRODUCT FULLY AND COMPLETELY

HOWMEDICA HAS RECEIVED 160 COMPLAINTS ABOUT THE PRODUCT PFIZER SAID ABOUT
100000 OF THE DEVICES HAVE BEEN SHIPPED THE PRODUCT WAS DISCONTINUED IN
1990 9302010046 930201 INTERNATIONAL WORLD WIRE  COMPILED BY
JEFF SUTHERLAND

GATT DIRECTORGENERAL ARTHUR DUNKEL SAID THE STALLED URUGUAY ROUND OF WORLD
TRADE TALKS IS UNLIKELY TO SEE A BREAKTHROUGH BEFORE MARCH 1 THE DEADLINE
FOR A FASTTRACK PROVISION THAT WOULD SPEED THE TRADE PACT THROUGH THE
US CONGRESS

WITH MUCH OF THE WORLD ECONOMY STAGNATING AND EUROPE THREATENED WITH A
SPREADING RECESSION A GENERAL AGREEMENT ON TARIFFS AND TRADE ACCORD HAS
BEEN SEEN AS A CRUCIAL CATALYST FOR GLOBAL RECOVERY AND JOB CREATION

THE TALKS ARE SNARLED MAINLY BY A DISPUTE BETWEEN THE US AND THE EUROPEAN
COMMUNITY OVER FARM SUBSIDIES A NOVEMBER COMPROMISE HAD LIFTED HOPES FOR A
SPEEDY ACCORD BUT THESE FADED WHEN FRANCE OBJECTED TO THE TERMS OF THE
SETTLEMENT LAST WEEK USEC TRADE RELATIONS SOURED AGAIN AS THE US
PREPARED TO IMPOSE ANTIDUMPING TARIFFS ON EC STEEL

THE FASTTRACK PROVISION WOULD ALLOW PRESIDENT CLINTON TO SUBMIT A GATT
DEAL TO CONGRESS FOR APPROVAL AS A PACKAGE PRECLUDING LAWMAKERS FROM
DISSECTING THE ACCORD NEGOTIATORS SAY MR CLINTON MIGHT MOVE TO EXTEND THE
PROVISION BUT ONLY ON FIRM INDICATIONS THAT A TRADE ACCORD COULD BE
CONCLUDED WITHIN SIX MONTHS

RUSSIA KAZAKHSTAN AND AZERBAIJAN HOPE TO FORM AN INTERNATIONAL BODY SIMILAR
TO THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES THE PRESIDENT OF
KAZAKHSTAN NURSULTAN NAZARBAYEV SAID OFFICIALS OF THE THREE OILPRODUCING
MEMBERS OF THE COMMONWEALTH OF INDEPENDENT STATES WILL MEET THIS MONTH TO
COORDINATE THEIR OIL PRODUCTION AND EXPORT POLICIES AND SET UP THEIR OWN
OPEC MR NAZARBAYEV SAID

AN EFFORT TO PROMOTE THE ASSOCIATION OF SOUTHEAST ASIAN NATIONS AS A
TROPICAL PARADISE HAS HAD PARTLY SUNNY RESULTS A 1992 CAMPAIGN BY
INDONESIA MALAYSIA THE PHILIPPINES SINGAPORE THAILAND AND BRUNEI DUBBED
VISIT ASEAN YEAR MISSED ITS TARGET OF ATTRACTING 225 MILLION VISITORS BY
12 MILLION EARLY DATA SHOW HOWEVER ALL THE NATIONS EXCEPT MALAYSIA
COUNTED RECORD ARRIVALS TOURISM OFFICIALS BLAME THE GLOBAL ECONOMIC
SLOWDOWN FOR THE MISSED TARGET OTHERS SUGGEST THAT THE NAME ASEAN ISN'T
WELL ENOUGH KNOWN OUTSIDE THE REGION

SOUTH KOREA TODAY PLANS TO LIFT REGULATIONS THAT RESTRICT COMPANIES
OPERATING OFFSHORE FROM BORROWING MONEY ABROAD THE GOVERNMENT WILL ALLOW
OFFSHORE UNITS OF SOUTH KOREAN COMPANIES TO BORROW MONEY IN LOCAL MARKETS AT
WHATEVER CONDITIONS THEY WANT CURRENTLY COMPANIES MUST CONSULT WITH THE
FINANCE MINISTER WHEN THEY WANT TO BORROW MONEY AT INTEREST RATES ABOVE A
CERTAIN LIMIT ALSO FOREIGN CONCERNS OPERATING IN SOUTH KOREA WILL BE
ALLOWED TO BORROW MONEY FROM ABROAD THROUGH SOUTH KOREAN BANKS OPERATING
OFFSHORE CURRENTLY SUCH BANKS ARE ALLOWED TO EXTEND THEIR LOANS ONLY TO
SOUTH KOREAN NATIONALS

FOUR CENTRAL AMERICAN COUNTRIES REACHED A FRAMEWORK AGREEMENT FOR FREE TRADE
WITH COLOMBIA AND VENEZUELA UNDER THE AGREEMENT EL SALVADOR GUATEMALA
HONDURAS AND NICARAGUA WOULD HAVE FREE ACCESS TO COLOMBIAN AND VENEZUELAN
MARKETS WITHIN THREE YEARS EXTENDING TO ALL GOODS WITHIN SIX YEARS TRADE
BARRIERS ON COLOMBIAN AND VENEZUELAN GOODS ENTERING CENTRAL AMERICA WOULD BE
DROPPED WITHIN FIVE TO 10 YEARS THE PACT IS SUBJECT TO RATIFICATION AT A
SUMMIT IN MIDFEBRUARY

A STRIKE BY SYDNEY AIRPORT STAFF THAT HAS STRANDED THOUSANDS OF AIR
TRAVELERS IS EXPECTED TO CONTINUE UNTIL TOMORROW FLIGHTS INTO AND OUT OF
SYDNEY WERE HALTED SATURDAY AFTER 300 BAGGAGE HANDLERS REFUELERS CLEANERS
AND OTHER SUPPORT STAFF WALKED OFF THE JOB THE DISPUTE BROKE OUT WHEN
WORKERS FROM ONE UNION REFUSED TO WORK UNDER A SUPERVISOR FROM ANOTHER
UNION WHILE SOME UNION MEMBERS WERE REPORTING FOR WORK ALLOWING CERTAIN
FLIGHTS TO DEPART INCOMING INTERNATIONAL FLIGHTS WERE BEING DIVERTED TO
OTHER CITIES DOMESTIC FLIGHTS WEREN'T AFFECTED

FRANCE ORDERED SOME OF THE COUNTRY'S BIGGEST COMPANIES TO CLEAN UP HUNDREDS
OF INDUSTRIAL POLLUTION SITES IDENTIFIED AS THE WORST IN THE COUNTRY

SOME 400 SITES WILL BE CLEANED UP BY COMPANIES THAT ARE STILL OPERATING
OTHER SITES WILL BE TREATED BY LOCAL GOVERNMENTS THE CLEANUP COSTS FOR THE
COMPANIES WEREN'T GIVEN BUT THE ENVIRONMENT MINISTRY ESTIMATED THAT SOME OF
THOSE UNDER PUBLIC JURISDICTION MIGHT REQUIRE AS MUCH AS 30 MILLION FRANCS
559 MILLION

THE DUMPS SOME ABANDONED FOR YEARS WERE GENERALLY CREATED IN THE ERA
WHEN FRANCE HAD NO POLLUTION CONTROLS SUCH REGULATIONS HAVE BECOME
WIDESPREAD ONLY IN THE PAST DECADE

AMONG THE COMPANIES CITED BY THE ENVIRONMENT MINISTRY WERE AUTO MAKER
CITROEN A UNIT OF PSA PEUGEOT CITROEN PETROLEUM GIANT ELF AQUITAINE
METALS FIRM PECHINEY AND ELECTRICITE DE FRANCE

RIO DE JANEIRO'S MAYOR DEFIED A GOVERNMENT RULE TO END SUMMER'S DAYLIGHT
SAVINGS TIME YESTERDAY SAYING RIO'S TOURIST INDUSTRY NEEDS THE EXTRA HOUR
OF DAYLIGHT  IRAN WILL HOLD AN INTERNATIONAL DRESSDESIGN CONTEST AS
PART OF AN EXHIBITION ON THE STATUS OF ISLAMIC WOMEN TEHRAN RADIO SAID
IRANIAN WOMEN ARE REQUIRED BY LAW NOT TO SHOW MORE THAN THEIR FACE AND HANDS
IN PUBLIC OR WEAR CLOTHES THAT SHOW THE SHAPE OF THEIR BODIES 9302010045
930201 BUSINESS BRIEF EII HOLDINGS INC COURT REJECTS ICAHN'S FILING
 OF RESTRUCTURING ALTERNATIVE

EII HOLDINGS INC SAID A US BANKRUPTCY COURT REJECTED AN ATTEMPT BY EII
BONDHOLDER CARL ICAHN TO FILE AN ALTERNATIVE RESTRUCTURING PLAN IN EII'S
CHAPTER 11 BANKRUPTCY CASE

THE COURT AUTHORIZED EII TO BEGIN SOLICITING VOTES FROM ITS CREDITORS FOR
APPROVAL OF THE CURRENT MANAGEMENT'S PLAN THE NEW YORK INDUSTRIAL HOLDING
COMPANY BEST KNOWN FOR ITS TWO MAIN SUBSIDIARIES SAMSONITE LUGGAGE AND
CULLIGAN WATERTREATMENT SYSTEMS HAS BEEN IN BANKRUPTCY COURT PROCEEDINGS
SINCE JULY

MANY OF EII'S LARGEST BONDHOLDERS HAVE SUPPORTED THE RESTRUCTURING PLAN
INCLUDING APOLLO INVESTMENT LP BUT MR ICAHN AND OTHER BONDHOLDERS HAD
SAID THEY DIDN'T LIKE THE TERMS

MR ICAHN SAID HIS PLAN OFFERS JUNIOR BONDHOLDERS 70 CENTS ON THE DOLLAR
COMPARED WITH 60 CENTS OFFERED BY THE MANAGEMENT'S PLAN HE SAID THE
DECISION IS OBVIOUSLY DISAPPOINTING BUT HE HOLDS ENOUGH VOTES TO PREVENT
THE PLAN FROM RECEIVING THE NECESSARY TWOTHIRDS MAJORITY 9302010044
930201 BUSINESS BRIEF ESYSTEMS INC FOURTHPERIOD PROFIT FALLS 
AFTER CHARGE FOR ACCOUNTING

ESYSTEMS INC REPORTED A SLIGHT DROP IN FOURTHQUARTER NET INCOME AFTER A
28 MILLION CHARGE TO CONFORM TO A NEW METHOD OF ACCOUNTING FOR
POSTRETIREMENT BENEFITS

NET IN THE DALLAS DEFENSE ELECTRONICS COMPANY'S LATEST QUARTER WAS 293
MILLION OR 88 CENTS A SHARE IN THE YEAREARLIER PERIOD THE COMPANY EARNED
298 MILLION OR 91 CENTS A SHARE REVENUE ROSE 18 TO 5549 MILLION FROM
5452 MILLION OPERATING PROFIT WAS 320 MILLION OR 96 CENTS A SHARE UP
7 FROM THE YEAREARLIER RESULTS

THE COMPANY SAID A PREVIOUSLY DISCLOSED CONTRACT DELAY BY THE GERMAN AIR
FORCE CAUSED ITS ORDER BACKLOG TO FALL BELOW EXPECTATIONS TO 232 BILLION
AT YEAR END FROM 251 BILLION AT THE END OF 1991

FOR THE YEAR THE COMPANY REPORTED A NET LOSS OF 695 MILLION OR 211 A
SHARE INCLUDING A CHARGE FOR THE ACCOUNTING CHANGE OF 1785 MILLION OR
542 A SHARE IN 1991 THE COMPANY'S NET INCOME WAS 1095 MILLION OR
335 A SHARE SALES FOR THE YEAR ROSE 52 TO 209 BILLION FROM 199
BILLION 9302010043 930201 LOCATION LUCK SERVICE CAN MAKE A STORE TOP
STAR  BY RICHARD GIBSON STAFF REPORTER OF THE WALL STREET JOURNAL

AMERICANS ARE AWASH IN A SEA OF SUPERLATIVES AS ADVERTISERS TRY TO OUTSHOUT
ONE ANOTHER OFTEN JUDGING WHO OR WHAT IS NO 1 IN A PARTICULAR CATEGORY IS
SOLELY SUBJECTIVE SOMETIMES HOWEVER THE LEADER OF THE PACK IS INDICATED
BY MORE OBJECTIVE STANDARDS SUCH AS SALES OR SIZE IN SQUARE FEET THERE
IS FOR EXAMPLE ONLY ONE MCDONALD'S THAT IS THE CHAIN'S BUSIEST ONE
WALMART THAT IS THE LARGEST AND ONE BASKINROBBINS ICECREAM STORE THAT
OUTGROSSES EVERY OTHER OF ITS KIND

TRYING TO DETERMINE WHY THESE OPERATIONS AND OTHERS LIKE THEM EMERGED
AHEAD OF HUNDREDS OFTEN THOUSANDS OF OUTLETS IN THEIR RESPECTIVE CHAINS
THE WALL STREET JOURNAL LOCATED THE BIGGEST US OUTLET FOR 20 BIG BRANDS
FOR MANY THE ANSWER TO SUCCESS WAS THE OLD REALESTATE MAXIM LOCATION
LOCATION AND LOCATION

JIM PAYNE'S AMOCO OIL STATION IN INDIANA FOR EXAMPLE PUMPS FIVE TIMES THE
GAS OF A TYPICAL AMOCO STATION LARGELY BECAUSE IT IS JUST OVER THE BORDER
FROM ILLINOIS WHERE GASOLINE TAXES ARE MUCH HIGHER THE LAREDO TEXAS
WALMART STORE ALSO IS A BORDERLINE CASE STUDY DRAWING THRONGS FROM TWO
COUNTRIES

OTHER LEADERS REFLECT YEARS OF NURTURING BY A FAMILY GOODYEAR TIRE'S
LARGEST US DEALERSHIP SULLIVAN TIRE CO IN ROCKLAND MASS EMPLOYS MORE
THAN A DOZEN FAMILY MEMBERS

WHILE OUTSIZE SUCCESS OFTEN IS A MATTER OF BEING IN THE RIGHT PLACE AT THE
RIGHT TIME SOMETIMES SUCH GOOD FORTUNE REQUIRES PATIENCE FRANCHISEE TERRY
ROGERS OPENED HIS KFC FRIEDCHICKEN STORE ON THE FORT CAMPBELL KY ARMY
BASE JUST BEFORE IRAQ INVADED KUWAIT SUDDENLY THIS PLACE WAS A GHOST
TOWN MR ROGERS RECALLS BUT AFTER THE TROOPS RETURNED THE STORE BECAME
KFC'S HIGHESTGROSSING OUTLET IN 1991

JOE GRIFFIN GENERAL MANAGER OF THE COUNTRY'S TOPSELLING LEXUS DEALERSHIP
SAYS GOING THE EXTRA MILE FOR CUSTOMERS IS ANOTHER KEY TO SUCCESS AFTER
HURRICANE ANDREW THE DEALERSHIP WASHED CUSTOMERS' CARS TO RID THEM OF ACID
RAIN CREATED BY BURNING DEBRIS

VERY SUCCESSFUL OUTLETS ALSO ARE LIKELY TO BE MORE CREATIVE THE PROFESSOR
SAYS ADDING THEY MAY DEPART FROM SOME OF THE STANDARD PROCEDURES AND
PERHAPS EVEN THE PRINCIPLES IN SOME CASES OF THE PARENT

FOR THE MOST PART THESE BIGGEST OUTLETS RECOGNIZE THEIR STATUS AS SECONDARY
TO GOOD BUSINESS BASICS SAYS TOPRANKING MIDAS MUFFLER DEALER WILLIAM WOOD
IF WE HAVE TO SACRIFICE BIG OR GOOD WE SACRIFICE BIG

THE FOLLOWING LIST OF THE LARGEST US OUTLETS IS BASED ON INFORMATION FROM
THE PARENT COMPANIES

PARENT COMPANY AMOCO OIL CO A UNIT OF AMOCO CORP

BIGGEST OUTLET STATION IN WHITING IND

EXPLANATION BARELY OVER THE INDIANAILLINOIS BORDER THIS 16PUMP STATION
NEAR CHICAGO CASHES IN ON A 13CENTAGALLON GASOLINETAX DIFFERENTIAL
BETWEEN THE TWO STATES THE WHITING OUTLET SOMETIMES REQUIRES THREE
TANKTRUCK DELIVERIES DAILY IT IS OPEN AROUND THE CLOCK BUT HAS NO SERVICE
FACILITIES DOESN'T CARRY DIESEL FUEL AND STOCKS A LIMITED NUMBER OF FOOD
ITEMS TO GET CUSTOMERS IN AND OUT QUICKLY PUMPS ARE EQUIPPED WITH DEVICES
THAT PROCESS CHARGE CARDS THE NORMAL TIME FOR A CUSTOMER IS ABOUT THREE
MINUTES SAYS DEALER JIM PAYNE

EXPLANATION ONE OF 2300 BASKINROBBINS OUTLETS IN THE US THIS STORE
BENEFITS FROM YEARROUND SUMMER WEATHER NAME RECOGNITION AND THRONGS OF
TOURISTS IN A GLITZY WAIKIKI MALL WHERE ASIDE FROM A COFFEE SHOP WE'RE THE
ONLY FOOD OUTLET SAYS FRANCHISEE JAY WESTCOTT ICE CREAM SELLS FOR 182 A
SCOOP A PRICE DICTATED IN PART BY THE COST OF IMPORTING THE PRODUCT FROM
CALIFORNIA MR WESTCOTT A REALESTATE BROKER WHO GOT INTO THE ICECREAM
BUSINESS AFTER LOCATING STORE SITES SAYS THE COST OF CONES ALSO REFLECTS
HIGH LOCAL WAGE RATES AND RENT IN THE MALL WHOSE OTHER STORES INCLUDE
CARTIER AND CARDIN OUTLETS MACADAMIA ICE CREAM OUTSELLS VANILLA THE STAFF
KNOWS ENOUGH JAPANESE TO FILL ORDERS

EXPLANATION FLEET SALES TO CLIENTS SUCH AS ALAMO AND AVIS CARRENTAL
COMPANIES ACCOUNT FOR MUCH OF THE SOUTH FLORIDA DEALERSHIP'S REPEATED SALES
LEADERSHIP PRESIDENT EDWARD J MORSE JR WHOSE FATHER STARTED THE
DEALERSHIP SAYS 1992 REVENUE EXCEEDED 500 MILLION AMONG THE COUNTRY'S
LARGEST SELLERS OF CADILLACS THE MORSE FAMILY MEGADEALERSHIP ALSO INCLUDES
BUICK SATURN TOYOTA HONDA MAZDA AND DODGE OUTLETS ITS CHEVY BUSINESS
EMPLOYS 50 SALESPEOPLE AND SPRAWLS OVER 13 ACRES AN AVERAGE 600 VEHICLES
ARE ON THE CHEVROLET LOTS AT ANY GIVEN TIME TO HANDLE MECHANICAL AND
BODYSHOP BUSINESS THE DEALERSHIP HAS 36 SERVICE BAYS AND TWO PAINT BOOTHS

BIGGEST OUTLET ON US MARINE CORPS BASE NEAR TWENTYNINE PALMS CALIF

SIZE INDICATOR SELLS MOST DOMINO'S PIZZAS IN US

EXPLANATION THE LONE ONBASE PIZZA PARLOR FOR SOME 11000 MARINES AND THEIR
FAMILIES THIS DOMINO'S THRIVES ON ISOLATION SELLING UP TO 4000 PIES A
WEEK A BURGER KING IS THE ONLY FASTFOOD RIVAL ON THE HUGE BASE IN SOUTHERN
CALIFORNIA'S MOJAVE DESERT MARINES BACK FROM OPERATION DESERT STORM WHO
WANTED TO GET THEIR FIX OF PIZZA PUSHED SALES WELL OVER 1 MILLION IN
1991 SAYS FRANCHISEE TOM NOWLAN THAT IS TWICE THE GROSS OF MANY OF THE
4600 DOMINO'S STORES AVERAGE ORDER 1182 LARGE OVENS CAN TURN OUT SIX
PIES A MINUTE MANAGED BY AN EXARMY MAN THE STORE EMPLOYS SERVICE FAMILY
MEMBERS AND 30 DELIVERY DRIVERS

EXPLANATION ACROSS 50TH STREET FROM RADIO CITY MUSIC HALL THIS SMALL SHOP
MAKES BRICKS OF FUDGE ON THE PREMISES WHILE RADIO CITY'S CHRISTMAS AND
EASTER SHOWS ARE ANNUAL BONANZAS MOST CUSTOMERS WORK IN THE GENERAL
ELECTRIC OR ADJACENT BUILDINGS SAYS KEN VANDER HORN STORE AND DISTRICT
MANAGER ITS SALES VOLUME 62000 ONEPOUND BOXES IN 1991 IS MORE THAN
TWICE THE AVERAGE FANNY FARMER STORE BESTSELLERS ONEPOUND ASSORTED
CHOCOLATES AND CHOCOLATE ALMOND BARK BIG CORPORATE CUSTOMERS INCLUDE TIME
WARNER INC AND A NEARBY TRAVEL AGENCY THE STORE ALSO SELLS FROZEN YOGURT
AND ICE CREAM TO SERVE TOURISTS IT IS OPEN SEVEN DAYS A WEEK

EXPLANATION LOCATED IN THE HEART OF NEW YORK CITY'S GARMENT CENTER BETWEEN
38TH AND 39TH STREETS THIS IS THE BUSIEST OF FEDERAL EXPRESS'S 434 US
SERVICE CENTERS ITS DAILY VOLUME OF 1000 ITEMS IS THREE TIMES THE AVERAGE
PROXIMITY TO PENN STATION IS A TRAFFIC BOOSTER MAJOR CUSTOMERS INCLUDE
DRESSMAKERS AND FASHIONDESIGN HOUSES AS WELL AS NEIGHBORHOOD DEPARTMENT
STORES MANY PARCELS ARE BOXES YOU COULDN'T CARRY HOME SAYS MANAGER
VALERIE BLANCHARD THE CENTER ALSO HANDLES A HEAVY VOLUME OF TICKETS FOR
TRAVEL AGENTS SEVEN FULLTIME EMPLOYEES STAFF THE FACILITY WHICH IS OPEN
UNTIL 930 PM WEEKDAYS AND 7 PM ON SATURDAYS

EXPLANATION ACROSS FROM MACY'S WHERE SIXTH AVENUE AND BROADWAY CONVERGE
THIS FLAGSHIP OF FLORSHEIM'S 270STORE FLEET SERVES BETWEEN 28000 AND
30000 PATRONS A YEAR SHOW WINDOWS ON THREE SIDES MAKE USE OF ITS NARROW
ENDOFTHEBLOCK SITE DISPLAYING MORE THAN 300 STYLES OF FOOTWEAR DOING
BUSINESS IN HERALD SQUARE SINCE THE EARLY 1940S THIS STORE CARRIES ABOUT
90 OF FLORSHEIM'S LINE OF MEN'S SHOES INVENTORY ALSO INCLUDES SOCKS BELTS
AND SHOECARE PRODUCTS AS WITH OTHER OUTLETS IN THE 100YEAROLD CHAIN
THIS ONE OFFERS A COMPUTERIZED ORDERING SERVICE FOR ITEMS NOT IN STOCK THE
STORE IS OPEN 70 HOURS A WEEK INCLUDING SUNDAYS

SIZE INDICATOR MOST FLOWERSBYWIRE ORDERS IN US

EXPLANATION SERVING DALLAS BUT NOT NEIGHBORING FORT WORTH THE FLORIST
TYPICALLY FILLS 1100 FTD ORDERS A WEEK AN ARRANGEMENT AVERAGES 38 MCSHAN
EMPLOYS 150 HAS MORE THAN TWO DOZEN PHONE LINES A 27000SQUAREFOOT STORE
AND 50 DELIVERY TRUCKS BUT NO GREENHOUSE NEIMANMARCUS IS A MAJOR LOCAL
CUSTOMER OBITUARYPAGE ADS READ WE DON'T SELL FLOWERS WE SELL LOVE
DALLAS LITERALLY GREW UP TO MCSHAN'S DOOR ONCE SURROUNDED BY COTTON FIELDS
THE STORE NOW IS RINGED BY HOMES MANY OF WHICH IT LANDSCAPED THE BUSINESS
HASN'T BRANCHED OUT BECAUSE SAYS PRESIDENT BRUCE MCSHAN WE PREFER TO HAVE
ONE BIG HEADACHE INSTEAD OF A LOT OF LITTLE ONES

EXPLANATION A FAMILY BUSINESS SIX OF SEVEN SULLIVAN SONS WORK AT 23
OUTLETS IN THREE STATES THE COMPANY SELLS 250000 TIRES A YEAR UNUSUAL
FOR AN INDEPENDENT THE DEALERSHIP IS 100 GOODYEAR SAYS ITS PRESIDENT
ROBERT SULLIVAN ITS TIRE STORES INCLUDE FOUR OPERATED FOR RETAILER JORDAN
MARSH CO FIVE OUTLETS HANDLE ONLY TRUCKS AND RETREADS HEADQUARTERED JUST
OUTSIDE BOSTON SULLIVAN ADVERTISES HEAVILY DURING TELEVISED RED SOX AND
BRUINS GAMES IT ALSO SPONSORS AN ANNUAL GOLF OUTING SULLIVAN EMPLOYS ABOUT
350 AND OPERATES A FLEET OF 60 SERVICE TRUCKS IN MASSACHUSETTS NEW
HAMPSHIRE AND RHODE ISLAND

EXPLANATION NINE COUNTERS IN SEVEN TERMINALS SERVE CUSTOMERS AROUND THE
CLOCK AT THE WEST COAST'S BUSIEST AIRPORT DAILY RENTALS AVERAGE 2000 IN
THE FIRST HALF OF 1992 THE FACILITY GROSSED 37 MILLION HERTZ PARKING
LOTS MAINTENANCE FACILITIES AND OFFICES COVER 36 ACRES THE OPERATION PUMPS
MORE THAN ONE MILLION GALLONS OF GASOLINE A YEAR SEVENTEEN BUSES SHUTTLE
CUSTOMERS TO AND FROM VEHICLES MOST POPULAR CAR FORD TAURUS FIVE PERCENT
OF AIRPORT RENTALS ARE CONVERTIBLES HERTZ'S STAFF AT THE AIRPORT NUMBERS
300 THE SIZE OF THE OPERATION MULTIPLIES PROBLEMS SUCH AS A
FLIGHTDELAYING FOG IF WE MAKE A MISTAKE WE CAN UPSET SEVERAL HUNDRED
CUSTOMERS AT A TIME SAYS CHARLES SHAFER DIVISION VICE PRESIDENT

EXPLANATION THIS 3530ROOM HOTEL BUILT BY GANGSTER BUGSY SIEGEL IN THE
1940S IS POPULAR WITH TOURISTS THE NEARBY 3200ROOM LAS VEGAS HILTON
CATERS TO HIGH ROLLERS AND CONVENTIONEERS WITH SINGLE ROOMS PRICED AT UNDER
50 THE FLAMINGO AVERAGES A 90 OCCUPANCY RATE AND IS HILTON'S MOST
PROFITABLE SAYS VICE PRESIDENT MARC GROSSMAN LOCATED AT ONE OF THE BUSIEST
STRIP INTERSECTIONS THE HOTEL IS STAFFED BY NEARLY 4000 EMPLOYEES ITS
27 STORIES INCLUDE A CASINO TWO GRAND BALLROOMS EIGHT RESTAURANTS THREE
LOUNGES 55 ELEVATORS PARKING FOR 2830 AND A FURRIER A 100 MILLION
EXPANSION WILL ADD A TOWER AND WATERFALLS

EXPLANATION THE OFFICE HANDLED MORE THAN 8000 RETURNS LAST YEAR ALMOST
TWICE THE NEXTBUSIEST OFFICE WHY IT'S A MYSTERY TO ME SAYS DISTRICT
MANAGER JACK MARVILL THE VOLUME WAS SO LARGE THAT TWO MORE STAMFORD OUTLETS
RECENTLY OPENED THE DOWNTOWN OFFICE DOESN'T OFFER UNUSUAL SERVICES AND ITS
CLIENTELE IS DESCRIBED AS A TYPICAL MIXTURE OF COMMERCIAL AND INDIVIDUAL
TAXPAYERS THE FACILITY HAS 19 TAXPREPARATION STATIONS AND EMPLOYS ABOUT 50
PEOPLE DURING TAX SEASON LAST YEAR IT FILED ABOUT A FOURTH OF THE RETURNS
ELECTRONICALLY UNLIKE MOST OF BLOCK'S 7000 OFFICES STAMFORD'S IS OPEN
YEARROUND

PARENT COMPANY KFC CORP UNIT OF PEPSICO INC

BIGGEST OUTLET ON US ARMY BASE FORT CAMPBELL KY

EXPLANATION THIS MILITARYBASE FACILITY SOLD AN ESTIMATED 24 MILLION IN
CHICKEN AND FIXINGS LAST YEAR MORE THAN DOUBLE THE AVERAGE KFC STORE'S
GROSS THE OUTLET WHICH ON A PEAK DAY SERVES 2000 CUSTOMERS RECENTLY
ADDED KFC'S FIRST BREAKFAST BUFFET ABOUT 90 OF THE STORE'S 85 EMPLOYEES
ARE MILITARY FAMILY MEMBERS MANAGEMENT IS CIVILIAN TERRY ROGERS VICE
PRESIDENT OF OPERATIONS FOR THE FAMILYRUN FRANCHISE ATTRIBUTES SUCCESS TO
SERVICE EMPLOYEES WHO DON'T SMILE END UP WORKING IN THE KITCHEN THE
STORE WHICH HAS TWO DRIVETHROUGH LANES IS OPEN 20 HOURS A DAY IT OFFERS
HOME DELIVERY

SIZE INDICATOR MOST LEXUSES SOLD IN US

EXPLANATION HIGHINCOME DEMOGRAPHICS MADE THIS PALM BEACHAREA DEALERSHIP
NO 1 IN THE COUNTRY FOR THE SECOND STRAIGHT YEAR SALES OF THE JAPANESE
LUXURY CAR IN 1992 APPROACHED 2200 SAYS JOE GRIFFIN GENERAL MANAGER
LEXUSES ARE PRICED STARTING AT 30000 AND RUN UP TO 49000 WHITE IS THE
FAVORED CAR COLOR AMONG JM'S CUSTOMERS THE DEALERSHIP WHICH PROMOTES
WITH FOURCOLOR NEWSPAPER ADS OFTEN RUNS OUT OF CARS AT MONTH'S END IT HAS
NO FLEET SALES ONEFOURTH OF THE STAFF OF 102 ARE SALESPEOPLE MECHANICS
ORGANIZED IN TEAMS WORK FOURDAY WEEKS TO PAMPER CUSTOMERS THE 22BAY
SERVICE DEPARTMENT IS OPEN UNTIL MIDNIGHT

BIGGEST OUTLET ON TURNPIKE NEAR DARIEN CONN

SIZE INDICATOR MOST MCDONALD'S CUSTOMERS SERVED IN US

EXPLANATION NEAR THE NEW YORKCONNECTICUT BORDER ON INTERSTATE 95 THIS
ROUNDTHECLOCK MCDONALD'S SERVES NEARLY THREE MILLION TRAVELERS A YEAR ON
AVERAGE THE FRANCHISE SELLS 8000 MEALS DAILY EVERYTHING ABOUT THE STORE
IS MAMMOTH 19 CASH REGISTERS INCLUDING PORTABLES FOR OVERFLOW CROWDS A
12FOOT FRY GRILL 32 TELEPHONES EMPLOYEES WORK IN TEAMS ONE DIRECTS
TRAFFIC ANOTHER OPERATES A YOGURT BAR RETIREES PASS OUT MAPS IN A TOURIST
CENTER EQUIPPED WITH AN AUTOMATIC TELLER MACHINE OWNEROPERATOR GEORGE
MICHELL SAYS THE BUSIEST DAYS OF THE YEAR ARE THANKSGIVING WEEKEND

SIZE INDICATOR SALESLEADING US MIDAS DEALER

EXPLANATION PERENNIALLY THE TOP PERFORMER AMONG 1822 MIDAS SHOPS
NATIONWIDE WOOD'S HAD 1991 REVENUE THAT EXCEEDED 2 MILLION BUT FRANCHISEE
WILLIAM WOOD SAYS THE RECESSION DENTED 1992 RESULTS ABOUT 40 OF THE SHOP'S
WORK IS ON EXHAUSTS AND ANOTHER 40 ON BRAKES THE REST IS ON WHEEL
ALIGNMENTS AND SHOCKS WITH 12 SERVICE BAYS AND 14 MECHANICS ON STAFF THE
12000SQUAREFOOT SHOP OFTEN REPAIRS MORE THAN 40 CARS A DAY MOST BY
APPOINTMENT LOCATED NEAR OFFICE BUILDINGS 11 MILES FROM WASHINGTON WOOD'S
DOESN'T DO CORPORATEFLEET WORK THE 21YEAROLD BUSINESS OFFERS FREE PICKUP
AND DELIVERY FOR CUSTOMERS

SIZE INDICATOR LARGEST GROSS SALES OF ANY RADIO SHACK IN US

EXPLANATION OUTOFSTATE BUSINESS IS A MAJOR FACTOR IN THE OUTLET'S SALES
LEADERSHIP THE STORE ONE OF 4553 THAT TANDY OPERATES IN THE US SELLS
LARGE QUANTITIES OF PERSONAL COMPUTERS VIDEO AND OTHER HIGHEND
ELECTRONIC EQUIPMENT FOR SHIPMENT TO PUERTO RICO AND OTHER OFFSHORE
DESTINATIONS A SPOKESMAN SAYS DADELAND'S AVERAGE SALE IS PERHAPS 25
HIGHER THAN OTHER STORES TANDY SAYS WITHOUT DISCLOSING FIGURES AT 1800
SQUARE FEET THE STORE IS SMALLER THAN THE AVERAGE MALL OUTLET HIGH SALES
VOLUME AND POTENTIAL COMMISSIONS MAKE ATTRACTING GOOD EMPLOYEES EASY TANDY
SAYS THE DADELAND STORE IS SEEN AS A STEPPING STONE FOR AMBITIOUS MANAGERS

EXPLANATION SALES LAST YEAR EXCEEDED 50 MILLION IN THIS THREESTORY
BEHEMOTH ANCHORING HONOLULU'S BIGGEST SHOPPING MALL THE FULLLINE
DEPARTMENT STORE DOES A BRISK BUSINESS IN HAWAIIAN SHIRTS BEACH GARB AND
OTHER TOURIST NEEDS ITS GIFT DEPARTMENT SELLS SHELL NECKLACES AND CLOCKS
DECORATED WITH REEF PAINTINGS THE FURNITURE DEPARTMENT FEATURES ITEMS MADE
FROM INDIGENOUS KOA WOOD THE COSMETICS DEPARTMENT CARRIES JAPANESE LINES
ACCEPTED CREDIT CARDS INCLUDE JCB AND SAISON FROM JAPAN SAYS DISTRICT
MANAGER ELTON TANAKA ADDED ATTRACTIONS AIRLINETICKET OUTLETS ONEHOUR
PHOTO SERVICE AND CURRENCY EXCHANGE

EXPLANATION THIS FULLLINE FAMILYRUN BUSINESS BOUGHT MORE THAN 7 MILLION
IN GOODS FROM CHAIN SUPPLIER COTTER & CO LAST YEAR WITH A
LAWNMOWERMAINTENANCE SERVICE TOY AND CRAFT DEPARTMENTS A BRIDAL REGISTRY
GIFT WRAPPING FREE POPCORN AND A SANTA CLAUS AT CHRISTMAS THIS ISN'T THE
TYPICAL HARDWARE STORE ANYTHING TO BRING THE CUSTOMERS IN SAYS
INDEPENDENT OWNER JERRALD T KABELIN THE BUSINESS ALSO REMODELS KITCHENS
AND BATHROOMS AND RECENTLY ADDED A COMMERCIAL DIVISION TO SELL CLEANING
MATERIALS AND OFFICE SUPPLIES TO AREA FACTORIES HOSPITALS AND CHURCHES
KABELIN'S USES DIRECT MAIL EXTENSIVELY TO ADVERTISE ITS SERVICES

EXPLANATION AT 151915 SQUARE FEET THIS USMEXICO BORDER GIANT OFFERS
NEARLY THREE FOOTBALL FIELDS OF SHOPPING FIRST OPENED IN 1983 THE STORE
RELOCATED THIS PAST AUGUST ADDING 32000 SQUARE FEET TO WHAT ALREADY WAS
THE AMONG THE LARGEST OF THE CHAIN'S 1838 WALMARTS STAFFED WITH 350
ASSOCIATES ITS 36 DEPARTMENTS INCLUDE A ONEHOUR PHOTOFINISHING LAB AN
AUTO OILANDLUBE CENTER A PHARMACY AND CURRENCY EXCHANGE WALMART WON'T
DISCLOSE INDIVIDUAL STORE SALES RETAILERS EXPECT LAREDO AT THE CROSSROADS
OF US INTERSTATE 35 AND THE PANAMERICAN HIGHWAY TO BOOM UNDER THE
PENDING NORTH AMERICAN FREE TRADE AGREEMENT 9302010042 930201 BUSINESS
BRIEF FIRST REPUBLICBANK CORP OFFICIALS OF FAILED BANK TO SETTLE
SUITS WITH FDIC

THE FEDERAL DEPOSIT INSURANCE CORP SAID IT AGREED TO A 23 MILLION
SETTLEMENT OF TWO LAWSUITS IT HAD FILED AGAINST 67 FORMER DIRECTORS AND
OFFICERS OF THE FAILED FIRST REPUBLICBANK CORP OF TEXAS IN DALLAS

THE FINAL TERMS MATCHED THOSE OF THE TENTATIVE SETTLEMENT REPORTED JAN 21
22 MILLION WAS PAID BY THE DEFENDANTS AT AN AVERAGE OF 328358 APIECE
THOUGH INDIVIDUAL PAYMENT AMOUNTS VARIED WIDELY ACCORDING TO ATTORNEYS
AND 1 MILLION WAS PAID BY AN INSURER BANKERS INSURANCE CO BERMUDA

NEITHER DEFENDANTS NOR THE FDIC WOULD SAY HOW MUCH WAS PAID BY THE
INDIVIDUAL DEFENDANTS WHO INCLUDED SUCH PROMINENT FIGURES AS HR BUM
BRIGHT FORMER OWNER OF THE DALLAS COWBOYS RAY L HUNT CHAIRMAN OF HUNT
OIL CO DALLAS AND JERRY JUNKINS CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF
TEXAS INSTRUMENTS INC DALLAS

FIRST REPUBLICBANK CORP OF TEXAS ONCE THAT STATE'S LARGEST BANKING
CONCERN IS NOT RELATED TO FIRST REPUBLIC BANCORP OF SAN FRANCISCO
9302010041 930201 BUSINESS BRIEF BEVERLY ENTERPRISES INC OPERATOR OF
NURSING HOMES POSTS FOURTHQUARTER LOSS

BEVERLY ENTERPRISES INC SET BACK BY AN EXPECTED 57 MILLION PRETAX CHARGE
POSTED A FOURTHQUARTER NET LOSS OF 325 MILLION OR 44 CENTS A SHARE
COMPARED WITH NET INCOME OF 7 MILLION OR NINE CENTS A SHARE A YEAR
EARLIER

THE FORT SMITH ARK NURSING HOME OPERATOR SAID FOURTHQUARTER REVENUE ROSE
13 TO 689 MILLION FROM 6102 MILLION A YEAR EARLIER IT ATTRIBUTED THE
GAIN TO RATE INCREASES FOR MEDICAID PATIENTS AND GREATER USE OF ITS
ANCILLARY SERVICES BY MEDICARE PATIENTS

ANALYSTS SAID THE RESULTS DIDN'T CONTAIN ANY SURPRISES THE COMPANY SAID IN
NOVEMBER THAT IT EXPECTED TO TAKE THE HEFTY CHARGE TO COVER ITS CLOSING OF
33 UNPROFITABLE OR UNDEROCCUPIED NURSING HOMES GINANNE G LONG AN ANALYST
WITH STEPHENS INC IN LITTLE ROCK SAID WITHOUT THE CHARGE THE COMPANY
WOULD HAVE MET ANALYSTS' EARNINGS ESTIMATES OF 14 CENTS A SHARE
9302010040 930201 BUSINESS BRIEF INDEPENDENT BANK GROUP INC FIRST
NATIONAL BANK UNIT IS SEIZED BY US REGULATORS

INDEPENDENT BANK GROUP INC'S FIRST NATIONAL BANK OF VERMONT UNIT WAS SEIZED
FRIDAY BY THE FEDERAL OFFICE OF THE COMPTROLLER OF THE CURRENCY SAID THE
FEDERAL DEPOSIT INSURANCE CORP

THE 13 BRANCHES OF THE SPRINGFIELD VT BANK WILL REOPEN TODAY AS PART OF A
NEW BRIDGE BANK ESTABLISHED BY THE COMPTROLLER'S OFFICE THE FDIC SAID
INDEPENDENT IS ALSO BASED IN SPRINGFIELD THE NEW BANK NAMED THE NEW FIRST
NATIONAL BANK OF VERMONT WILL BE HEADED BY MERRILL W SHERMAN FORMERLY
PRESIDENT CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF EASTLAND SAVINGS BANK IN
WOONSOCKET RI

THE FDIC SAID IT WILL SEEK PROPOSALS FOR THE ACQUISITION OF THE BANK AND
EXPECTS TO RETURN IT TO THE PRIVATE SECTOR IN FOUR TO SIX MONTHS

THE FAILED BANK HAD ASSETS OF 2935 MILLION AND DEPOSITS OF 2632 MILLION
IN 36800 ACCOUNTS THE FDIC SAID ABOUT 105 MILLION OF ITS DEPOSITS WERE
IN ACCOUNTS EXCEEDING THE FDIC'S INSURANCE LIMIT OF 100000 DEPOSITORS
HOLDING THOSE ACCOUNTS WILL RECEIVE 50 OF THEIR UNINSURED DEPOSITS THE
FDIC SAID

OFFICIALS WITH THE FAILED BANK COULDN'T BE REACHED FOR COMMENT 9302010039
930201 RECENT SEC FILINGS

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

CHIPSOFT INC AN OFFERING OF 34 MILLION COMMON SHARES VIA ROBERTSON
STEPHENS & CO AND DONALDSON LUFKIN & JENRETTE SECURITIES CORP

DAKA INTERNATIONAL INC OFFERINGS OF 500000 OF ITS COMMON SHARES AND 25
MILLION IN CONVERTIBLE SUBORDINATED NOTES DUE 2003 VIA TUCKER ANTHONY INC

DELMARVA POWER & LIGHT CO AN OFFERING OF 29 MILLION COMMON SHARES VIA
MERRILL LYNCH & CO AND MORGAN STANLEY & CO

ROUSE CO A SHELF OFFERING OF 35 MILLION SHARES OF SERIES A CONVERTIBLE
PREFERRED STOCK VIA GOLDMAN SACHS & CO AND ALEX BROWN & SONS INC

S3 INC AN INITIAL OFFERING OF TWO MILLION COMMON SHARES VIA LEHMAN
BROTHERS

STORAGE TECHNOLOGY CORP AN OFFERING OF 125 MILLION OF CONVERTIBLE
EXCHANGEABLE PREFERRED STOCK VIA SALOMON BROTHERS INC

TENCOR INSTRUMENTS AN INITIAL OFFERING OF 22 MILLION COMMON SHARES VIA
LEHMAN BROTHERS

TEXAS UTILITIES CO A SHELF OFFERING OF 800 MILLION OF FIRST MORTGAGE AND
COLLATERAL TRUST BONDS 9302010038 930201 BUSINESS BRIEF COMINCO LTD
 FIRM POSTS 4THPERIOD LOSS PLANS TO CUT ZINC OUTPUT

COMINCO LTD REPORTING A LOSS FOR THE FOURTH QUARTER BECAUSE OF WEAK METAL
PRICES SAID IT PLANS TO TRIM ITS EXPECTED PRODUCTION OF REFINED ZINC THIS
YEAR BY NEARLY 20

COMINCO BASED IN VANCOUVER BRITISH COLUMBIA AND CANADA'S LARGEST PRODUCER
OF REFINED ZINC SAID IT WILL REDUCE ITS OUTPUT OF THE METAL BY 50000
METRIC TONS BY SHUTTING ITS TRAIL BRITISH COLUMBIA SMELTER FOR TWO MONTHS
IN APRIL AND AUGUST THE SMELTER HAS AN ANNUAL CAPACITY OF 272000 METRIC
TONS WHICH REPRESENTS SOME 5 OF THE WESTERN WORLD'S OUTPUT A METRIC TON
EQUALS 22046 POUNDS

COMINCO SAID IT HAD A FOURTHQUARTER LOSS OF 952 MILLION CANADIAN DOLLARS
US749 MILLION OR C121 A SHARE COMPARED WITH A YEAREARLIER LOSS OF
C163 MILLION OR 21 CANADIAN CENTS A SHARE THE LATEST PERIOD INCLUDED AN
AFTERTAX CHARGE AGAINST EARNINGS OF C306 MILLION RELATED TO THE COMPANY'S
NEW LEAD SMELTER THAT HAS BEEN SHUTTERED BECAUSE OF OPERATING PROBLEMS
SALES ROSE TO C3646 MILLION FROM C3440 MILLION 9302010037 930201
BUSINESS BRIEF BURTON GROUP PLC UK CONCERN JOINS LIST OF FIRMS
WITH OFFERINGS

RETAILER BURTON GROUP PLC LONDON JOINED A LENGTHENING LINE OF BRITISH
COMPANIES ASKING INVESTORS FOR MORE MONEY WITH A 1632MILLION 2426
MILLION RIGHTS ISSUE OF NEW SHARES

BURTON'S CASH CALL FOLLOWED THURSDAY'S 347 MILLION SHARE OFFER FROM
SUPERMARKETCHAIN ASDA GROUP PLC AND A 28 MILLION OFFERING BY STAKIS PLC A
HOTELS AND HEALTHCARE GROUP UTILITY WESSEX WATER PLC TUESDAY LAUNCHED AN
80MILLION RIGHTS ISSUE

CHAIRMAN JOHN HOSKYNS SAID THE MONEY WILL ENABLE US TO ACCELERATE THE
ROLLOUT OF NEW FORMATS TO TAKE FULL ADVANTAGE OF ANY REVIVAL IN CONSUMER
SPENDING

BURTON OWNER OF DEBENHAMS AND OTHER CLOTHINGSTORE CHAINS CUT 1933
FULLTIMES JOBS IN JANUARY TO SAVE MONEY

BURTON OFFERED SHAREHOLDERS ONE NEW ORDINARY SHARE AT 60 PENCE APIECE FOR
EVERY FOUR ALREADY HELD 9302010036 930201 BUSINESS BRIEF DANSKIN INC
 LOSS OF 653000 IS REPORTED FOR THE FISCAL THIRD QUARTER

DANSKIN INC NEW YORK REPORTED A LOSS OF 653000 OR 11 CENTS A SHARE
FOR THE FISCAL THIRD QUARTER REFLECTING A CHARGE FOR PRODUCTION PROBLEMS AT
ITS HOSIERY DIVISION

THE EXERCISECLOTHING DANCEWEAR AND HOSIERY COMPANY SAID THAT WITHOUT THE
1 MILLION PRETAX CHARGE IT WOULD HAVE EARNED 347000 OR SIX CENTS A
SHARE A YEAR EARLIER NET INCOME WAS 843000 PRIOR TO ITS INITIAL PUBLIC
OFFERING REVENUE FELL TO 30 MILLION FROM 313 MILLION IN THE QUARTER
ENDED DEC 26

BYRON HERO JR CHIEF EXECUTIVE OFFICER SAID IT APPEARS AS IF WE HAVE
SUCCESSFULLY ADDRESSED THE PRODUCTION PROBLEMS AT OUR PENNACO PLANT WHICH
OCCURRED WHEN A PRIMARY YARN SUPPLIER CHANGED PRODUCT SPECIFICATIONS THE
CHANGE CUT YIELDS OF FIRSTQUALITY PRODUCTS AND AFFECTED OPERATING PROFIT
MARGINS HE SAID DANSKIN HASN'T LOST ANY CUSTOMERS AND EXPECTS ITS
PERFORMANCE TO RETURN TO MORE NORMAL LEVELS DURING THE FIRST QUARTER
9302010035 930201 WHAT'S NEWS  WORLDWIDE

CLINTON TOOK A CAUTIOUS FIRST STEP TOWARD LIFTING THE MILITARY'S BAN ON
GAYS

THE PRESIDENT SAID HE WAS ASKING DEFENSE SECRETARY ASPIN TO DRAFT BY
MIDJULY A FORMAL ORDER LIFTING THE BAN ON HOMOSEXUALS MEANWHILE THE
MILITARY WILL STOP ASKING RECRUITS ABOUT THEIR SEXUAL ORIENTATION I THINK
THIS IS A DRAMATIC STEP FORWARD THE PRESIDENT SAID FRIDAY BUT HE COULD
FACE A CHALLENGE FROM SENATE REPUBLICANS WHO HAVE VOWED TO TURN EXISTING
MILITARY REGULATIONS INTO LAW

IN AN INDEPENDENT SURVEY OF NEARLY 1000 ARMY PERSONNEL 78 OF THE MALE
RESPONDENTS SAID THAT THEY DISAGREED WITH ANY LIFTING OF THE BAN

UN PEACEKEEPERS GAVE UP TRYING TO RESTORE ELECTRICITY IN BOSNIA'S CAPITAL
SARAJEVO AFTER REPAIR CREWS WERE SHOT AT SATURDAY IN FIGHTING THAT
ESCALATED AFTER THE COLLAPSE OF GENEVA PEACE TALKS UN OFFICIALS SAID
MEDIATORS AT THE GENEVA TALKS SAID THEY WOULD REPORT TO THE SECURITY COUNCIL
THIS WEEK ON THE BOSNIAN WAR

THE PRESIDENT OF CROATIA THREATENED TO EXPAND A 10DAYOLD OFFENSIVE AGAINST
SERBS IN SOUTHERN CROATIA OVER THE WEEKEND A GAPING HOLE THAT DEVELOPED IN
A BOMBED DAM IN CROATIA WAS REPAIRED BUT DAMAGE TO THE STRUCTURE POSED A
DANGER OF FLOODING FOR 20000 PEOPLE LIVING DOWNSTREAM

CLINTON SPENT THE WEEKEND CONFERRING WITH HIS CABINET ON ECONOMIC
REVITALIZATION HEALTHCARE OVERHAUL NATIONAL SERVICE AND REVISING
CAMPAIGNFINANCE AND LOBBYING LAWS

THE NATION'S GOVERNORS BEGAN FORMAL CONSIDERATION OF THEIR PROPOSAL TO
EXTEND HEALTH CARE COVERAGE TO ALL AMERICANS SAYING UNIVERSAL MEDICAL
COVERAGE IS A MORAL IMPERATIVE AND AN INVALUABLE COST CONTAINMENT TOOL
THE NATIONAL GOVERNORS ASSOCIATION WILL VOTE ON THE PLAN TOMORROW

THE GOP NATIONAL COMMITTEE ELECTED HALEY BARBOUR A FORMER POLITICAL ADVISER
TO REAGAN TO BE THE PARTY'S CHAIRMAN OUTGOING CHAIRMAN RICHARD BOND IN A
STUNNING DEPARTURE ADDRESS ON FRIDAY CALLED UPON REPUBLICANS TO STEER CLEAR
OF ZEALOTRY AND TO STOP FOCUSING ON OPPOSITION TO ABORTION

ISRAEL SAID THAT TWO ARABAMERICANS DETAINED IN THE WEST BANK ARE SUSPECTED
OF DISTRIBUTING HUNDREDS OF THOUSANDS OF DOLLARS TO REBUILD THE RADICAL
MUSLIM MOVEMENT HAMAS IN THE OCCUPIED TERRITORIES SEPARATELY TWO ISRAELI
SOLDIERS WERE KILLED SATURDAY BY MUSLIM MILITANTS IN THE ISRAELIOCCUPIED
GAZA STRIP OFFICIALS SAID

RUSSIA'S NEW PRIME MINISTER URGED THE WEST TO AGREE QUICKLY ON A PROGRAM TO
RESTRUCTURE THE COUNTRY'S FOREIGN DEBT CHERNOMYRDIN TOLD A MEETING OF
INTERNATIONAL BUSINESS AND POLITICAL LEADERS IN SWITZERLAND THAT EASING OF
THE DEBT BURDEN WAS ESSENTIAL TO HELP HIS GOVERNMENT FIGHT HYPERINFLATION

FRANCE SAFELY EVACUATED 220 EXPATRIATES FROM ZAIRE'S CAPITAL KINSHASA
WHERE TWO DAYS OF ARMYLED VIOLENCE LEFT AT LEAST 65 PEOPLE DEAD THE
EVACUEES WERE FERRIED TO NEIGHBORING CONGO A DAY AFTER 300 OTHER FOREIGNERS
FLED MEANWHILE ZAIRE WARNED BELGIUM NOT TO ATTEMPT A MILITARY EVACUATION
OF ITS CITIZENS

DE KLERK WARNED SOUTH AFRICA ON FRIDAY THAT DEVASTATING WAR WOULD ERUPT IF
POLITICAL LEADERS FAILED TO AGREE ON A TRANSITION TO DEMOCRACY OPENING WHAT
COULD BE THE LAST APARTHEID PARLIAMENT IF BLACKWHITE NEGOTIATIONS SUCCEED
THE PRESIDENT SAID POLITICAL VIOLENCE WOULD PERSIST AS LONG AS THE NATION'S
LEADERS FLOUT PEACE ACCORDS

ANGOLA'S GOVERNMENT ANNOUNCED A DRASTIC CURRENCY DEVALUATION THAT REFLECTS
THE ECONOMIC DAMAGE CAUSED BY THE COUNTRY'S RECENT LOSS OF OIL FIELDS AND
DIAMONDPRODUCING REGIONS TO REBELS THE MOVE INTENDED TO BRING THE
OFFICIAL EXCHANGE RATE INTO LINE WITH BLACK MARKET RATES IS EXPECTED TO
CAUSE PRICES OF IMPORTED NECESSITIES TO SOAR

THE DALLAS COWBOYS WON THE NATIONAL FOOTBALL LEAGUE'S SUPER BOWL BEATING
THE BUFFALO BILLS 5217 IN PASADENA CALIF

JIM COURIER OF THE US WON THE AUSTRALIAN OPEN MEN'S SINGLES TENNIS TITLE
DEFEATING STEFAN EDBERG OF SWEDEN THREE SETS TO ONE ON SATURDAY MONICA
SELES OF YUGOSLAVIA WON THE WOMEN'S SINGLES TITLE BY BEATING STEFFI GRAF OF
GERMANY TWO SETS TO ONE

DIED TAIKICHIRO MORI 88 JAPANESE REALESTATE OWNER WHO WAS REGARDED AS
THE WORLD'S RICHEST MAN SATURDAY IN TOKYO 9302010034 930201
INTERNATIONAL BRIEF NIPPON STEEL CORP COMPANY TO ACQUIRE STAKE IN
MINEBEA CO'S NMB UNIT

NIPPON STEEL CORP AS EXPECTED WILL ACQUIRE A CONTROLLING STAKE IN NMB
SEMICONDUCTOR CO A FINANCIALLY TROUBLED UNIT OF JAPANESE BEARING MAKER
MINEBEA CO THE COMPANIES DISCLOSED

MINEBEA TOLD THE TOKYO STOCK EXCHANGE THAT IT INTENDS TO SELL 30560 SHARES
OF NMB TO NIPPON STEEL BY THE END OF MARCH FOR 550 BILLION YEN 443
MILLION THE FILING SAID THAT NIPPON STEEL WILL RENAME NMB AS NIPPON STEEL
SEMICONDUCTOR CORP

MINEBEA LAST WEEK SAID IT WAS IN TALKS WITH NIPPON STEEL ABOUT UNLOADING THE
UNPROFITABLE AND DEBTRIDDEN CONCERN

NIPPON STEEL WILL ASSUME 30 BILLION YEN OF NMB'S 7360 BILLION YEN IN DEBT
TO CREDITORS UNDER THE TERMS OF THE AGREEMENT MINEBEA WHICH IS RESPONSIBLE
FOR THE REST ANNOUNCED IT NOW EXPECTS TO POST AN UNCONSOLIDATED NET LOSS OF
50 BILLION YEN IN THE FISCAL HALF ENDING MARCH 31 FOR THE FULL YEAR THROUGH
SEPT 30 IT IS PROJECTING A LOSS OF 47 BILLION YEN

THE SALE PRICE IS SET AT 180000 YEN A SHARE NMB ENDED OVERTHECOUNTER
TRADING FRIDAY 15000 YEN LOWER AT 755000 9302010033 930201 OTC FOCUS 
INITIAL OFFERS MAY SHOW SPURT IN FEBRUARY  BY SARA CALIAN 
STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK WITH ONLY 28 INITIAL PUBLIC OFFERINGS JANUARY WAS THE SLOWEST
MONTH FOR IPOS IN ALMOST A YEAR AND A HALF BUT DON'T LET THE TAME JANUARY
FOOL YOU

FEBRUARY COULD BRING AN ONSLAUGHT OF IPOS WITH MORE THAN 60 ALREADY FILED
AND SCHEDULED TO BE PRICED THIS MONTH SAYS SECURITIES DATA CO INVESTORS
WILL BE WATCHING THESE IPOS CLOSELY FOR CLUES TO THE OVERALL DIRECTION OF
THE STOCK MARKET

THEY'RE ON THEIR WAY SAYS KENNETH FITZSIMMONS THE PARTNER IN CHARGE OF
ROBERTSON STEPHENS' NEWISSUE DESK IN SAN FRANCISCO YOU'RE SEEING LOTS AND
LOTS OF FILINGS  IT TAKES A WHILE TO GET THROUGH THE PIPELINE PROCESS
ESPECIALLY NOW WHEN INVESTORS PREFER TO PONDER YEAREND EARNINGS REPORTS
BEFORE BUYING NEW STOCKS

IPO FILINGS DON'T COME WITH A GUARANTEE FEBRUARY ALSO COULD BE A BUST LAST
WEEK'S TWODAY SLUMP IN THE OVERTHECOUNTER MARKET WHERE MOST NEW STOCKS
TRADE SCARES MANY INVESTORS WHO THINK THE NASDAQ'S 204 RISE SINCE THE
BEGINNING OF OCTOBER WILL SUFFER AN EVEN LARGER SETBACK MUCH OF THE
PROFITTAKING SUBSIDED ON FRIDAY AND THE NASDAQ COMPOSITE INDEX CLOSED UP
167 AT 69634

ASSUMING THAT THE DECLINE IN THE NASDAQ MARKET AND SMALL STOCKS DOESN'T
STEAMROLL AND SIGNAL A LONGER DOWNWARD MOVEMENT WE'LL SEE MORE OFFERINGS IN
FEBRUARY THAN IN JANUARY AND MUCH MORE IN MARCH SAYS STANDARD & POORS'
NEWISSUES ANALYST ROBERT NATALE HE SAYS THERE'S ALSO A CHANCE THAT NEW
ISSUES WILL COME TOO QUICKLY AND THE MARKET COULD BECOME OVERLY SPECULATIVE
WITH WEAK STOCKS PRICED AT HIGH LEVELS HOPEFULLY THE IPO MARKET WON'T GET
OVERHEATED PUSHING THE MARKET OVER THE EDGE HE SAYS

THE IPO MARKET WILL BE A CRUCIAL INDICATOR FOR THE NASDAQ OTC MARKET THIS
MONTH

THERE'S SOME FEAR THAT A BUNCH OF DEALS ARE GOING TO STOP THE MARKET SAYS
MR FITZSIMMONS INVESTORS REMEMBER HOW LAST MARCH 70 NEW STOCKS WERE
OFFERED JUST AS THE MARKET WAS FALLING FROM A FEBRUARY HIGH ON THE WAY TO AN
EIGHTMONTH LULL BUT NEVER FEAR SAYS MR FITZSIMMONS BECAUSE EVERYONE
HAS STARTED SELLING IN ANTICIPATION FOR THE MARKET TO BE LIKE LAST YEAR IT
PROBABLY WON'T BE

THE CLOCK IS TICKING BOTH FOR NEW ISSUES AND FOR THE SMALLSTOCK RALLY SAYS
DAVID MENLOW PRESIDENT OF IPO FINANCIAL NETWORK IN SPRINGFIELD NJ
PEOPLE ARE STARTING TO SAY THIS IS THE LAST CHANCE TO GET SOME OF THESE
DEALS DONE HE ASSERTS

THOMAS DAVIS HEAD OF EQUITY CAPITAL MARKETS AT MERRILL LYNCH SAYS ANY
DECISIONS REGARDING THE NATIONAL DEBT AND INTEREST RATES WILL BE CRUCIAL IN
DETERMINING WHETHER STOCKS THRIVE IN THE NEXT COUPLE OF MONTHS RIGHT NOW
YOU HAVE AN ENVIRONMENT WITH BROADBASED INTEREST IN US STOCKS FROM
INSTITUTIONS HERE AND ABROAD AS WELL AS SMALL INVESTORS SAYS MR DAVIS
THE POTENTIAL FOR HIGH DEMAND IN NEW ISSUES IS STRONG BUT WE'LL HAVE TO
WATCH THE POLICY IN WASHINGTON UNFOLD

INSTITUTIONS ARE FLUSH WITH CASH TO INVEST IN STOCKS WHICH HAS HELPED BUOY
PRICES FOR SEVERAL NEW ISSUES THE MONEY IS OUT THERE SAYS ROBERT
CZEPIEL MANAGER OF ROBERTSON STEPHENS' EMERGING GROWTH FUND I'M SITTING
ON A 40 CASH POSITION AND LOOKING THROUGH A DOZEN NEW FILINGS EVERY WEEK

ONE OF JANUARY'S LARGEST NEW ISSUES WELLPOINT HEALTH NETWORKS CLOSED
FRIDAY AT 33 7/8 OR 21 ABOVE ITS INITIAL OFFERING PRICE OF 28 ON THE NEW
YORK STOCK EXCHANGE WELLPOINT WAS SET UP IN 1986 BY BLUE CROSS OF
CALIFORNIA WHICH LAST WEEK SOLD THE PUBLIC A 175 STAKE IN WELLPOINT A
MANAGEDHEALTHCARE UNIT BASED IN WOODLAND HILLS CALIF MERRILL LYNCH WAS
LEAD UNDERWRITER THE OFFERING WAS INCREASED TO 17 MILLION SHARES FROM 15
MILLION AND THE PRICE WAS RAISED FROM AN EXPECTED 22 TO 24

ANOTHER LARGE BIG BOARD ISSUE DR PEPPER/SEVENUP COS PRICED 20 MILLION
SHARES LAST WEEK AT 15 EACH REBOUNDING AFTER FAILING IN A BID TO GO PUBLIC
LAST SPRING THE STOCK CLOSED AT 16 7/8 FRIDAY MORGAN STANLEY WAS LEAD
UNDERWRITER OF LAST WEEK'S OFFERING

GENERAL NUTRITION AT 21 1/4 IS TRADING 33 ABOVE ITS OFFERING PRICE OF 16 ON
THE NASDAQ MARKET THROUGH ITS LEAD UNDERWRITER MORGAN STANLEY THE
PITTSBURGH COMPANY RAISED ITS OFFERING SIZE TO 44 MILLION SHARES FROM 42
MILLION THE TARGETED PRICE RANGE HAD BEEN 13 1/2 TO 15 1/2 THE COMPANY IS
A SPECIALTY RETAILER OF VITAMIN AND MINERAL SUPPLEMENTS

ANOTHER BIG BOARD ISSUE AMERICAN RE FRIDAY LEAPED 19 TO 37 FROM ITS
OFFERING PRICE OF 31 THE PRINCETON NJ INSURER PRICED 116 MILLION
SHARES THURSDAY THROUGH LEAD UNDERWRITER MERRILL LYNCH A GROUP LED BY THE
LEVERAGED BUYOUT FIRM KOHLBERG KRAVIS ROBERTS HAD PURCHASED AMERICAN RE FROM
AETNA LIFE & CASUALTY IN SEPTEMBER PAYING AN AVERAGE OF 10 APIECE FOR 30
MILLION SHARES FOLLOWING A RALLY IN PROPERTY AND CASUALTY INSURANCE STOCKS
IN THE WAKE OF HURRICANE ANDREW KKR DECIDED TO TAKE THE COMPANY PUBLIC

THERE ARE SEVERAL POTENTIALLY HOT OFFERINGS IN THE SLEW OF DEALS EXPECTED
INVESTORS ARE TALKING ABOUT THREE SOFTWARE COMPANIES POWERSOFT GUPTA AND
MATHSOFT

ROBERTSON STEPHENS' MR CZEPIEL SAYS POWERSOFT'S APPLICATION SOFTWARE TOOL
IS AT THE RIGHT PLACE AT THE RIGHT TIME THE BURLINGTON MASS COMPANY'S
OFFERING IS LEADMANAGED BY GOLDMAN SACHS & CO IT'S NOT JUST A HOT STOCK
IT IS A COMPANY WITH SOME SUSTAINABILITY SAYS MR CZEPIEL HE SAYS WALL
STREET ESTIMATES THE COMPANY'S EARNINGS WILL BE 50 CENTS A SHARE FOR 1993
IF THE STOCK IS OFFERED AT THE MIDDLE OF ITS RANGE AT 15 THE PRICE/EARNINGS
RATIO WOULD BE 30 A PREMIUM TO THE MARKET HE SAYS

GUPTA IS EXPECTED TO BE OFFERED AT BETWEEN 10 AND 12 WALL STREET ESTIMATES
THE COMPANY WILL EARN 50 CENTS A SHARE FOR 1993 WHICH MEANS IT WOULD ARRIVE
AT ABOUT 22 TIMES PROJECTED EARNINGS BASED IN MENLO PARK CALIF THE
COMPANY DEVELOPS INTEGRATED CLIENT/SERVER SOFTWARE PRODUCTS SPECIFICALLY
DESIGNED FOR PERSONAL COMPUTER NETWORKS

ALTHOUGH MANY RESTAURANT STOCKS ARE CURRENTLY OVERVALUED S&P'S MR NATALE
SAYS NATHAN'S FAMOUS MIGHT BE THE EXCEPTION TO THE RULE THE OFFERING OF
THE HOT DOG AND FRENCH FRY CHAIN IS EXPECTED TO SIZZLE WHEN IT IS SERVED UP
IN MARCH

A DICIER PROSPECT IS WILT CHAMBERLAIN'S RESTAURANTS WHICH HAS A LICENSE TO
USE THE NAME OF THE BASKETABLL STAR IT CURRENTLY HAS JUST ONE FRANCHISED
RESTAURANT OPEN IN BOCA RATON FLA ABLE TO SERVE 242 PEOPLE ACCORDING TO
THE PROSPECTUS BUT IT TOO IS PLANNING TO GO PUBLIC SELLING 14 MILLION
SHARES AT 6 TO 8 APIECE

OVERTHECOUNTER STOCKS BOUNCED BACK FROM TWO DAYS OF SHARP LOSSES BUT
MOBILETELEPHONE STOCKS CONTINUED TO PLUNGE

THE NASDAQ COMPOSITE INDEX CLIMBED 167 OR 024 TO 69634 ADVANCING
ISSUES OUTNUMBERED DECLINERS 1464 TO 1174 ON TOTAL VOLUME OF 2369
MILLION SHARES DOWN FROM THURSDAY'S 2672 MILLION

SEVERAL NEWS STORIES RECENTLY PUBLISHED ABOUT POSSIBLE HEALTH PROBLEMS
ASSOCIATED WITH USING CELLULAR PHONES HAVE SUNK CELLULAR STOCKS

MCCAW CELLULAR COMMUNICATIONS TUMBLED 3 3/8 TO 32 1/2 LIN BROADCASTING
WHICH IS 52OWNED BY MCCAW DROPPED 3 3/4 TO 78 1/4 AND VANGUARD CELLULAR
SYSTEMS SLIPPED 2 1/4 TO 21 3/4

GOLDMAN SACHS LOWERED ITS INVESTMENT RATING ON LIN BROADCASTING TO MODERATE
OUTPERFORMER FROM BUY BASED ON PRICE A GOLDMAN AIDE SAID THE FIRM ALSO
REMOVED THE COMPANY FROM ITS TRADING BUY LIST

NATIONAL COMMUNITY BANKS SURGED 8 TO 50 3/4 AFTER THE WEST PATERSON NJ
COMPANY AGREED TO BE ACQUIRED BY BANK OF NEW YORK THE AGREEMENT CALLS FOR
SHAREHOLDERS OF NATIONAL COMMUNITY TO RECEIVE 096 COMMON SHARE OF BANK OF
NEW YORK FOR EACH COMMON SHARE OF NATIONAL

FAIR ISAAC JUMPED 2 7/8 TO 15 7/8 THE SAN RAFAEL CALIF COMPANY WHICH
MAKES ANALYTICAL PRODUCTS FOR BANKS AND CREDIT CARD COMPANIES REPORTED
EARNINGS OF 20 CENTS A SHARE FOR ITS FISCAL FIRST QUARTER ENDED DEC 31
COMPARED WITH 12 CENTS A YEAR BEFORE

VANS INC TUMBLED 3 3/4 TO 9 1/4 THE ORANGE CALIF SHOE COMPANY SAID ON
THURSDAY THAT EARNINGS FOR ITS THIRD QUARTER ENDING FEB 28 WILL BE BELOW
PREVIOUS ESTIMATES THE COMPANY BLAMED LOWER SALES AND PRODUCTION
DISRUPTIONS CAUSED BY AN INVESTIGATION BY THE IMMIGRATION AND NATURALIZATION
SERVICE THAT OCCURRED LAST MONTH

AMERICA ONLINE JUMPED 1 1/2 TO 28 3/4 ALEX BROWN & SONS UPGRADED ITS
INVESTMENT RATING ON THE VIENNA VA OPERATOR OF ONLINE CONSUMER SERVICES
TO BUY FROM NEUTRAL ON THURSDAY THE COMPANY REPORTED EARNINGS AFTER
EXTRAORDINARY ITEMS OF 18 CENTS A SHARE FOR ITS FISCAL SECOND QUARTER ENDED
DEC 31 UP FROM 12 CENTS A SHARE A YEAR EARLIER 9302010032 930201
PUBLICLY TRADED FUNDS

FOLLOWING IS A WEEKLY LISTING OF UNAUDITED NET ASSET VALUES OF PUBLICLY
TRADED INVESTMENT FUND SHARES REPORTED BY THE COMPANIES AS OF FRIDAY'S
CLOSE ALSO SHOWN IS THE CLOSING LISTED MARKET PRICE OR A DEALERTODEALER
ASKED PRICE OF EACH FUND'S SHARES WITH THE PERCENTAGE OF DIFFERENCE
9302010031 930201 INTERNATIONAL BRIEF SAN MIGUEL CORP COMPANY BUYS
49 STAKE IN MANTRUST GROUP BREWER

SAN MIGUEL CORP THE PHILIPPINE FOOD AND BEVERAGE GIANT BOUGHT 49 OF
INDONESIAN BREWER PT DELTA DJAKARTA FENDING OFF AN EFFORT BY SOME COMPETING
INDONESIAN BUSINESS PEOPLE INCLUDING PRESIDENT SUHARTO'S SECOND SON TO
THWART THE TRANSACTION

THE 35 MILLION SALE BY DEBTRIDDEN MANTRUST GROUP WAS COMPLETED FRIDAY
FIVE MONTHS AFTER AN INITIAL AGREEMENT WAS REACHED COMPLETION OF THE SAN
MIGUEL SALE WILL LET MANTRUST PUSH AHEAD A PROGRAM TO RESTRUCTURE ABOUT 500
MILLION IN DEBT THE MAIN BUSINESSES OF MANTRUST ARE CANNED TUNA AND
MUSHROOMS

IN SECURING 49 OF DELTA DJAKARTA SAN MIGUEL CAME UP SHORT OF ITS ORIGINAL
TARGET THE PHILIPPINE COMPANY HAD AGREED LAST SEPTEMBER TO BUY 588 OF THE
BREWER THE FULL STAKE CONTROLLED BY MANTRUST BUT WAS FORCED TO SCALE BACK
THE BID IN LINE WITH FOREIGNEQUITY RULES FOR ESTABLISHED BUSINESSES

ALL THE PARTIES DIRECTLY INVOLVED IN THE COMPLETED SALE DECLINED TO DISCUSS
HOW THE COMPETING SUITORS WERE FENDED OFF 9302010030 930201 TECHNOLOGY
BRIEF ECOGEN INC FINANCING VEHICLE ARRANGES 30 MILLION TO FUND
RESEARCH

ECOGEN TECHNOLOGIES I INC A COMPANY ORGANIZED BY ECOGEN INC OF LANGHORNE
PA SAID IT COMPLETED 30 MILLION IN PRIVATE FINANCING TO FUND ECOGEN
RESEARCH

UNDER AN AGREEMENT ECOGEN GRANTED ETECH LICENSES TO SIX BIOPESTICIDE
PRODUCTS ETECH IN TURN WILL FUND ECOGEN'S RESEARCH ON THE PRODUCTS ECOGEN
HAS ALSO ISSUED TO ETECH PRIVATE INVESTORS FIVEYEAR WARRANTS EXERCISABLE AT
875 A SHARE TO PURCHASE UP TO THREE MILLION SHARES OF ECOGEN COMMON STOCK
ECOGEN RETAINS THE RIGHT TO BUY ETECH FOR 125 TO 200 OF THE AMOUNTS PAID
BY THE INVESTORS DEPENDING ON WHEN THE RIGHT IS EXERCISED

IN OVERTHECOUNTER TRADING FRIDAY ECOGEN SHARES WERE UNCHANGED AT 850

DAVID BLECH ECOGEN'S INVESTMENT ADVISER SAID THE COMPANY TURNED TO ETECH
AS AN OFFBALANCESHEET FINANCING VEHICLE BECAUSE OF THE DEPRESSED MARKET
FOR BIOTECHNOLOGY STOCKS HE SAID ECOGEN MAY FETCH A BETTER PRICE FOR ITS
STOCK WHEN IT REPURCHASES THE TECHNOLOGY FROM ETECH 9302010029 930201
BUSINESS BRIEF GRAND METROPOLITAN PLC CONCERN TO BUY ITALIAN FIRM IN
BID FOR ANOTHER COMPANY

GRAND METROPOLITAN PLC LONDON SAID IT HAS AGREED TO BUY ITALIAN HOLDING
COMPANY BIF SRL FOR 386 MILLION 574 MILLION IN A STEP TOWARD GAINING A
100 INTEREST IN THE ITALIAN BEVERAGES GROUP BUTON SPA

GRAND MET SAID BIF IS A HOLDING COMPANY OF ITALY'S SASSOLI DE BIANCHI FAMILY
AND THAT ITS MAIN ASSET IS 501 OF BUTON GRAND MET SAID BIF'S STAKE WILL
ADD TO THE 342 HOLDING IT ALREADY HAS ACQUIRED IN BUTON THROUGH THE
FRANCESO CINZANO & CIA UNIT OF ITS INTERNATIONAL DISTILLERS AND VINTNERS
IDV DRINKS DIVISION

GRAND MET SAID CINZANO WILL BID FOR THE REMAINING 15 OF BUTON ON THE MILAN
STOCK EXCHANGE BUT DIDN'T PROVIDE FINANCIAL DETAILS OF THAT OPERATION

THE MOVE FRIDAY FOLLOWS NEWS LAST NOVEMBER THAT IDV WAS BUYING 338 OF
BUTON FOR ABOUT 197 MILLION IN A MOVE TO FORGE A GLOBAL COMMERCIAL
RELATIONSHIP

GRAND MET IS ONE OF THE LEADING INTERNATIONAL DRINKS GROUPS WITH ANNUAL
SALES OF MORE THAN 8 BILLION 9302010028 930201 WHAT'S NEWS  BUSINESS
AND FINANCE

AMERICAN EXPRESS CHAIRMAN JAMES ROBINSON RESIGNED JUST DAYS AFTER HE GOT THE
COMPANY'S BOARD TO KEEP HIM IN THE POST AND TO INSTALL HIS HANDPICKED
SUCCESSOR HARVEY GOLUB AS CEO THE REVERSAL FOLLOWED ANGER AMONG MAJOR
STOCKHOLDERS AND SOME EMPLOYEES ABOUT ROBINSON'S CONTINUED TENURE A
DIRECTOR MAY BE NAMED TO SUCCEED HIM AS CHAIRMAN

RJR NABISCO IS CONSIDERING CREATING A CLASS OF STOCK LINKED TO ITS FOOD
UNIT PEOPLE CLOSE TO THE COMPANY SAID THE POSSIBLE MOVE REFLECTS THE
FRUSTRATION OF KKR AND OTHER SHAREHOLDERS ABOUT RJR'S STAGNANT STOCK WHICH
HAS BEEN HELD DOWN IN PART BY THE TAINT OF THE COMPANY'S TOBACCO BUSINESS

A FORMER SMOKER'S ALLEGATION THAT TOBACCO COMPANIES CONSPIRED TO PLAY DOWN
THE RISKS OF SMOKING WAS REJECTED BY AN ILLINOIS JURY THE VICTORY FOR RJR'S
TOBACCO UNIT KEEPS INTACT THE INDUSTRY'S RECORD OF NEVER PAYING A CENT TO A
PLAINTIFF IN A HEALTH LAWSUIT

SOME DEMOCRATIC SENATORS CRITICIZED A PROPOSAL BEING CONSIDERED BY THE
CLINTON ADMINISTRATION TO SKIP FOR ONE YEAR THE COSTOFLIVING ADJUSTMENT
FOR SOCIAL SECURITY RECIPIENTS SEPARATELY A TREASURY AIDE SAID CLINTON
WILL PROPOSE CUTTING THE CAPITALGAINS TAX BUT ONLY FOR CERTAIN
INVESTMENTS

TOYOTA AND NISSAN RAISED PRICES ON MANY OF THEIR CAR MODELS SOLD IN THEUS
FOLLOWING SIMILAR STEPS BY FORD AND CHRYSLER THE MOVES BY THE JAPANESE
COMPANIES COME AMID SIGNS THAT THEIR DETROIT RIVALS WILL CHARGE THEM WITH
SELLING AT UNFAIRLY LOW PRICES

ORDERS FOR DURABLE GOODS SOARED 91 IN DECEMBER MORE THAN OFFSETTING A
REVISED 16 DROP IN NOVEMBER DECEMBER'S BROADBASED GAIN WAS THE BIGGEST
ADVANCE SINCE JULY 1991 BUT PERSONAL INCOME WAS MORE SLUGGISH

A CELLULAR PHONE INDUSTRY GROUP SAID IT WILL FUND RESEARCH INTO THE SAFETY
OF CELLULAR PHONES IN THE WAKE OF PUBLICITY ABOUT A CLAIMED CANCER LINK
CELLULAR STOCKS SANK FURTHER FRIDAY MOTOROLA TUMBLED 4875 TO 51 WHILE
MCCAW DECLINED 3375 TO 3250

XEROX POSTED A 736 MILLION FOURTHQUARTER LOSS AMID CHARGES IN ITS
FINANCIALSERVICES UNIT BUT PROFIT ROSE 20 IN ITS OFFICE EQUIPMENT
BUSINESS XEROX'S STOCK JUMPED 3375 TO 8575

JAPAN SAID IT WILL IMPOSE PUNITIVE DUTIES ON IMPORTS OF CHEAP CHINESE
STEELMAKING MATERIALS SEPARATELYCANADA PLACED STIFF ANTIDUMPING LEVIES ON
STEELSHEET IMPORTS FROM THE US AND FIVE OTHER COUNTRIES

EUROPEAN FINANCE OFFICIALS AGREED TO DEVALUE IRELAND'S CURRENCY BY 10IN A
MOVE THAT COULD STEM THE COUNTRY'S TRADE TROUBLES RESULTING FROM A SHARP
DECLINE IN THE BRITISH POUND

PETROCANADA'S BOARD OUSTED WILBERT HOPPER AS CHAIRMAN AND CHIEF EXECUTIVE
OFFICER OF THE OIL AND NATURAL GAS CONCERN DESPITE A SHARP IMPROVEMENT IN
ITS FINANCIAL PERFORMANCE

THE BANKING INDUSTRY PLANS TO LAUNCH TODAY A CAMPAIGN TO LOBBY CONGRESS AND
REGULATORS FOR LESS REGULATION A REVIEW OF BANK SUPERVISION PROMISED BY
CLINTON AIDES HAS RAISED THE INDUSTRY'S HOPES FOR SUCH RELIEF

TIME WARNER AND SONY INVESTED IN A COMPANY THAT DELIVERS COMPACTDISK
QUALITY MUSIC TO HOMES VIA CABLE TV

CRAY RESEARCH NAMED JOHN CARLSON CHAIRMAN HE SUCCEEDS JOHN ROLLWAGEN WHO
QUIT TO TAKE THE COMMERCE DEPARTMENT'S NO 2 JOB

STOCKS VOLUME 247010000 SHARES DOW JONES INDUSTRIALS 331003 UP 378
TRANSPORTATION 150642 UP 947 UTILITIES 22659 UP 150

BONDS LEHMAN BROTHERS TREASURY INDEX 483606 UP 572

COMMODITIES OIL 2026 A BARREL OFF 15 CENTS DOW JONES FUTURES INDEX
12158 UP 025 SPOT INDEX 12167 UP 036

DOLLAR 12465 YEN UP 045 16117 MARKS UP 00256 9302010027 930201
CREDIT MARKETS INVESTORS MAY BE TOO WORRIED ABOUT INFLATION  BY
THOMAS T VOGEL JR STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK WITH INFLATION AT A SIXYEAR LOW MANY BOND MARKET INVESTORS
STILL ARE PETRIFIED OF FUTURE INFLATION ARE THEY BEING TOO CAUTIOUS ABOUT
INVESTING IN LONGTERM BONDS

WILLIAM GROSS MANAGING DIRECTOR OF PACIFIC INVESTMENT MANAGEMENT CO
THINKS SO MR GROSS HAS STOCKED UP HEAVILY ON 30YEAR TREASURY BONDS
BECAUSE HE BELIEVES INFLATION WON'T BE A PROBLEM FOR THE NEXT FEW YEARS

WE'RE WILLING TO MAKE A BET SAYS MR GROSS WHOSE FIRM IS A
TOPPERFORMING MANAGER OF 40 BILLION FOR PENSION FUNDS AND OTHERS PACIFIC
INVESTMENT HAS BOOSTED ITS HOLDINGS TO 10 BILLION OF 30YEAR TREASURYS A
3 BILLION INCREASE FROM A YEAR AGO

MR GROSS WOULDN'T BE MAKING THIS BET IF HE EXPECTED A SURGE IN INFLATION
THAT WOULD MAKE TODAY'S 719 LONGTERM BOND YIELD LOOK SICKLY HE'S
HEARTENED THAT LAST YEAR'S RISE IN THE CONSUMER PRICE INDEX WAS ONLY 29
THOUGH HE WARNS IT DOESN'T MEAN THAT INFLATION IS GOING TO BE UNDER
CONTROL FOR THE NEXT 10 YEARS YOU NEED TO BE MORE NIMBLE THAN THAT

THE US BOND MARKET HAS RALLIED RECENTLY SUGGESTING THAT MANY OTHER BOND
INVESTORS ALSO ARE STARTING TO LOSE THEIR FEAR OF INFLATION YIELDS HAVE
FALLEN SO LOW THAT CORPORATIONS HAVE RUSHED TO ISSUE DEBT MAKING JANUARY A
RECORD MONTH FOR CORPORATE DEBT ISSUANCE WITH MORE THAN 37 BILLION OF
BONDS SOLD ACCORDING TO SECURITIES DATA CO

BUT INFLATION FEARS ARE FAR FROM GONE COMPLETELY ACCORDING TO A STUDY BY
ROBERT ARIEL ASSISTANT PROFESSOR OF FINANCE AT BARUCH COLLEGE OF THE CITY
UNIVERSITY OF NEW YORK BOND YIELDS ARE STILL HIGHER THAN THEY WOULD BE IF
INFLATION WAS WIDELY BELIEVED TO BE DEAD

HOW DOES HE KNOW SOME OF HIS EVIDENCE IS DISPLAYED IN THE RIGHTHAND SIDE
OF THE ACCOMPANYING CHART SEE ACCOMPANYING ILLUSTRATION WSJ FEB 1
1993 IT SHOWS THAT INVESTORS EXPECT INFLATION TO SURGE IN COMING YEARS
THE CHART IS BASED ON A STUDY COMPARING PRICES OF ZEROCOUPON TREASURY BONDS
MATURING IN CONSECUTIVE YEARS ZEROS DON'T PAY INTEREST BUT ARE SOLD AT A
DEEP DISCOUNT TO INVESTORS AND PAID OFF IN FULL AT MATURITY SUCH
COMPARISONS CAN ILLUMINATE WHETHER INVESTORS EXPECT ONEYEAR INTEREST RATES
TO RISE OR FALL CHANGING INFLATIONARY EXPECTATIONS CAN MEAN SHARP CHANGES
IN THE PRICES PAID TODAY FOR ZEROS MATURING IN DIFFERENT YEARS

ACCORDING TO ROBERT S DOW DIRECTOR OF THE FIXEDINCOME MANAGEMENT GROUP AT
LORD ABBETT & CO PEOPLE GOT SO BATTERED DURING THE PERIOD OF
HIGHINFLATION IN THE 1970S THAT THEY FIND IT DIFFICULT TO BELIEVE IN LOW
INFLATION NOW PEOPLE WHO GREW UP IN THE 1970S AND 1980S DON'T REMEMBER THE
1960S WHEN INFLATION WAS VERY LOW FOR LONG PERIODS OF TIME

AS A RESULT THE SOCALLED REAL INTEREST RATE AS MEASURED BY SUBTRACTING
CURRENT INFLATION FROM THE YIELD FOR THE 30YEAR BOND EXCEEDS 420 
CLOSE TO A RECORD FOR THE PAST FOUR YEARS AND MORE THAN DOUBLE THE 195981
AVERAGE ACCORDING TO PETER L BERNSTEIN AN ECONOMIC CONSULTANT WHY IS THE
REAL RATE SO HIGH BUYERS OF LONGTERM BONDS DEMAND A PREMIUM TO MAKE UP FOR
THE PERCEIVED RISK OF HIGHER INFLATION IN THE FUTURE

MOREOVER SAYS MR BERNSTEIN INVESTORS HAVE BEEN CONSISTENTLY SLOW IN
RECOGNIZING INFLATIONARY TRENDS USING THE DIFFERENCE BETWEEN STOCK DIVIDEND
YIELDS AND THE YIELD OF THE 30YEAR BOND AS A MEASURE WITH A LARGER
NUMBER REFLECTING HIGHER INFLATIONARY EXPECTATIONS HE CONCLUDES INVESTORS
FAILED TO REALIZE FOR MORE THAN A DECADE THAT ACTUAL 1970S INFLATION WAS FAR
OUTRUNNING THEIR EXPECTATIONS THEN IN THE 1980S THE TREND BEGAN TO
REVERSE WITH ACTUAL INFLATION SLIPPING FAR LOWER THAN EXPECTATIONS AS
INVESTORS ONCE AGAIN WERE SLOW TO DETECT A NEW PRICE TREND

ACCORDING TO MR BERNSTEIN ONE THING KEEPING BOND YIELDS HIGH ISN'T ACTUAL
INFLATION BUT ANXIETY ABOUT INFLATION SO HE SAYS IF YOU BELIEVE THAT
INFLATION IS NOT GOING TO HANG IN AT 3 BUT IS GOING TO GO HIGHER THEN THE
BOND MARKET IS NOT A BIG BARGAIN BUT HE ADDS IF YOU BELIEVE INFLATION
IS GOING TO BE LOWER IT'S A GREAT REAL RETURN IT'S FAT

MANY ECONOMISTS AGREE THAT INFLATION ISN'T A SHORTTERM THREAT IT'S VERY
DIFFICULT TO MAKE A STRONG POINT THAT THERE IS ANY IMMINENT RESURGENCE IN
INFLATIONARY PRESSURES SAYS KATHLEEN STEPHANSEN SENIOR ECONOMIST AT
DONALDSON LUFKIN & JENRETTE SECURITIES CORP I WOULD ARGUE THAT WE'RE IN A
PERIOD WHERE INTRINSIC INFLATIONARY PRESSURES WILL BE MORE SUBDUED THAN
WE'VE SEEN IN THE LAST DECADE OR SO

MS STEPHANSEN SAYS A BURGEONING BUDGET DEFICIT COULD BOOST INFLATION BUT
BECAUSE OF THE STRICTER FISCAL POLICIES THAT ARE IN PLACE AND THAT'S
REGARDLESS OF THE ONES THAT THE CURRENT ADMINISTRATION MIGHT TACK ON 
ECONOMIC GROWTH IS LIKELY TO BE LESS ROBUST THAN IN THE 1980S KEEPING
INFLATION DOWN SHE SAYS

PACIFIC INVESTMENT'S MR GROSS AGREES HE SAYS THAT LOW COMMODITY PRICES
EXCESS WORLD PRODUCTION CAPACITY AND HIGH US UNEMPLOYMENT SHOW THAT
INFLATION ISN'T A PROBLEM NOW WHEN YOU'VE GOT EXCESS CAPACITY IN ALL THREE
AREAS HE SAYS YOU'VE GOT NO INFLATIONARY PRESSURE THERE IS AN
OVERSUPPLY OF ALMOST EVERY INGREDIENT THAT GOES INTO THE PRODUCTION PROCESS
AND THAT MEANS THERE IS NO RISK OF HIGH INFLATION IN THE SHORT TERM

BEFORE SECONDGUESSING SUCH VIEWS BOND INVESTORS MIGHT WANT TO TAKE NOTE OF
THE GLITTERING 7702 RETURN OVER THE FIVE YEARS THROUGH 1992 FROM PACIFIC
INVESTMENT'S TOTAL RETURN FUND I THE PERIOD'S TOPPERFORMING MUTUAL FUND
INVESTING IN INTERMEDIATETERM INVESTMENTGRADE BONDS THAT RETURN PUTS THE
FUND IN THE TOP 6 OF ALL TAXABLE BOND FUNDS TRACKED BY LIPPER ANALYTICAL
SERVICES EXCLUDING CONVERTIBLE OR MONEY MARKET FUNDS

LIKE A NUMBER OF ECONOMISTS MR GROSS ALSO BELIEVES THAT INFLATION WILL BE
LOWER WORLDWIDE ESPECIALLY IN EUROPE HE HAS INCREASED PACIFIC
INVESTMENT'S HOLDINGS OF EUROPEAN GOVERNMENT BONDS TO 20 OF ITS TOTAL
ASSETS FROM 10 A YEAR AGO MOST MANAGERS HAVE LOOKED AT THE US ALONE AND
NOT THE WORLDWIDE ENVIRONMENT AND IT ALL FITS TOGETHER HE SAYS THE US
CAN'T PURSUE A WILD INFLATION POLICY IF THE REST OF THE WORLD IS FOLLOWING
ANOTHER POLICY

RICHARD B BERNER CHIEF ECONOMIST AT MELLON BANK AGREES HE SAYS THAT
IT'S HARD TO SEE INFLATION PICKING UP GLOBALLY AS A RESULT HE ADDS
GLOBAL MONEY MANAGERS WILLING TO TAKE CURRENCY RISKS SHOULD FIND EUROPEAN
GOVERNMENT BONDS A GOOD BUY

BUT MANY MONEY MANAGERS ARE STILL RELUCTANT TO BET ON LOW US INFLATION
THEY SAY THE HUGE BUDGET DEFICIT ALONE IS ENOUGH TO KEEP INFLATION FEARS
SIMMERING THE CLINTON ADMINISTRATION THEY SAY MAY BE TEMPTED TO FUEL
HIGHER INFLATION IN ORDER TO PAY OFF THE DEFICIT FASTER

THE ECONOMIC FUNDAMENTALS DO NOT ARGUE FOR THE LOW INFLATION RATES OF THE
1960S OR THE 1950S SAYS RICHARD J HOFFMAN CHIEF INVESTMENT STRATEGIST AT
COWEN & CO BACK THEN AS NOW THERE WERE HUGE GOVERNMENT DEFICITS AS A
PERCENTAGE OF GROSS DOMESTIC PRODUCT BUT MOST OF THAT EXTRA GOVERNMENT
SPENDING WENT INTO INFRASTRUCTURE IN THE 1980S BY CONTRAST BIG OUTLAYS
WENT TO CONSUMPTION AND THAT'S A VERY BIG DIFFERENCE THERE IS NO PAYBACK
WE ATE IT

PRICES OF US TREASURY NOTES AND BONDS ENDED NARROWLY MIXED FRIDAY WITH
LONGER ISSUES POSTING LATE AFTERNOON GAINS WHILE SHORT MATURITIES LAGGED
BEHIND

MEANWHILE NEW CORPORATE ISSUANCE ON FRIDAY PUSHED THE TOTAL OVER 37 BILLION
FOR THE MONTH A NEW RECORD ACCORDING TO SECURITIES DATA AND INVESTORS SAY
THERE IS ENOUGH DEMAND TO KEEP THE BRISK PACE GOING THIS MONTH

THE BENCHMARK 30YEAR BOND ROSE 1/8 POINT TO 105 5/32 TO YIELD 719 DOWN
FROM 720 THURSDAY THE 10YEAR NOTE ROSE 1/4 POINT TO 100 2/32 TO YIELD
635 DOWN FROM 638 BUT THE TWOYEAR NOTE AUCTIONED LAST WEEK DROPPED
LESS THAN 1/8 POINT TO 100 4/32 TO YIELD 417 UP FROM 414

TRADERS HAD TO CONTEND WITH A PLATE FULL OF ECONOMIC DATA FRIDAY BEGINNING
WITH A MUCH STRONGER THAN EXPECTED 91 SURGE IN DECEMBER DURABLE GOODS
ORDERS

THEN AT MIDMORNING PLAYERS HAD THREE MORE RELEASES TO DEAL WITH THE
CHICAGO AREA PURCHASING MANAGERS INDEX POSTED AN INCREASE TO 609 IN JANUARY
FROM 602 IN DECEMBER A READING ABOUT 50 INDICATES THAT MANUFACTURING
ACTIVITY IS EXPANDING A READING BELOW 50 INDICATES CONTRACTION ALSO THE
GOVERNMENT REPORTED PERSONAL INCOME JUMPED 01 IN DECEMBER AND PERSONAL
SPENDING GREW BY 05 AND THE UNIVERSITY OF MICHIGAN CONSUMER SENTIMENT
INDEX WAS SAID TO HAVE SHOWED A SMALL DECLINE TO 893 IN JANUARY FROM 910
IN DECEMBER

DESPITE THE FLOOD OF NEW DATA DEALERS MOSTLY BRUSHED ASIDE THE REPORTS THE
JUMP IN DURABLE GOODS ORDERS WAS ESPECIALLY VIEWED AS TOO LARGE A GAIN TO
CONTINUE

PEOPLE ARE LOOKING AT IT AS BEING BASICALLY UNSUSTAINABLE SAID MICHAEL
STRAUSS CHIEF ECONOMIST AT YAMAICHI INTERNATIONAL AMERICA INC

THE MARKET RECEIVED AN ADDED BUT BRIEF LIFT FROM COMMENTS BY DEPUTY
TREASURY SECRETARY ROGER ALTMAN IN A TELEVISION INTERVIEW TAPED FOR
BROADCAST SUNDAY MR ALTMAN ACKNOWLEDGED THAT THE TREASURY IS LOOKING AT
SHIFTING ITS BORROWINGS FROM LONGERTERM SECURITIES TO SHORTER ISSUES AS
MEANS OF REDUCING LONGTERM INTEREST RATES

HOWEVER MR ALTMAN WARNED THAT THE TREASURY HAS ONLY JUST BEGUN TO LOOK
INTO THE ISSUE AND SAID THAT NO DECISIONS HAVE BEEN MADE OR ARE NEAR

WITH THE TREASURY SLATED TO ANNOUNCE WEDNESDAY AFTERNOON THE SIZE OF THE
COMING QUARTERLY REFUNDING AUCTIONS MOST ANALYSTS BELIEVE ONLY A TOKEN CUT
IN THE BONDS IS IN THE OFFING IF THERE ARE TO BE ANY MAJOR CHANGES IN THE
WAY TREASURY BORROWS MONEY THEY ARE UNLIKELY TO OCCUR RIGHT AWAY THEY
SAID

THOMAS T LAURICELLA CONTRIBUTED TO THIS ARTICLE 9302010026 930201
BUSINESS BRIEF RHONEPOULENC RORER PROFIT OF 500 MILLION SEEN FOR
1993 NEAR PROJECTIONS

FRANCOAMERICAN DRUG COMPANY RHONEPOULENC RORER OFFICIALS SAID THEY EXPECT
NET GROUP PROFIT TO REACH 500 MILLION IN 1993 COMPARED WITH 428 MILLION IN
1992 IN LINE WITH THE CONSENSUS OF ANALYSTS' PROJECTIONS

OFFICIALS OF THE PARIS COMPANY SAID AT A PRESENTATION FOLLOWING THE RELEASE
OF 1992 RESULTS THAT PERSHARE PROFIT SHOULD RISE TO 350 TO 360 FROM
310 LAST YEAR

RHONEPOULENC'S NET GROUP PROFIT ROSE 31 IN 1992 REVENUE ROSE TO 41
BILLION FROM 383 BILLION

RHONEPOULENC OFFICIALS SAID THEY EXPECT REVENUE GROWTH TO BE IN THE HIGH
END OF THE RANGE PROJECTED FOR THE INDUSTRY 6 TO 10 FOR 1993

PATRICK LANGLOIS FINANCIAL DIRECTOR SAID THE COMPANY'S OBJECTIVE FOR 1993
IS TO HAVE ITS 16 KEY PRODUCTS PRODUCE 43 TO 44 OF SALES UP FROM 40 IN
1992 EVENTUALLY THE GOAL IS FOR THOSE PRODUCTS TO PRODUCE 50 OF SALES

THE GROUP WAS FORMED IN 1990 FROM THE MERGER OF THE PHARMACEUTICAL UNIT OF
FRENCH STATE CHEMICAL GROUP RHONEPOULENC SA AND US DRUG CONCERN RORER
INC 9302010025 930201 BUSINESS BRIEF ROYAL BANK OF SCOTLAND GROUP 
FIRM CONFIRMS IT'S IN TALKS WITH GERMAN FRENCH BANKS

ROYAL BANK OF SCOTLAND GROUP PLC CONFIRMED IT IS IN TALKS WITH BERLINER
HANDELSUND FRANKFURTER BANK OF GERMANY AND CREDIT COMMERCIAL DE FRANCE
ABOUT THE POSSIBLE SALE OF ALL OR PART OF CHARTERHOUSE PLC ITS MERCHANT
BANKING UNIT

THE EDINBURGH SCOTLAND BANK DIDN'T RELEASE DETAILS OF THE TALKS BUT SAID
IT EXPECTS TO ANNOUNCE THEIR OUTCOME SOON

THE STATEMENT FOLLOWED A REPORT IN FRIDAY'S FINANCIAL TIMES NEWSPAPER
SUGGESTING THAT THE BANK THE FIFTHLARGEST IN THE UNITED KINGDOM WAS ABOUT
TO ANNOUNCE THE SALE OF 90 OF CHARTERHOUSE

ROYAL BANK OF SCOTLAND ACQUIRED CHARTERHOUSE A MEDIUMSIZED LONDONBASED
MERCHANT BANK IN 1985 FROM FINANCIER JACOB ROTHSCHILD FOR 147 MILLION
9302010024 930201 BUSINESS BRIEF SUMITOMO CHEMICAL CO FISCAL 1992
PROFIT ESTIMATES ARE LOWERED BY COMPANY

SUMITOMO CHEMICAL CO LOWERED ESTIMATES FOR UNCONSOLIDATED OR PARENT SALES
AND EARNINGS FOR FISCAL 1992 BECAUSE OF INCREASINGLY SEVERE ECONOMIC
STAGNATION IN JAPAN

THE COMPREHENSIVE CHEMICAL MAKER NOW EXPECTS ITS UNCONSOLIDATED PRETAX
PROFIT TO BE 9 BILLION YEN 72 MILLION DOWN 36 FROM 14 BILLION YEN
WHICH IT FORECAST IN JULY THE ESTIMATE IS DOWN 63 FROM 2451 BILLION YEN
FOR FISCAL 1991

THE COMPANY BLAMED SLUGGISH SHIPMENTS OF PETROCHEMICAL GOODS WHICH
ACCOMPANIED THE SLOWDOWN IN DEMAND FROM ITS CLIENTS' INDUSTRIES SUCH AS AUTO
MAKING AND CONSTRUCTION THE COMPANY ALSO NOTED THAT PRICES FOR SUCH
PETROCHEMICAL GOODS AS SYNTHETIC RESINS SOFTENED PULLING SALES AND EARNINGS
DOWN

NET INCOME IS NOW PEGGED AT 55 BILLION YEN DOWN 21 FROM A FORECAST OF 7
BILLION YEN AND 64 FROM THE 1523 BILLION YEN RECORDED FOR THE YEAR
EARLIER

SALES ARE EXPECTED TO DROP 25 TO 624 BILLION YEN FROM 640 BILLION YEN
FORECAST IN JULY THE NEW SALES FIGURE SUGGESTS THE FIRM'S SALES WILL FALL
11 FROM 70118 BILLION YEN A YEAR EARLIER 9302010023 930201 BUSINESS
BRIEFS

LAM RESEARCH CORP SIGNED A LETTER OF INTENT TO ACQUIRE WESTECH SYSTEMS
INC A CLOSELY HELD SEMICONDUCTOR EQUIPMENT MAKER TERMS WEREN'T DISCLOSED

MERRYGOROUND ENTERPRISES INC SAID EMPLOYEES AT ITS WAREHOUSE AND
DISTRIBUTION CENTER VOTED AGAINST UNION REPRESENTATION BY A WIDE MARGIN

UNITED DOMINION REALTY TRUST INC PURCHASED TWO FLORIDA APARTMENT
COMMUNITIES WITH 357 UNITS FOR 74 MILLION FROM JOHN HANCOCK MUTUAL LIFE
INSURANCE CO

COMMERCIAL INTERTECH CORP'S ASTRON BUILDING SYSTEMS UNIT ENTERED A
LICENSING AGREEMENT WITH THE GEOYANG DEVELOPMENT UNIT OF SOUTH KOREA'S
POHANG IRON & STEEL CO TERMS WEREN'T DISCLOSED

WESTMORELAND COAL CO'S DIRECTORS ADOPTED A SHAREHOLDER RIGHTS PLAN TO
PROTECT THE COMPANY AGAINST HOSTILE TAKEOVER EFFORTS

GTECH CORP SIGNED A DEFINITIVE AGREEMENT TO BUY GAMBLINGRELATED BUSINESSES
FROM GENERAL INSTRUMENT CORP FOR 208 MILLION 9302010022 930201
BUSINESS BRIEF LIVE ENTERTAINMENT INC PREPACKAGED BANKRUPTCY BID 
APPROVED BY MOST CREDITORS

LIVE ENTERTAINMENT INC SAID HOLDERS OF MOST OF ITS PREFERRED STOCK AND
NOTES APPROVED A SOCALLED PREPACKAGED BANKRUPTCY PLAN WHICH WOULD LIGHTEN
THE COMPANY'S DEBT BY ABOUT 70 MILLION

THE LOS ANGELES HOME VIDEO AND ENTERTAINMENT SOFTWARE COMPANY SAID ITS BOARD
ALSO APPROVED THE FILING OF THE PLAN WHICH IS SCHEDULED FOR EARLY THIS
WEEK LIVE'S STOCK FELL 375 CENTS TO 1875 IN NEW YORK STOCK EXCHANGE
TRADING FRIDAY

THE COMPANY WILL OFFER A COMBINATION OF 40 MILLION OF INCREASINGRATE
SENIOR SECURED SUBORDINATED NOTES DUE 1998 AND 60 MILLION OF LIQUIDATION
PREFERENCE SERIES B CUMULATIVE PREFERRED SHARES THAT WILL BE SWAPPED FOR
ITS 145 SENIOR SUBORDINATED NOTES AND SERIES A CUMULATIVE CONVERTIBLE
PREFERRED STOCK CURRENTLY OUTSTANDING NOTEHOLDERS ALSO WILL RECEIVE 8
MILLION IN CASH

MICHAEL WHITE EXECUTIVE VICE PRESIDENT AND GENERAL COUNSEL SAID LIVE'S
SUBSIDIARIES WILL BE UNAFFECTED BY THE BANKRUPTCY FILING LIVE HOPES TO
EMERGE FROM BANKRUPTCY PROCEEDINGS WITHIN 30 TO 60 DAYS AFTER THE FILING HE
SAID 9302010021 930201 COMMODITIES PROPOSAL FOR FEE ON OIL IMPORTS 
CAPTIVATES MARKETS  BY CALEB SOLOMON AND WARREN GETLER STAFF
REPORTERS OF THE WALL STREET JOURNAL

FORGET THE MIDFEBRUARY OPEC MEETING PUSH ASIDE OIL INVENTORY STATISTICS
FOR THE MOMENT THREE LITTLE WORDS HAVE CAPTIVATED THE WORLD'S ENERGY
MARKETS OIL IMPORT FEE

LAST WEEK'S INTRODUCTION OF A BILL BY LOUISIANA SEN BENNETT JOHNSTON TO
LEVY A VARIABLE FEE ON OIL ENTERING THE US WHEN ITS PRICE IS BELOW 25 A
BARREL TRIGGERED AN EXPLOSIVE ONEDAY RALLY VOLUME WAS MORE THAN DURING THE
PERIOD FOLLOWING IRAQ'S INVASION OF KUWAIT AND NEWS OF THE BILL DREW A
RAPIDFIRE CAMPAIGN FROM THE NEW YORK MERCANTILE EXCHANGE CONDEMNING THE
IDEA

WHILE THERE IS WIDE SKEPTICISM IN THE OIL MARKETS THAT AN IMPORT FEE WILL
GAIN ENOUGH MOMENTUM IN CONGRESS AND THE WHITE HOUSE FOR PASSAGE MARKET
PLAYERS SAY THE MERE THREAT OF AN IMPORT FEE COULD DOMINATE TRADING IN
COMING WEEKS TRADERS SAY FAX MACHINES WERE BURNING WITH MESSAGES FROM
WASHINGTON THAT A FEE IS A REALISTIC POSSIBILITY AND A LEGION OF US OIL
PRODUCERS ARE VIGOROUSLY LOBBYING FOR THE PROPOSAL

IT WILL KEEP THE MARKET AT A MUCH HIGHER LEVEL SAYS PETER GIGNOUX A
SENIOR VICE PRESIDENT WITH SMITH BARNEY HARRIS UPHAM EUROPE LTD IN LONDON
IT HAS EVEN OVERSHADOWED FOR THE MOMENT THIS MONTH'S MEETING IN VIENNA OF
THE 12 MEMBERS OF THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES WHERE
MINISTERS ARE EXPECTED TO DISCUSS CRUCIAL PRODUCTION CUTS TO CURB THE
WORLD'S OVERSUPPLY OF CRUDE

INSTEAD OF LOOKING TO FEBRUARY 13 AS THE OPEC MEETING BEGINS THE MARKET IS
LOOKING TOWARD PRESIDENT CLINTON'S STATE OF THE UNION ADDRESS FOR AN
INDICATION OF WHETHER HE SUPPORTS AN IMPORT FEE MR GIGNOUX SAYS

ANDREW DICKSON DIRECTOR OF FUEL TRADING AT GSC ENERGY IN ATLANTA SAYS THAT
TRADERS IN THE NEXT TWO WEEKS WILL VIRTUALLY DISREGARD THE WEEKLY AMERICAN
PETROLEUM INSTITUTE OIL SUPPLY AND DEMAND STATISTICS THAT TYPICALLY DRIVE
TRADING YOU MIGHT HAVE API REPORTS THAT NORMALLY MOVE THE MARKETS BUT
THEY'LL BE IGNORED HE SAYS PEOPLE WILL BE LOOKING FOR DEVELOPMENTS ON
THE ENERGY TAX FRONT

THE CLINTON ADMINISTRATION IS SERIOUSLY CONSIDERING A BROADBASED ENERGY TAX
TO NARROW THE FEDERAL DEFICIT A NUMBER OF OPTIONS BESIDES AN IMPORT FEE
HAVE BEEN RAISED INCLUDING A GASOLINE TAX AND A TAX BASED ON THE HEAT
CONTENT OF FUELS

AN IMPORT FEE HAS RECEIVED STRONG ENDORSEMENTS FROM DOMESTIC OIL AND GAS
PRODUCERS LOCATED MAINLY IN THE SOUTHWEST THEY ARGUE THAT AN IMPORT FEE
WOULD PROVIDE BENEFITS BEYOND DEFICIT REDUCTION

UNLIKE THE OTHER TAXES UNDER CONSIDERATION THE FEE ALSO WOULD CREATE JOBS
THROUGHOUT THE ECONOMY REDUCE OUR DANGEROUS DEPENDENCE ON FOREIGN OIL
IMPROVE THE TRADE BALANCE AND BENEFIT THE ENVIRONMENT BY INCREASING THE USE
OF CLEANBURNING NATURAL GAS SAYS GEORGE MITCHELL CHAIRMAN OF MITCHELL
ENERGY & DEVELOPMENT CORP IN THE WOODLANDS TEXAS AND LONGTIME ADVOCATE OF
AN IMPORT FEE

ENERGY MARKETS INSTANTLY GREW SO SENSITIVE TO THE PROPOSAL BY SEN JOHNSTON
THAT A HEADLINE ON THE DOW JONES INTERNATIONAL PETROLEUM REPORT FRIDAY THAT
HE WAS SEEKING TO LINE UP SUPPORT FOR HIS BILL QUICKLY BOOSTED CRUDE PRICES
IN CHOPPY TRADING FRIDAY LIGHT SWEET CRUDE FOR MARCH DELIVERY SETTLED AT
2026 A BARREL DOWN 15 CENTS ON THE MERC TRADERS TOOK PROFITS FROM THE
75CENT RUNUP ON THE DAY THE SENATOR INTRODUCED HIS LEGISLATION

MARKET PLAYERS EXPECT THAT THE PROPOSED IMPORT FEE WILL BECOME A TOPIC OF
DISCUSSION AT THE COMING OPEC MEETING Z LOU GUTTMAN CHAIRMAN OF THE NEW
YORK MERC SAID THE PROPOSAL PLAYS INTO THE HANDS OF OPEC WHICH IS TRYING
TO RAISE FALTERING PRICES

MR GIGNOUX SAYS HE EXPECTS OPEC TO THREATEN TO MAKE EFFORTS TO RAISE THE
PRICE OF CRUDE FIGURING THAT IF CONSUMERS IN THE US PAY 25 A BARREL
THEY SHOULD PAY IT ALL TO OIL PRODUCERS RATHER THAN PAYING A PORTION TO THE
US GOVERNMENT IN TAXES WHEN TALK OF A CARBON TAX LAST YEAR SPREAD AROUND
THE WORLD MANY OPEC MEMBERS WERE QUICK TO ATTACK IT AND THREATEN HIGHER
PRICES

MR MITCHELL OF MITCHELL ENERGY SAYS OPEC'S REACTIONS IN THE PAST HIGHLIGHT
THE NEED FOR AN IMPORT FEE EVERY TIME IT LOOKS AS THOUGH THE US IS ABOUT
TO TAKE CONTROL OF ITS ENERGY POLICY OPEC TRIES TO UNDERMINE OUR
SOVEREIGNTY BY MANIPULATING THE MARKET

MARKET PLAYERS ON THE FRANTIC TRADING FLOOR OF THE MERC EXPRESSED DISBELIEF
AND IDEOLOGICAL OFFENSE AT THE IMPORT FEE IT'S OUTRIGHT PROTECTIONISM
SAID ONE FLOOR BROKER IT CAN'T PASS

IN AN INTERVIEW ROSS LICATA MANAGING PARTNER OF GAMMA ENERGY & TRADING
CORP SAID IT'S A FLOOR I'VE NEVER HEARD OF ANYTHING SO STUPID
BASICALLY WHAT IT DOES IS GIVE OPEC A TARGET IF OPEC CAN GET ITS PRODUCTION
DOWN AND PUSH PRICES HIGHER THAN 25 A BARREL THERE'S NO TAX AND EVERYBODY
LOSES

REACTION CAME SWIFTLY FROM THE MERC ITSELF R PATRICK THOMPSON PRESIDENT
SENT FAXES TO MEMBER FIRMS FRIDAY STATING THAT SEN JOHNSTON'S BILL HAS NOT
BEEN PASSED AND DOES NOT APPLY TO TRANSACTIONS CURRENTLY BEING EXECUTED HE
WROTE THAT THE EXCHANGE INTENDS TO VIGOROUSLY PRESS THE CASE THAT A PRICE
FLOOR IS THE WORST ALTERNATIVE TO THE PROBLEMS OF OIL IMPORT DEPENDENCE
ENERGY EFFICIENCY AND DEFICIT REDUCTION AND CALLED FOR MEMBER FIRMS TO
FIGHT IT

SOME TRADERS WONDERED WHAT WOULD HAPPEN TO MERC CONTRACTS IF A FEE WERE
IMPLEMENTED AND OIL PRICES IN THE US WERE IN EFFECT HIGHER THAN IN THE
REST OF THE WORLD MR GUTTMAN THE EXCHANGE'S CHAIRMAN SAYS THE MERC
WOULDN'T SEE ITS PRICES AFFECTED IN ANY SUBSTANTIVE WAY WE'RE NOT TRADING
TAXABLE CRUDE WE'RE TRADING THE INTERNATIONAL PRICE OF CRUDE HE SAYS
TAXES WILL BE ADDED UPON DELIVERY TO REFINERS HE SAYS

LOOKING AHEAD TO OTHER COMMODITY MARKETS THIS WEEK

TRADERS WILL SCRUTINIZE FOR RESULTS FROM THE SECOND AND FINAL WEEK OF
NEGOTIATIONS IN LONDON OVER A NEW EXPORT QUOTA ACCORD IT'S PUT UP OR SHUT
UP TIME FOR THE INTERNATIONAL COFFEE ORGANIZATION SAID WILLIAM O'NEILL
SENIOR FUTURES STRATEGIST AT MERRILL LYNCH THE ICO TALKS CONCLUDE ON
FRIDAY ON THE COFFEE SUGAR & COCOA EXCHANGE LAST FRIDAY MARCH COFFEE
FUTURES CLOSED UNCHANGED AT 5830 CENTS A POUND WITH TRADERS AND
SPECULATORS NOW BEGINNING TO FOCUS ALMOST ENTIRELY ON CONCERNS ABOUT THE
BRAZILIAN CROP MOST ANALYSTS BELIEVE NO ACCORD WILL BE ACHIEVED AT THIS
WEEK'S TALKS AND MANY DOUBT THAT THE MARCH DEADLINE FOR A NEW AGREEMENT
WILL BE MET THE LAST ACCORD BROKE DOWN IN JULY 1989 SENDING PRICES SHARPLY
LOWER IN THE UNREGULATED MARKET

TRADERS THIS WEEK WILL FOCUS ON RUSSIA AND UKRAINE'S CONTINUING CREDIT
PROBLEMS GROWING HOSTILITY BETWEEN THE TWO COUNTRIES IS PROMPTING
SPECULATION THAT THEY MAY HAVE TROUBLE REACHING AN AGREEMENT TO RESCHEDULE
THEIR DELINQUENT GRAINBUYING DEBT ANALYSTS SAY IT'S LIKELY THAT THE US
AGRICULTURE DEPARTMENT WILL WITHHOLD AN OFFERING OF 65 MILLION IN
GRAINEXPORT CREDITS SCHEDULED TO BE TURNED OVER TO UKRAINE IN ADDITION
ANALYSTS EXPECT FARMERS TO SELL CROPS ACTIVELY IN THE CASH MARKET THIS WEEK
TO BEGIN RAISING MONEY FOR FERTILIZER AND HERBICIDES FOR THE 1993 CROP
THESE TWO FUNDAMENTAL FACTORS ARE EXPECTED TO EXERT DOWNWARD PRESSURE ON
FUTURES PRICES THIS WEEK ON THE CHICAGO BOARD OF TRADE FRIDAY MARCH CORN
FUTURES LOST 1/2 CENT A BUSHEL TO END AT 2145 MARCH SOYBEANS GAINED 1 1/4
CENTS A BUSHEL TO SETTLE AT 574 AND WHEAT FOR MARCH DELIVERY ROSE 45
CENTS TO 380 A BUSHEL 9302010020 930201 TECHNOLOGY BRIEF 
ORGANOGENESIS INC FIRM'S EARLY CLINICAL TESTS FOR GRAFTSKIN ARE
POSITIVE

ORGANOGENESIS INC SAID THAT BASED ON POSITIVE PRELIMINARY CLINICAL TESTS OF
ITS GRAFTSKIN PRODUCT IT MAY SEEK MARKETING APPROVAL FROM THE FOOD AND DRUG
ADMINISTRATION FOR AT LEAST ONE APPLICATION OF THE PRODUCT BEFORE THE END OF
1993

SEPARATELY THE CANTON MASS BIOTECHNOLOGY COMPANY SAID IT IS
DISCONTINUING THE SALE OF ITS TESTSKIN PRODUCT WHICH IS USED IN TOXICOLOGY
TESTING ANNUAL REVENUE FROM THE PRODUCT TOTALED ABOUT 500000 IN 1991 AND
1992 THE COMPANY SAID OUR DECISION TO EXIT THE BUSINESS WILL ALLOW US TO
REALIZE AN ESTIMATED ANNUAL SAVINGS OF 2 MILLION AND TO CONCENTRATE
EFFORTS ON COMMERCIALIZATION OF OTHER PRODUCTS ORGANOGENESIS ADDED

IN 1991 THE COMPANY POSTED A LOSS OF 58 MILLION OR 78 CENTS A SHARE ON
REVENUE OF 42 MILLION

THE COMPANY SAID ITS GRAFTSKIN PRODUCT IS BEING TESTED TO TREAT CHRONIC
WOUNDS RESULTING FROM VASCULAR DISEASE TO REPLACE SKIN LOST TO SURGERY AND
TO TREAT BURN WOUNDS PRELIMINARY CLINICAL RESULTS SHOW NO IMMUNE RESPONSE
AN EXCELLENT SAFETY PROFILE HANDLING CHARACTERISTICS AS GOOD OR BETTER THAN
AUTOGRAFTED SKIN AND ENHANCED WOUND HEALING  THE COMPANY ADDED
9302010019 930201 TECHNOLOGY EPA TO REQUIRE DIAGNOSTIC SYSTEMS IN
'94 CARS TRUCKS  BY TIMOTHY NOAH STAFF REPORTER OF THE WALL
STREET JOURNAL

WASHINGTON THE ENVIRONMENTAL PROTECTION AGENCY ORDERED THAT NEW PASSENGER
CARS AND LIGHT TRUCKS INCLUDE DIAGNOSTIC COMPUTER SYSTEMS THAT CHECK FOR
MALFUNCTIONS IN EMISSIONCONTROL COMPONENTS

SEPARATELY THE EPA RELEASED FOR PUBLICATION IN THE FEDERAL REGISTER 31
REGULATIONS THAT WERE ISSUED IN THE FINAL DAYS OF THE BUSH ADMINISTRATION
THE RULES HAD BEEN HELD UP AFTER A MEMORANDUM ISSUED BY WHITE HOUSE BUDGET
DIRECTOR LEON PANETTA CALLED ON FEDERAL AGENCIES TO WITHHOLD AND REVIEW ALL
SUCH REGULATIONS

THE DIAGNOSTICSYSTEMS REGULATION APPLIES TO NEW CARS AND LIGHT TRUCKS
STARTING WITH THE 1994 MODEL YEAR UNDER THE REGULATION WHICH STEMS FROM
THE 1990 CLEAN AIR ACT AUTO MAKERS WILL HAVE TO INSTALL DEVICES THAT CHECK
EMISSIONCONTROL SYSTEMS AT LEAST ONCE EACH TIME A VEHICLE IS DRIVEN IF A
SYSTEM IS FUNCTIONING IMPROPERLY A DASHBOARD LIGHT WILL ALERT DRIVERS TO
THE PROBLEM THE SYSTEMS ALSO WILL RECORD WHERE PROBLEMS WHICH OFTEN ARE
DIFFICULT TO FIND ARE OCCURRING

CALIFORNIA ALREADY REQUIRES SIMILAR DIAGNOSTIC SYSTEMS FOR VEHICLES SOLD IN
THAT STATE ACCORDING TO THE EPA THE NEW SYSTEMS REQUIRED BY THE FEDERAL
GOVERNMENT WILL ADD ABOUT 65 TO THE COST OF EACH NEW CAR OR LIGHT TRUCK AN
EXPENSE THAT LARGELY WILL BE OFFSET BY FUEL SAVINGS AND REDUCED REPAIR
COSTS

THE EPA'S DECISION TO PUBLISH 31 LASTMINUTE BUSH ADMINISTRATION REGULATIONS
WON'T PREVENT THE AGENCY FROM ALTERING THOSE RULES AS THEY APPROACH FINAL
FORM THE NEW ADMINISTRATION SEEMS LIKELY TO SUPPORT MOST OF THE RULES 
INCLUDING ONE TO PHASE OUT METHYL BROMIDE A PESTICIDE FOUND TO BE HARMFUL
TO THE OZONE LAYER

THE EPA WON'T PUBLISH ONE OTHER BUSHERA REGULATION WHICH PROPOSED A NEW
FEE SYSTEM FOR WASTEWATER DISCHARGE UNTIL ITS NEW ADMINISTRATOR CAROL
BROWNER COMPLETES A REVIEW OF CLEANWATERACT USER FEES THE EPA SAID

AMONG THE 31 BUSHERA REGULATIONS RELEASED BY THE EPA IS A RULE THAT WOULD
ALLOW INCREASED USE OF ETHANOL AS AN ALTERNATIVE TO GASOLINE UNDER THE CLEAN
AIR ACT THE MEASURE HAS BEEN CONTROVERSIAL WITH ENVIRONMENTALISTS PARTLY
BECAUSE IT APPEARED TO VOID AN AGREEMENT NEGOTIATED BETWEEN THE EPA
INDUSTRY AND ENVIRONMENTAL GROUPS IN ITS STATEMENT ON THE MATTER THE EPA
STRONGLY HINTED THAT IT WOULD MODIFY OR DROP SOME PROVISIONS CONCERNING
ETHANOL MIXTURES AND IT REAFFIRMED THE AGENCY'S COMMITMENT TO NEGOTIATED
RULEMAKING PROCEDURES 9302010017 930201 TECHNOLOGY CELLULAR INDUSTRY
GROUP ACTS TO AVERT CRISIS BY RESEARCH INTO PHONES' SAFETY  BY
JOHN J KELLER STAFF REPORTER OF THE WALL STREET JOURNAL

STRUGGLING TO OVERCOME A CRISIS OF CONFIDENCE AMONG CELLULAR TELEPHONE
USERS THE ASSOCIATION THAT REPRESENTS THE CELLULAR INDUSTRY SAID IT WOULD
FUND NEW RESEARCH INTO THE SAFETY OF CELLULAR PHONES

THE CELLULAR TELECOMMUNICATIONS INDUSTRY ASSOCIATION SAID IT SENT LETTERS TO
THE FOOD AND DRUG ADMINISTRATION THE FEDERAL COMMUNICATIONS COMMISSION AND
THE ENVIRONMENTAL PROTECTION AGENCY ASKING THE AGENCIES TO SUPERVISE THE
FORMATION OF A PANEL OF EXPERTS TO DIRECT NEW RESEARCH INTO CELLULAR PHONES

THE ASSOCIATION'S PLAN FOR MORE RESEARCH FOLLOWS A WEEK OF INTENSE PUBLICITY
SURROUNDING THE SAFETY OF CELLULAR PHONES AND A LAWSUIT FILED RECENTLY BY A
ST PETERSBURG FLA MAN AGAINST COMPANIES THAT MANUFACTURED SOLD AND
PROVIDED HIM WITH CELLULAR SERVICE THE MAN DAVID REYNARD CLAIMED HIS
WIFE'S BRAIN CANCER WAS CAUSED OR EXACERBATED BY HER CELLULAR PHONE

WHILE NO SCIENTIFIC STUDIES EXIST THAT PROVE ELECTROMAGNETIC FIELDS CAUSE
CANCER PARTICULARLY THE RADIO WAVES EMITTED BY CELLULAR PHONES NUMEROUS
SCIENTISTS CLAIM THERE IS CREDIBLE LAB EVIDENCE THAT SOME RADIO WAVES INDUCE
ABNORMAL CELL ACTIVITY AND REPRODUCTION SWEDISH SCIENTISTS SAY THEY HAVE
LINKED ELECTROMAGNETIC FIELDS FROM ELECTRICAL POWER LINES TO CHILDHOOD
LEUKEMIA THE NEW REVIEW REQUESTED BY THE ASSOCIATION MAY DETERMINE IF THESE
STUDIES WERE WEIGHED HEAVILY ENOUGH IN SETTING CURRENT STANDARDS FOR
CELLULAR PHONE EMISSIONS

THE FDA HAS AGREED TO MEET WITH THE ASSOCIATION IN MIDFEBRUARY ABOUT ITS
REQUEST ACCORDING TO AN ASSOCIATION SPOKESMAN WHO ADDED THAT THE FCC AND
EPA HAD NOT YET RESPONDED

MEANWHILE CELLULAR STOCKS ENDED THE WEEK WITH YET ANOTHER DRUBBING ON
FRIDAY SHARES OF MOTOROLA INC THE WORLD'S LARGEST SUPPLIER OF CELLULAR
PHONE AND RADIO GEAR FELL 4875 TO CLOSE AT 51 A SHARE ON THE NEW YORK
STOCK EXCHANGE MOTOROLA'S VOLUME WAS 133 MILLION SHARES MCCAW CELLULAR
COMMUNICATIONS INC THE LARGEST CELLULAR CARRIER IN THE US FELL 3375
TO CLOSE AT 3250 A SHARE IN HEAVY OVERTHECOUNTER TRADING

IN ADDITION ALL OF THE REGIONAL BELL STOCKS FELL BECAUSE OF THEIR SIZABLE
CELLULAR HOLDINGS SOUTHWESTERN BELL CORP WAS THE BIGGEST LOSER DROPPING
2375 TO 68875 A SHARE ON THE NEW YORK EXCHANGE ANOTHER BABY BELL
PACIFIC TELESIS GROUP HAD ITS RATING CHANGED TO SELL FROM HOLD BY
JOSEPHTHAL LYON & ROSS WHICH CITED THE CELLULAR SCARE AND ITS POTENTIAL
IMPACT ON PACTEL'S PLAN TO SPIN OFF ITS CELLULAR/WIRELESS OPERATIONS

THE ASSOCIATION SAID IT WOULD PAY FOR AN IMMEDIATE STUDY TO REVALIDATE
EXISTING RESEARCH INTO THE SAFETY OF RADIO WAVES EMITTED BY CELLULAR PHONES
IT HAS BECOME OBVIOUS THAT SOME OF THOSE WHO OWN CELLULAR PHONES AND OTHERS
WHO ARE THINKING ABOUT BUYING A CELLULAR PHONE HAVE GROWN CONCERNED AND
CONFUSED ABOUT THEIR SAFETY SAID THOMAS E WHEELER PRESIDENT OF THE
ASSOCIATION A SPOKESMAN FOR THE ASSOCIATION SAID THE INDUSTRY EXPECTS TO
SPEND MORE THAN SEVEN FIGURES ON THE NEW RESEARCH

IN ADDITION HE SAID THE GOVERNMENT AGENCIES WOULD BE ASKED TO HELP SET UP A
BLUE RIBBON PANEL OF EXPERTS ON THE HEALTH EFFECTS OF RADIO WAVES
ASSOCIATED WITH CELLULAR PHONES THE INDUSTRY SAYS COMPLAINTS THAT THE
PHONES CAUSE CANCER ARE GROUNDLESS

CUSTOMERS LAST WEEK BECAME SO AGITATED ABOUT THE ISSUE AFTER LEARNING OF THE
SAFETY QUESTIONS ON TELEVISION AND IN THE NEWSPAPERS THAT MANY BEGAN ASKING
DEALERS FOR ANSWERS BEFORE THEY'D BUY A PHONE SOME CANCELLED ORDERS FOR
PHONES AND SERVICE

CHAIRMAN EDWARD MARKEY D MASS OF THE HOUSE TELECOMMUNICATIONS AND
FINANCE SUBCOMMITTEE PLANS TO HOLD A BRIEFING TOMORROW MORNING FOR LAWMAKERS
AND THEIR STAFFS ON CELLULAR PHONE SAFETY ISSUES

MCCAW CELLULAR SAID LAST THURSDAY THAT IT HIRED A UNIVERSITY OF UTAH
SCIENTIST TO DO A COMPUTER ANALYSIS OF EXISTING SCIENTIFIC DATA ON CELLULAR
PHONES TO REASSURE CUSTOMERS OF THEIR SAFETY 9302010016 930201 FOREIGN
EXCHANGE EXPERTS FOCUS ON MARK FRENCH FRANC DESPITE DEVALUATION OF
IRISH POUND  BY GLENN WHITNEY STAFF REPORTER OF THE WALL STREET
JOURNAL

LONDON THE DEVALUATION OF THE IRISH POUND OR PUNT OVER THE WEEKEND MAY
CAUSE SOME SHORTTERM JITTERS IN THE EXCHANGE RATE MECHANISM OF THE EUROPEAN
MONETARY SYSTEM BUT IT'S THE GERMAN MARK AND THE FRENCH FRANC THAT ARE THE
FOCUS OF ATTENTION OF CURRENCY EXPERTS

RAPIDLY DETERIORATING ECONOMIC FUNDAMENTALS IN GERMANY HAVE CHANGED THE
TENOR OF MARKET CONSENSUS FROM EARLY LAST YEAR WHEN THE GERMAN FINANCE
MINISTER BRASHLY ASSERTED THAT THE EC MIGHT BE BETTER OFF WITH A EUROPA MARK
RATHER THAN A EUROPEAN CURRENCY UNIT

THESE DAYS SOME CURRENCY EXPERTS ARE CONTEMPLATING A FRANC EUROPEEN

AND IT'S NOT JUST ECONOMISTS AT FRENCHOWNED FINANCIAL HOUSES ALL THREE OF
GERMANY'S LARGEST COMMERCIAL BANKS FORECAST AT LEAST A SLIGHT STRENGTHENING
OF THE FRENCH FRANC AGAINST THE MARK BY MIDYEAR THERE'S LITTLE REASON FOR
OPTIMISM ABOUT THE MARK IN THE MEDIUM TERM SAYS ROLF SCHNEIDER MANAGING
DIRECTOR AT DRESDNER INTERNATIONAL ADVISERS IN FRANKFURT A UNIT OF DRESDNER
BANK

FINANCE MINISTERS AND CENTRAL BANKERS AGREED AT A MEETING IN BRUSSELS OVER
THE WEEKEND TO DEVALUE THE IRISH PUNT BY 10 AGAINST THE OTHER CURRENCIES IN
THE EUROPEAN ERM BUT ANALYSTS SAY A COUNTRY WITH AN ECONOMY AS SMALL AS
IRELAND'S HAS LITTLE IMPACT ON THE REST OF THE EMS BECAUSE OVERALL TRADE
FLOWS ARE SO MODEST ACCORDING TO FIGURES FROM DATASTREAM IRELAND'S GROSS
DOMESTIC PRODUCT IS ROUGHLY 1/36TH THE SIZE OF GERMANY'S

IN ADDITION IRELAND'S WOES WERE MAINLY ATTRIBUTED TO ITS DISADVANTAGED
EXPORT COMPETITIVENESS VS ITS CHIEF TRADING PARTNER BRITAIN THE POUND
STERLING HAS DROPPED SHARPLY IN VALUE AGAINST MOST OTHER MAJOR CURRENCIES
OVER THE PAST FOUR MONTHS FALLING A FURTHER 5 OR SO LAST WEEK AFTER
BRITISH INTEREST RATES WERE CUT ONE PERCENTAGE POINT

THE FRENCH FRANC DOES NOT HAVE THE SAME PROBLEMS AS THE PUNT BECAUSE FRANCE
DOES THE BULK OF ITS TRADING WITH GERMANY BENELUX AND THE US ALL
COUNTRIES WITH CURRENCIES THAT HAVE BEEN STRONG IN RECENT MONTHS IT'S TRUE
FRENCH AUTHORITIES HAVE BEEN CHAMPING AT THE BIT SINCE THE MIDDLE OF LAST
YEAR TO GET INTEREST RATES DOWN BUT HAVE BEEN CONSTRAINED BY GERMANY'S TIGHT
MONETARY POLICY RELIEF IS LIKELY SOON THOUGH AS THE BUNDESBANK IS THOUGHT
TO BE LESS THAN TWO MONTHS AWAY FROM MAKING A MAJOR INTEREST RATE CUT

CURRENCY DEALERS LAST WEEK GOT A GLIMPSE OF WHAT LIFE WITHOUT THE ANCHOR
MARK MIGHT BE LIKE IN THE FUTURESHORTTERM INTEREST RATES IN BOTH THE
NETHERLANDS AND BELGIUM DROPPED TO LEVELS BELOW SIMILAR RATES IN GERMANY

LONGTERM RATES ARGUABLY MORE IMPORTANT ARE NOW LOWER IN DUTCH GUILDERS
THAN IN MARKS THEY ARE ONLY SLIGHTLY HIGHER IN BELGIAN FRANCS

QUESTIONS ABOUT THE MARK'S PRIMARY ROLE ARE STARTING TO EMERGE SAYS ROBIN
HUBBARD CHIEF ECONOMIST AT PARIBAS CAPITAL MARKETS IN LONDON IT IS VERY
SIGNIFICANT THAT THESE COUNTRIES CAN HAVE LOWER RATES AND NOT SUFFER
WEAKNESS IN THEIR CURRENCIES

SIMILAR SHORTTERM RATES IN FRENCH FRANCS ARE NOW LESS THAN ONEPERCENTAGE
POINT HIGHER THAN IN MARKS THERE ARE SOME EXPECTATIONS THAT BY APRIL ONCE
FRENCH ELECTIONS ARE OUT OF THE WAY THE FRANC MIGHT BECOME THE STRONGEST
CURRENCY IN THE EUROPEAN MONETARY SYSTEM

KLAUS HOLSCHUH AN ECONOMIST AT COMMERZBANK IN FRANKFURT SAYS THE IMPENDING
DEEP RECESSION IN GERMANY AND THE COUNTRY'S BURGEONING BUDGET DEFICIT MAKES
THE MARK A BAD BET MR HOLSCHUH AND OTHER GERMAN ECONOMISTS PREDICT THE
MARK WILL WEAKEN TO ABOUT 175 AGAINST THE US DOLLAR BY CHRISTMAS
COMPARED WITH ABOUT 161 ON FRIDAY

PROSPECTS FOR THE FRENCH CURRENCY CERTAINLY LOOK BRIGHTER THE FRANC HELD
RELATIVELY FIRM IN THE ERM LAST WEEK DESPITE BOUTS OF TURBULENCE CREATED BY
THE WEAKNESS OF THE IRISH PUNT

A KEY FACTOR WEIGHING AGAINST THE MARK IN THE LONG TERM IS GERMANY'S POOR
INFLATION PERFORMANCE ONCE THE PARAGON OF PRICE STABILITY GERMANY NOW HAS
CONSUMER PRICES THAT ARE RISING AT A 37 RATE AND THE RATE IS WIDELY
PREDICTED TO GO OVER 4 SOON THAT COMPARES RATHER POORLY TO A EUROPEAN
COMMUNITY AVERAGE OF AROUND 31 AND IS MORE THAN DOUBLE THE 15 RATE IN
DENMARK THE EC'S CURRENT INFLATION CHAMPION

ANOTHER PROBLEM FOR THE MARK IS THAT MANY ECONOMISTS JUDGE IT OVERVALUED
FROM THE POINT OF VIEW OF GERMAN WAGES WHICH ARE AMONG THE HIGHEST IN THE
WORLD FIGURES CULLED BY THE DIW ECONOMIC RESEARCH INSTITUTE IN GERMANY
SHOWED THAT IN 1991 HOURLY LABOR COSTS INCLUDING WAGES AND NONWAGE
EXPENSES WERE 4050 MARKS 2553 IN GERMANY COMPARED WITH THE EQUIVALENT
OF 3240 MARKS IN ITALY 2670 MARKS IN FRANCE 2280 MARKS IN BRITAIN AND
2250 MARK IN SPAIN SINCE THE SURVEY WAS TAKEN THE MARK HAS APPRECIATED UP
TO 20 IN ALL THOSE COUNTRIES EXCEPT FRANCE MEANING THAT RELATIVE WAGE
COSTS ARE NOW EVEN HIGHER IN GERMANY

HIGHER WAGE COSTS IN GERMANY ARE MADE UP PARTIALLY BY GREATER PRODUCTIVITY
OF GERMAN WORKERS BUT VERY FEW ECONOMISTS WOULD ARGUE THAT PRODUCTIVITY IS
50 HIGHER IN GERMANY THAN IN FRANCE OR 100 HIGHER THAN IN BRITAIN
MOREOVER PRODUCTIVITY IN THE EASTERN PART OF GERMANY IS CONSIDERABLY LOWER
THAN IN FRANCE AND BRITAIN EVEN THOUGH WAGE COSTS ARE RAPIDLY APPROACHING
WESTERN EUROPEAN LEVELS

SOME ANALYSTS ARE ALSO WORRIED THAT THE BUNDESBANK IS ENGAGED IN MONETARY
POLICY OVERKILL ASPHYXIATING THE ECONOMY AS IT SQUEEZES OUT EVERY DROP OF
INFLATIONARY PRESSURE THE CURRENT STREAK OF HIGH RATES WHICH HAS LASTED
FOR NEARLY FOUR YEARS WILL EVENTUALLY RESULT IN DEEP DROPS IN PRODUCTION
AND DEMAND PREDICTS ROBIN MARSHALL CHIEF ECONOMIST AT CHASE INVESTMENT
BANK LTD IN LONDON

FRIDAY'S REPORT THAT NEW FACTORY ORDERS FOR DURABLE GOODS IN THE US ROSE A
SEASONALLY ADJUSTED 91 IN DECEMBER HELPED LIFT THE MALAISE THAT HAD
SETTLED OVER THE DOLLAR LAST WEEK

BUT TRADERS AND ANALYSTS STILL DOUBT THAT THE PACE OF US ECONOMIC GROWTH
IS STRONG ENOUGH TO JUSTIFY A SUSTAINED RISE IN THE DOLLAR AND THE WIDE GAP
BETWEEN US AND GERMAN INTEREST RATES WHICH ISN'T EXPECTED TO NARROW ANY
TIME SOON CONTINUES TO LIMIT THE US CURRENCY'S PROSPECTS

THE US ECONOMY STILL HAS A LOT TO PROVE SAYS JERRY CORNILLE VICE
PRESIDENT AT CM&M FUTURES INC IN CHICAGO UNLESS THE ECONOMY CONTINUES TO
IMPRESS PEOPLE WITH SURPRISING STRENGTH THE RATE DIFFERENTIAL WILL CONTINUE
TO WEIGH ON THE MARKET

IN LATE TRADING IN NEW YORK FRIDAY THE DOLLAR WAS AT 16117 MARKS UP FROM
15861 LATE THURSDAY THE DOLLAR ALSO GAINED AGAINST THE YEN TRADING AT
12465 YEN FRIDAY UP FROM 12420 YEN THURSDAY

AT ABOUT MIDDAY MONDAY IN TOKYO THE DOLLAR WAS TRADING AT 16243 MARKS AND
AT 12475 YEN

DIANE DIMOND IN NEW YORK CONTRIBUTED TO THIS ARTICLE 9302010014 930201
INTERNATIONAL FINANCIERE DE PARIBAS POSTS 1677 MILLION IN EARNINGS
FOR 1992  SPECIAL TO THE WALL STREET JOURNAL

PARIS CIE FINANCIERE DE PARIBAS RETURNED TO PROFITABILITY IN 1992
POSTING GROUP NET INCOME OF 900 MILLION FRANCS 1677 MILLION COMPARED
WITH A 184 MILLION FRANC LOSS THE PREVIOUS YEAR

PARIBAS ONE OF FRANCE'S LARGEST FINANCIAL AND INDUSTRIAL HOLDING COMPANIES
ALSO SAID IT WILL PROPOSE TO MAINTAIN ITS DIVIDEND OF 12 FRANCS A SHARE

PARIBAS'S SHARE OF LOSSES FROM SOME OF ITS HOLDINGS ALONG WITH TAXES
KNOCKED 28 BILLION FRANCS OFF ITS GROSS CAPITAL GAINS FROM THE SALE OF
EQUITY INVESTMENTS LOSSES INCLUDED THOSE FROM THE SALE LAST YEAR OF ITS
CONTROLLING STAKE IN CIMENTS FRANCAIS AFTER THE SALE AUDITORS DISCOVERED
OFFBALANCESHEET TRANSACTIONS THAT FORCED PARIBAS TO REDUCE THE PRICE OF
THE STAKE AND TO ABSORB THE COMPANY'S LOSSES COMPANY OFFICIALS SAID THAT
THE LOSSES FROM CIMENTS FRANCAIS SLIGHTLY OUTSTRIPPED A CAPITAL GAIN OF MORE
THAN 500 MILLION FRANCS FROM THE SALE OF THE CONTROLLING STAKE

OPERATING REVENUE WHICH CAME MAINLY FROM BANKING OPERATIONS WAS FLAT BUT
THE COMPANY'S OPERATING PROFIT WAS HELPED BY A DROP IN PROVISIONS AGAINST
BAD LOAN RISK IN 1992 THE GROUP TOOK 78 BILLION FRANCS IN NEW PROVISIONS
DOWN FROM 1991'S 95 BILLION FRANCS WHICH INCLUDED 32 BILLION FRANCS FOR
THE DIFFICULTIES OF ITS SWISS BANKING UNIT THE UNIT WHOSE BAD REAL ESTATE
EXPOSURE WAS A MAJOR REASON THAT PARIBAS FELL INTO THE RED IN 1991 WILL
POST A SLIGHT PROFIT FOR 1992 COMPANY OFFICIALS SAID

PARIBAS HAD OPERATING PROFIT OF 500 MILLION FRANCS COMPARED WITH A LOSS OF
115 BILLION FRANCS IN 1991 9302010013 930201 ENVIRONMENTAL DATA 
ORDERED BY US COURT IN ANTARCTICA WORK

WASHINGTON A FEDERAL COURT RULED THAT A FEDERAL AGENCY MUST PREPARE AN
ENVIRONMENTAL IMPACT STATEMENT IN CONNECTION WITH CONSTRUCTION WORK IN
ANTARCTICA

IT WAS THE FIRST TIME A FEDERAL COURT HAS RULED THAT A FEDERAL AGENCY MUST
PREPARE AN ENVIRONMENTALIMPACT STATEMENT FOR ACTIVITIES OUTSIDE THE US
BUT THE RULING DELIVERED FRIDAY BY THE DISTRICT OF COLUMBIA CIRCUIT COURT
OF APPEALS IS UNLIKELY TO HAVE BROAD APPLICATION BECAUSE ANTARCTICA IS A
SPECIAL CASE THE FROZEN CONTINENT IS NOT GOVERNED BY ANY NATION

THE CASE BEFORE THE COURT WAS BROUGHT BY THE ENVIRONMENTAL DEFENSE FUND AN
ENVIRONMENTAL ORGANIZATION AGAINST THE NATIONAL SCIENCE FOUNDATION WHICH
BUILT AN INCINERATOR FOR A LAB IN ANTARCTICA WITHOUT PREPARING AN
ENVIRONMENTAL IMPACT STATEMENT

THE NATIONAL ENVIRONMENTAL POLICY ACT PASSED IN 1970 REQUIRES FEDERAL
AGENCIES TO PRODUCE ENVIRONMENTAL IMPACT STATEMENTS PRIOR TO CONSTRUCTION IN
THE US THE NATIONAL SCIENCE FOUNDATION CONTENDED THAT NO STATEMENT WAS
REQUIRED FOR ACTIONS OUTSIDE US BORDERS

BUT IN AN OPINION WRITTEN BY JUDGE ABNER MIKVA THE THREEJUDGE PANEL SAID
THAT US ACTIVITIES IN ANTARCTICA RAISE UNIQUE QUESTIONS BECAUSE THE
CONTINENT BY INTERNATIONAL LAW IS A GLOBAL COMMON IN ADDITION THE
DECISION NOTED THE US CONTROLS ALL AIR TRANSPORTATION TO ANTARCTICA AND
HAS EXCLUSIVE LEGISLATIVE CONTROL OVER THE RESEARCH INSTALLATION IN
QUESTION

THE COURT SAID THAT ITS DECISION DID NOT ADDRESS HOW THE LAW MIGHT APPLY TO
ACTIONS IN A CASE INVOLVING AN ACTUAL FOREIGN SOVEREIGN

THE NATIONAL SCIENCE FOUNDATION IS EXPECTED EITHER TO APPEAL OR TO PREPARE
AN ENVIRONMENTAL IMPACT STATEMENT THAT COULD LEAD IT TO DISMANTLE OR MODIFY
THE INCINERATOR 9302010012 930201 S&P RATES 2 ISSUES OF NEWS CORP DEBT
 INVESTMENT GRADE

NEW YORK STANDARD & POOR'S CORP ASSIGNED AN INVESTMENT GRADE RATING TO
TWO LONGTERM DEBT ISSUES TOTALING 1 BILLION SOLD BY A US UNIT OF
AUSTRALIABASED NEWS CORP RUPERT MURDOCH'S GLOBAL MEDIA AND ENTERTAINMENT
EMPIRE

THE INVESTMENT GRADE RATING TRIPLE BMINUS IS THE LATEST SIGN OF A
REMARKABLE RECOVERY IN THE FINANCIAL FORTUNES OF NEWS CORP AFTER RAPID
EXPANSION DURING THE 1980S THE COMPANY ENTERED THE 1990S IN A STRUGGLE TO
REMAIN SOLVENT BUT MR MURDOCH LED A SUCCESSFUL RESTRUCTURING EFFORT THAT
INVOLVED RAISING BILLIONS OF DOLLARS THROUGH ASSET SALES AND NEW ISSUES OF
DEBT AND EQUITY

TODAY NEWS CORP HAS ACHIEVED ONE OF ITS PREEMINENT FINANCIAL GOALS  
AN INVESTMENT GRADE RATING SAID MR MURDOCH NEWS CORP'S CHIEF EXECUTIVE
OFFICER

PROCEEDS OF THE OFFERING WILL BE USED PRIMARILY TO REPAY BANK DEBT

THE NOTES WERE PART OF 2 BILLION OF DEBT SECURITIES NEWS AMERICA REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION LAST WEEK S&P HAD INDICATED
THAT AN INVESTMENT GRADE RATING ALSO WOULD BE ASSIGNED TO THE REMAINING 1
BILLION OF REGISTERED BUT UNSOLD NOTES IF NEWS CORP SUCCESSFULLY COMPLETED
THE SALE OF AT LEAST 500 MILLION OF DEBT SECURITIES

S&P NOTED THAT NEWS CORP WITH MODERATE EARNINGS GROWTH SHOULD BE ABLE TO
PAY FROM CASH FLOW AND LIQUID BALANCES DEBT THAT MATURES IN THE NEXT TWO
YEARS OR SO IT SAID THAT NEWS CORP IS CONTINUING TO NEGOTIATE A NEW BANK
AGREEMENT UNDER WHICH FULL REPAYMENT WOULD LIKELY BE EXTENDED

S&P ALSO RAISED THE RATING ON OUTSTANDING SUBORDINATED DEBT OF NEWS CORP
UNITS TOTALING ALMOST 17 BILLION 9302010011 930201 SANYO ELECTRIC SAYS
 PRETAX PROFIT PLUNGED 99 FOR FISCAL YEAR  SPECIAL TO THE WALL
STREET JOURNAL

TOKYO SANYO ELECTRIC CO A MAJOR JAPANESE CONSUMER ELECTRONICS AND
APPLIANCE MAKER REPORTED FRIDAY THAT ITS CONSOLIDATED PRETAX PROFIT PLUNGED
99 TO 562 MILLION YEN 45 MILLION DURING THE FISCAL YEAR ENDED NOV 30
HIT BY WEAK DEMAND BOTH AT HOME AND ABROAD AS WELL AS BY THE YEN'S STRENGTH

THE COMPANY POSTED A NET LOSS OF 129 BILLION YEN 1039 MILLION DOWN
FROM A PROFIT OF 1684 BILLION YEN THE PREVIOUS YEAR SALES FELL 32 TO
1537 TRILLION YEN 1238 BILLION FROM 1587 TRILLION YEN

SANYO SAID THE OUTLOOK FOR THE CURRENT FISCAL YEAR THROUGH NOVEMBER 1993
REMAINS SEVERE WITH BOTH PERSONAL CONSUMPTION AND CAPITAL SPENDING TRENDS
LIKELY TO REMAIN WEAK

THE COMPANY PREDICTED ITS CONSOLIDATED NET INCOME WILL REBOUND TO JUST 35
BILLION YEN THIS YEAR WHILE SALES WILL POST JUST A 21 ADVANCE TO 157
TRILLION YEN

PRETAX PROFIT REPRESENTS OPERATING PROFIT PLUS NONOPERATING PROFIT INCLUDING
FINANCIAL INCOME AND EXPENSES NET PROFIT REPRESENTS PRETAX PROFIT PLUS
EXTRAORDINARY GAINS OR LOSSES AND PAYMENTS OF TAXES

UNCONSOLIDATED RESULTS ARE THOSE OF THE PARENT ALONE CONSOLIDATED RESULTS
INCLUDE THOSE OF SUBSIDIARIES

FOR THE YEAR SANYO'S GROUP OPERATING PROFIT PLUNGED 77 TO 115 BILLION
YEN

SANYO SAID SALES IN JAPAN OF AUDIOVISUAL EQUIPMENT AIR CONDITIONERS
COMMERCIAL REFREIGERATION EQUIPMENT AND SEMICONDUCTORS WERE WEAK LAST YEAR

FOR THE YEAR CONSOLIDATED SALES OF VIDEO EQUIPMENT DROPPED 83 TO 26764
BILLION YEN OR 174 OF TOTAL SALES AUDIO EQUIPMENT SALES EDGED DOWN 1 TO
14753 BILLION YEN OR 96 OF THE TOTAL

GROUP SALES OF ELECTRICAL EQUIPMENT FELL 4 TO 347 BILLION YEN OR 226 OF
THE TOTAL 9302010010 930201 XEROX POSTS QUARTERLY LOSS OF 736
MILLION  SPECIAL CHARGES ARE CITED CORE BUSINESS SHOWS GAINS
AND STOCK CLIMBS  BY LAURENCE HOOPER STAFF REPORTER OF THE WALL
STREET JOURNAL

STAMFORD CONN XEROX CORP POSTED A 20 PROFIT GAIN IN ITS CORE
OFFICEEQUIPMENT BUSINESS DURING THE FOURTH QUARTER BUT SPECIAL CHARGES IN
ITS FINANCIALSERVICES OPERATION PLUNGED IT INTO A 736 MILLION NET LOSS FOR
THE PERIOD

INVESTORS FOCUSED ON THE UPSIDE DESPITE THE HUGE LOSS WHICH AMOUNTED TO
780 A SHARE COMPARED WITH A YEARAGO PROFIT OF 91 MILLION OR 73 CENTS A
SHARE XEROX STOCK JUMPED 3375 TO 8575 IN COMPOSITE TRADING FRIDAY ON
THE NEW YORK STOCK EXCHANGE

IN AN ENVIRONMENT THAT'S DIFFICULT ECONOMICALLY XEROX IS REPORTING SOME
NICE NUMBERS SAID DAN MANDRESH AN ANALYST AT MERRILL LYNCH & CO SUMMING
UP A GENERAL VIEW ON WALL STREET

LIKE OTHER ANALYSTS MR MANDRESH SAID THERE ISN'T MUCH REASON ANY MORE TO
FOCUS ON RESULTS IN XEROX'S FINANCIALSERVICES BUSINESS AS THE COMPANY
DECIDED LAST MONTH TO SELL OFF THE OPERATION OVER THE NEXT FEW YEARS

A 788 MILLION AFTERTAX CHARGE IN THE FOURTH QUARTER TAKEN TO BOLSTER
THE BOOKS OF THE FINANCIALSERVICES BUSINESS MAKING THEM MORE ATTRACTIVE
FOR SALE PROBABLY WILL BE THE LAST MAJOR EFFECT OF XEROX'S FAILED EFFORT
TO DIVERSIFY HE ADDED

XEROX NOW REPORTS ITS FINANCIALSERVICES RESULTS AS A DECONSOLIDATED ITEM
INCLUDING THE CHARGE EQUITY IN THE OPERATIONS SUBTRACTED 830 MILLION FROM
THE COMPANY'S BOTTOM LINE IN THE FOURTH QUARTER MORE THAN CANCELING A 216
MILLION PROFIT IN OFFICE EQUIPMENT OFFICE EQUIPMENT REVENUE ROSE 10 TO
423 BILLION FROM 384 BILLION

XEROX TOOK AN ADDITIONAL FOURTHQUARTER CHARGE OF 122 MILLION TO OFFSET
THE EFFECTS ON DISCONTINUED BUSINESSES OF ADOPTING A NEW ACCOUNTING STANDARD
REGARDING INCOME TAXES ITS 1991 FOURTH QUARTER INCLUDED A CHARGE OF 101
MILLION FOR WORK FORCE REDUCTIONS

IN AN INTERVIEW XEROX CHAIRMAN PAUL ALLAIRE SAID HE WAS PLEASED WITH THE
COMPANY'S SHOWING FOR THE QUARTER AND FOR ALL OF 1992 OFFICE EQUIPMENT
SALES GREW A BIT FASTER EACH QUARTER OF THE YEAR HE SAID AND XEROX'S NEW
HIGHEND PRODUCTS ARE BOOSTING REVENUE AND PROFIT

STILL MR ALLAIRE SAID XEROX'S PERFORMANCE IN THE US AND LATIN AMERICA
WAS MUCH STRONGER THAN ITS RESULTS IN EUROPE AND JAPAN WHICH CONTINUE TO
SUFFER FROM POOR ECONOMIES

ANALYSTS NOTED THAT THIS EFFECT MIGHT ACCELERATE IN THE FIRST QUARTER AS
THE REPORTING PERIOD FOR XEROX'S INTERNATIONAL RESULTS ISN'T COORDINATED
WITH ITS US FINANCIAL PERIOD FOURTHQUARTER RESULTS FOR EXAMPLE
INCLUDED INTERNATIONAL RESULTS FOR THE THREE MONTHS ENDED OCT 31

I THINK THAT SOME CAUTION IS WARRANTED HERE SAID ALEX HENDERSON OF
PRUDENTIAL SECURITIES WHO WARNED THAT NOVEMBER AND DECEMBER WERE BAD MONTHS
FOR OVERSEAS ECONOMIES THAT SHOW NO SIGNS OF RECOVERY PEOPLE AREN'T
CLEARLY FOCUSING ON THE RISKS HERE

FOR ALL OF 1992 XEROX POSTED A NET LOSS OF 102 BILLION OR 1129 A
SHARE COMPARED WITH A PROFIT OF 454 MILLION OR 391 A SHARE FOR 1991
OFFICEEQUIPMENT REVENUE ROSE 62 TO 14681 BILLION FROM 1382 BILLION

SEPARATELY MR ALLAIRE APPEARED TO REMOVE HIMSELF FROM CONSIDERATION TO
SUCCEED JOHN AKERS AS CHIEF EXECUTIVE OFFICER OF INTERNATIONAL BUSINESS
MACHINES CORP SAYING HE HAS NO INTEREST IN THE JOB I'M QUITE HAPPY
RUNNING XEROX HE SAID

SEVERAL INDUSTRY PUNDITS HAD SUGGESTED THAT MR ALLAIRE MIGHT BE A GOOD
REPLACEMENT FOR MR AKERS WHO SAID LAST WEEK THAT HE WOULD STEP DOWN AS
IBM'S CEO IN ABOUT THREE MONTHS DURING THE 1980S MR ALLAIRE PLAYED A KEY
ROLE IN THE TURNAROUND OF XEROX WHICH HAD FACED SOME PROBLEMS SIMILAR TO
IBM'S CURRENT WOES 9302010008 930201 LETTERS TO THE EDITOR BECAUSE SO
MANY WERE DYING

I WAS SHOCKED BY ALEXANDER COCKBURN'S DEC 24 COUNTERPOINT COLUMN A COLD
LOOK AT OPERATION RESTORE HOPE OPED PAGE I AM WRITING AS ONE WHO HAS
WITNESSED THE OVERWHELMING SUFFERING IN SOMALIA AND WHO HAS PARTICIPATED IN
THE EFFORT TO STRENGTHEN THE MANDATE OF UNITED NATIONS SECURITY FORCES
THERE I CAN ASSURE YOU WITHOUT ANY QUESTION THAT IT WAS ESSENTIAL THAT THE
MILITARY PROVIDE ADEQUATE SECURITY TO ALLOW FOOD TO REACH THE THOUSANDS OF
HUNGRY CHILDREN WOMEN AND ELDERLY WHO WERE THE VICTIMS OF THE TEENAGE GANGS
WITH GUNS

WHEN I VISITED BAIDOA BARDERE AND MOGADISHU IN SEPTEMBER AND OCTOBER SO
MANY WERE DYING PRECISELY BECAUSE SECURITY WAS INADEQUATE TO PROTECT THE
FOOD AND DELIVER IT TO THOSE MOST IN NEED THE RELIEF AGENCIES IN SOMALIA
COULD DO ONLY A FRACTION OF THE WORK NEEDED PRIOR TO THE INTERVENTION
SECURITY WAS STEADILY DETERIORATING LOOTING CONTINUED UNABATED AND FOOD WAS
NOT GETTING TO STARVING PEOPLE IN LARGE ENOUGH QUANTITIES ONLY NOW THAT THE
US AND OTHER NATIONS HAVE PROVIDED TROOPS TO ACCOMPANY THE DELIVERIES ARE
FOOD SEEDS AND TOOLS FOR REHABILITATION GETTING OUT TO THE VILLAGES

THE LOOTING WAS WORSE FOR AGENCIES SUCH AS CARE THAT WERE DISTRIBUTING DRY
FOOD FOR USE IN THE HOME OR VILLAGE BECAUSE UNCOOKED GRAIN NOT FOOD COOKED
IN THE RED CROSS KITCHENS CAN BE RESOLD THIS DRY FEEDING IS THE
PREFERRED METHOD OF DISTRIBUTION FOR ALL BUT THE MOST SEVERELY AFFECTED
FAMINE VICTIMS BECAUSE THE RECIPIENT CAN CONTINUE NORMAL ACTIVITIES AT HOME
INCLUDING FARMING WHEN PEOPLE MIGRATE TO A FEEDING CAMP IT IS A SIGN THAT
THEY ARE BARELY SURVIVING THEY HAVE ALREADY DEPLETED THEIR COPING
MECHANISMS THEY HAVE EITHER SOLD OR HAVE LOST THEIR WORLDLY GOODS AND THEY
ARE WILLING TO ABANDON THEIR HOMES AND FIELDS

THE RED CROSS AND OTHER RELIEF ORGANIZATIONS ARE DOING A SUPERB JOB OF
PROVIDING COOKED RATIONS TO THOUSANDS OF PEOPLE BUT THESE GROUPS ARE
PLANNING TO REDUCE THIS TYPE OF INTERVENTION TO TARGETED WET FEEDING AIMED
AT A SMALLER POPULATION AS SOON AS THE SITUATION ALLOWS

THE UN INTERVENTION IS NOT DESIGNED TO CROWD PEOPLE INTO FEEDING CAMPS
WHERE THEY WILL BE MORE SUSCEPTIBLE TO DISEASE IN FACT THE ADDED SECURITY
SHOULD STRENGTHEN DRY FEEDING PROGRAMS MONETIZATION AND OTHER ATTEMPTS TO
GET FOOD AND AGRICULTURAL SUPPLIES TO AS MANY PEOPLE AS POSSIBLE SO THAT
THEY CAN RESUME THEIR NORMAL LIVES IN THEIR OWN COMMUNITIES

IT JUST DOES NOT MAKE SENSE TO SAY THAT MORE PEOPLE WILL DIE BECAUSE OF THE
ADDED SECURITY IF SECURITY HAD NOT IMPROVED IT IS MORE LIKELY THAT EVEN
MORE PEOPLE WOULD HAVE GATHERED IN POPULATION CENTERS ONLY TO PERISH FROM
DISEASE

INTERACTION PLAYED A SIGNIFICANT PART IN URGING THE UN SECURITY COUNCIL
AND THE US GOVERNMENT TO TAKE MORE VIGOROUS MILITARY ACTION TO GET
SECURITY FORCES INTO SOMALIA TO PROTECT FOOD DISTRIBUTION AT A MEETING AT
THE UN ON NOV 16 A LARGE GROUP OF AGENCIES WORKING IN SOMALIA MET TO
DISCUSS WHETHER THE SECURITY SITUATION REQUIRED AN EXPANDED SECURITY COUNCIL
MANDATE THE CONSENSUS WAS EXTREMELY STRONG IN FAVOR OF A STRENGTHENED
MANDATE THE AGENCIES FELT THAT THERE WAS NO OTHER OPTION AND THEY CAME
TO THIS CONCLUSION WITHOUT GREAT ENTHUSIASM

THE HEROIC WORK OF CARE OF WORLD CONCERN INTERNATIONAL MEDICAL CORPS
MEDICINES SANS FRONTIERES DOCTORS WITHOUT BORDERS IRISH CONCERN AND
OTHERS ALONG WITH THE INTERNATIONAL COMMITTEE OF THE RED CROSS CANNOT BE
OVEREMPHASIZED TO SUGGEST THAT THERE WAS AN ULTERIOR MOTIVE BEYOND SAVING
LIVES UNDER THE MOST DIFFICULT CIRCUMSTANCES IS TO DEFY BOTH LOGIC AND
REALITY 9302010007 930201 BOLT BERANEK POSTS A DEFICIT PRESIDENT
QUITS  FISCAL SECONDQUARTER LOSS REACHES 251 MILLION CONCERN
TO RESTRUCTURE  BY DAVID STIPP STAFF REPORTER OF THE WALL STREET
JOURNAL

CAMBRIDGE MASS BOLT BERANEK & NEWMAN INC POSTED A 251 MILLION FISCAL
SECONDQUARTER LOSS AND SAID ITS PRESIDENT RESIGNED AS PART OF A
RESTRUCTURING

THE COMPANY STRUGGLING WITH PRODUCT DELAYS AND DWINDLING DEFENSE SALES
SAID ITS LOSS FOR THE QUARTER ENDED DEC 31 WHICH IS EQUAL TO 161 A
SHARE INCLUDES A 205 MILLION RESTRUCTURING CHARGE IN THE YEAREARLIER
SECOND QUARTER BOLT BERANEK HAD A PROFIT OF ABOUT 1 MILLION OR SIX CENTS
A SHARE REVENUE FELL ABOUT 8 TO 598 MILLION FROM 65 MILLION

BOLT BERANEK HAD SAID IT EXPECTED TO REPORT SIGNIFICANT LOSSES FOR THE
QUARTER IN DECEMBER IT SUSPENDED ITS SEMIANNUAL DIVIDEND OF THREE CENTS A
SHARE

BOLT BERANEK SAID ITS RESULTS REFLECT SIGNIFICANT LOSSES AT ITS
COMMUNICATIONS DIVISION ALTHOUGH A SPOKESMAN DECLINED TO DISCLOSE THE SIZE
OF THE LOSSES THE COMPANY SAID THE DIVISION'S PERFORMANCE CONTINUES TO BE
AFFECTED BY THE HIGH LEVEL OF INVESTMENT IT IS MAKING IN NEW COMPUTER
NETWORK PRODUCTS AT A TIME WHEN IT IS EXPERIENCING A DECLINE IN DEFENSE
COMMUNICATIONS BUSINESS ACCORDING TO BOLT BERANEK'S FINANCIAL STATEMENTS
48 OF ITS REVENUE CAME FROM DEFENSE CONTRACTS IN FISCAL 1992 COMPARED WITH
54 AND 58 IN FISCAL 1991 AND 1990 RESPECTIVELY

BOLT BERANEK SAID THE COMMUNICATIONS DIVISION ALSO HAS BEEN HURT BY DELAYS
IN DEVELOPING A SECOND RELEASE OF ITS T/10 DATA NETWORK SYSTEM THE DELAYS
ARE CONTRIBUTING TO HIGHER COSTS AND LOWER THAN PLANNED SHIPMENTS THE
COMPANY ADDED THE SPOKESMAN SAID WE'RE STILL GETTING THE PRODUCT'S
SOFTWARE THROUGH QUALITY ASSURANCE TESTING

DUE TO THE DIVISION'S SHRINKING GOVERNMENT BUSINESS AND TO THE COSTS
ASSOCIATED WITH ITS NEW NETWORK PRODUCTS BOLT BERANEK SAID IT PLANS TO
RESTRUCTURE AND DOWNSIZE THE BUSINESS OVER THE SECOND HALF RESULTING IN THE
SECONDQUARTER CHARGE THE RESTRUCTURING WILL CUT THE COMPANY'S WORK FORCE
OF 2100 ABOUT 300 AND LOWER ITS ANNUAL OPERATING EXPENSES ABOUT 20
MILLION THE DIVISION'S DEFENSE BUSINESS WILL BE CONSOLIDATED WITH THE
SYSTEMS AND TECHNOLOGIES DIVISION

BOLT BERANEK SAID IT ALSO WILL CONSOLIDATE A NUMBER OF SENIOR MANAGEMENT
POSITIONS AS PART OF THE RESTRUCTURING INCLUDING THE POSTS OF CHIEF
EXECUTIVE OFFICER AND CHIEF OPERATING OFFICER AS A RESULT MICHAEL P
LAVIGNA THE COMPANY'S 52YEAROLD PRESIDENT AND CHIEF OPERATING OFFICER
WILL RESIGN BUT WILL REMAIN AVAILABLE TO THE COMPANY AS A CONSULTANT
STEPHEN R LEVY 53 CHAIRMAN AND CHIEF EXECUTIVE OFFICER WILL ASSUME MR
LAVIGNA'S RESPONSIBILITIES THE COMPANY SPOKESMAN SAID MR LAVIGNA
VOLUNTARILY RESIGNED TO HELP CUT COSTS IT WAS AN AMICABLE DEPARTURE HE
ADDED MR LAVIGNA WHO JOINED BOLT BERANEK IN 1977 COULDN'T BE REACHED FOR
COMMENT

THE COMPANY SAID THAT EVEN AFTER THE RESTRUCTURING IT EXPECTS ITS NETWORK
PRODUCTS BUSINESS TO CONTINUE TO RESULT IN OPERATING LOSSES FOR THE FIRM IT
SAID IT IS EXPLORING A RANGE OF OTHER ACTIONS TO REDUCE LOSSES AND RESTORE
PROFITABILITY THE COMPANY SAID IT ALSO IS EVALUATING STRATEGIC
ALTERNATIVES FOR ITS ADVANCED SIMULATION BUSINESS SOME OF WHICH COULD
RESULT IN ADDITIONAL CHARGES THE POTENTIAL SIZE OF THE CHARGES WASN'T
DISCLOSED

BESIDES MARKETING SOFTWARE AND COMPUTER NETWORK SYSTEMS BOLT BERANEK
PROVIDES CONTRACT RESEARCH AND DEVELOPMENT SERVICES

IN THE FIRST HALF THE COMPANY HAD A LOSS OF 25 MILLION OR 160 A SHARE
COMPARED WITH NET INCOME OF 34 MILLION OR 19 CENTS A SHARE INCLUDING A
12 MILLION GAIN ON EARLY RETIREMENT OF DEBT REVENUE WAS FLAT AT 1243
MILLION 9302010005 930201 WORLD STOCK MARKETS JAPAN'S OTC MARKET
SWINGS WILDLY  BY QUENTIN HARDY STAFF REPORTER OF THE WALL STREET
JOURNAL

TOKYO JAPAN'S OVERTHECOUNTER STOCK MARKET HAS BEEN ON A BULLISH RUN
LATELY

JAPAN'S OTC INDEX HAS GAINED 14 TO 1251 POINTS SINCE PLUMMETING TO A
RECENT LOW OF 1099 IN NOVEMBER THE NIKKEI STOCK AVERAGE MEANTIME IS UP
ABOUT 5 SINCE THEN LARGELY ON A RISE LAST WEEK SUPPORTED BY THE
GOVERNMENT'S PURCHASE OF STOCKS

BUT FOREIGN INVESTORS HOPING TO CATCH A RIDE SHOULD BEWARE JAPAN'S OTC
MARKET ISN'T MEANT FOR THE FAINT OF HEART

THE MARKET IS PRONE TO BIG MOOD SWINGS AND WILD PRICE GYRATIONS AND
SOMETIMES THINGS THAT WOULD BE CONSIDERED QUESTIONABLE IN THE US MARKETS
HARDLY SEEM TO RAISE EYEBROWS HERE

TAKE FOR EXAMPLE OTCTRADED NMB SEMICONDUCTOR THE DEBTLADEN MICROCHIP
SUBSIDIARY OF MINEBEA RECENTLY NIPPON STEEL ANNOUNCED IT WOULD BUY
MINEBEA BUT LONG BEFORE THE DECISION WAS MADE PUBLIC NMB SHARES BEGAN TO
ROCKET DURING THE MONTH BEFORE NEGOTIATIONS WERE ANNOUNCED NMB'S SHARE
PRICE MORE THAN DOUBLED TO 958000 YEN 7717 FROM 425000 YEN DAILY
TURNOVER ZOOMED TO 880 SHARES FROM 15 SHARES

OFFICIALS OF THE JAPAN SECURITIES DEALERS ASSOCIATION WHICH MONITORS OTC
ACTIVITY SAY THEY AREN'T CONCERNED ABOUT NMB'S STOCK MOVEMENT AND DON'T
PLAN TO INVESTIGATE AN ASSOCIATION SPOKESMAN SAYS THE JUMP IN NMB'S SHARE
PRICE WAS SIMPLY A REFLECTION OF OVERALL MARKET STRENGTH EVEN THOUGH THE
OTC GAINED ONLY 3 DURING THE PERIOD AN NMB OFFICIAL SAYS HIS COMPANY IS
CERTAIN THERE WAS NO INAPPROPRIATE DEALING IN THE STOCK

CRAIG CHUDLER EQUITY STRATEGIST AT UBS PHILIPS & DREW INTERNATIONAL
CAUTIONS THAT DISCLOSURE PROCEDURES AND MANAGEMENT AT JAPANESE OTC COMPANIES
SOMETIMES FALL SHORT OF WHAT FOREIGN INVESTORS EXPECT A LOT OF FOREIGNERS
BUY OTC STOCKS FOR GROWTH HE SAYS BUT IT'S MUCH MORE DIFFICULT TO
RECOMMEND OTC STOCKS THAN BLUE CHIPS

STILL JAPAN'S OTC MARKET IS GROWING WHILE IT IS DWARFED BY THE TOKYO STOCK
EXCHANGE WHICH LISTS 1652 COMPANIES THE OTC MARKET NOW TRADES SHARES OF
435 COMPANIES UP FROM 196 FIVE YEARS AGO WHILE FOREIGN CORPORATE INVESTORS
HAVE LATELY BEEN NET SELLERS ON THE TOKYO STOCK EXCHANGE THEIR NET
INVESTMENT IN JAPANESE OTC STOCKS INCREASED SEVEN BILLION YEN 564
MILLION BETWEEN OCTOBER AND MIDJANUARY

TRADERS SAY PRICES OF MANY JAPANESE OTC STOCKS COULD QUICKLY JUMP ONCE JAPAN
PULLS OUT OF ITS RECESSION SMALL COMPANIES SHOULD GREATLY BENEFIT FROM
ANY ECONOMIC REBOUND SAYS KAHORI ANDO SMALLCOMPANY ANALYST AT BARCLAYS DE
ZOETE WEDD SECURITIES JAPAN

SHE RECOMMENDS AUCNET A HIGHTECH AUCTION HOUSE THAT LETS AUTO DEALERS BUY
AND SELL USED CARS VIA A SATELLITE HOOKUP AUCNET IS PLANNING TO BRANCH INTO
LIVESTOCK SALES

ANOTHER COMPANY GETTING ATTENTION IS UNION TOOL ONE OF JAPAN'S LEADING
MANUFACTURERS OF DRILL BITS FOR PRINTED CIRCUIT BOARDS THE COMPANY
DEVELOPED AN IMPROVED MANUFACTURING PROCESS JUST BEFORE JAPAN'S RECESSION
HIT SEVERAL FOREIGN INVESTORS IN TOKYO THINK THAT WILL PRODUCE INCREASED
EARNINGS FOR UNION TOOL LATER THIS YEAR

JOHN ZWAANSTRA WHO RUNS THE JAPAN OTC FUND FOR JARDINE FLEMING JAPAN IS
BEARISH ON THE OVERALL MARKET BUT IS BUYING STOCKS HE THINKS WILL PERFORM
IN HARD TIMES HE'S COUNTING ON THE JAPANESE GOVERNMENT TO CONTINUE
ATTEMPTING TO JUMPSTART THE ECONOMY THROUGH GREATER SPENDING ON PUBLIC
WORKS THUS MR ZWAANSTRA FAVORS MAEZAWA INDUSTRIES A MAKER OF
WATERTREATMENT EQUIPMENT WHOSE SINGLE CUSTOMER IS THE GOVERNMENT

ALEXANDER WILBERFORCE AN ANALYST AT SMITH NEW COURT CALLS FASTFOOD
COMPANY YOSHINOYA D&C A CLASSIC RECESSION PLAY SINCE THE COMPANY'S LARGE
BUT INEXPENSIVE DISHES OF BEEF ON RICE SUITS THE NEW TASTE IN JAPAN FOR
CHEAP AND FILLING FARE YOSHINOYA ALSO APPEARS TO BE BENEFITING FROM JAPAN'S
FALLING BEEF PRICES AND COULD GET AN EVEN BIGGER BOOST IF JAPAN'S BAN ON
FOREIGN RICE IS LIFTED

ANOTHER DOWNSCALE MARKETER LISTED ON THE OTC MARKET IS LAOX WHICH SELLS
ELECTRONICS THE COMPANY HAS BEEN HURT BY EARLIER DECLINES IN SALES AND IS
CURRENTLY TRADING AT ABOUT 60 OF ITS BOOK VALUE MR ZWAANSTRA CALLS LAOX'S
SHARE PRICE MEGACHEAP

TOKYO STOCKS FELL SLIGHTLY FRIDAY ON LASTMINUTE SELLING BY ARBITRAGERS
AFTER SPENDING THE DAY MOSTLY HIGHER ON BUYING BY DOMESTIC INSTITUTIONS AND
PUBLIC PENSION FUNDS

LONDON SHARES EASED ON POSITION SQUARING AT THE CLOSE OF THE TWOWEEK
TRADING ACCOUNT FRANKFURT STOCKS ENDED SLIGHTLY HIGHER IN LIGHT TRADING

IN TOKYO THE NIKKEI 225STOCK INDEX WHICH SURGED 55373 POINTS OR 34
THURSDAY MANAGED TO REMAIN ABOVE 17000 POINTS FALLING 3963 TO 1702378

IN TOKYO MONDAY THE NIKKEI INDEX ROSE 2819 POINTS TO CLOSE THE MORNING
SESSION AT 1705197

ON FRIDAY FIRSTSECTION VOLUME WAS ESTIMATED AT 320 MILLION SHARES DOWN
SLIGHTLY FROM 326 MILLION SHARES THURSDAY GAINERS OUTNUMBERED LOSERS 544
TO 404

THE TOKYO STOCK PRICE INDEX OF ALL FIRSTSECTION ISSUES ROSE 701 POINTS TO
129888

MARKET PLAYERS WERE EXPECTING YASUSHI MIENO BANK OF JAPAN GOVERNOR TO CUT
THE OFFICIAL DISCOUNT RATE OR HINT AT A COMING EASING IN AN EFFORT TO SPUR
THE ECONOMY BUT MR MIENO DIDN'T SPECIFICALLY ADDRESS RATES IN A NEWS
CONFERENCE FRIDAY

MEANTIME STEPPEDUP BUYING THURSDAY AND FRIDAY BY PUBLIC PENSION FUNDS AND
INSTITUTIONS SUCH AS LIFE INSURERS SUGGESTS THAT THE GOVERNMENT IS AGAIN
EXERCISING ITS INFLUENCE TO SUPPORT THE MARKET

IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX DROPPED 97
POINTS TO 28072 THE FT 30STOCK INDEX FELL 75 TO 21773 VOLUME WAS 773
MILLION SHARES DOWN FROM 8289 MILLION THURSDAY

THE DECLINE WAS BLAMED ON RIGHTS ISSUES THAT DRAINED MORE THAN 600 MILLION
910 MILLION FROM THE MARKET DURING THE WEEK PLUS CONCERN ABOUT THE
TIMING OF AN ECONOMIC RECOVERY EUPHORIA FROM LAST WEEK'S CUT IN A KEY
LENDING RATE BEGAN TO FADE AND INVESTORS NOW FEAR IT COULD BE SOME TIME
BEFORE A RECOVERY TAKES HOLD

IN FRANKFURT THE DAX 30STOCK INDEX ROSE 401 POINTS TO 157185

PARIS STOCKS ENDED LOWER PUSHED DOWN AT THE END OF THE DAY BY RUMORS THAT A
RISE IN FRENCH INTEREST RATES WAS IMMINENT PRICES IN AMSTERDAM WERE HIGHER
IN MODERATELY ACTIVE TRADING IN MILAN STOCKS ROSE 19 IN ACTIVE TRADING
AS BETTERTHANEXPECTED EARNINGS FOR AUTO MAKER FIAT SPARKED SELLING IN ALL
SECTORS STOCKHOLM SHARE PRICES SURGED AS TRADERS WERE ENCOURAGED BY A
DOWNWARD TREND FOR DOMESTIC INTEREST RATES ZURICH STOCKS ROSE BUOYED BY A
STRONGER DOLLAR

IN ASIA SINGAPORE STOCKS ROSE 14 ON HEAVY VOLUME AS BUYING BY OVERSEAS
INVESTORS HELPED BOOST THE STRAIGHT TIMES INDUSTRIALS INDEX TO A NEW HIGH
HONG KONG SHARES DROPPED ON CONTINUED CONCERNS ABOUT SINOBRITISH RELATIONS
IN SEOUL PRICES LOST GROUND ON RENEWED CONCERNS ABOUT TRADE FRICTION WITH
THE USEND

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 IS BASED ON THE CLOSE OF 1969 EQUALING 100
THE PERCENTAGE CHANGE IS SINCE YEAREND

NIPPON STEEL CORP ANNOUNCED IT WILL BUY MINEBEA CO'S 60 STAKE IN NMB
SEMICONDUCTOR CO IN MONDAY'S WORLD STOCK MARKETS COLUMN IT WAS INCORRECTLY
REPORTED THAT NIPPON STEEL WOULD BUY MINEBEA 9302010004 930201
INTERNATIONAL WASHINGTON INSIGHT CLINTON'S HAITI PROBLEM COULD WORSEN
 IF NEW DIPLOMATIC EFFORT BY UN FAILS  BY ROBERT S GREENBERGER 
STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE UNITED NATIONS IS UNDERTAKING A NEW DIPLOMATIC EFFORT TO
BUILD DEMOCRACY IN HAITI IF IT FAILS PRESIDENT CLINTON'S HAITI PROBLEM
WILL GROW WORSE

THE POOREST NATION IN THE WESTERN HEMISPHERE HAITI HAS NO STRATEGIC VALUE
TO THE US BUT IT'S A TIME BOMB FOR MR CLINTON IF DIPLOMACY FAILS UN
OFFICIALS ARE SURE TO CALL FOR NEW SANCTIONS AGAINST HAITI'S
MILITARYCONTROLLED REGIME DEMANDS THAT COULD PIT THE US AGAINST SOME
EUROPEAN ALLIES WHICH HAVE IGNORED THE CURRENT EMBARGO IMPOSED BY THE
ORGANIZATION OF AMERICAN STATES

LACK OF PROGRESS IN RESOLVING HAITI'S PROBLEMS ALSO WOULD PRODUCE CALLS
WITHIN THE US FOR ACTION AGAINST HAITI'S RULERS PRESSURE THAT MR
CLINTON WOULD FIND IT DIFFICULT TO RESIST

THE PRESIDENT HAS OTHER REASONS TO HOPE FOR A RESOLUTION OF THE HAITI
CRISIS NEXT MONTH THE SUPREME COURT WILL DECIDE WHETHER TO REVERSE THE
US POLICY OF TURNING BACK FLEEING HAITIANS WITHOUT FIRST DETERMINING
WHETHER THEY ARE ENTITLED TO REFUGEE STATUS IN THE US BARRING IMPROVEMENTS
IN CONDITIONS IN HAITI A REVERSAL OF THE POLICY ORDERED BY PRESIDENT BUSH
COULD UNLEASH A FLOOD OF IMMIGRANTS

SINCE HAITI'S ELECTED PRESIDENT JEANBERTRAND ARISTIDE WAS OVERTHROWN BY A
MILITARY COUP 16 MONTHS AGO EXPERIENCE HAS SHOWN THAT RESOLVING HAITI'S
PROBLEMS WON'T BE EASY THE KEY TO SUCCESS FOR THE UN WILL BE TO KEEP THE
PRESSURE ON ALL SIDES SAYS PETER HAKIM SENIOR FELLOW AT THE
INTERAMERICAN DIALOGUE A PRIVATE GROUP NEGOTIATIONS CAN TAKE A LONG
TIME BUT IT'S IMPORTANT TO KEEP THE PRESSURE ON

AS A FIRST STEP IN RESTORING MR ARISTIDE THE UN WANTS TO DEPLOY HUNDREDS
OF HUMANRIGHTS MONITORS IN HAITI IT'S BELIEVED THEIR PRESENCE WOULD HELP
CALM TENSIONS AND DISCOURAGE POLITICAL VIOLENCE BUT LAST WEEK AFTER
INITIALLY ACCEPTING THE PLAN HAITIAN PRIME MINISTER MARC BAZIN REJECTED
SOME OF THE TERMS THAT WOULD GOVERN THE MISSION

THE SPECIAL UN ENVOY DANTE CAPUTO WAS SCHEDULED TO RETURN TO HAITI
YESTERDAY FOR FURTHER NEGOTIATIONS MR CAPUTO WHO BELIEVES THE
NEGOTIATIONS COULD BE WRAPPED UP IN A FEW DAYS HAS MADE CLEAR THAT HE WON'T
PARTICIPATE IN ENDLESS TALKS SOME US OBSERVERS BELIEVE AN AGREEMENT MAY
SOON BE WORKED OUT AND THAT MR BAZIN MAY BE STALLING SIMPLY TO APPEASE
HAITIAN HARDLINERS WHO ARE INFURIATED BY MR CAPUTO'S TERMS

BUT IF THE TALKS COLLAPSE UN OFFICIALS COULD CALL FOR AN EMBARGO ON
HAITI THE CURRENT OAS EMBARGO HAS MADE HAITI'S MANY POOR PEOPLE EVEN
POORER BUT IT HASN'T STOPPED OIL MILITARY EQUIPMENT AND SOME LUXURY GOODS
FROM FLOWING IN OFTEN FROM EUROPEAN NATIONS THAT SAY THEY AREN'T LEGALLY
BOUND BY THE OAS SANCTIONS THE ADMINISTRATION WANTS TO AVOID FRICTION WITH
ITS ALLIES AT THE UN WHERE IT'S TRYING TO MAINTAIN COOPERATION IN
ENFORCING SANCTIONS AGAINST IRAQ LIBYA AND THE FORMER YUGOSLAVIA

MR CLINTON ALSO DOESN'T WANT TROUBLES WITH HIS DOMESTIC SUPPORTERS 
INCLUDING BLACKS WHO VOTED FOR HIM OVERWHELMINGLY IN THE CAMPAIGN MR
CLINTON CRITICIZED PRESIDENT BUSH'S POLICY OF RETURNING HAITIAN BOAT PEOPLE
BUT REVERSED HIMSELF BECAUSE OF FEARS THAT HAITIANS WOULD FLOOD INTO THE
US SOME BLACK LEADERS SUCH AS JESSE JACKSON HAVE CRITICIZED MR CLINTON
FOR HIS REVERSAL BUT THE CONGRESSIONAL BLACK CAUCUS HAS HELD ITS FIRE
CAUCUS MEMBERS ARE WILLING TO GIVE THE NEW PRESIDENT A HONEYMOON BESIDES
SOME OF THEM BELIEVE THE FLIGHT OF TOO MANY CAPABLE HAITIANS WOULD LEAVE
HAITI WITH INSUFFICIENT HUMAN RESOURCES TO REBUILD THE COUNTRY IF MR
ARISTIDE RETURNS

BUT WITH HUMANRIGHTS ABUSES CONTINUING IN HAITI A COLLAPSE OF NEGOTIATIONS
COULD FORCE BLACK LAWMAKERS TO CALL FOR NEW US ACTION

MR ARISTIDE'S HUMANRIGHTS RECORD WASN'T UNBLEMISHED WHEN HE GOVERNED BUT
MOST ANALYSTS BELIEVE HE STILL HAS THE SUPPORT OF THE VAST MAJORITY OF
HAITIANS AND IS A NECESSARY INGREDIENT OF ANY SOLUTION MR ARISTIDE'S
SUPPORTERS SAY HE HAS AGREED TO A PROCESS UNDER WHICH HE WOULDN'T RETURN
IMMEDIATELY AND WHICH WOULD PERMIT A GENERAL AMNESTY FOR THE MILITARY
OFFICERS WHO OVERTHREW HIM

IT IS DISHEARTENING BUT NOT SURPRISING THAT WE TAKE TWO STEPS FORWARD AND
ONE STEP BACK SAYS BERNARD ARONSON ASSISTANT SECRETARY OF STATE FOR
INTERAMERICAN AFFAIRS BUT IT IS CRUCIAL FOR THOSE IN POWER TO UNDERSTAND
THAT THE INTERNATIONAL COMMUNITY IS COMMITTED TO THE RESTORATION OF
DEMOCRACY AND THEREFORE THERE ARE CONSEQUENCES TO OBSTRUCTING DIPLOMACY
9302010003 930201 INTERNATIONAL BUREAUCRATIC BICKERING THWARTS 
JAPAN'S SEARCH FOR ECONOMIC CURE  BY CLAY CHANDLER STAFF REPORTER
OF THE WALL STREET JOURNAL

TOKYO JAPAN'S ECONOMIC HEALTH HAS GONE FROM BAD TO WORSE BUT GOVERNMENT
AND BUSINESS LEADERS STILL AREN'T DOING MUCH ABOUT IT THEY'RE TOO BUSY
BICKERING OVER REMEDIES

MINISTRY OF FINANCE BUREAUCRATS ARE SQUABBLING WITH POLITICIANS ABOUT TAXES
AND THE BUDGET BUSINESSES ARE RESTRUCTURING AT A SNAIL'S PACE AND THE
CENTRAL BANK FOR MONTHS HAS STUBBORNLY RESISTED CALLS TO LOWER INTEREST
RATES FURTHER WHILE MANY BELIEVE A RATE CUT OF A HALF PERCENTAGE POINT OR
SO IS LIKELY TO COME SOON PERHAPS EVEN THIS WEEK SOME ECONOMISTS SAY
SUCH A REDUCTION WOULD BE NOTABLY LATE THE DELAY THEY INSIST HAS FURTHER
POSTPONED AN ECONOMIC RECOVERY

THIS INERTIA EVEN PARALYSIS PREVAILS DESPITE A TORRENT OF RECENT
INDICATORS CONFIRMING THE SPREAD OF JAPAN'S ECONOMIC MALAISE IN DECEMBER
SALES AT LARGE RETAIL STORES FELL 57 FROM A YEAR EARLIER THEIR BIGGEST
DECLINE EVER WHILE DOMESTIC PASSENGER CAR SALES DROPPED 83 INDUSTRIAL
PRODUCTION FELL TOO WHILE INVENTORIES ROSE DEFYING MANY ECONOMISTS'
EXPECTATIONS

CORPORATE EARNINGS CONTINUE TO PLUNGE AND ARE ALL BUT CERTAIN TO FALL FOR
AN UNPRECEDENTED THIRD CONSECUTIVE YEAR DURING THE FISCAL YEAR ENDING MARCH
31 UNEMPLOYMENT MEANWHILE KEEPS INCHING UPWARD AND AT 23 HAS
APPROACHED THE PAIN THRESHOLD FOR JAPAN MANY ANALYSTS BELIEVE THAT JAPAN'S
GROSS NATIONAL PRODUCT IS HEADED FOR ITS SECOND CONSECUTIVE QUARTERLY
DECLINE

CONTINUED INERTIA WILL PROVE COSTLY FOR THE US AND OTHER TRADING PARTNERS
AS WELL AS FOR JAPAN WITH JAPAN'S ECONOMY THE WORLD'S SECOND LARGEST 
IN A SLUMP THERE IS LESS DEMAND FOR FOREIGN GOODS JAPAN POSTED A RECORD
107 BILLION TRADE SURPLUS IN 1992 AND ECONOMISTS SAY THE 1993 SURPLUS
COULD BE LARGER STILL

JAPAN'S LEADERS SEEM STUNNED BY THE PLIGHT OF THEIR ECONOMY SPEAKING BEFORE
THE JAPANESE PARLIAMENT FRIDAY PRIME MINISTER KIICHI MIYAZAWA ACKNOWLEDGED
GOVERNMENT PLANNERS HAVE MADE MISTAKES ECONOMIC AUTHORITIES DIDN'T HAVE
CLEAR VISION LAST SPRING HE SAID WHEN THEY FAILED TO PERCEIVE THE
ECONOMY HAD BEGUN ITS NOSEDIVE

STILL RECENT POLICY MOVES HARDLY CONVEY A SENSE OF URGENCY TAKE FOR
EXAMPLE THE BANK OF JAPAN'S REFUSAL FOR MONTHS TO ACT ON CALLS TO LOWER THE
OFFICIAL DISCOUNT RATE THE FEE THE CENTRAL BANK CHARGES ON ITS LOANS TO
PRIVATE BANKS DESPITE THE GLOOMY INDICATORS AND THE INCREASING
DESPERATION OF BUSINESSES AND INVESTORS

ROBERT FELDMAN CHIEF ECONOMIST AT SALOMON BROTHERS ASIA LTD SAYS THE BANK
OF JAPAN'S CAUTIOUS STANCE HAS BEEN JUSTIFIED BECAUSE GOVERNMENT SPENDING
AND TAX CUT MEASURES ARE IN THE OFFING ALL THE ECONOMIC INDICATORS ARE
BAD BUT THE BANK CAN SEE A LOT OF GOOD THINGS STILL IN THE POLICY
PIPELINE HE SAYS

OTHER ANALYSTS AREN'T SO CHARITABLE INDEED MANY HERE THINK THE BANK OF
JAPAN DUG IN ITS HEELS ON LOWERING THE RATE WHICH NOW STANDS AT 325
SIMPLY TO ASSERT ITS OWN AUTONOMY ONE THEORY HAS IT THAT THE BANK OF JAPAN
HAS BEEN ENGAGED IN A TUG OF WAR WITH THE FINANCE MINISTRY EARLIER THIS
MONTH THE FINANCE MINISTRY FUELED A RALLY IN THE BOND MARKET THROUGH THE
UNPRECEDENTED TACTIC OF USING PUBLIC FUNDS TO BUY UP GOVERNMENT BONDS
OUTRIGHT THE MOVE WHICH DROVE DOWN MARKET INTEREST RATES WAS WIDELY
INTERPRETED AS AN ATTEMPT TO FORCE THE CENTRAL BANK TO EASE RATES

THERE HAVE EVEN BEEN FANCIFUL RUMORS SWIRLING IN TOKYO THAT BANK OF JAPAN
GOVERNOR YASUSHI MIENO WOULD RESIGN SPECULATION WAS HEIGHTENED LAST WEEK BY
AN UNCONFIRMED REPORT THAT A BANK OF JAPAN OFFICIAL LEAKED CONFIDENTIAL
DOCUMENTS REVEALING THE BUSINESS PLANS OF MITSUBISHI BANK LTD TO RIVAL
FINANCIAL INSTITUTIONS MANY OBSERVERS HAVE INTERPRETED THE FLAP AS PART OF
A CAMPAIGN TO DISCREDIT MR MIENO

THE BANK OF JAPAN'S INDEPENDENCE IN SETTING MONETARY POLICY IS BEING
UNDERMINED BY ACTIVE INTERVENTION FROM POLITICIANS AND THE FINANCE
MINISTRY CONTENDS JESPER KOLL CHIEF ECONOMIST AT SG WARBURG SECURITIES
JAPAN INC IF IT HADN'T BEEN FOR ALL THE KABUKI YOU WOULD HAVE YOUR RATE
CUT ALREADY

THERE'S AMPLE BICKERING ON THE FISCAL POLICY FRONT AS WELL TAKESHI NAGANO
THE OUTSPOKEN CHIEF OF NIKKEIREN AN INFLUENTIAL BUSINESS FEDERATION
STIRRED UP TROUBLE LAST WEEK BY CALLING FOR A FIVE TRILLION YEN 402
BILLION INCOMETAX CUT TO STIMULATE CONSUMPTION THE IDEA HAS WON THE
SUPPORT OF OTHER BUSINESS LEADERS AND POLITICIANS BUT OFFICIALS IN THE
FISCALLY CONSERVATIVE FINANCE MINISTRY REGARD THE PLAN WITH HORROR WE
WON'T DO IT SNAPPED A TAX BUREAU OFFICIAL WHEN ASKED ABOUT MR NAGANO'S
PROPOSAL

THE MINISTRY FEARS THE TAX CUT WILL UNDO THEIR NEARLY 15YEAR EFFORT TO GAIN
CONTROL OF JAPAN'S NATIONAL DEBT EVEN WITHOUT A TAX REDUCTION THE
GOVERNMENT PROBABLY WOULD HAVE TO ISSUE DEFICIT BONDS AGAIN NEXT YEAR
BECAUSE TAX REVENUES HAVE PLUNGED WITH THE SLUMP OF THE ECONOMY MR KOLL OF
SG WARBURG CALCULATES JAPAN FACES A REVENUE SHORTFALL OF NEARLY 15
TRILLION YEN OVER THE NEXT TWO YEARS

MOST ANALYSTS EXPECT THE GOVERNMENT OVER THE FINANCE MINISTRY'S OBJECTIONS
TO APPROVE A NEW PACKAGE OF STIMULATIVE FISCAL MEASURES WORTH FIVE TRILLION
YEN TO 10 TRILLION YEN BY MAY

IT'S FAR FROM CLEAR HOWEVER THAT THOSE MEASURES EVEN COMBINED WITH A CUT
IN INTEREST RATES WOULD SPARK A RECOVERY MOST COMPANIES AND INVESTORS HAVE
ALREADY BEGUN TO BANK ON LOWER RATES AND ANALYSTS WARN THAT CUTTING INCOME
TAXES WON'T DO MUCH TO SPUR THE ECONOMY UNLESS CONSUMER PSYCHOLOGY IMPROVES
THERE'S A REAL DANGER THE MONEY YOU GIVE BACK TO PEOPLE WILL END UP IN THE
POSTAL SAVINGS SYSTEM AND NOT IN THE CAR SHOWROOM SAYS GEOFFREY BARKER
ECONOMIST AT BARING SECURITIES JAPAN LTD 9302010002 930201 WHO'S NEWS
 SANTA FE PACIFIC CORP

SANTA FE PACIFIC CORP SCHAUMBURG ILL BILL M LINDIG AND EDWIN P
HOFFMAN WERE NAMED DIRECTORS AT THIS RAILROAD HOLDING COMPANY AND NATURAL
RESOURCES CONCERN INCREASING THE BOARD TO 12 MEMBERS MR LINDIG 56 YEARS
OLD IS PRESIDENT AND CHIEF OPERATING OFFICER AT SYSCO CORP A FOODSERVICE
PRODUCTS CONCERN IN HOUSTON MR HOFFMAN 50 IS PRESIDENT AND CHIEF
OPERATING OFFICER AT HOUSEHOLD INTERNATIONAL INC A FINANCIAL SERVICES
COMPANY IN PROSPECT HEIGHTS ILL 9302010001 930201 CORRECTIONS &
AMPLIFICATIONS

CHRYSLER CORP'S CHRYSLER FINANCIAL CORP IS EXPECTED TO RECEIVE 22
BILLION FROM THE PENDING SALE OF MOST OF ITS CHRYSLER FIRST UNIT'S FINANCING
BUSINESS TO NATIONSBANK HOWEVER CHRYSLER FINANCIAL WON'T RECORD A GAIN AS
REPORTED IN AN ARTICLE FRIDAY BECAUSE THE ASSETS ARE BEING SOLD AT BOOK
VALUE

SEE CHRYSLER POSTS HIGHEST PROFIT IN 4 YEARS RAISES SOME CAR PRICES MORE
THAN 100 WSJ JAN 29 1993

THE ZIPSTER PLUS SELFSERVICE MAILING MACHINE MADE BY PI ELECTRONICS CORP
HOUSTON CURRENTLY IS BEING TESTED AT 33 SITES IN HOUSTON AUSTIN SAN
ANTONIO DENVER AND INDIANAPOLIS THE MACHINE ACCEPTS MAJOR CREDIT CARDS AS
WELL AS DEBIT CARDS ON THE BASIS OF INFORMATION SUPPLIED BY THE COMPANY
LAST MONDAY'S FORM AND FUNCTION COLUMN SAID THE MACHINE IS BEING TESTED AT
18 SITES IN THREE CITIES AND THAT A CUSTOMER MUST USE A PREPAID DEBIT CARD

FORMER PHARMOR INC EMPLOYEES JEFFREY WALLEY AND STANLEY CHERELSTEIN
PREVIOUSLY WORKED FOR COOPERS & LYBRAND AN ARTICLE FRIDAY INCORRECTLY SAID
THEY PREVIOUSLY WORKED FOR DELOITTE & TOUCHE

PITNEY BOWES INC'S SPECTRUM INSERTING SYSTEM CAN FEED AND COLLATE AS MANY
AS FIVE INDIVIDUAL SHEETS FOLD AND INSERT THEM INTO AN ENVELOPE AND THEN
SEAL THE FLAPS AT A RATE OF AS MANY AS 4000 ENVELOPES AN HOUR AN ARTICLE
FRIDAY INCORRECTLY SAID THE SYSTEM COULD HANDLE MORE THAN 2000 ENVELOPES AN
HOUR

ROYAL TRUSTCO LTD SAID ITS BOARD WILL REVIEW THE DIVIDEND ON ITS COMMON
SHARES WHEN THE COMPANY APPROVES ITS FOURTHQUARTER RESULTS THE COMPANY'S
DIVIDEND WAS INCORRECTLY LISTED AS OMITTED IN FRIDAY'S DIVIDEND NEWS COLUMN
BASED ON INFORMATION SUPPLIED BY THE TORONTO STOCK EXCHANGE

BOMBAY CO SAID ITS SAMESTORE SALES FOR STORES OPEN MORE THAN ONE YEAR GREW
17 FOR THE FOUR WEEKS ENDED JAN 24 FROM A YEAR EARLIER AN ITEM IN
WEDNESDAY'S BUSINESS BRIEFS SECTION INCORRECTLY STATED THAT SALES ROSE 14
9302010108 930118 LEISURE & ARTS BOOKSHELF BOATING IN BORNEO
WALKING IN WALES  BY JEFFREY A TRACHTENBERG

TRAVEL WRITERS USED TO TRAFFIC MAINLY IN GENTEEL DIARIES OF TRIPS TO ROME
FLORENCE AND VENICE WHICH SATISFIED MOST READERS TODAY WE EXPECT
DERRINGDO IN REMOTE PRIMITIVE PLACES

IN SHOOTING THE BOH A WOMAN'S VOYAGE DOWN THE WILDEST RIVER IN BORNEO
VANTAGE 256 PAGES 11 CALIFORNIA JOURNALIST TRACY JOHNSTON EMBARKS ON
THE ADVENTURE JUNKET OF A LIFETIME SHE JOINS A TEAM OF 11 OTHER THRILL
SEEKERS ATTEMPTING TO RIDE BOATS THROUGH TREACHEROUS GORGES IN FAROFF
JUNGLE

MS JOHNSTON A GIFTED DESCRIPTIVE WRITER AND ADMIRABLE STOIC LEAVES HOME
EXPECTING A UNIQUE LOOK AT A PRISTINE RAIN FOREST AND ITS UNCORRUPTED
INHABITANTS IN OTHER WORDS SHE IS HOPING FOR WHAT SEASONED TRAVELERS
DESIRE MOST IN ADVENTURE A RETREAT FROM CIVILIZATION

SHE GETS WHAT SHE WANTS AND MUCH MORE MISFORTUNE BEGINS ON THE FIRST
DAY HER LUGGAGE IS LOST BY THE AIRLINE AT THE INTERIOR VILLAGE WHERE THE
REAL TRIP IS SCHEDULED TO BEGIN LOCAL BOATSMEN REFUSE TO LEAD HER GROUP
DOWN RIVER INSISTING THAT THE BOH CAN'T BE NAVIGATED SAFELY THEN AS MS
JOHNSTON'S PARTY LOADS ITS THREE CRAFT AND PREPARES TO LEAVE A VILLAGE
HEADMAN OFFERS UP A SOLEMN PRAYER WHILE LOCAL WOMEN CRY NEARBY MS
JOHNSTON ASKS FOR A TRANSLATION OF THE PRAYER AND LEARNS THAT GOD HAS BEEN
ASKED TO ACCEPT THE SOULS IN HEAVEN OF THE MISGUIDED WHITE PEOPLE WHO ARE
GOING TO DIE IN THE GORGE

ALTHOUGH THE GROUP INCLUDES THREE PROFESSIONAL AMERICAN RIVER GUIDES
PRAYERS AREN'T A BAD IDEA SOON AFTER ENTERING THE BOH THE OAR BOAT
CARRYING MS JOHNSTON CRASHES INTO A ROCK WALL FLIPS AND SPILLS ALL ABOARD
INTO THE MAD RUSH OF THE RIVER THEY EMERGE COVERED WITH LEECHES AND ENTER A
HELL OF AGGRESSIVE BEES AND ANTS THEIR CLOTHES ARE ALWAYS WET AND MILDEWED
THEIR CUTS SCRATCHES AND BITES NEVER HEAL AS THE DAYS STRETCH ON AND ON
FAR BEYOND THE TIME ALLOTTED FOR THE JOURNEY THE HEAT AND PHYSICAL
EXHAUSTION ARE SO OVERWHELMING THAT SPEECH BECOMES IMPOSSIBLE

NO WONDER MS JOHNSTON HAS SUCH A FINE TIME ONCE MORE I LAY AWAKE IN THE
MIDDLE OF THE NIGHT FEELING SHEER PLEASURE AT BEING IN A PLACE WHERE FEW
HUMANS HAD BEEN BEFORE ME SHE WRITES THE TREES OVERHEAD THAT LET THE
STARS THROUGH IN LITTLE FLECKS WERE TREES THAT HAD SURVIVED CENTURIES OF
STORMS AND PESTILENCE THE GAP IN THE CANOPY WHERE THE GORGE WIDENED WAS
LIKE THE EARTH'S OPENING EYE

FOR THE MOST PART MS JOHNSTON IS AN ENGAGING STORY TELLER YET TOWARD THE
END OF THIS JOURNEY SHE TURNS INWARD FROM THE MAIN ADVENTURE AND
INCREASINGLY FOCUSES ON HOW SHE LOOKS ONE OF THE OTHER WOMEN ON THE TRIP IS
CURVY AND GORGEOUS THINKING ENVIOUSLY ABOUT THIS YOUNGER BEAUTY MS
JOHNSTON REFLECTS ON HER OWN MORTALITY BUT NOT EVERY TRIP HAS TO BE
TRANSCENDENTAL TO BE MEMORABLE FOR THIS ARMCHAIR READER A BIRD'SEYE VIEW
OF THIS ALMOST FATAL VOYAGE WOULD HAVE BEEN ENOUGH

IN A WALK THROUGH WALES HARPERCOLLINS 290 PAGES 23 THE VETERAN
WRITER ANTHONY BAILEY RISKS ALMOST NOTHING IN HIS SEARCH FOR A PLEASANT
CHANGE OF SCENE EVERY SPRING HE WRITES HE'S OVERCOME WITH A SENSE OF
RESTLESSNESS THAT PULLS HIM UP AND OUT OF HIS HOUSE THIS TIME MR BAILEY
CHOOSES A NEARBY VISTA BOARDING A TRAIN AT PADDINGTON STATION IN LONDON AND
DEPARTING FOR WALES A FEW HOURS TO THE WEST

THERE ARE NO LEECHES HERE NO EXOTIC VILLAGERS THE HOTELS AND BED AND
BREAKFASTS ARE INDISTINGUISHABLE AND MR BAILEY'S FREQUENT DOLLOPS OF
POTTED HISTORY TEND TO BLUR RATHER THAN ILLUMINATE

MR BAILEY COMMITS A CARDINAL SIN IN JOURNALISM HE EMPTIES HIS NOTEBOOK HE
EVEN INCLUDES A LIST OF PEOPLE ATTENDING A BIRTHDAY PARTY HE STUMBLES
ACROSS WE DON'T CARE ABOUT THEM OR THAT THEY ARE EATING SAUSAGES ON CHUNKS
OF BROWN GRANARY BREAD WHERE ARE THE QUIRKY FOLKS WHO MADE MR BAILEY'S
BEST WORK SO JOYOUS TAKING THINGS AS THEY COME MAY MAKE LIFE ON THE ROAD
EXCITING BUT IF NOTHING ACTUALLY HAPPENS EVEN AN OLD PRO LIKE MR BAILEY
CAN'T EKE A BOOK OUT OF IT

MORE SUREFOOTED IS BALANCING ACTS SIMON & SCHUSTER 351 PAGES 23 A
COLLECTION OF ESSAYS BY EDWARD HOAGLAND PART NATURALIST PART TRAVELER
PART RACONTEUR MR HOAGLAND OFFERS A DETAILED LOOK AT HIS OWN PERIPATETIC
LIFE AND THE PLACES BOTH KNOWN AND REMOTE WHERE IT'S TAKEN HIM WHETHER
HE'S IN THE OKEFENOKEE SWAMP IN GEORGIA THE WYOMING ROCKIES OR THE ALASKAN
OUTBACK MR HOAGLAND BOTH ENTERTAINS AND INFORMS

HE ALSO KNOWS HOW TO MAKE PURELY PERSONAL ASIDES MATTER IN THE JOB IS TO
POUR YOUR HEART OUT MR HOAGLAND EXAMINES THE WRITERS WHO SHAPED HIS
YOUTH INCLUDING JOHN STEINBECK WHOM HE MET HE THEN PAUSES TO REFLECT HOW
HIS STUTTER MAY HAVE AFFECTED HIS CAREER WHERE OTHERS MIGHT HAVE EXPECTED
TO RECEIVE PROFESSORSHIPS HE MUSES HIS WOULD HAVE TO BE A LIFE ON THE GO
WRITING AND REPORTING AS THIS BOOK SHOWS READERS ARE LUCKIER FOR IT

MR TRACHTENBERG IS A REPORTER IN THE JOURNAL'S NEW YORK BUREAU

JEFFREY A TRACHTENBERG'S JAN 18 LEISURE & ARTS PAGE REVIEW OF SHOOTING
THE BOH A WOMAN'S VOYAGE DOWN THE WILDEST RIVER IN BORNEO MISIDENTIFIED
THE PUBLISHER IT IS VINTAGE BOOKS 9302010090 930115 A KINDER GENTLER
COLONIALISM  BY DAVID BROOKS

THEY CAME BACK FOR THE PURPOSE THEY NEVER SPOKE ABOUT THE FIRST TIME IN
THEIR EVIL AGGRESSION NAMELY TO IMPOSE COLONIALISM

SO FAR THE MOST STRAIGHTTALKING ANALYST OF THE NEW WORLD ORDER IS SADDAM
HUSSEIN IT CERTAINLY IS A FORM OF COLONIALISM TO GO INTO A COUNTRY TO
PROTECT KURDS AND SHIITES OR TO TAKE OVER SOMALIA TO FEED THE STARVING AND
IT WOULD BE A FORM OF COLONIALISM TO GO INTO BOSNIA TO STOP THE RAPING AND
KILLING THE QUESTION IS CAN WE PULL IT OFF

A RECENT INFORMAL SURVEY OF BRITISH HISTORIANS OF COLONIALISM YIELDED A
UNANIMOUS RESPONSE NO AMERICA THEY BELIEVE WILL BE UNWILLING TO TAKE THE
TOUGH MEASURES REQUIRED TO RESTORE ORDER TO PLACES LIKE SOMALIA AND BOSNIA
UNWILLING TO ENDURE THE LENGTH OF OCCUPATION THAT WILL BE NECESSARY AND
UNABLE TO MUSTER THE IMPERIAL MINDSET WE WILL NEED TO JUSTIFY THE OPERATION
TO OURSELVES

THE ARGUMENTS THESE HISTORIANS USE AGAINST INTERVENTION ARE COMPELLING BUT
NOT DECISIVE ANTIINTERVENTIONISTS ALWAYS WIN THE RHETORICAL BATTLES BUT
THEY OFTEN LOSE THE POLICY WARS THAT'S BECAUSE PEOPLE IN POWER OFTEN FIND
INTERVENTION BAD BUT NONINTERVENTION INTOLERABLE IF WE ARE GOING TO GO INTO
PLACES LIKE SOMALIA PERHAPS WE CAN LEARN FROM THE MISTAKES OF NATIONS THAT
HAVE BEEN THERE BEFORE AND NOW SAY IT CAN'T BE DONE

ONE OF THE PROBLEMS IS THAT MUCH OF WHAT WE KNOW ABOUT COLONIALISM WE HAVE
LEARNED FROM LEFTWING BRITISH SCREENWRITERS THEY HAVE GIVEN US IMAGES OF
GREEDY LAND GRABS YELLOW JOURNALISTS WHIPPING UP JINGOISTIC HYSTERIA AND
BLOATED OLD BLIMPS FLOGGING CIVILIZATION INTO THE NATIVES IN FACT TAKING
UP THE WHITE MAN'S BURDEN WAS A POPULAR CAUSE IN BRITAIN FOR ONLY A FEW
YEARS IN THE 1890S BY WHICH TIME MOST OF THE COLONIES WERE ALREADY A FAIT
ACCOMPLI WHEN THE BRITISH EXPANDED THEIR EMPIRE IN THE MIDDLE OF THE 19TH
CENTURY THE TAXPAYERS WERE UNWILLING TO FUND IT THE COLONIAL OFFICE
DISCOURAGED IT AND MOST POLITICIANS CONSIDERED IT IMMORAL GENERALLY
BRITAIN INTERVENED ONLY WHERE A LOCAL GOVERNMENT OR OTTOMAN RULE HAD
COLLAPSED CAUSING PROBLEMS FOR BRITISH TRADE AND ONLY AFTER MUCH GRIPING
AND COLD CALCULATION

BECAUSE THE BRITISH WENT IN SO RELUCTANTLY THEIR 19TH CENTURY EXPEDITIONS
HAD MODEST GOALS THE GOVERNMENT HAD LITTLE INTEREST IN DEVELOPING OR
CIVILIZING MOST PLACES THE BRITISH POLITICIANS INVENTED RHETORICAL
FORMULATIONS TO MINIMIZE THEIR RESPONSIBILITY CALLING THE TERRITORIES
PROTECTORATES OR SPHERES OF INFLUENCE RATHER THAN COLONIES FOR THE MOST
PART THE AIM WAS MERELY TO ESTABLISH A SUFFICIENT DEGREE OF LAW AND ORDER
TO MAKE COMMERCE POSSIBLE

IN THIS RESPECT THE BRITISH EMPIRE WAS SUCCESSFUL GEORGE ORWELL WHO
SERVED IN INDIA AND HATED COLONIALISM WROTE THE EMPIRE WAS PEACEFUL AS NO
AREA OF COMPARABLE SIZE HAS EVER BEEN THROUGHOUT ITS VAST EXTENT NEARLY A
QUARTER OF THE EARTH THERE WERE FEWER ARMED MEN THAN WOULD BE FOUND
NECESSARY BY A MINOR BALKAN STATE PARTLY THIS IS BECAUSE YOU DON'T NEED
MANY SOLDIERS WITH GATLING GUNS WHEN YOUR ENEMIES POSSESS LITTLE MORE THAN
SPEARS NEVERTHELESS IN COMPARISON TO THOSE SAME TERRITORIES IN THE
POSTCOLONIAL ERA THE BRITISH EMPIRE WAS AN ORDERLY PLACE

GRADUALLY THE EMPIRE BECAME MORE FORMALIZED AS THE BRITISH TRIED TO EXTEND
LAW AND ORDER INLAND AND AS OTHER EUROPEAN POWERS VIED FOR TURF THE BEST
BRITISH ADMINISTRATORS GRASPED THE CONTRADICTION THAT IS THE CENTRAL PROBLEM
OF COLONIALISM THEN AND NOW ONE OF THE MAJOR IMPERIALISTS OF THE LATER
PERIOD THE EARL OF CROMER EXPRESSED IT THIS WAY THE ENGLISHMAN AS
IMPERIALIST IS ALWAYS STRIVING TO ATTAIN TO IDEALS WHICH ARE APT TO BE
MUTUALLY DESTRUCTIVE THE IDEAL OF GOOD GOVERNMENT WHICH CONNOTES THE
CONTINUANCE OF HIS SUPREMACY AND THE IDEAL OF SELFGOVERNMENT WHICH
CONNOTES THE WHOLE OR PARTIAL ABDICATION OF HIS SUPREME POSITION

THE BRITISH TRIED TO RESOLVE THE PROBLEM BY SETTING UP A COLLABORATION
BETWEEN THEMSELVES AND THE LOCAL ELITE WHEREBY THE BRITISH WOULD ESTABLISH
SUFFICIENT ORDER TO ALLOW THE NATIVES TO GOVERN THEMSELVES ALL THE
GOVERNMENT CAN DO SAID THE GOVERNOR OF BOMBAY JOHN MALCOLM IN 1826 IS
BY MAINTAINING THE INTERNAL PEACE OF THE COUNTRY AND BY ADAPTING ITS
PRINCIPLES TO THE VARIOUS FEELINGS HABITS AND CHARACTER OF ITS INHABITANTS
TO GIVE TIME FOR THE SLOW AND SILENT OPERATION OF THE DESIRED IMPROVEMENT
THIS SENTIMENT WAS OCCASIONALLY WRITTEN INTO LAW FOR EXAMPLE IN 1833 BY THE
EAST INDIA COMPANY WHICH DECLARED THAT LOCAL LAWS WOULD HAVE PRECEDENCE
OVER EUROPEAN ONES

ANYWAY THIS WAS THE IDEAL FROM WHICH THE US MIGHT NOW LEARN IN
PRACTICE OF COURSE THERE WAS PERVASIVE RACISM AUTOCRACY AND WHAT KIPLING
CALLED SAVAGE WARS OF PEACE

THE BRITISH ACCOMPLISHED ONE OTHER THING THE US MIGHT LEARN FROM A
MANAGEMENT STYLE WELLSUITED TO THE TASK A LOT OF THE COLONIAL POOHBAHS
WHO THOUGHT THEY WERE RULING THEIR TERRITORIES WERE IN FACT BEING SUBVERTED
OR IGNORED BY THE PEOPLE IN THEIR DOMINION AS MASTERS OF OBLIVIOUSNESS THEY
MAY BE MATCHED TODAY BY THE MULTILATERAL BUREAUCRATS WHO ACCOMPANY UNITED
NATIONS MISSIONS PEOPLE WHO HAVE TROUBLE RECOGNIZING REALITY OUTSIDE A
DIPLOMATIC WHITE PAPER

THIS SORT OF PSEUDOOBLIVIOUSNESS CAN YIELD A PERFECT BALANCE WESTERN
POWERS OCCUPY ENOUGH POLITICAL SPACE TO PREVENT WAR BUT ARE UNABLE TO
CONTROL THE DAYTODAY ISSUES THAT MATTER TO NORMAL PEOPLE

MANY OBSERVERS HAVE NOTICED THE ODD ALLIANCES IN THE US BETWEEN THE
POLITICAL LEFT AND RIGHT SUPPORTING INTERVENTION IN PLACES LIKE SOMALIA AND
BOSNIA THIS IS TYPICAL OF COLONIAL ENDEAVORS THE SECOND GREAT
CONTRADICTION OF COLONIALISM IS THAT IT IS A MARRIAGE OF POWER POLITICS AND
MORALISTIC IMPULSES IN BRITAIN FABIAN SOCIALISTS SUCH AS GEORGE BERNARD
SHAW ARGUED THAT IF THE CHINESE GOVERNMENT COULD NOT ESTABLISH PEACEFUL
CONDITIONS FOR ITS PEOPLE THEN THE EUROPEANS SHOULD GO IN AND DO IT FOR
THEM

TODAY AS CHRISTOPHER COKER OF THE LONDON SCHOOL OF ECONOMICS NOTES THERE
ARE NEARLY 1000 HUMAN RIGHTS GROUPS REGISTERED WITH THE UN THROUGH THEIR
CONTACTS WITH TV JOURNALISTS THEY FOCUS WORLD ATTENTION ON PLACES LIKE
SOMALIA AND DEMAND ACTION OUTFLANKED GOVERNMENTS TAKE ACTION AND THEN
BECOME RESPONSIBLE IF THERE ARE BODYBAGS TO BE BROUGHT HOME

IN THE 19TH CENTURY BRITISH MORALISTS WENT OFF ON ALL SORTS OF CRUSADES TO
IMPROVE THE COLONIES THEY COAXED THE BRITISH NAVY TO INTERCEPT SLAVE
VESSELS THEY CAMPAIGNED AGAINST FEMALE CIRCUMCISION IN AFRICA AND AGAINST
THE BURNING OF WIDOWS IN INDIA AND THEY TRIED TO INSTILL THE HABITS OF
CHRISTIANITY THE RULE OF LAW AND HONEST ADMINISTRATION

IT WAS THE PARTIAL SUCCESS OF THESE CRUSADES THAT ALLOWS EMINENT HISTORIANS
SUCH AS MAX BELOFF TO ARGUE THE POSTCOLONIAL COUNTRIES THAT ARE DOING
WELL ARE COUNTRIES THAT HAD A LONG APPRENTICESHIP UNDER THE COLONIAL
ADMINISTRATION THE COUNTRIES THAT ARE DOING BADLY ARE THOSE THAT HAD A
BRIEF EXPERIENCE WITH COLONIALISM

BUT IN PROMOTING SOCIAL REFORMS THE BRITISH MORAL ORGANIZATIONS AND THE
COLONIAL ADMINISTRATORS KNEW THEY WERE PLAYING WITH FIRE EVEN ENTHUSIASTIC
IMPERIALISTS LIKE BENJAMIN DISRAELI WARNED AGAINST PUSHING WESTERN
CIVILIZATION TOO QUICKLY ON THE NATIVES INDEED MANY OF THE PROGRESSIVE
REFORMS SUCH AS THE ATTEMPT TO IMPOSE THE CONCEPT OF EQUALITY BEFORE THE
LAW ON THE INDIAN CASTE SYSTEM CONTRIBUTED TO NATIONALIST REVOLTS

THE BRITISH PHILANTHROPISTS WERE ABLE TO IMPOSE THESE REFORMS SOMETIMES
USING THE PERSUASIVE POWER OF THE GUN BECAUSE THEY WERE CONVINCED OF THE
CLEAR SUPERIORITY OF THEIR CIVILIZATION THEY BELIEVED HISTORY WAS THE STORY
OF PROGRESS FROM TRIBAL CULTURES UP TO THEIR OWN

AMERICA NO LONGER HAS A NATIONAL CONSENSUS ON THE SUPERIORITY OF WESTERN
CIVILIZATION BUT WE DO ESPOUSE SOMETHING THE BRITISH DIDN'T AS A NATION OF
IMMIGRANTS WE DECLARE THAT ANYONE FROM ANY CORNER OF THE GLOBE HAS THE
ABILITY TO PRACTICE DEMOCRACY IF ONLY GIVEN THE CHANCE IT MAY BE THAT WE
DON'T REALLY BELIEVE THIS THAT IT IS JUST A PIETY AMERICANS MAY SECRETLY
BELIEVE AS MOST EUROPEANS SEEM TO THAT LIVING DEMOCRATICALLY IS A QUESTION
OF HAVING THE RIGHT CIVILIZATION AND THAT AFRICANS AND PEOPLE IN THE
BALKANS DON'T HAVE IT

BUT IF AMERICANS DO BELIEVE THAT ALL PEOPLE ARE ENDOWED BY THEIR CREATOR
WITH DEMOCRATIC RIGHTS AND ABILITIES AND IF WE ARE RIGHT THEN A FORM OF
COLONIALISM MAY BE SUSTAINABLE ONE THAT GOES INTO SOME OF THE PLACES
WHERE AUTHORITY HAS BROKEN DOWN AND IMPOSES ORDER LONG ENOUGH TO ALLOW THE
LOCALS TO GOVERN THEMSELVES IT WOULD BE A COLONIALISM THAT RESTRAINS ITS
MORALISTIC AND IMPROVING IMPULSES

PERHAPS THE US IS NAIVELY ENTERING INTO TROUBLES THE LIKES OF WHICH IT
CANNOT IMAGINE BUT A US THAT SIMPLY WRITES OFF PORTIONS OF THE GLOBE AS
HOPELESS WILL SLOWLY BE TRANSFORMED FROM A STILL YOUNG AND BUOYANT NATION
INTO AN OLD AND WORLDWEARY ONE WE WILL BE LITTLE DIFFERENT FROM THE
EUROPEANS AGAINST WHOM WE HAVE SO LONG DEFINED OURSELVES

MR BROOKS IS DEPUTY EDITORIAL PAGE EDITOR OF THE WALL STREET JOURNAL
EUROPE SEE RELATED LETTER LETTERS TO THE EDITOR THE ARROGANCE OF
COLONIALISM WSJ FEB 1 1993 9301150115 9302010018 930125 FORM +
FUNCTION  BY JOHN PIERSON

BIKE MAKERS ARE CALLING COMMUTERS FROM TRAFFIC'S NASTY CREEP BUT WILL THEY
COME

INSPIRED BY THE LARGE NUMBERS OF JAPANESE AND EUROPEANS WHO BIKE TO WORK
US MANUFACTURERS HAVE BEGUN OFFERING COMMUTER OR URBAN OR CITY
BICYCLES

US COMMUTER BIKES HAVE UPRIGHT HANDLEBARS LIKE THOSE ON MOUNTAIN BIKES
ALLOWING THE CYCLIST TO SIT UP AND KEEP AN EYE ON TRAFFIC AND THEY HAVE
SMALLER WHEELS AND TOUGHER TIRES TO SURVIVE POTHOLES UNLIKE MOUNTAIN
BIKES THEY HAVE FENDERS TO PROTECT BUSINESS SUITS FROM RAIN AND MUD CHAIN
GUARDS TO SHIELD CUFFS FROM GREASE A BELL LIGHT BAGGAGE RACK AND
COMFORTABLE SADDLE

THE MILANO BIKE MADE BY SPECIALIZED BICYCLE COMPONENTS MORGAN HILL
CALIF HAS A DOWNWARDSLOPING TOP TUBE THAT PROVIDES INCREASED CLEARANCE
FOR SKIRTS AND BAGGY TROUSERS MILANO REDUCES THE 16 SPEEDS AND TWO SHIFT
LEVERS USUAL IN A ROAD BIKE TO SEVEN AND ONE

EVEN SIMPLER IS THE BRIDGESTONE UTILITY BIKE MADE BY THE BRIDGESTONE CYCLE
USA UNIT OF JAPAN'S BRIDGESTONE THE BUB HAS ONLY SIX GEARS AND A
KICKSTAND ON ITS REAR AXLE ONE OF TREK BICYCLE'S THREE MODELS OF METROTRACK
ALSO HAS A KICKSTAND BUT ALL METROTRACKS HAVE 21 GEARS LIKE A MOUNTAIN
BIKE BECAUSE SOME US CITIES ARE HILLY SAYS PRODUCT MANAGER HARRY
SPEHAR

THE NEW COMMUTER BIKES HAVE THEIR CRITICS KEITH MILLS A FORMER EDITOR AT
BICYCLE GUIDE MAGAZINE SAYS PEOPLE DON'T NEED TO SPEND 315 TO 900
INSTEAD THEY CAN ADD FENDERS AND OTHERWISE MODIFY THEIR OWN BIKES MR
MILLS SAYS

THE BICYCLE INSTITUTE OF AMERICA IN WASHINGTON DC ESTIMATES TWO MILLION
AMERICANS COMMUTE TO WORK BY BIKE EACH DAY BUT GRANT PETERSEN US
MARKETING DIRECTOR AT BRIDGESTONE CYCLE CALLS THE US BIKE COMMUTER
FICTIONAL LONG DISTANCES CHEAP GASOLINE FEW BIKE LANES AND FEWER BIKE
LOCKERS OR SHOWERS AT WORK DISCOURAGE BICYCLE COMMUTING MR PETERSEN SAYS

FOR THE PEOPLE WHO COMPILE THE SCHOLASTIC APTITUDE TEST BEAUTY RUNS SECOND
TO TRUTH

EDUCATIONAL TESTING SERVICE PRINCETON NJ PLANS SOON TO BRING OUT AN SAT
REDESIGNED IN A FAIRLY SIGNIFICANT WAY IT WILL HAVE A NEW TYPEFACE MORE
SPACING AROUND MATH QUESTIONS SHADED DIRECTIONS AND TEST QUESTIONS
NUMBERED WITH WHITE NUMERALS ON A BLACK SQUARE

RULED OUT FOR COST AND OTHER REASONS ARE COLOR PRINTING OR PAPER BETTER THAN
NEWSPRINT NOR WILL THE TWO MILLION HIGH SCHOOLERS WHO ANNUALLY TAKE THE SAT
FIND ANY VISUAL RELIEF IN THEIR TEST BOOKS ART WOULD BE A DISTRACTION
SAYS PAULA URIBE ART DIRECTOR FOR THE TESTING SERVICE THE KIDS NEED PEACE
AND QUIET

TEST TAKERS WILL GET THEIR FIRST LOOK AT THE REDESIGNED SAT IN MARCH 1994
NO GREAT CHANGE IN PERFORMANCE IS EXPECTED WE CAN'T PICK UP ANYTHING
SUGGESTING A CHANGE FROM TEST RUNS SAYS JAMES BRASWELL SAT DEVELOPMENT
COORDINATOR

THE OTHER MAJOR COLLEGE ENTRANCE EXAM PREPARED BY AMERICAN COLLEGE TESTING
IOWA CITY IOWA WAS REDESIGNED IN 1989 AGAIN THE TEST MAKERS HAD MODEST
GOALS FOR THE REDO WHICH INCLUDED MORE WHITE SPACE STUDENTS NEVER
COMPLAIN ABOUT THE LOOK OF THE TEST SAYS ACT SPOKESWOMAN PATRICIA FARRANT
THEY COMPLAIN ABOUT THE CONTENT AND ABOUT HAVING TO TAKE IT AT ALL

THE POSTAL SERVICE IS TRYING TO MAKE IT EASIER FOR PEOPLE TO SEND A PACKAGE
OR FAST MAIL

THE AGENCY IS TESTING THREE DIFFERENT SELFSERVICE MAILING MACHINES IN
SUPERMARKETS CONVENIENCE STORES POST OFFICE LOBBIES AND OTHER PLACES

ASM SERVICES SARASOTA FLA HAS PLACED ITS AUTOMATED SHIPPING MACHINES IN
18 WINNDIXIE SUPERMARKETS IN THE TAMPA FLA AREA THE MACHINES WEIGH
PACKAGES ACCEPT CREDIT CARDS PROVIDE RECEIPTS AND POSTAGEMETER STRIPS FOR
EXPRESS MAIL PRIORITY MAIL OR PARCEL POST AND STORE STAMPED PACKAGES IN
ADDITION TO NORMAL POSTAGE THERE'S A 325 FEE PER PACKAGE

WINNDIXIE LIKES THE ASM MACHINES MARC SUTHERLAND MARKETING DIRECTOR SAYS
THEY PROVIDE A TREMENDOUS CONVENIENCE SAVING SHOPPERS A TRIP TO THE POST
OFFICE

THE ZIPSTER PLUS MADE BY PI ELECTRONICS OF HOUSTON IS MORE SOPHISTICATED
IT IS BEING TESTED AT 18 SITES IN DENVER HOUSTON AND SAN ANTONIO A
CUSTOMER USES A PREPAID DEBIT CARD SELECTS SERVICES ON A TOUCH SCREEN AND
FOLLOWS VOICE PROMPTS ZIPSTER PLUS ABOUT THE SIZE OF A COKE MACHINE CAN
DO WHAT ASM DOES AND ALSO PROVIDES CERTIFIED MAIL PRINTED MAILING LABELS
AND INSURANCE THE MACHINE ADDS A 30 SERVICE CHARGE

ELECTROCOM GARD NILES ILL HAS INSTALLED 17 POSTAGE AND MAILING CENTERS
IN POST OFFICES THE CENTERS RESEMBLE AUTOMATIC TELLER MACHINES AND ACCEPT
CASH ONLY THEY PUT THE POSTAGE AMOUNT ON SPECIAL RED WHITE AND BLUE STAMPS
WITH A PATRIOTIC BACKGROUND BECAUSE OF THEIR LOCATION THERE'S NO EXTRA
CHARGE 9301290199 930129 CBOE WILL LET SMALL INVESTORS TAILOR OPTIONS
  BY JEFFREY TAYLOR STAFF REPORTER OF THE WALL STREET JOURNAL

IN A MAJOR CHALLENGE TO A HANDFUL OF POWERFUL WALL STREET FIRMS THE CHICAGO
BOARD OPTIONS EXCHANGE PLANS TO LAUNCH FLEXIBLE OPTIONS THAT WOULD FOR THE
FIRST TIME LET RELATIVELY SMALL INVESTORS DESIGN THEIR OWN HEDGES AGAINST
SHARP STOCK PRICE SWINGS

THE CBOE'S PLAN MARKS THE FIRST TIME A FINANCIAL EXCHANGE HAS MOUNTED A
FRONTAL ASSAULT ON THE LUCRATIVE 50 BILLIONAYEAR BUSINESS IN
OVERTHECOUNTER OR OFFEXCHANGE CUSTOMIZED OPTIONS CONTROLLED BY A FEW
LARGE WALL STREET FIRMS AND USED MOSTLY BY GIANT INSTITUTIONAL INVESTORS

THIS IS A VERY IMPORTANT STEP SAYS JOHN SUCCO MANAGING DIRECTOR FOR
DERIVATIVES TRADING AT PAINEWEBBER INC WE THINK IT EQUALIZES THE EXCHANGE
MARKETPLACE WITH THE OVERTHECOUNTER MARKET

OPTIONS HAVE LONG BEEN AVAILABLE TO EVEN SMALL INVESTORS BUT THE
RUNOFTHEMILL OPTION THAT MOST SMALLER INVESTORS HAVE BEEN USING TYPICALLY
CARRIES A FIXED STRIKE PRICE AND A FIXED EXPIRATION DATE THE BIG PLAYERS
HOWEVER HAVE LONG BEEN ABLE TO CHOOSE THEIR OWN STRIKE PRICES AND
EXPIRATION DATES BY HAVING ONE OF THE BIG WALL STREET HOUSES CONCOCT A
CUSTOMMADE OPTION THE CBOE PROPOSAL WOULD GIVE OTHER INVESTORS SOME OF
THAT SAME LATITUDE IN SETTING DATES AND PRICES

SOME IN THE INDUSTRY THINK FLEXIBLE OPTIONS WHICH WOULD TRACK INDEXES OR
BASKETS OF INDIVIDUAL STOCKS HAVE THE POTENTIAL TO REVOLUTIONIZE EXCHANGE
TRADING OF OPTIONS CONTRACTS AT A MINIMUM IF IT IS APPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION THE PLAN WILL BRING UNPRECEDENTED
FLEXIBILITY TO EXCHANGEBASED OPTIONS TRADING BY CREATING DOZENS PERHAPS
HUNDREDS OF CUSTOMIZED CONTRACTS

THE PLAN WOULD EVEN CHANGE THE WAY THE GAME IS PLAYED IN SOME OF CHICAGO'S
ROUGHANDTUMBLE TRADING PITS SCREAMING AND HANDWAVING WOULD BE REPLACED
BY CALM NEGOTIATION AS MATH WHIZZES FROM CBOE MEMBER FIRMS QUICKLY PREPARE
INDIVIDUAL RESPONSES TO ORDERS FOR COMPLEX FLEXIBLE OPTIONS

DESPITE THE RECENT BOOM IN THE STOCK MARKET STOCK OPTIONS VOLUME AT CBOE
REMAINS RELATIVELY WEAK IT HASN'T FOR INSTANCE RETURNED TO ITS LEVELS OF
BEFORE THE 1987 STOCKMARKET CRASH THE FLEXIBLE OPTIONS PLAN IS AN EFFORT
TO TAKE BACK SOME OF THE BILLIONS OF DOLLARS IN BUSINESS THAT HAVE FLOWED
AWAY FROM THE EXCHANGE TO THE OTC MARKET SINCE THEN

CBOE ISN'T ALONE IN TRYING TO RECLAIM THE HUGE GAINS OTC MARKETS HAVE MADE
ON EXCHANGES THE CHICAGO BOARD OF TRADE RECENTLY ANNOUNCED PLANS TO OFFER
SWAPS WHICH ARE AGREEMENTS AMONG BIG COMPANIES TO ASSUME ONE ANOTHER'S
INTERESTRATE AND OTHER OBLIGATIONS ON A COMPUTERIZED TRADING NETWORK AT
THE EXCHANGE LIKE THE CUSTOMIZED OPTIONS MARKET THE 4 TRILLION SWAPS
MARKET IS NOW CONTROLLED BY BIG BANKS AND SECURITIES FIRMS

THE SAME FORCES DRIVING THE CBOT INTO SWAPS ARE DRIVING US TO THIS SAYS
CBOE CHAIRMAN ALGER B CHAPMAN WE'RE LOOKING AT THE PLAINVANILLA SEGMENT
OF THE CUSTOMIZED OPTIONS MARKET THAT WOULD HAVE BEEN ON OUR EXCHANGE A FEW
YEARS AGO WE THINK WE CAN CAPTURE SOME OF THAT BUSINESS BACK

NATURALLY THE FIRMS THAT DOMINATE THE OTC MARKET SUCH AS MORGAN STANLEY
AND MERRILL LYNCH AREN'T THRILLED ABOUT THE CBOE INITIATIVE THESE FIRMS
WHICH ALSO DO BUSINESS AT THE CBOE COMPLAINED WHEN MR CHAPMAN AND WILLIAM
FLOERSCH CBOE VICE CHAIRMAN VISITED TO TELL THEM ABOUT IT THE CBOE
EXECUTIVES SAY REPRESENTATIVES OF MORGAN STANLEY AND MERRILL LYNCH DECLINED
TO COMMENT FOR THIS ARTICLE

FOR NOW THE CUSTOMIZED OPTIONS BUSINESS IS A CLOSED MARKET IN WHICH PRICES
AREN'T POSTED PUBLICLY AS THEY ARE ON A FINANCIAL EXCHANGE COMPETITION FOR
THE BUSINESS OF BIG INVESTORS SUCH AS PENSION FUNDS WHICH USE CUSTOMIZED
OPTIONS TO PROTECT THEMSELVES FROM STOCK MARKET SWINGS IS LIMITED TO A FEW
WALL STREET FIRMS WITH THE MEANS TO OFFER OPTIONS TRANSACTIONS WORTH TENS OR
HUNDREDS OF MILLIONS OF DOLLARS

THE CBOE PLAN PROMISES TO EXPAND COMPETITION FOR THIS BUSINESS TO OTHER
SMALLER FIRMS WHICH ARE HUNGRY FOR A PIECE OF THE ACTION WE'VE HEARD A
LOT OF DIFFERENT THINGS FROM A LOT OF PEOPLE MR FLOERSCH SAYS MOST OF
WHAT WE'VE HEARD ENCOURAGED US TO GO FORWARD THERE ARE A RANGE OF FIRMS
THAT WOULD LIKE TO GET INTO THE BUSINESS

AT FIRST THE CBOE WOULD OFFER FLEXIBLE OPTIONS ONLY ON ITS STANDARD &
POOR'S INDEXES OF 100 AND 500 LEADING STOCKS THE MINIMUM FACE VALUE OF
FLEXIBLE OPTIONS WOULD BE 10 MILLION ABOUT THE SAME AS THE VALUE OF 250 OF
THE CBOE'S REGULAR S&P 500 STOCKINDEX OPTIONS AS SUCH THE FLEXIBLE
OPTIONS MAY APPEAL TO INSTITUTIONAL INVESTORS WHO NOW ORDER HUGE LOTS OF
CUSTOMIZED OPTIONS AT A TIME ON THE OTC MARKET

INSTITUTIONS THAT ARE OUR CLIENTS ARE ALWAYS BEING SHOWN CUSTOMIZED
PRODUCTS SAYS VINCENT BAILEY VICE PRESIDENT AND PORTFOLIO MANAGER AT BEA
ASSOCIATES A NEW YORK FIRM WITH 16 BILLION UNDER MANAGEMENT WE COME IN
AND WE APPRAISE THEM ESTIMATE THE FAIR PRICE OF THESE INSTRUMENTS THIS
CBOE PLAN WILL HELP OUR CUSTOMERS GET A BETTER DEAL

USERS OF THE FLEXIBLE OPTIONS COULD SELECT ANY STRIKE PRICE OR EXPIRATION
DATE UP TO FIVE YEARS FOR THEIR OPTIONS AND COULD SELECT THE METHOD OF
EXPIRATION EITHER EUROPEANSTYLE MEANING THE OPTION CAN BE EXERCISED
ONLY ON THE LAST BUSINESS DAY PRIOR TO EXPIRATION OR USSTYLE IN WHICH
THE OPTION CAN BE EXERCISED ANYTIME PRIOR TO EXPIRATION

AT FIRST CBOE WON'T BE ABLE DO ANYTHING TRULY EXOTIC AS FIRMS CAN ON THE
OTC MARKET FOR EXAMPLE MANY PENSION FUNDS NOW ORDER CUSTOMIZED OPTIONS ON
BASKETS OF STOCKS SAY 350 COMPANIES THEIR MANAGERS LIKE THAT DON'T
MATCH THE CBOE'S TWO STANDARD & POOR'S INDEXES CBOE WON'T OFFER SUCH
INDIVIDUALLY TAILORED STOCK BASKETS AT THE BEGINNING BUT IT HOPES TO ADD
THEM IN THE FUTURE

CBOE'S TASK OF CREATING AN ARRAY OF INDIVIDUALLY TAILORED OPTIONS IS
SIMPLIFIED SOMEWHAT BY FACT THAT MANY OF THE OTC PRODUCTS THAT TRADE UNDER
THE OTC HEADING OF EXOTIC OPTIONS ACTUALLY AREN'T ALL THAT EXOTIC A LOT
OF WHAT TRADES IS AN S&P 100 OR S&P 500 OPTION THAT IS A LITTLE OFF THE
STRIKE PRICE OR A LITTLE OFF THE EXPIRATION SAYS PAINEWEBBER'S MR SUCCO
FOR THIS SOCALLED PLAINVANILLA SEGMENT OF THE OTC CUSTOMIZED OPTION
MARKET CBOE'S AIM IS TO DO IT CHEAPER AND WITH GREATER LIQUIDITY THAN THE
OTC MARKET

A POTENTIAL LIMITATION ON EXCHANGE TRADING IS THAT IT MAY NOT BE POSSIBLE TO
DO TRADES AS LARGE AT THE CBOE AS SOME BIG INVESTORS NOW DO ON THE OTC
MARKET IF YOU PUT UP A 500 MILLION ORDER THERE'S NOT GOING TO BE A WHOLE
LOT OF GUYS ON THE CBOE TO STEP UP AND TAKE IT SAYS BEN WESTON MANAGING
DIRECTOR OF CREDITSUISSE FINANCIAL PRODUCTS

ONE ADVANTAGE OF EXCHANGE TRADING IS CREDITWORTHINESS IN THE OTC MARKET
AN INSTITUTION THAT BUYS CUSTOMIZED OPTIONS IS RELYING ON THE
CREDITWORTHINESS OF THE FIRM THAT SELLS IT IF THE FIRM FAILS THE
INSTITUTION'S HEDGE IS RENDERED WORTHLESS AT THE CBOE THE OPTIONS CLEARING
CORP WILL GUARANTEE FLEXIBLE OPTION TRADES THAT THE EXCHANGE'S MEMBER FIRMS
ARRANGE THROUGH ITS CONTROL OF ABOUT 5 BILLION IN SECURITIES CASH AND
OTHER INSTRUMENTS THE OCC NOW GUARANTEES NORMAL OPTIONS TRANSACTIONS AT
EXCHANGES THROUGHOUT THE COUNTRY

WHAT THE FLEXIBLE OPTION WILL DO IS INTERPOSE THE OPTIONS CLEARING CORP AS
THE ISSUER AND GUARANTOR OF THOSE OPTIONS SAYS MARK BERMAN A BOARD MEMBER
OF THE OCC AND PARTNER AT O'CONNOR & ASSOCIATES AN OPTIONSTRADING FIRM
THAT PLANS TO MAKE MARKETS IN FLEXIBLE OPTIONS ON THE CBOE FLOOR

A SECOND BENEFIT OF EXCHANGE TRADING IS THE CREATION OF A FLUID MARKET TO
ALLOW INVESTORS TO EASILY LIQUIDATE THEIR POSITIONS INVESTORS THAT ACQUIRE
CUSTOMIZED OPTIONS ON THE OTC MARKET MUST TYPICALLY PAY THE FIRM FROM WHICH
THEY BOUGHT THEM A HEFTY FEE TO LIQUIDATE THE POSITION WITH EXCHANGE
TRADING THEY'D HAVE THE LIQUIDITY TO COME OUT IF THEY WANT TO SAYS BEA'S
MR BAILEY

CBOE EXECUTIVES HOPE TO OBTAIN APPROVAL OF THEIR FLEXIBLE OPTIONS FROM THE
SEC WITHIN A FEW MONTHS AND LAUNCH THE PRODUCTS SOON AFTER THAT
9301290198 930129 MITCHELL ENERGY & DEVELOPMENT

THE WOODLANDS TEXAS MITCHELL ENERGY & DEVELOPMENT CORP SAID IT
COMPLETED ONE NATURAL GAS AND FOUR OIL DEVELOPMENT WELLS IN NEW MEXICO THE
NATURAL GAS PRODUCER SAID THE WELLS FLOWED 42 MILLION CUBIC FEET A DAY AND
182 BARRELS OF CONDENSATE ON A 17/64INCH CHOKE THE OIL WELLS TESTFLOWED A
COMBINED 308 BARRELS OF OIL A DAY THROUGH CHOKE SIZES OR RESTRICTED
OPENINGS VARYING FROM 1/4INCH TO 20/64INCHES 9301290197 930129 LEISURE
& ARTS ARCHITECTURE A POCKET OF NEOTRADITIONAL PLANNING  BY
EVE M KAHN

ELK GROVE CALIF RIGHT HERE AT THE FLATASPRAIRIE SOUTHERN FRONTIER OF
SACRAMENTO PETER CALTHORPE IS TRYING TO EARN A SPOT IN THE ANNALS OF
SUBURBAN HISTORY AFTER PHILOSOPHIZING FOR MORE THAN A DECADE ABOUT THE
SENSELESSNESS OF CURRENT PLANNING STANDARDS THIS SAN FRANCISCOBASED
VISIONARY IS BUILDING A PEDESTRIAN POCKET CALLED LAGUNA WEST AND HE JUST
MIGHT SET OFF A WAVE OF NEOTRADITIONAL PLANNING FOR BETTER AND FOR WORSE

JUST LIKE ANDRES DUANY AND ELIZABETH PLATERZYBERK THE MIAMI PLANNERS WHO
DESIGNED SEASIDE FLA MR CALTHORPE PROCLAIMS THAT NEW SUBDIVISIONS CAN
FIGHT POLLUTION AND ACQUIRE A SENSE OF PLACE WITH TIGHT GRIDS OF THIN
STREETS MIXED HOUSING TYPES AND EASILY ACCESSIBLE PARKS STORES AND MASS
TRANSIT BUT UNLIKE HIS EAST COAST COUNTERPARTS HE DOES NOT IMPOSE RIGIDLY
REGIONALIST AND COSTLY ARCHITECTURAL STANDARDS THAT CAN CAUSE MASSMARKET
ARCHITECTS TO PRODUCE HALFKITSCHHALFARTY MUTANTS

MR CALTHORPE INSTEAD LETS DEVELOPERS BUILD WHAT THEY LIKE PROVIDED PORCHES
COVER FACADES AND GARAGES ARE TUCKED TO THE SIDE OR AROUND BACK BUT HE
STRICTLY CONTROLS PUBLIC AMENITIES THEREBY PRODUCING A MIX OF UNABASHEDLY
LOWBROW ARCHITECTURE WITH CLEVER STREET DETAILS AND LAYOUTS

LAGUNA WEST'S DEVELOPER PHIL ANGELIDES CHAIRMAN OF CALIFORNIA'S DEMOCRATIC
PARTY PLANNED IN 1989 TO SLATHER THE SITE WITH THE USUAL CONFUSING
SPAGHETTISNARL OF STREETS BUT SOON AFTER LOCAL OFFICIALS APPROVED HIS
PLAN HE FELL FOR THE CHARMS OF MR CALTHORPE'S SPIELS AND RENDERINGS ON
PAPER LAGUNA WEST IS AN EXQUISITE REVIVAL OF BEAUXARTS PLANNING A
SYMMETRICAL QUILT OF BRIGHTLY COLORED SQUARES EACH HUE SIGNIFYING A
DIFFERENT USE OR POPULATION DENSITY WITH ALLEYS SIDEWALKS AND
VINTAGESTYLE LAMP POSTS SET ALONG BYWAYS AND GRAND BOULEVARDS AND WITH 38
ACRES OF PARK AROUND A 73ACRE MANMADE LAKE STUDDED WITH INHABITED ISLANDS

CURRENTLY THE THOUSANDACRE SITE IS TWOTHIRDS RAW DIRT AND ONETHIRD PARK
TOWN HALL AMPHITHEATER LAKE AND ONE HUNDRED SINGLEFAMILY HOMES THAT ARE
ALL HILARIOUS NORMAN CRAFTSMAN COLONIAL QUEEN ANNE TUSCAN TUDOR AND
EGYPTIAN DETAILS POP UP WHEREVER THEY CAN OVERGROWN WINDOW SILLS RESEMBLE
FAT LIPS AND ALMOST BUMP INTO ADJACENT PORCH RAILS PERFUNCTORY FRONT
PORCHES CAN BARELY SHELTER SINGLE CHAIRS LIKE LOWEND VICTORIANA THIS
STUFF COULD TAKE UP TO EIGHT DECADES TO ACQUIRE DIGNITY AND CHARM BUT AT
LEAST IT WILL NEVER PUT ON ELITIST AIRS

THE PUBLIC SPACES ARE LESS AGGRESSIVE IN FACT THE COLLABORATION OF MR
CALTHORPE AND LANDSCAPE ARCHITECT KEN KAY SEEMS RATHER WISHYWASHY TORN
BETWEEN MODERNITY AND NOSTALGIA THE TOWN HALL IS JUST A
DUSTYPEACHANDGRAY CONCRETE BOX WITH MINT TIMBER TRIM THE AMPHITHEATER
ALONGSIDE IT A SIMPLE GRASS BOWL THE PARK LAND A LAWN STRIP FLANKED BY
POPLAR AND OAK TREES AND ZIGZAGGING GARDEN BEDS THE WATERFRONT TAMELY
FURNISHED WITH NEOVICTORIAN BENCHES AND PEACH LIGHT FIXTURES

CLEARLY HOWEVER MAINSTREAM AMERICA COULD THRIVE IN THIS SETTING ALMOST
EVERY NEW HOME FOR SALE IN THE SACRAMENTO REGION BEARS A BLATANT RESEMBLANCE
TO LAGUNA WEST'S MOTLEY ASSORTMENT DOWN TO THE TURNEDBALUSTER INTERIOR
STAIR RAILS AND THE IMPROBABLE DISPLAY LEDGES PERCHED EIGHT FEET UP THE
WALLS OF CATHEDRALCEILINGED LIVING ROOMS IT REALLY IS CUTE HERE AND THE
PRICE WAS RIGHT RITA LIVINGSTON A RECENT LAGUNA WEST HOMEBUYER TOLD ME

MY OWN FAVORITE PARTS OF LAGUNA WEST ARE THE SUBTLE UNDERPINNINGS THE
NEVERENDING SIDEWALKS THE NUMEROUS GATEFREE ENTRANCES AND CROSSCOMPLEX
THOROUGHFARES YOU RARELY FEEL DISORIENTED OR WALLED IN THE STREET TREES
IN CONCRETE WELLS THAT PROTRUDE THREE FEET INTO THE ROADWAYS TO PREVENT
DRAG RACING BUT NOT DISCOURAGE CURBSIDE PARKING THE TREE CODES THAT COULD
SMOOTH OUT THE ARCHITECTURAL CHAOS MR KAY SPECIFIED SINGLE SPECIES FOR
EACH ROADSIDE ONLY LIVE OAKS ON GROPIUS STREET FOR INSTANCE AND ONLY
BLOODGOOD SYCAMORES ALONG MUMFORD COURT THAT'S RIGHT THE STREETS
AMBITIOUSLY BEAR THE NAMES OF PAST ARCHITECTURAL MASTERS

ALL OF THESE TWISTS IN THE NEOTRADITIONAL CANON ARE RELATIVELY EASY TO COPY
AND IDEALLY THEY WILL BE AS THE TREND TAKES OVER THE POSTRECESSION
LANDSCAPE THERE'S EVEN TALK THESE DAYS OF RETROFITTING EXISTING
COMMUNITIES AND MALLS ALONG NEOTRADITIONAL LINES CAN'T YOU JUST IMAGINE
CRUISING THROUGH ORCHARDS AT THE FEET OF SAFEWAYS

BUT IF YOU FIND THE WHOLE NEOTRADITIONAL PROSPECT DISTURBINGLY ANTICITY AS
I STILL SOMETIMES DO YOU WILL BE PLEASED TO LEARN THAT LAGUNA WEST FEELS
THE NEED TO FILL ITS BROCHURES WITH REFERENCES TO THE WAYS PORCHES AND
FRIENDLY SIDEWALKS MIGHT DETER STREET EVILS YES IT MAY LOOK PEACEFUL HERE
BUT LAGUNA WEST'S TOWN HALL NONETHELESS OFFERS CHILDREN COURSES IN STRANGER
DANGER AND IN SELFFINGERPRINTING

SOMEHOW IT'S REASSURING TO KNOW THAT WHILE WE ARE BUILDING AND ESCAPING TO
UNPRECEDENTEDLY SANITIZED VERSIONS OF URBANISM WE'RE NOT LEAVING BEHIND OUR
URBAN ANGST 9301290196 930129 TECHNOLOGY & MEDICINE LOTUS'S EARNINGS 
JUMPED SHARPLY IN FOURTH QUARTER  BY DAVID STIPP STAFF REPORTER
OF THE WALL STREET JOURNAL

CAMBRIDGE MASS LOTUS DEVELOPMENT CORP'S STOCK ROSE AFTER IT REPORTED
THAT FOURTHQUARTER EARNINGS MORE THAN DOUBLED ON HIGHERTHANEXPECTED
SALES

IN NATIONAL OVERTHECOUNTER TRADING LATE YESTERDAY LOTUS WAS QUOTED AT
21875 UP 125 CENTS

THE SOFTWARE CONCERN SAID ITS FOURTHQUARTER PROFIT WAS 146 MILLION OR 35
CENTS A SHARE UP SHARPLY FROM YEAREARLIER EARNINGS OF 58 MILLION OR 14
CENTS A SHARE THE LATEST QUARTER'S EARNINGS INCLUDED A PRETAX GAIN OF 15
MILLION FROM THE SALE OF SECURITIES OFFSET BY A 15 MILLION PRETAX
RESTRUCTURING CHARGE YEAREARLIER EARNINGS INCLUDED A PRETAX RESTRUCTURING
CHARGE OF 23 MILLION

ALTHOUGH FOURTHQUARTER SALES FELL SLIGHTLY TO 246 MILLION FROM 2492
MILLION THEY WERE 10 MILLION TO 15 MILLION AHEAD OF EXPECTATIONS SAID
ALFRED TOBIA AN ANALYST WITH WERTHEIM SCHRODER & CO PEOPLE HAD HAD LOW
EXPECTATIONS BECAUSE OF A LACK OF NEW PRODUCTS TO BOOST SALES DURING THE
QUARTER LOTUS'S EARNINGS FOR THE QUARTER ALSO EXCEEDED THE CONSENSUS
PROJECTION AMONG ANALYSTS BY ABOUT FOUR CENTS A SHARE HE ADDED

ED GILLIS LOTUS'S SENIOR VICE PRESIDENT FINANCE SAID IN THE FOURTH
QUARTER WE CONSCIOUSLY INCREASED OUR SALES AND MARKETING SPENDING TO EXPAND
OUR SHARE OF THE WINDOWS AND COMMUNICATIONS MARKETS POSITIVE RESULTS WERE
ACHIEVED AND WE ANTICIPATE FURTHER SHARE GAINS AS WE MOVE TOWARD A VERY
AGGRESSIVE PRODUCTINTRODUCTION CYCLE

DURING THE FOURTH QUARTER LOTUS ANNOUNCED IMPROV FOR WINDOWS A DYNAMIC
SPREADSHEET FOR THE WINDOWS ENVIRONMENT AND CCMAIL FOR OS/2 WORKPLACE
SHELL AN IMPROVED VERSION OF LOTUS'S ELECTRONIC MAIL PROGRAM THE COMPANY
SAID IT EXPECTS TO SHIP IMPROV FOR WINDOWS AND ITS FREELANCE GRAPHICS 20
PROGRAM DURING THE CURRENT QUARTER

WERTHEIM SCHRODER'S MR TOBIA SAID LOTUS'S STOCKPRICE RISE PARTLY REFLECTED
ANTICIPATION OF INCREASED SALES FROM PRODUCTS SCHEDULED FOR INTRODUCTION
THIS QUARTER WE'RE NOW STARING A NEW PRODUCT CYCLE IN THE FACE ON THE
HEELS OF A BETTERTHANEXPECTED QUARTER HE ADDED

IN 1992 LOTUS EARNED 804 MILLION OR 187 A SHARE UP 87 FROM PROFIT OF
431 MILLION OR 98 CENTS A SHARE A YEAR EARLIER SALES ROSE 9 TO 9001
MILLION FROM 8289 MILLION EARNINGS FOR 1992 INCLUDED A PRETAX GAIN OF
497 MILLION FROM THE SALE OF SYBASE SECURITIES LOTUS SAID 9301290195
930129 ECONOMY CALIFORNIA ECONOMY INCREASINGLY SHOWS SIGNS OF DRAGGING
DOWN US RECOVERY  BY LUCINDA HARPER STAFF REPORTER OF THE WALL
STREET JOURNAL

WASHINGTON THE NATION'S ECONOMIC LANDSCAPE WOULD LOOK MUCH BETTER IF
CALIFORNIA WERE FLOATED OUT TO SEA

USUALLY THE SHINING STAR OF THE US ECONOMY CALIFORNIA IS NOW IN THE
POSITION OF DRAGGING THE NATION DOWN WITH ITS MOUNTING JOB LOSSES FAILING
BANKS AND DECLINING MANUFACTURING SECTOR

CALIFORNIA HAS BECOME THE DIFFERENCE BETWEEN A REASONABLE RECOVERY AND A
DISAPPOINTING ONE LIKE THE ONE WE'RE IN NOW SAYS MARK ZANDI CHIEF
ECONOMIST FOR REGIONAL FINANCIAL ASSOCIATES IN WEST CHESTER PA

ROUGHLY ONE OUT OF EVERY SIX OF THE NATION'S JOBLESS LIVE IN CALIFORNIA AND
WITHOUT CALIFORNIA WHOSE UNEMPLOYMENT RATE STOOD AT 97 IN DECEMBER THE
NATION'S UNEMPLOYMENT RATE WOULD HAVE BEEN 69 FOR THE MONTH INSTEAD OF
73

THE COMMERCE DEPARTMENT SAID THIS WEEK THAT CALIFORNIA WAS AMONG THE 10
SLOWEST GROWING STATES FOR PERSONAL INCOME SINCE THE RECESSION'S TROUGH
PERSONAL INCOME IN THE STATE ROSE ONLY 38 THROUGH LAST YEAR'S THIRD
QUARTER FROM THE 1991 FIRST QUARTER COMPARED WITH 44 FOR THE ENTIRE
NATION

IT'S HARD TO IMAGINE HOW ONE STATE COULD HURT THE NATION SO MUCH NO
MATTER WHAT ITS ILLS BUT CONSIDER THE FACT THAT CALIFORNIA REPRESENTS ABOUT
14 OF ALL US ECONOMIC ACTIVITY AND 15 OF THE COUNTRY'S INDUSTRIAL
PRODUCTION

JUST THE SHEER MATHEMATICS OF IT SHOWS THAT CALIFORNIA AFFECTS THE US
ECONOMY A GREAT DEAL SAYS DAVID HALE CHIEF ECONOMIST FOR KEMPER FINANCIAL
SERVICES IN CHICAGO

THE US ECONOMY EXCLUDING CALIFORNIA IS FAR FROM GOING GREAT GUNS BUT
THERE HAS BEEN MODERATE IMPROVEMENT IN FACTORY OUTPUT JOB CREATION LOAN
DEMAND AND CONSUMER SPENDINGAREAS IN WHICH CALIFORNIA IS STILL STAGNANT OR
CONTRACTING CALIFORNIA IS IMPOSSIBLE TO IGNORE WHEN EVALUATING THE STRENGTH
OF THE NATION AND IT HAS BECOME INCREASINGLY CLEAR THAT IT'S DRAGGING DOWN
THE MOMENTUM GATHERING IN THE REST OF THE COUNTRY

ROBERT REISCHAUER DIRECTOR OF THE CONGRESSIONAL BUDGET OFFICE SAID IN
CONGRESSIONAL HEARINGS THIS WEEK SOME REBOUND IN CALIFORNIA PROBABLY IS
NECESSARY TO SUSTAIN THIS RECOVERY

MR HALE ESTIMATES THAT CALIFORNIA'S WAYWARD ECONOMY LOWERED BY ONEQUARTER
PERCENTAGE POINT THE GROWTH OF FOURTHQUARTER GROSS DOMESTIC PRODUCT WHICH
THE COMMERCE DEPARTMENT SAID JUMPED AT AN ANNUAL RATE OF 38

BUT THE IMPLICATIONS OF A WEAK CALIFORNIA GO BEYOND GDP THE STATE IS
RESTRUCTURING AND PEOPLE WHO ONCE FLOCKED TO CALIFORNIA AS A PLACE OF
OPPORTUNITY ARE LEAVING CALIFORNIA HAS HELPED TO LEAD A TECHNOLOGY BOOM
IN THIS COUNTRY NOW THERE WILL BE DELAYS IN TECHNOLOGICAL ADVANCEMENT AND
THE CONTRIBUTIONS MADE TO THE WHOLE ECONOMY SAYS MR ZANDI IT'S
IMPOSSIBLE TO MEASURE BUT THERE NONETHELESS

ECONOMISTS SAY CALIFORNIA'S PROBLEMS ARE LIKELY TO CONTINUE TO HINDER THE
ENTIRE COUNTRY IN THE SHORT TERM COMPANIES IN ARIZONA WASHINGTON AND
OREGON WHICH RELY HEAVILY ON CALIFORNIA BUSINESS HAVE ALSO BEEN HURT
IT'S LIKELY THAT 1993 WILL BE A ROUGH YEAR FOR CALIFORNIA SAYS FREDERICK
CANNON AN ECONOMIST FOR BANK OF AMERICA IN SAN FRANCISCO

MR CANNON SAYS CALIFORNIA NOW RELIES ON THE REST OF THE US ECONOMY TO
IMPROVE ECONOMICALLY WITH THE US ECONOMY IMPROVING CALIFORNIA'S
CYCLICAL BUSINESSES SHOULD PICK UP HE SAYS THAT WILL HELP OFFSET THE
CONTINUING WEAKNESS IN THE AEROSPACE AND DEFENSE INDUSTRIES WHICH ARE
FACING MORE LONGTERM AND PERMANENT PROBLEMS 9301290194 930129 LETTERS
TO THE EDITOR SOFT' MISSIONS DON'T DULL WARRIOR'S SWORD

SETH CROPSEY'S JAN 19 EDITORIALPAGE PIECE THE HARD TRUTH ABOUT SOFT
MISSIONS' MISSES THE MARK HE INSISTS AMERICA'S MILITARY FORGO SOFT
PEACEKEEPING HUMANITARIAN AND DISASTER RELIEF MISSIONS AND ADHERE
SINGLEMINDEDLY TO A TRADITIONAL COMBAT ROLE IN FACT TODAY'S MILITARY IS
READY FOR BOTH MISSIONS

CLEARLY THE EVOLVING SECURITY ENVIRONMENT AND ECONOMIC REALITIES MANDATE A
REENGINEERING OF OUR NATION'S DEFENSES THAT PROCESS IS REFINING BOTH THE
NEEDED CAPABILITIES AND THE ROLE OUR FORCES WILL PLAY IN ADVANCING THE
SECURITY INTERESTS OF THE US AND THE GLOBAL COMMUNITY

NO LONGER FACING A SINGULAR GLOBAL THREAT OUR TASK NOW IS TO PROMOTE
STABILITY PEACE AND PROSPERITY IN AN ERA OF POLITICAL FRAGMENTATION AND
SOCIAL UPHEAVAL TODAY'S BATTLEFIELD IS MULTIDIMENSIONAL OUR FORCES ARE
ENFORCING UNITED NATIONS RESOLUTIONS IN IRAQ AND PROVIDING RELIEF IN
SOMALIA USING OUR FORCES FOR SOCALLED SOFT MISSIONS DOES NOT DULL THE
WARRIOR'S SWORD SKILLS EXERCISED ARE SKILLS ENHANCED CAPABILITIES USED AND
TESTED ARE CAPABILITIES HONED AND STRENGTHENED

WE ARE IN A NEW GLOBAL SECURITY ERA WE MUST ADAPT OUR NATION'S FULL
MILITARY CAPABILITIES TO NEW CHALLENGES THE US CAN'T BE THE WORLD'S
POLICEMAN BUT THE WORLD NEEDS US LEADERSHIP TO MAINTAIN THAT LEADERSHIP
WE MUST LEARN TO CHANGE

TODAY'S MILITARY IS NOT AS MR CROPSEY SUGGESTS BEWILDERED ABOUT ITS
PURPOSE IT CAN BEYOND QUESTION PERFORM ITS DETERRENT CRISIS RESPONSE
AND WARFIGHTING MISSIONS BUT THE AMERICAN PEOPLE HAVE PURCHASED THE
TECHNOLOGY AND TRAINING TO DO MORE TELL THE MAYOR OF CHARLESTON SC THAT
THE TROOPS SENT TO PICK UP THE PIECES OF HIS CITY AFTER HURRICANE HUGO WERE
THERE BECAUSE OF PORKBARREL POLITICS AND NOT TO MEET A LEGITIMATE NEED

THE REQUIREMENT IS NOT DOING MORE WITH LESS BUT DOING EVEN BETTER WITH OUR
CURRENTLY UNMATCHED CAPABILITIES 9301290193 930129 CANADA'S DEBT RATING 
OF TRIPLEA RECEIVES AGENCY CONFIRMATION

OTTAWA MOODY'S INVESTORS SERVICE INC WITH AN UPBEAT ASSESSMENT OF
CANADA'S OUTLOOK CONFIRMED ITS TOP TRIPLEA CREDIT RATING FOR THE CANADIAN
GOVERNMENT AND ITS AGENCIES

THE REPORT WAS RECEIVED WITH RELIEF IN OTTAWA THERE HAD BEEN CONCERN THAT
MOODY'S MIGHT LOWER CANADA'S RATING A MOVE THAT WOULD EMBARRASS THE
GOVERNMENT AND PUSH UP ITS BORROWING COSTS

MOODY'S PLACED CANADA'S FOREIGN CURRENCY DEBT RATING UNDER REVIEW FOR
POSSIBLE DOWNGRADE THREE MONTHS AGO CITING CONCERNS OVER CANADA'S DEBT
BURDEN AND ITS CONSTITUTIONAL DIFFICULTIES MOODY'S ACTION FOLLOWED STANDARD
& POOR'S CORP'S OCTOBER DOWNGRADE OF ITS RATING OF THE CANADIAN
GOVERNMENT'S FOREIGN CURRENCY DEBT TO DOUBLEAPLUS FROM TRIPLEA

STANDARD & POOR'S ADJUSTMENT WAS PROMPTED BY CONCERN OVER CANADA'S HEAVY
EXTERNAL DEBT AND ITS BIG EXTERNAL PAYMENTS DEFICIT AS A PERCENTAGE OF
NATIONAL INCOME CANADA OWES MORE TO FOREIGNERS THAN ANY OTHER MAJOR
INDUSTRIAL COUNTRY THIS DEBT CURRENTLY TOTALS MORE THAN 300 BILLION
CANADIAN DOLLARS US2366 BILLION AND IS GROWING AT 10 A YEAR

MOODY'S SAID ITS CONFIRMATION OF ITS TRIPLEA RATING FOR CANADA'S FOREIGN
CURRENCY DEBT REFLECTS THE PROSPECTS FOR A BETTER ECONOMIC PERFORMANCE

THE AGENCY SAID THE CANADIAN GOVERNMENT WAS TAKING ACTION TO DEAL WITH ITS
DEBT PROBLEM DESPITE A DIFFICULT RECESSION IT SAID THE CANADIAN GOVERNMENT
PURSUED A RELATIVELY AUSTERE FISCAL POLICY RESTRAINING ITS SPENDING
STATISTICS CANADA A GOVERNMENT AGENCY LAST WEEK DECLARED THAT THE
RECESSION IS NOW OVER AND THE ECONOMY HAS ENTERED A RECOVERY

MOODY'S SAID A BROAD CONSENSUS APPEARS TO HAVE DEVELOPED AMONG THE MAJOR
POLITICAL PARTIES ON THE GENERAL DIRECTION OF FISCAL AND MONETARY POLICY
THE LEADER OF THE OPPOSITION LIBERAL PARTY JEAN CHRETIEN SAID EARLIER THIS
WEEK THAT IF HIS PARTY WERE ELECTED ITS FIRM OBJECTIVE WOULD BE TO REDUCE
THE GOVERNMENT'S BUDGET DEFICIT IN ABSOLUTE TERMS AND AS A PERCENTAGE OF
CANADA'S GROSS DOMESTIC PRODUCT OR TOTAL OUTPUT OF GOODS AND SERVICES

MOODY'S INDICATED THAT THE THREAT OF QUEBEC'S SECESSION FROM THE REST OF
CANADA WAS NOW LESS OF A CONCERN FOR CANADA'S CREDIT RATING 9301290192
930129 DIVIDEND NEWS PFIZER INC

PFIZER INC A NEW YORK PHARMACEUTICAL COMPANY RAISED ITS DIVIDEND 135
TO 42 CENTS A SHARE FROM 37 CENTS PAYABLE MARCH 18 TO SHARES OF RECORD FEB
12 PFIZER HAS 3297 MILLION SHARES OUTSTANDING 9301290191 930129
INTERNATIONAL FIAT CASH FLOW FELL 16 TO 269 BILLION DURING
DIFFICULT YEAR  SPECIAL TO THE WALL STREET JOURNAL

MILAN FIAT SPA LOSING DOMESTIC MARKET SHARE AND FACED WITH A SHRINKING
EUROPEAN CAR MARKET REPORTED PARTIAL RESULTS THAT BROUGHT A SMALL SIGH OF
RELIEF FROM MANY ANALYSTS

IN ITS ANNUAL LETTER TO SHAREHOLDERS THE ITALIAN CAR MANUFACTURER SAID
GROSS CASH FLOW FELL 16 LAST YEAR TO FOUR TRILLION LIRE 269 BILLION
FROM 4733 TRILLION LIRE IN 1991 SLIGHTLY ABOVE ANALYSTS' EXPECTATIONS OF A
DROP TO 38 TRILLION LIRE

FIAT'S CHAIRMAN AND CONTROLLING SHAREHOLDER GIANNI AGNELLI SAID INDUSTRIAL
OPERATIONS WERE NEAR BREAKEVEN IN 1991 INDUSTRIAL OPERATIONS SHOWED A
PROFIT MARGIN OF 11 OF REVENUE

TOTAL REVENUE ROSE 46 TO 591 TRILLION LIRE FROM 56488 TRILLION LIRE IN
THE YEAR EARLIER DESPITE FALLS REGISTERED BY ITS CAR AND TRUCK
SUBSIDIARIES SALES FROM INDUSTRIAL ACTIVITIES INCREASED 33 TO 502
TRILLION LIRE FROM 486 TRILLN LIRE IN 1991

MR AGNELLI SAID THE INCREASE IN REVENUE WAS LARGELY DUE TO THE
CONSOLIDATION OF US GROUP FORD NEW HOLLAND EFFECTIVE JAN 1 1992 WHICH
CONTRIBUTED 4541 TRILLION LIRE

FIAT DIDN'T DISCLOSE ANY PRETAX PROFIT FIGURES BUT ANALYSTS SAW AN IMPLIED
800 BILLION LIRE 5379 MILLION PRETAX PROFIT OR HALF OF THE 16 TRILLION
LIRE OF 1991 BASED ON ESTIMATED DEPRECIATION CHARGES FOR 1992 OF AROUND 32
TRILLION LIRE

ANALYSTS CAUTIOUSLY WELCOMED THE FIGURES THERE'S NOTHING HERE THAT'S
SHOCKINGLY BAD OR SHOCKINGLY GOOD SAID ALBERT ALONZO ITALY ANALYST AT
NOMURA SECURITIES IN LONDON IT'S MORE OR LESS AS EXPECTED 9301290190
930129 TARIFFS ON STEEL BY US ENLIVEN EC TRADE CLASH  ACTION
GIVES PROTECTIONISTS AMMUNITION IN DISPUTE WITH FREETRADE BLOC  
BY BOB HAGERTY STAFF REPORTER OF THE WALL STREET JOURNAL

BRUSSELS ANGER OVER STEELTRADE TARIFFS IMPOSED BY THE US THIS WEEK
PROVIDES AMMUNITION FOR THE PROTECTIONIST WING OF THE EUROPEAN COMMUNITY AT
A SENSITIVE TIME

THE PROVISIONAL US ANTIDUMPING PENALTIES COME JUST AS THE FREE TRADERS OF
NORTHERN EUROPE ARE FACING OFF AGAINST THE GENERALLY MORE PROTECTIONIST
SOUTHERN COUNTRIES IN A STRUGGLE FOR THE SOUL OF EC TRADE POLICY AT ISSUE
ARE THE EC'S NEGOTIATING TACTICS AT THE WORLD TRADE TALKS IN GENEVA AS WELL
AS A PROPOSAL TO GIVE THE EC'S EXECUTIVE COMMISSION MORE POWER IN IMPOSING
ITS OWN ANTIDUMPING MEASURES

THE US DECISION THREATENS TO VERY SERIOUSLY POISON THE ATMOSPHERE SAID
JEANFRANCOIS KASEL THE CHIEF DIPLOMATIC OFFICIAL HERE REPRESENTING
LUXEMBOURG ONE OF THE EC'S STAUNCHEST DEFENDERS OF FREE TRADE

REACTING TO THE US PLAN IN AN INTERVIEW WITH BBC RADIO BRITISH TRADE
MINISTER RICHARD NEEDHAM SAID I DO THINK THAT IT DOESN'T AUGUR WELL FOR
THE FUTURE OF THE WORLD TRADING SYSTEM IF THIS SORT OF THING IS ALLOWED TO
CONTINUE

THE FRENCH TRADITIONALLY ALIGNED WITH THE MORE PROTECTIONIST EC STATES
SPOKE OF RETALIATION IF THE AMERICAN ADMINISTRATION HEADS UP THE PATH OF
PROTECTIONISM COUNTERMEASURES WILL BE NECESSARY IN EUROPE PRIME MINISTER
PIERRE BEREGOVOY WARNED AT A NEWS CONFERENCE IN PARIS I HOPE THAT THE
AMERICANS WILL THINK TWICE

FRANCE'S HARD LINE AGAINST OFFERING TRADE CONCESSIONS TO THE US HAS HELPED
STALL EFFORTS TO WORK OUT A COMPLEX SERIES OF COMPROMISES AT THE GENEVA
TALKS HELD UNDER THE AUSPICES OF THE GENERAL AGREEMENT ON TARIFFS AND
TRADE

THE EC'S NEW TRADE COMMISSIONER SIR LEON BRITTAN IS PUSHING HARD FOR A
GATT DEAL WITH THE US AND ABOUT 100 OTHER NATIONS INVOLVED IN THE TALKS
SIR LEON A FERVENT FREE TRADER IS DUE TO PRESS THE ISSUE FEB 11 AT A
MEETING IN WASHINGTON WITH MICKEY KANTOR THE NEW US TRADE REPRESENTATIVE
DESPITE SIR LEON'S PROFESSED OPTIMISM HOWEVER MANY OTHER EC OFFICIALS ARE
INCREASINGLY GLOOMY ABOUT CHANCES OF A BREAKTHROUGH IN THE SIXYEAROLD GATT
NEGOTIATIONS

MUCH WILL DEPEND OF COURSE ON WHAT KIND OF POSITIONS THE CLINTON
ADMINISTRATION TAKES AT GATT CLINTON AIDES HAVE SENT OUT ONLY VAGUE SIGNALS
ON GATT SO FAR BUT OUR IMPRESSION IS THAT IT WILL BE EVEN MORE DIFFICULT
TO REACH AN ACCORD WITH THE NEW US ADMINISTRATION THAN IT WAS WITH FORMER
PRESIDENT GEORGE BUSH A SENIOR FRENCH DIPLOMAT SAID

MEANWHILE EC MEMBER STATES REMAIN SPLIT OVER THE COMMISSION'S PROPOSAL TO
STRENGTHEN ITS ABILITY TO IMPOSE DUMPING DUTIES AND OTHER TRADE SANCTIONS
THAT IMPASSE HAS PREVENTED THE EC FROM APPROVING A RELATED PACKAGE OF
MEASURES THAT WOULD ESTABLISH COMMON QUOTAS FOR CERTAIN PRODUCTS IMPORTED
FROM CHINA EASTERN EUROPE THE FORMER SOVIET REPUBLICS AND SEVERAL OTHER
COUNTRIES

AT PRESENT PROVISIONAL DUMPING DUTIES IMPOSED BY THE EC EXECUTIVE BODY MUST
BE APPROVED BY A QUALIFIED MAJORITY OF MEMBER STATES UNDER A VOTING SYSTEM
THAT GIVES GREATER WEIGHT TO LARGER COUNTRIES IN OTHER WORDS A MINORITY OF
EC STATES USUALLY LED BY GERMANY AND BRITAIN CAN BLOCK THE COMMISSION WHEN
THEY FEEL IT IS GOING TOO FAR IN PROTECTING EC INDUSTRIES FROM OVERSEAS
COMPETITION

LAST YEAR THE COMMISSION PROPOSED A STREAMLINED SYSTEM UNDER WHICH DUTIES
WOULD STAND UNLESS A QUALIFIED MAJORITY OF MEMBERS OPPOSED THEM

THAT PROPOSAL HAS BEEN BLOCKED FOR MORE THAN SIX MONTHS BY THE
FREETRADEORIENTED MEMBERS GERMANY BRITAIN THE NETHERLANDS LUXEMBOURG
AND DENMARK THEY HAVE ARGUED THAT THE NEW SYSTEM WOULD MAKE IT TOO EASY FOR
THE COMMISSION TO IMPOSE DUTIES

IN AN EFFORT TO END THE IMPASSE THE COMMISSION THIS WEEK PROPOSED A
COMPROMISE UNDER WHICH A SIMPLE MAJORITY OR SEVEN OF THE 12 MEMBER STATES
COULD OVERTURN DUTIES ALTHOUGH THAT SYSTEM WOULD MAKE IT SLIGHTLY MORE
DIFFICULT FOR THE COMMISSION TO HAVE ITS WAY OFFICIALS FROM GERMANY
BRITAIN LUXEMBOURG AND THE NETHERLANDS INDICATED THAT THEY WOULDN'T ACCEPT
THE COMPROMISE A DANISH OFFICIAL SAID IT WAS TOO EARLY TO SAY WHETHER THE
COMPROMISE WOULD PROVE ACCEPTABLE

SHOULD DENMARK AND ONE OF THE OTHER FREE TRADERS EMBRACE THE COMPROMISE EC
DIPLOMATS SAID THE COMMISSION'S PROPOSED DUMPING SYSTEM COULD BE ENACTED BY
A QUALIFIED MAJORITY BUT SEVERAL DIPLOMATS SAID THE BATTLE IS FAR FROM
OVER ALTHOUGH EC FOREIGN MINISTERS ARE DUE TO DISCUSS THE MATTER AT A
MEETING IN BRUSSELS TUESDAY CHANCES OF AN EARLY BREAKTHROUGH ARE CONSIDERED
SLIM 9301290189 930129 THURSDAY'S MARKETS DOW GAINS 1486 POINTS 
BONDS RALLY  BY STEVEN E LEVINGSTON STAFF REPORTER OF THE WALL
STREET JOURNAL

THE SLUMP IN THE OVERTHECOUNTER STOCK MARKET DEEPENED BUT LARGER STOCKS
RESISTED THE SELLING PRESSURE FINISHING HIGHER BOND PRICES STAGED A MODEST
RALLY AND THE DOLLAR WAS MIXED

THE DOW JONES INDUSTRIAL AVERAGE GAINED 1486 POINTS TO 330625 STANDARD &
POOR'S 500STOCK INDEX ADDED 055 TO 43866 BUT THE NASDAQ COMPOSITE INDEX
SLID 323 TO 69467 A LESS FEVERISH DECLINE THAN WEDNESDAY'S 926POINT
TUMBLE OVER THE PAST TWO DAYS THE INDEX HAS LOST 176

ANALYSTS SAID THEY BELIEVE THE BULL MARKET IN SMALLER STOCKS REMAINS INTACT
BUT THAT A SHORTTERM CORRECTION IS NECESSARY TO TRIM EXCESSES BUILT UP
DURING A FOURMONTH RALLY JOHN SHAUGHNESSY DIRECTOR OF RESEARCH AT ADVEST
INC IN HARTFORD CONN SAID THE NASDAQ COMPOSITE MAY SLIDE 10 BEFORE IT
RESUMES ITS UPWARD PUSH

SUCH A CORRECTION WOULD MERELY PROVIDE A BUYING OPPORTUNITY HE SAID IT
WOULD BE NOTHING MORE THAN A CONSOLIDATION WITHIN AN UPWARD TREND THAT WILL
EXTEND FOR THE NEXT 12 MONTHS

ANALYSTS SAID THEY WERE ENCOURAGED THAT THE LARGER ISSUES AREN'T SLIDING
ALONG WITH THE SMALLER STOCKS LAWRENCE KEBLUSEK DIRECTOR OF INVESTMENT
COUNSELING AT NORTHERN INVESTMENT COUNSELORS SAID THE MARKET IS MERELY
REGAINING ITS EQUILIBRIUM AFTER SMALL STOCKS RAN FAR AHEAD OF LARGER ONES

IF THE LARGECAP STOCKS DON'T HAVE A MAJOR CORRECTION AND IT ALL TAKES
PLACE IN THE NASDAQ STOCKS THEN THAT'S POSITIVE MR KEBLUSEK SAID

WORLDWIDE STOCK PRICES ADVANCED THE DOW JONES WORLD STOCK INDEX GAINED
063 TO 9280

IN MAJOR MARKET ACTION

STOCK PRICES WERE MIXED VOLUME TOTALED 2556 MILLION SHARES ON THE NEW YORK
STOCK EXCHANGE WHERE 918 ISSUES FELL AND 900 ROSE

BOND PRICES ROSE THE TREASURY'S BENCHMARK 30YEAR ISSUE GAINED 1/2 POINT
OR 5 FOR EACH 1000 FACE AMOUNT TO YIELD 720

THE DOLLAR WAS MIXED IN LATE NEW YORK TRADING THE CURRENCY WAS QUOTED AT
15861 MARKS AND 12420 YEN COMPARED WITH 15865 MARKS AND 12410 YEN
WEDNESDAY 9301290188 930129 TIMES MIRROR SAYS 668 WORKERS TOOK BUYOUT
PACKAGES  BY BENJAMIN A HOLDEN STAFF REPORTER OF THE WALL STREET
JOURNAL

LOS ANGELES TIMES MIRROR CO SAID 668 OF ITS 7500 LOS ANGELES TIMES
EMPLOYEES HAVE ACCEPTED THE VOLUNTARY SEVERANCE PACKAGE ANNOUNCED BY THE
PARENT COMPANY IN NOVEMBER

TIMES MIRROR SAID THE BUYOUT WILL RESULT IN A ONETIME CHARGE AGAINST
FOURTHQUARTER EARNINGS WHICH WILL BE REPORTED NEXT WEEK A YEAR EARLIER
TIMES MIRROR POSTED A NET LOSS OF 13 MILLION OR 10 CENTS A SHARE
INCLUDING A WRITEDOWN OF 65 MILLION FROM ITS SALE OF THE DENVER POST AND
423 MILLION IN ONETIME CHARGES FOR THE COST OF RESTRUCTURING INCLUDING
EARLIER SEVERANCE AND EARLYRETIREMENT PROGRAMS

TIMES MIRROR EARLIER SAID IT HOPED TO TRIM 500 LOS ANGELES TIMES EMPLOYEES
OF 5200 ELIGIBLE AT THE NEWSPAPER THROUGH THE BUYOUT OFFER COMBINED WITH
ATTRITION THE BUYOUT EXPIRED JAN 15

PEOPLE KNOWLEDGEABLE ABOUT THE BUYOUT SAID LOS ANGELES TIMES EDITORS WERE
SUPRISED BY THE NUMBERS WHO ELECTED TO LEAVE THE NEWSPAPER AND BY SEVERAL
UNANTICIPATED HIGHPROFILE REPORTERS

THE LAST DAY OF THE PLAN THEY HAD A FLOOD OF PEOPLE SIGNING UP SAID A LOS
ANGELES TIMES REPORTER WHO ASKED NOT TO BE IDENTIFIED YOU COULDN'T EVEN
GET IN THE DOOR

TIMES MIRROR EMPLOYEES ACCEPTING THE PLAN'S TERMS ARE TO RECEIVE UP TO TWO
YEARS' PAY AND 18 MONTHS OF FULL MEDICAL BENEFITS FOR THEMSELVES AND
DEPENDENTS DEPENDING ON THEIR LENGTH OF SERVICE

A LOS ANGELES TIMES SPOKESWOMAN SAID THE COMPANY WAS VERY HAPPY WITH THE
BUYOUT'S RESULT WHICH WILL INCLUDE THE DEPARTURE OF 88 EDITORIAL EMPLOYEES
SHE SAID ESTIMATES THAT 850 PEOPLE ACTUALLY SIGNED UP TO TAKE THE VOLUNTARY
BUYOUT IS A LITTLE HIGH

LOS ANGELES TIMES EDITOR SHELBY COFFEY SAID THAT AS A RESULT OF LOSSES IN
THE NEWSROOM THE PAPER WILL BE DOING SOME REHIRING AND MAKING SOME
PROMOTIONS

THE NEWSPAPER AMONG THE NATION'S LARGEST DAILIES WITH A CIRCULATION OF
ABOUT 11 MILLION HAS BEEN SQUEEZED BY A DEPRESSED REGIONAL ECONOMY THE
TIMES ANNOUNCED EARLIER THIS WEEK THAT POLITICAL CARTOONIST PAUL CONRAD 68
HAD TAKEN THE BUYOUT OFFER OTHER STAFFERS WHO ACCEPTED THE COMPANY'S OFFER
INCLUDE SUCH HIGHPROFILE REPORTERS AS ROBERT TOTH RUDY ABRAMSON AND LAURIE
BECKLUND

MOST EMPLOYEES PARTICIPATING IN THE PROGRAM WILL LEAVE THE NEWSPAPER BY THE
END OF MARCH TIMES MIRROR SAID 9301290186 930129 LETTERS TO THE EDITOR
 THROWN TO THE FREE MARKET WOLVES

YOUR DEC 29 EDITORIAL GROUNDING DEREGULATION WAS APPALLING NORMALLY YOU
ARE A BASTION OF OBJECTIVITY RATHER THAN AN ADVOCATE OF FAILED ECONOMIC
POLICIES SUCH AS PRESIDENT CARTER'S ADOPTION OF ALFRED KAHN'S TRANSPORTATION
DEREGULATION THEORY

DO YOU TRULY PREFER THE SERVICE OF THE FEW SURVIVING DEREGULATED US
AIRLINES TO THAT OF THEIR MANY COMPETING REGULATED PREDECESSORS I DOUBT IT
DO YOU TRULY BELIEVE AMERICAN BUSINESSPEOPLE ARE ENJOYING LOWER FARES THAN
WOULD HAVE PREVAILED IN THE REGULATED ATMOSPHERE I DOUBT THIS ALSO WHILE
LEISURE TRAVEL RESERVE AT LEAST SEVEN DAYS IN ADVANCE STAY OVER SATURDAY
NIGHT BUT DON'T TRAVEL WHEN YOU NEED TO OR WANT TO IS A BARGAIN BUSINESS
TRAVEL IS ALL BUT EMBARGOED NONETHELESS I GATHER FROM YOUR EDITORIAL THAT
YOU BELIEVE LEISURE TRAVEL IS MORE IMPORTANT TO THE ECONOMY THAN IS BUSINESS
TRAVEL

CONTRARY TO YOUR STATEMENTS PROF PAUL DEMPSEY IS RIGHT HE HAS BEEN SAYING
THE SAME THING SINCE THE KAHN DEREGULATION EXPERIMENT BEGAN IN 1978 AND HE
BECOMES MORE VOCAL WITH EACH PASSING YEAR AS THE EVIDENCE MOUNTS AGAINST
DEREGULATION OF CRITICAL PUBLICINTEREST SERVICES SUCH AS TRANSPORTATION

YOU QUOTE TRANSPORTATION SECRETARY FEDERICO PENA AS STATING THAT THE
TRUCKING INDUSTRY IS STILL REELING FROM DEREGULATION HE OBVIOUSLY HAS HIS
EYES OPEN IN THE 1970S PRIOR TO FEDERAL DEREGULATION THERE WERE FEWER
THAN 200 BANKRUPTCIES A YEAR IN THE TRUCKING INDUSTRY IN 1980 WE
DEREGULATED AND THE BANKRUPTCIES BEGAN TO GROW BY 1983 THE ANNUAL TRUCKING
BANKRUPTCY COUNT EXCEEDED 1200 AND IT HAS CONTINUED TO EXCEED THAT NUMBER
EVERY YEAR SINCE DUN & BRADSTREET REPORTS THAT AT LEAST 2280 TRUCKING
COMPANIES DECLARED BANKRUPTCY IN 1991 AN ALLTIME RECORD AND 1992 IS NOT
EXPECTED TO SHOW ANY IMPROVEMENT IN THESE NUMBERS WITH EACH OF THESE
BANKRUPTCIES GO JOBS AND DISRUPTED FAMILIES I SERIOUSLY QUESTION WHETHER
THESE RESULTS REFLECT THE WISDOM OF MR KAHN'S FREE MARKET APPROACH TO
TRANSPORTATION RATHER IT APPEARS TO ME THAT MR KAHN'S IDEOLOGY HAS
WRECKED AND CONTINUES TO WRECK WHAT WAS ONCE THE WORLD'S MOST ADMIRED TRUCK
TRANSPORTATION SYSTEM

AND YOU LIKE AIRLINE DEREGULATION TELL THAT TO THE PUBLIC THAT HAS WATCHED
THIS INDUSTRY LOSE 7 BILLION IN THREE YEARS A FIGURE THAT EXCEEDS THE
ACCUMULATED PROFIT FROM ITS ENTIRE HISTORY TELL THAT TO THE 1000 PEOPLE
LAID OFF BY NORTHWEST AIRLINES AND THOSE LAID OFF BY UNITED AIRLINES THE
NATION'S SECOND LARGEST AIRLINE JUST RECENTLY

DEREGULATION OF TRANSPORTATION HAS NOT BEEN AS WONDERFUL AS YOU SUGGEST IT
HAS TAKEN THE UNDERPINNINGS OF OUR ECONOMIC SUCCESS A VITAL TRANSPORTATION
SYSTEM MOVING PEOPLE AND THINGS ON A RELIABLE REASONABLY PRICED BASIS AND
THROWN IT TO THE VAGARIES OF THE FREE MARKET THE RESULTS SPEAK FOR
THEMSELVES

MR KISSINGER WHO IS A PAST PRESIDENT OF THE TRANSPORTATION LAWYERS
ASSOCIATION AND WHO REPRESENTS BOTH SHIPPERS AND CARRIERS ALSO OWNS A SMALL
TRUCKING COMPANY

YOU DIRECTED AN AD HOMINEM ATTACK AGAINST AMONG OTHERS PAUL DEMPSEY AN
EMINENT AND IRREVERENT BUT HONEST INTELLECTUAL WHO HAS HAD THE TEMERITY TO
SPEAK THE TRUTH AS HE SEES IT I HAVE KNOWN MR DEMPSEY FOR ALMOST 20 YEARS
WHAT HE IS NOT IS A FANATICAL CHEERLEADER FOR ANYTHING HE IS A SERIOUS
AND RESPECTED ACADEMIC WHO HAS HAD THE FORTITUDE TO SAY WHAT MANY WHISPER
AND MORE BELIEVE THE CURRENT STATE OF TRANSPORTATION REGULATION IS IN A
MESS

MR JACKSON IS PAST NATIONAL PRESIDENT OF THE ASSOCIATION OF TRANSPORTATION
PRACTITIONERS THE LARGEST INDEPENDENT TRANSPORTATION LAW GROUP IN NORTH
AMERICA

WHILE YOUR POINTS ARE VALID YOU DID NOT GO FAR ENOUGH THE GREATEST STRIDES
IN DEREGULATION WERE MADE IN THE CARTER YEARS AND CULMINATED IN THE DEMISE
OF THE CIVIL AERONAUTICS BOARD CAB

THE GREATEST DANGER POSED BY THE PROSPECT OF REREGULATION IS THE
RESURRECTION OR CREATION OF A NEW CABTYPE AGENCY LOBBYISTS AND LAWYERS WHO
FEED OFF REGULATION AND DRIVE UP COSTS IN INDUSTRIES BESET BY UNNECESSARY
REGULATION WOULD HAVE A FIELD DAY IF AN AGENCY REGULATING THE AIRLINES WERE
RECREATED

TRANSPORTATION INDUSTRIES HAVE MORE THAN ENOUGH TO DO TO MAKE THEMSELVES
PROFITABLE WHAT IS NOT NEEDED IS A NEW REGULATORY VEHICLE THAT WOULD ADD
LAYERS OF FEDERAL BUREAUCRACY INCREASE COSTS TO THE CONSUMER LOWER
EFFICIENCY AND HARM THE NATION'S ECONOMY AT A TIME WHEN WE CAN LEAST AFFORD
IT

MR GITNER WAS PRESIDENT OF TEXAS AIR CORP VICE CHAIRMAN OF PAN AMERICAN
WORLD AIRWAYS AND PRESIDENT AND FOUNDER OF PEOPLE EXPRESS AIRLINES
9301290185 930129 BUSINESS BRIEF PHILLIPS PETROLEUM SUN SAY EARNINGS 
SHOWED STRONG RISE IN FOURTH QUARTER

PHILLIPS PETROLEUM CO AND SUN CO IN LINE WITH THE INDUSTRY TREND
REPORTED SHARPLY HIGHER FOURTHQUARTER NET INCOME

BOTH COMPANIES BEGAN REALIZING BENEFITS FROM COSTCUTTING AND RESTRUCTURING
STEPS SUN REPORTED SLIGHTLY IMPROVED PROFIT MARGINS ON SALES OF BRANDED
GASOLINE WHILE PHILLIPS SAW ITS EXPLORATION AND PRODUCTION SEGMENT RECOVER
FROM A LOSS IN 1991

THE COSTCUTTING EFFORTS OF BOTH COMPANIES ARE PAYING OFF NICELY SAID
EUGENE NOWAK A DEAN WITTER REYNOLDS ANALYST

PHILLIPS REPORTED A PROFIT OF 124 MILLION OR 48 CENTS A SHARE COMPARED
WITH 79 MILLION OR 30 CENTS A SHARE A YEAR EARLIER THE 1992 RESULTS
INCLUDE A HOST OF SPECIAL ITEMS INCLUDING A CHARGE FOR EARLY REDEMPTION OF
DEBT GAINS ON THE SALE OF ASSETS AND FOREIGN CURRENCY TRANSACTIONS AND
DRILLING TAX CREDITS NOT RECOGNIZED IN PREVIOUS QUARTERS

WITHOUT THE SPECIAL ITEMS PHILLIPS'S EARNINGS FROM OPERATIONS WERE ABOUT
90 MILLION OR 35 CENTS A SHARE COMPARED WITH 48 MILLION OR 18 CENTS A
SHARE A YEAR EARLIER

SUN'S STRATEGY OF FOCUSING ON DOMESTIC REFINING AND MARKETING RESULTED IN
THAT SEGMENT SHOWING A PROFIT OF 6 MILLION COMPARED WITH A LOSS OF 14
MILLION IN THE 1991 FOURTH QUARTER THE INCREASE WAS DUE TO HIGHER MARGINS
ON GASOLINE SALES AND LOWER EXPENSES SALES VOLUMES WERE DOWN SLIGHTLY FROM
A YEAR EARLIER

SUN'S EXPLORATION AND PRODUCTION BUSINESS TURNED IN A PROFIT OF 30 MILLION
COMPARED WITH A LOSS OF 11 MILLION IN THE YEAREARLIER QUARTER THE COMPANY
ATTRIBUTED THE TURNAROUND TO THE ELIMINATION OF EXPLORATION EXPENSES OUTSIDE
OF CANADA AND OTHER COSTCUTTING MEASURES EVEN THOUGH OIL PRODUCTION
VOLUMES WERE DOWN BY 16 COMPARED WITH A YEAR EARLIER AND NATURAL GAS
PRICES WERE LOWER INCOME FROM PRODUCTION INCREASED BECAUSE OF LOWER
EXPENSES AND DEPRECIATION 9301290184 930129 SPECTRAN CORP PLANS TO
POST HIGHER PROFIT FOR FOURTH QUARTER

STURBRIDGE MASS SPECTRAN CORP EXPECTS TO REPORT THAT FOURTHQUARTER
NET INCOME ROSE TO BETWEEN 18 CENTS AND 21 CENTS A SHARE FROM A RESTATED 17
CENTS A SHARE A YEAR EARLIER OFFICIALS SAID

THE MAKER OF OPTICAL FIBER FOR DATA COMMUNICATIONS CABLE BENEFITED FROM
GAINS ON FINANCIAL TRANSACTIONS AMOUNTING TO EIGHT CENTS A SHARE IN THE
LATEST QUARTER REVENUE WAS 53 MILLION UP 12 FROM 47 MILLION SAID
RAYMOND JAEGER PRESIDENT CHAIRMAN AND CHIEF EXECUTIVE OFFICER

BRUCE CANNON CHIEF FINANCIAL OFFICER SAID THAT SPECTRAN EXPECTS TO REPORT
NET FOR THE QUARTER OF 950000 TO 12 MILLION COMPARED WITH A RESTATED
936000 IN THE YEARAGO PERIOD SPECTRAN RESTATED PAST YEARS' RESULTS TO
REFLECT ADOPTION OF FASB 109 WHICH COVERS INCOME TAX ACCOUNTING FOR
COMPANIES WITH TAXLOSS CARRYFORWARDS AND CARRYBACKS SPECTRAN HAS
RESTATED RESULTS GOING BACK TO 1990

FOR THE FULL YEAR SPECTRAN EXPECTS TO REPORT NET OF 35 MILLION TO 37
MILLION OR 63 CENTS TO 66 CENTS A SHARE THAT WOULD BE UP 25 TO 32 FROM
YEAREARLIER RESTATED NET OF 28 MILLION OR 50 CENTS A SHARE MR CANNON
SAID SALES ROSE ABOUT 31 TO 214 MILLION FROM 163 MILLION HE ADDED

THE BIGEST FACTOR IN THE FOURTH QUARTER PROFIT IMPROVEMENT WAS A ONETIME
FINANCIAL GAIN THAT SPECTRAN ACHIEVED BY SELLING SHORT US TREASURY ISSUES
MR CANNON SAID THE COMPANY'S CORRECT BET THAT INTEREST RATES WOULD RISE IN
THE FOURTH QUARTER EXPOSED US TO VERY MINIMAL RISK

DR JAEGER SAID THAT SPECTRAN DOESN'T EXPECT TO HAVE SIGNIFICANT FUTURE
ONETIME GAINS FROM FINANCIAL TRANSACTIONS THAT SAME SITUATION HAS A LOW
PROBABILITY OF PRESENTING ITSELF AGAIN HE SAID

DR JAEGER SAID SPECTRAN'S BASIC BUSINESS IS GOING WELL WITH FULLYEAR
SALES GROWTH WELL AHEAD OF THE INDUSTRY'S 15 TO 20 GROWTH HE SAID
SPECTRAN HAS ABOUT 25 OF THE US MARKET FOR FIBER OPTIC CABLE USED INSIDE
BUILDINGS

PROFIT WAS AFFECTED BY PRODUCT MIX AS SPECTRAN SOLD LESS COATED CABLE WHICH
CARRIES HIGHER PROFIT MARGINS AND MORE BASIC FIBER SPECTRAN WILL HAVE
ADDITIONAL MACHINES IN OPERATION AT ITS STURBRIDGE FACILITY BY THE END OF
THE CURRENT QUARTER DR JAEGER SAID THE COMPANY EXPECTS TO INCREASE
CAPACITY THIS YEAR AND NEXT TO MATCH THE INDUSTRY'S EXPECTED 15 TO 20
ANNUAL GROWTH HE SAID 9301290183 930129 LETTERS TO THE EDITOR WE DO
NOT POLICE LANGUAGE AND THOUGHT

YOUR JAN 5 EDITORIAL LANGUAGE CENSORS COMMENTS ON PART OF A STORY ABOUT A
UNIVERSITY OF MICHIGAN UNDERGRADUATE'S ESSAY AND A TEACHING ASSISTANT'S
SEXUAL HARASSMENT RESPONSE TO THAT ESSAY

I THINK IT IS IMPORTANT FOR YOUR READERS TO KNOW THAT I REGARD THE TEACHING
ASSISTANT'S RESPONSE AS INAPPROPRIATE AND INEFFECTIVE AN OVERREACTION TO
WHAT THE UNDERGRADUATE APTLY DESCRIBED AS HIS OWN LUDICROUS EXAMPLE

IN A LETTER TO THE DEPARTMENT CHAIR LAST NOVEMBER I WROTE WE ALL MUST
TAKE CARE NOT TO OVERREACT IN WAYS THAT STIFLE EXPRESSION I REGARD THAT AS
ESPECIALLY IMPORTANT IN THE CLASSROOM AND ON CAMPUS

YOUR EDITORS MAY REGARD THE MAMMOTH UNIVERSITY OF MICHIGAN AS A FAVORITE
CAMPUS FOR LANGUAGE CENSORS BUT IF SO I BELIEVE YOU ARE SERIOUSLY
MISINFORMED AND EASILY MISLED BY THOSE INTENT ON NEGATIVELY STEREOTYPING A
COMPLEX AND LIVELY INSTITUTION OF HIGHER EDUCATION

FURTHERMORE ENCOURAGING THE USE OF GENDER NEUTRAL LANGUAGE IS NOT THE
SAME AS POLICING LANGUAGE AND THOUGHT 9301290182 930129 LAW 
NONREFUNDABLE LAWYERS' FEES BARRED BY NEW YORK STATE COURT AS UNETHICAL 
 BY JUNDA WOO STAFF REPORTER OF THE WALL STREET JOURNAL

NONREFUNDABLE LEGAL FEES WERE BARRED AS UNETHICAL BY A NEW YORK APPEALS
COURT RAISING QUESTIONS ABOUT A PRACTICE COMMON AMONG MANY LAWYERS
NATIONWIDE

ETHICS SPECIALISTS SAY THE RULING WHICH CAME IN AN ATTORNEYDISCIPLINE
CASE IS APPARENTLY THE FIRST APPELLATE OPINION TO FIND THAT SUCH FEES ARE
WRONG IN ANY SITUATION CRITICS OF SUCH FEE ARRANGEMENTS SAY THE RULING WILL
SPUR COURTS IN OTHER STATES TO TAKE SIMILAR STEPS WHICH COULD CHANGE THE
WAY MANY LAWYERS DO BUSINESS

THIS IS GOING TO CARRY THE DAY WITH THE OTHER JURISDICTIONS SAYS LESTER
BRICKMAN AN ETHICS PROFESSOR AT YESHIVA UNIVERSITY IN NEW YORK WHO HAS
WRITTEN EXTENSIVELY ABOUT NONREFUNDABLE RETAINERS IT'S SORT OF LIKE
EVERYBODY WAS WAITING TO SEE WHO WOULD DO IT FIRST

THE ATTORNEY WHO WAS DISCIPLINED IN THE NEW YORK CASE TOOK RETAINERS RANGING
FROM 5000 TO 15000 WHICH WEREN'T REFUNDABLE REGARDLESS OF HOW MUCH
WORK HE DID OR WHETHER HE WOULD BE FIRED AFTER ONLY A FEW HOURS OF SERVICE

THE COURT HOWEVER SAID SUCH RETAINERS BOTH INTERFERE WITH A CLIENT'S RIGHT
TO FIRE AN ATTORNEY AND ALLOW ATTORNEYS TO KEEP UNEARNED MONEY WE FIND THE
USE OF THESE RETAINER AGREEMENTS TO BE UNETHICAL AND UNCONSCIONABLE IN SPITE
OF THE INHERENT RIGHT OF ATTORNEYS TO ENTER INTO CONTRACTS FOR THEIR
SERVICES THE INTERMEDIATE APPEALS COURT IN BROOKLYN SAID

IN THE PAST 20 YEARS NONREFUNDABLE FEES HAVE BECOME COMMON IN MATRIMONIAL
AND CRIMINAL LAW THE FEES ARE SOMEWHAT POPULAR IN BANKRUPTCY LAW AS WELL
MATRIMONIAL LAWYERS SAY THE FEES PROTECT THEM BECAUSE CLIENTS ARE APT TO
SWITCH LAWYERS OR RECONCILE WITH THEIR SPOUSES MIDWAY THROUGH DIVORCE
PROCEEDINGS CRIMINAL AND BANKRUPTCY LAWYERS SAY THE FEES ARE INSURANCE IN
CASE CLIENTS DECIDE THAT THEY CAN'T OR WON'T PAY THEIR BILLS

STEPHEN GILLERS A LEGALETHICS PROFESSOR AT NEW YORK UNIVERSITY CALLS THE
NEW YORK APPELLATE RULING VERY ILLADVISED A LAWYER WHO TAKES ON A CLIENT
CAN POSSIBLY LOSE OTHER OPPORTUNITIES FOR CASES INCLUDING THE CHANCE TO
REPRESENT THE CLIENT'S OPPONENT MR GILLERS SAYS THE LAWYER ALSO MAY BE
PROHIBITED FROM WORKING ON FUTURE CASES INVOLVING THAT CLIENT BECAUSE OF
CONFLICTOFINTEREST RULES MR GILLERS SAYS AND SHOULD THEREFORE BE
COMPENSATED FOR THOSE LOST OPPORTUNITIES

FOR INSTANCE ROBERT D ARENSTEIN A TEANECK NJ ATTORNEY AND NATIONAL
LEGISLATIVE CHAIRMAN OF THE AMERICAN ACADEMY OF MATRIMONIAL LAWYERS SAYS
SOME PEOPLE BRIEFLY HIRE SKILLED DIVORCE LAWYERS SIMPLY TO PREVENT THEIR
SPOUSES FROM RETAINING THOSE ATTORNEYS HE SAYS THAT TO PROTECT HIMSELF FROM
SUCH SCHEMES HE TAKES A 3500 MINIMUM FEE THAT GENERALLY ISN'T REFUNDABLE
EVEN IF HE IS QUICKLY FIRED

OTHER ATTORNEYS SAY NONREFUNDABLE FEES ARE JUSTIFIED IN SPECIAL CASES JAMES
FOX MILLER A DIVORCE LAWYER IN HOLLYWOOD FLA AND FORMER PRESIDENT OF THE
FLORIDA BAR SAYS HE HAS KEPT NONREFUNDABLE FEES OF BETWEEN 10000 AND
15000 FOR ONLY A FEW DAYS OF WORK

IN EACH CASE THE CLIENT'S HUSBAND CAVED IN TO HIS WIFE AFTER REALIZING
SHE'D HIRED MR MILLER HE SAYS THEY'VE HAD THE BENEFIT OF MY REPUTATION
MR MILLER SAYS HE ADDS HOWEVER THAT IF HE IS FIRED AFTER DOING NO WORK
HE RETURNS THE RETAINER

MR BRICKMAN THE YESHIVA UNIVERSITY PROFESSOR BELIEVES THE NONREFUNDABLE
FEE IS WRONG EVEN IN SUCH CASES BECAUSE IT DOESN'T REFLECT THE ACTUAL
AMOUNT OF WORK DONE OR COMPENSATE FOR HARM SUFFERED BY THE ATTORNEY IT'S
NOT A GOODFAITH ATTEMPT TO FIGURE OUT WHAT THE DAMAGES WOULD BE HE SAYS

MR MILLER FOR INSTANCE COULD HAVE BILLED HIS CLIENTS BY AN HOURLY RATE
THAT REFLECTS HIS REPUTATION MR BRICKMAN SAYS

LOOK EVERYBODY IN SOCIETY WOULD LOVE TO GET PAID IN ADVANCE AND GET TO
KEEP THE MONEY EVEN IF THEY DON'T DO ANY WORK HE SAYS LAWYERS WOULD BE
THE ONLY ONES WHO WOULD GET TO DO THAT IF THE COURT HAD DECIDED IT WAS
ETHICAL

THE ATTORNEY WHO WAS DISCIPLINED EDWARD M COOPERMAN GARDEN CITY NY
SAYS HE PLANS TO APPEAL

IN THE MATTER OF EDWARD M COOPERMAN APPELLATE DIVISION OF THE SUPREME
COURT SECOND JUDICIAL DEPARTMENT BROOKLYN 9000429 9301290181 930129
PEPPERAND SALT

ONE GREAT BIG GETWELL CARD

BUT NOTHING ELSE HAS EITHER

AND EVERY FAN UNDERSTANDS

WIDE RECEIVERS HAVE GOOD HANDS

THE ELECTRIC CAR IS COMING AND THERE'S NO NEED FOR CASH JUST SAY CHARGE
IT

OUTOFBOUNDS FOOTBALL PUNT OF NO RETURN 9301290180 930129 LEISURE &
ARTS ON SPORTS THE OTHER TRADITION HYPE WEEK  BY FREDERICK C
KLEIN

LOS ANGELES DUANE THOMAS THE TROUBLED BUT PERCEPTIVE RUNNING BACK
20ODD YEARS AGO ASKED WHY IF THE SUPER BOWL REALLY WAS THE ULTIMATE
FOOTBALL GAME THEY PLAYED A NEW ONE EVERY YEAR IN THE DECADE I'VE BEEN
GOING TO THESE THINGS MY OWN ANNUAL QUESTION IS WHETHER THE NEXT GAME EVER
WILL GET PLAYED

HYPE WEEK WHICH THE NATIONAL FOOTBALL LEAGUE BASES ON THE PREMISE THAT IF
ONE NEWSPAPER COVERS SOMETHING EVERY OTHER ONE WILL TOO HAS THAT SORT OF
EFFECT STUMBLING AMONG THE RITUAL INTERVIEWS WITH PLAYERS AND COACHES AND
LISTENING TO THE LATEST JOCK CLICHES MY FAMILY IS MY NO 1 PRIORITY IS
ONE THAT SOME OF THEIR FAMILIES MIGHT BE SURPRISED TO LEARN ONE OFTEN
WONDERS ABOUT THE PURPOSE OF THE EVENT

MY CONCLUSION IS THAT AS THE ROMAN NUMERALS MOUNT THE SB HAS BECOME AS
MUCH A CARRIER AS AN ATHLETIC CONTEST BUT THE QUESTION CARRIER OF WHAT
REMAINS

THAT SENSE NEVER WAS KEENER THAN ON TUESDAY THE FIRST DAY THE PARTICIPANTS
WERE EXPOSED TO US NEWSIES EN MASSE THE SITE THE NFL CHOSE FOR THE SESSION
WAS NOT THE ROSE BOWL IN PASADENA CALIF WHERE SUNDAY'S GAME IS TO BE
PLAYED OR THE LA COLISEUM A HISTORIC PRO FOOTBALL VENUE IT WAS DODGER
STADIUM A BASEBALL FIELD UPON WHICH FOOTBALL HAS SELDOM BEEN PLAYED IF
EVER

THE LEAGUE SAYS DODGER STADIUM WAS PICKED FOR ITS AVAILABILITY AND
CONVENIENCE WHATEVER THE ASSOCIATIONS IT EVOKED WERE QUITE
UNFOOTBALLLIKE SOME MEMBERS OF THE DALLAS COWBOYS AND BUFFALO BILLS
CAVORTED ON THE PITCHER'S MOUND AND BASE PATHS MIMICKING THE MOTIONS OF THE
DIAMOND SPORT

MARV LEVY THE BILLS' WHITEHAIRED COACH CAUGHT THE SPIRIT AND WAXED
NOSTALGIC THIS IS GREAT HE ENTHUSED I CAN SEE DUKE SNIDER OUT THERE IN
CENTER FIELD HE DID PLAY HERE DIDN'T HE

YES HE DID UNLIKE MERLIN OLSEN

THE INCONGRUITY DID NOT END THERE WHILE THE INTERVIEWS PROCEEDED SEVERAL
HUNDRED PEOPLE WATCHED FROM THE STADIUM'S UPPER DECK ERUPTING IN CHEERS AT
IRREGULAR INTERVALS IT TURNED OUT THAT UNDER THE DIRECTION OF A CREW THAT
LOOKED LIKE THE GANG THAT HIJACKS THE BATTLESHIP IN THE MOVIE UNDER SIEGE
THEY WERE THERE TO TAPE A COMMERCIAL FOR BUD LITE

I WENT UPSTAIRS TO WATCH AND DURING A BREAK IN THE FILMING ASKED A CREWMAN
IF THE SESSION HAD BEEN BOOKED WITH THE SUPER BOWL ACTIVITY IN MIND I
DON'T THINK SO BUT WE DON'T MIND HE SAID

BACK AT CENTURY PLAZA HOTEL SB CENTRAL AN AFTERNOON PRESS CONFERENCE HAD
BEEN CALLED TO PREVIEW SUNDAY'S HALFTIME WHICH LIKE OTHER ASPECTS OF THE
GAME HAD TAKEN ON A LIFE OF ITS OWN THIS ONE WOULD STAR THE SINGER MICHAEL
JACKSON AND HE WOULD BE THERE

NEIL AUSTRIAN THE NFL'S PRESIDENT ASSURED A LARGE GATHERING THAT THIS WAS
THE LARGEST PRESS CONFERENCE EVER FOR A SUPER BOWL HALFTIME SHOW I CAN
REMEMBER 1967 THE YEAR OF SB I WHEN ALL WE HAD WAS THE UNIVERSITY OF
MICHIGAN MARCHING BAND HE SAID I CAN TOO AND IT SEEMED SUFFICIENT

AUSTRIAN SAID OTHER THINGS NONE OF WHICH I WROTE DOWN LIKE ALMOST
EVERYONE I'D COME TO SEE JACKSON HE SOON ARRIVED A PERSON OF NO OBVIOUS
SEX OR RACE WEARING AMONG OTHER THINGS A BLACK JACKET WITH RED EPAULETS
A SIXINCHWIDE GOLD BELT AND EYE MAKEUP WHILE FLASHBULBS TWINKLED HE
BEAMED RAPTLY NANCY REAGANLIKE AS A NUMBER OF PEOPLE SPOKE ABOUT THE
FUNCTIONS OF THE HEAL THE WORLD FOUNDATION A CHILDREN'S GROUP WITH WHICH
HE'S ASSOCIATED AND ON WHOSE BEHALF HE WOULD BE APPEARING ON SUNDAY

JACKSON WAS CALLED TO RECEIVE A PLAQUE FOR CHARITABLENESS FROM TOM BRADLEY
THE MAYOR OF LA WHEREUPON HE SHOWED HIS DANCERLY SKILL BY LEAPING AROUND
TO BRADLEY'S LEFT APPARENTLY TO SHOW HIS BETTER SIDE JACKSON SAID HE WAS
EXCITED TO BE PART OF THE SUPER BOWL AND DEPARTED JUST ABOUT ALL THE PRESS
ALSO LEFT ALTHOUGH A SUBSTANTIAL PROGRAM INCLUDING A BUNCH OF FOOTBALLERS
WHO'D DONNED SKINHEAD CAPS TO PLUG A POTATO CHIP REMAINED

OUTSIDE IN THE LOBBY PEOPLE DISTRIBUTED MATERIAL ON HEAL THE WORLD WHICH
SEEMED A WORTHY CAUSE BUT EVEN HERE THERE WAS COMPETITION IN THE SHAPELY
FORM OF SOME YOUNG WOMEN CALLED BUD GIRLS STUFFED INTO ELASTIC DRESSES
PRINTED WITH BUDWEISER BEER LABELS BUD'S MARKETING STRATEGY SEEMS TO
CONSIST OF ALWAYS BEING SEEN IN PUBLIC PLACES LIKE THAT OLD RHYME ABOUT
FOOLS' NAMES AND FACES

THE NFL THOUGH EMBRACES MORE THAN ONE BRAND OF BEER AND ON WEDNESDAY THE
BALLROOM WAS OCCUPIED BY THE MILLER FOLKS FOR THE PURPOSE OF CROWNING A
PLAYER OF THE YEAR A GOOD MANY PRESENT AND FORMER NFL STARS WERE ON HAND
 TO SEE BE SEEN AND PROMOTE CURRENT PROJECTS

THAT ONE OF THESE WAS JOHN MACKEY WAS INTERESTING ON A COUPLE OF SCORES ONE
WAS THAT MACKEY WHO AS A BALTIMORE COLT REINVENTED THE POSITION OF TIGHT
END IS A GENUINE SUPER BOWL HERO THE RECIPIENT OF THE MEMORABLE 75YARD
TOUCHDOWN PASS THAT BOUNCED OFF TWO OTHER SETS OF HANDS INTO HIS OWN TO TURN
THE 1971 GAME THE OTHER WAS THAT IN THIS YEAR IN WHICH A FORM OF
UNFETTERED FREE AGENCY FOR VETERAN PLAYERS FINALLY WILL COME TO THE LEAGUE
IT WAS HE WHO LED THE ORIGINAL PUSH FOR THE BENEFIT

INDEED MACKEY WAS AN EARLY PRESIDENT OF THE NFL PLAYERS ASSOCIATION AND
AS SUCH HIS NAME WENT ON THE LAWSUIT THAT FIRST BROUGHT THE ISSUE INTO THE
COURTS HE'D PREVIOUSLY MADE HIS MARK AS AN INDEPENDENT SOUL WHEN IN 1963
HE BECAME ONE OF THE FIRST PLAYERS IN THE LEAGUE TO HIRE AN AGENT TO
NEGOTIATE HIS CONTRACT

THOSE STANCES DIDN'T ENDEAR HIM WITH NFL BRASS BUT HE SAYS HE NEVER TOOK
THEIR ENMITY PERSONALLY THE FEELING NOW IS BEING RECIPROCATED PAUL
TAGLIABUE THE NFL COMMISSIONER IS ON THE ADVISORY BOARD OF THE COMMUNITY
FOR EDUCATION FOUNDATION HEADED BY MACKEY A FLORIDA BUSINESSMAN

THE FOUNDATION UNDERWRITES PROGRAMS THAT HELP GHETTO KIDS FIND JOBS AND
MACKEY SAYS IT USES THE KIND OF DIRECT APPROACHES THAT CAN WORK I MADE MY
MARK AS A ROOKIE TIGHT END BY GOING LONG FOR PASSES NOBODY HAD DONE THAT
BEFORE BUT I DIDN'T KNOW I SHOULDN'T SO I DID HE SAID BY WAY OF
PARALLEL

THIS WEEK THAT MADE A LOT OF SENSE 9301290179 930129 WARNERLAMBERT CO
 AND JOUVEINAL FORM A RESEARCH ALLIANCE

MORRIS PLAINS NJ WARNERLAMBERT CO SAID IT FORMED A RESEARCH ALLIANCE
WITH FRENCH PHARMACEUTICAL COMPANY JOUVEINAL SA AND ACQUIRED A 34 INTEREST

WARNERLAMBERT PAID 200 MILLION FOR THE INVESTMENT AND WILL HAVE TWO SEATS
ON THE BOARD OF CLOSELY HELD JOUVEINAL

UNDER THE PACT WARNERLAMBERT HAS RIGHTS OF FIRST REFUSAL TO JOUVEINAL'S
DEVELOPED COMPOUNDS OUTSIDE OF FRANCE ITS OVERSEAS DEPARTMENTS AND
TERRITORIES FRENCHSPEAKING AFRICA AND CANADA

THE COMBINATION OF JOUVEINAL'S LEADINGEDGE RESEARCH ESPECIALLY IN THE
FIELD OF GASTROENTEROLOGY AND OUR WORLDWIDE REACH GIVES US AN OUTSTANDING
OPPORTUNITY TO BUILD ON OUR MUTUAL STRENGTHS SAID LODEWIJK DE VINK
WARNERLAMBERT'S PRESIDENT AND CHIEF OPERATING OFFICER

JOUVEINAL'S SALES IN 1992 ROSE 14 TO 200 MILLION AND IT IS FRANCE'S
NINTHLARGEST PHARMACEUTICAL GROUP THE COMPANY SPECIALIZES IN PRESCRIPTION
AND OVERTHECOUNTER PHARMACEUTICALS AS WELL AS FINE CHEMICALS AND FOOD
FLAVORS ABOUT 200 OF ITS 1000 EMPLOYEES ARE IN RESEARCH AND THE 1993
RESEARCH BUDGET WILL APPROACH 40 MILLION

JOUVEINAL'S LEADING EXPERIMENTAL PRODUCT IS FEDOTOZINE WHICH IS BEING
DEVELOPED FOR NONULCERRELATED DYSPEPSIA AND IRRITABLE BOWEL SYNDROME

WARNERLAMBERT A WORLDWIDE HEALTH CARE AND CONSUMER PRODUCTS COMPANY HAD
1992 SALES OF 56 BILLION ITS PRESCRIPTION PHARMACEUTICAL BUSINESS FOCUSES
ON CARDIOVASCULAR DISEASE CANCER AND ANTIINFECTIVE CHEMOTHERAPY AND
CENTRAL NERVOUS SYSTEM DISORDERS 9301290178 930129 CAMPBELL SOUP 
EXTENDS ITS BID FOR ARNOTTS  BY ELIZABETH MAIN SPECIAL TO THE
WALL STREET JOURNAL

SYDNEY AUSTRALIA CAMPBELL SOUP CO EXTENDED ITS TAKEOVER OFFER FOR
ARNOTTS LTD AND DISCLOSED IT NOW HAS ACCEPTANCES THAT WOULD GIVE IT A 471
STAKE IN THE AUSTRALIAN COOKIE AND CRACKER MAKER

CAMPBELL HAS GIVEN SHAREHOLDERS UNTIL NEXT FRIDAY TO ACCEPT THE OFFER OF
950 AUSTRALIAN DOLLARS US641 A SHARE AND IS HOPING TO GAIN AT LEAST A
FURTHER 3 TO GIVE IT A MAJORITY OF ARNOTTS SHARES

CAMPBELL'S OFFER VALUES ALL OF ARNOTTS AT A132 BILLION CAMPBELL HAD 33
WHEN IT LAUNCHED ITS BID IN OCTOBER

DAVID JOHNSON PRESIDENT AND CHIEF EXECUTIVE OFFICER OF CAMPBELL SAID THE
CAMDEN NJ COMPANY IS DELIGHTED TO HAVE INCREASED OUR OWNERSHIP OF
ARNOTTS LTD TO THE POINT WHERE WITH MORE THAN 47 WE ARE UNARGUABLY THE
DOMINANT OWNER

THIS IS OUR FINAL EXTENSION AND WE ARE CONFIDENT OF CONTINUING SUPPORT FROM
SHAREHOLDERS MR JOHNSON SAID

ARNOTTS RESPONDED TO THE BID EXTENSION BY ISSUING A STATEMENT CLAIMING THAT
SOME SHAREHOLDERS WHO ALREADY HAVE ACCEPTED THE OFFER NOW WANT THEIR MONEY
BACK WE HAVE ALREADY BEEN CONTACTED BY SHAREHOLDERS WHO CLAIM THAT THEY
WERE MISLED AND WISH TO WITHDRAW THEIR ACCEPTANCES CHAIRMAN BILL PURDY
SAID

A CAMPBELL ADVISER SCOFFED AT THE SUGGESTION OF REFUNDS NOTING THAT CHECKS
ALREADY HAVE BEEN MAILED FOR MANY ACCEPTANCES WHAT WE'VE GOT WE KEEP HE
SAID CAMPBELL HAD APPROVAL FROM THE AUSTRALIAN SECURITIES COMMISSION TO
EXTEND THE OFFER HE SAID

ARNOTTS SAID CAMPBELL CONFUSED SHAREHOLDERS BY STATING IT HAD BROADBASED
INSTITUTIONAL SUPPORT FOR ITS OFFER CAMPBELL APPARENTLY HAD BEEN CONFIDENT
THAT SOME MAJOR INSTITUTIONAL SHAREHOLDERS WOULD ACCEPT THE BID AND WAS
SURPRISED WHEN THEY WITHDREW SUPPORT AT THE 11TH HOUR

WHETHER OR NOT CAMPBELL SUCCEEDS IN WINNING MORE THAN 50 OF ARNOTTS SHARES
IT WON'T BE ABLE TO CONTROL THE COMPANY'S BOARD BECAUSE OF A 1985 AGREEMENT
THAT PREVENTS IT FROM VOTING MORE THAN 149 OF ARNOTTS' SHARES TO ELECT
DIRECTORS

HOWEVER THE US COMPANY IS ENTITLED TO APPOINT ONE MORE DIRECTOR BRINGING
ITS REPRESENTATION ON THE BOARD TO THREE THAT WOULD BRING THE NUMBER OF
ARNOTTS DIRECTORS TO 11

CAMPBELL WANTS TO USE ARNOTTS TO EXPAND INTO THE FASTGROWING ASIAN COOKIE
AND CRACKER MARKET IT WANTS TO MAKE COOKIES IN AUSTRALIA FOR EXPORT TO
ASIA SEEKING A SHARE OF THE PREMIUM MARKET

ARNOTTS HAS VIGOROUSLY FOUGHT CAMPBELL EVERY STEP OF THE WAY ARGUING IT
COULD EXPAND INTO ASIA INDEPENDENTLY OF CAMPBELL AND STAGING AN EMOTIVE
ADVERTISING CAMPAIGN BASED ON ITS AUSTRALIAN HISTORY 9301290177 930129
SAN MIGUEL SAYS NET ROSE 28 IN '92 CITING PRELIMINARY FIGURES  
SPECIAL TO THE WALL STREET JOURNAL

MANILA PHILIPPINES FOOD CONGLOMERATE SAN MIGUEL CORP REPORTED THAT
CONSOLIDATED NET INCOME ROSE 28 IN 1992 BASED ON UNAUDITED PRELIMINARY
FIGURES

PROFIT ROSE TO 359 BILLION PESOS 1448 MILLION FROM 281 BILLION PESOS
IN 1991 THE COMPANY SAID THE IMPROVED PERFORMANCE RESULTED FROM
STREAMLINING MEASURES MORE EFFECTIVE COST CONTROLS AND HIGHER EFFICIENCIES
THAT ENABLED IT TO OVERCOME THE EFFECTS OF LOWER SALES VOLUME FOR MANY OF
ITS PRODUCTS

A COMPANY OFFICIAL SAID OTHER DETAILS ON SAN MIGUEL'S PERFORMANCE WEREN'T
YET AVAILABLE THE FIGURES WERE PART OF AN ADVANCE REPORT TO THE BOARD

STOCK ANALYSTS SAID THE RESULTS WERE BETTER THAN EXPECTED BARING SECURITIES
PHILIPPINES INC HAD FORECAST EARNINGS OF 32 BILLION PESOS WHILE
PHILIPPINE ASIA EQUITY SECURITIES INC PREDICTED NET OF 327 BILLION PESOS

SAN MIGUEL IS AT THE END OF A FIVEYEAR 1 BILLION EXPANSION AND
MODERNIZATION PROGRAM THE LARGEST AND MOST AMBITIOUS IN ITS HISTORY THE
COMPANY HAS BUILT 22 NEW PRODUCTION FACILITIES IN FASTGROWING AREAS OF THE
PHILIPPINE COUNTRYSIDE AND HAS SPUN OFF TWO OPERATING DIVISIONS INTO
WHOLLYOWNED SUBSIDIARIES SAN MIGUEL FOODS INC AND MAGNOLIA CORP

IN ADDITION IT FORMED STRATEGIC ALLIANCES WITH YAMAMURA GLASS CO OF JAPAN
FOR THE MANUFACTURE OF GLASS CONTAINERS AND WITH CONSERVERA CAMPOFRIO OF
SPAIN FOR MAKING PROCESSED MEAT PRODUCTS

SAN MIGUEL HAS 90 OF THE PHILIPPINE BEER MARKET OVER 70 OF THE SOFT
DRINKS MARKET AND 80 OF THE ICE CREAM MARKET

THE COMPANY SUPPLIES MORE THAN TWOTHIRDS OF THE COUNTRY'S GLASS CONTAINER
AND METAL CLOSURE REQUIREMENTS WHILE PRODUCING A WIDE ARRAY OF PACKAGING
MATERIALS FOR THE FOOD BEVERAGE AND PHARMACEUTICAL INDUSTRIES 9301290176
930129 VERIFONE 4THPERIOD PROFIT ROSE

REDWOOD CITY CALIF VERIFONE INC SAID BRISK SALES OF ITS
TRANSACTIONAUTOMATION SYSTEMS CAUSED FOURTHQUARTER NET INCOME TO JUMP 33
TO 76 MILLION OR 32 CENTS A SHARE FROM 57 MILLION OR 25 CENTS A
SHARE A YEAR EARLIER

REVENUE GREW 18 TO 625 MILLION FROM 53 MILLION REFLECTING STRONG DEMAND
FOR VERIFONE'S CREDITCARD AUTHORIZATION MACHINES AND OTHER PRODUCTS

FOR THE YEAR NET ROSE 28 TO 24 MILLION OR 102 A SHARE FROM 187
MILLION OR 82 CENTS A SHARE REVENUE GREW 20 TO 2261 MILLION FROM 1879
MILLION 9301290175 930129 AT&T REPORTS 57 RISE IN NET FOR 4TH
QUARTER  RIVALRY SQUEEZES REVENUE AT LONGDISTANCE UNIT 
UNIVERSAL CARD THRIVES  BY JOHN J KELLER STAFF REPORTER OF THE
WALL STREET JOURNAL

NEW YORK AMERICAN TELEPHONE & TELEGRAPH CO'S NET INCOME ROSE 57 IN THE
FOURTH QUARTER ON A 63 INCREASE IN SALES BUT COMPETITION KEPT A LID ON
REVENUE GROWTH AT AT&T'S LONGDISTANCE BUSINESS

MOST OF AT&T'S IMPROVEMENT CAME IN PRODUCT SALES PARTICULARLY AT ITS
NETWORK SYSTEMS EQUIPMENT ARM WHICH SAW ITS INTERNATIONAL SALES JUMP 40
AT&T ALSO BENEFITED FROM BIG PROFIT INCREASES FROM ITS NEW UNIVERSAL CREDIT
CARD WHERE WITH 16 MILLION CARDS IN CIRCULATION REVENUE GREW 70

THIS OFFSET AT&T'S REVENUE PROBLEMS FROM ITS SKIRMISH WITH ITS LONGDISTANCE
RIVALS MCI COMMUNICATIONS CORP AND SPRINT CORP IN THE RESIDENTIAL MARKET

AT&T'S NET INCOME WAS 1 BILLION OR 75 CENTS A SHARE COMPARED WITH 635
MILLION OR 48 CENTS A SHARE A YEAR EARLIER REVENUE ROSE TO 175 BILLION
FROM 1646 BILLION

IN THE YEAR NET ROSE TO 381 BILLION OR 286 A SHARE FROM 522 MILLION
OR 40 CENTS A SHARE IN 1991 THE 1991 RESULTS REFLECT 45 BILLION IN
CHARGES TAKEN WHEN AT&T FOLDED ITS COMPUTER OPERATIONS INTO NCR CORP
REVAMPED ITS OFFICE PHONE SYSTEMS BUSINESS AND CONSOLIDATED FACILITIES
EXCLUDING THOSE CHARGES AND ONETIME GAINS PROFIT WAS 324 BILLION OR
251 A SHARE IN 1991 REVENUE GREW 3 TO 649 BILLION FROM 631 BILLION

AS REPORTED EARLIER AT&T TOOK CHARGES OF THREE CENTS IN THE FOURTH QUARTER
AND 14 CENTS IN THE 1991 FOURTH QUARTER TO REFLECT A DROP IN THE BOOK VALUE
OF ITS INVESTMENT IN CIE INDUSTRIALI RIUNITE SPA THE PARENT OF ITALIAN
COMPUTER MAKER OLIVETTI AT&T TOOK OTHER RESTRUCTURING CHARGES OF 25
MILLION IN THIS YEAR'S QUARTER FOR OTHER BUSINESS RESTRUCTURINGS EXCLUDING
THESE CHARGES AT&T SAID ITS 1992 FOURTHQUARTER NET WOULD HAVE RISEN 29 TO
104 BILLION OR 78 CENTS A SHARE

AT&T CHAIRMAN ROBERT E ALLEN SAID AT&T HAD A BANNER YEAR  ALL PARTS
OF OUR BUSINESS CONTRIBUTED TO THESE HARDWON RESULTS IN A SLOWGROWTH
ECONOMY

BUT ANALYSTS SAW A RED FLAG IN AT&T'S LONGDISTANCE SHOWING REVENUE SLIPPED
JUST UNDER 1 TO 972 BILLION IN THE QUARTER AND GREW 2 FOR THE YEAR TO
396 BILLION AT&T'S MAJOR PROBLEM WAS MCI'S HIGHLY SUCCESSFUL FRIENDS &
FAMILY PROGRAM WHICH CONTINUES TO TAKE CUSTOMERS AND TRAFFIC FROM AT&T
RESIDENTIAL BUSINESS FELL OFF A CLIFF IN THE QUARTER SAID JACK B
GRUBMAN ANALYST AT PAINEWEBBER INC IF AT&T HAD HELD ITS OWN AGAINST MCI
IT WOULD HAVE HAD QUARTERLY EARNINGS WELL OVER 80 CENTS

AT&T IS EXPECTED TO ROLL OUT A NEW CONSUMER PROGRAM POSSIBLY AS EARLY AS
NEXT MONTH AS A COUNTERSTRIKE TO FRIENDS & FAMILY AND TO HOLD CUSTOMERS
THE TRICK FOR AT&T WILL BE TO BALANCE ATTEMPTS TO TAKE BACK MARKET SHARE
WITH PROFITABILITY MAINTENANCE SAID GREGORY SAWERS AN ANALYST AT SANFORD
BERNSTEIN & CO

AT&T BOASTED THAT ITS 6 ANNUALIZED GROWTH IN LONGDISTANCE TRAFFIC VOLUME
WAS NEAR THE INDUSTRY RATE BUT THE SHOWING WAS LESS THAN HALF MCI'S RATE
WHICH WAS REPORTED ON WEDNEDSDAY AND THE VOLUME GROWTH UNDERSCORES THE
WEAKNESS IN AT&T'S RESIDENTIAL BUSINESS GIVEN THE STRONG RETAIL SALES IN
THE FOURTH QUARTER THAT PROBABLY BROUGHT AN INCREASE IN CALLS TO TOLLFREE
800 NUMBERS BUSINESS SERVICES REVENUES INCLUDING 800 TRAFFIC WENT THROUGH
THE ROOF BY SOMETHING LIKE 14 TO 15 MR GRUBMAN SAID

AT&T'S LONGDISTANCE SERVICE COULD GET MORE HELP IN THE CONSUMER AREA FROM
ITS MOVES INTO NEW BUSINESSES AND OUT OF OLD ONES IN THE SECOND HALF OF
1992 AT&T ANNOUNCED PLANS TO INVEST 38 BILLION FOR A STAKE IN MCCAW
CELLULAR COMMUNICATIONS INC THE NATION'S LARGEST CELLULAR PHONE COMPANY
THIS COMBINED WITH THE SALE OF UNIX SYSTEMS LABS INC TO NOVELL INC AND
THE PARTIAL PUBLIC OFFERING OF AT&T CAPITAL CORP MEANS AT&T INTENDS TO
SHARPLY FOCUS ON ITS CORE MISSION OF GLOBAL NETWORKING SAID ALEX MANDL
AT&T'S CHIEF FINANCIAL OFFICER

MR MANDL ADDED WE CONTINUE TO TARGET OPERATING EARNINGS GROWTH OF AT
LEAST 10 IN 1993 EVEN WITH DILUTION FROM THE MCCAW TRANSACTION BUT
AT&T'S ANTICIPATED CHARGE OF 55 BILLION TO 75 BILLION FOR RETIREE HEALTH
BENEFITS IN THE FIRST QUARTER COULD WIPE OUT 1993 EARNINGS

AT&T DID MANAGE TO KEEP ITS COSTS UNDER CONTROL IN THE QUARTER WITH SALES
GENERAL AND ADMINISTRATIVE EXPENSES CLIMBING BY A PALTRY 1 TO 438 BILLION
IN THE QUARTER AND FALLING ABOUT 2 FOR THE YEAR TO 16 BILLION

IMPROVEMENT IN AT&T'S OPERATING MARGIN TO 98 FROM 83 HELPED PUSH
OPERATING PROFIT UP 26 TO 172 BILLION FROM 137 BILLION AT&T SAID BUT
PRICE COMPETITION HELD THE GROSS MARGIN TO 39 COMPARED WITH 393 A YEAR
EARLIER

AT&T NETWORK SYSTEMS' TELECOMMUNICATIONS EQUIPMENT REVENUES INCLUDING
SWITCHES TRANSMISSION GEAR AND CABLE ROSE 30 IN THE QUARTER TO 254
BILLION THAT WAS MAINLY DUE TO A 40 JUMP IN SALES TO PHONE AUTHORITIES IN
EUROPE THE FAR EAST AND LATIN AMERICA FOR THE YEAR REVENUE ROSE 3 AS
INTERNATIONAL SALES ROSE 18 TO 19 BILLION AT&T SAID

SIMILARLY REVENUE FROM COMMUNICATIONS PRODUCTS SOLD TO BUSINESSES AND
CONSUMERS CLIMBED 22 TO 1 BILLION IN THE QUARTER AND 86 TO 31 BILLION
IN THE YEAR

BUT COMPUTER EQUIPMENT SOFTWARE AND SERVICES REVENUE FROM NCR CORP AND
UNIX LABS FELL NEARLY 1 IN THE QUARTER AT&T ATTRIBUTED THE DECLINE TO
PRICE CUTS FOR LOWEND MACHINES AND ECONOMIC WEAKNESS IN EUROPE AND JAPAN

HOWEVER THIS OVERALL SHOWING CAMOUFLAGED A GOOD QUARTER FOR NCR WHOSE
OPERATING PROFIT CLIMBED 24 TO 94 MILLION REVENUE ROSE 73 TO 215
BILLION WHILE NCR'S COMPUTER EQUIPMENT SALES FELL NEARLY 1 THE DROP WAS
MORE THAN OFFSET BY A 24 JUMP IN CHIPS AND OFFICE AND COMPUTER SUPPLIES TO
232 MILLION AND A THREEFOLD RISE IN SALES TO AT&T AFFILIATES TO 154
MILLION

IN THE YEAR NCR'S REVENUE HIT 714 BILLION AN INCREASE OF 13 NCR'S
OPERATING PROFIT IN 1992 WAS 288 MILLION BUT THESE NUMBERS EXCLUDE
UNDISCLOSED REVENUES FROM THE FORMER TERADATA CORP A MAKER OF MASSIVELY
PARALLEL COMPUTERS WHICH AT&T ACQUIRED IN EARLY 1992 ALSO EXCLUDED IN 1991
WERE UNDISCLOSED REVENUES FROM AT&T'S FORMER COMPUTER BUSINESS

FINANCIAL SERVICES REVENUE CLIMBED 37 TO 577 MILLION FROM 420 MILLION IN
THE QUARTER REFLECTING BIG GAINS AT AT&T'S UNIVERSAL CREDIT CARD UNIT AND
AT ITS EQUIPMENT LEASING SUBSIDIARY AT&T CAPITAL CORP AT&T RECENTLY SAID
IT WOULD SELL 15 OF AT&T CAPITAL IN A PUBLIC OFFERING 9301290174 930129
WHO'S NEWS SUNCOR INC

SUNCOR INC TORONTO RICHARD L GEORGE PRESIDENT AND CHIEF EXECUTIVE
OFFICER OF THIS OIL AND GAS CONCERN WAS NAMED TO THE ADDITIONAL POST OF
CHAIRMAN MR GEORGE 42 YEARS OLD SUCCEEDS THOMAS H THOMSON WHO DIED OF
CANCER ON NOV 27 1992 AT AGE 57 9301290173 930129 CABOT CORP SAYS 
PROFIT FELL 34 IN FIRST QUARTER  BY DAVID STIPP STAFF REPORTER
OF THE WALL STREET JOURNAL

BOSTON CABOT CORP EXPECTS TO REPORT THAT EARNINGS FELL ABOUT 34 ON A 3
RISE IN REVENUE FOR ITS FIRST QUARTER ENDED DEC 31 SAMUEL BODMAN
CHAIRMAN AND CHIEF EXECUTIVE OFFICER SAID

CITING SLUGGISH EUROPEAN SALES RELATED TO CURRENCY INSTABILITY MR BODMAN
SAID EARNINGS FOR THE QUARTER ARE EXPECTED TO BE BETWEEN 58 AND 60 CENTS A
SHARE MAKING INDICATED PROFIT 107 MILLION TO 111 MILLION IN THE
YEAREARLIER QUARTER CABOT EARNED 166 MILLION OR 86 CENTS A SHARE

REVENUE ROSE TO ABOUT 396 MILLION FROM 385 MILLION HE ADDED

MR BODMAN SAID IN AN INTERVIEW THAT THE LATEST QUARTER'S EARNINGS INCLUDED
INVESTMENT GAINS EQUAL TO NINE CENTS A SHARE IN THE YEARAGO QUARTER CABOT
HAD INVESTMENT GAINS EQUAL TO 18 CENTS A SHARE

SALES OF CABOT'S SPECIALTY CHEMICALS BUSINESS IN EUROPE FELL ABOUT 8 TO 10
DURING THE LATEST QUARTER COMPARED WITH YEAREARLIER SALES MR BODMAN SAID
CABOT'S MAIN SPECIALTY CHEMICAL IS CARBON BLACK A PETROLEUM DERIVATIVE USED
IN MAKING RUBBER TIRES INKS AND OTHER PRODUCTS MR BODMAN SAID CABOT'S
WORLDWIDE CARBON BLACK OPERATING PROFIT IMPROVED MODESTLY DURING THE
QUARTER DESPITE THE POOR EUROPEAN RESULTS HOWEVER CABOT'S CHEMICAL VOLUMES
IN EUROPE CONTINUE TO BE WEAK HE SAID WE HAVEN'T SEEN A PICKUP IN
BUSINESS AFTER THE HOLIDAYS FROM THE AVERAGE LEVELS OF THE PREVIOUS
QUARTER

MR BODMAN SAID SOME OF CABOT'S NORTH AMERICAN BUSINESS AREAS HAVE IMPROVED
PARTICULARLY SALES OF CARBON BLACK FOR USE IN AUTOMOBILE TIRES HE ADDED
THAT SPECIALTY CHEMICAL SALES ALSO ARE IMPROVING IN LATIN AMERICA

THE COMPANY'S CABOT SAFETY UNIT WHICH SELLS EARPLUGS AND SAFETY GLASSES
HAS BEEN STRUGGLING RECENTLY MR BODMAN SAID ITS RESULTS DEPEND ON
INDUSTRIAL EMPLOYMENT WHICH CONTINUES TO DRIFT SIDEWAYS OR DECLINE IN SOME
AREAS HE ADDED CABOT'S SALES OF FUMED SILICA USED IN MAKING GLASS FIBER
AND VARIOUS OTHER PRODUCTS ALSO HAVE BEEN FLAT

CABOT'S TANTULUM BUSINESS HOWEVER HAS BEEN IMPROVING MR BODMAN SAID
TANTULUM IS USED IN MAKING ELECTRONIC CAPACITORS AND IN CONSTRUCTION
MATERIALS INCREASED SALES OF COMMUNICATIONS EQUIPMENT SUCH AS CELLULAR
PHONES HAVE HELPED TO BOOST SALES OF THE METAL HE ADDED

CABOT'S LNG UNIT WHICH IMPORTS LIQUEFIED NATURAL GAS THROUGH A TERMINAL IN
BOSTON RECENTLY HAS BEGUN SUPPLYING GAS TO TWO COGENERATION PLANTS IN THE
BOSTON AREA MR BODMAN SAID BUT THE BUSINESS IS FACING INCREASED
COMPETITION BECAUSE OF THE OPENING OF THE IROQUOIS PIPELINE WHICH PUMPS
CANADIAN NATURAL GAS INTO NEW ENGLAND MOREOVER COMPETING GAS DISTRIBUTORS
HAVE BEEN INCREASING SALES OF THEIR INVENTORIES RECENTLY DUE TO A CHANGE IN
FEDERAL RULES GOVERNING THE NATURAL GAS INDUSTRY MR BODMAN SAID

THE CHANGES COUPLED WITH UNUSUALLY WARM WEATHER ARE EXPECTED TO LOWER THE
PROFITABILITY OF CABOT'S LNG BUSINESS DURING THE CURRENT SECOND QUARTER
ENDING MARCH 31 MR BODMAN ADDED

MR BODMAN SAID WE'RE DISAPPOINTED IN THE FIRST QUARTER IN VIEW OF THE FACT
THAT WE THINK WE'RE DOING THE RIGHT THINGS WE'RE FORECASTING GRADUAL
IMPROVEMENT WORLDWIDE IN CHEMICAL OPERATIONS DURING THE BALANCE OF THE
YEAR HE ADDED HOWEVER THAT DUE TO LOWER LNG BUSINESS PROFIT AND THE DROP
IN FIRSTQUARTER EARNINGS CABOT EXPECTS TO REPORT LOWER PERSHARE EARNINGS
FOR FISCAL 1993 THAN THE 318 IT EARNED IN FISCAL 1992 9301290172 930129
OHIO EDISON TO SHUT GENERATORS

AKRON OHIO OHIO EDISON CO CITING STEEP ENVIRONMENTAL COSTS SAID IT
WILL SHUT SIX COALFIRED ELECTRICAL GENERATORS

THE MOVE WILL RESULT IN SOME JOB CUTS ALTHOUGH A SPOKESMAN SAID IT'S TOO
EARLY TO DETERMINE HOW MANY THE THREE PLANTS THAT HOUSE THE GENERATORS
EMPLOY 323

OHIO EDISON SAID ITS ACTION WILL CUT OPERATING EXPENSES BY 15 MILLION A
YEAR AND CAPITAL REQUIREMENTS BRED LARGELY BY ENVIRONMENTAL LAWS OVER THE
NEXT FIVE YEARS BY 100 MILLION

THE SHUTDOWN WILL TAKE 317 MEGAWATTS OF CAPACITY OUT OF OHIO EDISON'S
SYSTEM WHICH HAS TOTAL GENERATING CAPACITY OF MORE THAN 6000 MEGAWATTS

THE UTILITY ALSO SAID IT MAY CONVERT A SEVENTH GENERATOR TO BURN NATURAL GAS
INSTEAD OF COAL 9301290171 930129 TWA PLANS UP TO 30 CUT IN EUROPEAN
TICKET PRICES

MOUNT KISCO NY TRANS WORLD AIRLINES CUT EUROPEAN AIR FARES BY UP TO
30 FOR TRIPS DURING SPRING AND SUMMER MONTHS A MOVE THAT ESSENTIALLY
CONTINUES A SALE THAT EXPIRES MARCH 31

NORTHWEST AIRLINES A UNIT OF WINGS HOLDINGS INC AND UAL CORP'S UNITED
AIRLINES SAID THEY WOULD MATCH THE CUTS OTHER CARRIERS ARE EXPECTED TO
FOLLOW

TWA WILL OFFER AN ADDITIONAL 25 OFF THE PROMOTIONAL FARES FOR CHILDREN
BETWEEN THE AGES TWO AND 11 THE AIRLINE SAID IT INTRODUCED THE SALE BECAUSE
EUROPEAN CARRIERS ARE OFFERING SCATTERED SUMMER DISCOUNTS AND TWA ALSO
WANTS TO PROMOTE ITS NEW FEATURE OF EXTENDED LEGROOM FOR PASSENGERS

TWA DOES NOT FLY THE MOST POPULAR TRANSATLANTIC FLIGHT NEW YORK TO
LONDON SO THE IMPACT OF THE FARE INITIATIVE WILL BE MINIMIZED TWA SAID
TICKETS MUST BE PURCHASED BY FEB 19 ALTHOUGH EXPIRATION DATES ARE
FREQUENTLY EXTENDED 9301290170 930129 P&G'S 2NDQUARTER PROFIT ROSE 13
 BETTER MARGINS LOWER TAX RATE CITED

CINCINNATI PROCTER & GAMBLE CO CITING IMPROVED MARGINS UNIT VOLUME
GROWTH AND A LOWER EFFECTIVE TAX RATE SAID NET INCOME ROSE 13 TO 590
MILLION OR 83 CENTS A SHARE FOR ITS SECOND QUARTER ENDED DEC 31 FROM 523
MILLION OR 73 CENTS A SHARE A YEAR EARLIER

SALES GREW 4 TO 784 BILLION THE COMPANY REPORTED STRONG INTERNATIONAL
GROWTH ALTHOUGH DOMESTIC SALES REMAINED SLUGGISH DOMESTIC UNIT SALES FELL
2 ALTHOUGH THEY WOULD HAVE BEEN FLAT IF THE COMPANY'S CITRUS HILL JUICE 
DISCONTINUED IN SEPTEMBER WERE FACTORED OUT

DIAPERS P&G'S LARGEST CATEGORY WHICH GENERATED 16 OF P&G'S 294 BILLION
IN SALES IN THE YEAR ENDED LAST JUNE 30 TURNED IN 12 LOWER REVENUE AMID
FIERCE COMPETITION FROM PRIVATELABEL MAKERS AND RIVAL KIMBERLYCLARK CORP
DIAPER SALES IN THE YEAREARLIER QUARTER WERE BOOSTED BY LARGE INVENTORIES
SOLD TO RETAILERS AS P&G ROLLED OUT ITS NEW PAMPERS AND LUVS PHASES

INTERNATIONAL SALES ROSE 10 LED BY EUROPE AND LATIN AMERICA ALTHOUGH
SALES IN JAPAN FELL 2

WHILE OPERATING MARGINS WERE FLAT GROSS MARGINS IMPROVED SLIGHTLY TO 426
FROM 418 AS DID PRETAX MARGINS TO 114 FROM 109 IN A TELEPHONE
INTERVIEW CHAIRMAN EDWIN L ARTZT ATTRIBUTED THE IMPROVEMENT TO
COSTCUTTING AND IN PART TO THE COMPANY'S NEW EVERYDAY LOW PRICING
STRATEGY THE CONTROVERSIAL PLAN THAT OFFERS FEWER PROMOTIONAL SALES IN
RETURN FOR GENERALLY LOWER MORE CONSISTENT PRICES THE PLAN HAS IRRITATED
MANY WHOLESALERS AND RETAILERS WHO LIKE TO STOCKPILE PRODUCTS WHEN
MANUFACTURERS OFFER BIG DISCOUNTS

MR ARTZT SAID BUSINESS IN THE US WAS GETTING BETTER WITH P&G REAPING
RECORD SALES IN DECEMBER PARTLY ON LARGE COUPON USE WE'RE ENCOURAGED
BECAUSE OF THE PICKUP IN VOLUME AT THE END OF THE QUARTER HE SAID

STILL MR ARTZT SAID HE WAS CAUTIOUS ABOUT 1993 IT'S ONE OF THOSE
THINGS WHERE THERE ARE SO MANY LAND MINES TO STEP ON THERE'S LOTS OF
TAXATION BEING CONSIDERED HE SAID ADDING YOU ALWAYS WORRY ABOUT THE
FUTURE YOU'RE CRAZY IF YOU DON'T

HE SAID HE WAS IMPRESSED BY THE COMMENTS OF ANOTHER EXECUTIVE WHO SAID HE
WAS GOING TO MANAGE AS IF THE BAD TIMES ARE GOING TO CONTINUE TO THAT
END P&G IN DECEMBER COMMENCED A WORLDWIDE REVIEW OF ITS OPERATIONS
SPEARHEADED BY 18 EXECUTIVES AND CONSULTANT BOOZ ALLEN & HAMILTON LOOKING
FOR WAYS TO CUT COSTS

IT WASN'T A BAD QUARTER ALTHOUGH IT WASN'T A GREAT QUARTER SAID SHEARSON
LEHMAN BROTHERS ANALYST BONITA AUSTIN WHO HAS A HOLD RATING ON THE STOCK

P&G SHARES WERE QUOTED YESTERDAY AT 4975 UP 125 CENTS IN NEW YORK STOCK
EXCHANGE COMPOSITE TRADING 9301290169 930129 POLITICS & POLICY CLINTON
BUILDS POSITIVE RATING TO 64 IN SURVEY WITH PUBLIC WILLING TO FORGIVE
EARLY MISSTEPS  BY GERALD F SEIB STAFF REPORTER OF THE WALL
STREET JOURNAL

TOWSON MD AS SHE SIPS CAPPUCCINO IN A SPARKLING SHOPPING MALL PATRICIA
MORRIS DESCRIBES HERSELF AS A DISILLUSIONED OPTIMIST WHO LIKES BILL
CLINTON AND BADLY WANTS HIM TO SUCCEED BUT HAS DOUBTS THAT HE CAN

I THINK THE MAN IS SINCERE SAYS THE 75YEAROLD MRS MORRIS I JUST
WONDER WHO CAN POSSIBLY PULL US OUT OF THE MESS WE'RE IN BUT TO DO THEIR
PART MRS MORRIS AND HER HUSBAND EDWARD SAY THEY WOULD FORGO ONE MONTH'S
SOCIAL SECURITY PAYMENTS IN RETURN FOR A TAX CREDIT IF THAT WILL EASE THE
NATION'S FISCAL WOES

DESPITE THE PERCEPTION IN WASHINGTON THAT HIS PRESIDENCY IS OFF TO A ROCKY
START MR CLINTON APPEARS TO LEAD A NATION THAT IS LARGELY PLEASED HE HAS
TAKEN OVER AND THAT IS WILLING TO FORGIVE EARLY MISSTEPS AND FUDGING ON
CAMPAIGN PROMISES IN A NEW WALL STREET JOURNAL/NBC NEWS POLL 64 OF THOSE
SURVEYED VIEW MR CLINTON POSITIVELY UP SLIGHTLY FROM 60 LATE LAST YEAR
AND TWICE THE PERCENTAGE WHO HAD A POSITIVE VIEW OF HIM EIGHT MONTHS AGO

AND 47 SAY THE NATION IS HEADED IN THE RIGHT DIRECTION NEARLY TRIPLE THE
PERCENTAGE LAST OCTOBER BEFORE THE ELECTION

THOUGH MR CLINTON WON THE ELECTION WITH 43 OF THE VOTE THE SURVEY
SUGGESTS HE NOW HAS A MAJORITY COALITION SUPPORTING HIM ON A RANGE OF MAJOR
ISSUES THERE ARE SOME SERIOUS DOUBTS ABOUT MR CLINTON'S TRUTHFULNESS
WHICH IS THE PREDOMINANT SOUR NOTE AMERICANS SOUND ABOUT THE NEW PRESIDENT
STILL MORE THAN A QUARTER SAY THEIR OPINION OF MR CLINTON HAS IMPROVED
SINCE THE ELECTION AND HALF ARE OPTIMISTIC THE ECONOMY WILL GET BETTER

AMERICANS HOLD A DEEP RESERVOIR OF CONFIDENCE IN BILL CLINTON AND
DEMONSTRATE THAT THEY ARE WILLING TO ALLOW HIM SOME SLACK SAY DEMOCRATIC
POLLSTER PETER HART AND REPUBLICAN ROBERT TEETER WHO CONDUCTED THE SURVEY
EVEN IF THE PRESIDENT HAS TO CHANGE HIS MIND OR GO BACK ON SOME PROMISES
WHAT COUNTS MOST TO THE PUBLIC ARE RESULTS

BUT THE POLL CONDUCTED SATURDAY THROUGH THURSDAY ALSO SUGGESTS THAT MR
CLINTON WOULD DO WELL TO REMEMBER THE SIGN AT HIS CAMPAIGN HEADQUARTERS
TELLING HIM WHERE TO FOCUS HIS ENERGIES IT'S THE ECONOMY STUPID THE
SIGN READ SAY MESSRS HART AND TEETER THE COUNTRY IS VERY VERY FOCUSED
ON A TWOISSUE AGENDA THE ECONOMY AND HEALTH CARE OTHER ISSUES THEY SAY
ARE FRINGE

BEYOND EXPECTATIONS FOR A GENERAL ECONOMIC IMPROVEMENT MR CLINTON HAS BEEN
PUT ON NOTICE THAT THE COUNTRY SPECIFICALLY DEMANDS ACTION ON HEALTH CARE
THE ISSUE HE HAS TURNED TO HIS WIFE HILLARY TO SPEARHEAD IN THE SURVEY 38
CITED HEALTHCARE COSTS AS ONE OF THE MOST IMPORTANT ISSUES FACING THE
COUNTRY MAKING THAT THE MOST FREQUENTLY CITED ISSUE

SURPRISINGLY VOTERS HOLD THEIR GENERALLY FAVORABLE VIEWS OF MR CLINTON
EVEN THOUGH THEY KNOW THAT HE IS RENEGING ON SOME CAMPAIGN PLEDGES
INCLUDING THE PROMISE OF A MIDDLECLASS TAX CUT IN FACT MOST VOTERS EXPECT
THEIR OWN TAXES TO GO UP THEY SEEM PREPARED TO ACCEPT THAT PARTICULARLY IF
MR CLINTON USES SOME OF THE MONEY TO IMPROVE THE NATION'S HEALTHCARE AND
EDUCATION SYSTEMS

A SOLID 63 SAID THEY DOUBT MR CLINTON WILL BE ABLE TO CUT MIDDLECLASS
TAXES IN FACT MOST EXPECT TAXES IN GENERAL WILL GO UP TO CUT THE BUDGET
DEFICIT AND NOT JUST ON THOSE MAKING MORE THAN 200000 THAT MR CLINTON
TARGETED IN THE CAMPAIGN

AMID THE GENERALLY POSITIVE SIGNS FOR THE NASCENT ADMINISTRATION A FEW RED
FLAGS POP UP IN THE POLL AND IN A SERIES OF RANDOM INTERVIEWS CONDUCTED HERE
IN THE BALTIMORE AREA IN THEIR PREOCCUPATION WITH ECONOMIC QUESTIONS
VOTERS SHOW LITTLE DESIRE TO SEE MR CLINTON'S ATTENTION DISTRACTED BY
ISSUES SUCH AS THE FLAP OVER LEGALIZING GAYS IN THE MILITARY THAT DOMINATED
HIS FIRST WEEK IN OFFICE

IN NEARLY 20 RANDOM INTERVIEWS ONLY ONE PERSON RAISED THE CONTROVERSY WHEN
ASKED ABOUT IT VOTERS GAVE DIFFERING VERSIONS ABOUT THE WISDOM OF MR
CLINTON'S STAND BUT MOST PLAYED DOWN THE ISSUE IT'S NOT AN IMPORTANT
THING AS OF NOW SAYS GLEN CHARLES DAWSON A 26YEAROLD CONSTRUCTION
WORKER WHO VOTED FOR ROSS PEROT

PERHAPS MOST DANGEROUS FOR MR CLINTON THE FIGHT WITH THE JOINT CHIEFS OF
STAFF MAY DEEPEN DOUBTS ABOUT HIS ABILITY TO FUNCTION AS LEADER OF THE
MILITARY ALREADY 57 OF VOTERS GIVE HIM A MIXED OR POOR RATING ON HIS
QUALITIES AS COMMANDER IN CHIEF

AND WHILE THERE IS A GENERAL WILLINGNESS TO FORGIVE MR CLINTON FOR
BACKTRACKING ON CAMPAIGN PROMISES THERE ARE SIGNS THAT THE PROCESS HAS LEFT
A TINGE OF NEW CYNICISM ABOUT THE PRESIDENT HE HAD PROMISED A TAX BREAK
FOR THE MIDDLE CLASS NOW HE'S GOING BACK ON HIS WORD SAYS CHRIS BROWN A
27YEAROLD CONSTRUCTION ENGINEER WHO HAS BEEN LAID OFF FOR SIX WEEKS HE'S
ANOTHER POLITICIAN

THE SURVEY AND INTERVIEWS ALSO SUGGEST THAT THOSE WHO VOTED FOR MR PEROT
MAY BE GROWING SKEPTICAL MORE QUICKLY THAN OTHERS ON THE QUESTION OF WHETHER
PRESIDENT CLINTON CAN CHANGE THE WAY BUSINESS IS DONE IN WASHINGTON I
THINK HE'S CLEAR ON WHAT NEEDS TO BE DONE BUT I DON'T THINK HE'S GOING TO
BE ABLE TO DO IT SAYS MR DAWSON THE YOUNG CONSTRUCTION WORKER PEOPLE
ARE DIFFICULT AND YOU HAVE SPECIAL INTEREST LOBBIES WHO ARE GOING TO MAKE
TROUBLE

SIMILAR SENTIMENTS APPEAR IN THE WSJ/NBC NEWS POLL IN DECEMBER 52 OF
PEROT VOTERS THOUGHT THINGS WOULD CHANGE WITH MR CLINTON AS PRESIDENT NOW
JUST 45 SAY THINGS WILL CHANGE WHILE 49 NOW PREDICT BUSINESS AS USUAL

MR PEROT ALSO SEEMS TO HAVE LEFT A LEGACY A HEIGHTENED FEAR OF THE FEDERAL
DEFICIT AMONG THE AMERICAN PUBLIC I'D LIKE TO SEE HIM WORK ON THE
DEFICIT SAYS J WILLIAM EBERT OF BALTIMORE A SHOPPER AT THE MALL HERE
WHEN ASKED WHAT HE WOULD MOST LIKE MR CLINTON TO DO AFTER UNEMPLOYMENT
VOTERS IN THE SURVEY RATE DEFICIT REDUCTION AS THE MOST IMPORTANT ECONOMIC
ISSUE FACING THE COUNTRY

THERE IS SOME CONCERN ABOUT THE PERCEPTION THAT MR CLINTON MADE A STUMBLING
START IN THE OVAL OFFICE IN FACT THE MOST DAMAGING ASPECT OF THE
CONTROVERSY OVER GAYS IN THE MILITARY AND THE NOMINATION FOR ATTORNEY
GENERAL OF ZOE BAIRD WHO WITHDREW AMID CONTROVERSY OVER HER HIRING OF TWO
ILLEGAL ALIENS MAY BE THE IMPRESSION THAT BOTH BLEW UP BECAUSE MR CLINTON
WASN'T PREPARED THE MILITARYGAY SITUATION DOESN'T SOUND AS IF IT WAS
WORKED OUT BEFOREHAND SAYS RICHARD TROSTLE A MORTGAGE BANKER FROM
BALTIMORE HE SAYS HE FINDS THE EARLY CLINTON PERFORMANCE DISCOURAGING

BUT MR CLINTON IS BENEFITING FROM A SENSE OF EXCITEMENT OVER A MORE
YOUTHFUL NATIONAL LEADERSHIP THAT ENTHUSIASM SHOWS UP AMONG BOTH PRE AND
POSTWORLD WAR IIGENERATION VOTERS

CLINTON IS YOUNG AND A LOT OF HIS CABINET MEMBERS ARE YOUNG SAYS ALICE
BROGDEN 35 A STATE EMPLOYEE WHO IS SHOPPING WITH HER 38YEAROLD HUSBAND
JOHN IT'S TIME FOR A CHANGE THE BROGDENS WHO ARE BLACK ALSO SEEM TO
APPRECIATE MR CLINTON'S SOMETIMES TROUBLED SEARCH FOR DIVERSITY IN HIS
CABINET I'M VERY HAPPY JOHN BROGDEN SAYS I THINK IT REPRESENTS THIS
COUNTRY

THE KEY POLITICAL IMPERATIVE FOR MR CLINTON MAY BE TO GET HIS ECONOMIC AND
HEALTHCARE PACKAGES OUT QUICKLY AND BEGIN SELLING THEM WHILE HOPES REMAIN
HIGH AND THE POSTINAUGURAL WILLINGNESS TO MAKE SACRIFICES PERSISTS

BUT THE PROGRESS TOWARD THAT GOAL ISN'T ALL ENCOURAGING CLINTON AIDES SAY
THE PRESIDENT WILL UNVEIL HIS ECONOMIC PLAN FEB 17 WHICH IS LATER THAN MR
CLINTON ONCE SEEMED TO PROMISE AND HIS NEW HEALTHCARE TASK FORCE HAS JUST
BEGUN WORK MEANING IT IS LIKELY TO BE WEEKS BEFORE EVEN AN INITIAL PROPOSAL
IS RELEASED PRESIDENT ARE DONE IN GOVERNMENT OR DO YOU THINK IT WILL BE
BUSINESS AS USUAL UNDER THE CLINTON PRESIDENCY 9301290168 930129 MADRID
APPROVES LAYOFFS OF 584 REPSOL WORKERS  SPECIAL TO THE WALL STREET
JOURNAL

MADRID SPANISH OIL AND GAS COMPANY REPSOL SA SAID IT SECURED GOVERNMENT
APPROVAL TO LAY OFF 584 WORKERS FROM A PETROCHEMICAL INSTALLATION WHERE A
DROUGHT HAS PARALYZED PRODUCTION

THE STOPPAGE AT ITS PUERTOLLANO PETROCHEMICAL INSTALLATION IS COSTING THE
COMPANY 400 MILLION PESETAS TO 600 MILLION PESETAS 36 MILLION TO 53
MILLION A MONTH REPSOL SAID

THE LAYOFFS WILL AFFECT WORKERS AT REPSOL'S PETROCHEMICAL OPERATIONS IN THE
PUERTOLLANO INDUSTRIAL COMPLEX 125 MILES SOUTH OF MADRID THE COMPANY SAID
UNDER SPANISH LAW THE GOVERNMENT MUST APPROVE ALL LARGESCALE LAYOFFS OR
DISMISSALS

REPSOL SAID THAT IT HALTED NORMAL PETROCHEMICAL OPERATIONS AT PUERTOLLANO ON
DEC 1 1992 AS WATER LEVELS AT THE RESERVOIR SUPPLYING THE INDUSTRIAL
COMPLEX REACHED HISTORIC LOWS

EMPLOYEES WILL RETURN TO WORK IF RAINS FILL THE RESERVOIR ENOUGH TO
GUARANTEE SUPPLIES FOR THREE MONTHS OF PRODUCTION 9301290167 930129
REVIEW & OUTLOOK EDITORIAL FAMILIES FIRST

THE FAMILY LEAVE BILL IS MOSTLY ABOUT ENACTING ANOTHER SET OF RULES HANDED
DOWN BY WASHINGTON BUT AT LEAST IT GETS THE SUBJECT OF FAMILY LIFE IN
AMERICA ONTO THE TABLE

THE BILL HAS BEEN HURTLING THROUGH CONGRESS THIS WEEK AS FAST AS A RECKLESS
KID ON ROLLER BLADES THE FULL SENATE MAY VOTE ON IT TODAY AND IT COULD
REACH THE HOUSE AS EARLY AS NEXT WEEK PRESIDENT CLINTON WHO ASKED CONGRESS
FOR THE QUICK ACTION VOWS TO SIGN THE BILL WHICH IS NEARLY IDENTICAL TO
THE ONE PRESIDENT BUSH VETOED TWICE THE BILL WOULD REQUIRE ALL EMPLOYERS
WITH MORE THAN 50 WORKERS TO PROVIDE UP TO 12 WEEKS OF UNPAID LEAVE FOR
EMPLOYEES TO CARE FOR NEWBORNS NEWLY ADOPTED CHILDREN OR SICK RELATIVES

MANY EMPLOYERS HAVE DISCOVERED FOR THEMSELVES THAT FAMILYLEAVE POLICIES
MAKE GOOD BUSINESS SENSE THEY CAN HELP ATTRACT AND KEEP WORKERS BUT IT'S
NOT SELFEVIDENT THAT SADDLING BUSINESS WITH MANDATORY EXTRA EXPENSES IS THE
BEST WAY TO HELP THE FAMILY HOW DOES IT HELP KIDS IF MOM OR DAD GETS LAID
OFF OR MORE LIKELY ISN'T HIRED BECAUSE THE BOSS IS DIVERTING WHAT WOULD
HAVE BEEN THEIR SALARY INTO ANOTHER MANDATED BENEFIT COST AMERICAN FAMILIES
ARE INDEED IN DISTRESS BUT THE PROBLEM ISN'T LACK OF NEW BENEFITS IT'S
LACK OF RESPECT

THIS IS THE MESSAGE OF FAMILIES FIRST A REPORT ISSUED EARLIER THIS MONTH
BY THE NATIONAL COMMISSION ON AMERICA'S URBAN FAMILIES THE FAMILY TREND OF
OUR TIME IT SAYS IS THE DEINSTITUTIONALIZATION OF MARRIAGE AND THE
STEADY DISINTEGRATION OF THE MOTHERFATHER CHILDRAISING UNIT ALL TOO
OFTEN GOVERNMENT POLICIES UNDERMINE THE AUTHORITY OF THE FAMILY IT FOUND
TO REVERSE THAT TREND THE COMMISSION OUTLINES A DETAILED STRATEGY FOR
STRENGTHENING THE FAMILY AS OUR CENTRAL SOCIAL INSTITUTION

ITS RECOMMENDATIONS ARE AIMED AT ENCOURAGING MARRIAGE AND INCREASING THE
PROPORTION OF CHILDREN WHO LIVE IN INTACT TWOPARENT HOMES UNLESS WE FIX
THE FAMILY IT SAYS WE CAN'T SOLVE THE PROBLEMS OF EDUCATION CRIME OR
POVERTY THIS IS NOT A NEW IDEA AS DEMOGRAPHERS HAVE DEMONSTRATED AGAIN AND
AGAIN CHILDREN FROM SINGLEPARENT HOMES ARE FAR MORE LIKELY TO BE POOR
HAVE TROUBLE IN SCHOOL AND TURN TO CRIME

THE COMMISSION APPOINTED BY PRESIDENT BUSH WAS BIPARTISAN AND MANY OF ITS
RECOMMENDATIONS ARE SIMILAR TO THOSE OF THE PROGRESSIVE POLICY INSTITUTE
THE THINK TANK OF THE DEMOCRATIC LEADERSHIP COUNCIL OF WHICH PRESIDENT
CLINTON WAS A FOUNDING MEMBER AMONG THE COMMISSION'S RECOMMENDATIONS

 EASE THE TAX BURDEN ON FAMILIES INCREASE THE TAX DIFFERENTIAL BETWEEN
SINGLE EARNERS AND MARRIED COUPLES EITHER SIGNIFICANTLY INCREASE THE TAX
EXEMPTION FOR CHILDREN OR INTRODUCE A CHILD TAX CREDIT

 INCREASE PARENTAL AUTHORITY IN EDUCATION ESTABLISH SCHOOL CHOICE AND
SEEK PARENTS' GUIDANCE IN SEX EDUCATION CURRICULA WHEN SEX EDUCATION IS
TAUGHT STRESS ABSTINENCE AS THE BEST PROTECTION AGAINST PREGNANCY AND
SEXUALLY TRANSMITTED DISEASE DO NOT DISTRIBUTE CONDOMS IN SCHOOLS UNLESS
PARENTS APPROVE

 REFORM STATE LAWS ON DIVORCE RECONSIDER THE NOFAULT DIVORCE LAWS NOW
THE NORM IN 40 STATES

 IDENTIFY THE FATHER OF EVERY CHILD ALL STATES SHOULD ENSURE THAT A
DOCUMENT EXISTS AT BIRTH TO IDENTIFY THE NAME AND SOCIAL SECURITY NUMBER OF
BOTH PARENTS IF A MOTHER APPLIES FOR WELFARE FAILURE TO IDENTIFY THE
FATHER SHOULD RESULT IN LOWER BENEFITS

 IMPROVE EFFORTS TO COLLECT CHILDSUPPORT PAYMENTS REQUIRE PARENTS TO
REPORT CHILDSUPPORT OBLIGATIONS TO THE IRS WHICH WILL DEDUCT DELINQUENT
PAYMENTS FROM TAX REFUNDS SPEED UP EFFORTS TO CREATE A NATIONWIDE
CHILDSUPPORT COMPUTER NETWORK EXPANDING IT TO INCLUDE IRS INFORMATION TO
HELP IN LOCATING ABSENT PARENTS

IDEAS LIKE THIS ARE LIKELY TO BE UNPOPULAR AMONG LIBERAL SOPHISTICATES WHO
MAINTAIN THAT FAMILY VALUES IS CODE FOR RACISM SEXISM AND HOMOPHOBIA
THAT IS HYPERBOLIC THERE ARE SIMPLY FAR TOO MANY PEOPLE WHO FEEL FAMILIES
ARE UNDER UNDUE PRESSURE THESE DAYS

THE ADMINISTRATION WILL SOON BE DRAFTING ITS SOCIAL LEGISLATION WE SUSPECT
THAT BOTH THE CLINTONS AND GORES ARE WELL AWARE OF WHAT HAS A LOT OF PEOPLE
WORRIED ABOUT FAMILY LIFE TODAY THE NATIONAL COMMISSION HAS COME TO SOME
VERY SENSIBLE CONCLUSIONS ABOUT HOW WE'VE GONE OFF THE TRACK AND HOW TO GET
BACK ON IT WE WILL HAVE TO SEE IF ANY OF IT FINDS ITS WAY INTO THE CLINTON
PROPOSALS 9301290166 930129 CHART HOUSE POSTS NET LOSS

SOLANA BEACH CALIF CHART HOUSE ENTERPRISES INC REPORTED A
FOURTHQUARTER NET LOSS OF 29 MILLION OR 35 CENTS A SHARE COMPARED WITH
YEAREARLIER NET INCOME OF 502000 OR SIX CENTS A SHARE

THE LATEST QUARTER INCLUDED A 41 MILLION PRETAX CHARGE RELATED LARGELY TO
THE CLOSURE OF THE COMPANY'S MANGOS RESTAURANT PROJECT REVENUE FELL 5 TO
357 MILLION FROM 376 MILLION

MANGOS WAS A RESEARCH AND DEVELOPMENT PROJECT THAT NEVER FOUND AN
AUDIENCE SAID JOHN CREED CHAIRMAN AND CHIEF EXECUTIVE OFFICER WE
THOUGHT IT BEST TO CUT OUR LOSSES AND MOVE ON THE COMPANY PLANS TO FOCUS
ON IMPROVING THE PROFITABILITY OF ITS OTHER RESTAURANTS 9301290165 930129
INTERNATIONAL GERMANY WON'T SUPPLY TAIWAN WARSHIP ORDERS  
SPECIAL TO THE WALL STREET JOURNAL

BONN GERMANY SAID IT WAS SHELVING PLANS TO SUPPLY WARSHIPS TO TAIWAN
SINKING HOPES OF LUCRATIVE CONTRACTS FOR GERMAN SHIPBUILDERS

CHIEF GOVERNMENT SPOKESMAN DIETER VOGEL SAID A FEDERAL SECURITY COMMITTEE
RECOMMENDED REJECTING A REQUEST BY A CONSORTIUM OF SHIPBUILDERS TO BUILD TWO
SUBMARINES FOR TAIWAN

GOVERNMENT SOURCES SPEAKING ON THE CONDITION OF ANONYMITY SAID THE
COMMITTEE'S DECISION FOLLOWED CONSULTATIONS BETWEEN CHANCELLOR HELMUT KOHL
AND FOREIGN MINISTER KLAUS KINKEL MR KINKEL TOLD MR KOHL THAT CHINA HAD
THREATENED TO CUT DIPLOMATIC RELATIONS IF GERMAN COMPANIES SIGNED
SHIPBUILDING CONTRACTS WITH TAIWAN THE SOURCES SAID

THE NEGATIVE RECOMMENDATION WILL ALSO MEAN THE SCRAPPING OF A LARGER DEAL
UNDER WHICH TAIWAN INTENDED TO ORDER 10 SUBMARINES AND 10 FRIGATES WITH A
TOTAL VALUE OF 125 BILLION MARKS 788 BILLION THE SOURCES SAID

THE HAMBURGBASED ASSOCIATION OF SHIPBUILDING AND OCEAN TECHNOLOGY SAID THE
DECISION ADVERSELY AFFECTED THE ENTIRE SHIPBUILDING INDUSTRY GERMAN
SHIPBUILDERS ARE ALREADY CUTTING WORK FORCES AND TAKING OTHER STEPS BECAUSE
OF FALLING BUSINESS IT SAID 9301290164 930129 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 7/8 LOW 2 15/16 NEAR CLOSING BID 3
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 307 30
TO 69 DAYS 310 70 TO 119 DAYS 313 120 TO 149 DAYS 315 150 TO 179
DAYS 320 180 TO 239 DAYS 328 240 TO 270 DAYS

COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR
CORPORATIONS IN MULTIPLES OF 1000 314 30 DAYS 316 60 DAYS 318 90
DAYS

CERTIFICATES OF DEPOSIT 268 ONE MONTH 273 TWO MONTHS 278 THREE
MONTHS 287 SIX MONTHS 304 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 305 ONE MONTH 315 THREE MONTHS 325 SIX MONTHS

BANKERS ACCEPTANCES 302 30 DAYS 302 60 DAYS 306 90 DAYS 308 120
DAYS 312 150 DAYS 312 180 DAYS NEGOTIABLE BANKBACKED BUSINESS
CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER

LONDON LATE EURODOLLARS 3 3/16 3 1/16 ONE MONTH 3 1/4 3 1/8 TWO
MONTHS 3 5/16 3 3/16 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 3/16 ONE MONTH 3 5/16 THREE
MONTHS 3 7/16 SIX MONTHS 3 3/4 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 675 GERMANY 950 JAPAN 450 SWITZERLAND
763 BRITAIN 6 THESE RATE INDICATIONS AREN'T DIRECTLY COMPARABLE
LENDING PRACTICES VARY WIDELY BY LOCATION

TREASURY BILLS RESULTS OF THE MONDAY JANUARY 25 1993 AUCTION OF
SHORTTERM US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN
UNITS OF 10000 TO 1 MILLION 298 13 WEEKS 309 26 WEEKS

FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 762 60 DAYS 769 STANDARD
CONVENTIONAL FIXEDRATE MORTGAGES 4625 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 761 60
DAYS 770 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 545 6/2 RATE
CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE TELERATE SYSTEMS INC

MERRILL LYNCH READY ASSETS TRUST 289 ANNUALIZED AVERAGE RATE OF RETURN
AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS
9301290163 930129 BED BATH SALES UP 37

SPRINGFIELD NJ BED BATH & BEYOND INC SAID SALES FOR THE FOUR WEEKS
ENDED SUNDAY ROSE 37 TO 189 MILLION FROM 138 MILLION A YEAR AGO WHILE
COMPARABLESTORE SALES ROSE 10

THE COMPANY OPERATES A CHAIN OF STORES SELLING DOMESTIC GOODS AND HOME
FURNISHINGS 9301290162 930129 MARRIOTT BONDHOLDERS REACH PACT DELAYING
 RESTRUCTURING PLAN

NEW YORK ATTORNEYS FOR MARRIOTT CORP BONDHOLDERS SAID THEY REACHED AN
AGREEMENT WITH THE LODGING AND REAL ESTATE COMPANY THAT EFFECTIVELY DELAYS
THE COMPLETION OF MARRIOTT'S PROPOSED RESTRUCTURING UNTIL JUNE 4 FROM EARLY
MAY

A SPOKESMAN FOR MARRIOTT CONFIRMED THE COMPANY AGREED TO DELAY THE CLOSING
OF THE PROPOSED RESTRUCTURING BUT SAID MARRIOTT STILL PLANS TO PROCEED WITH
ITS PLAN TO SPLIT THE COMPANY INTO A DEBTLADEN REAL ESTATE CONCERN AND A
HOTEL MANAGEMENT COMPANY SHAREHOLDERS ARE EXPECTED TO VOTE ON THE PROPOSAL
AT MARRIOTT'S MAY 7 ANNUAL MEETING SPOKESMAN NICHOLAS HILL SAID

MARRIOTT HAS BEEN IN NEGOTIATIONS WITH A GROUP OF INSTITUTIONAL INVESTORS
THAT SUED THE COMPANY OVER ITS PLAN WHICH TRIGGERED A SHARP DROP IN THE
VALUE OF MARRIOTT'S BONDS IMMEDIATELY AFTER IT WAS ANNOUNCED WE PLAN TO
MOVE FORWARD REGARDLESS OF WHETHER DISCUSSIONS LEAD TO ANY REFINEMENT OF THE
PROPOSAL MR HILL SAID

BOTH SIDES AGREED TO EXTEND UNTIL FEB 11 FROM YESTERDAY A STATUS CONFERENCE
BETWEEN THE TWO SIDES AND TO LET EXPIRE ON THAT DATE A STAY OF DISCOVERY
SUBJECT TO COURT APPROVAL THE STAY HAD PROHIBITED BONDHOLDERS FROM
PROCEEDING WITH TAKING DEPOSITIONS TO SUPPORT THEIR CASE

MARRIOTT BONDHOLDERS INDICATED THEY INTEND TO GO TO TRIAL IN THEIR CASE
AGAINST THE HOTEL AND REAL ESTATE CONCERN ATTORNEY LARRY KILL WHO
REPRESENTS PPM AMERICA SAID THE AGREEMENT WITH MARRIOTT WILL ALLOW THE
BONDHOLDERS TO COMPLETE THEIR DEPOSITIONS BY THE END OF MARCH ONCE THAT
PHASE IS COMPLETED MR KILL SAID IN A NEWS RELEASE THE PPM GROUP WILL BE
READY FOR TRIAL PPM AMERICA IS LEADING THE BONDHOLDERS' SUIT

AMONG OTHER ISSUES THE BONDHOLDERS HAVE QUESTIONED WHETHER MARRIOTT KNEW OF
ITS PLAN TO RESTRUCTURE PRIOR TO SELLING BONDS TO THE PUBLIC LAST YEAR
9301290161 930129 BUILDING CONTRACTS FELL IN DECEMBER BUT ROSE IN YEAR
  BY STEPHANIE FERRELL STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK CONSTRUCTION CONTRACTING FELL 3 IN DECEMBER BUT ROSE 7 FOR THE
YEAR THE FIRST ANNUAL GAIN SINCE 1989 ACCORDING TO FW DODGE THE
MCGRAWHILL INC FORECASTING UNIT

THE DODGE INDEX OF CONSTRUCTION CONTRACTS WHICH USES 1987 AS A BASE YEAR OF
100 IN DECEMBER WAS AT A SEASONALLY ADJUSTED LEVEL OF 90 THE LOWEST SINCE
A SURGE IN OCTOBER TO 103 NONRESIDENTIAL BUILDING AND NONBUILDING
CONSTRUCTION PUBLIC WORKS AND UTILITIES FELL SHARPLY IN DECEMBER WHILE
RESIDENTIAL CONSTRUCTION SHOWED MODEST IMPROVEMENTS

IT WAS A TENUOUS FIRST YEAR OF RECOVERY FOR THE CONSTRUCTION INDUSTRY
SAID ROBERT A MURRAY VICE PRESIDENT OF ECONOMIC AFFAIRS FOR FW DODGE
CONTRACTING STARTED THE YEAR STRONGLY LOST MOMENTUM IN THE SPRING AND
RESUMED ITS HESITANT EXPANSION ONLY IN THE FINAL QUARTER AS WITH MOST
RECOVERIES HOUSING LED THE WAY BUT THIS TIME AROUND NONRESIDENTIAL
BUILDING CONTINUED TO EXERT A DOWNWARD PULL THROUGHOUT THE YEAR

THE TURNAROUND FOR 1992 COMPARED WITH DECLINES OF 9 AND 6 RESPECTIVELY
FOR 1990 AND 1991 ACCORDING TO DODGE

LAST YEAR'S 7 ADVANCE WAS VERY MUCH IN KEEPING WITH THE SLOW GROWTH 1990S
THE PREVIOUS CYCLE'S FIRST YEAR OF RECOVERY BACK IN 1983 SHOWED AN ADVANCE
OF 24 MR MURRAY SAID

RESIDENTIAL CONSTRUCTION ROSE 11 IN DECEMBER DUE TO AN INCREASE IN
SINGLEFAMILY HOUSING RESIDENTIAL CONTRACTS WERE UP 17 BECAUSE OF THE
SINGLEFAMILY SIDE OF THE MARKET BUT THE APARTMENT SEGMENT CONTINUED TO
WEAKEN

AFTER A MIDYEAR PAUSE SINGLEFAMILY HOUSING BECAME STRONGER TOWARDS THE
END OF 1992 FINALLY SHOWING SOME RESPONSE TO LOW MORTGAGE RATES AND
IMPROVING CONFIDENCE ON THE PART OF CONSUMERS MR MURRAY SAID JUST HOW
MUCH MORE SINGLEFAMILY HOUSING CAN ADVANCE WILL BE AN IMPORTANT ELEMENT IN
HOW THE INDUSTRY'S OVERALL EXPANSION GOES IN 1993 HIGH VACANCY RATES AND
WEAKENING DEMOGRAPHIC SUPPORT PRECLUDE MULTIFAMILY HOUSING FROM PLAYING
MUCH OF A ROLE THIS YEAR 9301290160 930129 INTERNATIONAL EUROPEAN
FIRMS ARE LINING UP FOR IRAQI OIL  COMPANIES ARE SAID TO SEEK 
DEALS TO TAP RESERVES AFTER EMBARGO IS LIFTED  BY PETER WALDMAN 
STAFF REPORTER OF THE WALL STREET JOURNAL

BAGHDAD IRAQ SEVERAL EUROPEAN OIL COMPANIES ARE NEGOTIATING SECRET
CONTRACTS WITH IRAQ TO TAP ITS ENORMOUS PETROLEUM RESERVES AFTER
INTERNATIONAL SANCTIONS ARE LIFTED ACCORDING TO IRAQI BUSINESSMEN AND
UNITED NATIONS OFFICIALS

AND AFTER SOME NOTSOSUBTLE HINTS FROM SADDAM HUSSEIN'S GOVERNMENT SOME
FOREIGN COMPANIES HOPING TO DO BUSINESS WITH IRAQ ARE SWEETENING THE POT UP
FRONT WITH DONATIONS OF HUMANITARIAN RELIEF SUPPLIES TO THE EMBARGOED
NATION

SOME WESTERN COMPANIES ARE FINDING THAT BY SENDING FOOD AND MEDICINES THEY
CAN MAINTAIN A CERTAIN LEVEL OF CONTACT WITH IRAQI OFFICIALS SAID A
REPRESENTATIVE OF FOREIGN COMPANIES HERE

THE ARRANGEMENTS UNDER DISCUSSION INCLUDE CONCESSIONS FOR FOREIGN COMPANIES
TO DEVELOP CERTAIN IRAQI OIL FIELDS FOR AS MANY AS 20 YEARS BARTER DEALS OF
TECHNOLOGY FOR OIL AND STRAIGHT OIL SALES SAID IRAQIS CLOSE TO THE
COUNTRY'S OIL MINISTRY THE TALKS WHICH ONE UN OFFICIAL SAID HAVE ALREADY
RESULTED IN SEVERAL LETTERS OF INTENT SIGNED BY FOREIGN COMPANIES WITH IRAQ
DON'T VIOLATE UN SECURITY COUNCIL SANCTIONS PROVIDED THE TRANSACTIONS
DON'T OCCUR UNTIL THE EMBARGO IS LIFTED

BUT THE WILLINGNESS OF SOME WESTERN COUNTRIES AND NOT OTHERS NOTABLY THE
US TO ALLOW COMMERCIAL CONTACTS WITH IRAQ RAISES THE QUESTION OF
WHETHER A HEAD START NOW COULD GIVE SOME COMPANIES A LEG UP LATER INDEED
ONE IRAQI BUSINESSMAN WITH CLOSE TIES TO IRAQ'S OIL BUREAUCRACY ARGUES THAT
AMERICAN OIL COMPANIES ARE BEING LEFT BEHIND AS THE WORLD'S
SECONDLARGEST OIL RESERVES ARE DIVIDED UP FOR FUTURE DEVELOPMENT

THE BRITISH AND THE FRENCH BOMBED BAGHDAD AND THEY'RE TALKING TO IRAQ
SAYS THIS IRAQI WHO FAVORS US PARTICIPATION WHY AREN'T THE AMERICANS

IRAQI OFFICIALS REFUSE TO DISCUSS DETAILS OF THEIR CONTACTS WITH FOREIGN
COMPANIES EXCEPT TO ACKNOWLEDGE CONSIDERABLE INTEREST ABROAD IN
REESTABLISHING COMMERCIAL LINKS WITH IRAQ AN IRAQI CLOSE TO THE OIL
MINISTRY SAID REPRESENTATIVES OF COMPANIES IN BRITAIN FRANCE GERMANY AND
GREECE HAVE HELD TALKS WITH IRAQIS IN BAGHDAD AND EUROPE

THEY ARE STICKING TO THE EMBARGO IN POLICY TERMS BUT THERE IS A WILL FROM
MANY COMPANIES TO DISCUSS THE FUTURE SAID IRAQ'S MINISTER OF TRADE
MOHAMMED MEHDI SALEH

AS FOR THE DONATIONS OF RELIEF SUPPLIES HUMANITARIAN AID TO IRAQ ISN'T
RESTRICTED UNDER THE UN EMBARGO BUT THE UNEXPECTED SIZE OF CORPORATE
CONTRIBUTIONS HAS HELPED SADDAM HUSSEIN MAINTAIN HIS RULE

THE UN SANCTIONS COMMITTEE IN NEW YORK DOESN'T KEEP TABS ON WHO PAYS FOR
HUMANITARIAN SHIPMENTS TO IRAQ SO IT IS IMPOSSIBLE TO IDENTIFY THE SPECIFIC
DONORS BUT UN OFFICIALS WHO TRACK AID TO IRAQ SAID CORPORATE
CONTRIBUTIONS HELP EXPLAIN HOW SADDAM HUSSEIN'S REGIME HAS SUSTAINED KEY
IMPORTS OF SUGAR RICE WHEAT AND TEA SINCE SEPTEMBER WHEN THE SECURITY
COUNCIL BARRED IT FROM USING FROZEN ASSETS ABROAD TO BUY FOOD UN
OFFICIALS ALSO REPORT THAT THE IRAQIS HAVE RECENTLY BECOME MUCH MORE DIRECT
ON THE SUBJECT OF PHILANTHROPY

SAYS A SENIOR UN OFFICIAL CONNECTED TO FOOD DISTRIBUTION IN IRAQ MY
CONTACTS AT THE IRAQI FOREIGN MINISTRY ARE SAYING THAT A REAL FRIEND IS A
FRIEND IN NEED IF ANYONE CAN MAKE A GOOD GESTURE NOW THEY SAY IT WILL BE
DOUBLY APPRECIATED LATER