RAILROADS WERE HIT HARD IN THE THIRD QUARTER BY SEVERE FLOODING IN THE
MIDWEST WHICH BOOSTED COSTS SLOWED SHIPMENTS AND LED TO SHARPLY LOWER
EARNINGS FOR SOME LINES

THE FLOODS DECIMATED RAIL EARNINGS SAID ANDRAS PETERY AN ANALYST AT
MORGAN STANLEY & CO ANALYSTS' ESTIMATES OF THE RAIL GROUP'S THIRDQUARTER
EARNINGS DECLINES RANGE FROM 10 TO 25

THE FLOODS HALTED RAIL OPERATIONS FORCED EXTENSIVE DETOURS OF FREIGHT
TRAINS DROVE UP LOCOMOTIVE AND CREW COSTS AND RESULTED IN EXPENSIVE
REBUILDING OF DAMAGED TRACKS AND BRIDGES MR PETERY SAID ACCORDING TO THE
ASSOCIATION OF AMERICAN RAILROADS THE RECORD FLOODING COULD SADDLE THE
INDUSTRY WITH EXTRA COSTS APPROACHING 300 MILLION

ANALYSTS EXPECT THE FLOODS TO LEAD TO LOWER EARNINGS AT BURLINGTON NORTHERN
INC UNION PACIFIC CORP AND SANTA FE PACIFIC CORP THEY ALSO EXPECT AN
EARNINGS DECLINE AT CSX CORP WHOSE BARGE UNIT WAS DISRUPTED BY THE FLOODS
AND WHOSE RAIL UNIT WAS HURT BY A COAL MINERS' STRIKE AND BY WEAK EXPORT
COAL DEMAND HOWEVER ANALYSTS SEE MODEST EARNINGS GAINS AT EASTERN
RAILROADS CONRAIL INC AND NORFOLK SOUTHERN CORP

IN ADDITION TO THE FLOODING ANALYSTS' ESTIMATES TAKE INTO ACCOUNT AN
INCREASE IN THE CORPORATE TAX RATE WHICH HAS GROWN TO 35 FROM 34
HOWEVER ANALYSTS POINT OUT THAT RAILROADS AS WELL AS OTHER INDUSTRIES ARE
EXPECTED TO REPORT MAJOR ONETIME NONCASH CHARGES REFLECTING THE EFFECTS
ON EARLIER QUARTERS OF TAXLAW CHANGES ANALYSTS' EARNINGS ESTIMATES DON'T
TAKE THESE CHARGES INTO ACCOUNT SINCE THEY DON'T REFLECT CONTINUING
OPERATIONS

MANY OBSERVERS THOUGH ARE LOOKING BEYOND THE TAXES AND THE FLOODS THEY
SEE AN INDUSTRY THAT CONTINUES TO REDUCE EMPLOYEE RANKS USE LOCOMOTIVES AND
TRACKS MORE EFFICIENTLY AND WIN BACK SOME FREIGHT THAT HAD BEEN LOST TO
LONGDISTANCE TRUCKERS THE COST STRUCTURES ARE CONTINUING TO BE MADE
LEANER AT EACH OF THE RAILROADS SAID THOMAS GALVIN AN ANALYST AT CJ
LAWRENCE INC WITH SOME SMALL HELP FROM THE ECONOMY RAILROADS WILL BE BACK
ON TRACK WITH ABOVEAVERAGE EARNINGS PERFORMANCE AS EARLY AS THE FOURTH
QUARTER AND CERTAINLY BY FIRSTHALF 1994

THE MAJOR RAILROADS' CARLOADINGS A MEASURE OF RAIL TRAFFIC FELL 31 IN
THE 12WEEK PERIOD ENDED SEPT 25 ACCORDING TO THE ASSOCIATION OF AMERICAN
RAILROADS SHIPMENTS OF COAL AN IMPORTANT COMMODITY DROPPED NEARLY 8
GRAIN SHIPMENTS WERE UP LESS THAN 1 CARLOADINGS OF SOME INDUSTRIAL FREIGHT
INCREASED WITH METALS UP 13 AND MOTOR VEHICLES UP 28

SHIPMENTS OF LUMBER PAPER AND CHEMICALS WERE ESSENTIALLY FLAT INTERMODAL
FREIGHT THE SHIPMENT OF CONTAINERS AND TRUCK TRAILERS ABOARD RAIL FLATCARS
ROSE 58 IN THE 12WEEK PERIOD CONTINUING A STRONG GROWTH TREND DESPITE
THE FLOODS

AMONG WESTERN RAILROADS BURLINGTON NORTHERN SUFFERED MAJOR FLOODRELATED
DISRUPTIONS ANALYSTS HAD EXPECTED BURLINGTON NORTHERN TO POST EARNINGS OF
MORE THAN 1 A SHARE FOR THE QUARTER REFLECTING PRODUCTIVITY GAINS THE
COMPANY HAD NET INCOME OF 68 CENTS A SHARE IN THE YEAREARLIER PERIOD BUT
ANALYSTS REDUCED POSTFLOOD EARNINGS ESTIMATES TO ABOUT 50 CENTS A SHARE A
BURLINGTON NORTHERN SPOKESMAN DECLINED TO COMMENT ON THE ESTIMATES

AT SANTA FE PACIFIC THE FLOODING CLOSED PARTS OF ITS BUSY MAINLINE TRACKS
BETWEEN CHICAGO AND LOS ANGELES FOR MORE THAN A WEEK THE RAILROAD
MAINTAINED SERVICE BY REROUTING FREIGHT TRAINS ONTO OTHER RAILROADS
ANALYSTS ESTIMATE THAT SANTA FE WILL POST EARNINGS OF 11 CENTS A SHARE IN
THE THIRD QUARTER COMPARED WITH A YEAREARLIER 23 CENTS A SHARE A SANTA FE
SPOKESWOMAN DIDN'T COMMENT OTHER THAN TO SAY THAT FREIGHT TRAFFIC WAS
RECOVERING AFTER THE FLOODS

MR GALVIN THE CJ LAWRENCE ANALYST EXPECTS UNION PACIFIC TO REPORT
THIRDQUARTER EARNINGS DECLINED TO 80 CENTS A SHARE FROM A YEAREARLIER 91
CENTS THE FLOOD INCREASED COSTS AND DECREASED REVENUE ON THE RAILROAD HE
SAID HOWEVER MR GALVIN SAID THE COMPANY'S RESULTS WERE HELPED BY
IMPROVEMENTS AT ITS RESOURCES UNIT WHICH BENEFITED FROM HIGHER NATURALGAS
VOLUMES AND PRICES

AMONG EASTERN RAILROADS CSX EXPECTS TO POST THIRDQUARTER EARNINGS PRETTY
CLOSE TO ANALYSTS' ESTIMATES OF 110 TO 118 A SHARE A COMPANY
SPOKESWOMAN SAID CSX REPORTED NET INCOME OF 125 A SHARE FOR THE
YEAREARLIER PERIOD THE SPOKESWOMAN SAID THE FLOODS IDLED HALF THE
COMPANY'S BARGES FOR ABOUT TWO MONTHS NEVERTHELESS SHE SAID TIGHT COST
CONTROLS WOULD ALLOW THE BARGE UNIT TO AT LEAST BREAK EVEN FOR THE THIRD
QUARTER THE UNIT HAD OPERATING PROFIT OF 14 MILLION IN THE YEAREARLIER
QUARTER

CSX'S RAIL UNIT WAS HURT BY COAL SHIPMENTS WHICH FELL MORE THAN 12
REFLECTING THE MINERS' STRIKE AND WEAK EXPORT DEMAND BUT SHIPMENTS OF
INDUSTRIAL RAIL FREIGHT WERE STRONG THE SPOKESWOMAN SAID CSX EXPECTS
EARNINGS GAINS IN ITS OCEANFREIGHT AND INTERMODAL UNITS

BURTON STRAUSS JR AN ANALYST WITH LEHMAN BROTHERS INC SAID HE EXPECTS
CONRAIL TO POST IMPROVED EARNINGS OF 85 CENTS A SHARE UP FROM A
YEAREARLIER 81 CENTS A SHARE HE SAID STRONG INTERMODAL AND MOTORVEHICLE
SHIPMENTS MORE THAN OFFSET REDUCED COAL TRAFFIC

A CONRAIL SPOKESMAN DIDN'T COMMENT ON THE ANALYST'S ESTIMATE BUT THE
SPOKESMAN SAID STEEL AND AUTO SHIPMENTS ARE SHOWING THE BEST GAINS AND
THAT INTERMODAL SHIPMENTS ARE ACCELERATING DUE TO BOTH AN INCREASE IN
SEASONAL SHIPMENTS AND INCREASED USE OF INTERMODAL BY TRUCKERS

MICHAEL LLOYD AN ANALYST AT NATWEST SECURITIES CORP EXPECTS NORFOLK
SOUTHERN TO BOOST ITS THIRDQUARTER EARNINGS TO 110 A SHARE FROM A
YEAREARLIER 103 A SHARE HE SAID COALTRAFFIC DECLINES WERE OFFSET BY
GAINS IN INDUSTRIAL FREIGHT A NORFOLK SOUTHERN SPOKESMAN DECLINED TO
COMMENT ON THE ESTIMATE BUT CONFIRMED THAT INDUSTRIALFREIGHT SHIPMENTS
ROSE SLIGHTLY DURING THE QUARTER THE SPOKESMAN ALSO SAID NORFOLK SOUTHERN
RECENTLY CLOSED A MONEYLOSING PART OF ITS TRUCKING OPERATION 9310080169
931008 SOUTHWEST AIRLINES TRAFFIC ROSE

DALLAS SOUTHWEST AIRLINES SAID ITS SEPTEMBER TRAFFIC INCREASED 254 TO
139 BILLION REVENUE PASSENGER MILES FROM 111 BILLION A YEAR EARLIER

THE AIRLINE SAID ITS LOAD FACTOR OR PERCENTAGE OF AVAILABLE SEATS FILLED
ALSO ROSE TO 646 FROM 599 A REVENUE PASSENGER MILE IS ONE PAID
PASSENGER FLOWN ONE MILE

IN THE FIRST NINE MONTHS TRAFFIC CLIMBED 215 TO 1244 BILLION REVENUE
PASSENGER MILES FROM 1024 BILLION LOAD FACTOR ROSE TO 681 FROM 649
9310080168 931008 SEPTEMBER SALES AT REX STORES

DAYTON OHIO REX STORES CORP FORMERLY AUDIO/VIDEO AFFILIATES INC SAID
TOTAL SEPTEMBER SALES INCREASED 27 TO 19 MILLION FROM A YEAREARLIER 15
MILLION COMPARABLESTORE SALES INCREASED 7 TO 157 MILLION FROM 147
MILLION

YEARTODATE SALES FOR THE FISCAL YEAR ENDING JAN 31 1994 GREW 27 TO
1495 MILLION FROM A YEAREARLIER 1178 MILLION COMPARABLESTORE SALES
FOR THE PERIOD INCREASED 10

REX A SPECIALTY RETAILER OF CONSUMER ELECTRONIC PRODUCTS AND APPLIANCES
HAD 112 STORES AT THE END OF SEPTEMBER UP FROM 96 STORES A YEAR EARLIER
9310080167 931008 GOLD COMPANIES LIKELY TO POST UNEVEN RESULTS  
THIRDQUARTER PROFIT GAINS SEEN FOR SOME MINERS COPPER OUTLOOK IS GRIM
  BY MARJ CHARLIER STAFF REPORTER OF THE WALL STREET JOURNAL

SOME GOLD COMPANIES WILL REPORT HIGHER THIRDQUARTER EARNINGS THANKS TO A
BRIEF SPIKE IN GOLD PRICES THIS SUMMER BUT COPPER COMPANY EARNINGS WILL
SHOW THE EFFECTS OF MUCH LOWER COPPER PRICES

THE COPPER NUMBERS ARE GOING TO BE CATASTROPHIC AND THEY'RE ONLY GOING TO
GET WORSE SAID JOHN TUMAZOS METALS ANALYST AT DONALDSON LUFKIN &
JENRETTE HE AND MANY OTHER ANALYSTS PREDICT THAT A SURPLUS OF COPPER THAT
HAS DRAGGED DOWN PRICES THIS YEAR WILL CONTINUE TO DO SO THROUGH 1994

COPPER PRICES IN THE THIRD QUARTER AVERAGED 84 CENTS A POUND DOWN ABOUT 24
FROM 111 A POUND IN THE 1992 THIRD QUARTER ACCORDING TO JOHN GROSS A
COPPER CONSULTANT IN WEST NYACK NY ZINC PRICES DECLINED ABOUT 34
YEARTOYEAR AND LEAD PRICES WERE DOWN ABOUT 39 GOLD PRICES IN THE
QUARTER ROSE TO AN AVERAGE OF 375 AN OUNCE UP ABOUT 8 FROM 347 A YEAR
AGO AND PEAKED AT ABOUT 414 AN OUNCE SILVER ALSO ROSE GAINING ABOUT 22
FROM THE 1992 THIRDQUARTER LEVEL

SOME GOLD COMPANIES SUCH AS HOMESTAKE MINING CO ARE EXPECTED TO REPORT
HIGHER EARNINGS BECAUSE OF COST CUTTING AS WELL AS FROM HIGHER GOLD AND
SILVER PRICES BUT OTHERS SUCH AS AMAX GOLD INC AND BATTLE MOUNTAIN GOLD
CO WILL REPORT HIGHER COSTS DUE TO LOWER ORE GRADES AT SOME MINES OUTLOOK
FOR AMAX GOLD NEWMONT MR TUMAZOS EXPECTS TO SEE AMAX GOLD REPORT A LOSS OF
EIGHT CENTS A SHARE COMPARED WITH A LOSS OF ONE CENT A YEAR AGO NEWMONT
MINING CO TO REPORT NET INCOME OF 30 CENTS A SHARE COMPARED WITH 27 CENTS
AND HOMESTAKE TO REPORT NET INCOME OF EIGHT CENTS A SHARE COMPARED WITH A
LOSS OF EIGHT CENTS

JOHN PHIZACKERLY ANALYST AT LEHMAN BROS EXPECTS PEGASUS GOLD CO TO POST
BREAKEVEN RESULTS FOR THE QUARTER COMPARED WITH AN OPERATING PROFIT OF 18
CENTS A SHARE A YEAR AGO BEFORE WRITEDOWNS MR PHIZACKERLY SAYS PEGASUS
WILL REPORT HIGHER RECLAMATION COSTS DUE TO ACID MINE DRAINAGE AT ITS
ZORTMAN MINE IN MONTANA AND HIGHER STARTUP COSTS AT AN AUSTRALIAN PROPERTY

FOR COPPER COMPANIES ECONOMIC SLOWDOWNS IN JAPAN AND EUROPE AND SUPPLY
GLUTS AROUND THE WORLD ARE WREAKING HAVOC WITH EARNINGS R WAYNE ATWELL
ANALYST AT MORGAN STANLEY ESTIMATES THAT ASARCO INC WILL SHOW A LOSS OF 35
CENTS A SHARE FOR THE THIRD QUARTER COMPARED WITH NET INCOME OF 45 CENTS A
YEAR EARLIER ASARACO ALSO PRODUCES LEAD AND ZINC MR ATWELL PUTS CYPRUS
MINERALS CO'S NET INCOME AT 35 CENTS A SHARE DOWN FROM 90 CENTS A YEAR
EARLIER

VIC LAZAROVICI ANALYST AT SG WARBURG & CO SAYS HE EXPECTS FREEPORT
MCMORAN COPPER & GOLD CO TO REPORT NET INCOME OF FIVE CENTS A SHARE
COMPARED WITH 12 CENTS MAGMA COPPER CO TO REPORT NET INCOME OF 20 CENTS
AGAINST 50 CENTS AND PHELPS DODGE CORP TO POST NET INCOME OF 65 CENTS
COMPARED WITH 118 TONY RIZZUTO ANALYST AT BEAR STEARNS EXPECTS ASARCO
TO REPORT A LOSS 35 CENTS A SHARE CYPRUS TO REPORT NET INCOME OF 40 TO 45
CENTS A SHARE MAGMA 12 CENTS A SHARE AND PHELPS DODGE 70 CENTS A SHARE

MOST ANALYSTS ARE PESSIMISTIC ABOUT ANY RECOVERY IN COPPER PRICES THROUGH
1994 CITING INCREASING PRODUCTION FROM SEVERAL NEW MINES AND NEW SMELTERS
AND SLUGGISH DEMAND FROM EUROPE AND JAPAN THERE'S ABSOLUTELY NOTHING TO
TURN IT AROUND SAYS MR ATWELL WHO EXPECTS PRICES TO AVERAGE ABOUT 85
CENTS A POUND IN 1994

BUT CLARENCE MORRISON ANALYST AT PRUDENTIAL SECURITIES HAS MORE FAITH IN A
COPPER RECOVERY HE SAID CHINA HAS RETURNED TO THE COPPER MARKET TO BUY
ZAIRE PRODUCED LESS THAN EXPECTED THIS YEAR EUROPEAN DEMAND DECLINED LESS
THAN EXPECTED AND THE HUGE CHILEAN COPPER MINES RAN INTO LOWER GRADE ORE
ALSO HE ADDED DEMAND IS SLIGHTLY BETTER THAN IT HAS BEEN IN NORTH AND
SOUTH AMERICA THE PACIFIC RIM AND THE LESSERDEVELOPED COUNTRIES

AS A RESULT MR MORRISON EXPECTS PRODUCTION IN 1994 TO BE ABOUT 128
MILLION METRIC TONS AND CONSUMPTION TO BE 129 MILLION METRIC TONS FOR A
SHORTFALL OF ABOUT 100000 METRIC TONS HE EXPECTS 1994 PRICES TO AVERAGE 90
CENTS A POUND 9310080166 931008 A PC REVOLUTION AIDED BY COMPUTERS 
MANY OF THE DISABLED FORM OWN BUSINESSES  QUADIPLEGIC RUNS HIS FIRM
 BY USING ONLY HIS VOICE A BLIND COUPLE PROSPERS  EVENING UP THE
PLAYING FIELD  BY TIMOTHY L O'BRIEN STAFF REPORTER OF THE WALL
STREET JOURNAL

NAPERVILLE ILL DON DALTON WHO STARTED MICRO OVERFLOW CORP IN HIS
GARAGE 3 1/2 YEARS AGO EXPECTS ITS SALES TO TOP 1 MILLION THIS YEAR HIS
SUCCESS RESEMBLES THAT OF MANY ENTREPRENEURS WITH A CRUCIAL EXCEPTION HE
IS PARALYZED FROM THE CHEST DOWN AND CONFINED TO A WHEELCHAIR

WHEN STARTING UP MICRO OVERFLOW MR DALTON RELIED HEAVILY ON A PERSONAL
COMPUTER OPERATING ITS KEYBOARD WITH A STICK HELD IN HIS MOUTH NOW
HOWEVER HE RUNS HIS COMPUTER BY VOICE SPEAKING INTO A MICROPHONE IN A
HEADSET CONNECTED TO HIS PC HE CAN ACTIVATE ALL THE COMPUTER'S FUNCTIONS
TYPE 100 WORDS A MINUTE AND MANAGE THE COMPANY'S SCHEDULING AND FINANCES

AND HIS BUSINESS A DISTRIBUTORSHIP THAT ADAPTS COMPUTER TECHNOLOGY FOR THE
DISABLED IS HELPING CREATE MORE DISABLED ENTREPRENEURS THAN EVER BEFORE I
WANT THE MILLIONS OF PEOPLE WHO ARE DISABLED AND UNEMPLOYED TO BE WORKING
FOR A LIVING AND BE HAPPY WITH THEMSELVES HE SAYS

MANY OF THE DISABLED ARE INDEED FINDING THE BEST HOPE FOR ENTREPRENEURSHIP
AND REHABILITATION OF THE DISABLED GENERALLY IN THE HUGE CHANGES INTRODUCED
BY PERSONAL COMPUTERS USING PCS THE DISABLED CAN READ WRITE DO RESEARCH
AND INTERACT WITH OTHER PEOPLE IN MUCH MORE SOPHISTICATED WAYS NOW MANY OF
THEM ARE MANAGING BUSINESSES IN SUCH FIELDS AS FINANCIAL SERVICES DATABASE
ENTRY GRAPHIC DESIGN ARCHITECTURE AND DESKTOP PUBLISHING

FOR MANY PEOPLE COMPUTERS HAVE REPRESENTED THE ONLY WAY IN WHICH THEY HAVE
BEEN ABLE TO WORK GIVEN THE EXTENT OF THEIR DISABILITIES SAYS HOWARD
SHANE DIRECTOR OF THE INSTITUTE ON APPLIED TECHNOLOGY A BOSTON NONPROFIT
GROUP THAT DOES RESEARCH AND TRAINING ON COMPUTER APPLICATIONS FOR THE
DISABLED TEN OR 15 YEARS AGO THE SAME PERSON WHO HAS A BUSINESS TODAY
WOULD SIMPLY NOT HAVE BEEN ABLE TO WORK IT'S ABSOLUTELY REVOLUTIONARY

MICRO OVERFLOW HELPED JOANNE AND BOB GREENBERG BOTH TOTALLY BLIND
COMPUTERIZE THEIR SPORTSCASTING BUSINESS WHICH THEY GOT STARTED WITH HELP
FROM CONTACTS IN THE RADIO INDUSTRY THE GREENBERGS LISTEN TO RADIO
BROADCASTS OF SPORTING EVENTS AND PACKAGE THE HIGHLIGHTS ON TAPE FOR
REBROADCAST ON LOCAL RADIO STATIONS IN PHILADELPHIA ST LOUIS AND CHICAGO

THE COUPLE HAD A COMPUTER WHEN THEY STARTED THEIR BUSINESS IN THEIR CHICAGO
HOME THREE YEARS AGO BUT THEY SAY THEY DIDN'T FULLY USE IT UNTIL TRAINED BY
MICRO OVERFLOW LAST YEAR THEY NOW USE A SCANNER TO STORE PRINTED FAX
TRANSMISSIONS SPORTING NEWS AND TRADE DIRECTORIES IN THEIR COMPUTER A
COMPUTERSCREEN READER AND SYNTHESIZER THEN READS THE SCANNED DOCUMENTS BACK
TO THEM ALLOWING THEM TO USE PRINTED MATERIAL THEY CAN'T SEE TASKS SUCH AS
BILLING AND ACCOUNTING WHICH ONCE WOULD HAVE TAKEN THEM HOURS CAN NOW BE
COMPLETED IN MINUTES

MR GREENBERG WHO HAD BEEN UNEMPLOYED BEFORE STARTING BOB GREENBERG SPORTS
REPORTS SAYS HE AND HIS WIFE EARN A TOTAL OF ABOUT 30000 A YEAR

TO BE SURE MANY DISABLED PEOPLE ESPECIALLY THOSE BORN SEVERELY DISABLED
LACK THE SKILLS NEEDED TO EARN A LIVING BUT BOLSTERED BY THE AMERICANS
WITH DISABILITIES ACT WHICH MANDATES WORKPLACE ACCESSIBILITY FOR THE
DISABLED THEY ARE FEELING A GROWING SENSE OF ENTITLEMENT JUST WHEN THE
PC IS EXPANDING THEIR ABILITIES

AT THE SAME TIME CORPORATE DOWNSIZING AND THE RECENT RECESSION HAVE PUSHED
MANY OF THEM TOWARD SELFEMPLOYMENT

WHEN YOU'RE DISABLED BUSINESSES WON'T HIRE YOU SO YOU HAVE TO CREATE YOUR
OWN JOB SAYS MARK EIDSON WHO FIVE YEARS AGO SUFFERED A CEREBRAL
HEMORRHAGE THAT LEFT HIM WITH LIMITED MOTOR CONTROL AND SPEECH PROBLEMS
IT'S EITHER THAT OR LIE DOWN AND DIE IN 1989 MR EIDSON STARTED MCX
INC A SAN MARCOS CALIF MEDICAL BILLING CONCERN THAT NOW HAS ANNUAL
REVENUE OF 25 MILLION

WITH THE COMPUTER MAKING THE PLAYING FIELD MORE EVEN SAYS URBAN MIYARES
PRESIDENT OF THE DISABLED BUSINESSPERSONS ASSOCIATION IN SAN DIEGO THE
INCREASE IN STARTUPS AMONG THE DISABLED HAS BEEN TREMENDOUS AND WE'RE
GETTING THREE TIMES AS MANY INQUIRIES FROM DISABLED ENTREPRENEURS COMPARED
TO THREE YEARS AGO

ACCORDING TO STATE DEPARTMENTS OF REHABILITATION IN FLORIDA NEW YORK TEXAS
AND ILLINOIS REQUESTS FOR TECHNICAL ASSISTANCE FROM DISABLED BUSINESS
OWNERS HAVE BEEN INCREASING IN TEXAS 503 NEW BUSINESSES RECEIVED
ASSISTANCE IN 1992 UP FROM 365 IN 1990 IN NEW YORK 77 GOT HELP UP FROM
55 IN 1990 THE NATIONAL FOUNDATION FOR TEACHING ENTREPRENEURSHIP IN NEW
YORK CITY SAYS THE NUMBER OF DISABLED ENTREPRENEURS IT HAS AIDED HAS
INCREASED ABOUT 20 IN THE PAST FOUR YEARS

MEANWHILE COMPUTER AND TELECOMMUNICATIONS COMPANIES ARE PRODUCING
INCREASINGLY SOPHISTICATED EQUIPMENT FOR THE DISABLED FOR EXAMPLE BLAZIE
ENGINEERING INC OF FOREST HILL MD HAS DEVELOPED BRAILLE N SPEAK A
1300 PALMTOP COMPUTER FOR THE BLIND THE COMPUTER DESIGNED TO BE HELD IN
ONE HAND CAN STORE UP TO 500 PAGES OF TEXT ENTERED VIA A BRAILLE KEYPAD
THE NOTES CAN THEN BE LOADED INTO A PC BY FAX MODEM OR BE REPRODUCED WITH A
VOICE SYNTHESIZER BUILT INTO BRAILLE N SPEAK

EYEGAZE A 19000 COMPUTER SYSTEM DESIGNED BY LC TECHNOLOGIES INC OF
FAIRFAX VA USES A VIDEO CAMERA LOCATED BENEATH A MONITOR THAT TAKES 30
PICTURES PER SECOND OF THE USER'S EYEBALL TO DETERMINE WHERE ON THE MONITOR
THE PERSON IS LOOKING DISPLAYED ON THE MONITOR IS A PICTURE OF A COMPUTER
KEYBOARD THAT THE USER CAN MANIPULATE BY LOOKING AT A KEY FOR ONEQUARTER OF
A SECOND OR LONGER IF THE USER PREFERS THUS SOMEONE ABLE TO MOVE ONLY ONE
EYE CAN OPERATE A COMPUTER

ARKENSTONE INC A SUNNYVALE CALIF PRODUCER OF COMPUTERREADING SYSTEMS
ESTIMATES THE COMPUTERREADER MARKET FOR BLIND USERS AT 100 MILLION A YEAR
THE SYSTEMS COST ABOUT 5000 MICROSYSTEMS SOFTWARE INC A FRAMINGHAM
MASS MAKER OF MULTIPLE SOFTWARE PRODUCTS FOR DISABLED USERS SAYS ITS
REVENUE HAS DOUBLED IN EACH OF THE PAST TWO YEARS AND WILL REACH ABOUT 3
MILLION THIS YEAR

APPLE COMPUTER INC HAS BEEN AN EARLY LEADER IN HELPING THE DISABLED EVER
SINCE 1984 THE CUPERTINO CALIF COMPANY HAS BEEN EXPLORING WHAT PCS CAN
ACCOMPLISH WHEN WE BEGAN WE WANTED TO SIMPLY MAKE PEOPLE AWARE OF WHAT
TECHNOLOGY COULD DO FOR DISABLED PEOPLE SAYS ALAN BRIGHTMAN MANAGER OF
APPLE'S WORLDWIDE DISABILITY SOLUTIONS GROUP TODAY A LOT OF THE
TECHNOLOGY IS THERE AND IT IS BLOWING AWAY MANY OF THE MYTHS ABOUT WHAT
DISABLED PEOPLE CAN AND CAN'T DO

DESTROYING MYTHS IS WHAT MR DALTON SAYS HE HOPES TO DO AT MICRO OVERFLOW
WHEN PEOPLE COME IN HERE AND SEE ME WITH A DISABILITY THEY'RE SHOCKED HE
SAYS THAT'S WHY I WORK WITH CLIENTS AND DON'T JUST ADMINISTER I WANT THEM
TO SEE THAT THEY CAN START A BUSINESS AND ALSO DO ANYTHING ELSE THEY WANT

MR DALTON HIMSELF IS PAINFULLY AWARE OF THE OBSTACLES FACED BY MANY
DISABLED PEOPLE ALMOST 25 YEARS AGO HE DOVE INTO THE ILLINOIS RIVER AND
HITTING A SUBMERGED CABLE SPOOL BROKE HIS NECK HE SPENT 10 MONTHS IN A
HOSPITAL

YOU CAN'T IMAGINE THE IMPACT SOMETHING LIKE THAT HAS ON YOUR LIFE ALL
YOUR HOPES AND DREAMS AND PLANS MR DALTON RECALLS AT 26 YEARS OF AGE HE
WAS A QUADRIPLEGIC WITH A WIFE AND FIVEMONTHOLD SON CONFINED TO A
WHEELCHAIR HE RETURNED TO HIS JOB AS A FINANCIAL MANAGER FOR A CAR
DEALERSHIP ALTHOUGH WARMLY WELCOMED THERE HE SAYS HE FELT LIKE A BURDEN TO
HIS COWORKERS SEVERAL TIMES A DAY FOR EXAMPLE HE HAD TO ASK FOR HELP IN
EMPTYING HIS URINE BAG

AFTER A FEW MONTHS HE LEFT THE DEALERSHIP AND OPENED AN ELECTRONICS STORE
IN 1971 EVEN THOUGH ONLY RUDIMENTARY JOB TRAINING WAS THEN AVAILABLE FOR
DISABLED PEOPLE PERSONAL COMPUTERS DIDN'T EXIST EMPLOYEES HAD TO WRITE FOR
HIM UNTIL HE GOT A SPEAKERPHONE THEN THE MOST ADVANCED TECHNOLOGY
AVAILABLE THEY ALSO HAD TO ANSWER THE PHONE AND HOLD IT UP TO HIS FACE
MOST LANDLORDS DIDN'T WANT TO RENT OFFICE SPACE TO HIM AND ANYWAY MOST
OFFICES WEREN'T WHEELCHAIRACCESSIBLE CREDIT WAS DIFFICULT TO ARRANGE

THE STORE BARELY BROKE EVEN BUT GAVE MR DALTON A SENSE OF PURPOSE HOWEVER
HIS DISABILITY CREATED MARITAL PROBLEMS IN 1975 HE AND HIS WIFE WERE
DIVORCED SEVERELY DEPRESSED HE LET THE BUSINESS SLIDE AND TWO YEARS LATER
IT CLOSED

UNTIL 1983 HE FREELANCED AS AN ELECTRONICS CONSULTANT THEN HIS INTEREST
IN THE RECENTLY INTRODUCED PERSONAL COMPUTERS AND OTHER EQUIPMENT TO HELP
THE DISABLED LED TO CONSULTING AND TRAINING JOBS AND LATER REFERRALS FROM
PUBLIC AGENCIES INVOLVED IN REHABILITATION NOTING THE INCREASED DEMAND
AMONG THE DISABLED FOR COMPUTER TRAINING MR DALTON STARTED MICRO OVERFLOW
IN 1990 HIS SON DROVE HIM TO MEETINGS WITH COMPANIES THAT DESIGNED THE
COMPUTER GEAR AND MR DALTON EVENTUALLY BECAME A DISTRIBUTOR FOR 25 OF
THEM

BY LAST YEAR THE FASTGROWING MICRO OVERFLOW NEEDED NEW HEADQUARTERS MR
DALTON TOOK OUT A SECOND MORTGAGE ON HIS HOME AND JEROLD BORG HIS FORMER
BOSS AT THE CAR DEALERSHIP HELPED LINE UP BANK LOANS IN MARCH MICRO
OVERFLOW MOVED INTO A 10ROOM SUITE THE PAYROLL HAS EXPANDED TO NINE
PEOPLE SOME OF THEM DISABLED TOO FOR EXAMPLE PERRY BURROWS A COMPUTER
PROGRAMMER HAS A SEVERE READING AND LEARNING DISABILITY AND CHRISTINE
RETZKE WHO TEACHES THE VISUALLY IMPAIRED TO USE COMPUTERS IS VISUALLY
IMPAIRED HERSELF

MR DALTON SAYS MICRO OVERFLOW HAS SO FAR TRAINED ABOUT 1000 DISABLED
PEOPLE MOST COME FROM PUBLIC REHABILITATION AGENCIES BUT MICRO OVERFLOW
ALSO GETS REFERRALS FROM COMPANIES SUCH AS INTERNATIONAL BUSINESS MACHINES
CORP AND AMERICAN TELEPHONE & TELEGRAPH CO

MANY DISABLED PEOPLE RELY ON THE GUIDANCE OF COMPANIES SUCH AS MICRO
OVERFLOW BECAUSE THEY HAVE TO CHOOSE AMONG SOME 1000 COMPUTERBASED
DEVICES ACCORDING TO THE TRACE RESEARCH AND DEVELOPMENT CENTER AT THE
UNIVERSITY OF WISCONSIN DESPITE THIS VAST ARRAY MANY DISABLED PEOPLE MUST
JURYRIG THEIR OWN EQUIPMENT HOWEVER

FOR EXAMPLE THEODORE PINNOCK WHO STARTED A SAN DIEGO LAW FIRM PINNOCK &
KELSO 2 1/2 YEARS AGO HAS CEREBRAL PALSY WITH A SPASTIC LEFT ARM FOR
YEARS HE RELIED ON A CONTRAPTION HE MADE THAT KEPT THE ARM STABLE SO HE
COULD USE A COMPUTER KEYBOARD BUT RECENTLY SAN DIEGO STATE UNIVERSITY
DESIGNED A SLEEVE BASED ON A MODEL MR PINNOCK CREATED INTO WHICH BOTH HIS
ARM AND THE KEYBOARD FIT BY SLIDING HIS ARM ALONG A RAIL INSIDE THE SLEEVE
AND ABOVE THE KEYBOARD HE CAN USE HIS THUMB TO TYPE LEGAL DOCUMENTS AND
CORRESPONDENCE

ALTHOUGH MR EIDSON WHO RUNS THE MEDICAL BILLING SERVICE CALLS COMPUTERS
HIS SALVATION HE SAYS HE WOULD LIKE A LITTLE BETTER INTEGRATION AMONG
DIFFERENT COMPUTERS SO I COULD USE ANY COMPUTER I WANT OTHER DISABLED
PEOPLE AGREE THEY SAY COMPUTER COMPANIES OFTEN PURSUE TECHNOLOGICAL
ADVANCES WITHOUT FIRST CONSIDERING HOW ACCESSIBLE THE PRODUCTS WILL BE FOR
THE DISABLED AS A RESULT MANY COMPUTERS HAVE TO BE RETROFITTED ADAPTED
FOR PEOPLE WITH DISABILITIES AFTER GOING ON THE MARKET

ATTACKING SUCH PROBLEMS RESEARCHERS AT STANFORD UNIVERSITY'S CENTER FOR THE
STUDY OF LANGUAGE AND INFORMATION HAVE BEEN INVESTIGATING WAYS FOR THE
DISABLED TO USE COMPUTERS MORE EASILY THEIR EFFORTS CALLED THE ARCHIMEDES
PROJECT SEEK TO DEVELOP A HANDHELD ACCESSOR THAT WOULD USE INFRARED AND
DIGITAL TECHNOLOGY TO ALLOW THE DISABLED TO ACCESS ANY COMPUTER TELEPHONE
OR FAX MACHINE FITTED WITH A SPECIAL PORT THE ACCESSOR AN ALTERNATIVE TO A
KEYBOARD OR TOUCHTONE PAD WOULD PERMIT DISABLED USERS TO CONTROL ANY OF
THESE MACHINES VOCALLY

MEANWHILE MR DALTON CONTINUES TO SPREAD THE WORD ABOUT COMPUTERS AND
SELFEMPLOYMENT AT LEAST TWO DAYS A WEEK HE AND HIS MARKETING DIRECTOR
JAMES ROLLER TRAVEL AROUND ILLINOIS TO DRUM UP BUSINESS AND MEET WITH
CLIENTS

ONE CLIENT DIANA BERTI CAN'T TALK AND HAS LITTLE PHYSICAL DEXTERITY AS A
RESULT OF CEREBRAL PALSY SO MR DALTON AND HIS COLLEAGUES BOLTED A LAPTOP
COMPUTER TO A TRAY ON HER ELECTRIC WHEELCHAIR AND ATTACHED A VOICE
SYNTHESIZER BENEATH THEY ALSO DESIGNED A SOFTWARE PACKAGE THAT ALLOWS HER
TO WRITE AND TO DO ARITHMETIC BY CHOOSING WORDS PHRASES AND NUMBERS FROM A
MENU ON THE COMPUTER SCREEN

BY PRESSING A SMALL PAD ON HER TRAY MS BERTI CAN MOVE THE COMPUTER'S
CURSOR AND CONSTRUCT SENTENCES WHEN THEY ARE COMPLETED SHE CAN PRESS A KEY
THAT ACTIVATES THE VOICE SYNTHESIZER SO FOR THE FIRST TIME IN HER LIFE
THE 39YEAROLD MS BERTI CAN SPEAK DURING A RECENT VISIT TO MICRO
OVERFLOW MS BERTI DEMONSTRATED HER NEW ABILITY BY TELLING MR DALTON I
CAN DO CHECKBOOKS FIRST TIME IN MY LIFE I CANNOT LIVE WITHOUT MY COMPUTER
I'M REALLY HAPPY THAT DON FIGHT FOR ME 9310080165 931008 YOUR MONEY
MATTERS WEEKEND REPORT  MAKING FAMILY LOANS CAN BE A REWARDING
EXPERIENCE  BY LYNN ASINOF STAFF REPORTER OF THE WALL STREET
JOURNAL

YOU HAVE A BUNCH OF MONEY IN CERTIFICATES OF DEPOSIT COMING DUE SOON AND YOU
CAN GET ONLY ABOUT 3 IF YOU ROLL THEM OVER YOUR KIDS ARE BUYING A HOUSE
AND NEED A MORTGAGE

TWO TOTALLY UNRELATED CIRCUMSTANCES NOT NECESSARILY SAYS THOMAS J HAKALA
A PARTNER AT KPMG PEAT MARWICK NEW YORK WITH A LITTLE CREATIVE THINKING
AND A GOOD LAWYER THESE TWO CIRCUMSTANCES CAN BE TURNED INTO A FAMILY LOAN
AND BOTH PARTIES TO THE LOAN CAN BENEFIT FROM THE DEAL HE SAYS

HERE'S HOW BY LENDING DIRECTLY TO YOUR CHILDREN YOU ELIMINATE THE
MIDDLEMAN THAT MEANS THE KIDS CAN GET A MORTGAGE WITHOUT PAYING POINTS AND
APPLICATION FEES THE LOAN WILL TAKE LESS TIME TO PROCESS AND THE INTEREST
RATE CAN BE BELOW THE 675 NOW COMMONLY AVAILABLE FROM BANKS ON 30YEAR
FIXEDRATE MORTGAGES

AT THE SAME TIME YOU CAN BOOST YOUR OWN RETURN CONSIDERABLY RATHER THAN
THE 3 YOU'RE EARNING ON CDS OR EVEN THE 6 AVAILABLE ON A 30YEAR TREASURY
BOND YOU CAN GET 65 AND STILL BE OFFERING YOUR KIDS A BARGAIN

IF IT'S DONE RIGHT IT'S A SYMBIOTIC RELATIONSHIP SAYS ROBERT E WILLARD
A COLORADO SPRINGS COLO FINANCIAL PLANNER

WHILE NOT A NEW CONCEPT INTRAFAMILY LOANS SEEM TO BE GETTING A BOOST FROM
LOW CD RATES IT IS STARTING TO HAPPEN A LITTLE MORE OFTEN SAYS CLEVELAND
FINANCIAL PLANNER KAREN SPERO NOTING THAT TYPICALLY THESE DEALS ARE
INITIATED WHEN THE LENDER PERCEIVES SOME BENEFIT

BUT SHE CAUTIONS THIS KIND OF FAMILY FINANCE ISN'T FOR EVERYONE SOME KIDS
AREN'T A GOOD CREDIT RISK NO MATTER HOW MUCH YOU LOVE THEM AND THERE ARE
SOME PARENTS WHO AFTER LENDING THE MONEY WILL FIND IT DIFFICULT TO COLLECT

THAT'S WHY MR WILLARD STRONGLY RECOMMENDS PUTTING AN INDEPENDENT THIRD
PARTY BETWEEN THE FAMILY BORROWERS AND LENDERS TRY TO TREAT IT AS AN
ARM'SLENGTH BUSINESS DEAL AS MUCH AS YOU CAN HE SAYS AND DON'T CUT
CORNERS JUST BECAUSE THEY ARE FAMILY

STILL IF YOU ARE WILLING TO HIRE A LAWYER TO DRAW UP AND FILE THE PROPER
PAPERS AND IF BOTH PARTIES TAKE THE AGREEMENT SERIOUSLY SUCH FAMILY LOANS
CAN BE VERY ADVANTAGEOUS INDEED THE LOAN AGREEMENT CAN BE CRAFTED TO
REFLECT A VARIETY OF FAMILY NEEDS

IF THE KIDS FOR EXAMPLE WISH TO SUPPLEMENT THEIR PARENTS' INCOME THEY
MIGHT PAY A HIGHER INTEREST RATE PARENTS WHO WANT TO HELP SUBSIDIZE THE
CHILDREN MIGHT CHARGE A SOMEWHAT LOWER RATE AND A HOME MORTGAGE ISN'T THE
ONLY KIND OF FAMILY LOAN THAT CAN BE ARRANGED ADVISERS SAY THEY'VE HELPED
CLIENTS ARRANGE BOTH CAR LOANS OR COLLEGE LOANS FOR THEIR KIDS

IN SOME CASES KIDS EVEN LOAN MONEY TO THEIR PARENTS HELPING THE PARENTS
MAKE ENDS MEET WITHOUT DENTING THEIR PRIDE WE'VE HAD TWO OF THOSE SAYS
MS SPERO

NO MATTER HOW THE LOAN IS STRUCTURED IT'S IMPORTANT TO OBSERVE THE
FORMALITIES IF YOU ARE MAKING A MORTGAGE LOAN FOR EXAMPLE THE DEBT MUST
BE SECURED BY YOUR CHILD'S RESIDENCE AND THE MORTGAGE FILED WITH LOCAL
AUTHORITIES IN ORDER FOR THE CHILD TO DEDUCT THE MORTGAGE INTEREST ON HIS OR
HER INCOME TAXES MR HAKALA SAYS

MOREOVER IF YOU DON'T FILE THE NECESSARY PAPERS YOU MAY FIND OTHER
CREDITORS SUCH AS THE HOLDER OF YOUR KIDS' HOMEEQUITY LOAN AHEAD OF
YOU IN CASE OF A DEFAULT SAYS NEW YORK ATTORNEY JOEL ABRAMSON THE PARENT'S
NAME SHOULD APPEAR ON THE TITLE INSURANCE POLICY JUST AS IT WOULD WITH A
BANK MORTGAGE HE SAYS

THE INTEREST RATE YOU CHARGE ISN'T ENTIRELY UP TO YOU EITHER EACH MONTH
THE FEDERAL GOVERNMENT SETS MINIMUM RATES THAT MUST BE CHARGED ON
INTRAFAMILY LOANS FOR OCTOBER THE RATES ARE 584 FOR LONGTERM LOANS 5
FOR LOANS OF THREE TO NINE YEARS IN LENGTH AND 369 FOR LOANS OF LESS THAN
3 YEARS IF YOU CHARGE LESS THE INTERNAL REVENUE SERVICE CAN TAX YOU ON THE
INTEREST YOU SHOULD HAVE COLLECTED

THAT MEANS IF YOU GIVE YOUR KIDS A 3 MORTGAGE FOR EXAMPLE THE IRS CAN SAY
YOU SHOULD HAVE CHARGED AT LEAST 584 AND TAX YOU ON THE INTEREST YOU
SHOULD HAVE RECEIVED THIS IS CALLED IMPUTED INTEREST

THE IMPUTED INTEREST RULES HAVE TWO EXCEPTIONS MR HAKALA SAYS

THE RULES DON'T APPLY ON LOANS OF UP TO 10000 USED TO PURCHASE NONINCOME
PRODUCING PROPERTY THUS YOU COULD GIVE YOUR SON AN INTERESTFREE 9000
LOAN TO BUY A CAR WITHOUT WORRYING ABOUT IMPUTED INTEREST

THE SECOND EXCEPTION COVERS LOANS OF UP TO 100000 IF THE BORROWER'S NET
INVESTMENT INCOME IS UNDER 1000 AS SUCH YOU COULD LOAN YOUR DAUGHTER
100000 FOR MEDICAL SCHOOL AT BELOW MARKET RATES AND NOT BE LIABLE FOR THE
IMPUTED INTEREST IF THE DAUGHTER'S OWN INVESTMENTS PRODUCED LESS THAN
1000 EVEN IF SHE EXCEEDS THAT LIMIT IMPUTED INTEREST IS LIMITED TO THE
AMOUNT OF HER INVESTMENT INCOME

INTRAFAMILY LOANS CAN ALSO RUN AFOUL OF GIFT TAX RULES CREATING A POTENTIAL
DOUBLE WHAMMY FOR THOSE WHO DON'T FOLLOW THE RULES INTEREST THAT SHOULD
HAVE BEEN CHARGED ON A BELOWMARKET LOAN IS VIEWED AS A GIFT THAT COULD BE
TAXED BUT AS A PRACTICAL MATTER NO GIFT TAX IS GENERALLY OWED BECAUSE
GIFTS OF 10000 AND UNDER ARE NOT TAXED MR HAKALA SAYS NOTING EVEN A
100000 LOAN WILL PRODUCE ANNUAL INTEREST PAYMENTS OF UNDER 10000

LIKEWISE AN ABOVEMARKET LOAN USED TO SUPPLEMENT A PARENT'S INCOME COULD
ALSO BE VIEWED AS A GIFT BY THE IRS IF THE RATE IS TOO HIGH

IN EITHER CASE MR HAKALA WARNS DON'T FORGET TO PUT THE LOAN IN WRITING OR
THE IRS MAY DECIDE THAT THE ENTIRE LOAN NOT JUST THE FOREGONE INTEREST IS
A GIFT AND SUBJECT TO TAX

FINALLY IF YOU DECIDE TO FORGIVE THE LOAN DON'T FORGIVE THE PAYMENTS AS
THEY BECOME DUE OTHERWISE IT WILL BE REASONABLY CLEAR THAT YOU NEVER
INTENDED A LOAN RELATIONSHIP MAKING YOU VULNERABLE TO GIFT TAXES MR
HAKALA SAYS RATHER HE SUGGESTS HAVE THE CHILD PAY YOU THEN YOU CAN MAKE
A GIFT TO THE CHILD OF AN EQUAL AMOUNT OF MONEY 9310080164 931008
AUSTRALIA JOBLESS RATE EASED IN SEPTEMBER FROM PRIOR MONTH  
SPECIAL TO THE WALL STREET JOURNAL

CANBERRA AUSTRALIA AUSTRALIA'S UNEMPLOYMENT RATE FELL TO A SEASONALLY
ADJUSTED 109 IN SEPTEMBER FROM 111 IN AUGUST THE BUREAU OF STATISTICS
SAID

IN SEPTEMBER 1992 THE RATE STOOD AT 108 ECONOMISTS GENERALLY HAD
EXPECTED THE LATEST UNEMPLOYMENT RATE TO BE 11

THE BUREAU SAID ITS SEASONALLY ADJUSTED WORKFORCE PARTICIPATION RATE OR
THE PROPORTION OF WORKINGAGE PEOPLE AT WORK OR ACTIVELY LOOKING FOR WORK
ROSE TO 627 IN SEPTEMBER FROM 626 IN AUGUST BUT IT WAS DOWN FROM 628
A YEAR EARLIER

MOST OF THE INCREASE IN EMPLOYMENT IN SEPTEMBER WAS IN PARTTIME EMPLOYMENT

MEANWHILE THE NUMBER OF AUSTRALIANS FILING FOR JOBLESS BENEFITS FELL 05
TO 909567 IN SEPTEMBER FROM 913795 IN AUGUST THE DEPARTMENT OF SOCIAL
SECURITY SAID THAT IS THE SECOND CONSECUTIVE MONTHLY DECLINE IN THE NUMBER
FILING FOR JOBLESS BENEFITS AFTER A 02 FALL IN AUGUST

THE FIGURES AREN'T ADJUSTED FOR SEASONAL FACTORS AND AREN'T DIRECTLY
COMPARABLE WITH BUREAU OF STATISTICS EMPLOYMENT DATA

KIM BEAZLEY AUSTRALIA'S MINISTER FOR EMPLOYMENT SAID HE EXPECTS FURTHER
IMPROVEMENTS IN EMPLOYMENT IN THE NEAR TERM

RECENT INCREASES IN JOBVACANCY LEVELS INDICATE THAT FURTHER IMPROVEMENTS
IN EMPLOYMENT SHOULD CONTINUE IN THE NEAR FUTURE THOUGH MONTHLY MOVEMENTS
CAN BE EXPECTED TO EXHIBIT SOME VOLATILITY HE SAID 9310080163 931008
NORTHWEST AIRLINE'S TRAFFIC SLIPS

MINNEAPOLIS NORTHWEST AIRLINES SAID SEPTEMBER TRAFFIC SLIPPED 18 TO
478 BILLION REVENUE PASSENGER MILES FROM THE YEAREARLIER MONTH'S 497
BILLION

A REVENUE PASSENGER MILE IS ONE PAYING PASSENGER FLOWN ONE MILE

THE CARRIER A UNIT OF CLOSELY HELD WINGS HOLDINGS INC NOTED THAT ITS LOAD
FACTOR OR PERCENTAGE OF SEATS FILLED ROSE 15 PERCENTAGE POINTS TO 665
THAT REFLECTS A 4 DECREASE IN THE AIRLINE'S CAPACITY AS MEASURED IN
AVAILABLE SEAT MILES

THE RESULTS ARE GENERALLY CONSISTENT WITH OUR BELIEF THAT THE ECONOMY IS
IMPROVING SLOWLY AND THAT THE ECONOMICS OF THE INDUSTRY CONTINUE TO
STABILIZE SAID JOHN DASBURG NORTHWEST'S PRESIDENT AND CHIEF EXECUTIVE
9310080162 931008 THURSDAY'S MARKETS STOCKS BONDS AND THE DOLLAR 
POST DECLINES  BY STEVEN E LEVINGSTON STAFF REPORTER OF THE WALL
STREET JOURNAL

STOCK PRICES FELL AS INVESTORS WORRIED ABOUT THIRDQUARTER EARNINGS BOND
PRICES SLIPPED AND THE DOLLAR EDGED LOWER

THE DOW JONES INDUSTRIAL AVERAGE WAS DOWN 1536 POINTS TO 358363 STANDARD
& POOR'S 500STOCK INDEX SLID 156 TO 45918 AND THE NASDAQ COMPOSITE INDEX
WAS OFF 228 TO 76249

ANALYSTS SAID INVESTORS CONTINUE TO BE HESITANT AT THE START OF THE
EARNINGSREPORTING SEASON SOME STOCKS SUCH AS ADVANCED MICRO DEVICES
ALREADY HAVE BEEN BATTERED BY LESSTHANDESIRABLE PROFIT REPORTS
YESTERDAY'S CASUALTY WAS CORNING WHICH PLUNGED 6 1/4 TO 27 3/8 AFTER
ANNOUNCING LATE WEDNESDAY THAT ITS EARNINGS WOULD BE LOWER THAN EXPECTED

STANLEY A NABI CHIEF ECONOMIST AT BESSEMER TRUST CO SAID INVESTORS
SHOULD BE CAUTIOUS ABOUT THE US MARKET HE URGES CLIENTS TO INVEST 40 OF
THEIR STOCK PORTFOLIOS OUTSIDE THE US WITH 55 IN THE US AND 5 IN
CASH

BUT HE POINTS OUT THAT INVESTORS MUST BE SELECTIVE ABOUT OVERSEAS MARKETS
THEY SHOULD AVOID JAPAN AND GERMANY IN FAVOR OF FRANCE BRITAIN LATIN
AMERICA AND SOUTHEAST ASIA

OVER THE NEXT FEW YEARS THE US MARKET IS LIKELY TO GIVE YOU A RETURN
MATERIALLY BELOW WHAT YOU GOT IN THE 1980S I'D BE HAPPY TO GET 8 TO 9 IN
THE US HE SAID NONUS STOCK MARKETS ARE LIKELY TO GIVE CLOSE TO
DOUBLE THAT RETURN

MR NABI IS ALSO ENTHUSIASTIC ABOUT EUROPEAN BOND MARKETS WHILE MOST GAINS
IN US BONDS HAVE ALREADY OCCURRED HE FIGURES EUROPEAN INTEREST RATES WILL
DECLINE SUBSTANTIALLY IN COMING MONTHS PRODUCING LARGE CAPITAL GAINS FOR
BOND HOLDERS

WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX DECLINED 011 TO 11293

IN MAJOR MARKET ACTION

STOCK PRICES FELL VOLUME TOTALED 2548 MILLION SHARES ON THE NEW YORK STOCK
EXCHANGE WHERE 1103 ISSUES FELL AND 851 ROSE

THE DOLLAR DECLINED IN LATE NEW YORK TRADING THE CURRENCY WAS QUOTED AT
16223 MARKS AND 10495 YEN COMPARED WITH 16228 MARKS AND 10565 YEN
WEDNESDAY 9310080161 931008 LEISURE & ARTS THE GALLERY PIONEER OF
POP  BY DEBORAH SOLOMON

NEW YORK ROY LICHTENSTEIN TURNS 70 THIS MONTH BUT IN THE MIND OF THE
PUBLIC HE PROBABLY ALWAYS WILL SEEM CLOSER TO 17 MOST PEOPLE KNOW HIM AS
THE ARTIST WHO PAINTED BLOND BIMBOS FROM COMIC BOOKS AND WHOSE PAINTINGS
SPORT A PERPETUAL ADOLESCENT SMIRK A LEADER OF POP ART WHICH FLOURISHED IN
THIS COUNTRY IN THE SHAGGYHAIRED 1960S MR LICHTENSTEIN ELEVATED NOT ONLY
COMICS BUT THE JOKEY SPIRIT OF YOUTH ITSELF INTO THE REALM OF HIGH ART

TODAY MR LICHTENSTEIN IS OFTEN DESCRIBED AS ONE OF THE MORE SUBVERSIVE
FIGURES AROUND BUT THAT'S JUST MEDIA HYPE HIS WORK IS AS ESTABLISHED AS
THE TRADITIONS HE MOCKS CAN THE SOLOMON R GUGGENHEIM MUSEUM'S NEW SHOW
RESCUE HIM FROM EMBALMMENT IN ORGANIZING THE MAMMOTH RETROSPECTIVE OF HIS
WORK THAT OPENS TODAY CURATOR DIANE WALDMAN HAS INADVERTENTLY RAISED THE
QUESTION OF WHETHER THERE IS ANYTHING TO BE GAINED FROM ANOTHER REPLAY OF
MR LICHTENSTEIN'S POP HITS THE ANSWER IS A RESOUNDING YES ROY
LICHTENSTEIN IS A REVELATION OF A SHOW PRESENTING A LICHTENSTEIN WHOSE
FAMOUS WIT AND COOL REMOVE CAN MINE UNEXPECTED DEPTHS OF FEELING

IT GOES WITHOUT SAYING THAT AN ART BASED ON PARODY AS MR LICHTENSTEIN'S SO
DETERMINEDLY IS CAN EASILY WEAR THIN HE AIMS FOR THE SMALL CHUCKLE RATHER
THAN THE LARGER TRUTH AND HIS WORK IS NEVER PROFOUND STILL THOSE WHO
FOLLOW CRITIC CLEMENT GREENBERG IN DISMISSING POP AS NOVELTY ART HAVE
PERHAPS BEEN TOO QUICK TO TREAT THE VARIOUS POP ARTISTS AS IF THEY WERE ALL
THE SAME COMPARED TO ANDY WARHOL WITH HIS STARSTRUCK PORTRAITS OF MARILYN
AND LIZ MR LICHTENSTEIN IS THE ULTIMATE HOMEBODY DOMESTIC LIFE INTRIGUES
HIM AND HIS EARLY PAINTINGS ABOUND WITH IMAGES OF HAPPY HOUSEWIVES THEY'RE
VARIOUSLY DEPICTED POURING DETERGENT INTO A WASHING MACHINE SCRUBBING THE
SHELF OF A REFRIGERATOR AND SPRAYING AN AEROSOL CAN THEY GIVE ACCESS TO A
SANITIZED SQUEAKYCLEAN WORLD THAT IS PART CAMP AND PART AFFECTIONATE
CELEBRATION OF THE INNOCENCE OF THE PAST

MR LICHTENSTEIN'S INTEREST IN HYGIENE CARRIES OVER TO HIS ACTUAL PAINTING
STYLE WHICH HAS A SPOTLESS PRISTINE LOOK HIS CHARACTERISTIC TRAITS HAVE
ALWAYS BEEN HEAVY BLACK OUTLINES STENCILED ARRAYS OF BEN DAY DOTS AND FLAT
AREAS OF PRIMARY COLORS AS IF HIS IMAGES ROLLED OFF A PRINTING PRESS HIS
STYLE THE OFFICIAL STORYLINE GOES WAS CONCEIVED AS A DIRECT CHALLENGE TO
THE PAINTLADEN ACCIDENTHEAPED SURFACES OF ABSTRACT EXPRESSIONISM THOUGH
TO JUDGE FROM THE GUGGENHEIM SHOW HE SEEMS LESS LIKE A REBEL THAN SIMPLY A
NEATNESS FREAK

THE SHOW AT THE GUGGENHEIM UNTIL JAN 16 AFTER WHICH IT TRAVELS TO LOS
ANGELES AND MONTREAL COMES AT A TIME WHEN MR LICHTENSTEIN'S INFLUENCE ON
YOUNGER ARTISTS IS BEYOND DISPUTE IN CULLING HIS IMAGERY FROM SUCH
DISREPUTABLE SOURCES AS CARTOONS AND NEWSPAPER ADVERTISEMENTS HE HELPED
CLEAR THE WAY FOR A GENERATION OF ARTISTS FOR WHOM NOTHING WAS TO BE TAKEN
MORE SERIOUSLY THAN THE CLEVER JOKE MR LICHTENSTEIN IS THE JOKEMEISTER WHO
SPAWNED THE '80S JOKERS AND ART FOR BETTER OR WORSE HAS NEVER BEEN THE
SAME

MY FAVORITE LICHTENSTEINS ARE STILL THE COMICBOOK PAINTINGS FROM THE EARLY
'60S WHICH EARNED THE ARTIST HIS FIRST FAME THEY MIGHT BE UNDERSTOOD AS
PRESENTING IN CARTOON FORM A HIEROGLYPHIC VIEW OF THE BATTLE OF THE SEXES IN
THE DAYS BEFORE IT WAS TAKEN OVER BY IDEOLOGY FROM ONE PAINTING TO THE
NEXT THE MEN ARE MODELS OF MASCULINE CONTROL THEY FLY PLANES OR DRIVE
CARS THEIR BLUEBLACK HAIR SLICKED BACK THEIR SHIRT COLLARS STARCHED
THEIR EXPRESSIONS ARMORED AGAINST THE LEAST TWINGE OF FEELING THE WOMEN BY
CONTRAST ARE MOSTLY HELPLESS CREATURES PRETTY BLONDES WEEPING OVER FAILED
ROMANCES THOUGH THE ARTIST COPIED THEM DIRECTLY FROM COMIC BOOKS THEY HAVE
A SURPRISING EMOTIONAL GRAVITY PAINTINGS SUCH AS DROWNING GIRL 1963 OR
FRIGHTENED GIRL 1964 BLOWN UP TO LARGERTHANLIFE PROPORTIONS TURN
THEIR SUBJECTS INTO ROMANTIC HEROINES MADAME BOVARYS RENDERED IN CRUDE
PRINTERS' DOTS

SINCE THOSE DAYS MR LICHTENSTEIN HAS PAINTED IN PRETTY MUCH THE SAME WAY
LIKE MANY ARTISTS WHO COME UP WITH A PIONEERING STYLE HE HAS FOUND IT
IMPOSSIBLE TO GO BEYOND HIS GREAT INNOVATION IN LIEU OF FRESH IDEAS HE HAS
SETTLED FOR APPLYING THE TRADEMARK LICHTENSTEIN STYLE TO AN ASSORTMENT OF
SUBJECTS LANDSCAPES GREEK TEMPLES ABSTRACTEXPRESSIONIST BRUSHSTROKES
PYRAMIDS MIRRORS AND SO ON THE RESULTS HAVE NOT ALWAYS BEEN SATISFYING AS
IF WATCHING A STANDUP COMEDIAN PRACTICING HIS SHTICK WE WATCH MR
LICHTENSTEIN DO PICASSO DO MATISSE DO GERMAN EXPRESSIONISM THE
PICTURES OFTEN LOOK FORMULAIC REPRESENTING LESS AN ENGAGEMENT WITH THEIR
SUBJECT THAN A PRECONCEIVED VISUAL ONELINER

DESPITE THE ARRESTED REPETITIVE QUALITY OF MUCH OF HIS LATER WORK IT IS TO
MR LICHTENSTEIN'S CREDIT THAT HE RECOGNIZES HIS OWN LIMITATIONS AND IS
WILLING TO PARODY HIMSELF ONE OF HIS BEST PAINTINGS IS SELFPORTRAIT
1978 WHICH FEATURES IN THE PLACE OF HIS LIKENESS AN ASSEMBLAGE OF
EVERYDAY OBJECTS A CLEAN WHITE UNDERSHIRT TOPPED BY A MIRROR FOR A HEAD
IT'S A FORCEFUL KNOWING PAINTING THE ARTIST HAS SIDESTEPPED THE CHANCE AT
SELFREVELATION AND INSTEAD COYLY DEPICTED HIMSELF AS A VACANT MIRROR
DEVOID OF ANY INNER LIFE AND COLDLY REFLECTING THE SURFACE WORLD OF IMAGES
AND OBJECTS CEZANNE ONCE SAID OF MONET THAT HE WAS ONLY AN EYE BUT WHAT
AN EYE MR LICHTENSTEIN IS ONLY A MIRROR BUT WHAT A MIRROR

THE RETROSPECTIVE ENDS STRONGLY WITH A SERIES OF MURALSIZED INTERIOR
PAINTINGS DONE IN THE PAST FEW YEARS THEY OFTEN DEPICT NICELY FURNISHED
LIVING ROOMS COMPLETE WITH LICHTENSTEIN PICTURES ON THE WALLS AND AS SUCH
REPRESENT A SATISFYING CONCLUSION TO A SHOW THAT BEGINS SEVEN FLOORS DOWN
WITH A SIMILARLY DOMESTIC THEME YET THIS TIME THE INTERIORS BELONG NOT TO
'50S HOUSEWIVES BUT TO UPSCALE '80S ART COLLECTORS THEIR HOMES ARE BLANDLY
PLEASANT PLACES WHERE THE OBLIGATORY PAINTING ABOVE THE COUCH COMPETES FOR
ATTENTION WITH ORIENTAL RUGS AND BONSAI PLANTS

THE INTERIOR PAINTINGS ARE A FUNNY MEDITATION ON THE COLLECTING IMPULSE
THAT OFTEN REDUCES ART TO INTERIOR DECORATION WHAT HAS MR LICHTENSTEIN'S
CAREER AMOUNTED TO A BATCH OF PAINTINGS HE SEEMS TO BE IMPLYING DESTINED
TO DISSOLVE INTO DECOR AND WITH NO MORE STAYING POWER THAN A POTTED PLANT
ONCE AGAIN THE ARTIST HAS OUTWITTED HIS CRITICS BY PROVING TO BE HIS
HARSHEST DETRACTOR THOUGH THERE CAN BE LITTLE DOUBT THAT HIS LEGACY WILL
OUTLAST THE BONSAI 9310080160 931008 POLITICS & POLICY DEFENSE
SECRETARY ASPIN DRAWS HEAVIEST FIRE AS CRITICISM MOUNTS OVER US ROLE IN
SOMALIA  BY THOMAS E RICKS STAFF REPORTER OF THE WALL STREET
JOURNAL

WASHINGTON AS THE DISASTROUS REVIEWS ROLLED IN FROM DEFENSE SECRETARY LES
ASPIN'S TUESDAY MEETING WITH LAWMAKERS OVER SOMALIA AT LEAST ONE FORMER
COLLEAGUE EXPRESSED SOME SYMPATHY

IT WAS QUINTESSENTIAL LES SAID REP DAVID OBEY WHO SERVED WITH MR ASPIN
WHEN THE PENTAGON CHIEF WAS A DEMOCRATIC REPRESENTATIVE FROM WISCONSIN
MEMBERS CAME FOR A BRIEFING AND HE JUST EXPECTED PEOPLE TO DO SOME
THINKING OUT LOUD

AT THE MOMENT MR ASPIN NEEDS ALL THE SYMPATHY HE CAN GET HE HAS EMERGED
AS THE LIGHTNING ROD FOR CRITICISM OVER THE BUNGLED MILITARY MISSION THE
BITTER CONGRESSIONAL ATTACKS ON MR ASPIN WERE TRIGGERED BY THIS WEEK'S
MOGADISHU BATTLE WITH SUPPORTERS OF SOMALI WARLORD MOHAMED AIDID THAT LEFT
NEARLY 80 AMERICANS WOUNDED AND 13 DEAD INCLUDING ONE WHOSE BODY WAS
DRAGGED THROUGH THE STREETS OF THE CITY IN A GRUESOME SCENE CAPTURED BY
TELEVISON CAMERAS

IN THE AFTERMATH OF THAT FIREFIGHT ANGRY MILITARY OFFICERS DISCLOSED THAT
THE US COMMANDER IN SOMALIA HAD REQUESTED ARMORED REINFORCEMENTS FOR HIS
TROOPS A MONTH AGO ONLY TO BE TURNED DOWN BY MR ASPIN WHO RECEIVED AN
AMBIVALENT RECOMMENDATION FROM GEN COLIN POWELL THEN CHAIRMAN OF THE JOINT
CHIEFS OF STAFF A SPOKESMAN FOR GEN POWELL DISPUTES THIS ACCOUNT

ONE REASON THE REQUEST WAS REJECTED DEFENSE OFFICIALS SAY WAS THE FEAR
THAT SENDING NEW REINFORCEMENTS TO SOMALIA WOULD SET OFF ALARMS IN CONGRESS
NOW MR ASPIN IS IN HOT WATER WITH CONGRESS FOR THAT VERY DECISION
REPUBLICAN SEN ALFONSE D'AMATO OF NEW YORK FOR ONE HAS CALLED FOR HIS
RESIGNATION

SPEAKING AT THE WHITE HOUSE YESTERDAY MR ASPIN TOOK RESPONSIBILITY FOR THE
DECISION BUT SAID HE WOULDN'T RESIGN HAD I KNOWN AT THAT TIME WHAT I KNEW
AFTER THE EVENTS OF SUNDAY I WOULD HAVE MADE A VERY DIFFERENT DECISION HE
CONCEDED HE SAID HE HAD CONSULTED OTHERS GEN POWELL AND I DISCUSSED IT
ON SEVERAL OCCASIONS HE SAID I FOUND THAT THE VIEWS IN THE PENTAGON WERE
KIND OF MIXED ON THE ISSUE HE STRESSED THAT THE REQUEST DIDN'T FOCUS ON
PROTECTING US TROOPS ALSO HE SAID IT CAME AT A TIME WHEN THE GOVERNMENT
WAS FOCUSED ON WITHDRAWING FROM SOMALIA NOT BOOSTING ITS PRESENCE THERE
AND WAS CONTEMPLATING INSERTING PEACEKEEPING TROOPS INTO BOSNIA

THE SECRETARY ALSO FACES QUESTIONS ABOUT WHY THE DISASTROUS ATTACK ON GEN
AIDID'S AIDES WAS LAUNCHED IN THE FIRST PLACE UNTIL THE ATTACK THE
ADMINISTRATION HAD BEEN TRYING TO PLAY DOWN THE MILITARY TRACK IN SOMALIA
AND ESPECIALLY THE HUNT FOR GEN AIDID FEARING THAT IT WAS QUICKLY TURNING
HIM INTO A FOLK HERO AND MAKING IT HARDER FOR THE US TO EVENTUALLY
WITHDRAW IF HE REMAINED AT LARGE

BUT MR ASPIN INSISTS THAT US POLICY IN RECENT DAYS HAS BEEN TO EMPHASIZE
BOTH A POLITICAL TRACK AND A MILITARY TRACK THERE'S NO DISCONNECT BETWEEN
GOING AFTER AIDID AND HAVING A DATE CERTAIN TO WITHDRAW HE SAID IN AN
INTERVIEW YESTERDAY AFTERNOON

IT ISN'T JUST THE CONGRESS THAT HAS QUESTIONS EITHER WHITE HOUSE AIDES SAY
PRESIDENT CLINTON CURIOUS ABOUT WHAT HAPPENED IN SOMALIA AND ANGRY OVER
THE MILITARY PERFORMANCE OF THE UNITED NATIONS FORCES SUMMONED MR ASPIN TO
THE WHITE HOUSE WEDNESDAY NIGHT TO EXPLAIN BUT THERE'S NO SIGN THAT THE
PRESIDENT WANTS TO JETTISON HIS DEFENSE SECRETARY INDEED HE HAS IMPLORED
OTHER ADMINISTRATION OFFICIALS TO RALLY AROUND THE EMBATTLED MR ASPIN

FOR THE SECRETARY THE LOW POINT MAY HAVE COME IN THE TUESDAY EVENING
CONGRESSIONAL SESSION TO WHICH HE WAS ACCOMPANIED BY SECRETARY OF STATE
WARREN CHRISTOPHER LAWMAKERS WHO CAME EXPECTING TO LEARN OF SOME QUICK
ADMINISTRATION RESPONSE TO THE CRISIS INSTEAD HEARD ONLY THAT MR ASPIN
WANTED TO SOLICIT THEIR VIEWS AND WOULD GET BACK TO THEM BY NEXT FRIDAY

MR ASPIN RECEIVED LITTLE BACKUP FROM MR CHRISTOPHER MR ASPIN'S
PRESENTATION WAS DESCRIBED AS CONFUSED AND CONTRADICTORY HE EVEN USED THE
PHRASE UPDOWN OPTION TO DESCRIBE INCREASING TROOPS BEFORE PULLING OUT
DEMOCRATIC SEN JAMES EXON OF NEBRASKA LATER DESCRIBED THE SCENE AS
RANCOROUS AS THE MOOD GREW MORE HOSTILE MR ASPIN SEEMED TO SHRINK DOWN
INTO HIS OLD SLOUCHEDSHOULDER POSTURE UNDER THE PUMMELING OF THE QUESTIONS
ONE DEMOCRAT SAID HE LEFT BECAUSE IT WAS SO PAINFUL TO WATCH

NEVER HAVE I HEARD A MORE CONFUSED DISJOINTED VAGUE DEFENSE OF AMERICAN
FOREIGN POLICY IN MY PROFESSIONAL CAREER SAID REPUBLICAN REP JAMES WALSH
OF NEW YORK

MR ASPIN SAID IN THE INTERVIEW THAT HE KNEW IT WAS A MISTAKE TO GO TO
CONGRESS WITHOUT A POLICY IN HAND I DIDN'T MISJUDGE THE MOOD OF THE HILL
HE SAID I KNEW THIS WASN'T THE TIME TO BRIEF THE HILL AIDES LATER PUT
OUT THE WORD THAT MR ASPIN HAD BEEN TOLD TO DO IT ANYWAY BY VICE PRESIDENT
AL GORE AND HOWARD PASTER THE WHITE HOUSE'S CONGRESSIONAL LIASION BUT IT
IS MR ASPIN'S CREDIBILITY NOT THEIRS THAT IS NOW ON THE LINE

IN FAIRNESS THE DEFENSE SECRETARY HAS BEEN FORCED TO DEAL WITH A NUMBER OF
HUGE PROBLEMS HE DIDN'T CREATE RIGHT NOW THE MOST PRESSING IS OBVIOUSLY
SOMALIA WHERE THE BUSH ADMINISTRATION MADE THE INITIAL DECISION TO DEPLOY
US TROOPS WE INHERITED SOMALIA MR ASPIN NOTED I WOULD JUDGE ASK YOU
TO JUDGE WHAT WE'RE DOING ON THE BASIS OF WHAT WE DO IN LEARNING FROM
SOMALIA ON OUR OWN WATCH HE NOTED FOR EXAMPLE THAT RECENT US POLICY
TOWARD BOSNIA AND HAITI HAS BEEN TEMPERED BY THE HARD LESSONS LEARNED IN
MOGADISHU ABOUT CLEAR GOALS AND EXIT STRATEGIES

BUT SOMALIA IS HARDLY THE ONLY THORNY PROBLEM THAT HAS RAISED DOUBTS ABOUT
THE DEFENSE SECRETARY'S LEADERSHIP MR ASPIN STILL HAS TO MAKE THE
TRANSITION SAYS KENNETH ADELMAN WHO HEADED THE ARMS CONTROL AND
DISARMAMENT AGENCY UNDER PRESIDENT REAGAN FROM BEING A CONGRESSMAN WHO
THINKS OUT LOUD TO A SECRETARY OF DEFENSE WHO ACTS OUT LOUD

SOME OF MR ASPIN'S QUIETER ACTS HAVE DRAWN WIDESPREAD APPLAUSE FROM
MILITARY OFFICERS AND CIVILIAN DEFENSE EXPERTS FOR THE FIRST TIME THE
PENTAGON IS DEVELOPING AN EXPLICIT DEFENSEINDUSTRIAL POLICY TO HELP ARMS
COMPANIES BOTH SHRINK AND SURVIVE MR ASPIN ALSO HAS QUIETLY REASSERTED
CIVILIAN CONTROL OVER THE MILITARY DEFENSE OFFICIALS AND SOME GENERALS SAY
AN ACCOMPLISHMENT THAT HAS ENABLED THE JOINT CHIEFS TO BE MORE CANDID IN THE
ADVICE THEY GIVE THE PRESIDENT

YET SEEMINGLY FROM THE VERY FIRST DAYS OF THE NEW ADMINISTRATION MR ASPIN
HAS BEEN MIRED IN MESSES MADE BY OTHERS HE CAUGHT SIGNIFICANT FLAK OVER THE
GAYSINTHEMILITARY ISSUE WHICH WAS ACTUALLY TRIGGERED BY A BILL CLINTON
CAMPAIGN PROMISE AS WELL AS SUCH NETTLESOME ISSUES AS THE TAILHOOK
SEXUALHARASSMENT SCANDAL IN WHICH MR ASPIN THIS WEEK OVERRULED THE
RECOMMENDATION OF HIS OWN NAVY SECRETARY THAT ADM FRANK KELSO BE RELIEVED
OF HIS POST AS CHIEF OF NAVAL OPERATIONS

MR ASPIN NOW ARGUES THAT HE TACKLED THOSE TOUGH SOCIAL ISSUES
INTENTIONALLY TO GET THEM OUT OF WAY EARLY IN THE ADMINISTRATION BY THE
END OF JANUARY THE END OF OUR FIRST YEAR WE'LL BE ABLE TO SAY WE'VE DEALT
WITH GAYS WOMEN IN COMBAT AND TAILHOOK HE SAID WE'LL PROCEED TO
IMPLEMENT THE POLICIES AND STOP THE TURMOIL AND UNCERTAINTY

INDEED ONE OF MR ASPIN'S REPUBLICAN PREDECESSORS REAGAN PENTAGON CHIEF
CASPAR WEINBERGER SUGGESTS THAT THE SECRETARY LABORS UNDER A FUNDAMENTAL
HANDICAP I THINK HE KNOWS THE ISSUES WELL BUT IS GREATLY HAMPERED BY
HAVING AN ADMINISTRATION THAT DOESN'T UNDERSTAND THE MILITARY

PERHAPS THE MOST SURPRISING ASPECT OF MR ASPIN'S SHAKY START IS THAT ONE OF
HIS HERALDED STRENGTHS MAKING NATIONAL SECURITY POLICY HAS BEEN AN AREA OF
WEAKNESS SOME BLAME THE PEOPLE AROUND HIM PARTICULARLY IN THE PENTAGON'S
POLICY SHOP ONE OFFICIAL SAYS FIXES ARE BEING IMPLEMENTED TO REMEDY SOME OF
THE MANAGERIAL WEAKNESSES OF FRANK WISNER THE UNDERSECRETARY FOR POLICY
MOST NOTABLY NEW TIGER TEAM TASK FORCES TO TACKLE MAJOR ISSUES ARE BEING
FORMED AND PUT UNDER THE SUPERVISION OF WILLIAM PERRY THE DEPUTY DEFENSE
SECRETARY

BUT CRITICS SAY THE PROBLEM GOES BEYOND UNDERLINGS AND CHARGE THAT MR
ASPIN'S OWN POLICY PRONOUNCEMENTS AND STANCES HAVE BEEN MUDDLED THE
ADMINISTRATION'S POLICY ON BOSNIA HAS COME IN AND OUT OF FOCUS AS IT HAS
LURCHED FROM THREATENING TO BOMB THE BOSNIAN SERBS WHILE ARMING THE MUSLIMS
TO INSERTING 25000 PEACEKEEPERS TO ENFORCE A PEACE AGAINST THE MUSLIMS
SIMILARLY AFTER THE ADMINISTRATION FAILED FOR SEVERAL MONTHS TO DELINEATE
ITS AIMS IN SOMALIA MR ASPIN ANNOUNCED A STAY THE COURSE POLICY THAT
LASTED BARELY ONE MONTH

NOW THAT SOMALIA HAS MUSHROOMED FROM CONCERN TO CRISIS SOME SUGGEST MR
ASPIN IS FACING THE CRITICAL TEST OF HIS ABILITY TO DO THE JOB HE SPENT
YEARS IN CONGRESS PREPARING TO DO HE'S DONE VERY WELL IN MANAGING THE
PENTAGON SAYS REP CW BILL YOUNG A MEMBER OF THE DEFENSE
APPROPRIATIONS SUBCOMMITTEE BUT MANAGING THE PENTAGON IS VERY DIFFERENT
FROM FIGHTING A WAR 9310080159 931008 PEARSON'S MOVE TO SATELLITE TV 
DRAWS SKEPTICS  CONCERN IS URGED TO EXPAND INTERESTS IN PUBLISHING
 BUT ASIA IS TEMPTING  BY BELINDA KEHEYAN SPECIAL TO THE WALL
STREET JOURNAL

LONDON A BID BY UK'S PEARSON PLC TO TRANSFORM ITSELF FROM A
CONGLOMERATE TO A KEY PLAYER IN THE ELECTRONIC MEDIA FIELD AT FIRST GREETED
ENTHUSIASTICALLY IS NOW BEING QUESTIONED BY A NUMBER OF ANALYSTS

PEARSON ANNOUNCED IN JULY THAT IT WOULD SPIN OFF ITS FINE CHINA AND OIL
SERVICES OPERATIONS TO CONCENTRATE ON ITS MEDIA INTERESTS COMPANY OFFICIALS
HAVE SINCE MADE CLEAR THAT THE EMPHASIS WILL BE ON VISUAL ELECTRONIC MEDIA
SUCH AS SATELLITE TELEVISION

THE QUESTION AMONG ANALYSTS IS WHERE PEARSON'S FIXATION WITH THIS TYPE OF
MEDIA WILL LEAD AND WHETHER SUCH UNKNOWNS POSE RISKS TO LONGTERM INVESTMENT
IN THE COMPANY

PEARSON'S MANAGING DIRECTOR FRANK BARLOW IN AN INTERVIEW DISMISSES THE
DOUBTS NOT MOVING INTO THIS AREA WOULD BE LIKE HAVING STUCK WITH THE TOWN
CRIER AFTER PRINTING WAS INVENTED HE SAYS

ANALYSTS AREN'T CONVINCED PEARSON SHOULD STICK TO WHAT IT'S GOOD AT AND
EXPAND ITS PUBLISHING INTERESTS SAYS ANTHONY DE LARANAGA WHO TRACKS THE
COMPANY FOR PANMURE GORDON & CO

PEARSON'S PUBLISHING INTERESTS INCLUDE THE FINANCIAL TIMES NEWSPAPER
PENGUIN BOOKS AND LONGMANS EDUCATIONAL PUBLICATIONS

MR BARLOW COUNTERS WE WILL EXPAND OUR PUBLISHING INTERESTS BUT WE HAVE
TO THINK OF THE MARKET AND GO WHERE THE MEDIA IS

HAVING BEEN FRUSTRATED IN ITS ATTEMPTS TO ACQUIRE CONTROL OF ASIAN SATELLITE
NETWORK STAR TV PEARSON HAS TURNED ITS SIGHTS ON THE DOMESTIC ASIAN
BROADCASTING MARKET A MAJORITY STAKE IN STAR TV WHICH BROADCASTS
THROUGHOUT THE CONTINENT WAS INSTEAD ACQUIRED BY RUPERT MURDOCH'S NEWS
CORP IN JULY

ASIA IS ATTRACTIVE BECAUSE IT'S A HIGHGROWTH PART OF THE WORLD AND
SECONDLY THE TELEVISION INDUSTRY THERE IS BEING DEREGULATED HE SAYS

WE ARE KEEN TO GET INTO THE DOMESTIC ASIA MARKETS AND ARE IN THE PROCESS OF
DECIDING WHERE THE BEST OPPORTUNITIES ARE MR BARLOW SAYS PEARSON IS
INTERESTED IN BOTH BROADCASTING AND PROGRAMMING POSSIBILITIES IN THE AREA
HE SAYS

EXPLAINING WHY AN AGREEMENT WITH HONG KONG'S HUTCHISON WHAMPOA LTD OVER
STAR TV FAILED TO MATERIALIZE MR BARLOW SAID THE REASON WHY WE DIDN'T
HAVE THE STAR DEAL WASN'T BECAUSE RUPERT MURDOCH CREPT UP AHEAD OF US

INSTEAD MR BARLOW SAYS NEGOTIATIONS BROKE DOWN OVER HIS INSISTENCE IN
TALKS WITH RICHARD LI SON OF HUTCHISON WHAMPOA'S LI KASHING THAT
HUTCHISON SHOULD KEEP A 30 STAKE IN STAR TV AND STAY IN FOR FIVE YEARS

MR BARLOW BELIEVES PROGRAMMING WILL BECOME INCREASINGLY LUCRATIVE AS THE
NUMBER OF CHANNELS INCREASES IF THERE ARE 500 CHANNELS AVAILABLE THE ONES
WITH THE BEST PROGRAMS ARE GOING TO GET THE VIEWERS HE SAYS

BRITISH SKY BROADCASTING HE POINTS OUT IS A GREAT SUCCESS IN UK BUT IT
STILL HAS NOWHERE NEAR THE PENETRATION OF THE BRITISH BROADCASTING CORP
CURRENTLY SOME 38 MILLION HOMES IN THE UK RECEIVE BSKYB COMPARED WITH
22 MILLION HOMES THAT GET THE BBC AND INDEPENDENT TELEVISION MR BARLOW IS
THE NONEXECUTIVE CHAIRMAN OF BSKYB A SATELLITE BROADCASTING CONSORTIUM
HEADED BY NEWS CORP

HOWEVER SHOULD PEARSON EXPAND FURTHER INTO TELEVISION ANALYSTS SAY THAT
ASIA OFFERS THE BEST OPPORTUNITIES PEARSON WHICH ALREADY OWNS 20 OF
YORKSHIRE TYNETEES TELEVISION IN THE UK AND 175 OF BSKYB IS PREVENTED
UNDER UK REGULATIONS FROM EXPANDING ITS DOMESTIC BROADCASTING INTERESTS
BEYOND A 20 HOLDING WE HAVE TO GO ABROAD MR BARLOW SAYS

IN MAY PEARSON BOUGHT THAMES TELEVISION PLC FROM THE UK'S THORN EMI PLC
THOUGH THAMES IS NOW SIMPLY A TELEVISION FILMMAKER AFTER RECENTLY LOSING
ITS BROADCASTING LICENSE

ANALYSTS SAY BRANCHING OUT INTO US BROADCASTING IS IMPOSSIBLE BECAUSE OF
FOREIGN OWNERSHIP RESTRICTIONS OPPORTUNITIES IN EUROPE ARE FAIRLY LIMITED
ANALYSTS SAY ALTHOUGH PEARSON SAYS THAT MOVES INTO EUROPE ARE LIKELY

FOR ALL ITS TALK OF BECOMING AN ENTERTAINMENT AND MEDIA COMPANY PEARSON IS
DETERMINED TO HOLD ITS INVESTMENT BANKING INTERESTS THE COMPANY HOLDS 50
OF LAZARD BROTHERS IN THE UK AND 10 EACH OF LAZARD FRERES IN NEW YORK AND
PARIS

IT DOESN'T FIT IN AT ALL  BUT WE'LL KEEP IT COME WHAT MAY MR BARLOW
SAYS HE JUSTIFIES THIS BY SAYING IT REALLY DOESN'T TAKE ANY MANAGEMENT
TIME IT SHOWS ENORMOUS RETURN ON THE INVESTMENT IT HAS A GOOD CASH FLOW
AND USES NEXT TO NO CAPITAL

WHILE PEARSON HAS RULED OUT FURTHER EXPANSION IN THE INVESTMENT BANKING
BUSINESS IT HAS INDICATED THAT ADDING TO ITS ENTERTAINMENT DIVISION IS
POSSIBLE

LONDON WAX WORKS MUSEUM MADAME TUSSAUD'S IS THE FLAGSHIP OF PEARSON'S
ENTERTAINMENT BUSINESS WE HAVE WORK GOING ON ALL THE TIME REGARDING THEME
PARKS AND EXHIBITIONS OVERSEAS THE NEXT MOVE COULD BE ANYWHERE MR BARLOW
SAYS 9310080158 931001 TECHNOLOGY AVID THERAPEUTICS DRUGS PACT

PHILADELPHIA AVID THERAPEUTICS INC SAID IT REACHED AN AGREEMENT WITH
WARNERLAMBERT CO TO JOINTLY DEVELOP DRUGS THAT TREAT HEPATITIS B

THE BIOTECHNOLOGY CONCERN SAID THE AGREEMENT CALLS FOR WARNERLAMBERT A
MORRIS PLAINS NJ PHARMACEUTICAL MAKER TO ACQUIRE AN EQUITY STAKE IN
AVID IT ALSO CALLS FOR THE COMPANIES TO PAY EACH OTHER ROYALTIES THE SIZE
OF THE EQUITY STAKE AND THE AMOUNT OF THE ROYALTIES WEREN'T SPECIFIED
9310080157 931008 ECONOMY EMPLOYER SURVEY MAY NOT PROVIDE BEST JOBS
MEASURE  RECOVERY'S PECULIARITIES LEAD SOME TO HOUSEHOLD TALLY 
AND MORE ROBUST NUMBERS  BY LUCINDA HARPER STAFF REPORTER OF THE
WALL STREET JOURNAL

JOB GROWTH IN THE HARDHIT ECONOMIES OF CALIFORNIA AND MASSACHUSETTS MAY BE
BETTER THAN THE MOST WIDELY FOLLOWED NUMBERS SUGGEST

IN MASSACHUSETTS THE STATE SURVEY OF BUSINESS ESTABLISHMENTS INDICATES
THERE HAS BEEN A 04 DROP IN PAYROLL EMPLOYMENT DURING THE YEAR ENDED IN
AUGUST AND IN CALIFORNIA THE NUMBER OF PAYROLL JOBS HAS FALLEN 13 THESE
NUMBERS HAVE BEEN WIDELY CITED AS INDICATIONS THAT BOTH STATES REMAIN IN THE
DUMPS

BUT A SEPARATE GOVERNMENT SURVEY OF HOUSEHOLDS SHOWS THAT THE NUMBER OF
PEOPLE IN MASSACHUSETTS WHO HOLD JOBS INCREASED 25 IN THE PAST YEAR AND
IN CALIFORNIA THE HOUSEHOLD SURVEY SHOWS ONLY A 01 DECLINE IN JOBS

IN THE PAST ECONOMISTS HAVE CONSIDERED THE ESTABLISHMENT SURVEY TO BE A
MORE RELIABLE GAUGE THAN THE HOUSEHOLD SURVEY BUT THE PECULIARITIES OF THE
CURRENT ECONOMIC RECOVERY HAVE LED SOME TO CONCLUDE THAT THE HOUSEHOLD
SURVEY IS NOW THE MORE ACCURATE

THE REASON IS THAT MANY WHITECOLLAR WORKERS LAID OFF FROM BIG COMPANIES ARE
COMING BACK TO WORK AS CONSULTANTS AND WHILE THEY COUNT THEMSELVES AS
EMPLOYED WHEN SURVEYED AT HOME THEY OFTEN DON'T SHOW UP IN THE
ESTABLISHMENT DATA

I THINK THE ESTABLISHMENT DATA IS UNDERESTIMATING JOB GROWTH SAYS MARK
ZANDI CHIEF ECONOMIST FOR REGIONAL FINANCIAL ASSOCIATES IN WEST CHESTER
PA BIG COMPANIES ARE LAYING PEOPLE OFF AND THESE PEOPLE ARE BECOMING
CONSULTANTS TO THE VERY COMPANIES THAT LET THEM GO

JUST HOW BIG AN IMPACT THIS CONSULTANT PHENOMENON HAS ON THE NUMBERS IS
UNCLEAR I KNOW THERE IS A LOT OF THIS GOING ON BUT WHETHER IT REPRESENTS
10 OR 80 OF THE DIFFERENCE BETWEEN THE TWO SURVEYS I DON'T KNOW SAYS
KARL CASE A WELLESLEY COLLEGE ECONOMICS PROFESSOR WHO ALSO WORKS FOR THE
FEDERAL RESERVE BANK OF BOSTON MR CASE SAYS ANOTHER REASON FOR THE
DIVERGENCE MAY BE GROWTH IN SMALL BUSINESSES WHICH ARE LARGELY MISSED BY
THE ESTABLISHMENT SURVEY

BESIDES MASSACHUSETTS AND CALIFORNIA THERE ARE OTHER STATES WHERE THE
DIVERGENCE BETWEEN HOUSEHOLD AND ESTABLISHMENT DATA IS NOTABLE THE ROSTER
INCLUDES ILLINOIS MICHIGAN NEW JERSEY AND NEW YORK ALL BIG STATES WITH
MAJOR CORPORATE HEADQUARTERS AND SATELLITE OFFICES WHERE LOTS OF LAYOFFS
HAVE OCCURRED

THE DISCREPANCY HOWEVER DOESN'T APPEAR TO BE DISTORTING THE OVERALL
NATIONAL EMPLOYMENT PICTURE IN PART BECAUSE OF STATISTICAL ADJUSTMENTS THAT
THE BUREAU OF LABOR STATISTICS MAKES TO THE PAYROLL SURVEY TO ACCOUNT FOR
CREATION OF NEW FIRMS IN FACT THE LABOR DEPARTMENT'S NATIONAL DATA SHOW
PAYROLL EMPLOYMENT GROWING AT A SLIGHTLY HIGHER RATE THAN THAT OF HOUSEHOLDS
OVER THE PAST YEAR 16 COMPARED WITH 13 9310080156 931008 SPEAKING OF
BUSINESS DRUG PRICE RISE MAY BE EXAGGERATED  BY LINDLEY H CLARK
JR

THE CLINTON ADMINISTRATION HAS BEEN PAYING SPECIAL ATTENTION TO THE RISE IN
PRESCRIPTION DRUG PRICES THE DRUG COMPANIES EVER ACCOMMODATING
VOLUNTEERED TO GET TOGETHER AND LIMIT DRUGPRICE INCREASES TO THE RATE OF
RISE IN THE CONSUMER PRICE INDEX

BUT THAT DIDN'T SATISFY THE JUSTICE DEPARTMENT WHICH TAKES A DIM VIEW OF
PRICE FIXING AGREEMENTS NO MATTER HOW WELL INTENDED THE ADMINISTRATION AND
THE INDUSTRY ARE NOW TRYING TO FIND SOME WAY TO RESTRAIN PRICES THAT WOULD
SATISFY THE JUSTICE DEPARTMENT

BEFORE THEY CARRY THIS RESEARCH TOO FAR IT MIGHT BE WISE TO FIND OUT WHAT
REALLY HAS BEEN HAPPENING TO DRUG PRICES A NATIONAL BUREAU OF ECONOMIC
RESEARCH STUDY CONDUCTED BY ZVI GRILICHES OF HARVARD AND ERNST BERNDT OF
THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY INDICATES THAT PRESCRIPTION DRUG
PRICES HAVEN'T BEEN RISING NEARLY AS RAPIDLY AS THE OFFICIAL GOVERNMENT
FIGURES WOULD SEEM TO SHOW

NATIONAL BUREAU ECONOMISTS HAVE BEEN WORRYING FOR YEARS ABOUT A WORLDWIDE
SLOWDOWN IN PRODUCTIVITY TRYING TO DETERMINE HOW MUCH OF IT IS REAL AND HOW
MUCH IS ILLUSORY THEY HAVE BEEN SUSPICIOUS OF THE RELIABILITY OF OFFICIAL
GOVERNMENT STATISTICS ON THE GROWTH OF OUTPUT AND PRODUCTIVITY TO COMPUTE
SUCH STATISTICS THE ECONOMISTS MUST HAVE RELIABLE PRICE NUMBERS IF
INFLATION IS OVERESTIMATED GROWTH IN REAL OUTPUT AND THUS PRODUCTIVITY
WILL BE UNDERSTATED

THERE WERE SEVERAL REASONS FOR FOCUSING ON PHARMACEUTICALS FOR ONE THE
INDUSTRY HAD A SHARP DROP IN REPORTED PRODUCTIVITY IN THE 1970S MOREOVER
THE INDUSTRY HAD GONE THROUGH MUCH TECHNOLOGICAL CHANGE RAISING THE
POSSIBILITY OF MEASUREMENT ERRORS AND OF COURSE ITS PRICES ARE A CURRENT
TARGET OF POLITICAL ATTACK

THE RESEARCHERS DECIDED TO CHECK THE GOVERNMENT'S NUMBERS AGAINST STATISTICS
THEY HAD COLLECTED AND ANALYZED THMSELVES ALMOST IMMEDIATELY THEY RAN INTO
A MYSTERY THE BUREAU OF LABOR STATISTICS' FIGURES SHOWED THAT BETWEEN
JANUARY 1984 AND DECEMBER 1989 THE INDEX FOR PRESCRIPTION DRUGS GREW AT AN
ANNUAL RATE OF 909 A PRETTY STAGGERING NUMBER THEY THEN MADE UP THEIR
OWN INDEX BASED ON 2090 MAJOR DRUG PRODUCTS SOLD BY FOUR COMPANIES THAT
ACCOUNTED FOR 24 OF THE INDUSTRY'S SALES IN 1989 THEY FOUND THAT PRICES
FOR THESE DRUGS HAD INCREASED AT ONLY 668 A YEAR

WHY THE DIFFERENCE THE NATIONAL BUREAU ANALYSTS GOT THE PRICES THAT THEIR
FOUR COMPANIES HAD ORIGINALLY REPORTED FOR THE BLS PRODUCT SAMPLES USING
THOSE NUMBERS THE ANNUAL RATE OF PRICE RISE FOR THE PERIOD WAS 894 VERY
CLOSE TO THE RATE REPORTED BY BLS BUT THEY FOUND THAT THE PRICES OF YOUNGER
DRUGS GREW MUCH MORE SLOWLY THAN THE PRICES OF OLDER DRUGS THE ANALYSTS
CONCLUDED THAT BLS WAS PAYING TOO LITTLE ATTENTION TO YOUNGER DRUGS WHICH
PLAY AN IMPORTANT ROLE IN THE INDUSTRY

THERE'S ALSO THE PROBLEM OF GENERIC DRUGS WHICH NORMALLY SELL AT LOWER
PRICES THAN THEIR PATENTED PREDECESSORS ALTHOUGH THE FOOD AND DRUG
ADMINISTRATION REGARDS THEM AS BIOLOGICAL EQUIVALENTS BUT THE BLS REGARDS
THE GENERIC AND ITS PREDECESSOR AS TWO SEPARATE PRODUCTS AND THUS THE SALES
GROWTH OF THE GENERICS IS NOT REFLECTED IN THE BLS PRICE INDEXES

NO ONE KNOWS EXACTLY WHAT WOULD BE ACCOMPLISHED BY A THOROUGH REVISION OF
THE PRICE STATISTICS BUT IT COULD LEAD TO DRASTIC CHANGE NATIONAL BUREAU
ANALYSTS EXAMINED TWO SPECIFIC DRUGS USING THE BLS APPROACH ASSUMING THAT
THE BRANDED AND GENERIC VERSIONS WERE SEPARATE PRODUCTS INDICATED A 14
PRICE INCREASE IN THE 45 MONTHS COVERED BY THE DATA USING THE FDA APPROACH
ASSUMING THAT THE BRANDED AND GENERIC PRODUCTS WERE PERFECT SUBSTITUTES FOR
ONE ANOTHER PRODUCED A 53 PRICE DECLINE

BLS ECONOMISTS TO THEIR CREDIT ARE WORKING ON ALL OF THIS THEY ARE
PLANNING A MORE CURRENT SAMPLING OF NEWER AND GENERALLY CHEAPER DRUG
PRODUCTS THEY ALSO ARE WORKING ON WAYS TO LINK GENERIC DRUGS TO THEIR
PATENTED ANTECEDENTS

IN FACT THE NATIONAL BUREAU ANALYSTS SAY CHEERFULLY THE BLS HAS
ANNOUNCED THAT IT WILL BE IMPLEMENTING SEVERAL OF THE NBER RECOMMENDATIONS
ON AN EXPERIMENTAL BASIS BEGINNING IN 1994

FOR A GOVERNMENT AGENCY THAT ISN'T TOO BAD WE CAN ONLY HOPE THAT IN THE
MEANTIME THE INDUSTRY AND THE GOVERNMENT WILL REALIZE THAT PRICE CONTROLS
ARE NOT THE ANSWER THEY WOULD BE RIDICULOUS IN AN INDUSTRY WHERE NO ONE
KNOWS EXACTLY WHAT IS HAPPENING TO PRICES EXCEPT THAT THEY HAVEN'T BEEN
GOING UP AS MUCH AS THE ADMINISTRATION SEEMS TO THINK 9310080155 931008
MANDELA URGES EC TO BOOST ITS AID FOR SOUTH AFRICA  BY CACILIE
ROHWEDDER STAFF REPORTER OF THE WALL STREET JOURNAL

BRUSSELS AFRICAN NATIONAL CONGRESS LEADER NELSON MANDELA PREDICTED SOUTH
AFRICA WOULD BE SAFE FOR FOREIGN INVESTMENT ONCE DEMOCRATIC ELECTIONS WERE
HELD NEXT YEAR

URGING THE EUROPEAN COMMUNITY TO INCREASE INVESTMENT AND SUPPORT FOR A
FUTURE BLACKMAJORITY GOVERNMENT IN SOUTH AFRICA MR MANDELA SAID THE
COUNTRY'S POLITICAL LEADERSHIP AGREED THAT POLITICAL STABILITY AND AN END TO
VIOLENCE WERE ESSENTIAL TO ATTRACT FOREIGN INVESTORS THE POLITICAL
UNCERTAINTY IS CAUSED BY THE EXISTING MINORITY GOVERNMENT WHICH IS
ILLEGITIMATE AND CORRUPT MR MANDELA SAID BEFORE JOURNALISTS DURING A
TWODAY VISIT TO BELGIUM

MR MANDELA APPEALED TO THE EC FOR HELP IN ENSURING FREE ELECTIONS AND
BUILDING THE ADMINISTRATIVE STRUCTURES NEEDED BY A NEW BLACK GOVERNMENT
WILLY CLAES THE BELGIAN FOREIGN MINISTER SAID SOUTH AFRICA ALREADY
RECEIVED MORE FUNDING THAN ANY OTHER COUNTRY BUT PROMISED ADDITIONAL EC
SUPPORT FOR THE CREATION OF A NEW ARMY POLICE FORCE AND CIVIL SERVICE
SINCE 1987 THE EC HAS SPENT MORE THAN 290 MILLION ON AID TO SOUTH AFRICA
THE COUNTRY RECEIVED 52 MILLION EUROPEAN CURRENCY UNITS 61 MILLION FOR
VOTER EDUCATION ALONE A TEAM OF EC EXPERTS IS CURRENTLY HELPING TO ORGANIZE
THE ELECTIONS SCHEDULED FOR THE SPRING

MR MANDELA ALSO CALLED ON THE EC TO INTENSIFY TRADE WITH HIS COUNTRY THE
EC'S 12 MEMBER STATES ACCOUNT FOR MORE THAN 40 OF SOUTH AFRICA'S EXTERNAL
TRADE THE EC HAS GRADUALLY REVOKED ITS 1986 TRADE SANCTIONS AGAINST THE
COUNTRY SINCE SOUTH AFRICAN PRESIDENT FW DE KLERK BEGAN DISMANTLING
APARTHEID LAWS TWO YEARS AGO THE OPPOSITION LEADER SAID INTEGRATING SOUTH
AFRICA INTO WORLD TRADE AGREEMENTS WAS DIFFICULT BECAUSE OF ITS UNCERTAIN
STATE OF DEVELOPMENT MR MANDELA SAID ECONOMIC SECTORS DOMINATED BY WHITES
WERE INDUSTRIALLY DEVELOPED BUT CONCEDED THAT IF YOU LOOK AT BLACKS THE
MAJORITY IT'S A DEVELOPING COUNTRY

MR MANDELA SAID SOUTH AFRICA'S MINERAL RESOURCES AND GOOD INFRASTRUCTURE
MADE ITS ECONOMY ATTRACTIVE TO INVESTORS AND HE URGED FOREIGN COMPANIES TO
SUPPORT EMERGING BLACK BUSINESSES HE ALSO CAUTIONED AGAINST DOING BUSINESS
WITH THE CURRENT GOVERNMENT THE WHITE GOVERNMENT AND ITS INSTITUTIONS
WHICH REMAIN IN PLACE IN OUR COUNTRY SHOULD NOT BE GRANTED RECOGNITION AND
TREATED AS THOUGH THEY WERE THE REPRESENTATIVES OF THE PEOPLE OF SOUTH
AFRICA HE SAID TO A JOINT ASSEMBLY OF THE EUROPEAN PARLIAMENT AND AFRICAN
CARIBBEAN AND PACIFIC COUNTRIES LINKED TO THE EC

SOUTH AFRICA'S AMBASSADOR TO THE EC NEIL VAN HEERDEN EXPRESSED HIS SUPPORT
OF MR MANDELA'S URGE FOR FOREIGN INVESTMENT THERE HAS BEEN A PERIOD OF
RETICENCE AND IT IS VERY IMPORTANT THAT WE BREAK THIS HE SAID MR
MANDELA'S CALL FOR MORE INVESTMENT IS A VERY POWERFUL ONE 9310080154
931008 TECHNOLOGY & HEALTH THREE BIG FIRMS SURVEY WORKERS TO EVALUATE
IMPROVE HEALTH CARE  BY RON WINSLOW STAFF REPORTER OF THE WALL
STREET JOURNAL

THREE MAJOR US COMPANIES ARE ASKING THEIR EMPLOYEES WHAT THEY THINK ABOUT
THEIR HEALTH CARE IN AN AMBITIOUS EFFORT TO RATE AND IMPROVE THE QUALITY OF
THEIR HEALTH PLANS

ABOUT 35000 EMPLOYEES OF XEROX CORP GTE CORP AND DIGITAL EQUIPMENT CORP
ARE BEING ASKED TO COMPLETE COMPREHENSIVE SURVEYS THAT WILL YIELD
INFORMATION ON THEIR SATISFACTION WITH HEALTH SERVICES AS WELL AS THEIR
HEALTH STATUS THE RESULTS AMONG OTHER THINGS WILL BE PUBLISHED IN A
REPORT CARD THAT EMPLOYEES CAN USE TO HELP CHOOSE THEIR HEALTH PLANS

LEADERS OF THE PROJECT SAY IT IS A PROTOTYPE FOR COLLECTING AND PUBLISHING
THE KIND OF DATA THE CLINTON ADMINISTRATION'S HEALTHREFORM PLAN CALLS FOR
TO COMPARE THE QUALITY OF HEALTH PLANS IT ALSO UNDERSCORES THE GROWING ROLE
THAT PATIENT SATISFACTION IS PLAYING IN INFLUENCING THE DELIVERY OF HEALTH
CARE

PATIENT SATISFACTION SURVEYS CAN BE A VERY EFFECTIVE TOOL FOR GIVING VOICE
TO THE PEOPLE WHO ARE ULTIMATELY RECEIVING HEALTH CARE SAYS HARRIS ALLEN
A SCIENTIST AT THE HEALTH INSTITUTE AT THE NEW ENGLAND MEDICAL CENTER IN
BOSTON

DR ALLEN WHO IS HEADING UP THE PROJECT FOR THE EMPLOYERS CONDUCTED A
SIMILAR SURVEY AMONG MEMBERS OF THREE HEALTH PLANS IN IOWA EARLIER THIS
YEAR AMONG OTHER THINGS IT FOUND THAT THE PLAN WITH THE LOWEST
SATISFACTION RATING WAS LIKELY TO LOSE MEMBERS OTHER RESEARCH SHOWS THAT
DISSATISFIED PATIENTS ARE LESS LIKELY TO COMPLY WITH TREATMENTS RECOMMENDED
BY DOCTORS

PEOPLE'S PERCEPTIONS ABOUT THEIR CARE HAVE A DIRECT TIE TO IMPORTANT
ECONOMIC AND HEALTH CONSEQUENCES DR ALLEN SAID

IN THE EMPLOYER PROJECT CALLED THE EMPLOYER HEALTH CARE VALUE SURVEY
EMPLOYEES ARE BEING ASKED TO FILL OUT A 152ITEM QUESTIONNAIRE SEEKING THEIR
VIEWS ON SUCH ISSUES AS COURTESY OF THE MEDICAL STAFF LIMITS ON ACCESS TO
DOCTORS PROBLEMS WITH PAPERWORK AND AVAILABILITY OF PREVENTIVE SERVICES
PART OF THE SURVEY ALSO SEEKS INFORMATION ON EMPLOYEES' HEALTH STATUS
INFORMATION THAT IS EXPECTED FOR INSTANCE TO ENABLE COMPANIES TO ASSOCIATE
THE HEALTH OF MEMBERS OF A PLAN WITH THE USE OF SERVICES

PARTICIPANTS FROM THE THREE COMPANIES ARE MEMBERS OF A TOTAL OF 31 HEALTH
PLANS INCLUDING BOTH PREPAID HEALTH MAINTENANCE ORGANIZATIONS AND
TRADITIONAL FEEFORSERVICE PLANS IN SIX US MARKETS THE RESULTS ARE
EXPECTED TO PROVIDE COMPARISONS OF PLANS WITHIN EACH MARKET AS WELL AS
AGAINST A NATIONAL AVERAGE

HELEN DARLING MANAGER OF HEALTHCARE STRATEGY AND PROGRAMS AT XEROX SAYS
THE EFFORT IS THE MOST SOPHISTICATED SURVEY OF ITS KIND IN ADDITION TO
PROVIDING RESULTS TO EMPLOYEES WE'RE GOING TO USE IT WITH OUR HEALTH PLANS
TO SET PERFORMANCE IMPROVEMENT TARGETS SHE SAID XEROX BASED IN STAMFORD
CONN MAKES COPIERS AND PROVIDES FINANCIAL SERVICES

DIGITAL A MAYNARD MASS COMPUTER COMPANY HAS SIMILAR PLANS FOR THE
SURVEY GTE A TELECOMMUNICATIONS CONCERN ALSO BASED IN STAMFORD ALSO HOPES
TO USE THE SURVEY IN NEGOTIATING PRICES AND TO HELP DETERMINE WHETHER ITS
HEALTH PLANS ARE PROVIDING AN APPROPRIATE LEVEL OF SERVICES BASED ON THE
HEALTH OF THEIR MEMBERS DR ALLEN SAID

IN ADDITION TO THE NEW ENGLAND MEDICAL CENTER RESEARCHERS AT OHIO STATE
UNIVERSITY ARE PARTICIPATING IN COLLECTING THE DATA THE INVOLVEMENT OF
OUTSIDE RESEARCHERS IS EXPECTED TO HELP ENSURE EMPLOYEE CONFIDENTIALITY 
EMPLOYERS WILL GET ONLY AGGREGATE NOT INDIVIDUAL RESULTS AND THE
CREDIBILITY OF RESULTS PARTICIPANTS SAID

ONE POSSIBLE DRAWBACK IS THE LENGTH OF THE FORM WHICH TAKES AT LEAST 20
MINUTES TO FILL OUT DR ALLEN SAID A SIMILAR QUESTIONNAIRE USED IN IOWA
GARNERED A 70 RESPONSE RATE PLANS ARE TO REPEAT THE SURVEY IN TWO YEARS
PROVIDING DATA TO TRACK IMPROVEMENT IN THE PERFORMANCE OF THE PLANS
9310080153 931008 CANADA CROP ESTIMATES FOR 1993 ARE REDUCED BECAUSE
OF WEATHER

OTTAWA THE CANADIAN GOVERNMENT REDUCED ITS ESTIMATE OF CANADA'S GRAIN
CROP THIS YEAR BECAUSE OF COOL WET WEATHER IN RECENT MONTHS

THE ADVERSE WEATHER DELAYED HARVESTING IN WESTERN CANADA AND HURT YIELDS OF
SOME CROPS

STATISTICS CANADA A GOVERNMENT AGENCY ESTIMATED SPRING WHEAT PRODUCTION
WILL TOTAL 8911 MILLION BUSHELS A 74 DECLINE FROM ITS LATEAUGUST
ESTIMATE AND A 43 DECLINE FROM LAST YEAR'S CROP SPRING WHEAT SEEDED IN
THE SPRING AND HARVESTED IN THE FALL IS CANADA'S MAIN WHEAT CROP

THE DURUM WHEAT CROP IS EXPECTED TO TOTAL 1174 MILLION BUSHELS A 61
DECLINE FROM THE LATEAUGUST ESTIMATE BUT A 18 INCREASE FROM LAST YEAR'S
OUTPUT DURUM WHEAT IS USED IN PASTA PRODUCTS

RAPESEED OR CANOLA PRODUCTION IS EXPECTED TO TOTAL 2461 MILLION BUSHELS
THIS YEAR A 42 DECLINE FROM THE LATEAUGUST ESTIMATE BUT A 441
INCREASE FROM LAST YEAR CANOLA IS CANADA'S LARGEST OILSEED CROP STATISTICS
CANADA ATTRIBUTED THE INCREASE TO A RECORD SEEDED AREA OF 103 MILLION ACRES
AND ABOVE AVERAGE YIELDS IN SASKATCHEWAN AND ALBERTA

STATISTICS CANADA SAID FARMERS IN EASTERN CANADA HAVE HAD MORE FAVORABLE
HARVEST CONDITIONS THIS YEAR THAN THOSE IN THE WEST EASTERN CANADIAN
FARMERS ARE EXPECTED TO HAVE A RECORD SOYBEAN CROP OF 675 MILLION BUSHELS
A 262 INCREASE FROM LAST YEAR 9310080152 931008 INTERNATIONAL ABB
UNIT WINS PLANT ORDER

ZURICH SWEDISHSWISS HEAVYENGINEERING GROUP ABB ASEA BROWN BOVERI AG
SAID ITS GERMAN UNIT ABB TURBINEN NUERNBERG GMBH RECEIVED AN ORDER VALUED
AT AROUND 100 MILLION FROM THE MUNICIPAL WORKS ROSTOCK OF EASTERN GERMANY

THE ORDER IS FOR THE DESIGN AND CONSTRUCTION OF THE COMBINED HEATING AND
POWER PLANT IN ROSTOCKMARIENEHE OF EASTERN GERMANY ABB SAID THE COMPANY
ADDED THAT THE PLANT IS SCHEDULED TO START OPERATION IN 1996

ABB ASEA BROWN BOVERI IS COOWNED BY BBC BROWN BOVERI AG OF SWITZERLAND AND
ASEA AB OF SWEDEN

THIS IS NOW THE FIFTH POWER PLANT THAT ABB HAS RECEIVED FROM EASTERN
GERMANY ABB SAID 9310080151 931008 MARKETING & MEDIA ADVERTISING 
VOLVO WINS PRAISE FOR NEW ADS FEATURING SURVIVORS OF ACCIDENTS  BY
KEVIN GOLDMAN

EARLIER THIS YEAR VOLVO CARS OF NORTH AMERICA LAUNCHED AN ADVERTISING
CAMPAIGN THAT FOR THE FIRST TIME PUT THE BRAKES ON ITS SAFETY PITCH ONE
AD FEATURED A BOX ON WHEELS IF THIS IS HOW YOU THINK OF VOLVO WE MAY JUST
HAVE THE CAR TO CHANGE YOUR THINKING

NOW THE VOLVO UNIT WITH ITS SALES ENJOYING A MODEST REBOUND IS RETURNING
TO ITS SAFETY MANTRA WITH AN EVOCATIVE PRINT AND TELEVISION CAMPAIGN
FEATURING ACTUAL VOLVO OWNERS WHO BELIEVE THEY SURVIVED HORRIFIC CAR CRASHES
BECAUSE OF THE CAR THEY WERE DRIVING

THE PRINT CAMPAIGN BEGAN THIS WEEK WITH AN EIGHTPAGE INSERT IN NEWSWEEK
MAGAZINE A TELEVISION COMMERCIAL FEATURING SOME OF THE SAME INDIVIDUALS
WILL BEGIN RUNNING ON BROADCAST AND CABLE NETWORKS AND ON LOCAL TELEVISION
STATIONS IN 19 MAJOR CITIES NEXT MONTH

THE CAREFULLY WORDED AD FEATURING 12 PHOTOGRAPHS DOESN'T CLAIM VOLVO CARS
ACTUALLY SAVE LIVES THE FIRST SEVEN PAGES ARE BEAUTIFUL SHOTS OF A BOY
PLAYING BASKETBALL WITH HIS FATHER A YOUNG WOMAN SHOOTING POOL A MAN
RELAXING WITH HIS DOG AND OTHER VOLVO OWNERS THE TEXT IS SIMPLY THE NAME OF
THOSE PHOTOGRAPHED AND THE DATE WHEN THE ACCIDENT OCCURRED THE LAST PAGE
SAYS THE PEOPLE  ALL SHARE A COMMON BELIEF THAT A CAR SAVED THEIR
LIVES THE ADS INCLUDE A TOLLFREE TELEPHONE NUMBER TO GET MORE
INFORMATION INCLUDING DETAILS ON THE VOLVO SAVED MY LIFE CLUB

THE TELEVISION ADS WILL MIRROR THE PRINT AD WITH ACTOR DONALD SUTHERLAND
READING THE SCRIPT

MARKETING AND AUTOMOTIVE EXPERTS SAY THAT VOLVO AND ITS AGENCY MESSNER
VETERE BERGER MCNAMEE SCHMETTERER HAVE HIT UPON A NOVEL EFFECTIVE AND
INDEED UPLIFTING METHOD TO MARKET AN AUTOMOBILE IN THIS HIGHLY COMPETITIVE
SALES ENVIRONMENT WHILE IT APPEARS THAT VIRTUALLY EVERY AUTO MANUFACTURER
IS TRUMPETING DUAL AIR BAGS AND SHOWING CAR CRASH DUMMIES SURVIVING STAGED
CRASHES NONE HAS USED SUCH A HEARTTUGGING AND ARRESTING APPROACH

VOLVO IS QUITE EFFECTIVELY PUTTING A HUMAN TOUCH TO THE SAFETY THEME SAYS
STEVEN E PERMUT MANAGING DIRECTOR OF MARKETING SCIENCES A MARKETING AND
ADVERTISING STRATEGY CONSULTING FIRM IN GUILFORD CONN IT PERSONALIZES THE
ARGUMENT TO BUY A VOLVO CAR COMPANIES CAN SAY SOMETHING IS SAFE IT'S QUITE
DIFFERENT WHEN A DRIVER SAYS HE OR SHE THINKS THE VEHICLE SAVED THEIR LIFE

CHRIS CEDERGREN AN ANALYST WITH AUTOPACIFIC GROUP SAYS THE STRATEGY IS
WELLFOUNDED BECAUSE SAFETY IS EXTREMELY HOT ESPECIALLY AMONG BABY
BOOMERS DAIMLERBENZ'S MERCEDESBENZ IN ADS CREATED BY VOLVO'S OLD AGENCY
WPP GROUP'S SCALI MCCABE SLOVES USES SAFETY AS A MAJOR SELLING FACTOR IN
THE MERCEDES SPOT A TRUCK IS ABOUT TO CRASH HEADON INTO A MERCEDES AND THE
MAN LITERALLY SEES HIS LIFE FLASH BEFORE HIS EYES

VOLVO SAYS IT ISN'T HARD FOR IT TO FIND CAR CRASH SURVIVORS THEY COME TO
THE AUTO MAKER EACH WEEK ABOUT FIVE LETTERS ARRIVE AT VOLVO CORPORATE
HEADQUARTERS IN ROCKLEIGH NJ OR AT DEALER SHOWROOMS WITH VIVID
DESCRIPTIONS OF HOW LIVES WERE SAVED WHEN A VOLVO WAS BEING DRIVEN

A VOLVO SPOKESMAN SAYS A SEVENMEMBER COMMITTEE INCLUDING PETER FULLER A
PROFESSOR OF PHYSICS AT THE UNIVERSITY OF LOUISVILLE ASCERTAINS WHETHER THE
ACCIDENT WAS LIFE THREATENING MR FULLER DIDN'T RETURN A PHONE CALL SEEKING
COMMENT BUT THE VOLVO SPOKESMAN SAYS DESCRIPTIONS OF THE ACCIDENT
INCLUDING INFORMATION ON SPEED AND PHOTOGRAPHS THAT USUALLY ACCOMPANY THE
LETTERS HELP THE COMMITTEE

THE INDIVIDUALS ARE ASKED WHETHER THEY WOULD WANT TO SHARE THEIR EXPERIENCES
PUBLICLY VERY FEW SAY NO

SOME PEOPLE EVEN WRITE AND ASK FOR MONEY AND A NEW VOLVO FOR THEIR STORY
OFFERS THE COMPANY GENTLY REFUSES

NO ONE WAS PAID TO APPEAR IN THE NEW ADS ALTHOUGH PEOPLE RECEIVED A FREE
TRIP TO SAN FRANCISCO TO SHOOT THE COMMERCIALS AND PRINT ADS SOME OF THE
SURVIVORS ALSO MAKE ALLEXPENSE PAID APPEARANCES AT VOLVO DEALER
CONVENTIONS INCLUDING THE ONE THIS WEEK HELD IN COLORADO SPRINGS COLO

THE SPOKESMAN SAYS HE CAN UNDERSTAND THAT SOME PEOPLE MAY VIEW THE ADS AS
EXPLOITING A SITUATION FRAUGHT WITH ANXIETY AND POSSIBLY INJURY BUT
REMEMBER SAYS THE SPOKESMAN THEY CAME TO US

THE CAMPAIGN WILL ACCELERATE VOLVO'S SALES IMPROVEMENT SAYS SUSAN JACOBS
AN ANALYST WITH JACOBS AUTOMOTIVE AN AUTO FORECASTING AND CONSULTING FIRM
VOLVO'S SALES ACCORDING TO MS JACOBS ROSE 7 IN THE FIRST NINE MONTHS OF
1993 FROM A YEAR AGO VOLVO SOLD 55643 CARS FROM JANUARY THROUGH SEPTEMBER
AS OPPOSED TO 52007 IN THE 1992 PERIOD

THE ADS ALSO HAVE CREDIBILITY ACCORDING TO THE INSURANCE INSTITUTE FOR
HIGHWAY SAFETY A VOLVO IS AMONG THE SAFEST CARS ON THE ROAD

THE SURVIVOR ADS ARE ONLY THE FIRST PHASE OF A SLEW OF NEW WORK FROM MESSNER
VETERE OTHER ADS WILL FEATURE FAMILIES DRIVING NEW VOLVO MODELS AS WELL AS
AN ELEGANT GENTLEMAN ENJOYING HIS VOLVO

THE PURPOSE OF THE ADS SAYS THE VOLVO SPOKESMAN IS TO MAKE VOLVO APPEALING
TO A GROUP THAT WOULDN'T HAVE CONSIDERED BUYING THE VEHICLE PREVIOUSLY
VOLVO ALSO WANTED TO SPEAK TO CONSUMERS IN TERMS OTHER THAN HARDWARE SAYS
RON BERGER A PARTNER IN MESSNER VETERE MESSNER VETERE WON THE ACCOUNT TWO
YEARS AGO FOLLOWING SCALI MCCABE'S RESIGNATION THE AUTO MAKER AND SCALI
WERE ACCUSED OF RIGGING A DEMONSTRATION WITH VOLVO AND MONSTER TRUCKS

NO ONE IS GOING TO PERPETRATE A HOAX ON US IN THIS NEW SAFETY CAMPAIGN
SAYS THE VOLVO SPOKESMAN IT'S TOO GHOULISH AND WE DO SEEK VERIFICATION

ICE DRAFT ADS ANHEUSERBUSCH HAS KICKED OFF ITS ADVERTISING BLITZ FOR ICE
DRAFT ICE BEER AIRING THE FIRST OF THREE COMMERCIALS FOR THE NEW BRAND
FROM THE CHICAGO OFFICE OF OMNICOM GROUP'S DDB NEEDHAM LAST NIGHT IN 13
WESTERN STATES NATIONAL DISTRIBUTION OF ICE DRAFT IS SET FOR EARLY 1994
WHEN ANNUAL BILLINGS ARE EXPECTED TO HIT ABOUT 40 MILLION ACCORDING TO
INDUSTRY ESTIMATES

WHITE CASTLE WHITE CASTLE SYSTEMS INC COLUMBUS OHIO TAPPED THE DETROIT
OFFICE OF WPP GROUP'S J WALTER THOMPSON FOR ITS ESTIMATED 10 MILLION TO
15 MILLION ACCOUNT THE ACCOUNT WAS PREVIOUSLY AT GUNDER & ASSOCIATES
DUBLIN OHIO 9310080150 931008 CAMPO'S SEPTEMBER SALES

NEW ORLEANS CAMPO ELECTRONICS APPLIANCES & COMPUTERS INC SAID SALES FOR
SEPTEMBER ROSE 797 TO 115 MILLION FROM 64 MILLION A YEAR AGO THE
SPECIALTY RETAILER SAID SALES IN STORES OPEN A YEAR OR MORE ROSE 156 TO
74 MILLION FROM 64 MILLION 9310080149 931008 WHO'S NEWS 
CARDIOPULMONICS INC

CARDIOPULMONICS INC SALT LAKE CITY WILLIAM MAVITY 43 YEARS OLD WAS
NAMED PRESIDENT CHIEF EXECUTIVE OFFICER AND A DIRECTOR OF THIS MEDICAL
DEVICES COMPANY HE SUCCEEDS HERBERT TAUS 65 A DIRECTOR WHO HAS BEEN
SERVING AS INTERIM CHIEF EXECUTIVE SINCE THE RESIGNATION IN JANUARY OF
GEORGE SIMS 58 9310080148 931008 CHRYSLER REDEMPTION OF 769 MILLION
OF DEBT IS SLATED FOR NOV 15

HIGHLAND PARK MICH AUTO MAKER CHRYSLER CORP SAID IT WILL REDEEM ON
NOV 15 769 MILLION OF ITS DEBT OUTSTANDING

CHRYSLER SAID IT IS REDEEMING ALL OF ITS 8 7/8 SINKINGFUND DEBENTURES DUE
1995 8 SINKINGFUND DEBENTURES DUE 1998 AND 12 DEBENTURES DUE 2015 THE
12 DEBENTURES WILL BE REDEEMED FROM PROCEEDS OF THE SALE OF COMMON STOCK IN
FEBRUARY

THE REDEMPTION AGENT FOR THE DEBENTURES IS FIRST CHICAGO TRUST CO OF NEW
YORK

CHRYSLER SAID THE REDEMPTIONS WON'T AFFECT PLANS TO MEET CURRENT AND FUTURE
PENSION FUNDING OBJECTIVES BECAUSE ITS PENSION FUNDING IS PRIMARILY
GENERATED FROM OPERATIONS 9310080147 931008 ARCO TO SELL BRAZILIAN UNIT

LOS ANGELES ATLANTIC RICHFIELD CO SAID IT AGREED TO SELL ITS BRAZILIAN
OIL SUBSIDIARY TO CAMPANHIA BRASILEIRA DE PETROLEO IPIRANGA A BRAZILIAN OIL
CONCERN TERMS WEREN'T DISCLOSED

THE BRAZILIAN ACTIVITIES ARE NOT PART OF OUR INTEGRATED CORE BUSINESSES
SAID WILLIAM C RUSNACK PRESIDENT OF ARCO'S ARCO PRODUCTS CO UNIT THE
DECISION TO SELL  WAS STRICTLY STRATEGIC

THE SUBSIDIARY ARCOBRASIL PARTICIPACOES E INVESTIMENTOS LTDA OPERATES
COMPANHIA ATLANTIC DE PETROLEO A PETROLEUMPRODUCTS DISTRIBUTOR AND
RETAILER WITH ABOUT 2600 FRANCHISED SERVICE STATIONS 9310080146 931008
CONTINENTAL'S SEPTEMBER TRAFFIC

HOUSTON CONTINENTAL AIRLINES SAID SEPTEMBER TRAFFIC FELL 44 TO 329
BILLION REVENUE PASSENGER MILES FROM 345 BILLION A YEAR EARLIER A REVENUE
PASSENGER MILE IS ONE PAYING PASSENGER FLOWN ONE MILE THE AIRLINE SAID ITS
SEPTEMBER LOAD FACTOR OR PERCENTAGE OF SEATS FILLED FELL TO 619 FROM
614

FOR THE YEAR TO DATE CONTINENTAL'S TRAFFIC HAS FALLEN 14 TO 324 BILLION
PASSENGER MILES 9310080145 931008 MONEYMARKET ASSETS GREW BY 642
BILLION DURING LATEST WEEK

WASHINGTON MONEYMARKET MUTUAL FUND ASSETS ROSE 642 BILLION TO 57517
BILLION FROM 56875 BILLION FOR THE WEEK ENDED WEDNESDAY THE INVESTMENT
COMPANY INSTITUTE SAID

THE PREVIOUS WEEK'S FIGURE WAS REVISED

ASSETS OF 647 RETAIL MONEYMARKET MUTUAL FUNDS ROSE BY 263 BILLION THE
TRADE GROUP SAID TO 38983 BILLION

AMONG RETAIL FUNDS ASSETS OF 407 TAXABLE MONEYMARKET FUNDS ROSE BY 8948
MILLION TO 30551 BILLION ASSETS OF 240 RETAIL TAXEXEMPT FUNDS ROSE BY
174 BILLION TO 8432 BILLION

ASSETS OF THE 274 INSTITUTIONAL MONEYMARKET FUNDS ROSE BY 379 BILLION TO
18534 BILLION

AMONG INSTITUTIONAL FUNDS THE ASSETS OF 221 TAXABLE MONEYMARKET FUNDS ROSE
BY 295 BILLION TO 16377 BILLION ASSETS OF 53 TAXEXEMPT FUNDS ROSE BY
8375 MILLION TO 2157 BILLION 9310080144 931008 CAPTAIN HORNBLOWER 
WALKS WALL STREET WITH BULLISH BOB  OFFBEAT BROKERAGE NAMES GIVE 
RELIEF TO INVESTORS WEARY OF THE MERRILLS AND SCHWABS  BY DAVE
PETTIT SPECIAL TO THE WALL STREET JOURNAL

NEW YORK ASK BOB BAGLEY PRESIDENT AND FOUNDER OF BULLISH BOB BAGLEY
SECURITIES HOW HE FEELS ABOUT THE MARKET AND YOU MIGHT BE IN FOR A
SURPRISE

MR BAGLEY A DALLAS BROKER HAS ONLY SIX STOCKS HE'D RECOMMEND BUYING HE
SAYS UNSOPHISTICATED INVESTORS ARE BLINDLY CHASING SHARES AND HE'S AFRAID
WALL STREET COULD BE IN FOR THE KIND OF 60 PLUNGE THAT HIT TOKYO THREE
YEARS AGO

THAT IS A MOUTHFUL FOR A MAN WHO PUBLISHES A MONTHLY NEWSLETTER CALLED THE
BULLGRAM SENDS BULLFAXES AND IS JUST A PHONE CALL AWAY AT 214BULLISH

MR BAGLEY THOUGH ADMITS HE HAS BEEN WRONG BEFORE THEY'VE MADE A STEER
OUT OF ME IN THE MARKETPLACE A FEW TIMES HE SAYS A BULL THAT GETS
CASTRATED IS A STEER

HE'S UNUSUAL BUT BULLISH BOB ISN'T ALONE IN THE WORLD BEYOND MERRILL LYNCH
& CO AND CHARLES SCHWAB CORP MANY STOCK BROKERS HAVE ESCHEWED THE
CONVENTIONAL AND INTENTIONALLY OR NOT SET THEMSELVES APART WITH OFFBEAT
NAMES

INVESTORS UNCOMFORTABLE WITH BOB THE BULL FOR EXAMPLE COULD CALL ON
CONSERVATIVE FINANCIAL SERVICES OF FARMINGTON MO NO OPTIONS NO
COMMODITIES AND NO MARGIN ACCOUNTS ARE ALLOWED AT CONSERVATIVE FINANCIAL
SAYS SUSAN EVANS A VICE PRESIDENT THIS IS A VERY CLEANCUT BUSINESS AS
CONSERVATIVE AS THIS BUSINESS CAN BE SHE SAYS

NOT EVEN STRAIGHTLACED EDWARD D JONES & CO WAS PRUDENT ENOUGH FOR THE
RISKAVERSE BROKERS WHO BOLTED FROM THAT ST LOUIS REGIONAL BROKERAGE FIRM
EIGHT YEARS AGO TO START UP CONSERVATIVE FINANCIAL THEY WEREN'T COMFORTABLE
WITH SOME OF THE NEW ISSUES AND ANNUITIES JONES WAS SELLING

AT WAYNE GRAYSON CAPITAL RALPH RIVERSO IS QUICK TO PICK UP THE BAT PHONE
AND CONFIRM RUMORS THAT WALL STREET WAGS HAVE SNICKERED ABOUT FOR YEARS

THE NAMES WAYNE AND GRAYSON CAME ABOUT FROM BRUCE WAYNE AND DICK GRAYSON
THE EVERYDAY IDENTITIES OF THE DYNAMIC DUO OF COMIC BOOK AND TELEVISION
FAME BATMAN AND ROBIN HE SAYS WHEN MR RIVERSO AND HIS PARTNERS WERE
PUTTING THE FIRM TOGETHER HE SAYS THE MOVIE BATMAN WAS POPULAR IN
THEATERS THAT SPARKED THE IDEA HE SAYS CONFIDING FURTHER THAT HE AND HIS
PARTNERS LIKED THE NICE WASPY SOUND OF WAYNE GRAYSON

WASPY OR NOT COMICBOOK CHARACTER BRUCE WAYNE WON'T BE TURNING TO WAYNE
GRAYSON CAPITAL TO MANAGE HIS FAMILY'S FORTUNE SAYS PAUL LEVITZ PUBLISHER
OF DC COMICS WHICH OWNS THE BATMAN CHARACTER THE WEALTHY WAYNE MORE OR
LESS DOES IT HIMSELF WITH HELP FROM A TRUSTED STAFFER LUCIUS FOX MR
LEVITZ SAYS

AS FOR COPYRIGHT MATTERS MR LEVITZ SAYS HE DOESN'T HAVE ANY PROBLEM WITH
WAYNE GRAYSON CAPITAL AS LONG AS THE FIRM DOESN'T ALLEGE ANY CONNECTION TO
THE CAPED CRUSADER

ELSEWHERE HORNBLOWER CAPITAL CORP OF SAN FRANCISCO IS NAMED FOR CAPTAIN
HORATIO HORNBLOWER THE GENTLEMANLY SEAFARER OF BOOK AND MOVIE FAME TERRY
MACRAE PRESIDENT OF HORNBLOWER CAPITAL AND ITS HORNBLOWER DINING YACHTS
AFFILIATE WAS ATTRACTED TO THE NAME BECAUSE OF THE UPPERCRUSTY AND
ADVENTURESOME CONNOTATIONS OF CAPTAIN HORNBLOWER PORTRAYED BY GREGORY PECK
IN A 1951 MOVIE

BUT THE LATEST TREND ON WALL STREET IS A RETREAT FROM COMPANIES WHOSE
FORTUNES ARE TIED TO BRAND NAMES PERHAPS TRADING DESK INC OF ENGLEWOOD
COLO OR SHARE INC DALLAS WILL CASH IN ON THE TREND TOWARD GENERICS
9310080141 931008 ENTERPRISE FINANCING SMALL BUSINESS PRIVATE
FINANCING BY BIOTECHNOLOGY FIRMS IS GROWING  BY UDAYAN GUPTA STAFF
REPORTER OF THE WALL STREET JOURNAL

PRIVATE FINANCING FOR BIOTECHNOLOGY FIRMS GROWS DESPITE UNCERTAINTIES

DURING THE FIRST NINE MONTHS OF 1993 85 BIOTECH COMPANIES RAISED MORE THAN
700 MILLION FROM PRIVATE INVESTORS 75 MORE THAN THE AMOUNT RAISED IN
THE YEAREARLIER PERIOD REPORTS CONSULTANTS FEINSTEIN PARTNERS IN
CAMBRIDGE MASS THE INCREASE CAME DESPITE UNCERTAINTY ABOUT THE CLINTON
HEALTHCARE PLAN BUT DURING THE SAME PERIOD PUBLIC FINANCING OF BIOTECH
FIRMS DECLINED TO ABOUT 1 BILLION FROM 19 BILLION IN THE FIRST NINE
MONTHS OF 1992 THE CONSULTING CONCERN SAYS

SOME SMALL PUBLIC COMPANIES OPTED FOR PRIVATE FINANCING BECAUSE IT WAS
SIMPLER AND MORE CONVENIENT IN THE PRIVATE MARKET YOU HAVE A LITTLE MORE
FLEXIBILITY ABOUT PRICING AND STRUCTURING A DEAL SAYS JEFFREY JAY A
PARTNER AT JH WHITNEY & CO A NEW YORK VENTURECAPITAL FIRM

BESIDES COMPANIES CAN ARRANGE THESE PRIVATE PLACEMENTS WITHOUT A NEGATIVE
IMPACT ON THEIR STOCK PRICE DR JAY ADDS COMPANIES OFTEN EXPERIENCE A
DROP IN THEIR STOCK PRICES WHEN THEY SELL ADDITIONAL SHARES TO THE PUBLIC
ANOTHER ADVANTAGE OF PRIVATE PLACEMENTS PUBLIC COMPANIES CAN LINE UP BIG
INVESTORS AND TALK TO OTHERS WELL BEFORE THEY MUST FILE A REGISTRATION
STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION

PUBLIC COMPANIES THAT RAISED CAPITAL RECENTLY THROUGH PRIVATE PLACEMENTS
INCLUDE CYTOTHERAPEUTICS PROVIDENCE RI ALPHABETA TECHNOLOGY
WORCESTER MASS CREATIVE BIOMOLECULES INC HOPKINTON MASS AND PHARMOS
CORP NEW YORK

CLOSELY HELD STARTUPS ALSO HAVE RAISED MORE PRIVATE MONEY THIS YEAR BUT IT
WAS COSTLY SAYS MARK SKALETSKY CHIEF EXECUTIVE OFFICER OF GELTEX
PHARMACEUTICALS INC THE YEAROLD LEXINGTON MASS COMPANY SOLD A 50 STAKE
FOR 68 MILLION LAST MONTH TO AN INVESTOR GROUP THAT INCLUDED SIX
VENTURECAPITAL FIRMS SUCH AS DOMAIN PARTNERS NEW ENTERPRISE ASSOCIATES
AND NORWEST VENTURE CAPITAL

MR SKALETSKY SAYS THE MONEY SHOULD BE ENOUGH TO DEVELOP AND TEST GELTEX'S
FIRST PRODUCT GELTEX IS DEVELOPING PRODUCTS THAT ACT LIKE MOLECULAR
SPONGES BY REDUCING CHOLESTEROL AND OTHER POTENTIALLY HARMFUL SUBSTANCES
BUT HE WONDERS HOW HE WILL BE ABLE TO RAISE THE ADDITIONAL 70 MILLION OR SO
NEEDED TO COMMERCIALIZE THE FIRST PRODUCT

INNOVATIVE BIOTECHNOLOGY COMPANIES WILL GET FINANCING DESPITE POSSIBLE
FEDERAL LIMITS ON NEW DRUGS' PRICES AS A RESULT OF THE CLINTON HEALTH PLAN
SAYS JEREMY LEVIN CHIEF EXECUTIVE OF CADUS PHARMACEUTICAL CORP THE NEW
YORK CONCERN WHICH RECEIVED 8 MILLION IN AUGUST IS EXPLOITING THE
POTENTIAL OF CERTAIN BODY PROTEINS TO CONTROL AND ARREST SOME DISEASES

VENTURE CAPITALISTS SHOW A RENEWED INTEREST IN SEED INVESTMENTS

MORE THAN 60 OF 67 VENTURE FUNDS SAID THEY NOW ARE ACTIVELY INVOLVED IN
SEED CAPITAL BY INVESTING IN SMALL FIRMS THAT HAVE YET TO PRODUCE A
PROTOTYPE ACCORDING TO A STUDY BY ATLANTA CONSULTANT RICHARD MEYER THAT IS
NEARLY DOUBLE THE NUMBER RESPONDING TO A SIMILAR POLL A YEAR AGO SAYS DR
MEYER WHO PREPARED THE STUDY FOR EMORY UNIVERSITY'S BUSINESS SCHOOL

THE FUNDS IN THE LATEST STUDY EXPECT TO PROVIDE ABOUT 74 MILLION FOR SEED
INVESTMENTS THIS YEAR THAT AMOUNT COULD INCREASE TO 102 MILLION BY THE
YEAR 2000 ACCORDING TO THE FUNDS' PROJECTIONS

ONE REASON FOR THE INCREASE IN SEED CAPITAL IS BECAUSE OF THE LARGE NUMBERS
OF INITIAL PUBLIC OFFERINGS IN 1992 VENTURE CAPITALISTS SAY SOME FUNDS ARE
TAKING MONEY MADE FROM SELLING STAKES IN RECENTLY PUBLIC COMPANIES AND
POURING IT INTO SEED INVESTMENTS DR MEYER EXPLAINS THE PROSPECT THAT THE
NEW TAX LAW WILL HAVE A POSITIVE IMPACT ON SEED INVESTMENTS ALSO IS
ENCOURAGING THE INCREASED FLOW OF SUCH CAPITAL HE ADDS

STILL DESPITE PROJECTED INCREASES DR MEYER SEES A WIDENING GAP BETWEEN
THE AMOUNT OF SEED CAPITAL OFFERED AND REQUIRED MANY VENTURE FUNDS WANT TO
MANAGE FAR LARGER SUMS THAN WHAT ENTREPRENEURS NEED TO GET GOING

IN THE EMORY STUDY MOST INSTITUTIONAL FUNDS INDICATED THAT THE AVERAGE SIZE
OF THEIR LATEST SEED INVESTMENTS WAS ABOUT 15 MILLION

MISSOURI SPONSORS A NETWORK TO LINK ENTREPRENEURS WITH INVESTORS

MISSOURI INNOVATION CENTER HAS BEEN PREPARING ENTREPRENEURS FOR EARLYSTAGE
FINANCING BY HELPING FLEDGLING COMPANIES TO DEVELOP BUSINESS PLANS DESIGN
PRODUCTS AND LINE UP POTENTIAL CUSTOMERS NOW THE NONPROFIT CENTER IS
EXPANDING ITS SERVICES BY CREATING AN INVESTOR NETWORK FOR ITS CLIENTS

THE CENTER COMPILED A LIST OF POTENTIAL MISSOURI INVESTORS THAT INCLUDES
WEALTHY PROFESSIONALS BUSINESS EXECUTIVES AND INVESTOR GROUPS WE'RE
GETTING PEOPLE WHO HAVE THE MONEY BUT DON'T WANT TO INVEST IT IN A BLIND
POOL WE'RE CREATING A NEW KIND OF SEED FUND SAYS CHIP COOPER EXECUTIVE
DIRECTOR OF THE COLUMBIA MO CENTER THE CENTER COULDN'T LAUNCH THIS
NETWORK UNTIL STATE REGULATORS EASED PROCEDURES THAT RESTRICT FUND RAISING
BY CLOSELY HELD COMPANIES HE EXPLAINS

THE ONLY REAL SOURCE OF HIGHRISK CAPITAL IS PRIVATE INVESTORS SAYS MR
COOPER TRADITIONAL FUNDS DON'T WANT TO ADDRESS COMPANIES AT THEIR
INCEPTION STAGE

FOR STARTERS THE CENTER WILL PREPARE A SYNOPSIS OF POSSIBLE INVESTMENTS FOR
THESE POTENTIAL INVESTORS ANYONE EXPRESSING INTEREST WILL RECEIVE AN
ENTREPRENEUR'S OFFICIAL OFFERING MEMORANDUM PREPARED WITH HELP FROM THE
STATE'S SECURITIES OFFICE ACTUAL INVESTMENTS WILL BE ARRANGED SOLELY
BETWEEN AN INVESTOR AND THE ENTREPRENEUR WE'RE JUST HELPING FACILITATE THE
FINANCING PROCESS WE'RE NOT GUARANTEEING ANYTHING SAYS MR COOPER

THE FIRST INVESTMENT OPPORTUNITY BEING OFFERED COMES FROM BLUE HAND INC A
COLUMBIA MO GARMENT DESIGN AND SCREEN PRINTING COMPANY THE FIRM SAYS IT
NEEDS 300000 FOR REGIONAL AND NATIONAL EXPANSION

ODDS & ENDS MARTIN MARIETTA CORP PLANS A VENTURECAPITAL FUND FOR
TECHNOLOGY TRANSFER THE FUND WILL INVEST IN STARTUP COMPANIES THAT USE
TECHNOLOGIES BEING DEVELOPED AT SANDIA NATIONAL LABORATORIES NEW MEXICO 
 MCC VENTURES INC A SUBSIDIARY OF MICROELECTRONICS & COMPUTER
TECHNOLOGY CORP AUSTIN TEXAS IS ASSESSING HOW SOME ELECTRONICS
TECHNOLOGY AT LOS ALAMOS NATIONAL LABORATORY CAN BE TURNED INTO COMMERCIAL
VENTURES 9310080140 931008 HILO AUTOMOTIVE SALES GROW

HOUSTON HILO AUTOMOTIVE INC SAID SEPTEMBER SALES INCREASED 131 TO
176 MILLION FROM 156 MILLION A YEAR AGO SALES AT STORES OPEN A YEAR OR
MORE ROSE 41

THE AUTO PARTS RETAILER SAID THAT FOR THE NINE MONTHS ENDED SEPT 30 SALES
INCREASED 93 TO 1555 MILLION FROM 1422 MILLION FOR THE SAME PERIOD A
YEAR AGO SAMESTORE SALES INCREASED 05 FOR THE NINE MONTHS 9310080139
931008 COLUMBIA JOINS MEDICAL CARE IN AFFILIATE PACT  PLAN IS TO
PROVIDE HOSPITAL AND OUTPATIENT SERVICES TOGETHER IN SIX STATES  
BY BOB ORTEGA STAFF REPORTER OF THE WALL STREET JOURNAL

DALLAS COLUMBIA HEALTHCARE CORP CONTINUING TO BUILD A DOMINANT MARKET
POSITION IN THE HEALTHCARE INDUSTRY SIGNED AN AFFILIATION AGREEMENT WITH
MEDICAL CARE AMERICA INC TO PROVIDE HOSPITAL AND OUTPATIENT SERVICES
JOINTLY IN SIX STATES

ON THE HEELS OF ITS AGREEMENT TO ACQUIRE HCAHOSPITAL CORP OF AMERICA FOR
57 BILLION IN STOCK COLUMBIA'S PACT WITH MEDICAL CARE EXTENDS THE RANGE
OF SERVICES IT CAN OFFER TO MANAGEDCARE OPERATORS AND EVENTUALLY TO THE
REGIONAL HEALTH ALLIANCES ENVISIONED BY THE CLINTON ADMINISTRATION'S
HEALTHCARE REFORM PACKAGE MEDICAL CARE IS THE NATION'S LARGEST PROVIDER OF
OUTPATIENT SURGERY AND HOMEINFUSION CARE

ANALYSTS CONTINUED TO PRAISE COLUMBIA'S SWIFT ADAPTATION TO THE NEW WORLD OF
HEALTH CARE WITH THE ACQUISITION OF HCA COLUMBIA WOULD BECOME BY FAR THE
NATION'S LARGEST FORPROFIT HOSPITAL OPERATOR THE COMPANY HOPES TO BECOME A
ONESTOP SHOPPING CENTER AND LOWCOST OPERATOR FOR THE NEW GATEKEEPERS TO
MEDICAL SERVICES IN EFFECT THE WALMART OF HEALTH CARE AS FINANCIER
RICHARD RAINWATER ONE OF COLUMBIA'S FOUNDERS AND FINANCIAL BACKERS SAID
RECENTLY

THEY'RE POSITIONING THEMSELVES FOR THE FOREGONE CONCLUSION THAT WE'RE GOING
TO HAVE A MUCH MORE MANAGED HEALTHCARE ENVIRONMENT SAID JOHN HINDELONG
AN ANALYST WITH DONALDSON LUFKIN & JENRETTE ADDED TODD B RICHTER AN
ANALYST WITH DEAN WITTER IN THIS HEALTHCARE MARKET TO CAPTURE THE
MAXIMUM REVENUE YOU HAVE TO HAVE BOTH INPATIENT AND OUTPATIENT CARE

THE AFFILIATION MAY BE EVEN MORE BENEFICIAL FOR MEDICAL CARE AMERICA
HOWEVER THE COMPANY HAS SEEN ITS PROFITS AND ITS STOCK PRICE PLUMMET IN
RECENT QUARTERS LARGELY AS A RESULT OF PRICING PRESSURES ON ITS HOMECARE
INFUSION BUSINESS WHICH PROVIDES INTRAVENOUS DRUG AND NUTRITION THERAPY
THE COMPANY'S EARNINGS IN THE SECOND QUARTER DROPPED 38 TO 132 MILLION
OR 36 CENTS A SHARE ON REVENUE OF 1599 MILLION IT'S STOCK WHICH TRADED
AS HIGH AS 6250 IN SEPTEMBER 1992 WAS AT 20 DOWN 125 CENTS IN NEW
YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY

COLUMBIA DIDN'T NEED THEM IT COULD HAVE BUILT ITS OWN OUTPATIENT CENTERS
OR BOUGHT OTHERS SAID MR RICHTER BUT MEDICAL CARE DOES NEED COLUMBIA
SEVERAL ANALYSTS SUGGESTED THAT THE AFFILIATION WILL BE THE FIRST OF MANY IN
THE HEALTHCARE INDUSTRY AS COMPANIES SEEK ALLIES IN ANTICIPATION OF THE
MOVE TO MANAGED CARE

JONATHAN R BOND SENIOR VICE PRESIDENT AT MEDICAL CARE AMERICA SAID THAT
IT SEEMS CLEAR THAT WHATEVER HEALTH PLAN EMERGES FROM CONGRESS INSURERS AND
OTHER THIRDPARTY PAYERS OF MEDICAL BILLS WILL HAVE MORE AND MORE OVER SAY
WHERE PATIENTS GO AND THAT THE POINT OF THIS AFFILIATION IS TO MAKE BOTH
COMPANIES MORE ATTRACTIVE ALTERNATIVES THAT'S THE MEAT OF IT HE SAID

UNDER THE AGREEMENT THE TWO COMPANIES WILL JOINTLY NEGOTIATE AND ENTER INTO
CONTRACTS WITH INSURANCE COMPANIES AND OTHER THIRDPARTY PAYERS OF MEDICAL
BILLS AND WILL JOINTLY OWN MEDICAL FACILITIES IN NINE GEOGRAPHICAL MARKETS
IN SIX STATES WHERE THEIR OPERATIONS OVERLAP THE SIX STATES ARE ALABAMA
ARIZONA FLORIDA KANSAS MISSOURI AND TEXAS

COLUMBIA HEALTHCARE AND MEDICAL CARE AMERICA HAVE WORKED TOGETHER BEFORE
JOINTLY OPERATING A VENTURE IN CORPUS CHRISTI TEXAS THAT INCLUDES TWO
ACUTECARE HOSPITALS A PSYCHIATRIC HOSPITAL AND AN OUTPATIENT SURGERY
CENTER COLUMBIA HEALTHCARE ALSO OWNS 50 OF A MEDICAL CARE SURGERY CENTER
IN SOUTHERN FLORIDA

WHEN THE HCA ACQUISITION IS COMPLETED COLUMBIA WILL HAVE GROWN IN A YEAR'S
TIME FROM 22 HOSPITALS AND 8193 MILLION IN REVENUE TO 190 HOSPITALS WITH
EXPECTED ANNUAL REVENUE OF MORE THAN 10 BILLION MOST OF THAT CAME IN TWO
BIG GULPS THE HCA DEAL AND THE EARLIER ACQUISITION OF GALEN HEALTH CARE
INC FOR 32 BILLION IN STOCK

MEDICAL CARE AMERICA MEANWHILE WAS FORMED LAST YEAR BY THE MERGER OF
MEDICAL CARE INTERNATIONAL INC AN OUTPATIENT SURGERY CONCERN AND CRITICAL
CARE AMERICA INC A HOMEINFUSION THERAPY OUTFIT THOUGH COMPANY OFFICIALS
CLAIMED THE MERGER WOULD LET IT OFFER BROADER SERVICES AT LOWER COST
INTENSIFIED COMPETITION DROVE DOWN PRICES FOR HOMEINFUSION SERVICES THE
RESULTANT BLOW TO THE MERGED ENTITY'S PROFITS SURPRISED WALL STREET AND THE
COMPANY'S STOCK PRICE TOOK A POUNDING SINCE THEN MEDICAL CARE AMERICA HAS
BEEN STRUGGLING TO RESTRUCTURE ITS BUSINESS SLASH COSTS AND REVAMP ITS
MARKETING STRATEGY

COLUMBIA HEALTHCARE SHARES FELL 375 CENTS A SHARE TO 28375 IN BIG BOARD
TRADING YESTERDAY 9310080138 931008 TUESDAY MORNING SALES RISE

DALLAS TUESDAY MORNING CORP SAID SALES IN THE THIRD QUARTER INCREASED
14 TO 324 MILLION FROM 284 MILLION A YEAR EARLIER THE CATALOG
OPERATION WHICH WAS CLOSED DURING THE SECOND QUARTER CONTRIBUTED AN
ADDITIONAL 3 MILLION IN SALES LAST YEAR

THE DEEPDISCOUNT SPECIALTY RETAILER SAID COMPARABLESTORE SALES AT STORES
OPEN FOR MORE THAN ONE YEAR DECREASED 2 DURING THE THIRD QUARTER STEVE
HIGGINS PRESIDENT SAID THE COMPANY WAS QUITE DISSATISFIED WITH THE
SAMESTORE SALES DECREASE HE SAID THE RESULTS WERE PARTICULARLY
DISAPPOINTING CONSIDERING THAT THE QUARTER INCLUDED 10 ADDITIONAL SELLING
DAYS COMPARED WITH THE PRIOR YEAR WHICH MEANT ADDITIONAL COSTS TO OPERATE
THE COMPANY'S 220 STORES 9310080137 931008 IDB HOLDERS TO SELL SHARES

LOS ANGELES IDB COMMUNICATIONS GROUP INC SAID TWO CORPORATE SHAREHOLDERS
PLAN TO SELL 97 MILLION COMMON SHARES

ONE SELLER TELECOLUMBUS USA INC HOLDS 62 MILLION IDB SHARES AS A
RESULT OF SELLING ITS WORLD COMMUNICATIONS INC UNIT TO IDB THE OTHER
SELLER PACIFIC TELECOM INC HAS 45 MILLION IDB SHARES AS A RESULT OF
IDB'S ACQUISITION OF TRT COMMUNICATIONS INC

IDB A TELECOMMUNICATIONS CONCERN SAID PACIFIC TELECOM IS SELLING ITS
SHARES TO RAISE FINANCING TO BUY LOCAL TELEPHONE EXCHANGES WHILE
TELECOLUMBUS IS SELLING BECAUSE ITS SWISS PARENT MOTORCOLUMBUS AG WANTS
TO FOCUS ON A CORE POWERGENERATION BUSINESS 9310080136 931008 MEXICAN
WAGES ARE SEEN RISING UNDER NAFTA  INCREASE WOULD REDUCE THREAT
TO US JOBS CONFERENCE BOARD SAYS  BY FRED R BLEAKLEY STAFF
REPORTER OF THE WALL STREET JOURNAL

PASSAGE OF THE NORTH AMERICAN FREE TRADE AGREEMENT WOULD LEAD TO HIGHER
WAGES IN MEXICO REDUCING THE THREAT TO AMERICAN JOBS A NEW REPORT FROM THE
CONFERENCE BOARD SHOWS

THE INTERNATIONAL BUSINESS GROUP SAID ITS RESEARCH FOUND THAT MEXICAN WAGES
IN INDUSTRIES WHERE THERE ALREADY IS HEAVY FOREIGN INVESTMENT HAVE RISEN
SHARPLY OVER THE PAST FIVE YEARS DEBATE ON NAFTA WHICH PROMOTES GREATER
TRADE AMONG THE MEXICAN US AND CANADIAN MARKETS BEGINS IN CONGRESS NEXT
MONTH THE CONFERENCE BOARD BECAUSE OF ITS BYLAWS IS REMAINING NEUTRAL ON
THE ISSUE

TRADE IS THE BEST VEHICLE TO NARROW THE WAGE DIFFERENTIAL SAID GAIL
FOSLER THE BOARD'S CHIEF ECONOMIST AND AUTHOR OF THE REPORT RELEASED
YESTERDAY THE REPORT NOTED THAT IN THE CHEMICAL FOOD AND TRANSPORTATION
EQUIPMENT INDUSTRIES AREAS WHERE US MANUFACTURERS HAVE A BIG MEXICAN
PRESENCE THE GAP BETWEEN US WAGES AND MEXICAN WAGES HAS NARROWED
SUBSTANTIALLY OVER THE PAST FIVE YEARS IN 1987 THEY WERE 91 71 AND 76
TIMES MEXICAN WAGES RESPECTIVELY FIGURES WHICH HAD NARROWED TO 66 45
AND 58 BY LAST YEAR

IMPORTANTLY MS FOSLER SAID US WAGES IN THOSE FIELDS HAVE CONTINUED TO
RISE IN THE FIVEYEAR PERIOD IF NAFTA PASSES THE NARROWING OF THE WAGE GAP
WOULD ACCELERATE ALTHOUGH SHE CONCEDES JOBS IN THE SHORT TERM COULD BE LOST
IN THE APPAREL AGRICULTURE GLASSWARE LUMBER AND FURNITURE INDUSTRIES SHE
CONTENDS THAT THE NARROWING OF THE WAGE DIFFERENTIAL EVENTUALLY WOULD REDUCE
SOME OF THE INCENTIVE FOR US COMPANIES TO PLACE MANUFACTURING FACILITIES
IN MEXICO AT THE SAME TIME MEXICAN CONSUMERS WOULD HAVE THE WHEREWITHAL TO
PAY FOR MORE US EXPORTS

OPPONENTS OF NAFTA HOWEVER STRESSED THAT TOO MANY JOBS WOULD BE LOST IN
THE MEANTIME BECAUSE THE WAGE DIFFERENTIAL REMAINS SO HIGH NOW WHEN I
WORKED IN TENNESSEE AND OKLAHOMA OUR MANUFACTURING INDUSTRY WAGES WERE 30
BELOW OTHER AREAS AND WE EMPTIED OUT JOBS FROM THE NORTHEAST AND MIDWEST
SAID PAT CHOATE COAUTHOR WITH ROSS PEROT OF A BOOK OPPOSING NAFTA IF WE
HAD A 500 ADVANTAGE AS MEXICO STILL HAS IN THOSE SECTORS IMAGINE WHAT WE
COULD HAVE DONE

EVEN IN INDUSTRIES WHERE THE WAGE DIFFERENTIAL IS FAR LARGER SUCH AS
APPAREL MS FOSLER CONTENDS THAT IT'S A FALLACY TO FOCUS THE ISSUE OF
LOST JOBS ON MEXICO AND NAFTA ANY COUNTRY IS EXTREMELY VULNERABLE TO JOB
LOSSES SHE SAYS BECAUSE THERE ARE SO MANY AREAS OF THE WORLD IN SOUTH
AMERICA AND CHINA FOR INSTANCE WHERE WAGES ARE EVEN LOWER THAN MEXICO'S

THE GREAT SUCKING SOUND THAT ROSS PEROT HEARS IS NOT MEXICO VS THE US
IT'S THE GRAVITATIONAL FORCE PULLING THE US EUROPE AND ASIA OUT OF THEIR
DOMESTIC MARKETS TO AREAS OF ABOVEAVERAGE GROWTH MS FOSLER SAID SHE
ALSO MAINTAINS THAT SHE IS BAFFLED BY MR PEROT'S CONTENTION THAT MILLIONS
OF JOBS WOULD BE LOST IF NAFTA GOES FORWARD

THE EMPHASIS SHOULD BE THAT MEXICO IS A DYNAMIC MARKET THAT COULD BECOME
MORESO THROUGH GREATER REGIONAL TRADE MS FOSLER SAID IF NAFTA ISN'T
ENACTED SHE PREDICTED THE US JOB MARKET IN THE SHORT RUN COULD BE JUST
AS VULNERABLE AS IF IT WERE TO PASS THAT IS BECAUSE THE FLOW OF DIRECT AND
PORTFOLIO INVESTMENT INTO MEXICO IN RECENT YEARS SHE SAID WOULD BE
THROTTLED FORCING MEXICO TO EITHER RAISE INTEREST RATES OR LOWER THE VALUE
OF THE PESO TO KEEP ITS ECONOMY MOVING THE IMPACT WOULD BE FEWER US
EXPORTS PURCHASED BY MEXICANS AND CHEAPER MEXICAN IMPORTS IN THE US BOTH
OF WHICH WOULD ELIMINATE US JOBS

MEXICO IS GOING TO DO IT EITHER WAY MAINTAINS MR CHOATE WHO BELIEVES
INTEREST RATES WILL RISE TO CORRECT THE NATION'S TRADE DEFICIT MS FOSLER
DISAGREES CITING THE PHILIPPINES AS A NATION THAT CONTINUES IMPORTING MORE
THAN IT EXPORTS BECAUSE IT IS A GROWING ECONOMY

SHE AND MR CHOATE ALSO DISAGREE ON THE FLEXIBILITY OF NAFTA HE SAYS IT
OFFERS NO POSSIBILITY TO MAKE AMENDMENTS A PROCESS THAT IS SIMILAR TO ALL
TRADE BILLS PASSED IN THE US SINCE 1974 SHE CONTENDS THAT IT IS NOT AN
EVENT BUT AN ONGOING PROCESS SUBJECT TO RENEGOTIATION

ALTHOUGH THE CONFERENCE BOARD IS PROHIBITED BY CHARTER FROM TAKING A STAND
ON PUBLIC POLICY ISSUES IT WAS COHOST LAST MONTH OF A MEETING WHERE CHIEF
EXECUTIVES OF LEADING CORPORATIONS OF 60 COUNTRIES URGED PASSAGE OF NAFTA
IT WAS THE FIRST TIME THE INTERNATIONAL INDUSTRIAL CONFERENCE WHICH HAS MET
EVERY FOUR YEARS SINCE 1957 TOOK A STANCE ON A PUBLIC ISSUE 9310080135
931008 GM WILL IDLE PLANT IN MICHIGAN NEXT WEEK

DETROIT GENERAL MOTORS CORP SAID IT WILL IDLE NEXT WEEK ITS PONTIAC
MICH ASSEMBLY PLANT WHICH MAKES THE CHEVROLET BLAZER AND GMC JIMMY SPORT
UTILITY VEHICLES BECAUSE OF SLOW SALES

GM SAID IT'S PLANNING OVERTIME AT CAR ASSEMBLY PLANTS IN FAIRFAX KAN AND
DORAVILLE GA AND TRUCK ASSEMBLY PLANTS IN MORAINE OHIO JANESVILLE
WIS FORT WAYNE IND BALTIMORE AND FLINT AND PONTIAC MICH

FORD MOTOR CO SAID IT OPERATED OVERTIME THIS WEEK AT CAR ASSEMBLY PLANTS IN
LORAIN OHIO KANSAS CITY KAN ATLANTA AND CHICAGO FORD SAID ALL OF ITS
TRUCK PLANTS EXCEPT ITS VAN ASSEMBLY LINE IN LORAIN OHIO WORKED OVERTIME
THIS WEEK

CHRYSLER CORP SAID ITS ASSEMBLY PLANTS IN NEWARK DEL DETROIT AND
STERLING HEIGHTS MICH WILL WORK SATURDAY OVERTIME THIS WEEK

THE AUTO MAKER SAID ITS FACTORIES IN WINDSOR AND BRAMALEA ONTARIO WON'T
OPERATE MONDAY BECAUSE OF THE THANKSGIVING DAY HOLIDAY IN CANADA

ALTOGETHER THE 10 DOMESTIC AUTO MAKERS SAID THEY PLAN TO BUILD 221310
VEHICLES THIS WEEK UP 18 FROM THE 187581 VEHICLES BUILT A YEAR AGO
9310080134 931008 PROGRAM TRADING

NEW YORK PROGRAM TRADING IN THE WEEK ENDED OCT 1 ACCOUNTED FOR 96 OR
AN AVERAGE 254 MILLION DAILY SHARES OF NEW YORK STOCK EXCHANGE VOLUME

BROKERAGE FIRMS EXECUTED AN ADDITIONAL 124 MILLION DAILY SHARES OF PROGRAM
TRADING AWAY FROM THE BIG BOARD MOSTLY ON FOREIGN MARKETS PROGRAM TRADING
IS THE SIMULTANEOUS PURCHASE OR SALE OF AT LEAST 15 DIFFERENT STOCKS WITH A
TOTAL VALUE OF 1 MILLION OR MORE

OF THE PROGRAM TOTAL ON THE BIG BOARD 23 INVOLVED STOCKINDEX ARBITRAGE
DOWN FROM 337 IN THE PRIOR WEEK IN THIS STRATEGY TRADERS DART BETWEEN
STOCKS AND STOCKINDEX OPTIONS AND FUTURES TO CAPTURE FLEETING PRICE
DIFFERENCES

SOME 458 OF PROGRAM TRADING WAS EXECUTED BY FIRMS FOR THEIR CUSTOMERS
WHILE 414 WAS FOR THE FIRMS' OWN ACCOUNTS OR PRINCIPAL TRADING AN
ADDITIONAL 128 WAS DESIGNATED AS CUSTOMER FACILITATION WHERE FIRMS USE
PRINCIPAL POSITIONS TO FACILITATE CUSTOMER TRADES

OF THE FIVE MOSTACTIVE FIRMS NOMURA SECURITIES AND COOPER NEFF EXECUTED
ALL OR MOST OF THEIR PROGRAM TRADING FOR THEIR OWN ACCOUNTS WHILE MORGAN
STANLEY AND LEHMAN BROTHERS DID ALL OR MOST OF THEIR PROGRAM TRADING FOR
THEIR CUSTOMERS UBS SECURITIES SPLIT ITS PROGRAM TRADING BETWEEN ITS OWN
ACCOUNT AND ITS CUSTOMERS 9310080133 931008 COMMODITIES SILVER FUTURES
CONTINUE RALLY RISING 96 CENTS AN OUNCE ON INCREASING SPECULATIVE DEMAND
  BY WARREN GETLER STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK SILVER FUTURES PRICES CONTINUED TO RALLY ON TECHNICAL GROUNDS
CLIMBING 96 CENTS AN OUNCE ON GROWING SPECULATIVE DEMAND FROM NEW YORK
HEDGE FUNDS AND MIDDLE EASTERN SYNDICATES TRADERS SAID

SINCE LAST FRIDAY'S CLOSE SILVER FOR DECEMBER DELIVERY HAS GAINED MORE THAN
32 CENTS AN OUNCE OR 8 BUT THE BUYING THUS FAR HAS BEEN ALMOST ENTIRELY
SPECULATIVE WITH LITTLE SIGN OF A PICKUP IN INDUSTRIAL DEMAND FOR THE WHITE
METAL SOME TRADERS CAUTIONED

ON NEW YORK'S COMMODITY EXCHANGE THE ACTIVE DECEMBER CONTRACT CLOSED AT
4383 AN OUNCE FOLLOWING WEDNESDAY'S 20CENT JUMP AND YESTERDAY'S NEAR
10CENT LEAP MOST ANALYSTS EXPECT THE DECEMBER CONTRACT TO BE DRIVEN HIGHER
IN FURTHER TECHNICAL OR CHARTBASED TRADING

I BELIEVE WE'RE GOING HIGHER WITH THE MARKET SET TO MAKE A MOVE TOWARD
460 SAID SCOTT MEYERS SENIOR COMMODITY ANALYST WITH REDEL TRADING IN
NEW YORK THE TECHNICALS LOOK GOOD HE SAID NOTING THAT TRADERS TRIED TO
PULL THE MARKET BACK BUT IT HELD AND THEN MOVED HIGHER

SOME ANALYSTS SAID THE NEXT RESISTANCE LEVEL WOULD LIKELY COME IN AT EVEN
HIGHER LEVELS

THE FUND BUYING IS STARTING TO SPREAD OBSERVED IAN MACDONALD A VETERAN
PRECIOUS METALS TRADER FOR CREDIT SUISSE IN NEW YORK IT'S DIFFICULT TO SAY
WHAT LEVEL THEY'RE AIMING FOR BUT 480 AN OUNCE ON THE DECEMBER CONTRACT
SEEMS TO BE THE OBJECTIVE SHORTTERM

IF DECEMBER SILVER WHICH HAD TRADED ABOVE 550 AN OUNCE IN AUGUST WERE TO
RECOUP MUCH OF THAT LOSS AND TRADE IN THE 480 RANGE IN THE NEXT WEEK OR
TWO IT WOULD CERTAINLY START ATTRACTING THE ATTENTION OF OTHER LARGE
SPECULATORS WORLDWIDE HE SAID

PEOPLE ARE LOOKING FOR MARKETS THAT MOVE THEY'RE TRYING TO RIDE TRENDS
HE SAID MR MACDONALD SAID THAT DESPITE THE ABSENCE OF STRONG PHYSICAL
DEMAND FOR SILVER THE RALLY IS LIKELY TO FIND SOME FUNDAMENTAL SUPPORT FROM
THE MANUFACTURING TRADE ONCE ANEMIC ECONOMIES IN EUROPE AND JAPAN START TO
RECOVER

BUT FOR EVERY BULL IN THE THINLY TRADED AND HENCE VOLATILE SILVER FUTURES
MARKET THERE IS AT LEAST ONE BEAR

I THINK THIS IS A SPECULATIVE BUBBLE SAID GEORGE MILLINGSTANLEY SENIOR
PRECIOUS METALS ANALYST WITH LEHMAN BROTHERS HE SAID THAT SILVER IS
VULNERABLE TO A CORRECTION WHICH HE ADDED IS LIKELY TO BE SPURRED BY
NEARTERM WEAKNESS IN PLATINUM ANOTHER WHITE METAL USED BROADLY IN
INDUSTRY ON THE NEW YORK MERCANTILE EXCHANGE PLATINUM FOR JANUARY DELIVERY
SETTLED 270 AN OUNCE LOWER AT 36340

MR MILLINGSTANLEY SAID THAT GOLD ON THE OTHER HAND IS SET TO CONTINUE TO
MOVE GRADUALLY HIGHER AS CHINESE DEMAND BEGINS TO REEMERGE AT CURRENT PRICE
LEVELS AND AS EUROPEAN JEWELRY DEMAND BEGINS TO REVIVE GOLD FOR DECEMBER
DELIVERY CLOSED THURSDAY AT 35850 AN OUNCE UP 30 CENTS ON THE COMEX
FOLLOWING A 340 JUMP WEDNESDAY

GRAINS AND SOYBEANS GRAIN FUTURES PRICES ROSE AS TRADERS CONTINUED TO TAKE
STOCK OF DIMINISHING ESTIMATES OF THIS YEAR'S CORN AND SOYBEAN CROPS TWO
DAYS AGO SPARKS COS A WIDELY WATCHED GRAINFORECASTING CONCERN REDUCED
ITS CROP PRODUCTION ESTIMATES TO 1878 BILLION BUSHELS OF SOYBEANS AND 702
BILLION BUSHELS OF CORN IN ITS LATEST CROPPRODUCTION REPORT ON SEPT 9
THE US AGRICULTURE DEPARTMENT HAD FORECAST THE CROPS AT 7229 BILLION
BUSHELS OF CORN AND 1909 BUSHELS OF SOYBEANS RICHARD LOEWY PRESIDENT OF
AGRESOURCE CO CHICAGO SAID THE REDUCTIONS ARE LIKELY THE RESULT OF LOW
YIELDS IN WESTERN CORN BELT STATES HURT BY SUMMER FLOODING AND DESTRUCTION
OF LOWQUALITY CROPS IN MINNESOTA UNDER A FEDERAL SUBSIDY PROGRAM AT THE
CHICAGO BOARD OF TRADE SOYBEANS FOR NOVEMBER DELIVERY ROSE 4 CENTS TO
6105 A BUSHEL AND DECEMBER CORN CLIMBED 325 CENTS TO 2415 A BUSHEL

ENERGY CRUDE OIL AND PRODUCT FUTURES PRICES SETTLED HIGHER YESTERDAY BUT
PRICES DURING THE TRADING DAY REMAINED WITHIN A NARROW RANGE

TRADERS SAID VOLUME WAS UNUSUALLY LIGHT AND THE MORNING LOW OF 1836 A
BARREL AND HIGH OF 1857 A BARREL FOR THE NOVEMBER CONTRACT ENDURED UNTIL
THE CLOSE OF THE SESSION

TRADERS SAID THEY WEREN'T AWARE OF ANY BUYING OR SELLING IN VOLUMES LARGE
ENOUGH TO MOVE THE MARKET ALSO THE FAILURE OF PRICES TO BREAK ANY SUPPORT
OR RESISTANCE LEVELS AFTER EARLY MORNING TRADING MADE THE MARKET THE SLOWEST
IN TERMS OF VOLUME SINCE THE END OF THE MEETING OF THE ORGANIZATION OF
PETROLEUM EXPORTING COUNTRIES IN GENEVA LAST WEEK

TRADERS SAID THEY ARE AWAITING THE OUTCOME OF UPCOMING SURVEYS OF OCTOBER
PRODUCTION BY OPEC THE MARKET IS LOOKING FOR SIGNS THAT OPEC MEMBERS ARE
COMPLYING WITH THEIR PLEDGE LAST WEEK TO MAINTAIN A PRODUCTION CEILING NO
HIGHER THAN 245 MILLION BARRELS A DAY 9310080132 931008 LINGERIE IN
EUROPE LONG UNDER WRAPS BECOMES LIBERATED  MARKETERS THROW OFF
THE CORSET OF TRADITIONAL SALES PITCH WONDERBRA SETS THE PACE  
BY CACILIE ROHWEDDER STAFF REPORTER OF THE WALL STREET JOURNAL

THE BRASSIERE IS COMING OUT OF THE CLOSET IN EUROPE

SINCE A GARMENT CALLED WONDERBRA BUSTED SALES RECORDS THIS YEAR FOR BRITISH
LINGERIE MAKER GOSSARD PLC ADVERTISING FOR WOMEN'S UNDERWEAR HAS MOVED FROM
PRUDISH PRINT ADS IN LADIES' MAGAZINES TO SEXY TV SPOTS ACROSS EUROPE

FOR INSTANCE AN AD DUBBED LOCK UP YOUR SONS GOSSARD'S FIRST FORAY INTO
TV ADVERTISING FEATURES A MOTHER'S WORRIED REACTION TO A DARKHAIRED
BEAUTY CLAD IN A LACE BODY SUIT WHO IS WAITING FOR HER SON

WE'RE SEEING AN EVOLUTION SAYS FARAH RAMZAN ACCOUNT DIRECTOR FOR THE
LOCKUPYOURSONS SPOT AT ABBOT MEAD VICKERS BBDO LTD IN LONDON UNDERWEAR
ADS USED TO BE VERY STATIC SHOWING WOMEN IN SEXUAL STEREOTYPES AS FLAT
ONEDIMENSIONAL CHARACTERS NOW WOMEN ARE SHOWN THE WAY THEY WANT TO BE
SHOWN FEMININE CONTEMPORARY HUMOROUS AND IN CONTROL

STARTING OCT 18 THE 30SECOND COMMERCIAL ON THE AIR IN BRITAIN SINCE
SEPT 20 WILL BE JOINED BY A SECOND SPOT BOTH ADS ARE SCHEDULED TO DEBUT
THROUGHOUT EUROPE LATER THIS FALL ON MTV THE MUSICVIDEO CHANNEL AND WERE
MADE BY RIDLEY SCOTT ASSOCIATES THE CAMPAIGN COSTS 3 MILLION 45
MILLION AND MIGHT BE EUROPEAN TV'S LARGESTEVER UNDERWEAR CAMPAIGN BUT
INDUSTRY OBSERVERS EXPECT THE FUTURE TO BRING MORE SUCH COMMERCIALS

WE'RE DEFINITELY SEEING AN UPSURGE ON TV SAYS SUSANNA HAILSTONE ACCOUNT
DIRECTOR FOR WONDERBRA WITH LONDON'S TBWA HOLMES KNIGHT RITCHIE THE AGENCY
WILL KEEP THE WONDERBRA ACCOUNT EVEN THOUGH THE MANUFACTURING LICENSE IS NOW
HELD BY PLAYTEX APPAREL INC A UNIT OF SARA LEE CORP GOSSARD A DIVISION
OF COURTAULDS TEXTILES LTD HAD BEEN MANUFACTURING THE PRODUCT UNDER
LICENSE FROM ANOTHER SARA LEE UNIT

THE WONDERBRA LINE ORIGINALLY INTRODUCED IN 1968 BECAME POPULAR LAST YEAR
AFTER FASHION MAGAZINES REVEALED IT AS THE SECRET TO SUPERMODELS' CLEAVAGE
AND PRAISED IT AS A VITAL ACCESSORY TO TRENDY STRETCH TOPS AND
TIGHTFITTING RIBBED SWEATERS BY SEPTEMBER SALES OF THE PUSHUP BRA HAD
GROWN 47 FROM YEAREARLIER NUMBERS INSTEAD OF 2000 BRAS A WEEK GOSSARD
STARTED SELLING 20000 PIECES

ADVERTISERS ARE TRYING TO CASH IN ON SOARING POPULAR INTEREST PLAYTEX FOR
INSTANCE IS STEPPING UP ITS EFFORTS ON THE SMALL SCREEN THE COMPANY'S
SECRETS AD CAMPAIGN LAST NOVEMBER WAS ITS FIRST EUROPEAN TV AD FOR
UNDERWEAR SINCE THE MID1980S WE REALLY JUST STARTED IT ALL AGAIN SAYS
MIRANDA WILLIS WITH SAATCHI & SAATCHI IN LONDON WHICH HANDLES ADVERTISING
FOR ALL PLAYTEX PRODUCTS BUT WONDERBRA SHE SAYS PLAYTEX OWNER SARA LEE IS
SUPPLYING THE FUNDS FOR TV CAMPAIGNS WHICH CAN BE EXPENSIVE

IN FACT FOR MOST LINGERIE MAKERS THE COST REMAINS A MAJOR HURDLE WHEN
CONSIDERING TV ADVERTISING HOWEVER WHEN TV TIME GETS CHEAPER HERE WITH
NEW CABLE PROGRAMS I COULD IMAGINE DOING A LOT OF TV ADVERTISING SAYS
MICHAEL SITTER AN ADVERTISING EXECUTIVE WITH SWISS UNDERWEAR MAKER TRIUMPH
INTERNATIONAL SPIESSHOFER & BRAUN TV REACHES A WIDER TARGET GROUP AND TV
ADVERTISERS HAVE AN IMAGE AS MORE COMPETENT SUPPLIERS HE SAYS

BUT THE BRA'S ARRIVAL ON TV ISN'T THE ONLY SIGN OF ITS CHANGED STATUS PRINT
ADS ARE ALSO TAKING ON A NEW TONE BEFORE ITS DARING TV CAMPAIGN GOSSARD
TESTED THE WATER WITH TWO LIVELY WONDERBRA PRINT ADS THE ADS ASKED WOMEN TO
SAY GOODBYE TO YOUR FEET AND POSED THE QUESTION WHO SAID DIAMONDS ARE A
GIRL'S BEST FRIEND RIVAL UNDERWEAR MAKER TRIUMPH LET ITS BRITISH AGENCY
DFSD BOZELL FOLLOW SUIT WITH A PRINT CAMPAIGN FEATURING THE PROCLAMATION
NEW LOOK NEW BRA AND IF HE DOESN'T LIKE IT NEW BOYFRIEND

ADVERTISERS ON THE CONTINENT REMAIN LESS BOLD BUT SIGNS OF A DARING AD
STYLE ARE SPRINGING UP IN MORE RESERVED AREAS AS WELL A RECENT AD FOR NO
COMMENT A SWISS PANTYHOSE LINE TRIGGERED A COMPLAINT BY THE MINISTRY FOR
WOMEN WORK AND SOCIAL AFFAIRS IN THE GERMAN STATE OF HESSIA THE AD BY
GERMANY'S COMMA COMMUNICATIONS & MARKETING GMBH SHOWED A TOPLESS WOMAN
HUGGING A LITTLE BOY WHO IS SEATED ON HER LAP WITH HIS LEGS WRAPPED AROUND
HER WAIST

SO FAR BRITAIN'S ADVERTISING STANDARDS AUTHORITY AN INDEPENDENT REGULATORY
BODY HASN'T PROTESTED THE WILD SIDE OF UNDERWEAR ADS IN BRITAIN WITH SEX
EDUCATION AND AIDS SEX IS BEING TALKED ABOUT SO MUCH THAT CONSUMERS ARE
LESS COY ABOUT DISCUSSING INTIMATE PRODUCTS AND ADVERTISING REFLECTS THAT
SAYS SPOKESWOMAN CAROLINE CRAWFORD

BRITISH AUTHORITIES HAVE RECOGNIZED CONSUMERS' NEW ACCEPTANCE OF MORE
OUTSPOKEN ADS WE'RE AGAINST ANYTHING THAT APPEARS SLEAZY OR VOYEURISTIC
OR MAKES PEOPLE FEEL INADEQUATE SAYS STUART PATERSON OF THE INDEPENDENT
TELEVISION COMMISSION IN LONDON A GOVERNMENT ORGANIZATION THAT REGULATES
BRITISH TV ADS BUT IF THERE'S A STYLE OR A TOUCH OF HUMOR I DON'T THINK
WE'D OBJECT HE ALSO ADMITS THAT A DEGREE OF NAKEDNESS IS NECESSARY TO
ADVERTISE PRODUCTS LIKE BRAS

THE BRA'S IMAGE IN ADVERTISING IS ALSO CHANGING BECAUSE ITS ROLE IN WOMEN'S
WARDROBES IS CHANGING IT HAS BECOME A FASHION ACCESSORY IT'S NO LONGER
JUST FUNCTIONAL UNDERWEAR SAYS SAATCHI & SAATCHI'S MS WILLIS JOAN ROLLS
FASHION DIRECTOR FOR ADVERTISING WITH VOGUE IN LONDON SAYS EVEN ADS FOR THE
ITALIAN LUXURY BRAND LA PERLA NOW SHOW WOMEN READY TO GO OUT IN A HAT SHOES
AND A BRA IT ALL STARTED WITH THE WONDERBRA THAT PRESENTED UNDERWEAR AS
OUTERWEAR SHE SAYS 9310080131 931008 RECENT SEC FILINGS

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

COMMERCE HOLDINGS INC A UNIT OF COMMERCE GROUP INC AN INITIAL OFFERING
OF 65 MILLION SHARES VIA MERRILL LYNCH & CO AND KIDDER PEABODY & CO

CROSS TIMBERS OIL CO AN OFFERING OF 65 MILLION PRINCIPAL AMOUNT OF
CONVERTIBLE SUBORDINATED NOTES DUE 2003 VIA GOLDMAN SACHS & CO AND CS
FIRST BOSTON

THORNBURG MORTGAGE ASSET CORP AN ADDITIONAL OFFERING OF 3450000 COMMON
SHARES

UNITED COS FINANCIAL CORP AN OFFERING OF ONE MILLION COMMON SHARES AND
NOT TWO MILLION SHARES AS PREVIOUSLY REPORTED 9310080130 931008
TECHNOLOGY & HEALTH GENETIC MARKER SHOWS WORKERS AT RISK FOR GETTING
BERYLLIUMLINKED DISEASE  BY JERRY E BISHOP STAFF REPORTER OF THE
WALL STREET JOURNAL

SCIENTISTS REPORTED FINDING A GENETIC MARKER THAT COULD HELP IDENTIFY
WHICH OF THE 800000 US WORKERS EXPOSED TO BERYLLIUM RUN THE HIGHEST RISK
OF DEVELOPING A CHRONIC LUNG DISEASE LINKED TO THE METAL

THE FINDING SUGGESTS THAT BERYLLIUMUSING INDUSTRIES RANGING FROM
ELECTRONICS AND AEROSPACE TO NUCLEAR WEAPONS AND HIGHTECH CERAMICS MAY
SOON FACE THE DILEMMAS THAT MANY INDUSTRIES WILL ENCOUNTER AS WIDENING
GENETICS RESEARCH REVEALS WORKERS' SUSCEPTIBILITIES TO DIFFERENT INDUSTRIAL
CHEMICALS

A BLOOD TEST FOR THE GENETIC MARKER FOR EXAMPLE WOULD REVEAL THAT ABOUT
30 OF WORKERS EXPOSED TO BERYLLIUM MAY HAVE A GENETIC SUSCEPTIBILITY TO THE
LUNG DISEASE THE DISEASE THEN COULD BE ELIMINATED BY SIMPLY PREVENTING
THOSE WORKERS FROM HANDLING BERYLLIUM HOWEVER THE TEST WOULDN'T BE A
PERFECT PREDICTOR ONLY 15 TO 20 OF THOSE BANNED FROM HANDLING BERYLLIUM
WOULD HAVE CONTRACTED THE LUNG DISEASE THE REST WOULD HAVE BEEN DENIED JOBS
UNNECESSARILY

IT WOULD BE ANOTHER CASE OF DISCRIMINATING AGAINST A MAJORITY IN ORDER TO
PROTECT A MINORITY SAID MARC LAPPE A MEDICAL ETHICIST AT THE UNIVERSITY
OF ILLINOIS MEDICAL SCHOOL IN CHICAGO

THE GENETIC MARKER FOR CHRONIC BERYLLIUM DISEASE WAS REPORTED BY ITALIAN
SCIENTISTS FUNDED IN PART BY THE BERYLLIUM INDUSTRY SCIENTIFIC ADVISORY
COMMITTEE IN CLEVELAND A PRIME SUPPORTER OF THE COMMITTEE IS BRUSH WELLMAN
INC OF CLEVELAND A MAJOR US PRODUCER OF BERYLLIUMCONTAINING PRODUCTS

OUR COMPANY HAS HAD AS ITS GOAL THE ELIMINATION OF CHRONIC BERYLLIUM
DISEASE AND THE NEW TEST MAY OFFER SOME PROGRESS TOWARD THAT GOAL SAID A
BRUSH WELLMAN SPOKESMAN THE COMPANY'S MEDICAL DIRECTOR THOMAS MARKHAM
SAID THE TEST CERTAINLY ISN'T READY FOR USE YET AND BRUSH WELLMAN WHICH
HAS HAD A FEW CASES OF THE LUNG DISEASE AMONG ITS WORKERS HASN'T ANY PLANS
TO BEGIN USING THE TEST WE WILL CONTINUE TO SUPPORT THE RESEARCH BUT WE
STILL VIEW IT AS AN INVESTIGATIVE PROCEDURE DR MARKHAM SAID

THE CHRONIC LUNG DISEASE IN WHICH INHALED PARTICLES OF BERYLLIUM TRIGGER AN
IMMUNE REACTION THAT INFLAMES THE LUNGS DEVELOPS IN 2 TO 5 OF WORKERS WHO
HANDLE THE METAL ACCORDING TO STUDIES BY RESEARCHERS AT THE NATIONAL JEWISH
CENTER FOR IMMUNOLOGY AND RESPIRATORY MEDICINE IN DENVER

THE HIGHEST RATE OF THE DISEASE 158 OF THE EXPOSED WORKERS WAS FOUND
AT AN UNNAMED PLANT USING POWDERED BERYLLIUM OXIDE TO MAKE HIGHTECH CERAMIC
PRODUCTS ACCORDING TO A REPORT EARLIER THIS YEAR BY LEE S NEWMAN AND
KATHLEEN KREISE OCCUPATIONAL MEDICINE SPECIALISTS AT THE NATIONAL JEWISH
CENTER

DISCOVERY OF A GENETIC MARKER FOR SUSCEPTIBILITY TO BERYLLIUM LUNG DISEASE
WAS DESCRIBED BY SCIENTISTS AT THE UNIVERSITIES OF ROME AND MODENA IN A
REPORT PUBLISHED IN THIS WEEK'S ISSUE OF SCIENCE IN CHECKING A SET OF
GENES KNOWN AS THE MAJOR HISTOCOMPATIBILITY COMPLEX MHC THEY FOUND A
MUTATION IN ONE GENE THAT INVOLVED A SINGLE SIMPLE MOLECULE

THE SINGLEMOLECULE MUTATION WAS PRESENT IN 32 OF 33 PERSONS WHO SUFFERED
CHRONIC BERYLLIUM DISEASE LUCA RICHELDI AND HIS COLLEAGUES REPORTED IN
CONTRAST LESS THAN 30 OF THE PEOPLE WHO DIDN'T HAVE THE LUNG DISORDER
POSSESSED THE MUTATION

IN AN ACCOMPANYING COMMENTARY DR NEWMAN OF THE NATIONAL JEWISH CENTER
NOTED THAT A BLOOD TEST ALREADY CAN SPOT BERYLLIUM WORKERS WHO ARE IN THE
EARLY SYMPTOMLESS STAGES OF THE LUNG DISEASE BY ADDING A GENETIC MARKER
TO WORKPLACE SCREENING EMPLOYERS COULD POTENTIALLY REDUCE BERYLLIUM
EXPOSURES FOR HIGHRISK WORKERS AND MORE EFFECTIVELY TARGET THEM FOR
INTENSIFIED MEDICAL MONITORING AND EARLY DISEASE DETECTION HE SAID

EMPLOYERS COULD ALSO PLAN TO DENY OR DISCOURAGE EMPLOYMENT OF WORKERS WITH
GENETIC RISK OF CHRONIC BERYLLIUM DISEASE DR NEWMAN SAID

BUT HE ADDED IT IS PREMATURE TO ADVOCATE SUCH AN APPROACH TO PREVENTION
THE ITALIAN RESEARCH NEEDS TO BE VALIDATED BY OTHERS DR NEWMAN SAID IN AN
INTERVIEW AND HE SAID IT MAY NOT BE USEFUL TO IDENTIFY 30 OF WORKERS AS
BEING AT RISK OF THE LUNG DISEASE WHEN ONLY 5 WILL ACTUALLY DEVELOP THE
DISORDER EVEN IF WE HAD A GOOD GENETIC TEST FOR SUSCEPTIBILITY IT DOESN'T
REDUCE THE NEED TO CONTROL BERYLLIUM EXPOSURES HE SAID 9310080129
931008 CREDIT MARKETS SIX MORE UNDERWRITING FIRMS RENOUNCE CUSTOM OF
POLITICAL GIFTS WHERE THEY SEEK BUSINESS  BY THOMAS T VOGEL JR AND
JOHN CONNOR STAFF REPORTERS OF THE WALL STREET JOURNAL

NEW YORK A HALF DOZEN MORE MUNICIPAL BOND DEALERS JUMPED ON THE BANDWAGON
YESTERDAY AND RENOUNCED THE HABIT OF MAKING POLITICAL CONTRIBUTIONS IN
STATES AND CITIES WHERE THEY DO BUSINESS

THE TEMPORARY BAN ON MUNIMARKET POLITICAL GIFTS THUS HAS SPREAD TO MUCH OF
WALL STREET LEADING SOME INDUSTRY EXECUTIVES TO SUGGEST THAT THE MORATORIUM
COULD WIND UP BEING PERMANENT

FOLLOWING WEDNESDAY'S EXAMPLES OF MERRILL LYNCH & CO GOLDMAN SACHS & CO
AND AMERICAN EXPRESS CO'S LEHMAN BROTHERS INC A NUMBER OF OTHER
UNDERWRITING FIRMS MUSTERED THE COURAGE TO PUBLICLY ANNOUNCE PLANS TO HALT
OR TRY TO LIMIT THE PRACTICE OF MAKING POLITICAL CONTRIBUTIONS IN AREAS
WHERE THEY ARE SEEKING UNDERWRITING BUSINESS

SO FAR NINE OF THE TOP 10 MUNICIPAL UNDERWRITERS IN THE NATION HAVE SAID
THEY WILL HEED A RECOMMENDATION BY THE PUBLIC SECURITIES ASSOCIATION AN
INDUSTRY GROUP FOR A TEMPORARY MORATORIUM ON POLITICAL CONTRIBUTIONS
COLLECTIVELY THESE NINE FIRMS LED NEARLY 60 OF ALL NEW MUNICIPAL BOND
OFFERINGS IN THE FIRST NINE MONTHS OF THIS YEAR

THE ONLY FIRM IN THE TOP 10 THAT HASN'T PUBLICLY ANNOUNCED SUCH A PLAN WAS
BEAR STEARNS & CO WHICH DID NOT WISH TO COMMENT ON THE MATTER

EARLIER THIS WEEK THE PSA TRADE GROUP RECOMMENDED THAT ITS MEMBERS CLAMP A
VOLUNTARY MORATORIUM ON THEIR POLITICAL GIVING TO STATE AND LOCAL OFFICIALS
AND CANDIDATES FOR STATE AND LOCAL OFFICE IT SUGGESTED THAT THE MORATORIUM
PREVAIL UNTIL REGULATORS PROVIDE CLEAR GUIDANCE TO DEALERS ON WHAT IS AND
ISN'T PERMISSIBLE IN THE AREA OF POLITICAL CONTRIBUTIONS SUCH A PROCESS
COULD TAKE MONTHS

ANNOUNCING THAT THEY WOULD HEED THE PSA'S SUGGESTION WERE CS HOLDING AG'S
CS FIRST BOSTON CORP JP MORGAN & CO MORGAN STANLEY GROUP INC
PAINEWEBBER GROUP INC PRUDENTIAL INSURANCE CO OF AMERICA'S PRUDENTIAL
SECURITIES UNIT AND PRIMERICA CORP'S SMITH BARNEY SHEARSON UNIT

APPARENTLY ENCOURAGED AS LEADING BOND UNDERWRITING HOUSES MOVE TO SUSPEND
THEIR POLITICAL CONTRIBUTIONS THE PSA WENT ONE STEP FURTHER AND URGED THAT
STATE AND LOCAL OFFICIALS STOP SEEKING POLITICAL MONEY FROM BOND HOUSES PSA
OFFICIALS SAID THAT SOLICITATIONS BY STATE AND LOCAL OFFICIALS HAVE
CONTINUED UNABATED DESPITE THE KEEN INTEREST OF REGULATORS IN STOPPING THE
PRACTICE KNOWN IN MUNI INDUSTRY CIRCLES AS PAY TO PLAY

SHORTLY THEREAFTER CALIFORNIA STATE TREASURER KATHLEEN BROWN ANNOUNCED THAT
SHE HAS STOPPED ACCEPTING CONTRIBUTIONS FROM ALL PERSONS WHO PARTICIPATED
IN MUNICIPAL FINANCE TRANSACTIONS OF THE TOP 20 CONTRIBUTORS TO HER
CAMPAIGN FUND IN 1991 AND 1992 NEARLY HALF WERE SECURITIES FIRMS WITH
DONATIONS TOTALING 96500 ACCORDING TO COMMON CAUSE OF CALIFORNIA IN
PREPARED TESTIMONY PRESENTED TO THE HOUSE SUBCOMMITTEE ON TELECOMMUNICATIONS
AND FINANCE YESTERDAY SHE SAID THAT SINCE JANUARY OF 1992 SHE HAS REFUSED
TO ACCEPT ANY CONTRIBUTIONS FROM INVESTMENT BANKING FIRMS BOND COUNSEL
FIRMS OR THEIR PACS POLITICAL ACTION COMMITTEES

IN JULY OF 1993 SHE SAID CONCERNED ABOUT THE QUESTIONS RAISED BY
APPARENT SCANDALS IN OTHER STATES I ALSO STOPPED ACCEPTING CONTRIBUTIONS
FROM ANY INDIVIDUALS WHO WORK IN INVESTMENT BANKING FIRMS LISTED IN THE
BOND BUYER A TRADE PUBLICATION

BUT ACCORDING TO INDUSTRY OFFICIALS THERE IS A GOOD CHANCE THAT THE
TEMPORARY MOVES MAY BECOME PERMANENT THAT'S BECAUSE AS LONG AGO AS THE
SUMMER OF 1992 MUNI BOND INDUSTRY LEADERS HAD BEEN HOLDING INFORMAL
MEETINGS TO DISCUSS THE PROBLEM OF THE RISING DEMAND FOR MORE CAMPAIGN
CONTRIBUTIONS FROM LOCAL AND STATE OFFICIALS DAVID CLAPP HEAD OF GOLDMAN'S
MUNICIPAL BOND DEPARTMENT SAID FRANK ZARB NOW PRIMERICA VICE CHAIRMAN WAS
INSTRUMENTAL IN ORGANIZING THESE ONEONONE MEETINGS THE RESULT WAS A DRAFT
AGREEMENT AIMED AT LIMITING THE CAMPAIGN CONTRIBUTIONS

THE DOCUMENT WHICH WAS CALLED A STATEMENT OF PRINCIPLE WAS CIRCULATED
NEAR THE END OF LAST YEAR AMONG AS MANY AS 10 OF THE INDUSTRY'S TOP
UNDERWRITERS ACCORDING TO SEVERAL IN THE INDUSTRY WHO WERE INVOLVED IN THE
INFORMAL MEETINGS MR ZARB TOOK A PERSONAL INTEREST IN THE MATTER AFTER
READING ABOUT CAMPAIGN CONTRIBUTIONS BY WALL STREET FIRMS TO LOCAL AND STATE
OFFICIALS ALL OVER THE US

BUT WHEN PRIMERICA MOVED TO BUY THE SHEARSON LEHMAN BROTHERS' BROKERAGE
DIVISION EARLY THIS YEAR MR ZARB HAD TO PUT THE ISSUE ON THE BACK BURNER
SOON AFTER THAT MEDIA AND REGULATORY ATTENTION TO POLITICAL CONTRIBUTIONS
BEGAN TO BUILD IN THE WAKE OF A NUMBER OF HIGHPROFILE SCANDALS MR ZARB
WOULD NOT COMMENT FOR THE RECORD ON THE MATTER

SOME IN THE INDUSTRY THINK THAT WERE IT NOT FOR MR ZARB'S DIPLOMATIC
EFFORTS LAST YEAR AND EARLY THIS YEAR MANY FIRMS WOULD HAVE BEEN RELUCTANT
TO IMPOSE A MORATORIUM ON CONTRIBUTIONS EVEN AFTER ALL THE SCANDALS THIS IS
BECAUSE THEY WOULD HAVE BEEN AFRAID OF LOSING SOME COMPETITIVE ADVANTAGE TO
FIRMS UNWILLING TO DO THE SAME FRANK ZARB DESERVES ALL THE CREDIT FOR
GETTING THIS STARTED SAID MR CLAPP OF GOLDMAN

A REVISED VERSION OF THE DOCUMENT THAT CIRCULATED LAST YEAR IS PART OF A
PACKAGE OF DISCUSSION DOCUMENTS TO BE USED BY A GROUP OF SENIOR EXECUTIVES
OF MAJOR WALL STREET FIRMS MEETING WITH THE SECURITIES AND EXCHANGE
COMMISSIONER ARTHUR LEVITT ON OCT 18

TREASURYS ENDED LITTLE CHANGED FOR THE FOURTH DAY IN A ROW

THE BENCHMARK 30YEAR TREASURY BOND DROPPED LESS THAN 1/8 POINT OR LESS
THAN 125 FOR A BOND WITH 1000 FACE VALUE TO 103 6/32 THE YIELD WHICH
MOVES IN THE OPPOSITE DIRECTION OF THE PRICE ROSE TO 601 FROM 6 ON
WEDNESDAY THE 10YEAR NOTE DROPPED JUST 1/32 TO 103 5/32 FOR A YIELD OF
532 UP FROM 531

THE REASON FOR THIS WEEK'S INERTIA IS THE WAIT FOR A GOVERNMENT REPORT ON
THE HEALTH OF THE LABOR MARKET IN SEPTEMBER SINCE MONDAY MOST DEBT PLAYERS
HAVE ALL BUT STOPPED OPERATIONS IN ANTICIPATION

IF THE EMPLOYMENT REPORT IS NEAR EXPECTATIONS AND THE SEPTEMBER CONSUMER
PRICE INDEX SHOWS LESS INFLATIONARY PRESSURES THAN IN AUGUST RATES AREN'T
GOING TO BE MUCH DIFFERENT TWO WEEKS FROM NOW THAN THEY ARE TODAY SAID
DONALD FINE CHIEF MARKET ANALYST AT CHASE SECURITIES INC

ABOUT 12 BILLION OF CORPORATE BONDS WERE SOLD YESTERDAY INCLUDING A 250
MILLION TWOPART OFFERING FROM CARNIVAL CRUISE LINES INC A 100 MILLION
TWOPART OFFERING FROM IOWAILLINOIS GAS & ELECTRIC CO AS WELL AS JUNK BOND
OFFERINGS FROM COUNTY SEAT STORES INC INTERNATIONAL CABLETEL INC AND AN
INDONESIAN PAPER COMPANY PT INTI INDORAYON UTAMA

LATE IN THE DAY AMERICAN EXPRESS CO SOLD 772 MILLION OF A NEW TYPE OF
CONVERTIBLE BOND CALLED A DECS OR DEBT EXCHANGEABLE FOR COMMON STOCK

IN THE INVESTMENTGRADE MARKET TRADING WAS LIGHT AS PLAYERS WAITED FOR THE
EMPLOYMENT NUMBERS TO BE ANNOUNCED TODAY ONE ANALYST SAID PRICES AND
SPREADS REMAIN UNCHANGED

THE TRADING IN THE HIGHYIELD MARKET WAS ACTIVE EARLY IN THE DAY BUT TAPERED
OFF IN THE AFTERNOON TRADERS SAID JUNK BOND PRICES ROSE ABOUT 1/4 POINT

INTERNATIONAL CABLETEL'S 1248 MILLION OFFERING OF SENIOR DEFERRED COUPON
NOTES PRICED EARLY IN THE SESSION TRADED UP IN THE AFTERMARKET TRADERS
SAID THE COMPANY ISSUED 10YEAR NOTES NONCALLABLE FOR FIVE YEARS WHICH
WILL NOT PAY A COUPON FOR FIVE YEARS THE DEBT PRICED AT 58873 FOR A
10875 YIELD TRADED UP TO 605 FOR A 1052 YIELD DONALDSON LUFKIN &
JENRETTE SECURITIES INC UNDERWROTE THE OFFERING

LATE THURSDAY AMERICAN EXPRESS PRICED ITS OFFERING OF DECS THROUGH
UNDERWRITERS LED BY SALOMON BROTHERS INC COMANAGERS FOR THE OFFERING WERE
LEHMAN BROTHERS INC A UNIT OF AMERICAN EXPRESS AND SMITH BARNEY SHEARSON
INC

THE THREEYEAR SENIOR NOTES WHICH HAVE A 625 COUPON ARE MANDITORILY
CONVERTED AT MATURITY INTO COMMON STOCK OF FIRST DATA CO OR THE EQUIVALENT
VALUE OF THE SHARES IN CASH THE FIRST DATA SHARES PRESENTLY ARE OWNED BY
AMERICAN EXPRESS

THE UNDERWRITERS ALSO HAVE AN OPTION TO ISSUE AN ADDITIONAL 96 MILLION OF
DECS IF THAT OPTION IS EXERCISED AMERICAN EXPRESS WILL HAVE SOLD ITS
REMAINING STAKE IN FIRST DATA AFTER THE EXCHANGE

EACH NOTE WAS PRICED WITH A PAR VALUE OF 3675 EQUAL TO THE CLOSING PRICE
ON FIRST DATA'S STOCK YESTERDAY WHEN THEY MATURE THE NOTES WILL BE
EXCHANGED ON A ONEFORONE BASIS FOR FIRST DATA STOCK IF THE PRICE OF THE
STOCK REMAINS THE SAME OR DECLINES IF THE STOCK PRICE INCREASES TO 44 7/8
OR ABOVE INVESTORS WILL RECEIVE 0819 SHARES OF STOCK FOR EACH BOND

THE MUNICIPAL BOND MARKET'S TORPOR PERSISTED YESTERDAY AND PRICES WERE
NARROWLY MIXED AT THE CLOSE

WITH THE RELEASE OF THE SEPTEMBER EMPLOYMENT DATA CLOSE AT HAND MARKET
PARTICIPANTS AVOIDED BIG TRANSACTIONS

NONFARM PAYROLLS PROBABLY ROSE ABOUT 144000 LAST MONTH AFTER DROPPING
39000 IN AUGUST WHILE THE UNEMPLOYMENT RATE LIKELY ROSE TO 68 FROM 67
ACCORDING TO A DOW JONES CAPITAL MARKETS REPORT SURVEY OF ECONOMISTS

THE NEW YORK TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY'S 5 ISSUES OF 2015
BONDS CLOSED STEADY AT 96 1/2 TO 97 YIELDING 524

CALIFORNIA'S 4 3/4 ISSUES OF 2023 GENERAL OBLIGATION BONDS FINISHED
UNCHANGED AT 90 7/8 TO 91 1/4 YIELDING 534

PRICES WERE GENERALLY 1/8 LOWER TO 1/4 HIGHER AT THE CLOSE

MORTGAGE SECURITIES WERE DOWN SLIGHTLY WITH TREASURYS AFTER A DAY MARKED BY
MINOR PORTFOLIO ADJUSTMENTS

PREPAYMENT NEWS DIDN'T AFFECT TRADING AS THE DATA CONFIRMED EXPECTATIONS OF
FAST PREPAYMENT SPEEDS

THE FEDERAL NATIONAL MORTGAGE ASSOCIATION SEPTEMBER REPORT SHOWED INCREASES
IN PREPAYMENT SPEEDS AS HIGH AS 50 OVER AUGUST FIGURES FOR 7 SECURITIES
THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION REPORTED SEPTEMBER PREPAYMENT
SPEEDS AS HIGH AS 36 IN THE CASE OF 8 SECURITIES

AS EVIDENCE REFINANCING ACTIVITY MAY BE EBBING THE MORTGAGE BANKERS
ASSOCIATION'S INDEX OF HOME LOAN REFINANCING DECLINED FOR THE THIRD
CONSECUTIVE WEEK TO 15760 FOR THE WEEK ENDED OCT 1 FROM A REVISED 16700
THE WEEK BEFORE THE RECENT PEAK WAS FOR THE WEEK ENDED SEPT 10 WHEN THE
INDEX HIT 17273 ITS HIGHEST LEVEL FOR THE YEAR

BEFORE THE PREPAYMENT REPORTS A FEW INSTITUTIONAL CUSTOMERS WERE BIG
SELLERS OF GINNIE MAE 85 ISSUES BUT THE ISSUES ENDED DOWN ONLY 2/32 ON
THE DAY TO 105 29/32

GINNIE MAE 6 ISSUES ENDED UNCHANGED AT 99 9/32 FEDERAL HOME LOAN MORTGAGE
CORP GOLD 6 ISSUES WERE DOWN 2/32 AT 99 1/32 AND FANNIE MAE 6 ISSUES WERE
DOWN 2/32 AT 98 28/32 9310080128 931008 BRAINTREE SAVINGS ENDS TALKS

BRAINTREE MASS BRAINTREE SAVINGS BANK SAID IT IS NO LONGER HOLDING
MERGER DISCUSSIONS IN LATE SEPTEMBER THE BANK SAID IT HAD CONDUCTED
PRELIMINARY MERGER DISCUSSIONS WITH AN UNNAMED BANK

YESTERDAY BRAINTREE CHAIRMAN WINTHROP SARGENT IV SAID THE COMPANIES WERE
UNABLE TO REACH AGREEMENT AS TO TERMS

BRAINTREE SAVINGS WITH 177 MILLION IN ASSETS HAD NET INCOME OF 22
MILLION OR 141 A SHARE FOR 1992 FOLLOWING A LOSS OF 56 MILLION OR
354 A SHARE IN 1991 9310080127 931008 TURKEY CURRENT ACCOUNT DEFICIT

ANKARA TURKEY TURKEY'S CURRENT ACCOUNT DEFICIT WIDENED TO 369 BILLION
IN THE FIRST SEVEN MONTHS OF 1993 FROM 960 MILLION IN THE YEAREARLIER
PERIOD THE CENTRAL BANK SAID

THE CURRENT ACCOUNT DEFICIT WIDENED TO 431 MILLION IN JULY FROM 215
MILLION A YEAR EARLIER 9310080126 931008 SPAIN'S INDUSTRIAL OUTPUT FALLS

MADRID SPAIN'S INDUSTRIAL PRODUCTION INDEX DROPPED 55 IN JULY FROM A
YEAR EARLIER THE NATIONAL STATISTICS INSTITUTE SAID BUT THE INDEX WAS UP
2 FROM JUNE

ENERGY PRODUCTION SAW THE SHARPEST DROP FALLING 95 FROM JULY 1992 THE
INSTITUTE SAID PRECISIONTOOL MANUFACTURING TUMBLED 86 WHILE PRODUCTION
OF NONENERGETIC MINERALS AND CHEMICALS FELL 1

THE INSTITUTE MEASURES THE INDUSTRIAL PRODUCTION INDEX ON THE BASIS OF 100
EQUALS 1990 9310080125 931008 HEILIGMEYERS SALES INCREASE

RICHMOND VA HOME FURNISHINGS RETAILER HEILIGMEYERS CO SAID SEPTEMBER
SALES ROSE 28 TO 545 MILLION FROM THE YEARBEFORE 425 MILLION

SAMESTORE SALES ROSE ABOUT 6 SAID THE COMPANY WHICH OPERATES 470 STORES
IN 16 STATES NET SALES FOR THE SEVEN MONTHS ENDED IN SEPTEMBER INCREASED
29 TO 3821 MILLION FROM THE YEAREARLIER 2961 MITORE SALES RISING ABOUT
11 9310080124 931008 CONSULTANTS SAY ECONOMY HAS PICKED UP IN 2ND HALF

WILLIAMSBURG VA ECONOMIC CONSULTANTS FOR SOME OF THE NATION'S LARGEST
COMPANIES BELIEVE ECONOMIC GROWTH HAS PICKED UP IN THE SECOND HALF OF THIS
YEAR

IN A REPORT TO THE BUSINESS COUNCIL A GROUP OF CHIEF EXECUTIVES OF BIG
CORPORATIONS THE CONSULTANTS PREDICTED THAT THE ECONOMY WILL POST A 3
GROWTH RATE FOR THE SECOND HALF OF THIS YEAR AND WILL CONTINUE AT THAT PACE
THROUGH THE END OF 1994 THE MOST RECENT INDICATOR OF GROWTH IN GROSS
DOMESTIC PRODUCT WAS THE 19 RATE REPORTED FOR THE SECOND QUARTER

THE NEW GROWTH FORECAST IS LITTLE CHANGED FROM THE BUSINESS COUNCIL'S
PREDICTION IN MAY

THE COUNCIL ALSO EXPECTS INFLATION TO REMAIN RELATIVELY STABLE AVERAGING 3
TO 35 THROUGH THE END OF 1994

MOST OF THE CONSULTANTS SAID CONDITIONS IN THEIR INDUSTRIES ARE IMPROVING
BUT THEY EXPRESSED UNCERTAINTY ABOUT HEALTHCARE COSTS AND TAXES
9310080123 931008 DRESS BARN SEPTEMBER SALES ROSE

STAMFORD CONN OFFPRICE WOMEN'S APPAREL RETAILER DRESS BARN INC
REPORTED SALES FOR THE FIVE WEEKS ENDED OCT 2 ROSE 20 TO 468 MILLION
FROM 391 MILLION A YEAR EARLIER

COMPARABLESTORE SALES ROSE 5 IN SEPTEMBER DRESS BARN OPERATES 654 STORES
78 OR 14 MORE THAN A YEAR EARLIER 9310080122 931008 SALES RISE AT PIER
1 IMPORTS

FORT WORTH TEXAS PIER 1 IMPORTS INC SAID SALES FOR THE FIVE WEEKS ENDED
OCT 2 ROSE 123 TO 602 MILLION FROM 536 MILLION A YEAR EARLIER SALES
IN STORES OPEN A YEAR OR MORE INCREASED 93 THE HOME FURNISHINGS RETAILER
SAID

YEARTODATE SALES INCREASED 76 TO 4002 MILLION FROM 3721 MILLION A
YEAR EARLIER COMPARABLESTORE SALES ROSE 44 9310080121 931008 US
SHOE'S SEPTEMBER SALES

CINCINNATI US SHOE CORP SAID RETAIL SALES FOR THE FIVE WEEKS ENDED
OCT 2 INCREASED 01 AS GAINS IN THE OPTICAL GROUPS OFFSET DECLINES IN THE
WOMEN'S APPAREL AND FOOTWEAR GROUPS

SEPTEMBER SALES WERE 2161 MILLION ON A BASE OF 2318 STORES COMPARED WITH
2158 MILLION ON A BASE OF 2447 STORES A YEAR EARLIER COMPARABLESTORE
SALES ROSE 1

FOR THE EIGHT MONTHS ENDED OCT 2 RETAIL SALES WERE SLIPPED 07 TO 141
BILLION FROM 142 BILLION A YEAR EARLIER COMPARABLESTORE SALES FOR THE
EIGHT MONTHS FELL 07 9310080120 931008 JAPANESE CONSUMERS ARE
STARTING TO SPRING FOR BOTTLED WATER  IMPORTS SELL STRONGLY IN A
MARKET DRIVEN BY HEALTH TRENDS TAP WATER'S SINKING IMAGE  BY
MASAYOSHI KANABAYASHI STAFF REPORTER OF THE WALL STREET JOURNAL

TOKYO JAPANESE CONSUMERS FOR YEARS GENERALLY HAPPY TO DRINK FROM THE
LOWLY SPIGOT HAVE DEVELOPED A TASTE FOR BOTTLED WATER

SALES OF BOTTLED WATER IN JAPAN ARE SURGING AND DESPITE THE CURRENT
ECONOMIC GLOOM IMPORTED BRANDS ESPECIALLY EUROPEAN AND PARTICULARLY
FRENCH ARE THE WATERS OF CHOICE BY EXPLOITING BOTH BOTTLED WATER'S
TRENDY IMAGE AND AN EMERGING HEALTH KICK FOREIGN SUPPLIERS ARE PROVING THAT
NOT ALL JAPANESE MARKETS ARE TOUGH TO TAP

IMPORTS OF FOREIGN MINERAL WATER LAST YEAR ROSE 31 FROM THE YEAREARLIER
PERIOD TO A RECORD 119 MILLION GALLONS SALES GROWTH IN DOLLAR TERMS WAS
EVEN HIGHER RISING 49 TO 236 MILLION THOUGH THE YEN'S SURGE CONTRIBUTED
TO THE GAIN OVERALL IMPORTS NOW ACCOUNT FOR 13 OF JAPANESE MINERALWATER
CONSUMPTION UP FROM 14 IN 1986 WHEN SUBSTANTIAL IMPORTS BEGAN

BUT THE STRONG YEN WHICH MAKES IMPORTS MORE AFFORDABLE TO JAPANESE
CONSUMERS ONLY PARTLY EXPLAINS THE SALES STRENGTH INDEED CONSUMERS SAY
THEIR THIRST FOR IMPORTED WATER STEMS MORE FROM HEALTH CONCERNS THAN PRICE
CONSIDERATIONS DESPITE CONTINUED GOVERNMENT SPENDING ON WATERIMPROVEMENT
PROJECTS THE PERCEPTION IS GROWING AMONG CONSUMERS THAT TAPWATER QUALITY
IS DETERIORATING

TYPICAL IS HISAYO HAGIWARA WHO STARTED DRINKING BOTTLED MINERAL WATER AT
WORK LAST YEAR OUT OF FEARS ABOUT THE QUALITY OF THE TAP WATER IN HER TOKYO
OFFICE EACH DAY ON HER WAY TO WORK MS HAGIWARA BUYS A HALFLITER BOTTLE
OF BSN SA'S EVIAN OR NESTLE SA'S VITTEL EACH PRICED AT 130 YEN 123 MS
HAGIWARA A SPOKESWOMAN FOR A JAPANESE AUTO MAKER SAYS SHE FINISHES THE
BOTTLE MOST DAYS A HALFLITER IS SLIGHTLY LARGER THAN A PINT

I CAN'T GO BACK TO TAP WATER ANYMORE SHE SAYS THE WATER COOLER AT HER
OFFICE SHE ADDS IS FEARED TO BE THE NEST OF BACILLI AND THE WATER IT
DISPENSES IS NOT TASTY SHE SAYS MANY OF HER COLLEAGUES ALSO BRING BOTTLED
WATER TO WORK

ADVERTISING FREQUENTLY LINKS FOREIGN WATERS TO A HEALTHIER LIFESTYLE AND
THE BEVERAGE'S INCREASING POPULARITY HAS EVEN PRODUCED A NEW FASHION
STATEMENT AMONG YOUNG JAPANESE A BOTTLE OF MINERAL WATER DANGLING FROM THE
NECK IN A LEATHER HOLDER MORE THAN A DOZEN COMPANIES NOW SELL THE SPECIALLY
DESIGNED HOLDERS WHICH RESEMBLE THE LEATHER CONTAINERS USED BY EUROPEANS
WHEN THEY TAKE THE WATERS AT RESORTS SUCH AS VITTEL IN EASTERN FRANCE

BUT THE USE OF MINERAL WATER IS MORE THAN A FASHION STATEMENT IT IS EVEN
SEEPING INTO THE VERY FOUNDATION OF THE JAPANESE DIET RICE PEOPLE ARE
INCREASINGLY SWITCHING TO MINERAL WATER IN THE KITCHEN AND AMONG THEM IS
JOURNALIST SHUJI OHDO EVEN IF I USE QUALITY RICE IT COULDN'T BE FULLY
APPRECIATED IF I COOK IT WITH TAP WATER HE SAYS

AN INCREASE IN FOREIGN TRAVEL TOO HAS PLAYED A PART IN BOOSTING BOTTLED
WATER YOICHI URABE A MANAGER FOR A WATCH MAKER SAYS HIS FREQUENT TRIPS
OVERSEAS PERSUADED HIM THAT IT WAS ALL RIGHT TO PAY FOR DRINKING WATER I
WAS BRAINWASHED HE SAYS

SUCH ATTITUDES HAVE BROUGHT A WINDFALL TO FOREIGN BOTTLERS FRENCH BOTTLERS
DOMINATE AMONG FOREIGN BRANDS HAVING TAKEN ADVANTAGE OF THEIR EARLY DEBUT
IN THE MARKET IN THE LATE 1980S LAST YEAR JUST THREE BRANDS BSN'S VOLVIC
AND EVIAN AND NESTLE'S VITTEL ACCOUNTED FOR 79 OF ALL IMPORTS PRODUCTS
FROM THE US INCLUDING ARKANSASBASED MOUNTAIN VALLEY SPRING CO'S
MOUNTAIN VALLEY WATER ACCOUNT FOR FAR LESS THAN 1 OF THE MARKET

THE MARKET IS LIKELY TO GROW FURTHER IN A RECENT REPORT THE
GOVERNMENTSPONSORED JAPAN EXTERNAL TRADE ORGANIZATION SAID MINERALWATER
IMPORTS ARE A VERY PROMISING BUSINESS  BECAUSE THE TIME FOR THE
JAPANESE TO ENJOY DIFFERENT BRANDS OF MINERAL WATER LIKE THEY ARE DOING NOW
IN BEER AND WINE IS JUST AROUND THE CORNER

SEIZO TAKAHASHI THE TRADE ORGANIZATION'S RESEARCH ADVISER PREDICTS JAPAN'S
PER CAPITA CONSUMPTION WILL TRIPLE IN THE NEXT FEW YEARS BY INTERNATIONAL
MEASURES THE MARKET APPEARS TO HAVE PLENTY OF ROOM FOR GROWTH PER CAPITA
CONSUMPTION AVERAGED SLIGHTLY LESS THAN THREE QUARTS LAST YEAR FAR LESS
THAN ITALY'S 26 GALLONS AND THE US'S EIGHT GALLONS 9310080119 931008
50OFF STORES FOURWEEK SALES

SAN ANTONIO 50OFF STORES INC SAID SALES FOR THE FOURWEEK PERIOD ENDED
SEPT 24 ROSE 149 TO 116 MILLION FROM 101 MILLION A YEAR EARLIER BUT
THE DISCOUNT RETAILER SAID SALES AT STORES OPEN MORE THAN A YEAR DECLINED
87 9310080118 931008 ANNENBERG FUND TO GIVE NORTHWESTERN 25 MILLION

NEW YORK NORTHWESTERN UNIVERSITY IN EVANSTON ILL SAID IT WILL RECEIVE
A 25 MILLION UNRESTRICTED GIFT FROM THE ANNENBERG FOUNDATION

THE FOUNDATION ESTABLISHED BY WALTER ANNENBERG WHO FORMERLY OWNED TV GUIDE
AND OTHER PUBLICATIONS AND SERVED AS A US AMBASSADOR TO BRITAIN IN JUNE
DONATED 365 MILLION TO A PREP SCHOOL AND THREE UNIVERSITIES SINCE 1987
NORTHWESTERN HAS BEEN AFFILIATED WITH THE ANNENBERG WASHINGTON PROGRAM IN
WASHINGTON DC WHICH STUDIES THE IMPACT OF PUBLIC POLICIES REGARDING
COMMUNICATIONS TECHNOLOGIES ON AMERICAN LIFE

NORTHWESTERN DIDN'T SPECIFY HOW THE GIFT WOULD BE USED 9310080117 931008
CANADIAN HOLIDAY MONDAY

TORONTO SECURITIES EXCHANGES BANKS GOVERNMENT OFFICES AND MOST
BUSINESSES IN CANADA WILL BE CLOSED MONDAY FOR CANADA'S THANKSGIVING DAY
HOLIDAY

THERE WON'T BE ANY MAIL DELIVERY 9310080116 931008 YOUR MONEY MATTERS
WEEKEND REPORT  YIELDHUNGRY CD INVESTORS SEEK ALTERNATIVES  
BY GEORGETTE JASEN STAFF REPORTER OF THE WALL STREET JOURNAL

FOR MILLIONS OF INVESTORS WITH CERTIFICATES OF DEPOSIT MATURING THIS MONTH
THE THOUGHT OF STASHING THEIR MONEY IN THE PROVERBIAL MATTRESS MAY NOT SEEM
ENTIRELY LUDICROUS CD YIELDS ARE AT ALLTIME LOWS AND WITH STOCKS AND
BONDS TRADING NEAR ALLTIME HIGHS THE ALTERNATIVES CAN SEEM PRETTY RISKY

THE AVERAGE YIELD ON SIXMONTH CDS AMONG THE MOST POPULAR WITH INDIVIDUAL
INVESTORS IS JUST 281 ABOUT PAR WITH THE INFLATION RATE ONCE TAXES ARE
TAKEN OUT THE RETURN IS A NEGATIVE NUMBER ONEYEAR CDS DON'T LOOK MUCH
BETTER WITH AN AVERAGE YIELD OF 308

NOBODY IS PREDICTING A TURNAROUND ANY TIME SOON RATES ARE STILL ERODING
NOT AS MUCH AS IN THE LAST FEW YEARS BUT STILL ERODING SAYS ROBERT K
HEADY PUBLISHER OF BANK RATE MONITOR A NORTH PALM BEACH FLA NEWSLETTER

OCTOBER AND APRIL ARE THE TWO BIGGEST MONTHS FOR CD ROLLOVERS CDS WERE
DEREGULATED IN OCTOBER 1982 AND A FLOOD OF CASH COMING OUT OF THE STOCK
MARKET AFTER THE OCTOBER 1987 CRASH WENT INTO CDS TAX DEADLINES IN APRIL
MAKE IT A NATURAL TIME FOR INVESTMENT DECISIONS

SOME PEOPLE IN THE INDUSTRY ESTIMATE THAT AS MUCH AS 100 BILLION OF CDS
WILL COME DUE THIS MONTH TYPICALLY MOST OF THE MONEY IN MATURING CDS IS
ROLLED OVER INTO NEW CERTIFICATES OF SIMILAR MATURITY

UNLIKE SOME PAST OCTOBERS THOUGH THIS YEAR THERE ARE NO BIG MARKETING
CAMPAIGNS TO KEEP CD MONEY IN THE BANK IT'S HARD TO TRUMPET TODAY'S MISERLY
YIELDS THOSE ON SIXMONTH CDS ARE MORE THAN SIX PERCENTAGE POINTS LESS THAN
WHAT INVESTORS COULD GET IN THE SPRING OF 1989

CD INVESTORS TEND TO BE CONSERVATIVE PEOPLE WHO ARE ATTRACTED BY THE
PROMISE THAT THEY CAN'T LOSE PRINCIPAL AND BY FEDERAL DEPOSIT INSURANCE BUT
MANY PEOPLE CLEARLY ARE CHASING YIELD WHERE THEY CAN FIND IT THE INVESTMENT
COMPANY INSTITUTE THE MUTUALFUND INDUSTRY TRADE GROUP REPORTED LAST WEEK
THAT INVESTORS POURED A RECORD 121 BILLION INTO STOCK FUNDS IN AUGUST
WITH ALMOST HALF GOING INTO FUNDS THAT INVEST OVERSEAS ANOTHER 127
BILLION WENT INTO BOND FUNDS BANKS ARE EVEN SELLING MUTUAL FUNDS AS A WAY
OF KEEPING CUSTOMERS

FINANCIAL ADVISERS WARN THAT CD INVESTORS MAY NOT BE AWARE OF THE ADDITIONAL
RISKS INVOLVED IN ALTERNATIVE INVESTMENTS YOU HAVE TO EVALUATE WHAT YOUR
INCOME NEEDS ARE AND KNOW WHAT COMPROMISES YOU'RE WILLING TO MAKE SAYS
JOHN CAMMACK A FINANCIAL PLANNER WITH T ROWE PRICE ASSOCIATES THE BIG
BALTIMOREBASED MUTUALFUND COMPANY

EVEN WHEN SOLD BY BANKS MUTUAL FUNDS DON'T CARRY FEDERAL DEPOSIT INSURANCE
MORE IMPORTANT THE VALUE OF STOCKS AND BONDS RISES AND FALLS WITH MARKET
CONDITIONS WHICH COULD CUT INTO INVESTMENT PRINCIPAL IF INTEREST RATES
ROSE JUST ONE PERCENTAGE POINT IN A YEAR FOR INSTANCE THE PRICE OF A
30YEAR BOND WOULD FALL MORE THAN 11 ON A BOND WITH A 7 COUPON AN
INVESTOR'S ANNUAL RETURN WOULD BE A NEGATIVE 4

THERE ARE OTHER POSSIBILITIES THAT DON'T CARRY NEARLY AS MUCH RISK HOWEVER
HERE'S A LOOK A SOME THINGS CD INVESTORS MIGHT CONSIDER

SHORTTERM BOND FUNDS MANY OF THESE FUNDS WHICH INVEST IN SECURITIES
MATURING IN ONE TO FIVE YEARS CURRENTLY HAVE YIELDS IN THE NEIGHBORHOOD
OF 5 SOME HIGHER THEIR AVERAGE TOTAL RETURN FOR THE YEAR ENDED SEPT 30
ACCORDING TO LIPPER ANALYTICAL SERVICES WAS 594

ALTHOUGH THE NET ASSET VALUE OF THE SHARES VARIES WITH THE UNDERLYING VALUE
OF THE BONDS AND THE TOTAL RETURN WOULD FALL IF INTEREST RATES ROSE THE
VARIATION IS MUCH SMALLER THAN WITH LONGTERM BONDS THE TOTAL RETURN ON A
THREEYEAR BOND YIELDING 46 FOR INSTANCE WOULD BE 27 IF INTEREST RATES
ROSE ONE PERCENTAGE POINT THAT'S ABOUT WHAT A SIXMONTH CD IS YIELDING
RIGHT NOW

TAXEXEMPT SECURITIES WITH THIS YEAR'S HIGHER TAX RATES TAXFREE
INVESTMENTS ARE MORE ATTRACTIVE THAN THEY'VE BEEN IN YEARS BECAUSE OF A BIG
SUPPLY OF MUNICIPAL SECURITIES THEIR YIELD COMPARED WITH TAXABLE BONDS OF A
SIMILAR MATURITY IS BETTER THAN AVERAGE TOO AGAIN THE SHORTER THE TERM
THE LOWER THE RISK

THE AVERAGE YIELD ON SHORTTERM MUNICIPAL BOND FUNDS IS CURRENTLY ABOUT 4
ACCORDING TO LIPPER THAT'S EQUIVALENT TO A TAXABLE 625 FOR AN INVESTOR IN
THE 36 TAX BRACKET AND TO 662 FOR SOMEONE PAYING 396 IN TAXES THE
TOTAL RETURN ON THESE FUNDS WAS 694 FOR THE YEAR ENDED SEPT 30 IT
INCLUDES SOME CAPITAL GAINS WHICH ARE TAXABLE

CONSERVATIVE STOCK FUNDS FUNDS THAT INVEST IN UTILITIES WHICH ARE
GENERALLY STABLE AND PAY GOOD DIVIDENDS ARE POPULAR WITH YIELDCONSCIOUS
INVESTORS WILLING TO SUSTAIN THE UPS AND DOWNS OF THE STOCK MARKET A NUMBER
OF FUND COMPANIES OFFER ASSETALLOCATION FUNDS IN WHICH THE FUND MANAGER
DECIDES HOW MUCH OF THE PORTFOLIO TO PUT INTO STOCKS BONDS CASH AND OTHER
INVESTMENTS EQUITYINCOME FUNDS INVEST IN STOCKS THAT PAY RICH DIVIDENDS

MONEY FUNDS AND CDS SAVINGS FOR THE DOWN PAYMENT ON A HOUSE OR FOR NEXT
YEAR'S COLLEGE TUITION SHOULD BE IN A SAFE ACCESSIBLE PLACE MONEYMARKET
MUTUAL FUNDS ARE CURRENTLY YIELDING AN AVERAGE 271 SLIGHTLY LESS THAN A
SIXMONTH CD AND THEY'RE COMPLETELY LIQUID BANK MONEYMARKET ACCOUNTS HAVE
AN AVERAGE YIELD OF 241 ACCORDING TO BANK RATE MONITOR

THOSE WHO DECIDE TO STAY WITH CDS MAY BE ABLE TO FIND BETTER YIELDS BY
LOOKING BEYOND THEIR LOCAL BANK MBNA AMERICA IN WILMINGTON DEL FOR
INSTANCE OFFERS A 387 YIELD ON A ONEYEAR CD ABOUT THREEQUARTERS OF A
PERCENTAGE POINT HIGHER THAN AVERAGE

A FEW INSTITUTIONS ALSO ARE OFFERING BUMPUP CDS WHICH ALLOW AN INVESTOR
TO TAKE ADVANTAGE OF HIGHER YIELDS IF INTEREST RATES RISE COLUMBIA FIRST
BANK IN ALEXANDRIA VA FOR EXAMPLE HAS A TWOYEAR BUMPUP CD WITH A
409 YIELD THAT PERMITS ONE INCREASE OVER THE TWOYEAR TERM 9310080115
931008 FINANCING BUSINESS TORONTODOMINION BANK

TORONTODOMINION BANK TORONTO SAID IT RAISED 150 MILLION FROM AN ISSUE OF
615 SUBORDINATED NOTES DUE OCT 15 2008 MORGAN STANLEY & CO WAS THE
LEAD UNDERWRITER PROCEEDS WILL BE ADDED TO THE BANK'S SECONDARY CAPITAL
BASE TORONTODOMINION SAID 9310080114 931008 NEW SECURITIES ISSUES

THE FOLLOWING WERE AMONG YESTERDAY'S OFFERINGS AND PRICINGS IN US AND NON
 US CAPITAL MARKETS WITH TERMS AND SYNDICATE MANAGER AS COMPILED BY
DOW JONES CAPITAL MARKETS REPORT

AMERICAN EXPRESS CO 772 MILLION OF DEBT EXCHANGEABLE INTO COMMON SHARES
SOLD THROUGH UNDERWRITERS LED BY SALOMON BROTHERS INC THE SENIOR NOTES DUE
OCT 15 1996 WERE PRICED AT PAR 3675 TO YIELD 625 THE DEBT IS
MANDATORILY EXCHANGEABLE AT MATURITY INTO FIRST DATA CORP SHARES OR THE
CASH EQUIVALENT AT THE COMPANY'S OPTION THE ISSUE IS RATED BY SINGLEA1 BY
MOODY'S INVESTORS SERVICE INC AND SINGLEAPLUS BY STANDARD & POOR'S CORP

BANK OF DELAWARE CORP 100 MILLION OF BANK NOTES DUE OCT 14 1994
PRICED AT PAR TO YIELD 34 ACCORDING TO MCM CORPORATEWATCH THE NOTES WERE
PRICED AT A SPREAD OF EIGHT BASIS POINTS ABOVE COMPARABLE TREASURYS RATED
DOUBLEA3 BY MOODY'S AND SINGLEAPLUS BY S&P THE ISSUE WILL BE SOLD
THROUGH UNDERWRITERS LED BY CS FIRST BOSTON BANK OF DELAWARE IS A PNC BANK
CORP UNIT

BANKERS TRUST NY CORP 150 MILLION OF SUBORDINATED NOTES DUE OCT 15
2008 PRICED AS 6S AT 98965 TO YIELD 6106 ACCORDING TO MCM
CORPORATEWATCH THE NONCALLABLE NOTES WERE PRICED AT A SPREAD OF 78 BASIS
POINTS ABOVE TREASURYS RATED SINGLEA2 BY MOODY'S AND DOUBLEAMINUS BY
S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY KIDDER PEABODY &
CO

CARNIVAL CRUISE LINES INC 250 MILLION OF BONDS IN TWO PARTS PRICED BY
UNDERWRITERS LED BY GOLDMAN SACHS & CO THE FIRST TRANCHE 125 MILLION OF
NOTES DUE OCT 1 2003 WAS PRICED AS 615S AT 99945 TO YIELD 6157 THE
NONCALLABLE BONDS WERE PRICED AT A SPREAD OF 83 BASIS POINTS ABOVE
TREASURYS THE SECOND TRANCHE 125 MILLION OF DEBENTURES DUE OCT 1 2023
WAS PRICED AS 72S AT 99885 TO YIELD 7209 THE NONCALLABLE DEBENTURES
WERE PRICED AT A SPREAD OF 103 BASIS POINTS ABOVE TREASURYS BOTH PARTS ARE
RATED BAA1 BY MOODY'S AND SINGLEAMINUS BY S&P

COUNTY SEAT STORES INC 105 MILLION OF SENIOR SUBORDINATED NOTES DUE
OCT 1 2001 PRICED AS 12S AT 96303 TO YIELD 1275 ACCORDING TO MCM
CORPORATEWATCH WITH THE NOTES INVESTORS ALSO RECEIVE WARRANTS FOR 5 OF
THE HOLDING COMPANY'S STOCK THE NOTES NONCALLABLE FOR FIVE YEARS ARE
RATED SINGLEB3 BY MOODY'S AND SINGLEBMINUS BY S&P THE ISSUE WILL BE
SOLD THROUGH UNDERWRITERS LED BY DONALDSON LUFKIN & JENRETTE SECURITIES
INC

FEDERAL HOME LOAN BANK SYSTEM 75 MILLION OF NOTES DUE OCT 14 1998
PRICED AT PAR TO YIELD 489 ACCORDING TO MCM CORPORATEWATCH THE NOTES
NONCALLABLE FOR ONE YEAR WERE PRICED AT A SPREAD OF 21 BASIS POINTS ABOVE
TREASURYS THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY FIRST NATIONAL
BANK OF CHICAGO

FEDERAL NATIONAL MORTGAGE ASSOCIATION 150 MILLION OF MEDIUMTERM NOTES
DUE OCT 15 2003 PRICED AT PAR TO YIELD 587 ACCORDING TO MCM
CORPORATEWATCH THE NOTES NONCALLABLE FOR THREE YEARS WERE PRICED AT A
SPREAD OF 56 BASIS POINTS ABOVE TREASURYS THE ISSUE WILL BE SOLD THROUGH
UNDERWRITERS LED BY LEHMAN BROTHERS INC

INTERNATIONAL CABLETEL INC 1248 MILLION PROCEEDS OF SENIOR
DEFERREDCOUPON NOTES DUE OCT 15 2003 PRICED AT 5873 FOR A 10875 YIELD
TO MATURITY ACCORDING TO MCM CORPORATEWATCH THE NOTES NONCALLABLE FOR
FIVE YEARS WON'T PAY A CASH COUPON FOR FIVE YEARS THE ISSUE WILL BE SOLD
THROUGH UNDERWRITERS LED BY DONALDSON LUFKIN & JENRETTE SECURITIES INC

IOWAILLINOIS GAS & ELECTRIC CO 100 MILLION OF FIRSTMORTGAGE BONDS IN
TWO PARTS PRICED BY UNDERWRITERS LED BY SMITH BARNEY SHEARSON INC
ACCORDING TO MCM CORPORATEWATCH THE FIRST TRANCHE 50 MILLION OF BONDS DUE
OCT 15 1998 WAS PRICED AS 505S AT 99838 TO YIELD 5087 THE
NONCALLABLE BONDS WERE PRICED AT A SPREAD OF 38 BASIS POINTS ABOVE
TREASURYS THE SECOND TRANCHE 50 MILLION OF BONDS DUE OCT 15 2025 WAS
PRICED AT PAR TO YIELD 695 THE BONDS NONCALLABLE FOR 10 YEARS WERE
PRICED AT A SPREAD OF 78 BASIS POINTS ABOVE TREASURYS BOTH PARTS ARE RATED
DOUBLEA3 BY MOODY'S AND DOUBLEA BY S&P

PNC BANK KENTUCKY INC 100 MILLION BANK NOTES DUE OCT 14 1994
PRICED AT PAR TO YIELD 34 ACCORDING TO MCM CORPORATEWATCH THE NOTES WERE
PRICED AT A SPREAD OF EIGHT BASIS POINTS ABOVE COMPARABLE TREASURYS RATED
DOUBLEA3 BY MOODY'S AND SINGLEAPLUS S&P THE ISSUE WILL BE SOLD THROUGH
UNDERWRITERS LED BY CS FIRST BOSTON PNC BANK KENTUCKY IS A PNC BANK CORP
UNIT

TEXAS UTILITIES CO 175 MILLION OF CUMULATIVE PERPETUAL PREFERRED
STOCK PRICED WITH A 722 DIVIDEND YIELD ACCORDING TO MCM CORPORATEWATCH
THE COMPANY SOLD SEVEN MILLION SHARES AT 25 EACH THE PREFERRED IS
NONCALLABLE FOR EIGHT YEARS RATED BAA3 BY MOODY'S AND TRIPLEBMINUS BY
S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY LEHMAN BROTHERS INC

DETROIT DIESEL CORP INITIAL OFFERING OF 48 MILLION COMMON SHARES PRICED
AT 20 EACH THROUGH UNDERWRITERS LED BY MERRILL LYNCH & CO

GENERAL PUBLIC UTILITIES CORP 35 MILLION COMMON SHARES PRICED AT
33125 EACH THROUGH UNDERWRITERS LED BY MERRILL LYNCH & CO ACCORDING TO
THE COMPANY

HERBALIFE INTERNATIONAL INC 54 MILLION COMMON SHARES PRICED AT 1250
EACH THROUGH UNDERWRITERS LED BY SALOMON BROTHERS INC

GLOBAL SMALL CAP FUND INC INITIAL OFFERING OF 34 MILLION COMMON SHARES
PRICED AT 15 EACH THROUGH UNDERWRITERS LED BY PAINEWEBBER INC

CALIFORNIA PUBLIC WORKS BOARD 315 MILLION OF 1993 SERIES A LEASE REVENUE
BONDS FOR THE DEPARTMENT OF CORRECTIONS PRICED BY A SMITH BARNEY SHEARSON
INC GROUP YIELDS RANGE FROM 37 IN 1996 TO 55 IN 2018 MOODY'S RATED
THE BONDS SINGLEA1 S&P ASSIGNED A SINGLEA RATING AND FITCH INVESTORS
SERVICE INC ASSIGNED A SINGLEAPLUS RATING

VIRGINIA TRANSPORTATION BOARD 134 MILLION OF SERIES 1993C TRASPORTATION
REVENUE BONDS PRICED BY A LEHMAN BROTHERS INC GROUP YIELDS FOR REOFFERED
BONDS RANGE FROM 33 IN 1995 TO 557 IN 2015 THE BONDS HAVE DOUBLEA
RATINGS FROM MOODY'S AND S&P

FEDERAL NATIONAL MORTGAGE ASSOCIATION 500 MILLION OF REALESTATE
MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY SALOMON BROTHERS INC THE
ISSUE SERIES 1993221 IS BACKED BY THE AGENCY'S 15YEAR 6 MORTGAGE
SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 66 AND
WEIGHTED AVERAGE MATURITY OF 178 MONTHS

FEDERAL NATIONAL MORTGAGE ASSOCIATION 500 MILLION OF REALESTATE
MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY FIRST BOSTON CORP THE
OFFERING SERIES 1993223 IS BACKED BY THE AGENCY'S 30YEAR 65 MORTGAGE
SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 7 AND
WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF 357 MONTHS

FEDERAL NATIONAL MORTGAGE ASSOCIATION 300 MILLION OF REALESTATE
MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY BEAR STEARNS & CO THE
OFFERING SERIES 1993220 IS BACKED BY THE AGENCY'S 20YEAR 65 MORTGAGE
SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 7125 AND
WEIGHTED AVERAGE MATURITY OF 237 MONTHS

FEDERAL NATIONAL MORTGAGE ASSOCIATION 250 MILLION OF REALESTATE
MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY BEAR STEARNS & CO THE
OFFERING SERIES 1993219 IS BACKED BY THE AGENCY'S PRINCIPALONLY STRIPS
TRUST 237 WHICH IN TURN IS BACKED BY 30YEAR 8 MORTGAGE SECURITIES

FEDERAL NATIONAL MORTGAGE ASSOCIATION 140 MILLION OF REALESTATE
MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY SALOMON BROTHERS INC THE
OFFERING SERIES 1993217 IS BACKED BY THE AGENCY'S PRINCIPALONLY STRIPS
TRUST 237 WHICH IN TURN IS BACKED BY 30YEAR 8 MORTGAGE SECURITIES

FIRST USA BANK 125 BILLION OF CREDITCARD ASSETBACKED SECURITIES IN
TWO PARTS PRICED BY UNDERWRITERS LED BY MERRILL LYNCH & CO ACCORDING TO
MCM CORPORATEWATCH A 500 MILLION ISSUE FIRST USA CREDIT CARD MASTER TRUST
19932 WAS PRICED AT PAR WITH AN INITIAL COUPON OF 33375 TO FLOAT 15
BASIS POINTS OVER THE ONEMONTH LONDON INTERBANK OFFERED RATE TO A 12 CAP
THE CERTIFICATES HAVE AN AVERAGE LIFE OF THREE YEARS AND WERE RATED TRIPLEA
BY MOODY'S AND S&P A 750 MILLION ISSUE FIRST USA CREDIT CARD MASTER TRUST
19933 WAS PRICED AT PAR WITH AN INITIAL COUPON OF 34375 TO FLOAT 25
BASIS POINTS ABOVE ONEMONTH LIBOR TO A 12 CAP THE CERTIFICATES HAVE AN
AVERAGE LIFE OF FIVE YEARS AND WERE RATED TRIPLEA BY MOODY'S AND S&P EACH
SERIES IS SUPPORTED BY A 13 CASH COLLATERAL ACCOUNT THE ISSUES WERE
OFFERED WITH FOUR MONTHS OF CONTROLLED AMORTIZATION ON THE THREEYEAR
CERTIFICATES AND 12 MONTHS ON THE FIVEYEAR CERTIFICATES FIRST USA BANK IS
A FIRST USA CORP UNIT

BAYERISCHE LANDESBANK GIROZENTRALE GERMANY 500 MILLION OF 475
EUROBONDS DUE NOV 2 1998 AT ISSUE PRICE 101045 VIA UBS LTD REOFFERED AT
9942 TO YIELD 488 A MARGIN OF 15 BASIS POINTS ABOVE COMPARABLE US
TREASURY FEES 1875

DINE SA DE CV MEXICO PARENT 75 MILLION OF 8125 EUROBONDS DUE OCT
15 1998 AT ISSUE AND REOFFER PRICE 9955 VIA JP MORGAN SECURITIES LTD
BONDS YIELD MARGIN OF 345 BASIS POINTS ABOVE COMPARABLE TREASURY ISSUE
LAUNCHED OFF EUROMEDIUMTERM NOTE PROGRAM OF DESC SOCIEDAD DE FOMENTO
INDUSTRIAL SA DE CV GUARANTOR DESC FEES 0875 INTEREST PAYABLE
SEMIANNUALLY

GRACECHURCH PERSONAL LOAN FINANCE NO 1 PLC SPECIAL PURPOSE 280
MILLION OF ASSETBACKED FLOATINGRATE EURONOTES IN TWO TRANCHES DUE
DECEMBER 1998 AT ISSUE PRICE PAR VIA BARCLAYS DE ZOETE WEDD SECURITIES LTD
BONDS SECURED ON PERSONAL LOANS ORIGINATED IN THE UK BY BARCLAYS BANK PLC
SERIES A FOR 250 MILLION OF SENIOR NOTES REOFFERED AT 99975 INTEREST AT
20 BASIS POINTS ABOVE THREEMONTH LIBOR FOR POUNDS TO DECEMBER 1996 IF LESS
THAN 25 MILLION OF BONDS OUTSTANDING AFTER THAT DATE REST OF BONDS ARE
CALLABLE AT PAR IF NOT CALLED INTEREST STEPS UP TO LIBOR PLUS 50 BASIS
POINTS AVERAGE EXPECTED LIFE OF BONDS IS 126 YEARS FEES 0125 SERIES B
COMANAGED BY UBS LTD FOR 30 MILLION OF MEZZANINE NOTES INTEREST AT 85
BASIS POINTS OVER THREEMONTH LIBOR FEES 025 INTEREST PAYABLE QUARTERLY

BANK OF SCOTLAND UK 200 MILLION OF 8625 SUBORDINATED UNDATED
BONDS AT ISSUE AND REOFFER PRICE 99204 VIA HOARE GOVETT FINANCE LTD AND
SALOMON BROTHERS INTERNATIONAL BONDS YIELD MARGIN OF 130 BASIS POINTS OVER
8 UK GILT OF 2013 BONDS 20TH ANNIVERSARY AT PAR IF NOT CALLED COUPON
WILL BE RESET FOR EACH FIVEYEAR PERIOD THEREAFTER AT HIGHER OF INITIAL
COUPON OR 230 BASIS POINTS OVER YIELD OF THEN PREVAILING FIVEYEAR GILT
FEES 0625

BAYERISCHE HYPOTHEKEN & WECHSELBANK AG GERMANY 150 BILLION LIRE OF
805 EUROBONDS DUE NOV 3 1998 AT ISSUE PRICE 101755 VIA BANCA
COMMERCIALE ITALIANA AND BANCA EUROMOBILIARE SPA BONDS YIELD 81 AFTER
DEDUCTING FULL FEES OF 1875

COPENHAGEN MUNICIPALITY 350 MILLION DANISH KRONER OF 675 EUROBONDS
DUE NOV 22 2000 AT ISSUE PRICE 102 VIA UNIBANK AS BONDS YIELD 673
AFTER DEDUCTING FULL FEES OF 1875 A SPREAD OF 20 BASIS POINTS ABOVE
COMPARABLE DANISH GOVERNMENT NOTE

CREDIT LOCAL DE FRANCE FRENCH AGENCY ONE BILLION FRENCH FRANCS OF 575
EUROBONDS DUE AUG 27 1998 AT ISSUE PRICE 101566 VIA CAISSE NATIONALE DE
CREDIT AGRICOLE BONDS WILL TRADE INTERCHANGEABLY WITH 500 MILLION FRANCS OF
IDENTICAL BONDS OUTSTANDING REOFFERED AT 99941 TO YIELD 576 A SPREAD OF
18 BASIS POINTS ABOVE COMPARABLE FRENCH TREASURY ALL OTHER TERMS UNCHANGED
FEES 1875

KFW INTERNATIONAL FINANCE DELAWARE NV GERMAN PARENT 200 MILLION
CANADIAN DOLLARS OF 6 EUROBONDS DUE NOV 18 1997 AT ISSUE PRICE 10098
VIA SWISS BANK CORP REOFFERED AT 9958 TO YIELD 612 A SPREAD OF 33 BASIS
POINTS ABOVE CANADIAN GOVERNMENT BOND OF AUGUST 1996 GUARANTOR
KREDIETANSTALT FUER WIEDERAUFBAU FEES 1625

PT INTI INDORAYON UTAMA INDONESIA 110 MILLION OF SENIOR NOTES DUE OCT
15 2000 PRICED AT PAR TO YIELD 9125 ACCORDING TO MCM CORPORATEWATCH
THE NOTES ARE NONCALLABLE FOR FIVE YEARS RATED DOUBLEB BY S&P THE ISSUE
WILL BE SOLD THROUGH UNDERWRITERS LED BY CS FIRST BOSTON

QUEBEC CANADIAN PROVINCE 500 MILLION MARKS OF 6375 EUROBONDS DUE NOV
3 2003 AT ISSUE PRICE 102 VIA WESTDEUTSCHE LANDESBANK GIROZENTRALE
REOFFERED AT 99325 TO YIELD 647 A SPREAD OF 48 BASIS POINTS ABOVE
COMPARABLE GERMAN GOVERNMENT NOTE FEES THREE

SOUTH AUSTRALIA GOVERNMENT FINANCING AUTHORITY AUSTRALIAN AGENCY 100
MILLION AUSTRALIAN DOLLARS OF 65 EUROBONDS DUE NOV 30 1998 AT ISSUE
PRICE 1015 VIA HAMBROS BANK LTD BONDS YIELD 659 AT 99625 COMANAGERS'
BREAKEVEN PRICE A MARGIN OF 295 BASIS POINTS OVER COMPARABLE AUSTRALIAN
GOVERNMENT NOTE GUARANTOR SOUTH AUSTRALIAN STATE GOVERNMENT FEES TWO LESS
0125 DEDUCTED FOR LEAD MANAGER

SUMITOMO CORP OVERSEAS CAPITAL LTD JAPANESE PARENT 15 BILLION YEN OF
29 EUROBONDS DUE FEB 8 1996 AT ISSUE AND REOFFER PRICE 10015 VIA
MITSUBISHI FINANCE INTERNATIONAL PLC BONDS YIELD 283 KEEPWELL AGREEMENT
WITH SUMITOMO CORP FEES 015

TOKYO GAS CO JAPAN 200 MILLION SWISS FRANCS OF 45 BONDS DUE NOV 8
2002 AT ISSUE PRICE 102375 VIA UNION BANK OF SWITZERLAND SUBSCRIPTION
PERIOD THROUGH OCT 26 FEES STANDARD NOT DISCLOSED

UNION INDUSTRIELLE DE CREDIT FRENCH PARENT 100 MILLION SWISS FRANCS OF
475 BONDS DUE NOV 22 2000 AT ISSUE PRICE 10175 VIA COUTTS & CO AG
SUBSCRIPTION PERIOD UNTIL NOV 5 FEES 25 9310080113 931008 NATIONAL
REALTY LP TO RESUME DIVIDEND UNITS INCREASE 143

DALLAS NATIONAL REALTY LP SAID IT WILL RESUME ITS QUARTERLY DIVIDEND OF
20 CENTS PER PARTNERSHIP UNIT AFTER A FOURYEAR HIATUS AND THAT IT REACHED
AN AGREEMENT IN PRINCIPAL TO COMPLETE THE 1990 SETTLEMENT OF A CLASSACTION
LAWSUIT

THE REALESTATE PARTNERSHIP MADE THE ANNOUNCEMENTS BEFORE THE MARKETS
CLOSED IN AMERICAN STOCK EXCHANGE COMPOSITE TRADING YESTERDAY NATIONAL
REALTY UNITS CLOSED AT 29 UP 3625 OR 143

THE TRUST NOTED THAT THE RESUMPTION OF THE DIVIDEND WAS THE RESULT OF HIGHER
RENTS AND OCCUPANCY AT THE PARTNERSHIP'S 69 APARTMENT PROPERTIES

AS PART OF THE NEW AGREEMENT NATIONAL REALTY AGREED TO SPIN OFF TO
UNITHOLDERS A NEW ENTITY CALLED GARDEN REAL ESTATE INVESTMENT TRUST WHICH
THE COMPANY SAID WILL BE LISTED ON THE AMEX GARDEN REIT WILL OWN A 75
INTEREST IN A PORTFOLIO OF 52 APARTMENT PROPERTIES AND A REIVABLE NOTE
SECURED BY AN APARTMENT PROPERTY

IN ADDITION NATIONAL REALTY'S GENERAL PARTNER SYNTEK ASSET MANAGEMENT
LP WILL BE REPLACED BY A NEWLY FORMED COMPANY WHOLLY OWNED BY SYNTEK THE
FIVEMEMBER BOARD OF THE NEW GENERAL PARTNER WILL BE SELECTED BY SYNTEK BUT
THREE MEMBERS MUST BE ACCEPTABLE TO NATIONAL REALTY'S OVERSIGHT COMMITTEE
WHICH WAS FORMED AS PART OF THE AGREEMENT TO SETTLE THE SUIT BY UNITHOLDERS
WHO ALLEGED THEY WERE BILKED IN THE ROLLUP OF PARTNERSHIPS THAT WERE USED
TO FORM NATIONAL REALTY 9310080112 931008 DIGITAL EQUIPMENT'S CHIEF GOT
20 BOOST IN FISCAL 1993 SALARY

MAYNARD MASS DIGITAL EQUIPMENT CORP SAID ROBERT B PALMER ITS CHIEF
EXECUTIVE OFFICER RECEIVED A 20 SALARY INCREASE TO 900000 A YEAR

THE RAISE COMES AT A TIME WHEN MR PALMER IS OVERSEEING HUGE CUTS IN THE
COMPUTER MAKER'S WORK FORCE DIGITAL SLASHED ALMOST 20000 JOBS IN FISCAL
1993 ENDED JULY 3 TO REDUCE BLOATED OPERATING COSTS THAT LED TO 35
BILLION OF LOSSES DURING THE PAST THREE YEARS

THE WORK FORCE CUTS LED TO A PROFIT OF 1132 MILLION OR 85 CENTS A SHARE
IN THE FOURTH FISCAL QUARTER THE COMPANY'S FIRST QUARTERLY PROFIT IN TWO
YEARS BUT ANALYSTS EXPECT DIGITAL TO SLIP BACK INTO THE RED LARGELY DUE TO
WEAK SALES IN EUROPE WHEN IT REPORTS RESULTS FOR THE FISCAL FIRST QUARTER
IN TWO WEEKS

MR PALMER BECAME CHIEF EXECUTIVE LAST OCTOBER FOLLOWING THE REMOVAL OF
DIGITAL'S FORMER PRESIDENT AND COFOUNDER KENNETH H OLSEN WHOSE SALARY IN
HIS LAST FULL YEAR TOTALED 995118

DIGITAL'S LATEST PROXY STATEMENT DISCLOSES THAT MR PALMER DIDN'T RECEIVE A
BONUS IN FISCAL 1993 AND HIS NEW SALARY IS LOW BY COMPARISON WITH PEERS IN
THE COMPUTER INDUSTRY HEWLETTPACKARD CO'S FORMER CHIEF EXECUTIVE JOHN A
YOUNG WAS PAID 16 MILLION IN SALARY FOR THE YEAR ENDED OCT 31 1992
PLUS A BONUS OF 97779 HE RETIRED AT THE END OF FISCAL 1992 9310080111
931008 THEIR PASSENGERS BEGIN COUGHING IF THE PILOT TURNS ON THE AIR VENTS
  BY ALISON WOODS SPECIAL TO THE WALL STREET JOURNAL

NEW YORK FLY FREEDOM AIR FOR A BREATH OF THE CLOUDS SMOKE CLOUDS

THE NEW AIRLINE FOR SMOKERS ONLY IS THE BRAINCHILD OF RETIRED PILOT EDWARD
HALL A 28YEAR VETERAN OF UNITED AIRLINES AND AN OLD HAND AT SMOKING 2 1/2
PACKS OF CAMELS A DAY BUT HE SAYS HIS DUMB HABIT SHOULDN'T MAKE HIM AN
OUTLAW HUNTED DOWN AND EVICTED FROM AIRPLANES AND DRIVEN OUT OF TERMINALS

WHICH IS THE POINT OF FREEDOM AIR HIS FIRSTEVER AIR CARRIER FOR SMOKERS
ONLY IT AIMS TO CASH IN ON THE ANGER OF WHAT MR HALL BELIEVES IS A LARGE
NUMBER OF DISAFFECTED TRAVELERS WHO WOULD LIKE TO LIGHT UP WHILE ALOFT

SMOKING IS OF COURSE PROHIBITED ON REGULARLY SCHEDULED FLIGHTS WITHIN THE
US BUT MR HALL'S AIRLINE COMPLIES WITH FEDERAL RULES BECAUSE IT'S A
CHARTER OUTFIT THAT OPERATES AS A PRIVATE CLUB FOR A 20 LIFETIME
MEMBERSHIP FEE PROSPECTIVE PASSENGERS JOIN THE FREEDOM AIR SMOKERS CLUB
WHICH ENTITLES THEM TO BUY TICKETS ON FREEDOM AIR FLIGHTS CLUB MEMBERS MUST
BE AT LEAST 21 YEARS OLD AND SMOKERS OF CIGARETTES FOR NOW ANYWAY NO
PIPES OR CIGARS ALLOWED

FREEDOM AIR'S MAIDEN VOYAGE TOOK PLACE LAST WEEK A 727 CARRYING TWO PAYING
PASSENGERS AND A PLANELOAD OF JOURNALISTS TWO MORE FLIGHTS ARE PLANNED FOR
THE AIRLINE'S 396 ROUNDTRIP NONSTOP SERVICE BETWEEN CHICAGO AND LOS
ANGELES

WHILE FREEDOM AIR HASN'T SO FAR BEEN A SUCCESS COMMERCIALLY IT HAS BEEN A
MEDIA DARLING ON MONDAY NIGHT FOR EXAMPLE DAVID LETTERMAN TREATED HIS CBS
TELEVISIONSHOW AUDIENCE TO A TOP10 LIST OF SLOGANS SUPPOSEDLY REJECTED BY
THE NEW CARRIER AMONG THEM KIDS COUGH FREE WILL THAT BE SMOKING OR
CHAINSMOKING AND FLY THE PHLEGMY SKIES

ONE GROUP THAT HAS PLEDGED TO SUPPORT MR HALL AND FREEDOM AIR IS THE UNITED
SMOKERS ASSOCIATION A LAS VEGASBASED SMOKERS' RIGHTS GROUP THAT CLAIMS TO
HAVE 200000 MEMBERS WE WILL AS A NATIONAL ORGANIZATION DO EVERYTHING IN
OUR POWER TO SUPPORT HIM SAYS JOSE RODRIGUEZ THE ORGANIZATION'S FOUNDER
AND PRESIDENT I KNOW A LOT OF PEOPLE WHO WHETHER THEY FLY OR NOT WILL BE
JOINING THAT CLUB 9310080110 931008 REAL ESTATE  BY JIM CARLTON

MEASURED IN SHEER NUMBERS THE NATIONAL HOUSING MARKET ISN'T NEARLY SO BAD
AS IS WIDELY THOUGHT

WHEN COMBINING AUGUST'S 12 MILLION ANNUALIZED PACE OF SINGLEFAMILY HOUSING
STARTS WITH THE SAME MONTH'S 38 MILLION ANNUALIZED RATE OF SALES OF
PREVIOUSLY OWNED HOUSES THE 1993 TOTAL VOLUME OF HOUSING SALES IS ON A PACE
TO REACH NEARLY FIVE MILLION THAT IS THE HIGHEST SINCE 1979 ACCORDING TO
BARBARA ALLEN A HOUSING ANALYST FOR DONALDSON LUFKIN & JENRETTE

HOUSING STARTS HAVE BOUNCED AROUND ALL YEAR LARGELY BECAUSE OF
WEATHERRELATED FLUCTUATIONS AND CREDIT CONSTRAINTS ON BUILDERS BUT THE
INCREASED 1993 VOLUME SO FAR HAS COME EVEN AS RECESSIONRAVAGED CALIFORNIA
AND STILLWEAK PARTS OF THE NORTHEAST REMAINED ON THE SIDELINES DURING THIS
RECOVERY MEANWHILE HEALTHIER MARKETS BETWEEN THE COASTS ARE ROBUST

IF CALIFORNIA WERE MORE NORMAL THE HOUSING MARKET WOULD LOOK FANTASTIC
SAYS MARK M ZANDI CHIEF ECONOMIST FOR REGIONAL FINANCIAL ASSOCIATES A
WEST CHESTER PA CONSULTING FIRM

THE REASON THE HOUSING MARKET IS PERCEIVED AS BEING SO AWFUL IS THAT THE
RATE OF RECOVERY PALES IN COMPARISON WITH PAST RECOVERIES IN THE YEAR AFTER
THE 198182 RECESSION FOR INSTANCE SINGLEFAMILY STARTS ROCKETED 61
WHILE IN THE 1992 RECOVERY YEAR THEY INCREASED ONLY 23

CHINA'S NEW AUSTERITY PROGRAM HAS PUT THE BRAKES ON A RUNAWAY REALESTATE
BOOM THAT FLOURISHED UNDER THE GOVERNMENT'S MOVE TO A FREER ECONOMIC SYSTEM

IN A FRENZY OF REALESTATE SPECULATION SOME LAND VALUES IN SHANGHAI
ROCKETED TO 120 A SQUARE FOOT THIS YEAR FROM 50 IN 1991 AS INVESTORS
POURED MONEY INTO OFFICE RETAIL AND RESIDENTIAL PROJECTS

THOSE VALUES HAVE RECEDED BY ABOUT 30 SINCE JULY WHEN THE CHINESE CENTRAL
BANK BEGAN SHUTTING DOWN LENDING ON SPECULATIVE DEVELOPMENT ACCORDING TO
DONALD W POLISHUK VICE PRESIDENT OF LASALLE PARTNERS A CHICAGOBASED
REALESTATESERVICES FIRM

NOW THERE IS NO LIQUIDITY IN THE MARKET WHATSOEVER SAYS MR POLISHUK
WHO RECENTLY RETURNED FROM CHINA SO SPECULATORS WHO ACQUIRED LAND CAN'T
GET ADDITIONAL FINANCING FOR DEVELOPMENT

MUCH OF THE REALESTATE DEVELOPMENT HAS BEEN BACKED BY CHINESE AND OTHER
ASIAN INVESTORS BUT AMERICANS HAVE BEGUN TO TAKE A LARGER INVESTMENT ROLE
AND A NUMBER OF USBASED ARCHITECTS AND CONTRACTORS ARE WORKING ON CHINESE
DEVELOPMENT PROJECTS

MR POLISHUK SAYS MOST OF THEIR WORK IS ON GOVERNMENT PROJECTS UNAFFECTED BY
THE SLOWDOWN HE ADDS THAT MANY INSTITUTIONAL INVESTORS IN THE US STILL
PERCEIVE CHINA TO BE A MAJOR TARGET FOR CAPITAL FLOW OVER THE NEXT 10 TO 20
YEARS

THE GOVERNMENT HAS TAKEN AUSTERITY MEASURES TO TRY TO CURB INFLATION WHICH
HAD BEEN RUNNING AS HIGH AS AN ANNUALIZED RATE OF 20 IN SOME MAJOR CITIES
AND IN THE PROCESS COOL A SUPERHEATED ECONOMY GROSS NATIONAL PRODUCT HAD
BEEN RUNNING 14 AHEAD OF LAST YEAR AND MANY ANALYSTS FELT THAT WAS
UNSUSTAINABLE

AT THE PEAK OF THE BOOM EARLIER THIS YEAR WILLIAM A BUGG JR AN EXECUTIVE
MANAGING DIRECTOR OF NEW YORKBASED BROKERAGE COMPANY CUSHMAN & WAKEFIELD
RECALLS SEEING 30STORY AND 40STORY BUILDINGS SPROUTING OUT OF SHENZHEN
NEAR HONG KONG YOU SCRATCH YOUR EYES AND SAY WAIT A MINUTE THIS MUST BE
A VISION' HE SAYS

WITH CHINA'S GOVERNMENT SEEMINGLY COMMITTED TO ECONOMIC GROWTH OUTSIDE
OBSERVERS BELIEVE THE AUSTERITY DRIVE MAY SLOW BUT NOT STOP THE NATION'S
REALESTATE DEVELOPMENT

FORECLOSED REAL ESTATE HELD BY CREDIT UNIONS JUMPED 179 IN THE FIRST SIX
MONTHS THIS YEAR DESPITE SHRINKAGE OF TROUBLED REALESTATE PORTFOLIOS AT
OTHER FINANCIAL INSTITUTIONS

THE INCREASE TO 224 MILLION IN MOSTLY RESIDENTIAL FORECLOSURES FROM 190
MILLION LARGELY REFLECTS THE DIFFICULTY SOME CREDITUNION MEMBERS ARE HAVING
IN KEEPING UP WITH MORTGAGE PAYMENTS IN THE CURRENT TOUGH ECONOMY ACCORDING
TO WARREN HELLER RESEARCH DIRECTOR OF VERIBANC A BANKRATING COMPANY IN
WAKEFIELD MASS THAT COMPILED THE FIGURES

COMPARED WITH BANKS WHICH HOLD AROUND 23 BILLION IN BAD REAL ESTATE AND
THRIFTS WHICH HOLD ABOUT 16 BILLION THE AMOUNT OF SEIZED PROPERTY IS NOT
ALARMING NEITHER IS THE OVERALL HEALTH OF CREDIT UNIONS AT RISK 86 OF
CREDIT UNIONS ARE IN VERIBANC'S HIGHESTRATED CATEGORY UP FROM 65 TWO
YEARS AGO

BUT THE CREDITUNION FORECLOSURES REVERSED COURSE AFTER DROPPING LAST YEAR
WHILE BANKS AND THRIFTS HAVE SHED BAD REAL ESTATE STEADILY OVER THE PAST TWO
YEARS

UNLIKE THE BANKS AND THRIFTS WHICH LENT BILLIONS ON BAD COMMERCIAL
REALESTATE PROJECTS CREDIT UNIONS ARE LARGELY RESTRICTED FROM MAKING
COMMERCIALDEVELOPMENT LOANS

KEITH PETERSON AN ECONOMIST WITH CREDIT UNION NATIONAL ASSOCIATION A TRADE
GROUP IN MADISON WIS SAYS THE UPTURN IN FORECLOSURES APPARENTLY REFLECTS
CONTINUED WEAKNESS IN PARTS OF NEW ENGLAND WHERE RHODE ISLAND NEW
HAMPSHIRE AND MASSACHUSETTS HAVE AMONG THE HIGHEST PERCENTAGES OF FORECLOSED
PROPERTY IN THE COUNTRY

MY HUNCH IS THIS IS A LAGGING INDICATOR BECAUSE IT TAKES AWHILE TO GET TO
THE FORECLOSURE STAGE AND TAKE THE PROPERTY MR PETERSON SAYS WITH
CALIFORNIA'S ECONOMY STILL STRUGGLING CREDIT UNIONS COULD BE FACING MANY
MORE FORECLOSURES

REALESTATE INVESTMENT TRUSTS FOR APARTMENTS RAISED MORE THAN 780 MILLION
IN THE FIRST HALF ROUGHLY DOUBLE THE 386 MILLION IN MULTIFAMILY REITS FOR
ALL OF LAST YEAR ACCORDING TO THE NATIONAL ASSOCIATION OF REAL ESTATE
INVESTMENT TRUSTS  MONTHLY APARTMENT RENTALS AVERAGE 6500 IN HONG
KONG AND 6100 IN TOKYO VS 900 IN NEW YORK AND 535 IN ATLANTA
ACCORDING TO A SURVEY BY PHH HOMEQUITY A WILTON CONN RELOCATION UNIT OF
PHH HUNT VALLEY MD 9310080109 931008 AIRLINES REDUCE CHEAPEST FARES 
TO EUROPE BY 20  BY JAMES S HIRSCH STAFF REPORTER OF THE WALL
STREET JOURNAL

FACING ITS USUAL SLUMP IN WINTER TRAVEL THE AIRLINE INDUSTRY CUT ITS
CHEAPEST FARES TO EUROPE 20

THE MOVE HAS BECOME AN INDUSTRY STANDARD IN RECENT YEARS AS AIRLINES ON
BOTH SIDES OF THE ATLANTIC HAVE EXPANDED CAPACITY CARRIERS HAVE HAD TO
SLASH FARES PARTICULARLY THOSE AIMED AT LEISURE TRAVELERS TO FILL UP
ADDITIONAL SEATS DURING NONPEAK TRAVEL PERIODS

SOFT DEMAND IS ALSO HURTING DOMESTIC TRAVEL AND A WINTER FARE WAR IS
CONSIDERED LIKELY

IN THE LATEST FARE WAR AMR CORP'S AMERICAN AIRLINES FIRED THE FIRST SHOT
AND MOST OF ITS RIVALS INCLUDING UAL CORP'S UNITED AIRLINES TRANS WORLD
AIRLINES CONTINENTAL AIRLINES WINGS HOLDINGS INC'S NORTHWEST AIRLINES AND
DELTA AIR LINES FOLLOWED SUIT THE SALE WHICH LASTS UNTIL OCT 22
APPLIES TO TRAVEL BETWEEN NOV 1 AND MARCH 15 ALTHOUGH DISCOUNTS WON'T BE
AVAILABLE FROM DEC 16 THROUGH JAN 2 THE DISCOUNTS AREN'T AVAILABLE FOR
LONDON FLIGHTS AND VARIOUS RESTRICTIONS APPLY

AT THE SAME TIME USAIR EXPANDED ITS EXISTING EUROPEAN WINTER FARE SALE THAT
HAS CUT PRICES BETWEEN 20 AND 30 THAT SALE BEGAN SEPT 14 AND WAS TO END
OCT 31 BUT THE USAIR GROUP INC UNIT EXTENDED THE ENDING DATE TO NOV 30
IN ADDITION THE SALE USED TO APPLY ONLY TO FLIGHTS FROM USAIR'S HUB CITIES
TO FRANKFURT AND PARIS BUT NOW THE DISCOUNT APPLIES TO PASSENGERS WHO BOARD
USAIR IN ANY US CITY AND FLY TO EUROPE THROUGH A HUB

IN THE INSCRUTABLE WORLD OF AIR FARES THE AMERICANLED DISCOUNT HAS ONCE
AGAIN MADE INTERNATIONAL TRAVEL IN SOME CASS CHEAPER THAN DOMESTIC TRAVEL
THE ROUNDTRIP SALE FARE FROM CHICAGO TO MADRID FOR EXAMPLE IS 458 DOWN
FROM 568 THE ADVANCEPURCHASE FARE FOR A ROUNDTRIP TICKET FROM HARTFORD
CONN TO SAN FRANCISCO IS 609 THIS RELATIVELY HIGH PRICE FOR DOMESTIC
TRAVEL COUPLED WITH SOFT DEMAND LEADS INDUSTRY OBSERVERS TO EXPECT A
WINTER SALE FOR US FLIGHTS TO BE LAUNCHED IN THE COMING WEEKS
9310080108 931008 INTERNATIONAL DAIICHI DEBT RATINGS ARE LOWERED BY
S&P

NEW YORK STANDARD & POOR'S CORP SAID IT LOWERED DEBT RATINGS OF DAIICHI
KANGYO BANK LTD AND RELATED ENTITIES DUE TO CONTINUED DETERIORATION OF
ASSET QUALITY INDICATED BY INCREASES IN THE LEVEL OF THE BANK'S PROBLEM
ASSETS

THE TOKYOBASED BANK'S SENIOR DEBT RATING WAS LOWERED TO SINGLEAPLUS FROM
DOUBLEAMINUS AND THE RATING OF SHORTTERM DEBT WAS LOWERED TO SINGLEA1
FROM SINGLEA1PLUS THE RATING AGENCY REMOVED THE RATINGS FROM
CREDITWATCH WHERE THEY WERE PLACED IN JUNE 1993 AND SAID DAIICHI'S
LONGTERM RATING OUTLOOK REMAINS NEGATIVE

AT MARCH 31 S&P NOTED LOANS TO BANKRUPT AND SIXMONTH PAST DUE BORROWERS
REACHED ABOUT 13 TRILLION YEN 1231 BILLION OR 381 OF LOANS MANY
OF THEM TO SMALL AND MIDSIZE COMPANIES HURT BY JAPAN'S SLUGGISH ECONOMY

BUT CONCERNS OVER FURTHER DETERIORATION IN THE BANK'S ASSET QUALITY WERE
PARTLY OFFSET BY ITS STRONG DOMESTIC MARKET POSITION LARGE RETAIL DEPOSIT
BASE AND SIZEABLE HIDDEN RESERVES AS WELL AS MODEST IMPROVEMENT IN CORE
EARNINGS DUE TO JAPAN'S FAVORABLE INTERESTRATE ENVIRONMENT S&P SAID
9310080107 931008 MORE HEARINGS SET ON BID BY LORENZO TO START AIRLINE

WASHINGTON THE TRANSPORTATION DEPARTMENT ORDERED FURTHER HEARINGS BEFORE
IT DECIDES WHETHER TO LET FRANK LORENZO THE FORMER HEAD OF TEXAS AIR CORP
LAUNCH A NEW AIRLINE

ON THE SURFACE THE DECISION IS A VICTORY FOR MR LORENZO AND HIS NEW
COMPANY ATX INC WHICH IS SEEKING TO ESTABLISH A LOWCOST SERVICE BASED IN
THE BALTIMOREWASHINGTON AREA LAST MONTH AN ADMINISTRATIVE LAW JUDGE
RECOMMENDED THAT ATX'S APPLICATION BE DENIED BECAUSE MR LORENZO'S REFUSAL
TO ANSWER SOME OF HIS QUESTIONS AND OBEY HIS ORDERS SHOWED A LACK OF
COMPLIANCE DISPOSITION

BUT THE TRANSPORTATION DEPARTMENT'S ACTION REOPENS AN ISSUE ON WHICH THE
HEARING OFFICER HAD RULED IN MR LORENZO'S FAVOR WHETHER HE HAS THE
MANAGERIAL COMPETENCE TO FLY LABOR GROUPS OPPOSING MR LORENZO WILL NOW GET
TO PRESENT THEIR CASE AND THE HEARING OFFICER HAS UNTIL DEC 28 TO MAKE A
NEW RECOMMENDATION

ATX HAD SOUGHT A FASTER REVIEW IN WHICH OPPONENTS COULD SUBMIT ONLY WRITTEN
TESTIMONY BUT THE DEPARTMENT SAID FULL HEARINGS ARE NEEDED SPECIFICALLY
THE ADMINISTRATION IS SEEKING TO EXPLORE THE RELEVANCE OF PAST SAFETY
VIOLATIONS OF CARRIERS OPERATED BY ATX PRINCIPALS THOSE CARRIERS INCLUDE
CONTINENTAL AIRLINES AND NOWDEFUNCT EASTERN AIRLINES

A SPOKESMAN FOR ATX SAID THE COMPANY'S OFFICIALS ARE SUPREMELY CONFIDENT
THEY WILL PREVAIL 9310080106 931008 IBM IS SAID TO SEEK BUYER FOR ITS
STAKE IN POLICY MANAGEMENT

NEW YORK INTERNATIONAL BUSINESS MACHINES CORP IS QUIETLY SEEKING A BUYER
FOR ITS MINORITY STAKE IN POLICY MANAGEMENT SYSTEMS CORP SAID INDIVIDUALS
FAMILIAR WITH IBM'S PLANS

INDUSTRY OBSERVERS SAID IBM'S PRIMARY MOTIVE MAY BE A DESIRE TO RAISE CASH
ALTHOUGH THEY ADDED THAT THE COMPUTER GIANT MAY ALSO WANT TO DISTANCE ITSELF
FROM THE BELEAGUERED POLICY MANAGEMENT

THE BLYTHEWOOD SC MAKER OF SOFTWARE FOR THE INSURANCE INDUSTRY HAS BEEN
THE SUBJECT OF AN INQUIRY BY THE SECURITIES AND EXCHANGE COMMISSION INTO ITS
FINANCIAL REPORTING

ANALYSTS SAID IBM WOULD ALMOST CERTAINLY RECORD A LOSS ON ITS INVESTMENT IN
POLICY MANAGEMENT IBM PAID 1165 MILLION BACK IN 1989 FOR THE POLICY
MANAGEMENT STOCK ABOUT 16 OF THE COMPANY TODAY BUT POLICY MANAGEMENT'S
SHARES HAVE SINCE DECLINED IN VALUE

IBM MAY TRY TO KEEP THE TRANSACTION OUT OF THE SPOTLIGHT BY PURSUING AN
OVERSEAS BUYER SAID ONE OBSERVER IBM AND POLICY MANAGEMENT OFFICIALS
DECLINED TO COMMENT AS DID A SPOKESWOMAN FOR KIDDER PEABODY & CO WHICH
IS SAID TO BE TRYING TO SELL THE STOCK FOR IBM

IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY POLICY MANAGEMENT
FELL 875 CENTS OR 35 TO 23875 IBM WAS UNCHANGED AT 44 9310080105
931008 INSURANCE FORMER AGENTS DRAW A PICTURE OF MET LIFE'S SALES
PRACTICES  BY GREG STEINMETZ STAFF REPORTER OF THE WALL STREET
JOURNAL

IT IS THE BIGGEST SALES OFFICE FOR THE COUNTRY'S BIGGEST SELLER OF LIFE
INSURANCE AND FLORIDA REGULATORS SAY IT GOT TO NO 1 BY MISLEADING THE
PUBLIC

AGENTS IN THE TAMPA OFFICE OF METROPOLITAN LIFE INSURANCE CO TOGETHER
EARNED MORE THAN 4 MILLION IN COMMISSIONS LAST YEAR ALMOST ALL THE
BUSINESS SAY FORMER AGENTS AND FLORIDA REGULATORS CAME FROM SELLING LIFE
INSURANCE TO REGISTERED NURSES WHO THOUGHT THEY WERE BUYING RETIREMENT
ACCOUNTS

DIRECTED BY THEIR SUPERIORS THE AGENTS SUBSTITUTED THE WORD DEPOSIT FOR
PREMIUM AND NEVER MENTIONED TO CUSTOMERS THAT THEY WERE SELLING INSURANCE
THE STATE ALLEGES

THE FORCE BEHIND MET LIFE'S TAMPA OFFICE IS RICK URSO WHO FORMER MET LIFE
AGENTS SAY KEPT A KARAOKE MACHINE IN HIS OFFICE AND LIKED TO BELT OUT THE
FRANK SINATRA CLASSIC MY WAY A MET LIFE EMPLOYEE NEWSLETTER CITES HIM AS
A SUPERIOR SALESMAN AND HOLDS HIM UP AS AN EXAMPLE FOR OTHERS

BUT ACCORDING TO AN ADMINISTRATIVE ORDER ISSUED BY THE FLORIDA INSURANCE
DEPARTMENT MR URSO TOLD HIS AGENTS TO USE MISREPRESENTATIONS FRAUD AND
OTHER UNLAWFUL MEANS TO SELL INSURANCE AND HAD THE COMPANY'S APPROVAL TO DO
SO THE DEPARTMENT IS NOW CONDUCTING AN INVESTIGATION INTO THE ALLEGED
ACTIVITIES AT MET LIFE THE COMPANY HAS REQUESTED A HEARING FROM THE
DEPARTMENT ON THE ALLEGATIONS BUT THE DEPARTMENT SAID IT WOULDN'T ACT ON
THE REQUEST UNTIL ITS INVESTIGATION IS COMPLETED

MR URSO HAS BEEN FORBIDDEN BY MET LIFE FROM COMMENTING TO THE PRESS
ACCORDING TO A WOMAN IN THE TAMPA OFFICE WHO IDENTIFIED HERSELF AS HIS
ASSISTANT MET LIFE SAYS IT IS TROUBLED BY THE ACCUSATIONS AGAINST MR URSO
BUT ADDS IT WILL NOT TAKE ANY ACTION AGAINST HIM UNTIL ALL THE EVIDENCE IS
IN IF THE ALLEGATIONS PROVE TRUE WE WILL TAKE VERY SWIFT ACTION A
SPOKESMAN SAYS

THE COMPANY ADMITS IT COULD HAVE BETTER MONITORED THE OFFICE'S SALES METHODS
BUT DENIES IT CODDLED MR URSO BECAUSE OF HIS SUCCESS AND IT HAS AGREED TO
PROVIDE REFUNDS TO 18000 CUSTOMERS WHO BOUGHT POLICIES FROM MR URSO'S
AGENTS IN TAMPA THE COMPANY SPOKESMAN SAYS DESCRIPTIONS OF MR URSO'S
ACTIVITIES GIVEN BY FORMER AGENTS IN THE TAMPA OFFICE ARE NOT THE MET LIFE
WAY OF DOING BUSINESS

MR URSO AND HIS STAFF HAD A RIGID FORMULA FOR SELLING SAY FORMER AGENTS
IT BEGAN BY SENDING PROMOTIONAL MATERIALS TO REGISTERED NURSES ACROSS THE
COUNTRY WHOSE NAMES CAME FROM LISTS FILED WITH STATE LICENSING AGENCIES THE
MATERIALS HAD A COUPON ON THE BOTTOM THAT A NURSE COULD SEND BACK TO GET
MORE INFORMATION AGENTS WOULD CALL NURSES WHO RESPONDED AND THEN SET UP
APPOINTMENTS TO VISIT

AGENTS IN THE OFFICE GENERALLY HAD NO PRIOR INSURANCE EXPERIENCE THEIR
INHOUSE TRAINING CONSISTED OF HAVING TO MEMORIZE WORDFORWORD A DETAILED
SALES PITCH TYPED ON AN 11PAGE SINGLESPACED MEMO THEY SAID HERE'S THE
MATERIAL MEMORIZE IT' SAYS SUSAN TEDDER A FORMER AGENT IN THE OFFICE

MS TEDDER LIKE OTHER FORMER MET LIFE AGENTS INTERVIEWED FOR THIS STORY
HAS SUED THE COMPANY ALLEGING THAT THEY WERE FIRED FOR BLOWING THE
WHISTLE ON THE OFFICE'S PRACTICES MET LIFE SAYS THE EMPLOYEES WERE
DISMISSED FOR CAUSE

MARK MOSER ANOTHER FORMER AGENT IN THE OFFICE SAYS HE TOOK ABOUT SIX WEEKS
TO MEMORIZE THE PRESENTATION AFTER THAT HIS MANAGERS VIDEOTAPED HIM
RECITING THE PITCH AND THEN TOOK HIM ON SOME SALES CALLS AFTER THAT MR
MOSER HIT THE ROAD ALONE CONTACTING NURSES IN FLORIDA OHIO NEW JERSEY AND
CALIFORNIA HE MADE 65000 DURING HIS FIRST YEAR BUT HAD TO PAY HIS OWN
TRAVEL EXPENSES HE WAS REWARDED FOR HIS SUCCESS WITH A CARIBBEAN CRUISE

ABOUT 90 AGENTS WORKED FOR MR URSO WHO RECEIVED COMMISSIONS ON EVERY SALE
MR URSO KEPT CAREFUL TABS ON THEIR PROGRESS BY DEMANDING THEY PHONE IN
THEIR RESULTS DAILY RESULTS WERE POSTED ON WHITE BOARDS HUNG ON THE WALLS
OF THE OFFICE WHICH TOOK UP TWO FLOORS OF THE MET LIFE BUILDING NEAR TAMPA
INTERNATIONAL AIRPORT

KIRBY GRAYSON LIKE OTHER AGENTS SAYS HE INITIALLY HAD NO IDEA HE WAS DOING
ANYTHING WRONG BY FAILING TO MENTION HE WAS SELLING LIFE INSURANCE THAT
CHANGED HE SAYS AFTER HE SAW A COPY OF A MET LIFE INTERNAL AUDIT THAT
RAISED A NUMBER OF CONCERNS ABOUT THE SALES LITERATURE SENT TO THE NURSES

THE AUDIT SAID IT WAS UNACCEPTABLE FOR AGENTS TO CALL THEMSELVES NURSING
REPRESENTATIVES BECAUSE IT WAS A MADEUP TITLE THAT DEPOSIT WAS A
MISLEADING SUBSTITUTE FOR PREMIUM THAT RETIREMENT SAVING PLAN WAS AN
UNAUTHORIZED TERM AND THAT INSURANCE CANNOT BE REFERRED TO AS AN
INVESTMENT THE MEMO WARNED THAT CONTINUED USE OF THE MATERIALS COULD LEAD
TO THE EVENTUAL CESSATION OF MET LIFE'S PRIVILEGES TO UNDERWRITE INSURANCE

MR GRAYSON AND ANOTHER AGENT JOSEPH MELLO HAVE FILED LAWSUITS AGAINST THE
COMPANY IN FEDERAL COURT IN TAMPA IN COURT PAPERS THEY SAY THEY CONFRONTED
MR URSO IN AUGUST 1992 AND AFTERWARD WERE NEVER ALLOWED BACK INTO THE
BUILDING MS TEDDER WHOSE LAWSUIT AGAINST MET LIFE WAS FILED IN STATE
COURT IN TAMPA SAYS SHE ALSO CONFRONTED MR URSO AND CLAIMS IN HER SUIT THAT
SHE WAS SUBSEQUENTLY HARASSED UNTIL SHE QUIT AFTER MET LIFE TRIED TO DENY
HER UNEMPLOYMENT BENEFITS SHE TOOK THE MATTER TO THE FLORIDA DEPARTMENT OF
LABOR AND EMPLOYMENT SECURITY WHICH RULED SHE QUIT FOR GOOD CAUSE AND
REINSTATED HER BENEFITS

MR MOSER SAYS HE MADE COPIES OF THE AUDIT AND DISTRIBUTED IT TO OTHER
AGENTS MR MOSER'S DISTRIBUTION OF THE AUDIT COPIES TOUCHED OFF A TANTRUM
BY MR URSO HE SAYS IN A LAWSUIT HE BROUGHT AGAINST MET LIFE YESTERDAY IN
STATE COURT IN TAMPA MR MOSER SAYS THAT MR URSO KICKED FURNITURE AND
SHOUTED OBSCENITIES URSO LOST IT HE SAYS AFTERWARD MR MOSER SAYS HE
BECAME AN OUTCAST OTHER AGENTS TEASINGLY WOULD HOLD UP CROSSED FINGERS WHEN
THEY SAW HIM LIKE I WAS A VAMPIRE HE SAYS

IN HIS LAWSUIT MR MOSER SAYS HE INFORMED GABRIEL FALBO JR THE COMPANY'S
LAWYER IN THE TAMPA OFFICE ABOUT THE SALES PRACTICES MR FALBO INDICATED
THAT HE WOULD NOT TAKE ANY ACTION TO STOP THE ILLEGAL ACTIVITY AS HE FEARED
RETALIATION FROM METROPOLITAN SUPERVISORS HE SAYS IN HIS LAWSUIT MR
FALBO COULD NOT BE REACHED FOR COMMENT

WE TAKE CHARGES LIKE THIS VERY SERIOUSLY AND WE WILL FULLY INVESTIGATE
THEM SAYS THE MET LIFE SPOKESMAN

EVENTUALLY THE CONCERNS OF AGENTS REACHED THE EARS OF FLORIDA INSURANCE
COMMISSIONER TOM GALLAGHER MR GALLAGHER A REPUBLICAN WHO MADE HEADLINES
AFTER HE FORBADE INSURERS FROM PULLING OUT OF FLORIDA IN THE WAKE OF
HURRICANE ANDREW SAID MET LIFE SHOULD HAVE ACTED MORE AGGRESSIVELY IN
BRINGING A HALT TO THE PRACTICES HE PLANS TO HIRE AN INVESTIGATOR TO
DETERMINE WHY THE COMPANY FAILED TO CURTAIL THE DECEPTIVE PRACTICES MET
LIFE DENIES THAT MR URSO'S SUCCESS EXPLAINS ITS LACK OF ACTION

MEANWHILE THE TAMPA MEDIA HAVE LATCHED ON TO THE STORY AND HAVE GIVEN IT A
TABLOID SPIN ON WEDNESDAY EVENING WTVTTV SHOWED MR URSO'S NEW WATERFRONT
HOME IN THE EXCLUSIVE BAYSHORE SECTION OF TAMPA THE CAMERAS SHOWED THE
HOUSE AND THE GAZEBO AND FOUNTAIN IN THE YARD THE SEGMENT ALSO SHOWED A
PICTURE OF MR URSO FLAUNTING A NECKTIE DECORATED WITH PICTURES OF DOLLAR
BILLS 9310080104 931008 HECHINGER'S SALES RISE

LANDOVER MD HOME IMPROVEMENT RETAILER HECHINGER CO SAID SEPTEMBER
SALES ROSE 14 TO 209 MILLION FROM 1835 MILLION A YEAR EARLIER

HECHINGER WHICH HAS 118 STORES IN 19 STATES SAID SAMESTORE SALES ROSE
11 THE COMPANY SAID IT OPENED A NEW STORE IN SEPTEMBER AND PLANS TO OPEN
SIX MORE IN OCTOBER 9310080103 931008 WHO'S NEWS TOP PRIMEDEX POST 
WILL GO TO PETILLO EXBLUE CROSS OFFICIAL

NEW YORK PRIMEDEX HEALTH SYSTEMS INC NAMED A FORMER TOP EXECUTIVE FOR
BLUE CROSS & BLUE SHIELD OF NEW JERSEY INC TO HEAD ITS OPERATIONS AND
PRIMEDEX'S LARGEST SHAREHOLDER INVESTOR ROBERT E BRENNAN GAVE THE
EXECUTIVE A PROXY TO VOTE HIS SHARES

JOHN J PETILLO 46 YEARS OLD WAS NAMED CHAIRMAN CHIEF EXECUTIVE AND
PRESIDENT HE WAS PREVIOUSLY PRESIDENT AND CHIEF EXECUTIVE OF NEW JERSEY
BLUE CROSS AND HE SUCCEEDS ANDREW C ALSON

IN ADDITION ROBERT T CARUSO 48 WAS NAMED VICE PRESIDENT AND CHIEF
FINANCIAL OFFICER SUCCEEDING ROGER BARNETT MR CARUSO WAS FORMERLY A VICE
CHAIRMAN OF ACCOUNTING FIRM COOPERS & LYBRAND MESSRS ALSON AND BARNETT
WILL CONTINUE AS DIRECTORS OF THE COMPANY

MR BRENNAN THE MAJOR SHAREHOLDER HOLDS 103 MILLION SHARES OR ABOUT 25
OF THE APPROXIMATELY 40 MILLION COMMON SHARES OUTSTANDING OF PRIMEDEX WHICH
PROVIDES HEALTHCARE MANAGEMENT SERVICES IT OWNS OR HAS INTERESTS IN 17
DIAGNOSTIC IMAGING CENTERS IN CALIFORNIA

A SPOKESMAN SAID MR BRENNAN WHO HAS BEEN A SHAREHOLDER FOR SEVEN YEARS
GAVE MR PETILLO HIS PROXY WHICH IS VALID FOR ONE YEAR AND CAN BE RENEWED
YEARLY THEREAFTER AS A TANGIBLE DEMONSTRATION OF HIS CONFIDENCE IN THE
NEW MANAGEMENT

THE COMPANY RECENTLY RAISED 30 MILLION WHEN IT SOLD 76 MILLION SHARES FOR
450 APIECE IN AN OFFERING UNDERWRITTEN BY FN WOLF & CO 9310080102
931008 BUSINESS BRIEF MOODY'S REVIEWS DAYTON HUDSON DEBT FOLLOWING
DISCLOSURE ON MERVYN'S UNIT

NEW YORK MOODY'S INVESTORS SERVICE PUT ABOUT 45 BILLION OF DAYTON
HUDSON CORP'S LONGTERM DEBT UNDER REVIEW FOR POSSIBLE DOWNGRADE
RESPONDING TO THE COMPANY'S DISCLOSURE OF CONTINUING PROBLEMS AT ITS
MERVYN'S UNIT

THE MINNEAPOLIS RETAILER SAID YESTERDAY IN REPORTING SEPTEMBER SALES
FIGURES SAID THAT MERVYN'S SALES HAVE REMAINED BELOW OUR EXPECTATIONS
AND ADDED THAT THE COMPANY PLANS TO TAKE ACTION TO CLEAR SLOWMOVING
INVENTORY BEFORE THE START OF ITS FISCAL FOURTH QUARTER IT ALSO SAID IT IS
TAKING A MORE AGGRESSIVE STANCE ON PRICING BOTH MOVES IT NOTED WILL
LEAD TO A DECLINE IN DAYTON HUDSON'S NET FOR THE FISCAL THIRD QUARTER ENDING
OCT 31 IN THE QUARTER A YEAR EARLIER DAYTON HUDSON RECORDED EARNINGS OF
57 MILLION OR 72 CENTS A SHARE ON REVENUE OF 434 BILLION

MOODY'S SAID THE COMPANY'S ANNOUNCEMENT INDICATES THAT THE EFFORTS TO
IMPROVE PERFORMANCE AT MERVYN'S HAVE THUS FAR NOT ACCOMPLISHED
MANAGEMENT'S OBJECTIVES IT ALSO EXPRESSED CONCERN THAT CONSUMER SPENDING
IN DEPRESSED CALIFORNIA WILL REMAIN WEAK FOR THE FORESEEABLE FUTURE

DAYTON HUDSON'S SENIOR UNSECURED DEBT IS CURRENTLY RATED SINGLEA3 THE
PRIME2 RATING ON ITS COMMERCIAL PAPER ISN'T UNDER REVIEW

MOODY'S SAID ITS REVIEW WILL FOCUS ON DAYTON HUDSON'S STRATEGIES TO IMPROVE
PERFORMANCE AT MERVYN'S AND THE TIME SUCH MEASURES MIGHT TAKE

IN MINNEAPOLIS A DAYTON HUDSON SPOKESWOMAN SAID THE COMPANY LOOKS FORWARD
TO MEETING WITH MOODY'S TO DISCUSS THEIR CONCERNS

IN NEW YORK STOCK EXCHANGE TRADING YESTERDAY DAYTON HUDSON SHARES FELL
225 OR 32 TO 6750 9310080101 931008 MEDICINE HOSPITALS WAKE 
UP TO THE POWER OF COMPUTERS  BY RON WINSLOW STAFF REPORTER OF
THE WALL STREET JOURNAL

BAPTIST MEDICAL CENTER IN OKLAHOMA CITY OKLA PULLED THE PLUG A FEW WEEKS
AGO ON COMPUTERS THAT RAN ITS LABORATORY AND BILLING OPERATIONS REPLACING
THEM WITH A NEW SYSTEM DESIGNED TO LINK NURSING PHARMACY AND OTHER SERVICES
TO A COMPUTERIZED PATIENT MEDICAL RECORD

FOR MOST INDUSTRIES UPGRADING COMPUTER TECHNOLOGY IS BUSINESS AS USUAL BUT
IN HEALTH CARE IT'S A SEMINAL EVENT THE LIGHTS IN THE BUILDING FLICKERED
WHEN WE MADE THE CHANGE STANLEY F HUPFELD BAPTIST'S PRESIDENT AND CHIEF
EXECUTIVE OFFICER SAYS WITH A SMILE

BAPTIST IS ONE OF HUNDREDS OF HEALTHCARE ORGANIZATIONS TRYING TO TRANSFORM
A PAPERBOUND MORASS OF PATIENT MEDICAL RECORDS INTO A STREAMLINED
ELECTRONIC DATA SYSTEM THE TOTAL PRICE TAG OVER THE NEXT SEVERAL YEARS WILL
RUN IN THE BILLIONS OF DOLLARS THERE'S NO GUARANTEE THE INVESTMENT WILL PAY
OFF BUT ANYONE NOT MAKING IT EXPERTS SAY WON'T SURVIVE IN THE FUTURE US
HEALTH SYSTEM

OUR INDUSTRY IS DATADRIVEN BUT WE HAVE TREMENDOUSLY UNDERFUNDED OUR
INFORMATION SYSTEM NEEDS AND WE'RE JUST BEGINNING TO WAKE UP TO THAT FACT
MR HUPFELD SAYS

OVER THE PAST FIVE YEARS HOSPITALS HAVE INVESTED JUST 2 OF OPERATING COSTS
IN DATA SYSTEMS A FRACTION OF WHAT OTHER INFORMATIONINTENSIVE INDUSTRIES
SUCH AS BANKING AND AIRLINES SPEND THE MANUAL SYSTEM WE USE RIGHT NOW
HASN'T CHANGED IN 30 YEARS AND IT'S FALLING APART ADDS SHELDON I
DORENFEST PRESIDENT OF A CHICAGO CONSULTING FIRM BEARING HIS NAME

THE EXPLOSION OF INSURANCE CLAIM FORMS WHICH PRESIDENT CLINTON HAS TARGETED
FOR REFORM IS ONLY PART OF THE PAPERWORK CHOKING THE US HEALTH CARE
SYSTEM AT ONE HOSPITAL CLERKS TRACK PHARMACY INVENTORIES ON 3BY5 CARDS
AT ANOTHER DOCTORS' DRUG ORDERS ARE SHIPPED TO PHARMACISTS BY PNEUMATIC
TUBE WHILE NURSES PENCIL IN THE SAME INFORMATION ON FOUR DIFFERENT LOGS
AT HOSPITALS AND DOCTORS' OFFICES EVERYWHERE NURSES' STATIONS AND
STOREROOMS BULGE WITH THICK FOLDERS OR THREERING BINDERS THAT HOLD PATIENT
CHARTS

MOST OF THE MEDICAL RECORDS IN THIS COUNTRY CONSTITUTE A FIRE HAZARD SAYS
ODE KEIL OF THE JOINT COMMISSION ON ACCREDITATION OF HEALTH CARE
ORGANIZATIONS AN ACCREDITING BODY

ONE CONSEQUENCE ERRONEOUS OR INCOMPLETE FILES THAT LEAD TO PREVENTABLE
MEDICAL FOULUPS REDUNDANT TESTS AND UNNECESSARY CLERICAL WORK ANOTHER A
TROVE OF MEDICAL DATA THAT IS DIFFICULT AND EXPENSIVE TO USE

FOR NOW MANY HOSPITALS AND HEALTH CARE NETWORKS ARE RELYING ON DATA FROM
INSURANCE CLAIMS BUT MANY EXPERTS ARGUE THAT THIS KIND OF BILLING
INFORMATION ISN'T SUFFICIENT

PATIENT DATA ARE MUCH MORE VALUABLE THAN CLAIMS DATA SAYS NEAL PATTERSON
CHAIRMAN AND CHIEF EXECUTIVE OF CERNER CORP A KANSAS CITY MO MARKETER
OF MEDICAL SOFTWARE SYSTEMS THEY HAVE THE RESULT OF WHAT HAPPENED TO THE
PATIENT MOREOVER HE SAYS UNLIKE BILLING RECORDS AN AUTOMATED PATIENT
RECORD CAN DELIVER INFORMATION TO CLINICIANS JUST WHEN THEY NEED IT

CERNER IS ONE OF DOZENS OF COMPANIES THAT ARE DEVELOPING ELECTRONIC PATIENT
RECORDS AS WELL AS NETWORK AND COMMUNICATIONS TECHNOLOGY NEEDED TO USE
THEM THE PLANNED SYSTEMS WILL AMONG OTHER THINGS PROCESS PHYSICIAN ORDERS
FOR DRUGS LAB TESTS AND XRAYS AUTOMATICALLY CROSSCHECK THE ORDERS AGAINST
SUCH FACTORS AS PRICE PRACTICE STANDARDS AND PATIENT ALLERGIES AND
INSTANTLY ANALYZE THE RESULTS FOR DOCTORS AND NURSES

AT INDIANA UNIVERSITY'S REGENSTRIEF HEALTH CENTER DOCTORS USING COMPUTERS
TO ORDER DRUGS AND TESTS REDUCED COSTS PER HOSPITAL ADMISSION BY 13
ACCORDING TO A RECENT STUDY THE HOSPITAL'S AUTOMATED PATIENT RECORD ENABLES
DOCTORS TO IMMEDIATELY SEE PRICE COMPARISONS OF DRUGS THEY'RE CONSIDERING

UNDER ANOTHER FEATURE OF THE SYSTEM SAYS CLEMENT J MCDONALD A PROFESSOR
AT INDIANA UNIVERSITY SCHOOL OF MEDICINE AND CODIRECTOR OF THE INSTITUTE
AN ORDER FOR A COLON XRAY A PROCEDURE THAT CAN HARM A FETUS PROMPTS THE
COMPUTER TO SEE IF THE PATIENT IS A WOMAN OF CHILDBEARING AGE IF SO AND
SHE HASN'T HAD A HYSTERECTOMY THE COMPUTER RECOMMENDS THAT THE DOCTOR
ORDER A PREGNANCY TEST

FOR MOST HOSPITALS AND HEALTH ORGANIZATIONS SUCH CAPABILITIES ARE STILL IN
THE FUTURE AND THERE ARE OBSTACLES BECAUSE HOSPITALS HAVE SPENT MILLIONS
ON PATIENT RECORD SOFTWARE SYSTEMS OVER THE PAST THREE DECADES THAT HAVE
FAILED TO DELIVER ON THEIR PROMISES MANY HEALTH CARE EXECUTIVES ARE
SKEPTICAL CONSUMER GROUPS WORRY THAT PATIENT PRIVACY WILL BE COMPROMISED
WHEN MEDICAL RECORDS GO ON LINE DR MCDONALD WHO IS ALSO PRESIDENT OF A
PROFESSIONAL GROUP CALLED THE AMERICAN MEDICAL INFORMATICS ASSOCIATION IS
HEADING AN EFFORT TO DEVELOP TECHNICAL PROTOCOLS THAT WILL ALLOW
COMPUTERIZED PATIENT RECORD SYSTEMS TO WORK EFFECTIVELY

IN ADDITION MANY DOCTORS BALK AT THE SYSTEMS HOSPITALS ARE A COLLECTION OF
FIERCELY INDEPENDENT DEPARTMENTS THAT RESIST THE COLLABORATIVE EFFORTS
NECESSARY TO MAKE INFORMATION SYSTEMS WORK EFFECTIVELY SAYS MR DORENFEST
INDEED LABORATORY PHARMACY RADIOLOGY AND OTHER DEPARTMENTS MAY HAVE
BOUGHT THEIR OWN INFORMATION SYSTEMS RESULTING IN A HODGEPODGE OF SEPARATE
AND OFTEN INCOMPATIBLE SYSTEMS

THERE IS STILL A LOT OF HYPE ADDS JOHN PAGE EXECUTIVE DIRECTOR HEALTH
INFORMATION AND MANAGEMENT SYSTEMS SOCIETY A CHICAGOBASED GROUP OF HEALTH
INFORMATION SYSTEMS PROFESSIONALS BUT THERE IS ALSO DESPERATE NEED THEY
WON'T BE ABLE TO GET HEALTH CARE REFORM ON TRACK WITHOUT THIS MR PAGE
SAYS 9310080100 931008 BUSINESS BRIEFS

ALLEGHANY CORP ACQUIRED 93 OF UNDERWRITERS REINSURANCE CO WOODLAND
HILLS CALIF FOR 201 MILLION FROM A HOLDING COMPANY FORMERLY OWNED BY
CONTINENTAL CORP GOLDMAN SACHS & CO AND CERTAIN AFFILIATED INVESTMENT
PARTNERSHIPS

NEW YORK STATE ELECTRIC & GAS CORP PLANS TO DEVELOP A SALTCAVERN STORAGE
FACILITY FOR NATURAL GAS NEAR WATKINS GLEN IN SOUTHCENTRAL NEW YORK

ACC CORP COMPLETED THE SALE OF SOME ASSETS OF ITS DANBURY CELLULAR
TELEPHONE CO UNIT TO HORIZON CELLULAR TELEPHONE CO OF CENTRAL KENTUCKY
LP FOR 435 MILLION

NATIONAL TECHTEAM INC ACQUIRED CLOSELY HELD MICRO SYSTEMS GROUP OF CHICAGO
THROUGH A STOCK SWAP 9310080099 931008 LAW LEGAL BEAT RTC CAN SEEK
FINANCIAL DATA FROM LAW FIRMS IN S&L FAILURES  BY AMY STEVENS 
STAFF REPORTER OF THE WALL STREET JOURNAL

THE FEDERAL THRIFT BAILOUT AGENCY HAS GOTTEN A BOOST IN ITS EFFORTS TO
COLLECT MONEY FROM LAW FIRMS THAT REPRESENTED FAILED SAVINGSANDLOAN
ASSOCIATIONS

A FEDERAL APPEALS COURT RULED THAT THE RESOLUTION TRUST CORP CAN FORCE LAW
FIRMS TO DISCLOSE A WIDE VARIETY OF FINANCIAL DATA SUCH AS HOW MUCH
INSURANCE THEY CARRY AND WHERE THEIR ASSETS ARE LOCATED IF REGULATORS DEEM
IT RELEVANT

LAWYERS FOR FINANCIAL INSTITUTIONS AS WELL AS OFFICERS DIRECTORS AND OTHER
PROFESSIONALS IN THE BANKING INDUSTRY ARGUE THAT FEDERAL AGENCIES USE SUCH
INFORMATION TO HARASS TARGETS OF INVESTIGATIONS AND FISH AROUND FOR DEEP
POCKETS THE GOVERNMENT COUNTERS THAT IT NEEDS WIDERANGING FINANCIAL
INFORMATION SO IT CAN PURSUE ONLY WORTHWHILE CASES

IN THE CASE INVOLVING THE NOWDEFUNCT KANSAS CITY MO LAW FIRM OF LINDE
THOMSON LANGWORTHY KOHN & VAN DYKE A UNANIMOUS THREEJUDGE PANEL OF THE
US COURT OF APPEALS FOR THE DISTRICT OF COLUMBIA CIRCUIT SAID THAT THE
RELEVANCY OF THE DATA BEING SOUGHT BY THE AGENCY MUST BE MEASURED AGAINST
THE GENERAL PURPOSES OF THE AGENCY'S INVESTIGATION  AND THE
INVESTIGATION'S BOUNDARY MAY BE DEFINED QUITE GENERALLY

LINDE THOMSON LAST YEAR REFUSED TO HAND OVER CERTAIN FINANCIAL DOCUMENTS TO
THE RTC THIS MAY THE RTC SUED THE FIRM OVER ITS REPRESENTATION OF FIRST
SAVINGS BANK & TRUST OF KANSAS CITY WHICH FAILED IN 1990

IN THE DISPUTE OVER THE FINANCIAL DATA THE LAW FIRM CLAIMED THAT IT HAD
ALREADY PROVIDED ENOUGH MATERIAL FOR THE RTC TO DETERMINE WHETHER TO BRING A
MALPRACTICE SUIT AND WHETHER IT WOULD BE COSTEFFECTIVE TO DO SO BUT THE
RTC SAID IT NEEDED MORE INFORMATION TO DECIDE IF AN ASSET FREEZE SHOULD BE
IMPOSED OR IF CERTAIN TRANSFERS OF FUNDS SHOULD BE DISALLOWED

THE COURT ALSO REJECTED THE FIRM'S ARGUMENTS THAT SOME OF THE MATERIALS
BEING SOUGHT WERE PROTECTED AS PRIVILEGED COMMUNICATIONS WITH ITS INSURER
AND WERE UNDULY BURDENSOME TO PRODUCE

FREDERICK WALTERS A KANSAS CITY LAWYER FOR LINDE THOMSON SAID HE BELIEVED
THE AGENCY WAS TRYING TO CIVILLY PUNISH HIS CLIENT HE SAID IT'S LIKELY
THE FIRM WILL APPEAL FROM A POLICY STANDPOINT IF THE RTC HAS THESE TYPES
OF POWERS IT WILL BE DIFFICULT TO ENCOURAGE GOOD LAW FIRMS TO REPRESENT
THRIFTS MR WALTERS SAID

A SPOKESWOMAN FOR THE RTC SAID THE DECISION REFLECTED THE BROAD POWERS GIVEN
TO THE AGENCY BY CONGRESS IT'S IMPORTANT FOR US TO HAVE ALL THE FACTS
WHETHER FINANCIAL INFORMATION OR OTHER RELATED DOCUMENTS BECAUSE WE HAVE TO
MAKE SURE NOT ONLY THAT WE HAVE A VALID LEGAL CASE BUT ALSO THAT IT'S GOING
TO BE COSTEFFECTIVE TO LITIGATE IF WE'RE MISSING A CRUCIAL PIECE OF
INFORMATION WE COULD BE WASTING TAXPAYERS' MONEY SHE SAID

THE LINDE THOMSON DECISION COMES AS MANY BANKING LAWYERS REGULATORS AND
LAWMAKERS ARE WAITING FOR ANOTHER PANEL OF JUDGES IN THE SAME COURT TO
DECIDE A CASE THAT HAS MORE BROADLY CHALLENGED THE RTC'S POWERS TO SEEK
FINANCIAL DATA

IN THAT CASE KNOWN AS WALDE VS RTC A FORMER OFFICER AND DIRECTOR OF A
FAILED THRIFT IS ARGUING THAT THE AGENCY SHOULDN'T BE ENTITLED TO SEEK
INFORMATION ABOUT HIS NET WORTH THOMAS BUCHANAN A WASHINGTON LAWYER FOR
THE FORMER OFFICER SAID THE JUDGES HEARING HIS CASE MAY BE INFLUENCED BY
THE LINDE THOMSON DECISION BUT THAT THE WALDE CASE IS DISTINGUISHABLE IN
PART BECAUSE HIS CASE INVOLVES PERSONAL FINANCIAL RECORDS AS OPPOSED TO
CORPORATE FINANCIAL RECORDS

A FORMER EXECUTIVE'S SEXDISCRIMINATION CASE AGAINST GOLDMAN SACHS & CO
GOT UNDER WAY YESTERDAY IN FEDERAL COURT IN MANHATTAN

THE CASE IS BEING CLOSELY FOLLOWED IN THE INVESTMENT BANKING COMMUNITY
BECAUSE FEW SUCH SUITS AGAINST WALL STREET'S MALEDOMINATED FIRMS EVER GO TO
TRIAL SECURITIES FIRMS REQUIRE MANY EMPLOYEES TO WAIVE THEIR RIGHT TO GO TO
COURT OVER EMPLOYMENT DISPUTES INSTEAD THE MATTERS ARE SETTLED IN PRIVATE
ARBITRATION A PROCESS THAT CRITICS SAY IS DOMINATED BY THE INDUSTRY

THE SUIT WAS BROUGHT BY JOANNE FLYNN A 40YEAROLD FORMER GOLDMAN VICE
PRESIDENT WHO EARNED 180000 A YEAR OFFERING SALES TRAINING TO EMPLOYEES
THROUGH THE COMPANY'S PERSONNEL DEPARTMENT WHILE 40 OF GOLDMAN'S 7000
EMPLOYEES ARE FEMALE ONLY 18 OF THE VICE PRESIDENTS AND 4 OF THE PARTNERS
ARE WOMEN FIGURES THAT ARE SIMILAR TO THOSE AT OTHER MAJOR FIRMS

MS FLYNN ALLEGED THAT ALTHOUGH HER WORK RECEIVED CONSISTENT PRAISE HER
COMPENSATION LAGGED BEHIND THAT OF MALE COUNTERPARTS HER LAWYER SAID MS
FLYNN ULTIMATELY WAS FIRED IN MARCH 1989 BECAUSE MALE SUPERIORS BELIEVED SHE
HAD BECOME TOO AGGRESSIVE TOO SELFSERVING

IT IS THESE TYPE OF GENDER WORDS THAT FORMED THE BASIS OF THE DECISION TO
GET RID OF HER SAID THE LAWYER STEVEN HYMAN IN OPENING STATEMENTS TO THE
JURY OF FIVE WOMEN AND FOUR MEN

GOLDMAN DENIES THE ALLEGATIONS CONTENDING THAT MS FLYNN WAS LET GO AFTER
ANOTHER WOMAN WAS HIRED FOR A POSITION TO WHICH MS FLYNN HAD HOPED TO BE
PROMOTED

THE CASE IS FUNDAMENTALLY LESS COMPLICATED THAN IT APPEARS THEODORE
ROGERS AN ATTORNEY FOR THE COMPANY TOLD THE JURY THIS IS NOT A CASE OF
SEXUAL DISCRIMINATION BUT THE STORY OF A DISAPPOINTED APPLICANT FOR A
POSITION WHO COULDN'T GET ALONG WITH HER NEW BOSS

DOCTORS APPLYING TO RENEW THEIR MEDICAL LICENSES CAN'T BE INVESTIGATED
BECAUSE OF THEIR ANSWERS TO QUESTIONS ABOUT PAST DRUG ABUSE OR PSYCHOLOGICAL
PROBLEMS A FEDERAL JUDGE RULED

JUDGE WILLIAM BASSLER RULED THAT THE RELIANCE BY THE NEW JERSEY BOARD OF
MEDICAL EXAMINERS ON SUCH QUESTIONS ILLEGALLY DISCRIMINATES AGAINST
QUALIFIED DOCTORS WITH DISABILITIES THE QUESTIONS ALONE AREN'T ILLEGAL THE
JUDGE SAID BUT THE BOARD'S INVESTIGATIONS OF PEOPLE WHO ADMIT TO DRUG OR
PSYCHOLOGICAL PROBLEMS VIOLATE THE AMERICANS WITH DISABILITIES ACT

THE AMERICANS WITH DISABILITIES ACT PROHIBITS THE IMPOSITION OF EXTRA
BURDENS ON QUALIFIED INDIVIDUALS WITH DISABILITIES WHEN THOSE BURDENS ARE
UNNECESSARY JUDGE BASSLER WROTE YET THAT IS EXACTLY WHAT THE BOARD IS
DOING

THE DECISION IS GOING TO TOUCH THE WAY EVERY STATE AND EVERY ENTITY
REGULATES PEOPLE WHO HOLD LICENSES WHETHER IT BE DENTISTS ACCOUNTANTS
BARBERS OR PODIATRISTS SAID ROBERT CONROY A BRIDGEWATER NJ LAWYER WHO
REPRESENTED THE MEDICAL SOCIETY OF NEW JERSEY IN THE CASE

A LAWYER FOR THE NEW JERSEY ATTORNEY GENERAL'S OFFICE WHICH REPRESENTED THE
BOARD COULDN'T BE REACHED FOR COMMENT

MEDICAL SOCIETY OF NEW JERSEY VS FRED M JACOBS US DISTRICT COURT
DISTRICT OF NJ NO 933670

MARGARET A JACOBS CONTRIBUTED TO THIS ARTICLE 9310080098 931008 SOUTH
AFRICA'S GILTS ATTRACT FOREIGN BUYERS  EASING OF SANCTIONS
SPREAD OF POLITICAL REFORM 2 CURRENCIES PLAY ROLE  BY NICHOLAS
ELLIOTT SPECIAL TO THE WALL STREET JOURNAL

LONDON AS SANCTIONS ARE REMOVED AND POLITICAL REFORM PROCEEDS
INTERNATIONAL FUNDS ARE FLOWING INTO THE SOUTH AFRICAN GILT MARKET

THE NATION'S DUALCURRENCY SETUP IS ESPECIALLY ATTRACTIVE TO FOREIGN
INVESTORS IT ALLOWS THEM TO REPATRIATE MONEY IN FINANCIAL RAND WHICH
TRADES AT A DISCOUNT TO THE COMMERCIAL RAND USED FOR INTERNAL TRANSACTIONS

SOUTH AFRICAN GILTS PAY A SEMIANNUAL COUPON THE SAME AS US TREASURYS AND
UK GILTS AND ARE EXEMPT FROM WITHHOLDING TAX THERE ARE LIQUID BENCHMARK
BONDS ISSUED BY THE REPUBLIC OF SOUTH AFRICA AND BY NATIONALIZED INDUSTRIES
SUCH AS ESKOM THE ELECTRICITY UTILITY

SETTLEMENT IS STRAIGHTFORWARD WITH FINANCIAL RAND SETTLEMENT NORMALLY TIMED
TO COINCIDE WITH DELIVERY ON THE LONDON STOCK EXCHANGE

FOR OVERSEAS INVESTORS THE PERFORMANCE OF THE FINANCIAL RAND IS THE MOST
IMPORTANT CONSIDERATION ALTHOUGH THE GILT MARKET HAS ALSO BEEN SUPPORTED BY
FALLING INFLATION AND THE PROSPECT OF A CUT IN ADMINISTERED RATES

SOUTH AFRICA'S 190 BILLIONRAND ABOUT 46 BILLION GILT MARKET HAS BEEN
SOMETHING OF A BACKWATER BECAUSE OF THE COUNTRY'S ECONOMIC ISOLATION GERMAN
AND SWISS INVESTORS HAVE BEEN PARTICIPANTS FOR SOME TIME BUT MORE RECENTLY
THERE HAVE BEEN INFLOWS FROM THE US ASIA AND THE REST OF EUROPE
ENCOURAGED BY THE LIFTING OF FINANCIAL SANCTIONS

EARLIER THIS YEAR THERE WAS A DRAMATIC INCREASE IN US INVOLVEMENT AND I
THINK THAT'S RELATIVELY MEDIUMTERM SAYS JON BERGTHEIL SOUTH AFRICAN
ANALYST AT JAMES CAPEL & CO IN LONDON

MR BERGTHEIL SAYS GILTS ARE ATTRACTIVE FOR INVESTORS LOOKING FOR SOME
EXPOSURE TO SOUTH AFRICAN ASSETS SINCE THEY'RE NOT AS ILLIQUID AS
INDUSTRIAL STOCKS OR AS RISKY AS MINING STOCKS THE BOND MARKET IS THE
NATURAL ALTERNATIVE HE SAYS IF THINGS GO WELL YOU'LL GET THE UPSIDE ON
THE CURRENCY AND AT LEAST YOU'VE GOT THE LIQUIDITY TO MOVE IN AND OUT

EMERGINGMARKET FUNDS ARE SEEKING MODERATE EXPOSURE TO THE MARKET SAYS MR
BERGTHEIL NOTING THAT IT'S ONE OF THE LARGER AND MORE SOPHISTICATED
EMERGING MARKETS

HOWEVER SOME OVERSEAS INVOLVEMENT HAS BEEN MORE FLIGHTY EUROPEAN
INVESTMENT HAS BEEN FOR THE LONGERTERM BUT ASIANS PUNT THE MARKET NOTES
PAMELA DAVIES SENIOR MANAGER IN DOMESTIC TREASURY AT ABSA BANK IN
JOHANNESBURG

A GILT TRADER IN JOHANNESBURG ALSO NOTES THAT SUCH SPECULATIVE INFLOWS CAN
MOVE THE MARKET SHARPLY IF YOU GET GUYS FROM THE STATES OR EUROPE COMING
IN THEY CAN RULE THE MARKET HE SAYS DOMESTIC PLAYERS ARE NERVOUS OF
FOREIGN BUYING HE ADDS

THE KEY FOR MOST OVERSEAS INVESTORS IS THE FINANCIAL RAND THE CURRENCY THAT
DEVELOPED FOR NONRESIDENTS TO BUY AND SELL SOUTH AFRICAN ASSETS AFTER
SANCTIONS ON CAPITAL MOVEMENTS WERE EMPLACED IN 1961 THE DISCOUNT BETWEEN
THE FINANCIAL RAND AND COMMERCIAL RAND REFLECTS THE POLITICAL RISK ATTACHED
BY INVESTORS IT REA IN 1976 AND HAS NARROWED THIS YEAR TO 20 AS POLITICAL
TENSIONS HAVE APPEARED TO EASE

THE GOVERNMENT DEMONSTRATED ITS ATTENTIVENESS TO OVERSEAS INVESTORS BY
RECENTLY LIMITING USE OF THE FINANCIAL RAND BY DOMESTIC CORPORATIONS
PURCHASING OVERSEAS ASSETS EARLIER THIS YEAR THE FINANCIAL RAND WAS PUT
UNDER PRESSURE BY SOUTH AFRICAN COMPANIES SELLING THE UNIT TO INVEST IN
FOREIGN ASSETS AFTER THE LIFTING OF SANCTIONS

RECENT SPECULATION THAT THE DUAL CURRENCY SYSTEM MIGHT BE SCRAPPED IS ONE
REASON FOR RECENT INFLOWS DENNIS DYKES ECONOMIST AT UAL MERCHANT BANK IN
JOHANNESBURG EXPLAINS THAT IF THAT HAPPENS IN THE SHORTTERM YOU'RE GOING
TO GET A BIG PROFIT AS THE MARGIN BETWEEN THE FINANCIAL RAND AND THE
COMMERCIAL RAND NARROWS

THE GILT MARKET HAS BEEN BOLSTERED BY FALLING INFLATION AND HOPES OF LOWER
OFFICIAL INTEREST RATES YET SOME MARKET PROFESSIONALS THINK THE BOND
MARKET'S RALLY MAY BE SLOWING THE BIGGEST UNCERTAINTY IS THE POLITICAL
OUTLOOK AND ANALYSTS EXPECT INVESTORS TO REMAIN WARY AHEAD OF MULTIRACIAL
ELECTIONS ON APRIL 27 9310080097 931008 REVIEW & OUTLOOK EDITORIAL A
CLEAR VOICE

THE SURRENDER OF KATHERINE ANN POWER LAST MONTH HAS OCCASIONED AN ENORMOUS
AMOUNT OF SENTIMENTAL REFLECTION ON THE '60S AND ITS LEGACY FROM NEWSWEEK
TO PHIL DONAHUE HER SURRENDER HAS BEEN SEEN AS THE CULMINATION OF AN
EXRADICAL'S LONG AND TORTURED JOURNEY FROM HIDDENNESS TO AUTHENTICITY FROM
DEPRESSION TO HEALING IN PART SUCH NONSENSE HAS BEEN INSPIRED BY MS
POWER'S OWN NEW AGE APOLOGIA FOR HER PARTICIPATION IN A MURDEROUS
VIETNAMERA BANK ROBBERY IN BOSTON 23 YEARS AGO

ON WEDNESDAY CLARE SCHROEDER THE ELDEST CHILD OF THE POLICE OFFICER WHO
DIED IN THE BOTCHED HOLDUP DELIVERED A STINGING REBUKE TO MS POWER THE
PUNDITS AND THE PRESS INDEED SHE BLASTED THE WHOLE CULTURE OF BOGUS
VICTIMOLOGY THAT ALMOST DAILY SEEMS TO DROWN OUR MORAL SENSE BY MAKING
EXCUSES FOR VICIOUS CRIMINALITY AND OBSCURING THE REAL SUFFERING SUCH
CRIMINALITY SO OFTEN LEAVES IN ITS WAKE

BEFORE SUPERIOR COURT JUDGE ROBERT BANKS HANDED DOWN HIS SENTENCE MS
SCHROEDER NOW 41 AND HERSELF A POLICE SERGEANT TOLD A BOSTON COURTROOM OF
THE ANGUISH HER FAMILY HAD SUFFERED AT THE HANDS OF MS POWER'S MURDEROUS
LITTLE BAND OF RADICALS

FOR REASONS THAT I WILL NEVER COMPREHEND THE PRESS AND THE PUBLIC SEEM FAR
MORE INTERESTED IN THE DIFFICULTIES THAT KATHERINE POWER HAS INFLICTED UPON
HERSELF THAN IN THE VERY REAL AND HORRIBLE SUFFERING SHE INFLICTED UPON MY
FAMILY HER CRIMES HER FLIGHT FROM JUSTICE AND HER DECISION TO TURN HERSELF
IN HAVE BEEN ROMANTICIZED UTTERLY BEYOND BELIEF  NOW AFTER THE
PASSAGE OF NEARLY A GENERATION I MUST DESCRIBE TO YOU WHAT MY FATHER WAS
LIKE AND THE IMPACT HIS MURDER HAD ON MY MOTHER AND MY FAMILY

SOME OF THE PRESS ACCOUNTS OF THIS CASE HAVE IGNORED MY FATHER COMPLETELY
OTHERS HAVE REFERRED TO HIM ANONYMOUSLY AS A BOSTON POLICE OFFICER ALMOST
NONE OF THE STORIES HAVE MADE ANY EFFORT TO PORTRAY HIM IN ANY WAY AS A REAL
HUMAN BEING  MORE THAN ANYTHING MY FATHER WAS A GOOD AND DECENT AND
HONORABLE PERSON HE WAS A GOOD POLICE OFFICER WHO GAVE HIS LIFE TO PROTECT
US FROM PEOPLE LIKE KATHERINE POWER I DO NOT DOUBT FOR A MOMENT THAT HE
WOULD HAVE GIVEN HIS LIFE AGAIN TO PROTECT PEOPLE FROM HARM HE WAS ALSO A
GOOD HUSBAND AND HE WAS A GOOD FATHER I HAVE BEEN PROUD OF MY FATHER EVERY
SINGLE DAY OF MY LIFE

SHE RELIVED THE MOMENT IN SEPTEMBER 1970 WHEN SHE WAS CALLED TO THE HIGH
SCHOOL PRINCIPAL'S OFFICE AND TOLD OF HER FATHER'S SHOOTING AND SHE
RECALLED THE DEVASTATION SHE FELT A DAY LATER WHEN SHE WAS TOLD OF HIS
DEATH IT WAS HER TASK SHE TOLD THE COURT AS THE ELDEST CHILD TO DELIVER
THE TERRIBLE NEWS TO HER EIGHT BROTHERS AND SISTERS WALKING FROM HOUSE TO
HOUSE WHERE MY BROTHERS AND SISTERS WERE STAYING WITH RELATIVES SHE SAID
SHE WENT ABOUT THE GRIM BUSINESS OF TELLING EACH OF THEM THE NEWS EACH
TIME I CRIED AGAIN

IN CONTRAST TO MS POWER'S MAUDLIN CONFESSION LAST MONTH MS SCHROEDER'S
COURTROOM SPEECH WAS PASSIONATE POINTED AND MORALLY ASTUTE IT WAS
DELIVERED ACCORDING TO ONE ACCOUNT IN A VOICE FULL OF CONTAINED FURY 
AND LITTLE WONDER FOR IT WAS NOT JUST THE HORRIBLE MOMENT OF WALTER
SCHROEDER'S DEATH THAT BIT DEEPLY INTO THE LIVES OF HIS FAMILY BUT THE
YEARS AND YEARS AFTER WHEN MR SCHROEDER WAS UTTERLY ABSENT HIS WIDOW
STRUGGLING HIS CHILDREN FATHERLESS HE WASN'T THERE TO TEACH MY BROTHERS
HOW TO THROW A FOOTBALL MS SCHROEDER SAID OR HOW TO CHANGE A FLAT
TIRE

IT IS THIS ONGOING SUFFERING THE DAYTODAY CHALLENGE OF EXISTENCE FOR
THE FAMILY OF A MURDERED HUSBAND AND FATHER THAT WAS SO CAVALIERLY
SHUNTED ASIDE BY THE ODD MINDSET OF THE CONTEMPORARY MEDIA CULTURE AS IT
SWARMED AROUND THE DETAILS OF KATHERINE POWER'S ODYSSEY AN EXCEPTION WE
MUST NOTE WAS THE REMARKABLE ACCOUNT BY CAROL HYMOWITZ AND ELLEN JOAN
POLLOCK OF THE JOURNAL THIS PAST WEDNESDAY OF THE BIZARRE AND SELFSERVING
MILIEU OF NEW AGE THERAPISTS AND LAWYERS WHO CONSTITUTED KATHERINE POWER'S
BAND OF SUPPORTERS IN CORVALLIS ORE

BY AND LARGE THOUGH HER SURRENDER SET OFF AN ORGY OF '60SSTYLE WHICH IS
TO SAY MENDACIOUS SELFEXAMINATION IN REAL LIFE THERE IS ALWAYS MUCH
MORE AT STAKE THE REAL TRAGIC EFFECT OF KATHERINE POWER'S FLIGHT WAS TO
FORCE THE SCHROEDER FAMILY AS THE ELDEST DAUGHTER NOTED WEDNESDAY TO LIVE
WITH THE OPEN WOUND OF HER UNRESOLVED CRIME HAD MS POWER TURNED HERSELF
IN PROMPTLY AND WITH THE KIND OF REMORSE THE CRIME DESERVED THE FAMILY OF
HER VICTIM WOULD HAVE BEEN SPARED A GOOD DEAL OF ANGUISH

ONE CAN IMAGINE THE OUTRAGE THE SCHROEDERS MUST HAVE FELT WHEN 23 YEARS TOO
LATE ONE OF WALTER SCHROEDER'S MURDERERS FINALLY SURRENDERED ONLY TO BE
REPRESENTED AS A KIND OF PRODIGAL DAUGHTER OF THE '60S HER CRIME PORTRAYED
AS THE ERROR OF A COLLEGE GIRL INTOXICATED BY THE REVOLUTIONARY SPIRIT OF
THE TIME

ONE PERSON WHO WAS HAVING NONE OF IT WAS JUDGE BANKS BEFORE HANDING DOWN
HIS SENTENCE HE REDOUBLED THE MORAL FORCE OF CLARE SCHROEDER'S TESTIMONY
I WANT EVERYONE TO UNDERSTAND AND I WANT YOU TO UNDERSTAND MISS POWER
HE ANNOUNCED I REJECT THE PROPOSITION THAT YOUR CRIMINAL ACTS WERE
JUSTIFIED EXCUSABLE OR EVEN MITIGATED AS ACTS OF A POLITICAL OR SOCIAL
NATURE YOUR ACTS WENT FAR BEYOND THE ACTS OF THE RESPONSIBLE PEOPLE OF THE
1970S  YOURS WERE CRIMINAL IN EVERY SENSE OF THE WORD HE FORBADE HER
TO PROFIT FROM HER CRIME SETTING OFF ANGUISH AMONG CERTAIN FIRST AMENDMENT
SCHOLARS AND THEN SENTENCED HER TO EIGHT TO 12 YEARS IN PRISON LAMENTING
THAT HE WAS CONSTRAINED BY THE TERMS OF THE PLEA BARGAIN FROM GIVING HER
MORE

WE LIVE IN A TIME OF CONSIDERABLE CONFUSION AND FALSITY IN THESE TIMES WE
SHOULD BE GRATEFUL TO CLARE SCHROEDER FOR PROVING THAT IT IS POSSIBLE TO
SPEAK WITH CLARITY AND TRUTH 9310080096 931008 ECONOMY DESPITE BIG
LAYOFFS EMPLOYMENT GROWS  SERVICEFIRM HIRING OFFSETS INDUSTRIAL
GIANTS' MOVES  BY LUCINDA HARPER STAFF REPORTER OF THE WALL STREET
JOURNAL

BIG COMPANIES ARE ANNOUNCING LAYOFFS BY THE THOUSANDS BUT IN THE PAST YEAR
OVERALL EMPLOYMENT HAS BEEN GROWING

THERE'S AN EXPLANATION FOR THIS PARADOX AND IT HELPS TO EXPLAIN WHY THE
ECONOMIC RECOVERY IS SO SLUGGISH AND CONSUMERS REMAIN CAUTIOUS WHILE THE
INDUSTRIAL GIANTS ARE PASSING OUT PINK SLIPS MANY SERVICE BUSINESSES ARE
HANGING OUT HELPWANTED SIGNS

IT DOESN'T COMMAND THE ATTENTION THAT DEFENSE CUTBACKS MASS LAYOFFS AND THE
SHRINKING OF CORPORATE AMERICA HAVE DRAWN BUT JOBS ARE BEING CREATED AT A
HEALTHY PACE AT RESTAURANTS RETAILERS HEALTHCARE CONCERNS AND
TEMPORARYHELP COMPANIES DEPRESSED CALIFORNIA LOOKS TO BE ON ITS BACK AND
THE SOUTHEAST IS EXPERIENCING SOMETHING OF A JOB BOOM

TRUE SOME OF THE NEW JOBS DON'T PROVIDE A LEVEL OF ECONOMIC CONFIDENCE
THAT'S LIKELY TO SPARK A SURGE IN CONSUMER ACTIVITY FOR EXAMPLE ART BERGER
OF BEDFORD TEXAS RESIGNED FROM HIS JOB AS A CERTIFIED PUBLIC ACCOUNTANT
FOUR YEARS AGO AND SAYS HE HAS BEEN TOTALLY UNSUCCESSFUL IN FINDING STEADY
EMPLOYMENT SINCE HE HAS BEEN WORKING BUT AT A STRING OF TEMPORARY JOBS
IN THE ACCOUNTING AND CONSULTING FIELDS THAT OFFER NO RETIREMENT OR HEALTH
BENEFITS

MR BERGER JOINS DROVES OF OTHER US WORKERS WHO ARE MAKING ENDS MEET BUT
ARE MISSING THE BENEFITS AND THE FINANCIAL SECURITY THEY HAD BEEN USED TO

ALSO THERE ARE SHARP REGIONAL CONTRASTS IN JOB CREATION THERE ARE JOBS IN
THE LOWER SOUTHEAST AND MOUNTAIN STATES WHILE THE HIRING DROUGHT CONTINUES
ON THE WEST COAST

CHANGES IN THE CONFERENCE BOARD'S HELPWANTED INDEX SHOW THAT DURING THE 12
MONTHS ENDED IN AUGUST HELPWANTED ADS JUMPED MORE THAN 28 IN THE SOUTH
ATLANTIC PORTION OF THE US THE BEST PERFORMANCE IN THE COUNTRY IN THE
ROCKY MOUNTAIN REGION HELPWANTED ADS WERE UP MORE THAN 23

REGIONS THAT DID PARTICULARLY WELL IN THE 1980S SEEM NOW TO BE LAGGING
BEHIND IN JOB CREATION WHILE MANY OF THOSE THAT STRUGGLED IN THE 1980S ARE
DOING WELL

NEW ENGLAND THE SUCCESS STORY OF THE 1980S IS ONLY GRADUALLY RECOVERING
FROM ITS DEEP RECESSION BUT MANY STATES IN THE HEARTLAND OF AMERICA ARE
PERFORMING SIGNIFICANTLY BETTER THAN THEY DID IN THE 1980S NOTES DAVID
HALE TOP ECONOMIST AT KEMPER FINANCIAL SERVICES INC IN CHICAGO UTAH
NEVADA IDAHO AND COLORADO HE SAYS APPEAR TO BE DRAWING JOBS AND PEOPLE
FROM CALIFORNIA AND IN CONTRAST TO THEIR MEDIOCRE RECORDS IN THE 1980S
THE OILPATCH STATES ARE EXPANDING FASTER THAN THE NATIONAL AVERAGE

ALL THE REGIONS OF THE COUNTRY HAVE SEEN AN INCREASE IN SERVICE JOBS
ROUGHLY 70 OF THE JOB GROWTH DURING THE PAST YEAR HAS BEEN IN HEALTH AND
OTHER SERVICE INDUSTRIES THAT ACCOUNT FOR JUST 27 OF ALL JOBS ACCORDING TO
THE LABOR DEPARTMENT A CHUNK OF THAT GROWTH HAS BEEN AT TEMP FIRMS THAT
FARM OUT WORKERS ACROSS A VARIETY OF INDUSTRIES THAT'S TESTAMENT TO THE
WARINESS OF MANY EMPLOYERS ABOUT THE STRENGTH OF THE ECONOMY AND THEIR
UNWILLINGNESS TO TAKE ON EXPENSIVE LABOR COSTS

WACHOVIA CORP A BANKING COMPANY BASED IN WINSTONSALEM NC AND ATLANTA
GA IS MAKING A LOT OF USE OF TEMPORARY WORKERS WHILE WACHOVIA HAS SEEN AN
OVERALL REDUCTION OF ITS PERMANENT WORK FORCE DURING THE PAST TWO YEARS THE
NUMBER OF TEMPORARY EMPLOYEES HAS GROWN TO 900 THIS YEAR FROM 500 IN 1991
MOST OF THE TEMP JOBS ARE TELLERS OR DATA PROCESSORS ADDED IN SOUTHEASTERN
MARKETS THEY MAY WORK ONLY SIX MONTHS OR ARE CALLED WHEN SOMEONE IS
ABSENT SAYS J KENNETH TORREYSON SENIOR VICE PRESIDENT HUMAN RESOURCES
AT THE COMPANY

OUTSIDE OF TEMPORARY JOBS MANY RETAILERS RESTAURANTS AND MORTGAGE
COMPANIES ARE ADDING PERMANENT EMPLOYEES THOUGH NOT AT THE RATE ASSOCIATED
WITH MORE ROBUST RECOVERIES

PARISIAN INC A CLOSELY HELD DEPARTMENT STORE CHAIN IN BIRMINGHAM ALA IS
ADDING 1400 TO 1500 NEW JOBS THIS YEAR AS IT OPENS FIVE STORES TOM R
AMMERMAN EXECUTIVE VICE PRESIDENT SAYS ABOUT 70 OF THOSE POSITIONS ARE
EXPECTED TO BE PERMANENT BUT THEY ALSO TEND TO BE LOW PAYING ROUGHLY 60
OF THE NEW JOBS ARE IN SALES EARNING 16000 TO 40000 A YEAR AN
ADDITIONAL 10 ARE MANAGERS WHO EARN 20000 TO 60000 A YEAR THE REST ARE
SALES SUPPORT STAFF SUCH AS CREDIT AND DISTRIBUTION JOBS

EATING AND DRINKING ESTABLISHMENTS ARE A BIG SOURCE OF JOB GROWTH ACROSS THE
COUNTRY CHECKERS DRIVEIN RESTAURANTS INC IS EXPANDING IN FLORIDA
GEORGIA TEXAS AND VIRGINIA AND WILL INCREASE EMPLOYMENT TO 11000 WORKERS
FROM 7000 NINETY PERCENT OF THESE JOBS WILL BE CREW LABOR SUCH AS CASHIERS
AND COOKS PAID ABOUT 440 TO 6 AN HOUR ABOUT TWOTHIRDS OF THE JOBS WILL
BE FULL TIME

AND MORRISON RESTAURANTS INC WHICH NOW HAS ABOUT 38800 EMPLOYEES IS
BOOSTING ITS WORK FORCE ABOUT 10 DURING THE YEAR AS IT EXPANDS MOST
WORKERS WILL BE ADDED IN THE SOUTHEAST BUT A SIZABLE CHUNK WILL BE IN THE
NORTHEAST AS WELL THOUGH MOST NEW WORKERS WILL BE HOURLY MANAGEMENT JOBS
WITH ANNUAL SALARIES AS HIGH AS 100000 WILL GROW TO 3700 FROM 3455 BY
THE YEAR END

SOME COMPANY HIRING IS A REFLECTION OF THE TIMES TAKE CTX MORTGAGE CO IN
DALLAS THE COMPANY A UNIT OF CENTEX CORP IS ADDING WORKERS RAPIDLY
BECAUSE LOW INTEREST RATES HAVE BOOSTED THE DEMAND FOR MORTGAGE REFINANCING
AND HOME PURCHASES SINCE JANUARY CTX HAS GROWN TO 2157 EMPLOYEES FROM
1528 A 41 JUMP

ENTRYLEVEL JOBS AT CTX PAY ABOUT 18000 AND MORETECHNICAL JOBS COMMAND
25000 TO 30000 A YEAR SAYS CARL HEARNE PRESIDENT CTX IS HIRING MANY
PARTTIME WORKERS WITH THE OPPORTUNITY TO BECOME FULLTIME EMPLOYEES LATER
HE SAYS STILL THE EMPLOYMENT PICTURE IS HARDLY ROCKSOLID FOR NEW HIRES

WE'RE A VERY CYCLICAL BUSINESS AND WE'LL BE FACED WITH INEVITABLE LAYOFFS
IF INTEREST RATES GO UP MR HEARNE SAYS

TEXAS COLORADO AND ARIZONA ARE THE FASTESTGROWING MARKETS FOR CTX THE
BULK OF THE HIRING HAS BEEN IN DALLAS

ONE SECTOR THAT IS WOEFULLY BEHIND IN GOVERNMENT JOBGROWTH STATISTICS IS
THE MANUFACTURING SECTOR BUT THERE IS SOME SLOW GROWTH IN MANUFACTURING
TOO THOUGH IT IS FAR BELOW THE NORM AND OFTEN REPRESENTS A REHIRING OF
WORKERS WHO WERE LAID OFF EARLIER

TIMKEN CO A CANTON OHIO MANUFACTURER OF BALL BEARINGS FOR CAR MAKERS
SAYS A RECENT UPSWING IN THE AUTO INDUSTRY HAS ENABLED IT TO HIRE A FEW MORE
EMPLOYEES 20 NEW PRODUCTION WORKERS AT A BUCYRUS OHIO BEARING PLANT

WHIRLPOOL CORP IN BENTON HARBOR MICH CALLED BACK 366 LAIDOFF EMPLOYEES
IN MARCH AND ALSO HIRED SOME 420 NEW WORKERS ALL AT ITS EVANSVILLE IND
FACTORY SUCH CALLBACKS AND HIRES ARE ENCOURAGING AT A TIME WHEN
MANUFACTURING OVERALL IS CUTTING BACK EMPLOYMENT

EVEN THE STEEL INDUSTRY HAS BEGUN TO SHOW SOME SLIGHT IMPROVEMENT FROM
RECENT GRIM YEARS BERNARD LASHINSKY A CONSULTING ECONOMIST BASED IN
SKOKIE ILL SAYS ONCE HARDHIT STEEL CONCERNS ARE BEGINNING TO HIRE BACK
LAIDOFF WORKERS THIS HAS BEEN HAPPENING THROUGHOUT THE STEEL INDUSTRY IN
GARY IND CHICAGO DETROIT AND PITTSBURGH HE SAYS

JOBS ARE OUT THERE SAYS LABOR ECONOMIST AUDREY FREEDMAN THEY ARE IN
POCKETS AND MOSTLY IN THE SERVICE INDUSTRY BUT THEY ARE OUT THERE

LAURIE M GROSSMAN THOMAS M BURTON AND ANDREA GERLIN CONTRIBUTED TO THIS
ARTICLE 9310080095 931008 REVIEW & OUTLOOK EDITORIAL FREEDOM CHINA
AND HONG KONG

POLITICS ACCORDING TO ITS PRACTITIONERS IS THE ART OF THE POSSIBLE THAT
IS WHY CHRIS PATTEN'S DEFINITION OF THE POSSIBLE IS IMPORTANT TO HONG KONG
IN HIS ANNUAL POLICY SPEECH ON WEDNESDAY THE HONG KONG GOVERNOR WARNED
BEIJING THAT IF THE YEAROLD IMPASSE ON THE TERRITORY'S FUTURE ISN'T BROKEN
SOON IT'S POSSIBLE HE WOULD MOVE UNILATERALLY TO IMPLEMENT A PACKAGE OF
CONTROVERSIAL ELECTORAL REFORMS

SAID THE GOVERNOR WE NOW HAVE REACHED WEEKS RATHER THAN MONTHS TO CONCLUDE
THESE TALKS

ABOUT TIME WE HAVE WONDERED ON THIS PAGE SEVERAL TIMES OVER RECENT MONTHS
WHEN THESE SINOBRITISH NEGOTIATIONS MIGHT BE CONCLUDED TO US CHINA AND
BRITAIN ARE CAUGHT UP IN AN INTERMINABLE AND PERHAPS USELESS CLASH OF
WILLS THE BRITISH PROPOSALS WHICH GOVERNOR PATTEN INTRODUCED A YEAR AGO IN
HIS FIRST POLICY SPEECH FALL FAR SHORT OF TRULY REPRESENTATIVE DEMOCRACY
BUT WOULD NONETHELESS EXPAND POPULAR REPRESENTATION IN THE TERRITORY'S
LEGISLATIVE COUNCIL AMONG OTHER THINGS MR PATTEN PROPOSED LOWERING THE
VOTING AGE TO 18 FROM 21 INCREASING TO 20 FROM 18 THE NUMBER OF DIRECTLY
ELECTED SEATS ON THE COUNCIL AND INCREASING THE NUMBER OF SEATS HELD BY
PROFESSIONAL CONSTITUENCIES LIKE TEACHERS OR DOCTORS TO 30 FROM 21

PREDICTABLY CHINA HATES THE IDEA IN WEDNESDAY'S SPEECH MR PATTEN
DISCLOSED THAT BRITISH CONCESSIONS TO CHINA HAD BEEN MET WITH NO
COUNTERPROPOSALS

THAT SHOULD NOT COME AS A SURPRISE FOR YEARS BRITISH POLICY TOWARD HONG
KONG WAS BASED ON THE NOTION THAT HONG KONG'S INTERESTS WOULD BEST BE SERVED
BY A CONVERGENCE OF BRITISH PRACTICE IN THE TERRITORY WITH BEIJING'S
POST1997 INTENTIONS WITH GOVERNOR PATTEN'S ARRIVAL THOUGH BRITAIN
APPARENTLY HAS DECIDED TO PUSH FOR AS MUCH DEMOCRACY AS CAN BE SQUEEZED OUT
OF PRIOR SINOBRITISH AGREEMENTS THE CHANGE IN TACTICS WHILE OVERDUE HAS
CREATED SOME CONFUSION BOTH IN BEIJING AND HONG KONG

AH YES THE PEOPLE OF HONG KONG THE ESTIMABLE GOVERNOR WHOSE POLITICAL
SKILLS ARE A DAILY MARVEL HAD A MESSAGE FOR THEM IN WEDNESDAY'S SPEECH
TOO IF WE ARE NOT PREPARED TO STAND UP FOR HONG KONG'S WAY OF LIFE TODAY
SAID MR PATTEN JABBING HIS FINGER FOR EFFECT THEN WHAT CHANCE OF DOING
SO TOMORROW

HIS MESSAGE IS AS INFORMATIVE AS IT IS IMPORTANT IT IS INFORMATIVE BECAUSE
IT ILLUSTRATES THE TOUGH TIMES THE GOVERNOR HAS HAD TO ENDURE SINCE HE MADE
HIS PROPOSALS A YEAR AGO HONG KONG SHARES MANY OF MR PATTEN'S GOALS BUT
ISN'T EAGER TO BACK HIM WHEN CONFRONTED WITH CHINA'S WRATH AS THE ASIAN
WALL STREET JOURNAL'S JESSE WONG REPORTED THIS WEEK

POPULAR BACKING THOUGH IS THE KEY TO MOVING FORWARD TACTICALLY WE
SUSPECT IT IS ABSOLUTELY CRUCIAL IF MR PATTEN IS TO PUSH AWAY FROM THE
NEGOTIATING TABLE FOR THE LONG TERM IT IS VITAL THAT HONG KONG'S CITIZENS
MAKE THEIR DESIRE FOR DEMOCRACY CLEAR

THIS IS WHAT IS IMPORTANT IN THE GOVERNOR'S MESSAGE TO HIS CONSTITUENTS
HONG KONG DID NOT BECOME THE MAGNIFICENT PLACE IT IS BECAUSE IT HAD ITS OWN
DEMOCRATIC INSTITUTIONS ITS FIRST REAL TASTE OF DEMOCRACY CAME LESS THAN
TWO YEARS AGO THEN AS NOW IT WAS GOVERNED BY A DEMOCRATIC POWER AND THUS
ENJOYED FREEDOMS ASSOCIATED WITH DEMOCRACY IN PARTICULAR THE RULE OF LAW
AND CIVIL LIBERTIES IN THE POST1997 FUTURE HOWEVER THE DEGREE OF FREEDOM
WILL DEPEND NOT ON A BENIGN RULER BUT ON THE UNSTINTING BELIEF IN DEMOCRACY
AND THE UNSTINTING PURSUIT OF IT BY EACH HONG KONG INDIVIDUAL THAT IS WHY
CHRIS PATTEN'S ELECTORAL REFORMS ARE SO IMPORTANT FOR THE TERRITORY A
VOTING BOOTH IS WHERE FREEDOM IS EXERCISED 9310080094 931008 LEISURE &
ARTS NOBEL IN LITERATURE GOES TO TONI MORRISON  BY AMY GAMERMAN 
STAFF REPORTER OF THE WALL STREET JOURNAL

IN A MOVE THAT MANY WILL CELEBRATE AS A TRIUMPH FOR AFRICANAMERICAN
LITERATURE AND THAT OTHERS MAY DERIDE AS A SIGN OF POLITICALLY CORRECT
TOKENISM THE SWEDISH ACADEMY HAS AWARDED THE NOBEL PRIZE IN LITERATURE TO
TONI MORRISON MS MORRISON THE BESTSELLING NOVELIST IS THE FIRST BLACK
AMERICAN WRITER TO WIN THE PRIZE THAT ELUDED JAMES BALDWIN AND OTHERS

RACE WAS EXPLICITLY A CONCERN OF THE 18MEMBER ACADEMY CITING HER FOR AN
OEUVRE THAT GIVES LIFE TO AN ESSENTIAL ASPECT OF AMERICAN REALITY THE
ACADEMY DECLARED SHE DELVES INTO THE LANGUAGE ITSELF A LANGUAGE SHE WANTS
TO LIBERATE FROM THE FETTERS OF RACE AND SHE ADDRESSES US WITH THE LUSTER
OF POETRY

THE AUTHOR OF SIX NOVELS AND A BOOK OF ESSAYS THE NEW NOBEL LAUREATE WAS
BORN CHLOE ANTHONY WOFFORD IN 1931 IN LORAIN OHIO SHE GREW UP DURING THE
DEPRESSION THE SECOND OF FOUR CHILDREN IN A WORKINGCLASS FAMILY AFTER
EARNING DEGREES AT HOWARD AND CORNELL MS MORRISON BECAME AN EDITOR AT
RANDOM HOUSE WHERE SHE WORKED FOR 18 YEARS SHE HAS TAUGHT AT A NUMBER OF
UNIVERSITIES SINCE 1989 SHE HAS HELD A CHAIR AT PRINCETON

MS MORRISON WAS NEARLY 40 WHEN HER FIRST NOVEL THE BLUEST EYE WAS
PUBLISHED IN 1970 THE VIOLENT STORY OF PECOLA BREEDLOVE A BLACK GIRL WHO
IS RAPED BY HER OWN FATHER THE NOVEL UNFLINCHINGLY PROBES THE LEGACY OF
RACISM WHICH TAINTS EVERY ASPECT OF HER CHARACTERS' LIVES

HOWEVER GRIM ITS SUBJECT THE BLUEST EYE WAS WRITTEN WITH A LYRICISM AND
EVOCATIVE POWER THAT MS MORRISON WOULD DEVELOP IN HER SECOND BOOK THE 1973
SULA THE STORY OF LIFELONG FRIENDS IN A BLACK OHIO COMMUNITY CALLED THE
BOTTOM MS MORRISON EVOKES THE EFFECT OF SULA'S DEATH ON HER FRIEND NEL IN
LANGUAGE THAT IS BOTH POETIC AND DISTINCTIVELY AFRICANAMERICAN

IT WAS MS MORRISON'S THIRD NOVEL SONG OF SOLOMON THAT ESTABLISHED HER
REPUTATION AS A LEADING BLACK AMERICAN WRITER THE 1977 NOVEL CHRONICLES
MILKMAN DEAD'S SEARCH FOR HIS TRUE IDENTITY WHICH BEGINS WHEN HE STRIKES
DOWN HIS WIFEBEATING FATHER

THERE WAS THE PAIN AND SHAME OF SEEING HIS FATHER CRUMPLE BEFORE ANY MAN 
EVEN HIMSELF SORROW IN DISCOVERING THAT THE PYRAMID WAS NOT A
FIVETHOUSANDYEAR WONDER OF THE CIVILIZED WORLD MYSTERIOUSLY AND
PERMANENTLY CONSTRUCTED BY GENERATION AFTER GENERATION OF HARDY MEN WHO HAD
DIED IN ORDER TO PERFECT IT BUT THAT IT HAD BEEN MADE IN THE BACK ROOM AT
SEARS BY A CLEVER WINDOW DRESSER OF PAPIERMACHE GUARANTEED TO LAST FOR A
MERE LIFETIME

FATHERS AND SONS MOTHERS AND DAUGHTERS THESE BONDS ARE ESSENTIAL TO MS
MORRISON WHO PLAYS OUT THE DRAMA OF SLAVERY AND RACISM IN THE MOST INTIMATE
HUMAN RELATIONSHIPS IN HER ACCLAIMED 1987 NOVEL BELOVED SETHE A SLAVE
KILLS HER OWN DAUGHTER RATHER THAN SEE HER LIVE AS A SLAVE SETHE'S OWN
MOTHER IS A DISTANT MEMORY

I DIDN'T SEE HER BUT A FEW TIMES OUT IN THE FIELDS AND ONCE WHEN SHE WAS
WORKING INDIGO SHE RECALLS BY THE TIME I WOKE UP IN THE MORNING SHE WAS
IN LINE IF THE MOON WAS BRIGHT THEY WORKED BY ITS LIGHT SUNDAY SHE SLEPT
LIKE A STICK SHE MUST OF NURSED ME TWO OR THREE WEEKS THAT'S THE WAY THE
OTHERS DID THEN SHE WENT BACK IN RICE AND I SUCKED FROM ANOTHER WOMAN WHOSE
JOB IT WAS

WHEN MS MORRISON DID NOT WIN THE 1987 NATIONAL BOOK AWARD FOR BELOVED A
STATEMENT CONDEMNING THE DECISION SIGNED BY 48 BLACK AMERICAN WRITERS WAS
PUBLISHED IN THE NEW YORK TIMES THE WRITERS CHARGED THAT MS MORRISON'S
FAILURE TO WIN THAT AWARD AND THE PULITZER PRIZE WAS THE PRODUCT OF HARMFUL
WHIMSY AND IMPLICIT RACISM THE FOLLOWING SPRING BELOVED WON THE
PULITZER

MS MORRISON'S LATEST NOVEL THE 1992 JAZZ SEEKS TO BRING JAZZ MUSIC'S
IMPROVISATIONAL STYLE TO THE STORY OF A BLACK COUPLE WHO BECOME TANGLED IN A
FATAL LOVE TRIANGLE AFTER THEY MOVE FROM THE RURAL SOUTH TO HARLEM IT'S A
PAEAN TO NEW YORK CITY AT THE EARLY PART OF THE CENTURY

DAYLIGHT SLANTS LIKE A RAZOR CUTTING THE BUILDINGS IN HALF IN THE TOP HALF
I SEE LOOKING FACES AND IT'S NOT EASY TO TELL WHICH ARE PEOPLE WHICH THE
WORK OF STONEMASONS BELOW IS SHADOW WHERE ANY BLASE THING TAKES PLACE
CLARINETS AND LOVEMAKING FISTS AND THE VOICES OF SORROWFUL WOMEN A CITY
LIKE THIS MAKES ME DREAM TALL AND FEEL IN ON THINGS HEP

IN ADDITION TO HER NOVELS WHICH INCLUDE THE 1981 TAR BABY MS MORRISON
WROTE AN UNPUBLISHED 1986 PLAY DREAMING EMMETT SHE IS ALSO THE AUTHOR OF
A 1992 BOOK OF ESSAYS PLAYING IN THE DARK WHITENESS AND THE LITERARY
IMAGINATION WHICH ARGUES THAT THE BLACK AMERICAN EXPERIENCE EVEN WHEN
IT IS INVISIBLE IN WORKS OF LITERATURE INFORMS THOSE BOOKS BY ITS VERY
ABSENCE

BUT RIGHT NOW THE NEW NOBEL LAUREATE SEEMS TO BE SAVORING HER MOMENT OF
INCLUSION

I THINK THERE WAS A SILENCE THAT NEEDED TO BE FILLED WHICH WAS THE VOICE
OF BLACK WOMEN AND THEIR EXPERIENCE SHE SAID WE'VE GONE A LONG WAY
TOWARD DOING THAT 9310080093 931008 CANADA TO NAME PANEL TO REVIEW 
SECURITIES RULES  BY SUZANNE MCGEE STAFF REPORTER OF THE WALL
STREET JOURNAL

TORONTO THE ONTARIO GOVERNMENT SAID IT WILL SET UP A TASK FORCE TO REVIEW
AND RECOMMEND CHANGES TO THE POWERS OF THE PROVINCIAL SECURITIES COMMISSION
FOLLOWING THE COMMISSION'S FAILURE TO IMPLEMENT NEW POLICIES TO COMBAT
PENNYSTOCK FRAUD

THE TASK FORCE IS TO SUBMIT ITS FINDINGS BY MARCH 1 1994 ALLOWING THE
GOVERNMENT TO INTRODUCE CHANGES TO PROVINCIAL SECURITIES LEGISLATION NEXT
SPRING

THERE IS SOME SENSE OF URGENCY HERE THE IDEA IS TO MOVE THINGS ALONG VERY
QUICKLY SAID RON DANIELS PROFESSOR OF CORPORATE AND SECURITIES LAW AT THE
UNIVERSITY OF TORONTO WHO WAS NAMED TO HEAD THE TASK FORCE

THE INQUIRY WAS TRIGGERED BY AN ONTARIO COURT DECISION IN AUGUST IN WHICH A
JUDGE QUASHED A POLICY DEVELOPED BY THE ONTARIO SECURITIES COMMISSION TO
CURB HIGHPRESSURE TACTICS USED BY PENNYSTOCK DEALERS WITHOUT
CONSIDERING THE MERITS OF THE POLICY THE JUDGE RULED THAT THE COMMISSION
DIDN'T HAVE THE RIGHT TO IMPOSE SUCH A RULE SINCE IT HAS NO GENERAL
JURSDICTION TO REGULATE THE SECURITIES INDUSTRY IN THE PUBLIC INTEREST

THE NEW POLICY WOULD HAVE FORBIDDEN PENNYSTOCK BROKERS FROM TAKING ORDERS
OVER THE TELEPHONE AND REQUIRED THEM TO OUTLINE THE RISKS OF INVESTING IN
SUCH STOCKS A GROUP OF EIGHT PENNYSTOCK DEALERS SUED THE COMMISSION
CLAIMING THAT IT DESIGNED THE POLICY TO DRIVE THE PLAINTIFFS OUT OF
BUSINESS

MR DANIELS SAID THAT THE DECISION NOT ONLY HAMPERED THE OSC'S EFFORTS TO
DEAL EFFECTIVELY WITH THE POLITICALLY HOT ISSUE OF PENNY STOCKS BUT RAISES
QUESTIONS ABOUT ITS ABILITY TO RESPOND QUICKLY AND EFFECTIVELY TO CHANGES IN
THE CAPITAL MARKETS

THE GENERAL ISSUE OF HOW THE OSC SHOULD DEVELOP RAPID RESPONSES TO THESE
KINDS OF DEVELOPMENTS HAS TO BE ADDRESSED HE SAID SHOULD THEY BE RELYING
ON IMPLEMENTING POLICIES OR SHOULD THEY ENSHRINE SOME KIND OF PUBLIC
INTEREST MANDATE IN THE LEGISLATION AS QUEBEC HAS DONE

JAMES BAILLIE A TORONTO SECURITIES LAWYER AND FORMER CHAIRMAN OF THE OSC
SAYS REGULATORS HAVE FALLEN BACK ON POLICY STATEMENTS SUCH AS THAT AIMED AT
CURBING PENNYSTOCK FRAUD AS THE QUICKEST AND MOST CONVENIENT WAY TO
RESPOND QUICKLY TO PROBLEMS IN THE MARKET BUT THAT DISCRETIONARY
AUTHORITY ISN'T ENSHRINED IN LEGISLATION HE NOTES

OBVIOUSLY THERE'S A NEED FOR SOME POWER TO INTERPRET THEIR GENERAL
MANDATE HE SAID BUT THE QUESTION IS WHAT THE SCOPE OF THAT POWER SHOULD
BE

JOAN SMART ACTING CHAIRMAN OF THE COMMISSION DESCRIBED THE TASK FORCE'S
MISSION AS VERIFYING THE AUTHORITY OF REGULATORS AND NOT AS RECOMMENDING
SWEEPING CHANGES TO THE SECURITIES ACT

AWAITING THE OUTCOME OF THE INQUIRY COMMISSION STAFF MEMBERS HAVE BEEN TOLD
TO CONTINUE MONITORING ALLEGATIONS OF PENNYSTOCK ABUSES AND TO TAKE STEPS
TO PROTECT INVESTORS WHEREVER POSSIBLE ONTARIO PENNYSTOCK DEALERS ARE
ESTIMATED TO TRADE 100 MILLION OF SECURITIES ANNUALLY AND THE CANADIAN
MARKET HAS GROWN SINCE THE US SECURITIES AND EXCHANGE COMMISSION PASSED
STIFFER RULES IN 1989 9310080091 931008 WORLD MARKETS TOKYO STOCKS
TUMBLE LONDON'S HOT STREAK ENDS BUT FRANKFURT'S RALLY RACKS UP ANOTHER
HIGH  A WALL STREET JOURNAL ROUNDUP

TOKYO'S BENCHMARK INDEX TUMBLED 11 THURSDAY BUT LOSSES IN THE BROADER
STOCK MARKET WERE LESS SEVERE LONDON'S THREEDAY WINNING STRING WAS HALTED
BY CORPORATE EARNINGS WARNINGS WHICH PROMPTED INVESTORS TO COLLECT PROFITS
AND PULL STOCKS DOWN FROM THE PREVIOUS DAY'S RECORD

BUT FRANKFURT'S RALLY CONTINUED PROPELLING THE MAIN INDEX TO ITS THIRD
RECORD CLOSING IN A ROW

WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX WAS AT 11293 DOWN 011 REFLECTING LOWER AMERICAN AND EUROPEAN
MARKETS AND HIGHER ASIA/PACIFIC MARKETS

SHIPBUILDING STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY
GROUPS CLOSING AT 11626 UP 203 OR 178 WITH KEPPEL OF SINGAPORE
POSTING A 31 GAIN IN ITS LOCAL CURRENCY DIVERSIFIED TECHNOLOGY STOCKS
TRAILED AT 11554 DOWN 118 OR 1 WITH CORNING OF THE US SLIDING 19 IN
LOCAL CURRENCY

IN TOKYO THE NIKKEI 225STOCK INDEX WHICH CLIMBED 17832 POINTS WEDNESDAY
LOST 23462 TO 2026563 BARELY ABOVE THE INTRADAY LOW OF 2026283 ON
FRIDAY THE NIKKEI FELL 3681 POINTS TO CLOSE THE MORNING SESSION AT
2022882 THURSDAY'S FIRSTSECTION VOLUME WAS ESTIMATED AT 300 MILLION
SHARES DOWN FROM 3307 MILLION SHARES A DAY EARLIER RETREATING ISSUES
OUTNUMBERED ADVANCING ISSUES 613382 THE TOKYO STOCK PRICE INDEX OR TOPIX
OF ALL FIRSTSECTION ISSUES WHICH ROSE 1885 POINTS WEDNESDAY FELL 699 TO
164679

THE NIKKEI'S WOES WERE ATTRIBUTED TO TECHNICAL POSITIONING BEFORE THE
SETTLEMENT OF OCTOBER OPTIONS AND TO UNCONFIRMED RUMORS THAT DETAILS OF A
NEW WEIGHTED VERSION OF THE INDEX WOULD BE RELEASED FRIDAY SHARE PRICES
MOVED STEADILY LOWER THROUGHOUT THE SESSION WITH THE NIKKEI ERODING FROM
THE INTRADAY HIGH OF 2049445 AT THE OPENING BUT MOST OF THE LOSSES STEMMED
FROM TWO SPURTS OF ARBITRAGE SELLING ONE BEFORE THE MIDDAY BREAK AND ONE
JUST PRIOR TO THE CLOSING BELL SENTIMENT REMAINED POSITIVE BUT FEW
INCENTIVES EMERGED TO MOVE PRICES NONBANKING FINANCIAL STOCKS AND SOME
LAGGARD LARGECAPITALIZATION ISSUES BUCKED THE DOWNWARD TREND AS BARGAIN
HUNTERS BOUGHT THEM

IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX FELL 84
POINTS TO 30924 THE FT 30STOCK INDEX DECLINED 50 POINTS TO 23504
VOLUME WAS 5721 MILLION SHARES OFF FROM 6974 MILLION SHARES A DAY
EARLIER

THE 100STOCK INDEX'S UPWARD MARCH IN THE FIRST THREE DAYS THIS WEEK HAD
BEEN SUSPECT IN SOME QUARTERS AS THE GAINS WERE PROMPTED BY A STRONGER
FUTURES MARKET AND HOPES FOR LOWER INTEREST RATES RATHER THAN ANY BULLISH
CORPORATE OR ECONOMIC NEWS AND CHANCELLOR OF THE EXCHEQUER KENNETH CLARKE
SPOKE AT BRITAIN'S CONSERVATIVE PARTY CONFERENCE YESTERDAY WITHOUT
MENTIONING A RATE CUT

THAT LEFT THE MARKET WITHOUT ANY RESISTANCE TO PROFITTAKING WHILE BEARISH
NEWS SURFACED FROM BRITISH COMPANIES WARNING THAT EARNINGS WOULD BE WORSE
AND LOSSES DEEPER THAN EXPECTED

IN FRANKFURT THE DAX 30STOCK INDEX GAINED 999 POINTS TO A RECORD 199704
AMID CONTINUING STRONG VOLUME THOUGH GAINERS LED LOSERS ONLY 1810 IN
INTRADAY TRADING THE INDEX RECORDED A NEW HIGH OF 200038 THE FIRST TIME
IT EVER BROKE ABOVE THE 2000 THRESHOLD

THE FRANKFURT RALLY WAS FUELED BY A LARGE INFLUX OF LIQUIDITY AS GERMAN
INVESTMENT FUNDS SWITCHED MONEY FROM EXPIRING BONDS INTO EQUITIES AND BY
STRONG BOND FUTURES BUOYED BY HOPES FOR INTERESTRATE CUTS EVEN THOUGH THE
GERMAN CENTRAL BANK LEFT ITS KEY LENDING RATES UNCHANGED YESTERDAY THE
MARKET HAS SHRUGGED OFF A WEEK OF MIXED DATA ON THE GERMAN ECONOMY ON
PERCEPTIONS THAT AT LEAST IT ISN'T DETERIORATING

IN PARIS STOCKS FELL AS PARTICIPANTS TOOK PROFITS FOLLOWING FOUR SESSIONS
IN A ROW OF GAINS AS BOTH THE GERMAN AND FRENCH CENTRAL BANKS DIDN'T ALTER
THEIR INTEREST RATES THE EXCHANGE IGNORED THE FRANKFURT MARKET'S STRENGTH
AND TOOK ITS CUE FROM THE US AND LONDON BOURSES IN AMSTERDAM SHARES
FINISHED MIXED TO LOWER AS RECENT GAINS COULDN'T HOLD UP DESPITE THE
DOLLAR'S STABILITY IN CURRENCY DEALINGS SEVERAL DOLLARRELATED STOCKS
SLIPPED IN MILAN EQUITIES FELL IN A CONTINUING CONSOLIDATION PRIOR TO A
TECHNICAL DEADLINE NEXT WEEK IN MADRID PRICES CREPT LOWER IN A TECHNICAL
REACTION TO SEVERAL SESSIONS OF SHARP GAINS IN ZURICH SHARES SLIPPED AFTER
RECENT ADVANCES AS PROFITTAKING IN INDUSTRIAL AND CHEMICAL SHARES
OUTWEIGHED THE UPWARD TREND AMONG BANKING AND INSURANCE STOCKS

BUT IN STOCKHOLM DESPITE HIGHER MONEY MARKET RATES SHARE PRICES ROSE
BROADLY ON ECONOMIC FORECASTS INDICATING A REBOUND FOR SWEDEN NEXT YEAR
PERHAPS OF 2 GROWTH IN GROSS DOMESTIC PRODUCT DEMAND WAS STRONG FROM
SWEDISH AND INTERNATIONAL INVESTORS WHO FOCUSED ON SHARES THAT LAGGED IN
THE MARKET'S EARLIER RALLY

IN SYDNEY THE MARKET RECORDED ITS THIRD SIXYEAR HIGH IN A ROW THOUGH
PROFITTAKING TOOK THE EDGE OFF THE MOMENTUM AND SHARE PRICES ONLY CREPT UP

IN HONG KONG SHARES REBOUNDED FROM AN EARLY SLUMP TO POST THE FIFTH
CONSECUTIVE RECORD FINISH IN BRISK TRADING PRICES DIVED AT THE OPENING AS
INVESTORS TOOK PROFITS BUT THE SELLING WAS QUICKLY ABSORBED AND US AND
JAPANESE INVESTORS' BULLISHNESS ABOUT THE BOURSE TURNED PRICES BACK UP THE
RECENT RALLY OVER SEVEN SESSIONS HAS PROPELLED THE MARKET UP 8

IN TAIPEI PRICES SOARED 21 IN BUSY TRADING SPURRED BY NEWS THAT TAIWAN
LEGISLATORS WERE SEEKING TO CUT THE STOCK TRANSACTION TAX TO 015 FROM 03
OR TO PURSUE OTHER MEASURES TO STIMULATE THE STOCK MARKET THE BOURSE'S
WEIGHTED INDEX JUMPED 8032 POINTS TO 389494 IN WELLINGTON SHARES RALLIED
18 IN HEAVY TURNOVER IN BANGKOK THE MARKET'S WINNING STREAK STRETCHED
INTO A FIFTH SESSION AS PRICES VAULTED UP 29 ON RECORD VOLUME DOMINATED
BY INSTITUTIONS THE SET INDEX IS UP 22 FOR THIS YEAR

AMONG CORPORATE DEVELOPMENTS IN LONDON BRITISH AEROSPACE FELL 6 PENCE OR
15 TO 393 PENCE THE STOCK HAS BEEN SLIDING IN THE PAST FEW DAYS ON
WORRIES THAT THE COMPANY'S PLANNED JOINT VENTURE TO BUILD AIRPLANES WITH
TAIWAN AEROSPACE WILL EVER TAKE SHAPE

HERE ARE PRICE TRENDS ON THE WORLD'S MAJOR STOCK MARKETS AS CALCULATED BY
MORGAN STANLEY CAPITAL INTERNATIONAL PERSPECTIVE GENEVA TO MAKE THEM
DIRECTLY COMPARABLE EACH INDEX CALCULATED IN LOCAL CURRENCIES IS BASED ON
THE CLOSE OF 1969 EQUALING 100 THE PERCENTAGE CHANGE IS SINCE YEAREND
9310080090 931008 POLITICS & POLICY ADMINISTRATION AGREES TO CUT
INCREASES ON GRAZING FEES FOR WESTERN RANCHERS  BY DAVID ROGERS 
STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE CLINTON ADMINISTRATION AGREED TO PARE BACK PROPOSED
GRAZING FEE INCREASES FOR WESTERN RANCHERS AS PART OF A COMPROMISE PLAN TO
END YEARS OF IMPASSE OVER MANAGEMENT REFORMS FOR FEDERAL LANDS

THE PROPOSED INCREASE ABOUT A THIRD LESS THAN FIRST REQUESTED BY INTERIOR
SECRETARY BRUCE BABBITT WOULD STILL ALMOST DOUBLE THE CURRENT CHARGES OVER
THE NEXT THREE YEARS RANCHERS WOULD PRESERVE WATER AND LEASING RIGHTS
IMPORTANT TO THE STABILITY OF THEIR OPERATIONS AND WESTERNSTATE DEMOCRATS
PROMISED TO STOP OBSTRUCTING A RULEMAKING PROCEDURE AIMED AT SETTING NEW
NATIONAL STANDARDS FOR THE PROTECTION OF LANDS

WHILE SEN PETE DOMENICI A NEW MEXICO REPUBLICAN VOWED HIS CONTINUED
OPPOSITION THE COMPROMISE IS SEEN AS THE MOST REALISTIC EFFORT YET TO
RESOLVE A DIVISIVE DEBATE THAT HAS DOGGED THE REGION FOR MOST OF THE PAST
DECADE

I'M SATISFIED THAT WE CAN PUT THIS TO REST SAID SEN HARRY REID D
NEV WHO NEGOTIATED WITH MR BABBITT AND HOUSE LAWMAKERS WHO HAVE LONG
DEMANDED FEE INCREASES THIS IS A CLASSIC COMPROMISE NOBODY'S HAPPY

AS PART OF A SWEEPING REFORM PACKAGE THE ADMINISTRATION HAD WANTED OVER THE
NEXT THREE YEARS TO RAISE FEES FROM 186 TO 428 PER ANIMAL UNIT MONTH
AUM THE AMOUNT OF FORAGE IT TAKES TO FEED ONE COW AND A CALF OR FIVE
SHEEP FOR ONE MONTH THE PROPOSAL NOW WOULD INSTEAD INCREASE FEES TO JUST
345 PER AUM IN 1996 THAT STILL WOULDN'T RAISE ENOUGH REVENUE TO
ADMINISTER THE CURRENT PROGRAM BUT IT WOULD BE AN 85 INCREASE OVER CURRENT
LEVELS

THE COMPROMISE GIVES THE GOVERNMENT EXPANDED AUTHORITY TO MANAGE PUBLIC
LANDS WHILE SEEKING TO PROTECT CLAIMS OF THOSE RANCHERS HOLDING PERMITS
TODAY ENVIRONMENTALISTS LOST A PROVISION THAT PROMISED THEM GREATER LEEWAY
IN APPEALING GOVERNMENT DECISIONS REGARDING THE ALLOTMENT OF LANDS FOR
GRAZING IN ADDITION MR BABBITT WOULD BE BLOCKED FROM LIMITING THE TENURE
OF RANCHERS WHO CURRENTLY HOLD PERMITS INDEFINITELY

THE NEGOTIATIONS FOLLOW A 5940 SENATE VOTE LAST MONTH TO IMPOSE A ONEYEAR
MORATORIUM ON THE FEE INCREASES AND REFORMS SOUGHT BY THE ADMINISTRATION
SENS REID AND DOMENICI WERE ALLIES IN CRAFTING THAT LEGISLATIVE VICTORY
BUT WESTERN DEMOCRATS MOVED QUICKLY TO RESOLVE THE MATTER RATHER THAN HAVING
TO WEATHER A PROLONGED DISPUTE BETWEEN THE ADMINISTRATION AND RANCHERS AT
HOME

THE INITIAL SENATE AMENDMENT WAS PART OF A PENDING NATURAL RESOURCES BILL
COVERING THE INTERIOR DEPARTMENT'S BUDGET FOR THIS YEAR AND PROPONENTS OF
YESTERDAY'S COMPROMISE HOPE TO INCORPORATE IT IN THE SAME LEGISLATION NEXT
WEEK THE APPROPRIATIONS COMMITTEE LEADERSHIP IS CLEARLY SYMPATHETIC TO THIS
APPROACH SO THE TEST NOW WILL BE WHETHER THE DEMOCRATIC MAJORITY CAN
PREVAIL OVER WHATEVER PROCEDURAL OBSTACLES WESTERN REPUBLICANS RAISE
9310080089 931008 FOREIGN EXCHANGE DOLLAR ENDS OFF A BIT AGAINST MARK
YEN AHEAD OF DATA ON STATUS OF US RECOVERY  BY TIMOTHY MAPES 
SPECIAL TO THE WALL STREET JOURNAL

NEW YORK THE DOLLAR SLUMBERED THROUGH ANOTHER TRADING SESSION THURSDAY
ENDING SLIGHTLY LOWER AGAINST THE MARK AND THE YEN AS PLAYERS AWAITED A
JOBCREATION REPORT DUE FRIDAY TO GAUGE THE STRENGTH OF THE US RECOVERY

BUT THE MARK MOVED BROADLY HIGHER AGAINST OTHER EUROPEAN CURRENCIES AS SOME
PLAYERS SPECULATED THAT A GERMAN COURT RULING DUE NEXT WEEK COULD DEAL A
BLOW TO EUROPEAN PLANS FOR ECONOMIC AND MONETARY UNION

LATE IN NEW YORK THE DOLLAR WAS QUOTED AT 16223 MARKS OFF FROM 16228
MARKS LATE WEDNESDAY IN NEW YORK THE US CURRENCY ALSO WAS CHANGING HANDS
AT 10495 YEN DOWN FROM 10565 YEN STERLING WAS TRADING AT 15225 DOWN
FROM 15255

ABOUT NOON FRIDAY IN TOKYO THE DOLLAR WAS TRADING AT 10523 YEN AND AT
16235 MARKS

TRADERS SAID THAT THE CURRENCY MARKETS WERE BECALMED AHEAD OF FRIDAY'S US
NONFARM PAYROLLS REPORT FOR SEPTEMBER WHICH THE MARKET WIDELY VIEWS AS A
SNAPSHOT OF THE VITALITY OF THE US ECONOMY

EVERYBODY'S FOCUSING ON THE EMPLOYMENT NUMBER SAID BILL ENGLISH SENIOR
TRADER AT BANCO NAZIONALE DELL' AGRICOLTURA IN NEW YORK

AND WITH THE KEY NUMBER IMMINENT FEW PLAYERS WERE WILLING TO TAKE UP LARGE
NEW POSITIONS AHEAD OF THE REPORT TRADERS NOTED LEAVING THE DOLLAR TRAPPED
FOR THE ENTIRE DAY BETWEEN TECHNICAL LEVELS WHERE PLAYERS HAD PLACED PRESET
BUY AND SELL ORDERS

TRADERS NOTED THAT THE DAY'S MAIN ACTION ON THE DOLLAR CAME WITH TWO TESTS
OF THOSE TECHNICAL LEVELS A MOVE TOWARD 16180 MARKS AND 10480 YEN IN THE
NEW YORK MORNING MET STRONG BUYING SUPPORT BOUNCING THE DOLLAR BACK UP TO
16250 MARKS AND 10540 YEN BEFORE TRIGGERING SALES THAT DROPPED IT BACK
DURING THE REST OF THE DAY

TRADERS ADDED THAT THOSE LEVELS WERE LIKELY TO CONTINUE TO CONFINE THE
DOLLAR IN THE RUN UP TO THE US JOBS REPORT TO BE RELEASED BY THE LABOR
DEPARTMENT EARLY TODAY

PLAYERS SAID THEY WERE PARTICULARLY CAUTIOUS AHEAD OF THE REPORT BECAUSE OF
THE WIDE RANGE OF EXPECTATIONS FLOATING THROUGH THE MARKET WHILE MOST
TRADERS SAID THEY EXPECT A FIGURE BETWEEN 130000 AND 180000 NEW JOBS SOME
CITED FORECASTS THAT RANGE BETWEEN 75000 AND 300000 NEW JOBS AS A REASON
FOR CAUTION

A SURVEY OF 10 ECONOMISTS BY DOW JONES CAPITAL MARKETS PRODUCED A CONSENSUS
ESTIMATE OF AN INCREASE OF 144000 NONFARM PAYROLL JOBS FOR SEPTEMBER
HOWEVER THE CIVILIAN UNEMPLOYMENT RATE IS ESTIMATED TO HAVE EDGED UP 01
TO 68 LAST MONTH

ALSO TRADERS NOTED THAT ACTION WILL BE PARTICULARLY FAST AND FURIOUS EARLY
TODAY BECAUSE PLAYERS WILL HAVE ONLY A FEW HOURS TO TRADE OFF THE NUMBERS
BEFORE SQUARING UP THEIR BOOKS FOR THE WEEKEND

WITH A LONG WEEKEND COMING UP I DON'T THINK ANYONE WILL WANT TO GO HOME
WITH ANY BIG POSITIONS SAID BANCO NAZIONALE'S MR ENGLISH

MONDAY CANADIAN MARKETS WILL BE CLOSED FOR A HOLIDAY WHILE SOME US AND
JAPANESE PLAYERS ALSO WILL BE TAKING THE DAY OFF FOR HOLIDAYS IN THOSE
COUNTRIES

MEANWHILE THE MARK STRENGTHENED AGAINST MOST OTHER EUROPEAN CURRENCIES
THURSDAY A GERMAN CONSTITUTIONAL COURT IS TO DECIDE TUESDAY WHETHER THE
MAASTRICHT TREATY DESIGNED TO FORGE CLOSER ECONOMIC AND POLITICAL TIES
BETWEEN MEMBER COUNTRIES OF THE EUROPEAN COMMUNITY VIOLATES THE GERMAN
CONSTITUTION WHILE THE COURT ISN'T EXPECTED TO REJECT THE TREATY OUTRIGHT
IT COULD ATTACH CONDITIONS TO GERMAN APPROVAL THAT WILL REQUIRE EITHER A
GERMAN REFERENDUM OR A RENEGOTIATION OF THE TREATY 9310080088 931008
TECHNOLOGY & HEALTH BIG FIRMS FACE TOUGH HEALTHCARE CHOICE  BY
RON WINSLOW STAFF REPORTER OF THE WALL STREET JOURNAL

FOR THE NATION'S BIGGEST EMPLOYERS THE CLINTON ADMINISTRATION'S 239PAGE
BLUEPRINT FOR HEALTH REFORM POSES A QUANDARY

IT APPEARS TO OFFER PROSPECTS OF SIGNIFICANT SAVINGS FOR MANY COMPANIES BUT
AT A PRICE OF CEDING CONTROL OF THEIR HEALTH BENEFITS PROGRAMS TO BIG
STATESPONSORED PURCHASING ALLIANCES

COMPANIES WITH AT LEAST 5000 EMPLOYEES ARE THE ONLY EMPLOYERS THAT CAN
CHOOSE TO STAY OUT OF THE REGIONAL PURCHASING GROUPS THE PRESIDENT IS
PROPOSING TO BUY HEALTH CARE FOR MOST AMERICANS BUT THE DRAFT PLAN ERECTS
BARRIERS TO THAT OPTION ALL THE INCENTIVES ARE TO GO INTO THE ALLIANCES
SAYS MARY JANE ENGLAND PRESIDENT OF THE WASHINGTON BUSINESS GROUP ON
HEALTH A POLICY GROUP REPRESENTING ABOUT 200 MAJOR US COMPANIES

AFTER YEARS OF BATTLING SOARING HEALTHCARE COSTS EMPLOYERS MIGHT BE
EXPECTED TO LEAP AT THE OPPORTUNITY TO GET RID OF A GIANT HEADACHE BUT MANY
COMPANIES PREFER TO CONTINUE THEIR OWN PROGRAMS FOR A HOST OF STRATEGIC AND
PHILOSOPHICAL REASONS CHIEF AMONG THEM THEY'RE CONVINCED THEIR OWN
INNOVATIVE COSTCONTAINMENT STRATEGIES ARE BEGINNING TO EFFECTIVELY CHANGE
THE DELIVERY OF HEALTH CARE AND THEY'RE DEEPLY SKEPTICAL OF A DOMINANT
GOVERNMENT ROLE IN PURCHASING CARE FOR THEIR EMPLOYEES

WE CAN OPERATE A HEALTH PLAN AT A HIGHER QUALITY AND A LOWER COST THAN WE
THINK THE GOVERNMENT CAN SAYS NEIL F BARNHART CORPORATE VICE PRESIDENT
COMPENSATION BENEFITS AND ADMINISTRATION AT PROMUS COS A BIG GAMBLING AND
HOTEL CONCERN IN MEMPHIS TENN

TO BE SURE THE CLINTON PLAN IS STILL IN DRAFT FORM AND SOME IMPORTANT
DETAILS AFFECTING EMPLOYERS ARE LIKELY TO BE CHANGED BOTH IN THE FINAL
DOCUMENT EXPECTED TO BE COMPLETED LATER THIS MONTH AND IN ANY BILL APPROVED
BY CONGRESS IRA MAGAZINER THE PRESIDENT'S CHIEF HEALTH ADVISER TOLD A
BUSINESS AUDIENCE YESTERDAY THAT THE ADMINISTRATION IS KEENLY INTERESTED IN
HEARING BETTER IDEAS FROM EMPLOYERS ON HOW TO ACCOMPLISH THE GOALS OF
THE HEALTH PLAN AND IS OPEN TO MODIFYING SOME FEATURES

WHAT'S GOING TO HAPPEN IS GOING TO BE A LOT LESS BURDENSOME TO BIG
EMPLOYERS THAN IT LOOKS NOW PREDICTS HELEN DARLING MANAGER OF HEALTHCARE
STRATEGY AND PROGRAMS AT XEROX CORPSTAMFORD CONN

MOREOVER BIG CORPORATIONS LIKE SEVERAL FEATURES OF THE PLAN INCLUDING
UNIVERSAL COVERAGE AND PROPOSALS THAT WOULD PROMOTE MORE EFFICIENT CARE AND
THAT WOULD SLASH CORPORATE RETIREE HEALTH COSTS THERE ARE A NUMBER OF VERY
IMPORTANT CONCEPTS IN THERE THAT MAKE SENSE SAYS ROBERT LAHR MANAGER OF
EMPLOYEE BENEFITS AT MONSANTO CO

STILL THE ISSUE OF THE PLAN'S IMPACT ON CORPORATE AMERICA IS CERTAIN TO BE A
CONTENTIOUS ONE AS THE PLAN MOVES THROUGH CONGRESS

ONE OF THE MOST PROVOCATIVE NUMBERS IN THE PLAN FOR BIG EMPLOYERS IS 79
THAT'S THE MAXIMUM PERCENTAGE OF PAYROLL THEY WOULD BE REQUIRED TO PAY FOR
HEALTH BENEFITS IF THEY JOIN THE BIG STATESPONSORED PURCHASING ALLIANCES
SINCE MAJOR COMPANIES ON AVERAGE PAY MORE THAN 10 OF PAYROLL FOR HEALTH
CARE THE CAP APPEARS TO OFFER PROSPECTS OF TANTALIZING SAVINGS

IT'S A CASE OF TOO GOOD TO BE TRUE SAYS JOHN ERB PRINCIPAL AT FOSTER
HIGGINS A BENEFITS CONSULTANT IN NEW YORK ON THE FACE OF IT I'D JOIN THE
PURCHASING ALLIANCE IN A SECOND

BUT FOR MANY COMPANIES COMPARING DETAILS OF THE PLAN WITH CURRENT COSTS MAY
BE MISLEADING CURRENT HEALTH BENEFITS EXPENSES TYPICALLY INCLUDE COSTS FOR
RETIREES AND FOR WORKING SPOUSES OF THEIR EMPLOYEES AMONG OTHER THINGS
COSTS THAT WOULD BE BORNE BY OTHERS UNDER THE CLINTON PLAN AND MANY
EMPLOYERS OFFER BENEFITS MORE GENEROUS THAN THE 80 OF A STANDARD PACKAGE
THE CLINTON PLAN CALLS FOR

AFTER ACCOUNTING FOR SUCH FACTORS THE PICTURE FOR MANY EMPLOYERS MAY CHANGE
SIGNIFICANTLY DEPENDING ON THE MAKEUP OF THEIR WORK FORCES AND THE CURRENT
DESIGN OF THEIR BENEFITS PACKAGES AT CHRYSLER CORP FOR INSTANCE WHERE
HEALTH BENEFITS AS PERCENTAGE OF PAYROLL ARE IN THE HIGH TEENS MEETING THE
REQUIREMENTS OF THE CLINTON PLAN WOULD TAKE ONLY 6 TO 7 OF PAYROLL SAYS
WALTER MAHER CHRYSLER'S DIRECTOR OF FEDERAL RELATIONS AND A SUPPORTER OF
THE CLINTON PLAN

IN ANY EVENT ANY COMPANY THAT WOULD GET WINDFALL SAVINGS THANKS TO THE 79
CAP WOULDN'T GET THEM FOR UP TO EIGHT YEARS UNDER A PHASEIN PROVISION A
LARGE EMPLOYER JOINING AN ALLIANCE WOULD PAY A PREMIUM FOR FOUR YEARS BASED
ON A RISK PROFILE OF THEIR WORKERS IF SUCH A PREMIUM IS HIGHER THAN THE
SOCALLED COMMUNITY RATE ESTABLISHED FOR ALL OTHER CONSUMERS IN THE
ALLIANCE FOR ANOTHER FOUR YEARS THE LARGE EMPLOYER'S PREMIUM WOULD BE
GRADUALLY ADJUSTED UNTIL IT MATCHED THE COMMUNITY RATE SOME BENEFITS
CONSULTANTS THINK THIS FEATURE MIGHT WEIGH AGAINST A COMPANY JOINING AN
ALLIANCE

OTHER DETAILS OF THE PLAN COULD BE MORE TROUBLING ONE IS THE SHEER SIZE OF
THE REGIONAL ALLIANCES WHICH SOME EMPLOYERS SAY WOULD DWARF THE MARKETING
POWER OF EVEN THE BIGGEST COMPANIES IN MOST MARKETS REDUCING THEIR ABILITY
TO NEGOTIATE EFFECTIVE CONTRACTS WITH HEALTH PLANS

ANOTHER DETAIL IS A LIKELY PAYROLL TAX OF AS MUCH AS 1 ASSESSED ON
COMPANIES THAT OPT OUT OF THE REGIONAL ALLIANCES IN ADDITION TO
UNDERCUTTING SAVINGS THAT COMPANIES MIGHT ACHIEVE ON THEIR OWN THE TAX IS A
POTENTIAL WAY FOR CONGRESS TO TAP INTO CORPORATE COFFERS TO MAKE UP FOR ANY
SHORTFALLS IN FINANCING THE PLAN EMPLOYERS WORRY INCREASING SUCH A TAX BY
JUST A FEW DECIMAL POINTS COULD RAISE BILLIONS OF DOLLARS NOTES MS
DARLING WHO ONCE WORKED AS AN AIDE IN THE US SENATE

YET ANOTHER PROVISION WOULD ENABLE STATES TO REQUIRE CORPORATE ALLIANCES TO
REIMBURSE ESSENTIAL COMMUNITY PROVIDERS A CATCHALL TERM THAT MS DARLING
SAYS MIGHT INCLUDE POORLY MANAGED BUT POLITICALLY FAVORED HOSPITALS AND
CLINICS IN NEW YORK CITY OR WASHINGTON OR LOS ANGELES THIS COULD BE IN
THE BILLIONS OF DOLLARS SHE SAID THAT'S THE KIND OF OPENENDED SCARY
THING THAT'S TUCKED IN THERE

IT IS ALSO ONE OF SEVERAL FEATURES EMPLOYERS BELIEVE WOULD RESTRICT THEIR
ABILITY TO CONTRACT ONLY WITH COSTEFFECTIVE PROVIDERS THE REQUIREMENT TO
PAY AT LEAST 80 OF A STANDARD BENEFIT PACKAGE THEY ADD DIMINISHES THEIR
ABILITY TO USE COST INCENTIVES TO ENCOURAGE EMPLOYEES TO USE HEALTH SERVICES
CONSERVATIVELY

IF THESE AND OTHER CONCERNS DRIVE MOST BIG COMPANIES INTO THE REGIONAL
PURCHASING GROUPS THOSE ALLIANCES WOULD CONTROL THE SYSTEM SAYS RICHARD
SMITH DIRECTOR OF HEALTH CARE POLICY FOR THE ASSOCIATION OF PRIVATE PENSION
AND WELFARE PLANS A WASHINGTON DC GROUP WHOSE MEMBERS PROVIDE HEALTH
BENEFITS FOR 100 MILLION AMERICANS THEY WOULD TAKE OVER ESSENTIALLY ALL
THE FUNCTIONS THAT EMPLOYERS NOW PERFORM WE THINK THAT CONCENTRATION OF
GOVERNMENT POWER IS THE WRONG DIRECTION TO GO

ADDS BRUCE CARSWELL SENIOR VICE PRESIDENT FOR HUMAN RESOURCES AND
ADMINISTRATION AT GTE CORP ONCE YOU GET DOWN TO A SINGLE ENTITY
COMPETITION TENDS TO DISAPPEAR AND INNOVATION AND COST EFFICIENCIES DON'T
SEEM TO TAKE PLACE

FOR HIS PART THE WHITE HOUSE'S MR MAGAZINER SAYS WE THINK IT WILL BE
DESIRABLE TO HAVE MULTIPLE PURCHASERS IN THE MARKETPLACE BUT THE
ADMINISTRATION IS DETERMINED TO END COMPETITIVE PRACTICES THAT GIVE
ADVANTAGES TO EMPLOYERS WITH LOWHEALTHRISK EMPLOYEES AT THE EXPENSE OF
HIGHERRISK POPULATIONS 9310080087 931008 MEN'S WEARHOUSE SALES ROSE

FREMONT CALIF MEN'S WEARHOUSE INC A DISCOUNT MEN'S CLOTHING CHAIN
SAID SALES FOR SEPTEMBER JUMPED 50 TO 215 MILLION FROM 144 MILLION A
YEAR EARLIER COMPARABLE STORE SALES INCREASED 23 9310080086 931008
ECONOMY CONSUMER CREDIT CLIMBED IN AUGUST A SIGN OF CONTINUED
WILLINGNESS TO BUY  BY MELISSA LEVY STAFF REPORTER OF THE WALL
STREET JOURNAL

WASHINGTON CONSUMER CREDIT INCREASED AT A 57 ANNUAL RATE IN AUGUST
SUGGESTING THAT DESPITE ECONOMIC CONCERNS AMERICANS ARE STILL WILLING
BUYERS AND BORROWERS

THE FEDERAL RESERVE SAID CONSUMER INSTALLMENT CREDIT ROSE BY 363 BILLION
IN AUGUST THE GROWTH WAS MORE MODERATE THAN JULY'S REVISED 504 BILLION
WHICH MADE FOR AN 8 ANNUAL RATE JULY'S CREDIT INCREASE WAS ORIGINALLY
ESTIMATED AT 510 BILLION OR AN 81 ANNUAL RATE

ROBERT DEDERICK CHIEF ECONOMIST OF NORTHERN TRUST IN CHICAGO SAID THE
MODERATE CONSUMER CREDIT GAIN IS CONSISTENT WITH A SLIGHTLY SLOWER PACE OF
AUTO SALES AND AN AGGREGATE RISE IN RETAIL SALES

AUTO CREDIT ROSE AT A 41 ANNUAL RATE IN AUGUST FOLLOWING AN INCREASE AT A
REVISED 94 RATE IN JULY REVOLVING CREDIT LARGELY CREDIT CARDS USED FOR
SALES TRANSACTIONS INCREASED AT A 128 RATE IN AUGUST AFTER RISING AT A
164 RATE IN JULY A BROAD MISCELLANEOUS CATEGORY THAT INCLUDES BORROWING
FOR HOME IMPROVEMENTS RECREATIONAL VEHICLES AND STUDENT LOANS DROPPED AT A
07 ANNUAL RATE IN AUGUST IT HAD FALLEN AT A 34 PACE IN JULY

MR DEDERICK SAID INCREASED CONSUMER SPENDING IN THE SECOND AND THIRD
QUARTERS SHOULD HELP QUICKEN THE PACE OF ECONOMIC GROWTH

SEPARATELY THE LABOR DEPARTMENT ANNOUNCED THAT INITIAL CLAIMS FOR STATE
UNEMPLOYMENT BENEFITS FELL 9000 LAST WEEK TO 320000 THE LOWEST LEVEL
SINCE LAST DECEMBER THE DROP IS THE SECOND IN A ROW AND THE SEVENTH IN THE
PAST 10 WEEKS

THE FOURWEEK MOVING AVERAGE FOR JOBLESS CLAIMS WHICH IS CONSIDERED A
BETTER MARKER OF LABOR MARKET CONDITIONS WAS 328250 LAST WEEK DOWN FROM
AN UNREVISED 328750 THE PREVIOUS WEEK

ALL FIGURES ARE ADJUSTED FOR SEASONAL VARIATIONS

IN ANOTHER REPORT THE COMMERCE DEPARTMENT SAID THAT CALIFORNIA WHICH HAS
RANKED AMONG THE TOP 10 STATES IN TERMS OF PERCAPITA PERSONAL INCOME SINCE
THE GOVERNMENT BEGAN KEEPING TRACK IN 1929 SLIPPED TO 11TH PLACE LAST YEAR
IN APRIL THE DEPARTMENT PUT CALIFORNIA AT 10TH PLACE BUT IT WAS BUMPED BY
HAWAII IN THE LATEST REVISIONS

CONNECTICUT CONTINUES TO RANK FIRST IN PERCAPITA INCOME AT 27137 UP 55
FROM 1991 MISSISSIPPI AGAIN RANKED LAST AT 14128 UP 67

HERE ARE THE SEASONALLY ADJUSTED TOTALS OF CONSUMER INSTALLMENT CREDIT
OUTSTANDING FOR AUGUST IN BILLIONS AND PERCENTAGE CHANGES FROM JULY AT AN
ANNUAL RATE 9310080085 931008 BUSINESS BRIEF DIME SAVINGS BANK 
OFFICE OF THRIFT SUPERVISION ENDS REGULATORY AGREEMENT

DIME SAVINGS BANK OF NEW YORK SAID THE OFFICE OF THRIFT SUPERVISION ENDED
ALL REMAINING REGULATORY ENFORCEMENT AGREEMENTS AFFECTING THE BANK

DIME WHICH OPERATES 34 BANKING BRANCHES IN THE METROPOLITAN AREA HAD BEEN
UNDER A SUPERVISORY AGREEMENT WITH THE OTS SINCE AUGUST 1991 IT SAID THE
DECISION WAS THE RESULT OF THE SUCCESSFUL RECAPITALIZATION OF THE BANK
THROUGH RAISING ADDITIONAL CAPITAL AND SIGNIFICANTLY REDUCING LEVELS OF
NONPERFORMING ASSETS AT JUNE 30 DIME HAD ASSETS VALUED AT 8 BILLION
9310080084 931008 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 7/8 BID 2 15/16 OFFERED RESERVES
TRADED AMONG COMMERCIAL BANKS FOR OVERNIGHT USE IN AMOUNTS OF 1 MILLION OR
MORE SOURCE PREBON YAMANE USA INC

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

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

COMMERCIAL PAPER PLACED DIRECTLY BY GENERAL ELECTRIC CAPITAL CORP 309 30
TO 89 DAYS 317 90 TO 119 DAYS 320 120 TO 239 DAYS 325 240 TO 270
DAYS

COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR
CORPORATIONS 314 30 DAYS 315 60 DAYS 327 90 DAYS

CERTIFICATES OF DEPOSIT 254 ONE MONTH 259 TWO MONTHS 270 THREE
MONTHS 275 SIX MONTHS 288 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 306 ONE MONTH 320 THREE MONTHS 320 SIX MONTHS

BANKERS ACCEPTANCES 304 30 DAYS 304 60 DAYS 313 90 DAYS 312 120
DAYS 312 150 DAYS 312 180 DAYS OFFERED RATES OF NEGOTIABLE
BANKBACKED BUSINESS CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER

LONDON LATE EURODOLLARS 3 3/16 3 1/16 ONE MONTH 3 3/16 3 1/16 TWO
MONTHS 3 3/8 3 1/4 THREE MONTHS 3 3/8 3 1/4 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 3/8 THREE
MONTHS 3 3/8 SIX MONTHS 3 9/16 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 575 GERMANY 656 JAPAN 3375 SWITZERLAND
750 BRITAIN 6 THESE RATE INDICATIONS AREN'T DIRECTLY COMPARABLE
LENDING PRACTICES VARY WIDELY BY LOCATION

TREASURY BILLS RESULTS OF THE MONDAY OCTOBER 4 1993 AUCTION OF
SHORTTERM US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN
UNITS OF 10000 TO 1 MILLION 296 13 WEEKS 308 26 WEEKS

FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 660 60 DAYS 668 STANDARD
CONVENTIONAL FIXEDRATE MORTGAGES 3625 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 659 60
DAYS 669 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 485 6/2 RATE
CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE TELERATE SYSTEMS INC

MERRILL LYNCH READY ASSETS TRUST 269 ANNUALIZED AVERAGE RATE OF RETURN
AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS
9310080083 931008 SMALL STOCK FOCUS PRICES DECLINE AMID INVESTOR
CONCERN OVER IMPENDING WAVE OF EARNINGS NEWS  BY CAITLIN MOLLISON 
SPECIAL TO THE WALL STREET JOURNAL

NEW YORK CONCERN OVER CORPORATE EARNINGS STOLE THE LIMELIGHT CAUSING A
MODEST SLIDE IN SMALLCOMPANY PRICES

NO CLEAR TRENDS EMERGED HOWEVER AS INVESTORS SEEMED TO TAKE A CASEBYCASE
APPROACH TO THE MARKET

IT WAS ALL ABOUT INDIVIDUAL STOCKS SAID LANCE ZIPPER MANAGER OF NASDAQ
TRADING AT KIDDER PEABODY & CO SOME STOCKS WERE UP AND SOME WERE DOWN
EVEN IN THE SAME GROUP THERE WAS NO PARTICULAR DIRECTION

BUT INVESTORS WERE UNFORGIVING WHEN IT CAME TO TALK OF WEAK EARNINGS WHILE
COMPANIES THAT POSTED STELLAR QUARTERLY RESULTS WERE WELL REWARDED

TAKE PYRAMID TECHNOLOGY FOR EXAMPLE THE SAN JOSE CALIF MAKER OF
COMPUTER DATABASE PRODUCTS PLUMMETED 5 1/4 OR 25 TO 15 1/2 IT SAID IT
EXPECTS TO POST FISCALFOURTHQUARTER EARNINGS BELOW EXPECTATIONS BUT ABOVE
THE LOSS OF 250 A SHARE POSTED A YEAR EARLIER THE MEAN ESTIMATE OF
ANALYSTS SURVEYED BY IBES THE INSTITUTIONAL BROKERS ESTIMATE SYSTEM HAS
BEEN FOR EARNINGS OF 31 CENTS A SHARE

THE RUSSELL 2000 INDEX WHICH TRACKS THE PERFORMANCE OF SMALLCAPITALIZATION
ISSUES TRADED OVER THE COUNTER AND ON THE MAJOR EXCHANGES SLIPPED 028
POINT OR 011 TO FINISH AT 25406

THE NASDAQ COMPOSITE INDEX GAVE UP 228 POINTS OR 030 TO END AT 76249

DISAPPOINTING FORECASTS BY COMPANIES ON THE NEW YORK STOCK EXCHANGE FUELED
WORRIES THAT EARNINGS REPORTS COULD CONTINUE TO BE WEAK

CORNING PLUNGED 6 1/4 OR 186 TO 27 3/8 AFTER SAYING IT EXPECTS LOWER
THIRDQUARTER PROFITS ON TUESDAY ADVANCED MICRO DEVICES TOOK A TUMBLE ON A
DISAPPOINTING EARNINGS REPORT

ALSO ON THE BIG BOARD TIPHOOK PLC'S AMERICAN DEPOSITARY RECEIPTS SANK 4
3/4 OR 427 TO 6 3/8 THE LONDONBASED LEASER OF EQUIPMENT TO TRANSPORT
FREIGHT SAID IT WILL REPORT A PRETAX LOSS FOR THE SIX MONTHS ENDING OCT 31
BUT THAT IT WILL RETURN TO PROFITABILITY IN THE FOLLOWING SIX MONTHS

THE MARKET WOULD PROBABLY LIKE TO SEE A LITTLE BIT STRONGER OF A RECOVERY
IN THE ECONOMY BUT THEY DON'T WANT TO SEE BONDS FALL SAID STEVEN GOLDMAN
A MARKET STRATEGIST AT WEEDEN & CO IF THE EMPLOYMENT FIGURES ARE IN LINE
WITH EXPECTATIONS HE ADDED BOND PRICES WILL LIKELY DIP SLIGHTLY BUT
EARNINGS FEARS WOULD BE SOOTHED A BIT

MR GOLDMAN SAID THE RECORD NUMBER OF INITIAL PUBLIC AND SECONDARY OFFERINGS
DURING THE PAST FEW WEEKS MAY HAVE PULLED MONEY AWAY FROM OTHER STOCKS
ALTHOUGH PLENTY OF CASH REMAINS ON THE SIDELINES

GAINING ISSUES ON THE NASDAQ INCHED PAST LOSERS 1427 TO 1411 NASDAQ
VOLUME TOTALED 244186000 SHARES DOWN SLIGHTLY FROM 297945000 WEDNESDAY

DESIGNS FELL 2 5/8 TO 14 5/8 THE CHESTNUT HILL MASS APPAREL AND
ACCESSORIES RETAILER SAID IT EXPECTS EARNINGS FOR THE YEAR OF 92 CENTS TO 98
CENTS A SHARE UP FROM 84 CENTS A YEAR AGO BUT IT SAID THIRDQUARTER NET
COULD BE AS LOW AS 38 CENTS A SHARE WHICH WOULD BE BELOW THE 40 CENTS
POSTED A YEAR EARLIER

BRODERBUND SOFTWARE OF NOVATO CALIF ROCKETED 7 1/4 OR 18 TO 47 3/4
THE COMPANY POSTED FISCALFOURTHQUARTER EARNINGS OF 29 CENTS A SHARE UP
FROM 20 CENTS A SHARE A YEAR EARLIER ANALYSTS HAD LOOKED FOR THE SOFTWARE
FIRM TO EARN 27 CENTS A SHARE

ATMEL A SAN JOSE CALIF CIRCUIT MAKER ROSE 2 3/8 TO 35 1/8 AFTER IT SAID
THIRDQUARTER NET INCOME ROSE TO 40 CENTS A SHARE ON MORE SHARES FROM 21
CENTS A YEAR EARLIER ALEX BROWN RAISED ITS RATING TO STRONG BUY FROM
BUY

AMONG COMMUNICATIONS ISSUES LIBERTY MEDIA ADDED 1 1/2 TO 28 1/2 THIS
NEWSPAPER REPORTED THAT TELECOMMUNICATIONS INC IS IN TALKS TO REACQUIRE
LIBERTY MEDIA THE CABLE AND PROGRAMMING CONCERN IT SPUN OFF TO SHAREHOLDERS
TWO AND A HALF YEARS AGO

BAD NEWS CONTINUED FOR SEMICONDUCTOR FIRMS WHICH CAME UNDER PRESSURE
FOLLOWING NEWS THAT TEXAS INSTRUMENTS PLANS TO MAKE ITS OWN COMPUTER
MICROPROCESSORS

ANOTHER HEALTHCARE MERGER PUSHED UP THE PRICES OF THE TWO COMPANIES
INVOLVED ADVANCED INTERVENTIONAL SYSTEMS IRVINE CALIF ROSE 1 1/16 OR
50 TO 3 3/16 AND SPECTRANETICS COLORADO SPRINGS COLO CLIMBED 5/8 TO 4
ON NEWS THAT THE TWO CONCERNS HAD AGREED TO MERGE

RETAILERS WERE MIXED ON GENERALLY UPBEAT SEPTEMBER SALES DATA NATURAL
WONDERS UNION CITY CALIF ADDED 1 1/2 TO 13 AFTER REPORTING A 17 RISE
IN SAMESTORE SALES LAST MONTH THE COMPANY OPERATES SPECIALTY STORES WHICH
OFFER NATURE AND SCIENCERELATED PRODUCTS 9310080082 931008 STUDY
QUESTIONS ULTRASOUND'S EFFECT ON FETAL GROWTH  BY ELYSE TANOUYE
 STAFF REPORTER OF THE WALL STREET JOURNAL

FREQUENT ULTRASOUND EXAMINATIONS DURING PREGNANCY MAY RESTRICT FETAL GROWTH
ACCORDING TO A STUDY BY AUSTRALIAN RESEARCHERS

PRENATAL ULTRASOUND TESTS ARE USED ROUTINELY BY MANY PHYSICIANS IN PART
BECAUSE THE PROCEDURE HAS BEEN CONSIDERED HARMLESS A LARGE US STUDY
SUPPORTED BY THE NATIONAL INSTITUTES OF HEALTH AND PUBLISHED JUST LAST
MONTH FOUND NO HARM FROM THE USE OF ULTRASOUND TESTING IN LOWRISK
PREGNANCIES THOUGH IT FOUND NO BENEFIT EITHER THE RESEARCHERS FOCUSED
THEIR CONCERN ON THE EXPENSE THAT ROUTINE ULTRASOUND USE ADDS TO THE
NATION'S HEALTHCARE BILL

ULTRASOUND TESTING A NONINVASIVE PROCEDURE THAT USES SOUND WAVES TO OBTAIN
IMAGES FROM INSIDE THE BODY HELPS PHYSICIANS DETECT ABNORMALITIES AND MAKE
OTHER ASSESSMENTS OF THE HEALTH AND DEVELOPMENT OF A FETUS DESPITE
LONGSTANDING FEDERAL ADVISORIES AND MEDICALSOCIETY RECOMMENDATIONS AGAINST
ROUTINE SCREENINGS PRENATAL ULTRASOUND EXAMINATIONS HAVE PROLIFERATED THE
TEST IS USED IN ABOUT HALF OF ALL PREGNANCIES THAT END IN LIVE BIRTHS
ACCORDING TO THE AMERICAN COLLEGE OF OBSTETRICIANS AND GYNECOLOGISTS A
PROFESSIONAL ORGANIZATION

BUT A STUDY SCHEDULED TO BE PUBLISHED IN TOMORROW'S ISSUE OF THE BRITISH
MEDICAL JOURNAL THE LANCET FOUND THAT FREQUENT ULTRASOUND TESTS MAY CAUSE
PROBLEMS RESEARCHERS LED BY JOHN P NEWNHAM OF THE KING EDWARD MEMORIAL
HOSPITAL IN PERTH AUSTRALIA STUDIED 2834 WOMEN ABOUT HALF WERE GIVEN
JUST ONE ULTRASOUND TEST DURING THE 18TH WEEK OF PREGNANCY WHILE THE REST
UNDERWENT FIVE OR MORE TESTS BETWEEN 18 AND 38 WEEKS OF GESTATION

RESEARCHERS BEGAN THE EXPERIMENT WITH THE HYPOTHESIS THAT ULTRASOUND TESTS
WOULD IMPROVE THE HEALTH OF BABIES SINCE PROBLEMS COULD BE DETECTED
EARLIER HOWEVER FETUSES SUBJECTED TO MULTIPLE ULTRASOUND TESTS WERE MORE
THAN TWICE AS LIKELY THAN THOSE TESTED ONLY ONCE TO BE SMALL FOR THEIR
GESTATIONAL AGE THEY WERE ALSO MORE LIKELY TO BE SMALL AT BIRTH

THE RESEARCHERS CAUTION IN THEIR STUDY THAT THE RESULTS MIGHT BE EXPLAINED
BY CHANCE AND THEY URGE FURTHER INVESTIGATION THEY NOTE HOWEVER THAT
THEY COULDN'T IDENTIFY OTHER EXPLANATIONS FOR THE DIFFERING GROWTH RATES
AND THEY POINT OUT THAT ANIMAL STUDIES HAVE ALSO FOUND A SIGNIFICANT
REDUCTION IN AVERAGE BIRTHWEIGHT AFTER FREQUENT ULTRASOUND TESTS

AN EDITORIAL TO BE PUBLISHED WITH THE STUDY WHILE POINTING OUT MAJOR
PROBLEMS WITH THE RESEARCHERS' INTERPRETATION OF THEIR FINDINGS AGREES
THAT IT RAISES WARNING FLAGS THE STUDY'S MESSAGE IS THAT PRENATAL
ULTRASOUND BY ITSELF CAN NO LONGER BE ASSUMED TO BE ENTIRELY HARMLESS
WRITES MARC JNC KEIRSE OF THE LEIDEN UNIVERSITY HOSPITAL IN THE
NETHERLANDS IN THE EDITORIAL 9310080081 931008 PEPPERAND SALT

HOW DID THEY COME SO SOON

WHAT HAPPENED PAL TO NOON

IF YOUR GROWN CHILD IS BACK LIVING WITH YOU AGAIN YOU CAN BET HE DECIDED
THAT LIVING IN THE FAST LANE WAS MORE OF A CHALLENGE THAN LIFE IN THE FREE
SPACE

TO BE A COLORATURA 9310080080 931008 INDUSTRY FOCUS HOLLYWOOD DOESN'T
GUARANTEE STARDOM FOR BABY BELLS  NYNEX MOVE RAISES DOUBTS ABOUT
BENEFITS OF INVESTING IN PROGRAMMING  BY DENNIS KNEALE AND GAUTAM
NAIK STAFF REPORTERS OF THE WALL STREET JOURNAL

NEW YORK NYNEX CORP'S MOVE TO PUMP 12 BILLION INTO VIACOM INC MAY SET
OFF A SCRAMBLE BY THE BABY BELLS TO BUY A PIECE OF HOLLYWOOD BUT WHAT
THEY MIGHT GET FOR THEIR MONEY IS UNCLEAR

IN AGREEING TO BACK VIACOM IN THE STRUGGLE TO ACQUIRE PARAMOUNT
COMMUNICATIONS INC NYNEX ACTED WITHOUT MUCH IN THE WAY OF FIRM ASSURANCES
ON HOW THE MONEY WILL BE USED OR WHAT ROLE NYNEX WILL PLAY IN VIACOM'S PLANS
FOR INTERACTIVE NETWORKS NOR IS IT CLEAR THAT PARAMOUNT AN IMPORTANT
SOURCE FOR PROGRAMMING THAT NYNEX COULD DELIVER TO VIEWERS WILL END UP IN
VIACOM'S HANDS GIVEN THE RIVAL BID BY QVC NETWORK INC

WITH LITTLE TIME TO BOLT TOGETHER A STRATEGIC INVESTMENT VIACOM ESSENTIALLY
SOLD TO NYNEX A MARKETRATE SECURITY THAT PAYS AN ANNUAL DIVIDEND OF 5 OF
ITS 12 BILLION INVESTMENT ABOUT WHAT VIACOM WOULD PAY TO RAISE MONEY ON
FINANCIAL MARKETS

IN EXCHANGE NYNEX GETS A 24MONTH WINDOW TO FORM A STRATEGIC ALLIANCE WITH
VIACOM WHICH WON'T TALK TO ANY OTHER BELL RIVALS IN THAT TIME NYNEX ALSO
GETS ACCESS TO PROGRAMMING FROM MTV SHOWTIME AND OTHER VIACOMOWNED
NETWORKS AT WHAT COULD AMOUNT TO LOWER RATES THAN A SMALL STARTUP SERVICE
WOULD OTHERWISE PAY AND NYNEX WILL HAVE THE FIRST CRACK AT PROVIDING THE
TECHNOLOGY NEEDED TO TRANSFORM VIACOM CABLE SYSTEMS INTO AN INTERACTIVE
NETWORK THAT HANDLES VIDEO AND VOICE

THAT MAY NOT SOUND LIKE MUCH FOR A BILLIONDOLLAR INVESTMENT IT ISN'T
CLEAR WHAT NYNEX IS GETTING FOR ITS 12 BILLION SAYS ROBERT B MORRIS
III ANALYST AT GOLDMAN SACHS & CO IT APPEARS THEY CAN NOW BUY
PROGRAMMING FROM VIACOM AT COMMERCIAL RATES BUT THEY COULD HAVE DONE THAT
BEFORE I DON'T SEE IT AS A DRAMATIC STRATEGIC MOVE

BUT WILLIAM C FERGUSON CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF NYNEX
MAINTAINS THIS IS OUR ENTRY INTO THE INTERACTIVE ERA HE SAYS THE VIACOM
DEAL WILL PROVIDE NYNEX WITH THE ENTERTAINMENT EXPERTISE IT LACKS AND GIVE
IT FAVORED STATUS AS A PARTNER VIACOM SELLS ITS PROGRAMMING TO ALL COMERS
AND WE MIGHT BE IN A BETTER POSITION TO NEGOTIATE AND BUY AS A RESULT OF
BEING PART OF VIACOM RATHER THAN SOMEBODY OFF THE STREET WHO KNOCKS ON THE
DOOR MR FERGUSON SAYS

VIRTUALLY ALL SEVEN BABY BELLS HAVE LOOKED HARD AT BUYING A PIECE OF A MAJOR
HOLLYWOOD STUDIO TO ENTER THE INTERACTIVENETWORK BUSINESS AND OWN THE
PROGRAMMING THEY HOPE TO DELIVER TO VIEWERS SOME PEOPLE QUESTION WHETHER
SUCH A BUYING BINGE IS NECESSARY

NYNEX'S PROPOSED INVESTMENT IN VIACOM IS EXACTLY WHAT IT SOUNDS LIKE 
JUST AN INVESTMENT SAYS STUART C JOHNSON GROUP PRESIDENT AT BELL
ATLANTIC CORP THAT DOESN'T GET IN MY OPINION TO THE CRITICAL SKILLS
NEEDED TO ESTABLISH THE COMPETENCE THAT WILL BE REQUIRED TO BE COMPETITIVE
IN THIS BUSINESS

OF THE SEVEN BABY BELLS BELL ATLANTIC HAS MOVED INTO VIDEO THE MOST
AGGRESSIVELY IT PLANS TO BEGIN DELIVERING PROGRAMMING TO SOME 110000 HOMES
IN SEVERAL MARKETS BY NEXT YEAR WITHOUT SPENDING A BUNDLE ON EQUITY
INVESTMENTS IN STUDIOS OR NETWORKS INSTEAD IT LICENSES MOVIE RIGHTS AND
THE LIKE FROM MOST MAJOR STUDIOS AND SOME CABLE CHANNELS INCLUDING
PARAMOUNT

BELL ATLANTIC DOESN'T NEED TO OWN A STUDIO AND ITS CONTENT MR JOHNSON
ARGUES IT SHOULD PROVIDE THE NETWORK THAT COMBINES PROGRAMMING AND
INTERACTIVENETWORK SERVICES FROM VARIOUS SOURCES MANAGES ALL OF IT AND
DELIVERS IT TO VIEWERS IN AN EASYTOUSE FORM INVESTING IN PURE CONTENT I
JUST DON'T SEE THAT IN THE CARDS FOR US HE SAYS

ALL PROGRAMMING SOURCES UNDER THE NEW CABLE LAW MUST BE WILLING TO SELL
THEIR FARE TO ALL COMERS AT MARKET PRICES EVEN IF A PROGRAMMER IS PARTLY
OWNED BY A BELL COMPANY EAGER TO GET INTO THE CABLE BUSINESS WE KNOW WE
CAN GET ANY PROGRAMMING WE WANT MR JOHNSON SAYS THOUGH THE PRICES MAY BE
LESS ATTRACTIVE

NYNEX OFFICIALS COUNTER HOWEVER THAT THE CABLE LAW'S GUARANTEE OF ACCESS
TO PROGRAMMING MAY NOT LAST FOREVER THERE HAVE BEEN A LOT OF CHANGES IN
THE LAW AND THERE WILL BE CHANGES IN THE FUTURE SAYS CHIEF FINANCIAL
OFFICER JEFFREY RUBIN SIMPLY BEAMING VIDEO TO HOMES WILL BECOME A
LOWPROFIT COMMODITY BUSINESS HE SAYS BUT OWNING A STAKE IN A VIACOM OR
PARAMOUNT COULD LET NYNEX DISTINGUISH ITS SERVICE FROM RIVALS AND BUILD NEW
EXCLUSIVE FEATURES

WE'RE TRYING TO PARTICIPATE IN AS MANY ASPECTS OF THE MARKET AS WE CAN THE
GUY WHO HAS GOT THE BEST TECHNOLOGY THE BEST QUALITY AND THE BEST ACCESS TO
ENTERTAINMENT AND SERVICES IS GOING TO WIN THIS TELECOMMUNICATIONS WAR HE
DECLARES

THE BABY BELLS' RUSH INTO HOLLYWOOD WAS SET OFF IN MAY WHEN U S WEST INC
ANNOUNCED PLANS TO INVEST 25 BILLION FOR A 25 STAKE IN TIME WARNER INC'S
ENTERTAINMENT UNIT U S WEST EMERGED WITH MUCH MORE THAN NYNEX HAD TIME TO
NEGOTIATE FOR TIME WARNER AGREED TO SPEND 1 BILLION OF THE MONEY ON NEW
INTERACTIVE NETWORKS AND GAVE U S WEST HALF THE SEATS ON A SIXMEMBER
COMMITTEE THAT DECIDES WHERE AND WHAT TO BUILD WE FELT IT GAVE US MORE
CONTROL OVER OUR INVESTMENT A U S WEST SPOKESWOMAN SAYS

BECAUSE OF REGULATORY HURDLES HOWEVER U S WEST CANNOT PROVIDE MOVIES FROM
TIME WARNER'S HBO AND WARNER BROS TO ITS OWN CUSTOMERS NOR CAN NYNEX
PROVIDE ITS CUSTOMERS IN THE NORTHEAST WITH MTV VIDEOS DESPITE ITS 12
BILLION OFFER FOR VIACOM CONVERTIBLE PREFERRED STOCK

ONLY BELL ATLANTIC HAS WON THE RIGHT IN FEDERAL COURT TO OFFER VIDEO
SERVICES TO ITS OWN CUSTOMERS OVERTURNING A 1984 LAW THAT HAD FORBIDDEN IT
THE OTHER SIX BABY BELLS MUST MOUNT LEGAL CHALLENGES OF THEIR OWN

ANOTHER BELL COMPANY MAY YET ENTER THE FIGHT FOR PARAMOUNT IN THE BATTLE
BETWEEN VIACOM AND QVC WHILE NYNEX HAS WEIGHED IN ON VIACOM'S SIDE QVC HAS
TALKED WITH AMERITECH CORP BELLSOUTH CORP AND BELL ATLANTIC

THE BABY BELLS ARE EAGER TO GET INTO PROGRAMMING KEENLY AWARE THAT THEIR
CHERISHED MONOPOLY ON LOCAL PHONE SERVICE IS UNDER ATTACK YET THEY ALSO
KNOW THAT FEW HOLLYWOOD PROPERTIES ARE LEFT WALT DISNEY CO IS THE LAST
MAJOR STUDIO THAT HASN'T BEEN GOBBLED UP BY A LARGER COMPANY

THERE'S ONLY A LIMITED NUMBER OF WORTHWHILE ENTERTAINMENT PARTNERSHIPS YOU
WANT TO BE INVOLVED IN SAYS STEVEN DIMMITT A STRATEGY DIRECTOR AT
SOUTHWESTERN BELL CORP IF IT MAKES FINANCIAL SENSE WE SHOULD DO SOMETHING
NOW

HE CONTENDS THAT SIMPLY DELIVERING THE VIDEO SERVICES ISN'T ENOUGH UNLESS
YOU OWN CONTENT YOU WON'T HAVE A STEADY STREAM OF PROGRAMMING TO DELIVER
AND LICENSES CAN'T BE OWNED INTO INFINITY YOU WANT FLEXIBILITY AND FOR
THAT YOU HAVE TO OWN THE CONTENT MR DIMMITT SAYS

AN ADVISER TO THE BELL COMPANIES SAYS PRIVATELY THAT THEY SHOULDN'T WORRY IF
THEY MISS OUT ON A PIECE OF HOLLYWOOD THERE ARE PLENTY OF OTHER CONTENT
COMPANIES WHOSE SERVICES THEY CAN CARRY CAPITAL CITIES/ABC INC DUN &
BRADSTREET CORP DOW JONES & CO WHICH PUBLISHES THE WALL STREET JOURNAL
AND EVEN CABLE OPERATORS IT'S STILL AN OPEN FIELD THE ISSUE FOR THE BELLS
IS TO FIGURE OUT WHAT THEY BRING TO THE PARTY HE SAYS 9310080079 931008
BUSINESS BRIEF COMPUADD COMPUTER CORP DEAL IS SET WITH CREDITORS 
GIVING THEM 75 OF STOCK

COMPUADD COMPUTER CORP HOPING TO EMERGE NEXT MONTH FROM BANKRUPTCY
PROCEEDINGS SAID IT NEGOTIATED A DEAL WITH CREDITORS TO GIVE THEM 75 OF
THE COMPANY'S STOCK

THE AUSTIN TEXAS MAKER OF PERSONAL COMPUTERS FILED FOR PROTECTION UNDER
CHAPTER 11 OF THE US BANKRUPTCY CODE IN JUNE AFTER REACHING AN IMPASSE
WITH LANDLORDS THE MOVE FOLLOWED ITS DECISION TO CLOSE ITS STORE CHAIN AND
FOCUS ON MAILORDER SALES

UNDER THE ARRANGEMENT COMPUADD WILL GIVE 75 OF ITS STOCK TO UNSECURED
CREDITORS WHO ARE OWED 47 MILLION MANAGEMENT AND EMPLOYEES WILL RETAIN
THE REMAINDER SECURED CREDITORS WITH 295 MILLION IN CLAIMS WILL BE PAID
IN FULL 9310080078 931008 BUSINESS BRIEF INCO LTD NICKEL
PRODUCTION TO BE CUT IN EFFORT TO INCREASE PRICES

INCO LTD IN A BID TO BOOST SAGGING NICKEL PRICES SAID IT WILL CUT ITS
NICKEL PRODUCTION BY 60 MILLION POUNDS STARTING IN DECEMBER REPRESENTING
16 OF ITS CURRENT ANNUAL CAPACITY

THE TORONTO BASEMETALS CONCERN SAID IT WILL MAKE THE CUTBACKS MAINLY IN THE
FIRST QUART OF 1994 AT ITS OPERATIONS IN SUDBURY ONTARIO AND THOMPSON
MANITOBA INCO SPOKESMAN DAVID ALLEN SAID THE COMPANY WILL MEET WITH
EMPLOYEES THIS WEEK BUT IT HASN'T DETERMINED HOW MANY JOBS WILL BE LOST

INCO PLANS TO PRODUCE ALMOST 380 MILLION POUNDS OF NICKEL THIS YEAR IT
HASN'T YET BUDGETED A PRODUCTION LEVEL FOR 1994 THE COMPANY CONTROLS ABOUT
25 OF THE WORLD'S NICKEL SUPPLY 9310080077 931008 BLACK AMERICAN
NOVELIST TONI MORRISON IS AWARDED NOBEL PRIZE FOR LITERATURE  BY
MEG COX STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK AMERICAN NOVELIST TONI MORRISON WON THE NOBEL PRIZE FOR
LITERATURE AN HONOR THAT IS EXPECTED TO BOOST HER OWN SALES AND ADD FUEL TO
THE GROWING INTEREST IN AFRICANAMERICAN WRITING

THE 62YEAROLD AUTHOR AND HUMANITIES PROFESSOR AT PRINCETON UNIVERSITY IS
THE FIRST BLACK AMERICAN TO WIN AND ONLY THE EIGHTH WOMAN SINCE THE PRIZE
WAS FIRST AWARDED IN 1901 ALTHOUGH MS MORRISON IS ALREADY A BESTSELLING
AUTHOR HAVING SOLD ABOUT 150000 HARDCOVER COPIES OF EACH OF HER PAST TWO
NOVELS THIS PRESTIGIOUS AWARD IS EXPECTED TO ELEVATE HER POPULARITY TO A
NEW LEVEL UNLIKE SEVERAL RECENT WINNERS OF THE NOBEL LITERATURE PRIZE SHE
ISN'T FOREIGN OBSCURE OR A POET

BOOKSTORES ACROSS THE COUNTRY QUICKLY ERECTED SPECIAL TABLE AND WINDOW
DISPLAYS OF MS MORRISONS BOOKS AND ORDERED MORE COPIES HER PUBLISHER THE
KNOPF DIVISION OF RANDOM HOUSE INC IMMEDIATELY WENT BACK TO PRESS FOR
5000 MORE PAPERBACK COPIES OF A RECENT BOOK OF ESSAYS PLAYING IN THE
DARK WHITENESS AND THE LITERARY IMAGINATION RANDOM HOUSE IS OWNED BY
ADVANCE PUBLICATIONS INC

BOOKSTORE GIANT BARNES & NOBLE INC HAS ALREADY SENT COMPUTER MESSAGES TO
HUNDREDS OF STORES SUGGESTING SPECIAL DISPLAYS AT BLACK BOOKS PLUS IN
MANHATTAN OWNER GLENDERLYN JOHNSON SAYS SHE WILL HAVE A SPECIAL WINDOW
READY FIRST THING THIS MORNING INCLUDING ALL THE AUTHOR'S BOOKS AND SEVERAL
PHOTOGRAPHS OF HER

PUBLISHERS OF PREVIOUS NOBEL WINNERS SAY THIS PRIZE MORE THAN MOST LITERARY
AWARDS TRANSLATES RAPIDLY INTO INCREASED SALES EVEN THE PULITZER PRIZE FOR
LITERATURE DOESN'T DO AS MUCH SAYS LAURIE BROWN ASSOCIATE PUBLISHER OF
VINTAGE BOOKS THE PAPERBACK DIVISION OF KNOPF THIS PRIZE IS FOR A
LIFETIME BODY OF WORK AND IT IS TIED INTO JUDGMENTS ABOUT HUMANISM AND
VALUES THEY ARE SAYING THESE PEOPLE ARE WORTHY OF RESPECT ARE HEROES

LAST YEAR FOR EXAMPLE THE WINNER WAS WEST INDIAN POET DEREK WALCOTT AND
WHILE THE PRIZE DIDN'T LAND HIM ON A LOT OF BESTSELLER LISTS MS BROWN SAYS
HIS COLLECTED POEMS SOLD MORE THAN TWICE AS MANY COPIES AS HIS PUBLISHER HAD
EXPECTED ABOUT 25000 COPIES IN ONE YEAR

MS MORRISON'S SALES ARE EXPECTED TO BENEFIT EVEN MORE MARKEDLY THE
PAPERBACK VERSION OF HER 1992 NOVEL JAZZ IS JUST OUT AND SALES ARE
EXPECTED TO RISE FOR THE PAPERBACK EDITIONS OF EARLIER NOVELS SUCH AS
BELOVED WHICH WON THE PULITZER PRIZE IN 1988

THE AWARD COMES AT A TIME WHEN AFRICANAMERICAN WRITERS ARE PROLIFERATING
AND ATTRACTING NEW READERS POET MAYA ANGELOU'S MOVING RECITATION AT THE
CLINTON INAUGURAL CEREMONY RESULTED IN ROBUST SALES GAINS FOR HER BOOKS
NOVELIST TERRY MCMILLAN HAS SOLD MORE THAN A MILLION COPIES OF HER LATEST
NOVEL WAITING TO EXHALE IN PAPERBACK THE KIND OF BLOCKBUSTER NUMBERS THAT
WAKE PUBLISHERS UP

MS MORRISON WILL RECEIVE A CASH AWARD OF 825000 AND ATTEND AN AWARDS
CEREMONY DEC 10 IN STOCKHOLM SWEDEN 9310080076 931008 EXTENSIVE TAX
INCENTIVES FOR OIL AND GAS RULED OUT

WASHINGTON THE ENERGY DEPARTMENT HAS DECIDED AGAINST INCLUDING PROPOSALS
FOR EXTENSIVE TAX INCENTIVES IN ITS FORTHCOMING OIL AND GAS INITIATIVE A
SPOKESMAN SAID

THE DEPARTMENT IS STILL ACTIVELY CONSIDERING A RELATIVELY NARROW TAX
PROPOSAL ONE THAT WOULD PROVIDE A TAX BREAK FOR USE OF ADVANCED COMPUTER
TECHNOLOGY IN EXPLORING FOR OIL AND NATURAL GAS

AS PREVIOUSLY REPORTED A PARTIAL EARLY DRAFT OF THE ENERGY DEPARTMENT'S
OIL AND GAS INITIATIVE INDICATED THAT THE DEPARTMENT WOULD PROPOSE TAX
CHANGES RESEARCH AND DEVELOPMENT FUNDS AND REGULATORY RELIEF TO STIMULATE
THE DOMESTIC OIL AND GAS INDUSTRIES

IN AN INTERVIEW WEDNESDAY DEPUTY ENERGY SECRETARY WILLIAM WHITE PLAYED DOWN
THE SIGNIFICANCE OF INDIVIDUAL PROPOSALS LISTED IN THE DRAFT SAYING THEY
WERE MORE REFLECTIVE OF SUGGESTIONS SUBMITTED BY INDUSTRY THAN OF THE
DEPARTMENT'S OWN PRIORITIES BUT HE DECLINED TO PROVIDE ADDITIONAL DETAILS
ABOUT THE FINAL PLAN WHICH IS DUE TO BE RELEASED AT THE END OF THIS MONTH

HOWEVER THE WASHINGTON POST REPORTED YESTERDAY THAT ONLY THE ONE TAX CHANGE
IS STILL UNDER CONSIDERATION AND THE DEPARTMENT SPOKESMAN CONFIRMED THE
STATEMENT 9310080074 931008 ECONOMY BIG RETAILERS HAD A STRONG
SEPTEMBER AS COOL WEATHER SPURRED APPAREL SALES  BY PATRICK M
REILLY STAFF REPORTER OF THE WALL STREET JOURNAL

THE NATION'S LARGEST RETAILERS REPORTED STRONG SALES FOR SEPTEMBER AS COOL
WEATHER SPURRED APPAREL PURCHASES

ANALYSTS ALSO NOTED SIGNS THAT CONSUMER SPENDING MAY BE STRENGTHENING NOW
THAT PRESIDENT CLINTON'S PACKAGES FOR TAXES HAVE BEEN AIRED PUBLICLY AND
SHOPPERS CAN GAUGE HOW THEY WILL BE AFFECTED ANALYSTS EVEN CITED REDUCED
ANXIETY ABOUT THE ADMINISTRATION'S HEALTHCARE REFORM PROPOSAL

BUT THE ANALYSTS REMAIN CAUTIOUS ABOUT THE CRUCIAL CHRISTMAS SEASON SAYING
A STRONG SEPTEMBER WON'T NECESSARILY TRANSLATE INTO A STRONG HOLIDAY PERIOD
EMPLOYMENT IS THE KEY SAID JEFFREY EDELMAN OF CJ LAWRENCE INC IF IT
KEEPS RISING WITH JOB SECURITY AND INCOME GROWING THERE WILL BE AN
INCREASE IN SPENDING

SEPTEMBER SALES AT STORES OPEN AT LEAST A YEAR ROSE AN AVERAGE 56 FROM THE
PREVIOUS YEAR BASED ON THE WEIGHTED INDEXES OF SEVERAL RETAILERS' SALES
COMPILED BY SALOMON BROTHERS INC AND ALEX BROWN & SONS INC THE SHOWING
GENERALLY MET OR EXCEEDED MOST ANALYSTS' EXPECTATIONS THAT WAS IMPRESSIVE
THE ANALYSTS SAID GIVEN THE DIFFICULT COMPARISON TO LAST SEPTEMBER WHEN
SAMESTORE SALES JUMPED 73

AFTER A LACKLUSTER AUGUST IN WHICH RETAILERS WERE LARGELY HURT BY CONSUMER
UNCERTAINTY HOT WEATHER WHICH TENDS TO POSTPONE PURCHASE OF WARMER
APPAREL AND HIGHPRICED FALL APPAREL SEVERAL MERCHANTS REPORTED
COMPARABLESTORE SALES RESULTS THAT MET OR EXCEEDED INTERNAL PLANS SALES
ARE BACK TO A MORE NORMALIZED TREND LINE SAID MR EDELMAN OF CJ
LAWRENCE LAST SEPTEMBER WAS STRONG SO THIS YEAR SHOWS GOOD VOLUME

AFTER DISAPPOINTING RESULTS IN AUGUST WHEN SPECIALTY APPAREL CHAINS SUCH AS
GAP INC ANNTAYLOR STORES CORP AND CHARMING SHOPPES INC ALL HAD
SAMESTORE SALES DECREASES EACH MADE MODEST TO STRONG RECOVERIES LAST
MONTH

GAP'S COMPARABLESTORE SALES FOR SEPTEMBER INCREASED 2 COMPARED WITH AN
11 JUMP LAST YEAR WHEN THE SAN FRANCISCO RETAILER HELD A SPECIAL PROMOTION
ON JEANS THAT BOOSTED BUSINESS NEW YORKBASED ANNTAYLOR'S COMPARABLESTORE
SALES IN THE MONTH ROSE 88 ANALYSTS NOTED THE COMPANY HAS HAD A HIGH
SELLTHROUGH ON ITS MERCHANDISE AT FULL PRICE CHARMING SHOPPES BASED IN
BENSALEM PA REPORTED A COMPARABLESTORE SALES GAIN OF 6 BECAUSE OF
HEAVIER PROMOTIONS

IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY GAP SHARES ROSE 75
CENTS OR 24 TO CLOSE AT 32 AND ANNTAYLOR STOCK GAINED 375 CENTS OR 14
TO CLOSE AT 27125 IN NATIONAL OVERTHECOUNTER TRADING CHARMING SHOPPES
STOCK ROSE 875 CENTS OR 66 TO CLOSE AT 14125

NOT ALL APPAREL STORES GAINED AT MERRYGOROUND ENTERPRISES INC
SAMESTORE SALES FELL 12 FOR SEPTEMBER TRENDY YOUNG MEN'S APPAREL REMAINS
WEAK SAID ROBERT BUCHANAN AN ANALYST AT ALEX BROWN MERRYGOROUND
SHARES DROPPED 125 OR 16 CENTS TO CLOSE AT 750 IN BIG BOARD TRADING

SEVERAL DISCOUNT RETAILERS RODE THE WAVE OF STRONG SALES THE NATION'S
LARGEST RETAILER WALMART STORES INC REPORTED SAMESTORE SALES UP 9 FOR
THE MONTH BELOW LAST SEPTEMBER'S INCREASE BUT MORE THAN DOUBLE THAT OF
AUGUST BUT THE SAM'S WAREHOUSE CLUBS DIVISION OF THE BENTONVILLE ARK
COMPANY CONTINUED TO LAG BEHIND SAM'S CLUBS SAMESTORE SALES FELL 4 FOR
THE MONTH

WALMART SHARES GAINED 25 CENTS OR 09 TO CLOSE AT 2675 IN COMPOSITE
TRADING ON THE BIG BOARD

YET DESPITE THE GENERALLY STRONG SEPTEMBER SALES FIGURES SHARES OF SEVERAL
DEPARTMENT STORE COMPANIES DROPPED ANALYSTS SAID THE NEWS OF STRONG
SEPTEMBER SALES HAS BEEN DRIVING UP STOCKS IN RECENT WEEKS

THERE WAS SOME PROFITTAKING SAID CJ LAWRENCE'S MR EDELMAN A LOT OF
THE STOCKS HAD A NICE MOVE IN RECENT WEEKS ANTICIPATING THESE SALES
NUMBERS BUT ALICE RUTH ANALYST WITH MONTGOMERY SECURITIES ALSO NOTED
THAT THERE MAY BE SOME CONCERN ABOUT JUST HOW SUSTAINABLE THE SAMESTORE
SALE GAINS WILL INTO OCTOBER FROM HERE ON OUT THE SALES COMPARISON GETS
MORE DIFFICULT THROUGH CHRISTMAS MS RUTH SAID

SEARS ROEBUCK & CO'S SHARES DROPPED 1125 OR 19 TO CLOSE AT 58125
JC PENNEY INC DECLINED 1 OR 21 TO 4650 MAY DEPARTMENT STORES CO
DROPPED 1 OR 22 TO 4375 AND KMART CORP FELL 50 CENTS OR 2 TO 24375
ALL IN BIG BOARD TRADING

SHOWING STRENGTH IN BOTH APPAREL AND HARDGOODS KMART BASED IN TROY MICH
REPORTED SAMESTORE SALES UP 72 KMART CHAIRMAN JOSEPH E ANTONINI
CREDITED SALES GAINS IN MOST HARDLINE MERCHANDISE CATEGORIES AND A
SIGNIFICANT PICKUP IN APPAREL SALES STARTING WITH THE LABOR DAY WEEKEND
CHICAGOBASED SEARS ALSO BENEFITED FROM THE APPAREL GAINS ADDED TO ALREADY
STRONG DEMAND FOR HARDGOODS SAMESTORE SALES FOR SEARS ROSE 103
9310080073 931008 MUNICIPAL BOND GROUP URGES END TO BEING SOLICITED 
 BY CHRISTI HARLAN STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON THE TRADE GROUP FOR MUNICIPALBOND UNDERWRITERS AFTER
ENCOURAGING ITS OWN MEMBERS TO HALT ALL POLITICAL CONTRIBUTIONS URGED STATE
AND LOCAL GOVERNMENT OFFICIALS TO STOP SOLICITING CONTRIBUTIONS FROM THE
MUNICIPAL FINANCE INDUSTRY

CALIFORNIA STATE TREASURER KATHLEEN BROWN A POSSIBLE GUBERNATORIAL
CANDIDATE RESPONDED ALMOST IMMEDIATELY SHE SAID SHE WON'T ACCEPT
CONTRIBUTIONS FROM ANY INDIVIDUALS WHO PARTICIPATE IN MUNICIPAL FINANCE
TRANSACTIONS INCLUDING ATTORNEYS FINANCIAL ADVISERS CONSULTANTS AND
ACCOUNTANTS

TO MY KNOWLEDGE MS BROWN SAID IN A STATEMENT NO OTHER STATE TREASURER
HAS TAKEN THESE STEPS AND THEY MIGHT NOT FRED MEYER CHAIRMAN OF THE
REPUBLICAN PARTY OF TEXAS SAID STATE AND LOCAL OFFICIALS SOLICIT FUNDS FROM
WALL STREET FIRMS FOR THE SAME REASON THAT WILLIE SUTTON ROBBED BANKS
THAT'S WHERE THE MONEY IS HE SAID

OFFICIALS OF THE PUBLIC SECURITIES ASSOCIATION SAID SOLICITATIONS BY STATE
AND LOCAL OFFICIALS HAVEN'T ABATED IN RECENT WEEKS DESPITE THE KEEN INTEREST
OF REGULATORS IN STOPPING THE PRACTICE KNOWN IN MUNI INDUSTRY CIRCLES AS
PAY TO PLAY

NINE OF THE TOP 10 MUNICIPAL UNDERWRITERS IN THE NATION HAVE SAID THEY WILL
FOLLOW THE PSA'S SUGGESTION AND WITHHOLD CONTRIBUTIONS TO POLITICAL
CANDIDATES

THE IMPACT OF THE MORATORIUM ON CAMPAIGN COFFERS IS DIFFICULT TO GAUGE
WHILE DATA ON CONTRIBUTIONS FROM COMPANIES AND THEIR POLITICAL ACTION
COMMITTEES ARE AVAILABLE THE UNDERWRITING FIRMS HAVE SAID THEY DON'T KNOW
HOW MUCH THEIR INDIVIDUAL EMPLOYEES HAVE DONATED TO POLITICAL CANDIDATES
AND SEVERAL STATES SUCH AS TEXAS AND NEW YORK DON'T REQUIRE DONORS TO LIST
THEIR EMPLOYERS NEW YORK REQUIRES CANDIDATES TO MAKE A GOOD FAITH EFFORT
TO IDENTIFY CONTRIBUTORS' EMPLOYERS

THE SELFIMPOSED MORATORIUM IS LESS PUBLICSPIRITED AND MORE SELFSERVING
THAN IT APPEARS AT FIRST BLUSH THE PSA INITIALLY SUGGESTED THAT THE ISSUE
OF CONTRIBUTIONS BE LEFT TO STATE AND LOCAL OFFICIALS THE ASSOCIATION
SHIFTED THE BURDEN TO ITS MEMBERS ONLY AFTER THE RULEMAKING BOARD FOR THE
MUNICIPALFINANCE INDUSTRY SAID POLITICAL CONTRIBUTIONS WOULD BE CONSIDERED
A VIOLATION OF RULES REQUIRING FAIR DEALING

FURTHERMORE THIS YEAR'S STATE AND LOCAL POLITICAL RACES ARE JUST ABOUT
OVER SO THE MORATORIUM WON'T HAVE MUCH EFFECT ON INDUSTRY GIVING THE NEW
YORK MAYORAL ELECTION FOR INSTANCE IS NOV 2 AND EMPLOYEES AT MERRILL
LYNCH ALREADY HAVE CONTRIBUTED AT LEAST 64996 TO REPUBLICAN CANDIDATE
RUDOLPH GIULIANI AND 88835 TO DEMOCRATIC INCUMBENT DAVID DINKINS
ACCORDING TO THE NEW YORK CITY CAMPAIGN FINANCE BOARD

WITH NEW RULES ON CONTRIBUTIONS ALREADY BEING DRAFTED BY THE MUNICIPAL
SECURITIES RULEMAKING BOARD NEXT YEAR WILL BE DIFFERENT SAID AMY DUNBAR
DIRECTOR OF GOVERNMENTAL AFFAIRS FOR THE NATIONAL ASSOCIATION OF BOND
COUNSEL THE TRADE GROUP REPRESENTING ABOUT 2800 LAWYERS WHO WORK ON
MUNICIPALFINANCE ISSUES ISN'T INCLINED TO RECOMMEND THAT ITS MEMBERS
WITHHOLD CAMPAIGN CONTRIBUTIONS MS DUNBAR SAID

IT'S REALLY A BROKERDEALER ISSUE SHE SAID AT THE SAME TIME SHE ADDED
SOLICITATIONS FROM POLITICAL CANDIDATES THE COUNSEL'S CLIENTS IN MANY
CASES HAVEN'T RISEN TO A LEVEL THAT MEMBERS ARE COMPLAINING ABOUT

LOCAL OFFICIALS WHO REPRESENT THE BULK OF MUNICIPALSECURITIES ISSUERS
WOULD LIKE TO COMPLAIN ABOUT THE PUSH TO CUT OFF CAMPAIGN CONTRIBUTIONS BUT
WORRY THAT IN DOING SO THEY'LL LOOK LIKE MONEYGRUBBERS THIS IS AN AWKWARD
ISSUE FOR OUR MEMBERSHIP SAID FRANK SHAFROTH DIRECTOR OF POLICY AND
FEDERAL RELATIONS FOR THE NATIONAL LEAGUE OF CITIES

AMONG THE LEAGUE'S CONCERNS IS THE DEGREE OF FEDERAL INVOLVEMENT IN STATE
AND LOCAL AFFAIRS MR SHAFROTH SAID CONGRESS APPEARS TO BE DICTATING
CHANGES IN STATE AND LOCAL CAMPAIGN FINANCING BUT HASN'T BEEN ABLE TO FIX
ITS OWN CONTRIBUTION PROBLEMS IN 103 YEARS HE SAID

THE LEAGUE ALSO IS IRKED THAT ARTHUR LEVITT CHIARMAN OF THE SECURITIES AND
EXCHANGE COMMISSION WHO SUPPORTS EFFORTS BY THE MUNICIPAL SECURITIES
RULEMAKING BOARD TO CURB POLITICAL DONATIONS BY UNDERWRITERS TAPPED SOME OF
THOSE UNDERWRITERS TO CONTRIBUTE TO A FUNDRAISER FOR BILL CLINTON THAT
RAISED 35 MILLION LAST FALL

THERE IS AN ENORMOUS AMOUNT OF HYPOCRISY HERE MR SHAFROTH SAID

THE MORATORIUM MOVEMENT ISN'T EXPECTED TO CAUSE AS MUCH CONSTERNATION AMONG
STATEWIDE CANDIDATES BECAUSE OF THE LIMITED NUMBER OF OFFICIALS WHO DEAL
DIRECTLY WITH BOND ISSUES IN A STUDY OF 1990 RACES THE POLITICAL RESEARCH
ARM OF THE WESTERN STATE CENTER AN ADVOCACY GROUP FOUND THAT FIRMS IN THE
SECRITIES AND INVESTMENT INDUSTRIES DONATED A TOTAL OF 185708 IN ALL
STATEWIDE RACES IN EIGHT STATES RESEARCH DIRECTOR EDWIN BENDER SAID THE
TOTAL REPRESENTED LESS THAN 1 OF THE MONEY DONATED TO ALL RACES

POLITICS AT THE STATE LEVEL IS DIFFERENT MR BENDER SAID A FEW THOUSAND
DOLLARS HERE AND THERE IN A MILLIONDOLLAR RACE ISN'T MUCH

MR MEYER THE TEXAS REPUBLICAN PARTY CHAIRMAN AGREES THAT THE
CONTRIBUTIONS ARE MUCH MORE IMPORTANT IN CITY OR COUNTY CAMPAIGNS IT
DOESN'T TAKE THAT MUCH MONEY TO BE IMPORTANT IN THESE KINDS OF RACES HE
SAID

JOHN CONNOR CONTRIBUTED TO THIS ARTICLE 9310080072 931008 NATIONSBANK
SEEKS TO MERGE OPERATIONS IN MARYLAND AND DISTRICT OF COLUMBIA  BY
EMORY THOMAS JR STAFF REPORTER OF THE WALL STREET JOURNAL

NATIONSBANK CORP INVOKING BANKING LAWS THAT DATE BACK MORE THAN A CENTURY
ASKED THE OFFICE OF THE COMPTROLLER OF THE CURRENCY TO APPROVE A
CONSOLIDATION OF ITS MARYLAND AND DISTRICT OF COLUMBIA OPERATIONS

IF PERMISSION IS GRANTED THE MOVE EFFECTIVELY WOULD ENABLE NATIONSBANK TO
BYPASS PROHIBITIONS AGAINST INTERSTATE BANK BRANCHING AND MAY POINT TO
FURTHER CONSOLIDATION BY THE BANK IN OTHER LOCALES CURRENTLY BANKHOLDING
COMPANIES IN MOST STATES MUST OPERATE A SEPARATE SUBSIDIARY IN EACH STATE
WHERE THEY HAVE OFFICES

IN A 115PAGE APPLICATION FILED WITH THE OCC NATIONSBANK APPLIED FOR
PERMISSION TO COMBINE MARYLAND NATIONAL BANK IN BALTIMORE WITH AMERICAN
SECURITY BANK NA IN WASHINGTON DC TWO ENTITIES NATIONSBANK RECENTLY
ACQUIRED

NORMALLY THE TWO BANKS WOULD BE PREVENTED FROM OPERATING AS A SINGLE
COMPANY BECAUSE OF INTERSTATE BANKING LAWS BUT A FEDERAL STATUTE DATING
BACK TO THE 1800S ALLOWS BANKS TO MOVE THEIR HEADQUARTERS UP TO 30 MILES
AWAY FROM THE TOWN OR CITY WHERE THE BANK WAS ORIGINALLY CHARTERED 
REGARDLESS OF STATE BOUNDARIES

IN NATIONSBANK'S PROPOSED SCENARIO THE HEADQUARTERS OF AMERICAN SECURITY
LOCATED IN THE DISTRICT OF COLUMBIA WOULD BE TRANSFERRED ABOUT SIX MILES TO
SILVER SPRING MD AMERICAN SECURITY WOULD THEN MERGE WITH MARYLAND
NATIONAL FINALLY THE RESULTING ENTITY WOULD BE MERGED INTO THE EXISTING
MARYLAND AND WASHINGTON DC UNITS OF NATIONSBANK

IF THE OCC APPROVES THE PLAN A NATIONSBANK SPOKESMAN CONFIRMED THAT THE
BANK BASED IN CHARLOTTE NC MAY ATTEMPT TO USE THE SAME TACTIC TO
CONSOLIDATE OTHER UNITS NATIONSBANK'S VIRGINIA SUBSIDIARY POSSIBLY COULD BE
MERGED WITH THE NEWLY FORMED MARYLAND/WASHINGTON DC SUBSIDIARY FOR
EXAMPLE NATIONSBANK AN OUTSPOKEN OPPONENT OF RESTRICTIONS ON INTERSTATE
BANKING HAS SAID IT COULD SAVE 50 MILLION COMPANYWIDE IF ALLOWED TO
CONSOLIDATE ITS MANY SUBSIDIARIES INTO ONE OPERATING UNIT

NATIONSBANK ARGUES IN ITS OCC FILING THAT THE MERGER IN THE WASHINGTON
DC AREA MAKES PARTICULAR SENSE SINCE THE METROPOLITAN AREA SPANS THREE
DIFFERENT JURISDICTIONS AN INDIVIDUAL WHO OPENS A NATIONSBANK ACCOUNT IN
MARYLAND FOR INSTANCE CAN'T MAKE A DIRECT DEPOSIT INTO THAT ACCOUNT FROM A
BRANCH IN THE DISTRICT OF COLUMBIA

SEVERAL BANKING OFFICIALS FAMILIAR WITH INTERSTATE REGULATIONS SAID
NATIONSBANK HAS A STRONG CASE TO MAKE IN THE WASHINGTON DC AREA BUT ANY
ATTEMPT BY NATIONSBANK TO USE THE TACTIC TO CREATE A SINGLE CENTRALIZED
OPERATING COMPANY WOULD BE UNWIELDY THEY SAID THE REASON BANK
HEADQUARTERS WOULD HAVE TO BE MOVED IN INCREMENTS OF 30 MILES TO GET CLOSE
TO A STATE BORDER

USING THIS QUIRK IN THE LAW THEY COULDN'T EFFECTIVELY PULL ALL THEIR BANKS
TOGETHER AND MERGE THEM INTO ONE SAID RAY FORTIN SENIOR VICE PRESIDENT OF
SUNTRUST BANKS INC 9310080071 931008 CORRECTIONS & AMPLIFICATIONS

BARRY SIEGFRIED PRESIDENT OF OMNI CABLE CO ESTIMATES HIS FIRM WOULD SPEND
ABOUT 79000 A YEAR UNDER THE CLINTON HEALTHCARE PLAN TO INSURE ITS 40
EMPLOYEES OR ABOUT 414 OF PAYROLL OMNI NOW SPENDS 101000 A YEAR OR
ABOUT 53 OF PAYROLL ON HEALTH INSURANCE THE SAVINGS WOULD BE ABOUT
22000 A YEAR INSTEAD OF 83000 AS STATED IN A GOVERNMENT WATCH COLUMN
MONDAY MR SIEGFRIED SAYS HE MISTAKENLY CITED A ROUGH ESTIMATE OF HIS COSTS
RATHER THAN SAVINGS UNDER THE PLAN 9310080070 931008 INTERNATIONAL 
JAPAN ELECTRONICS SHOW OFFERS GLIMPSE OF SLEEPING GIANTS STARTING TO
AWAKEN  BY DAVID P HAMILTON STAFF REPORTER OF THE WALL STREET
JOURNAL

TOKYO THE JAPANESE ELECTRONICS INDUSTRY IS BEGINNING TO SHAKE OFF ITS
LETHARGY AFTER NEARLY THREE YEARS OF HUNKERING DOWN WAITING FOR BETTER
TIMES

AT THIS WEEK'S ANNUAL JAPAN ELECTRONICS SHOW WHICH CLOSES TOMORROW
VISITORS HAD TO QUEUE UP TO GET A LOOK AT SANYO ELECTRIC CO'S NEWEST
GADGET A THREEDIMENSIONAL TELEVISION THAT DOESN'T REQUIRE THE VIEWER TO
WEAR SPECIAL GLASSES THOUGH IT DOES REQUIRE SPECIAL BROADCASTS

AT THE SAME SHOW SONY CORP AND A HANDFUL OF OTHER COMPANIES TOUTED VIDEO
CD PLAYERS BOXES THAT CAN PLAY UP TO 74 MINUTES OF MUSIC AND VIDEO
IMAGES STORED ON STANDARDSIZED COMPACT DISKS SONY SAYS IT WILL PRICE SUCH
PLAYERS WHICH IT INTENDS TO RELEASE BY MID1994 SOME 200 TO 300 HIGHER
THAN SIMILAR AUDIO CD PLAYERS

MEANWHILE HITACHI LTD IS MOVING TO CHALLENGE US COMPANIES' LOCK ON THE
LUCRATIVE MARKET FOR COMPUTER MICROPROCESSORS WITH A CHIP OF ITS OWN DESIGN

AND JAPAN'S BIG SEMICONDUCTOR MAKERS HAVE BEGUN POURING MONEY INTO THE
PRODUCTION OF HIGHGROWTH PRODUCTS LIKE MEMORY CHIPS AND LIQUIDCRYSTAL
FLATPANEL DISPLAYS EVEN AS THEY SLASH THEIR OVERALL CAPITAL INVESTMENT
BUDGETS

EVERYONE IS LOOKING AT THINGS THEY'VE BEEN WORKING ON FOR THE PAST 10 YEARS
AND ASKING WHICH OF THESE CAN WE COMMERCIALIZE' SAYS CHUCK GOTO AN
ANALYST WITH SG WARBURG JAPAN INC

SINCE MID1991 JAPAN'S MAJOR MAKERS OF ELECTRONICS EQUIPMENT HAVE WATCHED
SALES FALL AND PROFITS EVAPORATE BECAUSE OF ECONOMIC SLUMPS IN THEIR MAJOR
MARKETS SATURATED MARKETS FOR CONSUMER PRODUCTS AND MORE RECENTLY A HIGH
YEN THAT MADE EXPORTS MORE EXPENSIVE MANUFACTURERS WERE LEFT SHELLSHOCKED
WITH MOST UNABLE TO FIGURE OUT WHAT TO DO NEXT

NOW JAPANESE COMPANIES ARE TESTING THE WATERS AGAIN WITH A VENGEANCE
ALTHOUGH THEIR EFFORTS MAY YIELD MIXED RESULTS SANYO'S 3D TELEVISION FOR
INSTANCE REQUIRES THE VIEWER TO SIT WITHIN A NARROW ANGLE DIRECTLY IN FRONT
OF THE SCREEN NEVERTHELESS THE COMPANY IS CONFIDENT ENOUGH TO BEGIN
SELLING THE SETS BY SPECIAL ORDER NEXT AUGUST AT LOFTY PRICES EQUIVALENT
TO BETWEEN 57000 AND 85000

SIMILARLY HITACHI PLANS TO OFFER A NEW SELFDEVELOPED MICROPROCESSOR CHIP
THE SH AS AN ALTERNATIVE TO PRODUCTS OFFERED BY A VARIETY OF US
COMPANIES JUST A FEW WEEKS AFTER HITACHI MADE THE ANNOUNCEMENT VIDEOGAME
MAKER SEGA ENTERPRISES LTD AGREED TO USE THE SH IN ITS NEXT GENERATION OF
VIDEOGAME HARDWARE ANALYSTS HOWEVER AREN'T CONVINCED THAT HITACHI CAN
MAKE MUCH HEADWAY AGAINST SUCH ENTRENCHED US COMPETITORS AS INTEL CORP

NOT ALL THIS INNOVATION IS BEING DONE BY THE JAPANESE THEMSELVES CONSIDER
MATSUSHITA ELECTRIC INDUSTRIAL CO AND SHARP CORP TWO OF THE MOST
AGGRESSIVE MARKETERS OF NEW CONSUMER PRODUCTS WHILE BOTH COMPANIES ARE
PUSHING NEW PRODUCTS BASED ON HOMEGROWN TECHNOLOGY A MATSUSHITA
FLATPANEL TELEVISION ONLY 10 CENTIMETERS THICK AND A SHARP CAMCORDER THAT
FEATURES A LIQUIDCRYSTAL SCREEN INSTEAD OF A VIEWFINDER BOTH ALSO HAVE
TURNED TO US COMPANIES FOR INSPIRATION

MATSUSHITA HAS JUST INTRODUCED IN THE US ITS 3DO INTERACTIVE MULTIPLAYER
A GAME MACHINE THAT PLUGS INTO A TELEVISION THE MULTIPLAYER IS BASED ON A
DESIGN BY A US COMPANY 3DO CO SHARP MEANWHILE HAS HIGH HOPES FOR ITS
EXPERT PAD ELECTRONIC SCHEDULER WHICH USES CHIPS AND SOFTWARE FROM APPLE
COMPUTER INC'S NEWTON MESSAGEPAD

IN CONTRAST JAPAN'S HUGE SEMICONDUCTOR MAKERS HAVE FOCUSED ON THEIR CORE
STRENGTHS ANNOUNCING RECENT HEAVY INVESTMENTS IN SOCALLED 16MEGABIT
MEMORY CHIPS A NEW GENERATION OF CHIPS THAT CAN HOLD 16 MILLION BITS OF
INFORMATION TOSHIBA CORP IN JUNE ANNOUNCED PLANS TO INVEST AN ADDITIONAL
40 BILLION YEN 3788 MILLION IN A LONGSTANDING JOINT VENTURE WITH
MOTOROLA INC THAT WILL BALLOON TOSHIBA'S PRODUCTION OF 16MEGABIT CHIPS BY
APRIL 1995 NEC CORP PLANS TO SPEND 95 BILLION YEN ON A NEW 16MEGABIT
PRODUCTION LINE SCHEDULED TO START PUMPING OUT CHIPS BY NEXT AUGUST

SIMILARLY THESE COMPANIES HAVE BOOSTED INVESTMENTS IN ANOTHER HIGHGROWTH
MARKET THE FLATPANEL DISPLAYS USED IN LAPTOP COMPUTERS SHARP WHICH
CURRENTLY HOLDS ROUGHLY 40 OF THE GLOBAL FLATPANEL MARKET INTENDS TO
SPEND 80 BILLION YEN ON SCREEN PRODUCTION THROUGH 1995 ITS RIVALS AREN'T
FAR BEHIND NEC IS SPENDING 60 BILLION YEN ON FLAT PANELS OVER THE NEXT TWO
YEARS WHILE TOSHIBA DECIDED EARLIER THIS YEAR TO POUR 30 BILLION YEN INTO
TRIPLING ITS SCREENPRODUCTION CAPACITY BY NEXT YEAR

CERTAINLY NONE OF THIS ACTIVITY GUARANTEES THAT JAPAN'S BELEAGUERED GIANTS
WILL ROAR BACK TO DOMINATE THE INDUSTRY AS THEY DID IN THE MID1980S THESE
COMPANIES ARE BY NO MEANS OUT OF THE WOODS SAYS PETER WOLFF AN ANALYST
WITH KIDDER PEABODY & CO IN TOKYO

ONE CONCERN IS THAT JAPANESE COMPANIES LONG HAVE BEEN BETTER AT MAKING
HARDWARE FOR COMPUTERS AND CONSUMER PRODUCTS THAN AT PRODUCING THE SOFTWARE
OR STANDARDSETTING CHIP DESIGNS THAT HAVE BEEN SO LUCRATIVE FOR US
COMPANIES SUCH AS MICROSOFT CORP AND INTEL WITHOUT A CHANGE OF FOCUS OR A
SUCCESSFUL GAMBLE LIKE THE ONE HITACHI IS MAKING JAPANESE COMPANIES MAY
CONTINUE TO FIND THEMSELVES AT THE MERCY OF SOUTH KOREAN COMPETITORS LIKE
SAMSUNG ELECTRONICS CO WHICH ALREADY LEADS THE JAPANESE IN PRODUCING THE
LATEST TYPES OF MEMORY CHIPS IN THAT CASE IT COULD BE EVEN HARDER FOR THE
JAPANESE TO ESCAPE THEIR NICHE AS MAKERS OF LOWCOST HARDWARE WHILE US
COMPANIES DOMINATE MORE PROFITABLE FIELDS 9310080069 931008 NEWS CORP
UNIT STAR TV FACES PRESSURE ON ADS  OUTLOOK FOR REVENUE SHIFTS 
WITH PARENT'S REVIEW OF REGIONAL PAYTV  BY SALLY D GOLL STAFF
REPORTER OF THE WALL STREET JOURNAL

WITH THE LAUNCH DATE OF ITS REGIONAL PAYTELEVISION SERVICE UNDER REVIEW
STAR TV FACES MOUNTING PRESSURE TO BOOST ADVERTISING REVENUE FROM THE 2
1/2YEAROLD SATELLITE SERVICE IT BEAMS FREE OF CHARGE TO ASIAN VIEWERS

HONG KONGBASED STAR CONFIRMED LAST WEEK THAT ITS PLANS TO LAUNCH PAYTV
CHANNELS OUTSIDE THE COLONY BY MARCH 31 HAVE BEEN SUSPENDED PENDING A
REVIEW OF THE COMPANY'S STRATEGY BY ITS NEW OWNER NEWS CORP IN JULY THE
MEDIA CONCERN BOUGHT 64 OF STAR FOR 525 MILLION

INDUSTRY EXECUTIVES SAY THAT UNLESS STAR LINES UP ADDITIONAL SATELLITE
CAPACITY OR DECIDES TO DROP ONE OF ITS EXISTING CHANNELS NEWS CORP
PROBABLY WON'T BE ABLE TO LAUNCH PAYTV CHANNELS BEFORE THE FIRST QUARTER OF
1995 THAT'S WHEN ASIASAT2 THE NEXT SATELLITE ON WHICH STAR HAS OPTIONS TO
LEASE CAPACITY IS DUE TO BE LAUNCHED A STAR SPOKESMAN WOULDN'T COMMENT ON
THE COMPANY'S PLANS

WITHOUT SUBSCRIPTION INCOME FROM PAY TV STAR WILL HAVE TO CONTINUE RELYING
ON AD REVENUE FROM ITS EXISTING FIVE CHANNELS WHICH ARE BROADCAST FREE TO
113 MILLION HOUSEHOLDS IN ASIA AND THE MIDDLE EAST AND WHILE STAR'S
REVENUE FROM THESE CHANNELS HAS GROWN SINCE THE COMPANY'S INCEPTION ITS
POSITION AS ASIA'S DOMINANT PLAYER FACES AN ASSAULT BY NEW ENTRANTS

SO FAR STAR'S BEEN IN A NONCOMPETITIVE ENVIRONMENT SAYS ANDRE NAIR
MANAGING DIRECTOR OF OGILVY MEDIA ASIA A UNIT OF OGILVY & MATHER
ASIAPACIFIC BUT IN '94 STAR WILL NOT BE THE SOLE PLAYER IN THIS
CATEGORY

LAST WEEK STAR'S CHIEF RIVAL HONG KONGBASED TELEVISION BROADCASTS LTD
LAUNCHED A CHINESELANGUAGE SATELLITE CHANNEL IN TAIWAN TVB SAYS IT INTENDS
FOR THE CHANNEL TO RELY ENTIRELY ON AD REVENUE SEVERAL OTHER INTERNATIONAL
AND DOMESTIC ASIAN BROADCASTERS ARE SET TO LAUNCH OR EXPAND DISTRIBUTION
NEXT YEAR

INDUSTRY EXECUTIVES SAY STAR'S BIGGEST COMPETITION IS LIKELY TO COME FROM
INCREASINGLY AGGRESSIVE DOMESTIC MEDIA FOR THE VAST MAJORITY OF
ADVERTISERS STAR IS NOT COMPETITIVE WITH LOCAL MEDIA SAYS ANDREW FLOYD
MANAGING DIRECTOR OF SURVEY RESEARCH GROUP A HONG KONG MARKET RESEARCH
COMPANY

LAST YEAR COMPANIES SPENT SLIGHTLY MORE THAN 10 BILLION TO ADVERTISE THEIR
PRODUCTS TO ASIA'S INCREASINGLY AFFLUENT MASSES ACCORDING TO SRG OF THAT
AMOUNT ONLY ABOUT 200 MILLION WAS SPENT ON REGIONAL PUBLICATIONS THE
ONLY CATEGORY OF REGIONAL MEDIA THAT EXISTED IN ASIA PRIOR TO THE LAUNCH OF
STAR IN 1991 NEARLY ALL OTHER ADVERTISING IN THE REGION WAS SPENT ON
LOCALLANGUAGE MEDIA OF ALL KINDS

IN MANY WAYS THE TASK STAR FACES IS THE SAME THAT CONFRONTS THE ADVERTISERS
IT WANTS TO WOO HOW TO TAILOR A REGIONAL PRODUCT TO MEET THE NEEDS OF LOCAL
MARKETS IN RECENT REMARKS REPORTED IN THE BRITISH PRESS NEWS CORP
CHAIRMAN RUPERT MURDOCH SUGGESTED THAT STAR MAY EVENTUALLY BE SPLIT INTO
THREE SEPARATE SERVICES TARGETING ASIA'S THREE GIANT MARKETS CHINA INDIA
AND INDONESIA

ADVERTISING INDUSTRY EXECUTIVES SAY THAT WOULD MAKE SENSE EACH OF THOSE
MARKETS PARTICULARLY CHINA AND INDIA ARE LARGE ENOUGH THEY HAVE LARGE
SATELLITEDISH PENETRATION AND THEY'RE HUNGRY FOR PROGRAMMING SAYS MR
NAIR OF OGILVY MEDIA AND THEY'RE EACH VERY VERY DIFFERENT

SPLITTING STAR'S SERVICE ADDS GARY BROWN REGIONAL MEDIA DIRECTOR OF LEO
BURNETT LTD WOULD PLAY DIRECTLY TO STAR'S STRENGTHS

THOSE STRENGTHS ARE MORE APPARENT NOW THAN THEY WERE LAST YEAR THE
SERVICE'S FIRST FULL YEAR OF OPERATION IN 1992 STAR SOLD ONLY 87 OF ITS
AVAILABLE AIR TIME AT A LITTLE MORE THAN HALF THE RATECARD RATE OF 1200
ACCORDING TO DOCUMENTS OBTAINED BY THE ASIAN WALL STREET JOURNAL BUT IN
THIS YEAR'S FIRST HALF IT SOLD 20 OF ITS AVAILABLE AIR TIME AND AT A
SLIGHTLY HIGHER RATE THE DOCUMENTS SHOW

STAR'S REVENUE REFLECTS THE IMPROVEMENT IN THE FIRST HALF OF 1993 ITS
TOTAL AD REVENUE WAS 314 MILLION AFTER 127 MILLION IN ALL OF 1992 THE
DOCUMENTS SHOW

STAR'S BIGGEST REVENUE SOURCE IN THIS YEAR'S FIRST HALF WAS ITS
CHINESELANGUAGE CHANNEL WHICH GENERATED 82 MILLION COMPARED WITH 26
MILLION FOR ALL OF LAST YEAR ACCORDING TO THE DOCUMENTS OF THE OTHERS THE
BBC WORLD SERVICE NEWS CHANNEL HAD A FIRSTHALF TAKE OF 79 MILLION
COMPARED WITH 39 MILLION FOR ALL OF 1992 PRIME SPOON 41 MILLION FOR
FULLYEAR '92 THE STAR PLUS ENGLISHLANGUAGE ENTERTAINMENT CHANNEL 49
MILLION 12 MILLION FOR FULLYEAR '92 AND THE MTV ASIA MUSICVIDEO
CHANNEL 34 MILLION 874000 FOR FULLYEAR '92

NEARLY THREEQUARTERS OF STAR'S TOTAL AD REVENUE LAST YEAR CAME FROM ITS
FOUNDING ADVERTISERS COMPANIES WITH CLOSE TIES TO STAR'S FORMER OWNER
HONG KONG BILLIONAIRE LI KASHING THAT PURCHASED LARGE BLOCKS OF COMMERCIAL
AIR TIME WHEN STAR WAS LAUNCHED IN THIS YEAR'S FIRST HALF THEIR
CONTRIBUTION WAS UP 50 FROM A YEAR EARLIER TO 14 MILLION HOWEVER THAT
FIGURE HAS DECLINED AS A PROPORTION OF TOTAL REVENUE TO LESS THAN HALF

ACCORDING TO INDUSTRY EXECUTIVES WHO FOLLOW STAR CONTRACTS WITH THESE
ADVERTISERS ARE TO EXPIRE AT THE END OF THIS YEAR INCREASING AD REVENUE
FROM OTHER SOURCES MEANWHILE COULD HELP OFFSET ANY GAP FROM THE POSSIBLE
LOSS OF FOUNDING ADVERTISERS IN THE FIRST HALF STAR'S TAKE FROM REGULAR
ADVERTISING WHICH EXCLUDES REVENUE FROM FOUNDING ADVERTISERS WAS 172
MILLION UP NEARLY SIXFOLD FROM THE 1992 TOTAL 9310080068 931008 PEARSON
IPO OF CAMCO

LONDON UK MEDIA COMPANY PEARSON PLC FILED A REGISTRATION STATEMENT WITH
THE US SECURITIES AND EXCHANGE COMMISSION FOR THE INITIAL PUBLIC OFFERING
OF MORE THAN 50 OF ITS OIL SERVICES UNIT CAMCO INTERNATIONAL INC

PEARSON SAID THE IPO WILL BE UNDERWRITTEN BY A SYNDICATE LED BY LAZARD
FRERES & CO MORGAN STANLEY & CO SALOMON BROTHERS INC AND SIMMONS & CO
PEARSON OWNS A 10 STAKE IN LAZARD FRERES

THE SIZE AND PRICING OF THE OFFERING HAVE NOT YET BEEN DECIDED PEARSON
SAID SUBJECT TO MARKET CONDITIONS IT'S EXPECTED THAT THE OFFERING WILL BE
COMPLETED BEFORE THE END OF 1993 AND AN APPLICATION WILL BE MADE TO LIST
THE ISSUE ON THE NEW YORK STOCK EXCHANGE THE COMPANY ADDED 9310080067
931008 BUSINESS BRIEF ENGELHARD CORP COMPANY PLANS TO PURCHASE 24
MILLION SHARES OF STOCK

ENGELHARD CORP SAID IT PLANS TO PURCHASE 24 MILLION SHARES OF ITS COMMON
STOCK IN PRIVATE TRANSACTIONS AND IN THE OPEN MARKET TO USE FOR ITS STOCK
INCENTIVE AND EMPLOYEE BENEFIT PLANS

THE PURCHASES ARE IN ADDITION TO THE PREVIOUSLY ANNOUNCED PLANS TO PURCHASE
83 MILLION SHARES OF WHICH ABOUT 17 MILLION REMAIN TO BE BOUGHT THOSE
SHARE AMOUNTS REFLECT A 3FOR2 SPLIT OF ENGELHARD'S COMMON SEPT 30

ENGELHARD WHICH IS BASED IN ISELIN NJ PROVIDES SPECIALTY CHEMICAL
PRODUCTS ENGINEERED MATERIALS AND PRECIOUS METAL MANAGEMENT SERVICES IT
CURRENTLY HAS 96 MILLION SHARES OUTSTANDING 9310080066 931008
INTERNATIONAL JAPAN TAKES STRONGEST STAND YET IN SUPPORT OF EXPANDING
IMPORTS  MOVE IS AIMED AT QUIETING CRITICS IN US FOLLOWS YEARS
OF FAILED EFFORTS  BY JACOB M SCHLESINGER STAFF REPORTER OF THE
WALL STREET JOURNAL

TOKYO THE JAPANESE SAY THEY REALLY MEAN IT THIS TIME

PRIME MINISTER MORIHIRO HOSOKAWA YESTERDAY ANNOUNCED JAPAN'S BASIC POLICIES
FOR IMPORT PROMOTION A SORT OF IMPORT CONSTITUTION AS ONE AIDE CALLED
IT THE PROCLAMATION UNVEILED AT A GLITZY CEREMONY WITH TOP BUSINESS AND
GOVERNMENT LEADERS AIMS TO ELEVATE BUYING FOREIGN PRODUCTS TO A NATIONAL
MISSION

IMPORT EXPANSION IS IMPERATIVE THE DOCUMENT DECLARES EVEN THOUGH THAT MAY
SOMETIMES ENTAIL SOME SACRIFICE OFFICIALS SAY THE STATEMENT IS
RHETORICALLY AT LEAST THE FURTHEST JAPAN HAS GONE IN DECLARING ITSELF
SQUARELY IN FAVOR OF BUYING FROM ABROAD LEAKS OF THE GENERAL PROPOSALS HAVE
BEEN FRONTPAGE NEWS HERE

SOME SKEPTICISM HOWEVER IS IN ORDER MR HOSOKAWA'S DECLARATION FOLLOWS A
DECADE OF SIMILAR EXHORTATIONS DURING THAT PERIOD JAPAN'S CURRENT ACCOUNT
SURPLUS HAS GROWN 17FOLD

THERE ARE AN AWFUL LOT OF THINGS THEY'RE ALL TALKING ABOUT SAYS NORMAN
NEUREITER CHAIRMAN OF THE JAPAN CHAPTER OF THE AMERICAN SEMICONDUCTOR
INDUSTRY ASSOCIATIONS ONE OF THE MOST ACTIVE CRITICS OF JAPANESE IMPORT
BARRIERS BUT THE SAD FACT IS THAT EVERY MONTH THE TRADE SURPLUS GOES UP

MR HOSOKAWA'S ANNOUNCEMENT SEEMED AIMED PRIMARILY AT PLACATING JAPAN'S
CRITICS IN THE US AND FOR NOW AT LEAST THE CLINTON ADMINISTRATION SEEMS
TO BE GIVING HIS TWOMONTHOLD RULING COALITION A LITTLE TIME TO SHOW THAT
IT MIGHT DELIVER MORE THAN ITS PREDECESSOR

US AMBASSADOR WALTER F MONDALE SAID YESTERDAY THAT PRESIDENT CLINTON TOLD
MR HOSOKAWA DURING MEETINGS LAST WEEK WE UNDERSTAND THAT YOU'RE  
GOING TO NEED TIME TO ORGANIZE YOURSELF TO DEVELOP YOUR POLICIES AND THE
REST AND WE'RE SYMPATHETIC WITH THAT AND WE WISH TO ACCOMMODATE YOU MR
MONDALE ADDED HOWEVER THAT WE STILL HAVE BUSINESS THAT MUST GO FORWARD

IN HIS FIRST NEWS CONFERENCE SINCE TAKING HIS POST LAST MONTH THE FORMER
US VICE PRESIDENT CAREFULLY AVOIDED CRITICIZING MR HOSOKAWA'S TRADE
POLICIES HE BACKED THE GROWING CHORUS OF SUPPORT IN JAPAN FOR AN INCOMETAX
CUT WHICH THE US BELIEVES WILL BOOST CONSUMER DEMAND ESPECIALLY FOR
IMPORTS WHILE CALLING FOR SWIFT IMPLEMENTATION OF ANNOUNCED DEREGULATION
POLICIES AND FURTHER PROPOSALS ALONG THE SAME LINES

BUT THESE DAYS THERE ARE AS MANY SMALL SIGNS OF JAPANESE INTRANSIGENCE AS
THERE ARE OF PROGRESS TAKE FOR EXAMPLE THE NEW TOKYO INTERNATIONAL
AIRPORT OR NARITA FOR YEARS THE US GOVERNMENT HAS COMPLAINED OF THE
UNUSUAL BUREAUCRATIC HASSLES AT THIS MAJOR PORT OF ENTRY WITH THE
STRENGTHENING OF THE YEN DEMAND FOR IMPORTS HAS RISEN AND THE CUSTOMS
BACKLOG HAS SWELLED ONE CARGO COMPANY SAYS TONS OF IMPORTED GOODS ARE NOW
STACKED IN PARKING LOTS

MOVES INTENDED TO OPEN UP MARKETS MEASURES SOMETIMES SEEM TO BACKFIRE TWO
RECENT TRENDS WERE SUPPOSED TO ENCOURAGE IMPORTS THE STRENGTHENING OF THE
FAIR TRADE COMMISSION AND THE RISE OF DISCOUNT RETAILERS BUT THEN THE
COMMISSION SAID THIS WEEK IT IS LOOKING INTO CRACKING DOWN ON CLOTHING
DISCOUNTERS WHO RELY HEAVILY ON IMPORTS FOR USING MISLEADING ADS TO
DRAW BUSINESS AWAY FROM ESTABLISHED STORES

THE JAPANESE GOVERNMENT LAST MONTH ANNOUNCED NEW POLICIES TO EASE A
LONGSTANDING DISPUTE OVER RESTRICTIONS ON FOREIGN LAWYERS PRACTICING IN
JAPAN BUT THE NEW RULES SOME US ATTORNEYS COMPLAIN ARE BACKSLIDING
BECAUSE THEY APPEAR TO FAVOR JAPANESE COMPANIES BY ALLOWING THEM TO TAP US
EXPERTISE WHILE CONTINUING TO BLOCK US BUSINESSES FROM MAKING SIMILAR USE
OF JAPANESE ATTORNEYS

MR HOSOKAWA ANNOUNCED HIS NEW POLICIES YESTERDAY IN HIS CAPACITY AS
CHAIRMAN OF JAPAN'S TRADE CONFERENCE THE GROUP'S ROOTS GO BACK TO 1954
WHEN A VERY DIFFERENT JAPAN CALLED IT THE EXPORT CONFERENCE EVERY YEAR
THE PRIME MINISTER AND OTHER LEADERS AGREED IN THAT FORUM ON A FORMAL EXPORT
TARGET A PRECEDENT JAPANESE LEADERS FAIL TO MENTION WHEN THEY NOW REJECT
AS UNWORKABLE WASHINGTON'S DEMANDS FOR SETTING TARGETS FOR BOOSTING IMPORTS

IN 1970 WITH JAPAN ALREADY FEELING A BACKLASH FROM ITS AGGRESSIVE TRADING
PRACTICES THE GOVERNMENT RENAMED THE EXPORT CONFERENCE THE TRADE
CONFERENCE TO PROMOTE IMPORTS THAT EFFORT LASTED ONLY TWO YEARS AND THE
BODY DIED IN THE EARLY 1980S TRADE TENSIONS AGAIN ACCELERATED AND THE
GROUP WAS REVIVED IN 1982

ITS EFFORTS THOUGH OFTEN APPEAR MORE SYMBOLIC THAN SUBSTANTIVE THE JAPAN
EXTERNAL TRADE ORGANIZATION WHICH IS AFFILIATED WITH THE MINISTRY OF
INTERNATIONAL TRADE AND INDUSTRY RECENTLY SENT 34 OFFICIALS TO SCOUR THE
WORLD FOR TWO MONTHS LOOKING FOR NEW GOODS TO IMPORT THE RESULT WAS AN
EXHIBITION IN TOKYO EARLIER THIS WEEK ON WESTERN FURNITURE TOYS AND OTHER
SIMILAR GOODS AND A SPECIAL FORUM LATER THIS MONTH ON SPICES FROM AROUND
ASIA PRODUCTS NOT LIKELY TO AFFECT THE TRADE IMBALANCE MUCH A JETRO
OFFICIAL ADMITS

ATTITUDE APPEARS TO REMAIN A BARRIER AT A PARTY LAST NIGHT MITI MINISTER
HIROSHI KUMAGAI TOASTED A DOZEN JAPANESE BUSINESS LEADERS BEDECKED IN RED
AND WHITE RIBBONS FOR THEIR LEADERSHIP IN BUYING FROM ABROAD MR KUMAGAI
THANKED THE EXECUTIVES FOR ALL YOUR EFFORTS AND I'M SURE THE HARDSHIPS
YOU WENT THROUGH TO ACHIEVE THESE RESULTS 9310080065 931008 BUSINESS
BRIEF TELLABS INC FINNISH CONCERN IS ACQUIRED IN PACT VALUED AT 70
MILLION

TELLABS INC SAID IT PAID 70 MILLION TO ACQUIRE MARTIS OY A CLOSELY HELD
FINNISH MAKER OF TELECOMMUNICATIONS NETWORKING EQUIPMENT

THE LISLE ILL MAKER OF VOICE AND DATA EQUIPMENT FOR PHONE COMPANIES SAID
THE HELSINKI CONCERN HAD SALES IN THE FISCAL YEAR ENDED MAY 31 OF ABOUT 40
MILLION ITS CUSTOMERS ARE IN SCANDINAVIA AND OTHER EUROPEAN COUNTRIES
TELLABS HAD SALES OF 1362 MILLION IN THE FIRST HALF OF 1993

IN NATIONAL OVERTHECOUNTER TRADING YESTERDAY TELLABS STOCK JUMPED 4 ON
HEAVY VOLUME OF 423000 SHARES TO MATCH ITS 52WEEK HIGH OF 6475

TELLABS SAID THE ACQUISITION WHEN COMBINED WITH ITS EXISTING FACILITY IN
SHANNON IRELAND PROVIDES A MAJOR EUROPEAN BUSINESS CENTER IN LINE WITH
THE COMPANY'S PLANS TO BE ACTIVE IN GLOBAL DIGITAL NETWORKING OR THE
LINKING OF PHONE SYSTEMS THROUGH A DIGITAL FORMAT 9310080064 931008
ABREAST OF THE MARKET INDUSTRIAL AVERAGE DECLINES 1536 AS CORNING
FORECAST IS DOWNBEAT  BY DAVE PETTIT SPECIAL TO THE WALL STREET
JOURNAL

NEW YORK SHARE PRICES RETREATED AS INVESTORS WATCHED ANOTHER STOCK
BLUDGEONED AFTER THE RELEASE OF A DOWNBEAT EARNINGS FORECAST

CORNING TUMBLED 6 1/4 OR 19 TO 27 3/8 AFTER THE CORNING NY SPECIALTY
GLASS CONCERN PREDICTED LOWERTHANEXPECTED THIRDQUARTER PROFIT ITS SHARES
WERE AMONG THE MOST ACTIVE ON THE BIG BOARD WITH VOLUME OF 47 MILLION
SHARES

THE SHARP SELLOFF FOLLOWED SIMILAR ROUTS OF ADVANCED MICRO DEVICES AND
MICRON TECHNOLOGY OVER THE PAST SEVERAL WEEKS AFTER THOSE COMPANIES RELEASED
DISAPPOINTING EARNINGSRELATED NEWS

CORNING'S SLUMP WAS THE MOST PROMINENT BUT IT WASN'T THE ONLY
EARNINGSRELATED DISASTER YESTERDAY AMERICAN DEPOSITARY RECEIPTS OF TIPHOOK
PLC A UK TRANSPORTATION EQUIPMENT MAKER TUMBLED 4 3/4 OR 43 TO 6 3/8
AND SHARES OF PYRAMID TECHNOLOGY A SMALL NASDAQLISTED COMPUTER COMPANY
FELL 5 1/4 OR 25 TO 15 1/2 AFTER EACH HAD BAD EARNINGS NEWS

GREG NIE TECHNICAL ANALYST AT KEMPER SECURITIES SAID ALL THIS SELLING
HEIGHTENED INVESTORS' WORRIES ABOUT CORPORATE PROFITS AS A WHOLE SUCH
JITTERS HAVE LEFT THE MARKET LITTLE CHANGED OVER THE PAST TWO WEEKS
COMPANIES WILL FLOOD INVESTORS WITH EARNINGS NEWS LATER THIS MONTH

THE DOW JONES INDUSTRIAL AVERAGE SKIDDED 1536 OR 043 TO 358363
BROADER INDEXES ALSO RETREATED DECLINING ISSUES LED ADVANCERS 1103 TO 851
ON THE BIG BOARD VOLUME ON THE EXCHANGE WAS MODERATELY ACTIVE AT ABOUT
254771940 SHARES DOWN FROM 275765770 WEDNESDAY

THE SCHEDULED RELEASE OF LABOR DEPARTMENT DATA ON SEPTEMBER EMPLOYMENT
LEVELS ALSO PUT INVESTORS ON EDGE MR NIE SAID THE REPORT WILL OFFER AN
IMPORTANT LOOK AT THE ECONOMY'S STRENGTH AND COULD BE A FACTOR IN THE
NEARTERM DIRECTION OF INTEREST RATES THE MARKET'S GAINS THIS YEAR IN LARGE
PART HAVE BEEN BUILT ON EXPECTATIONS THAT RATES WILL REMAIN LOW

THE STANDARD & POOR'S 500STOCK INDEX FELL 156 OR 034 TO 45918 THE
NEW YORK STOCK EXCHANGE COMPOSITE INDEX SLIPPED 082 OR 032 TO 25544
AND THE DOW JONES EQUITY MARKET INDEX FELL 150 OR 034 TO 43658

DESPITE THE RECENT EARNINGS WOES STEVEN RESNICK SENIOR INVESTMENT
STRATEGIST AT COWEN & CO SAID HE THINKS INVESTORS MIGHT BE PLEASANTLY
SURPRISED BY THIRDQUARTER RESULTS EVEN WITH THE HIGH PROFILE SELLOFFS HE
SAID RECENT EARNINGS REPORTS AS A WHOLE HAVE BEEN ENCOURAGING

INDEED COWEN HAS RAISED ITS 12MONTH TARGET FOR THE INDUSTRIAL AVERAGE TO
3900 FROM 3750 EVEN THOUGH THE FIRM DOESN'T EXPECT BIG IMPROVEMENT IN THE
ECONOMY NEXT YEAR MR RESNICK SAID COWEN EXPECTS PROFITS TO GROW AIDED BY
COMPANIES' RESTRUCTURING EFFORTS

TRIGGERING THE CORNING LOSS WAS THE COMPANY'S ANNOUNCEMENT LATE WEDNESDAY
THAT THIRDQUARTER EARNINGS BEFORE SPECIAL CHARGES WILL LIKELY BE 10
BELOW LAST YEAR'S 53 CENTS A SHARE YESTERDAY MORNING LEHMAN BROTHERS CUT A
RATING ON THE STOCK TO NEUTRAL FROM BUY

TIPHOOK SLID AFTER IT SAID IT WILL REPORT A PRETAX LOSS FOR THE SIX MONTHS
ENDING OCT 31 PYRAMID TECHNOLOGY MEANWHILE SAID WEAKNESS IN OVERSEAS
ECONOMIES WILL LEAVE FOURTHQUARTER RESULTS BELOW EXPECTATIONS

SHARES OF DEPARTMENT STORE COMPANIES DROPPED EVEN THOUGH MAJOR RETAILERS
REPORTED GENERALLY STRONG SEPTEMBER SALES THOMAS MCMANUS A MARKET
STRATEGIST AT MORGAN STANLEY & CO THOUGH NOTED THAT THE GROUP HAS BEEN
AMONG THE STRONGEST IN RECENT WEEKS

SEARS ROEBUCK LOST 1 1/8 TO 58 1/8 JC PENNEY DECLINED 1 TO 46 1/2 MAY
DEPARTMENT STORES SLIPPED 1 TO 43 3/4 AND KMART LOST 1/2 TO 24 3/8
WALMART THOUGH INCHED UP 1/4 TO 26 3/4

DAYTON HUDSON FELL 2 1/4 TO 67 1/2 THE MINNEAPOLIS DEPARTMENT STORE COMPANY
SAID IT EXPECTS THIRDQUARTER EARNINGS TO FALL SHORT OF A YEAR AGO
SEPARATELY THE COMPANY SAID ITS SAMESTORE SALES THOSE FROM LOCATIONS
OPEN AT LEAST A YEAR ROSE 21 IN SEPTEMBER

US SURGICAL JUMPED 4 3/8 TO 24 5/8 AFTER COWEN & CO ANALYST DANIEL
LEMAITRE RAISED A RATING ON THE STOCK TO NEUTRAL FROM UNDERPERFORM HE
EXPECTS THE NORWALK CONN MEDICAL DEVICE MAKER TO ANNOUNCE A RESTRUCTURING
THAT WILL REDUCE EXPENSES

URBAN SHOPPING CENTERS A NEW ISSUE TOPPED THE BIG BOARD MOST ACTIVE LIST
ENDING AT ITS 2350 A SHARE OFFERING PRICE ON VOLUME OF 54 MILLION

AMERICAN PRESIDENT JUMPED 4 3/8 TO 50 3/8 THE OAKLAND CALIF SHIPPING
COMPANY REPORTED EARNINGS OF 255 MILLION OR 171 A SHARE FOR THE THIRD
QUARTER COMPARED WITH 235 MILLION OR 150 A YEAR AGO THE LATEST
PERIOD INCLUDED A PRETAX GAIN OF 36 MILLION FROM THE SALE OF A VESSEL

LIBERTY MEDIA CLIMBED 1 1/2 TO 28 1/2 IN NASDAQ TRADING THE WALL STREET
JOURNAL REPORTED TELECOMMUNICATIONS IS IN DISCUSSIONS TO REACQUIRE THE
DENVER CABLE TELEVISION AND PROGRAMMING COMPANY LIBERTY WAS SPUN OFF FROM
TELECOMMUNICATIONS 2 1/2 YEARS AGO

A REPURCHASE OF LIBERTY WOULD BRING TELECOMMUNICATIONS INTO THE FOREGROUND
OF THE TAKEOVER BATTLE FOR PARAMOUNT COMMUNICATIONS LIBERTY IS A
CONTROLLING SHAREHOLDER OF QVC NETWORK ONE OF THE COMPANIES VYING FOR
PARAMOUNT

TELECOMMUNICATIONS SHARES EASED 3/4 TO 25 7/8 AND QVC LOST 1 1/2 TO 54 1/2
BOTH ON NASDAQ VIACOM PARAMOUNT'S OTHER SUITOR EASED 1/8 TO 56 1/8 ON THE
AMERICAN STOCK EXCHANGE PARAMOUNT MEANWHILE LOST 3/8 TO 77 1/4
9310080062 931008 BUSINESS BRIEF PHARMOR INC CREDITORS AGREE TO
EXTEND DEBTORINPOSSESSION FACILITY

PHARMOR INC YOUNGSTOWN OHIO SAID ITS CREDITORS AGREED TO EXTEND ITS
DEBTORINPOSSESSION FACILITY THROUGH SEPTEMBER 1994 FROM FEBRUARY 1994
SUBJECT TO APPROVAL BY US BANKRUPTCY COURT

HOWEVER TO REDUCE FEES FOR THE FACILITY THE DEEP DISCOUNTER COMPANY SAID
IT HASN'T NEEDED TO BORROW MONEY UNDER THE FACILITY AND DOESN'T ANTICIPATE
DOING SO THE LIEN IS SECURED BY SUBSTANTIALLY ALL OF THE COMPANY'S ASSETS
ON AN EQUAL PRIORITY BASIS WITH ANY BORROWING UNDER THE FACILITY

PHARMOR SAID IT HAS EXCEEDED THE TARGETS IN ITS REVISED BUSINESS PLAN SINCE
THE PLAN WAS PUT INTO PLACE IN APRIL FOR THE FIRST TWO MONTHS OF THE FISCAL
YEAR THAT BEGAN IN JULY PHARMOR SAID IT EARNED 45 MILLION BEFORE
INTEREST TAXES DEPRECIATION AND AMORTIZATION COMPARED WITH 19 MILLION
PROJECTED IN THE PLAN IT SAID ITS CURRENT CASH POSITION EXCEEDS 200
MILLION

PHARMOR HAS 168 DISCOUNT STORES IN 23 STATES IN AUGUST 1992 IT FILED FOR
PROTECTION UNDER CHAPTER 11 OF THE US BANKRUPTCY CODE 9310080061 931008
FASHION RETAILERS TRIP ON THE FRILLY VELVET LOOK  BY TERI AGINS 
STAFF REPORTER OF THE WALL STREET JOURNAL

VICTORIAN FUNK MAY BE THE FASHION DICTUM FOR THE FALL SEASON BUT WORKING
WOMEN AREN'T LISTENING

THIS YEAR THE FASHION INDUSTRY GAMBLED THAT A RADICAL STYLE SHIFT WOULD AT
LAST IGNITE SLUGGISH APPAREL SALES STORES HAVE FURIOUSLY PROMOTED THE
WAIF LOOK CLINGY ANKLEGRAZING VELVET DRESSES DROOPY RUFFLED BLOUSES
AND HIGHBUTTON SHOES

PATRICIA LARKIN IS ONE WORKING WOMAN WHO ISN'T BUYING THE 32YEAROLD MS
LARKIN A PORTFOLIO MANAGER AT DREYFUS CORP IN NEW YORK CONSIDERS HERSELF
ONE OF WALL STREET'S FASHION ADVENTURERS BUT SHE CAN'T IMAGINE TURNING UP
AT THE OFFICE DRESSED LIKE A LATTERDAY VIRGINIA WOOLF

CRUSHED VELVET LOOKS CHEAP AND FLIMSY AND IS A NIGHTMARE ON ANYBODY WHO
ISN'T TALL AND THIN SHE SAYS COMPLAINING THAT STORES OVEREMPHASIZE THE
OUTLANDISH IN THEIR PROMOTIONS AS A RESULT SHE SAYS SHE HAS HAD TO
SEARCH HIGH AND LOW THIS SEASON TO FIND APPROPRIATE OFFICE ATTIRE

SUSAN IRWIN A SENIOR VICE PRESIDENT AT MCCANNERICKSON WORLDWIDE INC
FINDS THIS SEASON'S STYLES PERFECTLY HORRIBLE SHE CALLS THE WAIF LOOK
DOWDY AND INSULTING SO MUCH SO THAT SHE ISN'T EVEN INSPIRED TO SHOP I
SUSPECT I'LL BUY LESS THIS FALL SHE SAYS

IT'S TOO EARLY TO DECLARE THE NEW LOOK A DEFINITE DUD STORES WON'T YET
DIVULGE SALES NUMBERS AND MARKDOWNS HAVEN'T BEGUN YESTERDAY MAJOR
RETAILERS REPORTED THAT SALES ROSE 56 FOR SEPTEMBER COMPARED WITH A YEAR
EARLIER BUT ONLY ABOUT A THIRD OF THOSE INVOLVED WOMEN'S APPAREL
CERTAINLY THE YOUNG AND TRENDY ARE BUYING CHEAP CRUSHEDVELVET KNOCKOFFS TO
WEAR ON WEEKENDS BUT WOMEN SPEND MOST OF THEIR CLOTHING BUDGETS ON CAREER
APPAREL WHERE TASTES ARE DECIDEDLY CONSERVATIVE

THERE'S REAL DISSATISFACTION AMONG WOMEN ABOUT THE CLOTHES RETAILERS ARE
PROMOTING SAYS RETAIL CONSULTANT JUDITH LANGER WHOSE RECENT CONSUMER
SURVEYS CONFIRM THAT WORKING WOMEN THINK THE CURRENT STYLES ARE NEITHER
OFFICEFRIENDLY NOR FLATTERING STORES ARE CONVINCED THAT THEY NEED TO
PROPEL BUSINESS WITH EXTREME FASHIONS MS LANGER ADDS BUT THAT'S CRAZY
BECAUSE THAT'S NOT WHERE THE NUMBERS ARE

ALL THIS BODES ILL FOR THE CRUCIAL FALLWINTER RETAIL SEASON WHEN WOMEN
TEND TO PURCHASE BIGTICKET ITEMS LIKE BLAZERS AND COATS AND STORES
TYPICALLY RING UP AS MUCH AS HALF THEIR ANNUAL SALES

FROM TIME TO TIME SEVENTH AVENUE STRIKES LIGHTNING WITH A NEW STYLE THAT
CAN DRIVE BUSINESS THE WHOLE SEASON SAYS RETAIL CONSULTANT ALAN MILLSTEIN
BUT IN TODAY'S DIFFICULT ECONOMY HE ADDS WOMEN AREN'T STUFFING THEIR
CLOSETS LIKE THEY USED TO WHICH MAKES IT HARDER TO GET THEM TO SPEND THEIR
DISCRETIONARY INCOME ON FADDISH CLOTHES

WHY AT A TIME WHEN APPAREL SALES HAVE STALLED WOULD FASHION MARKETERS
CHOOSE TO GO TO RISKY EXTREMES THE ANSWER LIES IN CERTAIN FUNDAMENTALS OF
THE BUSINESS AND HOW FASHION IS PROMOTED

RETAILERS PLAN THEIR FALL CATALOGS AND SHOOT THEIR ADS JUST AS THE LATEST
STYLES ARE SHOWING UP ON DESIGNERS' RUNWAYS AND GENERATING ATTENTION IN THE
FASHION PRESS AS A RETAILER YOU ARE FORCED TO BUY WHAT'S BEEN PUBLICIZED
ON THE THEORY THAT THE CLOTHES THAT HAVE BEEN WIDELY EXPOSED WILL BE THE
SEASON'S BESTSELLERS SAYS VICKY ROSS WHO RUNS A NEW YORK BUYING OFFICE

THE FASHION INDUSTRY IS ALSO DESPERATE FOR CHANGE EAGER TO COAX WOMEN OUT
OF WHAT HAS BECOME THE FEMALE BUSINESS UNIFORM THE TWOPIECE MATCHED SUIT
THROUGHOUT THE 1980S DESIGNERS KEPT MINING THIS VERSATILE AND FLATTERING
WINNER BUT BY NOW WOMEN HAVE PLENTY OF SUITS AND A FRESH ALTERNATIVE IS
NEEDED TO STIMULATE APPAREL SALES OVER THE PAST TWO YEARS FASHION MARKETERS
HAVE EXPERIMENTED WITH PANTSUITS LONGER HEMLINES AND SLOUCHY STREET LOOKS
 ALL WITH MIXED SUCCESS

DESIGNERS ARE SEARCHING FOR A STYLE FOR THE 1990S TO REPLACE THE SUIT FROM
THE 1980S SAYS KALMAN RUTTENSTEIN BLOOMINGDALE'S FASHION DIRECTOR WOMEN
WANT MODERN CLOTHES THAT THEY DON'T HAVE IN THEIR CLOSET THEY WANT COLOR
THEY WANT A NEW TWIST BUT DESIGNERS HAVEN'T FOUND IT YET

WHILE MR RUTTENSTEIN IS AS EAGER AS ANYONE FOR CHANGE HE SUGGESTS THAT THE
UNCERTAIN ECONOMY DEMANDS A MEASURE OF RESTRAINT THIS SEASON HE SAYS
RETAILERS TOOK AN UNBALANCED POINT OF VIEW AND IT WASN'T A SMART MOVE

SENSING A BACKLASH BREWING SOME RETAILERS HAVE ALREADY SWUNG INTO DAMAGE
CONTROL ADJUSTING PROMOTIONS AND TINKERING WITH THEIR MERCHANDISE MIX TO
EMPHASIZE MORE MAINSTREAM DESIGNS

TO BALANCE ITS SLOWMOVING ANKLELENGTH SKIRTS BLOOMINGDALE'S RECENTLY
ADDED MORE SHORT SKIRTS WHICH HAVE BEEN SELLING BRISKLY EVEN SO THE
FEDERATED DEPARTMENT STORES INC CHAIN MAY WIND UP OVERSTOCKED WITH TRENDY
GOODS MR RUTTENSTEIN CONCEDES I WALKED THROUGH THE STORE AND SAW ALL OF
THAT VELVET AND I'M GETTING A LITTLE NERVOUS HE SAYS THIS IS GOING TO BE
A DIFFICULT SEASON

THIS FALL NORDSTROM INC PLAYED DOWN ITS EXTREME STYLES IN AN EIGHTPAGE
HIGHFASHION SPREAD IN THE AUGUST ISSUE OF VOGUE SARAH DAVIES NORDSTROM'S
FASHION DIRECTOR NOTES THAT AVANTGARDE FASHIONS ALWAYS REPRESENT THE
FRINGE MAYBE 10 OF OUR CUSTOMERS WHAT MOST WOMEN WEAR TO WORK SHE SAYS
RARELY MAKES FASHION NEWS

ACCORDINGLY NORDSTROM'S FALL FASHION SHOWS FEATURED HIGHFASHION PANTSUITS
AND DRESSES BY SUCH DESIGNERS AS DONNA KARAN AND GIORGIO ARMANI BUT MINUS
SUCH EMBELLISHMENTS AS SLOUCHY GRANNY HATS THE INTENT WAS TO MAKE THE
DESIGNS PALATABLE TO MORE CONSERVATIVE CUSTOMERS THE MISTAKE THAT THE
CONSUMER CAN MAKE IS THAT THERE IS ONLY ONE WAY TO LOOK CURRENT MS DAVIES
SAYS

SIMILARLY SAKS FIFTH AVENUE MAILED OUT A NINEPAGE BROCHURE THIS FALL
FEATURING TAILORED STYLES FROM DESIGNER ELLEN TRACY TO PUT THINGS INTO
PERSPECTIVE FOR OUR CUSTOMERS SOMETHING THAT WE ARE NOW PLANNING TO DO
EVERY SEASON SAYS ROSEMARIE BRAVO SAKS'S PRESIDENT

EVEN RETAILERS THAT ARE PROMOTING FUNKY FASHIONS TO THE EXCLUSION OF
EVERYTHING ELSE INSIST THAT THE EXTREME STYLES MAKE UP NO MORE THAN 25 OF
THEIR INVENTORY STILL NEWSPAPER ADS AND WINDOW DISPLAYS CONVEY POWERFUL
MESSAGES THAT CAN DISTORT FASHION PERCEPTIONS AND THEREBY DAMPEN SALES

FOR A PRECEDENT RETAILERS NEED ONLY HARKEN BACK TO THE FALL OF 1987 AND
THE DISASTROUS REINTRODUCTION OF THE SHORT SKIRT MOST STORES CARRIED SKIRTS
THAT WERE NO MORE THAN A COUPLE OF INCHES ABOVE THE KNEE BUT THAT MESSAGE
WAS LOST ON SHOPPERS IT WAS THE THIGHHIGH RUNWAY VERSIONS THAT GOT ALL
THE PUBLICITY AND KEPT WOMEN OUT OF MALLS ON THE RUNWAY THE DESIGNER
IS TRYING TO PUSH AN EFFECT FOR THE PRESS THAT IS WAY OVER THE TOP WHICH IS
FRIGHTENING TO MANY WOMEN SAYS ANNA WINTOUR EDITOR OF VOGUE MAGAZINE

WHEN 1988 EARNINGS PLUNGED AT SUCH COMPANIES AS LIZ CLAIBORNE INC LIMITED
INC AND US SHOE CORP OWNER OF THE CASUAL CORNER CHAIN MARKETERS BLAMED
CONFUSION OVER HEMLINES

SEVERAL SEASONS LATER OF COURSE SHORT SKIRTS DID CATCH ON AND NOW MANY
AGING BABY BOOMERS ARE RELUCTANT TO GIVE THEM UP BUT MARKETERS' MIXED
MESSAGES HAVEN'T HELPED PERSUADE CONSUMERS TO TRY NEW STYLES WHILE
DICTATING TRENDS RETAILERS ALSO WANT TO HEDGE THEIR BETS BY URGING WOMEN TO
FREE THEMSELVES FROM THOSE SAME FASHION DICTATES HENRI BENDEL WAS FORCED TO
RETREAT FROM ITS DECREE OF JUST A YEAR AGO THAT LONG HEMLINES WERE THE ONLY
CHIC SKIRT LENGTH BY PROMINENTLY DISPLAYING SHORT SKIRTS IN ITS WINDOWS
THIS FALL BENDEL IS ACKNOWLEDGING THAT MANY OF ITS CUSTOMERS REFUSED TO GO
LONG

TO FOSTER FASHION INDEPENDENCE WOMEN NEED TO BE TAUGHT HOW TO WORK THE
LATEST STYLE INTO THEIR WARDROBES ARGUES SUSAN ROLONTZ OF TOBE ASSOCIATES
NEW YORKBASED RETAIL CONSULTANTS THE PROBLEM SHE SAYS IS THEY AREN'T
GETTING ENOUGH HELP FROM THE STORES 9310080060 931008 BUSINESS BRIEF 
JOHNSON & JOHNSON UNIT GETS FDA APPROVAL FOR ITS STERILIZATION SYSTEM

JOHNSON & JOHNSON SAID ITS JOHNSON & JOHNSON MEDICAL INC UNIT RECEIVED FOOD
AND DRUG ADMINISTRATION APPROVAL TO MARKET A SYSTEM FOR STERILIZING MEDICAL
DEVICES MARKING ITS ENTRY IN THE US MARKET FOR SUCH PRODUCTS

THE NEW BRUNSWICK NJ COMPANY SAID ITS STERRAD STERILIZATION SYSTEM
COMBINES RADIO WAVES WITH HYDROGEN PEROXIDE TO CREATE A GAS PLASMA THAT
INTERACTS WITH AND DESTROYS MICROORGANISMS INCLUDING HIGHLY RESISTANT
BACTERIAL SPORES

THE SYSTEM IS SEEN AS AN ALTERNATIVE TO ETHELEYNE OXIDE WHICH PRODUCES
CHEMICAL EMISSIONS THAT COULD HARM HOSPITAL WORKERS AND THE ENVIRONMENT
ACCORDING TO THE COMPANY THE SYSTEM WOULD BE USED PARTICULARLY FOR
INSTRUMENTS SENSITIVE TO HEAT AND MOISTURE INCLUDING FIBEROPTIC DEVICES
ENDOSCOPIC AND RESPIRATORY EQUIPMENT AND MICROSURGICAL INSTRUMENTS

THE STERRAD SYSTEM HAS BEEN MARKETED IN GERMANY AND FRANCE SINCE 1992 IT
WAS LAUNCHED IN AUSTRALIA THIS YEAR AND WILL BE RELEASED IN OTHER COUNTRIES
IN THE NEAR FUTURE JOHNSON & JOHNSON SAID 9310080059 931008 PROPOSAL TO
MEASURE COMMUNITY LENDING

NEW YORK THE NEW YORK STATE BANKING BOARD ADOPTED FOR PUBLIC COMMENT A
NEW COMMUNITY REINVESTMENT ACT FOR THE STATE'S 168 FEDERALLY INSURED BANKING
COMPANIES

THE REGULATION ESTABLISHES A QUANTITATIVE FORMULA TO MEASURE AN
INSTITUTION'S PERFORMANCE IN LENDING TO THE COMMUNITY WHILE EMPHASIZING
THAT DIRECT LENDING IS THE PRIMARY METHOD FOR RETAIL BANKS THE REGULATION
SPECIFIES 15 CATEGORIES OF INDIRECT LENDING THAT RETAIL AND WHOLESALE BANKS
CAN USE TO EARN CRA CREDIT

THE PROPOSED REGULATION RECOGNIZES THAT IMPLEMENTATION OF THE CRA HAS
EVOLVED OVER THE YEARS TO EMBRACE A WIDER RANGE OF ISSUES RELATING GENERALLY
TO THE AVAILABILITY OF CREDIT AND OTHER FINANCIAL SERVICES TO LOW AND
MODERATE INCOME PERSONS AND THE COMMUNITIES IN WHICH THEY LIVE SAID
DERRICK CEPHAS SUPERINTENDENT OF BANKS 9310080058 931008 BUSINESS BRIEF
 PEOPLES WESTCHESTER SAVINGS BANK MERGER WITH FIRST FIDELITY UNIT
APPROVED BY HOLDERS

PEOPLES WESTCHESTER SAVINGS BANK SAID ITS SHAREHOLDERS APPROVED THE PROPOSED
MERGER OF THE BANK WITH NEW YORKBASED FIRST FIDELITY BANK A UNIT OF FIRST
FIDELITY BANCORP

THE BANK SAID MORE THAN 80 OF SHARES OUTSTANDING WERE VOTED IN FAVOR OF THE
MERGER AT A SPECIAL MEETING OF SHAREHOLDERS YESTERDAY THE MERGER IS
EXPECTED TO BE COMPLETED BY DEC 31

SUBJECT TO CERTAIN ELECTION AND ALLOCATION PROCEDURES PEOPLES WESTCHESTER
SHAREHOLDERS WILL ELECT TO RECEIVE EITHER CASH OR SHARES OF FIRST FIDELITY
COMMON STOCK IN EXCHANGE FOR THEIR SHARES OF STOCK 9310080056 931008
VALUE LINE INC PLANS NEW REPORT TO TRACK DATA ON MUTUAL FUNDS

NEW YORK VALUE LINE INC SAID IT WOULD PUBLISH A NEW REPORT CALLED THE
VALUE LINE MUTUAL FUND SURVEY WHICH WILL ANALYZE DATA ON 2000 MUTUAL
FUNDS

THE COMPANY KNOWN FOR ITS REPORTS AND EVALUATION OF EQUITIES SAID THE
SURVEY WILL BE PUBLISHED IN TWO CONTINUALLY UPDATED VOLUMES AND PRICED AT
295 A YEAR THE COMPANY SAID THAT IN ADDITION TO COVERAGE OF 1500 EQUITY
AND FIXEDINCOME MUTUAL FUNDS SUBSCRIBERS WILL GET SEMIANNUAL CONDENSED
REVIEWS OF 500 IMPORTANT NEWER FUNDS EACH FUND WILL BE RANKED ACCORDING
TO RISK AND OVERALL PERFORMANCE SUBSCRIBERS ALSO WILL RECEIVE THE VALUE
LINE MUTUAL FUND ADVISOR AN EIGHTPAGE MONTHLY NEWSLETTER

THE VALUE LINE MUTUAL FUND SURVEY IS PUBLISHED IN BIWEEKLY EDITIONS OVER A
NINEISSUE CYCLE SO THAT EACH OF THE 1500 MUTUAL FUNDS IS REVIEWED EVERY 18
WEEKS THE COMPANY SAID 9310080055 931008 BUSINESS BRIEF CELEBRITY
INC LETTER OF INTENT IS SIGNED FOR ACQUISITION OF CLUETT

CELEBRITY INC SAID IT SIGNED A LETTER OF INTENT TO ACQUIRE CLOSELY HELD
CLUETT CORP OF WINSTONSALEM NC

THOUGH SPECIFIC TERMS WEREN'T RELEASED THE TYLER TEXAS ARTIFICIALFLOWER
MAKER SAID IT EXPECTS TO ISSUE 655000 COMMON SHARES IN CONNECTION WITH THE
TRANSACTION CELEBRITY SHARES CLOSED UNCHANGED AT 650 IN OVERTHECOUNTER
TRADING YESTERDAY

CELEBRITY SAID THAT BOB WELLES PRESIDENT AND CHIEF EXECUTIVE OF CLUETT
WOULD REMAIN PRESIDENT OF THAT OPERATION AND BECOME A DIRECTOR OF CELEBRITY
INCREASING THE BOARD TO SIX MEMBERS THE COMPANY SAID CLUETT HAD REVENUE OF
136 MILLION IN ITS LAST FISCAL YEAR THE COMPANY SAID IT EXPECTS TO CLOSE
THE TRANSACTION BY THE END OF DECEMBER 9310080054 931008 INTERNATIONAL
BRIEF PSA PEUGEOT CITROEN SA FRENCH AUTO MAKER REPORTS A LOSS FOR
1ST HALF OF YEAR

BLAMING WEAK MARKETS AND UNFAVORABLE CURRENCY TRENDS FRENCH AUTO MAKER PSA
PEUGEOT CITROEN SA SWUNG TO A CONSOLIDATED LOSS OF 112 BILLION FRANCS
1975 MILLION FOR THE FIRST HALF FROM A PROFIT OF 232 BILLION FRANCS A
YEAR EARLIER

THE LOSS WASN'T A SURPRISE AS PEUGEOT WAS PUMMELED BY THE WORST SLUMP IN
EUROPEAN CAR SALES SINCE WORLD WAR II ADDING TROUBLE TO ALREADY BURDENSOME
DEBT

CONSOLIDATED REVENUE FELL 12 TO 7305 BILLION FRANCS FROM 8261 BILLION
FRANCS

PEUGEOT SAID THE DEVALUATIONS OF THE POUND THE LIRA AND PESETA CAUSED A
LOSS OF ABOUT 1285 BILLION FRANCS MEANING THAT ON AN UNCHANGED CURRENCY
BASIS THE GROUP WOULD HAVE POSTED A SMALL PROFIT

BUT ANALYSTS AND COMPANY OFFICIALS NOTED THAT THE NEGATIVE EFFECT OF
CURRENCY FLUCTUATIONS THAT TOOK PLACE IN SEPTEMBER 1992 WILL BE
SUBSTANTIALLY REDUCED IN PEUGEOT'S SECONDHALF EARNINGS 9310080052 931008
WHO'S NEWS DIED

MELVIN JACOBS 67 FORMER CHAIRMAN AND CHIEF EXECUTIVE OF SAKS FIFTH AVENUE
AND FORMER VICE CHAIRMAN OF FEDERATED DEPARTMENT STORES INC IN NEW YORK
OF A PROBABLE HEART ATTACK 9310080051 931008 TCI AGREES TO REPURCHASE 
LIBERTY MEDIA  STOCK DEAL SAID TO BE VALUED AT ABOUT 38 BILLION
 MOVE STRENGTHENS QVC  BY WALL STREET JOURNAL REPORTERS JOHNNIE
L ROBERTS MARK ROBICHAUX AND RANDALL SMITH

TELECOMMUNICATIONS INC HAS AGREED TO REPURCHASE LIBERTY MEDIA INC WHICH
IT SPUN OFF IN 1991 FOR ABOUT 38 BILLION IN STOCK ACCORDING TO PEOPLE
FAMILIAR WITH THE SITUATION

OFFICIALS OF THE COMPANIES DIDN'T RETURN CALLS SEEKING COMMENT BUT SEVERAL
PERSONS CLOSE TO THE DISCUSSIONS WHO SAID THEY WEREN'T AUTHORIZED TO
DESCRIBE THE TERMS SAID THE DEAL WOULD LIKELY BE ANNOUNCED TODAY

BASED ON YESTERDAY'S CLOSING PRICES OF LIBERTY'S TWO CLASSES OF STOCK
LIBERTY HAS A MARKET VALUE OF ROUGHLY 4 BILLION TCI CURRENTLY OWNS NEARLY
5 OF LIBERTY'S CLASS A SHARES

YESTERDAY LIBERTY SHARES JUMPED AS INVESTORS REACTED FAVORABLY TO NEWS THAT
THE COMPANY WAS IN TALKS TO BE REACQUIRED BY TCI THE NATION'S LARGEST CABLE
OPERATOR IN NATIONAL OVERTHECOUNTER TRADING LIBERTY CLASS B SHARES ROSE
5 OR 19 TO CLOSE AT 32 WHILE ITS CLASS A STOCK CLOSED AT 2850 UP
NEARLY 6 OR 150

MEANWHILE CLASS A SHARES OF TCI CLOSED AT 2587 UP 3 OR 75 CENTS TCI'S
CLASS B STOCK REMAINED UNCHANGED AT 2675

THE LIBERTYTCI DEAL WOULD GIVE THE COMBINED COMPANY AND TCI'S CHIEF
EXECUTIVE JOHN C MALONE A PIVOTAL ROLE IN DETERMINING THE OUTCOME OF THE
CURRENT TAKEOVER BATTLE FOR PARAMOUNT COMMUNICATIONS INC AND INDEED SOME
OBSERVERS HAD SAID EARLIER THAT THE PARAMOUNT TRANSACTION LIKELY HASTENED
THE DECISION TO COMBINE THE COMPANIES NOW

LIBERTY MEDIA IS A CONTROLLING SHAREHOLDER OF QVC NETWORK INC WHICH HAS
OFFERED TO ACQUIRE PARAMOUNT FOR 95 BILLION IN CASH AND STOCK AND LIBERTY
IS BACKING QVC'S OFFER WITH A 500 MILLION INVESTMENT HOWEVER PARAMOUNT
HAS ALREADY AGREED TO BE ACQUIRED BY VIACOM INC FOR 73 BILLION IN CASH
AND STOCK MR MALONE IS ALSO LIBERTY'S CHAIRMAN AND CONTROLLING
SHAREHOLDER

TCI'S ACQUISITION OF LIBERTY WOULD EFFECTIVELY ANSWER THE
MINNOWSWALLOWSWHALE QUESTIONS THAT HAVE DOGGED THE OFFER BY QVC FOR THE
MUCHLARGER PARAMOUNT WITH TCI'S FINANCIAL MUSCLE BEHIND QVC IT'S LIKE
I'LL STAND IN FOR MY LITTLE BROTHER HERE' IT CLARIFIES THE SITUATION
SAID ONE OF THOSE CLOSE TO THE DISCUSSIONS

WITH 10 MILLION SUBSCRIBERS TCI IS ESTIMATED TO GENERATE CASH FLOW OF 11
BILLION IN THE 1993 AND ITS REVENUE IS EXPECTED TO TOTAL ABOUT 4 BILLION
THESE DWARF LIBERTY'S AND QVC'S COMBINED REVENUES AND CASH FLOW

THE WHEREWITHALL TO RAISE ADDITIONAL CASH COULD BE CRUCIAL AS QVC AND VIACOM
 AND PERHAPS OTHERS YET TO JUMP IN PRESS ON IN THE PURSUIT OF
PARAMOUNT THE CASH PORTIONS OF THE RIVAL OFFERS ARE NOW FAR APART WITH QVC
OFFERING 30 A SHARE AND VIACOM OFFERING 910

THE COMBINATION WITH LIBERTY COULD BE POSITIVE FOR TCI SHAREHOLDERS IN THE
LONG TERM AS THE NATION'S LARGEST CABLE OPERATOR COULD PUT ITS FINANCIAL
STRENGTH BEHIND LIBERTY'S GROWING PORTFOLIO OF CABLE PROGRAMMING YET THE
SHORTTERM COST COULD BE HEAVY BECAUSE A STOCK SWAP WOULD DILUTE TCI'S
EARNINGS ANALYSTS CAUTIONED

SOME SECURITIES ANALYSTS PREDICTED THAT TCI SHARES COULD DOUBLE OVER THE
NEXT TWO YEARS FOLLOWING A REPURCHASE OF LIBERTY

WITHOUT THIS DEAL TCI IS REALLY RATHER NAKED PRETTY MUCH JUST A CABLE
COMPANY SAID LARRY GERBRANDT A MEDIA ANALYST WITH PAUL KAGAN ASSOCIATES
INC HE ADDED THAT LONG TERM IT WOULD PUT TCI ON EQUAL FOOTING WITH VIACOM
AND TIME WARNER INC BOTH OF WHICH OWN A DIVERSIFIED ARRAY OF MEDIA
HOLDINGS

BY ADDING LIBERTY'S PROGRAMMING ASSETS THERE IS UNBELIEVABLE POTENTIAL
SAID ANALYST JESSICA REIF AT OPPENHEIMER & CO

TCI SPUN OFF LIBERTY IN 1991 IN RESPONSE TO GROWING COMPLAINTS IN WASHINGTON
THAT THE COMPANY HAD GROWN TOO POWERFUL WITH ITS MAJOR HOLDINGS IN BOTH
CABLE SYSTEMS AND PROGRAMMING AMONG THE ASSETS THAT LIBERTY INHERITED WERE
STAKES IN BLACK ENTERTAINMENT TELEVISION THE FAMILY CHANNEL AND REGIONAL
SPORTS NETWORKS AS WELL AS A 22 STAKE IN QVC A HOME SHOPPING COMPANY TCI
KEPT ITS CABLE SYSTEMS WHICH NOW SERVE 105 MILLION SUBSCRIBERS AND SOME
PROGRAMMING INTERESTS INCLUDING A 23 STAKE IN TURNER BROADCASTING SYSTEM
INC

WITH TCI'S FINANCIAL HEFT LIBERTY'S HAND WOULD BE STRENGTHENED IN VARIOUS
PENDING DEALS INCLUDING QVC'S BID FOR PARAMOUNT AND THE PROPOSED MERGER
BETWEEN QVC AND HOME SHOPPING NETWORK INC FURTHERMORE ANALYSTS SAID A
COMBINED TCILIBERTY COULD MORE READILY ATTRACT INVESTMENTS FROM TELEPHONE
COMPANIES EAGER TO PLUNGE INTO THE EXPLODING MULTIMEDIA AND ENTERTAINMENT
INDUSTRIES

SOME SHAREHOLDERS WITH STAKES IN BOTH TCI AND LIBERTY ALSO SAID THEY
WELCOMED A COMBINATION BECAUSE IT WOULD RELIEVE MR MALONE OF HAVING TO
SOMEDAY CHOOSE WHICH COMPANY HE WOULD ULTIMATELY RUN I'M EXTREMELY WORRIED
THAT JOHN WOULD BE FORCED TO PICK ONE OR THE OTHER SAID ONE SUCH
SHAREHOLDER WHO ASKED NOT TO BE IDENTIFIED IF HE PICKS LIBERTY I'M NOT
GOING TO HAVE AN UP STOCK IN TCI

WITHIN TCI JOHN FIELD AN ANALYST WITH HANIFEN IMHOFF IN DENVER SAID A
RECOMBINATION WOULD GIVE MR MALONE A SUBSTANTIAL PERSONAL STAKE IN THE
NEWLY COMBINED ENTITY TCI CHAIRMAN BOB MAGNESS NOW CONTROLS 33 OF TCI
VOTES WHILE MR MALONE CONTROLS 12 ANALYSTS SAID LAST NIGHT THAT A DEAL
WOULD LIKELY INVOLVE TCI SWAPPING ROUGHLY ONE OF ITS SHARES FOR EACH OF
LIBERTY'S APPROXIMATELY 130 MILLION FULLY DILUTED SHARES AFTER THE SWAP
ANALYSTS ESTIMATED MR MAGNESS WOULD HAVE A VOTING STAKE OF ABOUT 28 OF
TCI WHILE MR MALONE WOULD END UP WITH ABOUT 20 OF TCI

SOME OTHERS SAID THAT MR MALONE'S DECISION TO SEEK TO CONSOLIDATE THE
COMPANIES DURING THE HEIGHT OF THE PITCHED BATTLE FOR PARAMOUNT DEMONSTRATES
A LACK OF CONCERN ABOUT VIACOM'S PUBLICRELATIONS STRATEGY OF PAINTING TCI
AS A MONOPOLISTIC GOLIATH VIACOM ALREADY HAS FILED A LAWSUIT IN FEDERAL
COURT IN NEW YORK ACCUSING TCI LIBERTY QVC AND OTHERS OF ANTICOMPETITIVE
PRACTICES AND HAS ASKED THE COURT TO BLOCK THE QVC BID TCI AND THE OTHERS
HAVE DISMISSED THE SUIT AS FRIVOLOUS

DESPITE THE LIKELY BENEFITS TO QVC OF A RECOMBINED LIBERTYTCI QVC STOCK
DECLINED 150 A SHARE TO 5450 IN NATIONAL OVERTHECOUNTER TRADING THAT
CUT THE VALUE OF QVC'S OFFER FOR PARAMOUNT TO 93 BILLION OR 7867 A
SHARE STILL 2 BILLION MORE THAN VIACOM'S BID

VIACOM CLASS B STOCK ALSO SLIPPED 25 CENTS A SHARE TO 51875 IN COMPOSITE
TRADING ON THE AMERICAN STOCK EXCHANGE CUTTING THE VALUE OF VIACOM'S OFFER
TO 73 BILLION OR 6140 A SHARE

PARAMOUNT SHARES FELL 375 CENTS TO 7725 A SHARE IN COMPOSITE TRADING ON
THE NEW YORK STOCK EXCHANGE REFLECTING TRADERS' CONTINUED BELIEF THE
BIDDING WILL EVENTUALLY GO HIGHER

MEANWHILE PARAMOUNT EXECUTIVES MET YESTERDAY WITH THEIR INVESTMENT BANKERS
FROM LAZARD FRERES & CO AND THEIR LAWYERS FROM SIMPSON THACHER & BARTLETT
TO REVIEW THE QVC FINANCING SUBMISSION IN ADVANCE OF A PARAMOUNT BOARD
MEETING ON MONDAY

AMONG THE ISSUES THE PARAMOUNT GROUP IS REVIEWING ACCORDING TO PEOPLE
FAMILIAR WITH THE DEAL IS THE AMOUNT OF QVC PREFERRED STOCK THAT QVC WOULD
GIVE TO LIBERTY AND COMCAST CORP IN EXCHANGE FOR THEIR INVESTMENTS OF 500
MILLION EACH 9310080050 931008 WHO'S NEWS PAYCHEX INC

PAYCHEX INC ROCHESTER NY JOHN T CARLEN 46 YEARS OLD FORMERLY
CHAIRMAN OF THE MAY DNF UNIT OF MAY DEPARTMENT STORES CO ST LOUIS WAS
NAMED TO THE NEW POST OF EXECUTIVE VICE PRESIDENT AT THIS PROVIDER OF
COMPUTERIZED PAYROLL INTERNAL ACCOUNTING AND PAYROLL TAX RETURN SERVICES
EFFECTIVE IMMEDIATELY MR CARLEN IS RESPONSIBLE FOR PAYROLL SALES AND FIELD
OPERATIONS AT THE COMPANY 9310080049 931008 LETTERS TO THE EDITOR 
WHOOPS SORRY

HAVING READ IN YOUR AUG 19 ISSUE THAT WASHINGTON PUBLIC POWER SUPPLY SYSTEM
BONDS CAME TO BE CALLED WHOOPS DERISIVELY I NOW EXPECT SOMEDAY TO SEE THE
ASSERTION IN YOUR PAGES THAT FEDERAL NATIONAL MORTGAGE ASSOCIATION IS CALLED
FANNIE MAE BECAUSE OF THE COMPANY'S FEMININE CHARMS WHOOPS BONDS GOT THAT
NAME LONG BEFORE THERE WAS ANYTHING TO BE DERISIVE ABOUT

SECURITIES' NICKNAMES RARELY COME FROM ATTEMPTS TO CHARACTERIZE THEM
RATHER THEY ARE USUALLY BORN OF HASTE ON A BUSY TRADING DESK IT TAKES TOO
LONG TO SAY WASHINGTON PUBLIC POWER SUPPLY SYSTEM

SO WHEN A MUNICIPAL MARKET PARTICIPANT SPEAKS OF WASHTUBS WASHINGTON
SUBURBAN SANITARY DISTRICT NO REFERENCE TO THE PROCESS OF CLEANING CLOTHES
IS INTENDED LIKEWISE SOMEONE WHO CALLS MASSACHUSETTS MUNICIPAL WHOLESALE
BONDS MASSWHOLES IS NOT BEING HARSHLY JUDGMENTAL 9310080048 931008
CHINA'S STEEL OUTPUT ROSE 11 IN SEPTEMBER  SPECIAL TO THE WALL
STREET JOURNAL

BEIJING CHINA'S STEEL OUTPUT FOR THE YEAR TO SEPTEMBER TOTALED 6528
MILLION TONS AN INCREASE OF 11 FROM THE YEAREARLIER PERIOD THE OFFICIAL
XINHUA NEWS AGENCY REPORTED

THE MINISTRY OF THE METALLURGICAL INDUSTRY SAID IF GROWTH CONTINUES TOTAL
PRODUCTION FOR 1993 WILL EXCEED 85 MILLION TONS UP FROM 80 MILLION TONS
LAST YEAR ACCORDING TO XINHUA

THE AGENCY SAID PRODUCTION OF CERTAIN STEEL PRODUCTS HAD INCREASED DUE TO
HIGH DEMAND THEY INCLUDE ROLLED STEEL LOWALLOY STEEL AND HIGHQUALITY
SHAPED STEEL

OVERALL PRODUCTION THIS YEAR HAS LAGGED BEHIND DEMAND ALTHOUGH CHINA
PRODUCED A RECORD 1853 MILLION TONS OF STEEL IN THE FIRST QUARTER OF THIS
YEAR DEMAND WAS ESTIMATED TO BE 2232 MILLION TONS ACCORDING TO OFFICIAL
REPORTS

TO FILL THE GAP CHINA HAD TO IMPORT ADDITIONAL STEEL PRODUCTS BY AN
INCREASE OF MORE THAN 200 FROM A YEAR EARLIER 9310080047 931008 POTOMAC
WATCH CLINTON ABROAD RESEMBLES BUSH AT HOME  BY PAUL A GIGOT

AMID TESTIMONY ABOUT BOSNIA BY ASSISTANT SECRETARY OF STATE STEPHEN OXMAN
THIS WEEK A SENATE AIDE SLIPPED HIS BOSS A NOTE DO YOU GET THE FEELING
YOU'RE THROWING PITCHES AT A PLATE WITH NO BATTER

SIMILAR QUESTIONS ARE BEING ASKED ALL AROUND WASHINGTON IN A WEEK THAT
REMINDED BILL CLINTON THAT THERE'S MORE TO THE PRESIDENCY THAN MEDICARE ON
THE SAME DAY THAT MR CLINTON WAS GIVING EVERY ANSWER ON HEALTH CARE IN
CALIFORNIA MR OXMAN WAS GIVING HIS NONANSWERS ON BOSNIA AND SECRETARY OF
DEFENSE LES ASPIN WAS SHOWING HE HAD ABSOLUTELY NO ANSWER ON SOMALIA
SPEAKING TO 200 EDGY MEMBERS OF CONGRESS MR ASPIN ASKED FOR IDEAS WHICH
IS LIKE ASKING THE PAMPLONA BULLS FOR TOURIST DIRECTIONS

AN UNMITIGATED DISASTER SAYS RICHARD LUGAR THE USUALLY MILDMANNERED
INDIANA REPUBLICAN DESCRIBING THAT ASPIN SESSION THEY HAD NO PLAN SO
THEY HAD NO ADVOCACY

IN FACT HE AND SECRETARY OF STATE WARREN CHRISTOPHER HAD NO CLUE THERE IS
A SENSE OF ALMOST INCOMPETENCE MR LUGAR SAYS IT'S PRETTY CLEAR THAT
THIS CREW IS JUST NOT UP TO THE JOB THEY IGNORE PROBLEMS AND KIND OF HOPE
THEY WILL GO AWAY

MR LUGAR ISN'T JUST ANOTHER BULL IN THE CUTANDRUN STAMPEDE HE WANTS
AMERICA TO BE ENGAGED IN THE WORLD HE'S A REPUBLICAN WHO WOULD BE HAPPY TO
SUPPORT A CLINTON SOMALIA POLICY IF HE COULD FIND ONE HIS WORRY NOW
SHARED PRIVATELY BY CONGRESS'S COOLER HEADS GOES BEYOND THE SOMALIA FIASCO
TO A GENERAL INCOMPETENCE THAT COULD IGNITE THE VERY ISOLATIONISM THAT OUR
PRESIDENT CLAIMS TO WANT TO RESIST

SUCH WORRY IS JUSTIFIED BECAUSE THE CAUSES OF DESERT TWO DESERT ONE WAS
JIMMY CARTER'S IRANIAN FAILURE SPRING FROM THE CHARACTER OF THIS
PRESIDENCY MR CLINTON HAS A GEORGE BUSH PROBLEM ONLY IN REVERSE IF MR
BUSH WAS BORED BY DOMESTIC ISSUES MR CLINTON'S INTEREST FLAGS AT THE
WATER'S EDGE HE MAY PAY LESS ATTENTION TO FOREIGN POLICY THAN ANY PRESIDENT
SINCE COOLIDGE

WHILE MR CLINTON PERSONALLY CHOSE EVEN SUBCABINET OFFICIALS ON THE
DOMESTIC SIDE AT STATE AND DEFENSE HE DELEGATED THE JOB SO MESSRS
CHRISTOPHER AND ASPIN TWO MEN MR CLINTON HAD ONLY JUST GOTTEN TO KNOW
PICKED THEIR OWN FRIENDS FOR THE KEY POSTS

SOMALIA I AM RELIABLY TOLD WAS BARELY ON MR CLINTON'S CALENDAR ANTHONY
LAKE HIS NATIONAL SECURITY ADVISER STILL HAS TO FIGHT TO GET MR CLINTON
TO PAY ATTENTION TO FOREIGN MATTERS THAT AREN'T YET CRISES HIS ADVISERS
EVEN HAD TO COAX HIM INTO ATTENDING THE G7 TOKYO SUMMIT WHICH NO PRESIDENT
HAS EVER MISSED

THIS INSTINCT IS ONLY REINFORCED BY THE FACT THAT THIS WHITE HOUSE IS EVEN
MORE POLLDRIVEN THAN GEORGE BUSH'S POLLSTER STAN GREENBERG HAS THE RUN OF
THE WEST WING FOR A REASON HIS POLLING ON MEXICAN TRADE WHICH SHOWED
VOTERS CARED MORE ABOUT HEALTH CARE IS THE REAL REASON MR CLINTON STAYED
OUT OF THE NAFFRAY FOR SO MANY WEEKS

BUT SUCH RESULTS MEASURE OPINION BEFORE ANY PUBLIC EDUCATION OR DEBATE SO
WHILE MR CLINTON DODGES HARD FOREIGN ISSUES BECAUSE OF THE POLLS HE GIVES
HIMSELF LITTLE CHANCE TO INFLUENCE THE POLLS MUCH AS MR BUSH CEDED THE
DOMESTIC DEBATE TO HIS ADVERSARIES MR CLINTON HAS DONE THE SAME ON SOMALIA
TO THE LIKES OF SEN ROBERT BYRD

THE OTHER ROOT CAUSE OF THE SOMALIA FAILURE IS MR CLINTON'S
WOOLLYMINDEDNESS ABOUT THE UNITED NATIONS INDEED WE NOW KNOW SUNDAY'S
DEADLY FIREFIGHT MIGHT NEVER HAVE HAPPENED IF MR CLINTON HADN'T PUT US
FORCES IN THE SERVICE OF THE UN THE UN'S AMERICAN LIAISON ON SOMALIA
FORMER ADMIRAL JONATHAN HOWE QUIETLY WON A FIGHT INSIDE THE CLINTON
ADMINISTRATION THIS SUMMER TO DISPATCH ELITE ARMY RANGERS TO PURSUE WARLORD
AIDID HE HAD TO OVERCOME THENGEN COLIN POWELL TO DO IT

YET THOSE RANGERS WERE CUT UP LAST WEEKEND BECAUSE THEY HAD NO ARMOR BACKUP
WOULD AN AMERICAN HAVE COMMITTED TROOPS IN SUCH A SITUATION AS LEWIS LIBBY
A DEFENSE PLANNER UNDER GEORGE BUSH SAYS INTERNATIONAL BUREAUCRATS WILL
TEND TO SPEND BLOOD THE WAY OTHER BUREAUCRATS SPEND MONEY MUCH TOO
FREELY

MR LAKE THE CLINTON SECURITY ADVISER SAID RECENTLY THAT US MILITARY
SUPPORT FOR UN HUMANITARIAN PEACEKEEPING AROUND THE WORLD CAN NURTURE
THE AMERICAN PUBLIC'S SUPPORT FOR OUR ENGAGEMENT ABROAD SOMALIA SHOWS
OTHERWISE INTERVENTIONS THAT ARE MISHANDLED ESPECIALLY WHEN NO NATIONAL
INTEREST IS AT STAKE ONLY MAKE IT MORE DIFFICULT FOR A PRESIDENT TO RALLY
SUPPORT WHEN SUCH INTERESTS ARE ON THE LINE

YESTERDAY MR CLINTON TRIED TO REGAIN CONTROL OF HIS SOMALIA POLICY BUT
IT'S CLEAR HE IS NOW IN CONGRESS'S HANDS HE WILL WIN A VOTE IN CONGRESS
NEXT WEEK IF ONLY BECAUSE CONGRESS NEVER LIKES TO TAKE RESPONSIBILITY BUT
HIS SOMALIA POLICY AND INDEED HIS POLICY ON PEACEKEEPING IN GENERAL WILL
ONLY GO AS FAR AS THE SENIOR MEMBERS OF THE SENATE ALLOW

MR CLINTON'S FOREIGN DISENGAGEMENT HAS DAMAGED HIS OWN CREDIBILITY NOT
JUST AT HOME BUT ABROAD THE EUROPEANS FOR EXAMPLE WILL NOW UNDERSTAND
THAT MR CLINTON WILL NEVER BE ABLE TO DELIVER ONE OF THE PROMISED 25000
AMERICAN TROOPS TO ENFORCE A PEACE IN BOSNIA ON THE OTHER HAND JUDGING
FROM EVENTS IN SOMALIA THIS MAY BE THE ONE SILVER LINING TO COME FROM MR
CLINTON'S FIRST HARD EDUCATION IN GLOBAL POLITICS 9310080046 931008
BUSINESS BRIEF CPC INTERNATIONAL INC BRANDS TO HIT AFRICAN MARKET 
THROUGH TONGAAT VENTURE

REENTERING SOUTH AFRICA CPC INTERNATIONAL INC SIGNED AN AGREEMENT WITH
THE TONGAATHULETT GROUP LTD OF SOUTH AFRICA LICENSING TONGAATHULETT TO
SELL CPC BRANDS THERE

THE AGREEMENT ALSO CALLS FOR THE JOINT VENTURE TO EXPORT CPC PRODUCTS TO
SUBSAHARAN AFRICA TONGAATHULETT WILL ESTABLISH A NEW COMPANY TONGAAT
CONSUMER FOODS LTD COMPRISING SEVERAL EXISTING OPERATIONS OF THE
TONGAATHULETT GROUP THE NEW COMPANY IS EXPECTED TO HAVE SALES OF 260
MILLION

CPC AND TONGAATHULETT ALSO SIGNED AN OPTION AGREEMENT FOR CPC TO BUY A
MAJORITY EQUITY INTEREST IN THE NEW COMPANY

ENGLEWOOD CLIFFS NJBASED CPC SOLD ITS EARLIER SOUTH AFRICA OPERATIONS IN
1987 CPC BRANDS TO BE MARKETED THERE INCLUDE MAZOLA CORN OIL SKIPPY PEANUT
BUTTER AMBROSIA DESSERTS AND MUELLER'S PASTA 9310080045 931008 BUSINESS
BRIEF ROCKWELL INTERNATIONAL CORP PLANT OFFICE CHANGES SET FOR
SAVINGS OF 100 MILLION

ROCKWELL INTERNATIONAL CORP SAID IT HAS SCHEDULED PLANT AND OFFICE
CONSOLIDATIONS THAT IT EXPECTS WILL SAVE 100 MILLION DURING THE NEXT FIVE
YEARS

THE MAKER OF AEROSPACE ELECTRONIC AND AUTOMOTIVE PRODUCTS SAID THAT
BEGINNING LATER THIS YEAR IT WILL MOVE 1300 EMPLOYEES TO ROCKWELL
HEADQUARTERS AT SEAL BEACH CALIF FROM THE COMPANY'S NORTH AMERICAN
AIRCRAFT DIVISION AT EL SEGUNDO CALIF IN ADDITION ABOUT 550 SPACE SYSTEMS
DIVISION EMPLOYEES IN SEAL BEACH WILL MOVE TO THAT UNIT'S HEADQUARTERS AT
DOWNEY CALIF THE MOVES SHOULD BE COMPLETE A YEAR FROM NOW SAID A ROCKWELL
SPOKESMAN HE SAID BETWEEN 50 AND 100 STAFFSUPPORT JOBS WILL BE ELIMINATED

THE 100 MILLION IN PROJECTED SAVINGS INCLUDES CASH RECOVERED FROM PROPERTY
SALES AS WELL AS REDUCED OVERHEAD COSTS FROM BETTER USE OF SPACE THE
SPOKESMAN SAID 9310080044 931008 INTERNATIONAL BRIEF ROCHE HOLDING AG
 NINEMONTH SALES ROSE 11 STRONG PROFIT SEEN FOR YEAR

ROCHE HOLDING AG ANNOUNCING AN 11 SALES INCREASE IN THE FIRST NINE MONTHS
OF 1993 PREDICTED STRONG EARNINGS GROWTH FOR THE FULL YEAR

THE LARGE SWISS DRUG MAKER SAID NINEMONTH SALES ROSE TO 1074 BILLION SWISS
FRANCS 756 BILLION FROM 966 BILLION FRANCS A YEAR EARLIER ROCHE
EXPECTS A FURTHER GOOD INCREASE IN SALES IN THE FOURTH QUARTER OF 1993 THE
COMPANY ADDED IN ZURICH

ROCHE DOESN'T PUBLISH QUARTERLY PROFIT FIGURES NEVERTHELESS IT SOUNDED AN
UPBEAT NOTE ON EARNINGS DESPITE GOVERNMENT PRESSURE ON HEALTHCARE PRICES
IN EUROPEAN COUNTRIES SUCH AS GERMANY AND ITALY

BARRING EXTRAORDINARY CIRCUMSTANCES PARTICULARLY IN THE CURRENCYEXCHANGE
RATE SECTOR ANOTHER SIGNIFICANT INCREASE IN GROUP PROFIT IS EXPECTED FOR
1993 ROCHE SAID LAST YEAR NET INCOME ROSE 29 WHILE SALES GAINED 13
9310080043 931008 LETTERS TO THE EDITOR IT WAS OUR BALLGAME

IN YOUR SEPT 8 PAGE ONE ARTICLE ON MCKINSEY & CO A MENTION OF AN ARROW
ELECTRONICS NEWBUSINESS LAUNCH THAT STALLED QUOTED ME AS SAYING
OCCASIONALLY THE WORLD CHANGES IN WAYS THEY HAD NOT THOUGHT OF WHAT I
ACTUALLY SAID WAS OCCASIONALLY THE WORLD CHANGES IN WAYS WE HAD NOT
THOUGHT OF TO THE EXTENT WE DID NOT ACHIEVE THE GOALS FOR WHICH WE HAD
HOPED THE RESPONSIBILITY WAS OURS NOT MCKINSEY'S 9310080041 931008
INTERTEL TO SELL SHARES

CHANDLER ARIZ INTERTEL INC SAID IT WILL OFFER TWO MILLION COMMON
SHARES INCLUDING 500000 SHARES TO BE SOLD BY THE COMPANY'S CHAIRMAN
STEVEN G MIHAYLO

INTERTEL A PRODUCER AND MARKETER OF BUSINESSTELEPHONE SYSTEMS SAID THE
OTHER 15 MILLION SHARES WILL BE SOLD BY THE COMPANY A COMPANY SPOKESMAN
SAID THAT PRIOR TO THE OFFERING MR MIHAYLO'S HOLDING OF 46 MILLION SHARES
REPRESENTED 56 OF OUTSTANDING SHARES 9310080040 931008 FED'S
CONGRESSIONAL CRITICS SAY CHANGE THEY SEEK WOULDN'T BE RADICAL REFORM 
 BY DAVID WESSEL STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON CONGRESSIONAL LEADERS OF A DRIVE TO RESTRUCTURE THE FEDERAL
RESERVE RENEWED THEIR CAMPAIGN BY INSISTING THAT THEIR PROPOSALS REPRESENT
MODEST CHANGE NOT RADICAL REFORM

AT THE FIRST OF A SERIES OF HEARINGS CONVENED BY CHAIRMAN HENRY GONZALEZ
D TEXAS OF THE HOUSE BANKING COMMITTEE THE PERSISTENT FED CRITIC
DECLARED THAT HE ISN'T SEEKING TO POLITICIZE THE CENTRAL BANK NOR TAKE AWAY
ITS INDEPENDENCE OR EVEN CHANGE ITS MONETARY POLICY RATHER HE SAID I
AM ONLY ASKING THAT THE CENTRAL BANK BE ACCOUNTABLE TO THE AMERICAN PUBLIC

WITH PRESIDENT CLINTON OPPOSING CHANGES IN THE FED'S STRUCTURE THE ODDS OF
PASSING LEGISLATION THIS YEAR ARE SLIM BUT MR GONZALEZ AND HIS ALLIES ARE
DRAWING SUPPORT FROM SOME INFLUENTIAL LAWMAKERS BY MODERATING THEIR RHETORIC
AND EMPHASIZING HOW MODERATE THEIR PROPOSALS ARE

IF YOU TALK ABOUT FIXING THE DOOR JAMB AT THE FED THEY ACCUSE YOU OF BEING
PART OF A BUILDING DEMOLITION CREW SEN BYRON DORGAN D ND COMPLAINED
YESTERDAY

MR GONZALEZ PROPOSES AMONG OTHER THINGS THAT PRESIDENTS OF THE 12
REGIONAL FED BANKS BE APPOINTED BY THE PRESIDENT AND CONFIRMED BY THE
SENATE CURRENTLY THEY ARE PICKED BY PRIVATESECTOR BOARDS THEMSELVES
LARGELY CHOSEN BY COMMERCIAL BANKERS SUBJECT TO APPROVAL BY THE FEDERAL
RESERVE BOARD IN WASHINGTON AN ALTERNATIVE OFFERED BY SEN PAUL SARBANES
D MD AND REP LEE HAMILTON D IND WOULD STRIP THE FED BANK
PRESIDENTS OF THEIR VOTES ON MONETARY POLICY

IN AN INDICATION THAT THE PROPOSALS TO ALTER THE FED CAN'T BE QUICKLY
DISMISSED REP JAMES LEACH OF IOWA A WELLRESPECTED MODERATE WHO IS THE
SENIOR REPUBLICAN ON THE BANKING COMMITTEE SAID CONGRESS SHOULD BE CHARY
ABOUT PUSHING RADICAL CHANGE AT THE FED AT ANY TIME BUT SHOULD BE OPEN TO
CONSIDERING MODERATE ADJUSTMENTS AT ALL TIMES ALTHOUGH HE QUESTIONED THE
NEED FOR ANY CHANGES HE SAID THAT THIS NONCRISIS ATMOSPHERE MAY BE THE
MOST PROPITIOUS TIME TO CONSIDER UNDERTAKING SMALL IMPROVEMENTS

TO SHOW THAT HIS PROPOSAL ISN'T RADICAL MR GONZALEZ QUOTED 1938 TESTIMONY
FROM THEN FED CHAIRMAN MARRINER ECCLES WHO ARGUED AGAINST ALLOWING THE FED
BANK PRESIDENTS TO VOTE ON INTEREST RATES MR SARBANES WHO IS IN LINE TO
HEAD THE SENATE BANKING COMMITTEE IN 1995 QUOTED WOODROW WILSON ON THE SAME
POINT

THE FED DID HOWEVER PICK UP AN UNEXPECTED ALLY IN ITS OPPOSITION TO SOME
FACETS OF THE PROPOSALS WILLIAM GREIDER A JOURNALIST WHO HAS WRITTEN A
BOOK CRITICAL OF THE FED SAID IT WOULD BE A MISTAKE TO REQUIRE THE CENTRAL
BANK TO MAKE PUBLIC IMMEDIATELY THE OUTCOME OF ITS MONETARYPOLICY
DELIBERATIONS THE BOND TRADERS MIGHT LIKE THAT HE SAID BUT IT WOULDN'T
DO A THING FOR THE GENERAL PUBLIC OR FOR THE FED'S EFFECTIVENESS

CURRENTLY THE DECISIONS ARE DISCLOSED SIX WEEKS AFTER THEY ARE MADE MR
GREIDER DID ENDORSE REP GONZALEZ'S PROPOSAL TO REQUIRE THE FED TO RELEASE
TRANSCRIPTS OF ITS DELIBERATIONS WITH A TWOMONTH LAG

THE INCREASINGLY INFLUENTIAL CONGRESSIONAL BLACK CAUCUS JOINED THE CAMPAIGN
TO RESTRUCTURE THE FED YESTERDAY ITS CHAIRMAN REP KWEISI MFUME D MD
CRITICIZED THE FED FOR ITS FAILURE TO PUT MORE WOMEN AND MINORITIES ON THE
BOARDS OF THE DISTRICT BANKS AND IN TOP STAFF JOBS

FED CHAIRMAN ALAN GREENSPAN IS TO TESTIFY ON THE ISSUE NEXT WEEK
9310080039 931008 BUSINESS BRIEF MARCAM CORP COMPANY EXPECTS TO
REPORT A LOSS FOR FISCAL 4TH QUARTER

MARCAM CORP NEWTON MASS SAID IT EXPECTS TO REPORT A LOSS FOR THE FISCAL
FOURTH QUARTER ENDED SEPT 30 OF BETWEEN 20 CENTS AND 30 CENTS A SHARE ON
REVENUE OF 32 MILLION TO 34 MILLION IN THE YEARBEFORE QUARTER THE MAKER
OF MANUFACTURING AND INDUSTRIAL SOFTWARE EARNED 30 CENTS A SHARE ON REVENUE
OF 29 MILLION

FOR THE FISCAL YEAR MARCAM SAID IT EXPECTS TO REPORT EARNINGS OF BETWEEN 26
CENTS AND 36 CENTS A SHARE ON REVENUE OF 125 MILLION TO 127 MILLION NET
INCOME A YEAR EARLIER WAS 86 MILLION OR 102 A SHARE ON REVENUE OF
804 MILLION PART OF THE REVENUE RISE CAME FROM AN ACQUISITION

IN NATIONAL OVERTHECOUNTER TRADING YESTERDAY MARCAM STOCK FELL 50 CENTS
TO 1150

MARCAM SAID THAT EXPENSES WERE IN CONTROL AND BELOW ITS BUDGETS BUT THAT
REVENUE WAS WELL BELOW EXPECTATIONS THE COMPANY SAID IT WILL CONTROL
EXPENSES IN FISCAL 1994 TO MAINTAIN PROFITABILITY 9310080038 931008 WILD
WEST GUNFIRE AND LAWSUITS GREET CITY SLICKERS WHO BLOCK OLD TRAILS 
 NEW OWNERS SEEK PRIVACY BUT NEIGHBORS SAY THEY TREAD ON HISTORIC
RIGHTS  TROUBLE IN COWBOY HEAVEN  BY JIM CARLTON STAFF
REPORTER OF THE WALL STREET JOURNAL

LANES CREEK IDAHO THIS USED TO BE GOD'S COUNTRY NOW IT BELONGS TO
SALVATORE A SCAFFIDE

FOUR YEARS AGO MR SCAFFIDE AND A PARTNER BLOCKED A ROAD LEADING ACROSS
THEIR NEWLY BOUGHT RANCH AND INTO THE MOUNTAINS LOCALS WHO USED TO REACH
THE MOUNTAINS BY DRIVING HALF AN HOUR NOW FACE A THREEHOUR ORDEAL ON
HORSEBACK INSTEAD

LIN WHITWORTH IS ONE OF THE FEW WHO STILL BRAVES THE TRIP CURSING AS HE
SPURS HIS STEED THROUGH DENSE UNDERBRUSH HE EVENTUALLY REACHES A MEADOW
WITH SWEEPING VISTAS OF SNOWCAPPED PEAKS EXCEPT FOR ROUGH RIDERS SUCH AS
MR WHITWORTH THE GRANDSON OF A HOMESTEADER THIS SPECTACULAR COUNTRY NOW
IS OFFLIMITS TO ALL BUT MR SCAFFIDE AND HIS GUESTS

WHAT THEY'RE SAYING IS MR WHITWORTH DRAWLS IT'S MY LITTLE KINGDOM AND
YOU CAN'T GO IN

FENCEDIN FIEFS ARE POPPING UP ACROSS THE AMERICAN WEST AS WIDE OPEN SPACES
ARE CLOSED OFF BY RICH AND FAMOUS GREENHORNS THIS HAS SPARKED A MODERNDAY
RANGE WAR OVER ACCESS TO PUBLIC LANDS THAT HAS ERUPTED IN COURTROOM
SHOWDOWNS AND EVEN OLD WESTSTYLE GUNPLAY

UNTIL RECENT YEARS IT WAS RELATIVELY EASY TO REACH THE REMOTEST CORNERS OF
THE WEST BY TRAVERSING OLD ROADS AND TRAILS ACROSS PRIVATE RANCHES MOST
RANCHERS ASKED ONLY THAT VISITORS CLOSE GATES SO LIVESTOCK WOULDN'T ESCAPE
WESTERNERS CAME TO REGARD THESE ROADS AS HISTORIC RIGHTSOFWAY FOR ALL

BUT IN THE NEW WEST CITY SLICKERS ARE GOBBLING UP LAND FROM NEW MEXICO TO
MONTANA AND PADLOCKING GATES THAT LEAD INTO WILD LANDS SEEING NEWCOMERS GET
AWAY WITH IT LOCAL RANCHERS ARE BLOCKING ROADS TOO

AN ESTIMATED 504 MILLION ACRES OR 14 OF THE LAND MANAGED BY THE FOREST
SERVICE AND BUREAU OF LAND MANAGEMENT IN THE CONTIGUOUS US NOW HAS
INADEQUATE ACCESS THAT IS A LAND MASS ROUGHLY EQUAL TO THE STATE OF
MINNESOTA AND AS THE NATION'S POPULATION AND APPETITE FOR OUTDOOR SPORT
GROW SO TOO DOES THE PRESSURE ON LAND THAT REMAINS ACCESSIBLE

THERE IS SO MUCH PUBLIC GROUND THAT YOU CAN'T GET TO GRIPES MICHAEL
SPRINGMAN A UTAH INDUSTRIALSUPPLY SALESMAN AND AVID OUTDOORSMAN THAT THE
GROUND YOU CAN GET TO IS SWAMPED WITH HUMAN BEINGS

PRIVACY FROM SUCH CROWDS IS THE MAIN REASON THAT RANCHERS BLOCK ROADS
LANDOWNERS SAY THAT UNWANTED VISITORS DUMP GARBAGE AND SHOOT CATTLE OR
WILDLIFE RANCHERS ALSO RISK LAWSUITS IF INTERLOPERS ARE INJURED ON THEIR
LAND

IF A MAN OWNS A PIECE OF PROPERTY AND HE WANTS TO GO OUT THERE AND NOT HAVE
ANYBODY BOTHER HIM THAT'S HIS RIGHT CONTENDS EDMUND W DUMKE A LAS VEGAS
INVESTOR WHO HAS BLOCKED ACCESS ACROSS HIS IDAHO RANCH

MOREOVER ENVIRONMENTALISTS OFTEN APPLAUD THE ROAD CLOSURES SAYS MICHAEL
SCOTT NORTHERN ROCKIES REGIONAL DIRECTOR FOR THE WILDERNESS SOCIETY IT IS
NOT BAD TO HAVE SOME PUBLIC LANDS THAT ARE MORE DIFFICULT TO GET TO THAN
OTHERS

BUT ROAD CLOSURES HAVE BECOME SO EPIDEMIC THAT REP PAT WILLIAMS A DEMOCRAT
FROM MONTANA HAS REQUESTED CONGRESSIONAL HEARINGS ON THE ACCESS ISSUE
RANCHERS AND RAMBLERS MEANTIME ARE SLUGGING IT OUT AMONG THEMSELVES OFTEN
IN A VERY NASTY FASHION

WHEN TRACY BAXTER A WYOMING TRANSPLANT BOUGHT A RANCH IN SOUTHEASTERN
IDAHO THREE YEARS AGO HE QUICKLY CABLED OFF A ROAD USED BY HUNTERS AND
CATTLEMEN SOON AFTER HE FOUND FOUR OF HIS COWS SHOT DEAD AND AN OMINOUS
NOTE TACKED TO THE CABLE KEEP BEING A HORSE'S ASS ABOUT IT AND YOU'LL
PROBABLY LOSE

MR BAXTER ALSO HAS FOUND BULLET HOLES IN HIS STOCK TANKS AND HAS HAD
BULLETS WHIZ BY HIS RANCH HOUSE WE THOUGHT WE WOULD FIND OUR OWN LITTLE
PARADISE WHEN WE CAME HERE HE SAYS WE JUST WANT TO BE LEFT ALONE THE
LOCAL COUNTY IS SUING TO REOPEN THE ROAD WHICH MR BAXTER SAYS HE CLOSED TO
PREVENT VANDALISM

SPATS OVER ACCESS ALSO HAVE A CULTURAL DIMENSION EXPOSING THE GULF BETWEEN
COUNTRY AND CITY NOTIONS ABOUT NEIGHBORLINESS MR DUMKE THE LAS VEGAS
INVESTOR SEALED OFF ROADS ACROSS HIS IDAHO RANCH FORCING OUTDOORSMEN TO
HIKE 10 HOURS TO REACH A TROUTFILLED LAKE THAT THEY USED TO BE ABLE TO
DRIVE TO IN AN HOUR THEN MR DUMKE BOUGHT A VACANT LOT BESIDE A NEIGHBORING
CAFE AND PUT UP BOULDERS TO PREVENT CUSTOMERS FROM PARKING THERE

I THINK IT'S A SLAP IN THE FACE TO THE COMMUNITY AS A WHOLE BECAUSE MOST
EVERYBODY TRIES TO GET ALONG WITH EVERYBODY SAYS CAROL WESTON THE CAFE'S
COOWNER SOMEONE HAS SINCE SPRAY PAINTED THE BOULDERS WITH DUMBKEE
AND IN JULY A GROUP OF TOWNSFOLK HELD A CAMPOUT ON THE WESTON SPREAD TO
CELEBRATE THEIR DEFIANCE

RESPONDS THE LAS VEGAS INVESTOR THEY HATE PEOPLE LIKE ME BECAUSE I'M AN
OUTSIDER  AND ESPECIALLY IF THEY THINK YOU'RE RICH OUTSIDERS

NOR DO LOCALS TAKE KINDLY TO NEWCOMERS WHO RESORT TO GUERRILLA TACTICS SAN
DIEGO DEVELOPER RICHARD TUTHILL LAID A SPIKED BOARD ACROSS A ROAD ON HIS
IDAHO RANCH BLOCKING A HUNTING ROUTE HIS WIFE MARIE SAYS TRESPASSERS
WERE TAKING WATER DURING A SEVERE DROUGHT

BUT ONE OF THE TUTHILLS' NEIGHBORS DEE MAYNARD WHO HAD USED THE ROAD FOR
DECADES WASN'T PLEASED WHEN HE DROVE HIS PICKUP OVER THE SPIKES AND
PUNCTURED TWO TIRES

THAT'S A HELL OF A THING SETTING A TRAP FOR YOUR FELLOW MAN GROWLS THE
66YEAROLD MR MAYNARD WHO NOW HAS TO DRIVE 35 MILES ON BACK ROADS TO
REACH THE SAME PLACE HE USED TO REACH BY CROSSING A MILE AND A HALF OF THE
TUTHILLS' RANCH

SUCH CONFLICTS ARE FLARING ALL ACROSS IDAHO AND MONTANA TWO STATES THAT
HAVE BECOME A SORT OF LAST FRONTIER FOR RICH AND FAMOUS HOMESTEADERS IN THE
BIG SKY STATE RETIRED FOREST SUPERVISOR LEWIS GENE HAWKES BECAME SO FED
UP WITH CLOSURES THAT HE HELPED ORGANIZE A GROUP CALLED PUBLIC LANDS ACCESS
ASSOCIATION TO TAKE ON THE NEWCOMERS

THE GROUP PERSUADED A STATE JUDGE TO KEEP OPEN A TRAIL THAT NEW YORK
EXPORTIMPORT TYCOON ROBERT M LEE HAD POSTED AS CLOSED WHEN HE BOUGHT A
RANCH IN 1986 AT THE BASE OF THE MADISON RANGE MR LEE AN AVID HUNTER
ARGUED THAT HE WANTED TO PROTECT LOCAL ELK HERDS

THE CLOSING WOULD HAVE BLOCKED A KEY ACCESS TRAIL INTO A SCENIC DOMAIN
CALLED COWBOY HEAVEN BIG GAME IS SO ABUNDANT THERE THAT ELK AND MOOSE ARE
CLEARLY VISIBLE FROM A SMALL PLANE FLYING OVERHEAD

COWBOY HEAVEN LIKE OTHER WILDERNESS AREAS IN THE WEST IS SO REMOTE THAT
ONE PADLOCK CAN VIRTUALLY SEAL IT OFF FROM VIEW IF YOU CONTROL THE TRAILS
AND ROADS YOU CONTROL THIS COUNTRY SAYS BILL FAIRHURST AN ACCESSGROUP
MEMBER AND FORMER FIGHTER PILOT AS HIS PLANE SOARS ABOVE STEEP CANYONS AND
DENSE FORESTS OF FIR AND PINE

NEARBY IS MEDIA MAGNATE TED TURNER'S FLYING D RANCH WHICH CONTAINS A ROAD
THAT MR FAIRHURST SAYS HE ONCE USED FOR HUNTING AROUND COWBOY HEAVEN
ALTHOUGH THAT ROAD WAS CLOSED AT GUNPOINT BY PREVIOUS OWNERS 25 YEARS
AGO THE ACCESS GROUP THREATENS TO SUE UNLESS MR TURNER REOPENS IT

MR TURNER WHO BOUGHT THE RANCH IN 1989 DECLINES TO COMMENT ADDRESSING
THE PUBLICACCESS ISSUE IN A 1989 SPEECH MR TURNER SAID THAT ONE WAY TO
GAIN ACCESS TO THE WILDERNESS NEAR HIS RANCH WOULD BE TO TRAVEL ON A
STILLOPEN COUNTY ROAD THE OTHER WAY TO GET ACCESS IS TO DO LIKE I DID AND
WORK  AND MAKE 22 MILLION AND GO BUY IT YOURSELVES MR TURNER SAID
ACCORDING TO THE BOZEMAN MONT DAILY CHRONICLE

OUTDOORSMEN AREN'T THE ONLY ONES HIT BY ROAD CLOSURES IN THE TOBACCO ROOT
MOUNTAINS OF MONTANA RETIREES HAL AND VIRGINIA DALE SAY THEY FACE BEING CUT
OFF FROM THEIR OWN HOME AND GOLDMINING CLAIM CALIFORNIA DEVELOPER V MARK
RAFANELLI BOUGHT A RANCH WITH A ROAD THAT THE DALES AND DOZENS OF OTHERS SAY
THEY HAVE USED TO REACH THE BEALL CANYON HE LOCKED THE GATE GIVING THE
DALES A KEY

MR DALE PROTESTED WORRIED THAT PERMISSION TO CROSS THE RANCH COULD BE
REVOKED AT ANY TIME ONE DAY FINDING THE LOCK CHANGED HE CUT IT IN
RESPONSE MR RAFANELLI HAS ASKED A STATE COURT TO DENY MR DALE ANY LEGAL
RIGHT TO CROSS THE RANCHEVEN THOUGH THE LIFELONG MONTANAN SAYS HE HAS DONE
SO ON AND OFF FOR NEARLY 40 YEARS

MR RAFANELLI SAYS HE ISN'T TRYING TO SHUT OUT MR DALE BUT ONLY WANTS TO
ESTABLISH HIS CONTROL OF THE ACCESS IN CASE MR DALE WERE TO SUBDIVIDE IT
TO SOMEBODY HE HAS SINCE REOPENED THE GATE PENDING THE SUIT MR RAFANELLI
ADDS THAT HE WANTS TO LIMIT ACCESS IN BEALL CANYON IN PART TO PROTECT A
HERD OF MOUNTAIN GOATS

LANDOWNERS OFTEN CITE PROTECTION OF WILDLIFE OR OF THEIR OWN LIVESTOCK 
TO JUSTIFY ROAD CLOSURES BUT TED RANSOM AN IDAHO REALESTATE AGENT WHO
LEADS A GROUP FIGHTING FOR ACCESS BELIEVES SUCH CLAIMS ARE EXAGGERATED I
DON'T THINK THERE'S ONE COW SHOT FOR EVERY DOZEN PEOPLE SAYING IT SAYS
62YEAROLD MR RANSOM THAT'S A STANDARD EXCUSE

LAST YEAR MR RANSOM HELPED ORGANIZE SAVE OUR ACCESS AND RIGHTS OF WAY
WHICH HAS HELD RAFFLES AND A PIG ROAST TO AMASS A LEGAL WAR CHEST OF MORE
THAN 5000 SO FAR THE GROUP HAS HELPED WIN PASSAGE OF IDAHO LEGISLATION
MAKING IT SOMEWHAT TOUGHER TO CLOSE ROADS

BUT SUCH VICTORIES ARE RARE SINGERSONGWRITER CAROLE KING BOUGHT A SMALL
RANCH ALONG THE SALMON RIVER AND SEEKING SECLUSION CLOSED OFF AN 11MILE
LOOP ROAD THAT RUNS FOR ALL BUT ONE MILE ON FEDERAL LAND NEIGHBORS
PROTESTED AND COUNTY OFFICIALS SUED TO REOPEN THE ROAD IDAHO'S SUPREME
COURT UPHELD THE CLOSING

ANOTHER BIGNAME COURT BATTLE BROKE OUT IN IDAHO'S CARIBOU RANGE AFTER SOUTH
CAROLINA SHOPPINGCENTER MANAGER JOHN F FLOYD AND SOME PARTNERS BLOCKED A
HUNTING ROAD MR FLOYD COMPLAINED OF TRESPASSERS AND POACHERS ON HIS RANCH

LOCAL COUNTY OFFICIALS CONTENDING THE ROAD IS PUBLIC BECAUSE THEY
MAINTAINED IT ARE SUING TO REOPEN IT MR FLOYD BELIEVES THE COUNTY
ABANDONED THE ROAD YEARS AGO AND IS NOW TRYING TO TAKE IT BACK I JUST
DON'T BELIEVE IN THIS COUNTRY YOU OUGHT TO TAKE SOMETHING BECAUSE YOU WANT
IT MR FLOYD SAYS

ADDING POLITICAL CLOUT TO HIS LEGAL GUNS MR FLOYD GOT HIS STEPBROTHER
SOUTH CAROLINA GOV CARROLL A CAMPBELL JR TO INTERVENE IN A 1991 LETTER
TO IDAHO GOV CECIL D ANDRUS THAT BEGAN DEAR CEC GOV CAMPBELL PLEADED
HIS KIN'S CASE ASKING THAT THE PROPER PEOPLE LOOK INTO THIS  

GOV CAMPBELL IDENTIFIED MR FLOYD IN THE LETTER ONLY AS A CITIZEN OF MY
STATE THROUGH A SPOKESMAN THE GOVERNOR SAID HE DIDN'T CITE THE
RELATIONSHIP SO AS TO AVOID APPEARANCE OF SEEKING SPECIAL ASSISTANCE
RESPONDS GOV ANDRUS I BASICALLY TOLD MY COLLEAGUE THE GOOD GOVERNOR
THAT WE IN IDAHO DIDN'T APPRECIATE OUTOFSTATE PEOPLE COMING IN AND
ATTEMPTING TO TAKE OVER OUR RESOURCES

BUT OUTOFSTATE SETTLERS AREN'T THE ONLY CULPRITS LONGTIME LANDOWNERS HAVE
AGGRAVATED THE ACCESS PROBLEM BY MIMICKING URBAN NEWCOMERS IN THE LANES
CREEK AREA OF SOUTHEASTERN IDAHO FOR INSTANCE RANCHERS LOCKED GATES UP AND
DOWN A 15MILELONG VALLEY AFTER MR SCAFFIDE AND HIS PARTNER BOUGHT A
RANCH CLOSING A ROAD TO THE FOREST WHERE MR WHITWORTH WAS RIDING RECENTLY

ALL I WANT TO DO IS HAVE A BEAUTIFUL PLACE TO GET OUT OF THIS CEMENT JUNGLE
I'M IN RIGHT NOW MR SCAFFIDE A LABELING EXECUTIVE SAYS BY CAR PHONE AS
HE TRAVELS NEAR HIS OFFICE IN INDUSTRY CALIF MR SCAFFIDE SAYS HE KEPT THE
GATE OPEN UNTIL LITTER FORCED HIM TO CLOSE IT

IN A VALLEY STEEPED IN WESTERN LORE A CUTOFF OF THE OREGON TRAIL RUNS
NEARBY AND THERE ARE RUINS OF A 19THCENTURY CABIN WITH RIFLE SLITS THE
CLOSURE DREW AN OLD WEST RESPONSE THE LOCK AND GATE WERE SHOT UP AND MR
SCAFFIDE HEARD OF THREATS ON HIS LIFE

NOW HE SAYS WE CARRY A GUN WITH US WHEN WE ARE ON THE RANCH
9310080037 931008 LETTERS TO THE EDITOR WHEN BROKERDEALER 
REGISTRATION IS NEEDED

REGARDING YOUR SEPT 27 ARTICLE PRIVATE MERCHANT ATTRACTS QUESTIONS WITH
RESORT DEAL I DID NOT OPINE THAT THE ENTITY IN QUESTION PRIVATE MERCHANT
BANKING CORP SHOULD BE REGISTERED AS A BROKERDEALER RATHER I INDICATED
THAT THE QUESTION OF THE NEED FOR BROKERDEALER REGISTRATION IS A FACTUALLY
INTENSIVE ONE RELATING TO THE TYPE OF BUSINESS BEING TRANSACTED AND THE
AVAILABILITY OF EXEMPTIONS FROM REGISTRATION FURTHER THE THRESHOLD
DETERMINATION WITH RESPECT TO THE NEED FOR BROKERDEALER REGISTRATION IS
THAT OF THE SECURITIES AND EXCHANGE COMMISSION WHICH REGISTERS
BROKERDEALERS ONCE A FIRM HAS REGISTERED WITH THE SEC HOWEVER IT MUST
BECOME AN NASD MEMBER UNLESS ONE OF THE LIMITED EXCEPTIONS FROM MEMBERSHIP
IN A REGISTERED SECURITIES ASSOCIATION SUCH AS DOING BUSINESS EXCLUSIVELY
ON THE FLOOR OF AN EXHANGE IS APPLICABLE 9310080036 931008 CLINTON ASKS
SUPPORT FOR SOMALIA POLICY SETS MARCH 31 DEADLINE FOR WITHDRAWAL  
BY JEFFREY H BIRNBAUM AND DAVID ROGERS STAFF REPORTERS OF THE WALL STREET
JOURNAL

WASHINGTON PRESIDENT CLINTON APPEALED FOR SUPPORT FOR AN INCREASE IN US
MILITARY FORCE IN SOMALIA BEFORE AN EVENTUAL WITHDRAWAL WITHIN SIX MONTHS
BUT HE STILL FACES PRESSURE TO EXIT EARLIER

MR CLINTON'S ANNOUNCEMENT WHICH WILL QUADRUPLE THE US MILITARY PRESENCE
IN THE REGION TO OVER 20000 COMES IN THE WAKE OF A BLOODY AMBUSH AND
FIREFIGHT ON SUNDAY THAT HAS LEFT 13 AMERICANS DEAD BUT IN HIS BRIEF
TELEVISED ADDRESS FROM THE OVAL OFFICE THE PRESIDENT ARGUED THAT AN ABRUPT
RETREAT WOULD HARM THE WELLBEING OF THE SOMALIS AND THE INTERNATIONAL
REPUTATION OF THE US

THE DECISION TO REMAIN AS LONG AS SIX MONTHS IS LIKELY TO BE CHALLENGED IN
THE SENATE NEXT WEEK WHEN THE CHAMBER TAKES UP THIS YEAR'S PENTAGON BUDGET
AT A LONG MEETING YESTERDAY BETWEEN THE PRESIDENT AND CONGRESSIONAL LEADERS
SENATE APPROPRIATIONS COMMITTEE CHAIRMAN ROBERT BYRD DW VA SAID HE
PREFERRED A DEC 1 OR JAN 1 EXIT DATE AS LONG AS ANY AMERICAN SOLDIER HELD
CAPTIVE IN SOMALIA IS RETURNED BY THEN

THE PRESIDENT IN HIS SPEECH RAISED THE SPECTER OF SOMALI CHILDREN DYING
IN THE STREETS IF THE US LEFT IN A RUSH AND ALLOWED THE COUNTRY TO FALL
BACK INTO THE FAMINERAVAGED CHAOS THAT PERVADED WHEN THE US FIRST ARRIVED
IN THE WEST AFRICAN COUNTRY LAST DECEMBER HE ALSO SAID THE US WOULD LOSE
FACE AROUND THE WORLD FOR TURNING AND RUNNING WHEN CHALLENGED HE SAID IT
WOULD BE OPEN SEASON ON AMERICANS

LET US FINISH THE WORK WE SET OUT TO DO THE PRESIDENT SAID

LET US DEMONSTRATE TO THE WORLD  THAT WHEN AMERICANS TAKE ON A
CHALLENGE THEY FINISH IT RIGHT

THE PRESIDENT SAID HE HAS SENT 1700 ADDITIONAL ARMY TROOPS AND 104
ADDITIONAL ARMORED VEHICLES TO SOMALIA TO PROTECT OUR TROOPS AND TO
COMPLETE OUR MISSION THAT WOULD BRING THE TOTAL FORCES ON THE GROUND TO
7100 THESE WILL BE SUPPORTED OFFSHORE BY AN AIRCRAFT CARRIER AND TWO
AMPHIBIOUS GROUPS WITH 3600 COMBAT MARINES HE SAID THE OFFSHORE
CONTINGENT IS PART OF A STRATEGY TO HAVE A SECOND REACTION FORCE THAT COULD
RESPOND IN CASES LIKE THE BLOODY AMBUSH AND FIREFIGHT OVER THE PAST WEEKEND
THAT TRIGGERED THE CURRENT CRISIS

ALL TOLD THE NEW DEPLOYMENT WOULD MORE THAN DOUBLE THE NUMBER OF US
TROOPS IN THE AREA AND COUNTING SAILORS ON THE NUCLEARPOWERED CARRIER AND
THE OTHER SHIPS THE TOTAL US MILITARY PRESENCE WILL BE 20715 THE
PENTAGON SAID MILITARY FIREPOWER ALSO WILL BE LARGE 103 HELICOPTERS 58
STRIKE AIRCRAFT ABOARD THE CARRIER AND FOUR AC130 ARTILLERY GUNSHIPS AND
IN A THINLY VEILED CRITICISM OF UNITED NATIONS' SUPERVISION OF THE MILITARY
EFFORT MR CLINTON SAID THAT THE US FORCES WOULD BE UNDER AMERICAN
COMMAND

HE ALSO SAID HE PLANNED TO BRING ALL OF THE AMERICANS HOME EXCEPT FOR A
FEW HUNDRED SUPPORT TROOPS BY MARCH 31 HE ADDED THAT HE WOULD TRY GET
THEM OUT SOONER IF HE COULD HE ALSO SAID HE WAS STEPPING UP DIPLOMATIC
EFFORTS TO NEGOTIATE A POLITICAL SETTLEMENT IN THAT DEEPLY RIVEN COUNTRY HE
DISPATCHED VETERAN DIPLOMAT ROBERT OAKLEY TO THE REGION TO HELP NEGOTIATE
THE RELEASE OF CAPTURED AMERICAN SOLDIERS WHILE ALSO PUSHING FOR A
POLITICAL SETTLEMENT AMONG SOMALIA'S WARRING FACTIONS

WITHOUT MENTIONING SOMALI WARLORD MOHAMED AIDID BY NAME PRESIDENT CLINTON
SAID THAT THE US WANTED TO DEPERSONALIZE THE FIGHT IN SOMALIA AND US
OFFICIALS SUGGESTED THAT SOME DEAL MIGHT BE CUT WITH THE GEN AIDID IF US
CAPTIVES ARE RELEASED AND ATTACKS ON THE RELIEF MISSION CEASE AT THE SAME
TIME OTHER OFFICIALS SUGGESTED THAT IF GIVEN THE OPPORTUNITY THE US
FORCES WOULD STILL LIKE TO CAPTURE THE WARLORD

IN A NEWS CONFERENCE AFTER THE PRESIDENT'S SPEECH SECRETARY OF STATE WARREN
CHRISTOPHER AND SECRETARY OF DEFENSE LES ASPIN BOTH TOOK RESPONSIBILITY FOR
ERRORS COMMITTED IN THE MANAGEMENT OF THE SOMALIA POLICY MR CHRISTOPHER
SAID THAT THE US AND THE UN HAD PLACED TOO MUCH EMPHASIS ON MILITARY
OPERATIONS AGAINST GEN AIDID AND HAD LOST FOCUS ON THE POLITICAL TRACK
MR ASPIN TOOK RESPONSIBILITY FOR THE DECISION TO REJECT A REQUEST FROM THE
US COMMANDER ON THE GROUND FOR ADDITIONAL TANKS FIGHTING VEHICLES AND
ARTILLERY THAT MIGHT HAVE PREVENTED SUNDAY'S BLOODY ATTACK ON US TROOPS

HE EXPLAINED THAT THE US WAS INTENT ON DRAWING DOWN THE US PRESENCE
THERE AND WAS ALREADY THINKING ABOUT SENDING A PEACEKEEPING MISSION TO
BOSNIA BUT HAD I KNOWN AT THAT TIME WHAT I KNEW AFTER THE EVENTS OF
SUNDAY I WOULD HAVE MADE A VERY DIFFERENT DECISION HE SAID WHEN ASKED IF
HE WOULD RESIGN BECAUSE OF THAT DECISION MR ASPIN SAID HE WOULD NOT

MR CHRISTOPHER SAID THE US WAS ASKING SEVERAL COUNTRIES TO INCREASE THEIR
TROOP PRESENCE IN SOMALIA ALONGSIDE THE US BUILDUP WHILE APPEALING TO THE
30 COUNTRIES WITH TROOPS ALREADY THERE TO REMAIN IN THE COUNTRY UNTIL IT'S
SECURE MR CHRISTOPHER ALSO SAID THAT THE US WOULD ASK THE PRESIDENT OF
THE AFRICAN NATION OF ERITREA TO HELP NEGOTIATE A QUICK CEASEFIRE IN
SOMALIA AS WELL AS TO SERVE AS HOST ALONG WITH SEVERAL OTHER AFRICAN
LEADERS OF A RECONCILIATION CONFERENCE AMONG SOMALIA'S WARRING FACTIONS

IN CONGRESS THE INCREASED DIPLOMATIC EFFORTS WERE WIDELY PRAISED BUT THE
MARCH 31 DEADLINE WAS DECLARED BY SOME TO BE TOO LATE

WITHIN HOURS OF THE WHITE HOUSE MEETING REPUBLICANS ECHOED SEN BYRD'S
SENTIMENT ON THE SENATE FLOOR SIX MONTHS IN THE SOMALIA QUAGMIRE IS TOO
LONG SAID SOUTH CAROLINA SEN STROM THURMOND THE RANKING REPUBLICAN ON
THE SENATE ARMED SERVICES COMMITTEE TEXAS SEN PHIL GRAMM EXPRESSED SUPPORT
FOR THE TROOP BUILDUP BUT SAID THE ADMINISTRATION STILL LACKS A COHERENT
POLICY THAT JUSTIFIES STAYING THROUGH THE WINTER SIX MORE MONTHS 
DOES NOT MAKE SENSE MR GRAMM SAID I DO NOT BELIEVE THE SENATE OF THE
UNITED STATES WILL SUSTAIN THAT POLICY

BUT OTHER LAWMAKERS WERE MORE LOW KEY AND SAID THEY WANTED TO WORK WITH THE
PRESIDENT AFTER THE SPEECH SENATE MINORITY LEADER ROBERT DOLE R KAN
CHEERED THE PRESIDENT FOR CLARIFYING THE REASONS FOR THE ENGAGEMENT IN
SOMALIA AND ALSO FOR TAKING COMMAND OF US FORCES AWAY FROM THE UNITED
NATIONS WE OUGHT TO BE SPEAKING WITH ONE VOICE AND THAT VOICE OUGHT TO BE
THE PRESIDENT OF THE UNITED STATES HE SAID ADDING THAT HE HOPED MR
CLINTON WOULD GET BROAD BIPARTISAN SUPPORT

THE SAME BIPARTISAN THEMES WERE ECHOED BY SEN JOHN WARNER R VA AND
AFTER THE SOUR MOOD OF RECENT DAYS THERE WAS A SENSE LAST NIGHT THAT THE
PRESIDENT HAD AT LEAST A FIGHTING CHANCE OF PREVAILING I JUST THINK THIS
WILL SOLIDIFY SAID MR WARNER

ALSO SENATE ARMED SERVICES COMMITTEE CHAIRMAN SAM NUNN D GA PRONOUNCED
HIMSELF VERY ENCOURAGED BY MR CLINTON'S NEW STATEMENT OF POLICY AND
ESPECIALLY PRAISED THE PRESIDENT FOR MOVING TO DEPERSONALIZE THE CONFLICT
WITH GEN AIDID

THE SENATE DEMOCRATIC LEADERSHIP IN AN APPARENT EFFORT TO ISOLATE SEN
BYRD SENT OUT AN ARRAY OF OTHER SENIOR DEMOCRATS TO PRAISE MR CLINTON
INCLUDING PAST AND PRESENT CHAIRMEN OF THE INTELLIGENCE COMMITTEE

IN A STATEMENT LAST NIGHT MR BYRD APPLAUDED THE PRESIDENT'S ADDRESS BUT
EXPRESSED CONCERN OVER THE SIZE OF THE TROOP COMMITMENT AND THE SIXMONTH
WITHDRAWAL SCHEDULE I BELIEVE THAT THE WITHDRAWAL COULD BE COMPLETED IN A
SHORTER PERIOD OF TIME HE SAID

THE SOMALI MISSION BEGAN LAST YEAR UNDER PRESIDENT BUSH AS AN EFFORT TO END
MASS STARVATION MR CLINTON CLAIMED THAT ONE MILLION LIVES WERE SAVED BUT
IN RECENT DAYS THE HUMANITARIAN INTERVENTION HAS DEGENERATED INTO A WAR
BETWEEN MR AIDID AND US SOLDIERS ON SUNDAY DURING FIGHTING IN THE
SOMALI CAPITAL OF MOGADISHU 12 AMERICANS DIED AND AT LEAST ONE US
HELICOPTER PILOT WAS CAPTURED THE BODY OF A US SOLDIER WAS DRAGGED NAKED
THROUGH THE STREETS

SHORTLY BEFORE THE WHITE HOUSE MEETING WITH CONGRESSIONAL LEADERS ANOTHER
US SOLDIER AT THE MOGADISHU AIRPORT WAS KILLED IN A MORTAR ATTACK THAT
ALSO INJURED 12 OTHERS AND A 13TH SOLDIER WHO HAD BEEN WOUNDED IN THE
SUNDAY FIGHTING DIED AFTER SURGERY IN GERMANY A TOTAL OF 25 AMERICANS HAVE
BEEN KILLED IN ACTION IN SOMALIA SINCE THE OPERATION BEGAN LAST DECEMBER

ANTHONY LAKE THE PRESIDENT'S NATIONAL SECURITY ADVISER AND MARINE GEN
JOSEPH HOAR HEAD OF THE US CENTRAL COMMAND WHICH HAS RESPONSIBILITY FOR
SOMALIA CAME TO THE CAPITOL YESTERDAY AFTERNOON TO MEET PRIVATELY WITH
REPRESENTATIVES OF THE LEADERSHIP INCLUDING AN AIDE TO SEN BYRD THE
DISCUSSIONS WERE DESCRIBED AS MORE EXPLORATORY THAN A BID FOR AN OUTRIGHT
COMPROMISE ON THE WITHDRAWAL DATE AT THIS POINT BUT WHITE HOUSE AIDES
ACKNOWLEDGED THEY WILL HAVE TO CONTEND WITH MR BYRD'S DEMANDS FOR AN
EARLIER WITHDRAWAL

THE SIXMONTH DEPARTURE SCHEDULE LARGELY REFLECTS A MILITARY JUDGMENT THAT
IT WILL TAKE THAT LONG FOR THE UN TO PROVIDE REPLACEMENT TROOPS OF AN
ADEQUATE CALIBER AFTER THE US DEPARTS CHAIRMAN LEE HAMILTON D IND OF
THE HOUSE FOREIGN AFFAIRS COMMITTEE SAID THE GROUNDS FOR DEBATE HAD SHIFTED
FROM THE EMOTIONAL CRIES OF GET OUT NOW TO ENSURING AN ORDERLY TRANSITION
IN HOPES OF PRESERVING WHAT GAINS HAD BEEN MADE UNDER THE HUMANITARIAN
MISSION THE PRESIDENT'S NATIONAL SECURITY ADVISERS ARE SENSITIVE AS WELL TO
THE IMAGE OF THE US LEAVING TOO QUICKLY AFTER SUFFERING CASUALTIES

WE STARTED THIS MISSION FOR THE RIGHT REASONS AND WE ARE GOING TO FINISH IT
IN THE RIGHT WAY MR CLINTON SAID IN HIS SPEECH IF WE STAY A SHORT WHILE
LONGER AND DO THE RIGHT THING WE HAVE A REASONABLE CHANCE OF COOLING THE
EMBERS

CARLA ANNE ROBBINS CONTRIBUTED TO THIS ARTICLE 9310080035 931008 BUSINESS
BRIEF ADOLPH COORS CO PLANS ARE MADE TO EXPAND OFFERING OF SEASONAL
BEERS

COORS BREWING CO SAID NEXT SPRING IT PLANS TO INTRODUCE A SEASONAL LINE OF
EUROPEANSTYLE BEERS AS AN EXTENSION OF ITS WINTERFEST BRAND

THE GOLDEN COLO BREWERY SAID THE NEW BEERS WON'T ADD SIGNIFICANTLY TO ITS
SALES OF ABOUT 20 MILLION BARRELS ANNUALLY INSTEAD THE MOVE IS AIMED AT
BUILDING IMAGE THE MICROBREWERIES WON'T BE ABLE ANY LONGER TO SAY WE CAN'T
BREW MORE ROBUST BEERS SAID VINCENT PRATTICO MARKETING MANAGER AT COORS
UNIT UNIBEV LTD

THE BREWERY A UNIT OF ADOLPH COORS CO HAS BREWED ITS SEASONAL WINTERFEST
SINCE 1986 FOR THE SPRING IT PLANS AMBERCOLORED BOCK BEER FOR THE SUMMER
A WHEAT BEER TENTATIVELY NAMED WEIZENBIER AND FOR THE FALL AN OKTOBERFEST
BEER MARZEN

THE COMPANY EXPECTS ANNUAL COMBINED SALES OF ABOUT 80000 BARRELS
9310080034 931008 BUSINESS BRIEF UNOCAL CORP EPA WILL BE PAID
200000 UNDER AN ACCORD WITH UNIT

UNOCAL CORP LOS ANGELES AGREED TO PAY 200000 TO THE ENVIRONMENTAL
PROTECTION AGENCY TO SETTLE EIGHT COUNTS OF HAZARDOUSWASTE VIOLATIONS AT
THE COMPANY'S WILMINGTON CALIF REFINERY

UNOCAL'S UNION OIL OF CALIFORNIA UNIT ENTERED INTO A CONSENT AGREEMENT
WHICH ALSO CALLS FOR THE OIL COMPANY TO SHUTTER PERMANENTLY A CRUDE OIL
PROCESSING UNIT THAT THE EPA SAID WAS GENERATING BENZENECONTAMINATED WATER

A UNOCAL SPOKESMAN SAID THE MAJORITY OF THE VIOLATIONS OCCURRED BECAUSE OF
MISINTERPRETATIONS OF NEW REGULATIONS THAT HAD JUST GONE INTO EFFECT WE DO
TAKE THESE REGULATIONS VERY SERIOUSLY AND PUT A HIGH PRIORITY ON PROTECTING
THE PUBLIC HEALTH HE SAID

ALTHOUGH NO HAZARDOUS WASTE WAS RELEASED INTO THE ENVIRONMENT THE EPA SAID
THE VIOLATIONS WHICH INVOLVED A RETENTION POND FOR WASTE WATER AT THE
REFINERY INCLUDED FAILING TO PROVIDE FINANCIAL RESPONSIBILITY FOR
POTENTIAL ACCIDENTS OR FOR THE POND'S ULTIMATE CLOSURE FAILING TO PROPERLY
TRAIN WORKERS AND CONDUCT REQUIRED FACILITY INSPECTIONS AND FAILING TO
PROPERLY MANAGE HAZARDOUS WASTE CONTAINERS UNOCAL HAS ALREADY CORRECTED
THE VIOLATIONS THE EPA SAID 9310080033 931008 THIOKOL CHOOSES WILSON 
TO BECOME PRESIDENT CEO

OGDEN UTAH AP JAMES R WILSON HAS BEEN APPOINTED PRESIDENT AND CHIEF
EXECUTIVE OFFICER OF DEFENSE CONTRACTOR THIOKOL CORP THREE DAYS AFTER THE
RESIGNATION OF CHIEF EXECUTIVE JOHN R MEYERS THE COMPANY SAID

THIOKOL GAVE NO EXPLANATION MONDAY FOR MR MEYERS' RESIGNATION

MR WILSON 52 YEARS OLD HAS BEEN THIOKOL'S CHIEF FINANCIAL OFFICER SINCE
JULY 1989 AND AN EXECUTIVE VICE PRESIDENT SINCE DECEMBER 1992 HE WILL
CONTINUE TO ACT AS THE COMPANY'S TOP FINANCIAL EXECUTIVE UNTIL A SUCCESSOR
IS NAMED

SINCE 1989 THIOKOL'S ANNUAL SALES HAVE HOVERED AROUND 1 BILLION PROFIT
LAST YEAR WAS ABOUT 63 MILLION OR 312 A SHARE AND SIMILAR RESULTS ARE
EXPECTED FOR 1993

FACED WITH A DWINDLING DEFENSE MARKET THIOKOL HAS SOUGHT IN RECENT YEARS TO
DIVERSIFY INTO CIVILIAN INDUSTRIES

THIOKOL MANUFACTURES THE SOLIDFUEL BOOSTER ROCKET USED ON THE SPACE
SHUTTLE TACTICAL AND STRATEGIC PROPULSION SYSTEMS ORDNANCE AND COMPOSITE
PRODUCTS FOR SPACE AND DEFENSE INDUSTRIES AND PROPRIETARY FASTENING SYSTEMS
9310080032 931008 BUSINESS BRIEF SPECTRANETICS CORP MERGER
AGREEMENT REACHED WITH CALIFORNIA COMPANY

SPECTRANETICS CORP COLORADO SPRINGS COLO SAID IT AGREED TO MERGE WITH
ADVANCED INTERVENTIONAL SYSTEMS INC IN RETURN FOR SPECTRANETICS STOCK
VALUED AT ABOUT 278 MILLION

THE MAKER OF MEDICAL PRODUCTS SAID IT WOULD ISSUE 087 SHARE OF
SPECTRANETICS STOCK FOR EACH OF THE APPROXIMATELY 101 MILLION SHARES
OUTSTANDING OF ADVANCED INTERVENTIONAL AN IRVINE CALIF MEDICAL PRODUCTS
CONCERN ADVANCED INTERVENTIONAL SHAREHOLDERS WILL WIND UP WITH 47 OF THE
SHARES OF THE COMBINED COMPANY

COMPLETION OF THE MERGER IS SUBJECT TO REGULATORY AND SHAREHOLDER APPROVALS

IN OVERTHECOUNTER TRADING ADVANCED INTERVENTIONAL JUMPED 106 TO 319
WHILE SPECTRANETICS INCREASED 625 CENTS TO 4 9310080031 931008 LETTERS
TO THE EDITOR HOW GM PRODUCED FIRST FREIGHT DIESEL

HERE IS HISTORICAL PERSPECTIVE FOR THE GMGE LOCOMOTIVE RIVALRY DESCRIBED
IN YOUR SEPT 3 PAGE ONE ARTICLE IN 1942 THE WAR PRODUCTION BOARD GAVE THE
ELECTRO MOTIVE DIVISION OF GM THE EXCLUSIVE GO AHEAD TO PRODUCE THE
THENREVOLUTIONARY DIESEL ELECTRIC ROAD ENGINE ALL OTHER MANUFACTURERS WERE
LIMITED TO DIESEL SWITCHERS AND STEAM ENGINES WHEN THE WAR ENDED GM WAS
MASS PRODUCING THE FT MODEL THE FIRST SUCCESSFUL FREIGHT DIESEL GE AND ITS
THENPARTNER ALCO PRODUCTS PLAYED CATCHUP FOR 25 YEARS UNTIL ALCO GAVE UP

IN 1960 GE PRODUCED ITS FIRST PRODUCTION MODEL FREIGHT ENGINE THE U25
WHICH WAS SOLD SUCCESSFULLY TO MANY ROADS INCREASED HORSEPOWER DEMANDS LED
TO SUCCESSIVE U MODELS AND THEN C MODELS THE BURLINGTON NORTHERN HAS
RECENTLY RETIRED U30CS WITH MORE THAN THREE MILLION MILES ON THEM MOST OF
THEM SPENT LUGGING HEAVY COAL TRAINS OVER A 20YEAR SPAN NOW SOME OF THESE
SAME UNITS WORK FOR SMALLER ROADS AND THEIR NEW OWNERS ARE HAPPY TO HAVE
THEM THE CURRENT GE DASH 8 MODELS ARE THE GOINGAWAY FAVORITES OF
ENGINEERS THEY PULL HARD AND RIDE GOOD ACCORDING TO THESE MEN
9310080030 931008 BUSINESS BRIEF SAUDI INVESTMENT BANK PROFIT IN
FIRST NINE MONTHS ROSE 13 TO 124 MILLION

SAUDI INVESTMENT BANK SAID ITS NET INCOME ROSE 13 IN THE FIRST NINE MONTHS
OF 1993 TO 464 MILLION SAUDI RIYALS 124 MILLION FROM 412 MILLION
RIYALS IN THE YEAREARLIER PERIOD

BUT A QUARTERLY BREAKDOWN SHOWED NET INCOME DOWN 13 IN THE THIRD QUARTER
FROM THE SECOND QUARTER AND DOWN 16 FROM 171 MILLION RIYALS IN THE THIRD
QUARTER OF 1992

GENERAL MANAGER JACK KNIPPENBERG PREDICTED THAT PROFIT FOR 1993 AS A WHOLE
WOULD INCREASE TO AROUND 60 MILLION RIYALS FOLLOWED IN 1994 BY PROFIT OF
AROUND 80 MILLION RIYALS

SAUDI INVESTMENT BANK POSTED 1992 EARNINGS OF 407 MILLION RIYALS

MR KNIPPENBERG SAID THE STRONG RISE IN PROFITS IS LARGELY THE RESULT OF
GROWTH IN FEE INCOME ACROSS THE BOARD SAUDI INVESTMENT BANK ALSO SAID IT
PLANS TO FOCUS MORE STRONGLY ON PRIVATE BANKING 9310080029 931008
BUSINESS BRIEF BRINKER INTERNATIONAL INC RIGHTS ARE GRANTED TO OPEN 
CHILI'S RESTAURANTS ABROAD

BRINKER INTERNATIONAL INC SAID IT SIGNED AGREEMENTS WITH THREE
INTERNATIONAL COMPANIES GRANTING EXCLUSIVE RIGHTS TO DEVELOP AND OPERATE
CHILI'S GRILL & BAR RESTAURANTS IN FRANCE MONACO THE MIDDLE EAST AND
PUERTO RICO

WE SEE A GOOD OPPORTUNITY TO GET FOOTHOLDS IN MANY COUNTRIES NOW AHEAD OF
OUR COMPETITION SAID ROGER THOMSON SENIOR VICE PRESIDENT AND GENERAL
COUNSEL OF THE DALLASBASED RESTAURANT CONCERN

AFRAN SAHL A RESTAURANT HOLDING COMPANY BASED IN FRANCE PLANS 10 OF THE
CASUAL SITDOWN RESTAURANTS IN FRANCE AND MONACO IN THE NEXT SEVEN YEARS
AMER INTERNATIONAL CAIRO EGYPT PLANS UP TO 25 RESTAURANTS IN THE MIDDLE
EAST OVER EIGHT YEARS INTERNATIONAL RESTAURANT SERVICES INC OF SAN JUAN
PUERTO RICO PLANS FIVE RESTAURANTS OVER FIVE YEARS 9310080028 931008
BUSINESS BRIEF AMPOLEX LTD OIL CONSORTIUM TO DEVELOP BLOC OF FIELDS
IN VENEZUELA

AMPOLEX LTD AN AUSTRALIAN OIL CONCERN SAID A CONSORTIUM IT IS INVOLVED IN
HAS BEEN AWARDED THE QUIAMARELA CEIBA BLOC OF OIL FIELDS IN THE EASTERN
VENEZUELAN BASIN

THE AWARD WAS MADE BY CORPOVEN SA AN AFFILIATE OF PETROLEOS DE VENEZUELA
SA VENEZUELA'S NATIONAL OIL COMPANY

THE CONSORTIUM WHICH INCLUDES ARGENTINE COMPANIES ASTRA CIA ARGENTINA DE
PETROLEO SA AND TECPETROL SA AND CHILEAN NATIONAL OIL COMPANY SIPETROL SA
 PLANS TO INCREASE PRODUCTION AT THE FIELDS AND EXPLORE FOR MORE OIL

AMPOLEX DIDN'T DISCLOSE HOW MUCH MONEY IT EXPECTS FROM THE PROJECT BUT ANDY
RIGG AMPOLEX'S ACTING CHIEF EXECUTIVE OFFICER SAID THAT AS WELL AS
RECEIVING AN ATTRACTIVE FEE FOR EACH BARREL OF OIL PRODUCED THE PARTNERS
WILL ALSO BE REIMBURSED FOR CAPITAL SPENT EXPLORING FOR NEW OIL SITES THE
VENEZUELAN GOVERNMENT RETAINS OWNERSHIP OF THE OIL

THE QUIAMARELA CEIBA BLOC COVERS 1660 SQUARE KILOMETERS AND CURRENTLY
PRODUCES 1300 BARRELS OF OIL A DAY 9310080027 931008 BUSINESS BRIEF 
MARGARETTEN FINANCIAL CORP LOAN APPLICATION ACTIVITY ADVANCED 51 IN
SEPTEMBER

MARGARETTEN FINANCIAL CORP PERTH AMBOY NJ REPORTED A 51 INCREASE IN
LOAN APPLICATION ACTIVITY IN SEPTEMBER LED MAINLY BY AN INCREASE IN RETAIL
APPLICATIONS AT THE MORTGAGE BANKING COMPANY

LOAN APPLICATIONS WERE 164 BILLION COMPARED WITH 109 BILLION A YEAR
EARLIER OF THE 1993 APPLICATIONS ABOUT 11 BILLION WERE RETAIL AND 561
MILLION WERE WHOLESALE REFINANCES MADE UP 56 OF THE RETAIL APPLICATIONS
UP FROM 49 A YEAR AGO THE COMPANY SAID

SEPARATELY SINGAPORE SAID IN A SECURITIES AND EXCHANGE COMMISSION FILING
THAT IT HOLDS A 67 STAKE IN MARGARETTEN THE FILING SAID THE GOVERNMENT
ACQUIRED ABOUT ONE MILLION COMMON SHARES AS AN INVESTMENT FOR ABOUT 169
MILLION

A MARGARETTEN OFFICIAL SAID THE PURCHASE MEANS WE HAVE GOOD LONGTERM
INVESTORS NOTING THAT SINGAPORE IS A FAIRLY ACTIVE INVESTOR IN THE US
9310080025 931008 BUSINESS BRIEF BANK OF BOSTON CORP FEDERAL
RESERVE RESTRICTIONS IMPOSED IN '91 ARE REMOVED

BANK OF BOSTON CORP SAID THE FEDERAL RESERVE BANK OF BOSTON LIFTED
RESTRICTIONS IMPOSED TWO YEARS AGO REFLECTING THE IMPROVING RESULTS AT NEW
ENGLAND'S SECONDLARGEST BANKING COMPANY

THE RESTRICTIONS IN A MEMORANDUM OF UNDERSTANDING DISCLOSED IN SEPTEMBER
1991 REQUIRED AMONG OTHER THINGS REGULATORY APPROVAL TO PAY STOCK DIVIDENDS
AND CARRY OUT CERTAIN INTRACOMPANY TRANSACTIONS

IRA STEPANIAN CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF THE 375
BILLIONASSET BANK SAID THE LIFTING OF THE FEDERAL RESERVE RESTRICTIONS
CLOSES A DIFFICULT CHAPTER IN OUR HISTORY

A SIMILAR AGREEMENT FOR SOME OF THE BOSTON COMPANY'S UNITS IMPOSED BY THE
OFFICE OF THE COMPTROLLER OF THE CURRENCY WAS LIFTED IN FEBRUARY
9310080024 931008 BUSINESS BRIEF INTERNATIONAL JENSEN INC EARNINGS
IN AUGUST QUARTER DECLINED BY AS MUCH AS 50

INTERNATIONAL JENSEN INC LINCOLNSHIRE ILL EXPECTS TO REPORT THAT NET
INCOME FOR ITS FISCAL SECOND QUARTER ENDED AUG 31 MAY HAVE DECLINED AS
MUCH AS 50 TO BETWEEN 800000 AND 1 MILLION OR BETWEEN 14 AND 17 CENTS A
SHARE COMPARED WITH 16 MILLION OR 28 CENTS A SHARE A YEAR EARLIER

IN AN INTERVIEW ROBERT G SHAW CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE
OFFICER AND DONALD COWIE CHIEF FINANCIAL OFFICER ATTRIBUTED THE EARNINGS
SLUMP TO SEVERAL FACTORS INCLUDING AN ABOUT 600000 INCREASE IN INTEREST
EXPENSE A HIGHER TAX RATE AND THE CONSOLIDATION OF ITS EUROPEAN OPERATIONS

SALES ROSE AS MUCH AS 28 TO BETWEEN 52 MILLION AND 55 MILLION MAINLY
BECAUSE OF THE CONSOLIDATION OF A NEW GERMAN SUBSIDIARY AND EUROPEAN JOINT
VENTURES

JENSEN MAKES SPEAKERS AND OTHER AUDIO PRODUCTS FOR NEW AUTOMOBILES THE
AUTOMOTIVE AFTERMARKET AND FOR HOME LISTENING 9310080023 931008 WHAT'S
NEWS  WORLDWIDE

CLINTON SET A MILITARY BUILDUP FOR SOMALIA AND A MARCH 31 PULLOUT DATE

IN A NATIONALLY TELEVISED ADDRESS THE PRESIDENT ARGUED THAT AN ABRUPT
RETREAT WOULD BE HARMFUL TO SOMALIS AND TO THE REPUTATION OF THE US LET
US FINISH THE WORK WE SET OUT TO DO HE DECLARED CLINTON SAID HE HAS SENT
1700 ADDITIONAL TROOPS TO SOMALIA BRINGING THE TOTAL ON THE GROUND TO
7100 THESE ARE TO BE SUPPORTED BY 3600 COMBAT MARINES STATIONED OFFSHORE
HE ALSO SAID HE PLANNED TO BRING ALL OF THE SOLDIERS HOME BY THE END OF
MARCH IN CONGRESS THE DECISION TO REMAIN IN SOMALIA FOR AS LONG AS SIX
MORE MONTHS MET WITH IMMEDIATE OPPOSITION

DEFENSE CHIEF ASPIN ACCEPTED RESPONSIBILITY FOR REFUSING A REQUEST LAST
MONTH TO SEND TANKS AND ARMORED REINFORCEMENTS TO PROTECT US FORCES IN
SOMALIA

PRESIDENT YELTSIN SUSPENDED RUSSIA'S HIGHEST COURT IN A CONTINUING CLAMPDOWN
ON OPPOSITION STRONGHOLDS BUT ON A NATIONAL DAY OF MOURNING FOR THOSE WHO
DIED IN THIS WEEK'S VIOLENCE HE ALSO APPEALED FOR HEALING THE 13JUDGE
CONSTITUTIONAL COURT HAD SIDED WITH YELTSIN'S RIVALS IN THE CRISIS THAT
ENDED WHEN TROOPS STORMED PARLIAMENT

THE UN GENERAL ASSEMBLY WILL ADOPT A RESOLUTION TODAY IMMEDIATELY ENDING
MOST OF ITS NONMANDATORY ECONOMIC SANCTIONS AGAINST SOUTH AFRICA UN
OFFICIALS SAID AN OIL EMBARGO WILL BE LIFTED WHEN SOUTH AFRICA'S
TRANSITIONAL EXECUTIVE COUNCIL A KEY BODY IN THE NATION'S MOVE TOWARD
DEMOCRACY BECOMES OPERATIONAL

BLACK AND WHITE CONSERVATIVES BROKE OFF TALKS WITH THE DE KLERK GOVERNMENT
ON SOUTH AFRICA'S TRANSITION TO DEMOCRACY AND SAID THEY WOULD FORM A NEW
ALLIANCE TO FIGHT FOR THEIR OWN OBJECTIVES

THE DEFENSE DEPARTMENT ORDERED PENTAGON OFFICIALS TO HALT THE DISCHARGE OF
HOMOSEXUALS PENDING APPEAL OF A JUDGE'S ORDER THE ASSOCIATED PRESS
REPORTED ASSISTANT DEFENSE SECRETARY EDWIN DORN SAID IN A MEMO THAT NO
ACTION WOULD BE TAKEN BASED ON A SERVICE MEMBER'S HOMOSEXUALITY OR
DECLARATION OF HOMOSEXUALITY

MILITARYLINKED RIGHTISTS SHUT DOWN HAITI'S CAPITAL WITH A GENERAL STRIKE
AND DEMANDED THE EXPULSION OF A UN OFFICIAL TRYING TO HELP RESTORE
DEMOCRACY THE STRIKE IN PORTAUPRINCE WAS INTENDED AS A DIRECT CHALLENGE
TO US TROOPS AND CANADIAN POLICE TRAINERS WHO ARRIVED WEDNESDAY

BOSNIA'S MUSLIM PRESIDENT ADDRESSED THE UN GENERAL ASSEMBLY SAYING THAT
HIS COUNTRY WAS BEING SUBJECTED TO AN EXPERIMENT IN POLITICAL VIVISECTION
AND THAT ACCEPTANCE OF THE LATEST PEACE PLAN DE PENDED ON A NUMBER OF
CHANGES

A GENETIC MARKER WAS FOUND THAT COULD HELP IDENTIFY WHICH OF THE 800000
US WORKERS EXPOSED TO BERYLLIUM RUN THE HIGHEST RISK OF DEVELOPING A
CHRONIC LUNG DISEASE LINKED TO THE METAL SCIENTISTS SAID INDUSTRIES THAT
USE BERYLLIUM RANGE FROM ELECTRONICS AND AEROSPACE TO NUCLEAR ARMS AND
HIGHTECH CERAMICS

BENAZIR BHUTTO'S PARTY CLAIMED VICTORY IN PAKISTAN'S ELECTIONS WEDNESDAY
BUT THE FORMER PRIME MINISTER FAILED TO GAIN A LEGISLATIVE MAJORITY AND WILL
NEED THE HELP OF SMALLER PARTIES TO FORGE A COALITION HER PAKISTAN PEOPLE'S
PARTY CAPTURED 86 OF THE 217 SEATS IN THE NATIONAL ASSEMBLY ARCHRI VAL
NAWAZ SHARIF'S PARTY WON 72 SEATS

THE CLINTON ADMINISTRATION STRUCK A DEAL WITH 12 ENVIRONMENTAL GROUPS MEANT
TO ALLOW LOGGING IN SPOTTEDOWL TERRITORY IN THE PACIFIC NORTHWEST THE PACT
SEEKS TO PERMIT SOME TIMBER TO BE LOGGED IN FEDERAL FORESTS WHERE CUTTING IS
CURRENTLY BANNED UNDER COURT INJUNCTIONS

IRELAND GAVE ITS BACKING TO A PEACE EFFORT IN NORTHERN IRELAND CALLING IT A
POSSIBLE FIRST STEP TOWARD A JUST AND LASTING SOLUTION TO 25 YEARS OF
GUERRILLA VIOLENCE IRISH OFFICIALS MET IN DUBLIN WITH JOHN HUME WHO HEADS
A POLITICAL PARTY IN NORTHERN IRELAND TO DISCUSS HIS FIVEMONTH MISSION TO
PERSUADE THE IRISH REPUBLICAN ARMY TO CEASE FIGHTING

TONI MORRISON WAS AWARDED THE NOBEL PRIZE IN LITERATURE THE NOVELIST AND
ESSAYIST THE FIRST BLACK AMERICAN TO WIN THE PRIZE WAS HONORED BY THE
SWEDISH ACADEMY FOR HER POETICALLY CHARGED AND RICHLY EXPRESSIVE DEPICTIONS
OF BLACK AMERICA A PROFESSOR AT PRINCETON MORRISON WON THE PULITZER PRIZE
IN 1988 FOR HER NOVEL BELOVED

DIED AGNES DE MILLE 88 DANCER AND CHOREOGRAPHER KNOWN FOR MUSICALS SUCH
AS OKLAHOMA AND BRIGADOON AND FOR COPLAND'S RODEO IN NEW YORK
9310080022 931008 TECHNOLOGY & HEALTH HEALTHCARE PLAN IS ASSAILED BY
CEOS OF BIG COMPANIES  BY HILARY STOUT AND RICK WARTZMAN STAFF
REPORTERS OF THE WALL STREET JOURNAL

WILLIAMSBURG VA A PANEL OF CHIEF EXECUTIVES OF SOME OF THE NATION'S
LARGEST CORPORATIONS LASHED OUT AT PRESIDENT CLINTON'S HEALTHCARE PLAN
CONTENDING THAT THE PROPOSAL IS UNDERFUNDED AND OVERLADEN WITH GOVERNMENT
REGULATION

BUT THE PRESIDENT'S ALLIES CLEARLY SENSITIVE TO THE NEED TO DEMONSTRATE
BUSINESSCOMMUNITY BACKING FOR THE HEALTHCARE PLAN HAVE BEGUN COMPILING A
LIST OF SENIOR EXECUTIVES AND TRADEASSOCIATION LEADERS WHO SUPPORT THE
PROPOSAL

AT A NEWS CONFERENCE ON ECONOMIC CONDITIONS HERE LEADERS OF THE BUSINESS
COUNCIL A GROUP OF CEOS FROM THE BIGGEST US CORPORATIONS WARNED THAT MR
CLINTON'S STRATEGY FOR GUARANTEEING HEALTH INSURANCE TO ALL AMERICANS AND
CONTROLLING COSTS COULD MAKE THE US HEALTH SYSTEM WORSE

I THINK THERE'S A REAL RISK HERE OF WORSENING HEALTH CARE AND MAKING IT
MORE EXPENSIVE RATHER THAN IMPROVING HEALTH CARE AND REDUCING THE COST
SAID JOHN SNOW CHAIRMAN AND CHIEF EXECUTIVE OF CSX CORP

I AGREE WITH THE GOALS BUT AFTER THAT I HAVE A LITTLE TROUBLE WITH THE
REST OF THE HEALTHCARE PROPOSAL SAID WAYNE CALLOWAY CHIEF EXECUTIVE OF
PEPSICO INC IN PARTICULAR HE ATTACKED THE PROPOSAL TO ESTABLISH LARGE
REGIONAL INSURANCEBUYING POOLS SAYING I BELIEVE THEY WILL CAUSE US TO
LOSE THE ABILITY TO CONTROL OUR COSTS AND OVER THE LONG TERM THAT WILL HAVE
A NEGATIVE IMPACT ON HEALTHCARE COSTS

MOST OF THE EXECUTIVES SNEERED AT THE ADMINISTRATION'S CLAIMS THAT IT CAN
WRING HUNDREDS OF BILLIONS OF DOLLARS OF WASTE FROM THE CURRENT HEALTH
SYSTEM TO THINK YOU ARE GOING TO SAVE 200 BILLION BY HAVING BUREAUCRACY
WEED IT OUT IS ABSOLUTELY FOOLHARDY SAID JOHN WELCH CHAIRMAN AND CEO OF
GENERAL ELECTRIC CO

BUT MR WELCH SAID THE INCREASE IN GENERAL ELECTRIC'S EMPLOYEE HEALTHCARE
COSTS HAS SKIDDED TO BETWEEN 1 AND 2 IN 1993 FROM BETWEEN 8 AND 12 IN
RECENT YEARS ALL THE JAWBONING ABOUT HEALTHCARE PRICES HAS CLEARLY LED TO
LOWER PRICES HE SAID

AND SOME EXECUTIVES CAUTIONED AGAINST LETTING CRITICISM OF THE CLINTON PLAN
STIFLE EFFORTS TO CHANGE THE HEALTH SYSTEM GENERALLY I APPLAUD THE
PRESIDENT FOR FOCUSING THE NATION ON THE ISSUE SAID WALTER SHIPLEY
PRESIDENT OF CHEMICAL BANKING CORP

MEANWHILE THE DEMOCRATIC NATIONAL COMMITTEE SAID 64 BUSINESS LEADERS HAVE
WRITTEN TO THE WHITE HOUSE TO EXPRESS SUPPORT FOR THE PRESIDENT'S PROPOSAL
THEY INCLUDE ARCHERDANIELSMIDLAND CO CHAIRMAN DWAYNE ANDREAS XEROX CORP
CHAIRMAN PAUL ALLAIRE INTERNATIONAL BUSINESS MACHINES CORP CHAIRMAN LOUIS
GERSTNER ENRON CORP CHAIRMAN KENNETH LAY AND EARL GRAVES THE PUBLISHER OF
BLACK ENTERPRISE MAGAZINE

MANY OF THE EXECUTIVES ON THE LIST ARE FROM MATURE INDUSTRIES SUCH AS
AUTOMOBILES AND STEEL OR DRUG STORES THE FIRST GROUP FAVORS THE CLINTON
PLAN PARTLY BECAUSE IT WOULD TEND TO REDUCE HEALTHCARE COSTS FOR THOSE WITH
RELATIVELY OLD AND SICKLY WORK FORCES AND BECAUSE IT WOULD PICK UP MOST OF
THE TAB FOR EARLY RETIREES' MEDICAL CARE THE DRUGSTORE INDUSTRY HAS PRAISED
THE PLAN FOR PROPOSING THAT PHARMACY SERVICES BE INCLUDED IN THE STANDARD
BENEFITS PACKAGE AND THAT PRESCRIPTION DRUG COVERAGE BE EXTENDED TO MEDICARE
RECIPIENTS

AMONG THOSE ON THE COMMITTEE'S LIST WHO FALL INTO THESE TWO CATEGORIES ARE
CHRYSLER CORP CHAIRMAN ROBERT EATON FORD MOTOR CO CHAIRMAN HAROLD POLING
GENERAL MOTORS CORP PRESIDENT JOHN SMITH BETHLEHEM STEEL CORP CHAIRMAN
CURTIS BARNETTE AND USX CORP CHAIRMAN CHARLES CORY THE HEADS OF REVCO DS
INC AND RITEAID CORP ARE ALSO ON THE LIST 9310080021 931008 BUSINESS
BRIEF FRANKLIN ELECTRONIC PUBLISHERS INC SPECIALPURPOSE CARDS SET 
FOR DIGITALBOOK SYSTEM

FRANKLIN ELECTRONIC PUBLISHERS INC SAID IT HAS BEGUN DEVELOPING
SPECIALPURPOSE MEMORY CARDS FOR ITS DIGITALBOOK SYSTEM WITH CONTROLS
MAKER ALLENBRADLEY CO A MAJOR NEW CUSTOMER

FRANKLIN SAID IT WILL SELL TO ALLENBRADLEY A UNIT OF ROCKWELL
INTERNATIONAL CORP ABOUT 1000 OF ITS DIGITALBOOK DEVICES WHICH WILL
INCLUDE A MEMORY CONTAINING MORE THAN 1000 PAGES OF CATALOG AND
PRODUCTRESOURCE INFORMATION

FRANKLIN OFFICIALS SAID THEY HOPE TO DUPLICATE THE ALLENBRADLEY TYPE OF
PRODUCT FOR OTHER BUSINESSES THAT CAN USE PORTABLE DATA DEVICES SUCH AS
TELECOMMUNICATIONS INSURANCE REAL ESTATE AND DIRECTORYPUBLISHING
COMPANIES THE NEW DIGITAL BOOK SELLS FOR 129 ALTHOUGH OFFICIALS SAID THEY
EXPECT THE RETAIL PRICE TO DROP NEXT YEAR 9310080020 931008 BUSINESS
BRIEF DONNKENNY INC HIGHER RESULTS TO BE POSTED FOR THE FISCAL
THIRD QUARTER

APPAREL MAKER DONNKENNY INC WHICH WENT PUBLIC IN JULY SAID IT IS SHOWING
STRONG RESULTS IN BOTH BASIC SPORTSWEAR AND BRANDED PRODUCTS

IN AN INTERVIEW RICHARD RUBIN CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE
OFFICER OF DONNKENNY SAID HE BELIEVES THE NEW YORKBASED COMPANY'S RECENT
GAINS IN SALES AND NET INCOME WILL CONTINUE

FOR THE THIRD QUARTER ENDED SEPT 4 MR RUBIN SAID THE COMPANY EXPECTS TO
REPORT NET INCOME OF 25 MILLION TO 26 MILLION OR 42 CENTS TO 44 CENTS A
SHARE ON SALES OF ABOUT 405 MILLION TO 415 MILLION THAT NET WOULD BE
SLIGHTLY HIGHER THAN ANALYSTS' EXPECTATIONS THE COMPANY EXPECTS TO REPORT
EARNINGS THURSDAY

IN THE YEAREARLIER QUARTER WHEN DONNKENNY WAS PRIVATELY HELD NET WAS 13
MILLION ON SALES OF 339 MILLION REFLECTING HIGH INTEREST PAYMENTS THAT
STEMMED FROM A 1989 LEVERAGED BUYOUT 9310080019 931008 HEARD ON THE
STREET EXPECTED STOCK SPLIT BY MERRILL PORTENDS BROKERAGESECTOR PEAK 
 BY MICHAEL SICONOLFI AND ALEXANDRA PEERS STAFF REPORTERS OF THE
WALL STREET JOURNAL

WHAT DO YOU CALL IT WHEN A GIANT SECURITIES FIRM'S SHARES VAULT ABOVE 100
APIECE AND WALL STREET SEES A STOCK SPLIT COMING ANY DAY

A PEAK IN BROKERAGE STOCKS SOME MONEY MANAGERS SAY

MERRILL LYNCH IS SET TO ANNOUNCE A 2FOR1 STOCK SPLIT ITS FIRST SPLIT IN
10 YEARS WALL STREET EXECUTIVES SAY STOCK SPLITS AT SEASONED COMPANIES ARE
SOMETIMES TAKEN AS A SIGN OF MARKET FROTH AND INVESTORS ARE GETTING QUEASY
ABOUT BROKERAGE STOCKS THE GROUP FELL 16 YESTERDAY

IF YOU BOUGHT SHARES OF ALMOST ANY BROKER EARLIER THIS YEAR YOU HIT PAY
DIRT MORGAN STANLEY HAS SOARED 55 BEAR STEARNS 41 CHARLES SCHWAB 38
AND PAINEWEBBER 32 AND A STREAM OF STRONG THIRDQUARTER EARNINGS WILL BE
RELEASED DURING THE NEXT FEW WEEKS AS BROKERAGE FIRMS CONTINUE TO DO RECORD
AMOUNTS OF TRADING AND UNDERWRITING BUSINESS

BUT SOME MONEY MANAGERS SAY THE GRAVY TRAIN IN BROKERAGE SHARES IS GRINDING
TO A HALT SOME ARE BAILING OUT SAYING THE SHARES ARE OVERPRICED FOR THE
MOMENT EVEN THOUGH THE BROKERAGE INDUSTRY HAS A BRIGHT LONGTERM OUTLOOK

YESTERDAY THE SECURITIESBROKER SEGMENT OF THE DOW JONES EQUITY MARKET
INDEX FELL 16 THE BROKER GROUP STILL IS UP 47 FOR THE YEAR OUTPACING
THE 6 GAIN IN THE BROADER MARKET

NFJ INVESTMENT GROUP INC A DALLAS MONEY MANAGER HAS SHED SOME SHARES OF
BEAR STEARNS AND PAINEWEBBER DURING THE PAST FEW WEEKS AND PLANS TO SELL
MORE SOON IN BOTH STOCKS NFJ HAS LIGHTENED ITS HOLDINGS TO ABOUT 175000
SHARES FROM MORE THAN 200000 WE'RE REALLY CLOSE TO AN OUTRIGHT SALE ON
BEAR STEARNS SAYS CHRIS NAJORK PORTFOLIO MANAGER

IN RECENT WEEKS BRANDYWINE ASSET MANAGEMENT HAS TRIMMED A 750000SHARE
POSITION IN DEAN WITTER DISCOVER TO 600000 SHARES AND PLANS TO SELL SOME
MORE BRANDYWINE IS PLOWING THE MONEY INTO DRUG STOCKS INSTEAD THE
PHARMACEUTICAL INDUSTRY IS THE OPPOSITE OF THE BROKERAGE INDUSTRY RIGHT NOW
SAYS W ANTHONY HITSCHLER BRANDYWINE PRESIDENT THERE'S FEAR BUILT INTO
DRUGSTOCK PRICES HE SAYS

THE BROKERAGE INDUSTRY HAS BEEN AMONG THE TOP 10 INDUSTRIES IN INSIDER
SELLING SALES BY TOP EXECUTIVES AND DIRECTORS OF THEIR OWN COMPANY'S
STOCK FOR THE PAST 10 CONSECUTIVE MONTHS SAYS ROBERT GABELE PRESIDENT
OF CDA/INVESTNET INC THE SELLING HAS SNOWBALLED AS SHARE PRICES IN THE
SECTOR HAVE BALLOONED

SINCE JUNE INSIDER SELLING HAS PICKED UP AT MORGAN STANLEY MERRILL BEAR
STEARNS PAINEWEBBER SCHWAB AND ALEX BROWN SOME OF THOSE INSIDERS ARE
SELLING AT OR NEAR RECENT HIGHS FOR THEIR STOCKS IF THERE WERE SOLID
ECONOMIC FUNDAMENTAL REASONS FOR BROKERS' STOCK PRICES TO BE GOING UP THAT
SELLING WOULD HAVE DRIED UP MR GABELE SAYS

THAT'S POPPYCOCK TO SOME ANALYSTS THEY ARGUE THAT THE GROWING CONCERN OVER
BROKERAGESHARE VALUATIONS IS A CONTRARY INDICATOR TO BUY BROKERAGE STOCKS

DISBELIEF SUGGESTS FURTHER BULLISH LEADERSHIP FOR MERRILL AND THE BROKERAGE
SECTOR SAYS H PRICE HEADLEY III RESEARCH DIRECTOR AT OPTION MONEY FLOW
A STOCKRESEARCH FIRM IN CINCINNATI THAT TRACKS OPTION ACTIVITY

AND THE SECURITIES INDUSTRY IS ENJOYING ITS BEST YEAR EVER WITH RECORD
PROFITS AT MERRILL MORGAN STANLEY DEAN WITTER AND OTHERS ROCKBOTTOM
INTEREST RATES ARE FUELING BIG GAINS IN STOCK AND BOND TRADING AND
UNDERWRITING INVESTORS SEEKING JUICIER RETURNS THAN THOSE ON BANK
CERTIFICATES OF DEPOSIT ARE FLOCKING TO BROKERS TO TRADE STOCKS AND BONDS
SO WHAT'S NOT TO LIKE ABOUT WALL STREET FIRMS

PARK AVENUE VALUATIONS FOR ONE PRICES OF MERRILL DEAN WITTER MORGAN
STANLEY AND BEAR STEARNS ARE ALL AT HISTORICAL HIGHS OF TWO OR MORE TIMES
BOOK VALUE OR ASSETS MINUS LIABILITIES SCHWAB TRADES AT AN EYEPOPPING
SEVEN TIMES BOOK VALUE OWNING SOMETHING AT TWICE BOOK IN A VOLATILE
INDUSTRY DEPENDING ON A CONTINUED GOOD ENVIRONMENT IS TAKING ON A FAIR
AMOUNT OF RISK SAYS LAWRENCE SONDIKE VICE PRESIDENT AT THE 6 BILLION
MUTUAL SERIES FUNDS

MUTUAL SERIES REMAINS A SIZABLE HOLDER OF SALOMON WHICH TRADES AT ABOUT 14
TIMES BOOK SALOMON A BIG BONDTRADING HOUSE IS A BIT LESS SUSCEPTIBLE
THAN OTHER FIRMS TO A STOCKMARKET SWOON BUT MUTUAL SERIES HAS SOLD ITS
MERRILL AND PAINEWEBBER SHARES WHICH HAD BEEN BOUGHT AT DISCOUNTS TO BOOK
MOST BROKERAGE SHARES HAD BEEN ASSET PLAYS MR SONDIKE SAYS NOW
THEY'RE EARNINGS PLAYS

MEANWHILE SOME MONEY MANAGERS ARGUE THAT THE KICK FROM LOW INTEREST RATES
HAS LOST ITS POWER THEY SAY CURRENT BROKERAGESHARE PRICES ALREADY REFLECT
EXPECTATIONS THAT BILLIONS OF DOLLARS FROM CDS MATURING THIS MONTH WILL BE
ROLLED OVER INTO STOCKS AND BONDS THE RISK IN THESE STOCKS IS GREATER THAN
THE REWARD SAYS BRANDYWINE'S MR HITSCHLER THEY'LL CORRECT MUCH MORE
THAN THE GENERAL MARKET IN A DOWNTURN HE SAYS

THERE'S NO GUARANTEE THE CD CROWD WILL CONTINUE TO SHIFT TO BROKERAGE FIRMS
IF YOU'RE STILL IN CDS NOW YOU'RE WILLING TO STAY IN LOW YIELDS SAYS
MICHAEL MURPHY EDITOR OF THE OVERPRICED STOCK SERVICE NEWSLETTER AND THE
UNDERWRITING SPIGOT COULD BE SHUT OFF IN ONE DAY IF THE MARKET PLUNGES MR
MURPHY CONCEDES THAT HE WAS GENERALLY BEARISH ON THE BROKERAGE INDUSTRY TOO
EARLY SINCE THE FALL OF 1992 BUT HAS BEEN AGGRESSIVELY SHORTING
MERRILL SHARES IN HIS OWN FIRM'S HEDGE FUNDS SINCE LATE LAST MONTH

THEN THERE'S THAT MERRILL STOCK SPLIT THE LAST TIME MERRILL SPLIT ITS
SHARES WAS IN JUNE 1983 AFTER THE STOCK SOARED TO A HIGH OF 110 THAT'S 55
POSTSPLIT AND TRADED AT MORE THAN 2 1/2 TIMES BOOK IN A SPLIT A COMPANY
GIVES INVESTORS MORE SHARES BUT LOWERS THE PRICE OF EACH SHARE A 2FOR1
SPLIT HALVES THE STOCK PRICE BUT GIVES HOLDERS TWICE AS MANY SHARES
COMPANIES TYPICALLY SET STOCK SPLITS WHEN THEIR LOFTY PRICE LEVELS
DISCOURAGE NEW INVESTORS A SPLIT OFTEN GIVES A QUICK BOOST TO PRICES AND
TRADING BUT ANALYSTS SAY SPLITS OF BIG COMPANIES OFTEN SUGGEST THAT THEIR
SHARES OR SECTOR HAS TOPPED OUT

SAYS NFJ'S MR NAJORK WITH LARGER MORE SEASONED COMPANIES STOCK SPLITS
COULD BE ONE SIGN THAT THINGS ARE GETTING HIGH 9310080018 931008
BUSINESS BRIEF AMERICAN PRESIDENT COS THIRDPERIOD NET ROSE 85 
GIVING GOOD PUSH TO STOCK

AMERICAN PRESIDENT COS SAID THIRDQUARTER NET INCOME ROSE 85 EXCEEDING
ANALYSTS' EXPECTATIONS AND CAUSING ITS STOCK TO RISE 95

THE OAKLAND CALIF COMPANY WHICH PROVIDES CONTAINERSHIPPING SERVICES
SAID NET ROSE TO 255 MILLION OR 160 A SHARE ON A FULLY DILUTED BASIS
FROM 235 MILLION OR 142 A SHARE IN THE YEAREARLIER PERIOD SALES ROSE
49 TO 6218 MILLION FROM 5927 MILLION ANALYSTS HAD EXPECTED EARNINGS
OF 140 TO 150 A SHARE THE COMPANY SAID

AMERICAN PRESIDENT ATTRIBUTED THE GAIN TO HIGHER VOLUME OF US EXPORTS AND
ASIAN SHIPPING HIGHER SHIPPING RATES AND PROFIT MARGINS IN THE US MARKET
AND REVENUE FROM A RECENT CONTRACT TO CARRY US MILITARY CARGO THE
COMPANY'S STOCK ROSE 4375 TO 50375 IN COMPOSITE NEW YORK STOCK EXCHANGE
TRADING 9310080017 931008 BUSINESS BRIEF VOLKSWAGEN AG US UNIT
RECALLS 76000 CARS BECAUSE OF DEFECT IN BRAKES

VOLKSWAGEN UNITED STATES INC SAID IT IS RECALLING 76000 198891 MODEL GOLF
AND JETTA CARS BECAUSE OF A DEFECT THAT COULD LEAD TO BRAKING PROBLEMS

THE AUBURN HILLS MICH COMPANY A UNIT OF VOLKSWAGEN AG OF GERMANY 
SAID THE ENGINE'S PREHEATING TUBE MIGHT CHAFE AGAINST THE RIGHT FRONT BRAKE
LINE RESULTING IN BRAKEFLUID LOSS VW SAID IT WILL INSTALL AT NO CHARGE TO
THE CUSTOMER A SUPPORT BRACKET TO PREVENT THIS FROM OCCURRING

VOLKSWAGEN SAID IT HAS RECEIVED SIX REPORTS OF BRAKELINE LEAKAGE WITH NO
ACCIDENTS OR INJURIES 9310080015 931008 HONDA MAY BUILD ACURAS IN US
WITHIN 3 YEARS

PONTIAC MICH HONDA MOTOR CO SIGNALED YESTERDAY THAT IT MAY BEGIN
BUILDING LUXURY ACURAS IN THE US WITHIN THE NEXT THREE TO FIVE YEARS

THE AUTO MAKER WHICH HAS NEVER PREVIOUSLY GIVEN A TIME PROJECTION FOR US
PRODUCTION OF A LUXURY CAR SAID THE VEHICLE PROBABLY WOULD BE A NEW ACURA
MODEL THAT WOULD BE SOLD IN THE US AND EXPORTED TO OTHER COUNTRIES

FOR THE VERY SHORT TERM WE'LL CONTINUE TO BUILD ALL ACURA CARS IN JAPAN
SAID RICHARD THOMAS EXECUTIVE VICE PRESIDENT OF HONDA'S ACURA LUXURY
DIVISION BUT IN THE LONG TERM HE SAID BUILDING AN UPSCALE CAR IN THE US
WOULD MAKE SENSE

SUCH A MOVE WOULD CONTINUE A RECENT TREND TOWARD MORE CARMAKING IN THE US
BY JAPANESE COMPANIES SEEKING TO DILUTE THE EFFECTS OF THE SURGING YEN
WHICH HAS PUSHED ALL JAPANESE PRICES HIGHER

IF HONDA DOES BUILD AN ACURA MODEL IN THE US IT WOULD BE THE FIRST
JAPANESE AUTO MAKER TO ASSEMBLE LUXURY CARS HERE TWO EUROPEAN LUXURY
MARQUES BAYERISCHE MOTOREN WERKE AG AND DAIMLERBENZ AG'S MERCEDES UNIT
HAVE ALREADY ANNOUNCED PLANS TO BEGIN ASSEMBLING LUXURY VEHICLES IN THE US
9310080014 931008 BIG OIL FIRMS' PERIOD RESULTS ARE SEEN MIXED  
THIRD QUARTER WILL REFLECT SAGGING CRUDE PRICES BUT GOOD RETAIL SALES 
 BY JILL GOLDSMITH SPECIAL TO THE WALL STREET JOURNAL

NEW YORK BIG OIL COMPANIES' RESULTS FOR THE THIRD QUARTER SHOULD BE A
MIXED BARREL AS DROOPING OIL PRICES SLAMMED SOME INCOME STATEMENTS BUT
RESILIENT NATURALGAS PRICES AND SOLID MARGINS FOR DOMESTIC REFINING AND
MARKETING BUOYED OTHERS

IT'S A VERY INTERESTING QUARTER  WE'RE LOOKING AT A REAL DISPARITY IN
TERMS OF EARNINGS PERFORMANCE SAID MICHAEL YOUNG AN OIL INDUSTRY ANALYST
WITH SMITH BARNEY SHEARSON INC

AS MR YOUNG SEES IT MOBIL CORP CHEVRON CORP AND USXMARATHON GROUP ARE
THE CHAMPS OF THE QUARTER WHILE AMERADA HESS CORP ATLANTIC RICHFIELD CO
AND EXXON CORP LOOK THE WEAKEST

MR YOUNG AND OTHERS ATTRIBUTE THE THIRDQUARTER DISPARITIES TO VARYING
DEGREES OF EXPOSURE TO UPSTREAM AND DOWNSTREAM ACTIVITIES COMPANIES
LEVERAGED IN EXPLORATION AND PRODUCTION WERE HIT HARD BY OIL PRICES THAT
SAGGED AN AVERAGE OF 18 IN THE THIRD QUARTER FROM A YEAR EARLIER A
SITUATION ONLY PARTLY RELIEVED BY STRONGER NATURALGAS PRICES

IN CONTRAST COMPANIES WITH EXTENSIVE RETAIL OPERATIONS REAPED BENEFITS FROM
FIRM PUMP PRICES THAT WERE MOSTLY UNAFFECTED BY DECLINING CRUDE OIL PRICES
ANALYSTS NOTE THERE'S ALWAYS A LAG BEFORE PUMP PRICES REFLECT CRUDE PRICES
AND THEY ADD THAT RISING DEMAND FOR RETAIL GASOLINE OVER THE SUMMER AS WELL
AS A CONTINUING RETRENCHMENT IN KEY REGIONS ALSO HELPED TAKE THE STING OUT
OF LOW CRUDE PRICES IT'S REFINING AND MARKETING THAT ARE POWERING THE
SECTOR MR YOUNG SAID

HIGH REFINING AND MARKETING MARGINS ARE LIKELY TO HAVE BOOSTED MOBIL'S
OPERATING EARNINGS TO 118 A SHARE FOR THE QUARTER COMPARED WITH 1 LAST
YEAR ACCORDING TO ANALYSTS' ESTIMATES COMPILED BY FIRST CALL WHICH TRACKS
ANALYSTS' ESTIMATES SOME ANALYSTS SEE MOBIL MAKING AS MUCH AS 130 A
SHARE MOBIL IS HUGE ON THE EAST COAST AND THAT'S THE REGION THAT'S A STAR
IN RETAIL MARGINS SAID JAMES CLARK AN ANALYST AT CS FIRST BOSTON IT'S
ONE OF THE FEW MAJOR OIL COMPANIES THAT WILL POST A SUBSTANTIAL INCREASE

ANALYSTS ALSO SEE CHEVRON EARNINGS RISING TO ABOUT 145 PER SHARE FROM
111 LAST YEAR EUGENE NOWAK AN ANALYST AT DEAN WITTER DISCOVER & CO
SEES EARNINGS AS HIGH AS 157 A SHARE FOR CHEVRON'S QUARTER DUE TO ITS
STRONG WEST COAST REFINING AND MARKETING MARGINS AND A CONTINUING
COSTCUTTING PUSH MR NOWAK LAUDED CHEVRON'S STAKE IN CALTEX PETROLEUM
CORP JOINTLY OWNED WITH TEXACO INC AS A GOOD WAY TO CAPITALIZE ON
ACTIVITY IN THE PACIFIC RIM

ANALYSTS PUT USXMARATHON'S PROFIT BETWEEN 13 CENTS AND 20 CENTS A SHARE
COMPARED WITH A LOSS OF 8 CENTS A SHARE LAST YEAR THEY NOTE THAT PHILLIPS
PETROLEUM CO SHOULD ALSO PUT IN A GOOD SHOWING RISING TO 32 CENTS SHARE
FROM 20 CENTS

MR CLARK OF CS FIRST BOSTON SAID OCCIDENTAL PETROLEUM CORP'S CHEMICAL
BUSINESS SHOULD SHOW A BETTER PERFORMANCE IN THIS YEAR'S THIRD QUARTER THAN
IT DID IN THE YEAREARLIER PERIOD BUT ANALYSTS STILL PREDICT OCCIDENTAL
PETROLEUM WILL LOSE ABOUT 1 CENT A SHARE NARROWED FROM A 3CENT LOSS A YEAR
EARLIER

ON THE GLOOMY SIDE ATLANTIC RICHFIELD IS ABOUT THE MOST LEVERAGED TO OIL
PRICE AND IS LOOKING LIKE ONE OF THE WORST DEAN WITTER'S MR NOWAK SAID
ANALYSTS SEE ARCO RESULTS PLUNGING TO 125 A SHARE FROM 206 A SHARE LAST
YEAR PARTLY BECAUSE OF SOME BAD NEWS FROM ALASKA IN AUGUST ALASKA'S
DIVISION OF OIL AND GAS DENIED ARCO'S APPLICATION TO EXPAND CRUDE OIL
PRODUCTION IN PRUDHOE BAY IN ADDITION A GAS LEAK HALTED PRODUCTION AT A
30000BARRELADAY FIELD IN LISBURNE ALASKA ON SEPT 27 PRODUCTION WAS
SCHEDULED TO START AGAIN THIS WEEK

OTHER DISAPPOINTING NUMBERS ARE ON THE WAY FROM UNOCAL CORP EXXON AND
AMERADA HESS THE ANALYSTS' CONSENSUS SEES UNOCAL ABOUT FLAT AT 24 CENTS A
SHARE EXXON DOWN TO 75 CENTS A SHARE FROM 83 CENTS AND AMERADA HESS
SINKING INTO THE RED WITH A LOSS OF 3 CENTS A SHARE COMPARED WITH A PROFIT
OF 11 CENTS A SHARE LAST YEAR 9310080013 931008 EC CAR SALES PLUNGED
11 IN SEPTEMBER  NO END IS EXPECTED SOON FOR DOWNTURN UK 
WAS SOLE BRIGHT SPOT  BY MARTIN DU BOIS STAFF REPORTER OF THE WALL
STREET JOURNAL

BRUSSELS CAR SALES IN THE EUROPEAN COMMUNITY PLUNGED 11 IN SEPTEMBER
INDICATING THAT THE WORST DOWNTURN IN THE EUROPEAN AUTO MARKET SINCE THE END
OF WORLD WAR II IS FAR FROM OVER THE EUROPEAN AUTOMOBILE MANUFACTURERS
ASSOCIATION SAID

DURING THE FIRST NINE MONTHS OF THE YEAR EC CAR SALES PLUNGED 16 FROM THE
YEAREARLIER PERIOD ACCORDING TO THE ASSOCIATION'S PRELIMINARY MARKET
STATISTICS PUBLISHED YESTERDAY THE ONLY BRIGHT SPOT WAS THE UNITED KINGDOM
WHERE SALES INCREASED 12 IN BOTH THE MONTHLY AND NINEMONTHLY PERIODS

GREECE DENMARK AND IRELAND SHOWED THE BIGGEST DECLINES WITH SEPTEMBER
DROPS OF RESPECTIVELY 36 29 AND 21 FROM A YEAR EARLIER GERMANY WESTERN
EUROPE'S LARGEST AUTO MARKET POSTED A 14 DECLINE FOR THE MONTH AND A 20
PLUNGE FOR THE NINE MONTHS

EC CAR SALES ARE EXPECTED TO SHOW EVEN BIGGER DECLINES IN NOVEMBER AND
DECEMBER COMPARED WITH THE STRONG RESULTS POSTED IN THE CORRESPONDING 1992
MONTHS

THERE'S NO SIGN OF AN UPTURN SAID BOB BARBER AN AUTOMOTIVE ANALYST AT
JAMES CAPEL & CO IN LONDON THE INTERESTING THING IS WHAT HAPPENS NEXT
YEAR

MR BARBER SAID HE EXPECTS THE MARKET TO STAY IN A DEPRESSED MOOD WITH 1994
SALES ABOUT FLAT COMPARED WITH THIS YEAR

AND WHILE THE UK MARKET HAS BEEN STRONG AS BRITAIN PULLS OUT GRADUALLY
FROM A BRUTAL RECESSION EUROPEAN AUTO MAKERS WORRY THAT THIS YEAR'S UPTURN
IN UK SALES MAY PROVE SHORTLIVED THE BRITISH RECOVERY IS VERY FRAGILE
NOTHING INDICATES THAT THE TREND WILL CONTINUE SAID A SPOKESMAN FOR THE
AUTO MAKERS' ASSOCIATION WHICH IS BETTER KNOWN UNDER THE FRENCH ACRONYM
ACEA

THE ACEA SPOKESMAN SAID THE CONTINUED BAD NEWS WILL PROMPT THE EUROPEAN AUTO
INDUSTRY TO PRESS FOR A FAR TOUGHER EC NEGOTIATING STANCE IN NEXT YEAR'S
MARKETACCESS TALKS WITH JAPAN UNDER A 1991 ECJAPAN AGREEMENT THE
COMMUNITY WILL GRADUALLY OPEN UP ITS MARKET TO JAPANESE AUTO MAKERS BY THE
END OF 1999 BUT THE ACCORD PROVIDES FOR YEARLY MONITORING TALKS DURING
WHICH THE EC COMMISSION AND JAPAN'S MINISTRY OF INTERNATIONAL TRADE AND
INDUSTRY SET THE YEAR'S IMPORT QUOTA FOR JAPANESE CARS ACCORDING TO THE
STATE OF THE EUROPEAN MARKET

FOR THE CURRENT YEAR THE COMMISSION AND MITI AGREED ON A CUT OF 100000
UNITS IN JAPANESE AUTO IMPORTS BUT AS THE OVERALL EC MARKET IS EXPECTED TO
DECLINE BY 24 MILLION UNITS AND AS THE JAPANESE PRODUCE AN INCREASING
NUMBER OF CARS IN EUROPE THE JAPANESE SHARE OF THE EC MARKET WILL ACTUALLY
RISE TO 125 FROM 113 IN 1992 THE ACEA SAYS

WHEN THE ECJAPAN MONITORING NEGOTIATIONS OPENED THIS SPRING THE JAPANESE
WERE FORECASTING A 3 INCREASE IN THE EC AUTO MARKET FOR 1993 WHILE THE
ACEA WAS EXPECTING A 10 DROP EUROPE'S RECESSION PROVED DEEPER THAN FEARED
HOWEVER AND THE ACEA HAS REVISED ITS FORECAST TO A 17 DROP FOR THE YEAR

WE MUST DRAW THE LESSONS FROM THE 1993 ECJAPAN MONITORING DEAL SAID THE
ACEA SPOKESMAN WE MUST START NEXT YEAR'S DISCUSSIONS ON THE BASIS OF
REALISTIC PREDICTIONS

WHETHER THAT WILL MAKE ANY DIFFERENCE IN THE END IS UNCLEAR DESPITE THE
CURRENT RECESSION JAPANESE AUTO MAKERS ARE STILL EXPECTED TO GRAB A 165
SHARE OF THE EC MARKET BY THE END OF 1999 WHEN THE EC HAS PROMISED TO LIFT
ALL IMPORT RESTRICTIONS

THE BUILDING UP OF JAPANESE MARKET PENETRATION WILL CONTINUE JAMES
CAPEL'S MR BARBER SAID ALBEIT AT A SLOWER PACE THAN IF THE EC AUTO MARKET
WAS STILL A GROWING ONE 9310080012 931008 WHAT'S NEWS  BUSINESS AND
FINANCE

TELECOMMUNICATIONS AGREED TO REPURCHASE LIBERTY MEDIA WHICH IT SPUN OFF IN
1991 FOR ABOUT 38 BILLION IN STOCK ACCORDING TO PEOPLE FAMILIAR WITH THE
SITUATION THE LIBERTYTCI DEAL WOULD GIVE THE COMBINED COMPANY AND TCI'S
CHIEF JOHN MALONE A PIVOTAL ROLE IN DETERMINING THE OUTCOME OF THE BATTLE
FOR PARAMOUNT LIBERTY MEDIA IS A CONTROLLING SHAREHOLDER OF QVC WHICH IS
COMPETING WITH VIACOM TO BUY PARAMOUNT

COLUMBIA HEALTHCARE AND MEDICAL CARE AMERICA PLAN TO PROVIDE HOSPITAL AND
OUTPATIENT SERVICES JOINTLY IN SIX STATES THE MOVE BY COLUMBIA IN THE WAKE
OF ITS AGREEMENT TO ACQUIRE HCA FOR 57 BILLION IN STOCK FURTHERS ITS
EFFORTS TO BUILD A DOMINANT MARKET POSITION IN THE HEALTHCARE INDUSTRY

RETAIL SALES ROSE 56 IN SEPTEMBER FROM THE PREVIOUS YEAR AS COOL WEATHER
SPURRED APPAREL PURCHASES GAP'S SALES INCREASED 2 ANNTAYLOR'S SALES ROSE
88 AND WALMART REPORTED THAT ITS SALES GAINED 9

CONSUMER CREDIT ROSE AT A 57 ANNUAL RATE IN AUGUST SUGGESTING THAT
DESPITE ECONOMIC CONCERNS MANY PEOPLE ARE WILLING BUYERS AND BORROWERS

LAYOFFS AT BIG COMPANIES ARE BEING OFFSET BY A HEALTHY PACE OF JOB GROWTH IN
THE SERVICE INDUSTRIES RESULTING IN AN OVERALL RISE IN EMPLOYMENT

A WIDELY FOLLOWED MEASURE OF JOB GROWTH BASED ON A SURVEY OF EMPLOYERS MAY
NOT BE AS ACCURATE AS A HOUSEHOLDBASED SURVEY BECAUSE OF THE PECULIARITY OF
THE CURRENT ECONOMIC RECOVERY

THE WHITE HOUSE AGREED TO PARE PROPOSED GRAZING FEE INCREASES FOR WESTERN
RANCHERS AS PART OF A COMPROMISE TO END A LONG IMPASSE OVER MANAGEMENT
REFORMS FOR FEDERAL LANDS

MEXICAN WAGES WOULD RISE IF THE NORTH AMERICAN FREE TRADE PACT PASSES
REDUCING THE THREAT TO US JOBS THE CONFERENCE BOARD SAID

MERRILL LYNCH PLANS TO ANNOUNCE A 2FOR1 STOCK SPLIT AS EARLY AS NEXT WEEK
WALL STREET EXECUTIVES SAY

US SURGICAL SAID IT WILL UNVEIL DETAILS OF A COSTCUTTING PLAN NEXT WEEK
EARLIER IN THE DAY ITS STOCK ROSE 22 ON SPECULATION IT WOULD CUT EXPENSES

THE TREASURY AND THE EPA ARE WARRING OVER A TREASURY PLAN TO SHIFT PART OF
THE COSTS OF CLEANING UP THE WORST HAZARDOUSWASTE SITES TO THE GOVERNMENT
FROM SOME POLLUTERS

MORE MUNICIPAL BOND UNDERWRITERS ARE CURBING POLITICAL GIFTS IN STATES AND
CITIES WHERE THEY DO BUSINESS

A FRENCHGERMAN PHONE VENTURE AGREED WITH IBM TO EXPAND ITS
DATACOMMUNICATIONS NETWORK IN EUROPE IN A BLOW TO BRITISH TELECOM AND MCI

THE AIRLINE INDUSTRY CUT ITS CHEAPEST FARES TO EUROPE BY 20 AS IT FACES
ITS USUAL WINTERTRAVEL SLUMP

MULTIMEDIA COMPUTERS BASED ON 3DO'S TECHNOLOGY ARE SELLING BRISKLY IN
LIMITED RELEASE BUT SOME ANALYSTS DOUBT THE PRODUCT WILL SELL IN LARGE
NUMBERS BECAUSE OF ITS HIGH PRICE

GERMAN STOCKS RALLIED TO A THIRD STRAIGHT RECORD WITH THE DAX 30STOCK
INDEX RISING 999 POINTS TO 199704 TOKYO'S NIKKEI INDEX FELL 23462 OR
11 TO 2026563 BUT LOSSES IN THE BROADER STOCK MARKET WERE LESS SEVERE

BONDS LEHMAN BROTHERS TREASURY INDEX 563626 OFF 169

COMMODITIES OIL 1849 A BARREL UP SEVEN CENTS DOW JONES FUTURES INDEX
12563 UP 023 SPOT INDEX 11838 UP 040

DOLLAR 10495 YEN OFF 070 16223 MARKS OFF 00005 9310080011 931008
WASHINGTON WIRE A SPECIAL WEEKLY REPORT FROM THE WALL STREET JOURNAL'S
 CAPITAL BUREAU  BY RICH JAROSLOVSKY

FINGERPOINTING ENGULFS THE WHITE HOUSE OVER THE SOMALIA DEBACLE

CLINTON IS ANGERED AT WHAT HE BELIEVES TO HAVE BEEN A BREAKDOWN OF
RESPONSIBILITY FOR THE TROUBLED MISSION THE UN GETS THE BRUNT OF HIS
WRATH BUT HE ALSO TAKES NATIONAL SECURITY ADVISER LAKE TO TASK FOR FAILING
TO KEEP HIM INFORMED KEY DECISIONS ON SOMALIA WERE APPARENTLY DELEGATED TO
LOWLEVEL AIDES WHILE THE UPPER ECHELONS OF STATE AND THE NSC FOCUSED ON
BOSNIA

ANOTHER TARGET FOR BLAME JONATHAN HOWE THE FORMER BUSH AIDE CHOSEN BY
CLINTON TO BE THE UN REPRESENTATIVE IN SOMALIA WHO OFFICIALS SAY IS
OBSESSED WITH FUGITIVE GEN AIDID BUT FOR ALL THE RECRIMINATIONS AMONG
LOWERLEVEL OFFICIALS GOP WHIP GINGRICH OBSERVES THE BUCK STOPS WITH THE
PRESIDENT

CLINTON'S POLITICAL ADVISERS URGE HIM TO RETURN TO A DOMESTIC FOCUS HIS
SPEECH AT THE UNIVERSITY OF NORTH CAROLINA TUESDAY WILL BE A MAJOR ATTEMPT
TO DO SO

CLINTON PLANS A YELTSIN SUMMIT IN JANUARY DESPITE RUSSIA'S UPHEAVAL

IN A PHONE CALL FROM AIR FORCE ONE ON TUESDAY THE TWO PRESIDENTS AGREED TO
GO ON WITH THEIR YETTOBEANNOUNCED MEETING IN RUSSIA ONE US CONCERN
MAKING SURE YELTSIN'S CLAMPS ON CIVIL LIBERTIES ARE LIFTED BEFORE CLINTON
ARRIVES IN THE MEANTIME A STEADY STREAM OF HIGHRANKING US OFFICIALS IS
EXPECTED TO VISIT RUSSIA OVER THE NEXT THREE MONTHS INCLUDING GORE
CHRISTOPHER AND DEPUTY DEFENSE SECRETARY PERRY

WESTERN ECONOMIC OFFICIALS WATCH TO SEE WHETHER YELTSIN HAVING BROKEN THE
POLITICAL GRIDLOCK WILL PRESS ECONOMIC REFORMS OR TREAD WATER UNTIL THE
DECEMBER ELECTIONS WITH AMPLE FOREIGN RESERVES NOW RUSSIA DOESN'T NEED ANY
QUICK AID FROM THE IMF AND ISN'T LIKELY TO GET ANY BEFORE YEAR END BUT
THE US TRIES TO SPEED BILATERAL AID

CLINTON'S JOBS SUMMIT' STALLS DESPITE GROWING GLOBAL CONCERN

GROUP OF SEVEN FINANCE MINISTERS PRIVATELY EXPRESS INCREASED ANXIETY ABOUT
THE JOBS OUTLOOK NOWHERE DOES A STRONG BROADBASED AND JOBCREATING
UPTURN SEEM TO BE TAKING PLACE SAYS JEANCLAUDE PAYE HEAD OF THE
ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT DISAPPOINTING TRENDS
IN JAPAN AND EUROPE ADD TO UNEASINESS

BUT CLINTON'S PLAN TO INVITE LABOR AND OTHER G7 OFFICIALS TO THE US TO
PONDER WAYS TO REDUCE UNEMPLOYMENT ANNOUNCED WITH FANFARE IN JULY MAKES
LITTLE HEADWAY THE TENTATIVE DATE HAS SLIPPED FROM DECEMBER TO FEBRUARY
THE GERMANS INITIALLY ENTHUSIASTIC GROW COOL TO THE IDEA

THE EUROPEANS MAY CITE CLINTON'S HEALTH PROPOSAL TO BLUNT US ARGUMENTS
THAT EXCESSIVE SOCIAL BENEFITS HINDER JOB CREATION

LONG WAIT OHIO STATE TREASURER MARY ELLEN WITHROW'S RUMORED NOMINATION TO
BE US TREASURER IS HELD UP SO THE WHITE HOUSE CAN FIRST FIND A SPOT FOR
POLLY BACA EXECUTIVE DIRECTOR OF THE HISPANIC INSTITUTE WHO HAD HER EYE ON
THE JOB BACA IS NOW LIKELY TO BE NAMED CLINTON'S CONSUMER ADVISER
MEANWHILE TREASURY KEEPS PRINTING DOLLAR BILLS SIGNED BY BUSH'S TREASURER

A SENIORS' WINDFALL WOULD RESULT FROM THE 75CENTSAPACK CIGARETTETAX
INCREASE CLINTON IS EXPECTED TO PROPOSE THE REASON THE TAX HIKE WOULD MEAN
A ONETIME INCREASE IN THE CONSUMER PRICE INDEX OF ROUGHLY SEVENTENTHS OF A
PERCENTAGE POINT WHICH IN TURN WOULD ADD ABOUT 55 A YEAR TO THE AVERAGE
SOCIAL SECURITY BENEFIT

HOUSE BANKING CHAIRMAN GONZALEZ WHO ROASTED THE BUSH ADMINISTRATION OVER
PREGULF WAR DEALINGS WITH IRAQ AND THE BANCA NAZIONALE DEL LAVORO TURNS
HIS FIRE ON THE CLINTON WHITE HOUSE AS WELL ACCUSING IT OF STONEWALLING
HIS DEMAND FOR DOCUMENTS GONZALEZ PLANS HEARINGS NEXT MONTH WITH
CHRISTOPHER DROGOUL THE CENTRAL FIGURE IN THE BNL SCANDAL

THE PENTAGON CONSIDERS CREATING A NEW DEFENSE CAREER SERVICE AKIN TO THE
STATE DEPARTMENT'S FOREIGN SERVICE TO LURE BETTER PEOPLE EASING ETHICS
RULES ABOUT POSTPENTAGON EMPLOYMENT IS BEING CONSIDERED TOP OFFICIALS ARE
CONCERNED THAT WHILE THE MILITARY'S INTELLECTUAL FIREPOWER IS FAR STRONGER
THAN IT USED TO BE THE CIVILIAN SIDE HASN'T KEPT UP

REPUBLICANS SCRAMBLE TO SORT OUT THE IMPACT OF MICHEL'S RETIREMENT

REP GINGRICH YESTERDAY CLAIMED HE ALREADY HAS THE VOTES TO ASCEND TO GOP
LEADER BUT SOME RIVALS AND OTHERS ARE STILL SKEPTICAL PEOPLE USE
HYPERBOLE IN THESE THINGS SAYS REP HYDE WHO'D HOPED FOR A DRAFT FROM HIS
COLLEAGUES THAT HASN'T MATERIALIZED BUT ULTIMATELY THE BIG FIGHT MAY BE
FOR GINGRICH'S CURRENT POST GOP WHIP

HIS LONGTIME DEPUTY WALKER OF PENNSYLVANIA WANTS TO MOVE UP BUT COULD BE
HURT BY MEMBERS WHO DON'T WANT TO SEE GINGRICH TOO POWERFUL WALKER'S CHIEF
ADVERSARY IS CONFERENCE SECRETARY DELAY OTHER CONTENDERS COULD INCLUDE
REPS SOLOMON IF HE GIVES UP HIS RACE AGAINST GINGRICH AND MCCOLLUM

A DARKHORSE CANDIDATE FOR A POST IS CALIFORNIA REP LEWIS GINGRICH'S
VANQUISHED LONGTIME RIVAL WHO IS SAID TO HARBOR THOUGHTS OF A COMEBACK

MINOR MEMOS AN AMERICAN ASSOCIATION OF POLITICAL CONSULTANTS AD PICTURES
BALDING CLINTON STRATEGIST JAMES CARVILLE AND A LIST OF VITAL STATISTICS
THAT INCLUDES HAIR COLOR FLESH  THE AFLCIO'S LATEST
PUBLICAFFAIRS CATALOG PROMOTES THE VIDEO IT'S TIME TO SAY YES DUKAKIS 
 A LETTER FROM THE NATIONAL ASSOCIATION OF STATE FIRE MARSHALS ADVISES
REPORTERS THAT ITS PRESIDENT IS AVAILABLE TO COMMENT ON THE CRITICAL NEED
FOR DEADLY FIRES 9310080009 931008 THE AMERICAS MEXICO'S ECONOMY
NEEDS ONE LAST SHOT IN THE ARM  BY EDUARDO MEDINAMORA

MEXICO CITY MACRO LOOKS GOOD BUT MICRO IS DOING BADLY HAS BEEN THE
NORMAL COMPLAINT HEARD AMONG MEXICAN BUSINESS LEADERS FOR THE PAST TWO
YEARS LOW INFLATION NOT HIGH GROWTH HAS REMAINED THE CENTRAL POLICY
OBJECTIVE SO FOR THE LAST 20 MONTHS THE MEXICAN GOVERNMENT HAS FAVORED A
CONTRACTIONARY POLICY WITH TIGHT MONEY AND A RESTRICTIVE FISCAL LINE THE
ECONOMY WHICH GREW AT 36 IN 1991 SLOWED DOWN TO 26 IN 1992 AND GREW AT
AN ANNUALIZED RATE OF ONLY 13 IN THE FIRST HALF OF THIS YEAR THE
MANUFACTURING AND AGRICULTURE SECTORS HAVE HAD NEGATIVE GROWTH DURING THE
SECOND AND THIRD QUARTERS

OF COURSE THE BALANCE SHEET OF PRESIDENT CARLOS SALINAS DE GORTARI'S FIVE
YEARS IN OFFICE IS QUITE IMPRESSIVE INFLATION ABOVE 150 WHEN HE TOOK
OFFICE WILL BE 82 THIS YEAR AND IS PROJECTED TO SHRINK TO 5 IN 1994 THE
GOVERNMENT BUDGET HAS SHIFTED TO A SUSTAINABLE SURPLUS FROM A DEFICIT WHICH
HAD BEEN 14 OF GNP BUDGET SURPLUS FUNDS AND PROCEEDS FROM PRIVATIZATIONS
HAVE BEEN USED FOR A NET PAY DOWN OF OUTSTANDING DEBT THESE INDICATORS HAVE
SUBSTANTIALLY INCREASED MEXICO'S ATTRACTIVENESS AS A MAGNET FOR EMERGING
MARKETS FUNDS HOWEVER INTERNAL GROWTH HAS NOT KEPT PACE WITH THE POTENTIAL
RECOGNIZED BY FOREIGNERS

THAT'S WHY LAST SUNDAY'S SIGNATURE OF THE EIGHTH NATIONAL PACT FOR
STABILITY COMPETITIVENESS AND EMPLOYMENT KNOWN HERE AS THE PACTO CAME AS
GOOD NEWS TO MOST MEXICANS THIS YEAR'S RENEWAL OF THE PACTO WHICH COVERS
THE REMAINDER OF THIS ADMINISTRATION'S SIXYEAR TERM EMBODIES A SOUND
PROGRAM FOR GROWTH THAT INCLUDES TAX CUTS A NEW AGRICULTURAL POLICY AND THE
COMMITMENT FROM THE GOVERNMENT TO MAINTAIN A BALANCED BUDGET AND A STABLE
CURRENCY STILL THE BUSINESS COMMUNITY AWAITS ONE LAST MISSING PIECE TO
THE GROWTH MODEL A SUPPLYSIDE TAX INCENTIVE WHICH MANY HOPE WILL BE
UNVEILED WITH NEXT MONTH'S BUDGET PACKAGE

THE PACTO'S CENTRAL OBJECTIVE IS TO REACTIVATE ECONOMIC GROWTH IT COMES AT
JUST THE RIGHT TIME FOR AROUND SIX MILLION LOWWAGE WORKERS THOSE MAKING
UP TO FOUR TIMES THE MINIMUM WAGE THE MOST GLARING FLAW IN THE MEXICAN TAX
SYSTEM IS ITS EXTREME PROGRESSIVITY THAT IMPOSES NEARLY TOP MARGINAL RATES
ON VERY MODEST INCOMES CURRENTLY A MARGINAL RATE OF 34 IS APPLIED AT AN
ANNUAL INCOME OF AROUND 11000 UP UNTIL NOW THE SALINAS ADMINISTRATION
HAD MADE ONLY VERY MODEST IMPROVEMENTS TO CORRECT THE CUMULATIVE EFFECTS OF
INFLATION THAT SINCE 1982 HAVE GRADUALLY DESTROYED THE FAIRNESS OF PERSONAL
INCOME TAX BRACKETS HOWEVER THE NEW PACTO PROVIDES ENOUGH TAX RELIEF FOR
THESE MINIMALLY SALARIED WORKERS TO INCREASE THEIR NET INCOMES BY AS MUCH AS
10

COMPANIES WILL ALSO RECEIVE IMPORTANT BENEFITS INCOME TAX RATE FOR
BUSINESSES WILL BE REDUCED TO 34 FROM 35 A WITHHOLDING TAX FOR INTEREST
PAYMENTS MADE TO FOREIGN BANKS HAS BEEN REDUCED TO 49 FROM 15 THIS
MAINLY HELPS BIG COMPANIES THAT ARE ABLE TO BORROW ABROAD IN ADDITION
COMPANIES' EXPENSES WILL GO DOWN AS A RESULT OF REDUCTIONS IN GOVERNMENTSET
PRICES FOR ELECTRICITY DIESEL FUEL AND RAILROAD CARGO FEES

ON THE AGRICULTURE SIDE PRESIDENT SALINAS ANNOUNCED A LONGAWAITED PROGRAM
THAT INCLUDES THE GRADUAL INTRODUCTION OF A DIRECT PERACRE SUBSIDY PROGRAM
AS PRICEBASED SUBSIDIES FOR CORN AND BEANS ARE TO BE ELIMINATED GRADUALLY
IN THE PAST FARMERS HAVE CHOSEN THEIR CROPS ON THE BASIS OF PUBLIC SUPPORT
PRICES WHICH DISTORTED BASIC STAPLES PRODUCTION AND ULTIMATELY THE COMPLETE
FOOD CHAIN THE MINIMAL PERACRE SUBSIDY PROGRAM WILL PROTECT THE 27 OF THE
MEXICAN POPULATION THAT LIVES IN RURAL AREAS WITHOUT DISTORTING OUR BALANCE
OF TRADE OR OUR INTERNAL MARKETS AS WE MOVE TO A MARKETDRIVEN AGRICULTURAL
SYSTEM IT WILL ALSO EASE THE WAY TO REMOVE IMPORT BARRIERS FOR THESE HIGHLY
PROTECTED MARKETS AS ENVISIONED IN NAFTA

WHILE LOWER TAXES A STABLE PESO AND DEREGULATION HAVE DONE A GREAT DEAL TO
CLOSE THE GAP THAT SEPARATES MEXICO FROM A VIRTUOUS GROWTH CYCLE INCENTIVES
TO PRODUCE AND TAKE RISKS MUST BE INCREASED BY TAKING ON THE ENDEMIC PROBLEM
OF MEXICAN ENTERPRISES ESPECIALLY THOSE OF SMALL AND MEDIUMSIZE
INSUFFICIENT EQUITY CAPITALIZATION IN A RECENTLY RELEASED PAPER ON THE COST
OF CAPITAL IN MEXICO ECONOMISTS DAVID GOLDMAN AND EVAN KALIMTGIS POINT OUT
THE NUMEROUS INSTITUTIONAL BARRIERS THAT STAND IN THE WAY OF EQUITY MARKET
CAPITALIZATION FOR SMALL AND MEDIUM SIZED ENTERPRISES CHIEF AMONG THESE
BARRIERS IS THE 35 CAPITAL GAINS TAX

IF MEXICO OR ANY ECONOMY IS TO ACHIEVE ECONOMIES OF SCALE ABSORPTION OF
NEW TECHNOLOGIES AND IMPROVEMENTS IN PRODUCTIVITY THE ECONOMY REQUIRES THAT
ASSETS CHANGE HANDS FREQUENTLY AND AT LOW COST UNDER THE CURRENT STRUCTURE
EXCEPT FOR THOSE TRANSACTIONS DONE BY INDIVIDUAL INVESTORS IN PUBLICLY
LISTED SECURITIES ANY CAPITAL GAINS OBTAINED FROM THE SALE OF EQUITY OR
ASSETS ARE SUBJECT TO A 35 TAX WHEN MANY SMALL AND MEDIUMSIZE BUSINESS
OWNERS SELL ASSETS OR EQUITY IN THEIR BUSINESS THEY ELUDE PAYING THE
CAPITAL GAINS TAX BY UNDERSTATING THE REAL PRICE OF THE TRANSACTIONS THESE
COMPANIES RARELY HAVE THE OPPORTUNITY TO SELL IN A MORE EFFICIENT MANNER TO
LARGER COMPANIES BECAUSE MOST WOULD NOT CONDONE THIS PRACTICE MORE OFTEN
THE SMALLER COMPANIES SIMPLY REFRAIN FROM COMPLETING ANY ASSCTION BECAUSE OF
THE TAX BURDEN THEY REMAIN SMALL AND UNCOMPETITIVE

SIMILARLY LARGER FIRMS NEED TO RESTRUCTURE AND REPOSITION THEMSELVES TO
SURVIVE IN AN OPEN TRADING ENVIRONMENT THIS MEANS CONCENTRATING ON THE
BUSINESSES AND AREAS IN WHICH THEY CAN DO BEST AND SELLING OFF THEIR LESS
COMPETITIVE ASSETS HOWEVER THEY ARE DISCOURAGED FROM NEEDED RESTRUCTURING
BECAUSE OF THE TAX BURDENS THEY FACE

OF COURSE TAX COLLECTION ON CAPITAL GAINS CAN ONLY OCCUR UPON THE
COMPLETION OF A TRANSACTION NO TRANSACTION NO TAX THE MEXICAN GOVERNMENT
COLLECTS CLOSE TO ZERO REVENUE FROM THE CAPITAL GAINS TAX SO IT WOULD HAVE
LITTLE TO LOSE FROM CHUCKING IT YET ELIMINATING IT ACROSS THE BOARD FOR
CORPORATIONS AS WELL AS FOR INDIVIDUALS FOR EQUITIES AS WELL AS FOR
PHYSICAL ASSETS AS SOME OFFICIALS HAVE INDICATED IS POSSIBLE WOULD YIELD
IMMENSE BENEFITS TO THE MEXICAN ECONOMY IT WOULD EMERGE AS A GREAT
INCENTIVE FOR INVESTMENT CAPITAL FORMATION AND PRODUCTIVITY ADDITIONALLY
INVESTORS' PERCEPTION OF THE ECONOMY WOULD IMPROVE DRAMATICALLY AS WOULD
CAPITAL INFLOWS

MEXICO IS INTEGRATING INTO A CHANGED COMPETITIVE AND TECHNOLOGICALLY
COMPLEX WORLD ECONOMY IT IS IMPERATIVE THAT WE RELEASE THE ENORMOUS
PRODUCTIVE ENERGIES FROM BELOW WHICH COULD FORM THE SOLID FOUNDATIONS OF A
MUCHEXPANDED AND MORE DIVERSIFIED ECONOMY THE SALINAS ADMINISTRATION HAS A
GREAT OPPORTUNITY TO PROMOTE THIS TRANSFORMATION BY ELIMINATING THE CAPITAL
GAINS TAX IN THIS NOVEMBER'S BUDGET PACKAGE

MR MEDINAMORA IS CORPORATE PLANNING DIRECTOR FOR GRUPO DESC IN MEXICO
CITY 9310080008 931008 COMMUNICATIONS NETWORKS OFFER COMPROMISE TO FCC

WASHINGTON TWO BIG COMPETITORS IN THE RACE TO BUILD GLOBAL
SATELLITECOMMUNICATION NETWORKS YESTERDAY ANNOUNCED A JOINT PROPOSAL ON HOW
TO ASSIGN RADIO FREQUENCIES FOR SUCH NETWORKS IN AN EFFORT TO SETTLE
DISAGREEMENTS THAT HAVE DELAYED FEDERAL COMMUNICATIONS COMMISSION APPROVAL
OF SUCH SYSTEMS

THE PROPOSAL WAS ANNOUNCED BY THE SATELLITECOMMUNICATIONS UNIT OF MOTOROLA
INC SCHAUMBURG ILL WHICH PLANS TO OPERATE A 66SATELLITE NETWORK CALLED
IRIDIUM AND A JOINT VENTURE BETWEEN LORAL CORP NEW YORK AND QUALCOMM
INC SAN DIEGO THAT IS BACKING A DIFFERENT DIGITALCOMMUNICATIONS
TECHNOLOGY FOR A 48SATELLITE NETWORK CALLED GLOBALSTAR BOTH NETWORKS HOPE
TO MAKE IT POSSIBLE TO COMMUNICATE USING WIRELESS TELEPHONES ANYWHERE IN THE
WORLD

THEIR PROPOSAL ASKS THAT THE FCC ASSIGN THE ENTIRE SPECTRUM RESERVED FOR
SUCH NETWORKS TO THE FIRST ONE THAT IS LAUNCHED AND OPERATING UNDER THE
PLAN AS EACH NEW SYSTEM BECOMES OPERATIONAL THE AVAILABLE FREQUENCIES
WOULD BE DIVIDED EQUALLY AMONG THE SYSTEMS 9310080007 931008 CHINA'S
VEHICLE OUTPUT SALES

BEIJING CHINA'S AUTOMOBILE INDUSTRY SAW A DROP IN SALES AND PRODUCTION IN
AUGUST BUT FIGURES FOR THE FULL YEAR STILL ARE EXPECTED TO EXCEED 1992'S
RESULTS THE OFFICIAL XINHUA NEWS AGENCY SAID

CHINA NATIONAL AUTOMOTIVE CORP SAID 87900 VEHICLES WERE MANUFACTURED IN
AUGUST WHILE 79800 VEHICLES WERE SOLD THE FIGURES WERE EACH DOWN 10000
FROM JULY XINHUA REPORTED

IN JULY BOTH PRODUCTION AND SALES DROPPED BY 17000 VEHICLES FROM JUNE THE
REPORT SAID THE DECLINE IS A SIGN THAT THE GOVERNMENT'S AUSTERITY MEASURES
ARE TAKING EFFECT

OFFICIALS SAID THE 1993 PRODUCTION TARGET OF 125 MILLION VEHICLES WOULD BE
MET BUT PREDICTED THE INDUSTRY'S SLOWDOWN WOULD CONTINUE FOR ABOUT A YEAR
BEFORE PICKING UP AGAIN 9310080006 931008 WHO'S NEWS READING & BATES
CORP

READING & BATES CORP HOUSTON PAUL B LOYD JR CHAIRMAN AND CHIEF
EXECUTIVE WAS NAMED TO THE ADDITIONAL POSTS OF PRESIDENT AND CHIEF
OPERATING OFFICER JT ANGEL 47 RESIGNED THOSE POSTS AS WELL AS HIS BOARD
SEAT TO PURSUE OTHER BUSINESS INTERESTS THE OIL SERVICES COMPANY'S BOARD
NOW HAS NINE MEMBERS 9310080005 931008 TECHNOLOGY WR GRACE REACHES 
ACCORD ON IMPORTING SOME DIALYSIS TUBES

BOCA RATON FLA WR GRACE CO SAID IT REACHED AN AGREEMENT WITH THE
FOOD AND DRUG ADMINISTRATION UNDER WHICH THE COMPANY'S NATIONAL MEDICAL
CARE UNIT WILL BE ALLOWED TO IMPORT A LIMITED NUMBER OF EARLIERBARRED
PLASTIC TUBES USED IN KIDNEY DIALYSIS

UNDER AN URGENT NEED EXEMPTION GRACE WILL BE ALLOWED TO IMPORT ABOUT
400000 OF THE PLASTIC TUBES KNOWN AS BLOODLINES DURING THE MONTHS OF
OCTOBER AND NOVEMBER THAT QUANTITY REPRESENTS SLIGHTLY MORE THAN A WEEK'S
WORTH OF GRACE'S NORMAL DISTRIBUTION OF THE DISPOSABLE TUBES

DURING THE SUMMER THE FDA BANNED GRACE'S IMPORTATION OF THE TUBES BECAUSE
OF THE AGENCY'S CONCERNS OVER MANUFACTURING PRACTICES AT THE GRACE FACILITY
IN REYNOSA MEXICO WHICH MAKES THE PRODUCT

THE URGENTNEED AGREEMENT WILL BE REVIEWED NEXT MONTH AND MAY BE EXTENDED
GRACE SAID IN LIGHT OF BOTH THE DEVELOPING BLOODLINE SUPPLY SHORTAGE AND
THE PROGRESS OF REGULATORY COMPLIANCE AT THE REYNOSA FACILITY

THERE HAVE BEEN NO REPORTS OF ANY ADVERSE HEALTH EFFECTS FROM THE BLOODLINES
IN QUESTION

GRACE'S NATIONAL MEDICAL CARE UNIT IS THE NATION'S BIGGEST SUPPLIER OF
DIALYSIS PRODUCTS AND SERVICES PRIOR TO THE EARLYSUMMER EMBARGO IT
DISTRIBUTED MORE THAN 15 MILLION BLOOD LINES A MONTH SINCE THEN THE
COMPANY HAS LARGELY SOLD ITS EXISTING INVENTORY OF THE PRODUCT AND IN JULY
IT PROVIDED CUSTOMERS WITH THE NAMES OF ALTERNATIVE SUPPLIERS

THE FDA ALSO EMBARGOED LAST SUMMER IMPORTATION OF ANOTHER DIALYSIS PRODUCT
THE BLOODCLEANSING DIALYZERS MADE AT A NATIONAL MEDICAL FACILITY IN
DUBLIN THAT BAN REMAINS IN EFFECT 9310080004 931008 BUSINESS BRIEF 
RULING IN CALIFORNIA TO DELAY PHONE PLAN OPENING A MARKET

SAN FRANCISCO CALIFORNIA REGULATORS RESCINDED A PREVIOUS RULING AND WILL
DELAY A PLAN TO OPEN THE STATE'S LUCRATIVE 2 BILLION MARKET FOR INTRASTATE
CALLS AND LOWER PHONE BILLS FOR MOST PHONE USERS IN THE STATE

THE DECISION ON WEDNESDAY BY THE CALIFORNIA PUBLIC UTILITIES COMMISSION
FOLLOWS ALLEGATIONS BY COMMISSION EMPLOYEES THAT A PACIFIC TELESIS GROUP
REPRESENTATIVE IMPROPERLY LOBBIED THE COMMISSION RELATING TO ITS PREVIOUS
RULING

THE COMMISSION'S RULING WAS TO HAVE CLEARED THE WAY BEGINNING JAN 1 FOR
OTHER COMPANIES TO COMPETE AGAINST PACIFIC TELESIS AND GTE CORP'S
CALIFORNIA OPERATIONS FOR CALLS MADE WITHIN THE STATE IT WOULD HAVE ALSO
CUT PHONE BILLS FOR RESIDENTIAL AND BUSINESS CUSTOMERS WHO MAKE MANY TOLL
CALLS WHILE INCREASING MONTHLY CHARGES FOR THOSE WHO ONLY MAKE LOCAL CALLS

THE COMMISSION'S ORIGINAL RULING HAD ALSO REQUIRED PACIFIC TELESIS GTE AND
OTHER LOCAL PHONE CARRIERS TO MAKE HEFTY 40 TO 60 PRICE CUTS BEGINNING
JAN 1 FOR TOLL CALLS LONG DISTANCE CALLS MADE OUTSIDE THE 12MILE LOCAL
CALLING AREA BUT WITHIN THE STATE THE COMMISSION'S DECISION YESTERDAY COULD
DELAY THOSE PRICE CUTS

ALTHOUGH IMPLEMENTATION OF THE PLAN IS NOW DELAYED UNTIL SEVERAL MONTHS INTO
1994 THE GENERAL PHILOSOPHY OF THE COMMISSION'S EARLIER RULING WILL NOT
CHANGE A SPOKESWOMAN SAID THE UTILITIES KNOW WHERE THE COMMISSION IS
HEADED AND CAN STILL GEAR UP FOR WHAT THEY KNOW IS POLICY SHE SAID
PACIFIC TELESIS SAID ITS REPRESENTATIVE IN QUESTION DIDN'T IMPROPERLY LOBBY
THE COMMISSION

IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY PACIFIC TELESIS
STOCK FELL 1375 A SHARE OR 25 TO CLOSE AT 53375 9310080003 931008
MARKETING & MEDIA BRISK SALES OF 3DO MULTIPLAYERS BUOY COMPANY'S HOPES
ANALYSTS VOICE DOUBT  BY JIM CARLTON STAFF REPORTER OF THE WALL
STREET JOURNAL

THE FIRST MULTIMEDIA COMPUTERS BASED ON 3DO CO'S TECHNOLOGY ARE SELLING OUT
IN STORES BUOYING HOPES AT THE CLOSELY WATCHED STARTUP THAT THE NEW
TECHNOLOGY WILL GAIN MASSMARKET APPEAL BUT INDUSTRY ANALYSTS WARNED
AGAINST DRAWING CONCLUSIONS FROM THE BOOM IN INITIAL SALES

TWOYEAROLD 3DO HAS GAINED WIDE ATTENTION FOR ITS DEVELOPMENT OF
INTERACTIVE MULTIPLAYERS COMPUTERS WITH COMPACTDISK DRIVES AND
HIGHQUALITY GRAPHICS TECHNOLOGIES THAT THE COMPANY IS PROMOTING AS CENTRAL
COMMANDERS FOR COMPUTERIZED HOMEENTERTAINMENT CENTERS ITS FINANCIAL
BACKING BY HEAVYWEIGHTS SUCH AS AMERICAN TELEPHONE & TELEGRAPH CO AND TIME
WARNER INC HAVE MADE THE 3DO MACHINE SOMETHING OF A BELLWETHER IN THE
INFANT MARKET FOR MULTIMEDIA TECHNOLOGY

PANASONIC CO A US UNIT OF MATSUSHITA ELECTRIC INDUSTRIAL LTD ANOTHER
3DO INVESTOR DELIVERED THE FIRST VERSION OF THE 3DO PLAYER UNDER THE
PANASONIC BRAND NAME OCT 1 MANY OF THE ROUGHLY 1500 STORES INITIALLY
CARRYING THE PLAYER REPORT SELLING OUT WITH ORDERS BACKED UP

PANASONIC OFFICIALS DECLINED TO SAY HOW MANY MULTIPLAYERS HAVE BEEN SHIPPED
BUT THEY NOTED THAT INTEREST IN THE PRODUCT IS SO INTENSE THAT SOME STORES
ARE KEEPING WAITING LISTS WE'VE HAD PEOPLE SLOBBERING OVER THE PHONE
WAITING FOR ORDERS SAID LEE FOSSUM ASSISTANT MANAGER AT A SOFTWARE ETC
STORE IN SAN FRANCISCO THESE ARE THE ONES WHO WANT TO BE FIRST ON THE
BLOCK

THE EARLY STRONG SALES AREN'T NECESSARILY A HARBINGER OF THE PRODUCT'S
SUCCESS STORE MANAGERS REPORT THAT THE CUSTOMERS LINING UP TO BUY ARE
PRIMARILY GADGET FREAKS ENTHUSIASTS FOR NEW TECHNOLOGY AND PANASONIC'S
RELEASE IS SO LIMITED THAT SOME STORES REPORT RECEIVING AS LITTLE AS THREE
PLAYERS

ANALYSTS SAY 3DO BASED IN REDWOOD CITY CALIF WILL ULTIMATELY NEED MASS
CONSUMPTION OF PRODUCTS BASED ON ITS TECHNOLOGY IN ORDER TO SURVIVE A VIEW
BACKED EVEN BY THE COMPANY'S PRESIDENT AND CHIEF EXECUTIVE OFFICER TRIP
HAWKINS EVEN IF SEVERAL THOUSAND UNITS HAVE ALREADY BEEN SHIPPED THAT'S
NOT A BIG ENOUGH NUMBER TO DECLARE A COMPLETE VICTORY HE SAID

ALTHOUGH THE 3DO TECHNOLOGY HAS THE POTENTIAL TO OFFER A VAST ARRAY OF
INTERACTIVE SERVICES SUCH AS HOME SHOPPING AND TRAVEL RESERVATIONS SOME
ANALYSTS SAY ITS CURRENT CONTENT IS SO LIMITED THAT IT'S FORCED TO COMPETE
AGAINST MUCH CHEAPER VIDEOGAME PLAYERS THE 3DO MULTIPLAYERS CURRENTLY HAVE
JUST TWO VIDEOGAME TITLES AVAILABLE BUT HUGH C MARTIN 3DO'S CHIEF
OPERATING OFFICER SAID AS MANY AS 20 SOFTWARE TITLES COULD BE AVAILABLE BY
CHRISTMAS AND THAT IN ALL MORE THAN 100 TITLES ARE IN DEVELOPMENT

DESPITE THE EARLY GOOD SIGNS SOME ANALYSTS REMAIN SKEPTICAL THAT THE 3DO
INTERACTIVE MULTIPLAYER WILL SELL IN LARGE NUMBERS PRIMARILY BECAUSE ITS
SUGGESTED 69995 RETAIL PRICE THEY SAY IS TOO HIGH FOR THE AVERAGE
CONSUMER

MR MARTIN ACKNOWLEDGED THAT THE PRICE IS RELATIVELY HIGH FOR CONSUMERS BUT
ADDED THAT 3DO'S STRATEGY IS TO FIRST TARGET THE EARLY ADOPTERS OF NEW
TECHNOLOGY AND THROUGH WORDOFMOUTH GET ENOUGH SALES VOLUME TO ALLOW THE
COMPANY TO LOWER PRICES FOR THE MASS MARKET IN TWO YEARS WE'RE GOING TO
BE IN MILLIONS OF HOMES MR MARTIN SAID

THE INITIAL RUSH OF GADGET HOUNDS TO BUY THE FIRST 3DO MACHINES MAY NOT BE
ENOUGH TO SPARK HEAVY SALES VOLUMES LATER SAID MARK MACGILLIVRAY MANAGING
DIRECTOR OF H&M CONSULTING A SUNNYVALE CALIF RESEARCH FIRM THE
HIGHTECH GRAVEYARD IS LITTERED WITH TOMBSTONES OF ALL THESE TECH COMPANIES
THAT THOUGHT EARLY ADOPTERS WOULD PAVE THE WAY HE SAID 9310080002
931008 US SURGICAL PLANS TO ANNOUNCE STEPS TO LOWER ITS COSTS

NORWALK CONN US SURGICAL CORP SAID IT WILL ANNOUNCE DETAILS OF A
COSTCUTTING PLAN NEXT WEEK

THE STATEMENT CAME LATE YESTERDAY AFTER US SURGICAL SHARES ROSE 22 ON
SPECULATION THAT THE MAKER OF SURGICAL STAPLING EQUIPMENT WOULD CUT
EXPENSES IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING US SURGICAL CLOSED
AT 24625 UP 4375 ON VOLUME OF 31 MILLION SHARES

THE STOCK'S RISE WAS SPARKED BY COWEN & CO ANALYST DANIEL LEMAITRE'S
UPGRADE OF THE COMPANY'S STOCK TO NEUTRAL FROM UNDERPERFORM MR
LEMAITRE SAID HE EXPECTED US SURGICAL TO ANNOUNCE A RESTRUCTURING SOON
THAT WILL FOCUS ON REDUCING ADMINISTRATIVE GENERAL AND SELLING COSTS AS
WELL AS SOME INVENTORY WRITEOFFS

US SURGICAL'S SHARES HAVE BEEN VOLATILE IN THE PAST FEW MONTHS SKIDDING
RECENTLY ON NEWS OF A GREATERTHANEXPECTED 22 MILLION SECONDQUARTER LOSS
AND CONTINUING INVENTORY PROBLEMS

WHILE A COMPANY SPOKESMAN SAID US SURGICAL IS PLEASED WITH THE RISE IN
ITS STOCK PRICE HE CALLED SOME OF MR LEMAITRE'S REMARKS PURE
SPECULATION STEVEN ROSE THE SPOKESMAN SAID MR LEMAITRE PROBABLY MADE
HIS PROJECTIONS AFTER ATTENDING A SPEECH GIVEN BY US SURGICAL CHAIRMAN
LEON C HIRSCH AT A RECENT HEALTHCARE CONFERENCE AT THE TIME MR HIRSCH
SAID THE COMPANY WILL ANNOUNCE DETAILS OF COST REDUCTIONS WHEN IT REPORTS
ITS THIRDQUARTER EARNINGS ON OCT 14 MR ROSE SAID MR HIRSCH DIDN'T
INDICATE WHICH PARTS OF THE BUSINESS WOULD BE TRIMMED

MR ROSE SAID US SURGICAL'S THIRDQUARTER RESULTS WILL BE IMPROVED FROM
THE SECOND QUARTER WHILE MR LEMAITRE SAID HE EXPECTS THE COMPANY TO POST A
LOSS OF 25 CENTS A SHARE FOR THE THIRD QUARTER COMPARED WITH YEAREARLIER
NET INCOME OF 61 CENTS A SHARE 9310080057 930922 REVIEW & OUTLOOK
EDITORIAL THE HEALTH CARE DEBATE

THE GREAT HEALTH CARE DEBATE IS NOW DESCENDING AND THE CHALLENGE WILL BE
SORTING THROUGH THE COMPLEXITY AND CONFUSION AS THE FIRST WORD IF NOT
NECESSARILY THE LAST TAKE A SIMPLE ECONOMIC LODESTAR THERE ARE TWO BASIC
WAYS TO RATION SCARCE RESOURCES PRICING AND QUEUING

WE DISCOVERED THIS TRUTH ANEW IN THE GREAT ENERGY CRISIS OF THE 1970S IF
YOU DON'T ALLOW GASOLINE PRICES TO RISE TO ENCOURAGE SUPPLY AND LIMIT
DEMAND YOU GET GASOLINE LINES IN THAT EXPERIENCE WE FOUND QUEUING
ECONOMICALLY INEFFICIENT SOCIALLY DISRUPTIVE AND NOT PARTICULARLY JUST
WHEN PRESIDENT REAGAN ABOLISHED CONTROLS AND LET PRICES SEEK THEIR OWN
LEVEL THE CRISIS NOT SO MYSTERIOUSLY VANISHED

HEALTH CARE IS FAR MORE COMPLEX THAN GASOLINE BUT IT IS MANIFESTLY A SCARCE
RESOURCE THE ISSUE IS HOW BEST TO ALLOCATE THE TIME OF DOCTORS NURSES AND
ADMINISTRATORS AND A COMPLICATED INFRASTRUCTURE OF MAGNETIC RESONANCE
IMAGERS HOSPITAL BEDS OPERATING ROOMS AND SO ON AS A SOCIETY WE ARE NOT
PARTICULARLY COMFORTABLE WITH MEDICAL CARE RATIONED BY EITHER QUEUING OR
PRICING FOR THE LAST IN LINE OR LEAST IN WEALTH WILL BE DENIED A LEVEL OF
CARE THAT OTHERS RECEIVE SO WE HAVE TRIED TO PROVIDE EVERYTHING FOR
EVERYONE AND HEALTH CARE NOW ACCOUNTS FOR 14 OF GROSS DOMESTIC PRODUCT

THE GORDIAN KNOT OF PRICING AND QUEUING CAN ALWAYS BE CUT OF COURSE
THROUGH MORE EFFICIENCY MORE EFFICIENT DELIVERY OF HEALTH CARE WILL ALLOW
YOU TO HAVE THE SAME AMOUNT AT A LOWER PRICE OR A LARGER AMOUNT FOR THE SAME
EXPENDITURE BOTH INTUITION AND EVERYDAY EXPERIENCE SUGGEST THAT IN MEDICINE
THERE'S PLENTY OF ROOM FOR MORE EFFICIENCY WE HAVE OF COURSE TO UNDERSTAND
THAT MEDICINE IS A LABORINTENSIVE PERSONALSERVICE COMMODITY NOT EASY TO
RATIONALIZE STILL 14 OF GDP IS A LOT OF MONEY THERE OUGHT TO BE ROOM FOR
SAVINGS

ESPECIALLY SO SINCE IT'S EASY TO SEE THAT HEALTH CARE IS LARDED WITH
PERVERSE INCENTIVES THE TAX SYSTEM CREATES INCENTIVES FOR EMPLOYERS AND
UNIONS TO ARRANGE COMPENSATION IN THE FORM OF HEALTH CARE RATHER THAN WAGES
AND AS A RESULT EMPLOYEES HAVE INCENTIVES TOWARD OVERUSE SUPPLIERS PAID ON
A FEEFORSERVICE BASIS HAVE INCENTIVES TO PROVIDE MORE CARE UNIQUELY
AMERICAN MALPRACTICE LITIGATION CREATES INCENTIVES FOR MORE TESTS THE
GOVERNMENT HAS CHOSEN TO PAY FOR CARE FOR THE ELDERLY AND INDIGENT GIVING
THEM INCENTIVES TO SEEK CARE THAT HAVE TO BE BALANCED BY QUEUING IN
EMERGENCY ROOMS THEN IT IMPOSED PRICE CONTROLS ON THIS CARE GIVING
SUPPLIERS INCENTIVES TO COVER COSTS BY BOOSTING PRICES FOR PRIVATE PATIENTS
SOME POTENTIAL PATIENTS KNOWING THAT THEY WILL NOT BE DENIED CARE IN AN
EMERGENCY FIND INCENTIVES TO AVOID THE COST OF INSURANCE

THIS STRUCTURE OF INCENTIVES DOES PRODUCE THE BEST HEALTH CARE IN THE WORLD
GIVEN THE PROBLEMS INHERENT IN A VAST CONTINENTAL SOCIETY INDEED BY NOW
MANY OF OUR REMAINING HEALTH PROBLEMS ARE THE RESULT OF PERSONAL
BEHAVIORISSUES OF WEIGHT EXERCISE SEATBELTS TOBACCO ALCOHOL AND DRUGS
SINCE THIS IS BEYOND THE CONTROL OF MEDICAL SCIENCE IT'S FAR FROM CLEAR
THAT THERE WOULD BE GREAT RETURNS FROM CONTINUAL INCREASES IN SPENDING ON
HEALTH CARE FOR ALL THE ACCOMPLISHMENTS OF THE PRESENT SYSTEM IT'S HARD TO
ARGUE THERE'S NO BETTER WAY

IF WE HAVE LEARNED ANYTHING OVER THE PAST THREE DECADES THOUGH IT OUGHT TO
BE THAT A HEAVIER GOVERNMENTAL HAND IS UNLIKELY TO PROMOTE MORE EFFICIENCY
INDEED LIKELY TO INTRODUCE YET MORE INEFFICIENCIES IT SEEMS THAT TONIGHT
PRESIDENT CLINTON WILL PROPOSE THE GRANDDADDY OF ALL ENTITLEMENTS MAKING
THE GOVERNMENT ULTIMATELY RESPONSIBLE FOR THE HEALTH CARE OF EVERY AMERICAN
CREATING A STRUCTURE THAT PROFESSES TO DECIDE WHO GETS WHAT CARE AND AT WHAT
COST COVERING MORE AMERICANS AND SOMEHOW SAVING MONEY IN THE PIGINAPOKE
SALESMANSHIP OF THE LAST WEEK HE ASKED US TO BELIEVE THAT INTRODUCING MORE
GOVERNMENT WILL SAVE MONEY BY REDUCING PAPERWORK

THE SENSIBLE RESPONSE WOULD BE TO ASK ON WHAT PLANET THESE PEOPLE LIVE YET
WITHIN THE BELTWAY HEALTH CARE REFORM HAS BECOME SUCH A TOTEM THAT VARIOUS
WORTHIES FROM EVERETT KOOP TO THE COLLEGE OF PHYSICIANS TO JIMMY CARTER TO
JERRY FORD ARE LINING UP TO SAY THAT ANY CHANGE IN THE HEALTH CARE SYSTEM
MUST IPSO FACTO REPRESENT PROGRESS HUMAN EXPERIENCE TEACHES US THAT THE
MORE LIKELY RESULT IS A LONGFESTERING SORE WITH HEALTH CARE SOARING IN
EXPENSE DEGRADING IN SERVICE AND INCREASINGLY RESISTANT TO REFORM

THE ACTUAL EFFECTS ON HEALTH CARE ARE RATHER BESIDE THE POINT THOUGH FOR
THIS IS ULTIMATELY A POLITICAL INITIATIVE THE TRADITIONAL POLICY OF TAXING
THE RICH TO HELP THE POOR HAS PRETTY MUCH EXHAUSTED THE INCOME AVAILABLE
THE ONLY WAY TO SPEND IS TO TAX THE BROAD MIDDLE CLASS THE TRICK IS TO FIND
SOMETHING FOR WHICH ITS MEMBERS MIGHT BE PERSUADED TO PAY TAXES THUS
CREATING A NEW GOVERNMENTAL GOODIE THAT WOULD WIN BACK THE REAGAN
DEMOCRATS WHILE MR CLINTON PROBABLY WILL NOT MENTION THIS AGENDA TONIGHT
HIS POLITICAL STAFF SCARCELY KEEPS IT A SECRET

THE TRUTH IS THAT WHEN YOU ARE TALKING ABOUT 14 OF GDP THERE IS NO
ONESIZEFITSALL SOLUTION EVEN ONE THAT ALLOWS FOR STATEBYSTATE
VARIATION PHASEINS AND EXCEPTIONS IF THE GOVERNMENT IS SERIOUS ABOUT
REFORMS IT HAS TO TRY TO CREATE THE RIGHT INCENTIVES OR MORE ACCURATELY
CORRECT THE PERVERSE INCENTIVES ITS PROGRAMS HAVE INTRODUCED AND LEAVE IT
TO CONSUMERS AND SUPPLIERS TO SORT OUT THE DETAILS THERE ARE A NUMBER OF
PROMISING AND NOT MUTUALLY EXCLUSIVE APPROACHES

FOR ONE THING TRENDS THAT ARE UNSUSTAINABLE TEND NOT TO PERSIST HEALTH
CARE WILL NOT GROW TO 100 OF GDP THE RISE IN HEALTH CARE HAS CERTAINLY
CAPTURED THE ATTENTION OF THE BUSINESSES THAT PAY FOR SO MUCH OF IT AS WELL
AS HEALTH CARE SUPPLIERS AND GOVERNMENTS AT ALL LEVELS WITH MUCH ADJUSTMENT
AND EXPERIMENTATION ALREADY UNDER WAY THERE ARE EARLY SIGNS THAT THE COST
GROWTH IS SLOWING AS RECENTLY REMARKED BY ALAIN ENTHOVEN ONE OF THE
ORIGINATORS OF THE MANAGED COMPETITION APPROACH AND NOW A CRITIC OF THE
CLINTON PROPOSALS REP DICK ARMEY PROPOSES THAT CONGRESS PASS A FEW REFORMS
ON WHICH THERE IS BROAD CONSENSUS AND DELAY MORE SWEEPING ALTERNATIVES
UNTIL THIS TREND IS CLEARER

THE ULTIMATE LONGRANGE SOLUTION IS TO REINSTATE THE INDIVIDUAL AT THE
CENTER OF DECISIONS ABOUT HEALTH CARE SOME BUSINESSES HAVE IN FACT OFFERED
MEDICAL SAVINGS PLANS A COMBINATION OF PROTECTION AGAINST MAJOR ILLNESS
THROUGH INSURANCE WITH HIGH DEDUCTIBLES AND PROVISION FOR ROUTINE SPENDING
THROUGH ACCOUNTS THAT REVERT TO THE EMPLOYEE IF UNSPENT THE RESULTS OF
THESE PROGRAMS HAVE BEEN IMPRESSIVE AS KEN DAVIS OF DOMINION RESOURCES
DESCRIBED IN OUR MANAGER'S JOURNAL COLUMN LAST MONDAY EXPANDING ON THIS
CONCEPT SENATOR PHIL GRAMM HAS A BILL FOR MEDICAL IRAS

THE MUCHPUBLICIZED MANAGED COMPETITION APPROACH ALSO HAS ITS VIRTUES
IT'S POSSIBLE TO ENVISION A WORLD IN WHICH MEDICAL CARE IS ADMINISTERED BY
LARGE ORGANIZATIONS EMPLOYING SALARIED PHYSICIANS TO CARE FOR LARGE GROUPS
OF PATIENTS AND REIMBURSED BY PATIENTS COVERED INSTEAD OF SERVICES
RENDERED PRICES WOULD BE CONTROLLED THROUGH COMPETITION AMONG SUCH
ORGANIZATIONS IN THE HEALTH MAINTENANCE ORGANIZATION MOVEMENT AND WITH
YOUNG PHYSICIANS FACING HUGE CAPITAL COSTS TO ESTABLISH AN INDIVIDUAL
PRACTICE THERE IS ALREADY A STRONG TREND TOWARD THIS TYPE OF ORGANIZATION
SENATOR JOHN CHAFEE'S PROPOSAL WOULD ENCOURAGE THIS TREND WITHOUT MAKING IT
A HEAVYHANDED MANDATE

WHAT WE IN FACT NEED IS EXPERIMENTATION WITH ALL OF THESE APPROACHES TO
LEARN WHAT WORKS WE DO NOT NEED ONE GRAND SCHEME SUBJECT TO VAST UNINTENDED
CONSEQUENCES AND SUBJECT TO CATASTROPHIC FAILURE IF ITS DESIGNERS ARE NOT
THE GENIUSES THEY IMAGINE THEMSELVES TO BE THE CLINTON PROPOSAL IS SHAPING
UP AS PRECISELY THIS KIND OF ARROGANCE AND IS LIKELY TO BE A DANGER TO THE
HEALTH AND WELLBEING NOT TO MENTION THE POCKETBOOKS OF US ALL

THIS BEING SO THERE IS ONE FINAL NOTE BRITAIN'S NATIONAL HEALTH SERVICE IS
ACCOMPANIED NOW BY A VIGOROUS PRIVATE ALTERNATIVE INCLUDING PRIVATE
INSURANCE CANADA'S IS NOT BUT ITS CITIZENS HAVE RECOURSE TO AMERICAN
MEDICINE QUEBEC PREMIER ROBERT BOURASSA FOR EXAMPLE CAME TO THE US FOR
TREATMENT OF A RECURRENCE OF SKIN CANCER IN THE US MEDICARE SYSTEM A
COURT NOT LONG AGO REACHED AN AMBIGUOUS RESULT IN A SUIT OVER WHETHER
ELDERLY PATIENTS COULD CONTRACT WITH PHYSICIANS OUTSIDE OF THE SYSTEM'S
PRICE CONTROLS IN THE DEBATE TO COME THE ONE STICKING POINT OUGHT TO BE
THAT IN ANY CLINTON PLAN THERE HAS TO BE A SAFETY VALVE NO PLAN SHOULD
ABRIDGE THE RIGHT OF AMERICAN CITIZENS TO USE THEIR OWN MONEY TO BUY MEDICAL
CARE IF YOU THINK THAT DANGER IS FARFETCHED KEEP WATCHING SEE RELATED
LETTERS LETTERS TO THE EDITOR HEALTH CARE IN CANADA GET IN LINE WSJ
OCT 8 1993 9309220109 YY93 MM10 9310080042 930908 MANAGEMENT JOB 
MCKINSEY CONFRONTS CHALLENGE OF ITS OWN THE BURDENS OF SIZE  IT
GROWS MORE HIERARCHICAL LESS COLLEGIAL READIER TO PUSH FOR NEW
BUSINESS  AN ACQUISITION GOES POORLY  BY DANA MILBANK STAFF
REPORTER OF THE WALL STREET JOURNAL

AFTER YEARS OF GROWTH YOUR COMPANY BEGINS TO DEVELOP A CUMBERSOME
STRUCTURE STRUGGLES TO MAINTAIN ITS FOUNDING VALUES BOTCHES AN ACQUISITION
AND DISAPPOINTS SOME CUSTOMERS

IF YOUR BUSINESS IS LIKE MANY OF THE WORLD'S LARGEST YOU MIGHT CALL IN A
PRESTIGIOUS MANAGEMENT CONSULTANT LIKE MCKINSEY & CO BUT WHAT IF YOUR
BUSINESS IS MCKINSEY & CO

MCKINSEY KNOWN AS A SAVIOR OF COMPANIES AND GROOMER OF CORPORATE TITANS
SPANS 28 COUNTRIES AND HAS ADVISED HALF THE WORLD'S LARGEST COMPANIES ALONG
WITH THE TANZANIAN GOVERNMENT PRESIDENT EISENHOWER AND THE VATICAN AMONG
ITS MANY PROMINENT ALUMNI ARE SEVERAL RECENTLY NAMED CHIEF EXECUTIVES
INCLUDING INTERNATIONAL BUSINESS MACHINES CORP'S LOUIS GERSTNER JR
AMERICAN EXPRESS CO'S HARVEY GOLUB AND WESTINGHOUSE ELECTRIC CORP'S
MICHAEL H JORDAN

BUT MCKINSEY'S EXPLOSIVE GROWTH HAS PUT UNDER STRAIN ITS TRADITIONS OF
NONHIERARCHICAL MANAGEMENT CLOSE COOPERATION AMONG CONSULTANTS AND A
DETERMINATION ALWAYS TO PUT THE CLIENT'S INTERESTS AHEAD OF ITS OWN
ALTHOUGH CLIENTS SAY MCKINSEY'S COUNSEL IS GENERALLY SOLID THE FIRM HAS
BECOME MORE CONCERNED WITH SALESMANSHIP AND GAINING REPEAT BUSINESS LEADING
SOME TO GROUSE THAT ITS ADVICE FOR WHICH IT GETS PREMIUM PRICES ISN'T
ALWAYS WORTH THE COST

JEFFREY SONNENFELD A BUSINESS PROFESSOR AT EMORY UNIVERSITY IN ATLANTA
SAYS THAT WHILE AN OUTSIDE PERSPECTIVE SUCH AS MCKINSEY'S CAN PROVIDE GREAT
INSIGHT TO SOME CLIENTS OFTEN IT IS HARD TO MAKE AN ARGUMENT THAT
CORPORATIONS ARE BETTER OFF FOR HAVING MCKINSEY AROUND

RICHARD RAKOWSKI A MANAGEMENT CONSULTANT WITH NEW PARADIGM VENTURES SOUTH
NORWALK CONN WHO HAS FREQUENTLY CROSSED PATHS WITH MCKINSEY LEVELS A
BLUNT CHARGE AT HIS GIANT RIVAL THEIR WORK IS CANNED THEIR FORMATS ARE
CANNED THEIR THINKING IS CANNED AND THEY GIVE BLACKBOX SOLUTIONS TO
EVERYTHING WHERE EVERY SITUATION IS UNIQUE

MCKINSEY DECLINED REQUESTS FOR INTERVIEWS AND DISTRIBUTED A MEMO TELLING
EMPLOYEES NOT TO SPEAK ABOUT THE COMPANY A SPOKESMAN ANSWERED QUESTIONS BUT
WOULD NOT COMMENT ON ANY CLIENT WORK THE SPOKESMAN BILL MATASSONI SAID
THAT MCKINSEY IS WORKING HARDER THAN EVER AT THE VALUES AND GUIDING
PRINCIPLES OF THE FIRM THE NOTION THAT IT'S TOO BIG AND THE VALUES ARE
GOING TO GO IS NOT CORRECT

COMPANIES PAY ABOUT 1 MILLION FOR A TYPICAL MCKINSEY STUDY FOR THREE TO
SIX MONTHS FOUR OR FIVE CONSULTANTS INTERVIEW THE CLIENT'S EXECUTIVES AND
USE MCKINSEY'S OWN INDUSTRY INFORMATION TO DEVELOP RECOMMENDATIONS THEY MAY
ANALYZE AN ACQUISITION SUGGEST WAYS TO REDEPLOY A SALES FORCE OR OFFER A
BROAD OVERHAUL OF CORPORATE STRATEGY OVER THE YEARS MCKINSEY THE PIONEER
IN MANAGEMENT CONSULTING HAS HAD A HAND IN REORGANIZING RAILROADS INTO
CONRAIL INTRODUCING SUPERMARKET BAR CODING KEEPING AIRTRAFFIC CONTROL
SOUND AFTER THE 1981 DISMISSAL OF STRIKING CONTROLLERS AND LAUNCHING
AMERICAN TELEPHONE & TELEGRAPH CO'S CREDIT CARD

CLIENTS SEE MCKINSEY AS AN ALLY AND GIVE IT UNUSUAL ACCESS THEY WORK AT
ALL LEVELS IN THE ORGANIZATION SAYS MELLON BANK CHAIRMAN FRANK V CAHOUET
IT BECOMES A LIVING KIND OF EXPERIENCE MELLON HAS PAID MCKINSEY 16
MILLION FOR STUDIES OVER THE PAST SIX YEARS THEY'RE EXPENSIVE THEY'RE
DAMNED EXPENSIVE MR CAHOUET SAYS BUT HE ESTIMATES THE BANK'S RETURN ON
MCKINSEY'S ADVICE HAS BEEN 20 TIMES THE COST

SOME AT MCKINSEY LIKEN THE FIRM AS THEY CALL IT TO THE MARINE CORPS
ELITE LOYAL AND SECRETIVE BASED IN NEW YORK MCKINSEY RECRUITS FROM TOP
BUSINESS AND ENGINEERING SCHOOLS PAYS MORE THAN 70000 A YEAR PLUS A
SIGNING BONUS TO START AND SPENDS ABOUT 100 MILLION A YEAR ON TRAINING
AND RESEARCH SENIOR PARTNERS CAN EARN 1 MILLION A YEAR OR MORE

WHEN THEY LEAVE THEY BECOME GREAT SOURCES OF BUSINESS AS MANY AS HALF THE
PARTNERS WHO DEPART GO TO CLIENT COMPANIES SAYS STEPHEN P KAUFMAN AN
ALUMNUS WHO IS CEO OF ARROW ELECTRONICS INC AND WHO IN HIS 10 YEARS AT
ARROW HAS COMMISSIONED EIGHT MCKINSEY STUDIES MCKINSEY CULTIVATES ITS
3000 ALUMNI WITH ANNUAL LUNCHEONS AND ALUMNI DIRECTORIES THE LATEST IS 313
PAGES LONG THE FIRM IS A WONDERFUL SELFPROMOTION MACHINE SAYS ALUMNUS
ROBERT P PINKAS

AS FOR THE STRENGTH OF ITS ADVICE MCKINSEY'S BATTING AVERAGE APPEARS HIGH
CONSULTANTS AND CLIENTS ESTIMATE THAT ONLY 10 OR 20 OF ITS RECOMMENDATIONS
LOOK FAULTY IN RETROSPECT

AT THE SAME TIME MANY WHO HAVE USED MCKINSEY MOST HEAVILY HAVE HARDLY BEEN
CORPORATE PARAGONS IN RECENT YEARS COMPANIES SUCH AS SEARS ROEBUCK &
CO DAIMLERBENZ AG GENERAL MOTORS CORP AND AMERICAN EXPRESS DURING THE
1980S AS GM WAS LOSING GROUND IT WAS PAYING MCKINSEY SOMETIMES AS MUCH AS
2 MILLION A MONTH FOR STUDIES AMERICAN EXPRESS HAS BOUGHT MORE THAN 200
MCKINSEY STUDIES OVER THE YEARS ONE OF WHICH ON TRAVELER'S CHECKS LARGELY
REVERSED CONCLUSIONS OF AN EARLIER ONE MEANWHILE MANY OF THIS ERA'S MOST
SUCCESSFUL BUSINESSES DON'T RELY ON CONSULTANTS AMONG THEM MICROSOFT CORP
WALMART STORES INC AND NUCOR CORP

THE INCREASINGLY COMPLEX AND TECHNOLOGYDRIVEN MARKETPLACE DOESN'T MAKE
THINGS EASIER FOR GENERALIST ADVISERS SUCH AS MCKINSEY'S AT ARROW
ELECTRONICS MR KAUFMAN SAYS HIS OLD FIRM ORCHESTRATED TWO HIGHLY
SUCCESSFUL MOVES ARROW'S DEBUT IN EUROPE AND THE SPLITUP OF A DIVISION
BUT WHEN MCKINSEY ADVISED ARROW ON A NEWBUSINESS LAUNCH IT STALLED AND
NEVER GREW TO THE SIZE WE HOPED SAYS MR KAUFMAN OCCASIONALLY THE WORLD
CHANGES IN WAYS THEY HAD NOT THOUGHT OF

AT QUAKER STATE CORP MCKINSEY IN THE MID1980S ADVISED SHIFTING TO A
METHOD OF DIRECT DISTRIBUTION INSTEAD OF USING DISTRIBUTORS THE WAY I
UNDERSTOOD THE PHILOSOPHY OF THE  BEANCOUNTER CONSULTANTS IT WAS
GOING TO INCREASE SALES BY 20 A YEAR JACK W CORN WHO LATER BECAME
CHAIRMAN SAID IN A 1991 INTERVIEW BUT MCKINSEY MISJUDGED THE IMPORTANCE OF
THE DISTRIBUTORS ACCORDING TO MR CORN CAUSING COSTS TO RISE AND SALES AND
MARKET SHARE TO PLUNGE THE WHEELS WERE BEGINNING TO RUN OFF IN ALL AREAS
OF OUR BUSINESS WE WERE HEADED FOR DISASTER SAID MR CORN WHO STEPPED
DOWN THIS YEAR

AROUND THE SAME TIME SOUTHLAND CORP SOUGHT A STUDY OF ITS
CONVENIENCESTORE CHAIN MCKINSEY FOUND THAT THE DALLASBASED COMPANY NEEDED
A COSTCUTTING PROGRAM AND OFFERED TO OVERSEE ONE FOR AN ADDED FEE
LOOKING AT MCKINSEY'S CHARTS AND HEARING ITS SLICK REPORT IT FELT LIKE
THIS WAS A STANDARD COOKIECUTTER PRESENTATION THEY COULD BE MAKING TO
ANYBODY ABOUT DOWNSIZING AND CUTTING COSTS SAYS ALLEN LILES A SOUTHLAND
VICE PRESIDENT AT THE TIME I FELT THEY HAD A CANNED RECOMMENDATION HE
ADDS AND THAT MCKINSEY'S MOTIVATION WAS DICTATED BY THE FACT THAT
RESTRUCTURING WAS A VERY PROFITABLE AREA FOR THEM SOUTHLAND WON'T COMMENT
OTHER THAN TO AGREE THAT IT DID HAVE HIGH COSTS AT THE TIME IT IMPOSED A
COSTCONTROL PROGRAM ON ITS OWN WHICH INCLUDED A BUYOUT PLAN OF WHICH MR
LILES AVAILED HIMSELF

EVEN AS IT ADVISES OTHERS MCKINSEY HAS FACED THE CHALLENGE OF KEEPING ITS
OWN HOUSE IN ORDER THANKS TO ITS TORRID GROWTH IT HAD JUST 683 CONSULTANTS
IN 1978 BY 1992 THE NUMBER WAS 3100 THE FIRM HAD 100 MILLION IN REVENUE
15 YEARS AGO LAST YEAR IT BILLED 12 BILLION 60 FROM OVERSEAS 
ACCORDING TO CONSULTANTS NEWS

THIS HAS PUT PRESSURE ON THE MCKINSEY IDEAL OF AN OPEN AND NONHIERARCHICAL
WORKING ATMOSPHERE SOMETHING IT PLEDGES TO FOSTER AT CLIENT COMPANIES FOR
MUCH OF THE FIRM'S HISTORY PARTNERS KNEW ONE ANOTHER BY FIRST NAME AND THE
COMPANY'S PATRIARCH MARVIN BOWER NOW 89 TOOK EACH NEW ASSOCIATE OUT TO
LUNCH NOW PARTNERS WEAR NAME TAGS AT COMPANY GATHERINGS THE NEW YORK
OFFICE ALONE HAS 450 CONSULTANTS AND 80 PARTNERS

YOU HAVE TO HAVE MORE STRUCTURE MORE LAYERS COMMITTEES REGIONS AND
SPHERES SAYS THOMAS W WILSON JR A SENIOR PARTNER WHO RETIRED IN 1989
IT CHANGES THE FEEL OF THE PLACE A CURRENT MCKINSEY SENIOR PARTNER IN NEW
YORK SAYS THERE'S A SIZE PROBLEM

MCKINSEY NOW HAS SEVEN OR EIGHT PERSONNEL COMPENSATION AND PROMOTION
COMMITTEES AND 24 PARTNERS ARE FULLTIME ADMINISTRATORS RIVALRIES HAVE
SPROUTED AMONG OFFICES WITH THOSE IN GERMANY AND JAPAN SO INDEPENDENT THAT
TRANSFERS FROM OTHER LOCATIONS ACCOUNTED FOR UNDER 3 OF THEIR STAFFS IN
1992 THERE'S BEEN A WORRY ABOUT OFFICES BEING ISOLATED SAYS MCKINSEY'S
SPOKESMAN MR MATASSONI

MCKINSEY HAS DIVIDED ITSELF BY INDUSTRY SPECIALTIES AUTOMOTIVE OR RETAIL
EG FUNCTIONAL GROUPS INCLUDING MARKETING AND FINANCE AND OF COURSE
GEOGRAPHY 58 OFFICES BUT MR MATASSONI CONCEDES THAT TENSION CAN ARISE
AS SOME OFFICES RESIST TAKING PART IN INDUSTRY AND FUNCTIONAL GROUPS OR
PROVIDING CONSULTANTS FOR GLOBAL GROUPS

TENSION EVIDENTLY CONTRIBUTED TO A 1991 MASS MOVE OF ABOUT 40 ACTIVE AND
RECENTLY DEPARTED MCKINSEY CONSULTANTS SOME OF THEM NEWLY ELECTED PARTNERS
TO CHICAGO RIVAL AT KEARNEY INC TOM STEINER A 16YEAR VETERAN WHO LED
THE MOVEMENT DIDN'T RETURN PHONE CALLS BUT MEMBERS OF HIS GROUP SAY
MCKINSEY'S SIZE STIFLED OPPORTUNITIES

IN 1989 MCKINSEY MADE A MOVE THAT SIDESTEPPED ONE OF ITS LONGHELD
POLICIES THE FIRM'S GUIDING PRINCIPLES CALL FOR EXPANDING ONLY THROUGH
ORGANIC GROWTH NOT GROWTH BY ACQUISITION BUT MCKINSEY SEEING A NEED TO
BRIDGE THE GAP BETWEEN ITS BROAD STRATEGIC WORK AND THE NUTSANDBOLTS WORLD
OF COMPUTER SYSTEMS PURCHASED A FIRM CALLED INFORMATION CONSULTING GROUP
IT RATIONALIZED THE MOVE BY CALLING IT A WHOLESALE RECRUITMENT INSTEAD OF AN
ACQUISITION

UNFORTUNATELY MCKINSEY'S CULTURE AND ICG'S DIDN'T MESH AND THE ACQUISITION
DIDN'T GO WELL ICG CONSISTED LARGELY OF SOFTWARE WRITERS WITH TECHNICAL
BACKGROUNDS MCKINSEY FOUND THE TECHNICIANS TOO NARROWLY FOCUSED TO
UNDERSTAND ITS METHODS IT WAS LIKE HAVING A BUNCH OF ENGINEERS WRITING
LIBERALARTS PAPERS RECALLS MR WILSON OF THE 200 ICG PROFESSIONALS ALL
BUT A FEW HAVE LEFT

ONE MOVE THAT REQUIRES NO SIDESTEPPING OF POLICY IS WORKING FOR TWO CLIENTS
THAT COMPETE WITH EACH OTHER ALTHOUGH SOME FIRMS WON'T DO THIS MCKINSEY
SEES NO PROBLEM WITH IT BUT IT CAN LEAD TO TROUBLE THE HEAD OF ONE OF
MCKINSEY'S EUROPEAN OFFICES STEPPED DOWN LAST YEAR AFTER A CLIENT AN
INSURANCE COMPANY CLAIMED THAT MCKINSEY HAD SHARED CONFIDENTIAL INFORMATION
WITH ANOTHER MCKINSEY CLIENT MCKINSEY CALLS THIS AN ISOLATED CASE

WITHIN ITS RANKS MCKINSEY USES A FEDERALIST STYLE OF MANAGEMENTBLENDING
CENTRAL CONTROL WITH LOCAL AUTONOMYTHAT ONE ALUMNUS JONATHAN SILVER SAYS
AMOUNTS TO THE MOST PERFECT VERSION OF MERITOCRACY I'VE SEEN IN THE PRIVATE
SECTOR YET OF MCKINSEY'S 475 PARTNERS JUST 21 ARE WOMEN AND TWO ARE
BLACK ONLY AFTER A PROTEST AT HARVARD BUSINESS SCHOOL LAST YEAR DID
MCKINSEY DISCONTINUE A POLICY OF PAYING FOR MEMBERSHIPS IN DISCRIMINATORY
PRIVATE CLUBS MCKINSEY HAS NEW POLICIES ON PARTTIME WORK DESIGNED TO HELP
IT RETAIN WOMEN

THE FIRM'S INCREASED SIZE HAS HEIGHTENED PRESSURE TO SELL ITS SERVICES 
ANOTHER MOVE THAT DOESN'T EASILY SQUARE WITH THE GUIDING PRINCIPLES ONE OF
THESE STATES THE FIRM VIEWS MANAGEMENT CONSULTING AS A PROFESSION NOT A
BUSINESS FOR EXAMPLE UNLIKE A BUSINESS WE DO NOT SOLICIT CLIENTS OR
ADVERTISE OUR SERVICES THE PRINCIPLES DO LEAVE THE DOOR OPEN FOR URGING A
CLIENT TO BUY ANOTHER STUDY IF CONSULTANTS BELIEVE THE CLIENT WILL BENEFIT

TODAY MCKINSEY HAS A CLIENT DEVELOPMENT COUNCIL AND CLIENT DEVELOPMENT
IS ONE OF THE FACTORS IN PARTNER ADVANCEMENT AND PAY JOHN SAWHILL HEAD OF
THE FIRM'S ENERGY PRACTICE IN THE 1980S SAYS HE AND OTHER TOP CONSULTANTS
WOULD GO AROUND PRETTY MUCH EVERY SIX MONTHS TO TALK TO ALL THE CEOS IN
THEIR INDUSTRIES WHILE SUCH A MEETING WOULD BE OSTENSIBLY JUST TO CHAT AND
GATHER INFORMATION SOMETIMES IT WOULD LEAD TO A NEED FOR MCKINSEY HE
SAYS

RICHARD CAVANAGH AN ALUMNUS WHO IS DEAN AT HARVARD'S KENNEDY SCHOOL OF
GOVERNMENT SAYS TOP CONSULTANTS HAVE CONTACT WITH CLIENTS' EXECUTIVES AT
LEAST ONCE A WEEK THEY GENERALLY KNOW WHEN SOMEBODY'S BIRTHDAY IS HE
SAYS

AFTER DOING A STUDY FOR ARMCO INC THIS YEAR MCKINSEY CONSULTANTS HELD A
WRAPUP SESSION FOR THE ARMCO BOARD AT WHICH THEY SUGGESTED OTHER STUDIES
THEY COULD DO FOR THE STEELMAKER THEY MENTIONED THERE WERE SOME OTHER
THINGS WE OUGHT TO LOOK AT AND THEY COULD HELP US SAYS JAMES F WILL
PRESIDENT OF THE PARSIPPANY NJ COMPANY ARMCO SAID NO WE THOUGHT WE
COULD DO INHOUSE WHAT THEY PROPOSED BETTER THAN THEY COULD

MCKINSEY DOESN'T MAKE ANY SECRET OF ITS DESIRE FOR LONGTERM RELATIONSHIPS
AT THE END OF A STUDY IT ISSUES A PROGRESS REVIEW WITH THE IMPLICATION
THAT THE STUDY WILL LEAD TO ANOTHER STUDY UNTIL THE CLIENT STOPS THE
PROCESS THESE PARTNERSHIPS ARE CALLED TRANSFORMATIONAL RELATIONSHIPS THE
IDEA BEING THAT MCKINSEY WILL GRADUALLY RESHAPE AN ENTIRE COMPANY STUDY BY
STUDY AN INTERNAL JOKE PUTS A NEW SLANT ON THIS A TRANSFORMATIONAL
RELATIONSHIP IT GOES IS WHERE WE TRANSFORM THEIR MONEY INTO OUR MONEY

ALL THIS IS QUITE A CHANGE IN THE OLD DAYS WE'D DO ONE PROJECT AND GO
AWAY SAYS JEFFREY K SKILLING WHO LEFT MCKINSEY AFTER 20 YEARS IN 1990
BUT OVER TIME THE RELATIONSHIPS GOT CLOSER AND BIGGER SAYS MR SKILLING
NOW AN ENRON CORP EXECUTIVE MCKINSEY'S RULE OF THUMB IS THAT IT SHOULD DO
A PROJECT ONLY IF THE POTENTIAL FINANCIAL GAIN FOR THE CLIENT WOULD BE AT
LEAST 10 TIMES THE FEE

MELLON BANK'S MR CAHOUET SAY IT IS THE CLIENT'S RESPONSIBILITY TO MAKE SURE
IT DOESN'T GROW DEPENDENT ON CONSULTANTS IF YOU TURN IT OVER TO THEM AND
SAY TELL US HOW TO RUN OUR OPERATION AND WE'LL SEE YOU IN SIX MONTHS' YOU
GET WHAT YOU DESERVE HE SAYS

WHETHER MCKINSEY'S ZEALOUS SALESMANSHIP INTERFERES WITH ITS BROADER PROMISE
 AND MORE BROADLY HOW MUCH GOOD MCKINSEY'S ADVICE DOES ARE DIFFICULT
TO JUDGE ALL THE MORE SO BECAUSE THE FIRM DOESN'T TRACK THE PERFORMANCE OF
ITS CLIENTS SOME PARTNERS ARE PUSHING FOR PERFORMANCE REVIEWS FROM CLIENTS
AND OTHER WAYS TO ASSESS THE FIRM'S IMPACT SAYS MCKINSEY'S SPOKESMAN MR
MATASSONI

BUT AS FOR THE CHALLENGES OF GROWTH MR MATASSONI SAYS WE HAVE ALWAYS
WORRIED ABOUT SIZE AND WHAT IT WILL DO IF IT'S A PROBLEM NOW WE'LL ADAPT
AGAIN SEE RELATED LETTER LETTERS TO THE EDITOR IT WAS OUR BALLGAME 
OCT 8 1993 9309080037 YY93 MM10 9310080026 930903 HEAD OF STEAM GE
LOCOMOTIVE UNIT LONG AN ALSORAN OVERTAKES RIVAL GM  FAST
RESPONSE TO COMPLAINTS AGGRESSIVE SALES EFFORTS COST CUTS TURN IT
AROUND  BUT NEW COMPETITION LOOMS  BY WILLIAM M CARLEY 
STAFF REPORTER OF THE WALL STREET JOURNAL

ERIE PA THE HUGE DIESELELECTRIC LOCOMOTIVES THAT GENERAL ELECTRIC CO
BUILDS HERE WERE UNTIL RECENTLY THE BANE OF RAILROADS THAT BOUGHT AND RAN
THEM

SOMETIMES THEY WERE MISWIRED COOLING FANS WOULD RUN WHEN THEY WEREN'T
NEEDED MOTORS WOULD OVERHEAT FUEL LINES WOULD RUPTURE SOMETIMES SPEWING
DIESEL FUEL AND IGNITING A BLAZE

THE OLDER GE LOCOMOTIVES HAVE BEEN SO UNRELIABLE THAT ONLY A MOTHER COULD
LOVE THEM SAYS CARL TAYLOR VICE PRESIDENT OF THE BIG CSX RAILWAY WHEN
WE CAN RETIRE THEM WE'LL BE DANCING IN THE STREETS

BUT ASK HIM ABOUT THE LATEST GE LOCOMOTIVES AND THE ANSWER IS DIFFERENT
THEY WORK HE SAYS SO WELL THAT THE RAILROAD IS NOW BUYING THEM BY THE
HUNDREDS

THE CSX EXPERIENCE ISN'T UNIQUE IT REFLECTS A SPECTACULAR REVERSAL OF
INDUSTRIAL FORTUNES INVOLVING TWO OF THE COUNTRY'S LARGEST CORPORATIONS

EVER SINCE THE DEMISE OF THE STEAM ENGINE IN THE 1950S GENERAL MOTORS CORP
HAD DOMINATED THE BUSINESS OF BUILDING RAILROAD LOCOMOTIVES YEAR AFTER
YEAR GM GOBBLED UP ABOUT 70 OF THE NORTH AMERICAN LOCOMOTIVE MARKET
GENERAL ELECTRIC HAMPERED BY A REPUTATION FOR UNRELIABILITY SOLD MOST OF
THE REMAINING 30

BUT NOW GENERAL ELECTRIC HAS VASTLY IMPROVED QUALITY AND HAS TURNED THE
TABLES ON ITS RIVAL FOR THE PAST THREE YEARS GENERAL ELECTRIC'S GE
TRANSPORTATION SYSTEMS UNIT HAS OUTPRODUCED AND OUTSOLD GM TAKING ABOUT 60
OF THE MARKET FOR LOCOMOTIVES TO GM'S 40 AND THIS YEAR GENERAL ELECTRIC
WILL PUT NEARLY 420 NEW LOCOMOTIVES ON THE RAILS ITS HIGHEST OUTPUT IN A
DECADE WHICH WILL GARNER ABOUT 70 OF SALES IN ADDITION TO CSX BUYERS
RANGE FROM THE BIG SANTA FE TO THE SMALLER CHICAGO & NORTHWESTERN RAILROADS

FOR GENERAL ELECTRIC AS FOR GM LOCOMOTIVE BUILDING ISN'T THE BIGGEST
BUSINESS IN THE CORPORATE FOLD AT GE HOUSEHOLD APPLIANCES AND JET ENGINES
ARE LARGER BUT THE LOCOMOTIVE BUSINESS PROVIDES A LESSON ON HOW WELL THE
AGGRESSIVE STRATEGIES OF GE CHAIRMAN JACK WELCH WORK IN PRACTICE THE
STRATEGIES INCLUDE QUICKER RESPONSE TO CUSTOMERS RELENTLESS COST CUTTING
AND A FIERCE DRIVE TO INCREASE MARKET SHARE

MR WELCH ADMITS HE HAS HAD PROBLEMS IN THE LOCOMOTIVE UNIT WE HAD SOME
POORLY DESIGNED PRODUCTS HE SAYS ANOTHER GE EXECUTIVE IS MORE BLUNT IN
DESCRIBING THE EARLIER LOCOMOTIVES DOGMEAT BUT BY LISTENING TO
COMPLAINTS FIXING THE LOCOMOTIVES AND PUSHING TO SNARE ORDERS GE HAS COME
FROM BEHIND

FOR GE AS A WHOLE MR WELCH'S STRATEGIES HAVE BEEN PAYING OFF EVER SINCE
HE WAS NAMED CHAIRMAN A DOZEN YEARS AGO THE COMPANY HAS REPORTED HIGHER
ANNUAL PROFITS EXCLUDING ACCOUNTING CHANGES LAST YEAR GE EARNED A RECORD
47 BILLION ON SALES OF 57 BILLION AND THIS YEAR ANALYSTS SAY THE
COMPANY IS HEADED FOR ANOTHER RECORD WITH THE LOCOMOTIVE DIVISION
CONTRIBUTING AN ESTIMATED 80 MILLION ON SALES OF 1 BILLION

GE'S SUCCESS DOESN'T MEAN THE COMPETITION WILL WITHER AWAY WE'RE DOWN BUT
NOT OUT AND WE'RE COMING BACK STRONG SAYS JOHN JERRELL HEAD OF THE
GENERAL MOTORS LOCOMOTIVE UNIT BASED IN LAGRANGE ILL MR JERRELL POINTS
TO A RECENT ORDER BY BURLINGTON NORTHERN FOR 350 LOCOMOTIVES USING NEW
ALTERNATINGCURRENT TECHNOLOGY THE 675 MILLION DEAL IS THE BIGGEST
LOCOMOTIVE ORDER IN HISTORY AND REPRESENTS A TWOYEAR GM LEAD IN THE
TECHNOLOGY

THE STORY OF HOW GE HAS BESTED ITS RIVAL STEMS FROM A SERIES OF EVENTS SOME
STRETCHING BACK YEARS SOME STILL UNFOLDING ENCOURAGED BY THE ROADS TO
BUILD LOCOMOTIVES AS A COUNTERFORCE TO GM GENERAL ELECTRIC IN THE 1960S AND
'70S TURNED OUT ITS U SERIES LIKE ALL DIESELELECTRICS U LOCOMOTIVES
HAVE A HUGE DIESEL ENGINE THAT DRIVES A GENERATOR THAT FEEDS ELECTRICITY TO
TRACTION MOTORS TO TURN THE WHEELS

BUT GE'S LOCOMOTIVES SAYS DOUGLAS SIZEMORE CHIEF MECHANICAL OFFICER OF THE
SANTA FE RAILROAD HAD DIESEL ENGINES TOO COMPLEX WITH TOO MANY FITTINGS
TOO MANY LEAKS AND TOO PRONE TO BREAK DOWN

A FORMER SOUTHERN PACIFIC RAILROAD MAINTENANCE EXECUTIVE AGREES RECALLING
THE TROUBLES HE HAD NURSING 60 GENERAL ELECTRIC U LOCOMOTIVES IN THE EARLY
1980S THE HIGHPRESSURE FUEL LINES WERE CONSTANTLY RUPTURING SQUIRTING
FUEL ON THE HOT EXHAUST MANIFOLD THAT OFTEN MEANT A FIRE BURNING UP THE
100000 ENGINE

GE'S LOCOMOTIVES WERE DUBBED UBOATS BY RAILROAD OFFICIALS MEANING AS ONE
PUT IT THAT THEY SHOULD BE AT THE BOTTOM OF THE SEA A GE EXECUTIVE
CONCEDES DEFICIENCIES IN THE DIESEL ENGINES WHEN WE GOT INTO THIS GAME WE
KNEW A LOT ABOUT ELECTRICAL MOTORS BUT NOT MUCH ABOUT DIESELS HE SAYS

IN 1977 GENERAL ELECTRIC INTRODUCED THE 7 SERIES DESCRIBED BY RAILROAD
MEN AS BETTER THAN THE U SERIES BUT NOT MUCH EXAMPLE THE 7'S MAIN
COOLING FAN WOULD RUN WHEN IT WASN'T SUPPOSED TO THEN FAIL THE REASON
SAYS MR TAYLOR OF CSX GE WENT BACK AND LOOKED AT THE WIRING AND FOUND IT
HAD BEEN WRONG FROM DAY ONE

THE OLDER GENERAL ELECTRIC LOCOMOTIVES STILL HAUNT THE COMPANY LOCOMOTIVES
ARE OFTEN EMPLOYED 20 OR 30 YEARS SO RAILROADS ARE STILL USING AND
HAVING TROUBLE OPERATING MANY OF THE OLDER UNITS

PARTLY TO HELP CURE RELIABILITY PROBLEMS GENERAL ELECTRIC INTRODUCED A NEW
MODEL THE 8 BUT THAT WAS IN 1985 JUST AFTER THE RAILROADS BEGAN
MERGING MAKING MORE EFFICIENT USE OF OLD LOCOMOTIVES AND SLASHING ORDERS
FOR NEW ONES TO MAKE MONEY ON FEWER SALES GE REDESIGNED THE 8 TO MAKE IT
CHEAPER TO BUILD

UNFORTUNATELY SAYS MR WELCH ENGINEERS ALSO DESIGNED A GOOD DEAL OF THE
RELIABILITY OUT OF THE LOCOMOTIVE

AT THE SAME TIME RAIL EXECUTIVES WERE TRYING TO INCREASE RELIABILITY TO
BETTER SERVE SHIPPERS AND STAVE OFF COMPETITION FROM TRUCKS A BREAKDOWN
THAT MIGHT MAKE A FREIGHT DELIVERY A DAY LATE CAN HAVE ENORMOUSLY
DISRUPTIVE AND EXPENSIVE EFFECTS ON OUR CUSTOMERS SAYS A CONRAIL
EXECUTIVE

RAILROAD OFFICIALS BY THE LATE 1980S WERE COMPLAINING BITTERLY TO GE ONE
EXAMPLE MICHAEL WALSH THEN CHAIRMAN OF UNION PACIFIC RAILROAD AND NOW OF
TENNECO INC FLEW TO GE'S LOCOMOTIVE WORKS HERE AND LECTURED A GATHERING
OF HUNDREDS OF WORKERS TO IMPROVE QUALITY AND HE TOLD GE THAT IF QUALITY
DIDN'T IMPROVE THE UNION PACIFIC WOULD PLACE A BIG ORDER WITH JAPANESE
COMPANIES TO ENCOURAGE THEM TO START MARKETING LOCOMOTIVES IN NORTH AMERICA

AT THIS POINT THE HEAD OF GE'S LOCOMOTIVE OPERATION RETIRED THE EXECUTIVE
CARL SCHLEMMER SAYS THAT WHILE GE LOCOMOTIVES HAD PROBLEMS SOME WERE DUE
TO SLOPPY RAILROAD MAINTENANCE AND SOME WERE FIXED BY GE THE 8 HE ADDS
OUTPERFORMED ANYTHING IN THE MARKET

TO REPLACE MR SCHLEMMER MR WELCH TELEPHONED MICHAEL LOCKHART A
39YEAROLD FINANCIAL WHIZ AT THE COMPANY'S JETENGINE DIVISION AND OFFERED
HIM THE TOP JOB AT ERIE MR LOCKHART RECALLS ASKING JACK WHERE'S ERIE

BEFORE MR LOCKHART ARRIVED IN JANUARY 1989 HE ATTENDED GE'S ANNUAL
CHRISTMAS DINNER FOR RAILROAD PRESIDENTS AT THE DINNER I ASKED THEM WHAT
I COULD DO TO HELP THEM THEY TOLD ME I COULD MAKE OUR LOCOMOTIVES WORK
SUBSEQUENT VISITS TO RAILROADS CONFIRMED THAT GE HAD A PROBLEM AT CSX MR
TAYLOR RECOUNTS HE TOLD MR LOCKHART I NEED HELP I'VE GOT THIS INSTALLED
FLEET THAT'S KILLING ME

SHOCKED MR LOCKHART RETURNED TO ERIE HE MOVED THE LOCOMOTIVE HEADQUARTERS
FROM THE PERIMETER OF THE SPRAWLING PLANT TO A BUILDING IN THE MIDDLE OF
ASSEMBLY OPERATIONS HE SET UP A TASK FORCE OF 100 ENGINEERS TO FIX A DOZEN
PROBLEMS DRAWING EXPERTS FROM AROUND GE'S EMPIRE GE'S LOCOMOTIVE MARKETING
MANAGER WHO HAD ANTAGONIZED SOME RAILROAD OFFICIALS LEFT THE COMPANY

LOCKHART SHOOK THINGS UP SAYS MICHAEL IDEN DIRECTOR OF MOTIVE POWER
ENGINEERING AT THE CHICAGO & NORTHWESTERN AT GENERAL ELECTRIC IT USED TO
BE HERE'S MY PRODUCT' BUT NOW THEY'RE LISTENING TO CUSTOMERS AND BUILDING
MORE RELIABLE UNITS

CSX NOTICED THAT GE ALSO BEGAN FIXING PROBLEMS QUICKLY THERE HAD BEEN TWO
LOOKALIKE BRUSHES THAT WENT INTO ELECTRIC TRACTION MOTORS IF THE WRONG ONE
WAS INSERTED BY RAILROAD MAINTENANCE PEOPLE THE MOTORS WOULD FAIL WHEN WE
DREW THAT TO GE'S ATTENTION THEY REDESIGNED THE BRUSH HOLDERS SO THE WRONG
PART WOULDN'T FIT SAYS CSX'S MR TAYLOR BEFORE IT WOULD HAVE TAKEN SIX
MONTHS TO GET THE NEW PART AND THEN ONLY WITH CALLING NAGGING AND
THREATENING BUT WE GOT IT IN A WEEK WHICH WAS MARVELOUS

JUST AS GENERAL ELECTRIC BEGAN IMPROVING ITS PERFORMANCE GM WAS
ENCOUNTERING SETBACKS HAVING DOMINATED THE LOCOMOTIVE BUSINESS SOME GM
OFFICIALS BECAME ARROGANT RAIL EXECUTIVES SAY MIMICKING A GM OFFICIAL ONE
RAIL OFFICIAL JUTS HIS JAW OUT AND SAYS I'M HERE TO TAKE ORDERS

WITH THE WORLD'S BIGGEST LOCOMOTIVE PLANT IN LAGRANGE GM ALSO WAS STUCK
WITH COSTLY OVERCAPACITY WHEN ORDERS FELL AND BECAUSE THE PARENT HAS
SUFFERED HUGE LOSSES ON AUTOS IN RECENT YEARS THE CORPORATION ISN'T GIVING
THE LOCOMOTIVE UNIT FUNDS TO MAKE ITS PLANTS SMALLER AND MORE EFFICIENT IN
FACT GM HAS PUT A MAJORITY STAKE IN ITS LOCOMOTIVE BUSINESS FOR SALE WITH
NO TAKERS THUS FAR

GENERAL MOTORS ALMOST CREATED THIS BUSINESS IT WAS AN UNPRECEDENTED
SUCCESS STORY AND TO SOME DEGREE THIS DID BREED ARROGANCE IN THE PAST
SAYS MR JERRELL THE EXECUTIVE WHO NOW HEADS GM'S LOCOMOTIVE UNIT HE NOTES
THAT GM HAS MANAGED TO CONSOLIDATE LOCOMOTIVE ASSEMBLY OPERATIONS IN
ONTARIO CANADA BUT AT LAGRANGE MAJOR PARTS FABRICATION HAS BEEN MOVING
FROM THE CAVERNOUS OLD FACTORY TO A SMALLER MORE EFFICIENT BUILDING THE
SHIFT ISN'T SCHEDULED TO BE COMPLETED UNTIL 1995 THIS SNAIL'S PACE MR
JERRELL EXPLAINS IS BECAUSE THE CORPORATION TOLD US NO HANDOUTS' THE
LOCOMOTIVE UNIT MUST EKE OUT ITS OWN FUNDS FOR CAPITAL IMPROVEMENTS

WITH GM'S BACK TO THE WALL AND WITH GENERAL ELECTRIC'S QUALITY IMPROVING GE
LAUNCHED AN AGGRESSIVE CAMPAIGN TO WIN ORDERS YOU CAN'T MAKE MONEY WITH AN
EMPTY FACTORY SAYS MR LOCKHART

THE DRIVE FOR MARKET SHARE IS A REFLECTION OF MR WELCH'S STRATEGY OF AIMING
TO BE THE BIGGEST IN ANY BUSINESS AND THE GE CHAIRMAN HIMSELF HELPS
IMPLEMENT IT HE LUNCHES WITH CHARMS AND TRIES TO SELL LOCOMOTIVES TO
RAILROAD EXECUTIVES AROUND THE COUNTRY HE'S ALWAYS SELLING SAYS JOHN
SNOW CHAIRMAN OF CSX CORP PARENT OF THE RAILROAD

THUS FAR GENERAL ELECTRIC'S TACTICS ARE SUCCEEDING CSX BOUGHT A FEW GE 8
LOCOMOTIVES A FEW YEARS AGO TO TRY THEM OUT CSX'S MR TAYLOR CONCLUDED
HEY THESE WORK PRETTY GOOD SO WE BOUGHT MORE CSX NOW HAS 430 OF THE 8S
AND IS BUYING 75 MORE ANNUALLY FOR THE NEXT COUPLE OF YEARS THEY COST
NEARLY 15 MILLION EACH

CHICAGO & NORTHWESTERN WHICH HADN'T BOUGHT A GE LOCOMOTIVE FOR DECADES HAS
ORDERED 112 IN THE PAST FIVE YEARS OUR TESTS INDICATED THEY WOULD BE MORE
RELIABLE IN THE POWDER RIVER BASIN SAYS C&NW'S MR IDEN THAT C&NW TRACK
IN WYOMING IS USED TO HAUL HEAVY COAL TRAINS OVER HILLS A GRUELING TASK FOR
LOCOMOTIVES

ROBERT NARDELLI NOW CHIEF OF GENERAL ELECTRIC'S LOCOMOTIVE UNIT IS
CONTINUING GE'S DRIVE FOR SALES MR LOCKHART RETURNED TO THE JETENGINE
DIVISION

ANALYSTS SAY GE'S LOCOMOTIVE UNIT ALREADY HAD A COST ADVANTAGE OVER GENERAL
MOTORS' PARTLY BECAUSE GE HAS A MORE EFFICIENT PLANT IN ERIE AS WELL AS A
LESS EXPENSIVE LABOR PACT THAN THE GM AGREEMENT WITH THE UNITED AUTO
WORKERS BY CUTTING THE TIME TO BUILD A LOCOMOTIVE TO 46 DAYS FROM 92 GE'S
MR NARDELLI HAS BEEN ABLE TO ACHIEVE EVEN LOWER COSTS AS WELL AS RESPOND TO
CUSTOMERS MORE QUICKLY

SPEED CAN MEAN SALES IN DECEMBER MR NARDELLI HAD LUNCH WITH ROBERT KREBS
CHAIRMAN OF THE SANTA FE WHOSE RAIL BUSINESS WAS GROWING MORE QUICKLY THAN
EXPECTED COULD GE DELIVER 25 MORE LOCOMOTIVES THAN THE 60 SANTA FE HAD
ALREADY ORDERED FOR DELIVERY THIS YEAR MR KREBS ASKED GE COULD IT GOT
THE ORDER

GM HAS STRUCK BACK WITH ITS OWN SALES CAMPAIGN AND SOME ROADS WHICH USED
TO SPLIT LOCOMOTIVE ORDERS BETWEEN THE RIVALS NOW ARE PLAYING GM AGAINST GE
TO GET THE LOWEST PRICE THEY'RE HOLDING AUCTIONS MR NARDELLI SAYS

THE RESULT PRICECUTTING BATTLES THAT GE WITH LOWER COSTS OFTEN HAS BEEN
WINNING THEY ARE KILLING US ON PRICE SAYS A GENERAL MOTORS UNION
OFFICIAL AT LAGRANGE CURRENT EFFORTS BUT GENERAL MOTORS' NEW AC TECHNOLOGY
COULD GIVE IT A WAY TO OUTFLANK ITS COMPETITOR GM HAS FORMED A JOINT
VENTURE WITH SIEMENS AG THE GERMAN ELECTRICALPRODUCTS GIANT TO PRODUCE
LOCOMOTIVES DRIVEN BY ALTERNATING CURRENT COMPARED WITH DIRECTCURRENT
LOCOMOTIVES NOW IN USE THE AC LOCOMOTIVES MAY PROVIDE BETTER TRACTION
LOWER MAINTENANCE COSTS AND LESS FUEL CONSUMPTION

THE GMSIEMENS MOVE IS APPLAUDED BY RAILROAD EXECUTIVES THEY DESERVE A
GOLD STAR SAYS MR TAYLOR OF CSX I'VE BEEN BEGGING FOR AN AC LOCOMOTIVE
FOR YEARS

AND WINNING THE HUGE BURLINGTON NORTHERN ORDER FOR AC LOCOMOTIVES WAS A COUP
FOR THE GMSIEMENS TEAM EVEN EFFORTS BY GE'S MR WELCH WHO TOOK PART IN A
VIDEO CONFERENCE CALL TO BURLINGTON NORTHERN EXECUTIVES FAILED TO SNAG THE
ORDER FOR GE AN OFFICIAL OF THE RAILROAD SAYS IT CHOSE THE GMSIEMENS
VENTURE PARTLY BECAUSE PROTOTYPES ALREADY HAVE BEEN TESTED WHILE GE'S AC
UNIT IS STILL ONLY A PAPER LOCOMOTIVE

GENERAL ELECTRIC VOWS TO CATCH UP FAST IN AC TECHNOLOGY MEANWHILE THE
COMPANY IS CLEARLY SAVORING ITS CURRENT NO 1 POSITION IN THE LOCOMOTIVE
INDUSTRY

GENERAL ELECTRIC IS LIKE THE LITTLE ENGINE THAT COULD' SAYS ROBERT
SUTHERLAND CSX LOCOMOTIVE SUPERINTENDENT GE KEPT TRYING AND TRYING AND
THEY FINALLY GOT THERE SEE RELATED LETTER LETTERS TO THE EDITOR HOW GM
PRODUCED FIRST FREIGHT DIESEL WSJ OCT 8 1993 9309030102 YY93 MM10
9310080016 930927 FIRMS DON'T PLAN RUSH TO SOUTH AFRICA DESPITE
MANDELA'S CALL TO LIFT SANCTIONS  BY CARLA ANNE ROBBINS STAFF
REPORTER OF THE WALL STREET JOURNAL

NELSON MANDELA'S APPEAL TO LIFT ALL ECONOMIC SANCTIONS ON SOUTH AFRICA WAS
GREETED ENTHUSIASTICALLY IN THE US BUT IT COULD BE MONTHS OR EVEN YEARS
BEFORE WARY US BUSINESSES AND INVESTORS DECIDE TO RETURN

WHILE SANCTIONS TO PROTEST SOUTH AFRICA'S SYSTEM OF APARTHEID PERSUADED MANY
US COMPANIES TO LEAVE THE COUNTRY DURING THE PAST DECADE POLITICAL
VIOLENCE AND ECONOMIC UNCERTAINTY MAY CONTINUE TO KEEP THEM AWAY

I FEAR COMPANIES WILL BE CAUTIOUS AT LEAST AS FAR AS MAKING MAJOR
INVESTMENTS FOR A WHILE SAID BILL MOSES OF THE INVESTOR RESPONSIBILITY
RESEARCH CENTER A WASHINGTON RESEARCH GROUP THAT HAS LONG MONITORED
INVESTMENT IN SOUTH AFRICA FOR INSTITUTIONAL INVESTORS

AND MANY COMPANIES WHICH HAVE BEEN CONTEMPLATING A RETURN TO SOUTH AFRICA
SINCE MOST FEDERAL RESTRICTIONS WERE LIFTED UNDER THE BUSH ADMINISTRATION
SAY THEY MUST AWAIT A LIFTING OF RESTRICTIONS BY CITIES STATES AND PENSION
FUNDS BEFORE MAKING A MOVE

JP MORGAN & CO WHICH HAS LIMITED ITS BUSINESS IN THE COUNTRY SAID IT
SEES SEVERAL OPPORTUNITIES IN A MORE OPEN SOUTH AFRICA BUT IS RESTRAINED
BECAUSE OF REGULATIONS WE HOPE STATE AND LOCAL GOVERNMENTS WILL HEED
NELSON MANDELA'S CALL SAID A SPOKESMAN FOR THE BANK HOLDING COMPANY

IN AN ADDRESS TO THE UNITED NATIONS ON FRIDAY THE AFRICAN NATIONAL CONGRESS
LEADER DECLARED THAT THE COUNTDOWN TO DEMOCRACY HAS BEGUN BUT ALSO WARNED
THAT URGENT STEPS MUST BE TAKEN TO HALT THE SLIDE TO A SOCIOECONOMIC
DISASTER IN SOUTH AFRICA INVESTMENT AND TRADE MR MANDELA SAID WERE
ESSENTIAL FOR CONSOLIDATING THE COUNTRY'S LONGAWAITED TRANSITION TO
DEMOCRACY AND MAJORITY RULE

WITH FREE ELECTIONS FOR A CONSTITUTIONAL ASSEMBLY SCHEDULED FOR APRIL MR
MANDELA FEELS PARTICULAR PRESSURE TO REVIVE SOUTH AFRICA'S DEPRESSED ECONOMY
AND COULD BE A REVOLUTION RESULTING FROM RISING EXPECTATIONS

IMMEDIATELY AFTER THE ADDRESS PRESIDENT CLINTON CALLED FOR THE LIFTING OF
THE FEW REMAINING FEDERAL SANCTIONS ON SOUTH AFRICA AND URGED STATES AND
CITIES TO LIFT THEIR FAR MORE RESTRICTIVE BANS

MOST FEDERAL RESTRICTIONS ON TRADE AND INVESTMENT WITH SOUTH AFRICA WERE
LIFTED IN JULY 1991 AFTER PRETORIA REPEALED KEY APARTHEID LAWS AND RELEASED
REMAINING POLITICAL PRISONERS IT TOOK THE US SENATE LESS THAN 15 MINUTES
FRIDAY TO VOTE TO LIFT BANS ON INTERNATIONAL LENDING AND
GOVERNMENTTOGOVERNMENT AID

LIFTING STATE CITY AND LOCAL ORDINANCES COULD PROVE MORE DIFFICULT FOR A
MIXTURE OF BUREAUCRATIC AND EMOTIONAL REASONS IN NEW YORK CITY MAYOR DAVID
DINKINS SAID HE WOULD IMMEDIATELY INTRODUCE A BILL IN THE CITY COUNCIL TO
REPEAL ALL LOCAL SANCTIONS BUT ELSEWHERE PROGRESS COULD BE SLOWER THE
TEXAS STATE LEGISLATURE FOR EXAMPLE WON'T EVEN MEET AGAIN UNTIL 1995
OTHER GOVERNMENTS COULD DRAG THEIR FEET FEARING A POLITICAL BACKLASH OR
BECAUSE OF DOUBTS ABOUT THE SINCERITY OF THE WHITELED GOVERNMENT'S PROMISE
OF FREE ELECTIONS

ACCORDING TO MR MOSES 179 LOCALITIES 30 STATES INCLUDING CALIFORNIA
TEXAS AND FLORIDA 109 CITIES 39 COUNTIES AND TOWNS AND THE VIRGIN ISLANDS
 CURRENTLY HAVE SOME RESTRICTIONS ON TRADE AND INVESTMENT WITH SOUTH
AFRICA

A XEROX CORP SPOKESMAN CITED CITY AND STATE ORDINANCES AND RULES AS
BARRIERS TO AN IMMEDIATE REVIEW OF THE COMPANY'S SOUTH AFRICA POLICY HE
ADDED THAT THE BUSINESS THAT WE HAVE WITH LOCAL AND STATE GOVERNMENTS IS SO
LARGE THAT IT WOULDN'T MAKE SENSE TO JEOPARDIZE IT AT THIS POINT

SINCE THE MID1980S WHEN FIRST LOCAL AND THEN FEDERAL SANCTIONS WERE
IMPOSED MORE THAN 200 US COMPANIES WITH EQUITY STAKES HAVE LEFT SOUTH
AFRICA WHILE ABOUT 100 HAVE REMAINED

A SPOKESMAN FOR INTERNATIONAL BUSINESS MACHINES CORP WHICH DIVESTED ITSELF
OF ALL EQUITY AND OPERATIONS IN SOUTH AFRICA IN 1987 SAID WHILE THE COMPANY
IS MONITORING DEVELOPMENTS THERE THE SENATE MOVE DOESN'T TRANSLATE INTO
DIRECT ACTION FOR IT AT THIS POINT

SEVERAL COMMUNICATIONS COMPANIES HOWEVER WERE MORE ENTHUSIASTIC MCI
COMMUNICATIONS CORP WHICH CURRENTLY HAS NO PROPERTY OR INVESTMENT IN THE
COUNTRY BUT HAS BEEN CONNECTING US CUSTOMERS TO SOUTH AFRICA SAID IT
PLANS TO INVEST IN POSSIBLE OFFICE SPACE AND EXTEND A FIBEROPTIC WIRE INTO
SOUTH AFRICA IT ALSO EXPRESSED INTEREST IN POSSIBLE JOINT VENTURES IN THE
COUNTRY

AND PAOLO GUIDI PRESIDENT OF SPRINT INTERNATIONAL A UNIT OF SPRINT CORP
WHICH ALSO PROVIDES SERVICE BETWEEN US CUSTOMERS AND SOUTH AFRICA SAID
WITH THE LIFTING OF RESTRICTIONS SPRINT WOULD BE CONSIDERING A VARIETY OF
OPPORTUNITIES

AMONG COMPANIES THAT REMAINED FEW EXPECT ANY BIG INCREASES IN INVESTMENT
WILLIAM LANE CATERPILLAR INC'S MANAGER OF INTERNATIONAL ISSUES SAID HE
DOUBTS THERE WILL BE A RUSH BY OTHERS TO REESTABLISH BUSINESS AS LONG AS
THE COUNTRY'S ECONOMY IS IN THE DOLDRUMS

MEANTIME THE LIFTING OF SANCTIONS WILL QUALIFY SOUTH AFRICA FOR AID FROM
THE INTERNATIONAL MONETARY FUND AFTER MEETING WITH MR MANDELA IMF
MANAGING DIRECTOR MICHEL CAMDESSUS SAID THE COUNTRY MAY QUALIFY FOR CREDIT
UNDER AN IMF PROGRAM DESIGNED TO HELP COUNTRIES DEAL WITH SEVERE DROPS IN
EXPORT EARNINGS HE SAID SOUTH AFRICA HAS RECENTLY BEEN BUFFETED BY SEVERE
DROUGHT AND POOR EXPORT PRICES THE CREDIT COULD BE AS MUCH AS 850
MILLION AN IMF OFFICIAL SAID

FURTHER IMF SUPPORT TO HELP SOUTH AFRICA REBUILD ITS ECONOMY IS LIKELY BUT
ADDITIONAL AID PROBABLY WON'T BE NEGOTIATED BEFORE THE COUNTRY'S ELECTIONS
NEXT YEAR IMF OFFICIALS SAID 9310080001 930927 PRIVATE MERCHANT ATTRACTS
QUESTIONS WITH RESORT DEAL  BY ALEXANDRA PEERS STAFF REPORTER OF
THE WALL STREET JOURNAL

NEW YORK THIS WEEK STARTUP INVESTMENT BANKER PRIVATE MERCHANT BANKING
CORP IS TAKING CONTROL OF THE RENOWNED BOCA RATON RESORT & CLUB IN FLORIDA

THE RESORT FAMOUS FOR ITS VIVID PINK HOTELS GIANT PALM TREES LUXURIOUS
BEACH AND GOLF COURSES IS A FAVORITE HANGOUT OF THE SECURITIES INDUSTRY
ITS 113MILLION REFINANCING STRUCTURED BY PRIVATE MERCHANT BANKING AND
FUNDED IN PART BY THE US UNIT OF NOMURA SECURITIES CO IS AN ATTEMPT TO
BAIL THE RESORT OUT OF THE FINANCIAL MESS IT HAS BEEN IN SINCE THE 1989
COLLAPSE OF ITS MORTGAGE LENDER

BUT HOW DID PRIVATE MERCHANT A TWOYEAROLD COMPANY WITH A STRING OF
STALLED FINANCINGS BEHIND IT AND NO RECORD OF ITS EXISTENCE WITH REGULATORS
END UP RUNNING A CROWN JEWEL OF THE US RESORT INDUSTRY

THAT'S A QUESTION A LOT OF PEOPLE INCLUDING SOME FORMER PRIVATE MERCHANT
CLIENTS INDUSTRY WATCHDOGS AND THE LOSERS IN THE BITTER PROLONGED BATTLE
FOR BOCA RATON RESORT ARE ASKING

AS RICHARD WINDELS PRESIDENT OF STRATEGIC REALTY ADVISORS AND ADVISER TO
LOSING BIDDER ITT CORP'S SHERATON UNIT PUTS IT THIS DEAL HAS A LOT OF
STUFF THAT'S A LITTLE BIT SMELLY ABOUT IT

BUT PRIVATE MERCHANT'S THEODORE V FOWLER SAYS THE BOCA RATON RESORT DEAL
RIGHTLY BELONGS ON A LIST OF WALL STREET'S TOP 10 DEALS OF THE YEAR

THE BOCA RATON RESORT IS ACTUALLY OWNED BY A LIMITED PARTNERSHIP OF
INVESTORS WHO 10 YEARS AGO PUT UP 100000 TO 200000 EACH A TOTAL OF
50 MILLION FOR AN INTEREST IN THE PROPERTY AND SO FAR THEY HAVE YET TO
RECEIVE ANYTHING BUT TAX LOSSES IN RETURN FOR THEIR INVESTMENT BACK IN
JANUARY AFTER A BITTER PROXY FIGHT A GROUP LED BY PRIVATE MERCHANT GAINED
CONTROL OF THAT PARTNERSHIP

MORE RECENTLY AFTER ANOTHER PROLONGED BATTLE PRIVATE MERCHANT GAINED
CONTROL OF THE REFINANCING THAT'S EXPECTED TO CLOSE EARLY THIS WEEK A GROUP
LED BY PRIVATE MERCHANT CALLED THE BOCA RATON MANAGEMENT CO IS BUYING THE
FIRST AND SECOND MORTGAGES ON THE BOCA RATON RESORT BACK FROM THE RESOLUTION
TRUST CORP

THE PRIVATE MERCHANT GROUP HOWEVER DIDN'T OFFER THE HIGHEST DOLLAR BID FOR
THOSE MORTGAGES PEOPLE CLOSE TO THE DEAL SAY THE GROUP USED THE ONLY EDGE
IT HAD AND IT WAS POWERFUL IN A JULY 14 LETTER TO LIMITED PARTNERS
PRIVATE MERCHANT SAID IT HAD TOLD THE RESOLUTION TRUST THAT IF IT ACCEPTED
A HIGHER BID PRIVATE MERCHANT WOULD PUT THE BOCA RATON RESORT PALM BEACH
COUNTY'S SECONDLARGEST EMPLOYER INTO BANKRUPTCY IN A DEFENSE AGAINST THE
CREDITORS WHO BOUGHT THE MORTGAGES

GAINING CONTROL OF THE RESORT WAS A HUGE BREAK FOR TINY PRIVATE MERCHANT
AND PERHAPS ITS FIRST STROKE OF LUCK SINCE ITS INCEPTION IN SEPTEMBER 1991
THE FIRM FOUNDED BY FOUR FORMER TOP INVESTMENT BANKERS OR BROKERS WITH
PRUDENTIALBACHE SECURITIES INC NOW PRUDENTIAL SECURITIES INC RALPH
J CARBALLAL ROBERT D HUGHES AND JOHN W MARCUS AND MR FOWLER HAS HAD
AT LEAST SIX FEEPAYING COMPANIES AS CLIENTS INTERNAL COMPANY DOCUMENTS
SHOW ADVISING THEM ON MERGERS OR ATTEMPTING TO RAISE MONEY FOR THEM THROUGH
PRIVATE PLACEMENTS SO FAR VIRTUALLY ALL OF ITS ATTEMPTS TO RAISE OUTSIDE
MONEY FOR ITS CLIENTS HAVE BEEN UNSUCCESSFUL THE FIRM'S OWN PARTNERSHIP
UNDERTAKEN IN FEBRUARY 1990 TO RAISE MONEY FOR ITS OPERATIONS ALSO FAILED

TO SAY THAT PRIVATE MERCHANT FINANCINGS HAVE FAILED IS NOT A FAIR
CHARACTERIZATION AND IS MISLEADING MR FOWLER SAYS SOME OF THE
FINANCINGS HAVE TAKEN LONGER THAN EXPECTED AND ANOTHER IS JUST GETTING OFF
THE GROUND PRIVATE MERCHANT OFFICIALS HAVE PUT THEIR OWN MONEY INTO TWO OF
THE CLIENT COMPANIES TO PROVIDE THEM INTERIM FINANCING HE SAYS

CHARLES CURTIS ATTORNEY FOR PIPE LINERS INC A NEW ORLEANS COMPANY HIRED
PRIVATE MERCHANT IN EARLY 1992 TO STRUCTURE A PRIVATE PLACEMENT IN WHICH IT
SOUGHT TO RAISE 5 MILLION TO 10 MILLION PRIVATE MERCHANT EXECUTIVES
TALKED A LOT THEY SAID THEY HAD SOME SUPER CONTACTS BUT WHEN IT CAME DOWN
TO DOING ANYTHING THEY DIDN'T DO ANYTHING HE SAYS PRIVATE MERCHANT
COMPANY DOCUMENTS SHOW PIPE LINERS PAID 35000 IT WAS LATER BILLED AN
ADDITIONAL 80000 WHICH IT DIDN'T PAY AFTER MONTHS HAD PASSED MR CURTIS
RECALLS SAYING LOOK GUYS YOU DIDN'T DO AT ALL WHAT YOU SAID YOU WOULD
DO' THEY MELTED AWAY AT THAT POINT

ANOTHER PRIVATE MERCHANT CLIENT EXPRESSED CONCERN THAT THE BOCA RATON DEAL
WAS MONOPOLIZING THE COMPANY'S TIME

IN AN 11PAGE LETTER SENT TO THIS NEWSPAPER MR FOWLER SAYS THEY'LL
ALWAYS BE A HISTORY OF DEALS CLOSED THAT WENT WRONG OR DEALS STARTED THAT
NEVER CLOSE

PRIVATE MERCHANTS' LACK OF SUCCESS WITH PRIVATE PLACEMENTS IS PROBABLY
FORTUNATE HOWEVER BECAUSE THE COMPANY IS NOT REGISTERED TO BE IN THE
BROKERDEALER BUSINESS ACCORDING TO BOTH THE SECURITIES AND EXCHANGE
COMMISSION AND THE NATIONAL ASSOCIATION OF SECURITIES DEALERS

BUT PRIVATE MERCHANTS' MR FOWLER ARCHITECT FOR THE BOCA DEAL AND FORMER
COHEAD OF INVESTMENT BANKING AT BOTH PRUDENTIALBACHE AND FIRST BOSTON
CORP NOW CS FIRST BOSTON SAYS IF WE'RE GUILTY OF ANYTHING WE'RE
GUILTY OF JAYWALKING

IN AN EXTENDED INTERVIEW AT THE FIRM'S MIDTOWN MANHATTAN OFFICES MR FOWLER
EXPLAINS THAT BECAUSE PRIVATE MERCHANT DEALS WITH SMALL PRIVATE COMPANIES
IN EARLY STAGES THE DEALS IT UNDERTAKES ARE TOUGHER

MR FOWLER CHARGES THAT HE AND PRIVATE MERCHANT ARE THE VICTIMS OF A
VENDETTA BY BOCA HAVENOTS FORMER CLIENTS OF PRIVATE MERCHANT OR
COMPETITORS AS FOR THE FACT THAT PRIVATE MERCHANT HASN'T REGISTERED WITH
REGULATORS WE ARE MADLY FILLING OUT THE PAPERS NOW HE SAYS PRIVATE
MERCHANT DIDN'T HAVE TO BE REGISTERED UP TO NOW BECAUSE MOST OF ITS WORK WAS
CONSULTING AND DEVELOPMENT BANKING NOT INVESTMENT BANKING SAYS ANOTHER
PRINCIPAL MR MARCUS

GRANT CALLERY GENERAL COUNSEL FOR THE NATIONAL ASSOCIATION OF SECURITIES
DEALERS SAYS THE NASD REQUIRES ANY BROKERDEALER TO BE REGISTERED AS A
BROKERDEALER AND NONE OF THE HANDFUL OF EXCEPTIONS SUCH AS DOING
BUSINESS MOSTLY ON THE FLOOR OF AN EXCHANGE APPEARS TO APPLY IN BOCA'S
CASE PRIVATE MERCHANT SHOULD ALSO BE REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION HE ADDS THE SEC HAS NO RECORD OF A REGISTRATION FOR
PRIVATE MERCHANT AND DECLINED TO COMMENT

A PRIVATE MERCHANT STATEMENT SAYS ITS ACTIVITIES HAVE BEEN AS PRINCIPAL AND
FINANCIAL BUSINESS AND STRATEGIC ADVISER THAT IT SAYS DID NOT REQUIRE
REGISTRATION AS A BROKERDEALER

PRIVATE MERCHANT'S ORIGINAL TIE TO THE BOCA RATON RESORT ITS FOOT IN THE
DOOR WAS THAT ONE OF THE BANKER'S OWN PRINCIPALS MR HUGHES HAD SOLD
CLIENTS ABOUT 25 MILLION OF THOSE DISAPPOINTING PARTNERSHIPS PRIVATE
MERCHANT FORGED A MORE SUBSTANTIAL TIE TO THE BOCA RATON RESORT LAST JAN
15 AFTER A BITTER PROXY FIGHT FOR CONTROL OF THE PARTNERSHIP THE LIMITED
PARTNERS SOME CONTACTED BY MR HUGHES VOTED TO OUST THE GENERAL PARTNER
VMS REALTY INVESTMENTS LTD IN FAVOR OF A REPLACEMENT PARTNERSHIP THAT
PARTNERSHIP WAS BOCA RATON MANAGEMENT WHICH WAS STRUCTURED BY PRIVATE
MERCHANT AND HAD MR FOWLER AND MR HUGHES AS TWO OF ITS FOUR VOTING
MEMBERS

VMS BITTERLY OPPOSED PRIVATE MERCHANT'S ATTEMPTS AT THE TIME JOEL A STONE
OF VMS ARGUED IN LETTERS TO INVESTORS THAT PRIVATE MERCHANT SHOULDN'T BE
VOTED IN BECAUSE ITS MANAGEMENT HAD NO EXPERIENCE IN HOTEL MANAGEMENT AND
ITS FEES WOULD ACTUALLY GREATLY EXCEED THE ONES CHARGED BY VMS BUT AFTER
PRIVATE MERCHANT WON MR STONE JOINED THEIR GROUP EVEN THOUGH LITIGATION
IN PALM BEACH COUNTY CIRCUIT COURT BETWEEN VMS AND THE NEW ENTITY CONTINUES
OVER WHETHER VMS IS OWED ANY TERMINATION FEES OR STILL MUST BE PAID AS PART
OF A MANAGEMENT CONTRACT MR FOWLER SAYS MR STONE HAS ONLY 20 VOTING
POWER AND NO VOTE ON MATTERS OF THE PARTNERS' LITIGATION AGAINST VMS AND
THAT IT WAS ESSENTIALLY FASTER AND CHEAPER TO INCLUDE HIM IN THE
PARTNERSHIP

THE BOCA RATON RESORT IS A DESIRABLE ASSET NOT ONLY FOR ITS NAME IN 1992
IT HAD A RECORD YEAR WITH ABOUT 24 MILLION IN OPERATING INCOME ON 100
MILLION IN GROSS REVENUE THE RESORT ESSENTIALLY WAS PUT INTO PLAY IN
DECEMBER 1989 AFTER ONE OF ITS LENDERS CITY FEDERAL SAVINGS A THRIFT
BASED IN SOMERSET NJ FAILED THE THRIFT HELD FIRST AND SECOND MORTGAGES
ON THE BOCA RATON RESORT AND WAS TAKEN OVER BY THE RTC SAYS H ROSS FORD
DEPUTY VICE PRESIDENT OF THE RESOLUTION TRUST CORP AND THE OFFICIAL
SUPERVISING THE BOCA RATON RESORT REFINANCING SINCE THEN THE RTC HAS BEEN
NEGOTIATING WITH GROUPS OF BIDDERS FOR THE SALE OF MORTGAGES AND
ESSENTIAL CONTROL OF THE RESORT IT HELD TWO SEPARATE ROUNDS OF SEALED
BIDDING BUT LATER DECIDED TO GO WITH A FINANCING ARRANGED BY THE BORROWER
ITSELF THROUGH PRIVATE MERCHANT'S GROUP

PRIVATE MERCHANT'S GROUP WON THE BOCA RATON DEAL IN LATE JULY WITH FINANCING
FROM NOMURA SECURITIES AND STARWOOD CAPITAL GROUP A CHICAGO COMPANY
SPECIALIZING IN INVESTMENTS IN DISTRESSED REAL ESTATE THE BIDDING
COMPETITION WAS RUN FOR THE RTC BY EASTDIL REALTY INC A NEW YORK COMPANY
THAT'S 50 OWNED BY TOKYOBASED NOMURA SECURITIES BUT SEVERAL INDIVIDUALS
CLOSE TO THE DEAL SAY PRIVATE MERCHANT DIDN'T HAVE THE HIGHEST DOLLAR BID
NOMURA DENIED THERE WAS ANY COMMUNICATION BETWEEN EASTDIL AND NOMURA
EASTDIL DECLINED TO COMMENT

THE PRIVATE MERCHANT GROUP ARGUED TO THE RTC THAT ACCEPTING ANY BID BUT ITS
OWN WOULD PUT THE RESORT OUT OF BUSINESS MR FOWLER SAYS ANY OTHER BIDDER
WOULD LIKELY BE HOSTILE TO THE PARTNERSHIPS' INTEREST AND COULD FORECLOSE ON
THE MORTGAGES AND THAT BANKRUPTCY WOULD BE NECESSARY TO PROTECT THE ASSET
FROM CREDITORS

IN FACT PRIVATE MERCHANT OFFICIALS ACCORDING TO ITS OWN DOCUMENTS TOLD
THE RTC THAT ANY PREMIUM ANOTHER BIDDER PAID OVER PRIVATE MERCHANT'S OFFER
WILL BE LOST IN MULTIPLES THEREOF BY THE US GOVERNMENT  AS A RESULT
OF LOST JOBS THE RESULTING UNEMPLOYMENT PAYMENTS  AND LOST SALES AND
BUSINESS IN THE BOCA RATON COMMUNITY THE RESORT EMPLOYS 1850 PEOPLE

MR FORD AT THE RTC DECLINED TO COMMENT ON WHETHER PRIVATE MERCHANT
OFFICIALS MADE SUCH STATEMENTS OR WHETHER THE RTC WAS INFLUENCED BY ANY SUCH
STATEMENTS THE RTC'S POLICY IS TO APPROVE THE DEAL THAT IS THE MOST
ECONOMICALLY FEASIBLE FOR THE TAXPAYER HE SAYS

BRENT DONALDSON HEAD OF THE LIQUIDITY FUND WHICH IS THE LARGEST HOLDER OF
BOCA RATON PARTNERSHIPS WITH A 5 STAKE SAYS I APPLAUD THEIR EFFORTS ON
BEHALF OF THE LIMITED PARTNERS HUGHES AND FOWLER WERE ABLE AND WILLING TO
DEAL WITH A LOT OF LEGAL COMPLICATIONS AND EXPOSURE THAT A BETTERKNOWN FIRM
WOULD HAVE BEEN UNWILLING TO AND AS A RESULT THEY ENDED UP PUTTING THE BOCA
RATON RESORT INVESTORS IN BETTER CIRCUMSTANCES IT WAS DAVID VS GOLIATH
HE ADDS

WHEN THE REFINANCING IS CONCLUDED THIS WEEK THE PRIVATE MERCHANT GROUP
STANDS TO EARN A 13 MILLION DEBT REDUCTION FEE AND ANOTHER 16 MILLION
CAPITAL RAISING FEE ONCE IT MEETS CERTAIN LOAN AGREEMENTS BASED ON FUTURE
EARNINGS IT ALREADY EARNS ABOUT 50000 A MONTH IN MANAGEMENT FEES AND
WOULD GET A ONETIME FEE OF 400000 IF THE MANAGEMENT AGREEMENT WITH THE
PREVIOUS PARTNERSHIP MANAGER IS TERMINATED IN COURT

IF THE BOCA RATON RESORT IS EVER SOLD AND THE LIMITED PARTNERS EVER GET
THEIR MONEY OUT THE PRIVATE MERCHANT GROUP WOULD GET 15 MILLION OF THAT
50 MILLION AND 10 OF ANYTHING OVER 50 MILLION

AND THE PAYOFF MIGHT NOT END THERE PRIVATE MERCHANT PLANS TO PAY OFF THE
MORTGAGES REPACKAGE A NEW 10YEAR MORTGAGE IN AN ASSETBANKED FINANCING
THROUGH NOMURA SECURITIES CO AND REPACKAGE THE PARTNERSHIP ITSELF ALONG
WITH OTHER ASSETS IN ONE OF WALL STREET'S CURRENT HOT INVESTMENTS REAL
ESTATE INVESTMENT TRUSTS SEE RELATED LETTER LETTERS TO THE EDITOR WHEN
BROKERDEALER REGISTRATION IS NEEDED OCT 8 1993 9309270092 YY93 MM10
9310080053 930819 DOES THE FUTURE HOLD ANOTHER WHOOPS'  BY
ALEXANDRA PEERS STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK TEN YEARS AGO THIS WEEK ONE OF THE MORE NOTORIOUS NAMES IN WALL
STREET HISTORY THE WASHINGTON PUBLIC POWER SUPPLY SYSTEM DEFAULTED ON
225 BILLION OF MUNICIPAL BONDS

IT WAS THE LARGEST DEFAULT IN THE HISTORY OF THE MUNICIPALBOND MARKET AND
IT THRUST THAT MARKET PREVIOUSLY THE SLEEPY BACKWATER OF THE SECURITIES
BUSINESS INTO THE LIMELIGHT CHANGING FOREVER THE WAY IT OPERATED AND THE
TAXEXEMPT BOND'S IMAGE AS A WIDOWANDORPHAN INVESTMENT

A DECADE LATER THE NAME WHOOPS AS THE ISSUER CAME TO BE DUBBED
DERISIVELY STILL EVOKES UNPLEASANT MEMORIES FOR MANY INVESTORS THOSE
WHO'VE HELD THEIR BONDS FROM THE BEGINNING HAVE RECOUPED ONLY ABOUT 34 CENTS
ON THE DOLLAR

COULD IT HAPPEN AGAIN

THE GOOD NEWS IS THAT THERE IS MUCH MORE SCRUTINY OVERSIGHT AND DISCLOSURE
OF FINANCIAL INFORMATION IN THE MUNICIPAL BOND MARKET THAN THERE WAS A
DECADE AGO THAT ARGUES STRONGLY THAT A DEFAULT OF SUCH MAGNITUDE IS
UNLIKELY

BUT MANY BOND ATTORNEYS ANALYSTS AND INVESTMENT BANKERS WARN THAT IF A
MUNICIPAL MARKET DISASTER DID HAPPEN AGAIN INVESTORS WOULD STILL HAVE FEW
ADVOCATES AND SCANT PROTECTION

THE LESSON OF THE WASHINGTON PUBLIC POWER DEFAULT IS THAT THE GREATEST RISK
IN THE BOND MARKET IS POLITICAL RISK SAYS C RICHARD LEHMANN A WPPSS
BONDHOLDER WHO IS THE PUBLISHER OF THE DEFAULTED BONDS NEWSLETTER IN MIAMI
LAKES FLA IF ALLOWED TO HE SAYS THE POWERS THAT BE WILL FIND WHATEVER
MEANS THEY CAN TO ABROGATE THEIR OBLIGATION

THE WASHINGTON PUBLIC POWER SUPPLY SYSTEM WAS ONE OF THE BIGGEST BORROWERS
IN THE MUNICIPAL BOND MARKET IN THE MID1970S AND EARLY 1980S THE AGENCY
SOLD 8 BILLION OF MUNICIPAL BONDS TO ABOUT 75000 INVESTORS USING THE
PROCEEDS TO BUILD FIVE NUCLEAR POWER PLANTS IN HANFORD AND ELMA WASH IT
CANCELED THE LAST TWO PLANTS MIDWAY PROJECT NOS 4 AND 5 IN JANUARY 1982
AS COSTS SOARED ESTIMATES OF THE REGION'S POWER NEEDS DROPPED AND LOCAL
RESISTANCE TO NUCLEAR POWER MOUNTED

ON JUNE 15 1983 IN A DECISION THAT TURNED THE GENIALHANDSHAKE BUSINESS OF
SELLING LOCAL DEBT ON ITS HEAD THE WASHINGTON STATE SUPREME COURT RULED
THAT THE STATE'S UTILITIES NEVER HAD THE AUTHORITY TO PLEDGE CUSTOMER MONEY
TO PAY OFF BONDS THE DEFAULT DIDN'T BECOME FINAL UNTIL TWO MONTHS LATER
BUT FOR INVESTORS IT WAS ALL OVER BUT THE SHOUTING MOST OF WHICH TOOK
PLACE IN COURT

SO FAR INVESTORS AFTER A SERIES OF LAWSUITS INCLUDING A HUGE CLASSACTION
LAWSUIT WITH 27000 PLAINTIFFS HAVE ENDED UP WITH 915 MILLION IN
SETTLEMENTS INCLUDING INTEREST FROM SUCH DEFENDANTS AS WASHINGTON PUBLIC
POWER WALL STREET SECURITIES FIRMS UTILITIES BOND COUNSEL AND WASHINGTON
STATE ACCORDING TO PLAINTIFFS' ATTORNEY MELVIN WEISS

WAS THAT SUFFICIENT JUSTICE ASKS HOWARD SITZER SENIOR VICE PRESIDENT AT
GREENWICH PARTNERS AND ONE OF THE FIRST BOND MARKET CASSANDRAS TO WARN OVER
A DOZEN YEARS AGO OF THE COMING COLLAPSE I DON'T BELIEVE SO THE
NORTHWEST HAS SINCE PROSPERED WPPSS HAS RETURNED TO THE BOND MARKET AND
CITIZENS OF WASHINGTON ARE PAYING SUBSTANTIALLY CHEAPER ELECTRIC RATES THAN
IN MOST OTHER PARTS OF THE COUNTRY WALL STREET UNDERWRITERS MADE
TREMENDOUS PROFITS AND WPPSS BONDHOLDERS SUFFERED EXTRAORDINARY ANGST

STILL THE 115 TRILLION MUNICIPAL BOND MARKET IS MORE POLICED THAN IT USED
TO BE THE RANKS OF MUNICIPAL ANALYSTS A MEAGER 80 OR SO A DECADE AGO HAVE
NOW SWELLED TO NEAR 1000 WITH EVERY MAJOR MUTUALFUND FIRM RETAINING A
CREDIT OVERSEER ON STAFF

ALL TOLD LESS THAN 2 OF ALL MUNICIPAL BONDS DEFAULT ACCORDING TO THE BOND
INVESTORS ASSOCIATION NONETHELESS MUNICIPALBOND INSURANCE FOR CAUTIOUS
INVESTORS HAS BURGEONED INTO A MAJOR BUSINESS WITH ONE FIRM THAT HAD
INSURED A PARCEL OF WASHINGTON PUBLIC POWER BONDS ACTUALLY USING THE DEFAULT
AS A SELLING POINT IN ITS ADS

MOST IMPORTANT IN THE WAKE OF A 19841988 INVESTIGATION OF THE DEFAULT BY
THE SECURITIES AND EXCHANGE COMMISSION STATE AND LOCAL GOVERNMENTS ARE HELD
TO A HIGHER STANDARD OF FINANCIAL DISCLOSURE AND WALL STREET HAS MORE
RESPONSIBILITY FOR THE ACCURACY OF INFORMATION IN BOND OFFERINGS IT
UNDERWRITES A CENTRAL COMPUTER DATABASE OF FINANCIAL INFORMATION HAS BEEN
SET UP IN WASHINGTON DC BY THE MUNICIPAL SECURITIES RULEMAKING BOARD AN
INDUSTRY WATCHDOG

YET WHILE THAT DATABASE NOW HAS INFORMATION ON MORE THAN 30000 BOND ISSUES
THE INFORMATION ISN'T UPDATED IN ANY WAY IF AN ISSUER'S FORTUNES CHANGE

AS A GROUP THE DOZENS OF WALL STREET SECURITIES FIRMS WHO SOLD THE BONDS
SETTLED A CLASSACTION LAWSUIT BY BONDHOLDERS FOR 92 MILLION THAT WAS LESS
THAN THE WALL STREET COMMUNITY EARNED FROM SELLING WASHINGTON PUBLIC POWER
DEBT IN 19801983 ALONE RECORDS FROM SECURITIES DATA CO SHOW THE
SECURITIES FIRMS SUCCESSFULLY ARGUED THAT BECAUSE THE BONDS WERE SOLD TO
UNDERWRITERS IN A COMPETITIVE BIDDING PROCESS THE FIRMS SHOULDN'T BE HELD
TO THE SAME STANDARDS OF DUE DILIGENCE AS IF THEY HAD STRUCTURED THE DEALS
THEMSELVES THE SEC TOOK ISSUE WITH THAT ARGUMENT BUT PRESSED NO CHARGES

THAT COULD BE OF IMPORTANCE TO INVESTORS BECAUSE COMPETITIVE BOND OFFERINGS
ARE COMING BACK INTO FAVOR ON WALL STREET

AS FOR THE INVESTORS IN THE DEFAULTED BONDS MORE THAN HALF OF THE TOTAL
SETTLEMENT POT WAS DISBURSED IN NOVEMBER AFTER THE US SUPREME COURT
DECLINED TO HEAR THE CLASSACTION LAWSUIT A NUMBER OF SUITS REMAIN
OUTSTANDING AND FORMER AND PRESENT BONDHOLDERS COULD RECEIVE ANOTHER
DISTRIBUTION ALTHOUGH PROBABLY MUCH SMALLER THAN THE FIRST

STILL TO BE DECIDED IN COURT WHETHER WPPSS IMPROPERLY ALLOCATED CERTAIN
COSTS TO THE TWO TERMINATED PLANTS FROM THE PLANTS COMPLETED EARLIER ALSO
AT ISSUE ARE LAWYERS' FEES ATTORNEYS CONTINUE TO APPEAL A FEDERAL COURT'S
AWARD OF 327 MILLION IN LEGAL FEES THEY REQUEST 103 MILLION

AS FOR WASHINGTON PUBLIC POWER THE AGENCY HAS SOLD 10 BOND ISSUES SINCE
1989 REFINANCING THE BONDS FOR PROJECT NOS 1 2 AND 3 SAVING THE REGION
ABOUT 14 BILLION ACCORDING TO A SPOKESWOMAN BUT ONLY ONE OF THE FIVE
NUCLEAR POWER PLANTS IS UP AND RUNNING AND IN A MAY REPORT THE NUCLEAR
REGULATORY COMMISSION FAULTED THAT PLANT FOR INSTANCES OF REPEATED
EQUIPMENT FAILURES INSUFFICIENT QUALITY ASSURANCE AND INEFFECTIVE
SENIOR MANAGEMENT OVERSIGHT TO AGGRESSIVELY ASSURE THE CORRECTIVE ACTION
PROCESS IS SUCCESSFUL

WASHINGTON PUBLIC POWER SAYS IN RESPONSE TO THE NRC'S REPORT THE SUPPLY
SYSTEM DEVELOPED A COMPREHENSIVE PLAN FOR IMPROVEMENTS THAT WILL IMPROVE THE
AREAS IN WHICH THE SUPPLY SYSTEM WAS FOUND TO BE DEFICIENT

BOND ANALYSTS AND ATTORNEYS OFFER THIS ADVICE FOR AVOIDING DEFAULTS

 AVOID POLITICAL FOOTBALLS ANY BONDS FOR PROJECTS SUCH AS NUCLEAR
POWER PLANTS WHICH FACE LOCAL OPPOSITION OR MAY BE SUBJECT TO A VOTER
REFERENDUM HOSPITAL AND NURSING HOME BONDS ALSO HAVE A SLIGHTLY
HIGHERTHANAVERAGE DEFAULT RATE AND MAY BE AFFECTED BY NEW REGULATIONS
FROM THE CLINTON ADMINISTRATION

 AVOID BONDS FOR HUGE NEW PROJECTS THAT DON'T HAVE ESTABLISHED REVENUE
STREAMS PAYING OFF THE BONDS BONDS THAT PAY FOR THE EXPANSION OR REPAIR OF
EXISTING FACILITIES SUCH AS ELECTRIC POWER PLANTS OR BRIDGES ARE GENERALLY
SAFER

 AVOID ANY PROJECT IN WHICH A NEW TAX WHICH COULD LATER BE OVERTURNED OR
DECLARED UNCONSTITUTIONAL BY THE STATE PAYS OFF THE DEBT

 DON'T GO BY BOND RATINGS ALONE BOTH MOODY'S AND STANDARD & POOR'S DIDN'T
DOWNGRADE WPPSS BONDS TO BELOW INVESTMENTGRADE STATUS UNTIL AFTER THE
PROJECTS WERE CANCELED

 AT THE FIRST SIGN OF SERIOUS TROUBLE SELL INVESTORS WHO HELD ON TO
THEIR WPPSS BONDS DID WORSE THAN THOSE WHO BAILED OUT WHEN THE BONDS WENT
INTO TECHNICAL DEFAULT IN JUNE 1983 ESSENTIALLY THE FEDERAL COURT HELD
THAT INVESTORS WHO KEPT THEIR WPPSS BONDS AFTER THE DEFAULT WERE
SPECULATORS AND SOME RECOVERED A LOWER PERCENTAGE OF THEIR LOSSES SEE
RELATED LETTER LETTERS TO THE EDITOR HYDROQUEBEC LOOMS AS A POSSIBLE
WHOOPS WSJ SEPT 28 1993 SEE RELATED LETTER LETTERS TO THE EDITOR
WHOOPS SORRY WSJ OCT 8 1993 9308190128 9309280132 YY93 MM09 YY93
MM10 9310080183 930706 QUARTERLY MUTUAL FUNDS REVIEW FIVEYEAR AND
TENYEAR WINNERS AND LOSERS

BEST AND WORSTPERFORMING STOCK FUNDS FOR THE PERIODS ENDED JUNE 30 1993
ASSETS ARE FIGURED AS OF MARCH 31 1993 PERFORMANCE DATA ARE TOTAL RETURNS
WHICH INCLUDE BOTH SHARE PRICE CHANGES AND REINVESTED DIVIDENDS
9310080142 930706 QUARTERLY MUTUAL FUNDS REVIEW SECOND QUARTER AND
12MONTH WINNERS AND LOSERS

BEST AND WORSTPERFORMING STOCK FUNDS FOR THE PERIODS ENDED JUNE 30 1993
ASSETS ARE FIGURED AS OF MARCH 31 1993 PERFORMANCE DATA ARE TOTAL RETURNS
WHICH INCLUDE BOTH SHARE PRICE CHANGES AND REINVESTED DIVIDENDS
9310070163 931007 WHO'S NEWS BANKAMERICA CORP

BANKAMERICA CORP SAN FRANCISCO JACK MEYERS 56 YEARS OLD WAS NAMED A
VICE CHAIRMAN OF THIS BANK HOLDING COMPANY MR MEYERS BANKAMERICA'S CHIEF
CREDIT OFFICER AND HEAD OF CREDIT RISK MANAGEMENT BECOMES THE BANK'S
SEVENTH VICE CHAIRMAN 9310070162 931007 WHO'S NEWS AMERICAN PRESIDENT
COS

AMERICAN PRESIDENT COS OAKLAND CALIF TONI REMBE 56 YEARS OLD WAS
NAMED A DIRECTOR OF THIS TRANSPORTATIONSERVICES COMPANY MS REMBE A
SENIOR PARTNER AT THE SAN FRANCISCO LAW FIRM OF PILLSBURY MADISON & SUTRO
FILLS A VACANT SEAT ON THE 12PERSON BOARD 9310070161 931007 LETTERS TO
THE EDITOR LIGHT AT THE END OF THE FIREFLY

IN REGARD TO YOUR PAGE ONE ARTICLE SCIENTISTS ARE ABUZZ OVER THE DECLINE OF
THE GENTLE FIREFLY SEPT 2 ADD ME TO THE LIST OF OBSERVERS WHO HAVE
NOTICED THE WANING NUMBER OF FIREFLIES IN THE SAME NEIGHBORHOOD OVER THE
PAST SEVERAL YEARS I SUGGEST THAT THE DECLINE OF FIREFLIES DETECTED IN
AMERICAN SUBURBS CAN BE ATTRIBUTED IN PART TO THE RISE IN USE OF LAWN
PESTICIDES

ACCORDING TO TESTIMONY BEFORE A SENATE SUBCOMMITTEE IN 1991 DURING THE PAST
DECADE THE FASTEST GROWING SECTOR OF THE PESTICIDE INDUSTRY HAS BEEN SALES
TO COMMERCIAL APPLICATORS OF LAWN CHEMICALS AND TO HOMEOWNERS MORE THAN 25
MILLION ACRES OF GRASS ROUGHLY AN AREA EQUIVALENT TO NEW ENGLAND RECEIVE
APPLICATION OF TOXIC CHEMICALS AT REGULAR INTERVALS TO ELIMINATE WEEDS AND
INSECTS AND CONTROL DISEASES FOR COSMETIC PURPOSES

BROADSPECTRUM INSECTICIDES SUCH AS CARBARYL DIAZINON AND MALATHION KILL
NOT ONLY THEIR PEST TARGETS BUT BENEFICIAL INSECTS AS WELL THE GENERAL
ACCOUNTING OFFICE IN 1990 IDENTIFIED DIAZINON AS ONE OF THE MOST FREQUENTLY
USED LAWN PESTICIDES THE BROADSPECTRUM INSECTICIDES CANNOT DISTINGUISH
BETWEEN JAPANESE BEETLE AND FIREFLY BEETLE LARVAE THE FORMER ATTACK GRASS
ROOTS BUT THE LATTER FEED ON VARIOUS INVERTEBRATES SEASON AFTER SEASON
YEAR AFTER YEAR LAWN PESTICIDES TAKE THEIR TOLL ON THE INSECT POPULATION IN
SUBURBIA

YOU ASK WHERE HAVE ALL THE FIREFLIES GONE AND THEN INTERVIEW SARA LEWIS
OF TUFTS UNIVERSITY TO GET THE ANSWER MS LEWIS IS QUOTED AS SAYING THAT
THEY FIREFLIES SEEM TO BE FADING FAST JAMES LLOYD A RESEARCHER AT THE
UNIVERSITY OF FLORIDA IS QUOTED AS SAYING PEOPLE CALL ME FROM ALL OVER
SAYING THEY DON'T SEE AS MANY ANYMORE A SIERRA CLUB SPOKESMAN SAYS IT
POINTS TO A DECLINE IN THE ECOSYSTEM

THIS IS THE KIND OF ECOBABBLE THAT CAUSED THE TERM ENVIRONMENTALIST WACKO
TO BE COINED I CAN TELL YOU FROM MY OWN EXPERIENCE THAT FIREFLIES ARE ALIVE
AND WELL IN MY BACKYARD EARLY THIS SUMMER ON A NICE WARM EVENING WALK
AROUND DUSK WITH MY FAMILY WE SPOTTED THOUSANDS OF FIREFLIES I'M 35 YEARS
OLD GREW UP IN THE COUNTRY AND NEVER SAW SO MANY FIREFLIES AS I DID THAT
NIGHT I'D BE HAPPY TO HAVE MS LEWIS OR MR LLOYD OVER TO MY HOUSE NEXT
SUMMER TO COUNT FIREFLIES WE CAN EVEN COUNT THE NUMBER OF BLINKS TO SEE IF
THERE ARE ANY RARE ONES AROUND

I REALIZED SEVERAL YEARS AGO THAT THE CHILDREN IN MY NEIGHBORHOOD WERE BEING
DEPRIVED OF WHAT MY CHILDREN HAD ENJOYED 40 YEARS AGO BEFORE WE FIRST MOVED
TO THE SUBURBS FIREFLIES WHICH THEN FLOURISHED NO LONGER APPEARED IN THE
SUMMER

TO REMEDY THIS AND INTRODUCE THE NEIGHBORHOOD CHILDREN TO FIREFLIES I
ENDEAVORED TO BUY SOME AND HAVING TRIED SEVERAL SOURCES IN VAIN I CALLED
THE MUSEUM OF NATURAL HISTORY THE MUSEUM QUESTIONED MY PURPOSE AND WHEN IT
WAS EXPLAINED I WAS ADVISED AS FOLLOWS YOU DO NOT NEED TO PURCHASE
FIREFLIES IF YOU WANT FIREFLIES PLANT DAISIES

I DID THEN PLANT A NUMBER OF VARIETIES OF DAISIES AND BEHOLD AS IF A
MIRACLE FIREFLIES DID INDEED APPEAR JUST AS THE ENTOMOLOGIST AT THE MUSEUM
HAD SAID THEY WOULD

IF SCIENTISTS ARE ABUZZ OVER THE ALLEGED DEMISE OF LIGHTNING BUGS ALLOW
ME TO OFFER THIS BIT OF ANECDOTAL EVIDENCE MUCH TO THE GLEE OF OUR THREE
CHILDREN AND TO THE PARENTS WHO WATCH THEM TWILIGHT IN THIS DETROIT SUBURB
VIRTUALLY GLISTENS WITH THE REASSURING GLOW OF FIREFLIES

WE DON'T KNOW WHY AND I MUST SAY WE DON'T WANT TO KNOW WHY YOU KNOW AS
WE AGE WE ALL NOTICE THE ABSENCE OF SIGNIFICANT CHILDHOOD EVENTS LIKE
PLAYING BY UNSULLIED NEIGHBORHOOD CREEKS OR SIPPING CHERRY PHOSPHATES AT THE
CORNER DRUG STORE

BUT THE SILENT BLINKING OF THOSE FIREFLIES AND THE KIDS' SOMETIMES NOISY
PURSUIT PROVIDE A SENSE OF SECURITY THAT DESPITE HOLES IN THE OZONE
LAYER HORROR IN THE BALKANS AND THE TRIALS OF DAYTODAY LIVING THE
COSMOS INDEED IS IN ORDER 9310070160 931007 TREAD THE SIDEWALKS OF NEW
YORK TO PICK UP OFFTHEWALL WISDOM  BY JENNIFER CODY STAFF
REPORTER OF THE WALL STREET JOURNAL

NEW YORK WHEN IT COMES TO THE HANDWRITING ON THE WALL A CHINESE ARTIST
HERE CLAIMS THE BEST READING MATTER CAN BE FOUND IN THE TOILETS OF
MANHATTAN'S SOHO DISTRICT

GRAFFITI IN THE BATHROOM IS VERY PRIVATE SAYS QIANG CHEN WHEN WE CAN'T
SPEAK WHAT IS INSIDE WE PREFER TO WRITE IT ON A WALL WHEN NO ONE IS
WATCHING US I WANT TO TAKE THAT FORUM AND MAKE IT BIGGER

MR CHEN 36 YEARS OLD A NEW YORK RESIDENT FOR EIGHT YEARS HAS BEEN SO
IMPRESSED BY THE SOHO LAVATORY SCRIBBLINGS THAT HE HAS SPENT 30000 DOLLARS
 INCLUDING SOME OUTSIDE FUNDS ON SPREADING THE WORDS

PUBLICIZING GRAFFITI ISN'T EASY MR CHEN SPENT FIVE MONTHS PHOTOGRAPHING
THE WALLS OF TOILETS IN DISTRICT BARS THEN HE REPRODUCED 160 PHOTOS ON
POSTCARDS 400000 OF THEM THESE MR CHEN SLIPS INTO WHITE ENVELOPES
EMBOSSED WITH THE PROJECT'S NAME MESSAGES FROM HEAVEN AND PLACES
THEM IN NEAT LINES ON SOHO'S SIDEWALKS AND STREET CORNERS

PEDESTRIANS OPENING THE ENVELOPES ARE REWARDED WITH QUIRKY QUESTIONS AND
ADVICE SUCH AS WHO KILLED BAMBI ONLY IDIOTS READ CROSSEDOUT WORDS
THIS WITH A LINE THROUGH IT AND MADONNA LIVES AT 41 CENTRAL PARK WEST

POLITICAL THEORY IS ALSO REPRESENTED JERRY BROWN GETS HIGH BUT HE DOESN'T
EXHALE SAYS ONE OBSERVER I HAVEN'T EXHALED SINCE 1987 REPLIES
ANOTHER

MR CHEN CONCEDES THAT REACTIONS TO HIS PROJECT ARE MIXED SOME PEOPLE GET
VERY ANGRY TOWARD ME HE SAYS SHEEPISHLY THERE ARE SO MANY DIRTY
LANGUAGES

AND THERE ARE ALSO THOSE WHO CHALLENGE THE EXHIBIT ON ENVIRONMENTAL
GROUNDS EXCELLENT IDEA POOR CHOICE OF EXECUTION IT JUST ADDS TO THE
GARBAGE ALREADY ON THE STREET SAYS GALE ELSTON NEATLY DEPOSITING BOTH HER
POSTCARD AND ITS ENVELOPE IN A TRASH CAN

OTHERS APPLAUD THE EFFORT THE MAIN THING WE WOULD SUPPORT ABOUT IT IS THAT
IT IS OBVIOUSLY A PROJECT REACHING BEYOND GALLERIES AND MUSEUMS TO A BROADER
GROUP OF PEOPLE AN ARTIST PUTTING IDEAS DIRECTLY OUT THERE SAYS ALYSON
POU DIRECTOR OF PROGRAMMING AND PUBLIC RELATIONS AT CREATIVE TIME INC A
NONPROFIT CONCERN SPONSORING PUBLICFORUM ARTISTS IN NEW YORK

THE TOILET AS FORUM IDEA SHE ADDS IS VERY INTERESTING IT'S A WAY TO
TAKE THE PULSE OF THE WAY CERTAIN PREJUDICES OPERATE AND HOW THINGS GET
REPRESSED 9310070159 931007 FINANCING BUSINESS HELM RESOURNCES INC

HELM RESOURCES INC GREENWICH CONN SAID DIRECTORS OF THIS HOLDING
COMPANY WITH INTERESTS IN INDUSTRIAL TECHNOLOGICAL FINANCIAL SERVICES AND
ENTERTAINMENT APPROVED A 1FOR15 REVERSE SPLIT OF ITS COMMON STOCK SUBJECT
TO SHAREHOLDER APPROVAL THE SPLIT PART OF A RESTRUCTURING PLAN WILL
REDUCE SHARES OUTSTANDING TO ABOUT 21 MILLION FROM 315 MILLION THE
COMPANY ADDED 9310070158 931007 WHO'S NEWS METROGOLDWYNMAYER INC

METROGOLDWYNMAYER INC SANTA MONICA CALIF CHARLES R MEEKER III 50
YEARS OLD RESIGNED AS PRESIDENT OF THIS MOVIE STUDIO MR MEEKER JOINED THE
COMPANY IN 1991 FROM THE LAW FIRM OF WHITE & CASE THE COMPANY SAID IT
WOULDN'T REPLACE MR MEEKER AT THIS TIME FRANK G MANCUSO RECENTLY WAS
NAMED CHAIRMAN AND CHIEF EXECUTIVE OF THE STUDIO WHICH IS OWNED BY THE
FRENCH BANK CREDIT LYONNAIS SA 9310070157 931007 PC CHIP LINE SLATED BY
TEXAS INSTRUMENTS INC  ANNOUNCEMENT TOMORROW SHOULD SET OFF
RIVALRY WITH INTEL AND AMD  BY KYLE POPE STAFF REPORTER OF THE
WALL STREET JOURNAL

DALLAS TEXAS INSTRUMENTS INC IS PLANNING TO ROLL OUT ITS OWN LINE OF
COMPUTER MICROPROCESSORS TAKING AIM AT INTEL CORP AND ADVANCED MICRO
DEVICES INC TO SUPPLY THE BRAINS OF PORTABLE COMPUTERS

THE MOVE EXPECTED TO BE ANNOUNCED BY THE COMPANY TOMORROW PLACES TI AT THE
CENTER OF A PITCHED BATTLE FOR A SLICE OF THE 5 BILLION MARKET FOR 486
MICROPROCESSORS THE DEVICES ARE NOW MADE PRIMARILY BY INTEL

TI HOPING TO FERRET OUT A NICHE IN THE BUSINESS IS INITIALLY EXPECTED TO
FOCUS ITS COMPUTERCHIP EFFORTS ON NOTEBOOK AND SUBNOTEBOOK MACHINES
WHICH TYPICALLY WEIGH UNDER FOUR POUNDS BOTH ARE AMONG THE FASTESTGROWING
COMPUTERINDUSTRY PRODUCTS

STRATEGICALLY TI IS PICKING THE RIGHT SPOT SAID DEAN MCCARRON AN
ANALYST AT MICRODESIGN RESOURCES AN INDUSTRY CONSULTING FIRM IN SEBASTOPOL
CALIF YOU DON'T WANT TO TRY AND FIGHT INTEL FOR A SOCKET IN A DESKTOP
MACHINE

THOUGH THE TEXAS SEMICONDUCTOR COMPANY DECLINED COMMENT ON ITS
MICROPROCESSOR EFFORT CODENAMED POTOMAC PEOPLE CLOSE TO TI SAY THE
COMPANY TOMORROW WILL INTRODUCE TWO NEW 486 MICROPROCESSORS THE FIRST TO BE
DESIGNED AND MADE BY THE COMPANY PREVIOUSLY TI LICENSED ITS COMPUTERCHIP
TECHNOLOGY FROM CYRIX CORP A SMALL RICHARDSON TEXAS CHIP MAKER WITH ITS
OWN MICROPROCESSOR DESIGNS AND THEN SOLD THOSE DEVICES UNDER THE TI NAME

THOSE FAMILIAR WITH TI'S PLANS SAY THE CHIPS ARE THE FIRST IN A BROAD FAMILY
OF MICROPROCESSORS PLANNED BY THE ELECTRONICS GIANT THE COMPANY'S PRODUCT
PLANS RANGE FROM ITS SUBNOTEBOOK CHIPS TO A MUCH MORE POWERFUL PROCESSOR
THAT WILL COMPETE AGAINST THE PENTIUM INTEL'S CURRENT TOP OF THE LINE FOR
DESKTOP PCS

THE FIRST COMPUTERS RUNNING THE NEW TI CHIPS ARE EXPECTED TO BE DEMONSTRATED
AT THE COMDEX TRADE SHOW IN LAS VEGAS IN NOVEMBER WIDESPREAD AVAILABILITY
IS SLATED FOR JANUARY

OF THE CHIPS EXPECTED TO BE ANNOUNCED THIS WEEK ANALYSTS SAY THE MOST
PROMISING IS THE SOCALLED 486 SX LC THE TI DEVICE AIMED AT SUBNOTEBOOKS
THE CHIP IS ABOUT HALF THE SIZE OF INTEL'S COMPETING CHIP AND USES LESS
POWER A KEY FACTOR IN A MARKET OF TINY THIN MACHINES OFTEN USED ON THE
MOVE EXPERTS EXPECT ABOUT 16 MILLION SUBNOTEBOOK MACHINES TO BE SHIPPED
THIS YEAR NEARLY DOUBLING TO THREE MILLION WITHIN THREE YEARS

WHILE AMD HAD NOT YET SEEN THE DETAILS OF TI'S PLANS A COMPANY SPOKESMAN
SAID THE COMPANY IS NO STRANGER TO COMPETITION AFTER YEARS OF PURSUING
INTEL A SPOKESWOMAN FOR INTEL MEANTIME DECLINED TO COMMENT

WORD OF THE TI EFFORT COMES AMID A SHAKY MARKET FOR SEMICONDUCTOR STOCKS
DRIVEN IN PART BY FEARS THAT A SLOWDOWN IN PERSONAL COMPUTER SALES COULD
CRIMP DEMAND ON TUESDAY SHARES OF THE BIGGEST CHIP COMPANIES DROPPED
SHARPLY IN PRICE AFTER AMD REPORTED LOWERTHANEXPECTED THIRDQUARTER
EARNINGS

IN NEW YORK STOCK EXCHANGE TRADING YESTERDAY TI SHARES FELL 375 CENTS OR
05 TO CLOSE AT 70125 AND AMD STOCK TUMBLED 1 OR 45 TO CLOSE AT 21
WHILE INTEL STOCK FELL 75 CENTS OR 11 TO CLOSE AT 6925 IN NATIONAL
OVERTHECOUNTER TRADING

WHILE TI'S LATEST EFFORT TAKES AIM AT CYRIX AS WELL AS AMD AND INTEL IT
WASN'T CLEAR HOW THE MOVE WOULD AFFECT A TICYRIX RELATIONSHIP THAT ALREADY
APPEARS TO BE STRAINED

CYRIX FOR EXAMPLE CONTINUES TO COMPLAIN THAT TI ISN'T SUPPLYING IT WITH
ENOUGH CHIPS TO MEET DEMAND EVEN AS TI IS EXPECTED TO BEGIN PRODUCTION OF
ITS OWN MICROPROCESSORS WE STILL BELIEVE THAT THEY HAVE NOT LIVED UP TO
THEIR PART OF THE BARGAIN A CYRIX SPOKESWOMAN SAID

BECAUSE TI'S NEW DEVICES WILL STILL USE A MICROPROCESSOR CORE FROM CYRIX
TI WILL CONTINUE TO PAY CYRIX A ROYALTY USING THE CYRIX MICROCODE ALSO
STEERS TI CLEAR OF INTEL'S LEGAL DEPARTMENT WHICH HAS ACCUSED OTHER CHIP
MAKERS OF PIRATING ITS DESIGNS BUT ANALYSTS SAY THEY EXPECT THE ROYALTY
TO BE FAR LESS THAN BEFORE SINCE TI'S NEWEST CHIPS ALSO WILL INCLUDE
ADDITIONAL PROPRIETARY FEATURES NOT NOW AVAILABLE ON THE CYRIX DEVICES

MICHAEL SLATER EDITOR OF THE MICROPROCESSOR REPORT AN INDUSTRY NEWSLETTER
SAID TI COULD FIND ITSELF WITH AN EARLY ADVANTAGE OVER ITS COMPETITORS
SIMPLY BECAUSE OF ITS MANUFACTURING CAPACITY BOTH CYRIX AND AMD HAVE
STRUGGLED TO MEET DEMAND FOR THEIR 486 CHIPS WHICH HAVE GROWN IN POPULARITY
AS INTEL'S OLDER 386 VERSION HAS FALLEN OUT OF FAVOR

IN SOME SENSE TI IS MAYBE THE COMPANY INTEL HAS TO BE THE MOST WORRIED
ABOUT MR SLATER SAID THEY HAVE THE MANUFACTURING MUSCLE 9310070156
931007 WHO'S NEWS RELIANCE GROUP HOLDINGS INC

RELIANCE GROUP HOLDINGS INC NEW YORK THIS INSURANCE AND INVESTMENT
COMPANY NAMED TWO NEW DIRECTORS INCREASING THE BOARD TO 14 CARTER BURDEN
52 YEARS OLD CHAIRMAN OF CRB BROADCASTING CORP AND THOMAS P GERRITY 52
DEAN OF THE WHARTON SCHOOL OF THE UNIVERSITY OF PENNSYLVANIA 9310070155
931007 NATIONAL MEDIA KSL VENTURE

PHILADELPHIA NATIONAL MEDIA CORP SAID IT FORMED A PARTNERSHIP WITH NEW
YORKBASED KSL MEDIA INC TO BUY AIR TIME FOR INFOMERCIALS ON CABLE AND
BROADCAST TELEVISION

NATIONAL MEDIA A PRODUCER OF LENGTHY COMMERCIALS CALLED INFOMERCIALS SAID
THE PARTNERSHIP BRINGS TOGETHER 300 MILLION IN ANNUAL BUYING POWER KSL
PLANS AND BUYS AIR TIME ON BROADCAST TELEVISION FOR COMPANIES' COMMERCIALS
9310070154 931007 WEDNESDAY'S MARKETS STRONG GAINS ABROAD LIFT 
INDUSTRIALS  BROAD INDEXES MIXED BONDS REMAIN STEADY WHILE THE
DOLLAR SLIPS  BY STEVEN E LEVINGSTON AND MICHAEL R SESIT STAFF
REPORTERS OF THE WALL STREET JOURNAL

STRONGER OVERSEAS MARKETS HELPED LIFT THE DOW JONES INDUSTRIAL AVERAGE BOND
PRICES WERE BARELY CHANGED AND THE DOLLAR EDGED LOWER

THE INDUSTRIAL AVERAGE GAINED 1173 POINTS TO 359899 BUT STANDARD & POOR'S
500STOCK INDEX SLIPPED 046 TO 46074 THE NASDAQ COMPOSITE INDEX ROSE 250
TO 76477 JUST SHY OF THE RECORD 76484

ANALYSTS SAID US INVESTORS WERE ENCOURAGED BY CONTINUING ADVANCES IN
FOREIGN STOCK MARKETS MANY INVESTORS WHO HAD PULLED MONEY OUT OF THE MARKET
REDEPLOYED SOME OF THE CASH SAID ALAN R ACKERMAN MARKET STRATEGIST AT
REICH & CO BUT HE ADDED THAT INVESTORS REMAIN CAUTIOUS AS THE THIRDQUARTER
EARNINGS REPORTING SEASON BEGINS TO UNFOLD

THERE'S SIGNIFICANT STRENGTH IN WORLD MARKETS AND THE US MARKET IS
CAUGHT UP IN THIS SENSE OF OPTIMISM ABOUT OPPORTUNITIES AHEAD MR ACKERMAN
SAID BUT THE STRENGTH OR WEAKNESS OF THE EARNINGS REPORTS WILL TELL THE
TALE

RETAIL STOCKS SURGED FOR THE SECOND DAY MR ACKERMAN SAID THE STRENGTH IN
RETAIL STOCKS SUGGESTS THAT THE SEPTEMBER EMPLOYMENT DATA TO BE RELEASED
TOMORROW WILL BE UPBEAT

OVERSEAS GERMAN STOCKS ROSE 07 TO THEIR SECOND CONSECUTIVE RECORD HIGH
AND BRITISH SHARES CLIMBED 05 TO A NEW HIGH THE FRENCH STOCK MARKET WAS
UP 03

EUROPEAN MARKETS ARE RISING AND RISING BECAUSE BOND YIELDS ARE FALLING AND
FALLING SAID NICHOLAS STEVENSON A EUROPEAN EQUITY STRATEGIST AT SG
WARBURG & CO IN LONDON BUT HE WARNED THAT THE MARKETS MAY SUFFER IF
CORPORATE PROFITS DON'T FOLLOW SOON ON THE HEELS OF LOWER INTEREST RATES

WORLDWIDE STOCK PRICES ROSE IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX GAINED 078 TO 11304

IN MAJOR MARKET ACTION

STOCK PRICES WERE MIXED VOLUME TOTALED 275765770 SHARES ON THE NEW YORK
STOCK EXCHANGE WHERE 1121 ISSUES ROSE AND 876 FELL

LONGTERM BOND PRICES EDGED LOWER THE TREASURY'S BENCHMARK 30YEAR ISSUE
FINISHED UNCHANGED AT 103 9/32 TO YIELD 6 SHORTERTERM SECURITIES ROSE
SLIGHTLY

THE DOLLAR FELL MODESTLY IN LATE NEW YORK TRADING THE CURRENCY WAS QUOTED
AT 16228 MARKS AND 10565 YEN COMPARED WITH 16260 MARKS AND 10575 YEN
TUESDAY 9310070153 931007 WHO'S NEWS PRUDENTIAL INSURANCE CO OF
AMERICA

PRUDENTIAL INSURANCE CO OF AMERICA NEWARK NJ MARTHA J CLARK 44
YEARS OLD WAS ELECTED A SENIOR VICE PRESIDENT THE FIRST WOMAN TO HOLD THAT
RANK AT THE INSURANCE COMPANY SHE IS PRESIDENT OF PRUDENTIAL ASSET
MANAGEMENT CO THE MARKETING AND ADMINISTRATIVE ARM OF PRUDENTIAL ASSET
MANAGEMENT GROUP WHICH MANAGES MORE THAN 106 BILLION FOR PENSION PLANS AND
OTHER INSTITUTIONAL INVESTORS 9310070152 931007 POLITICS & PEOPLE MORE
THAN PEANUTS HOW TO GET NAFTA PASSED  BY ALBERT R HUNT

THE GREAT DEBATE OVER THE NORTH AMERICAN FREE TRADE AGREEMENT IS GOING
SOMETHING LIKE THIS

REP GLENN POSHARD AN ILLINOIS DEMOCRAT OPPOSES THE TREATY UNLESS THE
CORN BROOM INDUSTRY PROBLEMS ARE ALLEVIATED HIS MIDWESTERN COLLEAGUE
JAMES BARCIA OF MICHIGAN SEES NAFTA AS THREATENING AUTO JOBS AND HAS
ASPARAGUS CONCERNS TOO DOWN SOUTH TERRY EVERETT AN ALABAMA REPUBLICAN
IS NEGATIVE FOR THREE REASONS COTTON PEANUTS AND TOBACCO STAFFERS FOR
GEORGIA DEMOCRATIC REP CYNTHIA MCKINNEY ARE DIRECT NOTING THAT SINCE
BUSINESSES DIDN'T HELP HER GET ELECTED SHE OWES THEM NOTHING UNLESS THEY
CONTRIBUTED TO HER CAMPAIGN

THESE COMMENTS FROM A RECENT PRIVATE SURVEY BY USA NAFTA THE BIG BUSINESS
LOBBYING GROUP FOR THE PACT CAPTURE THE ESSENCE OF THE DEBATE AND SHOW WHY
THE TREATY WITH CANADA AND MEXICO IS IN SUCH TROUBLE

IF THE VOTE WERE HELD TODAY IT WOULD LOSE BY 30 OR MORE VOTES BUT THIS IS
REVERSIBLE THERE ARE A COUPLE OF DOZEN LEGISLATORS WHO COULD BE TURNED
AROUND TWO EXAMPLES FRESHMAN DEMOCRATS CAROLYN MALONEY REPRESENTING
MANHATTAN'S UPPER EAST SIDE AND REP ANNA ESHOO FROM CALIFORNIA'S SILICON
VALLEY

BUT THE TREATY WON'T PASS AS LONG AS THESE MICRO ISSUES DOMINATE THE
DIALOGUE ALL POLITICS MAY BE LOCAL AND MONEY UNFORTUNATELY IS THE MOTHER'S
MILK OF CONGRESSIONAL DECISIONMAKING BUT TO WIN PRESIDENT CLINTON HAS TO
ELEVATE THE DEBATE IN THE NEXT SEVEN WEEKS AND SPELL OUT THE DIRE
CONSEQUENCES OF FAILURE THAT'S THE POINT BEING MADE BY SEN BILL BRADLEY
D NJ WHO IS EXPECTED TO ARGUE IN A SPEECH TODAY THAT THIS TREATY IS
THE TEST CASE OF THE US'S ABILITY TO FACE UP TO THE TRANSFORMATION OF
THE GLOBAL ECONOMY

FIRST HOWEVER THE MYTHS ABOUT WHY THIS AGREEMENT IS IN TROUBLE HAVE TO BE
DISPELLED

ONE IS THAT THIS REFLECTS THE AWESOME POWER OF ORGANIZED LABOR'S OPPOSITION
LABOR JUST AS ADAMANTLY FOUGHT FOR THE BURKEHARTKE PROTECTIONIST TRADE BILL
IN THE EARLY 1970S COMMONSITUS PICKETING IN THE LATE 1970S AND MANDATORY
DOMESTIC CONTENT FOR AUTOS IN THE EARLY 1980S LABOR CLOUT THEN WAS
INDISPUTABLY GREATER AND YET EACH TIME IT LOST DECISIVELY LABOR LOOKS MORE
POWERFUL NOW BECAUSE IT HAS BEEN OPERATING IN A VACUUM

ANOTHER MYTH IS THAT THE OPPOSITION REFLECTS ENTRENCHED INCUMBENTS
PROTECTING NARROW INTERESTS AND CONSTITUENCIES SOME TERMLIMITS ADVOCATES
EVEN CLAIM THAT NAFTA WOULD PASS EASILY IF THERE WERE TERM LIMITS BUT
ACCORDING TO THE USA NAFTA COUNT 44 FRESHMAN DEMOCRATS OPPOSE THE TREATY
WITH ONLY SEVEN IN FAVOR AND 13 UNDECIDED THIS IS FAR MORE NEGATIVE THAN
THE COUNT AMONG MORE SENIOR DEMOCRATS THESE FRESHMEN ARE AS THE LATE FRANK
THOMPSON LABELED AN EARLIER GROUP BEDWETTERS CONSTANTLY FRETTING ABOUT
THE PREVAILING POLITICAL WINDS

THE REAL PROBLEMS FOR THE AGREEMENT ARE FEARS AND INSECURITIES THAT ARE
LEGITIMATELY GRIPPING MOST MIDDLE AMERICANS AS PRESIDENT CLINTON
ACKNOWLEDGED THESE AVERAGE FOLKS FEEL THE RICH WERE TAKEN CARE OF IN THE
1980S AND THEY WERE PASSED BY THAT NAFTA IS SO OVERWHELMINGLY SUPPORTED BY
THE ELITES MAKES THEM ALL THE MORE SUSPICIOUS

THE PRESIDENT'S TASK IS TO HAMMER AWAY THAT EXPANDED TRADE INVARIABLY LEADS
TO MORE NOT FEWER JOBS WALL STREET JOURNAL POLLS CLEARLY SHOW THAT IF
PEOPLE THINK IT'S A JOB GAINER THEY BECOME OVERWHELMINGLY PRONAFTA

THE WHITE HOUSE FINALLY HAS GOTTEN ITS ACT TOGETHER IN THE PAST SEVERAL
WEEKS THE PRESIDENT PRIVATELY IS PERSUADING SOME LAWMAKERS EXPECT SOME
VOTESHIFT ANNOUNCEMENTS SOON THE ADMINISTRATION HAS SHREWDLY TARGETED NOV
17 FOR THE HOUSE VOTE THAT MAY BE THE LAST BIG VOTE OF THIS SESSION AND
WITH BILL CLINTON NOW HAVING PUT HIS PRESTIGE SQUARELY ON THE LINE IT MAKES
IT HARDER FOR DEMOCRATS TO VOTE AGAINST HIM AN ADDED ELEMENT IS THAT THE
VOTE IS SCHEDULED FOR ONLY DAYS BEFORE THE PRESIDENT GOES TO SEATTLE TO MEET
WITH ASIAN LEADERS INTERNATIONAL SUMMITS ALWAYS ARE CONVENIENT BACKDROPS
FOR SUCCESSFUL CONGRESSIONAL ACTIONS

CONTRARY TO SOME REPORTS BILL CLINTON NOT ONLY ISN'T AMBIVALENT BUT
PRIVATELY IS PASSIONATE ABOUT THIS AGREEMENT THIS BUSINESS ABOUT HIM BEING
HALFHEARTED IS REALLY A BUM RAP SAYS REP PETER HOAGLAND A NEBRASKA
DEMOCRAT WHOM THE PRESIDENT LOBBIED LAST WEEK

BUT BILL CLINTON DISLIKES CONFRONTATION THUS AT AN AFLCIO SPEECH THIS WEEK
HE PULLED HIS PUNCHES AND DIDN'T AS URGED CALL ON LABOR LEADERS NOT TO
MAKE THIS A LITMUS TEST A STANCE THAT WOULD HAVE PUT THEM ON THE SPOT
BETWEEN NOW AND NOV 17 HOWEVER MORE DIRECT CONFRONTATION IS ESSENTIAL
ONE POSSIBILITY UNDER CONSIDERATION A TOWN MEETING IN A HEAVILY UNIONIZED
AREA WHERE THE PRESIDENT CAN ADDRESS AND ASSUAGE WORKERS' REAL WORRIES

PROPONENTS ALSO HAVE TO TAKE ON ROSS PEROT THE USA NAFTA SURVEY SHOWS THAT
REPUBLICANS AS DIVERSE AS ELTON GALLEGLY OF CALIFORNIA MEL HANCOCK OF
MISSOURI NORTH CAROLINA'S HOWARD COBLE AND OHIO'S JOHN KASICH WHO SHOULD
KNOW BETTER EXPRESS CONCERN ABOUT THE PEROT FACTOR

BUT WHAT THE PRESIDENT AND OTHERS CHIEFLY MUST DO IN THE ENSUING WEEKS IS
SEIZE THE HIGH GROUND STRESSING THAT OPEN TRADE MEANS MORE JOBS AND
EMBODIES THE AMERICAN CANDO SPIRIT PROTECTIONISM IS BACKWARDLOOKING AND
DEFEATIST USUALLY IT DOESN'T WEAR WELL IN 1985 FOR EXAMPLE DEMOCRAT JIM
CHAPMAN WON A HOTLY CONTESTED SPECIAL ELECTION IN EAST TEXAS THAT DEMOCRATIC
LEADERS SAID WAS FUELED BY PROTECTIONIST SENTIMENTS TODAY THE SAME REP
CHAPMAN IS VIEWED AS AN ALMOST CERTAIN PRONAFTA VOTE

ALSO THE IMPLICATIONS OF REJECTION HAVE TO BE DRIVEN HOME THE EUROPEANS
AND ESPECIALLY THE JAPANESE SURELY WOULD ZERO IN ON THE MEXICAN MARKET
WITH US CREDIBILITY DAMAGED ANY DEAL ON THE GENERAL AGREEMENT ON TARIFFS
AND TRADE WOULD BE JEOPARDIZED THE RISK THEN OF A WORLDWIDE TURN TO MORE
PROTECTIONISM WOULD BE REAL AND BILL CLINTON'S PRESIDENCY WOULD BE BADLY
WOUNDED

THE FUNDAMENTAL QUESTION HERE AS PRESIDENT CLINTON SAID IS WHETHER WE
EMBRACE OR RESIST CHANGE IF THIS IS THE FOCUS INSTEAD OF PEANUTS
BROOMS ASPARAGUS AND EVEN CAMPAIGN CONTRIBUTIONS NAFTA WILL BE A WINNER
9310070151 931007 PEPPERAND SALT

BUT A FUTURE FOR THE PAST

SIEVE SEDIMENT IMPEDIMENT 9310070150 931007 WHAT'S NEWS  WORLDWIDE

CLINTON PLANS TO SEND MORE TROOPS TO SOMALIA BUT WILL SET A PULLOUT DATE

THE PRESIDENT WANTS TO DISPATCH ABOUT 2000 ADDITIONAL SOLDIERS TO PROTECT
TROOPS ALREADY IN SOMALIA BUT IS CLOSE TO SETTING A WITHDRAWAL DATE OF EARLY
NEXT YEAR FOR US TROOPS WHITE HOUSE OFFICIALS SAID CLINTON UNDER HEAVY
PRESSURE FROM CONGRESS TO BRING AMERICAN SOLDIERS HOME ALSO INTENDS TO STEP
UP EFFORTS TO NEGOTIATE A POLITICAL SETTLEMENT HE IS SCHEDULED TO DISCUSS
HIS PLANS WITH CONGRESSIONAL LEADERS THIS MORNING AND MAY DELIVER A
TELEVISED SPEECH TONIGHT

TO PLACATE UN CHIEF BOUTROSGHALI THE US WILL PLAN TO KEEP SEVERAL
THOUSAND MARINES DEPLOYED OFF THE SOMALI COAST AS A POTENTIAL RAPID REACTION
FORCE CLINTON AIDES SAID

YELTSIN CALLED FOR THE DISSOLUTION OF ALL REGIONAL COUNCILS IN RUSSIA

THE RUSSIAN PRESIDENT IN AN ADDRESS TO THE NATION TWO DAYS AFTER HIS FORCES
CRUSHED A PARLIAMENTARY REBELLION DECLARED THAT THE COUNCILS HAD BEEN
NEGLIGENT OF THE SECURITY OF THE STATE YELTSIN REPEATED HIS INTENTION TO
HOLD DECEMBER ELECTIONS FOR A NATIONAL LEGISLATURE AND SAID HE WAS EASING
CENSOR SHIP IN A SYMBOLIC BLOW AGAINST COMMUNIST HOLDOVERS HE REMOVED THE
HONOR GUARD FROM LENIN'S TOMB MEANWHILE A YELTSIN OPPONENT QUIT AS HEAD OF
THE CONSTITUTIONAL COURT

RUSSIAN DEBT TALKS STILL ARE ON TRACK BUT WESTERN BANKS AND BUSINESSES ARE
UNLIKELY TO RISK NEW EXPOSURE UNTIL THE COUNTRY'S REFORM PROCESS BECOMES
CLEAR A GERMAN BANKER SAID

A FORMER ANTIWAR RADICAL WAS SENTENCED BY A BOSTON JUDGE TO EIGHT TO 12
YEARS IN PRISON FOR A 1970 BANK ROBBERY THAT LEFT A POLICE OFFICER DEAD
KATHERINE ANN POWER 44 WHO SURRENDERED LAST MONTH ALSO RE CEIVED 20
YEARS' PROBATION AND WAS BARRED FROM TRYING TO PROFIT FINANCIALLY FROM HER
EXPERIENCE

RABIN AND ARAFAT HELD THEIR FIRST WORKING MEETING IN CAIRO AND ANNOUNCED
THAT DE TAILED NEGOTIATIONS ON PALESTINIAN SELFRULE WOULD GET UNDER WAY ON
WEDNESDAY IN EGYPT THE ISRAELI PRIME MINISTER AND PLO CHIEF WOULDN'T SHAKE
HANDS AT THEIR FIRST OFFICIAL MEETING WHICH ENDED WITH SEPARATE NEWS
CONFERENCES

SYRIA'S FOREIGN MINISTER ACCUSED ISRAEL OF DELAYING EFFORTS TO REACH A
COMPREHENSIVE MIDEAST PEACE ACCORD AND HE SUGGESTED DAMASCUS MIGHT NOT SEND
REPRESENTATIVES TO THE NEXT ROUND OF TALKS HE ALSO SAID SYRIA HAS BEEN
UNJUSTLY LINKED TO TERRORISM AS A RESULT OF ISRAEL'S INFLUENCE WITH MEMBERS
OF THE US CONGRESS

FEDERAL SAFETY INVESTIGATORS SAID AUTO PILOT PROBLEMS CAUSED CERTAIN BOEING
JETS TO CHANGE DIRECTION FOR NO APPARENT REASON THE FAA PUT THE MATTER
UNDER HIGHPRIOR ITY REVIEW

TALKS ON LIMITED IRAQI OIL SALES FAILED AT THE UN AND BAGHDAD SAID IT
DIDN'T INTEND TO RESUME TALKS AND INSTEAD WOULD TRY TO GET UN SANCTIONS
LIFTED BY THE SECURITY COUN CIL IRAQI OIL SALES HAVE BEEN BARRED UNDER THE
SANCTIONS IMPOSED AFTER THE 1990 INVA SION OF KUWAIT THE LATEST TALKS
INVOLVED THE SALE OF OIL VALUED AT 16 BILLION

HONG KONG'S GOVERNOR SOUGHT TO PRESSURE CHINA INTO A SPEEDY SETTLEMENT OF
THE COLONY'S POLITICAL FUTURE DISCLOSING HE HAS MADE TWO MAJOR CONCESSIONS
ON ELECTORAL REFORMS AND HINTING HE WILL YIELD NO FURTHER IN A POLICY
SPEECH PATTEN WARNED THAT TIME IS RUNNING OUT IN EFFORTS TO BREAK A
YEAROLD IMPASSE OVER ELECTION PLANS

INVESTIGATORS WARNED THAT THE MAIL BOMBER BELIEVED RESPONSIBLE FOR KILLING
ONE PERSON AND INJURING 23 OTHERS SINCE 1978 MAY STRIKE AGAIN AND THEY
OFFERED A 1 MILLION REWARD FOR HELP IN THE CASE THEY DISCLOSED A NOTE
POSSIBLY WRITTEN BY THE UNABOMBER WHOSE TARGETS HAVE BEEN ASSOCIATED WITH
UNIVERSITIES COMPUTERS AND AIRLINES

FRANCE INDICATED IT WOULDN'T RESUME NUCLEAR TESTS FOR THE TIME BEING DESPITE
A CHINESE UNDERGROUND BLAST THAT BROKE AN UNOFFICIAL WORLD MORATORIUM BUT
PRESIDENT MITTERRAND SAID THE FRENCH WOULD START TESTING AGAIN IF COUNTRIES
OTHER THAN CHINA DECIDED TO DO SO

UN AND BOSNIAN COMMANDERS FLEW TO THE BREAKAWAY BIHAC ENCLAVE IN AN EFFORT
TO HALT FIGHTING BETWEEN MUSLIM FACTIONS IN THE NORTHWESTERN DISTRICT THERE
APPEARED TO BE LITTLE PROGRESS THE LOCAL MUSLIM LEADER REFUSED TO MEET WITH
THE OFFICIALS AND CONTINUED TO INSIST ON AUTONOMY FROM THE MUSLIMDOMINATED
GOVERNMENT IN SARAJEVO 9310070148 931007 DELTA AIR LINES TRAFFIC RISES

ATLANTA DELTA AIR LINES SAID ITS SEPTEMBER TRAFFIC ROSE 12 TO
7057243000 REVENUE PASSENGER MILES FROM 6973253000 MILES A YEAR
EARLIER A REVENUE PASSENGER MILE IS ONE PAYING PASSENGER FLOWN ONE MILE

DELTA SAID ITS SEPTEMBER LOAD FACTOR OR THE PERCENTAGE OF SEATS FILLED
FELL TO 629 FROM 633 A YEAR EARLIER

FOR THE FIRST NINE MONTHS OF 1993 DELTA SAID ITS TRAFFIC ROSE 18 TO 622
BILLION REVENUE PASSENGER MILES FROM 611 BILLION MILES A YEAR EARLIER LOAD
FACTOR ROSE TO 621 FROM 62 9310070147 931007 LETTERS TO THE EDITOR 
AT&T/MCCAW UNION NO THREAT TO BELLS

YOUR AUG 17 ARTICLE AND OTHERS HAVE IMPLIED THAT A UNITED AT&T/MCCAW
PRESENTS A REVIVED MONOLITHIC MONOPOLISTIC THREAT TO REGIONAL BELL
COMPANIES CELLULAR PROVIDERS AND OTHER LOCAL CARRIERS SIMILAR TO THE
ORIGINAL MA BELL THIS IS MISLEADING AT BEST AND ALARMIST AT WORST

WHILE THE ABSORPTION OF MCCAW INTO AT&T DOES PROVIDE AT&T WITH EXCEPTIONAL
ADDED REACH INTO LOCAL MARKETS ENABLES AT LEAST PARTIAL BYPASS OF LOCAL
TELCOS AND ADDS TO AT&T'S ALREADY IMPRESSIVE RANGE OF SERVICES IT DOES NOT
BY ANY MEANS INDICATE THAT THE NEW COMPANY CAN PROVIDE ANYTHING CLOSE TO
ENDTOEND COMMUNICATIONS SOLUTIONS INCLUDING LOCAL AND LONGDISTANCE
SERVICES

IN ACQUIRING MCCAW AT&T GAINS LICENSES TO PROVIDE CELLULAR SERVICE TO NO
MORE THAN 35 OF THE US POPULATION IN ORDER TO BE ABLE TO PROVIDE
CELLULAR ACCESS TO ITS INTEREXCHANGE CIRCUITS IN MAJOR US METROPOLITAN
AREAS AT&T MUST STILL MAINTAIN ITS CURRENT OPERATING AGREEMENTS WITH
ADDITIONAL CELLULAR PROVIDERS IT ALSO MUST PURSUE ADDITIONAL ALLIANCES WITH
EVEN MORE CELLULAR CARRIERS AND CONSORTIA INCLUDING THOSE OWNED AND
OPERATED BY REGIONAL BELLS

ADDITIONALLY IT IS UNLIKELY THOUGH POSSIBLE THAT CELLULAR CIRCUITS
WILL BECOME THE PREFERRED MEANS OF PROVIDING LOCAL TELECOM SERVICES AS IT
BECOMES AVAILABLE OVER THE NEXT 10 OR MORE YEARS DIGITAL CELLULAR NETWORKS
WILL PROVIDE A SOLID BACKBONE NETWORK FOR FUTURE PERSONAL COMMUNICATIONS
SERVICES AND OTHER WIRELESS MOBILE APPLICATIONS BUT THEY WILL NOT REPLACE
LANDLINE ACCESS FOR PROVIDING LOCAL TELECOM SERVICES THERE ARE SIMPLY TOO
MANY LANDLINE ALTERNATIVES BELLS INDEPENDENTS CABLE TELEVISION COMPANIES
AND UTILITY COMPANIES TO NAME A FEW AND TOO MUCH BANDWIDTH AVAILABLE AT
LESS COST PER MINUTE FOR CELLULAR TO COMPETE EFFECTIVELY AS A PRIMARY VOICE
OR DATA COMMUNICATIONS MEDIUM

THE MOST IMPORTANT EFFECT OF THE AT&T/MCCAW MERGER SHOULD BE TO SPUR
CONGRESS THE FCC JUDGE GREENE AND STATE REGULATORS TO REMOVE MOST OF THE
REMAINING ARTIFICIAL BOUNDARIES AND RESTRICTIONS PLACED ON COMPETITION IN
LOCAL AND LONGDISTANCE MARKETS 9310070146 931007 AMERICAN AIRLINES'
TRAFFIC DROPS

FORT WORTH TEXAS AMERICAN AIRLINES THE MAIN AIRLINE UNIT OF AMR CORP
SAID ITS SEPTEMBER TRAFFIC FELL 38

THE AIRLINE SAID IT FLEW 793 BILLION REVENUE PASSENGER MILES COMPARED WITH
825 BILLION FOR SEPTEMBER LAST YEAR A REVENUE PASSENGER MILE IS ONE PAYING
PASSENGER FLOWN ONE MILE LOAD FACTOR OR PERCENTAGE OF AVAILABLE SEATS
FILLED FELL TO 597 FROM 638

FOR THE FIRST NINE MONTHS OF THE YEAR AMERICAN'S TRAFFIC INCREASED 15 TO
746 BILLION REVENUE PASSENGER MILES COMPARED WITH 735 BILLION THE YEAR
BEFORE LOAD FACTOR FELL TO 611 FROM 648 9310070145 931007 MARKETING
& MEDIA MARKETSCAN YOGURT MAKERS' HEALTH PUSH BEARS FRUIT  BY
SUEIN L HWANG

FORGET OAT BRAN AND OLIVE OIL REFRIGERATED YOGURT HAS RESURFACED AS THE
GOODFORYOU FOOD OF THE MOMENT

THANKS TO A FLURRY OF HEALTHIER LOWFAT LOWCALORIE PRODUCTS AND A FEW
WIDELY PUBLICIZED THOUGH CONTROVERSIAL SCIENTIFIC STUDIES HAILING YOGURT'S
MEDICINAL POWERS REFRIGERATEDYOGURT SALES ARE TAKING OFF SALES JUMPED 10
TO 139 BILLION FOR THE 52 WEEKS ENDED JULY 18 ACCORDING TO INFORMATION
RESOURCES INC'S INFOSCAN SERVICE THAT'S A TURNAROUND FROM A FEW YEARS AGO
WHEN THE REFRIGERATEDYOGURT CATEGORY FALTERED AS COMPETITORS SPUN OUT A
HOST OF ALTERNATIVES RANGING FROM SINGLESERVE PUDDINGS TO FROZEN YOGURT

A KEY REASON FOR THE CATEGORY'S GROWTH IS THE POPULARITY OF NEW LOWERFAT
LOWERCALORIE BRANDS WHICH APPEAL PARTICULARLY TO YOUNG WOMEN SOME OF WHOM
EAT AS MANY AS 150 CUPS A YEAR OVERALL ACCORDING TO INFORMATION RESOURCES
DANNON AND YOPLAIT HAVE WIDENED THEIR LEAD WITH DANNON'S SALES UP 167 IN
THE 52 WEEKS AND YOPLAIT'S SALES 177 HIGHER THIRDRANKED KRAFT GENERAL
FOODS CORP A UNIT OF PHILIP MORRIS COS HAS BEEN FLOUNDERING SALES OF
ITS BREYERS AND LIGHT N' LIVELY BRANDS FELL 2

YOGURT'S HEALTHY HALO GOT A BIG BOOST LAST YEAR WHEN A STUDY SPONSORED BY
THE NATIONAL YOGURT ASSOCIATION DECLARED A LINK BETWEEN YOGURT CONSUMPTION
AND A STRONGER IMMUNE SYSTEM THE STUDY CONDUCTED BY RESEARCHERS AT THE
UNIVERSITY OF CALIFORNIA AT DAVIS REPORTED A RELATIONSHIP BETWEEN YOGURT
WITH LIVE AND ACTIVE CULTURES AND INCREASED PRODUCTION OF GAMMA INTERFERON
WHICH HAS BEEN SHOWN TO IMPROVE THE IMMUNE DEFENSE ACCORDING TO A NEWS
RELEASE CIRCULATED BY THE YOGURT ASSOCIATION YOGURT HAS ALSO BEEN CREDITED
WITH PREVENTING COLON CANCER HEART DISEASE YEAST INFECTIONS AND OTHER
AILMENTS

ALTHOUGH SOME SCIENTISTS EXPRESS SKEPTICISM ABOUT SUCH CLAIMS THE MARKETING
OPPORTUNITY HASN'T BEEN LOST ON YOGURT MAKERS THIS YEAR MARKET LEADERS
DANNON CO AND GENERAL MILLS INC'S YOPLAIT USA ARE SLAPPING LIVE AND
ACTIVE CULTURE SEALS ON THEIR PRODUCTS TO INDICATE THE PRESENCE OF BACTERIA
IN THEIR PRODUCTS SOME STRAINS OF THE BACTERIUM THAT TURNS MILK INTO
YOGURT HAVE BEEN IDENTIFIED AS THE PROBABLE FORCE BEHIND YOGURT'S PURPORTED
BENEFITS

IT'S ABSOLUTELY ESSENTIAL TO COMMUNICATE TO THE CONSUMER THAT YOGURT IS NOT
JUST ANOTHER LOWCALORIE PRODUCT SAYS PATRICK GOURNAY PRESIDENT OF
DANNON A UNIT OF BSN GROUPE SA OF FRANCE

NOT EVERY YOGURT MAKER IS JUMPING ON THE BANDWAGON HOWEVER COLOMBO INC A
UNIT OF FRANCE'S BONGRAIN SA DECIDED NOT TO USE THE SEAL ON ITS YOGURT
PACKAGES AFTER MARKET TESTS FAILED TO PROVE THAT CONSUMERS EVEN GRASPED ITS
MEANING THE CONSUMER DIDN'T SEE THE LABEL ON THE PACKAGE AND ONCE WE
POINTED IT OUT TO THEM DIDN'T UNDERSTAND WHAT IT MEANT SAYS JESSE HOGAN
PRESIDENT OF COLOMBO'S REFRIGERATED YOGURT DIVISION

MANUFACTURERS AREN'T MAKING SPECIFIC HEALTH CLAIMS BECAUSE OF STRICT
LABELING LAWS BUT MR GOURNAY SAYS DANNON'S A VERY HEALTHY HABIT FOR LIFE
ADVERTISING CAMPAIGN IS DESIGNED TO PLAY OFF THE LATEST HEADLINES DANNON
WHICH CLAIMS 34 OF THE MARKET IS ALSO INCREASING ITS VISIBILITY
ADVERTISING SPENDING WHICH REACHED ABOUT 15 MILLION LAST YEAR HAS NEARLY
TRIPLED SINCE 1990 YOPLAIT HAS BOOSTED SPENDING 25 IN THE PAST YEAR FOR
ITS DO IT FOR YOU CAMPAIGN FEATURING WOMAN DANCERS AND ATHLETES EATING
YOGURT

THIS ISN'T THE FIRST TIME MANUFACTURERS HAVE TRIED TO CASH IN ON YOGURT'S
PURPORTED HEALTH BENEFITS FOR DECADES YOGURT HAS BEEN LINKED TO LONGEVITY
IN TURNOFTHECENTURY BULGARIA RUSSIAN SCIENTIST ELI METCHNIKOFF TRIED TO
UNCOVER A LINK BETWEEN EATING YOGURT AND LONGEVITY BUT THE THEORY FAILED
WHEN IT TURNED OUT THAT MANY BULGARIANS LOOKED OLDER THAN THEY WERE AND
TENDED TO EXAGGERATE THEIR LIFESPANS

THOUGH UNSUBSTANTIATED THE LONGEVITY THEORY PROVIDED THE BASIS FOR DANNON'S
CLASSIC RUSSIANS AD CAMPAIGN THE ADS WHICH WENT OFF THE AIR A DECADE
AGO FEATURED RUSSIAN CENTENARIANS EATING DANNON YOGURT WE COULDN'T DO
THAT NOW IT WAS PROBABLY AN OVERSIMPLIFICATION MR GOURNAY SAYS

SOME SCIENTISTS CAUTION THAT MANY OF THE NEW CLAIMS THE IMMUNITY CLAIM IN
PARTICULAR REMAIN UNPROVEN THE NOTION IN THE MINDS OF MANY PEOPLE THAT
EATING YOGURT WILL PROLONG LIFE AND HELP PREVENT OR CURE CERTAIN DISEASES
HASN'T BEEN VERIFIED BY CLINICAL TESTS SAYS MANFRED KROGER A PROFESSOR OF
FOOD SCIENCE AT PENNSYLVANIA STATE UNIVERSITY WHO HAS BEEN STUDYING YOGURT
FOR MORE THAN 30 YEARS YOU HAVE TO DRAW THE LINE BETWEEN WHAT IS SCIENCE
AND WHAT IS PROVABLE AND WHAT IS MYTHOLOGY AND WHAT IS MYSTERIOUS HEARSAY
HE BELIEVES YOGURT CAN HELP TREAT DIARRHEA AND IS A GOOD SOURCE OF CALCIUM
FOR LACTOSEINTOLERANT PEOPLE

MARGO DENKE ASSISTANT PROFESSOR AT UNIVERSITY OF TEXAS SOUTHWESTERN MEDICAL
CENTER SAYS THE IMMUNITY STUDY BY THE UNIVERSITY OF CALIFORNIA AT DAVIS
FAILS TO PROVE THAT EATING YOGURT BOLSTERS THE IMMUNE SYSTEM SHE SAYS GAMMA
INTERFERON IS JUST ONE MEASURE OF THE IMMUNE SYSTEM AND CAN'T INDICATE
WHETHER AN ENTIRE SYSTEM IS WEAKER OR STRONGER IT'S NOT HARD SCIENCE SHE
SAYS IT WOULDN'T MAKE THE MAJOR MEDICAL JOURNALS

DR DENKE SAYS THE CURRENT FRENZY REVEALS THAT YOGURT LIKE OAT BRAN AND
OLIVE OIL BEFORE IT IS SIMPLY THE IN PANACEA OF THE MOMENT THE AMERICAN
MYTH IS THERE IS ONE PERFECT FOOD IN THE WORLD SHE SAYS SOME PEOPLE ARE
SIMPLISTICALLY LOOKING FOR ONE FOOD TO TAKE AWAY THEIR SINS

GEORGES M HALPERN A PROFESSOR OF MEDICINE AT THE UNIVERSITY OF CALIFORNIA
AT DAVIS AND AN AUTHOR OF THE IMMUNITY STUDY PUBLISHED IN THE INTERNATIONAL
JOURNAL OF IMMUNOTHERAPY STANDS BY THE STUDY'S FINDINGS WE HAVE VERY
CONCLUSIVE DATA FROM OUR GROUP AND MORE CONCLUSIVE DATA FROM OTHER GROUPS
HE SAYS ADDING THAT HIS CRITICS MAY NOT HAVE SEEN ALL OF HIS YOGURT STUDIES
AND MAY HAVE OVERLOOKED OTHER STUDIES DONE ABROAD

SCIENTIFIC SQUABBLES ASIDE THE CATEGORY NATURALLY VOLATILE SINCE IT IS
DRIVEN BY A SMALL NUMBER OF HEAVY YOGURT EATERS REMAINS EXTREMELY
COMPETITIVE PROMOTIONAL ACTIVITY HAS SIGNIFICANTLY INCREASED SAYS MR
HOGAN OF COLOMBO IN ANY SUPERMARKET YOU CAN FIND AT LEAST ONE YOGURT ON
SALE EVERY WEEK

SUCH SMALLER BRANDS AS COLOMBO AND LIGHT N' LIVELY FACE ESPECIALLY TOUGH
GOING THE CATEGORY IS OVERSATURATED SAYS SCOTT RZESA DIRECTOR OF DAIRY
AND FROZEN FOODS FOR D'AGOSTINO SUPERMARKETS INC A NEW YORK AREA CHAIN
TOO MANY BIG PLAYERS ARE STRUGGLING FOR A SMALL PIE 9310070144 931007
USAIR TRAFFIC FALLS 26

ARLINGTON VA USAIR SAID ITS SEPTEMBER TRAFFIC FELL 26 TO 284 BILLION
REVENUE PASSENGER MILES FROM 292 BILLION REVENUE PASSENGER MILES A YEAR
EARLIER

A REVENUE PASSENGER MILE IS ONE PAYING PASSENGER FLOWN ONE MILE THE LOAD
FACTOR OR PERCENTAGE OF AVAILABLE SEATS FILLED FELL TO 573 FROM 582

FOR THE FIRST NINE MONTHS OF 1993 THE USAILEW 262 BILLION REVENUE
PASSENGER MILES DOWN 3 FROM THE NEARLY 27 BILLION MILES FLOWN A YEAR
EARLIER THE LOAD FACTOR WAS 589 COMPARED WITH 597 IN THE YEARBEFORE
PERIOD 9310070143 931007 HEARD ON THE STREET DISCOVERY ZONE IN A ZONE
OF ITS OWN DEFIES ALL MARKET ANALYSIS AND PLANS BIG EXPANSION  BY
WILLIAM POWER STAFF REPORTER OF THE WALL STREET JOURNAL

THERE ARE ONLY TWO PINTSIZE THINGS ABOUT DISCOVERY ZONE THE HEIGHT OF ITS
12YEAROLDANDUNDER CUSTOMERS AND ITS EARNINGS

EVERTHING ELSE IS BIG

STOCKMARKET VALUE 882 MILLION DESPITE PROJECTED 1993 SALES OF ONLY 50
MILLION OR SO

P/E MULTIPLE FOR THOSE STILL COUNTING AT YESTERDAY'S NASDAQ CLOSE OF 24
1/2 THE STOCK TRADES AT 350 TIMES THIS YEAR'S EXPECTED PERSHARE EARNINGS
OF AROUND SEVEN CENTS

WHEN HISTORIANS LOOK BACK ON THIS BULL MARKET DISCOVERY ZONE WILL BE A
PERIOD PIECE WE SHOULD SAVOR IT SAYS JIM GRANT WHO EDITS THE ACERBIC
GRANT'S INTEREST RATE OBSERVER NEWSLETTER OR AS CHARLES RONSON OF BALESTRA
CAPITAL PUTS IT IT IS BEYOND THE REALM OF MARKET ANALYSIS IT IS INTO THE
REALM OF PSYCHOANALYSIS

TO ANYONE WITH A CALCULATOR OR SENSE OF STOCKMARKET HISTORY DISCOVERY
ZONE WHICH OPERATES INDOOR PLAYGROUNDS IS IN ITS OWN ZONE THESE DAYS IT
IS RIGHT UP THERE WITH SNAPPLE BEVERAGE AND THE RIVERBOATCASINO STOCKS
AMONG MEGAVALUED NEW COMPANIES

YUPPIE MONEYMANAGERS THOSE WITH KIDS ESPECIALLY HAVE FALLEN IN LOVE WITH
THE COMPANY THE INVESTORS ARE HEARTENED BY THE 20 STAKE IN DISCOVERY ZONE
HELD BY BLOCKBUSTER ENTERTAINMENT WHICH IS THE COMPANY'S BIGGEST FRANCHISEE
AND COULD EVENTUALLY CONTROL IT ENTIRELY SO EVEN AFTER DECLINING 25 FROM
ITS HIGH IN EARLY SEPTEMBER THIS HIGHLY SPECULATIVE STOCK HAS MORE THAN
DOUBLED FROM JUNE'S INITIAL PUBLIC OFFERING

MR RONSON CORRECTLY PREDICTED IN MAY THAT THIS WOULD BE A HOT OFFERING HE
BOUGHT 1000 DISCOVERY ZONE SHARES IN THE IPO AND SOLD THEM TOO EARLY IT
TURNS OUT AFTER A 50 RUNUP TO A SPLITADJUSTED 16 1/2 BUT THINGS ARE OUT
OF HAND HE SAYS IN A COOL MARKET HE SAYS DISCOVERY ZONE WOULD HAVE
GONE PUBLIC AT THE EQUIVALENT OF 5 A SHARE RATHER THAN 11 AND BE TRADING
NOW AT 7 HE SAYS

THE COMPANY HAS BIG EXPANSION PLANS LAST NIGHT DISCOVERY ZONE'S 2933
MILLION FACE AMOUNT OF JUNKRATED 20YEAR NOTES CALLED LYONS WERE PRICED BY
MERRILL LYNCH AIDING THE COMPANY'S PLANS FOR WORLDWIDE GROWTH EACH 1000
NOTE WITH AN IMPLICIT 4 3/4 INTEREST RATE CAN BE SWAPPED BY THE HOLDER
FOR 13 1/2 COMMON SHARES ABOUT 100 INSTITUTIONS TOOK HALF THE OFFERING
INDIVIDUALS THE REST LYONS ARE HYBRIDS ESSENTIALLY A ZEROCOUPON BOND
CONVERTIBLE INTO COMMON STOCK ZEROS DON'T PAY INTEREST BUT INSTEAD ARE SOLD
AT A DEEP DISCOUNT FROM FACE VALUE IN THIS CASE 39106

DISCOVERY ZONE PLANS BY THE END OF 1994 TO MORE THAN TRIPLE ITS CHAIN OF
FUNCENTERS NOW 115 STRONG TO AROUND 400 THAT COMES OUT TO ONE NEW
CENTER OPENING EVERY OTHER DAY FOR THE NEXT 15 MONTHS THIS TALLY DOESN'T
EVEN COUNT THE PLANS FOR 70 CENTERS IN MEXICO AND 10 IN BRITAIN

SAYS CFO ROBERT MITCHUM FROM THE COMPANY'S CHICAGO HEADQUARTERS WE THINK
THAT KIDS LOVE TO CLIMB AND RUN AND JUMP AND SWING EVERYWHERE IN THE WORLD
SO THIS CONCEPT SHOULD WORK INTERNATIONALLY VERY VERY WELL

CRUCIAL TO THE EXPANSION PLANS IS DISCOVERY ZONE'S SALE OF 2933 MILLION IN
LYONS OR LIQUID YIELD OPTION NOTES THROUGH MERRILL LYNCH WHICH ALSO DID
THE COMPANY'S IPO THE COMPANY EXPECTS TO COLLECT NET PROCEEDS OF ABOUT 110
MILLION IN THE LYONS OFFERING ENOUGH TO OPEN 140 NEW CENTERS

THE CREDITRATING SERVICES HAVE LOOKED AT DISCOVERY ZONE BECAUSE OF THE
LYONS BOTH MOODY'S AND STANDARD & POOR'S ASSIGNED THE ISSUE THEIR MOST
SPECULATIVE JUNK RATINGS BEFORE THE WORDS POSSIBLE DEFAULT CROP UP
MOODY'S ASSIGNED A SINGLEB3 RATING S&P ASSIGNED SINGLEBMINUS MOODY'S
CITED THE COMPANY'S SHORT OPERATING HISTORY THE RISKS OF THE COMPANY'S
CONTINUED AGGRESSIVE EXPANSION PLANS AND THE LARGELY UNTESTED
INDOORPLAYGROUND CONCEPT ITSELF BUT CONCEDED THAT THE BLOCKBUSTER ALLIANCE
IS A PLUS

THE COMPANY'S MR MITCHUM SHRUGS OFF THE LOW CREDIT RATINGS WE HAVE A
GREAT CONCEPT BUT WE DON'T HAVE A LOT OF HISTORY TO SHOW ANYBODY HE SAYS

IF IT'S SUCH A GREAT IDEA TO OPEN INDOOR FACILITIES WITH TUBES SLIDES AND
PLASTICBALL BINS FOR KIDS TO PLAY IN AND HOT DOGS TO MUNCH ON WHY
DOESN'T SOMEONE ELSE DO IT THEY ARE MCDONALD'S ALREADY HAS OPENED 13 LEAPS
& BOUNDS CENTERS AND HOPES TO HAVE AS MANY AS 90 BY YEAR END 1994 AND THERE
IS NOTHING PINTSIZE ABOUT MCDONALD'S EITHER 9310070142 931007
CORRECTIONS & AMPLIFICATIONS

SCHNUCK MARKETS INC OF ST LOUIS CONSIDERS AN EMPLOYEE'S COMMUNITY
INVOLVEMENT WHEN ASSESSING THE INDIVIDUAL'S ANNUAL PERFORMANCE THE
COMPANY'S NAME WAS MISSPELLED IN YESTERDAY'S MANAGING YOUR CAREER COLUMN
9310070141 931007 CANADA AUCTIONS BONDS

OTTAWA THE CANADIAN GOVERNMENT AUCTIONED 12 BILLION CANADIAN DOLLARS
US897 MILLION OF 8 NONCALLABLE BONDS DUE JUNE 1 2023

THE BONDS WERE SOLD AT AN AVERAGE YIELD OF 755

PROCEEDS OF THE ISSUE WILL BE APPLIED TOWARD THE REDEMPTION OF C213
BILLION OF GOVERNMENT BONDS MATURING OCT 15 9310070140 931007
INTERNATIONAL LONDON POLICE BT TO OFFER BEEPERS WITH BOMB ALERTS 
 IN WAKE OF TWO IRA ATTACKS FINANCIAL DISTRICT DENIZENS MAY RENT
WARNING DEVICES  BY RICHARD L HUDSON AND MICHAEL R SESIT STAFF
REPORTERS OF THE WALL STREET JOURNAL

LONDON DOCTORS HAVE THEM PHOTOCOPIER REPAIRERS HAVE THEM AND STARTING
MONDAY IN LONDON'S FINANCIAL DISTRICT STOCKBROKERS WORRIED ABOUT TERRORIST
BOMBS WILL HAVE THEM

YESTERDAY LONDON POLICE AND BRITISH TELECOMMUNICATIONS PLC ANNOUNCED THEY
WILL START RENTING BEEPERS TO ANYONE IN LONDON'S FINANCIAL DISTRICT WHO
WANTS INSTANT BOMB WARNINGS WHEN POLICE SUSPECT A BOMB THEY WILL BROADCAST
A BRIEF MESSAGE WITH THE BOMB'S LOCATION THAT WILL APPEAR ON TINY PAGER
SCREENS BT SAID IT EXPECTS ABOUT 5000 BEEPERS AT 2468 3739 A
QUARTER INCLUDING TAX TO BE SNAPPED UP IN COMING WEEKS

THE SERVICE FOLLOWING TWO IRISH REPUBLICAN ARMY BOMBINGS IN THE FINANCIAL
DISTRICT IN THE PAST YEAR INCLUDING ONE IN APRIL THAT KILLED ONE PERSON
AND CAUSED NEARLY 1 BILLION 152 BILLION IN DAMAGE IS INTENDED TO
SPEED EVACUATIONS AND SAVE LIVES SECURITY THROUGHOUT THE CITY AS THE
FINANCIAL DISTRICT IS CALLED HAS BEEN TIGHTENED WITH SPOTCHECKS OF CARS
ENTERING THE AREA BEEFEDUP POLICE PATROLS INCREASED VIDEOCAMERA
SURVEILLANCE AND EVEN GOVERNMENT AID FOR BOMBDAMAGE INSURANCE

BUT THIS LATEST ANNOUNCEMENT MET HEAVY SKEPTICISM IN SOME QUARTERS
ESPECIALLY OVER WHETHER IT WOULD DO ANY GOOD GIVEN THE IRA'S RECENT PATTERN
OF PROVIDING POLICE WITH LITTLE OR NO WARNING OF A BOMB

I'M WITH THE MAN IN THE FIRST WORLD WAR WHO SAID IF IT'S GOT MY NAME ON
IT IT WILL GET ME' SAID NICHOLAS STEVENSON A EUROPEAN EQUITY STRATEGIST
AT SG WARBURG & CO WHICH HAS OFFICES IN THE FINANCIAL DISTRICT

PROF PAUL WILKINSON HEAD OF AN ANTITERRORIST STUDY CENTER AT ST ANDREWS
UNIVERSITY IN SCOTLAND SAID IT MAY SOOTHE FRAYED LONDON NERVES BUT HE
ADDS IT CERTAINLY ISN'T GOING TO BE SIGNIFICANT IN THE FIGHT AGAINST
TERRORISM

OTHERS WERE MIFFED AT THE SYSTEM'S COST INSIDE MICHAEL'S SHOE CARE SHOP IN
THE SHADOW OF ST PAUL'S CATHEDRAL THE TWO COBBLERS ON DUTY GRUMBLED AT THE
IDEA OF HAVING TO PAY FOR POLICE PROTECTION

THAT'S A LOT OF MONEY COMPLAINED PANY PHILIPPOU SHOP MANAGER A SISTER
SHOE SHOP ELSEWHERE IN THE CITY WAS DAMAGED TWICE BY IRA BOMBS IN THE PAST
YEAR HE SAID AND POLICE HAVE ADVISED HIM TO BE CAREFUL WHEN ACCEPTING
LEATHER BAGS FOR REPAIR SURELY THE GOVERNMENT COULD HAVE MADE IT FREE
AGREES HIS COWORKER KYRI NICOLAOU

BUT THE POLICE IN A STATEMENT DEFENDED THE PLAN AS ALERTING THE MAXIMUM
NUMBER OF PEOPLE OF A BOMB WARNING OR SUSPICIOUS DEVICE IN THE MINIMUM
AMOUNT OF TIME A SPOKESWOMAN SAID POLICE EXPECT PAGERS TO BE RENTED FIRST
BY BUILDING MANAGERS AND SECURITY STAFF WHEN THEY GET THE PAGING MESSAGE
THEY CAN INSTANTLY DECIDE WHETHER TO EVACUATE THEIR BUILDINGS CURRENTLY
THE POLICE TELEPHONE THE MANAGERS OF BUILDINGS OR SEND LOUDSPEAKER TRUCKS TO
ISSUE WARNINGS BUT THE SPOKESWOMAN SAID CITY OFFICE WORKERS AND RESIDENTS
ARE ALSO EXPECTED TO TAKE TO THE PAGERS FOR THEIR OWN PEACE OF MIND

A PAGER WAS JUST ONE OF THE IDEAS THE POLICE CONSIDERED IN PLANNING A NEW
WARNING SYSTEM AMONG THE REJECTED OPTIONS FAXING BOMB WARNINGS TO
FINANCIAL OFFICES OR SOUNDING HUGE SIRENS A TACTIC IMMORTALIZED IN WORLD
WAR II NEWSREEL FOOTAGE OF GERMANY'S BOMBING BLITZ ON LONDON

ALAS THE OLD SIRENS ARE OBSOLETE WHEN YOU'RE INSIDE ONE OF THESE BIG
TOWER BLOCKS BUILDINGS YOU CAN'T HEAR A SIREN THE POLICE SPOKESWOMAN
SAID THEY'VE GOT TOO MUCH SOUNDPROOFING 9310070139 931007 MARKETING &
MEDIA JORDAN'S RETIREMENT WILL MAKE NO CENTS TO CHICAGO ECONOMY 
 SPORTS SYMBOL'S SUCCESS TALE EMBRACED FREETHROW LINE AND THE CITY'S
BOTTOM LINE  BY MICHAEL J MCCARTHY STAFF REPORTER OF THE WALL
STREET JOURNAL

CHICAGO AS AN ECONOMICDEVELOPMENT TOOL MICHAEL JORDAN WAS A SLAM DUNK

WHILE THE WINDY CITY DIGESTED THE STUNNING NEWS THAT THE CHICAGO BULLS'
SUPERSTAR WAS RETIRING LOCAL OFFICIALS WORRIED THEY MIGHT SEE AN ECONOMIC
HICCUP

FOR CHICAGO HE'S BEEN A WINDFALL SAYS JIM ANDREWS EDITORIAL DIRECTOR
FOR IEG SPONSORSHIP REPORT A NEWSLETTER THAT TRACKS ENDORSEMENTS

THIS SUMMER THE CHICAGOLAND CHAMBER OF COMMERCE BEGAN TRYING TO MEASURE THE
BENEFITS OF HAVING MR JORDAN WHO LED THE BULLS TO THREE STRAIGHT
CHAMPIONSHIPS AND THE ECONOMICIMPACT ESTIMATES GRANTED FROM THE CHAMBER
ARE AS IMPRESSIVE AS HIS NATIONAL BASKETBALL ASSOCIATION STATS

IN EACH OF THE PAST THREE YEARS THE SUPERSTAR HAS CONTRIBUTED MORE THAN
600 MILLION TO CHICAGO'S ECONOMY ESTIMATES JOHN SKORBURG THE CHAMBER'S
CHIEF ECONOMIST THAT INCLUDES EVERYTHING FROM INCREASED TICKET AND SOUVENIR
SALES TO THE SPILLOVER INTO PARKING LOTS AND RESTAURANTS

MR SKORBURG SAYS MR JORDAN'S POPULARITY ALONE HAS GENERATED 150 MILLION
IN TOURIST DOLLARS IN EACH OF THE PAST THREE YEARS AND THIS YEAR'S
SOCALLED THREEPEAT SERIES PUMPED AN ADDITIONAL 250 MILLION TO 300
MILLION INTO THE LOCAL ECONOMY HE CALCULATES

BY CONTRAST MR SKORBURG FORECASTS A CONTRIBUTION OF SOME 150 MILLION TO
THE CITY IF THE PENNANTCONTENDING CHICAGO WHITE SOX GO ALL THE WAY AND TAKE
THE WORLD SERIES THE SOX HOWEVER ARE TRAILING TWO GAMES TO ZERO IN THE
AMERICAN LEAGUE'S BESTOFSEVEN PLAYOFF SERIES MICHAEL IS INTERNATIONALLY
KNOWN AND PROBABLY WORTH TWOTOTHREE TIMES WHAT A SPORTING EVENT IS WORTH
IN ANY OTHER CITY SAYS MR SKORBURG

PARTLY BECAUSE OF HIS OLYMPIC TEAM AND TV ADVERTISING EXPOSURE MR JORDAN
HAS BECOME WELLKNOWN ABROAD GIVING BASKETBALL AND CHICAGO A CERTAIN
CACHET HE IS ONE OF THE MOST RECOGNIZABLE PEOPLE IN THE WORLD SAYS
MATTHEW SMITH A VICE PRESIDENT WITH CONSULTING COMPANY LEO J SHAPIRO &
ASSOCIATES HE'S MEANT A LOT TO THE BOTTOM LINE OF CHICAGO

THE CHICAGO OFFICE OF TOURISM RECENTLY RECEIVED A LETTER FROM A BOY IN
JAPAN WITH A DRAWING OF MR JORDAN ASKING FOR INFORMATION ABOUT THE
PLAYER THE BULLS AND ALSO ABOUT YOUR CITY SAYS A SPOKESWOMAN SHE ADDS
THAT HER OFFICE GETS HUNDREDS OF SIMILAR REQUESTS EACH YEAR 9310070138
931007 ECONOMY PROJECTIONS OF OIL DEMAND ARE LOWERED  BY
JAMES TANNER AND BHUSHAN BAHREE STAFF REPORTERS OF THE WALL STREET JOURNAL

THE INTERNATIONAL ENERGY AGENCY AGAIN REVISED DOWNWARD ITS CLOSELY WATCHED
ESTIMATES OF WORLD OIL DEMAND

THE PARISBASED AGENCY NOW FORECASTS PETROLEUM DEMAND FOR THE YEAR AT 668
MILLION BARRELS A DAY THAT IS 200000 BARRELS A DAY LESS THAN ACTUAL
CONSUMPTION IN 1992 AND IT WOULD REPRESENT THE FIRST ANNUAL DECLINE IN
GLOBAL OIL DEMAND SINCE 1983

IN ITS LATEST MONTHLY OIL MARKET REPORT RELEASED YESTERDAY IN PARIS THE IEA
ESTIMATED OIL DEMAND FOR THE FOURTH QUARTER A PEAKUSE PERIOD AT 682
MILLION BARRELS A DAY DOWN 200000 BARRELS A DAY FROM ITS SEPTEMBER
FORECAST STILL THE NEW ESTIMATE FOR THE FINAL THREE MONTHS OF THE YEAR
INDICATES A RISE IN DEMAND OF 400000 BARRELS A DAY FROM THE LIKE 1992
PERIOD WITH MUCH OF THE GROWTH OCCURRING IN NORTH AMERICA

ALSO DEMAND PROJECTIONS WERE ADJUSTED DOWNWARD BY 200000 BARRELS A DAY TO
689 MILLION A DAY FOR THE FIRST QUARTER OF 1994 AND FOR NEXT YEAR'S
SECOND QUARTER THE IEA REDUCED ITS PREVIOUS PROJECTION OF DEMAND BY 300000
BARRELS A DAY TO 662 MILLION A DAY

PETROLEUM DEMAND GENERALLY IS CONSIDERED AN IMPORTANT ECONOMIC BAROMETER
WORLDWIDE AND THIS YEAR THE IEA SAID OIL DEMAND HAS SLOWED
SIGNIFICANTLY IN RECESSIONWRACKED EUROPE AND JAPAN

THE AGENCY WHICH REPRESENTS THE WESTERN OILCONSUMING NATIONS ALSO NOTED
THAT OVER THE PAST TWO YEARS PETROLEUM CONSUMPTION HAS PLUNGED IN THE FORMER
SOVIET UNION WHERE DEMAND HAS BEEN HURT BY ECONOMIC AND POLITICAL CHAOS
THESE LARGE REDUCTIONS HAVE TENDED TO MASK RELATIVELY STRONG GROWTH
ELSEWHERE THE AGENCY SAID

DECLINES IN WORLD OIL DEMAND CAN CAUSE OIL PRICES TO DROP UNLESS SUPPLIES
ARE REDUCED ACCORDINGLY AS A RESULT THERE CAN BE A MAJOR IMPACT ON OIL
PRODUCERS SUCH AS THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES

YESTERDAY WORLD OIL PRICES WERE MIXED ON THE NEW YORK MERCANTILE EXCHANGE
CRUDE OIL FOR NOVEMBER DELIVERY SETTLED THREE CENTS HIGHER AT 1842 A
BARREL

IN ITS LATEST REPORT THE IEA LOWERED ITS PROJECTIONS OF THE NEED FOR OIL
FROM OPEC'S 12 MEMBERS AND FROM GLOBAL INVENTORIES FOR THE PERIOD BETWEEN
NOW AND THE END OF NEXT JUNE THIS IS BECAUSE OIL OUTPUT ELSEWHERE IS
EXPECTED TO CONTINUE AT HIGH LEVELS

OPEC ALREADY IS ADJUSTING ITS PRODUCTION TO REFLECT THE LOWER DEMAND
ANTICIPATED FOR ITS OIL OVER THE NEXT SEVERAL MONTHS AS PREVIOUSLY
REPORTED OPEC LAST WEEK SET A NEW OUTPUT CEILING OF 245 MILLION BARRELS A
DAY FOR SIX MONTHS THAT SHOULD RESULT IN A SLIGHT DECLINE IN OPEC'S ACTUAL
OUTPUT WHICH AVERAGED 247 MILLION BARRELS A DAY IN SEPTEMBER ACCORDING TO
THE IEA'S ESTIMATE

THE NEW IEA FORECASTS ARE YET ANOTHER IN A SERIES OF DOWNWARD REVISIONS IN
WORLD OIL DEMAND THE AGENCY HAS MADE OVER THE PAST SEVERAL MONTHS AT THE
BEGINNING OF THIS YEAR IT WAS PROJECTING AN INCREASE IN 1993 WORLD OIL
DEMAND OF 600000 BARRELS A DAY AS RECENTLY AS JULY THE IEA STILL WAS
EXPECTING A GAIN OF 400000 BARRELS A DAY FOR 1993

ONE REASON FOR ADJUSTMENTS SINCE THEN HAS BEEN REVISIONS IN DATA FOR USE OF
MIDDLE DISTILLATE FUELS IN NORTH AMERICA WHICH THE IEA SAID IT HAD
OVERSTATED FOR THE FIRST HALF OF THE YEAR ALSO A COOL WET SUMMER AND
HIGHER NUCLEARHYDRO POWER OUTPUT CONTRIBUTED TO FEWER OIL DELIVERIES THAN
EXPECTED IN JAPAN

STILL SOME IN THE INDUSTRY MAINTAIN THAT THE IEA HAS BEEN OVERESTIMATING
DEMAND ALL ALONG THE IEA HAS BEEN MORE BULLISH ON DEMAND THAN WE HAVE BY
BETWEEN 300000 AND 500000 BARRELS A DAY SAID PETER BOGIN ASSOCIATE
DIRECTOR IN PARIS FOR CAMBRIDGE ENERGY RESEARCH ASSOCIATES

ONE REASON FOR THE IEA'S OPTIMISM ON DEMAND MR BOGIN SAID IS THAT ITS
PROJECTIONS ARE BASED ON ECONOMIC GROWTH ESTIMATES BY THE ORGANIZATION OF
ECONOMIC COOPERATION AND DEVELOPMENT COUNTRIES OR OECD THE ORGANIZATION
HAS HAD TO REVISE THESE DOWNWARD HE SAID AND THAT HAS RESULTED IN
OILDEMAND ADJUSTMENTS BY THE INTERNATIONAL ENERGY AGENCY

THE IEA ESTIMATED THAT DEMAND AMONG THE INDUSTRIAL COUNTRIES THAT ARE
MEMBERS OF THE OECD WAS REVISED DOWN BY 100000 BARRELS A DAY FOR THE FIRST
QUARTER OF 1994 AND BY 200000 BARRELS FOR THE SECOND QUARTER DEMAND
ESTIMATES FOR THE REST OF THE WORLD WERE ADJUSTED DOWN BY 100000 BARRELS IN
EACH OF THESE 1994 PERIODS 9310070137 931007 INVESTING IN SOUTH AFRICA 
FIRMS SEEKING TO GET FOOTHOLD MUST FACE RIVALS THAT STAYED  CASE
OF P&G AND COLGATE SHOWS CONCERNS WITH OPERATIONS IN COUNTRY MAY HOLD
EDGE  BY GABRIELLA STERN AND SUEIN L HWANG STAFF REPORTERS OF THE
WALL STREET JOURNAL

FOR MANY US COMPANIES PLANNING TO GET A FOOTHOLD IN THE SOUTH AFRICAN
MARKET A MAJOR CONCERN IS HOW THEY WILL FARE AGAINST COMPETITORS THAT
CONTINUED TO DO BUSINESS IN THE COUNTRY

TAKE THE CASE OF TWO BIG US CONSUMERPRODUCTS COMPANIES PROCTER & GAMBLE
CO AND COLGATEPALMOLIVE CO

PROCTER & GAMBLE HAD A POLICY OF NOT DOING BUSINESS IN SOUTH AFRICA WHILE
APARTHEID EXISTED ALTHOUGH ACQUISITIONS OVER THE YEARS DID RESULT IN SOME
TIES TO THE COUNTRY A P&G SPOKESMAN SAYS THAT SINCE A NUMBER OF ITS
COMPETITORS CONTINUED OPERATING IN SOUTH AFRICA IT'LL BE HARDER FOR P&G
BRANDS THE ONES THAT HAVE NEVER BEEN SOLD THERE TO COMPETE

COLGATEPALMOLIVE ON THE OTHER HAND CONTINUED TO OPERATE IN THE COUNTRY
AND SAYS THAT FROM A BUSINESS STANDPOINT IT HAS SOME ADVANTAGES OVER ANY
RIVAL NEWCOMERS IT HOLDS MARKETLEADER POSITIONS IN TOOTHPASTE AND FABRIC
SOFTENER CLEARLY WE ARE A STRONGER COMPANY THAN IF WE HAD LEFT AND TRIED
TO COME BACK SAYS REUBEN MARK CHAIRMAN AND CHIEF EXECUTIVE OFFICER

BUT MR MARK NOTES THAT ALREADY HAVING OPERATIONS IN SOUTH AFRICA MAY NOT
GUARANTEE SUCCESS FOR COLGATE WHICH HAS BEEN IN THE COUNTRY SINCE 1929

WE MAY HAVE HURT OURSELVES IN THE LONG TERM BY STAYING HE SAYS IF THE
AFRICAN NATIONAL CONGRESS ULTIMATELY TAKES POWER WHICH I THINK THEY WILL
 AND IF THEY GO BACK TO A LIST OF COMPANIES THAT STAYED WE COULD BE HURT
I HAD COLDBLOODEDLY REALIZED THAT IN THE BEGINNING BUT I MORALLY FELT IT
WAS WRONG TO LEAVE

THERE ARE INDICATIONS THAT COLGATE MAY IN FACT HAVE AN EDGE ALTHOUGH MANY
COMPANIES THAT DIDN'T LEAVE FOR FEAR THEY WILL BE PENALIZED BY THE ANC
NELSON MANDELA THE ORGANIZATION'S PRESIDENT HAS SAID THAT WON'T HAPPEN
ACCORDING TO JONATHAN HUNEKE MANAGER OF INVESTMENT POLICY AT THE US
COUNCIL FOR INTERNATIONAL BUSINESS MR HUNEKE ADDS MANDELA SEEMS TO
RECOGNIZE THAT SOUTH AFRICA IS IN AN INTERNATIONAL CONTEST TO ATTRACT
INVESTORS AND CAN'T AFFORD TO ALIENATE BUSINESSES

OTHER ANALYSTS WHO CLOSELY MONITOR SOUTH AFRICA SAY IT'S IMPOSSIBLE FOR THE
ANC TO HIT ITS EMPLOYMENT GROWTH TARGETS WITHOUT COURTING INTERNATIONAL
BUSINESSES UNEMPLOYMENT AMONG BLACKS IN SOUTH AFRICA IS 40 AND THE ANC HAS
PROMISED TO MAKE THE CREATION OF JOBS A PRIMARY GOAL THEY MUST BE
PROBUSINESS THEY HAVE NO CHOICE SAYS FRANCIS DANIELS A VICE PRESIDENT
AT THE AIDOO GROUP A NEW YORK INVESTMENT BANKING FIRM THAT SPECIALIZES IN
AFRICA

BY STAYING IN SOUTH AFRICA COLGATE'S MR MARK SAYS HIS COMPANY WAS ABLE TO
MAKE SUBSTANTIAL CONTRIBUTIONS TO THE COUNTRY BY WORKING FROM WITHIN IN
ADDITION TO EMPLOYING BLACKS IN MANAGEMENT AND PROFESSIONAL JOBS HE SAYS
THE COMPANY HELPED PROVIDE INTEGRATED HOUSING PIONEERED EDUCATIONAL
PROGRAMS AND STARTED A FUND TO INVEST IN BLACK BUSINESSES

ALTHOUGH P&G HASN'T HAD FULL OPERATIONS IN SOUTH AFRICA IT ISN'T QUITE
STARTING FROM GROUND ZERO THROUGH VARIOUS ACQUISITIONS OVER THE YEARS IT
FOUND ITSELF OWNING SEVERAL SUBSIDIARIES IN SOUTH AFRICA WHICH SOLD SUCH
BRANDS AS MAX FACTOR VICKS METAMUCIL AND OLD SPICE

P&G'S APPROACH WAS TO ALLOW THESE UNITS TO BE INDEPENDENTLY OWNED BY
EXISTING MANAGEMENT AND TO ASSIGN THEM LICENSES FOR THE BRANDS NOW OWNED BY
P&G P&G SAYS IT DIDN'T PROFIT FROM THE SALES OF THOSE BRANDS IN SOUTH
AFRICA AND GOT A MODEST ROYALTY FOR THE LICENSING RIGHTS

ABOUT TWO YEARS AGO P&G BECAME MORE ACTIVE IN SCOUTING OUT BUSINESS
OPPORTUNITIES IN ANTICIPATION OF A TIME WHEN MR MANDELA OR THE ANC WOULD
URGE A LIFTING OF SANCTIONS

P&G IS CONSIDERING BUYING BACK LICENSES OR SETTING UP ARRANGEMENTS WITH
LICENSEES TO PROVIDE THEM WITH MARKETING AND TECHNICAL SUPPORT FOR THE
BRANDS

COLGATE'S MR MARK WARNS THAT SELLING TO SOUTH AFRICAN CONSUMERS BRINGS
UNIQUE CHALLENGES TO ANY MARKETER IT'S A VERY COMPLEX AND CHALLENGING
MARKET BECAUSE IT COMBINES THE SOPHISTICATION OF A DEVELOPED MARKET WITH THE
MARKETBUILDING OPPORTUNITIES OF A DEVELOPING MARKET

CONSTANCE MITCHELL CONTRIBUTED TO THIS ARTICLE 9310070136 931007
MARKETING WOMEN ARE THE NEW FOCUS OF A PC MAKER  BY KYLE POPE
 STAFF REPORTER OF THE WALL STREET JOURNAL

COMPAQ COMPUTER CORP HAS A NOVEL IDEA FOR SELLING PERSONAL COMPUTERS PITCH
THEM TO WOMEN

THE HOUSTONBASED PERSONAL COMPUTER GIANT THIS WEEK LAUNCHED ITS BROADEST
ADVERTISING CAMPAIGN EVER IN HOPES OF APPEALING TO WOMEN AND OTHERS BUYING
THEIR FIRST PC THE EFFORT EXPECTED TO COST ABOUT 15 MILLION INCLUDES
COMPAQ'S FIRST TELEVISION COMMERCIALS IN THREE YEARS AS WELL AS FIVEPAGE
PRINT ADS SET TO RUN IN SUCH NONTECHY MAGAZINES AS SELF WORKING WOMAN
PARENTING AND ROLLING STONE

WHILE OTHER COMPUTER COMPANIES HAVE TRIED TO BREAK OUT OF THE TRADE PRESS 
INTERNATIONAL BUSINESS MACHINES CORP USED A CHARLIE CHAPLIN LOOKALIKE FOR
EXAMPLE AND APPLE COMPUTER INC TRIED A BRAVE NEW WORLD THEME FOR ITS
MACINTOSH COMPAQ IS THE FIRST TO AIM AT WOMEN IN A NATIONAL MEDIA PUSH
AND IN THE SENSITIVE REALM OF GENDER MORES AND ROLES COMPAQ TREAD LIGHTLY

BERNADETTE GREY EDITOR OF HOME OFFICE COMPUTING A NEW YORKBASED MONTHLY
TRADE MAGAZINE BLANCHES AT THE ASSERTION MADE BY A COMPAQ OFFICIAL IN AN
INTERVIEW THAT THE COMPANY NOW HAS TO WORRY ABOUT HOW ITS COMPUTERS FIT INTO
A HOME'S DECOR OR WHETHER THE MACHINES MIGHT LOOK UNSIGHTLY TO WOMEN BUYERS
EVEN TOUCHIER SHE SAYS IS COMPAQ'S FOCUS ON THE SIMPLICITY OF ITS NEW
MACHINES AS IF WOMEN WEREN'T EQUIPPED TO FIGURE OUT PCS ALREADY ON THE
MARKET YOU CAN MAKE SOMETHING EASIER TO USE WITHOUT BEING CONDESCENDING
SHE SAYS

STILL MS GREY WHO HAS PARTICIPATED IN PANEL DISCUSSIONS ON WHY WOMEN
DON'T RECEIVE MORE ATTENTION FROM TECHNOLOGY COMPANIES PRAISES COMPAQ FOR
ITS EFFORT

COMPAQ'S CAMPAIGN DEVISED BY AMMIRATI & PURIS IS BUILT ON THE PREMISE THAT
TO BREAK THE HOME MARKET YOU'VE GOT TO CATCH THE FANCY OF FEMALE PC BUYERS
THAT MEANS PITCHING THE MACHINES' UTILITY AND BREAKING A LONGHELD UNSPOKEN
ASSUMPTION THAT COMPUTERS ARE MADE FOR MEN

THERE'S BEEN A DIRECT CORRELATION BETWEEN MEGAHERTZ AND TESTOSTERONE SAYS
MS GREY IT'S LIKE COMPUTERS ARE FOR MEN AND WOMEN WERE JUST BEING
IGNORED

IGNORING WOMEN IS A BAD IDEA SAY INDUSTRY ANALYSTS LINK RESOURCES CORP A
NEW YORKBASED CONSULTING FIRM ESTIMATES THAT WOMEN ARE THE PRIMARY
PERSONAL COMPUTER USERS IN 73 MILLION US HOUSEHOLDS OR ABOUT A QUARTER
OF ALL THE AMERICAN HOMES WITH PCS

MORE THAN THAT WOMEN TRADITIONALLY CONTROL THE HOUSEHOLD BUDGET AND ARE
PRIMARILY RESPONSIBLE FOR THE AFTERHOURS EDUCATION OF CHILDREN BOTH OF
THOSE AREAS PERSONAL FINANCE AND EDUCATION ARE AMONG THE
FASTESTGROWING USES OF PCS IN THE HOME

THE ADS PITCH COMPAQ'S NEW PRESARIO HOME COMPUTERS WHICH FEATURE FEWER
CORDS AND BUTTONS THAN TRADITIONAL COMPUTERS AND ARE LOADED WITH
HOMEBUDGETING SOFTWARE AND BUILTIN FAX AND TELEPHONEANSWERING MACHINES
THE NEW LINE COMPETES AGAINST SIMILAR OFFERINGS FROM IBM AND AST RESEARCH
INC AS WELL AS PACKARD BELL ELECTRONICS INC A PIONEER IN THE HOME
COMPUTER BUSINESS

ALL OF THEM ARE AIMING FOR A MARKET THAT IS AT ONCE THE FASTEST GROWING
AND THE LEAST PENETRATED MORE THAN TWOTHIRDS OF US HOMES STILL DON'T
HAVE PCS BUT LINK PREDICTS THAT THE NUMBER OF COMPUTERS SHIPPED TO
HOUSEHOLDS WILL JUMP TO FIVE MILLION UNITS THIS YEAR UP FROM 45 MILLION A
YEAR EARLIER

COMPAQ IN BOTH ITS PRINT AND TV SPOTS HOPES TO BRING HOME THE NOTION THAT
ITS MACHINES CAN MAKE PEOPLE'S LIVES EASIER ITS PRINT ADS WHICH MARK THE
COMPANY'S DEBUT IN SOCALLED LIFESTYLE MAGAZINES LIKE SELF AND WORKING
WOMAN NOTE THAT WITH A PUSH OF A BUTTON COMPAQ'S MACHINE CAN EDIT YOUR
NOVEL BALANCE YOUR CHECKBOOK AND BEAT YOU AT SOLITAIRE

ONE TV AD MEANTIME BEGINS WITH THE TAG LINE THAT GREAT IDEAS AREN'T
GOVERNED BY A CLOCK AFTER POINTING OUT THAT MINDS LIKE HEMINGWAY'S AND
MOZART'S WORKED BEST AT NIGHT THE CAMERA ZEROES IN ON A MOTHER CHECKING ON
HER SLEEPING CHILD THE WOMEN THEN SITS DOWN AT HER LIVINGROOM COMPAQ
COMPUTER FOR SOME AFTERHOURS WORK

A SECOND TV AD ATTEMPTS TO ILLUSTRATE THE FRUSTRATION OF TRADITIONAL PCS BY
SHOWING A FEMALE OFFICE WORKER WAGGING A DISK AT HER MACHINE AND SAYING
I'M GOING TO GIVE THIS TO YOU BUT I WANT IT BACK

THE ADS BEGAN RUNNING MONDAY NIGHT ON NORTHERN EXPOSURE AND WILL AIR OVER
THE NEXT MONTH ON ENTERTAINMENT SHOWS LIKE LA LAW PICKET FENCES AND
MAD ABOUT YOU AS WELL AS NEWS AND SPORTS PROGRAMS

MICHAEL BALDWIN AN AMMIRATI & PURIS VICE PRESIDENT WHO HEADS THE COMPAQ
ACCOUNT SAID THE HOPE IS TO WIPE AWAY SOME OF THE FRUSTRATION COMPUTER
USERS PARTICULARLY WOMEN FEEL TOWARD THEIR MACHINES IT'S BECOMING
LESS OF A BEGRUDGED INEVITABILITY HE SAYS

AND MR BALDWIN AT COMPAQ'S AD AGENCY PLEDGES THERE WILL BE MORE COMPUTER
ADVERTISING IN THE MAINSTREAM MEDIA THIS HAS BEEN KIND OF A PHANTOM
MARKETPLACE FOR A LONG TIME HE SAID UP TO THIS POINT IT REALLY HASN'T
HAPPENED 9310070134 931007 FINANCING BUSINESS UNITED VIDEO SATELLITE
GROUP INC

UNITED VIDEO SATELLITE GROUP INC TULSA OKLA SAID IT FILED A
REGISTRATION STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION FOR A
PROPOSED INITIAL PUBLIC OFFERING OF 41 MILLION COMMON SHARES AT AN
ESTIMATED PRICE OF 14 TO 16 EACH A SPOKESMAN FOR THE SATELLITE SERVICES
PROVIDER SAID THE COMPANY WILL USE THE 563 MILLION OF ESTIMATED PROCEEDS
TO PAY ABOUT 39 MILLION IN PARTIAL CONSIDERATION TO ITS PRINCIPAL
SHAREHOLDER FOR STOCK OF COMPANIES HE SOLD TO UNITED IN ITS REORGANIZATION
AND THE REST FOR GENERAL CORPORATE PURPOSES INCLUDING POSSIBLE
ACQUISITIONS THE OFFERING IS BEING UNDERWRITTEN BY A GROUP LED BY
PAINEWEBBER INC 9310070133 931007 MAJOR BANKS ARE EXPECTED TO REPORT 
SHARPLY HIGHER PROFIT FOR 3RD QUARTER  BY STEVEN LIPIN STAFF
REPORTER OF THE WALL STREET JOURNAL

MAJOR BANKS ARE EXPECTED TO POST HIGHER EARNINGS FOR THE THIRD QUARTER
HELPED BY CONTINUED GAINS IN SECURITIES AND CURRENCY TRADING AND A FURTHER
DECLINE IN BAD DEBTS

EXPECTATIONS FOR A STRONG QUARTER WERE FUELED YESTERDAY BY CHEMICAL BANKING
CORP WHICH SAID IT WILL REPORT RECORD EARNINGS FOR THE PERIOD CHEMICAL'S
SHARES ROSE 25 CENTS A SHARE TO CLOSE AT 45375 IN NEW YORK STOCK EXCHANGE
COMPOSITE TRADING AND HELPED BANK STOCKS CONTINUE THEIR RECENT RALLY

OTHER MONEYCENTER BANKS THAT ARE EXPECTED TO REPORT IMPROVED RESULTS
INCLUDE CITICORP JP MORGAN & CO CHASE MANHATTAN CORP AND BANKERS TRUST
NEW YORK CORP

ANALYSTS SAID THE CONTINUED VOLATILITY IN THE EUROPEAN CURRENCIES AND
SECURITIES MARKETS IS GIVING BANKS AN OPPORTUNITY TO EARN FAT PROFITS BY
SELLING HEDGING TECHNIQUES SUCH AS SWAPS AND OPTIONS TO CLIENTS THAT WANT
TO DIVERSIFY THEIR RISK BANKS ALSO HAVE BEEN POSTING GAINS IN TRADING FOR
THEIR OWN ACCOUNTS

I DO EXPECT THAT WE'LL SEE A STRONG TRADING QUARTER PRETTY MUCH ACROSS THE
BOARD SAID RAPHAEL SOIFER BANKING ANALYST AT BROWN BROTHERS HARRIMAN &
CO THE REST OF THE REVENUE WILL BE FLATTISH

A CHEMICAL SPOKESMAN CONFIRMING REMARKS MADE BY CHAIRMAN JOHN MCGILLICUDDY
SAID THE BANKING COMPANY WOULD EXCEED ANALYSTS' ESTIMATES OF 137 A SHARE
DRIVEN BY STRONG TRADING REVENUE AND ACROSSTHEBOARD GAINS IN ITS
BUSINESSES IN THE SECOND QUARTER THE BANK EARNED A RECORD 135 A SHARE
IN THE YEAREARLIER THIRD QUARTER CHEMICAL EARNED 98 CENTS A SHARE

AMONG REGIONAL BANKS SHAWMUT NATIONAL CORP BASED IN HARTFORD CONN SAID
IT WILL POST STRONG EARNINGS OF 70 CENTS A SHARE BECAUSE OF LOWER EXPENSES
AND STRONGERTHANEXPECTED REVENUE IN ADDITION NONPERFORMING ASSETS WILL
BE DOWN 10 FROM THE SECOND QUARTER IN THE YEAREARLIER THIRD QUARTER THE
BANK EARNED 14 CENTS A SHARE

FIRST BOSTON CORP IS PREDICTING THAT MONEYCENTER BANKS WILL POST AN 11
EARNINGS INCREASE FROM A YEAR EARLIER WHILE SUPERREGIONAL BANKS SHOW
INCREASES OF 28 AND REGIONAL BANKS REPORT 26 GAINS

WE BELIEVE THAT THIRDQUARTER PROFITS FOR THE US COMMERCIAL BANKING
INDUSTRY WILL CONTINUE TO BE CHARACTERIZED BY IMPROVING FUNDAMENTALS WITH
RESPECT TO ASSET QUALITY AND PRODUCTIVITY AS WELL AS MODEST PROGRESS IN
BOTH LENDING VOLUMES AND REVENUE GROWTH FIRST BOSTON SAID IN A RECENT
REPORT

CERTAINLY THE STOCK MARKET IS EXPECTING ANOTHER STRONG QUARTER IN THE THIRD
QUARTER BANK SHARES WERE UP 39 COMPARED WITH 19 FOR THE STANDARD &
POOR'S 500STOCK INDEX ACCORDING TO SALOMON BROTHERS

THE DRIVING FORCE BEHIND THE INDUSTRY'S CONTINUED STRONG EARNINGS GAINS IS
STILL THE DECLINE IN PROVISIONS FOR LOAN LOSSES PROBLEM LOANS ARE ON THE
DECLINE AND MANY BANKS ARE NOW FULLY RESERVED FOR THEIR BAD DEBTS NET
INTEREST MARGINS A MEASUREMENT OF THE PROFIT BETWEEN RATES EARNED ON LOANS
AND INVESTMENTS AND THE COST OF BORROWING WILL CONTINUE TO SHRINK GRADUALLY
FROM THEIR HISTORICALLY WIDE LEVELS NET INTEREST MARGINS NARROWED BY ABOUT
007 PERCENTAGE POINT IN THE SECOND QUARTER

MOST OF THE EARNINGS IMPROVEMENT WILL STILL COME FROM LOWER PROVISIONS
SAID MR SOIFER INTEREST INCOME ISN'T WHERE IT'S AT WHEN IT COMES TO
REVENUE GROWTH

THERE WILL BE REVENUE GAINS FROM SOME BANKS THOUGH LOANS OUTSTANDING
INCREASED IN THE QUARTER WITH PRACTICALLY ALL THE GAINS COMING FROM
CONSUMER LENDING WHICH TENDS TO CARRY HIGHER INTEREST RATES THAN BUSINESS
LOANS IN THE PAST SIX MONTHS BANK LOANS WERE UP 50 BILLION DRIVEN BY
INCREASES IN CREDIT CARDS AUTO LOANS AND RESIDENTIAL MORTGAGES WHILE
DELINQUENCIES HAVE FALLEN

FIRST CHICAGO CORP FOR ONE WILL LIKELY BENEFIT FROM THE UPTICK IN CREDIT
CARD LOANS SO WILL BANKS IN THE SOUTHEAST AND MIDWEST WHERE LOAN GROWTH IS
STRONGEST

REGIONS WHICH ARE GROWING FASTER THAN THE NATIONAL ECONOMY ARE ACTING LIKE
IT IN THEIR LOAN TOTALS SAID MR SOIFER

SOME ANALYSTS SUCH AS ROBERT ALBERTSON OF GOLDMAN SACHS & CO ARGUE THAT
THERE WILL BE A LENDING RECOVERY AND THEREFORE REVENUE GROWTH DRIVEN
FIRST BY CONSUMER LENDING AND THEN BY COMMERCIAL LENDING COMMERCIAL LOANS
THOUGH HAVE YET TO PICK UP ALTHOUGH BANKS ARE CLEARLY MORE WILLING TO
EXTEND CREDIT 9310070132 931007 MALAYSIA FUND RIGHTS OFFERING

NEW YORK MALAYSIA FUND INC SAID IT BEGAN A RIGHTS OFFERING OF AS MANY AS
2450000 COMMON SHARES TO STOCK OF RECORD YESTERDAY

THE CLOSEDEND FUND SAID IT WOULD ISSUE ONE RIGHT FOR EACH SHARE HELD
ENTITLING HOLDERS TO BUY ONE COMMON SHARE AT 1750 A SHARE FOR EVERY THREE
RIGHTS

IF ALL OF THE RIGHTS ARE EXERCISED THE FUND'S SHARES OUTSTANDING WILL
INCREASE TO 9750000 IN TRADING ON THE NEW YORK STOCK EXCHANGE YESTERDAY
MALAYSIA FUND GAINED 50 CENTS OR 22 TO 2275 A SPOKESMAN SAID THE FUND
IS SEEKING TO INCREASE CAPITAL TO TAKE ADVANTAGE OF CURRENT MARKET
CONDITIONS FOR INVESTING 9310070131 931007 INTERNATIONAL EC COURT SAYS
 PENSION DECISION ISN'T RETROACTIVE  BY CHARLES GOLDSMITH STAFF
REPORTER OF THE WALL STREET JOURNAL

BRUSSELS IN A CLARIFICATION EAGERLY SOUGHT BY EUROPEAN COMMUNITY
EMPLOYERS THE EC COURT OF JUSTICE RULED THAT ITS 1990 DECISION ON EQUAL
PENSION BENEFITS FOR MEN AND WOMEN DOES NOT APPLY RETROACTIVELY

THE EC'S HIGHEST COURT RULED IN LUXEMBOURG IN ONE OF FOUR CASES STEMMING
FROM ITS LANDMARK MAY 17 1990 DECISION IN THE CASE OF BARBER VS GUARDIAN
ROYAL EXCHANGE WHICH SAID MEN AND WOMEN MUST RECEIVE EQUAL PENSION
BENEFITS

IF THE COURT HAD RULED INSTEAD THAT THE BARBER DECISION APPLIED
RETROACTIVELY EMPLOYERS WERE CONCERNED THAT THRONGS OF RETIREES WOULD SEEK
BACK BENEFITS FOR WORK PERFORMED BEFORE MAY 17 1990 ESTIMATES OF POTENTIAL
LIABILITY REACHED 60 BILLION IN BOTH BRITAIN AND GERMANY AND 23 BILLION
IN THE NETHERLANDS

THE DECISION TO LIMIT THE SCOPE OF THE BARBER JUDGMENT CAME IN A CASE
INVOLVING A DUTCH PENSION PLAN FOR CLEANING PERSONNEL BUT PARTIES INVOLVED
IN THE LITIGATION SAID THERE WAS LITTLE QUESTION THAT THE COURT WOULD RULE
THE SAME WAY IN THE OTHER THREE CASES FROM BRITAIN AND GERMANY WHICH
ALSO DEAL WITH THE RETROACTIVITY ISSUE THOSE DECISIONS ARE EXPECTED
SHORTLY

THE MOST CELEBRATED OF THE OTHER CASES INVOLVES COLOROLL GROUP PLC A UK
WALLPAPER MAKER THAT WENT INTO RECEIVERSHIP IN 1990 THE BRITISH GOVERNMENT
ANXIOUS FOR A CLARIFICATION OF THE BARBER RULING AGREED TO PAY ONE MILLION
POUNDS 15 MILLION FOR LEGAL EXPENSES IN THE CASE

A LAWYER INVOLVED IN THE COLOROLL CASE SAID THE NEW RULING BRINGS GREAT
RELIEF TO EMPLOYERS AND PENSION FUNDS FOR EMPLOYERS THE SPECTER OF HAVING
TO PAY BILLIONS OF POUNDS IN BACK PAYMENTS HAS NOW GONE AWAY SAID NIGEL
MOORE OF THE LONDON LAW FIRM MCKENNA & CO WHICH REPRESENTS THE COLOROLL
PENSION FUND

THE BARBER CASE INVOLVED A PENSION PLAN THAT PROVIDED WOMEN RETIREES WITH
FULL PENSION BENEFITS AT AGE 60 BUT GRANTED MEN REDUCED BENEFITS AT AGE 60
AND FULL BENEFITS AT AGE 65 THE COURT SAID SUCH LESSER PAYMENTS TO MEN ARE
ILLEGAL BECAUSE PENSION BENEFITS ARE PART OF A PERSON'S PAY

ANOTHER ISSUE INVOLVING UNISEX ANNUITY RATES MUST AWAIT THE COURT'S RULING
IN THE COLOROLL CASE BECAUSE IT DIDN'T FIGURE IN THE DUTCH DISPUTE WOMEN
LIVE ON AVERAGE FIVE YEARS LONGER THAN MEN SO ANNUITYBASED PENSION PLANS
IN MANY COUNTRIES PAY WOMEN A LARGER LUMPSUM PAYMENT WHEN THEY RETIRE IT'S
WORTH MORE TO A PENSION PLAN TO REMOVE WOMEN FROM THE ROLLS BECAUSE THEY
WILL LIKELY HAVE TO PAY THEM OVER A LONGER PERIOD IF THEY DON'T TAKE A
LUMPSUM PAYMENT BUT A COURT ADVOCATE GENERAL BACKING ARGUMENTS BY THE EC
COMMISSION RECOMMENDED IN APRIL THAT SUCH PLANS BE DECLARED UNLAWFUL
BECAUSE THEY CAN BE DISCRIMINATORY TO MEN 9310070130 931007 AMERICAN
AIR'S 3CLASS SERVICE

FORT WORTH TEXAS AMERICAN AIRLINES SAID IT WILL OFFER THREECLASS
SERVICE ON CERTAIN FLIGHTS BETWEEN MIAMI AND LOS ANGELES AND BETWEEN SAN
DIEGO AND NEW YORK'S KENNEDY AIRPORT THE AMR CORP UNIT ALREADY OFFERS
THREECLASS SERVICE BETWEEN NEW YORK AND LOS ANGELES AS WELL AS MOST
INTERNATIONAL FLIGHTS

THE NEW SERVICE WHICH WILL INCLUDE FIRST CLASS AND BUSINESS CLASS WILL BE
OFFERED ON AMERICAN'S FOUR DAILY NONSTOP FLIGHTS BETWEEN MIAMI AND LOS
ANGELES BEGINNING DEC 18 THE SAME SERVICE CHOICES WILL BE AVAILABLE FOR
AMERICAN'S NONSTOP FLIGHT BETWEEN SAN DIEGO AND NEW YORK BEGINNING JAN 1
9310070129 931007 TIME WARNER UNIT'S DEBENTURES

NEW YORK TIME WARNER ENTERTAINMENT CO LP A UNIT OF TIME WARNER INC
EXTENDED TO 5 PM OCT 28 AN EXCHANGE OFFER FOR UP TO 1 BILLION OF ITS
8375 SENIOR DEBENTURES DUE 2023

THE DEBENTURES WHICH DO NOT TRADE PUBLICLY CAN BE EXCHANGED FOR IDENTICAL
DEBENTURES THAT ARE TRADED PUBLICLY THE EXCHANGE OFFER HAD BEEN SCHEDULED
TO CLOSE YESTERDAY ABOUT 7989 MILLION OF THE DEBENTURES HAVE BEEN
TENDERED FOR EXCHANGE

TIME WARNER AND ITS UNITS HAVE REFINANCED ABOUT 10 BILLION IN DEBT AND
PREFERRED STOCK THIS YEAR TO TAKE ADVANTAGE OF LOWER INTEREST RATES AND MORE
FAVORABLE TAX STRUCTURES 9310070128 931007 WHO'S NEWS ZIFFDAVIS FORMS
NEW DIVISION

NEW YORK ZIFF COMMUNICATIONS CO'S ZIFFDAVIS PUBLISHING CO UNIT ONE OF
THE LARGEST PUBLISHERS OF COMPUTER MAGAZINES SAID IT FORMED AN ELECTRONIC
INFORMATION DIVISION AND NAMED MORRIS GOLDSTEIN PRESIDENT OF THE GROUP

THE UNIT WILL BE CALLED ZIFFDAVIS ELECTRONIC INFORMATION AND WILL BE
RESPONSIBLE FOR MOST OF THE COMPANY'S GROWING NUMBER OF ELECTRONIC
INFORMATION PRODUCTS AND SERVICES THE GROUP WILL CONSIST OF THREE EXISTING
ZIFFDAVIS BUSINESSES INFORMATION ACCESS CO COMPUTER LIBRARY AND ZIFF
INFORMATION SERVICES MR GOLDSTEIN WILL RETAIN THE TITLE OF PRESIDENT OF
INFORMATION ACCESS A LEADING DEVELOPER OF PERIODICAL REFERENCE PRODUCTS
9310070127 931007 IN URBAN CANYONS PEREGRINE FALCONS ARE THRIVING
AGAIN  CLIFF DWELLERS LIKE SKYSCRAPERS AND PIGEONS ARE DELICIOUS
 BUT WINDOWS ARE A DANGER  BY STEVEN E LEVINGSTON STAFF REPORTER
OF THE WALL STREET JOURNAL

IT'S FAT CITY THESE DAYS FOR PEREGRINE FALCONS FOOD IS SO PLENTIFUL AND
LIVING CONDITIONS SO AGREEABLE THAT PEREGRINES AN ENDANGERED SPECIES OF
HAWK ARE THRIVING IN CITIES ACROSS THE US SOME 75 PAIRS ARE BELIEVED TO
BE NESTING ON BRIDGES SMOKESTACKS AND BUILDINGS IN MORE THAN 50 CITIES
COAST TO COAST AND THEIR URBAN ANTICS ARE CHANGING THE WAY SCIENTISTS THINK
ABOUT THESE SMALL BUT FIERCE PREDATORS

WHAT WE'VE GOT IS A BRANDNEW NICHE FOR PEREGRINES TO LIVE IN SAYS
HARRISON TORDOFF PROFESSOR EMERITUS OF ECOLOGY AT THE UNIVERSITY OF
MINNESOTA

AND NONE TOO SOON THE PEREGRINE FALCON WHICH WAS NEARLY WIPED OUT BY HEAVY
SPRAYING OF THE PESTICIDE DDT IS MAKING ITS COMEBACK IN PART BECAUSE OF ITS
SUCCESS IN THE CITIES SKYSCRAPERS SIMULATE THE BIRDS' NATIVE CLIFFS
FREEDOM FROM ITS NEMESIS THE GREAT HORNED OWL ALSO IS A BOON AND URBAN
SKIES ARE A HAPPY HUNTING GROUND GIVEN ALL THE PIGEONS STARLINGS AND OTHER
FEATHERED PREY

NO ONE EXPECTED URBAN PEREGRINES TO BE AS SUCCESSFUL AS THEY HAVE BEEN
SAYS TOM CADE FOUNDING CHAIRMAN OF THE PEREGRINE FUND IN BOISE IDAHO
WHICH HAS LED EFFORTS TO REVIVE THE POPULATION SINCE DDT WAS BANNED IN THE
US IN 1972

THE AMERICAN PEREGRINE POPULATION RURAL AND URBAN NOW NUMBERS NEARLY 900
PAIRS THAT IS A FAR CRY FROM THE EARLY 1970S WHEN IT WAS THOUGHT THAT NONE
EXISTED EAST OF THE MISSISSIPPI AND ONLY A HANDFUL WERE LEFT IN THE WEST
THE RESURGENCE HAS BEEN SO PRONOUNCED THAT THE PEREGRINE'S CLASSIFICATION
MAY SOON BE UPGRADED TO THREATENED FROM ENDANGERED IN SOME PARTS OF THE
COUNTRY

THE SUCCESS OF URBAN PEREGRINES IS A STORY OF COOPERATION BETWEEN MAN AND
THIS FEATHERED FRIEND MOST OF THE CITY BIRDS WERE BRED IN CAPTIVITY AND
RELEASED TAKING UP RESIDENCE IN SPECIALLY BUILT NESTING BOXES ATOP BOSTON'S
CUSTOM HOUSE DETROIT'S FISHER BUILDING THE SAN FRANCISCOOAKLAND BAY
BRIDGE AND OTHER HIGHRISE PERCHES FALCONS STAND ABOUT 18 INCHES HIGH AND
CAN HAVE WINGSPANS OF NEARLY FOUR FEET

CITIES GO TO EXTRAORDINARY LENGTHS TO ACCOMMODATE THE BIRDS SHORTLY BEFORE
THE FOURTH OF JULY THIS YEAR OHIO WILDLIFE BIOLOGISTS DISCOVERED TWO EGGS
IN THE PEREGRINE NEST ON TERMINAL TOWER IN CLEVELAND PROBLEM WAS THE
BUILDING IS THE SITE OF THE CITY'S ANNUAL FIREWORKS DISPLAY AND CONCERT
FEATURING TCHAIKOVSKY'S 1812 OVERTURE COMPLETE WITH CANNON BLASTS THAT
WOULD HAVE BEEN ENOUGH TO RATTLE ANYBODY'S NEST

SO THE SHOW'S PROMOTERS WORKING FEVERISHLY WITH CITY PLANNERS AND
COMMISSIONERS THE POLICE AND FIRE DEPARTMENTS AND THE CLEVELAND ORCHESTRA
MOVED THE FIREWORKS FROM THE FACADE OF TERMINAL TOWER TO AN ADJACENT PARKING
LOT

AND THAT WASN'T ALL THE CLEVELAND ORCHESTRA ADDED A RENDITION OF
ROCKABYE BABY TO ITS CONCERT PROGRAM AND A LASER SHOW DEPICTING A
FALCON IN FLIGHT SOME 100000 SPECTATORS JOINED IN SINGING THIS LULLABY FOR
THE BIRDS THROUGHOUT THE PROGRAM WILDLIFE SPECIALISTS MONITORED THE NEST
AND REPORTED THAT THE MALE NAMED SZELL AFTER THE ONETIME CLEVELAND
ORCHESTRA CONDUCTOR GEORGE SZELL STAYED ON THE EGGS EXCEPT DURING THE
CANNON REPORTS WHEN HE BURIED HIS HEAD IN A CORNER TWO DAYS LATER BOTH
EGGS HATCHED AND THE CHICKS WERE NAMED STARS AND STRIPES

URBAN HAWKS LIVE SOAPOPERA LIVES BY NATURE MONOGAMOUS PEREGRINES OFTEN
ARE FORCED BY CIRCUMSTANCE TO TAKE A SUCCESSION OF LOVERS AS THEIR MATES DIE
OR DISAPPEAR MEG THE FEMALE NESTING ATOP THE NORTH CENTRAL LIFE TOWER IN
ST PAUL MINN HAS SEEN HER SHARE OF MALES

THERE USED TO BE RADAR WHO WAS KILLED IN A PLANE CRASH AND MAVERICK AND
THEN BEENER IT MAKES HER SOUND LIKE A LITTLE TRAMP SAYS JANE O'DONNELL
AN ASSISTANT TO THE BUILDING MANAGER NOW SHE HAS A NEW ONE CALLED SPANKY
FALCON FANS IN THE BUILDING THREW A BABY SHOWER IN THE SPRING AT WHICH
MEG'S NEWLY HATCHED CHICKS WERE NAMED LINDEE AND CARLA

IN DETROIT WILDLIFE SPECIALISTS WERE SURPRISED TO FIND A TWOTIMING MALE
NAMED POP HIS CHIEF CONSORT WAS JUDY WHO SHARED HIS NEST ON THE BOOK
BUILDING BUT SOMETIMES POP FLEW OFF TO SEE A MISTRESS SUNRISE WHO LIVED
ON THE FISHER BUILDING

IT WAS A STRAIGHT SHOT THREE MILES NORTH ON CASS AVENUE SAYS JUDY YERKEY
A PEREGRINE COORDINATOR FOR MICHIGAN'S DEPARTMENT OF NATURAL RESOURCES I'D
SEE HIM SITTING ON AN ANTENNA AND IF HE SAW SUNRISE IN THE NEST HE'D UP
AND GO HE'D VISIT HER FOR A COUPLE HOURS AND COME BACK WITH POP'S
BEHAVIOR WE'RE REWRITING SOME OF THE TEXTBOOKS

RELATIONS BETWEEN HUMANS AND HAWKS AREN'T ALWAYS LOVEYDOVEY DURING NESTING
SEASON PARENTS TURN VICIOUSLY PROTECTIVE OF THEIR YOUNG DIVING PEREGRINES
HAVE BEEN CLOCKED AT SPEEDS AS HIGH AS 200 MILES PER HOUR AND THAT CAN
MAKE LIFE PARTICULARLY NASTY FOR WINDOW WASHERS SOME BUILDINGS HAVE HAD SO
MANY WASHERS ATTACKED THAT THEY NOW PUT OFF CLEANINGS UNTIL FLEDGLINGS HAVE
LEFT THE NEST

ROBERT DEANS A ROOFER IN MINNEAPOLIS WAS STRAFED TWICE CLAWED ON THE
SCALP BEFORE HE WISED UP AND STARTED WEARING A HARD HAT EVEN THEN HE
SAYS WHEN I WENT BACK UP THE BIRD KNOCKED THE HAT OFF MY HEAD

URBAN LIFE CAN BE HARSH FOR THE BIRDS TOO HENCE THE WIDOWS AND ORPHANS
MANY ARE LAID LOW BY POWER LINES HELICOPTERS BELCHING SMOKESTACKS
PLATEGLASS WINDOWS AND OPEN FAN VENTS IN ONE OF THE LATEST FATAL
ENCOUNTERS BETWEEN BIRD AND MACHINE A BOSTON FLEDGLING HAD AN UNLUCKY
ENCOUNTER LAST MONTH WITH AN AMERICAN AIRLINES 757 AT LOGAN AIRPORT WHEN
THE JET LANDED IN CHICAGO IT WAS DISCOVERED THAT THE CHICK HAD BEEN SUCKED
INTO A TURBINE

MOST BIRDS LEARN TO NAVIGATE URBAN OBSTACLES BUT OTHERS NEVER SEEM TO GET
THE HANG OF IT POOR WILBUR FOSHAY A PEREGRINE NAMED FOR A MINNEAPOLIS
BUSINESSMAN HAD TO BE FREED FROM A DOWNTOWN ATRIUM ON ANOTHER OCCASION HE
CRASHED SO HARD INTO A WINDOW THAT HE HAD TO BE HOSPITALIZED AT THE RAPTOR
CENTER A MEDICAL FACILITY FOR HAWKS AND OTHER BIRDS OF PREY AT THE
UNIVERSITY OF MINNESOTA

EVERY TIME HE CAME IN FOR A LANDING HE BUMPED A WINDOW SAYS MARYBETH
GARRIGAN OF THE RAPTOR CENTER I DON'T KNOW IF HE HAD BAD LANDING GEAR OR
WHAT HE WAS EVENTUALLY FOUND DEAD ON A ROOFTOP WITH A FRACTURED SKULL

AND IN THIS BIRDEATBIRD WORLD PIGEON FANCIERS ARE DOWNRIGHT HOSTILE TO
PEREGRINES SOME PAY AS MUCH AS 2000 FOR TRAINED BIRDS AND THEIR FEATHERS
ARE UNDERSTANDABLY RUFFLED WHEN A FALCON PLUCKS A PRIZED PIGEON OUT OF THE
SKY FOR DINNER WILDLIFE BIOLOGISTS FOR THE CALIFORNIA DEPARTMENT OF FISH
AND GAME SAY A NUMBER OF PEREGRINES HAVE BEEN SHOT BY PIGEON LOVERS

I DON'T KNOW ABOUT THE MENTALITY OF RESIDENTS HERE SAYS CHANELLE DAVIS A
STATE WILDLIFE BIOLOGIST IN LOS ANGELES COUNTY THEY SEE SOMETHING IN THE
AIR AND THEY SHOOT IT DOWN

EVEN FALCON ADMIRERS SOMETIMES HAVE A HARD TIME SHARING THE CITYSCAPE WITH
HAWKS PEREGRINES AREN'T DAINTY EATERS THEY RIP INTO THEIR PREY WITH BEAK
AND TALONS PLUCKING FEATHERS SEVERING HEADS AND TOSSING REFUSE OFF
SKYSCRAPERS ONTO CITY SIDEWALKS

AS STACIE JUCKEL WHOSE ST PAUL OFFICE OVERLOOKS A FAVORITE PEREGRINE
DINING SPOT PUTS IT IT'S GROSS 9310070126 931007 BUSINESS BRIEF 
MILES A SUBSIDIARY OF BAYER AG PLANS TO SELL ITS HOUSEHOLD PRODUCTS UNIT

PITTSBURGH MILES INC SAID THAT IT PLANS TO SELL ITS CONSUMER HOUSEHOLD
PRODUCTS UNIT AND THAT ITS ADVISER ALREADY IS HOLDING TALKS

THE COMPANY THE US SUBSIDIARY OF BAYER AG GERMANY SAID IT HAS HIRED CS
FIRST BOSTON TO SELL THE BUSINESS A SPOKESWOMAN SAID CS FIRST BOSTON IS IN
SOME DISCUSSIONS ALREADY WITH POSSIBLE ACQUIRERS

THE MILES UNIT WHICH IS BASED IN CHICAGO MAKES SOS SOAP PADS SOS
GLASS CLEANER CUTTER INSECT REPELLENT AND TUFFY PLASTIC MESH PADS IT HAD
SALES OF 120 MILLION IN 1992 AND EMPLOYS ABOUT 340 PEOPLE MILES WHICH IS
BASED IN PITTSBURGH HAD 65 BILLION IN SALES IN 1992

WERNER SPINNER PRESIDENT OF THE HOUSEHOLD PRODUCT UNIT SAID THE MOVE IS
PART OF A STRATEGY TO FOCUS ON ITS CORE CHEMICALS HEALTHCARE AND
IMAGINGTECHNOLOGIES BUSINESSES HE SAID THE SALE ISN'T RELATED TO A US
DEPARTMENT OF JUSTICE INVESTIGATION OF ALLEGED PRICE FIXING OF STEEL WOOL
PADS AT MILES AND DIAL CORP WHICH MAKES THE NO 2 PAD BRILLO

IN JUNE MILES TERMINATED TWO SENIOR OFFICERS IN THE HOUSEHOLD PRODUCT UNIT
 INCLUDING THE PRESIDENT STEPHEN M REIM SAYING AN INTERNAL
INVESTIGATION REVEALED THEY HAD VIOLATED COMPANY POLICIES PROHIBITING
DISCUSSION OF CUSTOMER LISTS PRICES AND TERRITORIES WITH COMPETITORS MR
REIM WAS SUCCEEDED BY MR SPINNER

MILES SAID IT IS NEGOTIATING WITH THE JUSTICE DEPARTMENT FOR A PROBABLE
SETTLEMENT WHICH LIKELY WOULD INVOLVE PAYING A FINE AT DIAL A
SPOKESWOMAN SAID THE COMPANY HAS BEEN COOPERATING WITH THE JUSTICE
DEPARTMENT AND ADDED THAT WE FEEL CONFIDENT THAT NO ACTION WILL BE TAKEN
AGAINST OUR COMPANY BY THE GOVERNMENT

INDUSTRY EXECUTIVES SAID THE SALE OF MILES' HOUSEHOLD PRODUCT UNIT COULD
ATTRACT BROAD INTEREST BECAUSE OF ITS TOPSELLING SOS PADS AND CUTTER
THE NO 2 INSECT REPELLENT IN THE US POTENTIAL ACQUIRERS INCLUDE JOH A
BENCKISER GMBH THE GERMAN MAKER OF ELECTRASOL AUTOMATIC DISHWASHER SOAP
CALGON BATH PRODUCTS AND COTY FRAGRANCES AND COSMETICS RECKITT & COLMAN
UK WHOSE PRODUCTS INCLUDE SANIFLUSH TOILET BOWL CLEANER EASY OFF OVEN
CLEANER AND WOOLITE DETERGENT AND SARA LEE CORP CHICAGO WHOSE HOUSEHOLD
AND PERSONALCARE PRODUCTS INCLUDE TY D BOL TOILET CLEANER AND KIWI SHOE
CARE PRODUCTS AND IN EUROPE DETERGENT TOOTHPASTE AND SKINCARE PRODUCTS

CLOROX CO AND PROCTER & GAMBLE CO ALSO WERE MENTIONED CLOROX OAKLAND
CALIF AND P&G CINCINNATI HAVE BEEN MAKING STRONG INROADS AGAINST SOS
AND RIVALS WINDEX AND GLASS PLUS IN THE GLASS CLEANING CATEGORY EARLIER
THIS YEAR CLOROX ADDED GLASS CLEANING CAPABILITY TO ITS FORMULA 409
MULTIPURPOSE CLEANER AND IN MAY P&G INTRODUCED MR CLEAN GLASS AND
SURFACE CLEANER TO A LINEUP WHICH ALREADY INCLUDES CINCH MULTIPURPOSE AND
GLASS CLEANER

BENCKISER CLOROX P&G AND SARA LEE HAD NO COMMENT CALLS TO RECKITT &
COLMAN WEREN'T RETURNED 9310070125 931007 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 310 30
TO 93 DAYS 317 94 TO 119 DAYS 320 120 TO 239 DAYS 325 240 TO 270
DAYS

COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR
CORPORATIONS 315 30 DAYS 315 60 DAYS 327 90 DAYS

CERTIFICATES OF DEPOSIT 255 ONE MONTH 259 TWO MONTHS 268 THREE
MONTHS 276 SIX MONTHS 290 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 320 THREE MONTHS 321 SIX MONTHS

BANKERS ACCEPTANCES 306 30 DAYS 306 60 DAYS 315 90 DAYS 315 120
DAYS 315 150 DAYS 315 180 DAYS OFFERED RATES OF NEGOTIABLE
BANKBACKED BUSINESS CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER

LONDON LATE EURODOLLARS 3 3/16 3 1/16 ONE MONTH 3 3/16 3 1/16 TWO
MONTHS 3 3/8 3 1/4 THREE MONTHS 3 3/8 3 1/4 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 3/8 THREE
MONTHS 3 3/8 SIX MONTHS 3 9/16 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 575 GERMANY 656 JAPAN 3375 SWITZERLAND
750 BRITAIN 6 THESE RATE INDICATIONS AREN'T DIRECTLY COMPARABLE
LENDING PRACTICES VARY WIDELY BY LOCATION

TREASURY BILLS RESULTS OF THE MONDAY OCTOBER 4 1993 AUCTION OF
SHORTTERM US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN
UNITS OF 10000 TO 1 MILLION 296 13 WEEKS 308 26 WEEKS

FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 661 60 DAYS 669 STANDARD
CONVENTIONAL FIXEDRATE MORTGAGES 3625 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 663 60
DAYS 673 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 485 6/2 RATE
CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE TELERATE SYSTEMS INC

MERRILL LYNCH READY ASSETS TRUST 268 ANNUALIZED AVERAGE RATE OF RETURN
AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS
9310070124 931007 POWER CORP OF CANADA VENTURE

MONTREAL POWER CORP OF CANADA AND CANADA'S TWO LARGEST ELECTRIC
UTILITIES FORMED A JOINT VENTURE TO INVEST IN ELECTRICAL ENERGY PROJECTS IN
ASIA

POWER CORP ONTARIO HYDRO AND HYDROQUEBEC SAID THE VENTURE ASIA POWER
GROUP INC WILL SEEK OPPORTUNITIES TO INVEST IN ELECTRIC POWER GENERATION
TRANSMISSION AND DISTRIBUTION PROJECTS IN CHINA AND OTHER COUNTRISE IT WILL
BE CAPITALIZED WITH UP TO 100 MILLION CANADIAN DOLLARS US747 MILLION AND
WILL BE OWNED EQUALLY BY THE THREE PARTNERS

POWER CORP MONTREAL IS A FINANCIAL SERVICES AND MEDIA HOLDING COMPANY
ONTARIO HYDRO AND HYDROQUEBEC ARE PROVINCIALLY OWNED UTILITIES
9310070123 931007 INTERNATIONAL ALLIEDLYONS AGREES TO SELL UNIT

LONDON ALLIEDLYONS PLC A BRITISH BREWER AGREED TO SELL GRANTS OF ST
JAMES AN UNPROFITABLE WINE AND SPIRITS WHOLESALING UNIT TO MATTHEW CLARK
PLC FOR ABOUT 325 MILLION 492 MILLION

MATTHEW CLARK A BRITISH DRINK MAKER AND WHOLESALER IS PAYING AN INITIAL
28 MILLION FOR THE UNIT UPON COMPLETION OF THE TRANSACTION AN ADDITIONAL
45 MILLION IS EXPECTED TO BE PAID MATTHEW CLARK LAUNCHED A 30 MILLION
RIGHTS ISSUE TO FUND THE ACQUISITION

IN THE YEAR ENDED FEB 28 1993 GRANTS OF ST JAMES HAD REVENUE OF 1684
MILLION AND AN OPERATING LOSS OF 17 MILLION 9310070121 931007 WHO'S
NEWS FIRST BOSTON PICKS THREE TO OVERSEE DERIVATIVES MARKET  
BY MICHAEL SICONOLFI STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK CS FIRST BOSTON INC REALIGNED ITS GLOBAL CAPITALMARKETS
OPERATIONS INTEGRATING ITS LUCRATIVE DERIVATIVESTRADING UNIT AND PUTTING
IN CHARGE A TRIO OF SENIOR EXECUTIVES

THE CS HOLDING UNIT IS MERGING ITS BOND AND STOCK CAPITALMARKETS DIVISIONS
IN THE AMERICAS EUROPE AND THE PACIFIC INTO SINGLE GROUPS SCRAPPING ITS
REGIONAL UNITS THE BOND GROUP WILL BE JOINTLY HEADED BY DERIVATIVESGROUP
EXECUTIVES BRADY DOUGAN 34 YEARS OLD AND MARCUS EVERARD 34 THE STOCK
GROUP WILL BE LED BY CHRISTOPHER CARTER 43 FORMER HEAD OF EUROPEAN CAPITAL
MARKETS

THE RESHUFFLING IS THE FIRST MAJOR IMPRINT OF ALLEN WHEAT 45 WHO LAST
MONTH WAS NAMED CS FIRST BOSTON'S PRESIDENT AND CHIEF OPERATING OFFICER THE
MOVE REFLECTS CS FIRST BOSTON'S RECENT DECISION TO SCRAP ITS DIFFERENT
REGIONAL NAMES AND OPERATE AS A SINGLE ENTITY

THE MOVE UNDERSCORES THE GROWING CLOUT OF DERIVATIVES ON THE PROFITS OF WALL
STREET INVESTMENT BANKS DERIVATIVES ARE FUTURES OPTIONS SWAPS AND OTHER
INSTRUMENTS WHOSE VALUE DEPENDS ON THE PRICE OF OTHER UNDERLYING SECURITIES
OR INDEXES MR WHEAT MADE HIS MARK AT FIRST BOSTON WHILE RUNNING CREDIT
SUISSE FINANCIAL PRODUCTS A DERIVATIVESTRADING JOINT VENTURE WITH FIRST
BOSTON

THE MOVE TO INTEGRATE THE REGIONAL UNITS AND DERIVATIVES MAKES A LOT OF
SENSE SAYS GUY MOSZKOWSKI AN ANALYST WITH SANFORD C BERNSTEIN & CO WITH
MR WHEAT'S DERIVATIVES EXPERTISE THE REALIGNMENT IS IDEAL FOR THEM TO
UNDERTAKE

BY MERGING THE CAPITALMARKETS GROUPS FIRST BOSTON ALSO HOPES TO AVOID THE
INTERREGIONAL SCRAPS THAT FREQUENTLY AROSE WHEN FIRST BOSTON INVESTMENT
BANKERS AND OTHERS VIED FOR BUSINESS FROM THE SAME CLIENT EACH REGION HAD
ITS OWN PEOPLE AND HAD FRANKLY AN INHERENT CONFLICT OF INTEREST SAID MR
WHEAT IN AN INTERVIEW THIS DOES AWAY WITH THAT

CAPITALMARKETS FUNCTIONS AT FIRST BOSTON INCLUDE ORGINATING STRUCTURING
AND PRICING TRANSACTIONS AS WELL AS TRADING THE BOND CAPITALMARKETS GROUP
WILL REPORT TO DAVID MULFORD AND CHARLES MURPHY JOINT HEADS OF GLOBAL
INVESTMENT BANKING AND ROBERT DIAMOND HEAD OF GLOBAL BONDS THE STOCK
CAPITALMARKETS GROUP WILL REPORT TO MR MULFORD MR MURPHY AND JAMES
GANTSOUDES HEAD OF GLOBAL STOCK OPERATIONS

ANTHONY DUB FORMERLY HEAD OF FIRST BOSTON'S US STOCK AND BOND CAPITAL
MARKETS WILL ASSUME THE NEWLY CREATED POST OF CHIEF IMPLEMENTATION OFFICER
REPORTING TO MR WHEAT IN HIS NEW ROLE MR DUB 43 WILL BECOME A MEMBER
OF FIRST BOSTON'S OPERATING COMMITTEE WHICH RUNS THE DAYTODAY BUSINESS OF
THE FIRM MR DUB RECENTLY HEADED A STUDY BY FIRST BOSTON AND CONSULTANT
MCKINSEY & CO REVIEWING FIRST BOSTON'S STRATEGIC DIRECTION MR DUB WILL
BE RESPONSIBLE FOR PUTTING IN PLACE FIRST BOSTON'S NEW GLOBAL STRATEGY

THIS YEAR CS FIRST BOSTON IS RANKED NO 5 AMONG WALL STREET UNDERWRITERS OF
STOCK AND BOND OFFERINGS WITH A 92 MARKET SHARE ACCORDING TO SECURITIES
DATA CO 9310070120 931007 BUSINESS BRIEF MALLON RESOURCES CORP 
CONCERN EXPECTS 900000 IN PROFIT FOR NINE MONTHS

MALLON RESOURCES CORP SAID IT EXPECTS TO EARN ABOUT 900000 OR 18 CENTS A
SHARE FOR THE FIRST NINE MONTHS OF 1993 COMPARED WITH A YEARAGO LOSS OF
429032 OR NINE CENTS A SHARE

THE DENVER COMPANY WHICH HAS INTERESTS IN OIL GAS GOLD AND SILVER SAID
IT ANTICIPATES EARNINGS FOR THE FULL YEAR TO APPROACH 12 MILLION COMPARED
WITH A YEARAGO LOSS OF 300000 OR SIX CENTS A SHARE

MALLON ATTRIBUTES THE IMPROVEMENT TO ITS ACQUISITION OF 214 MILLION OF
PRODUCING OIL AND GAS PROPERTIES FROM PENNZOIL EXPLORATION & PRODUCTION A
UNIT OF PENNZOIL CO

SHARES OF MALLON ROSE 375 CENTS OR 67 TO 6 IN OVERTHECOUNTER
TRADING 9310070119 931007 INTERNATIONAL RUSSIAN DEBT TALKS PROCEED
BUT WEST IS LIKELY TO DISPLAY CAUTIOUS STANCE  BY TERENCE ROTH 
STAFF REPORTER OF THE WALL STREET JOURNAL

FRANKFURT RUSSIAN DEBT TALKS STILL ARE ON TRACK BUT WESTERN BANKS AND
BUSINESSES ARE UNLIKELY TO RISK NEW EXPOSURE UNTIL RUSSIA'S REFORM PROCESS
BECOMES CLEAR ACCORDING TO THE HEAD OF GERMANY'S LARGEST COMMERCIAL BANK

MONEY IS SHY MONEY NEEDS A DISCERNIBLE ORDER TO SETTLE INTO AND CERTAINLY
NOT THE THUNDER OF CANNON SAID DEUTSCHE BANK AG CHAIRMAN HILMAR KOPPER
WHOSE BANK HAS LONG HAD CLOSE LINKS WITH RUSSIA IN A MEETING WITH FOREIGN
JOURNALISTS HE ALSO ADVISED INVESTORS TO HOLD BACK UNTIL RUSSIAN POLITICS
STABILIZE BE CLOSE OBSERVERS STAY INFORMED BE READY BUT DON'T SPEND
NOW MR KOPPER WARNED

THE POLITICAL UNCERTAINTY IN RUSSIA FOLLOWING PRESIDENT BORIS YELTSIN'S
MILITARY CLASHES WITH A REBELLIOUS PARLIAMENT HASN'T CHANGED THE STATUS OF
AN IMPENDING DEBTRESCHEDULING PACT BETWEEN RUSSIA AND ITS ROUGHLY 600
WESTERN BANK CREDITORS MR KOPPER SAID THE SOCALLED LONDON CLUB
NEGOTIATIONS COORDINATED BY DEUTSCHE BANK FOR RESTRUCTURING SOME 26 BILLION
IN RUSSIAN BANK DEBT ARE NEAR COMPLETION AND COULD BE SIGNED ANY DAY

TALKS WITH RUSSIAN NEGOTIATORS TO BE HELD HERE LATER THIS WEEK COULD STILL
YIELD SOME MINOR LEGAL CHANGES HE CONCEDED THAT THERE WERE SOME LASTMINUTE
HITCHES OVER WHO WILL DO THE SIGNING FOR RUSSIA WE'RE ALL SET ON THE
BANKING SIDE THE PROBLEM IS TO FIND SOMEONE ON THE RUSSIAN SIDE WITH THE
AUTHORITY TO SIGN IT MR KOPPER SAID

THE ISSUE IS WHETHER THE DEBT PACT SHOULD BE SIGNED BY THE VNESCHEKONOMBANK
THE FORMER SOVIET FOREIGN TRADE BANK THAT HAS ADMINISTRATIVE CONTROL OVER
FORMER SOVIET DEBT OR THE RUSSIAN GOVERNMENT WESTERN BANKS ARE SAID TO BE
PUSHING FOR A GOVERNMENT REPRESENTATIVE'S SIGNATURE WHICH THEY PERCEIVE AS
HOLDING A HIGHER ACCOUNTABILITY

RUSSIA HAS ASSUMED THE FORMER SOVIET UNION'S 74 BILLION DEBT OWED TO
WESTERN CREDITORS IN ADDITION TO DEBT AND INTEREST ARREARS DUE TO 600
WESTERN BANKS MOSCOW OWED 36 BILLION TO WESTERN GOVERNMENTS AND ANOTHER
12 BILLION TO GOODS SUPPLIERS AS OF THE END OF LAST YEAR ACCORDING TO
DEUTSCHE BANK

MR KOPPER SAID THAT WITH RUSSIA'S DEMOCRATIC AND FREEMARKET REFORMS
CLOUDED BY UNCERTAINTY BANKS AND BUSINESSES WILL SHUN NEW RISK EXPOSURE OR
BUSINESS VENTURES IN RUSSIA DISTURBED BY THE WAY IN WHICH DIFFERING VIEWS
IN RUSSIA WERE SETTLED WITH ARMED FORCE MR KOPPER EXPRESSED DOUBTS ABOUT
EVEN MR YELTSIN

I DON'T AGREE WITH MUCH OF THE COMMENTARY THAT GOES ON AS IF BORIS YELTSIN
WERE THE SPEARHEAD AND A SIEGFRIED OF THE DEMOCRATIC MOVEMENT WE SHOULD
KEEP OUR EYES OPEN HE SAID

WESTERN ANALYSTS HAVE WARNED THAT MOST RUSSIANS ALSO MISTRUST THE VIABILITY
OF MOSCOW'S MONETARY REFORMS AND ITS CURRENCY WHICH IS STILL BURDENED BY AN
ESTIMATED 750 ANNUAL INFLATION RATE ONE RESULT HAS BEEN CONTINUED CAPITAL
FLIGHT BANKERS ESTIMATE THAT RUSSIAN ENTERPRISES HAVE PARKED HARDCURRENCY
ASSETS OF AS MUCH AS 25 BILLION IN WESTERN BANK ACCOUNTS 9310070118
931007 SOUTHWEST AIR'S TRAFFIC JUMPS

DALLAS SOUTHWEST AIRLINES SAID ITS SEPTEMBER TRAFFIC INCREASED 254 TO
139 BILLION REVENUE PASSENGER MILES FROM 111 BILLION MILES A YEAR EARLIER

A REVENUE PASSENGER MILE IS ONE PAYING PASSENGER FLOWN ONE MILE THE
AIRLINE'S LOAD FACTOR THE PERCENTAGE OF AVAILABLE SEATS FILLED INCREASED
TO 646 FROM 599

FOR THE FIRST NINE MONTHS OF THE YEAR SOUTHWEST'S TRAFFIC INCREASED 215
TO 1244 BILLION REVENUE PASSENGER MILES FROM 1024 BILLION MILES LOAD
FACTOR INCREASED TO 681 FROM 649 9310070117 931007 INTERNATIONAL 
EC IS PROBING FRENCH AID TO COMPUTER MAKER BULL

BRUSSELS THE EUROPEAN COMMUNITY COMMISSION LAUNCHED AN INVESTIGATION INTO
STATE FUNDS FOR CIE DES MACHINES BULL IN A SIGN OF GROWING EC IMPATIENCE
OVER DELAYS IN RESTRUCTURING THE UNPROFITABLE COMPUTER GIANT

THE COMMISSION SAID IT HAD OPENED A FORMAL INQUIRY INTO A 25 BILLION FRENCH
FRANC 4406 MILLION LOAN GRANTED TO THE STATECONTROLLED COMPANY IN
FEBRUARY AS AN ADVANCE ON A FUTURE CAPITAL INJECTION THE FRENCH GOVERNMENT
HAD PROMISED THAT THE LOAN WOULD BE FOLLOWED BY A RESTRUCTURING PLAN FOR
BULL THE PLAN HOWEVER HAS YET TO BE SENT TO BRUSSELS

EC RULES BAR THE FRENCH GOVERNMENT FROM FUNDING BULL UNLESS THE COMPANY IS
MADE VIABLE THROUGH RESTRUCTURING

IN PARIS OFFICIALS AT THE FRENCH INDUSTRY MINISTRY SAID THE GOVERNMENT
WANTS TO GRANT A LARGE CAPITAL INJECTION FOR BULL FOLLOWED BY A DIRECT SALE
OF A STAKE TO AN OUTSIDE INVESTOR THE STATE CURRENTLY OWNS 72 OF BULL
WHILE STATEOWNED FRANCE TELECOM HAS 16 INTERNATIONAL BUSINESS MACHINES
CORP AND NEC CORP OF JAPAN OWN MOST OF THE REST

ACCORDING TO PEOPLE IN THE GOVERNMENT BULL HAS REQUESTED A CAPITAL INCREASE
OF 9 BILLION FRENCH FRANCS BULL POSTED LOSSES OF 198 BILLION FRANCS IN THE
FIRST HALF OF THIS YEAR 9310070116 931007 ENTERPRISE COLLEGE PRESIDENT
NEEDED HERE ARE 25  BY SUZANNE ALEXANDER STAFF REPORTER OF THE
WALL STREET JOURNAL

THE FACULTY IS IN REVOLT STUDENTS ARE BARRICADING THE CAMPUS GREEN THE
PRESIDENT HAS JUST QUIT AND THE DEAN IN LINE FOR THE JOB IS CAUGHT
DOUBLEBILLING THE GOVERNMENT ON A BIG RESEARCH CONTRACT

WHAT'S A BOARD OF WORRIED COLLEGE TRUSTEES TO DO

IN SITUATIONS WHERE THE INSTITUTION NEEDS A POWERFUL CHANGEAGENT OR A
CALMING CATALYST  AN INTERIM PRESIDENT MAY BE A BETTER CHOICE THAN A
PERMANENT' APPOINTEE SAYS A NEW BROCHURE MAKING THE ROUNDS IN IVIED
HALLS

THE CIRCULAR'S ADVICE CALL THE REGISTRY OF INTERIM COLLEGE AND UNIVERSITY
PRESIDENTS PERHAPS THE FIRST PLACEMENT SERVICE THAT PROVIDES TEMPORARY
CARETAKERS FOR TROUBLED ACADEMIC GROVES

THE REGISTRY PUT TOGETHER LAST YEAR BY TWO EXPRESIDENTS OF COLLEGES HAS A
STABLE OF 25 CANDIDATES WHO CAN BE ON CAMPUS WITH AS LITTLE AS FIVE DAYS'
NOTICE TO SERVE INTERIM TERMS OF UP TO TWO YEARS THE FIRST PRESIDENT PLACED
BY THE REGISTRY THE REV JAMES LOUGHRAN TOOK THE HELM AT MOUNT SAINT
MARY'S COLLEGE IN EMMITSBURG MD LAST JUNE AFTER DISAGREEMENTS WITH THE
FACULTY HELPED END THE 16YEAR TENURE OF HIS PREDECESSOR

THIS FITS WITH MY JESUIT COMMITMENT AND LIFESTYLE SAYS FATHER LOUGHRAN
THE FORMER PRESIDENT OF LOYOLA MARYMOUNT UNIVERSITY IN LOS ANGELES ALL I
HAVE ARE BOOKS AND CLOTHES IT'S EASY FOR ME TO MOVE AROUND AND I'M VERY
INTERESTED IN LEARNING THE NUANCES OF ANOTHER INSTITUTION

CORPORATIONS HAVE LONG TURNED TO OUTSIDERS AS INTERIM OCCUPANTS FOR SUDDENLY
VACANT EXECUTIVE POSITIONS BY CONTRAST COLLEGES CONFRONTED WITH A SUDDEN
PRESIDENTIAL RESIGNATION TRADITIONALLY TURN TO A VENERABLE INSIDER TO HOLD
THE REINS UNTIL A PERMANENT REPLACEMENT CAN BE FOUND BUT AS THE BIG
ROCKINGCHAIR IN THE IVORY TOWER BECOMES MORE OF A HOT SEAT THE FOUNDERS OF
THE REGISTRY ARGUE THAT AN OUTSIDER WITH EXPERIENCE IS OFTEN A BETTER
CHOICE MOST OF THE 25 REGISTRY CANDIDATES ARE EXPRESIDENTS

THIS IS A VERY HARD TIME TO LEAD  I THINK WE SEE ABOUT 10 TO 12
TURNOVER A YEAR IN THE 3000 US COLLEGES AND UNIVERSITIES SAYS MARLENE
ROSS SENIOR AUTHOR OF A RECENT PRESIDENTIAL STUDY BY THE AMERICAN COUNCIL
ON EDUCATION MS ROSS SAYS THAT MORE PRESIDENTS ARE DOGGED BY
INTRUSIVENESS FROM STATE LEGISLATURES AND FROM A PUBLIC THAT DEMANDS MORE
ACCOUNTABILITY AND IS ANGRY OVER TUITION INCREASES

THE APPEAL OF THE INTERIM PRESIDENT IS TO BRING IN AN OBJECTIVE
EXPERIENCED PERSON WHO CAN KEEP THE INSTITUTION ON COURSE SAYS THOMAS H
LANGEVIN WHOSE MANAGEMENTCONSULTING FIRM IN MOUNTAIN HOME ARK THOMAS H
LANGEVIN & ASSOCIATES STARTED THE REGISTRY MR LANGEVIN IS PRESIDENT
EMERITUS OF CAPITAL UNIVERSITY IN COLUMBUS OHIO

BY COMING IN WITH CLEAR HEADS AND NO ALLEGIANCES OUTSIDERS CAN OFTEN
HANDLE AN INSTITUTION'S CHALLENGES BETTER THAN INSIDERS ADDS ALLEN E
KOENIG A SENIOR ASSOCIATE IN MR LANGEVIN'S FIRM AND EXPRESIDENT OF
EMERSON COLLEGE IN BOSTON

IN ADDITION TO PLACEMENT THE REGISTRY MAKES ITS OTHER ACADEMICS AVAILABLE
FREE OF CHARGE TO THE HIRING INSTITUTION TO GIVE SHORTTERM ADVICE ON
PRESIDENTIAL MATTERS FOR PLACEMENTS IT CHARGES 20 OF PROJECTED
COMPENSATION BUT SINCE THE INTERIM PRESIDENT IS AN INDEPENDENT
CONTRACTOR THE REGISTRY'S PROMOTIONAL BROCHURE NOTES THE HIRING ACADEMIC
INSTITUTION DOES NOT PAY FRINGE BENEFITS

TO PLACE THEIR CANDIDATES MESSRS KOENIG AND LANGEVIN SCAN THE PAGES OF THE
CHRONICLE OF HIGHER EDUCATION LOOKING FOR TROUBLE SPOTS IN ANTICIPATION
OF POSSIBLE RESIGNATIONS OR OUSTERS ONCE A SCHOOL IS FOUND A FAX IS
QUICKLY SENT TO THE CHAIRMAN OF THE BOARD OF TRUSTEES OR THE PRESIDENT
FOLLOWED BY A TELEPHONE CALL FRANKLY IT'S VERY DIFFICULT TO TALK TO A
PRESIDENT CONCEDES MR KOENIG IN SOME INSTANCES WE CAN'T REACH THE
PERSON  IT'S A VERY SENSITIVE TIME

WESLEYAN COLLEGE IN OWENSBORO KY WHOSE CURRENT PRESIDENT IS LEAVING THIS
FALL WAS APPROACHED BY THE REGISTRY BUT DECLINED ITS SERVICES WE DECIDED
TO USE OUR ACADEMIC DEAN AS PRESIDENT WE FELT THERE WOULD BE MORE
CONTINUITY SAYS JOHN JONES CHAIRMAN OF THE BOARD OF TRUSTEES

TO MAKE ITS CANDIDATES MORE APPEALING THE REGISTRY RECENTLY LOWERED ITS
PLACEMENT FEE WHICH HAD BEEN 25 OF PAY IT ALSO HAS ASSOCIATED ITSELF WITH
RH PERRY & ASSOCIATES A WASHINGTON DC EXECUTIVESEARCH FIRM THE
REGISTRY RECOMMENDS RH PERRY FOR FINDING PERMANENT REPLACEMENTS WHILE
RH PERRY RECOMMENDS THE REGISTRY FOR TRANSITIONAL APPOINTMENTS

THE REGISTRY'S CANDIDATES ON FILE INCLUDE JOHN RYAN PRESIDENT EMERITUS OF
INDIANA UNIVERSITY SAMUEL MAGILL FORMER PRESIDENT OF MONMOUTH COLLEGE IN
WEST LONG BRANCH NJ AND LOIS MACGILLIVRAY FORMER PRESIDENT OF HOLY
NAMES COLLEGE IN OAKLAND CALIF ALL HAVE SIGNED CONTRACTS AGREEING TO WORK
AS INTERIMS FOR UP TO TWO YEARS

WANDA BIGHAM AND THOMAS SHUTTE QUIT THE REGISTRY RECENTLY AFTER RECEIVING
OFFERS FOR PERMANENT POSITIONS AS PRESIDENTS OF HUNTINGDON COLLEGE IN
MONTGOMERY ALA AND PRATT INSTITUTE IN BROOKLYN NY RESPECTIVELY AS
FOR FATHER LOUGHRAN WHO IS 53 HIS POST AT MOUNT SAINT MARY'S EXPIRES IN
MAY I'VE ALREADY TALKED TO SEVERAL SCHOOLS ABOUT A PERMANENT POSITION HE
SAYS I'M NOT DEPENDING ON TOM LANGEVIN TO GUIDE MY CAREER 9310070115
931007 MARKETING & MEDIA FIBERVISION SEEKS TO VIE FOR CABLETV
FRANCHISES

NEW BRITAIN CONN FIBERVISION CORP SAID IT APPLIED TO STATE REGULATORS
TO PROVIDE 450000 HOMES WITH CABLE TELEVISION THE FIRST APPLICATIONS FILED
IN CONNECTICUT UNDER A NEW FEDERAL LAW THAT OPENS CABLE FRANCHISES TO
COMPETITION

PRIVATELY HELD FIBERVISION A CABLE TELEVISION OPERATOR SAID IT FILED THREE
APPLICATIONS WITH THE DEPARTMENT OF PUBLIC UTILITY CONTROL TO SERVE 315000
HOUSEHOLDS IN THE BRIDGEPORT NEW BRITAIN AND NEW HAVEN AREAS IN ADDITION
THE COMPANY HAS AN APPLICATION TO DEVELOP A SIMILAR NETWORK IN HARTFORD IF
APPROVED THE PROJECT WOULD COST ABOUT 94 MILLION

FIBERVISION SAID IT IS BANKING ON LOWER RATES AND ADVANCED TECHNOLOGY IF IT
GOES HEADTOHEAD WITH ESTABLISHED CABLE VENDORS IN THE FOUR MOST POPULOUS
PARTS OF THE STATE TELECOMMUNICATIONS INC AND UNITS OF COMCAST CORP AND
CABLEVISION SYSTEMS CORP CURRENTLY PROVIDE SERVICE FIBERVISION SAID IT
WILL USE FIBEROPTIC TECHNOLOGY WHICH CARRIES 78 BROADCAST AND CABLE
CHANNELS AND IN THE FUTURE COULD CARRY MORE THAN 500 CHANNELS USING
EMERGING DIGITAL TECHNOLOGY 9310070114 931007 MONEY FUND YIELDS ROSE IN
LATEST WEEK

NEW YORK YIELDS ON TAXFREE MONEY FUNDS ROSE AGAIN IN THE LATEST WEEK
YIELDS ON TAXABLE FUNDS ALSO WERE HIGHER

IBC/DONOGHUE'S AVERAGE TAXEXEMPT SEVENDAY COMPOUND YIELD JUMPED TO 232
FROM 223 IN THE WEEK ENDED TUESDAY ACCORDING TO MONEY FUND REPORT AN
ASHLAND MASS NEWSLETTER

THE LATEST TAXFREE YIELD IS EQUIVALENT TO A TAXABLE 363 FOR SOMEONE
PAYING 36 IN TAXES AND TO 384 FOR SOMEONE PAYING 396 THOSE
TAXABLEEQUIVALENT YIELDS BEAT THE YIELDS TOPBRACKET INVESTORS CAN EARN ON
TAXABLE FUNDS BY ABOUT ONE PERCENTAGE POINT

IBC/DONOGHUE'S AVERAGE SEVENDAY COMPOUND YIELD ON TAXABLE FUNDS WAS 271
IN THE LATEST WEEK UP FROM 268 THE WEEK BEFORE MONEY FUND REPORT SAID
COMPOUND YIELDS ASSUME REINVESTMENT OF DIVIDENDS

ASSETS OF 618 TAXABLE FUNDS FELL BY 11 BILLION TO 46618 BILLION THE
NEWSLETTER SAID INSTITUTIONAL INVESTORS TOOK OUT 185 BILLION WHILE
INDIVIDUAL INVESTORS PUT IN 7557 MILLION

THE AVERAGE SEVENDAY TAXABLE SIMPLE YIELD INCHED UP TO 268 FROM 265
WHILE THE 30DAY TAXABLE SIMPLE YIELD ROSE A BIT TO 266 FROM 265 IN THE
LATEST WEEK THE AVERAGE 30DAY COMPOUND YIELD CREPT UP TO 269 FROM 268

AVERAGE MATURITY OF THE TAXABLE FUNDS' INVESTMENTS WHICH INCLUDE COMMERCIAL
PAPER SHORTTERM CORPORATE IOUS AND TREASURY BILLS REMAINED AT 63 DAYS

ASSETS OF 330 TAXEXEMPT FUNDS ROSE BY 119 BILLION TO 10309 BILLION
ACCORDING TO THE NEWSLETTER THE TAXFREE FUNDS' AVERAGE PORTFOLIO MATURITY
REMAINED AT 69 DAYS 9310070111 931007 BUSINESS BRIEF TORONTODOMINION
 BUYS FIRST MARATHON'S DISCOUNT BROKER UNIT

TORONTO TORONTODOMINION BANK SAID IT HAS ACQUIRED THE DISCOUNT BROKERAGE
BUSINESS OF FIRST MARATHON SECURITIES LTD FOR 59 MILLION CANADIAN DOLLARS
US441 MILLION

THE BANK DESCRIBED THE TRANSACTION AS AN EXCEPTIONAL OPPORTUNITY TO BOOST
ITS SHARE OF THE RETAIL INVESTMENT BUSINESS IN CANADA TO 15 FROM ABOUT 8
PREVIOUSLY MAKING IT ONE OF THE COUNTRY'S THREE LARGEST RETAIL BROKERAGE
FIRMS

TORONTODOMINION'S OWN DISCOUNT BROKERAGE UNIT GREEN LINE INVESTOR SERVICES
INC WILL ACQUIRE THE SERVICES OF 180 EMPLOYEES ADMINISTERING C21 BILLION
IN ASSETS AT MARATHON BROKERAGE'S 11 OFFICES ACROSS CANADA AT LAST REPORT
GREEN LINE ITSELF HAD C95 BILLION IN CLIENT ASSETS

THIS MARKS THE SECOND TIME THAT TORONTOBASED FIRST MARATHON ONE OF THE
LARGEST INVESTMENT DEALERS IN CANADA THAT IS NOT OWNED BY A BANK HAS MOVED
TO QUIT THE DISCOUNT BROKERAGE BUSINESS IN 1987 FIRST MARATHON SOLD 50 OF
MARATHON BROKERAGE TO CENTRAL CAPITAL CORP FOR C24 MILLION ONLY TO BUY IT
BACK FROM THE FINANCIALLY TROUBLED HOLDING COMPANY FOUR YEARS LATER FOR ONLY
C15 MILLION

ANALYSTS SAID FIRST MARATHON RECEIVED TOP PRICE FOR THE BROKERAGE BUSINESS
REFLECTING ITS STRATEGIC IMPORTANCE AND THE DRAMATIC GROWTH IN EARNINGS AND
REVENUE THAT HAS RESULTED FROM THIS YEAR'S BULL MARKET IN CANADA

IN THE FIRST SIX MONTHS OF 1993 FIRST MARATHON'NET INCOME MORE THAN DOUBLED
TO REACH C211 MILLION ON REVENUE OF C1023 MILLION FROM NET OF C10
MILLION ON REVENUE OF C493 MILLION IN THE YEAREARLIER PERIOD THE
DISCOUNT BROKER GENERATED SLIGHTLY MORE THAN 10 OF THE REVENUE AND
SLIGHTLY LESS THAN 10 OF NET INCOME FIRST MARATHON OFFICIALS SAID

STUART HENRY CHIEF FINANCIAL OFFICER OF FIRST MARATHON SAID THE INVESTMENT
DEALER PLANS TO FOCUS ITS RESOURCES ON HIGHERMARGIN PARTS OF THE BUSINESS
PARTICULARLY ON AN EXPANSION IN ITS CORPORATE FINANCE EQUITY DERIVATIVES
AND CLEARING AND CORRESPONDENT BUSINESSES 9310070110 931007 SAFER LOANS 
TO DEVELOPING NATIONS URGED  BY KENNETH H BACON STAFF REPORTER
OF THE WALL STREET JOURNAL

WASHINGTON COMMERCIAL BANKS ARE BEGINNING TO SHOW RENEWED INTEREST IN
LENDING TO DEVELOPING NATIONS BUT AFTER BEING BURNED DURING THE 1980S THE
LENDERS WANT MORE SUPPORT FROM THE WORLD BANK AND THE INTERNATIONAL MONETARY
FUND

THE INSTITUTE OF INTERNATIONAL FINANCE WHICH REPRESENTS MORE THAN 175 OF
THE WORLD'S LARGEST BANKS IS PRESSING THE WORLD BANK AND THE IMF TO ADOPT
PROCEDURES DESIGNED TO REDUCE THE RISK OF MAKING COMMERCIAL LOANS TO
DEVELOPING NATIONS AND POSTCOMMUNIST STATES THIS WOULD ENCOURAGE BANKS TO
MAKE COMMERCIAL LOANS TO FUND INFRASTRUCTURE AND OTHER LARGE PROJECTS IN
CAPITALSTARVED COUNTRIES

THE MONEY IS IN THE PRIVATE SECTOR RATHER THAN THE PUBLIC SECTOR AND TO
MOBILIZE IT TO THE DEVELOPING COUNTRIES THE PROPER THING IS FOR THE
INTERNATIONAL FINANCIAL INSTITUTIONS TO PROVIDE CREDIT ENHANCEMENTS SAYS
KENJI YOSHIZAWA DEPUTY PRESIDENT OF THE BANK OF TOKYO

IN THE 1980S MANY BANKS INCLUDING THE BANK OF TOKYO SUFFERED LARGE LOSSES
ON LOANS TO DEVELOPING NATIONS THE THIRD WORLD DEBT CRISIS WAS FOLLOWED BY
THE ECONOMIC CONVULSIONS IN THE FORMER COMMUNIST BLOC AND LENDERS FACED NEW
REPAYMENT PROBLEMS IN POLAND BULGARIA AND RUSSIA NOW THE LENDERS ARE
RELUCTANT TO ASSUME NEW RISKS ON THEIR OWN NOBODY WANTS TO GO INTO RUSSIA
NOW BUT IF I CAN DO IT WITH A WORLD BANK GUARANTEE THEN IT'S ACCEPTABLE
MR YOSHIZAWA EXPLAINS

ONE PROPOSAL CALLS ON THE WORLD BANK TO HELP SHIELD COMMERCIAL LENDERS FROM
THE POLITICAL RISKS THEY FACE WHEN THEY MAKE LOANS TO COUNTRIES SUBJECT TO
SUDDEN SHIFTS IN TAX LAWS AND DEBTREPAYMENT COMMITMENTS ANOTHER PROPOSAL
CALLS ON THE IMF TO LEAN MORE HEAVILY ON COUNTRIES TO REPAY OR RESTRUCTURE
DEFAULTED LOANS ON TERMS THAT ARE MORE ADVANTAGEOUS TO LENDERS

THE PROPOSALS ARE STIRRING SOME CONTROVERSY POLAND AND OTHER DEBTOR NATIONS
RESIST STEPS THAT COULD WEAKEN THEIR NEGOTIATING STANCE WITH COMMERCIAL
BANKS AND EVEN SOME COMMERCIAL BANKERS CONCEDE THAT THE PROPOSALS WHICH
COME AT A TIME WHEN US BANKS ARE EARNING RECORD PROFITS LOOK LIKE EFFORTS
TO MAKE THE WORLD BANK AND THE IMF TAKE ON RISKS THAT ARE A NORMAL PART OF
BANKING

ANY CHANGES COULD TAKE TIME THE PROPOSALS RECEIVED CURSORY ATTENTION AT THE
WORLD BANKIMF ANNUAL MEETINGS LAST WEEK BUT THE WORLD BANK IS BEGINNING TO
LOOK AT NEW WAYS TO WORK WITH COMMERCIAL LENDERS THERE IS A ROLE FOR US TO
PLAY IN ENCOURAGING BANKS TO GET INTO PROJECT LENDING AGAIN AND TO HELP
FINANCE PROGRAMS TO TURN GOVERNMENT ENTERPRISES INTO PRIVATE COMPANIES
WORLD BANK PRESIDENT LEWIS PRESTON SAYS HE CONCEDES THAT HIS INSTITUTION
HAS GOT TO PRESS HARDER TO COME UP WITH IMAGINATIVE FINANCING TECHNIQUES
TO SUPPORT PRIVATIZATION

MR PRESTON NOTES THAT THE WORLD BANK CAN HELP SUPPORT COMMERCIAL LOANS TO
FUND ELECTRICITY GENERATING PROJECTS AND TOLL ROADS BY GUARANTEEING BANKS A
RATE OF RETURN IF A GOVERNMENT PROMISES THAT A LOAN WILL BE REPAID WITH
TOLL REVENUES THE WORLD BANK COULD GUARANTEE THAT A CHANGE OF GOVERNMENT
WOULDN'T END THE PAYMENT COMMITMENT THUS THE WORLD BANK WOULD BEAR THE
SOVEREIGN RISK TIED TO GOVERNMENT PERFORMANCE WHILE PRIVATE BANKS WOULD
BEAR THE COMMERCIAL AND MANAGERIAL RISK OF THE PROJECT

IN THE WAKE OF THE THIRD WORLD DEBT CRISIS MANY BANKS WON'T ACCEPT
SOVEREIGN RISK NOW WE HAVE VERY LITTLE SOVEREIGN DEBT AT ALL IN THE BANK
AND HAVE NO INTENTION OF HAVING MORE SAYS SIR PETER MIDDLETON DEPUTY
CHAIRMAN OF LONDONBASED BARCLAYS BANK

IN ADDITION MR PRESTON SAID THE WORLD BANK IS LOOKING AT WAYS TO HELP
BANKS MAKE LONGERTERM LOANS MOST BANKS DON'T LIKE TO LEND LONGER THAN FIVE
TO SEVEN YEARS EVEN THOUGH DEVELOPING COUNTRIES SOMETIMES WANT THE
STABILITY OF LONGERTERM FINANCING FOR AMBITIOUS INFRASTRUCTURE PROJECTS
MR PRESTON SAYS THE WORLD BANK IS LOOKING FOR WAYS TO TAKE SOME OF THE
REPAYMENT RISK FOR THE LATER YEARS IN LONGERTERM LOANS

SOME OF THE OTHER CHANGES THE COMMERCIAL BANKS SEEK ARE MORE CONTENTIOUS
FOR INSTANCE THE INSTITUTE OF INTERNATIONAL FINANCE WANTS THE IMF TO FORCE
COUNTRIES THAT ARE IN ARREARS ON THEIR LOANS TO COMMERCIAL BANKS TO REPAY
PRIVATE LOANS AS A CONDITION OF GETTING NEW MONEY FROM THE FUND THE
CONTINUED TOLERANCE OF ARREARS POSES A SERIOUS DISINCENTIVE TO RENEWED
COMMERCIAL BANK LENDING INCLUDING PROJECT FINANCING SAYS CHARLES DALLARA
THE INSTITUTE'S MANAGING DIRECTOR

THIS WOULD FORCE COUNTRIES LIKE POLAND WHICH IS CURRENTLY IN ARREARS ON ITS
123 BILLION DEBT TO COMMERCIAL BANKS TO SETTLE WITH ITS LENDERS BANKS
BELIEVE BUT JERZY OSIATYNSKI THE POLISH FINANCE MINISTER WARNS THAT WE
MUST NOT BE EXPECTED TO FINANCE COMMERCIAL BANKS BY TAKING NEW LOANS FROM
THE INTERNATIONAL FINANCIAL INSTITUTIONS

JEFFREY SACHS A HARVARD PROFESSOR WHO IS ADVISING POLAND AND RUSSIA ON
THEIR ECONOMIC RESTRUCTURING PROGRAMS ARGUES THAT THE IMF SHOULD USE ITS
LEVERAGE TO FORCE COMMERCIAL BANKS TO REACH QUICK AGREEMENT ON REASONABLE
TERMS THE IMF HAS SIGNIFICANT UNEXPLOITED POWER TO ALTER THE TERMS OF
BORROWING WITH COMMERCIAL BANKS MR SACHS SAYS

POLAND WANTS COMMERCIAL BANKS TO AGREE TO CUT ITS DEBT BY 50 THIS IS THE
REDUCTION OFTEN OFFERED BY THE PARIS CLUB OF GOVERNMENT LENDERS INCLUDING
THE US EXPORTIMPORT BANK WHEN RENEGOTIATING DEBTS IN DEFAULT BUT
COMMERCIAL BANKS DON'T WANT TO GO AS FAR AS THE PARIS CLUB LENDERS DID AND
ARE ARGUING FOR A 30 REDUCTION IN COMMERCIAL DEBTS THE INSTITUTE SAYS
COMMERCIAL BANKS ARE PENALIZED BY POLICIES THAT ASSUME EQUAL WRITEOFFS OF
OFFICIAL AND PRIVATE DEBT

THE AMOUNT OF FLEXIBILITY OFFICIAL AGENCIES CAN SHOW MAY WELL DETERMINE HOW
MUCH COMMERCIAL BANKS LEND TO SUPPORT DEVELOPMENT IN EASTERN EUROPE
PRIVATE LENDING TO RUSSIA WILL BE RISKY BUSINESS FOR ONE GENERATION SAYS
HORST KOHLER PRESIDENT OF THE GERMAN SAVINGS BANK ASSOCIATION THERE'S TOO
MUCH RELIANCE ON TEXTBOOK APPROACHES AND NOT ENOUGH RELIANCE ON PRAGMATIC
PRACTICAL APPROACHES 9310070109 931007 RECAREY IS SEIZED IN SPAIN 
AFTER SIX YEARS AS FUGITIVE

MIAMI AP A FUGITIVE AT THE CENTER OF A BILLIONDOLLAR SCANDAL WITH
LINKS TO REPUBLICAN PRESIDENTS AND DEMOCRATIC POLITICIANS WAS ARRESTED IN
SPAIN SIX YEARS AFTER FLEEING THE US

MIGUEL RECAREY JR WHO RAN INTERNATIONAL MEDICAL CENTERS FLED WHILE UNDER
INDICTMENT ON FRAUD AND WIRETAPPING CHARGES

IMC FLORIDA'S LARGEST HEALTH MAINTENANCE ORGANIZATION COLLECTED NEARLY 1
BILLION FROM TAXPAYERS BEFORE COLLAPSING IN 1987 REGULATORS SAID 200
MILLION TO 300 MILLION WAS NEVER ACCOUNTED FOR

MR RECAREY WAS ARRESTED IN MADRID THE FBI SAID THE JUSTICE DEPARTMENT
WILL WORK FOR HIS EXTRADITION TO MIAMI SAID ANDREW J DUFFIN HEAD OF THE
FEDERAL BUREAU OF INVESTIGATION OFFICE HERE 9310070108 931007 INVESTING
IN SOUTH AFRICA US COMPANIES WARILY EYE SOUTH AFRICA  REGION
HOLDS PROMISE BUT INSTABILITY BREEDS CAUTION  A WALL STREET
JOURNAL NEWS ROUNDUP

LONG VIEWED AS AN INTERNATIONAL PARIAH SOUTH AFRICA IS BEING ACCEPTED BACK
INTO THE WORLD COMMUNITY NOW THAT THE GOVERNMENT IS DISMANTLING ITS
APARTHEID SYSTEM OF RACIAL SEGREGATION

BUT MANY US COMPANIES ALREADY HAVE SPENT SEVERAL YEARS LAYING THE
GROUNDWORK TO OPERATE IN SOUTH AFRICA MEETING WITH BLACK SOUTH AFRICAN
LEADERS IN PREPARATION FOR THE DAY WHEN THEY COULD DO BUSINESS IN ONE OF
AFRICA'S LARGEST ECONOMIES THAT DAY FINALLY HAS COME WITH NELSON MANDELA
PRESIDENT OF THE AFRICAN NATIONAL CONGRESS CALLING ON THE INTERNATIONAL
BUSINESS AND INVESTMENT COMMUNITY TO HELP REGENERATE THE SOUTH AFRICAN
ECONOMY BY INVESTING IN THE COUNTRY

HJ HEINZ CO THE PITTSBURGH FOOD COMPANY FOR ONE BEGAN LOOKING AT THE
SOUTH AFRICAN MARKET YEARS AGO WHEN IT BECAME APPARENT THAT APARTHEID WOULD
SOON BE ABOLISHED ANTHONY JF O'REILLY HEINZ CHAIRMAN TRAVELED TO SOUTH
AFRICA ON WHAT THE COMPANY CALLS AN EXPLORATORY TRIP IN 1991 MEETING WITH
BUSINESS PEOPLE AND BANKERS AS WELL AS MR MANDELA AND OTHER POLITICAL
FIGURES THAT SAME YEAR MR MANDELA ACCEPTED MR O'REILLY'S INVITATION TO
GIVE THE HJ HEINZ CO FOUNDATION DISTINGUISHED LECTURE AT THE UNIVERSITY
OF PITTSBURGH

SINCE THEN MR O'REILLY HAS MADE AT LEAST TWO OTHER TRIPS TO SOUTH AFRICA
AND HAS SENT OTHER HEINZ EXECUTIVES TO SCOUT FOR INVESTMENT OPPORTUNITIES

SO FAR THOUGH HEINZ HASN'T FOUND A DESIRABLE JOINT VENTURE PARTNER OR A
COMPANY IT WISHES TO ACQUIRE AND LIKE OTHER COMPANIES CONCERNED ABOUT
REGIONAL STABILITY HEINZ WON'T INVEST UNTIL SOUTH AFRICA BECOMES A STABLE
POLITICAL ENTITY WITH A MAJORITY GOVERNMENT SAYS A COMPANY SPOKESMAN

WHICH RAISES THE QUESTION HOW SOON AND TO WHAT DEGREE WILL US COMPANIES
HEED MR MANDELA'S APPEAL THE WALL STREET JOURNAL ASKED DOZENS OF US
COMPANIES THAT QUESTION AND DISCOVERED THAT WHILE MANY COMPANIES BELIEVE
SOUTH AFRICA OFFERS ENORMOUS PROMISE THEY ARE STILL SOMEWHAT WARY ABOUT
INVESTING IN A COUNTRY WHERE THE POLITICAL SITUATION IS UNCERTAIN URBAN
CRIME IS A PROBLEM AND TENSIONS REMAIN BETWEEN THE RACES

COMPANIES DON'T WANT TO CHARGE BACK INTO THE COUNTRY AND HIRE THOUSANDS OF
NEW WORKERS ONLY TO FIND SOCIAL AND POLITICAL UNREST LATER ON SAYS
JONATHAN HUNEKE MANAGER OF INVESTMENT POLICY AT THE US COUNCIL FOR
INTERNATIONAL BUSINESS AN ASSOCIATION REPRESENTING 250 US MULTINATIONAL
CORPORATIONS NEVERTHELESS THE DESIRE OF US CORPORATIONS TO EXPAND
GLOBALLY MEANS THAT MANY COMPANIES WILL GO BACK TO SOUTH AFRICA SAYS MR
HUNEKE BUT THEY WILL DO SO HE SAYS SLOWLY AND CAUTIOUSLY

INTERESTINGLY COMPANIES THAT OVER THE YEARS HAVE FORGED RELATIONSHIPS WITH
MR MANDELA AND OTHER MEMBERS OF THE ANC POLITICAL PARTY WHICH IS WIDELY
EXPECTED TO SECURE A MAJORITY OF THE VOTES WHEN NATIONAL ELECTIONS ARE HELD
IN APRIL APPEAR TO BE MORE UPBEAT ABOUT THE COUNTRY'S PROSPECTS THAN THOSE
WHO HAVE KEPT THEIR DISTANCE FROM THE ANC

HERE'S HOW SELECTED COMPANIES IN VARIOUS SECTORS ARE SIZING UP THE SOUTH
AFRICAN MARKET

SOUTH AFRICA'S POPULATION OF 37 MILLION IS GROWING AT A RATE OF 24 A YEAR
WHICH EXPLAINS WHY MANY INTERNATIONAL FOOD PROCESSING AND CONSUMERPRODUCTS
COMPANIES SEEM MORE EAGER THAN OTHERS TO EXPAND THERE THESE COMPANIES
BELIEVE THAT AS SOUTH AFRICA'S BLACK POPULATION BECOMES MORE URBAN AND AS
INCOMES RISE TRENDS THAT ALREADY ARE APPARENT THE DEMAND FOR
SMALLTICKET PRODUCTS WILL GROW

HEINZ WHICH ALREADY HAS A SIGNIFICANT INVESTMENT IN ONE OF SOUTH AFRICA'S
NEIGHBORS ZIMBABWE SAYS SOUTH AFRICA MAY BE MORE PROMISING BECAUSE OF ITS
SUPERIOR INFRASTRUCTURE ITS DEVELOPED INDUSTRIAL BASE ITS EMERGING BLACK
CONSUMER POPULATION AND AN ALREADY PROSPEROUS WHITE POPULATION BASE

PIONEER HIBRED INTERNATIONAL INC THE WORLD'S LARGEST SEEDCORN COMPANY
HAS BEEN PREPARING FOR THE LAST THREE YEARS FOR THE CHANGES IN SOUTH
AFRICA SAYS THOMAS N URBAN CHAIRMAN AND PRESIDENT THAT'S WHEN THE DES
MOINES IOWA COMPANY BEGAN TO REGISTER ITS PRODUCTS WITH GOVERNMENT
AUTHORITIES A PREREQUISITE IN MANY COUNTRIES TO SELLING HYBRID SEED
VARIETIES

BEFORE COMING IN MR URBAN SAYS THE COMPANY VISITED WITH GOVERNMENT
AUTHORITIES AND WITH THE ANC HE SAYS THAT ALL PARTIES AGREED THAT
AGRICULTURAL DEVELOPMENT WAS EXTREMELY IMPORTANT TO THE COUNTRY'S
DEVELOPMENT AND ALL WELCOMED PIONEER'S ENTRY

CPC INTERNATIONAL INC ENGLEWOOD CLIFFS NJ HAD A THRIVING BUSINESS IN
SOUTH AFRICA FOR MORE THAN SIXTY YEARS SELLING DRIED SOUP MIXES AND OTHER
INEXPENSIVE GROCERY PRODUCTS BEFORE DIVESTING IN 1987

CPC IS WORKING HARD TO REESTABLISH ITSELF IN SOUTH AFRICA A FEW MONTHS
AGO ITS TOP EXECUTIVE IN EUROPE FLEW TO SOUTH AFRICA FOR A PRIVATE MEETING
WITH MR MANDELA WE WANTED TO KNOW WHAT HIS STANCE WAS HE ENCOURAGED US
TO INVEST SAYS KONRAD SCHLATTER CHIEF FINANCIAL OFFICER OF CPC

MR SCHLATTER DOESN'T RULE OUT JOINT VENTURES AS A WAY TO GET BACK INTO THE
COUNTRY HE SAYS SOUTH AFRICA PROVIDES A GOOD BASE FOR DOING BUSINESS WITH
OTHER COUNTRIES IN AFRICA EVERYBODY IS TALKING THE SAME LANGUAGE WE TALK
HERE HE SAYS I DON'T MEAN TALKING ENGLISH I MEAN TALKING BUSINESS

FOR SOUTH AFRICANS MANY BRANDS MADE BY US CONSUMERPRODUCTS CONCERNS ARE
ALREADY WELL KNOWN BUT SOME COMPANIES WITH OPERATIONS IN SOUTH AFRICA HAVE
NO IMMEDIATE PLANS TO EXPAND THEM

GILLETTE CO SAYS THAT WHILE SOUTH AFRICA PROVIDES A SMALL BUT PROFITABLE
MARKET FOR THE COMPANY'S PRODUCTS IT ISN'T YET READY TO CONSIDER
INCREASING ITS PRESENCE IN THE MARKET ACCORDING TO A SPOKESMAN FOR THE
BOSTON PERSONALCARE PRODUCTS COMPANY IF SOUTH AFRICA CAN OVERCOME ITS
POLITICAL SOCIAL AND ECONOMIC PROBLEMS IT IS HOPED IT WILL BECOME A LARGER
AND MORE IMPORTANT MARKET HE SAYS SOUTH AFRICA ACCOUNTS FOR LESS THAN 1
OF GILLETTE'S WORLDWIDE SALES AND PROFITS

A LEVI STRAUSS & CO SPOKESMAN SAYS THE SAN FRANCISCO COMPANY DOESN'T DO
BUSINESS IN SOUTH AFRICA BUT SET UP A SOUTH AFRICA TASK FORCE IN MARCH TO
DECIDE WHETHER TO START MEMBERS OF THE GROUP HAVE VISITED THE COUNTRY AND
HAD TALKS WITH A WIDE VARIETY OF PEOPLE HE WON'T ELABORATE BUT SAYS THE
TASK FORCE EXPECTS TO MAKE RECOMMENDATIONS WITHIN 30 DAYS

THE ELIMINATION OF SANCTIONS MAY NOT ONLY PRESENT BUSINESS OPPORTUNITIES IN
SOUTH AFRICA BUT SOME COMPANIES EXPECT TO SEE BENEFITS AT HOME

FOR CHEVRON CORP ELIMINATION OF SANCTIONS MEANS THE COMPANY MAY FINALLY BE
WELCOME IN ITS HOME BASE OF SAN FRANCISCO THE CITY HAS SHUNNED THE COMPANY
FOR YEARS BECAUSE OF ITS 50 OWNERSHIP OF CALTEX PETROLEUM CORP DALLAS
WHICH DOES SUBSTANTIAL BUSINESS IN SOUTH AFRICA

CHEVRON OPERATES CALTEX AS A JOINT VENTURE WITH TEXACO INC CALTEX WHICH
OPERATES 1095 GAS STATIONS IN SOUTH AFRICA SAYS IT INTENDS TO BUILD MORE
GAS STATIONS AND MAKE MAJOR INVESTMENTS IN ITS REFINERY OPERATIONS

HEAVY MACHINERY MAKER INGERSOLLRAND CO BEGAN SELLING MINING EQUIPMENT IN
SOUTH AFRICA IN 1895 AND REMAINED THERE THROUGH THE 1980S THE COMPANY'S
WHOLLY OWNED SUBSIDIARY IN SOUTH AFRICA CONSISTS OF A SMALL ROCKDRILLING
EQUIPMENT PLANT AND MARKETING OPERATIONS FOR ALL INGERSOLLRAND MACHINERY

D KING CUNNINGHAM INGERSOLLRAND VICE PRESIDENT OF INTERNATIONAL
MARKETING CAUTIONS THAT JUST BECAUSE NELSON MANDELA SAID TO REMOVE
SANCTIONS DOESN'T MEAN PEOPLE WILL DASH IN TO DO BUSINESS IN SOUTH AFRICA
WE'RE NOT TAKING ANY CONCRETE STEPS BECAUSE NOTHING HAS CHANGED YET I'M
GLAD THE SANCTIONS ARE GONE BUT NOTHING IS DIFFERENT TODAY FROM THE WAY IT
WAS YESTERDAY HE SAYS

DOUGLAS C YEARLEY CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE OFFICER OF
PHELPS DODGE CORP SAYS THAT TWO YEARS AGO WHEN HE WAS IN SOUTH AFRICA HE
MET PRIVATELY WITH SOUTH AFRICAN PRESIDENT F W DEKLERK WHO ASKED HIM IF
HE WOULD CONSIDER INCREASING HIS INVESTMENT IN THE COUNTRY GIVEN THE
SUBSTANTIAL PROGRESS MADE TOWARD ENDING APARTHEID

MR YEARLEY SAYS HE TOLD MR DEKLERK WE HAVE TO HAVE ASSURANCES THAT THERE
WILL BE A RESPECT AND A GUARANTEE OF OUR INVESTMENT INCLUDING THAT THERE
WILL BE KNOWN TAX RATES NO THREAT OF GOVERNMENT INTERVENTION AND
EXPROPRIATION THAT THERE WILL BE THE ABILITY TO EXPATRIATE DIVIDENDS AND
FREELY CONVERT CURRENCY

WHEN WE ARE ASSURED THAT THOSE THINGS ARE IN PLACE WE WILL CONSIDER
INCREASING OUR INVESTMENT HE SAYS

PHELPS DODGE PHOENIX OWNS A FLOURSPAR MINE THERE AND HAS A MINORITY
INTEREST IN A POLYMETALLIC MINE THERE IT ALSO HAS AN EXPLORATION DEPARTMENT
BASED IN JOHANNESBURG THAT HAS IDENTIFIED MINERAL TARGETS THE COMPANY COULD
PURSUE FOR DEVELOPMENT IF IT DECIDES TO INCREASE ITS ACTIVITY THERE MR
YEARLEY SAYS

INTERNATIONAL BUSINESS MACHINES CORP WHICH DIVESTED ITS SOUTH AFRICAN
MARKETING OPERATION IN 1987 HAS MAINTAINED TIES TO THE COUNTRY'S BLACK
MAJORITY THROUGH THE PROJECT FUND A MULTIMILLIONDOLLAR PHILANTHROPIC
ORGANIZATION SPONSORED BY IBM THAT MOSTLY SUPPORTS EDUCATIONAL PROJECTS

A NUMBER OF EXECUTIVES FROM THE ARMONK NY COMPUTER COMPANY HAVE VISITED
SOUTH AFRICA RECENTLY IN CONNECTION WITH THE FUND AND A SPOKESMAN SAYS
THAT GIVEN THAT MR MANDELA'S ANNOUNCEMENT WAS WIDELY EXPECTED HE WOULD
FIND IT HARD TO BELIEVE IF THEY DIDN'T ALSO DISCUSS BUSINESS POSSIBILITIES
WHILE THEY WERE THERE

HE SAYS THE OPPORTUNITIES FOR INFORMATION TECHNOLOGY SALES AS SOUTH AFRICA
REBUILDS ITS ECONOMIES ARE APPEALING

MICROSOFT CORP REDMOND WASH OPENED ITS FIRST SOUTH AFRICAN OFFICE IN
JANUARY IN THE JOHANNESBURG SUBURB OF SANDTON WE HAD DONE SOME INTENSIVE
STUDIES AND WE KNEW CHANGE WAS ON THE HORIZON SAYS RANDY MASSENGALE
MICROSOFT'S DIVERSITY MANAGER

MR MASSENGALE HAS BEEN TO SOUTH AFRICA TWICE IN THE PAST COUPLE OF YEARS
AND SAYS MICROSOFT WHICH HAS 35 PEOPLE IN ITS SANDTON OFFICE COULD EXPAND
ITS SALES MARKETING AND SERVICE OPERATION THERE TO MORE THAN 40 PEOPLE NEXT
YEAR HE SAYS MICROSOFT SEES SOUTH AFRICA AS A POTENTIALLY STRONG MARKET FOR
ITS SOFTWARE FROM A DEVELOPMENTAL STANDPOINT HE SAYS SOUTH AFRICA HAS
AN INDUSTRIALIZED INFRASTRUCTURE AND THE FOUNDATION OF ITS EDUCATIONAL
SYSTEM IS A GOOD ONE THEY HAVE ALL THE EARMARKS OF A GOOD AND GROWING
INDUSTRIALIZED COUNTRY

TANDEM COMPUTERS INC OF CUPERTINO CALIF SAYS IT ESTABLISHED A
RELATIONSHIP WITH A DISTRIBUTOR IN SOUTH AFRICA IN 1992 DEREK EVERITT THE
COMPUTER MAKER'S LONDONBASED DIRECTOR FOR SOUTHERN EUROPE MIDDLE EAST AND
AFRICA SAYS TANDEM HAD ALREADY DECIDED TO DO BUSINESS IN SOUTH AFRICA
BEFORE MR MANDELA'S SPEECH WE COULD SEE THERE WAS CHANGE COMING WE JUST
DIDN'T KNOW HOW FAST OR STRONG IT WOULD BE HE SAYS

TANDEM'S DEAL ALLOWS IT TO PURCHASE AS MUCH AS A 10 OWNERSHIP IN THE SOUTH
AFRICAN DISTRIBUTORSHIP WHICH THE COMPANY SAYS IT MIGHT DO IF SALES ARE
STRONG EVERYONE IS VERY OPTIMISTIC BECAUSE THE SOUTH AFRICAN ECONOMY HAS
BEEN SUFFERING FOR A LONG TIME FROM THESE SANCTIONS MR EVERITT SAYS
THERE'S A STRONG BELIEF THAT IF ALL THIS GOES THROUGH SOUTH AFRICA COULD
TAKE OFF RATHER DRAMATICALLY

 A SOPHISTICATED INFRASTRUCTURE WITH HIGHLY DEVELOPED TRANSPORTATION
ENERGY AND COMMUNICATIONS SYSTEMS THAT CAN EASILY SUPPORT RAPID ECONOMIC
GROWTH MORE ADVANCED THAN MANY OTHER EMERGING MARKETS COUNTRIES

 LARGE CONSUMER SECTOR AND STRATEGIC BUSINESS LOCATION IS IN A REGION THAT
IS THE FASTEST GROWING ON THE AFRICAN CONTINENT

 THE LIFTING OF SANCTIONS WILL MAKE SOUTH AFRICA ELIGIBLE AGAIN FOR
FINANCIAL ASSISTANCE FROM THE INTERNATIONAL MONETARY FUND PROVIDING THE
COUNTRY WITH ADDITIONAL CAPITAL TO STIMULATE ECONOMIC GROWTH

 A LARGE WELLCAPITALIZED STOCK MARKET LISTS 680 COMPANIES AND WITH A
TOTAL MARKET CAPITALIZATION OF 190 BILLION RANKS AMONG THE 12 LARGEST
EXCHANGES

 VIOLENCE BETWEEN FOLLOWERS OF THE AFRICAN NATIONAL CONGRESS AND THOSE OF
THE RIVAL INKATHA FREEDOM PARTY HEADED BY ZULU CHIEF BUTHELEZI COULD
INTENSIFY BEFORE AND AFTER NEXT YEAR'S ELECTIONS SOME WORRY ABOUT THE
POSSIBILITY OF CIVIL WAR CRIME IS A MAJOR PROBLEM IN URBAN AREAS

 SOARING INFLATION COULD BE CREATED BY MASSIVE GOVERNMENT SPENDING ON
NUMEROUS NEW SOCIAL SERVICES AND PROGRAMS

 A STRONG AND GROWING ORGANIZED LABOR MOVEMENT IS EXPECTED TO DEMAND
SIGNIFICANTLY HIGHER WAGES

 SHARES ARE DIFFICULT TO BUY AND SELL BECAUSE THE JOHANNESBURG STOCK
EXCHANGE IS ILLIQUID LAST YEAR 4 OF THE MARKET VALUE OF THE STOCKS LISTED
ON THE JSE CHANGED HANDS 9310070107 931007 SEQUA CORP SELLS A DIVISION

NEW YORK SEQUA CORP SAID IT SOLD ITS STURM MACHINE DIVISION A MAKER OF
INDUSTRIAL PUMPS TO A GROUP OF PRIVATE INVESTORS TERMS WEREN'T DISCLOSED

THE COMPANY SAID PROCEEDS FROM THE SALE WOULD GO TOWARD REDUCING DEBT
SEQUA WHICH HAS INTERESTS IN AEROSPACE SPECIALTY CHEMICALS METAL COATINGS
AND MACHINERY SAID THE SALE WAS PART OF A STREAMLINING AND DEBTREDUCTION
PROGRAM THAT BEGAN IN 1991 9310070106 931007 FOREIGN EXCHANGE DOLLAR
DECLINES AGAINST THE MARK YEN AND CANADIAN UNIT IN LISTLESS SESSION 
 BY TIMOTHY MAPES SPECIAL TO THE WALL STREET JOURNAL

NEW YORK THE DOLLAR SLIPPED AGAINST BOTH THE MARK AND THE YEN WEDNESDAY
IN A LISTLESS TRADING SESSION FOCUSED ON TECHNICAL LEVELS

THE US CURRENCY ALSO FELL AGAINST THE CANADIAN DOLLAR WHICH REBOUNDED AS
SOME PLAYERS DECIDED TO CASH IN ON ITS RECENT SLIDE CAUSED BY CONCERN ABOUT
THE PENDING NATIONAL ELECTION

STERLING RALLIED AGAINST BOTH THE DOLLAR AND THE MARK DESPITE PUBLICATION
OF SOME SCATHING CRITICISM OF PRIME MINISTER JOHN MAJOR BY HIS PREDECESSOR
BARONESS THATCHER

LATE IN NEW YORK THE DOLLAR WAS QUOTED AT 16228 MARKS DOWN FROM 16260
MARKS LATE TUESDAY IN NEW YORK THE US CURRENCY ALSO WAS CHANGING HANDS AT
10565 YEN OFF A BIT FROM 10575 YEN STERLING WAS TRADING AT 15255 UP
FROM 15150 THE CANADIAN DOLLAR WAS AT 07500 UP FROM 07469

ABOUT NOON THURSDAY IN TOKYO THE DOLLAR WAS TRADING AT 10535 YEN AND AT
16215 MARKS

TRADERS SAID THE MARKET REMAINED VERY QUIET AHEAD OF FRIDAY'S RELEASE OF THE
US COMMERCE DEPARTMENT'S REPORT ON SEPTEMBER NONFARM PAYROLLS A REPORT
THAT TRADERS VIEW AS A CRUCIAL GAUGE OF THE STRENGTH OF THE US ECONOMY
TRADERS ADDED THAT FEW PLAYERS ARE WILLING TO TAKE UP NEW LARGE POSITIONS
AHEAD OF THE REPORT LEAVING THE DOLLAR TO BOUNCE AROUND BETWEEN TECHNICAL
LEVELS UNTIL THE REPORT IS RELEASED

A LOT OF PEOPLE ARE JUST BIDING THEIR TIME AHEAD OF THE JOBS REPORT SAID
DAVID WALKER MANAGER OF FOREIGNCURRENCY SALES AT TORONTO DOMINION BANK IN
NEW YORK HE ADDED THAT SOME MARKET PARTICIPANTS SEEM TO BE WELCOMING THE
PERIOD OF CALM FOLLOWING SEVERAL DAYS OF INTENSE ACTIVITY DURING THE
POLITICAL CRISIS IN RUSSIA

TRADERS SAID THAT WITH A WIDE RANGE OF FORECASTS BEING OFFERED IN THE
MARKET PLAYERS REMAIN UNUSUALLY CAUTIOUS ESPECIALLY AFTER HOPES FOR A
LARGE INCREASE IN NEW JOBS DURING AUGUST WERE DASHED BY A LOSS OF 39000 FOR
THE MONTH

THERE'S QUITE A RANGE OF EXPECTATIONS SAID PETER IVERSON VICE PRESIDENT
AT SHAWMUT BANK OF BOSTON WHO SAID THAT FORECASTS RANGING BETWEEN 75000
AND 300000 NEW JOBS HAVE BEEN FLOATING THROUGH THE MARKET

A SURVEY OF 10 ECONOMISTS BY DOW JONES CAPITAL MARKETS REPORT PRODUCED A
CONSENSUS ESTIMATE OF AN INCREASE OF 144000 NONFARM PAYROLL JOBS IN
SEPTEMBER

DEALERS SAID WEDNESDAY'S TRADING WAS DOMINATED BY TECHNICAL LEVELS WITH THE
DOLLAR RANGING BETWEEN PRESET LIMITS WHERE PARTICIPANTS HAVE PLACED BUYING
AND SELLING ORDERS

TRADERS NOTED THAT THE DOLLAR WAS SLIGHTLY HIGHER FOR MUCH OF THE DAY STILL
BUOYED BY ITS REBOUND TUESDAY BUT WHEN THE DOLLAR FAILED TO BREAK ABOVE
PRESET SELL ORDERS AT 16300 MARKS DURING EUROPEAN TRADING TRADERS DECIDED
TO PUSH THE DOLLAR LOWER TO TEST WHERE SIGNIFICANT BUYING INTEREST MIGHT
RETURN

WHEN NO STRONG BUYING HAD EMERGED BY THE TIME THE DOLLAR HAD FALLEN TO
16250 MARKS TRADERS DECIDED THAT THE DOLLAR'S STRENGTH WAS USED UP AND
SOLD THE US UNIT DOWN TO 16200 MARKS BEFORE ATTRACTING BUYERS

THE DOLLAR LOST A LITTLE BIT OF MOMENTUM AFTER FAILING TO HOLD 16250
MARKS SAID SHAWMUT'S MR IVERSON

TRADERS GENERALLY VIEWED THE CANADIAN DOLLAR'S REBOUND AS A SHORTTERM
CORRECTION RATHER THAN A LONGERTERM REVERSAL ADDING THAT SALES OF CANADIAN
DOLLARS WERE LIKELY TO CONTINUE AS THE OCT 25 ELECTION APPROACHES THE
CANADIAN UNIT HAD WEAKENED MONDAY TO ITS LOWEST LEVEL SINCE JUNE 1987 AMID
CONCERN OVER THE LEAD THAT THE OPPOSITION LIBERAL PARTY HAS TAKEN IN OPINION
POLLS OVER THE RULING CONSERVATIVE PARTY

MARKET PLAYERS GENERALLY FEAR THAT A LIBERAL GOVERNMENT MIGHT ALLOW WIDER
BUDGET DEFICITS AND MIGHT NOT REAPPOINT BANK OF CANADA GOVERNOR JOHN CROW
WHO HAS GAINED THE RESPECT OF FINANCIAL MARKETS FOR HIS STRONG LINE AGAINST
INFLATION 9310070105 931007 YOUR MONEY MATTERS HEALTH REFORM PLAN
WON'T LIMIT FREEDOM OF CHOICE  BY DEBORAH LOHSE STAFF REPORTER OF
THE WALL STREET JOURNAL

ONE OF THE BIGGEST WORRIES PEOPLE HAVE ABOUT THE PROSPECT OF HEALTHCARE
OVERHAUL IS THAT THEY'LL LOSE THE FREEDOM TO CHOOSE THEIR OWN DOCTORS

THAT CONCERN IS PROBABLY MOST ACUTE FOR PEOPLE WHO CURRENTLY GET GENEROUS
HEALTH COVERAGE FROM EMPLOYERS THAT REIMBURSES THEM FOR VIRTUALLY ANY
MEDICAL EXPENSE THEY INCUR IF THE SWEEPING OVERHAUL PROPOSED BY PRESIDENT
CLINTON OR SOME SIMILAR PLAN WERE ENACTED WOULD THEY STILL HAVE THE FREEDOM
TO CHOOSE THE BEST DOCTOR OR HOSPITAL CARE THEY CAN FIND

THE ANSWER HEALTHCARE ADVISERS SAY IS A QUALIFIED YES

CHOICE IS ONE OF THE SIX PRINCIPLES UPON WHICH THERE CAN BE NO COMPROMISE
SAYS KEVIN ANDERSON A WHITE HOUSE HEALTHCARE SPOKESMAN AND BENEFIT
CONSULTANTS AND HEALTHPOLICY SPECIALISTS SAY THAT MANY EMPLOYEES AT THE
LARGEST US COMPANIES WOULD NOTICE VIRTUALLY NO CHANGE IN THE AMOUNT OF
CHOICE THEY HAVE OR HOW MUCH THEY PAY FOR CARE

THE CAVEAT ADVISERS SAY IS THAT SOME EMPLOYEES COULD END UP PAYING MORE TO
GET THE TRADITIONAL FEEFORSERVICE HEALTH CARE THEY NOW ENJOY FOR LITTLE
OR NO COST MUCH WOULD DEPEND ON DETAILS THAT REMAIN UNRESOLVED AND ON HOW
INDIVIDUAL EMPLOYERS ACTUALLY RESPONDED TO ANY LEGISLATION ULTIMATELY
ENACTED BUT IN SOME CASES HIGH OUTOFPOCKET EXPENSES COULD FORCE SOME
PEOPLE TO OPT FOR LOWERCOST HEALTH MAINTENANCE ORGANIZATIONS OR
PREFERREDPROVIDER PLANS THAT IMPOSED SOME LIMITS ON THEIR CHOICES

BUT BOTH HMOS AND PREFERREDPROVIDER PLANS WOULD PROBABLY OFFER MORE FREEDOM
OF CHOICE THAN MANY PEOPLE THINK HEALTHCARE ADVISERS SAY EVEN NOW THE
DOCS WHO LOOK LIKE THEY ARE SOLE PRACTITIONERS ARE REALLY SIGNED UP WITH
EVERY NETWORK IN THE NEIGHBORHOOD SAYS ANNE MARIE O'KEEFE DIRECTOR OF
PUBLIC POLICY FOR THE WASHINGTON BUSINESS GROUP ON HEALTH A LARGEEMPLOYER
HEALTHPOLICY GROUP THAT IS GOING TO CONTINUE SAYS DR O'KEEFE

PREFERREDPROVIDER PLANS LIKE FEEFORSERVICE PLANS WOULD ALLOW SOMEONE
WHO WANTED TREATMENT FROM A PARTICULAR SPECIALIST OR HEALTHCARE FACILITY
ACROSS THE COUNTRY TO SEEK IT UNDER PRESIDENT CLINTON'S PROPOSAL A
FAMILY'S MAXIMUM OUTOFPOCKET COST AFTER PAYING THEIR SHARE OF THE
PREMIUM WOULD BE 3000 EVEN IF THE SPECIALIST'S BILL CAME TO 100000
200000 OR MORE

EVEN WITHOUT THE IMPETUS OF HEALTHCARE OVERHAUL EMPLOYERS ACROSS THE
COUNTRY HAVE BEEN SCALING BACK HEALTH COVERAGE BY RAISING EMPLOYEE
COPAYMENTS AND DEDUCTIBLES ONLY ABOUT 15 OF WORKERS CURRENTLY ENJOY
FREECHOICE HEALTH COVERAGE AT VERY LITTLE COST

TYPICALLY EVEN IN GENEROUS PLANS INSURERS PAY ONLY FOR COSTS THAT THEY
DEEM BOTH MEDICALLY NECESSARY AND USUAL CUSTOMARY AND REASONABLE NOTES
JOHN O'DONNELL DIRECTOR OF HEALTHCARE POLICY AND LEGISLATION WITH BUCK
CONSULTANTS IN SECAUCUS NJ ALSO DOCTORS INCREASINGLY HAVE TO CHECK WITH
INSURERS BEFORE PUTTING YOU IN THE HOSPITAL FOR LONG STRETCHES

EVEN IF THERE IS NO LEGISLATION MOST PEOPLE WILL HAVE THEIR CHOICE
RESTRICTED TO SOME DEGREE SAYS MR O'DONNELL

AS PROPOSED PRESIDENT CLINTON'S PLAN WOULD REQUIRE ONLY THAT EMPLOYERS PAY
80 OF THE AVERAGE PREMIUM COSTS FOR WORKERS BUT EMPLOYERS COULD DO MORE

FRANK MCARDLE MANAGER OF THE RESEARCH GROUP OF CONSULTANTS HEWITT
ASSOCIATES IN WASHINGTON SAYS HE BELIEVES MANY LARGER CORPORATE EMPLOYERS
INCLUDING SOME WITH COLLECTIVELY BARGAINED PLANS WOULD CONTINUE OFFERING
THEIR WORKERS A CHOICE OF HEALTH PLANS THAT INCLUDES THEIR CURRENT COVERAGE
WHILE CONTINUING TO PAY THE LION'S SHARE OF THE COST

BUT JOHN ERB A PRINCIPAL AT FOSTER HIGGINS IN NEW YORK THINKS HEALTHCARE
OVERHAUL COULD ACCELERATE THE TREND OF COMPANIES' SHIFTING MORE OF THE COST
OF HEALTH CARE TO THEIR EMPLOYEES WE EXPECT MANY EMPLOYERS MAY TAKE THIS
OPPORTUNITY TO INJECT SOME COSTSHARING INTO THEIR PLANS HE SAYS THAT'S
APT TO BE THE CASE WITH EMPLOYERS THAT ARE CURRENTLY PAYING FAR MORE FOR
HEALTH CARE THAN THE REQUIRED MAXIMUM SPECIFIED IN THE CLINTON PLAN AS
PROPOSED EMPLOYERS WOULDN'T BE REQUIRED TO SPEND MORE THAN 79 OF PAYROLL

THE CAVEAT ADVISERS SAY IS THAT SOME EMPLOYEES COULD END UP PAYING MORE TO
GET THE TRADITIONAL FEEFORSERVICE HEALTH CARE THEY NOW ENJOY FOR LITTLE
OR NO COST MUCH WOULD DEPEND ON DETAILS THAT REMAIN UNRESOLVED AND ON HOW
INDIVIDUAL EMPLOYERS ACTUALLY RESPONDED TO ANY LEGISLATION ULTIMATELY
ENACTED BUT IN SOME CASES HIGH OUTOFPOCKET EXPENSES COULD FORCE SOME
PEOPLE TO OPT FOR LOWERCOST HEALTH MAINTENANCE ORGANIZATIONS OR
PREFERREDPROVIDER PLANS THAT IMPOSED SOME LIMITS ON THEIR CHOICES

UNDER THE CLINTON PROPOSAL EVERYONE WOULD BE ENTITLED TO A CHOICE OF A
FEEFORSERVICE PLAN AN HMO OR A PREFERREDPROVIDER PLAN COMPANIES WITH
5000 OR MORE EMPLOYEES COULD CHOOSE TO OFFER THEIR OWN COVERAGE MUCH AS
MOST OF THEM DO NOW BY BECOMING A CORPORATE ALLIANCE MANY SPECIALISTS
BELIEVE CONGRESS WILL CHANGE THE PLAN SO THAT COMPANIES WITH AS FEW AS 1000
EMPLOYEES MIGHT ULTIMATELY QUALIFY OTHERWISE INDIVIDUALS WILL BUY
COVERAGE THROUGH A REGIONAL ALLIANCE WHERE THEY LIVE WITH THEIR EMPLOYERS
FOOTING AT LEAST 80 OF THE AVERAGE PREMIUM

THE CLINTON ADMINISTRATION ESTIMATES THAT THE AVERAGE PREMIUM WOULD BE
1800 FOR AN INDIVIDUAL AND 4200 FOR A FAMILY AT 20 THE EMPLOYEE'S
SHARE OF THE COST WOULD BE 360 FOR AN INDIVIDUAL POLICY AND 840 FOR FAMILY
COVERAGE

THE ACTUAL PREMIUM COST WOULD VARY HOWEVER DEPENDING ON SEVERAL FACTORS
INCLUDING THE HEALTHCARE COSTS OF THE OTHER PEOPLE PARTICIPATING IN THE
PLAN FOR INSTANCE PEOPLE JOINING REGIONAL ALLIANCES COULD PAY HIGHER
PREMIUMS THAN THEY DID FOR CORPORATE BENEFITS IF THE ALLIANCE'S MEMBERSHIP
INCLUDED A BIGGER PROPORTION OF OLDER OR LESSHEALTHY INDIVIDUALS THAN THEIR
OLD PLAN AT WORK

UNDER THE CLINTON PLAN PEOPLE WHO OPT FOR FEEFORSERVICE COVERAGE WOULD
HAVE TO PAY AS MUCH AS 650 IN VARIOUS DEDUCTIBLES AND 20 OF DOCTOR AND
HOSPITAL CHARGES TO A MAXIMUM OF 3000 A YEAR SOME HEALTHCARE
SPECIALISTS SAY ANY OVERHAUL BILL ULTIMATELY ADOPTED MIGHT RAISE OR EVEN
ELIMINATE THE ANNUAL LID ON YOUR COSTS AS AN INCENTIVE FOR PEOPLE TO STAY
OUT OF EXPENSIVE PLANS

MANY PEOPLE WILL DO THE MATH AND DECIDE I AM WILLING TO SPEND THAT TO MAKE
SURE I HAVE TOTAL ACCESS TO ANY CARE SAYS JOHN GANNON PARTNER IN CHARGE
OF THE HEALTHCARE CONSULTING PRACTICE OF KPMG PEAT MARWICK IN NEW YORK

FOR OTHERS THE CHOICE WOULD BE BETWEEN AN HMO AND A PREFERREDPROVIDER
PLAN UNDER THE CLINTON PROPOSAL THE HMO WOULD CHARGE ONLY 10 OR SO EACH
TIME YOU WENT TO A DOCTOR OR HOSPITAL BUT WOULD BASICALLY LIMIT PATIENTS TO
MEDICAL PROVIDERS PICKED BY THE NETWORK THE PREFERREDPROVIDER PLAN WOULD
CHARGE HMOLIKE FEES IF YOU USE NETWORK DOCTORS BUT REIMBURSE YOU 80 FOR
THE COST OF GOING TO OUTSIDE DOCTORS

PREMIUMS FOR PREFERREDPROVIDER PLANS WOULD GENERALLY BE LOWER THAN
TRADITIONAL INSURANCE PREMIUMS BUT THE MORE FREEDOM THE PLAN ALLOWED FOR
PEOPLE TO GO OUTOFNETWORK THE HIGHER THE PREMIUM WOULD BE SAYS ROBERT
BLENDON PROFESSOR OF HEALTH POLICY AND MANAGEMENT AT HARVARD UNIVERSITY'S
SCHOOL OF PUBLIC HEALTH YOU'LL HAVE TO PAY FOR THAT CHOICE HE SAYS

IN EXTREME CASES SOME CRITICS OF THE CLINTON HEALTH PLAN SAY THAT EVEN
THOSE WHO ARE WILLING TO PAY FOR A FEEFORSERVICE PLAN MIGHT BE UNABLE TO
BE REIMBURSED FOR CARE FROM HIGHPRICED SPECIALIZED INSTITUTIONS THEY NOTE
THAT THE CLINTON PROPOSAL ENVISIONS STRICT BUDGETS FOR THE VARIOUS
ALLIANCES TO ACCOMMODATE THOSE BUDGETS ALL DOCTORS OR HOSPITALS ACCEPTING
PATIENTS WOULD BE PAID PRENEGOTIATED FEES FROM THE ALLIANCE WHERE THEY ARE
SITUATED PATIENTS HOPING TO SEEK CARE OUTSIDE OF THE ALLIANCE CRITICS
ARGUE MIGHT FIND THEIR INSURER UNWILLING TO PAY OTHER ALLIANCE'S RATES

BUT MOST BENEFIT CONSULTANTS AND POLICY EXPERTS SAY THAT SHOULDN'T BE A
PROBLEM UNDER ANY OVERHAUL EVENTUALLY ADOPTED PEOPLE WILL BE ABLE TO FIND A
HEALTH PLAN THAT SAYS YOU CAN GO ANYWHERE AND THE PLAN WILL PAY THE
NEGOTIATED FEE SCHEDULE EVEN IF IT'S HIGHER THAN WHAT LOCAL PROVIDERS WOULD
CHARGE SAYS ED HOWARD EXECUTIVE VICE PRESIDENT OF THE ALLIANCE FOR HEALTH
REFORM A NONPARTISAN WASHINGTON GROUP PROMOTING OVERHAUL OF THE US HEALTH
SYSTEM 9310070104 931007 LAW KATHERINE POWER'S PROBATIONARY TERM 
SEEKS TO BAR PROFITING FROM EXPERIENCE  BY ELLEN JOAN POLLOCK 
STAFF REPORTER OF THE WALL STREET JOURNAL

A BOSTON JUDGE DEALT FORMER FUGITIVE KATHERINE ANN POWER A TOUGHER SENTENCE
THAN SHE'D BARGAINED FOR TACKING ON A 20YEAR PROBATIONARY TERM THAT
PRECLUDES HER FROM PROFITING FROM BOOKS OR MOVIES ABOUT HER EXPERIENCE IF
SHE VIOLATED THE PROBATION SHE WOULD BE LIABLE TO A LIFE TERM IN PRISON

SUFFOLK SUPERIOR COURT JUDGE ROBERT BANKS ALSO SENTENCED THE FORMER ANTIWAR
ACTIVIST TO EIGHT TO 12 YEARS IN PRISON FOR HER ROLE IN A 1970 BANK ROBBERY
THAT ENDED IN THE DEATH OF POLICE OFFICER WALTER SCHROEDER

SOME CRIMINAL AND PRESS LAWYERS IMMEDIATELY QUESTIONED WHETHER JUDGE BANKS
HAS THE AUTHORITY TO STOP MS POWER FROM WRITING OR PROFITING FROM BOOKS
ABOUT HER 23 YEARS ON THE LAM THEY SAID THAT THE JUDGE'S UNUSUAL CONDITION
OF PROBATION EASILY COULD BE CHALLENGED AS AN UNCONSTITUTIONAL RESTRICTION
ON HER FREESPEECH RIGHTS IT FLIES IN THE FACE OF FIRST AMENDMENT LAW
SAYS FLOYD ABRAMS A LAWYER AT THE NEW YORK LAW FIRM CAHILL GORDON &
REINDEL

MS POWER 44 YEARS OLD TURNED HERSELF IN LAST MONTH AFTER ABOUT A YEAR OF
NEGOTIATIONS SHE PLED GUILTY TO MANSLAUGHTER AND ARMED ROBBERY CHARGES WITH
THE UNDERSTANDING THAT STATE PROSECUTORS WOULD RECOMMEND THE EIGHTYEAR TO
12YEAR PRISON SENTENCE WHICH WOULD MEAN SHE WOULD SERVE AT LEAST FIVE AND
ONETHIRD YEARS IN JAIL

THE ADDITIONAL PROBATION CAME AS A SURPRISE TO MANY PEOPLE FAMILIAR WITH THE
CASE THEY BELIEVE THAT IT REFLECTED JUDGE BANKS'S NEGATIVE REACTION TO
SYMPATHETIC PRESS PORTRAYALS OF MS POWER'S BATTLE WITH DEPRESSION AND
REPORTS OF A FLOOD OF BOOK AND MOVIE OFFERS AT THE SENTENCING YESTERDAY
CLARE SCHROEDER A DAUGHTER OF THE SLAIN POLICE OFFICER TOLD THE JUDGE THAT
THE FAMILY IS DEEPLY DISTURBED THAT KATHERINE POWER HAS BECOME A CELEBRITY
AND THAT THE ENTERTAINMENT INDUSTRY IS CLAMORING FOR THE RIGHTS TO HER
STORY THE PROSPECT THAT MS POWER MAY MAKE A SMALL FORTUNE FROM SELLING THE
STORY OF MY FATHER'S MURDER IS ABSOLUTELY OBSCENE

I WILL NOT PERMIT PROFIT FROM THE LIFEBLOOD OF A BOSTON POLICE OFFICER
THE ASSOCIATED PRESS QUOTED THE JUDGE AS SAYING DURING THE SENTENCING

HARVARD LAW SCHOOL PROFESSOR ALAN DERSHOWITZ CALLED JUDGE BANKS'S CONDITION
AN END RUN AROUND THE SUPREME COURT IN 1991 THE HIGH COURT STRUCK DOWN
THE SOCALLED SON OF SAM LAW A NEW YORK STATUTE AIMED AT STOPPING CRIMINALS
FROM PROFITING FROM BOOKS ABOUT THEIR CRIMES MASSACHUSETTS HAS A SIMILAR
LAW THERE'S NO BASIS FOR THIS DECISION MR DERSHOWITZ SAID PLAINLY IF
IT'S CHALLENGED IT WILL BE OVERTURNED

HE ALSO SAID THAT THE RULING DISSERVES THE INTEREST OF THE SCHROEDER
FAMILY BECAUSE IF SHE MADE MONEY FROM BOOK AND MOVIE DEALS THEY COULD SUE
HER FOR THE MONEY

TOLD THAT SUCH QUESTIONS WERE BEING RAISED JUDGE BANKS RESPONDED IN AN
INTERVIEW THAT THE SON OF SAM RULING DOES NOT APPLY TO HIS PROBATION ORDER
THE NEW YORK LAW REQUIRED CRIMINALS TO TURN OVER THE PROCEEDS FROM BOOKS TO
A FUND THAT COULD THEN BE DISTRIBUTED TO CRIME VICTIMS I'M NOT ORDERING
THIS DEFENDANT TO TURN OVER PROCEEDS TO ANYBODY THE JUDGE SAID I'M OUT
AND OUT PROHIBITING HER FROM PROFITING ON HER CRIMES  IF THAT DOESN'T
PASS CONSTITUTIONAL MUSTER I'M REALLY CONCERNED

PETER GELHAAR OF THE BOSTON LAW FIRM DONNELLY CONROY & GELHAAR SAID HE
WAS RETAINED BY THE SCHROEDER FAMILY TO TAKE ALL EFFORTS TO ENSURE THAT MS
POWER DOES NOT PROFIT FROM THE MURDER OF THEIR FATHER AND HUSBAND HE WOULD
NOT COMMENT ON WHETHER THE FAMILY PLANS TO FILE A CIVIL SUIT AGAINST MS
POWER

JUDGE BANKS AND MS POWER'S BOSTON LAWYER RIKKI KLIEMAN DID NOT RETURN
PHONE CALLS 9310070102 931007 LEISURE & ARTS BARBARA WALTERS MEETS M
BUTTERFLY LEMMON DOES MAMET  BY DOROTHY RABINOWITZ

PART ONE OF TONIGHT'S TWOPART MYSTERY SERIES INTRODUCES THE DONNISH
INSPECTOR RODERICK ALLEYN OF SCOTLAND YARD AS HE SETS ABOUT TRYING TO FIGURE
OUT WHO MURDERED A WEALTHY AGED ACTOR THE OXFORDTRAINED ALLEYN PATRICK
MALAHIDE IS THE CREATION OF NEW ZEALAND NOVELIST NGAIO MARSH FROM WHOSE
WORKS THE DRAMA WAS ADAPTED THE INSPECTOR HAS A LOT OF MURDER SUSPECTS TO
CHOOSE FROM IN THE ACTOR'S LARGE AND PREDATORY FAMILY WORRIED ABOUT THEIR
INHERITANCE THERE IS IN ADDITION THE ACTOR'S NUBILE FIANCEE AND ALSO
HANGING AROUND THE PREMISES ONE OF THE NASTIEST CHILD CHARACTERS SINCE THE
BAD SEED THIS MIDDLINGTOTEDIOUS PRODUCTION THE FIRST OF THREE
INSPECTOR ALLEYN MYSTERIES TO COME MAY PLEASE THE MOST ARDENT DEVOTEES OF
MYSTERY IT WILL LEAVE EVERYONE ELSE HOPING THINGS GET BETTER SOON

BARBARA WALTERS INTERROGATES BERNARD BOURSICOT THE FORMER FRENCH ATTACHE
WHO WON WORLDWIDE FAME OF SORTS FOR HIS 18YEAR LIAISON WITH A MALE
CHINESE OPERA SINGER WHO WAS UNKNOWN TO HIM MASQUERADING AS A WOMAN
MR BOURSICOT WHOSE STORY WAS IMMORTALIZED IN THE PLAY M BUTTERFLY
DISPLAYS ADMIRABLE PANACHE AS MS WALTERS PLIES HIM WITH QUERIES AMONG
THEM THE QUESTION OF HOW HE COULD HAVE AVOIDED NOTICING ALL THOSE YEARS
THAT THE LOVE OF HIS LIFE WAS A FULLY EQUIPPED MALE THE ROOM WAS VERY DARK
MR BOURSICOT VENTURES AMONG OTHER EXPLANATIONS ALSO GRACING THE OCCASION
IS THE OPERA SINGER HIMSELF WHO OBDURATELY REFUSES TO EXPLAIN ANYTHING TO
ANYONE ALL TOLD AN EXOTIC VIEWING EXPERIENCE

FOLLOWING THE FALL OF THE BERLIN WALL THE AMERICAN SOVIET YOUTH ORCHESTRA
COMPOSED OF BOTH RUSSIANS AND AMERICANS AND WITH LEONARD SLATKIN AS
PRINCIPAL CONDUCTOR SET OFF ON A WORLD TOUR THIS FILM DEVOTED TO THEIR
MUSICAL AND POLITICAL ADVENTURES FOLLOWS THE PLAYERS THROUGH THE CONCERT
HALLS OF EIGHT COUNTRIES

THIS NEW PRODUCTION OF DAVID MAMET'S 1977 PLAY STARS JACK LEMMON AS AN AGING
ACTOR AND MATTHEW BRODERICK AS THE SOMETIMES RELUCTANT RECIPIENT OF THE
OLDER MAN'S WISDOM MR BRODERICK'S COMMAND OF HIS ROLE IS CLEAR EARLY AND A
PLEASURE TO WATCH CATCH HIS FACE IN THE SCENE IN WHICH HE LISTENS
RESPECTFULLY TO THE OLDER MAN WHILE HIS ATTENTIONS SLOWLY SHIFT TO SOME
DANCERS A LIFE IN THE THEATER HAS ITS SPECIAL RULES OF DEPORTMENT THE
OLDER MAN WANTS THE YOUNGER TO KNOW IN THIS DARKLY INTELLIGENT AND MOST
OF THE TIME GRIPPING PRODUCTION DIRECTED BY GREGORY MOSHER MR LEMMON IS
IN TOP FORM THROUGHOUT THOUGH NEVER MORE SO THAN IN THE SCENES IN WHICH THE
ELDERLY ACTOR HE PORTRAYS TRIES BLUFFING HIS WAY THROUGH THE TERROR OF
FORGOTTEN LINES

THIS CHAPTER OF OUR CENTURY ABOUT THE AIR WAR AGAINST JAPAN AND GERMANY
 TRACES THE DEVELOPMENT OF THE MACHINES AND THE STRATEGIES THAT ULTIMATELY
MADE IT POSSIBLE TO SEND 1000PLANE ARMIES OVER ENEMY SKIES CAMPAIGN BY
CAMPAIGN THE FILM A LOU REDA PRODUCTION PROVIDES A RICH LUCID PICTURE OF
THE MAJOR AIR OFFENSIVES THE AVERAGE LIFE OF THE AMERICAN BOMBER
UNACCOMPANIED BY FIGHTER ESCORT WAS JUST 160 DAYS WE LEARN AS WE LEARN
THAT THE AVERAGE AGE OF THE HANDFUL OF MARINE PILOTS WHO HELD HENDERSON
FIELD AGAINST THE JAPANESE FOR THREE MONTHS WAS 20 ALL THIS IS TO SAY THAT
BEYOND ITS FACTS AND BATTLE STRATEGIES THIS DOCUMENTARY IS OF COURSE A
CHRONICLE OF VALOR

A FACTBASED STORY WE ARE TOLD OF A DISTURBED MAN'S OBSESSIVE PURSUIT OF A
YOUNG FLORIDA WOMAN LUANNE PONCE THE STORY BEGINS AT THE BEGINNING WITH
ASSURANCE A PORTENT OF THINGS TO COME AS MADEFORTV FILMS GO THIS IS
AN UNUSUALLY WELLSUSTAINED HIGHLY POTENT DRAMA THAT WILL HAVE A GOOD
NUMBER OF VIEWERS LONGING TO GET THEIR HANDS AROUND THE THROAT OF THE
BABBLING STALKER ADMIRABLY PLAYED BY TOM KURLANDER 9310070101 931007
INVESTING IN SOUTH AFRICA INVESTOR CURIOSITY IS HIGH BUT RETURN ISN'T
ENSURED  BY CONSTANCE MITCHELL STAFF REPORTER OF THE WALL STREET
JOURNAL

WASHINGTON IN FEBRUARY WHEN HERMAN NICKEL BEGAN ORGANIZING AN
INSTITUTIONAL INVESTOR CONFERENCE ON SOUTH AFRICA THE FORMER US
AMBASSADOR WORRIED THAT TOO FEW INVESTORS WOULD SHOW UP

FOR A WHILE IT WAS LOOKING LIKE THE CONFERENCE COULD BE A FLOP SAYS MR
NICKEL A VICE PRESIDENT AT GLOBAL BUSINESS ACCESS LTD BUT WHEN AFRICAN
NATIONAL CONGRESS PRESIDENT NELSON MANDELA CALLED FOR THE LIFTING OF
INTERNATIONAL SANCTIONS AGAINST SOUTH AFRICA JUST ONE WEEK PRIOR TO THE
CONFERENCE THE 500APERSON ONEDAY CONFERENCE WAS SUDDENLY THE HOTTEST
TICKET IN TOWN

ALTHOUGH 250 PEOPLE WERE EXPECTED TO ATTEND 480 SHOWED UP A SIGN THAT THE
ERA OF ISOLATION IS OVER FOR THE POLITICALLY TROUBLED SOUTH AFRICA AND THAT
INSTITUTIONAL INVESTORS ARE EAGER TO LEARN MORE ABOUT THE COUNTRY

THE INVESTOR RESPONSIBILITY RESEARCH CENTER A NONPROFIT ORGANIZATION THAT
KEEPS TABS ON CORPORATE AND INVESTOR INVOLVEMENT IN SOUTH AFRICA SAYS THAT
VIRTUALLY EVERY CITY AND STATE GOVERNMENT THAT HAS ANTIAPARTHEID
LEGISLATION ON THE BOOKS IS TALKING ABOUT LIFTING SANCTIONS AND IN MOST
CASE THE WHEELS OF GOVERNMENT ARE MOVING QUICKLY SAYS WILLIAM MOSES A
SENIOR ANALYST AT THE CENTER

LOS ANGELES WHICH HAS HAD THE TOUGHEST RESTRICTIONS RELATED TO INVESTING IN
SOUTH AFRICA REPEALED ITS LEGISLATION LAST WEEK AS DID MASSACHUSETTS NEW
YORK AND MANY OTHERS ALSO ARE CLEARING THE WAY FOR US INVESTORS AND
COMPANIES TO DO BUSINESS IN SOUTH AFRICA

BUT WHETHER INCREASED INTEREST ON THE PART OF INVESTORS ACTUALLY RESULTS IN
LARGE AMOUNTS OF US DOLLARS FLOWING INTO SOUTH AFRICAN COMPANIES AND INTO
THE COUNTRY'S STOCK MARKET WILL DEPEND ON MANY FACTORS INCLUDING THE SPEED
BY WHICH US CITIES AND STATES REPEAL ANTISOUTH AFRICAN LEGISLATION AND
MR MANDELA'S ABILITY TO CONVINCE INVESTORS THEIR MONEY WILL BE SAFE

WE'RE LONGTERM INVESTORS WHEN WE PUT MONEY INTO A COUNTRY WE WANT TO BE
SURE WE CAN PULL IT OUT WHEN WE WANT TO SAYS JAMES BUSH A TRUSTEE ON THE
BOARD ON THE BALTIMORE RETIREMENT SYSTEMS A BILL WAS RECENTLY INTRODUCED
INTO THE BALTIMORE CITY COUNCIL THAT WOULD REMOVE ITS ANTISOUTH AFRICA
LEGISLATION PASSAGE IS EXPECTED THIS MONTH

ERNEST J GLINKA ADMINISTRATOR OF THE 2 BILLION BALTIMORE RETIREMENT
SYSTEMS SAYS ONCE THE PROHIBITIONS ARE LIFTED HE BELIEVES THE PENSION
FUND'S TRUSTEES WILL FEEL VERY COMFORTABLE ABOUT IMMEDIATELY INVESTING IN
US COMPANIES WITH SOUTH AFRICAN BUSINESS TIES IT MIGHT TAKE A LITTLE
LONGER HE SAYS BEFORE THE FUND'S TRUSTEES AND MONEY MANAGERS DECIDE TO
PURCHASE INDIVIDUAL SOUTH AFRICAN STOCKS EVEN THOUGH TRUSTEES PROBABLY
WON'T DISCOURAGE SUCH INVESTMENTS

BUT OTHER INSTITUTIONAL INVESTORS SAY THEY WON'T INVEST IN INDIVIDUAL SOUTH
AFRICAN COMPANIES UNLESS THEY ARE DEEMED SOCIALLY RESPONSIBLE AND HAVE
AFFIRMATIVEACTION POLICIES AND OTHER PLANS TO CREATE EMPLOYMENT
OPPORTUNITIES FOR BLACK WORKERS

SOME INVESTMENT MANAGERS ARE TAKING NOVEL AND BOLD APPROACHES TO
INVESTING IN SOUTH AFRICA NCM CAPITAL MANAGEMENT GROUP INC A BLACK
USOWNED INVESTMENT FIRM HAS FORMED A SUBSIDIARY THAT WILL MANAGE MUTUAL
FUNDS THAT INVEST EXCLUSIVELY IN SOUTHERN AFRICAN COMPANIES THE FIRM NEW
AFRICA ADVISORS INC WILL MANAGE A RETAIL FUND AND A FUND FOR INSTITUTIONAL
INVESTORS THE RETAIL FUND WHICH COMPANY PRESIDENT MACEO SLOAN SAYS WILL BE
MARKETED BY A MAJOR MUTUAL FUND COMPANY WILL INVEST 80 TO 90 OF ITS
FUNDS IN PUBLIC COMPANIES LISTED ON EXCHANGES IN SOUTHERN AFRICA MOSTLY
STOCKS TRADED ON THE JOHANNESBURG STOCK EXCHANGE THE REMAINDER MR SLOAN
SAYS WILL BE INVESTED DIRECTLY INTO SMALLER COMPANIES OWNED BY BLACK SOUTH
AFRICANS

COLLEGES AND UNIVERSITIES ALSO ARE LIFTING THEIR RESTRICTIONS BUT IT'S
LIKELY TO BE MONTHS BEFORE MANY OF THEM START INVESTING THERE AGAIN

AT LEAST HALF OF THE 50 UNIVERSITIES WITH THE LARGEST ENDOWMENTS BANNED ALL
SOUTH AFRICANRELATED INVESTMENTS AND MANY OTHERS ADOPTED RESTRICTIONS
USUALLY RELATED TO THE SULLIVAN PRINCIPLES ACCORDING TO INVESTOR
RESPONSIBILITY RESEARCH CENTER

WESLEYAN UNIVERSITY IN MIDDLETOWN CONN ALREADY HAS REVERSED ITS POLICY
AGAINST INVESTING IN COMPANIES DOING BUSINESS IN SOUTH AFRICA BUT WHETHER
ANY OF THE UNIVERSITY'S 325 MILLION ENDOWMENT FINDS ITS WAY INTO THE STOCKS
OF INDIVIDUAL SOUTH AFRICAN COMPANIES WILL DEPEND LARGELY ON THE INVESTMENT
STRATEGY OF OUR MONEY MANAGERS SAYS A UNIVERSITY SPOKESMAN THEY WILL
APPROACH IT THE WAY THEY APPROACH OTHER EQUITY INVESTMENTS HE SAYS

BUT OTHER UNIVERSITIES PLAN TO TAKE A MORE MEASURED APPROACH AT DARTMOUTH
COLLEGE IN HANOVER NH A SPOKESMAN SAYS BECAUSE OF THE HISTORY THE
COLLEGE WILL BE VERY CAREFUL TO LISTEN TO ALL VOICES HE SAYS THE COLLEGE
HAS A COUNCIL ON INVESTOR RESPONSIBILITY THAT INCLUDES STUDENTS FACULTY
ALUMNI AND ADMINISTRATORS THAT WILL DISCUSS THE ISSUE NEXT MONTH THEN THEY
WILL RECOMMEND ACTION TO THE TRUSTEES AT THE NEXT QUARTERLY TRUSTEES'
MEETING

MANDELA'S COMMENTS HAVE ENORMOUS WEIGHT ON CAMPUSES BUT IT IS A COMPLEX
SITUATION THERE'S A LOT OF FACTFINDING THAT HAS TO BE DONE BEFORE YOU
REVERSE A DECISION THAT WAS MADE AFTER A DECADE OF HOT DISCUSSION THE
SPOKESMAN SAYS

WILLIAM M BULKELEY IN BOSTON CONTRIBUTED TO THIS ARTICLE 9310070100
931007 CIRCUIT CITY SALES RISE

RICHMOND VA CIRCUIT CITY STORES INC REPORTED THAT TOTAL SALES FOR
SEPTEMBER ROSE 26 FROM THE YEAREARLIER MONTH BUT THAT SALES FROM STORES
OPEN A YEAR OR LONGER GAINED ONLY 4

THE LARGE SPECIALTY RETAILER OF BRANDNAME CONSUMER ELECTRONICS AND
APPLIANCES SAID SALES REACHED 2993 MILLION FOR THE MONTH UP FROM 2377
MILLION LAST YEAR

RICHARD L SHARP CIRCUIT CITY'S PRESIDENT AND CHIEF EXECUTIVE OFFICER SAID
THAT TOTAL SALES REFLECTED THE CHAIN'S GEOGRAPHIC EXPANSION BUT THAT THE
MODEST SAMESTORE SALES REFLECTED CONTINUED WEAKNESS IN THE SOUTHERN
CALIFORNIA ECONOMY AND DIFFICULT COMPARISONS AGAINST LAST YEAR'S
HURRICANESTIMULATED SALES IN SOUTHERN FLORIDA

LAST MONTH CIRCUIT CITY OPENED ADDITIONAL SUPERSTORES IN BOSTON AND
CHICAGO 9310070099 931007 WHO'S NEWS RYDER SYSTEM INC

RYDER SYSTEM INC MIAMI STEVEN R GOLDBERG WAS ELECTED VICE PRESIDENT
AND TREASURER OF THIS TRANSPORTATION SERVICES CONCERN MR GOLDBERG 42
YEARS OLD HAD BEEN SENIOR ASSISTANT TREASURER HE SUCCEEDS ELLEN DOWNEY
WHO TOOK AN INDEFINITE LEAVE OF ABSENCE FOR PERSONAL REASONS ACCORDING TO
RYDER 9310070098 931007 NEW FORD MUSTANG PRICED TO COMPETE WITH GM'S
CAMARO  BY JACQUELINE MITCHELL STAFF REPORTER OF THE WALL STREET
JOURNAL

DETROIT FORD MOTOR CO IS REVVING UP ITS RESTYLED MUSTANG TO GO
HEADTOHEAD WITH GENERAL MOTORS CORP'S NEW CHEVROLET CAMARO

FORD PRICED ITS REDESIGNED BASE MUSTANG AT 13365 THAT'S MARGINALLY LOWER
THAN THE BASE CAMARO PRICED AT 13399 BOTH ARE EQUIPPED WITH V6 ENGINES
AND DRIVERSIDE AND PASSENGERSIDE AIRBAGS BUT UNLIKE THE MUSTANG THE
CAMARO ALSO HAS ANTILOCK BRAKES AS STANDARD EQUIPMENT

THE MUSTANG HASN'T BEEN A HIGHVOLUME SELLER FOR FORD BUT THE NEW DESIGN
WILL STRENGTHEN THE NO 2 AUTO MAKER'S POSITION IN THE SMALLSPECIALTY
MARKET SEGMENT FORD HAD LOST BUYERS IN THAT MARKET AS THE DESIGN OF THE
MUSTANG FAILED TO KEEP PACE WITH CHANGING CONSUMER TASTES NOW FORD IS
TRYING TO WIN THEM BACK

THE NEW SLEEK SPORTYLOOKING MUSTANG WHICH ROLLS INTO DEALER SHOWROOMS ON
DEC 9 HAS THE FAMILIAR LOOK OF CLASSIC MUSTANGS DATING BACK TO THE 1960S
BUT ITS STYLING IS A MAJOR DEPARTURE FROM THE MUSTANGS OF THE 1980S

THERE WAS NO TYPICAL MUSTANG BUYER BACK IN 1964 WHEN THE ORIGINAL CAR CAME
OUT SAID ROSS H ROBERTS A VICE PRESIDENT AND GENERAL MANAGER OF THE FORD
DIVISION IT WAS A HIT EVERYWHERE WE'RE COUNTING ON REKINDLING THAT
FERVOR

MR ROBERTS SAID LOYAL MUSTANG OWNERS AND ENTHUSIASTS HAD INPUT ON THE
DESIGN AND FEATURES OF THE NEW CAR THEY TOLD US THEY DIDN'T WANT A CAR
THAT LOOKED JAPANESE OR EUROPEAN THEY WANTED A CAR THAT MADE A STATEMENT
ABOUT BEING AMERICAN HE SAID

THE NEW BASE MUSTANG IS PRICED 23 OR 2505 HIGHER THAN THE 10860 1993
MODEL THE BIG JUMP IS LARGELY DUE TO THE ADDITION OF THE STANDARD
PASSENGERSIDE AIRBAG AND THE POWERFUL V6 ENGINE WHICH REPLACES A
FOURCYLINDER ENGINE THIS MARKS THE FIRST TOTAL REDESIGN OF THE MUSTANG
SINCE 1979

THE MUSTANG GT COUPE WITH ITS HUGE V8 ENGINE HAS A BASE PRICE OF 17280
ABOUT 501 HIGHER THAN THE COMPARABLE CAMARO Z28

THE BASE MUSTANG CONVERTIBLE IS PRICED AT 20160 UP 2460 OR 14 FROM
THE 1993 BASE PRICE OF 17700 THE TOPOFTHELINE MUSTANG GT CONVERTIBLE
EQUIPPED WITH A V8 IS PRICED AT 21970 ABOUT 970 ABOVE THE 1993 MODEL

FORD SAID IT EXPECTS CONVERTIBLES TO ACCOUNT FOR 30 OF MUSTANG SALESDOUBLE
THE CURRENT LEVEL CHEVROLET SAID IT WILL ANNOUNCE PRICES FOR ITS CAMARO
CONVERTIBLE BY DECEMBER

FORD ALSO RELEASED 1994 PRICES FOR ITS NEW ASPIRE SMALL CAR THE REPLACEMENT
FOR THE FESTIVA THE BASE THREEDOOR ASPIRE IS 8240 AND THE BASE FIVEDOOR
VERSION STARTS AT 8855 THE MODEL WON'T HIT SHOWROOMS UNTIL THE FIRST
QUARTER OF 1994 THE ASPIRE LIKE THE FESTIVA WILL BE BUILT FOR FORD BY KIA
MOTORS CORP IN SOUTH KOREA 9310070097 931007 INTERNATIONAL GERMAN RAW
STEEL OUTPUT FALLS

FRANKFURT GERMAN RAW STEEL PRODUCTION FELL 54 IN SEPTEMBER FROM A YEAR
EARLIER TO 332 MILLION METRIC TONS THE FEDERAL STATISTICS OFFICE REPORTED

OUTPUT IN THE FIRST NINE MONTHS OF THE YEAR TOTALED 2839 MILLION METRIC
TONS DOWN 9 FROM THE YEAREARLIER PERIOD

A METRIC TON IS EQUAL TO ABOUT 22046 POUNDS

RAW IRON OUTPUT DROPPED 35 DURING SEPTEMBER TO 238 MILLION METRIC TONS
IT IS DOWN 104 SO FAR THIS YEAR AT 2027 MILLION METRIC TONS

IN WESTERN GERMANY 3 MILLION METRIC TONS OF RAW STEEL WERE PRODUCED DURING
SEPTEMBER DOWN 71 FROM A YEAR EARLIER PRODUCTION FOR THE YEAR TO DATE IS
OFF 98 AT 2615 MILLION METRIC TONS

IN EASTERN GERMANY OUTPUT ROSE 144 IN SEPTEMBER TO 032 MILLION METRIC
TONS PRODUCTION FOR THE YEAR TO DATE IS UP 07 AT 224 MILLION METRIC
TONS 9310070096 931007 TECUMSEH PRODUCTS CO

TECUMSEH MICH TECUMSEH PRODUCTS CO SAID SOME 200 WORKERS WENT ON
STRIKE AT ITS DIE CASTINGS PLANT IN SHEBOYGAN FALLS WIS AT NOON YESTERDAY
AFTER THE COMPANY FAILED TO REACH A LABOR SETTLEMENT WITH THE UNITED AUTO
WORKERS UNION

PRODUCTION AT THE PLANT IS CONTINUING THROUGH THE USE OF SALARIED AND
MANAGEMENT EMPLOYEES TECUMSEH SAID THE COMPANY DECLINED TO SAY WHAT ISSUES
WERE HOLDING UP A NEW LABOR CONTRACT THE UNION COULDN'T BE REACHED FOR
COMMENT 9310070095 931007 INTERNATIONAL WORLD WIRE  COMPILED
BY RICHARD L HOLMAN

THE ASSOCIATION OF SOUTHEAST ASIAN NATIONS UNVEILED A PLAN TO RELAUNCH THE
STALLED ASEAN FREE TRADE AREA ON JAN 1 WITH COORDINATED TARIFF CUTS ON
HUNDREDS OF MANUFACTURED AND FARM PRODUCTS

EACH OF THE SIX MEMBER COUNTRIES IS TO COMPLETE BY NOV 1 ITS LIST OF
PRODUCTS ELIGIBLE FOR THE LEVY REDUCTIONS FAILURE TO AGREE ON SUCH LISTS
UNRAVELED THE EFFORT TO LAUNCH THE FREETRADE ZONE LAST JANUARY BUT KEENER
COMPETITION FOR FOREIGN INVESTMENT FROM OTHER COUNTRIES HELPED SPUR ASEAN
WHOSE MEMBERS ARE BRUNEI INDONESIA MALAYSIA THE PHILIPPINES SINGAPORE
AND THAILAND TO TRY AGAIN

THE PACT CALLS FOR CUTTING TARIFFS ON INTRAASEAN TRADE TO A MAXIMUM OF 5
BY THE YEAR 2000 FROM AS MUCH AS 50 NOW

TWO GERMAN HEALTH OFFICIALS WERE FIRED FOR WITHHOLDING REPORTS THAT 373 AIDS
PATIENTS MIGHT HAVE CONTRACTED THE HIV VIRUS FROM TRANSFUSIONS WITH TAINTED
BLOOD PATIENTS' GROUPS SAY MORE THAN 400 HEMOPHILIACS DIED OF AIDS BECAUSE
OF GOVERNMENT SLOWNESS IN SCREENING BLOOD FOR HIV BEFORE THIS WAS REQUIRED
BY LAW IN 1985 SUGGESTING A COVERUP THE HEALTH MINISTRY SAID THE FEDERAL
HEALTH AGENCY DIDN'T NOTIFY THE MINISTRY OF THE CONTAMINATED BLOOD IN
FRANCE WHERE ABOUT 1200 HEMOPHILIACS CONTRACTED HIV FROM INFECTED BLOOD
SEVERAL HEALTH OFFICIALS HAVE BEEN CONVICTED OF FRAUD AND CRIMINAL
NEGLIGENCE

PROMOTION OF THE PRIVATE SECTOR IS PIVOTAL FOR AFRICAN DEVELOPMENT WHILE
FOREIGN AID IS ONLY SUPPLEMENTARY  AND CATALYTIC ACCORDING TO A
JOINT DECLARATION BY 48 AFRICAN NATIONS PARTICIPANTS IN THE FIRST TOKYO
INTERNATIONAL CONFERENCE ON AFRICAN DEVELOPMENT PART OF JAPAN'S BID FOR
GREATER GLOBAL LEADERSHIP DECLARED THEY WOULD PURSUE GREATER DEMOCRACY
HUMAN RIGHTS PROTECTION AND ECONOMIC LIBERALIZATION WITH FOREIGN ASSISTANCE
PLAYING A SUPPORTING ROLE REPRESENTATIVES OF 13 DONOR NATIONS PROMISED TO
COORDINATE AID EFFORTS BUT DIDN'T MAKE NEW PLEDGES

SRI LANKAN PRESIDENT DINGIRI BANDA WIJETUNGE PROMISED TO APPOINT A HUMAN
RIGHTS COMMISSION TO INVESTIGATE THE DISAPPEARANCE OF THOUSANDS OF PEOPLE
DURING A MILITARY CRACKDOWN ON GOVERNMENT OPPONENTS PRIOR TO JANUARY 1991
HE MADE THE PLEDGE TO A VISITING EUROPEAN PARLIAMENTARY DELEGATION ONE OF
ITS MEMBERS SAID OPPOSITION AND HUMAN RIGHTS GROUPS HAVE DEMANDED THAT THE
GOVERNMENT INVESTIGATE THE DISAPPEARANCE OF YOUTHS FROM SOUTHERN SRI LANKA
DURING AN INSURRECTION BY THE PEOPLE'S LIBERATION FRONT OPPOSITION GROUPS
CLAIM THAT 60000 YOUTHS DISAPPEARED OR WERE KILLED IN THE CRACKDOWN

SPAIN'S DEBTRIDDEN RADIO AND TELEVISION CORPORATION APPROVED A PLAN TO
ELIMINATE 2700 JOBS OR ABOUT 27 OF ITS WORK FORCE STATEOWNED RTVE
WHICH OPERATES SPANISH TELEVISION TVE AND SPANISH NATIONAL RADIO RNE HAS
TOTAL DEBT OF 11 BILLION AND HAS HAD MAJOR LOSSES SINCE 1990 THE
DECISION TO SLASH JOBS WAS ATTRIBUTED TO INROADS BY PRIVATE BROADCASTING
STATIONS THAT HAVE REDUCED THE STATERUN COMPANY'S ONCEDOMINANT MARKET
SHARE

THAILAND'S GOVERNMENT DESTROYED CHAINSAWS IN A CAMPAIGN AGAINST ILLEGAL
LOGGING THE FORESTRY DEPARTMENT IN BANGKOK USED A ROADBUILDING ROLLER
MACHINE TO CRUSH 1862 SMALLENGINEPOWERED SAWS SEIZED FROM ILLEGAL CUTTERS
IN THE PAST TWO YEARS AN ADDITIONAL 10000 SAWS ARE TO BE DESTROYED LATER
THE DEMONSTRATION WAS INTENDED TO PROVIDE MORAL SUPPORT TO FORESTRY
OFFICIALS WHO HAVE RISKED THEIR LIVES PROTECTING FORESTS WHICH LAST YEAR
COVERED A FOURTH OF THAILAND TO COMBAT RAPID DEFORESTATION THAILAND BANNED
LOGGING IN 1989 BUT ENFORCEMENT HAS BEEN UNEVEN AND COMPROMISED BY BRIBES
FROM OUTLAW LOGGERS TO OFFICIALS

FORMER JAPANESE BUREAUCRATS SERVE ON THE BOARDS OF 23 OF MAJOR COMPANIES IN
THE COUNTRY A SURVEY FOUND UNDERSCORING CLOSE TIES BETWEEN GOVERNMENT
MINISTRIES AND BUSINESSES UNDER THEIR JURISDICTION

IN THE SURVEY BY TOYO KEIZAI INC OF 2175 COMPANIES 498 HAD 1068 FORMER
BUREAUCRATS AS DIRECTORS AS OF JULY 31

PEOPLE WHO HAD WORKED IN THE FINANCE MINISTRY DOMINATED THE LIST WITH 188
OF THEM ON BOARDS OF BANKS BROKERAGE FIRMS AND INSURANCE COMPANIES AND 174
FORMER CONSTRUCTION MINISTRY CIVIL SERVANTS WERE DIRECTORS OF CONSTRUCTION
COMPANIES TIES BETWEEN THE CONSTRUCTION AGENCY AND THE INDUSTRY HAVE
ERUPTED RECENTLY IN SCANDALS INVOLVING BIDS ON PUBLICWORKS PROJECTS

ONCE PUBLIC SERVANTS RETIRE JAPANESE LAW BANS THEM FROM JOBS THAT RELATE TO
THEIR OFFICIAL DUTIES IN THE PREVIOUS FIVE YEARS BUT A LOOPHOLE DOESN'T
GOVERN PUBLIC CORPORATIONS WHERE MANY FORMER BUREAUCRATS FIND DIRECTORSHIPS
BEFORE MOVING TO PRIVATE COMPANIES' BOARDS

THE INTERNATIONAL MONETARY FUND APPROVED A 223 MILLION LOAN TO VIETNAM TO
HELP BUILD A MARKETORIENTED ECONOMY VIETNAM LAST WEEK BECAME ELIGIBLE FOR
NEW MULTILATERAL FUNDING THE FIRST SUCH AID IN 12 YEARS BY PAYING OFF 140
MILLION IN IMF LOAN ARREARS WITH HELP FROM DONOR COUNTRIES INCLUDING FRANCE
AND JAPAN  AT LEAST 15000 RAIL WORKERS FROM ACROSS FRANCE MARCHED
THROUGH PARIS TO PROTEST A PLANNED WAGE FREEZE BY THE STATERUN RAIL
COMPANY THE DEMONSTRATION WAS ENDORSED BY ALL SEVEN MAJOR UNIONS
REPRESENTING RAIL EMPLOYEES 9310070094 931007 INVESTING IN SOUTH AFRICA
 AFTER YEARS OF LAYING GROUNDWORK DIGITAL ENTERS INTO GROWING MARKET 
 BY JOHN R WILKE STAFF REPORTER OF THE WALL STREET JOURNAL

DIGITAL EQUIPMENT CORP THE SECONDLARGEST US COMPUTER MAKER DECIDED 21
YEARS AGO TO STAY OUT OF SOUTH AFRICA IN JULY IT OPENED FOR BUSINESS THERE
WITH PERSONAL BACKING FROM NELSON MANDELA

BUT DIGITAL HAD BEEN LAYING THE GROUNDWORK FOR THREE YEARS SALLIE CRENSHAW
A PARISBASED DIGITAL MANAGER WHO MARCHED IN ANTIAPARTHEID DEMONSTRATIONS
YEARS AGO MADE IT HAPPEN SHE WENT TO JOHANNESBURG REPEATEDLY OVER THE
THREE YEARS BEFORE DIGITAL'S ENTRY AND MET WITH A RAINBOW OF BUSINESS
GOVERNMENT AND POLITICAL LEADERSFROM THE PAN AFRICANIST CONGRESS ITS
MOTTO ONE SETTLER ONE BULLET TO THE CONSERVATIVE PARTY INCLUDING TWO
MEETINGS WITH MR MANDELA

DIGITAL DID EXTENSIVE MARKET RESEARCH CONCLUDING THAT SOUTH AFRICA OFFERED
A 17 BILLIONAYEAR COMPUTER MARKET GROWING AT 15 TO 20 A YEAR DESPITE A
DEEP RECESSION INFORMATION TECHNOLOGY WAS CLEARLY ONE OF THE FEW BRIGHT
SPOTS IN THE ECONOMY SHE SAYS

AND SEVERAL OF DIGITAL'S MULTINATIONAL CUSTOMERS WERE ASKING IT TO SERVE
THEIR SOUTH AFRICAN OPERATIONS IT WAS A STRONG PULL SHE SAYS WE NEEDED
TO DECIDE WHEN THE RIGHT MOMENT WOULD BE

IN FEBRUARY A TWOHOUR LUNCH WITH MR MANDELA CONVINCED HER AND JOHN SIMS
A FORMER DIGITAL VICE PRESIDENT WHO PLAYED A KEY ADVOCATE'S ROLE AT
DIGITAL'S MAYNARD MASS HEADQUARTERS THAT THE TIME WAS RIGHT

HE WAS VERY GRACIOUS WHEN I SAID IT WAS AN HONOR TO MEET HIM HE SAID NO
THE HONOR IS MINE' LAUDING DIGITAL'S EFFORTS TO KEEP ITS PRODUCTS OUT OF
THE COUNTRY SHE RECALLS

MR MANDELA SHE SAYS EXPLAINED THAT HE UNDERSTOOD SOME WESTERN BUSINESSES
WOULD BE CONCERNED ABOUT THE ANC'S MARXIST PAST BUT SAID THAT HE NOW
UNDERSTOOD THE KIND OF BUSINESS CLIMATE THAT WOULD DRAW FOREIGN INVESTMENT
MR MANDELA SAID HE INTENDED TO PROVIDE THAT CLIMATE HE ADDED ACCORDING TO
MS CRENSHAW THAT IT PAINED HIM THAT DIGITAL WHOSE ENTRY INTO SOUTH AFRICA
HE WELCOMED MIGHT BE HURT BY THE REMAINING STATE AND LOCAL SANCTIONS STILL
IN PLACE IN THE US

WHEN DIGITAL SAID IN MAY THAT IT WOULD ENTER SOUTH AFRICA TT NKOBI A TOP
ANC OFFICIAL CALLED IT A MOMENTOUS OCCASION

HE PRAISED DIGITAL'S DECISION TO WORK WITH BHEKISIZWE COMPUTER SYSTEMS THE
FIRST BLACKOWNED COMPUTER COMPANY THERE SAYING IT LAYS THE FOUNDATION FOR
BLACK EMPOWERMENT IN INFORMATION SYSTEMS A FIELD CRITICAL TO MODERNIZING
THE COUNTRY'S INFRASTRUCTURE

UNTIL NOW INFORMATION TECHNOLOGY IN SOUTH AFRICA HAS BEEN YET ANOTHER
WHITE MALE CLUB HE SAID SADLY WE NOTE THAT CERTAIN OTHER COMPANIES SO
EAGER TO RETURN TO SOUTH AFRICA THAT THEIR REENTRY HAS FOLLOWED THE TRIED
LINES OF ESTABLISHED WHITE BUSINESS

BUT DIGITAL'S ENTRY INTO SOUTH AFRICA SUGGESTS ANOTHER BUSINESS
ESTABLISHMENT IS TAKING HOLD BHEKISIZWE COMPUTER IS 45OWNED BY THEBE
INVESTMENT CORP AN ECONOMICDEVELOPMENT GROUP WHOSE MISSION IS TO BUILD
BLACK BUSINESSES AS APARTHEID IS DISMANTLED IT IS OWNED BY A TRUST
CONTROLLED BY AFRICAN NATIONAL CONGRESS LEADERS INCLUDING MR MANDELA AND
WALTER SISULU ACCORDING TO THE STAR A JOHANNESBURG NEWSPAPER 9310070093
931007 WHO'S NEWS SHOWSCAN NAMES TWO TO OFFICE OF CHAIRMAN FILLING
VACATED POSTS

CULVER CITY CALIF SHOWSCAN CORP SAID IT NAMED TWO NEW MEMBERS TO ITS
OFFICE OF THE CHAIRMAN AFTER TWO OFFICERS OF THE COMPANY RESIGNED

SHOWSCAN WHICH MARKETS MOTION SIMULATORS AND A FILM PROCESS TO
ENTERTAINMENT CENTERS SAID CHARLES B MOSS JR AND WILLIAM FRANK A
CONSULTANT WERE NAMED TO THE FOURPERSON OFFICE OF THE CHAIRMAN WHERE THEY
JOIN WILLIAM D EBERLE CHAIRMAN AND RAYMOND FOX 62 YEARS OLD A DIRECTOR
MR MOSS ALSO WAS NAMED A DIRECTOR ALONG WITH THOMAS DIBENEDETTO MR MOSS
BASED IN ASPEN COLO HAS INTERESTS IN MOVIE THEATERS IN NEW YORK MR
DIBENEDETTO IS AN INVESTMENT EXECUTIVE SPECIALIZING IN INTERNATIONAL
FINANCE

TWO MEMBERS OF THE OFFICE OF THE CHAIRMAN RESIGNED THEY ARE JACK OTTAWAY
48 EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER AND JAMES
SORENSON 52 SENIOR VICE PRESIDENT FINANCE BOTH ALSO RELINQUISHED THEIR
SEATS ON THE BOARD OF DIRECTORS GREG BETZ 44 WHO HAD BEEN VICE PRESIDENT
CONTROLLER WAS NAMED DIRECTOR OF FINANCE ROY H AARON 64 WHO RESIGNED AS
PRESIDENT AND CHIEF EXECUTIVE OFFICER IN MAY ALSO RESIGNED AS A DIRECTOR
ALTHOUGH THE COMPANY SAID IT DIDN'T PLAN TO REPLACE MR OTTAWAY IT STILL IS
SEEKING A PRESIDENT AND CHIEF EXECUTIVE 9310070092 931007 ASPEN
BANCSHARES ACQUISITION

ASPEN COLO ASPEN BANCSHARES INC SAID IT COMPLETED ITS ACQUISITION OF
CENTENNIAL SAVINGS BANK A DURANGO COLO THRIFT WITH ASSETS OF 167
MILLION AS OF JUNE 30 FOR 174 MILLION

ASPEN AND CENTENNIAL SPECIALIZE IN MAKING SINGLEFAMILY MORTGAGE LOANS
9310070091 931007 MEDEX PROFIT ESTIMATE

HILLIARD OHIO MEDEX INC SAID THAT BASED ON PRELIMINARY INFORMATION
THE COMPANY ESTIMATES EARNINGS IN THE FIRST QUARTER ENDED LAST THURSDAY
EXCEEDED THOSE OF A YEAR EARLIER WHEN THE COMPANY EARNED 16 CENTS A SHARE

IN THE 1992 QUARTER MEDEX HAD NET INCOME OF 986673 ON SALES OF 204
MILLION THE COMPANY MANUFACTURES AND DISTRIBUTES DISPOSABLE MEDICAL
PRODUCTS FOR CRITICAL AND ACUTE CARE 9310070090 931007 WHO'S NEWS 
UNIGENE LABORATORIES INC

UNIGENE LABORATORIES INC FAIRFIELD NJ ROBERT G RUARK 52 YEARS
OLD WAS ELECTED A DIRECTOR OF THIS BIOTECHNOLOGY RESEARCH COMPANY
SUCCEEDING A DIRECTOR WHO IS RETIRING FROM THE SIXPERSON BOARD
9310070089 931007 WHO'S NEWS CIBAGEIGY LTD

CIBAGEIGY LTD BASEL SWITZERLAND DAVID G TAYLOR 46 YEARS OLD WAS
APPOINTED VICE PRESIDENT OF PUBLIC AFFAIRS AND COMMUNICATIONS FOR CIBAGEIGY
CORP ARDSLEY NY THE US UNIT OF THIS DRUG COMPANY HE SUCCEEDS ROBERT
FLETCHER WHO WILL BE ON SPECIAL ASSIGNMENT FOR THE PARENT 9310070088
931007 SEC SHORTENS STOCK SETTLEMENT TIME TO THREE DAYS FROM FIVE AS OF
JUNE 95  BY CHRISTI HARLAN STAFF REPORTER OF THE WALL STREET
JOURNAL

WASHINGTON THE SECURITIES AND EXCHANGE COMMISSION SHORTENED THE TIME
INVESTORS MUST SETTLE THEIR STOCK TRANSACTIONS TO THREE DAYS FROM FIVE DAYS

THE COMMISSION ALSO PROPOSED A RULE THAT WOULD REQUIRE BROKERS TO INFORM
THEIR CUSTOMERS OF ANY CASH OR OTHER INDUCEMENTS GIVEN TO THEM BY MARKET
MAKERS AND STOCK SPECIALISTS FOR STEERING BUYANDSELL ORDERS THEIR WAY

THE TWO MEASURES WOULD HAVE THE BIGGEST IMPACT ON RETAIL INVESTORS AND THE
BROKERAGE FIRMS THAT SERVE THEM THE SHORTENED SETTLEMENT CYCLE KNOWN AS
TPLUS3 FOR TRADE DAY PLUS THREE WON'T GO INTO EFFECT UNTIL JUNE 1995
IN PART TO GIVE INVESTORS AND BROKERAGE FIRMS TIME TO ADJUST TO THE CHANGE

CURRENTLY INVESTORS WHO PLACE AN ORDER TO BUY OR SELL STOCKS HAVE FIVE FULL
DAYS TO DELIVER THEIR CHECK OR SHARES TO A BROKER WHILE INVESTORS WHO KEEP
CASH ACCOUNTS WITH THEIR BROKERS AND DON'T HOLD THE ACTUAL STOCK
CERTIFICATES AREN'T LIKELY TO BE BOTHERED MUCH BY THE CHANGE TPLUS3 IS
EXPECTED TO DISCOMBOBULATE PEOPLE WHO DON'T HAVE CASH ACCOUNTS AND DO INSIST
ON HOLDING CERTIFICATES THAT'S ABOUT 20 OF THE RETAIL INVESTORS IN THE
US ACCORDING TO INDUSTRY ESTIMATES

I DON'T SEE ANYTHING GOOD FOR THE INDIVIDUAL INVESTOR OUT OF THIS
DECLARED ROBERT C DISSETT DIRECTOR OF THE OPERATIONS DIVISION OF AG
EDWARDS & SONS INC THE ST LOUISBASED FIRM WAS AMONG THE LARGEST TO OBJECT
TO THE SHORTENED SETTLEMENT CYCLE

MR DISSETT CONTENDS TPLUS3 IS GOING TO INCONVENIENCE RETAIL INVESTORS
AND HE WARNED IT'S GOING TO COST US THE WHOLE STREET A LOT OF MONEY
THAT WILL HAVE TO BE ABSORBED BY THE CUSTOMER A CHUNK OF THOSE FUNDS WOULD
GO TOWARD REPROGRAMMING COMPUTERS TO SPIT OUT CONFIRMATION STATEMENTS MORE
QUICKLY AMONG OTHER THINGS HE SAID

OTHER BIG BROKERAGE FIRMS PREDICT THE COSTS WILL BE WORTH IT THE CHANGE
PRIMARILY IS TO PREVENT BIG SECURITIES BUYERS FROM RENEGING ON TRANSACTIONS
DURING TIMES OF MARKET VOLATILITY THERE WERE MANY SUCH OPPORTUNITIES DURING
THE 1987 MARKET CRASH AND TPLUS3 IS ONE OF THE REFORMS GROWING OUT OF
THAT

WE THINK THAT ANYTHING THAT INCREASES SAFETY AND SOUNDNESS IN INDUSTRY
SYSTEMS IS TO THE BENEFIT OF THE RETAIL INVESTOR SAID RONALD W READMOND
SENIOR EXECUTIVE VICE PRESIDENT AT CHARLES SCHWAB CORP IN SAN FRANCISCO

THE BROKERAGE FIRMS ARE MORE CLOSELY ALIGNED ON THE ISSUE OF DISCLOSING THE
SOCALLED PAYMENT FOR ORDER FLOW THE INDUCEMENTS OFFERED BY MARKET MAKERS
AND STOCK SPECIALISTS IN EXCHANGE FOR STREAMS OF BUYANDSELL ORDERS

BOTH AG EDWARDS AND SCHWAB ACCEPT PAYMENTS FOR ORDER FLOW AND SAID THEY'RE
NOT WORRIED ABOUT INFORMING CUSTOMERS ON AN ORDERBYORDER BASIS MARKET
MAKERS TYPICALLY OFFER ONE TO THREE CENTS A SHARE FOR ORDERS SO MOST
CONFIRMATION STATEMENTS WON'T REVEAL EYEPOPPING PAYMENTS

BUT SCHWAB'S MR READMOND SAID HE IS SOMEWHAT TROUBLED BY ANOTHER PART OF
THE SEC PROPOSAL THAT WOULD REQUIRE BROKERAGE FIRMS TO PROVIDE INVESTORS
WITH ANNUAL STATEMENTS DISCLOSING THE TOTAL AMOUNT OF CASH RECEIVED AND
NARRATIVE DESCRIPTIONS OF OTHER INDUCEMENTS SUCH AS LOWCOST OR NOCOST
ANALYST REPORTS FOR ORDER FLOW I THINK THERE NEEDS TO BE SOME CAREFUL
PUBLIC EDUCATION HE SAID ADDING THAT SCHWAB FIRMLY BELIEVES THE CUSTOMER
HAS THE RIGHT TO KNOW OF SUCH PRACTICES

THE ULTIMATE TEST ACCORDING TO MR READMOND IS DID THE INVESTOR GET THE
BEST EXECUTION POSSIBLE AT THE TIME THE TRADE WAS DONE

THE SEC WILL COLLECT COMMENTS ON THE DISCLOSURE RULE THROUGH DEC 3 THEN
DECIDE WHAT IF ANY MODIFICATIONS SHOULD BE MADE BEFORE ADOPTING A RULE

ON A RELATED ISSUE THE COMMISSION IS ALSO ASKING FOR COMMENT ON WHETHER
SECURITIES SHOULD BE PRICED USING DECIMALS RATHER THAN FRACTIONS SOME
MARKETPLACE STUDENTS SUGGEST THAT DECIMAL PRICING WOULD NARROW THE SPREAD
BETWEEN BID AND ASK PRICES AND MAKE PAYMENT FOR ORDER FLOW LESS PRACTICAL

SEPARATELY THE COMMISSION MODIFIED CERTAIN TRADING RESTRICTIONS TO EASE THE
ENTRY OF HIGHLY CAPITALIZED GERMAN COMPANIES TO LISTING ON US EXCHANGES
THE MODIFICATION ALLOWS GERMAN UNDERWRITERS TO CONTINUE TRADING IN THE
COMPANIES' STOCK ON GERMAN EXCHANGES WHILE THE COMPANIES' SECURITIES ARE
BEING DISTRIBUTED IN THE US

THE CHANGE APPLIES TO ABOUT 30 GERMAN COMPANIES WITH MARKET CAPITALIZATION
OF 1 BILLION OR MORE AND WHOSE AVERAGE DAILY TRADING VOLUME EXCEEDS FIVE
MILLION SHARES 9310070087 931007 REVIEW & OUTLOOK EDITORIAL IT'S THE
ECONOMY JAMES

PRESIDENT CLINTON'S CAMPAIGN STRATEGIST JAMES CARVILLE HAS BEEN CROWING
LATELY THAT TAX CUTTING IS POLITICALLY DEAD MR CARVILLE POINTS TO NEW
JERSEY WHERE ANOTHER OF HIS CLIENTS TAXRAISING GOVERNOR JIM FLORIO HAS
PULLED AHEAD OF REPUBLICAN CHALLENGER CHRISTIE WHITMAN WHO RECENTLY STAKED
HER COMEBACK CHANCES ON A GOOD TAX CUT

IT'S ONLY NATURAL THAT MR CARVILLE WOULD WANT TO KILL TAX CUTTING OF
COURSE SINCE IN 1996 HE'LL BE DEFENDING MR CLINTON'S TAX INCREASES
THERE'S NOTHING LIKE DISARMING YOUR OPPOSITION BEFORE THE WAR AND MR
CARVILLE'S NEW JERSEY STRATEGY MAY BE SOMETHING OF A DRY RUN FOR 1996
NOVEMBER'S NEW JERSEY OUTCOME MAY INDEED OFFER NATIONAL LESSONS THOUGH
PERHAPS NOT THE ONES MR CARVILLE IS SPINNING NOW A MONTH BEFORE ANYONE
VOTES

SO FAR WE'D SAY THE CONTEST SHOWS THAT A BRASSY INCUMBENT GOVERNOR WITH A
TAKENOPRISONERS STRATEGY CAN GET A LEG UP ON A CHALLENGER WHO HASN'T YET
CONVINCED SKEPTICAL VOTERS SHE STANDS FOR VERY MUCH OR WOULD ACTUALLY
DELIVER WHAT SHE PROMISES MR FLORIO'S REELECTION PLAN HAS BEEN TO DEFEND
HIS OWN TAX HIKE AS AN ACT OF COURAGE THEN QUICKLY CHANGE THE SUBJECT TO
CUTTING UP MRS WHITMAN MR CARVILLE HAS MR FLORIO SNICKERING AT MRS
WHITMAN'S WELLTODO BACKGROUND CARPING ABOUT WELFARE AND HYPING GUN
CONTROL AS IF YOU COULD SOLVE NEW JERSEY'S CRIME PROBLEMS BY ENACTING THE
GUNCONTROL LAWS ALREADY ON THE BOOKS IN THE BRONX OR WASHINGTON DC

HE'S BEEN ABLE TO GET AWAY WITH THIS BECAUSE MRS WHITMAN HAS LET HIM THE
REPUBLICAN IN EFFECT TOOK A LONG SUMMER VACATION WHILE MR FLORIO POUNDED
AWAY AT HER INNOCENT IF UNWISE VISIT TO A GUN STORE THEN WHEN MR FLORIO
TOUTED WELFARE REFORM MRS WHITMAN CALLED THE PROPOSAL DEGRADING MR
FLORIO'S LATEST TV AD SAYS THAT ON WELFARE REFORM MRS WHITMAN IS OUT TO
LUNCH THUS ON BOTH CRIME AND PERSONAL RESPONSIBILITY MR FLORIO HAS
MANAGED TO GET TO MRS WHITMAN'S RIGHT

IT'S BEEN FASCINATING TO WATCH MR CARVILLE TRY TO MAKE THE JERSEY RACE A
CONTEST ABOUT VALUES ONLY A YEAR AGO IN THE PRESIDENTIAL RACE THE
CARVILLE MOTTO WAS IT'S THE ECONOMY STUPID THIS YEAR ANYTHING BUT NEW
JERSEY'S DREADFUL ECONOMIC RECORD THE PAST FOUR YEARS

MRS WHITMAN WAS TRYING TO SHIFT THE DEBATE BACK TO THE ECONOMY BY OFFERING
HER THREEYEAR 30 TAX CUT PLAN LATE LAST MONTH AS WE SAID AT THE TIME
HER PLAN MAKES SENSE BOTH AS POLICY TO ESCAPE THE TAX AUSTERITY TRAP AND AS
POLITICS TO TARGET MR FLORIO'S BIGGEST WEAKNESS NEW JERSEY BOOMED IN THE
1980S ONLY TO SUFFER MORE IN THE PAST FOUR YEARS THAN THE REST OF THE US
LOSING SOME 277000 JOBS WHILE THE NATION GAINED 32 MILLION YOU CAN ARGUE
ABOUT VOODOO ECONOMICS NATIONALLY BUT THERE IS LITTLE ROOM FOR DOUBT THAT
KEEPING A STATE'S TAX RATE LOW WILL HELP ITS ECONOMIC DEVELOPMENT

BUT MRS WHITMAN IS HAVING A HARD TIME OVERCOMING THE CYNICAL ATTITUDE
VOTERS NOW TAKE TO ANY POLITICAL PROMISE ESPECIALLY SO IN NEW JERSEY WHERE
RESIDENTS NOT ONLY SAW GEORGE BUSH BREAK HIS NONEWTAX PLEDGE BUT GOVERNOR
FLORIO HIMSELF BOOST TAXES IMMEDIATELY AFTER A CAMPAIGN IN WHICH HE SAID HE
SAW NO NEED TO DO SO

SHE HURT HER OWN CASE BY WAITING SO LONG TO OFFER HER TAX PLAN THUS MAKING
IT SEEM OPPORTUNISTIC AND AS RECENTLY AS JUNE MR FLORIO HAD TRIPPED HER
UP BY FLIRTING WITH A TAX CUT FLOATED BY THE STATE'S GOPCONTROLLED
LEGISLATURE MRS WHITMAN DENOUNCED THAT TAX TALK AS A MERE ELECTION PLOY A
REMARK MR CARVILLE HAS REPLAYED IN ADS ATTACKING THE WHITMAN TAX CUT WORSE
YET REPUBLICANS WON BOTH HOUSES OF THE STATE LEGISLATURE IN 1991 IN
REACTION TO MR FLORIO'S PROMISEBREAKING BUT HAVE SINCE RENEGED ON THEIR
PROMISE TO ALLOW REFERENDUMS RECENTLY THE STATE SENATE BALKED AT TERM
LIMITS WHICH MR FLORIO SHREWDLY CLAIMS TO SUPPORT

WITH A MONTH LEFT IN THE CAMPAIGN THE POLLS SHOW THAT VOTERS DISLIKE MR
FLORIO ENOUGH THAT MRS WHITMAN STILL HAS A CHANCE SOME OF HER ADVISERS NOW
WANT HER SIMPLY TO TEAR THE BARK OFF MR FLORIO BUT WE DOUBT THIS ALONE
WILL GET HER TO THE FINISH LINE FAR FROM GIVING UP ON TAX CUTS SHE HAS TO
PERSUADE VOTERS SHE'S SERIOUS ABOUT THEM

IF SHE FAILS SOME REPUBLICANS MAY CONCLUDE THEY SHOULD FORGET ABOUT CUTTING
TAXES WHICH WOULD CERTAINLY MAKE MR CARVILLE'S DAY OUR OWN JUDGMENT IS
THAT VOTERS CAN STILL BE PERSUADED BUT ONLY BY A CANDIDATE WHO SEEMS TO
BELIEVE WHAT SHE OR HE SAYS 9310070086 931007 WHITE HOUSE AIDE SAYS
HEALTH REFORM MAY CAUSE SOME JOB LOSS IN EARLY YEARS  BY RICK
WARTZMAN AND HILARY STOUT STAFF REPORTERS OF THE WALL STREET JOURNAL

WASHINGTON A TOP WHITE HOUSE ECONOMIC AIDE ACKNOWLEDGED THAT THE CLINTON
HEALTH PLAN COULD CAUSE THE NUMBER OF JOBS IN THE ECONOMY TO FALL IN ITS
EARLY YEARS BY AS MANY AS 600000

BUT LAURA TYSON THE CHAIRWOMAN OF THE PRESIDENT'S COUNCIL OF ECONOMIC
ADVISERS SAID AT A WHITE HOUSE BRIEFING THERE ALSO IS A CHANCE THAT A
NUMBER OF JOBS COULD BE CREATED EITHER WAY THE NET EFFECT ON EMPLOYMENT
IS LIKELY TO BE VERY SMALL MS TYSON SAID I CAN GENERATE A NUMBER FOR
YOU ON EITHER SIDE

ABOUT 120 MILLION INDIVIDUALS IN THE US COUNT THEMSELVES AS EMPLOYED
PLUS OR MINUS HALF A PERCENTAGE POINT OF TOTAL EMPLOYMENT IS BASICALLY A
ROUNDING ERROR MS TYSON SAID

MS TYSON'S COMMENTS WHICH UNDERSCORE REMARKS SHE MADE IN AN INTERVIEW LAST
WEEK CAME IN RESPONSE TO CHALLENGERS WHO ASSERT THAT THE CLINTON HEALTH
PLAN WOULD RESULT IN GREAT JOB LOSSES PERHAPS NUMBERING IN THE MILLIONS
STILL EVEN THOUGH MS TYSON TOOK ISSUE WITH THOSE ESTIMATES HER
UNWILLINGNESS TO SAY THE CLINTON HEALTH PLAN IS A SURE JOB WINNER IN THE
SHORT RUN COULD BE A POLITICAL PROBLEM FOR THE ADMINISTRATION

MEANWHILE YESTERDAY A GROUP OF 27 DEMOCRATS AND 19 REPUBLICANS IN THE HOUSE
INTRODUCED THEIR OWN HEALTHCARE BILL WHICH THEY TRIED TO CAST AS A
COMPROMISE BETWEEN THE CLINTON HEALTH PLAN AND A BILL OFFERED BY MODERATE
SENATE REPUBLICANS

OUR BILL IS SQUARELY IN THE MIDDLE AND IS THE ONLY ONE WITH SIGNIFICANT
BIPARTISAN SUPPORT SAID REP JIM COOPER D TENN ONE OF THE CHIEF
SPONSORS OF THE BILL HE INTRODUCED SIMILAR LEGISLATION LAST YEAR

THE BILL CALLED THE MANAGED COMPETITION ACT OF 1993 INCORPORATES A NUMBER
OF THE MARKETSTIMULATING FEATURES OF THE CLINTON AND REPUBLICAN BILLS
INCLUDING THE ESTABLISHMENT OF INSURANCEBUYING POOLS AND LIKE THE WHITE
HOUSE AND GOP PLANS IT WOULD PROHIBIT INSURERS FROM DENYING COVERAGE TO
PEOPLE CONSIDERED HIGH MEDICAL RISKS

THE COOPER BILL HOWEVER LACKS SOME OF THE CONTROVERSIAL REGULATION
PROPOSALS IN THE CLINTON PLAN SUCH AS GOVERNMENTIMPOSED CAPS ON HEALTH
INSURANCE PREMIUMS AND A REQUIREMENT THAT ALL EMPLOYERS HELP PAY FOR THEIR
WORKERS' HEALTH INSURANCE

AND UNLIKE EITHER THE REPUBLICAN PLAN WHICH WOULD REQUIRE ALL INDIVIDUALS
TO OBTAIN INSURANCE OR THE WHITE HOUSE PROPOSAL THE MANAGED COMPETITION
ACT WOULDN'T PROMISE UNIVERSAL COVERAGE INSTEAD IT WOULD OFFER GOVERNMENT
ASSISTANCE TO HELP PEOPLE BELOW 200 OF THE FEDERAL POVERTY LINE AFFORD
HEALTH INSURANCE

MS TYSON'S COMMENTS CAME AS THE ADMINISTRATION FINDS ITSELF UNDER
INCREASING ATTACK OVER THE ECONOMIC ASSUMPTIONS THAT LIE BEHIND THE
PRESIDENT'S HEALTHCARE PLAN IN A COUNTEROFFENSIVE SHE WAS JOINED BY
ECONOMICPOLICY ADVISER ROBERT RUBIN TREASURY SECRETARY LLOYD BENTSEN
LABOR SECRETARY ROBERT REICH AND THE HEAD OF THE SMALL BUSINESS
ADMINISTRATION ERSKINE BOWLES

THE OFFICIALS CAUTIONED THAT EXISTING ECONOMIC MODELS AREN'T CAPABLE OF
GAUGING THE PRECISE EMPLOYMENT EFFECTS OF THE CLINTON PLAN YET AT THE SAME
TIME THEY STRESSED THAT THERE ARE MANY POSITIVE ELEMENTS FOR JOB GROWTH IN
THE PROPOSAL THE MOST IMPORTANT OF WHICH ARE STEPS TO STEM THE RAPID RISE
IN HEALTHCARE COSTS FOR BUSINESSES IF THE PLAN SUCCEEDS IN BRINGING
MEDICAL COSTS UNDER CONTROL COMPANIES WOULD HAVE MORE MONEY TO DO OTHER
THINGS INCLUDING HIRE NEW WORKERS OVER TIME THE CALCULUS MOVES MORE AND
MORE IN THE DIRECTION OF NET JOB CREATION MS TYSON SAID

EVEN FOR SMALL LOWWAGE BUSINESSES THAT CURRENTLY DON'T PROVIDE INSURANCE
FOR THEIR WORKERS THE RISE IN HEALTHCARE COSTS UNDER THE CLINTON PLAN
WOULD BE THE EQUIVALENT OF AN INCREASE IN THE MINIMUM WAGE OF ONLY 15 CENTS
TO 35 CENTS AN HOUR ACCORDING TO THE WHITE HOUSE OFFICIALS THE CURRENT
MINIMUM WAGE IS 425 AN HOUR

BY OFFERING GOVERNMENT SUBSIDIES TO SMALL BUSINESSES WE HAVE TRIED TO
ARRANGE THE COSTS TO EMPLOYERS IN SUCH A WAY THAT ANY NEGATIVE EMPLOYMENT
EFFECT FOR THOSE VERY LOWWAGE WORKERS RIGHT AT THE MINIMUM WAGE WOULD BE
ELIMINATED OR  ALMOST ELIMINATED MR REICH SAID

IN ADDITION MS TYSON AND OTHERS SAID THAT BY GUARANTEEING HEALTH COVERAGE
TO ALL AMERICANS PEOPLE WOULD NO LONGER BE AFRAID OF LEAVING THEIR CURRENT
JOBS BECAUSE OF A FEAR OF LOSING THEIR INSURANCE A PHENOMENON KNOWN AS
JOB LOCK THE ADMINISTRATION ALSO BELIEVES THAT AS MANY AS A QUARTER OF
THE NATION'S FOUR MILLION WELFARE RECIPIENTS MIGHT LOOK FOR JOBS IF THEY
WERE GUARANTEED HEALTH CARE AND THUS WERE NO LONGER IN DANGER OF LOSING
MEDICAID BENEFITS

FURTHER THE OFFICIALS PREDICTED THAT BY 1996 AS MANY AS 400000 JOBS WOULD
BE CREATED IN THE HEALTHCARE INDUSTRY UNDER THE CLINTON PLAN BY THE END OF
THE DECADE THEY SAID HEALTHCARE EMPLOYMENT SHOULD SLOW BUT THEY
PREDICTED THAT THERE WOULD BE NO ABSOLUTE DECLINE IN THE NUMBER OF
EMPLOYEES

IN A PAPER PREPARED BY MR REICH AND MS TYSON THE ADMINISTRATION ESTIMATED
THAT BETWEEN 350000 AND 600000 PEOPLE WOULD TAKE EARLY RETIREMENT UNDER A
PROVISION IN THE CLINTON PLAN WHEREBY THE GOVERNMENT WOULD PICK UP THE BULK
OF HEALTHCARE COSTS FOR THIS GROUP THE TWO OFFICIALS INSISTED THAT THE
MEASURE WOULD INCREASE EMPLOYMENT OPPORTUNITIES FOR YOUNGER WORKERS
HOWEVER SOME CRITICS HAVE SUGGESTED THAT THE WHITE HOUSE MAY HAVE BADLY
UNDERESTIMATED THE POTENTIAL BUDGETARY FALLOUT FROM THIS PROVISION

BACK ON CAPITOL HILL SOME DEMOCRATS ARGUED THAT THE COOPER BILL COULD NEVER
BE A COMPROMISE I THINK IT'S A BILL THAT IS TO THE RIGHT OF REPUBLICANS IN
MANY RESPECTS REP HENRY WAXMAN D CALIF WHO IS CHAIRMAN OF A KEY
HEALTH SUBCOMMITTEE SAID IN AN INTERVIEW I SAY THAT BECAUSE IT FAILS THE
TWIN TESTS OF HEALTHCARE REFORM IT DOESN'T PROVIDE A GUARANTEE OF COVERAGE
TO ALL AMERICANS AND IT DOESN'T CONTROL HEALTHCARE COSTS

THE WHITE HOUSE HAD BEEN PRESSING MR COOPER TO REFRAIN FROM INTRODUCING HIS
BILL BUT MR COOPER WHO HAS FREQUENTLY SPOKEN OUT AGAINST SOME OF THE
FEDERAL REGULATION IN THE CLINTON PLAN DECLINED

IN RESPONSE TO A QUESTION MR BENTSEN SAID THE COOPER BILL HAS SOME
SERIOUS PROBLEMS HE SAID IT WOULD LIMIT THE TAX DEDUCTIBILITY OF
HEALTHCARE EXPENSES FOR EMPLOYERS WOULDN'T GUARANTEE UNIVERSAL COVERAGE
AND DOESN'T SPELL OUT WHAT WOULD BE IN A STANDARD BENEFITS PACKAGE IT'S
IMPORTANT THAT YOU KNOW WHAT YOU'RE GETTING BEFORE YOU VOTE ON IT AND WHAT
KIND OF COVERAGE YOU'RE GOING TO HAVE MR BENTSEN SAID 9310070085
931007 ADVERTISING IS THERE LIFE AFTER BASKETBALL FIRMS THAT USE
JORDAN ARE ABOUT TO FIND OUT  BY KEVIN GOLDMAN

THE SUDDEN DECISION BY CHICAGO BULLS SUPERSTAR MICHAEL JORDAN TO RETIRE FROM
BASKETBALL WON'T END HIS CAREER AS A CELEBRITY ENDORSER AT LEAST NOT
RIGHT AWAY BUT NEW CAMPAIGNS WILL HAVE TO BE DEVISED PUTTING MR JORDAN IN
THE MORE PASSIVE ROLE OF RETIRED ATHLETE SPORTS MARKETING EXPERTS SAY

NEARLY ALL OF THE MAJOR COMPANIES THAT USE MR JORDAN IN THEIR COMMERCIALS
SAY THEY WILL RETAIN BASKETBALL'S GREATEST PLAYER THESE ADVERTISERS INCLUDE
NIKE WHICH BUILT AN ENTIRE LINE OF BASKETBALL SHOES AROUND THE STAR NAMED
AIR JORDAN MCDONALD'S WHICH FOR THE FIRST TIME CREATED A HAMBURGER NAMED
AFTER AN ATHLETE THE MCJORDAN GATORADE GENERAL MILLS' WHEATIES CEREAL AND
BALL PARK FRANKS

LAST YEAR MR JORDAN EARNED ABOUT 36 MILLION IN ENDORSEMENTS MAKING HIM
THE HIGHEST PAID ATHLETE IN THE WORLD ACCORDING TO A SURVEY BY FORBES
MAGAZINE

THERE IS NO ONE CLOSE TO TAKING HIS PLACE AND I DON'T MEAN JUST WITH
SCORING STATISTICS SAID NOVA LANKTREE PRESIDENT OF LANKTREE PASSPORT
CELEBRITY SERVICE IN NORTHBROOK ILL WHICH SUPPLIES SPORTS STARS FOR
COMMERCIALS HE DOESN'T HAVE A PEER WHEN IT COMES TO CHARISMA AND HIS
IMPACT WITH COMMERCIALS AND THE GAME

BUT EVEN THOUGH MOST SPONSORS ARE STANDING TALL BEHIND MR JORDAN NO SMALL
FEAT CONSIDERING THAT THE BASKETBALL STAR IS 6 FEET 6 INCHES THERE IS A
NAGGING SUSPICION THAT IN THE LONG TERM ADVERTISERS MAY SUFFER BECAUSE HE
WILL NO LONGER BE ON THE COURT HE WILL HAVE TO WORK HARDER TO KEEP A HIGH
PROFILE AND JUDGING BY SOME OF HIS COMMENTS AT YESTERDAY'S NEWS CONFERENCE
THE PUBLIC EYE IS SOMETHING HE MAY WANT CLOSED FOR THE IMMEDIATE FUTURE
ADVERTISERS WILL ALSO HAVE TO PACKAGE MR JORDAN DIFFERENTLY SHOTS OF HIM
STUFFING BASKETS MAY NO LONGER BE APPROPRIATE

IF THERE IS ONE ORGANIZATION THAT MAY SUFFER FROM MR JORDAN'S DEPARTURE
IMMEDIATELY IT IS THE NATIONAL BASKETBALL ASSOCIATION ITSELF MR JORDAN
WHO HAD THREE YEARS LEFT ON HIS 4 MILLIONAYEAR CONTRACT IS THE THIRD
MAJOR BASKETBALL STAR TO WALK OFF THE COURT SINCE 1991 THE OTHERS ARE
EARVIN MAGIC JOHNSON OF THE LOS ANGELES LAKERS AND LARRY BIRD OF THE
BOSTON CELTICS

THE NBA IS LOSING ITS GREATEST COVER GUY SAID DAVID BURNS PRESIDENT OF
BURNS SPORTS CELEBRITY SERVICE IN CHICAGO THERE IS NO ONE TO STEP IN NOW
WITH HIS QUALITIES NO ONE PLAYING NOW IS AS CLOSE TO GETTING THE HEARTS OF
THE FANS AS JORDAN

MR JORDAN'S ANNOUNCEMENT AGAIN UNDERSCORES THE RISKS OF USING A
HIGHPROFILE ENDORSER WHILE MR JORDAN ISN'T RETIRING FOR REASONS THAT
WOULD EMBARRASS AN ADVERTISER SOME CLIENTS AND THEIR AGENCIES WILL HAVE TO
SCRAMBLE TO PRODUCE NEW CAMPAIGNS QUICKLY

GATORADE'S BE LIKE MIKE CAMPAIGN FOR INSTANCE WILL PROBABLY HAVE TO BE
REDONE GATORADE A UNIT OF QUAKER OATS USED FILM OF MR JORDAN STRUTTING
HIS STUFF ON THE BASKETBALL COURT IN A BULLS UNIFORM BUT MR JORDAN IS NO
LONGER A BULL BAYER BESS VANDERWARKER CHICAGO WHICH PRODUCED THE ADS
DECLINED COMMENT

MR JORDAN'S GREATNESS TRANSCENDS THE SPORT OF BASKETBALL AND HIS
RETIREMENT WILL IN NO WAY DIMINISH HIS VALUE TO GATORADE AND QUAKER OATS
WILLIAM D SMITHBURG QUAKER'S CHAIRMAN AND CHIEF EXECUTIVE OFFICER SAID
MR JORDAN IS BELIEVED TO HAVE A 10YEAR CONTRACT WITH THE CHICAGOBASED
COMPANY

IN 1989 NIKE RENEWED A CONTRACT WITH MR JORDAN THAT CALLED FOR THE PACT TO
EXPIRE AT THE END OF HIS PLAYING DAYS SAID A SPOKESWOMAN FOR THE
BEAVERTON ORE COMPANY BUT IN A STATEMENT PHILIP KNIGHT CHIEF EXECUTIVE
OFFICER OF NIKE SAID THAT MR JORDAN DIDN'T RETIRE FROM NIKE  OUR
NINEYEAR CREATIVE COLLABORATION HAS ALWAYS BEEN MORE THAN AN ENDORSEMENT
DEAL IT IS A PARTNERSHIP THAT WILL CONTINUE AND WE HAVE ALREADY DISCUSSED
FUTURE PLANS

NEW AIR JORDAN BASKETBALL FOOTWEAR IS EXPECTED TO BE IN STORES BY
THANKSGIVING AND NIKE'S AGENCY WIEDEN & KENNEDY IS PREPARING COMMERCIAL
SCRIPTS WITH NIKE TO SHOW TO MR JORDAN

MR JORDAN MAY HAVE FORESHADOWED HIS RETIREMENT IN HIS MOST RECENT NIKE
ADVERTISEMENT WHICH RAN DURING THE NATIONAL BASKETBALL ASSOCIATION PLAYOFFS
AND CHAMPIONSHIP GAMES THIS PAST SPRING WHAT IF MY NAME WASN'T IN LIGHTS
MR JORDAN SAID IN THE SPOT WHAT IF MY FACE ISN'T ON TV EVERY OTHER
SECOND WHAT IF THERE WASN'T A CROWD AROUND EVERY CORNER WHAT IF I WAS JUST
A BASKETBALL PLAYER CAN YOU IMAGINE IT I CAN

THE MOST OBVIOUS CANDIDATE TO ASSUME THE NBA'S TOP MARKETING SPOT IS
SHAQUILLE O'NEAL THE 7FOOT1INCH SECONDYEAR ORLANDO MAGIC CENTER WITH A
CONSTANT SMILE AND ENOUGH POWER TO RIP DOWN BASKETBALL GOALS REEBOK
INTERNATIONAL BUILT AN ENTIRE LINE OF FOOTWEAR AROUND MR O'NEAL AND
PEPSICO FEATURED HIM IN SUMMERTIME COMMERCIALS

THE CHARLOTTE HORNETS HAVE TWO OF THE LEAGUE'S OTHER RISING STARS LARRY
JOHNSON AND ALONZO MOURNING MR JOHNSON HAS A GOODGUY IMAGE AND HAS EVEN
DRESSED IN DRAG AS A SLAMDUNKING GRANDMOTHER IN CONVERSE SHOE COMMERCIALS

MR JORDAN'S ABSENCE WILL HAVE AN IMMEDIATE IMPACT ON TICKET SALES IN CITIES
AROUND THE NBA ESPECIALLY THOSE WITH AVERAGE TEAMS TAKE THE INDIANA
PACERS THE TEAM AVERAGES ABOUT 13000 FANS A GAME BUT WHEN MR JORDAN AND
THE BULLS CAME TO TOWN IT SOLD AN EXTRA 3500 TICKETS A SELLOUT AT ABOUT
11 A TICKET THAT'S ANOTHER 38500 AND THE PACERS PLAY THE BULLS TWO OR
THREE TIMES AT HOME A YEAR

OF COURSE MR JORDAN CAN ALWAYS REVERSE HIS DECISION AND HIT THE HOOPS
PROFESSIONALLY AGAIN AT A CHICAGO NEWS CONFERENCE HE CLEARLY LEFT THAT
DOOR OPEN WOULD I EVER UNRETIRE I DON'T KNOW I THINK THE WORD RETIRE'
MEANS YOU CAN DO WHATEVER YOU WANT AND MAYBE SOMEDAY DOWN THE ROAD THAT'S
WHAT I'LL DESIRE TO DO

SHOWING HOW TIGHT THEIR BOND IS WITH MR JORDAN EXECUTIVES FROM SOME OF THE
COMPANIES HE REPRESENTS ATTENDED HIS NEWS CONFERENCE WHEN ASKED HOW HIS
RETIREMENT WOULD AFFECT THE RELATIONSHIP HE REPLIED I DON'T THINK IT WILL
TARNISH THE RELATIONSHIP AT ALL

MR JORDAN SAID HE IS RETIRING BECAUSE HE REACHED THE PINNACLE OF MY
CAREER AND NO LONGER HAS ANYTHING LEFT TO PROVE THE 30YEAROLD ATHLETE
SAID THE MURDER OF HIS FATHER JAMES IN JULY MADE HIM REALIZE THAT IT CAN
BE TAKEN AWAY FROM YOU AT ANYTIME

MR JORDAN APPEARED WITH HIS FATHER IN HANES UNDERWEAR ADS IN WHICH THE
YOUNGER MR JORDAN WAS KIDDED OVER HIS CHOICE OF COLOR BRIEFS HE IS UNDER A
10YEAR CONTRACT THAT REPORTEDLY PAYS HIM 1 MILLION ANNUALLY TO PROMOTE
HANES AND OTHER PRODUCTS FOR CHICAGOBASED SARA LEE WORLDWIDE

WE'LL CONTINUE TO USE HIM UNTIL THE YEAR 2000 A SPOKESWOMAN SAID ADDING
NOW WE'LL HAVE MORE PRODUCTION DAYS AVAILABLE TO US TO USE MICHAEL FOR
COMMERCIALS AND OTHER ADVERTISING PURPOSES

MCDONALD'S ALSO VOICED SUPPORT FOR MR JORDAN WE UNDERSTAND HIS DECISION
AND WE RESPECT IT A SPOKESMAN SAID AS A LONGTIME FRIEND WE STAND BEHIND
MICHAEL JORDAN AND HIS FAMILY WE HAVE NO IDEA WHAT HIS LONGTERM PLANS ARE
SO IT'S INAPPROPRIATE TO SPECULATE ON OUR BUSINESS RELATIONSHIP WITH HIM
BUT THE SPOKESMAN ADDED THAT MCDONALD'S IS LOOKING FORWARD TO CONTINUING
ITS RELATIONSHIP WITH MR JORDAN

MR JORDAN HAS BEEN A PITCHMAN FOR WHEATIES BREAKFAST CEREALS SINCE 1988
BUT HIS CONTRACT WITH GENERAL MILLS WHICH RUNS THROUGH NEXT SEPTEMBER
INCLUDES A CLAUSE ENABLING THE COMPANY IN THE EVENT MR JORDAN RETIRES TO
REVIEW WHAT OPPORTUNITIES WE THINK WE HAVE WITH AN OPTION TO ENDING THE
CONTRACT A SPOKESWOMAN SAID CAUGHT OFFGUARD BY YESTERDAY'S ANNOUNCEMENT
COMPANY MARKETERS HAVEN'T YET BEGUN THAT REVIEW SHE SAID

MR JORDAN WILL CONTINUE TO BOUNCE WILSON SPORTING GOODS BASKETBALLS SAID
ONE OF WILSON'S AD AGENCIES BAYER BESS VANDERWARKER WHICH HANDLES THE
ACCOUNT THERE ISN'T A MAJOR AD PUSH HOWEVER

ALL THE COMPANIES ENTERED INTO MULTIYEAR DEALS MOSTLY AT THE INSISTENCE OF
MR JORDAN'S WASHINGTONBASED AGENT DAVID FALK WHO DIDN'T RETURN A PHONE
CALL SEEKING COMMENT THEREFORE THE CLIENTS KNEW THEY COULD BE DEALING WITH
A RETIRED MR JORDAN SAID ALAN FRIEDMAN EDITOR OF TEAM MARKETING REPORTS
A CHICAGOBASED NEWSLETTER WHILE HIS VISIBILITY WON'T BE THE SAME HE
WON'T CEASE TO BE AN ABLE ENDORSER HE IS ARGUABLY THE BEST KNOWN PERSON IN
THE WORLD

OF ALL THE ADVERTISERS MR FRIEDMAN SAID NIKE'S SITUATION IS THE MOST
INTERESTING THERE IS A PRODUCT HE ACTUALLY USES AS PART OF HIS PERFORMANCE
AND IT IS TIED TO THE FACT THAT HE IS A PROFESSIONAL BASKETBALL PLAYER IN
RESPONSE THE NIKE SPOKESWOMAN SAID HE HAS BEEN OPEN WITH US ABOUT HIS
STATE OF MIND WE HAVE PLANS FOR HIM MICHAEL JORDAN IS A MEMBER OF OUR
ADVISORY COUNCIL WE HAVE BEEN READY FOR THIS FOR A LONG TIME

BASKETBALL STAR MICHAEL JORDAN EARNED ABOUT 36 MILLION IN ENDORSEMENTS LAST
YEAR ACCORDING TO A FORBES MAGAZINE POLL A LIST OF HIS MAJOR NATIONAL
ENDORSEMENTS FOLLOWS

A HARDHITTING NEW AD FEATURING PHOTOGRAPHS OF TOBACCO AND MEDIA EXECUTIVES
UNDER THE HEADLINE MEET FIVE OF AMERICA'S RICHEST DRUG PUSHERS' WAS SET
TO RUN IN THE WASHINGTON POST AND SEVERAL SMALL SUBURBAN PAPERS IN THE NEW
YORK AREA TODAY

STOP TEENAGE ADDICTION TO TOBACCO A SPRINGFIELD MASS ADVOCACY GROUP
SAID THE POST ACCEPTED ITS AD OPPOSING TOBACCO ADVERTISING AS LONG AS THE
WORDS DRUG PUSHERS APPEARED IN QUOTATION MARKS A WASHINGTON POST
SPOKESWOMAN CONFIRMED THAT THE THREEQUARTER PAGE AD WAS SCHEDULED TO RUN

THE NEW YORK TIMES REJECTED THE AD WE THOUGHT THE AD  CROSSED THE
LINE INTO QUESTIONABLE TASTE BY MAKING A PERSONAL ATTACK RATHER THAN A
CORPORATE POINT A TIMES SPOKESWOMAN SAID

THE AD SHOWS SI NEWHOUSE CHAIRMAN OF MAGAZINE PUBLISHER ADVANCE
PUBLICATIONS RUPERT MURDOCH CHAIRMAN OF NEWS CORP LAURENCE TISCH
CHAIRMAN OF LOEWS WHICH OWNS LORILLARD TOBACCO HENRY KRAVIS FOUNDING
PARTNER OF KOHLBERG KRAVIS ROBERTS WHICH IS THE CONTROLLING SHAREHOLDER OF
RJR NABISCO HOLDINGS AND MICHAEL MILES CHAIRMAN OF PHILIP MORRIS

A SPOKESMAN FOR PHILIP MORRIS SAID THE COMPANY ADVERTISES ONLY TO ADULTS WHO
SMOKE AND DECLINED TO RESPOND TO THE USE OF THE TERM DRUG PUSHER SPOKESMEN
FOR THE FOUR OTHER EXECUTIVES EITHER DECLINED TO COMMENT OR COULDN'T BE
REACHED

DAVID VERSFELT A PARTNER WITH LAW FIRM DONOVAN LEISURE NEWTON & IRVINE
WHICH REPRESENTS THE AMERICAN ASSOCIATION OF ADVERTISING AGENCIES
QUESTIONED WHETHER THE WASHINGTON POST SHOULD RUN SUCH AN AD EVEN IN
QUOTATION MARKS THE TERM DRUG PUSHER COULD EASILY BE MISUNDERSTOOD AS THAT
THESE INDIVIDUALS ARE DOING SOMETHING ILLEGAL HE SAID

HELAYNE SPIVAK EXECUTIVE CREATIVE DIRECTOR AT YOUNG & RUBICAM NEW YORK IS
LEAVING THE POST AFTER THREE YEARS FOR AMMIRATI & PURIS WHERE SHE WAS NAMED
CREATIVE DIRECTOR AND EVENTUAL SUCCESSOR TO AGENCY COFOUNDER RALPH
AMMIRATI

MS SPIVAK AGE 41 RETURNS TO AMMIRATI WHERE SHE HAD BEEN A CREATIVE
DIRECTOR FROM 1986 TO 1989 IN HER NEW ROLE SHE WILL OVERSEE THE AGENCY'S
DAYTODAY CREATIVE OUTPUT WHICH WAS PREVIOUSLY DONE BY MR AMMIRATI MR
AMMIRATI 63 WHO RETAINS THE ROLE OF CHAIRMAN SAID HE PLANS TO FOCUS ON
MANAGING THE AGENCY WITH 54YEAROLD MARTIN PURIS CHIEF EXECUTIVE AND
PRESIDENT

THE MOVE HAD BEEN ANTICIPATED ALONG MADISON AVENUE FOR WEEKS AFTER YOUNG &
RUBICAM INSTALLED TED BELL OVER MS SPIVAK AS THE AGENCY'S TOP CREATIVE
EXECUTIVE SOME EXECUTIVES EXPECTED MS SPIVAK TO LEAVE BUT SHE DISCOUNT
THAT IDEA YESTERDAY ALL HE'S GOING TO DO IS MAKE EVERYONE'S LIFE EASIER
THAT'S NOT WHY I LEFT SHE SAID THIS IS THE ONLY JOB I WOULD HAVE LEFT
FOR THE MOVE IS EFFECTIVE NOV 8

ACCOUNT ACTION HOT OFF ITS DIET COKE WIN INTERPUBLIC GROUP'S LOWE &
PARTNERS PICKED UP ANOTHER BIG ACCOUNT THIS TIME FROM GRAND METROPOLITAN'S
HEUBLEIN SPIRITS UNIT WHICH AWARDED THE AGENCY US ADVERTISING FOR
SMIRNOFF VODKA PREVIOUSLY AT LOWE'S SISTER AGENCY MCCANNERICKSON BILLINGS
THIS YEAR ARE ESTIMATED AT ABOUT 12 MILLION OTHER HEUBLEIN BRANDS
INCLUDING BLACK VELVET CANADIAN WHISKY WENT TO THE JOSE CUERVO TEQUILA
AGENCY GRYBAUSKAS BEATRICE NEW YORK FOR ITS PART MCCANN WON THE 5
MILLION AMERICAN STOCK EXCHANGE ACCOUNT PREVIOUSLY AT NEW YORK SHOP
DEVITO/VERDI

RICHARD GIBSON IN CHICAGO AND ERLE NORTON IN PITTSBURGH CONTRIBUTED TO THIS
ARTICLE 9310070084 931007 INTERNATIONAL YELTSIN ANNULS REGIONAL
COUNCILS RUSSIAN HIGH COURT CHIEF QUITS

MOSCOW RUSSIAN PRESIDENT BORIS YELTSIN CONTINUED HIS EFFORT TO STAMP OUT
HIS OPPONENTS YESTERDAY CALLING FOR THE DISSOLUTION OF ALL REGIONAL
COUNCILS AND EVEN REMOVING THE HONOR GUARD FROM LENIN'S TOMB

BUT HE REITERATED HIS INTENTION TO HOLD ELECTIONS FOR A NEW NATIONAL
LEGISLATURE IN DECEMBER

IN A TELEVISED ADDRESS TO THE NATION TWO DAYS AFTER TANKS CRUSHED THE
REBELLIOUS PARLIAMENT MR YELTSIN ALSO SAID HE WAS EASING THE CENSORSHIP HE
IMPOSED DURING THE CRISIS

THE ABOLITION OF REGIONAL COUNCILS IS ANOTHER STEP TO STRENGTHEN MR
YELTSIN'S CONTROL OVER THE NATION THEY LIKE THE NOWCRUSHED NATIONAL
LEGISLATURE OFTEN OPPOSED MR YELTSIN'S ECONOMIC REFORMS IN MANY REGIONS
THE COUNCILS WERE AT LOGGERHEADS WITH THE YELTSINAPPOINTED LOCAL
EXECUTIVES MIRRORING THE DISPUTES OVER REFORMS THAT MR YELTSIN AND THE
PARLIAMENT WERE HAVING IN MOSCOW

THE SYSTEM OF SOVIETS LEGISLATIVE COUNCILS HAS BEEN TOTALLY NEGLIGENT OF
THE SECURITY OF THE STATE AND THE SAFETY OF ITS CITIZENS THUS CLOSING THE
BOOKS ON ITS OWN POLITICAL CAREER MR YELTSIN SAID

IN ANOTHER DEVELOPMENT VALERY ZORKIN YIELDING TO PRESSURE FROM MR YELTSIN
RESIGNED AS CHAIRMAN OF RUSSIA'S CONSTITUTIONAL COURT HE REMAINED A MEMBER
OF THE COURT ACCORDING TO A COURT SPOKESMAN MR ZORKIN HAD SUGGESTED
RESOLVING THE STANDOFF BETWEEN THE PRESIDENT AND PARLIAMENT LAST WEEK
THROUGH A COMPROMISE IN WHICH EACH SIDE WOULD WITHDRAW ITS DEMANDS

MR ZORKIN ALSO VISITED THE REBELLIOUS LEGISLATORS DURING THEIR DEFIANCE OF
THE PRESIDENT AND IN MR YELTSIN'S EYES HAD SIDED WITH HIS FOES

THE SPOKESMAN SAID MR ZORKIN SENT A LETTER TO THE COURT SAYING HE COULD NO
LONGER FULFILL HIS DUTIES I MADE A DECISION TO STEP DOWN AS CHAIRMAN OF
THE CONSTITUTIONAL COURT AS I CONSIDER IT IMPOSSIBLE TO CARRY ON WITH MY
DUTIES IN THE CURRENT SITUATION THE LETTER SAID THE COURT WILL ELECT A
NEW CHAIRMAN

SOME OTHER GOVERNMENT OFFICIALS ARE REPORTEDLY CONSIDERING RESIGNING

ABOUT HALF OF THE PEOPLE DETAINED AFTER THEIR SURRENDER AT THE PARLIAMENT
BUILDING ON MONDAY HAVE BEEN RELEASED ACCORDING TO THE OFFICIAL NEWS AGENCY
ITARTASS SOME 160 PEOPLE HAVE BEEN TAKEN TO LEFORTOVO PRISON WHERE THE
LEADERS OF THE PARLIAMENT'S REBELLION VICE PRESIDENT ALEXANDER RUTSKOI AND
PARLIAMENT SPEAKER RUSLAN KHASBULATOV ARE BEING HELD IN SOLITARY
CONFINEMENT AS ARE OTHER LEADERS THE AUTHORITIES ARE CONSIDERING WHAT
CHARGES TO BRING AGAINST THEM

AT THE YELLOWBRICK ENTRY TO LEFORTOVO PRISON FOR A SECOND DAY ABDULLA
KHAMZAYEV A VOLUBLE WHITEHAIRED LAWYER TRIED TO SEE HIS CLIENT MR
KHASBULATOV MR KHAMZAYEV A NATIVE OF MR KHASBULATOV'S HOME REGION OF
CHECHNYA WAS HIRED BY MR KHASBULATOV'S WIFE AND OTHER RELATIVES HE SAYS
HE IS ALSO STILL DEFENDING FORMER SOVIET VICE PRESIDENT GENNADY YANAYEV IN A
SEPARATE TRIAL OF THE LEADERS OF THE 1991 ATTEMPTED COUP

THIS IS THE FIRST TIME I'VE ENCOUNTERED SUCH DIFFICULTIES SAID MR
KHAMZAYEV I DON'T UNDERSTAND THE SITUATION IS THE SITUATION BUT RIGHTS
ARE RIGHTS AND LAWS PROTECTING PEOPLE'S RIGHTS MUST BE MAINTAINED

AT LENIN'S TOMB INSIDE KREMLIN WALLS THE ELITE GUARD THAT HAS WATCHED OVER
THE EMBALMED BODY OF THE FOUNDER OF THE SOVIET UNION FOR ALMOST 70 YEARS WAS
ABRUPTLY REMOVED THE MOVE SEEMED AIMED AT FURTHER REPUDIATION OF THE
COMMUNIST ERA IT WAS NOT CLEAR WHETHER THE TOMB WOULD CONTINUE TO BE OPEN
TO VISITORS

IN HIS SPEECH MR YELTSIN SAID HIS PARLIAMENTARY ENEMIES HAD BEEN PLANNING
A COMMUNISTFASCIST COUP FOR MONTHS HE PLEDGED TO ABANDON THE AUTOCRATIC
POWER HE NOW HOLDS AND ESTABLISH DEMOCRACY WHICH HE SAID RUSSIA NEEDS
LIKE AIR 9310070083 931007 CORPORATE FOCUS GRAND MET'S NEW CEO
EMPHASIZES PREMIUM BRANDS  GEORGE BULL WAS SELECTED OVER RIVAL 
BECAUSE OF HIS MARKETING EXPERTISE  BY JUDITH VALENTE STAFF
REPORTER OF THE WALL STREET JOURNAL

LONDON LIKE A PREACHER IN A PINSTRIPED SUIT GEORGE J BULL THE NEW
CHIEF EXECUTIVE OFFICER OF GRAND METROPOLITAN PLC IS A MAN WITH A MESSAGE
THROUGHOUT THE FOOD AND BEVERAGE CONGLOMERATE HE IS SPREADING THE GOSPEL OF
SALVATION THROUGH PREMIUM BRANDS

SOME MARKETERS DISMISS BRAND LOYALTY BUT GEORGE BULL REMAINS A TRUE
BELIEVER AT GRAND MET'S STATELY 18TH CENTURY HEADQUARTERS HERE MR BULL
SUMS UP HIS BUSINESS PHILOSOPHY IF YOU CAN CONVINCE CONSUMERS THAT YOUR
PRODUCT TASTES BETTER THAN YOUR COMPETITOR'S THAT IT IS MADE WITH SUPERIOR
INGREDIENTS THEN YOU CAN COMMAND A PREMIUM PRICE FOR IT

GRAND MET ALREADY DOES THAT IN THE US ITS MAJOR MARKET AMERICAN
CONSUMERS PLUNK DOWN 15 TO 20 MORE FOR SUCH PREMIUM BRANDS AS J&B SCOTCH
SMIRNOFF VODKA AND HAAGENDAZS ICE CREAM MR BULL WANTS TO MAKE THAT TRUE
WORLDWIDE

THE GOAL IS TO MAKE GRAND MET PRODUCTS THE TYPE OF MEGABRANDS EVEN PEOPLE
IN HO CHI MINH CITY HAVE HEARD OF SAYS MR BULL WHO WAS NAMED CHIEF
EXECUTIVE RECENTLY OVER RIVAL IAN MARTIN A FINANCE MAN WHO WAS CONSIDERED
THE HEIR APPARENT TO GRAND MET CHAIRMAN SIR ALLEN SHEPPARD GRAND MET
DECIDED IT NEEDED A MARKETING WHIZ FOR THE JOB AND MR BULL HAD PROVED
HIMSELF IN THAT CAPACITY WITH HIS SUCCESSFUL HANDLING OF SOME OF THE
COMPANY'S DRINKS

MR BULL'S AIM IS A TALL ORDER AND A TRICKY ONE DO PARISIANS REALLY CRAVE
A PILLSBURY BREAKFAST STRUDEL YOU HEAT IN A TOASTER IS THERE A NICHE FOR
ALPO DOG FOOD IN JAKARTA WHAT ABOUT THE DECLINE IN ALCOHOL CONSUMPTION AND
THE RISE OF CHEAPER SUPERMARKET LABELS

SUCH QUESTIONS HAVE UNDERCUT GRAND MET'S STOCK PRICE DESPITE FIVE
CONSECUTIVE YEARS OF PROFITS AND DIVIDEND INCREASES THOUGH IT HAS RISEN OF
LATE CLOSING AT 428 648 PENCE A SHARE IN LONDON YESTERDAY UP 2 PENCE
IT REMAINS WELL BELOW ITS 52WEEK HIGH OF 479 PENCE

INDEED EFFORTS TO EXPAND INTO NEW MARKETS HAVE PROVED COSTLY GRAND MET
INVESTED 140 MILLION ON PILLSBURY DOUGH PRODUCTS ALONE BUT THE PRODUCT
LINE HAS YET TO TURN A PROFIT OUTSIDE THE US DESPITE GROWING MARKET
SHARE GRAND MET SAID TWO WEEKS AGO THAT IT IS TAKING A 175 MILLION 2651
MILLION RESTRUCTURING CHARGE LARGELY DUE TO TROUBLES AT GREEN GIANT ONE
OF THE MANY BRANDS THAT IT GOT WHEN IT ACQUIRED PILLSBURY CO AND ITS
PEARLE VISION EYECARE CHAIN EXCLUDING THE ONETIME CHARGE GRAND MET SAYS
IT EXPECTS TO REPORT OPERATING PROFIT FOR THE FISCAL YEAR ENDED SEPT 30
INCREASED ABOUT 5 FROM THE PREVIOUS YEAR WHEN GRAND MET HAD PRETAX PROFIT
OF 871 MILLION ON SALES OF 79 BILLION

DESPITE SKEPTICISM ABOUT THE FUTURE OF BRANDS SOME THINK THE COMPANY IS
PURSUING THE RIGHT STRATEGY PREVIOUSLY LUKEWARM ANALYSTS ARE RECOMMENDING
THE STOCK BASED ON GRAND MET'S LONGTERM PROSPECTNAGEMENT TEAM BRANDS MAY
NOT BE AS POPULAR AS THEY ONCE WERE SAYS IAN SHACKLETON AN ANALYST AT
LONDON'S JAMES CAPEL & CO BUT AT LEAST YOU KNOW WHAT YOU'RE GETTING WITH A
NAME BRAND SAYS JOHN WAKELY AN ANALYST AT LEHMAN BROTHERS INTERNATIONAL
LTD IN LONDON WHAT'S BEEN HAPPENING ON THE WHOLE IS VERY POSITIVE

MR SHACKLETON WARNS HOWEVER THAT IT COULD TAKE YEARS TO BUILD LOYALTY TO
BRAND NAMES IN OVERSEAS MARKETS THAT GRAND MET IS TARGETING

MR BULL'S STRATEGY HE CALLS IT ORGANIC GROWTH MARKS A SHARP CHANGE
FROM THE PREVIOUS TWO DECADES WHEN GRAND MET GOBBLED UP A DIVERSE GROUP OF
COMPANIES OVER THE YEARS IT OWNED AND SHED HOTELS REAL ESTATE AND A MILK
DELIVERY SERVICE NOW IT WILL CONCENTRATE ON ITS FOOD WINE AND SPIRITS
BRANDS TWO WEEKS AGO FOR EXAMPLE THE COMPANY ANNOUNCED THE SALE OF ITS
CHEF & BREWER PUB CHAIN IN THE UNITED KINGDOM A FEW DAYS LATER GRAND MET
ACQUIRED TWO CALIFORNIA WINE BRANDS GLEN ELLEN AND MG VALLEJO GIVING IT A
FOOTING IN THE MIDPRICED SECTOR WHERE ITS WINE PORTFOLIO IS WEAKEST

GRAND MET HAS CLEAR STRENGTHS INCLUDING ITS MARKETING CLOUT AND VAST
DISTRIBUTION NETWORK HAAGENDAZS ICE CREAM LONG THE MARKET LEADER IN THE
US FOR SUPERPREMIUM ICE CREAM NOW DOMINATES THAT NICHE IN THE UK
JAPAN HONG KONG AND SINGAPORE HAAGENDAZS SALES HAVE INCREASED TO 500
MILLION ANNUALLY FROM 200 MILLION FIVE YEARS AGO

J&B SCOTCH SECONDLARGEST SELLING SCOTCH IN THE US NOW LEADS IN ITS
CATEGORY IN SPAIN AND JAPAN GRAND MET DOMINATES THE MARKET FOR REFRIGERATED
DOUGH AND FROZEN PASTRIES IN BRITAIN AND GERMANY IN THE FORMER SOVIET
UNION SALES OF SMIRNOFF VODKA HAVE INCREASED SHARPLY SMIRNOFF HADN'T BEEN
AVAILABLE IN THE SOVIET UNION FOR 75 YEARS EVER SINCE THE BOLSHEVIK
REVOLUTION

THE COMPANY HAS PROVED IT CAN TURN AROUND A FALTERING BUSINESS BARRY J
GIBBONS ONE OF ITS SHARP YOUNGER EXECUTIVES REVAMPED THE BURGER KING CHAIN
INHERITED FROM PILLSBURY TURNING IT FROM AN ALSORAN IN THE US INTO AN
INTERNATIONAL PLAYER UNDER GRAND MET BURGER KING ADDED A BREAKFAST MENU
ESTABLISHED A KIDS CLUB VARIED ITS HAMBURGER SELECTION INTRODUCED
BROILED CHICKEN SANDWICHES FOR THE HEALTH CONSCIOUS AND OPENED KIOSKS
BURGER KING'S OPERATING PROFIT WAS UP 31 IN THE FIRST HALF OF THIS YEAR
AND WORLDWIDE THE CHAIN IS OPENING NEW OUTLETS AT A RATE OF ONE A DAY

BUT FIXING GREEN GIANT MAY BE HARDER PRICES FELL IN RECENT YEARS BECAUSE OF
A VEGETABLE GLUT AND CANNED GOODS GENERALLY HAVE LOST APPEAL MR BULL
BELIEVES HE CAN APPLY TO GREEN GIANT THE LESSONS OF BURGER KING AND PASTA
ACCENTS WITH PASTA ACCENTS FOR INSTANCE FROZEN VEGETABLES WERE COMBINED
WITH PASTA CREATING A POPULAR READYMADE MEAL

ALL THE TIME YOU MUST BE CREATING NEW PRODUCTS HE SAYS YOU HAVE TO KEEP
YOUR FINGER ON THE PULSE OF THE MARKET

THE COMPANY LEARNED A HARD LESSON WITH HAAGENDAZS GRAND MET SNIFFED AT THE
OFFBEAT FLAVORS EMANATING FROM RIVAL BEN & JERRY'S HOMEMADE INC UNTIL
IT BEGAN LOSING MARKET SHARE GRAND MET LATER LAUNCHED HAAGENDAZS EXTRAAS
BUT MR BULL CONCEDES THAT BEN & JERRY'S SUCCESS TOOK EVERYBODY BY STORM

GRAND MET'S SUCCESSES SO FAR PROMPT MR BULL TO BOAST THAT THERE AREN'T BAD
BRANDS JUST BAD BRAND MANAGERS BORN INTO A BRANCH OF THE HENNESSY COGNAC
FAMILY MR BULL A LARGE JOVIAL MAN SPENT 31 YEARS AT INTERNATIONAL
DISTILLERS & VINTERS IDV IS GRAND MET'S WINE AND SPIRITS SEGMENT AND GRAND
MET'S BIGGEST MONEYMAKER

THE 57YEAROLD CHIEF EXECUTIVE MARKETED THE COMPANY'S ALCOHOLIC BRANDS
THROUGHOUT THE WORLD AND HAS 20000 PHOTOGRAPHS TO SHOW FOR IT WHICH HE
TOOK PERSONALLY A FORMER BUCKINGHAM PALACE GUARD HE HAS BEEN CALLED A
MARKETING MAN PAR EXCELLANCE HIS GLOBAL MARKETING EXPERIENCE GAVE HIM THE
EDGE OVER THE CHIEF OPERATING OFFICER MR MARTIN FOR THE TOP JOB MR
MARTIN WHO ENGINEERED THE PILLSBURY TAKEOVER HAD BEEN CONSIDERED THE
LIKELY SUCCESSOR TO SIR ALLEN WHO IS 60 MR MARTIN WILL REMAIN WITH GRAND
MET AS A NONEXECUTIVE DEPUTY CHAIRMAN 9310070082 931007 BUSINESS BRIEF 
BROOKE GROUP LTD SKYBOX SPINOFF COULD EASE OBLIGATION TO RIGHTS
HOLDERS

BROOKE GROUP LTD SPUN OFF ITS SKYBOX INTERNATIONAL INC SPORTS AND
ENTERTAINMENT TRADINGCARD UNIT APPARENTLY ELIMINATING ITS ESTIMATED 50
MILLION OBLIGATION TO CERTAIN SECURITIES HOLDERS

THE DISTRIBUTION LIKELY WILL COVER BROOKE GROUP'S OBLIGATION TO HOLDERS OF
ITS CONTINGENT VALUE RIGHTS ISSUED AS PART OF A 1990 MERGER ESSENTIALLY
GUARANTEEING THAT THE GROUP'S SHARES WOULD BE TRADING AT MORE THAN 19 EACH
ON NOV 15 THE RIGHTS ALLOW THE GROUP TO SUBTRACT DIVIDEND PAYMENTS FROM
THE 19 TARGET

THE DISTRIBUTION VIRTUALLY ERASES THE OBLIGATION BECAUSE APPRAISERS VALUED
SKYBOX AT MORE THAN 14 A SHARE SKYBOX BEGINS OVERTHECOUNTER TRADING
TODAY

RIGHTS HOLDERS SAID THEY PLAN TO CONTINUE WITH A DELAWARE CHANCERY COURT
SUIT ALLEGING THE DISTRIBUTION IS ILLEGAL BECAUSE BROOKE GROUP IS
INSOLVENT 9310070081 931007 WHO'S NEWS KMART TAPS THOMAS AS MILLER'S
SUCCESSOR AT DISCOUNT STORES

TROY MICH KMART CORP IN AN APPARENT MOVE TO IMPROVE RESULTS AT ITS
2430 US DISCOUNT STORES REPLACED THE EXECUTIVE IN CHARGE OF THE DOMESTIC
STORES

JOSEPH R THOMAS 58 YEARS OLD FORMERLY EXECUTIVE VICE PRESIDENT OF
INTERNATIONAL AND ADMINISTRATION WAS NAMED EXECUTIVE VICE PRESIDENT OF US
KMART STORES HE SUCCEEDS RICHARD S MILLER 53 WHO WILL BECOME EXECUTIVE
VICE PRESIDENT OF THE COMPANY'S SUPER KMART CENTERS OF WHICH THERE WILL BE
17 BY THE END OF THE YEAR

IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE KMART SHARES
CLOSED AT 24875 UNCHANGED

MR THOMAS IS A TOUGH COOKIE WHO WILL MAKE A GOOD TROUBLESHOOTER SAID
ONE RETAIL CONSULTANT WHO HAS WORKED WITH HIM HE ADDS THAT THE PERSONNEL
MOVES ARE A GOOD INDICATION THAT STRUCTURAL CHANGES ARE BEING MADE AT
KMART

MR MILLER A CAREER KMART EMPLOYEE LIKE MOST MANAGERS AT THE COMPANY HAS
PRODUCED LACKLUSTER RESULTS AT THE DISCOUNTSTORE UNIT AT A TIME OF
INCREASING INDUSTRY COMPETITION

AT KMART WHICH IS IN THE MIDST OF A 3 BILLION STORERENOVATION PLAN SALES
PER SQUARE FOOT A CRITICAL MEASURE OF RETAIL PERFORMANCE HAVE FALLEN
FOR THREE YEARS IN A ROW THOUGH SALES AT STORES OPEN AT LEAST A YEAR HAVE
IMPROVED IN RECENT MONTHS KMART EXPECTS 1993 EARNINGS TO FALL BELOW 1992'S
941 MILLION OR 206 A SHARE

THE SUPER KMART CENTERS ARE COMBINATION GROCERY AND GENERAL MERCHANDISE
STORES THE COMPANY PLANS TO OPEN 60 TO 75 MORE SUPER KMARTS NEXT YEAR
KMART SAID MR MILLER'S APPOINTMENT WILL SHARPEN OUR FOCUS ON THE GROWTH
AND DEVELOPMENT OF THE POPULAR SUPER KMART CENTERS

THOMAS W WATKINS SENIOR VICE PRESIDENT INTERNATIONAL OPERATIONS WILL
SUCCEED MR THOMAS AS HEAD OF THE INTERNATIONAL DIVISION 9310070080
931007 POLITICS & POLICY AUTOPILOT ERROR CAUSES SOME BOEING JETS TO
SHIFT DIRECTION SAFETY BOARD WARNS  BY DANIEL PEARL STAFF
REPORTER OF THE WALL STREET JOURNAL

WASHINGTON FEDERAL SAFETY INVESTIGATORS SAID AUTOPILOT PROBLEMS HAVE
CAUSED CERTAIN BOEING CO JETS TO CHANGE DIRECTION FOR NO APPARENT REASON

THE NATIONAL TRANSPORTATION SAFETY BOARD HAS ASKED THE FEDERAL AVIATION
ADMINISTRATION TO WARN PILOTS THAT AUTOPILOTS ON BOEING 757 AND 767
AIRPLANES HAVE ENGAGED AND DISENGAGED ON THEIR OWN AND TO TAKE
PRECAUTIONARY MEASURES THE FAA SAID IT WOULD PUT THE MATTER UNDER
HIGHPRIORITY REVIEW

THE AUTOPILOTS OF BOEING 757S AND 767S ARE MADE BY COLLINS AVIONICS OF CEDAR
RAPIDS IOWA A DIVISION OF ROCKWELL INTERNATIONAL CORP SEAL BEACH CALIF
COLLINS OFFICIALS COULDN'T BE REACHED TO COMMENT

BOEING HAS HAD TROUBLE WITH ANOTHER AUTOPILOT SYSTEM IN THE PAST THE FAA
HAS FOUND A NUMBER OF GLITCHES WITH THE AUTOPILOT SYSTEMS OF BOEING 747
JETS INCLUDING A CARGO JET FLOWN BY EVERGREEN INTERNATIONAL AIRLINES TWO
YEARS AGO THAT ROLLED TO THE RIGHT WITHOUT THE PILOT'S KNOWLEDGE AND DOVE
10000 FEET BEFORE THE CREW REGAINED CONTROL HONEYWELL INC WHICH MADE THE
EVERGREEN AUTOPILOT SAID EARLIER THIS YEAR THAT IT WASN'T AT FAULT IN THE
INCIDENT

THE SCRUTINY OF THE COLLINS AUTOPILOTS STEMS FROM A UNITED AIRLINES 767
LANDING LAST JUNE AT GERMANY'S FRANKFURT INTERNATIONAL AIRPORT THE PLANE'S
RUDDER MOVED MYSTERIOUSLY AS THE PLANE TOUCHED DOWN SENDING THE BOEING JET
SKIDDING OFF THE RUNWAY THERE WERE NO SERIOUS INJURIES AND THE CAUSE OF
THE INCIDENT IS STILL UNKNOWN

THE SAFETY BOARD HOWEVER SAID IT FOUND A SECOND PROBLEM WHILE TESTING THE
PLANE IN GERMANY THE HEADING READOUT ON THE AUTOPILOT DISPLAY PANEL CHANGED
WITHOUT ANY ACTION BY THE PILOT AND THE PLANE TURNED IN RESPONSE TO THE
CHANGE ON CHECKING UNITED AIRLINES MAINTENANCE RECORDS THE NTSB SAID IT
FOUND 29 INSTANCES IN WHICH AUTOPILOTS BEHAVED UNPREDICTABLY INCLUDING
MOVING TO A CERTAIN HEADING OR ALTITUDE WITHOUT THE PILOT'S COMMAND OR
CHANGING OPERATING MODES UNEXPECTEDLY WHILE NO CRASHES HAVE RESULTED SO
FAR THE AGENCY CITED THE POTENTIAL FOR CONFLICT

SEATTLEBASED BOEING SAID IT HASN'T DETERMINED THE CAUSE OF THE FRANKFURT
INCIDENT BUT THE COMPANY SENT A LETTER TO SOME OF ITS CUSTOMERS TUESDAY
SAYING THE RUDDER INCIDENT WASN'T RELATED TO THE AUTOPILOT DISPLAY PROBLEM
THE AUTOPILOT MALFUNCTION A SPOKESWOMAN SAID WAS TRACED TO AN ISOLATED
COMPONENT FAILURE SHE SAID SHE DIDN'T HAVE INFORMATION ON THE OTHER
INCIDENTS CITED BY THE NTSB

THE SAFETY BOARD WANTS THE FAA TO DIRECT BOEING AND COLLINS TO DEVELOP
CORRECTIVE ACTION WHICH MIGHT ALSO APPLY TO OTHER AIRCRAFT THAT USE
SIMILAR AUTOPILOT SYSTEMS INCLUDING SOME 747S

BOEING AND COLLINS IN APRIL BEGAN REPLACING THE LIGHTED PUSHBUTTONS THAT
PILOTS USE TO CONTROL THE AUTOPILOTS BUT THE SAFETY BOARD SAID PROBLEMS
WITH THE PUSHBUTTONS WOULDN'T EXPLAIN ALL OF THE AUTOPILOT GLITCHES THE
INCIDENTS ALSO DON'T APPEAR TO BE RELATED TO REPORTS OF NAVIGATIONSYSTEM
GLITCHES CAUSED BY PASSENGERS' USE OF COMPACTDISK PLAYERS AND LAPTOP
COMPUTERS A SAFETY BOARD SPOKESMAN SAID

UNTIL THE PROBLEM IS SOLVED THE SAFETY AGENCY SUGGESTS THAT PILOTS CUT OFF
POWER TO THE AUTOPILOT WHEN IT'S NOT IN USE JOHN O'BRIEN DIRECTOR OF
ENGINEERING AND AIR SAFETY FOR THE AIR LINE PILOTS ASSOCIATION IN
WASHINGTON SAID THE UNION ASKED PILOTS TO TAKE THAT ACTION SHORTLY AFTER
THE FRANKFURT INCIDENT 9310070079 931007 ABREAST OF THE MARKET SHARES
FINISH MIXED AS INVESTORS SELL TRANSPORTATION DRUG ISSUES  BY
CAITLIN MOLLISON SPECIAL TO THE WALL STREET JOURNAL

NEW YORK SOME BLUECHIP STOCKS WERE STRONG BUT A SELLOFF AMONG DRUG AND
TRANSPORTATION ISSUES CAUSED PRICES TO END MIXED IN HEAVY TRADING

THE DOW JONES INDUSTRIAL AVERAGE ROSE 1173 POINTS OR 033 TO 359899
AFTER ZIGZAGGING A BIT BUT BROADER INDEXES TURNED LOWER IN LATE TRADING
THE STANDARD & POOR'S 500 FELL 046 POINT OR 010 TO 46074 AND THE NEW
YORK STOCK EXCHANGE COMPOSITE INDEX FELL 014 POINT OR 005 TO 25626
THE AMERICAN STOCK EXCHANGE'S MARKET VALUE INDEX HIT A NEW HIGH CLIMBING
168 TO 46336

WE HAD PEOPLE MOVING OUT OF STOCKS THAT HAVE MOVED UP AND INTO STOCKS THEY
THINK ARE DEPRESSED SAID EDWARD E COLLINS III EXECUTIVE VICE PRESIDENT
OF INSTITUTIONAL TRADING AT DAIWA SECURITIES AMERICA THIS CREATED A FAIR
AMOUNT OF VOLATILITY

THE TRADER ADDED THAT SELLING PRESSURE WAS CREATED WHEN THE INDUSTRIALS
UNSUCCESSFULLY TRIED TO SUSTAIN A MOVE ABOVE THE 3600 MARK

THE NASDAQ COMPOSITE INDEX WAS JUST SHY OF ITS RECORD OF 76484 SET MONDAY
GAINING 250 POINTS OR 033 TO END AT 76477 THE INDEX HAD TRADED IN
RECORD TERRITORY FOR MOST OF THE SESSION

SMALLCOMPANY STOCKS SURGED AND THE RUSSELL 2000 INDEX HIT ITS NINTH RECORD
IN THE PAST 10 SESSIONS RISING 127 POINTS TO 25434

BIG BOARD ADVANCERS LED DECLINERS ABOUT 1121 TO 864 ON VOLUME OF ABOUT
2758 MILLION SHARES COMPARED WITH 2836 MILLION SHARES TRADED TUESDAY

TRADERS SAID A BEVY OF CONCERNS ARE KEEPING CAUTION ALIVE AMONG INVESTORS
FOREMOST AMONG THESE WORRIES ARE CORPORATE EARNINGS REPORTS BUT BOND
PRICES THE ECONOMY AND THE ROLE OF THE US IN SOMALIA ARE MENTIONED BY
TRADERS AS FACTORS

THERE'S A LOT OF NERVOUSNESS  BECAUSE IT'S OCTOBER SAID JAMES C
ANDREWS FIRST VICE PRESIDENT IN CHARGE OF INSTITUTIONAL TRADING AT JANNEY
MONTGOMERY SCOTT MARKET LORE SAYS OCTOBER TENDS TO BE THE MOST DIFFICULT
TIME FOR STOCKS

MARKET WATCHERS SAID MOST EQUITY MOVEMENT OVER THE NEXT FEW WEEKS WILL BE
EARNINGSRELATED AND GUIDED BY INDIVIDUAL COMPANY NEWS

TO SPEAK IN TERMS OF A MARKET AVERAGE IS TERRIBLY MISLEADING SAID PHIL
RETTEW A MARKET SPECIALIST AT MERRILL LYNCH & CO IT'S ALMOST IRRELEVANT
UNLESS YOU OWN INDEX OPTIONS

MR RETTEW NOTED THAT WITH THE HUGE CASH INFUSION INTO MUTUAL FUNDS
RECENTLY MONEY IS FORCED TO FIND A HOME AND SOMETIMES THE DEMANDS ARE
GREATER THAN THE STOCK PERFORMANCE CAN ACTUALLY JUSTIFY THIS TRANSLATES
INTO HIGH EXPECTATIONS FOR QUARTERLY EARNINGS HE ADDED AND COMPANIES THAT
FALL JUST A FEW CENTS SHORT OF ANALYSTS' ESTIMATES CAN EXPECT TO SEE THEIR
STOCK PRICE MASSACRED

EARNINGSRELATED NEWS DOMINATED THE ACTION AMONG BLUE CHIPS GOODYEAR TIRE &
RUBBER CO ROSE 1 1/8 TO 46 1/2 FOLLOWING ITS ANNOUNCEMENT THAT IT EXPECTS
THIRDQUARTER NET INCOME OF 130 MILLION TO 135 MILLION INCLUDING A 5
MILLION GAIN ON THE SALE OF RENEER FILMS THE AKRON OHIO CONCERN EARNED
91 MILLION IN THE YEAREARLIER QUARTER

ALSO CHEVRON CORP ROSE 1 1/8 TO 96 1/2 AND MOBIL CORP GAINED 1/2 TO 82
FOLLOWING COMMENTS BY A SMITH BARNEY SHEARSON ANALYST THAT HE SEES GOOD
THIRDQUARTER RESULTS FOR THE TWO COMPANIES ALSO UAL CORP ROSE 2 3/8 TO
140 7/8

OTHER TRANSPORTATION ISSUES FELL AND THE DOW JONES TRANSPORTATION AVERAGE
FELL 342 POINTS TO 163262 AMR CORP EASED 3/4 TO 64 7/8 AFTER SAYING ITS
AMERICAN AIRLINES SUBSIDIARY'S TRAFFIC FELL 38 LAST MONTH AMERICAN
PRESIDENT COS A PROVIDER OF MARINE TRANSPORTATION EDGED 1/2 LOWER TO 46

NATIONAL MEDICAL ENTERPRISES INC ROSE 1 3/8 TO 11 1/2 FOLLOWING A RATING
UPGRADE TO BUY FROM HOLD BY SALOMON BROTHERS INC ANALYST MARGO VIGNOLA

THE TECHNOLOGY SECTOR WHICH HAD SLID WAS ON THE MEND FOLLOWING A TUMBLE BY
ADVANCED MICRO DEVICES THE COMPANY'S SHARE PRICE FELL ANOTHER POINT TO 21
AFTER STUMBLING 4 3/4 TUESDAY SMITH BARNEY SHEARSON INC CUT ITS INVESTMENT
RATING TO NEUTRAL FROM BUY THE COMPANY ALSO TOPPED THE MOST ACTIVE
LIST WITH VOLUME OF 53 MILLION SHARES ABOUT FOUR TIMES THE AVERAGE DAILY
NUMBER

STORAGE TECHNOLOGY MOVED 1 7/8 HIGHER TO 28 1/8 AND MICROSOFT CLIMBED 1 5/8
TO 84 7/8 ON THE NASDAQ

BUT OTHER CHIP MAKERS SOLD OFF AS THE SESSION DREW TO A CLOSE ALTHOUGH THEY
HAD BEEN HIGHER EARLY ON

TEXAS INSTRUMENTS INC FELL 3/8 TO 70 1/8 AND MOTOROLA DIPPED 1/4 TO 98
1/2

AMONG RETAILERS DILLARD DEPARTMENT STORES INC LITTLE ROCK ARK FELL 1
3/8 TO 35 3/4 FOLLOWING A RATING CUT BY SMITH BARNEY SHEARSON ANALYST
WILLIAM N SMITH TO OUTPERFORM HIGH RISK FROM OUTPERFORM MODERATE
RISK MR SMITH IS SAID TO HAVE LOWERED HIS FISCAL 1994 EARNINGS ESTIMATE
TO 227 A SHARE FROM 242 COMPARED WITH EARNINGS OF 211 FOR FISCAL
1993

THE ANNOUNCEMENT THAT BASKETBALL SUPERSTAR MICHAEL JORDAN HAS RETIRED FROM
THE NATIONAL BASKETBALL ASSOCIATION SENT NIKE INC'S SHARES DOWN 3/4 TO 45
1/4 THE COMPANY SAID ITS NINEYEAR COLLABORATION WITH JORDAN WILL CONTINUE
AND FUTURE PLANS ALREADY HAVE BEEN DISCUSSED 9310070078 931007 WHO'S
NEWS ALEXANDER & ALEXANDER SERVICES INC

ALEXANDER & ALEXANDER SERVICES INC NEW YORK THIS RISK MANAGEMENT
INSURANCE BROKERAGE AND CONSULTING FIRM NAMED DONALD L SEELEY 49 YEARS
OLD PRESIDENT AND CHIEF EXECUTIVE OFFICER OF ALEXANDER CONSULTING GROUP
ITS HUMAN RESOURCE CONSULTING UNIT PREVIOUSLY SENIOR VICE PRESIDENT OF
FINANCIAL MANAGEMENT AT A&A MR SEELEY SUCCEEDS AM BUD D'ALESSANDRO
WHO DIED LAST FRIDAY 9310070077 931007 WORLD MARKETS SEVERAL BOURSES
SET RECORDS AS EQUITY FEVER SPREADS TO HEAT UP STOCK PRICES WORLDWIDE 
 A WALL STREET JOURNAL ROUNDUP

AMID GLOBAL STOCK FEVER THAT LIFTED SEVERAL BOURSES INTO UNCHARTED
TERRITORY LONDON SHARES ADVANCED BROADLY TO NEW HIGHS YESTERDAY FUELED BY
ENTHUSIASM SPILLING OVER FROM THE FUTURES MARKET FRANKFURT'S RALLY
CONTINUED AS STOCKS BENEFITED FROM THE LOWEST BOND YIELDS IN ALMOST FIVE
YEARS AND FINISHED AT A RECORD FOR THE SECOND SESSION IN A ROW

TOKYO STOCKS GAINED SOLIDLY WEDNESDAY AS INSTITUTIONAL INVESTORS THAT HAD
BEEN RELUCTANT RETURNED TO THE MARKET AND TURNOVER IMPROVED THE SYDNEY AND
HONG KONG BOURSES CONTINUED THEIR RECORDSETTING PACE FATTENING THEIR
DOUBLEDIGIT GAINS FOR THIS YEAR

WORLDWIDE STOCK PRICES ROSE IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX WAS AT 11304 UP 078 REFLECTING INCREASES IN MARKETS IN EUROPE AND
ASIA AND A DROP IN NORTH AMERICAN MARKETS

PLANTATION STOCK WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY
GROUPS CLOSING AT 15410 UP 673 OR 457 WITH DUNLOP OF MALAYSIA
POSTING A 143 GAIN IN ITS LOCAL CURRENCY OILFIELD EQUIPMENT STOCKS
TRAILED AT 11500 DOWN 196 OR 168 WITH HALLIBURTON OF THE US
SLIDING 256 IN LOCAL CURRENCY

IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX ADVANCED 156
POINTS TO 31008 INCHING ABOVE THE PREVIOUS HIGH OF 31006 SET AUG 27 THE
INDEX ALSO POSTED AN INTRADAY TRADING RECORD OF 31163 GAINERS LED LOSERS
6631 THE FT 30STOCK INDEX ROSE 96 POINTS TO 23554 VOLUME WAS 6874
MILLION SHARES COMPARED WITH 7743 MILLION SHARES A DAY EARLIER

THE FT 100 FINISHED DOWN FROM THE DAY'S HIGHS ON PROFITTAKING FINALLY
DIVERGING FROM THE FUTURES MARKET WHICH WAS BUOYED BY MOSTLY STRONGER BOND
MARKETS IN CONTINENTAL EUROPE US INVESTORS BOUGHT STOCKS HEAVILY AT
TIMES THOUGH THE 100STOCK INDEX IS AT LOFTY LEVELS WITHOUT ANY PUSH BY
CORPORATE OR ECONOMIC STIMULI SOME TRADERS EXPECTED FURTHER GAINS

IN FRANKFURT THE DAX 30STOCK INDEX ROSE 1432 POINTS TO 198705
SURPASSING THE RECORD CLOSING HIGH SET A DAY EARLIER AND EXPANDING THIS
WEEK'S GAIN TO 7496 POINTS THE DAX ALSO MARKED ANOTHER INTRADAY RECORD
HIGH 199771 ADVANCING ISSUES LED DECLINING ISSUES 255

THE DAX RETREATED FROM EARLYMORNING HIGHS AS SOME PROFITTAKING SET IN BUT
THE DIP WAS LIMITED AS THE 10YEAR BENCHMARK GERMAN MARK BOND YIELD DROPPED
BELOW 6 FOR THE FIRST TIME SINCE 1988 AS SHORTTERM BONDS MATURE
INVESTORS ARE TURNING TO THE EQUITIES MARKET AS AN ALTERNATIVE PROJECTED
CORPORATE EARNINGS NOW ARE TAKING A BACK SEAT TO INTEREST RATES AND
LIQUIDITY IS DRIVING THE FRANKFURT RALLY WHICH IS EXPECTED TO KEEP UP A
HEAD OF STEAM AS INVESTORS WHO HAD BELIEVED PRICES WOULD FALL ARE JUMPING IN
TO AVOID MISSING OUT ON THE RISING TIDE

IN PARIS STOCKS ADVANCED BROADLY HELPED BY INDEX AND FUTURESRELATED
BUYING AMID UNABATED BULLISHNESS PROFITTAKING AFTER THE RECENT SHARP
RUNUP WAS ABSORBED FAIRLY EASILY

IN AMSTERDAM BUOYED BY A HIGHER DOLLAR AND STRONGER OVERSEAS MARKETS STOCK
PRICES ADVANCED STRONGLY LED BY GLOBALLY TRADED DUTCH MULTINATIONALS AS
WELL AS FINANCIAL AND CHEMICAL ISSUES IN MILAN EQUITIES ROSE AMID A
CONSOLIDATION AND SQUARING OF POSITIONS AHEAD OF A TECHNICAL DEADLINE
PRICES WERE SUPPORTED PARTLY BY THE EXPECTATION OF A CUT IN INTEREST RATES
IN MADRID PRICES ROSE BOOSTED BY OTHER EUROPEAN BOURSES' GAINS A HEALTHY
START ON WALL STREET AND A BURST OF LASTMINUTE OPTIMISM THAT GERMANY WILL
TRIM ITS INTEREST RATES TODAY

THE INTERESTRATE STORY IS NOT OVER AS FAR AS CONTINENTAL EUROPE IS
CONCERNED SAID SOPHIE BLANPAIN EQUITY STRATEGIST AT CREDIT SUISSE FIRST
BOSTON LTD IN LONDON CORPORATE EARNINGS ARE ON THEIR WAY TO RECOVERY AND
WITH FALLING BOND YIELDS EQUITIES RELATIVELY SPEAKING ARE STILL LOOKING
ATTRACTIVE

IN ZURICH SHARES STRENGTHENED IN MODERATE TRADING WITH ISSUES SENSITIVE TO
INTEREST RATES LEADING THE ADVANCE FOREIGN INVESTORS ESPECIALLY THOSE FROM
THE US AND BRITAIN WERE ACTIVE BUYERS AMID AN UPBEAT TONE BECAUSE OF THE
CONTINUED FLOW OF SWISS PENSIONFUND MONEY OUT OF BONDS AND INTO STOCKS BUT
IN STOCKHOLM PRICES CLOSED MIXED AS A RALLY FIZZLED PARTLY BECAUSE OF
PROFITTAKING AND AN UPWARD MOVE IN MONEY MARKET RATES IN BRUSSELS SHARES
ADVANCED ON A GENERAL EASING OF EUROPEAN INTEREST RATES AND ON BUYING
RELATED TO HEDGING OF INDEX BASKETS THOUGH PROFITTAKING ERASED SOME OF THE
GAINS

IN TOKYO THE NIKKEI 225STOCK INDEX WHICH ROSE 5750 POINTS TUESDAY
CLIMBED 17832 TO 2050025 ENDING ABOVE 20500 FOR THE FIRST TIME IN THREE
WEEKS ON THURSDAY THE NIKKEI INDEX FELL 13951 POINTS TO CLOSE THE MORNING
SESSION AT 2036074 WEDNESDAY'S FIRSTSECTION VOLUME WAS ESTIMATED AT A
RELATIVELY HEALTHY 320 MILLION SHARES UP FROM 2294 MILLION SHARES A DAY
EARLIER GAINERS OVERWHELMED LOSERS 700320 THE TOKYO STOCK PRICE INDEX
OR TOPIX OF ALL FIRSTSECTION ISSUES WHICH EDGED UP 090 POINT TUESDAY
SWELLED 1885 OR 12 TO 165378

WHILE FEW FRESH INCENTIVES EMERGED ON THE JAPANESE FRONT THE STRONG
PERFORMANCES A DAY EARLIER ON EUROPEAN STOCK MARKETS AFTER THE RUSSIAN
POLITICAL CRISIS WAS TAMED SEEMED TO INSPIRE INVESTORS IN JAPAN PRICES ROSE
STEADILY THROUGHOUT THE SESSION THE NIKKEI'S INTRADAY LOW OF 2031293 CAME
IN THE FIRST HOUR OF TRADING AND THE SESSION HIGH OF 2052955 ABOUT 10
MINUTES BEFORE THE CLOSE THE MAIN GAINERS WERE RECENT MARKET
UNDERPERFORMERS SUCH AS LARGECAPITALIZATION AND FINANCIAL ISSUES

IN HONG KONG THE HANG SENG INDEX ROCKETED UP 22 TO FINISH ABOVE 8000 FOR
THE FIRST TIME EVER JUMPING 17209 POINTS TO 804157 THE FOURTH
CONSECUTIVE RECORD FINISH SO FAR THIS YEAR THE INDEX HAS ADVANCED 45 ON
WEDNESDAY FOREIGN INSTITUTIONAL INVESTORS FLOODED INTO THE MARKET LIFTING
TURNOVER SHARPLY INVESTORS WERE RELIEVED THAT HONG KONG GOV CHRIS PATTEN
DIDN'T RAISE THE ANTE IN A DISPUTE WITH CHINA ABOUT DEMOCRACY IN THE BRITISH
COLONY WHICH IS TO REVERT TO CONTROL BY BEIJING IN 1997 THE MARKET SURGED
AFTER MR PATTEN BEGAN A SPEECH TO THE HONG KONG LEGISLATURE WHERE HE
UNDERSCORED COOPERATION WITH CHINA AS A PRIORITY FOR THE COMING YEAR

IN SYDNEY FOR THE SECOND DAY IN A ROW SHARE PRICES SOARED 1 TO A SIXYEAR
HIGH BUOYED BY HEAVY OVERSEAS BUYING OF LARGE STOCKS BECAUSE OF CONFIDENCE
ABOUT THE AUSTRALIAN DOLLAR AND SOLID CORPORATE EARNINGS FORECASTS FOR NEXT
YEAR BANKS WERE AMONG THE BIGGEST GAINERS THE ALLORDINARIES INDEX CLOSED
AT 20188 UP 203 POINTS FOR THE DAY TO A LEVEL UNSEEN SINCE BEFORE THE
GLOBAL STOCKMARKET CRASH IN OCTOBER 1987 THE INDEX IS UP 30 FOR THIS
YEAR

HERE ARE PRICE TRENDS ON THE WORLD'S MAJOR STOCK MARKETS AS CALCULATED BY
MORGAN STANLEY CAPITAL INTERNATIONAL PERSPECTIVE GENEVA TO MAKE THEM
DIRECTLY COMPARABLE EACH INDEX CALCULATED IN LOCAL CURRENCIES IS BASED ON
THE CLOSE OF 1969 EQUALING 100 THE PERCENTAGE CHANGE IS SINCE YEAREND
9310070076 931007 PERSONAL TECHNOLOGY  BY WALTER S MOSSBERG

PERSONAL COMPUTERS OUGHT TO BE A GREAT TOOL FOR SMALLBUSINESS PEOPLE WHO
CAN'T AFFORD A FULLTIME ACCOUNTANT OR BOOKKEEPER BUT WANT TO MINIMIZE HOURS
SPENT ON TEDIOUS BOOKKEEPING CHORES UNTIL RECENTLY THOUGH THE CHOICES IN
ACCOUNTING SOFTWARE TOO OFTEN BOILED DOWN TO COMPLICATED PROGRAMS REALLY
DESIGNED FOR ACCOUNTANTS OR PERSONALFINANCE PROGRAMS REALLY ONLY SUITABLE
FOR VERY SMALL BUSINESSES THE SORT THAT CAN BE MANAGED WITH LITTLE MORE
THAN A CHECKBOOK

LATELY HOWEVER TWO PRODUCTS HAVE APPEARED THAT CLAIM TO MAKE BOOKKEEPING
SIMPLE FOR SMALL BUSINESSES BY HIDING ALL THE ACCOUNTING FUNCTIONS AND
ASSOCIATED JARGON BEHIND A SIMPLE INTERFACE THAT CONCENTRATES ON FILLING OUT
FORMS SUCH AS INVOICES BILLING STATEMENTS AND CHECKS THE SOFTWARE THEN
DOES THE DETAILED DOUBLEENTRY ACCOUNTING RECORDING THE ENTERED DATA IN THE
APPROPRIATE LEDGERS AND ACCOUNTS

THESE ENTRYLEVEL PROGRAMS ARE PROFIT FROM SOFTWARE GIANT MICROSOFT WHICH
SELLS FOR 129 AT DISCOUNT AND QUICKBOOKS FOR WINDOWS 20 95 AT DISCOUNT
FROM INTUIT THE LEADER IN PERSONALFINANCE SOFTWARE BOTH RUN ONLY ON
IBMCOMPATIBLE PCS THAT USE MICROSOFT WINDOWS

OF THE TWO I THINK QUICKBOOKS IS THE BETTER CHOICE FOR MOST TYPES OF
BUSINESSES THOUGH PROFIT IS A SOLID PROGRAM THAT HAS ADVANTAGES ESPECIALLY
FOR RETAILERS AND OTHER INVENTORYCONSCIOUS COMPANIES QUICKBOOKS LOOKS A
GREAT DEAL LIKE QUICKEN INTUIT'S POPULAR PERSONALFINANCE PROGRAM AND IS
QUITE EASY TO SET UP AND START USING ONCE SETUP IS COMPLETE YOU USE
QUICKBOOKS MERELY BY SELECTING A FORM INVOICE CHECK PAYMENT RECEIPT
BANK DEPOSIT BILL FROM A VENDOR

FILLING OUT THESE FORMS IS A BREEZE BECAUSE THE PROGRAM USES MANY OF THE
AUTOMATION FEATURES PIONEERED IN QUICKEN THE PROGRAM CAN MEMORIZE
REPETITIVE TRANSACTIONS AND SUMMON THEM UP AGAIN AFTER YOU TYPE JUST THE
FIRST FEW LETTERS OR SELECT THEM FROM A LIST

AND QUICKBOOKS LETS YOU PRINT DECENTLOOKING CUSTOMIZED BUSINESS FORMS
EVEN ON PLAIN PAPER YOU CAN ADD A GRAPHICAL LOGO OR USE DIFFERENT FONTS

THE PROGRAM SHINES AT PROVIDING ANALYSES OF DATA AND REPORTS ON HOW YOU'RE
DOING INCLUDING GRAPHS YOU CAN INSTANTLY CALL UP A REPORT ON THE HISTORY
OF A CUSTOMER OR VENDOR AND VIEW DOZENS OF TYPES OF CANNED AND CUSTOMIZED
ANALYSIS THESE REPORTS ALSO PRINT OUT BEAUTIFULLY FOR STUDY YOU CAN ZOOM
IN ON A LINE IN A REPORT OR A PORTION OF A CHART TO VIEW THE DETAILED
UNDERLYING DATA

INTUIT ALSO HAS BUILT A HUGE ADVANTAGE INTO QUICKBOOKS FREE TECHNICAL
SUPPORT A RARITY IN ACCOUNTING SOFTWARE BUT ESPECIALLY VALUABLE FOR
NOVICES BY CONTRAST PROFIT CHARGES 2 A MINUTE FOR TELEPHONE SUPPORT
UNLESS IT INVOLVES INSTALLING THE SOFTWARE THOUGH MICROSOFT CLAIMS IT
WAIVES THE CHARGE FOR MOST CALLS

QUICKBOOKS HAS SOME SHORTCOMINGS IT FORCES USERS TO BE MORE FAMILIAR WITH
VARIOUS TYPES OF ACCOUNTS AND THE REGISTERS THAT GO WITH THEM THAN DOES
PROFIT BUT ITS BIG WEAKNESS IS THAT IT HAS NO INVENTORY FUNCTIONS MAKING
IT A POOR CHOICE FOR FIRMS THAT NEED TO KEEP TRACK OF PRODUCTS IN STOCK AND
ON ORDER

PROFIT OUTDOES QUICKBOOKS IN THESE AREAS ITS BASIC INTERFACE IS A FILE
CABINET WITH DRAWERS CONTAINING A VARIETY OF FORMS FOR CONDUCTING
TRANSACTIONS MAINTAINING RECORDS PREPARING REPORTS AND DOING OTHER TASKS
THERE'S ALSO AN ACCOUNTING DRAWER CONTAINING REGISTERS AND JOURNALS
INTENDED FOR USE MAINLY BY YOUR ACCOUNTANT PROFIT ALSO MAKES GOOD USE OF
WIZARDS MICROSOFT'S STEPBYSTEP DIALOGUES THAT WALK COMPUTER USERS
THROUGH COMPLEX TASKS

AND PROFIT IS STRONG ON INVENTORY MATTERS ADJUSTING INVENTORY AFTER EACH
SALE OF AN ITEM AND WARNING WHEN IT'S TIME TO REORDER

BUT PROFIT FALLS SHORT OF QUICKBOOKS IN DEPTH FLEXIBILITY SPEED OF DATA
ENTRY AND PRINTING FORMS AND REPORTS THERE ARE CURIOUS USABILITY LAPSES
ALL OVER THE PLACE FOR INSTANCE THE PROGRAM WHICH SUPPOSEDLY SHIELDS
USERS FROM ACCOUNTING RIGIDITIES REQUIRES YOU TO POST TRANSACTIONS BEFORE
IT DEEMS THEM COMPLETE AFTER WHICH THEY CAN'T BE ALTERED OR DELETED THIS
IS STANDARD ACCOUNTING PRACTICE BUT IT'S HARDLY FLEXIBLE ENOUGH FOR NOVICES

PROFIT ALSO DOESN'T ALLOW YOU TO DRILL DOWN TO SEE UNDERLYING DATA IN MOST
REPORTS AND GRAPHS PLAINPAPER PRINTOUTS OF REPORTS AND FORMS CAN'T BE
CUSTOMIZED AND LOOK UGLY AND YOU CAN'T QUICKLY FILL OUT FORMS BY TYPING A
FEW LETTERS OF A CUSTOMER'S NAME AS IN QUICKBOOKS

IF YOU DON'T LIKE EITHER PROGRAM THERE'S AN ALTERNATIVE PEACHTREE
SOFTWARE WHICH SPECIALIZES IN HEAVYDUTY ACCOUNTING PROGRAMS OFFERS
PEACHTREE ACCOUNTING FOR WINDOWS 20 FOR A DISCOUNTED 115 IT'S MORE
POWERFUL THAN THE OTHERS WITH A FULL PAYROLL FUNCTION THE OTHERS LACK AND A
MODULE FOR DESIGNING FORMS BUT I FOUND PEACHTREE'S PROGRAM MUCH MORE
COMPLICATED THAN THE OTHERS DESPITE A VALIANT ATTEMPT TO BUILD IN LOTS OF
TIPS AND HELP

ONE THING THAT BOTHERS ME ABOUT ALL THREE PROGRAMS IS THAT THEY LOCK UP AND
REFUSE TO FUNCTION UNLESS YOU REGISTER THEM WITH THE MANUFACTURER AFTER A
CERTAIN NUMBER OF USES THE COMPANIES NOTE THAT THIS IS COMMON IN
TRADITIONAL ACCOUNTING SOFTWARE AND ENSURES THAT EVERY CUSTOMER CAN BE
NOTIFIED OF FIXES UPGRADES AND THE LIKE BUT I SUSPECT IT HAS A LOT TO DO
WITH THE COMPANIES' DESIRE TO COMPILE A LIST OF POTENTIAL CUSTOMERS FOR
FOLLOWON PRODUCTS AND SERVICES IT SEEMS TO ME THAT IF YOU BUY A CONSUMER
PRODUCT OVER THE COUNTER YOU SHOULDN'T BE FORCED TO TELL ITS MAKER YOUR
NAME AND ADDRESS IN ORDER TO GET IT TO WORK 9310070075 931007 INVESTING
IN SOUTH AFRICA BILL FOR LIFTING SANCTIONS CLEARS TWO HOUSE PANELS

WASHINGTON REUTER A BILL REPEALING US ECONOMIC SANCTIONS AGAINST
SOUTH AFRICA RECEIVED INITIAL APPROVAL IN THE HOUSE YESTERDAY

THE MEASURE WHICH WOULD GIVE THE US GOVERNMENT A BROAD MANDATE TO HELP
SOUTH AFRICA MOVE AWAY FROM APARTHEID CLEARED TWO FOREIGN AFFAIRS
SUBCOMMITTEES TWO WEEKS AFTER AFRICAN NATIONAL CONGRESS LEADER NELSON
MANDELA CALLED FOR AN END TO THE SANCTIONS

THE BILL URGES ALL STATE AND LOCAL GOVERNMENTS AND PRIVATE ENTITIES IN THE
US TO RESCIND A HOST OF RESTRICTIONS AND POLICIES DISCOURAGING ECONOMIC
INTERACTION WITH SOUTH AFRICA

THE SENATE HAS ALREADY ACTED ON A SEPARATE BILL REMOVING THE REMAINDER OF
ECONOMIC SANCTIONS IMPOSED BECAUSE OF SOUTH AFRICA'S APARTHEID POLICIES
MOST GOVERNMENT SANCTIONS WERE REMOVED DURING THE BUSH ADMINISTRATION
9310070074 931007 TAKEOVER FEVER HEATS MARKET IN SHANGHAI  BY
MARCUS W BRAUCHLI STAFF REPORTER OF THE WALL STREET JOURNAL

SHADES OF WALL STREET IN THE 1980S

UNLIKELY AS IT SEEMS THERE'S A WHIFF OF A CORPORATE BATTLE BLOWING QUIETLY
THROUGH SHANGHAI'S UPSTART STOCK MARKET IT HAS CAUSED CHINA'S FIRST BOUT OF
TAKEOVER FEVER

THE DISCLOSURE THIS WEEK THAT A CASHRICH COMPANY FROM SOUTHERN CHINA HAD
TAKEN AN UNFRIENDLY 19 POSITION IN ONE OF SHANGHAI'S EARLIEST PUBLICLY
TRADED COMPANIES TRIGGERED A WAVE OF INVESTMENT IN OTHER COMPANIES AS
SPECULATORS BEGAN TO BET ON WHICH ONES WILL BECOME CHINA'S FIRST TAKEOVER
TARGETS

WITH THIS YEAR'S ECONOMIC GROWTH RATE EXPECTED TO APPROACH LAST YEAR'S
129 HUGE TRADE SURPLUSES WITH EUROPE AND THE US AND INVESTORS SCOURING
THE COUNTRY FOR DEALS CHINA ALREADY HAS SHED THE STASIS OF 44 YEARS OF
COMMUNIST PARTY RULE THE CLAMOR IN SHANGHAI HINTING SLIGHTLY OF THE
TAKEOVER FRENZY ON WALL STREET IN THE 1980S SIMPLY ACCELERATES THE PROCESS

IN CHINA TAKEOVERS ARE NOW POSSIBLE SAID SHEN RUIXING OF THE SHANGHAI
SECURITIES EXCHANGE'S INTERNATIONAL DEPARTMENT THIS MAY NOT BE THE ONE
BUT THERE IS NO REASON THEY CANNOT HAPPEN

REGULATORS AND STOCKMARKET ANALYSTS SAID THE PURCHASE BY BAO AN GROUP A
PROPERTYTRADING COMPANY FROM THE BOOMING SHENZHEN SPECIAL ECONOMIC ZONE
NEAR HONG KONG OF A STAKE IN SHANGHAI YANZHONG INDUSTRIAL A
PRINTINGEQUIPMENT GROUP TOOK THEM BY SURPRISE BAO AN DISCLOSED YESTERDAY
THAT ITS STAKE HAD RISEN TO 19 FROM 16 REPORTED EARLIER

THE INVESTMENT IS THE FIRST CASE IN WHICH A COMPANY HAS COMPLIED WITH RULES
DRAFTED IN MAY GOVERNING TAKEOVERS AND LARGESTAKE ACQUISITIONS IN PUBLICLY
LISTED COMPANIES ACCORDING TO JESSE WANG OF THE CHINA SECURITIES REGULATORY
COMMISSION IN BEIJING WE'RE GOING TO KEEP OUR EYES WIDE OPEN ON THIS ONE
SAID MR WANG

THE RULES REQUIRE DISCLOSURE OF STAKES OF 5 OR MORE OF A LISTED COMPANY'S
STOCK AND ANY SHIFT OF TWO PERCENTAGE POINTS IN SUCH A SHAREHOLDING IN
CASES WHERE THE SHAREHOLDING EXCEEDS 30 THE ACQUIRING COMPANY MUST MAKE A
GENERAL OFFER FOR THE COMPANY'S SHARES LAST MONTH SHANGHAI'S STOCK
EXCHANGE ALLOWED ENTERPRISES AS WELL AS INDIVIDUALS TO BUY BLOCKS OF STOCK

ALTHOUGH TAKEOVERS MAY BE LEGAL IN PRINCIPLE BAO AN'S RAID ON YANZHONG DREW
HOSTILE RETURN FIRE FROM THE TARGET COMPANY WHICH PIONEERED SHAREHOLDING IN
NOMINALLY COMMUNIST CHINA HALF A DECADE AGO AT A NEWS CONFERENCE IN
SHANGHAI YANZHONG'S MANAGING DIRECTOR ZHOU XINRONG ACCUSED BAO AN OF
IMPROPER BEHAVIOR

THIS WAS SIMPLY UNJUST UNFAIR AND ILLEGAL REUTERS QUOTED MR ZHOU AS
SAYING HE REPORTEDLY BELIEVES BAO AN SHOULD HAVE DISCLOSED ITS SHAREHOLDING
LONG BEFORE IT REACHED 16 AND SAID HIS COMPANY WAS PLANNING LEGAL ACTION
AGAINST BAO AN

BAO AN OFFICIALS WHO WERE UNAVAILABLE FOR COMMENT YESTERDAY HAD EARLIER
BEEN QUOTED IN THE SHANGHAI SECURITY NEWS AS SAYING THAT THEY HOPED FOR
REPRESENTATION ON YANZHONG'S BOARD AND WOULDN'T RULE OUT A GENERAL OFFER FOR
YANZHONG

IN THE MEANTIME THOUGH THE BATTLE HAS BEEN JUST THE ELIXIR SHANGHAI'S
STOCK MARKET NEEDED YANZHONG'S SHARE PRICE HAS SHOT UP STEADILY SINCE
RUMORS OF THE ACQUISITION SURFACED THREE WEEKS AGO YESTERDAY IT ROSE BY A
THIRD TO 2198 YUAN WITH MORE THAN 200 MILLION SHARES CHANGING HANDS A
WEEK AGO THE SHARE PRICE WAS ONLY 10 YUAN

AN ANALYST FOR A HONG KONG SECURITIES HOUSE IN SHANGHAI SAID OTHER STOCKS
THAT ARE CONSIDERED POSSIBLE TAKEOVER TARGETS ALSO ARE BENEFITING FROM FRESH
INVESTOR INTEREST AT THE MOMENT HOWEVER IT'S CONFINED TO A HANDFUL OF
STOCKS THAT HAVE NO GOVERNMENT SHAREHOLDING STILL A MINORITY OF LISTED
ISSUES IN SOCIALIST CHINA

BUT MR WANG THE REGULATOR THINKS EVEN STOCKS WITH GOVERNMENT STAKES SOON
MIGHT BE VULNERABLE TO OUTSIDE ACQUISITIONS IN PRINCIPLE IT COULD
HAPPEN HE SAID BUT THERE ARE NO RULES YET 9310070073 931007
MARKETING & MEDIA BLOCKBUSTER WILL BUY A PHILIPS STORE CHAIN IN 150
MILLION DEAL

FORT LAUDERDALE FLA BLOCKBUSTER ENTERTAINMENT CORP SAID IT AGREED TO
ACQUIRE A MUSIC RETAILER FROM PHILIPS ELECTRONICS NV FOR ABOUT 150 MILLION

THE MOVE CONTINUES BLOCKBUSTER'S EXPANSION IN THE MUSIC AND ENTERTAINMENT
BUSINESS IN ADDITION TO ITS 3258 VIDEORENTAL STORES BLOCKBUSTER OWNS THE
SOUND WAREHOUSE AND MUSIC PLUS RECORD STORE CHAINS AND OPERATES 17 LARGE
MUSICANDVIDEO STORES IN EUROPE AUSTRALIA AND THE US

THE COMPANY ALSO OWNS ABOUT 71 OF SPELLING ENTERTAINMENT GROUP INC AND
ABOUT 34 OF REPUBLIC PICTURES CORP BOTH PRODUCERS AND DISTRIBUTORS OF
FILMS

THE PHILIPS SUBSIDIARY SUPER CLUB RETAIL ENTERTAINMENT CORP IS ONE OF THE
LARGEST MUSIC CHAINS IN THE COUNTRY WITH ABOUT 270 STORES UNDER THE RECORD
BAR TRACKS TURTLES AND RHYTHM & VIEWS NAMES MOST OF THE OUTLETS ARE IN
THE SOUTHEAST SUPER CLUB ALSO OPERATES ABOUT 160 VIDEO RETAIL STORES IN 13
STATES

BLOCKBUSTER SAID THE PURCHASE WOULD BE MADE IN CASH STOCK OR A COMBINATION
OF THE TWO THE TRANSACTION IS EXPECTED TO BE COMPLETED BEFORE THE END OF
NOVEMBER

PHILIPS THE DUTCH ELECTRONICS CONCERN IS ALREADY A BLOCKBUSTER BUSINESS
PARTNER AND SHAREHOLDER WITH A 5 TO 6 STAKE IN THE COMPANY

THE ANNOUNCEMENT OF THE PLANNED ACQUISITION CAME AFTER MARKETS CLOSED
YESTERDAY IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING BLOCKBUSTER ENDED
THE DAY AT 27875 A SHARE DOWN 125 CENTS 9310070071 931007 REVIEW &
OUTLOOK EDITORIAL CHOICE GOES NATIONAL

THE FRONT LINES OF THE SCHOOL CHOICE BATTLE ARE IN CALIFORNIA WHERE TEACHER
UNIONS ARE SPENDING 10 MILLION TO DEFEAT A SCHOOL VOUCHER INITIATIVE ON
NEXT MONTH'S BALLOT BUT ANOTHER SIGNIFICANT DEVELOPMENT IN THE STRUGGLE FOR
EDUCATIONAL FREEDOM WILL TAKE PLACE TODAY IN WASHINGTON DC AMERICANS FOR
SCHOOL CHOICE A NEW POLITICAL ACTION GROUP WILL ANNOUNCE THE LAUNCH OF A
NATIONWIDE EFFORT TO PROMOTE CHOICE IN ADDITION TO THE MANY THINK TANKS
PROMOTING CHOICE THE MOVEMENT NOW HAS ITS FIRST ACTION TANK

ITS FORMATION MAY BE IGNORED BY THE NATIONAL MEDIA BUT THE IMPRESSIVE LIST
OF NAMES BEHIND ASC MERITS SOME ATTENTION ITS CHAIRMAN WILL BE LARRY
PATRICK A DETROIT SCHOOL BOARD MEMBER ITS IMPRESSIVE DIRECTORS' LIST
INCLUDES FORMER EDUCATION SECRETARIES LAMAR ALEXANDER AND BILL BENNETT
CIVIL RIGHTS LEADER ROY INNIS AND CHOICE PIONEERS POLLY WILLIAMS OF
MILWAUKEE AND WISCONSIN GOVERNOR TOMMY THOMPSON

THE MAIN REASON WE THINK THAT AMERICANS FOR SCHOOL CHOICE IS WORTH WATCHING
IS THAT THE MOVEMENT IS PICKING UP MOMENTUM AROUND THE COUNTRY CONSIDER THE
FOLLOWING

 THIS WEEK MICHIGAN GOVERNOR JOHN ENGLER PROPOSED A SWEEPING REFORM OF
PUBLIC SCHOOLS HE WANTS SCHOOL DOLLARS TO BE TIED TO STUDENTS RATHER THAN
AN UNACCOUNTABLE SYSTEM EACH STUDENT WOULD GET A SCHOLARSHIP WORTH BETWEEN
4500 AND 6500 THAT COULD BE USED AT ANY PUBLIC SCHOOL IN MICHIGAN THE
SCHOLARSHIP COULD ALSO BE USED IN NEWLY FORMED CHARTER SCHOOLS WHICH
PARENTS AND TEACHERS COULD SET UP TO ESCAPE THE EDUCATIONAL BUREAUCRACY

 LAST MONTH THE NATION'S SECOND VOUCHER PROGRAM WAS SIGNED INTO LAW BY
PUERTO RICO'S GOVERNOR PEDRO ROSSELLO A LIMITED NUMBER OF STUDENTS WILL BE
GIVEN 1500 SCHOLARSHIPS TO ATTEND EITHER PUBLIC OR PRIVATE SCHOOLS
GOVERNOR ROSSELLO SAYS HIS GOAL IS A SYSTEM WHERE EACH CHILD HAS A CHANCE
TO GET A GOOD EDUCATION

 IN POLLY WILLIAMS'S HOMETOWN OF MILWAUKEE THE SUCCESS OF HER PILOT
CHOICE PROGRAM HAS LED OTHER PARENTS TO DEMAND SIMILAR OPPORTUNITIES A
PUBLIC EMPLOYEES' UNION REPRESENTING 330 CITY SANITATION WORKERS IS USING
ITS CONTRACT NEGOTIATIONS TO ASK FOR A 200 VOUCHER TO HELP WORKERS SEND
THEIR CHILDREN TO PRIVATE OR PAROCHIAL SCHOOLS DEMOCRATIC MAYOR JOHN
NORQUIST A STRONG BACKER OF FULL SCHOOL CHOICE IS OPEN TO THE IDEA
BREAKING DOWN THE PUBLIC EDUCATION MONOPOLY IS THE MOST IMPORTANT REFORM WE
CAN MAKE IN OUR SCHOOLS THIS CERTIFIABLY NEW DEMOCRAT TOLD US

AMERICANS FOR SCHOOL CHOICE WILL BE INVOLVED IN ALL OF THESE BATTLES BUT IT
WON'T BE ANOTHER BELTWAY GROUP ITS HEADQUARTERS WILL BE IN CHICAGO HOME TO
WHAT MAY BE THE NATION'S WORST PUBLIC SCHOOLS THE SYSTEM THERE HAS A 298
MILLION DEFICIT AND ITS SCHOOL BOARD HINTED THIS WEEK THAT IT WANTS A
FEDERAL JUDGE TO IMPOSE A TAX INCREASE WITHOUT CONSULTING EITHER LEGISLATORS
OR THE VOTERS BUT CHICAGO PARENTS DON'T WANT TO POUR MORE MONEY INTO A
FAILED SYSTEM MANY ARE DEMANDING SCHOOL CHOICE IT LOOKS AS IF AMERICANS
FOR SCHOOL CHOICE WILL HAVE A REAL OPPORTUNITY TO PROMOTE ITS AGENDA RIGHT
IN ITS OWN BACKYARD 9310070070 931007 LABOR TAKE NOTE NAFTA MEANS JOBS
 FOR US WORKERS  BY JIM WRIGHT

WHAT IS BEST FOR AMERICA'S WORKING MEN AND WOMEN THAT IS THE STANDARD BY
WHICH I JUDGED LITERALLY HUNDREDS OF DECISIONS OVER THE 34 YEARS I SERVED IN
CONGRESS A LIFELONG ADVOCATE OF PERCOLATEUP ECONOMICS I HAVE NEVER
BELIEVED IN TRICKLEDOWN

THE BUYING POWER OF THIS COUNTRY'S WAGE EARNERS IS THE OIL THAT LUBRICATES
THE MACHINERY OF OUR NATIONAL PROSPERITY AND WHATEVER PROMOTES THAT END IS
IN AMERICA'S BEST INTEREST

ON THE BASIS OF THAT FUNDAMENTAL PHILOSOPHY I SUPPORT THE NORTH AMERICAN
FREE TRADE AGREEMENT AFTER MUCH STUDY AND MORE THAN 20 TRIPS TO MEXICO IN
THE PAST FIVE YEARS I HAVE CONCLUDED THAT NAFTA SERVES THE LONGTERM CAUSE
OF AMERICAN LABOR

IF THE NET IMPACT OF NAFTA WERE TO REDUCE JOBS OR DEPRESS WAGES IN THE US
THAT RESULT WOULD BE BAD FOR EVERYONE WHAT I SEE HAPPENING IN MEXICO TELLS
ME THE NEW RELATIONSHIP WILL CREATE THE REVERSE EFFECT LIFTING WAGES AND
CONDITIONS OF WORK IN MEXICO WHILE CREATING MORE JOBS IN BOTH COUNTRIES

THE FOLLOWING CONSIDERATIONS SUPPORT THAT CONCLUSION

 TO CREATE MORE JOBS IN TODAY'S WORLD THE US MUST EXPORT MORE
AUTOMATION AND CORPORATE DOWNSIZING ARE TAKING AS MANY AS 10000 JOBS OUT OF
THE MARKETPLACE EACH MONTH WITHOUT THE ARTIFICIAL STIMULUS OF COLD WAR
MILITARY SPENDING THE US CANNOT HOPE TO SUSTAIN ITS PRESENT LEVEL OF
EMPLOYMENT UNLESS WE SELL MORE USMADE GOODS ABROAD

 OUR NATURAL OUTLET FOR EXPORTS IS IN THE GROWING MARKETS OF THE WESTERN
HEMISPHERE CLOSER TIES ARE IN OUR ECONOMIC INTEREST WITH TIGHT REGIONAL
TRADING BLOCS DEVELOPING IN EUROPE AND ASIA IT MAKES SENSE TO CLOSE RANKS
WITH OUR NEIGHBORS TO THE SOUTH

ROUGHLY 70 CENTS OF EVERY MEXICAN DOLLAR SPENT ON IMPORTS PAYS FOR
USPRODUCED WARES CLEARLY AN ECONOMIC REVIVAL SOUTH OF THE BORDER WOULD
EXPAND THE MARKETS FOR OUR PRODUCTS AND INCREASE JOB OPPORTUNITIES IN THE
US

AN OLD MEXICAN APHORISM INSISTS THAT WHENEVER THE U S SNEEZES MEXICO COMES
DOWN WITH PNEUMONIA THE CONVERSE IS TRUE AS WELL WHEN LATIN AMERICA FALLS
INTO ECONOMIC DECLINE IT HURTS US BY DRYING UP MARKETS FOR OUR MANUFACTURED
GOODS AND WHEN MEXICO PROSPERS WE PROSPER

IN JUST THE PAST SIX YEARS US TRADE WITH MEXICO HAS MORE THAN TRIPLED TO
OUR COUNTRY'S BENEFIT IN 1986 ABOUT 274000 US WAGE EARNERS WERE
EMPLOYED PRODUCING PRODUCTS FOR MEXICAN CONSUMPTION LAST YEAR THAT FIGURE
HAD GROWN TO ALMOST 700000 IT IS THE HEALTHIEST TRADE SURPLUS WE ENJOY
WITH ANY COUNTRY

 CONTRARY TO POPULAR MYTH WAGES AND WORKING CONDITIONS HAVE BEEN MOVING
STEADILY UPWARD IN MEXICO FROM 1988 TO 1992 REAL COMPENSATION FOR MEXICAN
WORKERS ROSE 193 MEANWHILE UNDER MEXICO'S ECONOMIC SOLIDARITY PACT WAGE
AND PRICE RESTRAINTS HAVE BROUGHT THE ANNUAL INFLATION RATE DOWN
DRAMATICALLY FROM A STAGGERING 150 TO JUST OVER 5

ON SUNDAY PRESIDENT SALINAS ANNOUNCED A 95 INCREASE IN THE MINIMUM WAGE
AND PRODUCTIVITY INCREASES AT FORD'S THREE MAJOR PRODUCTION FACILITIES AS
WELL AS ELSEWHERE ARE BOOSTING WORKERS' BUYING POWER THIS YEAR BY ABOUT 15

A MIDDLEINCOME CLASS IS EMERGING IN MEXICO SO LONG AFFLICTED BY EXTREMES
OF WEALTH AND POVERTY THE RESULT IS MORE AND BETTER CUSTOMERS FOR ITS OWN
GOODS AS WELL AS OURS

 LIKE IT OR NOT OUR QUALITY OF LIFE IS LINKED INCREASINGLY TO THE
WELLBEING OF THE COUNTRIES TO OUR SOUTH HALTING THE FLOW OF DRUGS DEPENDS
UPON THE STABILITY OF GOVERNMENTS IN MEXICO COLOMBIA AND ELSEWHERE AND THE
ONLY ANTIDOTE TO A TIDAL INFLUX OF UNDOCUMENTED WORKERS INTO OUR COUNTRY IS
THE DRAMATIC IMPROVEMENT OF JOB OPPORTUNITIES IN MEXICO

 LIKE MANY IN CONGRESS TODAY I HATE TO SEE US FACTORIES LURED OUT OF
THE US BY CHEAP WAGES THE US HAS ALREADY SUFFERED THAT IN THE MOVEMENT
OF PLANTS TO SINGAPORE TAIWAN KOREA MALAYSIA EVEN MAINLAND CHINA TO THE
EXTENT CORPORATE HEADS ARE DRAWN TO INVEST IN OTHER COUNTRIES IT IS FAR
BETTER FROM OUR OWN SELFISH STANDPOINT THAT THOSE DOLLARS GO TO MEXICAN OR
CANADIAN WORKERS WHO SPEND A BIGGER SHARE OF THEIR WAGES ON AMERICANMADE
GOODS

 ACTUALLY WITH NAFTA FULLY IN PLACE US MANUFACTURERS WILL BE LESS
LIKELY THAN AT PRESENT TO TRANSFER PRODUCTION INTO MEXICO TAKE THE
AUTOMOBILE INDUSTRY FOR YEARS MEXICO HAS ARBITRARILY LIMITED THE
IMPORTATION OF USMADE CARS TO ONLY 1000 A YEAR WITH NAFTA THAT
RESTRICTION WILL BE LIFTED GENERAL MOTORS EXECUTIVE BILL HOGLAND BELIEVES
US AUTO MAKERS CAN QUICKLY SELL ONE MILLION USBUILT CARS IN MEXICO
THAT WOULD EQUAL ABOUT 15000 MORE JOBS IN THIS COUNTRY

OR TAKE COMPUTERS FOR WHICH MEXICO IS OUR SECOND LARGEST EXPORT CUSTOMER
THOSE SALES CAME TO 13 BILLION LAST YEAR TODAY THE 20 IMPORT FEES TEMPT
COMPANIES LIKE IBM AND TANDY TO OPEN PLANTS IN MEXICO TO AVOID THE DUTY
UNDER NAFTA THAT IMPORT CHARGE WILL BE PHASED OUT OVER FIVE YEARS THE
INCENTIVE TO MOVE US PRODUCTION FACILITIES SOUTHWARD WILL DISAPPEAR

 THE MOST IMPORTANT CONSIDERATION IS THE BACKLASH OF DISILLUSIONMENT THAT
WILL SPREAD THROUGHOUT MEXICO AND LATIN AMERICA IF THE US REJECTS NAFTA
OUR REJECTION WILL BE INTERPRETED AS EMBRACING THE UNFORTUNATE STEREOTYPICAL
SLURS OF VOCAL TREATY OPPONENTS WHO PORTRAY MEXICANS AND THEIR LEADERS AS
INDOLENT IGNORANT AND CORRUPT THEY ARE NONE OFAST 75 YEARS HAS MEXICO'S
ELECTED LEADERSHIP BEEN SO STAUNCHLY AND OUTSPOKENLY PROUS IF WE DRIVE
MEXICO BACK INTO A SHELL OF HIGH TARIFFS AND SHELTERED INDUSTRIES OUR
OPPORTUNITY TO SEIZE AND SHAPE THE FUTURE MAY NOT RECUR

MR WRIGHT A TEXAS DEMOCRAT SERVED IN THE HOUSE FROM 1955 TO 1989 HE WAS
SPEAKER FROM 1987 TO 1989 9310070069 931007 LEISURE & ARTS BOOKSHELF
 STEVENSON'S OWN ADVENTURE  BY DAVID FROMKIN

ROBERT LOUIS STEVENSON WROTE ADVENTURE STORIES FOR YOUNG PEOPLE TREASURE
ISLAND AND KIDNAPPED AMONG THEM THAT HAVE RETAINED THEIR APPEAL FOR MORE
THAN A CENTURY BUT IN HIS LIFETIME WHAT FIRST BROUGHT HIM WORLDWIDE FAME
WAS THE STRANGE CASE OF DR JEKYLL AND MR HYDE A TALE FOR ADULTS IAN
BELL TELLS US IN HIS BIOGRAPHY OF STEVENSON DREAMS OF EXILE HENRY HOLT
296 PAGES 25 THAT THE STORY WAS A VICTORIAN PARABLE HYDE WAS THE ASPECT
OF HIMSELF THAT JEKYLL TRIED TO DENY AND THE POINT OF THE STORY WAS THAT TO
REPRESS NATURAL DESIRES IS TO TURN THEM INTO MONSTROUS PERVERSIONS

THERE IS NO HARM IN A VOLUPTUARY WROTE STEVENSON WHAT IS DIABOLIC IN
MAN IS NOT THE WISH TO HAVE A WOMAN THAT THEY MAKE SUCH A CRY ABOUT BUT
CRUELTY AND MALICE AND SELFISHNESS AND COWARDICE WORDS LIKE GOOD AND
BAD ARE AS INAPPLICABLE TO THE LIFE OF THE SENSES WHAT IS CALLED
DISSIPATION AS THEY ARE TO FLYING KITES

THAT SUCH OPINIONS WENT ALONG WITH LIBERTINE BEHAVIOR WAS THE STUFF OF
OFTTOLD TALES BELIEVED UNTIL DISCREDITED IN THE 1952 BIOGRAPHY BY JC
FURNAS STEVENSON WAS SAID TO HAVE LIVED A RIOTOUS LIFE IN HIS STUDENT DAYS
IN EDINBURGH WHORING DRINKING AND SEDUCING IT WOULD HAVE HELPED TO
ENLIVEN MR BELL'S NARRATIVE HAD STEVENSON INDULGED IN SUCH REVELS FOR
HAVING OPTED TO TREAT STEVENSON'S LIFE RATHER THAN HIS WORKS HE FACES THE
FORMIDABLE TASK OF HOLDING THE READER'S ATTENTION RLS'S LIFE WAS ODD BUT
NOT ENTERTAINING

FROM THE AGE OF TWO STEVENSON WAS SICK IT WAS ONE THING OR ANOTHER HE
CONSTANTLY WAS COLLAPSING OR AT DEATH'S DOOR A MAJOR PART OF DREAMS OF
EXILE NECESSARILY IS DEVOTED TO DETAILING HIS SYMPTOMS AND ATTACKS AS FEW
THINGS IN LIFE ARE MORE DREARY THAN HAVING TO LISTEN TO LONG DESCRIPTIONS OF
OTHER PEOPLE'S ILLNESSES MR BELL HAS MUCH READER RESISTANCE TO OVERCOME

STEVENSON DID TRAVEL BUT MOSTLY TO THE WRONG PLACESINTO SNOWSTORMS OR
FROZEN WILDERNESSES IN THE ADIRONDACKS CLOSE TO THE CANADIAN FRONTIER IOWA
AND NEBRASKA AND THE HIGHLANDS OF HIS NATIVE SCOTLAND OFTEN FALLING VICTIM
TO ONE OF HIS MALADIES AND RESCUED BY WHATEVER DOCTOR COULD BEAT A WAY
THROUGH TO HIS REMOTE AND ISOLATED BEDSIDE IT MAKES GRUELING READING

THEN THERE WAS STEVENSON'S SEX LIFE EMOTIONALLY AN ALMOST LIFELONG CHILD
RLS HABITUALLY FELL IN LOVE WITH WOMEN WHO WERE MUCH OLDER WERE MARRIED
AND HAD CHILDREN ONCE HE FELL IN LOVE WITH TWO AT ONCE SISTERS
PRINCESSES BOTH FROM RUSSIAN GEORGIA HE REFERRED TO WHAT THEIR RESPONSE
MIGHT BE TO HIS ADVANCES AS THE EASTERN QUESTION

PERHAPS THE STRANGEST OF HIS WOMEN A TOUGH AMERICAN WHO HAD WIELDED A
PISTOL IN LAWLESS VIRGINIA CITY NEVADA FINALLY DIVORCED HER WORTHLESS
FIRST HUSBAND AND MARRIED RLS TALES OF DRUNKENNESS BRUTALITY ABANDONMENT
AND DOMESTIC SQUABBLING RECUR IN MR BELL'S ACCOUNT

FROM THIS UNPROMISING MATERIAL MR BELL A SCOTTISH JOURNALIST AND EDITOR
SOMEHOW HAS MANAGED TO PRODUCE A BOOK THAT FASCINATES IT VIBRATES WITH A
SORT OF POETRY IT GIVES OFF A TINGLING EXCITEMENT IT COMMUNICATES THE
AUTHOR'S PASSIONATE BELIEF THAT EVERYTHING THAT HAPPENED TO STEVENSON
MATTERED HE MAKES THE READER FEEL THE ESSENTIAL RESTLESSNESS THAT ANIMATED
STEVENSON THAT MADE HIM WHO HE WAS AND THAT DROVE HIM INTO SEEMINGLY
AIMLESS WANDERINGS FOR RLS WRITES MR BELL FROM CHILDHOOD ON HAPPINESS
WAS ELSEWHERE YET TOWARD THE END OF HIS BRIEF LIFE HE DIED FROM A BLOOD
CLOT ON THE BRAIN AT THE AGE OF 44 IN 1894 HE FOUND IN THE SAMOA ISLANDS
OF THE PACIFIC OCEAN THE PEACE HE SEEMED DESTINED TO FIND AND THAT IN
RETROSPECT SUGGESTS THAT HIS EARLIER TRAVELS WERE NOT POINTLESS BUT A
QUEST

FOR SICKLY SCARECROWTHIN STEVENSON THE TROPICAL SUN WAS LIFEGIVING
SAMOA WAS AS CLOSE TO PARADISE AS THE WORLD OF HIS TIME HAD TO OFFER BUT
EVEN THERE NO COMPLETE ESCAPE WAS POSSIBLE FROM THE FATAL POLITICAL DISEASE
THE HUMAN RACE CARRIES WITH IT GERMANY BRITAIN AND THE US ALL SOUGHT
CONTROL OF THE ISLANDS THREE NATIVE CHIEFS EACH ENCOURAGED BY ONE OF THE
RIVAL POWERS COMPETED FOR LOCAL MASTERY AND IN 1888 A CIVIL WAR BROKE OUT
IN THE ISLANDS WAR ERUPTED AGAIN IN 1892 AND STEVENSON WROTE TO HIS FRIEND
MARK TWAIN I WISH YOU COULD SEE MY SIMPLE AND SUNNY HEAVEN' NOW  
WAR HAS BROKEN OUT  WITH ITS CONCOMITANTS OF  SEVERED HEADS AND
MEN DYING IN HOSPITAL  THE GOVERNMENT TROOPS HAVE STARTED A HORRIBLE
NOVELTY TAKING WOMEN'S HEADS TO HENRY JAMES HE EXPLAINED THAT YOU DON'T
KNOW WHAT NEWS IS NOR WHAT POLITICS NOR WHAT THE LIFE OF MAN TILL YOU SEE
IT ON SO SMALL A SCALE

TO THE BEAT OF WAR DRUMS HE WORKED ON HIS LAST NOVELS IAN BELL'S IS THE
COMMON VIEW VOICED LONG AGO BY THE VICTORIAN CRITIC GEORGE SAINTSBURY ONLY
THEN WAS STEVENSON ON THE POINT OF ACQUIRING  A STYLE PERFECTLY
NATURAL FREE AND HIS OWN HE HAD SHOWN READERS THE SCENERY OF DREAMS
HE HAD WRITTEN TALES AS COMPELLING AS ANY TOLD ROUND THE SAVAGE CAMPFIRE
NOW AT THE END HE WAS ON THE VERGE OF THE LITERARY GREATNESS HE HAD SOUGHT
ALL HIS LIFE HENRY JAMES WRITING CONDOLENCES WHEN HE HEARD THE NEWS SAW A
SHAPE AND A MEANING IN HIS FRIEND'S DEATH IN FAROFF SAMOA HE SAW
STEVENSON'S LIFE AS HAVING BEEN CONVERTED INTO A FABLE AS STRANGE AND
ROMANTIC AS ONE OF HIS OWN

MR FROMKIN IS THE AUTHOR OF A PEACE TO END ALL PEACE 9310070068 931007
LEISURE & ARTS NINE YEARS LATER LA FESTIVAL SHORT ON THE FESTIVE 
 BY DAVID LITTLEJOHN

LOS ANGELES THE INCOMPARABLE WORLD'S FAIR OF THE ARTS FIRST MOUNTED IN
LOS ANGELES IN 1984 HAS IN NINE YEARS BEEN TRANSFORMED INTO A MASSIVE
COMMUNITY FEELGOOD OPERATION WITH THE INEVITABLE INJECTION OF SOMETIMES
BITTER URBAN POLITICS AND A HEAVY DOSE OF WORLD CULTURE FROM UCLA SCHOLARS
THE ORGANIZERS NOW SEEM TO CARE MORE ABOUT CROSSCULTURAL RHETORIC AND
THEORY THAN ABOUT ARTISTIC QUALITY OR EXCITEMENT AND TO ENGAGE PERFORMERS
ONE COULD SEE HERE WITH A LITTLE EFFORT ALMOST ANY WEEKEND OF THE YEAR

THE BEGINNING AT THE SUMMER OLYMPIC GAMES OF '84 WAS A BREATHTAKING THING
WITH A BUDGET OF 115 MILLION ROBERT V FITZPATRICK STAGED OVER 10 WEEKS
WHAT THE VILLAGE VOICE REASONABLY CALLED THE MOST IMPRESSIVE INTERNATIONAL
ARTS GATHERING EVER HELD IN THE UNITED STATES UNFORTUNATELY THINGS HAVE
GONE DEPRESSINGLY DOWNHILL EVER SINCE

BY 1987 FLUSHED WITH THEIR FIRST SUCCESS MR FITZPATRICK AND HIS
COLLEAGUES HAD DECIDED TO TURN THE FESTIVAL INTO A REGULAR CIVIC
CELEBRATION THAT YEAR DEPRIVED OF THE EXTRA VISITORS AND SUBSIDIES THE
GAMES HAD ATTRACTED THE LOS ANGELES FESTIVAL WAS REDUCED TO 25 DAYS AND A
6 MILLION BUDGET MANY OF THE SLOTS WERE FILLED BY DESERVEDLY UNKNOWN
PERFORMERS BUT A FEW 1987 EVENTS BORE COMPARISON WITH THE BEST OF 1984

AT THE CLOSE OF THE 1987 FESTIVAL THE ORGANIZERS PROUDLY ANNOUNCED THE
APPOINTMENT OF A NEW ARTISTIC DIRECTOR PETER SELLARS THEN 29 ONE OF HIS
FIRST ANNOUNCEMENTS WAS A PLAN TO DUMP EUROPEANBASED EVENTS IN FAVOR OF
THOSE FROM PACIFIC RIM CULTURES WHICH HE REGARDED AS MORE VITAL AND
PERTINENT

DURING MR SELLARS'S FIRST FESTIVAL HELD IN SEPTEMBER 1990 290
PERFORMANCES WERE SQUEEZED INTO 17 DAYS FEATURING IMPORTED FOLK ARTISTS
TOGETHER WITH LOCAL TROUPES OF APPROPRIATE ETHNIC ORIGINS AND GREATLY
VARYING SKILLS DESPITE THE POPULARITY OF A FEW EVENTS OVERALL ATTENDANCE
WAS DISAPPOINTING AND THE 1990 FESTIVAL ENDED UP HALFAMILLION IN THE RED

FOR 1993 MR SELLARS DECLARED THAT HE WOULD CONCENTRATE ON ARTISTS FROM THE
MIDDLE EAST AND AFRICA AND THEIR AMERICAN KIN BUT FUND RAISING LAGGED AND
HIS BUDGET WAS CUT FROM 56 TO 4 MILLION 11 WEEKS BEFORE OPENING
DAY SO A CELEBRATION ORIGINALLY PLANNED FOR TWO MONTHS WAS REDUCED TO ONE
AND ALL THE ARTISTS FROM OUTSIDE CALIFORNIA HAD TO BE DISINVITED

TRYING TO MAKE THE BEST OF THIS UNFORTUNATE TURN OF EVENTS A SERIES OF
COMMUNITYBASED COMMITTEES CONSIDERED SOME 500 LOCAL GROUPS AND PERFORMERS
AND ENDED UP GIVING ABOUT 100 OF THEM SPOTS ON THE PROGRAM THE NEW
RATIONALE WAS THAT SINCE THE WHOLE WORLD IS IN LA NOW THE CITY HAS NO
NEED TO IMPORT ATTRACTIONS IN ADDITION THE ORGANIZERS HOPED THAT THIS
INEXPENSIVE ASSEMBLY OF MULTIETHNIC LOCAL ARTISTS WOULD HELP RECONCILE THE
WARRING FACTIONS IN A CITY STILL SHAKING AFTER THE RIOTS OF 17 MONTHS AGO

A TYPICAL PROGRAM AS PUT TOGETHER BY THESE COMMITTEES MIXED A
MULTICULTURAL JAZZ BAND A UGANDAN DANCERMUSICIAN AND A TURKISH ORCHESTRA
ALL PERFORMING IN A BLACK BAPTIST CHURCH A SEVENPART SERIES ON DIFFERENT
LA NEIGHBORHOODS BROADCAST ON LOCAL CABLE TV WAS ENTITLED MI CASA IS YO
PAGODA NEIGHBORHOODBASED THEATER PIECES WERE COMMISSIONED ANGRY WOMEN
WRITERS SPOKE OUT AND A HUNDRED FILMS WERE SCREENED MOST OF THEM TELLING
POIGNANT TALES OF AFRICANS MIDDLE EASTERNERS OR THEIR AMERICAN
DESCENDANTS

OF SOME 45 FESTIVAL VENUES SPREAD ACROSS THE COUNTY A HANDSOMELY
REFURBISHED 1931 ART DECO MOVIE THEATER AT LEIMERT PARK WAS DESIGNATED AS
THE SYMBOLICALLY CENTRAL SITE LEIMERT PARK IS THE CENTER OF A MIDDLECLASS
BLACK NEIGHBORHOOD ABOUT FOUR DRIVING MILES FROM THE NOTORIOUS REGINALD
DENNY INTERSECTION OF FLORENCE AND NORMANDIE THE HOPE WAS THAT ARTLOVING
ANGELENOS FROM WEST OF LA CIENEGA AND NORTH OF THE SANTA MONICA FREEWAY
WOULD RISK A DRIVE INTO ALIEN TERRITORY CROSSING LA AS THE SHOWS AT
LEIMERT PARK WERE ENTITLED IN SEARCH OF TRANSCULTURAL ENLIGHTENMENT

SOME OF THE 15 LEIMERT PARK EVENTS WERE INDEED SUCCESSFUL AND SOLD OUT AT
THE FIRST ONE I ATTENDED 75 PEOPLE SQUEEZED INTO A TINY SIDE HALL TO WATCH
A SERIES OF 26 BITESIZE VIDEOS MADE BY LA TEENAGERS WORKING UNDER THE
DIRECTION OF MEDIA PROFESSIONALS THE '92 RIOTS AND THE ONGOING RACE WAR
DONS AND I LEFT WITH A HOPEFUL SENSE OF YOUTHFUL ENTHUSIASM AND CREATIVITY
BUT TWO WEEKS LATER I WAS ONE OF FEWER THAN 200 PEOPLE WHO GATHERED IN THE
1000SEAT MAIN THEATER FOR A JOYLESS ACADEMIC EVENING OF TURKISH AND
ARABIC MUSIC PLUS JAZZ ENLIVENED BY ONE TALENTED BELLY DANCER AND A CLEVER
TALKING DRUMMER

AT THE FARTHEST EXTREME FROM THESE EVENTS GEOGRAPHICALLY AND SOCIALLY WAS
A SERIES OF EIGHT SOLO CONCERTS HELD IN THE IONICCOLUMNED COURTYARD OF THE
GETTY MUSEUM AT MALIBU MOST OF THEM FEATURING CELEBRATED ARTISTS FROM
AFRICA AND THE MIDDLE EAST PERFORMING ON SUCH EXOTIC INSTRUMENTS AS DUDUKS
DUTARS NAYS OUDS REHABS AND GNAWI LUTES ONE EVENING AT THE GETTY I WAS
ENTERTAINED BY A PAIR OF EMIGRE VIRTUOSI HOSSEIN ALIZADEH AND MADJID
KHALADJ PLAYING CLASSICAL PERSIAN IMPROVS ON TAR AND TOMBAK THE
WELLDRESSED IRANIAN COMMUNITY IN ATTENDANCE GREETED BY MR SELLARS IN HIS
PURPLE JAMMIES APPEARED PLEASED TO HAVE THEIR TRADITIONS MPART OF THE
FESTIVAL

IN 1990 I GREATLY ENJOYED A MORNING SPENT AT THE AFRICAN MARKETPLACE AN
EVENT THAT BLACK MERCHANTS HAVE BEEN SPONSORING EACH YEAR SINCE 1985 WITH
LITTLE HELP FROM ARTS CZARS OR WESTSIDE FESTIVALMONGERS THIS YEAR THE
SCHEDULED MUSICIANS AND DANCERS NEVER SEEMED TO TURN UP ON TIME WHICH
HELPED MAKE THE EVENT SEEM MORE LIKE A SIMPLE MONEYMAKING BAZAAR THAN
ANYTHING PARTICULARLY FESTIVE THE CROWDS WERE AS GENIAL AS EVER BUT I
FOUND MYSELF RESISTING THE CURRIED GOAT WITH FRIED DODO OF THE BANANA
FAMILY BUT NOT A BANANA THE ACRES OF SUNBRIGHT AFRICAN COSTUMES A
BIZARRE COLLECTION OF AUNT JEMIMA AND UNCLE TOM SOUVENIRS OFFERED FOR SALE
AND THE LATEST INYOURFACE TSHIRTS JUST SAY YO WHITE MEN CAN'T
JUDGE FREE THE LA FOUR I ENDED UP BUYING A BASKET FROM BURUNDI AND
ONE OF THOSE CLAYPOT DRUMS SHAPED LIKE A PEPPER GRINDER THAT YOU LAY OVER
YOUR THIGH AND THEN THUMP ON

ONE OF MY FAVORITE EVENTS AT THE FESTIVAL WAS A SOMETIMES OBSCURE IN FACT
SOMETIMES IN ARABIC BUT ALWAYS ENGAGING THEATER PIECE CALLED GHURBA
WRITTEN AND DIRECTED BY SHISHIR KURUP WORKING WITH THE CORNERSTONE THEATRE
COMPANY AND SOME VERY CLEVER PEOPLE FROM THE LOCAL ARAB COMMUNITY ENRICHED
BY TRADITIONAL MUSIC AND DANCING AND THE SMELL OF EGGPLANT FRYING IN GARLIC
WHICH WE ALL LATER SHARED MR KURUP'S PLAY WOVE TOGETHER THE BITTERSWEET
STORIES OF A DOZEN ARAB IMMIGRANTS TO LA IT WAS INGENIOUS WELLPRODUCED
AND WELLPERFORMED 12 TIMES IN A 100SEAT WORKSHOP THEATER AT UCLA

I SPENT ANOTHER LIVELY EVENING AT ONE OF THE 15 FREE SACRED LANDMARK
CONCERTS WHICH BROUGHT UNLIKELY MUSICIANS AND DANCERS TO PERFORM IN ONE OF
FIVE LARGE NEIGHBORHOOD CHURCHES AND TEMPLES THIS PARTICULAR CONCERT
FEATURED A FILIPINO KULINTANG ENSEMBLE FROM RESEDA CALIF A SULTRY
DRAGONLADY LEADER WITH FOUR KILTED GENTLEMEN AS BACKUP BANGING AWAY ON
BRONZE BELLS HANGING PLATES AND UNDERARM DRUMS FOLLOWED BY A ROUSING
AFROCUBAN BAND THIS ALL TOOK PLACE UNDER THE EYES OF CHRIST CRUCIFIED AT
OUR LADY OF LOURDES CHURCH IN EAST LA OUT FRONT PARISHIONERS SOLD
MICROWAVED TACOS AND BURRITOS INSIDE WE CULTURAL TOURISTS STOMPED AND
CLAPPED AND SHOUTED NAMBA NAMBA AS DIRECTED TO THE ENERGETIC MUSICIANS
ON THE ALTAR

WHEN HE WAS HIRED IN 1987 MR SELLARS CONTRACTED TO PRODUCE THREE LOS
ANGELES FESTIVALS WHICH MEANS THAT IF THE FESTIVAL SURVIVES HE HAS AT
LEAST ONE MORE TO GO ALL THINGS CONSIDERED I THINK I'LL GIVE IT A PASS

MR LITTLEJOHN IS A NOVELIST CRITIC AND PROFESSOR OF JOURNALISM AT THE
UNIVERSITY OF CALIFORNIA BERKELEY 9310070067 931007 REVIEW & OUTLOOK
EDITORIAL ASIDES HILLARY'S HOMERS

IN HEARINGS THIS TUESDAY ON THE CLINTON HEALTH CARE PLAN DEMOCRATIC REP
ROBERT MATSUI OF CALIFORNIA PUT AN INTERESTING PERSPECTIVE ON HILLARY RODHAM
CLINTON'S WIDELY PRAISED CAPITOL HILL PERFORMANCE LAST WEEK MR MATSUI WAS
COMMENTING ON THE FACT THAT UNLIKE MRS CLINTON HEALTH AND HUMAN SERVICES
SECRETARY DONNA SHALALA HAD JUST ENDURED A PRETTY SEVERE BIPARTISAN GRILLING
ON THE PLAN BEFORE THE WAYS AND MEANS COMMITTEE MR MATSUI NOTED WE WERE
NOT GOING TO BRING UP THE DETAILS AND CONCERNS BEFORE THE FIRST LADY WE
JUST WEREN'T GOING TO DO IT THE ISSUE IS ONE OF HER STATURE ELSEWHERE
DURING MRS CLINTON'S APPEARANCES SHE WAS LIKENED TO MARTHA WASHINGTON
ABRAHAM LINCOLN AND ELEANOR ROOSEVELT SOMETHING OF A PARADOX IS AT WORK
HERE AN UNPRECEDENTEDLY FAWNING PRESS CORPS HAS MADE MRS CLINTON INTO A
FEMINIST ICON AND INDEED SHE HAS INTELLIGENCE AND GREAT ARTICULATION
SKILLS BUT HER HOME RUNS ARE NOW COMING OFF OF HALFSPEED PITCHES FROM
POLITICIANS WHO NORMALLY THROW AT YOUR HEAD HILLARY CLINTON'S SUPPORTERS IN
THE PRESS CORPS SPORTS REPORTERS WOULD CALL THEM HOMERS WILL HAVE TO
DECIDE WHETHER SHE SERVES THEIR PURPOSES BETTER ON A PEDESTAL BEYOND
CRITICISM OR DOWN ON THE GROUND WITH EVERYONE ELSE PLAYING IN THE BIG
LEAGUES 9310070065 931007 CREDIT RATINGS

INTEGRA FINANCIAL CORP MOODY'S INVESTORS SERVICE INC RAISED THE
SUBORDINATED DEBT RATING OF INTEGRA FINANCIAL TO BAA2 FROM BAA3 AND ASSIGNED
RATINGS OF SINGLEA2/PRIME1 TO INTEGRA BANK/PITTSBURGH INTEGRA BANK/NORTH
AND INTEGRA BANK/SOUTH FOR DEPOSITS AND OTHER SENIOR OBLIGATIONS MOODY'S
SAID THE UPGRADE REFLECTED IMPROVING ASSET QUALITY OF THE PITTSBURGH BANK
HOLDING COMPANY AS WELL AS THE IMPROVEMENT OF CORE PROFITABILITY RESULTING
IN PART FROM THE COST SAVINGS ASSOCIATED WITH THE EQUIPMARK CORP
ACQUISITION COMPLETED EARLIER THIS YEAR

NOVA SCOTIA MOODY'S INVESTORS SERVICE INC LOWERED THE LONGTERM DEBT
RATING OF THIS CANADIAN PROVINCE TO SINGLEA3 FROM SINGLEA2 THE RATING
AGENCY SAID THE DECISION REFLECTS A RAPID BUILDUP OF DIRECT DEBT IN RECENT
YEARS AND INCREASED GUARANTEEDDEBT EXPOSURE FROM PRIVATESECTOR ACTIVITIES
SUPPORTED BY THE GOVERNMENT MOODY'S SAID A RECENT CHANGE OF GOVERNMENT
DELAYED THE START OF THE PROVINCE'S DEFICITREDUCTION EFFORT BUT IT NOTED
THAT THE NEW GOVERNMENT APPEARS COMMITTED TO DEFICIT REDUCTION NOVA SCOTIA
OFFICIALS COULDN'T BE REACHED TO COMMENT NOVA SCOTIA'S DIRECT AND
GUARANTEED DEBT TOTALED ABOUT 113 BILLION CANADIAN DOLLARS US844
BILLION AT MARCH 31

NYNEX CORP NEW YORK MOODY'S INVESTORS SERVICE INC PLACED THE DEBT
RATINGS OF THIS REGIONAL TELEPHONE COMPANY AND ITS AFFILIATES UNDER REVIEW
FOR POSSIBLE DOWNGRADE AFTER THE BABY BELL SAID IT WILL INVEST 12 BILLION
IN VIACOM INC ABOUT 31 BILLION OF DEBT IS AFFECTED IN ITS REVIEW
MOODY'S SAID IT WILL CONCENTRATE ON THE BENEFITS NYNEX EXPECTS TO RECEIVE
FROM ENTERING A NEW LINE OF BUSINESS AND THE FINANCING NEEDED TO FUND THE
INVESTMENT NYNEX HAS INDICATED ITS INTENTION TO LIMIT PERSHARE EARNINGS
DILUTION SUGGESTING A FINANCING PLAN THAT RELIES HEAVILY ON DEBT THE
RATING AGENCY SAID

WESTMORELAND COAL CO PHILADELPHIA MOODY'S INVESTORS SERVICE INC SAID
IT DOWNGRADED ITS RATING ON THE CONVERTIBLE PREFERRED STOCK OF WESTMORELAND
TO SINGLEB3 FROM SINGLEB2 ABOUT 50 MILLION OF PREFERRED IS AFFECTED
THE RATING AGENCY CITED THE EXPECTATION FOR CONTINUING WEAKNESS IN
WESTMORELAND'S CORE COAL OPERATIONS DESPITE MANAGEMENT EFFORTS TO CUT COSTS
IN ADDITION MOODY'S SAID THE COMPANY HAS A WEAK BALANCE SHEET AND WOULD
HAVE A MODEST EQUITY POSITION IF IT RECOGNIZED ITS LIABILITY FOR RETIREE
HEALTH BENEFITS ALL AT ONE TIME RATHER THAN AMORTIZING IT AS IT IS NOW
DOING A SPOKESMAN FOR THE COAL PRODUCER SAID THE ACTION WAS FULLY
EXPECTED BUT THAT THE COMPANY WAS PLEASED THAT MOODY'S CHOSE TO RECOGNIZE
OUR AGGRESSIVE EFFORTS TO REDUCE COSTS AND IMPROVE EFFICIENCIES
9310070064 931007 PRICING HEALTH CARE A GOOD HEALTH CARE IDEA GONE BAD
  BY ALAIN ENTHOVEN

WHEN THE JACKSON HOLE GROUP MET IN 1991 AND DEVELOPED THE CONCEPT OF A
HEALTH PLAN PURCHASING COOPERATIVE WE WERE LOOKING FOR A WAY TO SOLVE THE
PROBLEMS SMALL GROUPS HAD IN PURCHASING HEALTH INSURANCE MR CLINTON NOT
ONLY HAS RENAMED THE CONCEPT A HEALTH ALLIANCE BUT HAS REDEFINED THE
CONCEPT ITSELF NOW THE HEALTH ALLIANCE THREATENS TO BE A MONOPOLISTIC
REGULATORY GOVERNMENT AGENCY THAT WILL CAUSE MORE PROBLEMS THAN IT SOLVES

EMPLOYEES OF FIRMS WITH 100 OR FEWER EMPLOYEES ALONG WITH THEIR DEPENDENTS
ACCOUNT FOR MOST OF THE 37 MILLION UNINSURED MANY LACK HEALTH INSURANCE
BECAUSE IT IS NOW TOO EXPENSIVE FOR MANY SMALL EMPLOYERS TO PROVIDE

A HEALTH PLAN PURCHASING COOPERATIVE WAS INTENDED TO POOL GROUPS OF SMALL
EMPLOYERS SO THEY COULD BUY INSURANCE ON THE SAME TERMS AS LARGE EMPLOYERS
CURRENTLY INSURERS CHARGE HIGH PRICES TO SMALL GROUPS BECAUSE THE COSTS OF
ADMINISTRATION AND MARKETING ARE HIGH AND BECAUSE IF SOMEONE IN THE GROUP IS
SICK THE COSTS CANNOT BE SPREAD OUT HEALTH PLAN PURCHASING COOPERATIVES
AS ENVISIONED BY JACKSON HOLE WOULD SPREAD RISK OVER A LARGE POPULATION
ACHIEVE ECONOMIES OF SCALE IN MARKETING AND ADMINISTRATION AND ENSURE A
CHOICE OF HEALTH PLANS TO ALL EMPLOYEES OF SMALL FIRMS

BECAUSE THE PURCHASING COOPERATIVES WOULD COVER AT LEAST 300000 PEOPLE
EACH THEY WOULD BE ABLE TO OFFER EMPLOYEES A MUCH WIDER CHOICE OF HEALTH
PLANS AT LOWER COST THAN MOST SMALL EMPLOYERS DO NOW THE COOPERATIVES WOULD
PROVIDE INFORMATION ABOUT THE COST AND QUALITY OF EACH OF THE PLANS THEY
OFFERED TO SMALL GROUPS AND BECAUSE INDIVIDUALS WOULD BE REQUIRED TO PAY
THE DIFFERENCE FOR MORE EXPENSIVE HEALTH PLANS THEY WOULD KEEP COST IN
MIND BUT THEY WOULD BE FREE TO MAKE THE DECISIONS THEY CONSIDER RIGHT FOR
THEM

THE ALLIANCE WOULD BE ABLE TO PROVIDE ALL THESE SERVICES FOR AN
ADMINISTRATIVE COST OF SOMETHING ON THE ORDER OF 15 PER EMPLOYEE WHICH AS
A PERCENTAGE OF TOTAL EMPLOYER COSTS IS SIMILAR TO THE ADMINISTRATIVE COSTS
FOR LARGE EMPLOYERS THAT IS HOW MUCH THE CALIFORNIA PUBLIC EMPLOYEES
RETIREMENT PROGRAM SPENDS RIGHT NOW ON ADMINISTRATION OF A PURCHASING
COOPERATIVE DESIGNED FOR PUBLIC EMPLOYEES

JACKSON HOLE SAW THE HEALTH PLAN PURCHASING COOPERATIVES AS FARMERS' MARKETS
FOR INSURANCE THROUGH WHICH INFORMED EMPLOYEES OF SMALL BUSINESSES WOULD
PURCHASE THE HEALTH BENEFITS OF THEIR CHOICE THEY WERE NOT MEANT TO BE THE
HEALTH INSURANCE SUPERSTORES THAT THE ADMINISTRATION HAS PROPOSED

IT WAS CLEAR TO JACKSON HOLE THAT COOPERATIVES SHOULD NOT REFUSE TO DEAL
WITH PLANS WHOSE PRICES THEY DEEM TOO HIGH AN INFORMED COSTCONSCIOUS
CONSUMER SHOULD BE ABLE TO PURCHASE ANY PLAN HE WANTS WITH HIS OWN MONEY
BUT THE ADMINISTRATION WOULD ALLOW ITS HEALTH ALLIANCES TO KEEP PLANS WHOSE
PRICES ARE 20 ABOVE AVERAGE FROM PARTICIPATING

NOR SHOULD COOPERATIVES BE ABLE TO NEGOTIATE OR CONTROL PREMIUM RATES FIRST
OF ALL THE ADMINISTRATIVE COSTS OF A HEALTH ALLIANCE WITH SUCH POWER WOULD
FAR EXCEED 15 A PERSON MORE IMPORTANT BECAUSE OF ITS SIZE ANY ALLIANCE
WOULD ESSENTIALLY HAVE THE MARKET POWER TO DICTATE THE RATE A HEALTH PLAN
COULD CHARGE AS SOON AS HEALTH ALLIANCES START SETTING RATES THEY DISTORT
THE MARKET THE OPPORTUNITIES FOR HEALTH PLANS TO REAP THE REWARDS OF
LOWERING COST AND IMPROVING QUALITY AND THUS THE INCENTIVES TO DO SO
DISAPPEAR

IF HEALTH PLAN ADMINISTRATORS ARE TOLD HOW TO PRICE THEIR PLAN THEY WILL DO
THE NATURAL THING FIND WAYS AROUND THE REGULATION RESULTING IN NEITHER
PRODUCTIVE USE OF TIME NOR THE DESIRED OUTCOME THEY NEED TO BE GIVEN
INCENTIVES TO BE EFFICIENT TO OFFER THE HIGHEST QUALITY AT THE LOWEST
POSSIBLE PRICE THE FREE MARKET DOES THIS BEST

HEALTH PLAN PURCHASING COOPERATIVES DO NOT NEED TO PROVIDE COVERAGE FOR
EMPLOYEES OF LARGE CORPORATIONS BUT THE CLINTON DRAFT HAS PROPOSED THAT
EMPLOYERS WITH 5000 OR FEWER EMPLOYEES OFFER BENEFITS THROUGH THE REGIONAL
HEALTH ALLIANCE AND THE PLAN VIRTUALLY FORCES LARGER EMPLOYERS IN TOO AT
THIS LEVEL THE WHOLE US POPULATION WOULD PURCHASE CARE THROUGH REGIONAL
HEALTH ALLIANCES MAKING THEM VIRTUALLY THE ONLY CUSTOMER IN THE MARKET

TO COMBAT ONE LARGE PURCHASER MAKING DEMANDS THE SUPPLIERS OF HEALTH CARE
PLANS CAN BE EXPECTED TO JOIN FORES TO PROTECT THEIR INTERESTS BESIDES BIG
AND POWERFUL HEALTH ALLIANCES THAT COVER MOST OF THE POPULATION LOOK
SUSPICIOUSLY LIKE A GOVERNMENTCONTROLLED SINGLEPAYER SYSTEM THIS MAY BE
THE INTENTION OF THOSE WHO SOUGHT THE INCLUSION OF LARGE EMPLOYERS IN THE
HEALTH ALLIANCE SYSTEM

HEALTH ALLIANCES COULD BE AN APPROPRIATE SOLUTION TO THE HEALTH INSURANCE
PROBLEMS FACED BY SMALL GROUPS AND INDIVIDUALS NOT IN GROUPS THEY WILL BE
IF THEY ARE DESIGNED ACCORDING TO THEIR ORIGINAL PLAN IF NOT THEY WILL BE
YET ANOTHER LAYER OF BUREAUCRACY AND A STEP CLOSER TO A TOTALLY
GOVERNMENTCONTROLLED SYSTEM

MR ENTHOVEN A STANFORD MANAGEMENT PROFESSOR IS A MEMBER OF THE JACKSON
HOLE GROUP AN ORGANIZATION OF HEALTH CARE EXECUTIVES AND POLICY ANALYSTS
SARA SINGER HIS SPECIAL ASSISTANT COLLABORATED ON THIS ARTICLE
9310070063 931007 LEISURE & ARTS FILM DE NIRO ON BOTH SIDES OF THE
CAMERA  BY JULIE SALAMON

HAVING SEEN ROBERT DE NIRO'S CHAMELEON ROUTINE SO MANY TIMES I DIDN'T THINK
HE COULD SURPRISE ME ANYMORE BUT HE HAS SURPRISED ME WITH A BRONX TALE

NOT WITH WHAT HE'S DONE IN FRONT OF THE CAMERA WITH HIS NUANCED PERFORMANCE
AS A BUS DRIVER OF INTEGRITY A HUMBLE MAN WHO'S A GREAT FATHER WHO KNOWS
WHEN TO BE INDULGENT AND WHEN TO BE STERN THAT'S PART OF THE DE NIRO
ROUTINE

WHAT I DIDN'T EXPECT WAS THE ACTOR'S VERSATILITY TO REACH BEHIND THE CAMERA
TO DIRECTING WITH ITS VERY SPECIAL JOB REQUIREMENTS INCLUDING THE
PACIFYING OF TEMPERAMENTAL ACTORS WITHOUT GAINING OR LOSING AN OUNCE OR
LEARNING TO PLAY A MUSICAL INSTRUMENT OR TAKING BOXING LESSONS OR ANY OTHER
KINDS OF LESSONS MR DE NIRO HAS TRANSFORMED HIMSELF INTO A DIRECTOR A
REMARKABLY CONFIDENT ONE A BRONX TALE IS SO GOOD SO ENJOYABLE IT
DOESN'T EVEN SEEM LIKE A FIRST PICTURE

IT DOESN'T DIMINISH HIS ACCOMPLISHMENT TO NOTE THAT HE CHOSE FAMILIAR
TERRITORY FOR THIS NEW VENTURE A BRONX TALE IS PEOPLED BY CHARACTERS DE
NIRO KNOWS VERY WELL MAINLY BECAUSE HE'S PLAYED SO MANY PEOPLE JUST LIKE
THEM WISE GUYS AND THE NICE GUYS WHO LIVE NEXT DOOR TO THEM IT'S THE
STORY OF A YOUNG BOY WHO GREW UP IN AN ITALIAN NEIGHBORHOOD IN THE BRONX IN
THE 1960S WHERE HE WAS DEEPLY INFLUENCED BY HIS FATHER LORENZO THE BUS
DRIVER PLAYED BY MR DE NIRO AND THE REIGNING LOCAL HOOD A DANGEROUS
CHARISMATIC TO LITTLE BOYS MAN NAMED SONNY PLAYED BY CHAZZPALMINTERI IN
THIS WORLD PEOPLE HAVE NAMES LIKE TONY TOUPEE EDDIE MUSH JOJO THE WHALE
AND FRANKIE COFFEECAKE AND MOST OF THESE NICKNAMES ARE SELFEXPLANATORY

BUT THIS DOESN'T FEEL LIKE WARMEDOVER MARTIN SCORSESE THOUGH SURELY MR DE
NIRO PICKED UP SOME IDEAS FROM THE MAN WHO HAS DIRECTED HIM SO MANY TIMES
THIS IS CHAZZ PALMINTERI'S STORY AND THE STREETS HE REMEMBERS AREN'T MEAN
THEY'RE BITTERSWEET MR PALMINTERI IS AN ACTOR WHO WASN'T DOING MUCH UNTIL
HE WROTE A MONOLOGUE ABOUT HIS BRONX BOYHOOD THE MONOLOGUE BECAME A PLAY
THE PLAY BECAME THIS MOVIE WHICH MR PALMINTERI WROTE AS WELL

HE TELLS HIS STORY FROM THE POINT OF VIEW OF A YOUNG BOY NAMED CALOGERO WHO
AT THE AGE OF NINE SEES SONNY KILL A MAN AND LIES ABOUT IT TO THE POLICE
MR PALMINTERI HAS SAID THE SEEINGTHEKILLING PART OF THE STORY IS TRUE
THIS COVERUP ENDEARS THE BOY TO SONNY WHO WITNESSES THE LIE THE GANGSTER
GIVES HIS PROTEGE A NICKNAME C AND TEACHES HIM THE THINGS HIS FATHER
WON'THOW TO SHOOT CRAPS THAT MICKEY MANTLE DOESN'T LOVE CALOGERO THE WAY
CALOGERO LOVES MICKEY MANTLE

THE STORY TAKES PLACE IN TWO TIME PERIODS IN 1960 AND 1968 THE YEARS THAT
SONNY ENTERED AND EXITED CALOGERO'S LIFE THE FILMMAKERS RECREATE THOSE
YEARS WITH AFFECTION AND HUMOR AND AN EVOCATIVE BEAUTY THANKS TO
REYNALDO VILLALOBOS'S VIBRANT CAMERAWORK I LOVE THE MOMENT AT THE
BEGINNING WHEN THE LITTLEBOY NARRATOR INTRODUCES HIS NEIGHBORHOOD AND THE
CAMERA DRIFTS BY A VERY IMPORTANT LANDMARK AND DERE'S MY STOOP SAYS THE
BOY IN PERFECT BRONXESE

MR DE NIRO TOOK A RISKY ROAD TO AUTHENTICITY HE PICKED TWO BRONX NATIVES
NONACTORS TO PLAY THE CRUCIAL ROLES OF CALOGERO AS A KID AND AS A TEENAGER
WHO KNOWS IF THEY CAN DO ANYTHING ELSE BUT FRANCIS CAPRA AS C THE KID
AND LILLO BRANCATO AS C THE TEENAGER ARE PERFECT FOR THIS NICE BRONX BOY
WHO'S TORN BETWEEN HIS FATHER'S ETHICS AND THE ETHICS OF THE STREET

THE FILMMAKERS HAVE AVOIDED PITTING LORENZO AND SONNY AGAINST ONE ANOTHER
AT LEAST IN CALOGERO'S MIND HE SEES THE BEST IN BOTH OF THEM AND THE
WORST WHICH MAKES HIS CONFLICTS MORE SUBTLE AND MORE INTERESTING HIS
FATHER IS HONEST AND SONNY ISN'T FOR EXAMPLE BUT SONNY IS MORE WILLING TO
ACCEPT CALOGERO'S CRUSH ON A BLACK GIRL FOR SONNY THE QUESTION IS IS SHE
NICE OR NOT NOT IS SHE BLACK OR WHITE OR ITALIAN

MESSRS DE NIRO AND PALMINTERI HAVE PUT A NEW TINT ON A FAMILIAR LANDSCAPE
IN MANY WAYS IT'S ALL THERE THE BRUTALITY THE CODES OF HONOR BUT
FILTERED THROUGH THE MEMORY OF A MAN WHO WAS A SMART SENSITIVE BOY WITH A
VERY GOOD SENSE OF HUMOR

THE DIRECTOR'S GUILD MUST HAVE MARVELOUS BENEFITS JUDGING FROM ALL THE
ACTORS TRYING TO JOIN MORGAN FREEMAN JUST MADE HIS DIRECTING DEBUT WITH
BOPHA ABOUT A BLACK OFFICER IN THE SOUTH AFRICAN POLICE FORCE WHOSE SON
JOINS THE REBELLIONS AGAINST APARTHEID THE STORY SET IN 1980 WAS ADAPTED
FROM PERCY MTWA'S PLAY BASED ON HIS EXPERIENCE AS THE SON OF A BLACK
POLICEMAN IN SOUTH AFRICA

IT'S A DIFFICULT MOVIE TO WATCH IN PART BECAUSE MR FREEMAN HAS DONE SUCH A
GOOD JOB OF PRESENTING THIS CHARGED MATERIAL WHICH IS HORRIBLE AND
SORROWFUL THE ACTORS ARE STRONG AND TRUE ESPECIALLY DANNY GLOVER IN THE
TITLE ROLE AS THE POLICEMAN WHOSE SON CAUSES HIM TO SEE HIMSELF NOT AS AN
HONORABLE PROVIDER BUT AS A STOOLIE OF AN OPPRESSIVE GOVERNMENT MR FREEMAN
CONVEYS THE COMPLEX POLITICS WITH SOME DIFFICULTY EVEN WHEN HE'S RELYING ON
ARCHETYPAL CHARACTERS FILMED ON LOCATION IN ZIMBABWE JUST NORTH OF SOUTH
AFRICA THE MOVIE ALSO BRINGS TO LIFE THE PLACES AND EVENTS THAT HAVE
OCCUPIED SO MUCH SPACE IN RECENT HISTORY

MICHAEL J FOX AN ACTOR WHO SO FAR HAS REMAINED CONTENT TO LET OTHER PEOPLE
DIRECT HIM STARS IN FOR LOVE OR MONEY A MOVIE ABOUT THE CONCIERGE IN A
FANCY HOTEL WITH BIG PLANS OF HIS OWN IT'S THE KIND OF MOVIE THAT WAS
POPULAR IN THE '30S WHERE ZANY PEOPLE MADE ZANY THINGS HAPPEN IN LUXE
MANHATTAN HOTELS THE MOVIE NEVER QUITE FLIES BUT IT'S SLICK AND PRETTY AND
MR FOX HAS SLY CHARM TO SPARE

VIDEO TIP SOME OF THE BEST BITS IN ONE OF MY FAVORITE FRED ASTAIRE AND
GINGER ROGERS MOVIES TAKE PLACE IN FANCY HOTELS THOUGH NOT IN MANHATTAN
HAVE SOME FUN TAKE A LOOK AT THE GAY DIVORCEE 9310070062 931007 WHO'S
NEWS LAIDLAW INC'S JACKSON TO RESIGN AS PRESIDENT AND CHIEF
EXECUTIVE

BURLINGTON ONTARIO LAIDLAW INC SAID DONALD JACKSON PLANS TO RESIGN AS
PRESIDENT AND CHIEF EXECUTIVE OFFICER AT A BOARD MEETING WEDNESDAY

THE COMPANY SAID DIFFERENCES OF OPINION CONCERNING LAIDLAW'S STRATEGIC
DIRECTION ARE THE REASON FOR MR JACKSON'S DECISION BUT IT DIDN'T
ELABORATE LAIDLAW SAID THE BOARD WILL NAME A SUCCESSOR AFTER THE MEETING
COMPANY OFFICIALS COULDN'T BE REACHED TO COMMENT

MR JACKSON 49 YEARS OLD HAS HEADED THE COMPANY SINCE THE 1990 DEPARTURE
OF MICHAEL DEGROOTE WHO FOUNDED LAIDLAW AND BUILT IT INTO ONE OF NORTH
AMERICA'S BIGGEST WASTE MANAGEMENT AND TRANSPORTATION CONCERNS ALMOST FROM
THE START OF MR JACKSON'S TENURE LAIDLAW'S FINANCIAL PERFORMANCE SLUMPED
AS ECONOMIC RECESSIONS IN CANADA AND THE US INTENSIFIED COMPETITION IN THE
WASTE BUSINESS

MR JACKSON HAS PROMISED PUBLICLY IN RECENT MONTHS THAT THE COMPANY IS BACK
ON TRACK TO ACHIEVE A DOUBLEDIGIT RATE OF GROWTH IN ITS REVENUES AND
PROFITS FUELING THE GROWTH HE SAID WOULD BE RECENT ACQUISITIONS OF
WASTEMANAGEMENT CONCERNS MAINLY IN ITALY AND OTHER POTENTIAL ACQUISITIONS
IN THE ITALIAN MARKET BUT SOME ANALYSTS WONDER WHETHER LAIDLAW WAS TAKING
TOO BIG A RISK BY INVESTING IN A COUNTRY WHERE IT HAS LITTLE EXPERIENCE

LAIDLAW HAD A PROFIT OF 434 MILLION ON REVENUE OF 150 BILLION IN THE
NINE MONTHS ENDED MAY 31 9310070061 931007 CLINTON TO SET PULLOUT DATE
FOR SOMALIA BUT PLANS TO BOOST TROOP STRENGTH FIRST  BY JEFFREY H
BIRNBAUM AND DAVID ROGERS STAFF REPORTERS OF THE WALL STREET JOURNAL

WASHINGTON PRESIDENT CLINTON UNDER HEAVY PRESSURE FROM CONGRESS IS
CLOSE TO SETTING A FIRM DATE WHICH WOULD BE BY EARLY NEXT YEAR FOR
WITHDRAWING US TROOPS FROM SOMALIA

IN THE MEANTIME TOP WHITE HOUSE AIDES SAID THE PRESIDENT WANTS TO CONTINUE
BEEFING UP THE US FORCES THERE TO PROTECT THE TROOPS THAT REMAIN SENDING
ABOUT 2000 MORE SOLDIERS HE ALSO INTENDS TO STEP UP DIPLOMATIC EFFORTS TO
NEGOTIATE A POLITICAL SETTLEMENT IN THAT COUNTRY THEY ADDED

AFTER THE TROOPS LEAVE THE US WOULD KEEP SEVERAL THOUSAND MARINES
FLOATING OFF THE SOMALI COAST AS A RAPID REACTION FORCE AIDES SAID THIS
WOULD BE DONE TO PLACATE UNITED NATIONS SECRETARYGENERAL BOUTROS
BOUTROSGHALI AND TO KEEP OTHER COUNTRIES FROM PRECIPITOUSLY WITHDRAWING
FROM THE UN EFFORT IN SOMALIA

AS EARLY AS TODAY THE ADMINISTRATION PLANS TO DISPATCH VETERAN DIPLOMAT
ROBERT OAKLEY TO THE REGION TO HELP NEGOTIATE THE RELEASE OF CAPTURED
AMERICAN SOLDIERS WHILE ALSO PUSHING FOR A POLITICAL SETTLEMENT AMONG
SOMALIA'S WARRING FACTIONS MR OAKLEY IS EXPECTED TO MEET WITH THE LEADERS
OF ETHIOPIA ERITREA AND EGYPT WITH THE HOPE OF ARRANGING A CONFERENCE OF
NATIONAL RECONCILIATION TO BE HELD WITHIN A WEEK OR TWO

MR OAKLEY WHO WAS PRESIDENT BUSH'S ENVOY TO SOMALIA ALSO WILL SEEK THE
HELP OF THESE LEADERS IN CONTACTING RENEGADE WARLORD MOHAMED FARRAH AIDID TO
ARRANGE THE RELEASE OF THE CAPTURED AMERICANS OFFICIALS WOULDN'T SAY WHAT
KIND OF A DEAL THEY WOULD OFFER GEN AIDID BUT THE US HOLDS SEVERAL OF
GEN AIDID'S TOP AIDES AND A PRISONER SWAP MAY BE POSSIBLE

AS FOR BRINGING GEN AIDID BACK INTO THE POLITICAL PROCESS ONE OFFICIAL
SAID HIS CLAN MEMBERS MIGHT BE INVITED TO THE RECONCILIATION CONFERENCE
BUT AS FAR AS WE'RE CONCERNED HE'S STILL A CRIMINAL WITH A WARRANT OUT FOR
HIS ARREST

MR CLINTON IS SCHEDULED TO DISCUSS HIS STILLEVOLVING SOMALIA PLAN WITH A
BIPARTISAN GROUP OF CONGRESSIONAL LEADERS THIS MORNING WITH AN EYE TOWARD
AVERTING AN ATTEMPT BY LAWMAKERS TO IMPOSE AN END TO THE ILLSTARRED
ENGAGEMENT THE WHITE HOUSE WAS CONSIDERING SEEKING TELEVISION TIME TODAY SO
THE PRESIDENT COULD TALK TO THE PUBLIC ABOUT THE SITUATION

THE SOMALI MISSION BEGAN LAST YEAR UNDER PRESIDENT BUSH AS AN EFFORT TO END
MASS STARVATION BUT IN RECENT DAYS THE HUMANITARIAN INTERVENTION HAS
DEGENERATED INTO A WAR BETWEEN SOMALI FACTIONS AND US SOLDIERS ON SUNDAY
12 AMERICANS WERE KILLED AND AT LEAST ONE US PILOT WAS CAPTURED THE BODY
OF A US SOLDIER WAS DRAGGED NAKED THROUGH THE STREETS OF MOGADISHU THE
CAPITAL

THE PRESIDENT YESTERDAY PRESAGED HIS NEW DECISION WHEN HE TOLD REPORTERS THE
US MUST CONCLUDE OUR MISSION IN SOMALIA BUT HE ALSO INDICATED
WITHDRAWAL WOULDN'T COME IN A RUSH HE SAID HE WAS ANXIOUS TO CONCLUDE OUR
ROLE THERE HONORABLY BUT WE DO NOT WANT TO SEE A REVERSION TO THE CHAOS AND
THE TERRIBLE MISERY THAT EXISTED BEFORE THE US INTERVENED

ANTICIPATING A NEW POLICY IN SOMALIA THE SENATE POSTPONED UNTIL NEXT WEEK
CONSIDERATION OF THE PENTAGON BUDGET THE DELAY FOLLOWED A PHONE
CONVERSATION BETWEEN THE PRESIDENT AND SENATE APPROPRIATIONS COMMITTEE
CHAIRMAN ROBERT BYRD D WVA WHO HAS WANTED TO USE THE BILL AS A
VEHICLE TO FORCE A VOTE ON AN AMENDMENT THAT WOULD CUT OFF FUNDS FOR THE
MISSION AFTER THE ADMINISTRATION PROMISED TO EXPEDITE A REPORT DUE OCT 15
ON THE STATE OF AFFAIRS IN SOMALIA MR BYRD INVOKED HIS POWERS TO POSTPONE
THE BILL

BUT SENIOR DEMOCRATS SIGNALED THAT THE ADMINISTRATION NEEDS A FIXED GET
OUT DATE AND A CLEARLY DEFINED MISSION TO SQUELCH THE GROWING EFFORT IN
CONGRESS TO END THE MISSION ABRUPTLY PEOPLE WOULD LIKE TO FIND A WAY TO
SAVE THE REAL PROGRESS THAT HAS BEEN MADE SAID HOUSE MAJORITY LEADER
RICHARD GEPHARDT D MO BUT HE ACKNOWLEDGED THAT THE EMOTIONAL REACTION
TO THE CASUALTIES THIS WEEK AND GRAPHIC TELEVISION PICTURES MADE IT
IMPOSSIBLE TO PURSUE ANY PROLONGED COMMITMENT TO THE VAGUE GOAL OF NATION
BUILDING

IN A SPEECH ON THE SENATE FLOOR LAST NIGHT SENATE ARMED SERVICES COMMITTEE
CHAIRMAN SAM NUNN D GA SAID WE MUST REDEFINE THE ESSENTIAL MILITARY
MISSION TO COMPLETE THE ORIGINAL HUMANITARIAN MISSION WE MUST CRAFT A SOUND
EXIT STRATEGY FOR US FORCES

AT THE SAME TIME HOUSE REPUBLICANS MADE PUBLIC A LETTER THEY SENT TO THE
PRESIDENT THAT LABELED HIS SOMALIA POLICY A FAILURE AND BOTH PARTIES WERE
ACID IN THEIR COMMENTS ABOUT A BRIEFING TUESDAY IN WHICH DEFENSE SECRETARY
LES ASPIN WAS PUMMELED WITH QUESTIONS AND ANGRY COMMENTS FROM FRUSTRATED
LAWMAKERS

LAWMAKERS SAID MR ASPIN WAS THE PICTURE OF CONFUSION AND CONTRADICTORY IN
HIS STATEMENTS AND THEY SAID SECRETARY OF STATE WARREN CHRISTOPHER SAT
VIRTUALLY SILENT ON SOMALIA

EVEN THE NORMALLY MEASURED SEN RICHARD LUGAR R IND BLISTERED PRESIDENT
CLINTON AND HIS ENTIRE FOREIGN POLICY TEAM FOR INATTENTION AND
MISMANAGEMENT AS WELL AS LAME ATTEMPTS TO EXPLAIN THE US POLICY HE
PARTICULARLY CRITICIZED THE PRESIDENT FOR TRAVELING TO CALIFORNIA EARLIER
THIS WEEK WHILE WE'RE IN THE MIDST OF A WAR AND THE CONGRESS IS PREPARING
TO TAKE FOREIGN POLICY AWAY FROM HIM

SEN LUGAR WHO HAS FAVORED AN AGGRESSIVE US POLICY ABROAD SAID HE WAS
STILL WILLING TO LISTEN TO THE ADMINISTRATION'S RATIONALE FOR SOMALIA AND TO
BACK IT IF IT MAKES SENSE WHEN THE PRESIDENT DOES ASK AND EXPLAIN HE GETS
RESULTS HE SAID POINTING TO THE SWIFT PASSAGE OF AID TO RUSSIA

INDEED CONGRESSIONAL LEADERS INDICATED THAT A PACKAGE LIKE THE ONE NOW
BEING CONSIDERED BY THE PRESIDENT WITH A DATE CERTAIN FOR WITHDRAWAL
AND A CLARIFIED MISSION STATEMENT COULD WELL HAVE SUPPORT FROM KEY
LAWMAKERS BUT DEBATE CONTINUED TO RAGE OVER WHEN TO WITHDRAW THE WHITE
HOUSE WAS LEANING TOWARD A DATE STILL MONTHS AWAY THOUGH CERTAINLY IN THE
FIRST QUARTER OF NEXT YEAR BUT CONGRESSIONAL LEADERS WERE PUSHING FOR AN
EXIT BY YEAR END

DEFENSE OFFICIALS FEAR A PRECIPITOUS WITHDRAWAL WOULD CAUSE AN UNSEEMLY
LARGESCALE RETREAT BY THE 23000 NONUS TROOPS IN THE UN FORCE IN
SOMALIA ONE MILITARY POSSIBILITY BEING CONSIDERED IS TO WITHDRAW THE NEARLY
5000 US TROOPS NOW ON THE GROUND IN SOMALIA BUT PREVENT THE ENTIRE UN
EFFORT FROM COLLAPSING BY KEEPING SEVERAL THOUSAND MARINES OFFSHORE IN AN
AMPHIBIOUS READY GROUP

BUT THAT MARINE ENDGAME OPTION WORRIES SOME IN THE PENTAGON WHO CLAIM IT
DOESN'T ADDRESS THE FUNDAMENTAL PROBLEM IN SOMALIA WHICH IS THAT THE UN
FORCES ARE INCAPABLE OF DOING THE JOB THEY HAVE BEEN GIVEN AND MR CLINTON
IS DESCRIBED BY AIDES AS BEING WORRIED OVER WHAT HE CONSIDERS THE INABILITY
OF THE UN TO MANAGE A MILITARY OPERATION

CARLA ANNE ROBBINS CONTRIBUTED TO THIS ARTICLE 9310070060 931007
EXUTILITY EXECUTIVE ENTERS PLEA OF GUILTY SENTENCING IS DELAYED

PEARL RIVER NY A FORMER ORANGE & ROCKLAND UTILITIES INC EXECUTIVE
PLEADED GUILTY TO CHARGES OF GRAND LARCENY BRIBE RECEIVING AND ILLEGAL
CAMPAIGN CONTRIBUTIONS IN ROCKLAND COUNTY DISTRICT COURT

LINDA WINIKOW A FORMER VICE PRESIDENT FOR CORPORATE COMMUNICATIONS AT THE
UTILITY FACES UP TO NINE YEARS IN PRISON ACCORDING TO KENNETH GRIBETZ THE
ROCKLAND COUNTY DISTRICT ATTORNEY SENTENCING IS SET FOR NEXT APRIL
OFFICIALS INVOLVED IN THE CASE SAID THE SENTENCING WAS DELAYED TO ENSURE MS
WINIKOW'S COOPERATION IN RELATED CASES MS WINIKOW COULDN'T BE REACHED FOR
COMMENT

AMONG THE CRIMES COMMITTED MS WINIKOW ADMITTED TO BUYING LARGE AMOUNTS OF
ADVERTISING FROM A LOCAL NEWSPAPER IN ORDER TO STOP THE PAPER FROM PRINTING
NEGATIVE ARTICLES MR GRIBETZ TERMED THE ARRANGEMENT AS BRIBE RECEIVING
OUR TOWN NEWSPAPER AND COMMUNITY MEDIA INC DENIED ANY CRIME HAD BEEN
COMMITTED AND SAID THE CHARGE VIOLATED THE FIRST AMENDMENT'S PROVISION FOR
FREEDOM OF THE PRESS

AN ORANGE & ROCKLAND SPOKESMAN SAID IT WOULD BE INAPPROPRIATE AND UNFAIR
TO COMMENT ON MS WINIKOW'S CASE AT THIS TIME ORANGE & ROCKLAND FIRED MS
WINIKOW IN SEPTEMBER SHE WAS ARRESTED ON AUG

THE UTILITY'S SPOKESMAN SAID THE COMPANY CONTINUES TO COOPERATE WITH THE
DISTRICT ATTORNEY AND WITH STATE REGULATORS ON RELATED ISSUES STATE
REGULATORS SAID THEY ARE ATTEMPTING TO LEARN IF ANY OF MS WINIKOW'S
ACTIVITIES MAY HAVE ADVERSELY AFFECTED RATEPAYERS 9310070057 931007
TECHNOLOGY FUJITSU AND HYUNDAI ELECTRONICS FORM UNUSUAL JOINT VENTURE
IN MEMORY CHIPS  BY DON CLARK STAFF REPORTER OF THE WALL STREET
JOURNAL

IN AN UNUSUAL LINKUP BETWEEN JAPANESE AND SOUTH KOREAN TECHNOLOGY RIVALS
FUJITSU LTD AND HYUNDAI ELECTRONICS INDUSTRY CO ANNOUNCED A JOINT VENTURE
IN THE HOTLY CONTESTED MEMORYCHIP MARKET

HYUNDAI BASED IN KOREA SAID IT WILL LICENSE ITS DESIGN AND MANUFACTURING
PROCESS TECHNOLOGY FOR FOURMEGABIT DYNAMIC RANDOM ACCESS MEMORIES OR
DRAMS TO FUJITSU THE JAPANESE ELECTRONICS COMPANY WILL USE THE TECHNOLOGY
FIRST AT ITS CHIP PLANT IN GRESHAM ORE AND HYUNDAI WILL BUY THE
FUJITSUBUILT CHIPS TO SELL IN THE US MARKET

THE DEAL ALLOWS HYUNDAI TO EVADE AN 11 DUTY ON IMPORTS OF THE COMPANY'S
DRAMS ACKNOWLEDGED DENNIS MCKENNA GENERAL MANAGER OF THE COMPANY'S UNIT IN
SAN JOSE CALIF THE US COMMERCE DEPARTMENT THIS YEAR IMPOSED TARIFFS ON
MAJOR SOUTH KOREAN MEMORYCHIP MANUFACTURERS AFTER CHARGING THEM WITH
DUMPING PRODUCTS IN THE US MARKET AT LESS THAN PRODUCTION COST

BUT FUJITSU RECEIVES THE RIGHT TO USE HYUNDAI'S TECHNOLOGY IN ITS OWN
PRODUCT LINE A BREAK FROM THE EARLIER PATTERN IN WHICH KOREAN COMPANIES
EMULATED JAPANESE MEMORYCHIP DEVELOPMENTS THIS IS CERTAINLY A DEPARTURE
FROM WHAT WE'VE SEEN IN THE PAST SAID VICTOR DE DIOS PUBLISHER OF THE
DRAM MARKET ADVISOR AN INDUSTRY NEWSLETTER IN FREMONT CALIF IT SAYS MUCH
FOR THE ADVANCES THE KOREANS HAVE MADE IN SEMICONDUCTORS

BOTH COMPANIES ARE BATTLING AGAINST MUCH LARGER COMPETITORS IN MEMORY CHIPS
WHICH ARE USED TO STORE DATA IN COMPUTERS AND A WIDE ARRAY OF ELECTRONICS
EQUIPMENT INSTAT INC A MARKET RESEARCH FIRM IN SCOTTSDALE ARIZ PUT
HYUNDAI AT EIGHTH IN WORLDWIDE DRAM SALES LAST YEAR WITH FUJITSU AT NO
11 SOUTH KOREA'S SAMSUNG WAS NO 1 FOLLOWED BY JAPAN'S TOSHIBA LTD AND
HITACHI LTD

BUT HYUNDAI HAS BEEN MAKING PROGRESS IN THE US MARKET MR DE DIOS SAID
CLIMBING TO NO 5 FROM NINTH PLACE THE PRIOR YEAR FUJITSU WAS THE
11THLARGEST SUPPLIER ACCORDING TO HIS RANKINGS

TOM MILLER A VICE PRESIDENT OF MARKETING AT FUJITSU'S SAN JOSE SUBSIDIARY
SAID THE DEAL WAS LARGELY INSPIRED BY THE DESIRE TO SHARE THE HUGE RESEARCH
AND CAPITALEQUIPMENT COSTS OF DEVELOPING NEW GENERATIONS OF SEMICONDUCTORS
AFTER THE COMPANIES BEGAN WORKING TOGETHER SEVERAL MONTHS AGO FUJITSU
LEARNED THAT HYUNDAI HAD DEVELOPED TECHNOLOGY THAT HIS COMPANY COULD
EXPLOIT

THE MARKEPLACE OF THE '90S AND THE WORLDWIDE ECONOMIC ENVIRONMENT MAKE FOR
SOME STRANGE BEDFELLOWS MR MILLER SAID I THINK IT'S A REAL
BREAKTHROUGH

THE OREGON FUJITSU PLANT IS EXPECTED TO REACH VOLUME PRODUCTION NEXT YEAR
USING HYUNDAI'S TECHNOLOGY HYUNDAI'S MR MCKENNA SAID FUJITSU THEN WILL
TRANSFER IT TO PLANTS IN IWATE JAPAN LATER HYUNDAI WILL LICENSE FUJITSU
ITS TECHNOLOGY FOR 16MEGABIT DRAMS AND THE TWO COMPANIES ALSO ARE
EXPLORING JOINT DEVELOPMENT AND PRODUCTION OF FUTURE GENERATIONS OF DRAMS

HYUNDAI ELECTRONICS INDUSTRIES CO IS STILL NEGOTIATING SOME DETAILS OF ITS
NEW MEMORY CHIP AGREEMENT WITH FUJITSU LTD IN AN ARTICLE THURSDAY
HYUNDAI'S US SEMICONDUCTOR DIVISION PREMATURELY SAID THAT HYUNDAI WOULD
LICENSE ITS CHIP DESIGN AND PROCESS TECHNOLOGY TO FUJITSU AND THAT THE
COMPANIES WOULD WORK TOGETHER ON 16MEGABIT DYNAMIC RANDOM ACCESS MEMORIES
A HYUNDAI STATEMENT RELEASED FRIDAY IN SEOUL SOUTH KOREA SAID THE
COMPANIES ARE REVIEWING SEVERAL AREAS OF COOPERATION IN MEMORIES
INCLUDING JOINT MANUFACTURING AND DEVELOPMENT BUT A FINAL AGREEMENT WON'T
BE REACHED UNTIL THE END OF THE YEAR 9310070056 931007 LEGAL BEAT THE
NEW FACES OF PERSONAL BANKRUPTCY BABY BOOMERS  BY WADE LAMBERT 
STAFF REPORTER OF THE WALL STREET JOURNAL

JAN WATSON TYPIFIES THE NEW FACE OF BANKRUPTCY A 43YEAROLD COMMERCIAL
PHOTOGRAPHER FROM POINT REYES CALIF SHE WAS NEVER IN SERIOUS FINANCIAL
TROUBLE UNTIL SHE BEGAN INCURRING BIG MEDICAL COSTS LAST YEAR AND REACHED
FOR HER CREDIT CARDS TO PAY THE BILLS

SINCE MS WATSON DIDN'T HAVE HEALTH INSURANCE HER DEBT MOUNTED QUICKLY TO
17000 BY NOVEMBER IT WAS TOO MUCH FOR HER TO PAY OFF WITH HER
25000AYEAR FREELANCE INCOME HER SOLUTION PERSONAL BANKRUPTCY AND THE
IMMEDIATE FREEDOM IT BROUGHT FROM CREDITORS' DEMANDS

MS WATSON'S MOVE PUT HER IN FAMILIAR COMPANY DEMOGRAPHICALLY SPEAKING
THERE IS A MARKED SHIFT TOWARD PEOPLE LIKE HER WELLEDUCATED MIDDLECLASS
BABY BOOMERS WITH BIGTIME CREDITCARD DEBT ACCORDING TO A MULTISTATE STUDY
OF WHO DECLARES BANKRUPTCY INCREASINGLY TOO THE BANKRUPTCY DEBTOR IS
LIKELY TO BE FEMALE WOMEN NOW ACCOUNT FOR 286 OF THE FILERS UP FROM 17
A DECADE AGO

THE TYPICAL BANKRUPTCY DEBTOR IS AN ABSOLUTELY TYPICAL AMERICAN RIGHT DOWN
THE MIDDLE SAYS JAY LAWRENCE WESTBROOK A PROFESSOR AT THE UNIVERSITY OF
TEXAS AND ONE OF THE SCHOLARS WHO IS STUDYING THOUSANDS OF 1991 BANKRUPTCY
FILINGS IN 16 COURTS AROUND THE COUNTRY BANKRUPTCY SAYS ELIZABETH WARREN
A UNIVERSITY OF PENNSYLVANIA PROFESSOR AND COAUTHOR OF THE STUDY HAS
BECOME THE SOCIAL SAFETY NET OF THE MIDDLE CLASS

THE FINDINGS RUN COUNTER TO SOME COMMON STEREOTYPES ABOUT PERSONAL
BANKRUPTCY WHICH HAS LONG BEEN SEEN AS A REFUGE FOR YOUNG BLUECOLLAR
WORKERS AND HIGHSCHOOL DROPOUTS NOR ARE THE BANKRUPTCY ROLLS TEEMING WITH
ONETIME HIGHFLIERS WHOSE FORTUNES HAVE TURNED AND WHO ARE SEEKING TO SHELTER
LUXURY ASSETS

THE BIGGEST COMMON DENOMINATOR THE RESEARCHERS SAY IS THAT BANKRUPTCY HAS
BECOME A SHARED EXPERIENCE OF PEOPLE BORN BETWEEN 1946 AND 1964 THESE BABY
BOOMERS MAKE UP 44 OF THE ADULT POPULATION BUT THEY ACCOUNT FOR 59 OF
PERSONAL BANKRUPTCIES ACCORDING TO THE PROFESSORS' RESEARCH IN THAT GROUP
THE PEOPLE MOST LIKELY TO BE IN BANKRUPTCY WERE BETWEEN 40 AND 44 YEARS OLD
AN AGE SPAN WHEN MIDDLECLASS PROFESSIONALS ARE USUALLY ASSUMED TO BE
ECONOMICALLY ESTABLISHED

PEOPLE IN THEIR LATE 30S AND EARLY 40S HAVE ALWAYS FACED GROWING FAMILY
EXPENSES THE AUTHORS OF THE STUDY NOTE BUT THE BABY BOOMERS APPEAR TO BE
FILING FOR BANKRUPTCY AT A HIGHER RATE THAN PREVIOUS GENERATIONS DID AT
THEIR AGE THE RESEARCHERS SAY MAYBE THE BABY BOOMERS ARE THEMSELVES MORE
AT RISK SAYS PROF WARREN BABY BOOMERS ARE PART OF THE ME GENERATION'
THEY WEREN'T CHASTENED BY THE DEPRESSION IT IS A COMBINATION OF CONSUMERISM
AND OPTIMISM THAT COULD PUT THEM AT RISK FOR BANKRUPTCY

BANKRUPTCY FILERS ARE LIKELY TO SHARE SOME OTHER COMMON CHARACTERISTICS THE
RESEARCHERS REPORT IN THEIR PRELIMINARY FINDINGS FOR INSTANCE 124 SAY
MEDICAL EXPENSES TRIGGERED THEIR BANKRUPTCY AND PEOPLE IN BANKRUPTCY ARE
MORE LIKELY THAN THE GENERAL ADULT POPULATION TO HAVE HAD A DIVORCE OR A JOB
DISRUPTION EITHER BEING FIRED OR TEMPORARILY UNEMPLOYED IN THE
PREVIOUS TWO YEARS

BECAUSE MANY PEOPLE USE THEIR CREDIT BASED ON EXPECTED EARNINGS TEMPORARY
UNEMPLOYMENT OR THE LOSS OF A SPOUSE'S INCOME CAN TURN WHAT HAD BEEN
REASONABLE MONTHLY PAYMENTS INTO PROHIBITIVE AMOUNTS

LYNN JENSEN OF SAN GABRIEL CALIF HAD WORKED FOR EIGHT YEARS AS AN
AUTOMOBILE WARRANTY ADMINISTRATOR WHEN HER COMPANY WAS HIT BY CALIFORNIA'S
AILING ECONOMY TWO YEARS AGO AFTER SEVERAL DEALERSHIP CLIENTS WENT UNDER
SHE LOST HER 35000AYEAR JOB A YEAR AND A HALF LATER AFTER SPENDING HER
SAVINGS AND LIVING ON CREDIT CARDS SHE FOUND WORK AGAIN BUT LIKE MANY
OTHER WHITECOLLAR WORKERS WHO GET LAID OFF THE 29YEAROLD TOOK A BIG PAY
CUT TO REJOIN THE WORK FORCE SHE ENDED UP FILING FOR BANKRUPTCY TWO MONTHS
AGO USING A HOW TO FILE FOR BANKRUPTCY BOOK BECAUSE SHE COULDN'T AFFORD A
LAWYER

I HAD WORKED 10 YEARS TO GET AN EXCELLENT CREDIT RATING SAYS MS JENSEN
MY BOYFRIEND AND I HAD DISCUSSED BUYING A HOUSE AND IT'S A GOOD THING WE
DIDN'T BECAUSE WE WOULD HAVE LOST IT

NATIONWIDE THE OVERWHELMING MAJORITY OF BANKRUPTCIES LIKE MS WATSON'S AND
MS JENSEN'S ARE FILED UNDER CHAPTER 7 OF THE US BANKRUPTCY CODE IN
WHICH THE FILER IS RELIEVED OF ALL DEBT BY SELLING OFF CERTAIN OF HIS OR HER
ASSETS STATES' LAWS DIFFER WIDELY ON THE ASSETS THAT ARE EXEMPTED FROM THE
REQUIRED SELLOFF BUT EXCLUSIONS ARE USUALLY EXTENSIVE AND TYPICALLY
PROTECT THE INDIVIDUAL'S PERSONAL PROPERTY AND HOUSEHOLD GOODS ANOTHER KIND
OF PERSONAL BANKRUPTCY IS FILED UNDER CHAPTER 13 IN WHICH DEBTORS KEEP
THEIR HOMES AND OTHER PROPERTY BUT ARRANGE TO PAY CREDITORS OVER THREE TO
FIVE YEARS

PART OF THE REASON MORE WOMEN ARE IN BANKRUPTCY THESE DAYS THE RESEARCHERS
SAY IS THAT MORE WOMEN HAVE GOTTEN CREDIT IN RECENT YEARS AT THE SAME
TIME WOMEN ON AVERAGE HAVE LOWER SALARIES AND FEWER ASSETS THAN MEN MAKING
THEIR FINANCIAL STATUS MORE PRECARIOUS THE PROFESSORS SAY THAT EXPLAINS WHY
DIVORCED AND SINGLE WOMEN ARE MORE LIKELY THAN THEIR MALE COUNTERPARTS TO
FILE FOR BANKRUPTCY MORE THAN HALF THE MALE FILERS ARE MARRIED FOR
INSTANCE WHILE MORE THAN HALF OF THE WOMAN ARE EITHER SINGLE OR DIVORCED

WOMEN TRY TO HEAD HOUSEHOLDS WITH FEWER RESOURCES THAN MEN PROF WARREN
SAYS BECAUSE THEY ARE TRYING TO GET BY ON SMALLER AMOUNTS IT TAKES
SMALLER DEBTS TO TIP THE BOAT

LAWYERS AND OTHERS WHO ADVISE BANKRUPTCY FILERS AGREE THAT IN THE WAKE OF
THE LAYOFFS OF THE LATE 1980S AND EARLY 1990S THEY HAVE SEEN MANY MORE
MIDDLECLASS CLIENTS MUCH TO THE CLIENTS' OWN SURPRISE THE PEOPLE WHO
COME INTO OUR OFFICES COULD NEVER HAVE IMAGINED HAVING TO SEEK BANKRUPTCY
SAYS GAIL KOFF OF JACOBY & MEYERS A NEW YORKBASED LAW FIRM THE MIDDLE
CLASS IS MORE VULNERABLE NOW TO THE FORCES THAT IN EARLIER DECADES MAY HAVE
PUSHED THE LOWER CLASS INTO BANKRUPTCY

I THOUGHT BANKRUPTCY WAS FOR SOMEONE WHO WAS DOWN AND OUT OR SOMEONE WHO
WAS JUST FRIVOLOUS WITH THEIR MONEY SAYS MS WATSON WHO ALSO FILED HER
OWN BANKRUPTCY CASE BUT AT HER FIRST COURT SESSION MS WATSON SAYS SHE
REALIZED SHE WAS SHARING THE COURTROOM WITH MANY OTHER BUSINESSPEOPLE THIS
IS MORE A SIGN OF THE TIMES THAN A SIGN ABOUT THE PERSON SHE SAYS

PATIENTS COVERED BY MEDICARE CAN SUE THEIR DOCTOR OR HOSPITAL FOR A REFUND
IF THEY ARE CHARGED TOO MUCH MONEY OUT OF THEIR OWN POCKETS A NEW YORK
JUDGE HAS RULED

THE DECISION BY JUSTICE SHIRLEY FINGERHOOD GIVES INDIVIDUAL PATIENTS A WAY
OF ENFORCING STATEIMPOSED LIMITS ON WHAT DOCTORS CAN CHARGE OVER THE AMOUNT
SAID TO BE APPROPRIATE BY THE FEDERAL MEDICARE PROGRAM IF JUSTICE
FINGERHOOD'S REASONING IS ADOPTED IN OTHER STATES IT COULD OPEN THE DOOR TO
HUNDREDS OF SUITS BY PATIENTS WHO SAY THEY HAVE BEEN OVERCHARGED SAID TOBY
GOLICK A LAW PROFESSOR AT CARDOZO LAW SCHOOL IN NEW YORK WHO REPRESENTED
THE MEDICARE BENEFICIARIES IN THE CASE

IN RECENT YEARS CONGRESS AND SEVERAL STATES HAVE PASSED LAWS LIMITING HOW
MUCH DOCTORS' CHARGES CAN EXCEED THE AMOUNTS PRESCRIBED BY MEDICARE BUT THE
LAWS TYPICALLY HAVEN'T PROVIDED A WAY FOR PATIENTS TO GET REIMBURSED WHEN
THEY ARE OVERCHARGED MEDICARE PAYS 80 OF THE AMOUNT IT DEEMS APPROPRIATE
FOR A PARTICULAR TREATMENT THE PATIENT IS RESPONSIBLE FOR ANY CHARGES OVER
THAT AMOUNT

IMPLYING A RIGHT TO SUE FOR SUCH REFUNDS IS CONSISTENT WITH THE PURPOSE OF
THE LEGISLATURE TO PROTECT MEDICARE BENEFICIARIES FROM INCURRING
BURDENSOME EXPENSES FOR PHYSICIANS' SERVICES JUSTICE FINGERHOOD WROTE IN
HER OPINION

MEDICARE BENEFICIARIES DEFENSE FUND VS MEMORIAL SLOANKETTERING CANCER
CENTER SUPREME COURT OF NEW YORK NEW YORK COUNTY NO

THE DESCENDANTS OF BILL TRAYLOR A FORMER SLAVE NOW RECOGNIZED AS ONE OF
AMERICA'S GREATEST FOLK ARTISTS SETTLED A LAWSUIT OVER OWNERSHIP OF HIS
WORK

THE FAMILY MEMBERS FILED A LAWSUIT LAST YEAR ALLEGING THAT CHARLES SHANNON
AN ARTIST AND ART COLLECTOR IN MONTGOMERY ALA ILLEGALLY PROFITED FROM ART
WORK THAT SHOULD HAVE BELONGED TO MR TRAYLOR'S HEIRS MR SHANNON WHO
BEFRIENDED MR TRAYLOR IN 1939 HELD THE ARTIST'S CREATIONS FOR NEARLY FOUR
DECADES BECOMING ONE OF HIS CHAMPIONS IN THE ART ESTABLISHMENT YEARS AFTER
THE ARTIST DIED IN 1949

AS PART OF THE SETTLEMENT MR SHANNON AGREED TO GIVE 12 TRAYLOR DRAWINGS TO
A TRUST SET UP FOR THE HEIRS PROCEEDS FROM THE SALE OF THE ART WORK WOULD
GO TO THE FAMILY MEMBERS WHO IN RETURN AGREED TO DROP ANY CLAIMS TO OTHER
PIECES OWNED BY MR SHANNON MR TRAYLOR'S PAINTINGS AND DRAWINGS SELL FOR
10000 AND UP THE TWO SIDES ALSO ISSUED A JOINT STATEMENT SAYING THAT MR
SHANNON PAID MR TRAYLOR FAIRLY FOR THE ART WORK AND DIDN'T EXPLOIT HIM AS
THE LAWSUIT HAD ALLEGED 9310070055 931007 CREDIT MARKETS THREE BOND
FIRMS TO HALT POLITICAL GIFTS WHERE THEY SEEK UNDERWRITING BUSINESS 
 BY THOMAS T VOGEL JR AND JOHN CONNOR STAFF REPORTERS OF THE WALL
STREET JOURNAL

NEW YORK THREE WALL STREET GIANTS OF THE MUNICIPAL BOND MARKET ARE
HALTING THE PRACTICE OF MAKING POLITICAL CONTRIBUTIONS WHERE THEY ARE
SEEKING UNDERWRITING BUSINESS

MERRILL LYNCH & CO AND GOLDMAN SACHS & CO SLAPPED A TEMPORARY BAN ON
MAKING POLITICAL CONTRIBUTIONS TO STATE AND LOCAL GOVERNMENT OFFICIALS THE
FIRMS SAID LAST NIGHT LEHMAN BROTHERS INC AN AMERICAN EXPRESS CO UNIT
SAID IT PLANS TO TAKE SIMILAR STEPS SOON AND OTHER FIRMS SEEM LIKELY TO
FOLLOW

ALL TOLD THE THREE FIRMS LED MORE THAN 30 OF ALL NEW MUNICIPAL BOND
OFFERINGS IN THE FIRST NINE MONTHS OF THIS YEAR HOLDING SWAY OVER NEARLY
67 BILLION OF NEW BONDS MERRILL HAD AN 118 MARKET SHARE FOLLOWED BY
GOLDMAN WITH 114 AND LEHMAN WITH 74

THE THREE WALL STREET FIRMS WERE FOLLOWING A RECOMMENDATION MADE TUESDAY BY
THE PUBLIC SECURITIES ASSOCIATION A TRADE GROUP THE PSA URGED ITS MEMBERS
TO PUT A MORATORIUM ON ALL POLITICAL CONTRIBUTIONS BY MUNI FINANCE
PROFESSIONALS TO STATE AND LOCAL OFFICIALS OR CANDIDATES IN JURISDICTIONS
WHERE THEY DO OR EXPECT TO DO MUNI BOND BUSINESS

THE TRADE GROUP SAID THE BAN SHOULD REMAIN IN EFFECT UNTIL REGULATORS PUT
INTO PLACE A FINAL RULE WITH CLEAR STANDARDS GOVERNING POLITICAL
CONTRIBUTIONS BY BOND UNDERWRITING FIRMS SUCH A RULE COULD BE MONTHS AWAY

EARLIER THIS YEAR MANY UNDERWRITERS CONSIDERED SUCH A BAN UNTHINKABLE THEY
SAID POLITICAL CONTRIBUTIONS HAD BECOME A NECESSARY PART OF DOING BUSINESS
IN THE MARKET FOR NEW MUNICIPAL BONDS BUT THAT ATTITUDE CHANGED AFTER A
NUMBER OF HIGHPROFILE SCANDALS INVOLVING ALLEGATIONS OF IMPROPER USE OF
CAMPAIGN CONTRIBUTIONS TO GET BUSINESS

FEDERAL STATE AND LOCAL AUTHORITIES ARE INVESTIGATING SUCH ALLEGATIONS ALL
OVER THE US MANY WALL STREET FIRMS HAVE BEEN FORCED TO RECONSIDER WHETHER
SUCH CONTRIBUTIONS COULD HURT THEIR BUSINESS RATHER THAN HELP IT MOREOVER
THE CONTRIBUTIONS ARE INCREASINGLY COSTLY FOR THE FIRMS

BASICALLY WE'RE CONCURRING WITH THE PSA'S RECOMMENDATION MERRILL SAID
BEFORE THE TRADE GROUP'S ANNOUNCEMENT MERRILL AND GOLDMAN BOTH HAD INFORMAL
MORATORIUMS IN EFFECT OFFICIALS AT THE TWO COMPANIES SAID BUT BOTH DECIDED
TO MAKE THEIR STANDS OFFICIAL AT THE PSA'S URGING

WE HADN'T FORMALLY ADVISED PEOPLE WE WERE BANNING CONTRIBUTIONS AN
EXECUTIVE IN GOLDMAN'S PUBLIC FINANCE DEPARTMENT SAID BUT TODAY WE SENT
OUT A MEMO TO EVERYONE IN THE DEPARTMENT  WE THOUGHT IT WOULD BE GOOD
TO FORMALLY INSTALL THE BAN

SUCH A VOLUNTARY FORSWEARING OF POLITICAL CONTRIBUTIONS ON AN ONGOING
RATHER THAN TEMPORARY BASIS IS EXPECTED TO BE AMONG THE POSSIBILITIES
DISCUSSED AT AN OCT 18 MEETING OF SECURITIES AND EXCHANGE COMMISSION
CHAIRMAN ARTHUR LEVITT AND SENIOR EXECUTIVES OF MAJOR WALL STREET FIRMS

AT MERRILL AND GOLDMAN THE BANS MEAN THAT THE FIRMS WON'T MAKE NEW
COMMITMENTS TO FORK OVER CAMPAIGN CONTRIBUTIONS TO STATE AND LOCAL
OFFICIALS IN ADDITION AT BOTH FIRMS INDIVIDUALS WORKING IN THE MUNICIPAL
OR PUBLIC FINANCE DEPARTMENTS AND THEIR SUPERVISORS WILL BE PROHIBITED FROM
MAKING SUCH CONTRIBUTIONS ALTHOUGH INDIVIDUALS ELSEWHERE IN THE FIRM WON'T
BE CONSTRICTED PRIOR COMMITMENTS THAT HAVEN'T YET BEEN HONORED AS IN THE
CASE OF A PROMISE TO BUY A TABLE AT A FUTURE CAMPAIGN DINNER ARE BEING
REVIEWED AT GOLDMAN AND MERRILL

THE PSA RECOMMENDATION AND THE REACTION OF UNDERWRITERS GREW OUT OF A NEW
RULE PROPOSED BY THE MUNICIPAL SECURITIES RULEMAKING BOARD A
SELFREGULATORY BODY SUBJECT TO SECURITIES AND EXCHANGE COMMISSION
OVERSIGHT THE MSRB PROPOSED THAT BOND DEALERS BE BARRED FROM MAKING
POLITICAL CONTRIBUTIONS TO OBTAIN OR RETAIN BOND BUSINESS THE MSRB IS STILL
DEBATING THE RULE

MUNI MARKET PLAYERS APPLAUDED THE DECISIONS AT GOLDMAN AND MERRILL AS
EXAMPLES OF HOW FAR UNDERWRITERS HAVE COME IN CONFRONTING THE PROBLEM OF
CAMPAIGN CONTRIBUTIONS

THE DECISIONS WILL GO A GREAT WAY TO CURING SOME OF THE ILLS WE'RE FACING
IN THIS INDUSTRY SAID AUSTIN TOBIN PRESIDENT OF DELPHIS HANOVER CORP A
FIRM PROVIDING ANALYSIS AND ADVICE TO MUNI BOND ISSUERS IF MERRILL LYNCH
HAD DONE IT A YEAR AGO MR TOBIN SAID NOBODY WOULD HAVE FOLLOWED THEM
THEY WOULD HAVE BEEN OUT IN THE COLD

BUT WITH ALL THE MEDIA AND REGULATORY ATTENTION ON THE MUNICIPAL BOND MARKET
TODAY I THINK EVERYONE WILL FOLLOW HE SAID I ADMIRE THEM FOR STEPPING
UP AND DOING IT BANG AND THERE'S NO MORE PUSSYFOOTING IN THIS BUSINESS
AROUND THE ISSUE

NOT EVERYONE IS APPLAUDING THE MOVES I DON'T BUY BUSINESS SAID JIM
LEBENTHAL CHAIRMAN OF BOND DEALER AND UNDERWRITER LEBENTHAL & CO BUT I DO
MAKE CONTACTS BY GIVING  SO THAT I CAN ADVANCE MY IDEAS ON THE MARKET
THAT ARE CRUCIAL TO MY BUSINESS AND THE INDUSTRY MR LEBENTHAL SAID HE'S
AGAINST BANNING INDIVIDUAL CONTRIBUTIONS TO POLITICAL OFFICIALS IF IT SO
HAPPENS THAT I'M IN THE BOND BUSINESS AND THAT THE CANDIDATE I DONATE TO IS
IN THE POSITION TO AWARD BUSINESS HE SAID THAT'S A PROBLEM THAT THE
CANDIDATE WILL HAVE TO REVOLVE IT'S NOT MY WORRY

A HOUSE SUBCOMMITTEE WILL HOLD A HEARING TODAY ON THE MUNIMONEY ISSUE AND
RELATED SUBJECTS POLITICAL CONTRIBUTIONS TO STATE AND LOCAL OFFICIALS BY
PUBLIC FINANCE PROFESSIONALS LONG A SIMMERING ISSUE HEATED UP WITH RECENT
ALLEGATIONS OF WRONGDOING AND POLITICAL PAYOFFS INCLUDING A CASE INVOLVING
29 BILLION OF NEW JERSEY TURNPIKE BONDS WHERE AUTHORITIES ARE
INVESTIGATING WHETHER MERRILL AND OTHER FIRMS MADE ILLEGAL PAYMENTS

A MERRILL SPOKESWOMAN SAID THE FIRM'S INTERNAL INVESTIGATION INTO THIS
MATTER FOUND NO EVIDENCE OF WRONGDOING BY ANY MERRILL EMPLOYEE BUT SHE
ADDED THAT THE GOVERNMENT'S INVESTIGATION IS CONTINUING

THE NATIONAL ASSOCIATION OF STATE TREASURERS IN A LETTER TO THE MSRB SAID
THE PROPOSAL INTENDED TO END POLITICAL PAYOFFS TO BUY BOND BUSINESS HAS
SERIOUS CONSTITUTIONAL DEFECTS THE TREASURERS INSISTED THEY'RE STRONGLY
OPPOSED TO POLITICAL INFLUENCE PEDDLING IN ANY FORM AND TO THE AWARDING OF
MUNI UNDERWRITING BUSINESS ON ANY BASIS OTHER THAN MERIT HOWEVER THEY SAID
THE CONCERNS THAT SPURRED THE MSRB'S PLAN ARE BEST ADDRESSED AT THE STATE
AND LOCAL LEVEL

THESE SENTIMENTS CONTRASTED SHARPLY WITH THE PSA'S COMPLAINT ABOUT THE
ESCALATION OF PRESSURE FOR CONTRIBUTIONS FROM STATE AND LOCAL OFFICIALS AND
CANDIDATES FOR SUCH OFFICE OVER THE LAST DECADE AND A HALF CONTINUING TO
THIS DAY

TREASURY PRICES ENDED LITTLE CHANGED

THE BENCHMARK 30YEAR TREASURY BOND ENDED UNCHANGED AT 103 9/32 TO YIELD 6
THE 10YEAR NOTE ROSE LESS THAN 1/8 POINT OR LESS THAN 125 FOR A BOND
WITH 1000 FACE VALUE TO 103 6/32 TO YIELD 531

THE LACKLUSTER PERFORMANCE LARGELY REFLECTS CUSTOMER APATHY AHEAD OF THE
ONLY SIGNIFICANT ECONOMIC NEWS OF THE WEEK TOMORROW'S LABOR DEPARTMENT
REPORT ON SEPTEMBER JOBS DATA UNTIL THEN TRADERS EXPECT PRICES TO REMAIN
IN A NARROW RANGE

WE HAVE PROVED THE LAWS OF INERTIATHAT AN OBJECT AT REST STAYS AT REST
SAYS ALAN LEVENSON MONEY MARKET ECONOMIST AT UBS SECURITIES INC

TO WAKE THE MARKET FROM ITS SLUMBER SEPTEMBER NONFARM PAYROLL GROWTH WILL
HAVE TO BE MUCH WEAKER THAN EXPECTED MR LEVENSON SAID

THE AVERAGE ESTIMATE OF ECONOMISTS SURVEYED BY DOW JONES CAPITAL MARKETS
CALLS FOR A 144000 RISE IN SEPTEMBER NONFARM PAYROLLS COMPARED WITH A DROP
OF 39000 IN AUGUST SOME ECONOMISTS HOWEVER EXPECT THAT THE RISE IN
SEPTEMBER PAYROLLS COULD EXCEED 200000

MR LEVENSON BELIEVES THE MARKET IS MORE LIKELY TO IMPROVE SIGNIFICANTLY ON
A WEAK ECONOMIC NUMBER THAN IT IS TO SELL OFF ON A STRONG NUMBER A SELLOFF
LIKELY WOULD BE MET BY BUYING FROM INVESTORS WITH CASH ON HAND WHO WOULD
JUMP AT THE OPPORTUNITY TO BUY TREASURYS AT LOWER PRICES

WALMART STORES INC'S 1 BILLION BOND OFFERING WHICH WAS LAUNCHED THIS
MORNING AND REPORTEDLY OVERSUBSCRIBED DOMINATED YESTERDAY'S ACTIVITY IN
CORPORATE DEBT ISSUANCE

TRADING IN THE INVESTMENTGRADE MARKET CONTINUED TO BE RELATIVELY QUIET
PRICES WERE FLAT FOLLOWING TREASURYS THE 30YEAR TREASURY CLOSED BASICALLY
UNCHANGED AT A YIELD OF 6005

IN THE JUNK BOND MARKET PRICES WERE UP BY A HALF A POINT OR MORE A TRADER
SAID

MORE THAN 26 BILLION OF DEBT WAS PRICED DURING THE SESSION INCLUDING A
160 MILLION 40YEAR REMARKETED BOND OFFERING FROM DETROIT EDISON CO THE
STUDENT LOAN MARKETING ASSOCIATION'S 700 MILLION BOND OFFERING AND
TRANSPORTACION MARITIMA MEXICANA'S SECOND US BOND OFFERING

YIELD SPREADS ON FINANCIAL COMPANIES AND INDUSTRIALS NARROWED DURING THE
DAY SPREADS FOR BOTH WERE ABOUT 005 PERCENTAGE POINT TIGHTER

MUNICIPAL BONDS WERE GENERALLY UNCHANGED TO 1/4 POINT LOWER MORE THAN 800
MILLION OF NEW MUNICIPAL BONDS WERE SOLD INCLUDING ISSUES FROM THE NEW
JERSEY HOUSING AND MORTGAGE FINANCE AGENCY NORTH CAROLINA MARYLAND AND
MINNEAPOLIS TRADING OF MUNICIPAL BONDS IN THE SECONDARY MARKET WAS SLOW AS
THE MARKET AWAITED RELEASE OF SEPTEMBER EMPLOYMENT DATA

THE FLORIDA BOARD OF EDUCATION'S 5 1/4 COUPON CAPITAL OUTLAY PUBLIC
EDUCATION BONDS MATURING IN 2023 DROPPED 1/4 POINT LOWER TO 98 3/4 SAN
DIEGO'S 5 COUPON SEWER REVENUE BONDS MATURING IN 2013 DROPPED 1/8 POINT TO
97 1/8

ALTHOUGH PRICES DRIFTED DOWN ABSOLUTELY NOTHING IS GOING ON RIGHT NOW
ONE NEW YORK TRADER SAID

MORTGAGE SECURITIES PRICES WERE NARROWLY MIXED YESTERDAY WITH SOME
HIGHERCOUPON ISSUES AND INTERESTONLY STRIPS UNDERPERFORMING AHEAD OF
THURSDAY'S PREPAYMENT REPORTS

THERE HAVE BEEN RECENT SIGNS THAT SOME INVESTORS ARE WILLING TO GO OUT ON A
LIMB AND BUY PREPAYMENTSENSITIVE SECURITIES EXPECTING THAT THE WORST NEWS
ON PREPAYMENTS IS OVER BUT MANY PLAYERS ARE MORE CAUTIOUS

FEDERAL NATIONAL MORTGAGE ASSOCIATION AND GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION SECURITIES PREPAYMENT FIGURES FOR SEPTEMBER WILL BE UNVEILED
NEXT SESSION BOTH ARE GENERALLY SEEN PROVIDING FURTHER EVIDENCE OF
ACCELERATED EARLY CALLS ON MORTGAGE SECURITIES

AHEAD OF THE DATA HIGHCOUPON MORTGAGE SECURITIES WERE UNCHANGED TO DOWN
3/32 LOWERCOUPON ISSUES WHICH ARE MORE INSULATED FROM THE RISK OF RISING
PREPAYMENTS WERE UNCHANGED TO 2/32 HIGHER

AMONG 6 SECURITIES FOR OCTOBER DELIVERY GINNIE MAES WERE UP 1/32 AT 99
7/32 FEDERAL HOME LOAN MORTGAGE CORP GOLDS WERE 2/32 HIGHER AT 99 1/32 AND
FANNIE MAES WERE UP 2/32 AT 98 28/32 9310070054 931007 GM IS AIMING FOR
CONCESSIONS FROM THE UAW  AUTO MAKER SEEKS TO BREAK PATTERN OF
RIVALS' PACTS BUT CAN'T RISK A STRIKE  BY JOSEPH B WHITE AND NEAL
TEMPLIN STAFF REPORTERS OF THE WALL STREET JOURNAL

DETROIT GENERAL MOTORS CORP'S BOARD HAS ELECTED TO GO FOR THE
IMPROBABLECONCESSIONS FROM THE UNITED AUTO WORKERS

GM BARGAINERS MARCHED INTO NEWCONTRACT TALKS WITH THE UAW YESTERDAY UNDER
ORDERS FROM PRESIDENT JOHN F SMITH JR AND INDEPENDENT DIRECTORS TO PUSH
AHEAD WITH DEMANDS FOR SIGNIFICANT DEPARTURES FROM THE TERMS ALREADY
NEGOTIATED BY GM'S DOMESTIC RIVALS

THERE HAVE BEEN SIGNALS ALL ALONG THAT THE GM BOARD WOULDN'T STOMACH AN
INDUSTRYPATTERN SETTLEMENT BUT LATELY GM HAD BEGUN TO APPEAR
OUTMANEUVERED AND EVEN SOME GM INSIDERS ARE SAYING THAT THE COMPANY HAS
LITTLE CHOICE BUT TO TRY TO MAKE THE BEST OF THE PATTERN PREVIOUSLY
NEGOTIATED AT FORD MOTOR CO

THE DECISION BY MR SMITH AND THE BOARD TO BUCK THAT LOGIC MAY HAVE SLIM
CHANCES FOR SUCCESS UAW OFFICIALS ARE STILL VOWING TO FORCE THE WEAKENED
COMPANY TO SWALLOW THE INDUSTRY LABOR PATTERN WHOLE CLEARLY GM IS IN NO
POSITION TO RISK A STRIKE GM'S PROBLEMPLAGUED 1994 MODEL LAUNCH HAS LEFT
IT STRANDED WITHOUT ENOUGH CARS AND TRUCKS IN STOCK TO WEATHER MUCH OF A
SHUTDOWN GM OFFICIALS SAY THE COMPANY'S REAL LEVERAGE IN THE TALKS IS THAT
IT WILL HAVE MORE JOBS IN THE FUTURE IF THE UNION MAKES CONCESSIONS NOW

UAW NEGOTIATORS ARE EXPECTED TO PRESS THEIR ADVANTAGES BY SETTING A DEADLINE
AS EARLY AS NEXT WEEK FOR GM TO SIGN A NEW THREEYEAR LABOR AGREEMENT A UAW
OFFICIAL HERE SAID YESTERDAY MOST OF THE NONECONOMIC ISSUES AT GM ALREADY
ARE WRAPPED UP

MR SMITH AND THE COMPANY'S INDEPENDENT DIRECTORS AGREED MONDAY THAT GM
NEGOTIATORS SHOULD PRESS FOR SUBSTANTIAL RELIEF ON JOBSECURITY COSTS
PENSION IMPROVEMENTS WORKERRELOCATION RESTRICTIONS WAGES IN COMPONENT
PLANTS AND OTHER ISSUES GM OFFICIALS SPEAKING ON THE CONDITION THAT THEY
REMAIN ANONYMOUS INSISTED THAT MR SMITH AND GM'S ACTIVIST DIRECTORS AREN'T
RESIGNED TO SIMPLY ACCEPTING UNCHANGED THE PATTERN DEAL NEGOTIATED BY THE
UAW AT FORD AND CHRYSLER CORP

WE'RE NOT GOING TO SIGN A DOCUMENT THAT WILL PUT US IN TROUBLE ONE GM
OFFICIAL SAID GM'S US AUTOMOTIVE OPERATIONS REMAIN UNPROFITABLE AND GM'S
DIRECTORS VIEW A COMPETITIVE LABOR AGREEMENT AS KEY TO RESTORING THEM TO
HEALTH COMPANY OFFICIALS SAID

MR SMITH'S STRATEGY LAID OUT MONDAY TO THE COMPANY'S INDEPENDENT
DIRECTORS APPEARS TO HINGE ON PERSUADING UAW PRESIDENT OWEN BIEBER AND HIS
TOP GM NEGOTIATOR STEPHEN P YOKICH TO ACCEPT A CONTRACT THAT IS A
PATTERN AGREEMENT IN NAME ONLY ONE COMPANY STRATEGIST SAID GM OFFICIALS
VIEW THE QUESTION OF BREAKING THE UAW PATTERN LARGELY AS A SEMANTIC ISSUE

GM'S HOPE IS THAT MR BIEBER WHO IS IN HIS FINAL TERM AS UAW PRESIDENT
WILL AGREE TO NEGOTIATE SHORTTERM SACRIFICES AT GM WITH A VIEW TO
PRESERVING MORE GM JOBS IN THE LONG RUN SO FAR HOWEVER MR BIEBER HAS
SHOWN NO WILLINGNESS TO MAKE SUCH A SPECULATIVE TRADEOFF PARTICULARLY AT A
TIME WHEN MANY UAW RANKANDFILE MEMBERS DON'T ACCEPT THE NOTION THAT GM
WHICH IS IN THE BLACK AGAIN THIS YEAR NEEDS SPECIAL TREATMENT

GM NEGOTIATORS ARE EXPECTED TO SEEK CONCESSIONS FROM THE UAW ON HEALTHCARE
COSTS A CAP ON LAYOFF BENEFITS FOR WORKERS AT PLANTS THE COMPANY INTENDS TO
CLOSE MORE FLEXIBILITY TO MOVE IDLED WORKERS AROUND THE COUNTRY TO PLANTS
WITH OPEN JOBS AND PROVISIONS THAT WILL ALLOW GM TO NEGOTIATE LOWER WAGES AT
PARTS PLANTS

AN ISSUE OF MAJOR CONCERN TO GM'S BOARD IS THE COSTLY PENSION IMPROVEMENTS
NEGOTIATED AT FORD AND CHRYSLER INDIVIDUALS CLOSE TO THE COMPANY SAID
YESTERDAY GM DIRECTORS DON'T WANT TO ACCEPT THE UAWFORD PATTERN BECAUSE IT
COULD PUSH GM'S UNFUNDED PENSION LIABILITY NOW AT AROUND 19 BILLION 
TO AS MUCH AS 25 BILLION AND PROVOKE FEDERAL ACTION FORCING GM TO DIVERT
MORE CASH INTO ITS RETIREMENT TRUSTS

CERTAINLY NONE OF THIS WILL GET A SYMPATHETIC HEARING FROM THE UAW UNION
OFFICIALS YESTERDAY REITERATED THAT UNION MEMBERS DON'T SUPPORT GIVING GM
ANY SIGNIFICANT BREAKS FROM THE PATTERN AGREEMENT THAT PATTERN ESTABLISHED
LAST MONTH AT FORD PROVIDES FOR LOWER PAY FOR NEW HIRES BUT EXPANDS INCOME
AND JOBSECURITY FUNDS SWEETENS PENSIONS AND LEAVES IN PLACE RULES THAT
MAKE IT DIFFICULT TO MOVE DISPLACED UAW MEMBERS LONG DISTANCES

EVEN GM'S BID TO SAVE MONEY BY HAVING UAW WORKERS TAKE VACATIONS ALL AT ONCE
IN THE SUMMER AS WORKERS AT FORD NOW DO FACES OPPOSITION UAW
OFFICIALS SAID

THEY ARE ABSOLUTELY ADAMANTLY OPPOSED THEY UAW MEMBERS FEEL LIKE
THEY'LL TAKE THEIR VACATION WHEN THEY WANT IT SAID DICK VANNATTA
PRESIDENT OF THE LOCAL UNION THAT REPRESENTS GM'S ANDERSON IND PARTS
OPERATIONS

WITH GM PUSHING AHEAD WITH PLANS THAT COULD ELIMINATE SOME 65000 MORE UAW
JOBS BY 1996 IT'S DOUBTFUL THAT MR BIEBER WILL BE EAGER TO OFFER MUCH
RELIEF FROM THE CONTRACT'S POTENTIALLY COSTLY JOBSECURITY PROVISIONS WHICH
PROVIDE VIRTUALLY FULL WAGES FOR IDLED UAW WORKERS GM SPENT NEARLY 335
BILLION DURING THE PAST THREE YEARS PAYING WORKERS WHOSE JOBS HAD
DISAPPEARED

WALL STREET MEANWHILE IS CONCERNED THAT MR SMITH WON'T BE ABLE TO MAKE
GOOD ON HIS VOWS TO MAKE FUNDAMENTAL CHANGES IN THE COMPANY'S LABOR COST
STRUCTURE GM'S STOCK SLID 6 LAST WEEK ON EXPECTATIONS THAT THE COMPANY
WOULD BE FORCED TO ACCEPT THE FORD PATTERN IN COMPOSITE TRADING YESTERDAY
ON THE NEW YORK STOCK EXCHANGE GM SHARES CLOSED AT 43 UNCHANGED
9310070053 931007 LAW FIRM CLAIMS ATTORNEY FOR GM OFFERED IT A BRIBE 
 BY DOUGLAS LAVIN STAFF REPORTER OF THE WALL STREET JOURNAL

DETROIT ATTORNEYS OBJECTING TO A SETTLEMENT BETWEEN GENERAL MOTORS CORP
AND OWNERS OF GM PICKUPS ALLEGED IN A BRIEF SERVED ON OTHER PARTIES IN THE
CASE THAT THE AUTO MAKER ATTEMPTED TO BRIBE THEM

THE WICHITA KAN LAW FIRM OF MICHAUD HUTTON FISHER & ANDERSON SAID THAT
EARLIER THIS YEAR IT OBJECTED IN US DISTRICT COURT IN PHILADELPHIA TO THE
PROPOSED SETTLEMENT AND WAS CONTACTED BY AN ATTORNEY REPRESENTING GM WHO
WANTED THE LAW FIRM TO WITHDRAW ITS OBJECTIONS

IN THE MOST BASE OF TERMS GM COUNSEL PROPOSED TO ASSURE THAT MICHAUD  
WOULD BE PAID ATTORNEYS' FEES FROM THE SETTLEMENT OF THIS PHILADELPHIA
ACTION IF THE OBJECTIONS WERE WITHDRAWN THE LAW FIRM SAID IN A BRIEF
MAILED TO THE COURT FOR FILING AND SERVED ON OTHER PARTIES IN THE CASE

LEE SCHUTZMAN AN ATTORNEY FOR GM SAID THE KANSAS FIRM WAS CONTACTED TO
DETERMINE WHETHER ITS CLIENTS WOULD JOIN IN THE SETTLEMENT AND SEEK
ATTORNEYS FEES

GM'S COUNSEL INDICATED THAT GM WOULD NOT OBJECT TO A REASONABLE FEE
APPLICATION MR SCHUTZMAN SAID BUT HE CHARACTERIZED SUCH A FILING AS
ROUTINE AND SAID ANY ATTEMPT TO CHARACTERIZE A DISCUSSION OF THIS
ROUTINE PROCEDURE AS AN OFFER OF A BRIBE IS PATENTLY FALSE AND DEFAMATORY

AT ISSUE IS A TENTATIVE SETTLEMENT REACHED IN JULY BETWEEN GM AND DOZENS OF
ATTORNEYS REPRESENTING OWNERS OF PICKUP TRUCKS WITH SIDEMOUNTED GAS TANKS
THAT CRITICS SAY EXPLODE EASILY WHEN HIT FROM THE SIDE UNDER THE AGREEMENT
WHICH WILL BE HEARD OCT 26 IN FEDERAL COURT IN PHILADELPHIA SIX MILLION
TRUCK OWNERS WOULD GET 1000 COUPONS GOOD TOWARD THE PURCHASE OF A NEW GM
TRUCK AND THEIR ATTORNEYS WILL LIKELY GET ABOUT 21 MILLION IN FEES

ATTORNEYS REPRESENTING TRUCK OWNERS WHO APPROVED THE SETTLEMENT COULD NOT BE
REACHED FOR COMMENT BUT IN THE PAST THEY HAVE CHARACTERIZED THE COUPON AS A
GOOD DEAL FOR OWNERS OF THE 19731986 TRUCKS

BUT IN THEIR BRIEF THE KANSAS ATTORNEYS CALLED THE PROPOSED SETTLEMENT
THE PRODUCT OF COLLUSION AND MISCONDUCT BETWEEN GM AND THE ATTORNEYS WHO
AGREED TO THE SETTLEMENT GM'S OFFER TO BRIBE COUNSEL FOR THE OBJECTORS IS
MISCONDUCT THAT RAISES SERIOUS QUESTIONS ABOUT THE PROPOSED SETTLEMENT
THEY WROTE

DEREK S CASEY AN ATTORNEY WITH MICHAUD SAID IN AN AFFIDAVIT SUPPORTING
THE BRIEF THAT THE OFFER WAS MADE BY ANDREW J LANGAM AN ATTORNEY WITH
KIRKLAND & ELLIS IN CHICAGO MR LANGAM CATEGORICALLY DENIED THE
ACCUSATION AND DECLINED TO DISCUSS THE MATTER FURTHER

OBJECTIONS TO THE SETTLEMENTS WERE ALSO FILED BY ATTORNEYS IN GEORGIA AND
ALABAMA AND BY THE CENTER FOR AUTO SAFETY AN ADVOCACY GROUP OBJECTORS
ARGUED THAT TRUCK OWNERS WOULD GAIN LITTLE FROM A 1000 COUPON THAT WOULD
DO LITTLE MORE THAN REPLACE OTHER SALES INCENTIVES GM REGULARLY OFFERS ON
ITS TRUCKS 9310070052 931007 MARKETING & MEDIA MOST STATIONS CABLE
SYSTEMS AGREE ON PAYMENT BUT DISPUTES REMAIN  BY ELIZABETH JENSEN
AND MARK ROBICHAUX STAFF REPORTERS OF THE WALL STREET JOURNAL

NEW YORK CABLETELEVISION SUBSCRIBERS IN CORPUS CHRISTI TEXAS GOT A
RUDE SURPRISE YESTERDAY MORNING WHEN THEY TURNED ON THEIR TV SETS TO WATCH
GOOD MORNING AMERICA TODAY OR CBS THIS MORNING

INSTEAD OF THE SMILING FACE OF A NETWORK ANCHORPERSON VIEWERS IN CORPUS
CHRISTI'S NEARLY 120000 CABLE HOMES SAW A MESSAGE FROM THEIR CABLE SYSTEM
EXPLAINING THAT THE STATIONS HAD BEEN DROPPED

IN POCKETS OF THE COUNTRY FROM BAKERSFIELD CALIF TO PORTLAND MAINE
HUNDREDS OF THOUSANDS OF CABLE SUBSCRIBERS WERE SIMILARLY AFFECTED

UNDER THE FEDERAL CABLE ACT OF 1992 LOCAL STATIONS HAD UNTIL 1201 AM
YESTERDAY TO NEGOTIATE FOR COMPENSATION FROM CABLE SYSTEMS FOR USE OF THE
STATIONS' PROGRAMMING STATIONS THAT FAILED TO CUT A SATISFACTORY DEAL WITH
THE CABLE COMPANIES YANKED THEIR SIGNALS FROM THE SYSTEMS

THE VAST MAJORITY OF STATIONS AND CABLE SYSTEMS CAME TO AGREEMENTS AS MANY
AS 95 ACCORDING TO AN ESTIMATE BY THE NATIONAL ASSOCIATION OF
BROADCASTERS BUT MILLIONS OF VIEWERS WERE STILL AFFECTED IN AREAS WHERE
BITTER BATTLES DEGENERATED INTO STALEMATES TO SEE THEIR FAVORITE SHOWS
THESE VIEWERS HAD TO PUT UP THEIR OLD RABBITEAR ANTENNAS AND HOPE FOR A
CLEAR PICTURE

AFTER NEGOTIATIONS BROKE DOWN IN PORTLAND MAINE WCSH THE NBC AFFILIATE
WAS DROPPED BY SIX CABLE SYSTEMS AT 1201 AM RIGHT IN THE MIDDLE OF THE
TONIGHT SHOW CBS AFFILIATE WGME WAS DROPPED FROM A NUMBER OF SYSTEMS AS
WELL

I THINK IT'S A RATHER CHILDISH SPAT SAYS PORTLAND RESIDENT JANE GLASS A
CABLE SUBSCRIBER WHO FINDS MERIT IN THE ARGUMENTS OF BOTH SIDES SHE SAID
SHE WILL USE HER CONVENTIONAL ANTENNA TO WATCH NBC'S SEINFELD TONIGHT BUT
CAN'T SEE GOING TO THE TROUBLE OF FLIPPING THE NECESSARY SWITCH EVERY TIME
SHE WANTS TO MOVE FROM CABLE TO OVERTHEAIR BROADCASTS

IF THE DISPUTE PERSISTS SHE EXPECTS SHE WILL WATCH LESS OF THE TWO
BROADCAST STATIONS IT'S EASIER TO FORGET SOMETHING WHEN IT'S NOT THERE
SHE SAYS

THE THING THAT BOTHERS ME MOST IS THAT BOTH SIDES HAVE FORGOTTEN ALL ABOUT
THE SUBSCRIBER SAYS MARIO TAPIA AN ADMINISTRATIVE ASSISTANT IN CORPUS
CHRISTI AND A CABLE SUBSCRIBER

CORPUS CHRISTI VIEWERS HAVE ENDURED A CAUSTIC PUBLIC RELATIONS BATTLE AS
THE THREE LOCAL NETWORK AFFILIATES AND LOCAL CABLE OPERATORS THREW JAB AFTER
JAB IN ADVERTISEMENTS ON TV RADIO AND IN THE NEWSPAPERS THE THREE STATIONS
REFUSED TO BUDGE ON DEMANDS FOR CASH FOR THEIR SIGNALS WHILE THE AREA'S
MAJOR CABLE OPERATOR TELECOMMUNICATIONS INC STUCK TO A POSITION OF NO
CASH PAYMENTS FOR A SIGNAL THAT IS AVAILABLE FREE OVER THE AIR

IN ONE SET OF ADS THE STATIONS RAN A PICTURE OF THE LOCAL TCI MANAGER WITH
HIS OFFICE NUMBER DUBBING HIM A CABLE TERRORIST WHO HELD SUBSCRIBERS
HOSTAGE THE STATIONS ALSO GAVE FREE ADVERTISING TO A FLEDGLING MICROWAVE
TELEVISION OPERATOR TCI'S ONLY COMPETITOR IN TOWN

TCI IN TURN AIRED ADS DEPICTING ITSELF AS A COWBOY IN A WHITE HAT REFUSING
TO PAY THE NETWORKAFFILIATED STATIONS WHICH WERE DEPICTED AS THREE
WELLDRESSED BUSINESS EXECUTIVES STEPPING OUT OF A LIMOUSINE

TCI THE NATION'S LARGEST CABLE OPERATOR HAS COMPLETED AGREEMENTS COVERING
ALL BUT 255000 OR BELOW 3 OF ITS 105 MILLION SUBSCRIBERS NATIONWIDE
THE NATION'S SECONDLARGEST CABLE OPERATOR TIME WARNER INC HAS DEALS WITH
ALL BUT A HANDFUL OF STATIONS IN MARKETS LIKE PORTLAND WHERE IT DOESN'T
HAVE DEALS TIME WARNER RAN ADS YESTERDAY EXPLAINING ITS VERSION OF EVENTS
ACCORDING TO A TIME WARNER SPOKESMAN THE ADS STATE THAT THE BROADCASTER
HAS DECIDED TO PULL ITS SIGNAL WE ARE URGING SUBSCRIBERS TO CALL THE
BROADCASTERS AND LET THEM KNOW THEIR OPINION

BUT IN PORTLAND IT WAS THE CABLE SYSTEM THAT GOT THE BRUNT OF VIEWER CALLS
 SO MANY THAT PHONE LINES BECAME OVERLOADED AND IT WAS IMPOSSIBLE TO GET
THROUGH

BRUCE MCGORRILL EXECUTIVE VICE PRESIDENT AND CHIEF EXECUTIVE OF MAINE
BROADCASTING OWNER OF PORTLAND'S WCSH SAYS BOTH THE CABLE SYSTEM AND THE
STATION WILL BE HURT BY THE STANDOFF HE SAYS HE WILL STICK TO HIS
PRINCIPLE HOWEVER WE HAVE PROPRIETARY RIGHTS TO OUR PRODUCT AND IF
SOMEONE'S GOING TO TAKE IT AND REPACKAGE IT AND SELL IT FOR PROFIT THEY
NEED OUR PERMISSION

THE CABLE SYSTEM HE SAID TURNED DOWN AN OFFER OF BINDING ARBITRATION TO
END THE DISPUTE

LIKE MANY OF THE LOCAL STATIONS BUMPED FROM CABLE SYSTEMS WCSH HEARD FROM
CONCERNED LOCAL ADVERTISERS WORRIED THAT THEY NOW WEREN'T REACHING ALL THE
VIEWERS THEY HAD BEEN PROMISED BUT NATIONAL ADVERTISERS WHOSE PURCHASE OF
AD TIME ON THE NETWORKS COULD BE AFFECTED BY THE DISRUPTIONS IN THE VARIOUS
LOCAL MARKETS WERE WAITING TO SEE WHAT NATIONAL AC NIELSEN CO RATINGS
SHOWED THE RATINGS ARE BEING DELAYED SEVERAL DAYS SO NIELSEN CAN CHECK ALL
THE CHANNEL LINEUP CHANGES AT CABLE SYSTEMS IN CORPUS CHRISTI T FRANK
SMITH JR PRESIDENT AND GENERAL MANAGER OF NBC AFFILIATE KRIS SAYS HE WILL
MAKE SURE ADVERTISERS GET FULL VALUE FOR THEIR DOLLAR IF NECESSARY
THROUGH MAKEGOODS AND REBATES

BECAUSE NATIONAL ADVERTISERS TEND TO BUY MORE THAN ONE SHOW THEY MAY NOT
HAVE BEEN HURT TOO MUCH SAYS JON MANDEL SENIOR VICE PRESIDENT AT GREY
ADVERTISING INC VIEWERS MISSING ONE STATION MAY HAVE GONE AND WATCHED
SOMETHING ELSE WE BOUGHT HE SAYS WE WON'T KNOW FOR A FEW DAYS

THE ABC CBS AND NBC NETWORKS SAID THEY EXPECTED THEIR NATIONAL AFFILIATE
LINEUPS WOULD EXPERIENCE ONLY MINOR DISRUPTIONS FROM MISSING CITIES SUCH AS
CORPUS CHRISTI BUT THEY WON'T HAVE A SOLID COUNT FOR SEVERAL DAYS

ASIDE FROM THE HANDFUL OF CITIES WHERE STANDOFFS CONTINUED THE REMAINING
OUTAGES WERE AT TINY CABLE SYSTEMS THE SIX NBCOWNED STATIONS FOR EXAMPLE
PULLED THEIR SIGNALS FROM ABOUT 74000 CABLE HOMES IN SIX SURBURBAN CABLE
SYSTEMS

MOST BROADCASTERS SAY THEY COMPLETED ONLY A FEW OF THE 95 OF THE DEALS THAT
WERE DONE FOR CASH THE MAJORITY OF STATIONS TRADED THEIR PROGRAMMING FOR
PROMOTIONAL OR EXTRA AD TIME ON CABLE SYSTEMS IN ADDITION SEVERAL
MAJORMARKET STATIONS INCLUDING THE OWNED STATIONS OF CAPITAL CITIES/ABC
INC NEWS CORP'S FOX INC AND GENERAL ELECTRIC CO'S NBC WERE GIVEN
CARRIAGE FOR NEW CABLE NETWORKS THAT THEY PLAN TO LAUNCH CBS INC WHICH
FOUGHT THE HARDEST FOR CASH PAYMENTS WAS REBUFFED BY CABLE SYSTEMS AND GAVE
ALL CABLE OPERATORS A ONEYEAR EXTENSION 9310070050 931007 COMMODITIES 
SILVER FUTURES SOAR MORE THAN 20 CENTS AN OUNCE ON SURGE IN SPECULATIVE
MIDDLE EASTERN BUYING  BY WARREN GETLER STAFF REPORTER OF THE WALL
STREET JOURNAL

NEW YORK SILVER FUTURES PRICES SOARED MORE THAN 20 CENTS AN OUNCE ON A
SURGE IN SPECULATIVE MIDDLE EASTERN BUYING TRADERS SAID

ON NEW YORK'S COMMODITY EXCHANGE THE ACTIVE DECEMBER SILVER FUTURES
CONTRACT JUMPED 2020 CENTS TO 4287 AN OUNCE

THERE WAS A LOT OF FUND BUYING BOTH FROM THE MIDDLE EAST AND HERE IN NEW
YORK SAID IAN MACDONALD CHIEF OF PRECIOUS METALS TRADING AT CREDIT SUISSE
IN NEW YORK

MR MACDONALD SAID THAT THE WHITE METAL USED IN THE PHOTOGRAPHIC
ELECTRONIC AND JEWELRY INDUSTRIES SEEMS TO BE FINDING SUBSTANTIAL BUYING
SUPPORT AT THE 4 AN OUNCE LEVEL

IN JUNE AND JULY SILVER WAS GOING UP TOO FAR TOO SOON AND IT WAS NOT
TAKING PHYSICAL DEMAND WITH IT HE NOTED A MAJOR CORRECTION FROM LEVELS OF
AROUND 550 AN OUNCE IN AUGUST HAS BROUGHT SILVER FUTURES BACK DOWN TO
LEVELS WHERE INVESTORS THINK IT'S CHEAP HE SAID

DESPITE PERSISTENT SLUGGISHNESS IN THE ECONOMIES OF EUROPE AND JAPAN SILVER
SHOULD NOW RESUME AN ERRATIC CLIMB MR MACDONALD SAID

WHAT YOU'RE REALLY SEEING IS STILL THE EARLY DAYS OF A LONGTERM RECOVERY
FOR SILVER AND THE OTHER PRECIOUS METALS HE SAID BUT YOU'RE GOING TO SEE
A LOT OF VOLATILITY YOU'VE GOT TO LOOK AHEAD TO WHAT WILL HAPPEN ONCE THE
ECONOMIES OF THE WORLD PICK UP WHO KNOWS HOW LONG THAT WILL BE

OTHER ANALYSTS HOWEVER VOICED SKEPTICISM THAT YESTERDAY'S SILVER RALLY WAS
A POINTER TO FURTHER STRONG APPRECIATION

I'D BE HARD PRESSED TO COME UP WITH FUNDAMENTAL FACTORS THAT WOULD BOOST
SILVER IN THE FORESEEABLE FUTURE SAID BERNARD SAVAIKO A SENIOR COMMODITY
ANALYST WITH PAINEWEBBER IN NEW YORK

HE SAID THAT THE MAIN TRIGGER TO YESTERDAY'S RALLY APPEARED TO BE HEAVY
BUYING OF SILVER OPTIONS BY MIDDLE EASTERN SPECULATORS OPERATING IN EUROPEAN
MARKETS THEIR BUYING HE SAID SEEMED TO BE LARGELY SPECULATIVE AND
TECHNICAL IN NATURE WITH LITTLE RELATION TO SUPPLYANDDEMAND FUNDAMENTALS

THERE'S STILL A DISTINCT DISINFLATIONARY BIAS THROUGHOUT THE COMMODITY
MARKETS HE SAID THIS WOULD SERIOUSLY PUT INTO QUESTION THE VALIDITY AND
LONGEVITY OF THIS MOVE

MOREOVER MR SAVAIKO SAID THAT SEASONAL FACTORS DON'T BODE WELL FOR ANY
SUSTAINED RISE IN SILVER OVER THE NEXT FEW WEEKS OCTOBER IS NORMALLY NOT A
KIND MONTH FOR PRECIOUS METALS HE SAID WE'RE STILL WAITING IN FACT FOR
JEWELRY DEMAND WHICH NORMALLY SHOWS UP IN SEPTEMBER FOR GOLD AND SILVER
 TO MATERIALIZE

GOLD FUTURES PRICES ALSO ENDED HIGHER YESTERDAY ON THE COMEX BUT THEIR
PERFORMANCE WAS FAR LESS ROBUST GOLD FOR DECEMBER DELIVERY JUMPED 340 TO
35820 AN OUNCE

ON THE NEW YORK MERCANTILE EXCHANGE PLATINUM FOR JANUARY DELIVERY ROSE
690 TO 36610 AN OUNCE WHILE PALLADIUM FOR DECEMBER DELIVERY ROSE 185
TO 12585 AN OUNCE

IN OTHER COMMODITY MARKETS YESTERDAY

GRAINS AND SOYBEANS PRICES OF CORN FUTURES CONTRACTS ROSE SLIGHTLY AMID
INCREASING SPECULATION THAT THE AGRICULTURE DEPARTMENT WILL TRIM ITS MONTHLY
HARVEST FORECAST TUESDAY IN TRADING AT THE CHICAGO BOARD OF TRADE THE CORN
CONTRACT FOR DECEMBER DELIVERY ROSE 175 CENTS A BUSHEL TO SETTLE AT
23825 SEVERAL TRADING COMPANIES ARE LOWERING THEIR CORN HARVEST FORECASTS
TO ROUGHLY SEVEN BILLION BUSHELS TO REFLECT AMONG OTHER THINGS CROP DAMAGE
CAUSED BY AN EARLY FROST IN SOME PARTS OF THE MIDWEST LAST MONTH AFTER A
SUMMER OF EXCESSIVE RAIN AND FLOODING THE MONTHLY GOVERNMENT SURVEY WILL BE
BASED ON OCT 1 CONDITIONS BASED ON SEPT 1 CONDITIONS THE AGRICULTURE
DEPARTMENT FORECAST A US CORN HARVEST OF 723 BILLION BUSHELS US CORN
FARMERS LAST YEAR HARVESTED A RECORD 948 BILLION BUSHELS SOYBEAN FUTURES
SETTLED MIXED AS THE HARVEST IN INDIANA AND ILLINOIS HIT HIGH GEAR THE
HARVEST PUTS PRESSURE ON GRAIN ELEVATOR OPERATORS TO SELL FUTURES CONTRACTS
TO HEDGE THEIR PURCHASES FROM FARMERS

ENERGY CRUDE OIL FUTURES PRICES SETTLED ONLY SLIGHTLY HIGHER AFTER JUMPING
EARLIER IN THE TRADING SESSION FOLLOWING REPORTS THAT IRAQ HAD WALKED AWAY
FROM TALKS WITH THE UNITED NATIONS ABOUT RESUMING OIL EXPORTS BUT PRICES
FELL BACK WHEN IT BECAME APPARENT THAT THE NEWS WAS INCOMPLETE AND
MISLEADING IRAQ HAD IN FACT ONLY REJECTED A PROPOSAL BY THE UNITED
NATIONS INVOLVING A ONETIME SALE OF 16 MILLION BARRELS DAILY FOR
HUMANITARIAN PURPOSES

TRADERS SAID THE INITIAL REPORT OF OUTRIGHT REJECTION OF NEGOTIATIONS HAD
CAUSED A QUICK RISE IN PRICES BUT AS IT TURNED OUT DISCUSSIONS BETWEEN
THE UN AND IRAQ ON LIFTING THE ECONOMIC EMBARGO IMPOSED ON IRAQ IN THE
WAKE OF THE PERSIAN GULF WAR ARE CONTINUING ACCORDING TO THE UN

CRUDE FOR NOVEMBER DELIVERY SETTLED AT 1842 A BARREL UP THREE CENTS FROM
TUESDAY'S SETTLEMENT THE CONTRACTS TRADED BETWEEN 1835 AND 1870
YESTERDAY AT THE NEW YORK MERCANTILE EXCHANGE 9310070049 931007 WHO'S
NEWS THINKING MACHINES FOUNDER HANDLER LOSES CEO JOB NO SUCCESSOR IS
NAMED  BY WILLIAM M BULKELEY STAFF REPORTER OF THE WALL STREET
JOURNAL

CAMBRIDGE MASS SHERYL HANDLER FOUNDER AND CHAIRMAN OF THINKING
MACHINES CORP AND ONE OF THE TOPRANKING WOMEN IN THE COMPUTER INDUSTRY
LOST HER TITLE AND DUTIES AS CHIEF EXECUTIVE OFFICER OF THE SUPERCOMPUTER
MAKER

MS HANDLER 47 YEARS OLD COULDN'T BE REACHED FOR COMMENT A SPOKESWOMAN
SAID SHE WILL DO STRATEGIC THINKING ABOUT THE FUTURE OF THE SUPERCOMPUTER
INDUSTRY FOR THE COMPANY

THINKING MACHINES WHICH IS CLOSELY HELD DIDN'T NAME A NEW CHIEF EXECUTIVE
NEWLY NAMED PRESIDENT RICHARD FISHMAN SAID HE WILL BE IN CHARGE OF ALL
COMPANY OPERATIONS AND WILL REPORT DIRECTLY TO THE BOARD

MR FISHMAN 46 WHO WAS FORMERLY MANAGING PARTNER IN THE WASHINGTON OFFICE
OF THE LAW FIRM MILBANK TWEED HADLEY & MCCLOY TOOK OFFICE YESTERDAY
LAST MONTH MS HANDLER ANNOUNCED THAT MR FISHMAN WOULD REPLACE HARVEY
WEISS WHO RESIGNED AS PRESIDENT AND CHIEF OPERATING OFFICER JUST SEVEN
MONTHS AFTER BEING PROMOTED TO THE NO 2 JOB AT THE COMPANY AT THE TIME
SHE WAS EXPECTED TO RETAIN HER ROLE AS CEO

MS HANDLER FOUNDED THE COMPANY A DECADE AGO WITH THE AID OF DANNY HILLIS
THINKING MACHINES' CHIEF SCIENTIST A PRECOCIOUS COMPUTER GENIUS FROM THE
MASSACHUSETTS INSTITUTE OF TECHNOLOGY JEFFREY CANIN AN ANALYST WITH
SALOMON BROTHERS SAID SHERYL WAS INSTRUMENTAL IN GETTING THE COMPANY OFF
THE GROUND AND SETTING ITS STRATEGIC DIRECTION BUT THE PERCEPTION HAS BEEN
THAT A MORE EXPERIENCED OPERATING PROFESSIONAL NEEDED TO BE BROUGHT IN THAT
WAS ALSO NEEDED TO SATISFY THE PERCEPTION REQUIREMENTS OF THE INVESTMENT
COMMUNITY

IN RECENT YEARS THINKING MACHINES DIRECTORS BECAME UPSET BY MOUNTING
LOSSES WHICH INSIDERS SAY REFLECTED PROFLIGATE SPENDING MR WEISS A
DIGITAL EQUIPMENT CORP VETERAN WHO HAD BEEN A THINKING MACHINES VICE
PRESIDENT FOR TWO YEARS WAS NAMED PRESIDENT AND CHIEF OPERATING OFFICER IN
FEBRUARY IN AN IMPLICIT REBUKE TO MS HANDLER WHO HAD PREVIOUSLY HELD THE
POST THINKING MACHINES EMPLOYEES SAY SHE UNDERCUT HIS AUTHORITY LEADING TO
HIS RESIGNATION IN AUGUST

DESPITE ITS FINANCIAL PROBLEMS THINKING MACHINES HAS THE BIGGEST SALES OF
ANY OF THE NUMEROUS COMPANIES MAKING SUPERCOMPUTERS USING MASSIVELY PARALLEL
PROCESSING IT HAS MADE INROADS WITH COMMERCIAL CUSTOMERS SUCH AS MOBIL
CORP AND AMERICAN EXPRESS CO LAST MONTH HOWEVER SUPERCOMPUTER LEADER CRAY
RESEARCH INC UNVEILED A MASSIVELY PARALLEL SYSTEM AND THINKING MACHINES
FACES CHALLENGES FROM OTHER ESTABLISHED COMPUTER MAKERS AS WELL

THINKING MACHINES PIONEERED THE MARKET FOR VERY FAST SUPERCOMPUTERS USING
MASSIVELY PARALLEL PROCESSING TECHNOLOGY IN WHICH MANY MICROPROCESSORS ARE
STRUNG TOGETHER LAST YEAR IT HAD REVENUE OF 92 MILLION AND A NET LOSS OF
17 MILLION ACCORDING TO ANALYSTS FAMILIAR WITH THE COMPANY

MR FISHMAN SAID THAT BEFORE TAKING THE JOB I TALKED TO USERS IN
GOVERNMENT ACADEMIA AND THE BUSINESS WORLD AND EVEN COMPETITORS I
CONCLUDED THIS COMPANY HAS THE BEST PRODUCT AND THE BEST PEOPLE WITH THAT
AS THE CORE THIS SHOULD BE A VERY PROFITABLE COMPANY 9310070048 931007
INTERNATIONAL KOREA IS OVERTHROWN AS SNEAKER CHAMP  ITS WAGES CAN
NO LONGER COMPETE WITH CHINA INDONESIA  BY STEVE GLAIN STAFF
REPORTER OF THE WALL STREET JOURNAL

PUSAN SOUTH KOREA FIVE YEARS AGO LEE JANG KIL WAS AT THE FRONT LINE OF
KOREA'S EXPORT OFFENSIVE ONE OF AN ARMY OF WORKERS WHOSE LOW WAGES WERE
DOING IN AMERICAN AND EUROPEAN JOBS

TODAY HE FACES AN UNCERTAIN FUTURE AS HE GIVES A TOUR OF THE IDLE FACTORY
WHERE HE WAS AN ASSISTANT MANAGER THE PLANT OWNED BY KOREAN CONGLOMERATE
HS CORP WILL BE DEMOLISHED EARLY NEXT YEAR TO MAKE WAY FOR AN APARTMENT
COMPLEX THIS IS WHERE THE EASY MONEY WAS MADE IN THE 1980S BUT NOT ANY
MORE MR LEE SAYS HIS VOICE ECHOING THROUGH AN ABANDONED HANGARSIZED
STITCHING ROOM

IN THE LATE 1980S THE FACTORY EMPLOYED 9000 PEOPLE WHO MADE HUNDREDS OF
THOUSANDS OF SHOES FOR THE LIKES OF NIKE INC AND REEBOK INTERNATIONAL LTD
THANKS TO HUNDREDS OF SUCH FACTORIES THE MADE IN KOREA LABEL ON SPORTS
SHOES SOLD AROUND THE WORLD HELPED SEW UP THE COUNTRY'S IMAGE AS A NEW
INDUSTRIAL POWER PUSAN THE INDUSTRY HUB BLOSSOMED INTO ONE OF ASIA'S
FASTESTGROWING CITIES

NOW THE HS CORP FACTORY'S DEMISE MARKS THE PASSING OF THIS CITY'S
PREEMINENCE IN THE GLOBAL ATHLETICSHOE TRADE AS RISING WAGES HAVE PRICED
THE COUNTRY'S SHOES OUT OF MUCH OF THE WORLD MARKET IRONICALLY THE
INDUSTRY KOREA TOOK FROM THE US IN THE LATE 1970S HAS IN TURN BEEN
SNATCHED BY LOWWAGE INDONESIA AND CHINA UNEMPLOYMENT IN PUSAN AT 43 IS
WELL ABOVE THE NATIONAL AVERAGE OF 33 THE FOREIGNERS HERE WHO BUY ON
BEHALF OF DOMINANT FOREIGN LABELSTHE SHOE DOGS AS THEY CALL
THEMSELVESHAVE DWINDLED TO A THIN PACK

THE SHOE COMPANIES AND HS CORP ARE STILL MAKING MONEY OF COURSE BUT IN
INDONESIA MR LEE NOTES SOME OF KOREA'S LARGE SHOE PRODUCERS INCLUDING
HS CORP HAVE MOVED PRODUCTION TO OVERSEAS LOCATIONS WHERE THEY CONTINUE
TO FILL ORDERS FOR THE WORLD'S TOP SHOE LABELS OTHERS HAVE ADAPTED AT HOME
SPECIALIZING IN PRODUCTS SUCH AS HIKING SHOES AND INLINE ROLLER SKATES THAT
REQUIRE SKILLS THE INDONESIANS AND CHINESE HAVE YET TO MASTER

ORDERS FOR SUCH PRODUCTS ARE USUALLY BETWEEN 20000 AND 50000 PAIRS 
IDEAL FOR A SINGLEASSEMBLYLINE OPERATION BUT DEATH FOR THE LIKES OF THE
GIANT KUKJE CORP FACTORY THAT WENT BUST EARLIER THIS YEAR WITH 24 LINES
AND A PEAK WORK FORCE OF 20000 IT WAS THE LARGEST SHOE FACTORY IN THE
WORLD NOW IT IS AN EMPTY SHELL DRAPED D WITH A TWOSTORY BANNER THAT
PROCLAIMS THE FACTORY'S FATE FOR SALE SOONSHOE TOWN APARTMENTS

THE FIGURES TELL THE STORY THE AVERAGE LINE WORKER IN PUSAN IS PAID 800 A
MONTH COMPARED WITH AN AVERAGE OF 40 A MONTH IN CHINA AND INDONESIA 
ROUGHLY WHAT KOREANS WERE MAKING IN THE MID1970S I'VE HEARD OF A PLANT
SOMEWHERE IN SOUTHERN CHINA THAT RUNS 24 HOURS A DAY FOR NIKE AND REEBOK A
SOURCING AGENT FOR SEVERAL FOREIGN COMPANIES SAYS WISTFULLY IT MAKES SHOES
FOR 9 WE COULDN'T MAKE FOR 15 HOW CAN WE COMPETE WITH THAT

OF THE 302 SHOE FACTORIES THAT WERE HUMMING IN PUSAN THREE YEARS AGO 244
ARE STILL IN BUSINESS BUT MOST OF THESE SURVIVORS EMPLOY NO MORE THAN 100
WORKERS

LIKE MOST OF PUSAN'S RECENTLY UNEMPLOYED THE 31YEAROLD MR LEE HOPES THAT
SAMSUNG GROUP ONE OF KOREA'S MAJOR BUSINESS CONGLOMERATES WILL RESCUE
PUSAN BY BUILDING AN AUTOMOBILE PLANT HERE SAMSUNG HAS INCLUDED PUSAN ON A
SHORT LIST OF PROPOSED SITES FOR THE PLANT BUT SUCH A MOVE COULD BE
DISCOURAGED BY PRESIDENT KIM YOUNG SAM A PUSAN NATIVE MR KIM IS WAGING A
FIERCE CAMPAIGN AGAINST CORRUPTION AND EVEN THE APPEARANCE OF PATRONAGE IS
CONSIDERED BAD POLITICS

IF WE GET PASSED BY SAYS MR LEE SIDLING AROUND A DORMANT FORKLIFT
THINGS WILL BE SERIOUS

THOSE WHO STILL HAVE JOBS ARE MARKING TIME AT A SINGLELINE FACTORY IN THE
INDUSTRIAL SUBURB OF BUKKU JIN KWONG SOO FITS PRESEWN UPPERS ONTO LASTS
THE FIRST STEP ON AN ASSEMBLY LINE THAT ON THIS DAY IS MAKING CHEERLEADER
SHOES FOR A JAPANESE APPAREL COMPANY MR JIN 28 HAS WORKED IN SHOE
FACTORIES FOR THREE YEARS BUT DOESN'T EXPECT TO BE AT IT MUCH LONGER

OF COURSE I'M CONCERNED ABOUT THE FUTURE OF THE BUSINESS HE SAYS WE
CAN'T SURVIVE FOR LONG

AT 43 LEE CHOON KIL HAS FEW SKILLS TO TRADE ON OUTSIDE THE SHOE INDUSTRY
SHE HAS BEEN IN THE BUSINESS FOR NINE YEARS MORE THAN HALF OF THEM SPENT AS
A QUALITYCONTROL MANAGER DOWNSTAIRS FROM MR JIN SHE HAS MANY FRIENDS WHO
HAVE LOST THEIR JOBS MAKING SHOES AND WHO ARE NOW SELLING VEGETABLES FROM
PICKUP TRUCKS OR WORKING IN FASTFOOD RESTAURANTS

STILL SHE IS OPTIMISTIC IT IS HARD TO COMPETE WITH CHINA AND INDONESIA
SHE SAYS BUT IF WE WORK HARD ENOUGH AND CONCENTRATE ON HIGHTECHNOLOGY
SHOES PERHAPS WE CAN SURVIVE

FOREIGN BUSINESSMEN WHO SPEAK OF THE KOREAN WORK ETHIC WITH REVERENCE
GENERALLY AGREE ONLY THE KOREANS CAN TAKE A NEW SHOE DESIGN AND DELIVER THE
FINISHED PRODUCT WITHIN 90 DAYS THEY SAY BECAUSE ONLY IN KOREA ARE THE
SUPPORT INDUSTRIES SUCH AS PETROCHEMICALS AND TANNERIES SO WELLDEVELOPED
THEY STILL PRODUCE THE BEST ATHLETIC SHOES IN THE WORLD SAYS BOB TAYLOR
FAR EAST REPRESENTATIVE FOR THE SHOE DIVISION OF GUESS ATHLETIC A DIVISION
OF GUESS INC

MR TAYLOR IS A MEMBER OF THE DWINDLING FRATERNITY OF PUSAN'S SHOE DOGS IN
THIS UNIQUE BREED VETERAN DOGS AND ROOKIE PUPS LARD THEIR CONVERSATION
WITH TERMS SUCH AS BALLISTIC NYLON CEMENT ACTIVATION AND SYNTHETIC
NEWBUCK AT ONE TIME THEY CROWDED THE LOBBIES OF PUSAN'S LUXURY HOTELS

I'M HERE TO TURN OUT THE LIGHTS SAYS KEN SOSKIN GENERAL MANAGER OF THE
LOCAL ARM OF BRITISH KNIGHTS THE SPORTSSHOE DIVISION OF USBASED JACK
SCHWARTZ SHOES INC HE SAYS HE IS AWAITING ORDERS TO HEAD FOR INDONESIA
IT'S THE WAY OF THE WORLD HE ADDS THE INDUSTRY MOVED FROM THE US TO
TAIWAN AND KOREA WHERE THE FIRST BATCH OF SHOES WERE BAD BUT THEN GOT
BETTER AND BETTER THE SAME THING IS NOW HAPPENING IN CHINA

SCOTT WEBSTER 29 AND HIS 51YEAROLD BOSS GEORGE BROWN EMBODY THE
GENERATIONAL SPAN OF KOREA'S SHOE INDUSTRY MR BROWN WHO SERVED THREE
YEARS AT A NEARBY US AIR BASE IN THE EARLY 1960S FREQUENTLY VISITS KOREA
AS THE PRESIDENT OF ONE SPORT INC A SHOE MANUFACTURER AND AGENT HE FOUNDED
IN 1982 HE RECEIVES ABOUT 90 OF HIS PRODUCTS FROM KOREA BUT ACKNOWLEDGES
THAT CHINA AND INDONESIA BECKON

THE KOREANS HAVE BUILT UP A LEVEL OF EXPERTISE THAT IS BETTER THAN ANYWHERE
ELSE IN ASIA SAYS MR BROWN BUT AS WE GROW WE'LL HAVE TO LOOK AT OTHER
COUNTRIES 9310070047 931007 SMALL STOCK FOCUS MARKET DISPLAYS
BROADBASED STRENGTH AS IT BOUNCES BACK FROM TUESDAY'S DIP  BY
SARA CALIAN AND MICHAEL SANTOLI STAFF REPORTERS OF THE WALL STREET JOURNAL

NEW YORK SMALL STOCKS BOUNCED BACK WITH ACROSSTHEBOARD STRENGTH

THE RUSSELL 2000 A MEASURE OF SMALL STOCKS ON THE NASDAQ AND NEW YORK AND
AMERICAN STOCK EXCHANGES HIT A RECORD HIGH RISING 127 OR 050 TO
25434 WITH THE EXCEPTION OF TUESDAY'S TINY DROP OF 048 THE RUSSELL 2000
HAS HIT A RECORD EVERY TRADING DAY SINCE SEPT 24

BUT TRADERS SAID SOME OF THE UPWARD MOMENTUM MAY BE WANING THE STOCKS
DON'T SEEM TO HAVE THE SAME POWER THEY HAD A WEEK AGO SAID GEORGE MOORIN
VICE PRESIDENT OF OVERTHECOUNTER TRADING AT JJB HILLIARD WL LYONS IN
LOUISVILLE KY A LOT OF INVESTORS WERE BUYING NEAR THE END OF THE QUARTER
AND NOW THEY HAVE RESTED A BIT IT IS EASIER TO GET HOLD OF SHARES THAN IT
WAS A WEEK AGO

SCIOS NOVA LEAPED 2 1/2 OR 31 TO 10 1/2 A CLINICAL TRIAL OF SCIOS NOVA'S
LEAD DRUG CANDIDATE AURICULIN SHOWED A STATISTICALLY SIGNIFICANT INCREASE
IN KIDNEY FUNCTION AND REDUCTION IN THE NEED FOR KIDNEY DIALYSIS BY 56 OF
PATIENTS WITH ACUTE KIDNEY FAILURE IN A STUDY OF 53 PATIENTS THE DEATH
RATE WAS REDUCED TO 17 AMONG THOSE WHO RECEIVED AURICULIN COMPARED WITH 35
IN A PLACEBO GROUP THE RESULTS WERE PREVIEWED FOR THE FIRST TIME YESTERDAY
IN A REPORT BY WERTHEIM SCHRODER & CO BIOTECHNOLOGY ANALYST JAY B
SILVERMAN

MR SILVERMAN INITIATED COVERAGE OF THE STOCK WITH A BUY RECOMMENDATION
AND THE STOCK HAS BEEN ADDED TO THE BROKERAGE FIRM'S RECOMMENDED LIST MR
SILVERMAN ESTIMATES A CURRENT FAIR VALUE FOR THE STOCK OF 16 TO 20 AND SET A
YEAREND 1994 TARGET PRICE OF 21 TO 31 SCIOS NOVA IS BASED IN MOUNTAIN
VIEW CALIF

IVI PUBLISHING JUMPED 3 1/2 OR 24 TO 18 FROM ITS OFFERING PRICE OF 14
1/2 THE MINNEAPOLIS COMPANY OFFERED 1150000 SHARES THROUGH LEAD MANAGER
INVEMED ASSOCIATES IVI PUBLISHING IS AN ELECTRONIC PUBLISHER OF MEDICAL AND
HEALTHCARE INFORMATION IN INTERACTIVE MULTIMEDIA FORMATS

GENESCO NYSE TUMBLED 2 3/8 OR 27 TO 6 3/8 THE NASHVILLE TENN SHOE
MAKER EXPECTS EARNINGS FOR THE FISCAL FOURTH QUARTER ENDING IN JANUARY TO BE
SUBSTANTIALLY BELOW THE YEAREARLIER'S 38 CENTS A SHARE INCLUDING A
TWOCENTASHARE DEBT RETIREMENT CHARGE THE COMPANY BLAMING SLUGGISH
RETAIL SPENDING SAID IT WILL INCUR SUBSTANTIAL NONRECURRING COSTS FOR THE
QUARTER RELATED TO LABOR DIFFICULTIES

SOFTWARE FIRMS WERE STRONG AS TECHNOLOGY STOCKS REBOUNDED

KNOWLEDGEWARE GOT A BOOST FROM DONALDSON LUFKIN & JENRETTE ANALYST SCOTT
SMITH WHO UPGRADED THE COMPANY TO BUY FROM MODERATELY ATTRACTIVE THE
ATLANTA SOFTWARE COMPANY GAINED 2 OR 20 TO CLOSE AT 14

ALTHOUGH SEMICONDUCTOR STOCKS IN GENERAL SHOWED RESILIENCE AFTER TUESDAY'S
LOSSES THE SECTOR STILL HAD ITS SHARE OF LOSERS YESTERDAY

KLA INSTRUMENTS DROPPED 1 1/4 OR 53 TO 22 1/4 THE SAN JOSE CALIF
COMPANY MAKES CONTROL SYSTEMS FOR SEMICONDUCTOR MANUFACTURERS

ELSEWHERE IN THE TECHNOLOGY GROUP RASTEROPS SLID 3/4 OR 83 TO 8 1/4
THE SANTA CLARA CALIF COMPANY WHICH MAKES COLOR IMAGING PRODUCTS SAID
IT WOULD TAKE A NONRECURRING RESTRUCTURING CHARGE OF 5 MILLION TO 7
MILLION IN THE FISCAL FIRST QUARTER ENDED SEPT 30

IN THE HEALTHCARE SECTOR MULTICARE GAINED 1 1/2 OR 133 TO 12 3/4 THE
HACKENSACK NJ HEALTHSERVICES PROVIDER RECEIVED INITIAL LONGTERM BUY
AND ABOVE AVERAGE RATINGS FROM MERRILL LYNCH

HOMECARE MANAGEMENT FELL 1 1/4 OR 106 TO 10 1/2 A WALL STREET JOURNAL
ARTICLE CITED CHARGES THAT THE RONKONKAMA NY MAILORDER PHARMACY CHARGES
INFLATED PRICES AND SUGGESTED THAT IT MIGHT SUFFER UNDER HEALTHCARE REFORM

BIOTECH SHARES WERE GENERALLY HIGHER AS SOME ANALYSTS ISSUED POSITIVE
RECOMMENDATIONS ON A HANDFUL OF ISSUES

ALEX BROWN & SONS ANALYST DAVID S WEBBER RECOMMENDED BUYING SOME BIOTECH
STOCKS ALPHABETA TECHNOLOGY WHICH MR WEBBER RAISED TO STRONG BUY FROM
BUY CLOSED UP 1 1/4 OR 44 AT 32 1/2 THE WORCESTER MASS COMPANY
PRODUCES PHARMACEUTICALS AIMED AT FIGHTING INFECTION AND REDUCING
CHOLESTEROL

BIOSPHERICS SURGED 2 OR 51 TO CLOSE AT 8 THE BELTSVILLE MD COMPANY
BENEFITED FROM TUESDAY'S NEWS THAT IT WOULD RECEIVE A PATENT FOR A
PROPRIETARY SUGAR SUBSTITUTE

ATHENA NEUROSCIENCE ADDED TO GAINS IT REGISTERED TUESDAY RISING 1 OR 13
TO CLOSE AT 9 THE SOUTH SAN FRANCISCO CALIF COMPANY ANNOUNCED IT HAS AN
EXCLUSIVE OPTION TO DEVELOP A DIAGNOSTIC RISK FACTOR TEST FOR ALZHEIMER'S
DISEASE 9310070046 931007 LECHTERS'S SALES ROSE LAST MONTH

HARRISON NJ HOUSEWARES RETAILER LECHTERS INC SAID SEPTEMBER SALES
ROSE 16 WHILE SALES AT STORES OPEN A YEAR OR LONGER FELL SLIGHTLY

LECHTERS REPORTED SALES OF 304 MILLION FOR THE FIVEWEEK PERIOD ENDED OCT
2 UP FROM 262 MILLION A YEAR EARLIER THE COMPANY'S COMPARABLESTORE
SALES DECREASED 05 DURING THE PERIOD

LECHTERS OPERATES 546 SPECIALTY HOUSEWARE STORES IN 39 STATES AN INCREASE
OF 10 IN NUMBER OF STORES SINCE SEPTEMBER 1992 9310070044 931007
INTERNATIONAL BRIEF WHITBREAD PLC UK BREWER SEEKS EQUALITY FOR
VOTING RIGHTS OF SHARES

WHITBREAD PLC LONDON PROPOSED TO EQUALIZE THE VOTING RIGHTS OF ITS A AND B
SHARES THE PLAN WOULD CLEAR THE WAY FOR THE BRITISH BREWER TO LAUNCH RIGHTS
ISSUES IF IT CHOOSES SAID PETER JARVIS MANAGING DIRECTOR

THE PLAN ALSO INVOLVES BUYING OUT THE SLIGHTLY MORE THAN 50 STAKE IT
DOESN'T ALREADY OWN IN WHITBREAD INVESTMENT CO

TO RAISE EQUITY IN THE MARKET IS OBVIOUSLY AN OPTION THAT IS NOW OPEN TO
US MR JARVIS SAID ALTHOUGH HE ADDED THERE ARE NO PLANS TO LAUNCH A CASH
CALL NOW HOWEVER HE SAID THE CHANGES WOULD OFFER WHITBREAD A WHOLE NEW
MEANS OF FUNDING ITS CURRENT ACQUISITION STRATEGY WHITBREAD IS IN THE
MARKET TO BUY A MAJOR PUB CHAIN

THE COMPANY HOPES THE SIMPLER CAPITAL STRUCTURE WILL HELP ATTRACT
INSTITUTIONAL INVESTORS WHO HAVE SHIED AWAY FROM THE COMPANY BECAUSE OF THE
COMPLEX STATUS OF THE DIFFERENT SHARES 9310070043 931007 BUSINESS BRIEF
 ITT CORP SHERATON UNIT TO RENOVATE EXPAND LAS VEGAS RESORT

ITT CORP'S ITT SHERATON UNIT PLANS TO PUT 150 MILLION INTO A NEW
1000ROOM TOWER AND RENOVATION OF THE DESERT INN CASINORESORT IN LAS
VEGAS IN THE FIRST PHASE OF A 10YEAR 1 BILLION PLAN TO BUILD THE SITE
INTO A 5000ROOM MEGARESORT ITT CHAIRMAN RAND ARASKOG TOLD NEVADA
GAMBLING REGULATORS

ITT IS BUYING THE DESERT INN FOR 160 MILLION FROM INVESTOR KIRK KERKORIAN
WHO HAS A MAJOR STAKE IN THE 1 BILLION MGM GRAND HOTELCASINO AND THEME
PARK BEING BUILT A FEW MILES AWAY

SPEAKING BEFORE THE NEVADA GAMING CONTROL BOARD MR ARASKOG SAID MOST OF
THE FUTURE DEVELOPMENT WILL TAKE PLACE ON AN ADJACENT 35ACRE PARCEL THE
PROPERTY TO BE CALLED THE SHERATON DESERT INN IS EXPECTED TO CHANGE HANDS
THE FIRST WEEK OF NOVEMBER AND WILL CONTINUE TO BE MARKETED AS A BOUTIQUE
CASINO FOR HIGH ROLLERS 9310070042 931007 BUSINESS BRIEF GENESCO INC
 CLOTHING CONCERN EXPECTS DROP IN FISCAL 1994 PROFIT

GENESCO INC SAID IT EXPECTS TO BREAK EVEN IN ITS THIRD QUARTER ENDING OCT
31 AND EXPECTS ITS EARNINGS FOR FISCAL 1994 TO FALL SUBSTANTIALLY FROM A
YEAR EARLIER

SHARES OF THE NASHVILLE TENN FOOTWEAR AND CLOTHING CONCERN TUMBLED 271
ON THE NEWS FALLING TO 6375 DOWN 2375 IN LATE TRADING ON THE NEW YORK
STOCK EXCHANGE

IN THE YEAREARLIER THIRD QUARTER GENESCO EARNED 49 MILLION OR 21 CENTS
A SHARE ON REVENUE OF 1461 MILLION FOR THE YEAR ENDED JAN 31 EARNINGS
WERE 91 MILLION OR 38 CENTS A SHARE ON REVENUE OF 5399 MILLION THE
FULLYEAR RESULTS INCLUDED A SPECIAL LOSS OF 583000 OR TWO CENTS A SHARE
FROM EARLY RETIREMENT OF DEBT

THE COMPANY ATTRIBUTED ITS DISAPPOINTING FINANCIAL PERFORMANCE TO SLUGGISH
CONSUMER SPENDING THE WEAK SALES MOREOVER COME AT A TIME WHEN GENESCO IS
SPENDING AGGRESSIVELY TO INCREASE THE PROFILE OF ITS BRAND NAMES WHICH
INCLUDE J MURPHY SHOES TODDLER UNIVERSITY SHOES FOR INFANTS KIDS'
UNIVERSITY SHOES FOR CHILDREN AND DOCKERS SHOES 9310070041 931007 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

CONNECTICUT LIGHT & POWER CO 80 MILLION OF SINKINGFUND PREFERRED STOCK
DUE OCT 1 2003 PRICED WITH A 53 DIVIDEND YIELD ACCORDING TO MCM
CORPORATEWATCH THE UTILITY ISSUED 16 MILLION SHARES AT 50 EACH
NONCALLABLE FOR FIVE YEARS RATED BAA2 BY MOODY'S INVESTORS SERVICE INC
AND TRIPLEB BY STANDARD & POOR'S CORP THE ISSUE WAS WON IN A COMPETITIVE
BID BY GOLDMAN SACHS & CO CONNECTICUT LIGHT IS A NORTHEAST UTILITIES UNIT

DETROIT EDISON CO 160 MILLION OF REMARKETED SECURED NOTES DUE AUG 15
2033 PRICED INITIALLY AS 4625S AT 99886 TO YIELD 4666 ON AUG 15
1996 THE COMPANY CAN RESET TERMS AND INVESTORS CAN PUT THE SECURITIES BACK
TO THE COMPANY THE NONCALLABLE NOTES WERE PRICED AT A SPREAD OF 55 BASIS
POINTS ABOVE TREASURYS RATED SINGLEA3 BY MOODY'S AND TRIPLEBPLUS BY
S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MORGAN STANLEY & CO

FEDERAL HOME LOAN BANK SYSTEM 206 MILLION OF DEBENTURES DUE OCT 15
2003 PRICED AT PAR TO YIELD 544 ACCORDING TO MCM CORPORATEWATCH THE
NONCALLABLE DEBENTURES WERE PRICED AT A SPREAD OF 10 BASIS POINTS ABOVE
TREASURYS THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MERRILL LYNCH
& CO

HUNTINGTON NATIONAL BANK 100 MILLION OF SENIOR BANK NOTES DUE OCT 14
1996 PRICED AT PAR TO YIELD 448 ACCORDING TO MCM CORPORATEWATCH THE
NONCALLABLE NOTES WERE PRICED AT A SPREAD OF 35 BASIS POINTS ABOVE
TREASURYS RATED SINGLEA1 BY MOODY'S AND SINGLEA BY S&P THE ISSUE WILL
BE SOLD THROUGH UNDERWRITERS LED BY LEHMAN BROTHERS INC HUNTINGTON NATIONAL
A HUNTINGTON BANCSHARES INC UNIT

MARCUS CABLE CO 100 MILLION OF SENIOR DEBENTURES DUE OCT 1 2005
PRICED AT PAR TO YIELD 11875 ACCORDING TO MCM CORPORATEWATCH THE
DEBENTURES NONCALLABLE FOR FIVE YEARS ARE RATED SINGLEB3 BY MOODY'S AND
SINGLEB BY S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY GOLDMAN
SACHS & CO

STUDENT LOAN MARKETING ASSOCIATION 700 MILLION OF FLOATINGRATE NOTES
DUE OCT 14 1997 PRICED AT PAR ACCORDING TO MCM CORPORATEWATCH THE
COUPON WILL PAY QUARTERLY AND FLOAT WEEKLY AT 17 BASIS POINTS OVER THE
THREEMONTH TREASURY BEGINNING OCT 12 THE NOTES NONCALLABLE FOR ONE YEAR
WERE PRICED AT A SPREAD OF 17 BASIS POINTS ABOVE TREASURYS THE ISSUE WILL
BE SOLD THROUGH UNDERWRITERS LED BY GOLDMAN SACHS & CO

SYNOVUS FINANCIAL CORP 75 MILLION OF SENIOR NOTES DUE OCT 15 2003
PRICED AT PAR TO YIELD 6125 ACCORDING TO MCM CORPORATEWATCH THE
NONCALLABLE NOTES WERE PRICED AT A SPREAD OF 80 BASIS POINTS ABOVE
TREASURYS RATED BAA1 BY MOODY'S AND SINGLEA BY S&P THE ISSUE WILL BE
SOLD THROUGH UNDERWRITERS LED BY SALOMON BROTHERS INC

TORONTODOMINION BANK 150 MILLION OF SUBORDINATED NOTES DUE OCT 15
2008 PRICED AS 615S AT 99641 TO YIELD 6187 ACCORDING TO MCM
CORPORATEWATCH THE NOTES WERE PRICED AT A SPREAD OF 86 BASIS POINTS ABOVE
TREASURYS RATED DOUBLEA3 BY MOODY'S AND DOUBLEAMINUS BY S&P THE ISSUE
WILL BE SOLD THROUGH UNDERWRITERS LED BY MORGAN STANLEY & CO

TRANSPORTACION MARITIMA MEXICANA 150 MILLION OF SENIOR NOTES DUE OCT
15 2000 PRICED AS 85S AT 99353 TO YIELD 8625 THE NONCALLABLE NOTES
WERE PRICED AT A SPREAD OF 360 BASIS POINTS ABOVE TREASURYS RATED BA2 BY
MOODY'S AND DOUBLEBMINUS BY S&P THE ISSUE WILL BE SOLD THROUGH
UNDERWRITERS LED BY BEAR STEARNS & CO

WALMART STORES INC 1 BILLION OF DEBT IN TWO PARTS PRICED BY
UNDERWRITERS LED BY GOLDMAN SACHS & CO ACCORDING TO MCM CORPORATEWATCH
THE FIRST TRANCHE 750 MILLION OF NOTES DUE OCT 15 2005 WAS PRICED AS
5875S AT 99617 TO YIELD 592 THE NONCALLABLE NOTES WERE PRICED AT A
SPREAD OF 58 BASIS POINTS ABOVE TREASURYS THE SECOND TRANCHE 250 MILLION
OF DEBENTURES DUE OCT 15 2023 WAS PRICED AS 675S AT 99693 TO YIELD
6774 THE DEBENTURES WERE PRICED AT A SPREAD OF 60 BASIS POINTS ABOVE
TREASURYS BOTH PARTS ARE RATED DOUBLEA1 BY MOODY'S AND DOUBLEA BY S&P

ALLEGHENY POWER SYSTEM INC 12 MILLION COMMON SHARES PRICED AT 55 EACH
THROUGH UNDERWRITERS LED BY GOLDMAN SACHS & CO

GENERAL PUBLIC UTILITIES CORP 35 MILLION COMMON SHARES PRICED AT
33125 EACH THROUGH UNDERWRITERS LED BY MERRILL LYNCH & CO

URBAN SHOPPING CENTERS INC INITIAL OFFERING OF 111 MILLION COMMON
SHARES PRICED AT 2350 EACH THROUGH UNDERWRITERS LED BY MERRILL LYNCH & CO

MARYLAND 2835 MILLION OF CAPITALIMPROVEMENT AND REFUNDING
GENERALOBLIGATION BONDS APPARENTLY WON BY A MERRILL LYNCH & CO GROUP WITH
A BID SETTING THE TRUE INTEREST COST AT 4487 YIELDS FOR REOFFERED BONDS
RANGE FROM 3 IN 1995 TO 48 IN 2008 THE BONDS ARE RATED TRIPLEA BY
MOODY'S AND S&P

MINNEAPOLIS AND THE ST PAUL HOUSING DEVELOPMENT AUTHORITY 2162 MILLION
OF BONDS PRICED BY UNDERWRITERS LED BY GOLDMAN SACHS & CO THE SECURITIES
SERIES 1993A HEALTHCARE SYSTEM REVENUE BONDS HAVE YIELDS FROM 29 IN 1994
TO 532 IN 2018 THE OFFERING IS INSURED BY AMBAC INDEMNITY CORP AND THE
BONDS CARRY TRIPLEA RATINGS FROM MOODY'S AND S&P

NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY 1843 MILLION HOMEBUYER
REVENUE BONDS PRICED BY A BEAR STEARNS & CO GROUP INCLUDED ARE 1296
MILLION OF 1993 SERIES G BONDS PRICED TO YIELD FROM 33 IN 1995 TO 535 IN
2015 AND 546 MILLION OF 1993 SERIES H BONDS SUBJECT TO THE FEDERAL
ALTERNATIVEMINIMUM TAX AND PRICED TO YIELD 4625 IN 2018 AND 55 IN 2026
ALL OF THE BONDS ARE INSURED BY THE MUNICIPAL BOND INVESTORS ASSURANCE CORP
AND CARRY TRIPLEA RATINGS FROM MOODY'S AND S&P

NORTH CAROLINA 1967 MILLION OF GENERALOBLIGATION BONDS APPARENTLY WON
BY JP MORGAN SECURITIES INC AND WHEAT FIRST SECURITIES INC GROUPS JP
MORGAN IS BELIEVED TO HAVE WON 625 MILLION OF PUBLICIMPROVEMENT BONDS
WITH A BID SETTING THE TRUE INTEREST COST AT 384 YIELDS RANGE FROM 24
IN 1994 TO 39 IN 1999 THE FIRM ALSO APPARENTLY 303 MILLION OF HIGHWAY
BONDS AND 164 MILLION OF CLEANWATER BONDS THE HIGHWAY BONDS WON WITH A
TRUE INTEREST COST OF 3337 HAVE YIELDS FROM 24 IN 1994 TO 325 IN
1996 THE CLEANWATER BONDS WERE WON WITH A TRUE INTEREST COST OF 401 AND
HAVE YIELDS FROM 24 IN 1994 TO 41 IN 2001 A WHEAT FIRST SECURITIES
GROUP APPARENTLY WON 875 MILLION OF BONDS FOR PRISON AND YOUTH SERVICES
FACILITIES WITH A TRUE INTEREST COST OF 447 THE BONDS HAVE YIELDS FROM
25 IN 1994 TO 455 IN 2005 THE ISSUE IS RATED TRIPLEA BY MOODY'S AND
S&P

FEDERAL HOME LOAN MORTGAGE CORP 500 MILLION OF REALESTATE
MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY PRUDENTIAL SECURITIES INC
THE OFFERING SERIES 1624 IS BACKED BY THE AGENCY'S 15YEAR 6 MORTGAGE
SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 665 AND
WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF 179 MONTHS

BANK AUSTRIA AG AUSTRIA 250 MILLION MARKS OF 6125 EUROBONDS DUE NOV
4 2003 AT ISSUE PRICE 10205 VIA DRESDNER BANK AG REOFFERED AT 99375 TO
YIELD 621 A SPREAD OF 22 BASIS POINTS ABOVE COMPARABLE GERMAN BUND FEES
THREE

DENMARK SOVEREIGN 15 BILLION PESETAS OF REVERSECOUPON FLOATINGRATE
EURONOTES DUE OCT 27 1998 AT ISSUE PRICE 101375 VIA BANCO DE NEGOCIOS
ARGENTARIA SA REOFFERED AT PAR FIXED ANNUAL COUPON OF 10 PAYABLE APRIL
24 1994 THEREAFTER INTEREST PAYABLE SEMIANNUALLY AT 155 LESS SIXMONTH
PESETA LONDON INTERBANK OFFERED RATE SUBJECT TO MINIMUM OF ZERO FEES
1625

EUROPEAN INVESTMENT BANK SUPRANATIONAL 500 MILLION MARKS OF 575
EUROBONDS DUE OCT 29 1998 AT ISSUE PRICE 10186 VIA WESTDEUTSCHE
LANDESBANK GIROZENTRALE BONDS YIELD 57 AFTER DEDUCTING FULL FEES OF 1625
POINTS A MARGIN OF NINE BASIS POINTS OVER COMPARABLE GERMAN GOVERNMENT
NOTE

GENERAL ELECTRIC CAPITAL CORP US PARENT 15 BILLION FRENCH FRANCS OF
55 EUROBONDS DUE OCT 26 1998 AT ISSUE PRICE 100523 VIA MERRILL LYNCH
CAPITAL MARKETS FRANCE REOFFERED AT 98898 TO YIELD 576 A SPREAD OF 20
BASIS POINTS ABOVE COMPARABLE FRENCH GOVERNMENT BOND FEES 1875

KOREA ELECTRIC POWER CORP KOREA 355 MILLION OF EUROBONDS IN TWO
TRANCHES VIA MERRILL LYNCH INTERNATIONAL LTD SERIES A IS 190 MILLION OF
45 BONDS DUE OCT 18 1996 AT ISSUE PRICE 100482 REOFFERED AT 99332 TO
YIELD 55 BASIS POINTS OVER THREEYEAR TREASURY FEES 1375 SERIES B IS 165
MILLION OF 4125 BONDS DUE OCT 18 1995 AT ISSUE PRICE 1005075
REOFFERED AT 9957 TO YIELD 45 BASIS POINTS OVER TWOYEAR TREASURY FEES
1125

PUERTO DE LIVERPOOL SA MEXICO 100 MILLION OF 725 EUROBONDS DUE OCT
19 1996 AT ISSUE AND REOFFER PRICE 9984 VIA LAZARD FRERES & CO BONDS
YIELD A SPREAD OF 320 BASIS POINTS ABOVE COMPARABLE TREASURY ISSUE LAUNCHED
OFF EUROMEDIUMTERM NOTE PROGRAM FEES 08

RIKEN VINYL INDUSTRY CO JAPAN 100 MILLION SWISS FRANCS OF 0375 NOTES
WITH EQUITY WARRANTS DUE OCT 21 1997 PRICED AT PAR VIA YAMAICHI BANK
SWITZERLAND GUARANTOR FUJI BANK LTD WARRANTS EXERCISABLE INTO COMPANY
SHARES FROM NOV 4 1993 TO OCT 14 1997 NOTES CALLABLE SEMIANNUALLY
PROVIDED NO WARRANTS OUTSTANDING FROM OCT 21 1994 AT 1015 DECLINING
SEMIANNUALLY BY 025 UNTIL 10025 ON APRIL 21 1997 TERMS FIXED OCT 13
FEES 15 FOR COLEAD MANAGERS 1375 FOR COMANAGERS

VONTOBEL HOLDING AG SWITZERLAND 75 MILLION SWISS FRANCS OF 3 BONDS
WITH STOCK OPTIONS DUE NOV 4 2003 AT ISSUE PRICE 100 VIA BANK J
VONTOBEL & CO OPTIONS EXERCISABLE FROM NOV 5 1993 TO NOV 4 1996
EXERCISE PRICE 900 FRANCS EACH FOR BEARER STOCK 9310070040 931007
BUSINESS BRIEF GOODYEAR TIRE & RUBBER CO THIRDQUARTER RISE IN PROFIT
 ON FLAT SALES TO BE POSTED

GOODYEAR TIRE & RUBBER CO SAID IT EXPECTS TO REPORT THAT THIRDQUARTER NET
INCOME ROSE SUBSTANTIALLY FROM THE YEARAGO PERIOD WHEN IT REPORTED NET
INCOME OF 91 MILLION ADJUSTED FOR AN ACCOUNTING CHANGE

THE AKRON OHIO TIRE MAKER SAID IT EXPECTS TO REPORT NET INCOME OF 130
MILLION TO 135 MILLION INCLUDING A 5 MILLION AFTERTAX GAIN FROM THE SALE
OF RENEER FILMS

DESPITE FLAT SALES THE COMPANY SAID THE HIGHER NET INCOME REFLECTS LOWER
COSTS LOWER SALES AND ADMINISTRATIVE EXPENSES AND EFFICIENCIES FROM HIGHER
CAPACITY UTILIZATION 9310070039 931007 INTERNATIONAL BRIEF SOCIETE
GENERALE PROFIT INCREASED BY 92 DURING FIRST HALF OF YEAR

STRONG FINANCIAL MARKET ACTIVITY PROVIDED THE UNDERPINNING FOR A 92
EARNINGS RISE AT FRANCE'S SOCIETE GENERALE IN THE FIRST HALF

THE BANK REPORTED THAT ITS NET INCOME ADVANCED TO 216 BILLION FRANCS
3807 MILLION FROM 198 BILLION FRANCS

SOCIETE GENERALE ONE OF FRANCE'S TOP THREE RETAIL BANKS HAD SAID IN JULY
THAT IT EXPECTED FIRSTHALF EARNINGS TO AT LEAST MATCH THOSE OF THE
YEAREARLIER PERIOD

PROFIT FROM MARKET ACTIVITIES SHOT UP TO 132 BILLION FRANCS FROM 523
MILLION FRANCS SOCIETE GENERALE'S INTERNATIONAL BRANCH WHICH INCLUDES A
LARGE AMOUNT OF MARKETRELATED BUSINESS SAW ITS GROSS EARNINGS ADVANCE TO
169 BILLION FRANCS FROM 134 BILLION FRANCS 9310070037 931007
INTERNATIONAL BRIEF CS HOLDING CREDIT SUISSE'S PROFIT CALLED VERY
GOOD' IN 3RD QUARTER

CREDIT SUISSE'S CHIEF EXECUTIVE OFFICER JOSEF ACKERMANN SAID THE BANK'S
THIRDQUARTER EARNINGS WERE VERY GOOD DESPITE A CONTINUED NEED FOR
SUBSTANTIAL CREDITRISK PROVISIONS

MR ACKERMANN'S COMMENT AT THE BANK'S AUTUMN NEWS CONFERENCE WAS THE FIRST
INDICATION THAT THE FIRST HALF'S RECORD PERFORMANCES OF SWITZERLAND'S BIG
THREE BANKS CREDIT SUISSE UNION BANK OF SWITZERLAND AND SWISS BANK CORP
MAY BE CONTINUING

AT CS HOLDING THE PARENT OF CREDIT SUISSE FIRSTHALF EARNINGS SOARED 65
TO 882 MILLION FRANCS 6202 MILLION

IN HIS REMARKS MR ACKERMANN SAID THROUGH TO THE END OF SEPTEMBER CASH
FLOW WAS VERY GOOD HE MADE A PARTICULAR REFERENCE TO THE BANK'S
DERIVATIVES' ARM LONDONBASED CREDIT SUISSE FINANCIAL PRODUCTS DESCRIBING
ITS PERFORMANCE AS OUTSTANDING 9310070035 931007 BUSINESS BRIEF 
ALDILA INC SECONDARY OFFERING PLANNED BY OFFICIALS AND FORSTMANN

ALDILA INC A SAN DIEGO MAKER OF GRAPHITE GOLF CLUB SHAFTS SAID IT FILED A
REGISTRATION STATEMENT FOR A SECONDARY OFFERING OF 25 MILLION COMMON
SHARES WHICH ARE BEING OFFERED BY AFFILIATES OF FORSTMANN LITTLE & CO AND
CURRENT AND FORMER COMPANY OFFICIALS AND EMPLOYEES

ALDILA FELL 175 OR 53 TO 31 IN NATIONAL OVERTHECOUNTER TRADING

ALDILA SAID THE OFFERING WILL REDUCE THE STAKE OF THE FORSTMANN AFFILIATES
TO ABOUT 299 FROM 566 WHILE THE STAKE OF MANAGEMENT WOULD DROP TO ABOUT
72 FROM ABOUT 11 ALDILA WHICH HAS 78 MILLION COMMON SHARES
OUTSTANDING WENT PUBLIC IN JUNE WITH AN OFFERING OF 26 MILLION SHARES AT
14 EACH

ALSO ALDILA SAID IT EXPECTS TO REPORT THIRDQUARTER NET INCOME OF 22
MILLION TO 23 MILLION OR 26 CENTS TO 27 CENTS A SHARE COMPARED WITH NET
OF 1 MILLION OR 17 CENTS A SHARE A YEAR AGO REVENUE IS EXPECTED TO BE
172 MILLION TO 174 MILLION UP FROM 131 MILLION 9310070034 931007
BUSINESS BULLETIN A SPECIAL BACKGROUND REPORT ON TRENDS IN INDUSTRY 
AND FINANCE  BY LOURDES LEE VALERIANO

READ EN ESPANOL THE BOOK INDUSTRY IS BETTING MORE AMERICANS WILL

BOOKSTORE CHAINS ARE EXPLORING THE US MARKET FOR SPANISHLANGUAGE TITLES
SINCE 1990 WALDENBOOKS INC STAMFORD CONN HAS SET UP SPANISH SECTIONS
IN 130 OR ABOUT 10 OF ITS STORES SOME OUTLETS CARRY UP TO 250 TITLES
THE BOOKS MAKE UP JUST UNDER 1 OF SALES ENOUGH TO BE PROFITABLE A
SPOKESMAN SAYS BARNES & NOBLE NEW YORK IN 1992 BEGAN TESTING LIBRO
ESPANOL SECTIONS IN 60 B DALTON STORES

AS YOU SEE MORE BESTSELLERS IN SPANISH THE SECTION WILL DO WELL SAYS A
SPOKESWOMAN BUT SPANISHLANGUAGE TITLES OFTEN PRINTED ABROAD ARE PRICEY
AT 1822 FOR A PAPERBACK MICHAEL DENNENY OF ST MARTIN'S PRESS NEW YORK
SEES A REAL OPENING FOR US PUBLISHERS NEXT YEAR ST MARTIN'S WILL
PUBLISH ENGLISH AND SPANISH VERSIONS OF WINGS OF THE MORNING BY ORESTES
LORENZO A PILOT WHO DARINGLY SMUGGLED HIS FAMILY OUT OF CUBA

A SUCCESS STORY DOUBLEDAY'S SPANISH EDITION OF LIKE WATER FOR CHOCOLATE
HAS SOLD 42000 COPIES SINCE SUMMER

BIKESECURITY VENDORS SHIFT INTO HIGH GEAR TO BATTLE THEFT

THEFT HAS GROWN AS MORE AND PRICIER BIKES HIT THE ROAD SO NEW FIRMS ARE
JUMPING INTO THE SECURITY BUSINESS AND OLD HANDS ARE HONING THEIR
OFFERINGS PRODUCTS TO PROTECT BIKES ARE JUST STARTING TO CATCH UP WITH
THIEVES SAYS JOSEPH MELE OF THE NATIONAL CRIME PREVENTION INSTITUTE
LOUISVILLE KY THE AMERICAN CENTER FOR BICYCLE REGISTRATION PHOENIX
ARIZ SET UP SHOP THIS YEAR VYING WITH NINEYEAROLD NATIONAL BIKE
REGISTRY INC OF SACRAMENTO CALIF

FOR FEES FROM 325 BOTH RECORD OWNERSHIP AND KEEP A DATABASE FOR POLICE
TO CONSULT INTEGRATED CYCLE SYSTEMS INC IN SAN FRANCISCO PUSHES BAD BONES
10 STEEL STRIPS THAT PREVENT WIDELY USED ULOCKS FROM BEING PRIED APART
ALSO TO FOIL THIEVES KRYPTONITE CORP CANTON MASS NEXT YEAR WILL SELL A
70 ULOCK OF FLEXIBLE STEEL THE COMPANY MAY CALL IT THE NEW YORK LOCK

ARTS GROUP LOOKS TO SMALL AND MEDIUMSIZED BUSINESSES FOR SUPPORT

THE BUSINESS COMMITTEE FOR THE ARTS IN NEW YORK PLANS TO TARGET SMALLER
FIRMS NEXT YEAR IN A PROGRAM THAT ENCOURAGES BIG FIRMS TO MENTOR SMALLER
COMPANIES IN THE WAYS OF GIVING ALREADY THE ARTS GROUP HONORS LITTLE
FIRMS SUCH AS JAEGER DEVELOPMENT CO CERRITOS CALIF ALONG WITH MIDSIZED
AND BIG GIVERS LIKE TIME WARNER NEW YORK THE JAEGER COMPANY BACKS
INNERCITY ARTS A PROGRAM THAT HELPS LA KIDS FOR WHOM ENGLISH IS A SECOND
LANGUAGE

IT'S USING ART TO BRIDGE THE LANGUAGE GAP SAYS IRWIN JAEGER OF THE FIRM
THE PROJECT PLANS A NEW 25 MILLION CENTER PARTLY FINANCED BY 10 SMALL
COMPANIES IN A NOVEL WAY EACH FIRM GUARANTEES 50000 OF A 500000 BANK
LOAN THE NEW YORK GROUP SAYS A PARTIAL SURVEY OF ITS MEMBERS FINDS EACH
PLANS TO GIVE AN AVERAGE 28 MILLION TO THE ARTS IN '93 UP 4 NOT A HUGE
GAIN BUT WE'RE PLEASED TO SEE A POSITIVE NUMBER AFTER GLOOMIER POLLS IT
SAYS

THE CHRONICLE OF PHILANTHROPY NOTES THAT CORPORATE GIVING TO ALL CAUSES
THIS YEAR ISN'T REBOUNDING FROM RECESSION

THE HARASSER FLASHER GOES INTO CORPORATE TRAINING KITS THE LAPEL PIN FROM
MANAGEMENT RESOURCES OF NEWTONVILLE MASS HAS RED YELLOW AND GREEN LIGHTS
TO BE FLASHED BY THE WEARER TO SIGNAL WELCOME OR UNWELCOME REMARKS IT'S AN
ATTENTIONGETTER SAYS INSTRUCTOR KATHERINE DAILEY OF THE LEXINGTON HERALD
LEADER WHO USED THE PIN AT A SESSION ON SEXUAL HARASSMENT

GREEN GLOSSIES ENVIRONMENTALCOMPLIANCE REPORTS WHICH MANY FIRMS MUST FILE
TO THE ENVIRONMENTAL PROTECTION AGENCY ARE SHOWING UP IN SHAREHOLDERS'
MAIL FIRMS LIKE DUKE POWER AND ASHLAND OIL ARE DRESSING THEM UP AND GETTING
EXTRA MILEAGE OUT OF THEM SAYS MATT PHELAN OF ANNUAL REPORTS INC
ATLANTA

INQUISITIVE GADGETS CUSTOMIZE COUPONS TO SHOPPERS RIGHT IN THE STORES

ELECTRONIC GADGETS AT STORES DELIVER COUPONS CLOSELY TAILORED TO A SHOPPER'S
BUYING HABITS CATALINA MARKETING CORP ANAHEIM CALIF WILL ROLL OUT
CHECKOUT DIRECT IN 500 STORES THIS MONTH THE SYSTEM TRACKS A CHECKPAYING
CUSTOMER'S PURCHASES OVER TIME THROUGH HIS ID NUMBER AND PARCELS OUT
COUPONS AT CHECKOUT BASED ON THE SHOPPER'S CONSUMPTION HABITS AND PREFERRED
BRANDS RESPONSE MEDIA PRODUCTS ATLANTA PLANS TO INSTALL THE MAX SYSTEM IN
STORES IN 1994 IT PRINTS COUPONS TIED TO SHOPPERS' GROCERY LISTS FED INTO
THE MACHINE

ELECTRONICALLY DELIVERED COUPONS MAKE UP ONLY 06 OF DISTRIBUTED COUPONS
BUT THEY WILL BECOME A LARGER PART OF THE MARKETING MIX AS COMPANIES
TARGET THEIR COUPON DOLLARS MORE EFFICIENTLY SAYS JANE PERRIN OF NCH
PROMOTION SERVICES IN LINCOLNSHIRE ILL ELECTRONICALLY DELIVERED COUPONS
HAVE REDEMPTION RATES OF 98 VS 21 FOR SUNDAY NEWSPAPER INSERTS THE
MAIN WAY COUPONS ARE DISPERSED

CATALINA SAYS ITS CHECKOUT DIRECT COUPONS COST NINE CENTS EACH COMPARED WITH
06 CENT FOR A NEWSPAPER COUPON

BRIEFS SEQUINS NOT INCLUDED A 99 THREEVIDEO PACKAGE IS CALLED HOW TO
PLAY PIANO IN 10 DAYS LIKE LIBERACE TAUGHT ME  A NEW 120 NORELCO
RECHARGEABLE RAZOR CONTAINS A CHIP THAT TIMES USERS TO CALCULATE IF POWER IS
LIKELY TO RUN LOW MIDSHAVE 9310070033 931007 BUSINESS BRIEF CORNING
INC THIRDQUARTER EARNINGS FELL AS MUCH AS 10 FIRM SAYS

CORNING INC CORNING NY SAYING THIRDQUARTER EARNINGS FELL AS MUCH AS
10 FROM A YEAR EARLIER SAID IT WILL TAKE AN ADDITIONAL 73 MILLION
RESTRUCTURING CHARGE TO WRITEOFF ASSETS AND REDUCE ITS WORKFORCE

THE COMPANY CITED A SHORTFALL IN ITS CONSUMER PRODUCTS AND OTHER CYCLICALLY
SENSITIVE BUSINESSES ESPECIALLY IN EUROPE A YEAR EARLIER NET INCOME WAS
53 CENTS A SHARE ITS 1993 EARNINGS BEFORE EXTRAORDINARY ITEMS WILL NOT
MATCH LAST YEAR'S 166 A SHARE

WE JUST ARE NOT SEEING THE ECONOMY PICK UP IN THE SECOND HALF SAID
STEPHEN L ALBERTALLI VICE PRESIDENT OF INVESTOR RELATIONS HE SAID THE
COMPANY HAS NOT SET THE SIZE OF THE WORK FORCE REDUCTION

THE COMPANY WILL TAKE A 130 MILLION CHARGE THIS QUARTER INCLUDING 57
MILLION OF CHARGES THOSE INCLUDE A 22 MILLION SETTLEMENT WITH THE JUSTICE
DEPARTMENT ENTERED INTO BY CORNING'S METPATH UNIT THIS MONTH AND COSTS FOR
INTEGRATING THE DAMON AND COSTAR ACQUISITIONS 9310070032 931007 BUSINESS
BRIEF GUARDIAN BANCORP FIRM PLANS TO SET PROVISION FOR 3RDPERIOD
LOAN LOSSES

GUARDIAN BANCORP LOS ANGELES SAID THAT IT EXPECTED TO MAKE A 45 MILLION
PROVISION FOR LOAN LOSSES IN THE THIRD QUARTER AND THAT IT WOULD SEEK TO
RAISE 30 MILLION IN A RIGHTS OFFERING

GUARDIAN MADE THE ANNOUNCEMENT BEFORE THE MARKETS CLOSED IN COMPOSITE
TRADING YESTERDAY ON THE AMERICAN STOCK EXCHANGE GUARDIAN SHARES CLOSED AT
3 UNCHANGED

GUARDIAN THE PARENT COMPANY OF GUARDIAN BANK ALSO SAID THAT ON SEPT 30 IT
CONVERTED 3 MILLION OF CONVERTIBLE DEBENTURES INTO COMMON STOCK OF THE
BANK WHICH QUALIFIES AS CAPITAL

THE COMPANY SAID LOAN CHARGEOFFS FOR THE THIRD QUARTER ARE EXPECTED TO BE
ABOUT 67 MILLION AND THAT A REGULATORY EXAMINATION WAS CONCLUDED PAUL M
HARRIS CHAIRMAN AND CHIEF EXECUTIVE OF THE COMPANY SAID IN AN INTERVIEW
THAT LOANLOSS RESERVES WOULD STAND AT ABOUT 15 MILLION TO 16 MILLION
AFTER THE QUARTER 9310070031 931007 BUSINESS BRIEF CITIZENS UTILITIES
CO NATURAL GAS CO OF LOUISIANA TO BE ACQUIRED FOR STOCK

CITIZENS UTILITIES CO STAMFORD CONN SAID IT SIGNED A DEFINITIVE
AGREEMENT TO ACQUIRE NATURAL GAS CO OF LOUISIANA FOR 106 MILLION IN
STOCK

UNDER THE AGREEMENT SHAREHOLDERS OF NATURAL GAS CO WILL RECEIVE 104 CLASS
B CITIZENS UTILITIES SHARES FOR EACH OF NATURAL GAS CO'S 60000 SHARES THE
ACQUISITION SUBJECT TO NATURAL GAS CO SHAREHOLDER APPROVAL WOULD INCREASE
TO 48 MILLION THE NUMBER OF CLASS B CITIZENS UTILITIES SHARES OUTSTANDING

NATURAL GAS CO WHICH HAS 15500 CUSTOMERS WILL BECOME PART OF CITIZENS
UTILITIES' LOUISIANA GAS DIVISION WHICH AT THE END OF LAST YEAR HAD 242000
CUSTOMERS

THE COMPANY HAS NATURAL GAS INTERESTS IN COLORADO AND ARIZONA AS WELL AS
INTERESTS IN TELECOMMUNICATIONS ELECTRIC WATER AND WASTEWATER UTILITY
BUSINESSES 9310070030 931007 BUSINESS BRIEF INSTRON CORP CENITH
PARTNERS CONSIDERING PROXY CONTEST TENDER OFFER

CENITH PARTNERS LP BOSTON SAID IT IS CONSIDERING A PROXY CONTEST OR
TENDER OFFER FOR INSTRON CORP BECAUSE OF ITS DISSATISFACTION WITH THE
CURRENT BOARD'S AND MANAGEMENT'S EFFORTS TO ENHANCE SHAREHOLDER VALUES

THIS IS CENITH'S SECOND CHARGE AT INSTRON IN EARLY 1991 THE PARTNERSHIP
LAUNCHED A PROXY CONTEST FOR THREE INSTRON BOARD SEATS EVENTUALLY A
STANDSTILL AGREEMENT WAS SIGNED UNDER WHICH CENITH AGREED TO TERMINATE ITS
PROXY SOLICITATION AND INSTRON AGREED TO REDEEM A POISON PILL PROVISION
THE STANDSTILL AGREEMENT EXPIRED ON JUNE 1 1993

CENITH SAID IT HAS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
REPORTING A BENEFICIAL OWNERSHIP OF 505 OF INSTRON COMMON STOCK OR
316700 SHARES

WE'RE AWARE OF THE FILING AND WE HAVE NO COMMENT SAID LINTON MOULDING
INSTRON'S CHIEF FINANCIAL OFFICER INSTRON WHICH MAKES EQUIPMENT THAT TESTS
THE PHYSICAL PROPERTIES OF MATERIALS CURRENTLY HAS 1000 EMPLOYEES MOSTLY
SPLIT BETWEEN A MANUFACTURING FACILITY IN CANTON MASS AND ANOTHER
FACILITY NEAR LONDON 9310070029 931007 INTERNATIONAL BRIEF THAI
AIRWAYS INTERNATIONAL CARRIER CONSIDERS PLAN TO CUT COSTS DEBT
INTEREST EXPENSES

THAI AIRWAYS INTERNATIONAL IS CONSIDERING A DEBT PROGRAM TO REDUCE INTEREST
EXPENSES AS PART OF A BROAD COSTCUTTING PLAN

THAMNOON WANGLEE WHO TOOK OVER THE AIRLINE PRESIDENCY FRIDAY SAID THAI
AIRWAYS WHICH IS 927 GOVERNMENTOWNED MAY OFFER UP TO 500 MILLION OF
CONVERTIBLE BONDS OR DEBENTURES WITH WARRANTS THAT WOULD BE LINKED TO 200
MILLION SHARES THAT THE CARRIER HAS AUTHORIZED BUT NOT ISSUED

THE NEW DEBT COULD REDUCE THE BANGKOK THAILAND AIRLINE'S AVERAGE FIXED
RATE FOR AIRCRAFT FINANCING TO AROUND 4 FOR DEBENTURES OR 5 FOR
CONVERTIBLE BONDS FROM 65 CURRENTLY MR THAMNOON SAID

SPEAKING AT A MEETING OF THE FOREIGN CORRESPONDENT'S CLUB OF THAILAND MR
THAMNOON PREDICTED PRETAX PROFIT WILL JUMP TO 6 BILLIONBAHT 24 MILLION
IN THE FISCAL YEAR THAT JUST BEGAN FROM ABOUT 19 BILLION BAHT IN THE 1993
FISCAL YEAR 9310070028 931007 MARKETING BRIEF DIGITAL GENERATION
SYSTEMS INC SAMEDAY DELIVERY SYSTEM FOR RADIO SPOTS IS UNVEILED

DIGITAL GENERATION SYSTEMS INC UNVEILED AN ELECTRONIC DISTRIBUTION SYSTEM
FOR RADIO COMMERCIALS THAT ALLOWS SPOTS TO BE AIRED THE SAME DAY THEY ARE
CREATED

RECORDING STUDIOS EQUIPPED WITH THE SYSTEM CONVERT A RECORDING TO
COMPUTERIZED FORM AND SEND IT BY TELEPHONE LINE TO DIGITAL GENERATION'S SAN
FRANCISCO HEADQUARTERS THERE THE COMPANY HAS FACILITIES TO TRANSMIT THE
DIGITALLY RECORDED SPOT TO AS MANY AS 96 RADIO STATIONS SIMULTANEOUSLY IT
SAID

HENRY DONALDSON THE COMPANY'S CHIEF EXECUTIVE SAID THE TURNAROUND ALLOWS
RETAILERS TO RESPOND TO COMPETITORS' PROMOTIONS THE SAME DAY THEY ARE
ANNOUNCED

THE COMPANY CHARGES 35 APIECE FOR TRANSMISSIONS GUARANTEED TO ARRIVE IN
FOUR HOURS OR LESS AND 15 APIECE FOR NEXTDAY SERVICE DIGITAL GENERATION
SAID THE SYSTEM HAS BEEN INSTALLED AT 500 US RADIO STATIONS AND 27
RECORDING STUDIOS 9310070026 931007 BUSINESS BRIEF TANDEM COMPUTERS
INC FIRM AND VERIFONE AGREE TO MARKET SCREEN TELEPHONE

TANDEM COMPUTERS INC AND VERIFONE INC ANNOUNCED A JOINT AGREEMENT TO
MARKET A NEW SCREEN TELEPHONE WHICH WILL BE USED BY CUSTOMERS TO RETRIEVE
DATA AND PERFORM ELECTRONIC TRANSACTIONS USING NETWORKS OF TANDEM COMPUTERS

VERIFONE A MAKER OF DEVICES USED TO VERIFY CREDITCARD TRANSACTIONS WILL
MANUFACTURE THE NEW PHONE THE REDWOOD CITY CALIF COMPANY SAID IT WILL
HAVE A SMALL SCREEN DISPLAY A KEYBOARD MODEM AND A DEVICE FOR READING THE
MAGNETIC STRIPE ON CREDIT AND DEBIT CARDS VERIFONE WOULDN'T DISCLOSE THE
PRICE OF THE NEW TELEPHONE BUT SAID IT WILL BE SHIPPED IN MID1994 TANDEM
IS BASED IN CUPERTINO CALIF

TANDEM'S STOCK CLOSED YESTERDAY AT 12875 A SHARE UNCHANGED IN NEW YORK
STOCK EXCHANGE COMPOSITE TRADING VERIFONE'S STOCK CLOSED AT 1775 A SHARE
UP 25 CENTS IN NATIONAL OVERTHECOUNTER TRADING 9310070025 931007
BUSINESS BRIEF RUSSELL CORP PRETAX CHARGE IS PLANNED AGAINST
THIRDQUARTER NET

RUSSELL CORP ALEXANDER CITY ALA SAID IT WILL TAKE A 35 MILLION PRETAX
CHARGE AGAINST THIRDQUARTER EARNINGS DUE TO A WRITEDOWN OF FIXED ASSETS
AND GOODWILL

THE ACTION WILL REDUCE THIRDQUARTER NET INCOME AFTER TAXES BY
APPROXIMATELY 52 CENTS A SHARE THE COMPANY SAID IN 1992 THE MAKER OF
LEISURE AND ATHLETIC APPAREL REPORTED THIRDQUARTER EARNINGS OF 239
MILLION OR 58 CENTS A SHARE ON SALES OF 2593 MILLION

RUSSELL'S ACTION WAS ANNOUNCED AFTER MARKETS CLOSED IN NEW YORK STOCK
EXCHANGE COMPOSITE TRADING THE COMPANY'S STOCK CLOSED AT 2825 UP 125
CENTS

IN A PREPARED STATEMENT JOHN C ADAMS CHAIRMAN AND CHIEF EXECUTIVE
OFFICER SAID THAT AFTER AN INTERNAL REVIEW CERTAIN COMPANY ASSETS WERE
FOUND TO HAVE AN ACTUAL VALUE THAT WAS SUBSTANTIALLY LESS THAN THEIR BOOK
VALUE

THE WRITEDOWN ALSO RELATES TO GOODWILL FROM AN ACQUISITION RUSSELL MADE IN
THE LATE 1980S THE SPOKESMAN SAID 9310070024 931007 WHAT'S NEWS 
BUSINESS AND FINANCE

TELECOMMUNICATIONS IS IN TALKS TO REACQUIRE LIBERTY MEDIA THE CABLE AND
PROGRAMMING CONCERN IT SPUN OFF TO SHAREHOLDERS TWO AND A HALF YEARS AGO
SUCH A DEAL WOULD MOVE TCI TO THE FOREGROUND OF THE TAKEOVER BATTLE FOR
PARAMOUNT LIBERTY IS A CONTROLLING SHAREHOLDER OF QVC WHICH HAS PROPOSED
TO ACQUIRE PARAMOUNT IN A DEAL VALUED AT 95 BILLION LIBERTY'S STOCK PRICE
CLIMBED 59 ON SPECULATION THAT IT WAS A TAKEOVER TARGET

MERRILL LYNCH AND GOLDMAN SACHS HALTED THE PRACTICE OF MAKING POLITICAL
CONTRIBUTIONS WHERE THEY ARE SEEKING UNDERWRITING BUSINESS AMERICAN
EXPRESS'S LEHMAN BROTHERS SAID IT PLANS TO TAKE SIMILAR STEPS SOON

GENERAL MOTORS TOLD ITS BARGAINERS TO PRESS THE UAW FOR SIGNIFICANT
DEPARTURES FROM THE CONTRACT TERMS NEGOTIATED BY GM'S DOMESTIC RIVALS

SOUTH AFRICA OFFERS ENORMOUS BUSINESS PROMISE MANY US FIRMS SAY BUT THEY
ARE STILL SOMEWHAT WARY ABOUT INVESTING IN A COUNTRY WHERE THERE ARE SO MANY
POLITICAL UNCERTAINTIES

THE INTERNATIONAL ENERGY AGENCY REVISED DOWNWARD AGAIN ITS ESTIMATES OF
WORLD OIL DEMAND THE LOWER FIGURE WOULD REPRESENT THE FIRST ANNUAL DECLINE
IN GLOBAL DEMAND SINCE 1983

TEXAS INSTRUMENTS PLANS ITS OWN LINE OF MICROPROCESSORS FOR PERSONAL
COMPUTERS TAKING AIM AT INTEL AND ADVANCED MICRO DEVICES' BUSINESS

ATLANTIC RICHFIELD SAID TWO WELLS DRILLED IN ALASKA'S BEAUFORT SEA FAILED TO
FIND A COMMERCIAL QUALITY RESERVOIR SIGNALING A MAJOR DISAPPOINTMENT FOR
THE OIL GIANT AND ITS PARTNERS

MICHAEL JORDAN'S CAREER AS AN ENDORSER WON'T END BECAUSE OF HIS DECISION TO
RETIRE FROM BASKETBALL BUT NEW CAMPAIGNS MUST SHOW JORDAN IN THE MORE
PASSIVE ROLE OF RETIRED ATHLETE

CHEMICAL BANK SAID IT WILL POST RECORD THIRDQUARTER PROFIT WHILE HIGHER
EARNINGS ARE EXPECTED AT CITICORP JP MORGAN CHASE AND BANKERS TRUST

AS MANY AS 95 OF CABLE SYSTEMS AND TV STATIONS REACHED AGREEMENTS BEFORE A
DEADLINE FOR NEGOTIATING BROADCASTING COMPENSATION FEES CABLE SYSTEMS THAT
DIDN'T REACH PACTS WITH STATIONS STOPPED AIRING THOSE STATIONS AFFECTING
MILLIONS OF VIEWERS

CLINTON'S HEALTH PLAN WOULD HAVE LITTLE SHORTTERM IMPACT ON EMPLOYMENT
CAUSING THE NUMBER OF JOBS TO RISE OR FALL BY JUST HALF A PERCENTAGE POINT
A TOP ECONOMIC AIDE SAID

THE SEC SHORTENED THE TIME IN WHICH INVESTORS MUST SETTLE THEIR STOCK
TRANSACTIONS TO THREE DAYS FROM FIVE

THINKING MACHINES' SHERYL HANDLER LOST HER TITLE AND DUTIES AS CEO OF THE
SUPERCOMPUTER FIRM SHE FOUNDED

FORD PRICED ITS NEW MUSTANG AT 13365 TO COMPETE WITH GM'S NEW CAMARO
WHICH IS PRICED AT 13399

LONDON STOCKS ROSE BROADLY TO A RECORD FUELED BY ENTHUSIASM SPILLING OVER
FROM THE FUTURES MARKET FRANKFURT SHARES CLIMBED TO ANOTHER RECORD AS
STOCKS BENEFITED FROM THE LOWEST BOND YIELDS IN ALMOST FIVE YEARS

BONDS LEHMAN BROTHERS TREASURY INDEX 563795 UP 338

COMMODITIES OIL 1842 A BARREL UP THREE CENTS DOW JONES FUTURES INDEX
12540 OFF 020 SPOT INDEX 11798 UP 032

DOLLAR 10565 YEN OFF 010 16228 MARKS OFF 00032 9310070023 931007
BUSINESS BRIEF BRODERBUND SOFTWARE INC FOURTHPERIOD NET ROSE 52 
ON RELEASE OF NEW PRODUCTS

BRODERBUND SOFTWARE INC CITING THE RELEASE OF NEW COMPUTER SOFTWARE
PRODUCTS POSTED A 52 INCREASE IN ITS FOURTHQUARTER PROFIT

NET INCOME ROSE TO 29 MILLION OR 29 CENTS A SHARE FOR THE QUARTER ENDED
AUG 31 FROM 19 MILLION OR 20 CENTS A SHARE IN THE YEAREARLIER
QUARTER REVENUE ROSE 19 TO 222 MILLION FROM 187 MILLION

FOR THE FULL YEAR BRODERBUND SAID PROFIT ROSE 41 TO 136 MILLION OR
136 A SHARE FROM 97 MILLION OR 99 CENTS A SHARE A YEAR EARLIER
REVENUE ROSE 27 TO 956 MILLION FROM 751 MILLION

THE COMPANY RELEASED ITS RESULTS AFTER THE CLOSE OF TRADING BUT SHARES OF
THE NOVATO CALIF CONCERN WHICH PUBLISHES HOME AND EDUCATIONAL SOFTWARE
CLIMBED 175 OR 45 IN OVERTHECOUNTER TRADING TO CLOSE AT 4050
9310070022 931007 HOUSE VOTE BLOCKS BUDGET THAT LACKS CERTAIN CUTS

WASHINGTON ANGRY THAT A HOUSEBACKED SPENDING CUT WASN'T UPHELD IN BUDGET
NEGOTIATIONS WITH THE SENATE REPRESENTATIVES BLOCKED CONSIDERATION OF A
877 BILLION HOUSING VETERANS AND SPACE BUDGET FOR THE CURRENT FISCAL
YEAR

THE 305123 VOTE REPRESENTED A REJECTION OF A 1249 MILLION PROVISION
WHEREBY CONGRESS WOULD HAVE PRESERVED PARTIAL FUNDING FOR A
SOLIDROCKETMOTOR PROGRAM THAT THE HOUSE TWICE BEFORE SOUGHT TO KILL

THE SUM AT STAKE IS SMALL IN THE CONTEXT OF THE UNDERLYING BILL BUT THE
MARGIN DEMONSTRATES THE DETERMINATION OF THE HOUSE TO PUSH FOR CUTS
PREVIOUSLY VOTED BY THE CHAMBER

THE OUTCOME ALSO HAS IMPLICATIONS FOR AN ARRAY OF OTHER HOUSEBACKED
MEASURES INCLUDING AN INCREASE IN GRAZING FEES FOR WESTERN RANCHERS AND THE
PROPOSED TERMINATION OF CONSTRUCTION FUNDS FOR THE ENERGY DEPARTMENT'S
SUPERCONDUCTING SUPERCOLLIDER BOTH MEASURES ARE NOW SUBJECT TO FINAL
NEGOTIATIONS AND THE GRAZING ISSUE HAS DRAWN THE INVOLVEMENT OF INTERIOR
SECRETARY BRUCE BABBITT

THE HOUSE APPROPRIATIONS COMMITTEE LEADERSHIP WHICH MUST NEGOTIATE ALL
FINAL SPENDING BILLS WITH THEIR SENATE COUNTERPARTS IS NOW UNDER PRESSURE
TO UPHOLD THE HOUSE'S POSITIONS OR RISK BEING OPPOSED ON THE FLOOR
9310070021 931007 BUSINESS BRIEFS

DELL COMPUTER CORP TAKING ANOTHER STEP IN ITS CONTINUING EXPANSION INTO
ASIA AND THE PACIFIC ESTABLISHED A NETWORK OF FOUR RESELLERS IN CHINA

JOSEPHTHAL LYON & ROSS INC AN INVESTMENT AND BROKERAGE FIRM WILL OPEN AN
OFFICE IN TEL AVIV OFFERING FULL RETAIL AND INSTITUTIONAL SALES AND
INVESTMENT BANKING SERVICES

ASTROTECH INTERNATIONAL CORP SIGNED A LETTER OF INTENT TO BUY RUBBAGLAS
PETROSEALS LTD A CLOSELY HELD BRITISH MAKER OF ABOVEGROUND STORAGE
TANKS TERMS WEREN'T DISCLOSED

BURNHAM PACIFIC PROPERTIES INC AGREED TO ACQUIRE FROM DICKER WARMINGTON
PROPERTIES FULLERTON CALIF A LARGE PORTION OF A SHOPPING CENTER IN CITY
OF INDUSTRY CALIF FOR 58 MILLION

BINDLEY WESTERN INDUSTRIES INC ACQUIRED THE ASSETS OF PRN MEDICAL INC A
CLOSELY HELD ORLANDO FLA WHOLESALE DISTRIBUTOR SPECIALIZING IN RENALCARE
AND DIALYSIS SUPPLIES AND EQUIPMENT TERMS WEREN'T DISCLOSED

SILICON VALLEY GROUP INC RECEIVED 39 MILLION IN ORDERS FROM MOTOROLA INC
FOR SERIES 7000 VERTICAL THERMAL REACTORS AND 90 SERIES TRACK SYSTEMS BOTH
USED TO MAKE SEMICONDUCTORS 9310070020 931007 TELMEX SEES SLOWER RISE 
IN LONGDISTANCE USAGE

MEXICO CITY TELEFONOS DE MEXICO SA MEXICO'S TELEPHONE MONOPOLY SAID IT
EXPECTS SLOWING GROWTH IN LONGDISTANCE USAGE THIS YEAR

PEDRO CERISOLA DIRECTOR OF PLANNING SAID IN A CONFERENCE HERE YESTERDAY
THAT TELMEX EXPECTS INTERNATIONAL LONGDISTANCE BILLING TO INCREASE 13 THIS
YEAR SLOWER THAN THE 37 RATE LAST YEAR AND GROWTH RATES OF MORE THAN 20
IN 1990 AND 1991

TELMEX SAYS IT EXPECTS NATIONAL LONGDISTANCE USAGE TO GROW 11 THIS YEAR
SLOWER THAN LAST YEAR'S 12 INCREASE

INSTALLATIONS OF NEW LINES ARE EXPECTED TO BE 78 BELOW LAST YEAR'S LEVELS
HOWEVER TELMEX SAID IT EXPECTS TO REPLACE ONE MILLION LINES THIS YEAR IN
UPGRADES UP NEARLY FOURFOLD FROM 261672 UPGRADES LAST YEAR

TELMEX IS MEXICO'S LARGEST PUBLIC COMPANY WITH ABOUT A QUARTER OF THE
MEXICAN STOCK EXCHANGE'S CAPITALIZATION 9310070019 931007 WHO'S NEWS 
MEDEX INC

MEDEX INC HILLIARD OHIO DONALD H BARRY 55 YEARS OLD FORMERLY
TREASURER AND CONTROLLER OF CHEESEBOROUGH PONDS USA A UNIT OF ANGLODUTCH
CONSUMER PRODUCTS CONCERN UNILEVER NV WAS NAMED VICE PRESIDENT CHIEF
FINANCIAL OFFICER AND TREASURER OF THIS MAKER OF DISPOSABLE MEDICAL PRODUCTS
FOR CRITICAL AND ACUTE CARE MR BARRY SUCCEEDS ROBERT F DURBIN WHO TOOK
EARLY RETIREMENT FROM MEDEX IN LATE JULY THE COMPANY ALSO NAMED WILLIAM J
POST 43 TO THE NEWLY CREATED POSITION OF SENIOR VICE PRESIDENT SALES AND
MARKETING MR POST HAD MOST RECENTLY BEEN VICE PRESIDENT OF FIELD
OPERATIONS AT VIGGOSPECTRAMED A UNIT OF BOC HEALTHCARE A MEDICAL DEVICE
COMPANY 9310070018 931007 COMMISSION DECIDES SOME STEEL IMPORTS HURT
US INDUSTRY

WASHINGTON THE INTERNATIONAL TRADE COMMISSION ISSUED A PRELIMINARY RULING
THAT IMPORTS OF CERTAIN SPECIALTY STEEL FROM ITALY AND JAPAN INJURE THE US
INDUSTRY

THE COMMERCE DEPARTMENT WILL CONTINUE INVESTIGATIONS INTO ALLEGATIONS THAT
SHIPMENTS OF GRAINORIENTED SILICON ELECTRICAL STEEL ARE UNFAIRLY SUBSIDIZED
BY ITALY AND THAT SUCH IMPORTS ARE DUMPED IN THE US MARKET BY BOTH ITALY
AND JAPAN DUMPING IS SELLING AT PRICES BELOW PRODUCTION COST OR HOMEMARKET
PRICES THE INTERNATIONAL TRADE COMMISSION IS A QUASIJUDICIAL BODY THAT
VOTES ON WHETHER AN INDUSTRY HAS BEEN HURT BY UNFAIR IMPORTS

IN JAPAN'S CASE THE VOTE WAS 60 FOR ITALY IT WAS 50 WITH ONE
COMMISSIONER ABSTAINING

YESTERDAY'S DECISION IS BUT ONE OF A SERIES OF STEPS BEFORE ANY FINAL
DETERMINATION IN THE TRADE DISPUTE IS MADE THE COMMERCE DEPARTMENT WILL
HAVE UNTIL NOV 19 TO ISSUE A PRELIMINARY DECISION AS TO WHETHER ITALY IS
UNFAIRLY SUBSIDIZING THE STEEL THE DEPARTMENT WILL HAVE TO REACH A
PRELIMINARY DECISION BY FEB 2 ON THE DUMPING QUESTION

ALLEGHENY LUDLUM CORP ARMCO INC AND VARIOUS US LABOR UNIONS FILED
COMPLAINTS IN AUGUST AGAINST ITALIAN AND JAPANESE ELECTRICALSTEEL
PRODUCERS THEY ESTIMATE THAT ABOUT 82000 TONS OF FOREIGN ELECTRICAL STEEL
ENTERED THE US IN 1992 ROUGHLY 70 OF WHICH WAS GRAINORIENTED THE TWO
COMPANIES ARE THE ONLY PRODUCERS OF THE SPECIALTY STEEL USED PRINCIPALLY IN
THE MANUFACTURE OF LARGER POWER AND DISTRIBUTION TRANSFORMERS 9310070017
931007 WHO'S NEWS BRODERBUND SOFTWARE INC

BRODERBUND SOFTWARE INC NOVATO CALIF ED AUER 62 YEARS OLD
ANNOUNCED PLANS TO RETIRE NEXT SPRING AS PRESIDENT AND CHIEF OPERATING
OFFICER OF THIS CONSUMER SOFTWARE COMPANY THE COMPANY SAID IT WILL BEGIN
SEARCHING FOR A SUCCESSOR 9310070015 931007 WHO'S NEWS SEARS ROEBUCK &
CO

SEARS ROEBUCK & CO CHICAGO ANTHONY J RUCCI 43 YEARS OLD WAS NAMED
EXECUTIVE VICE PRESIDENT ADMINISTRATION FOR THE RETAILER'S SEARS
MERCHANDISE GROUP MR RUCCI IN THE NEWLY CREATED POST IS THE FOURTH
TOPLEVEL EXECUTIVE TO BE BROUGHT IN FROM OUTSIDE BY MERCHANDISE GROUP HEAD
ARTHUR MARTINEZ MR MARTINEZ SAID THE APPOINTMENT WHICH IS SUBJECT TO
APPROVAL BY SEARS' BOARD COMPLETES THE EXECUTIVE STAFF OF THE MERCHANDISE
GROUP MR RUCCI PREVIOUSLY WAS A SENIOR VICE PRESIDENT FOR BAXTER
INTERNATIONAL INC A DEERFIELD ILL MAKER OF HOSPITAL PRODUCTS WHERE HIS
RESPONSIBILITIES INCLUDED CORPORATE STRATEGY BUSINESS DEVELOPMENT INVESTOR
RELATIONS PUBLIC RELATIONS AND GOVERNMENT AFFAIRS 9310070014 931007
WHO'S NEWS STARTER CORP

STARTER CORP NEW HAVEN CONN THIS LICENSED SPORTS APPAREL DESIGNER
AND MARKETER NAMED JOHN M TUCKER 57 YEARS OLD A SPORTSWEAR INDUSTRY
EXECUTIVE TO BE A FIFTH DIRECTOR 9310070013 931007 MARKETING & MEDIA 
CAPITAL CITIES/ABC FORMS CABLETV UNIT GRANATH IS PRESIDENT

NEW YORK CAPITAL CITIES/ABC INC FORMED A CABLE AND
INTERNATIONALTELEVISION DIVISION AND NAMED HERBERT GRANATH TO HEAD IT THE
MOVE UNDERSCORES THE COMPANY'S INCREASING COMMITMENT TO THE CABLETV
BUSINESS

MR GRANATH WHO HAD SERVED MOST RECENTLY AS PRESIDENT OF THE COMPANY'S
VIDEO ENTERPRISES UNIT AND VICE PRESIDENT OF THE PARENT WAS NAMED PRESIDENT
OF THE ABC CABLE & INTERNATIONAL BROADCAST GROUP

THE NEW DIVISION WILL OVERSEE AMONG OTHER THINGS THE COMPANY'S GROWING
PORTFOLIO OF CABLE PROGRAMMING JOINT VENTURES INCLUDING 80OWNED ESPN
ESPN2 ARTS & ENTERTAINMENT NETWORK AND THE LIFETIME CABLE NETWORK IT ALSO
WILL MANAGE INVESTMENTS IN EUROPEAN PROGRAMMING SUCH AS EUROSPORT A
PANEUROPEAN SATELLITEDELIVERED SPORTS CHANNEL AND THE JAPAN SPORTS
NETWORK IN ADDITION IT WILL HANDLE LICENSING OF CAPITAL CITIES/ABCOWNED
PROGRAMMING HERE AND ABROAD

MR GRANATH ALSO HAS BEEN NAMED SENIOR VICE PRESIDENT OF CAPITAL CITIES/ABC
AND HE WILL SERVE AS A MEMBER OF THE SENIOR MANAGEMENT COMMITTEE

FORMATION OF THE UNIT BRINGS TO FIVE THE NUMBER OF DIVISIONS IN CAPITAL
CITIES/ABC'S CORPORATE STRUCTURE THE OTHER FOUR ARE ABC TELEVISION NETWORK
GROUP CAPITAL CITIES/ABC BROADCAST GROUP CAPITAL CITIES/ABC PUBLISHING
GROUP AND CAPITAL CITIES/ABC MULTIMEDIA GROUP 9310070012 931007 BUSINESS
BRIEF FLAMEMASTER CORP CONCERN SAYS IT HAS BOOSTED PERFECTDATA
STAKE TO 284

FLAMEMASTER CORP SAID IT RAISED ITS STAKE IN PERFECTDATA CORP TO 981912
SHARES OR MORE THAN 284 OF ITS COMMON STOCK OUTSTANDING AND SAID IT MAY
SEEK A CONTROLLING INTEREST IN THE COMPANY

FLAMEMASTER BASED IN SUN VALLEY CALIF WHICH PREVIOUSLY HELD A 244
STAKE SAID IN A SECURITIES AND EXCHANGE COMMISSION FILING THAT IT BOUGHT
THE ADDITIONAL SHARES AT PRICES RANGING FROM 14375 TO 1875 EACH
FLAMEMASTER MAKES FLAMERETARDANT COATINGS AND INDUSTRIAL SEALANTS AND HAS
INTERESTS IN PACKAGING AND METAL FABRICATION

IRENE J MARINO PERFECTDATA'S CHIEF FINANCIAL OFFICER SAID THE MOVE WASN'T
A SURPRISE SINCE FLAMEMASTER HAS BEEN BUYING PERFECTDATA STOCK FOR SEVERAL
MONTHS AND CONTROLS TWO OF FOUR BOARD SEATS

PERFECTDATA BASED IN SIMI VALLEY CALIF MAKES AND SELLS A BROAD RANGE OF
COMPUTERCARE AND MAINTENANCE PRODUCTS PERFECTDATA ROSE THREE CENTS TO
150 IN OVERTHECOUNTER TRADING FLAMEMASTER'S STOCK ROSE WAS UNCHANGED AT
550 IN OVERTHECOUNTER TRADING