SIMULA INC SAID IT PROVISIONALLY AGREED TO PAY 445000 TO SETTLE DEPARTMENT OF DEFENSE CONTENTIONS THAT THE COMPANY MAY HAVE VIOLATED FEDERAL LAW IN GOVERNMENT CONTRACTING THE PHOENIX MAKER OF AIRCRAFT INTERIOR PARTS SAID IT AGREED TO SETTLE POSSIBLE CHARGES OF ALLEGED VIOLATIONS OF THE FEDERAL TRUTH IN NEGOTIATIONS ACT WITHOUT ANY ADMISSION OF WRONGDOING OR LIABILITY THE TRUTH IN NEGOTIATIONS ACT REQUIRES BIDDERS FOR GOVERNMENT CONTRACTS TO GIVE BUYERS FULL INFORMATION ON PROSPECTIVE COSTS OF A GOOD OR SERVICE BEING SOLD SIMULA SAID EARLIER THIS YEAR THAT GOVERNMENT INVESTIGATORS WERE ANALYZING PURCHASES FROM A VENDOR ANTICIPATING THE SETTLEMENT AMOUNT WHICH HASN'T YET BEEN PAID SIMULA SAID IT RESTATED ITS SECONDQUARTER RESULTS AS RESTATED THE COMPANY HAD SECONDQUARTER NET INCOME OF 61086 OR 18 CENTS A SHARE DOWN FROM 328086 OR 98 CENTS A SHARE SIMULA STOCK ENDED THE DAY YESTERDAY OFF 125 CENTS A SHARE AT 5125 IN OVERTHECOUNTER TRADING 9309240021 930924 BUSINESS BRIEF HORIZON HEALTHCARE CORP LONGTERM CARE PROVIDER AMENDS ACQUISITION PACT HORIZON HEALTHCARE CORP ALBUQUERQUE NM SAID IT AGREED TO AMEND ITS PACT TO ACQUIRE GREENERY REHABILITATION GROUP INC FOR ABOUT 85 MILLION IN STOCK AND ASSUMED DEBTS THE MERGER AGREEMENT ANNOUNCED AUG 2 HAD BEEN CONTINGENT UPON HORIZON A LONGTERM CARE PROVIDER RAISING ABOUT 80 MILLION IN NEW PUBLIC OR PRIVATE FINANCING ABOUT 587 MILLION OF THAT SUM WAS TO BE USED TO PURCHASE A 50 PARTNERSHIP INTEREST IN EIGHT OF THE 11 PROPERTIES LEASED TO GREENERY BY HEALTH & REHABILITATION TRUST A REAL ESTATE INVESTMENT TRUST WHICH LIKE GREENERY AN OPERATOR OF REHABILITATION FACILITIES IS BASED IN NEWTON MASS UNDER THE AMENDED AGREEMENT HORIZON WILL PURCHASE TWO OF THE FACILITIES FROM HEALTH & REHABILITATION FOR 22 MILLION AT THE TIME OF THE MERGER AND RETAIN THE OPTION TO PURCHASE THE OTHERS AT THE RATE OF ONE A YEAR OTHER MERGER TERMS REMAIN UNCHANGED HORIZON SAID AS REPORTED GREENERY SHAREHOLDERS WOULD RECEIVE ONE NEWLY ISSUED HORIZON COMMON SHARE FOR EVERY FOUR GREENERY SHARES OUTSTANDING GREENERY CURRENTLY HAS ABOUT 82 MILLION SHARES OUTSTANDING AND HORIZON HAS ABOUT 113 MILLION HORIZON WOULD ALSO ASSUME ABOUT 547 MILLION IN GREENERY DEBT 9309240020 930924 BUSINESS BRIEF TRACOR INC NAVY CONTRACT WON BY UNIT OF DEFENSE ELECTRONICS FIRM TRACOR INC SAID ITS VITRO CORP UNIT RECEIVED A ONEYEAR CONTRACT FROM THE NAVAL SEA LOGISTICS CENTER DETACHMENT IN PHILADELPHIA TO PROVIDE SYSTEMS ENGINEERING TECHNICAL AND MANAGEMENT SUPPORT SERVICES FOR THE INSTALLATION OF COMBAT SYSTEMS TRAINING EQUIPMENT THE JOB WITH FOUR ONEYEAR OPTIONS IS VALUED AT 125 MILLION TRACOR SAID IN A NEWS RELEASE THE AUSTIN TEXAS DEFENSE ELECTRONICS CONCERN SAID VITRO WILL DEVELOP DOCUMENTS AND DRAWINGS TO FACILITATE THE INSTALLATION OF THE EQUIPMENT IN NAVY SCHOOLS IN THE US AND OVERSEAS TRACOR SAID THE NAVY'S TRAINING EQUIPMENT UPGRADES INVOLVE COMBAT DIRECTION SYSTEMS AUTOMATIC DETECTION AND TRACKING SYSTEMS ACTIVE/PASSIVE SONAR SYSTEMS AND TOWED ARRAYS SEARCH RADARS DIGITAL AND ANALOG NAVIGATION SYSTEMS MISSILE/GUN/UNDERWATER FIRE CONTROL SYSTEMS SUBMARINE FIRECONTROL SYSTEMS MISSILE LAUNCHERS GUN MOUNTS AND TORPEDO TUBES 9309240019 930924 PICKENS BOOSTS STAKE IN MESA INC TO 686 A WALL STREET JOURNAL NEWS ROUNDUP MESA INC CHAIRMAN BOONE PICKENS RAISED HIS STAKE IN THE NATURAL GAS EXPLORATION AND PRODUCTION COMPANY TO 686 FROM ABOUT 613 IN AUGUST MR PICKENS' MOST RECENT PURCHASE OF 18900 SHARES EARLY THIS WEEK FOLLOWS PURCHASES OF 220000 SHARES EARLIER THIS MONTH AND BRINGS HIS HOLDINGS TO 28 MILLION SHARES ACCORDING TO SECURITIES AND EXCHANGE COMMISSION FILINGS HE PAID BETWEEN 650 TO 778 A SHARE FOR HIS PURCHASES THIS MONTH MESA CLOSED YESTERDAY AT 7125 UP 25 CENTS IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING MR PICKENS'S PURCHASES WERE MADE FOR INVESTMENT PURPOSES THE SEC FILINGS SAID DESPITE MESA'S EARNINGS SLIDE WHEN NATURAL GAS PRICES PLUMMETED IN THE MID1980S AND EVEN LAST YEAR MR PICKENS IS CONVINCED THAT NATURAL GAS PRICES WILL CONTINUE TO INCREASE LATE LAST MONTH MESA COMPLETED A RESTRUCTURING OF ITS LONGTERM DEBT EXCHANGING A NEW PACKAGE OF SECURITIES WITH NOTEHOLDERS FOR EXISTING NOTES A MOVE THAT ALLOWED THE COMPANY TO DEFER 150 MILLION OF CASH INTEREST PAYMENTS THROUGH 1995 HIGHLY LEVERAGED MESA HAS ABOUT 12 BILLION OF LONGTERM DEBT MOST OF IT INCURRED AFTER AGGRESSIVE ACQUISITIONS OF NATURAL GAS RESERVES DURING THE 1980S DESPITE THE RESTRUCTURING MESA'S FUTURE IS STILL PEGGED TO INCREASES IN NATURAL GAS PRICES WHICH MUST REACH AN ANNUAL AVERAGE OF 275 PER THOUSAND CUBIC FEET FOR THE COMPANY TO MAKE A PROFIT MR PICKENS HAS SAID NATURAL GAS HAS BEEN TRADING RECENTLY AT ABOUT 215 PER THOUSAND CUBIC FEET IN THE SECOND QUARTER OF THIS YEAR MESA HAD A LOSS OF 144 MILLION OR 37 CENTS A SHARE ON REVENUE OF 508 MILLION 9309240018 930924 INTERNATIONAL BRIEF LVMH MOET HENNESSY LOUIS VUITTON FIRSTHALF EARNINGS FELL 28 ON SLIGHTLY HIGHER REVENUE FRENCH LUXURYGOODS GROUP LVMH MOET HENNESSY LOUIS VUITTON SA SAID FIRSTHALF EARNINGS DROPPED 28 CITING A NET LOSS IN ITS CHAMPAGNEANDWINES UNIT A 26 DROP IN THE CONTRIBUTION OF ITS GUINNESS PLC STAKE AND AN UNFAVORABLE ECONOMY FIRSTHALF NET DECLINED TO 935 MILLION FRANCS 1649 MILLION FROM YEAREARLIER 129 BILLION FRANCS 2275 MILLION ON A 36 RISE IN REVENUE TO 1004 BILLION FRANCS FROM 968 BILLION FRANCS OPERATING PROFIT FELL 14 TO 203 BILLION FRANCS FROM YEAREARLIER 235 BILLION FRANCS LVMH WHOSE BUSINESS INCLUDES CHAMPAGNE LIQUEURS BAGGAGE PERFUMES AND BEAUTY PRODUCTS SAID HIGHER COSTS AND DECLINING SALES VOLUME AND PRICES LED TO A 100 MILLIONFRANC NET LOSS AFTER CHARGES IN THE CHAMPAGNEANDWINES UNIT 9309240017 930924 REVIEW & OUTLOOK EDITORIAL ASIDES BILL'S OVERNIGHTS SECRETARY OF STATE WARREN CHRISTOPHER SHOULD NOT FEEL AT ALL EMBARRASSED ABOUT NODDING OFF TO SLEEP AS HE SAT IN FRONT OF PRESIDENT CLINTON'S SPEECH ON HEALTH CARE REFORM THURSDAY NIGHT AFTER HEARING SIMILAR REPORTS FROM COLLEAGUES A RANDOM SAMPLE TURNED UP OTHERS WHO ADMITTED TO NOT QUITE MAKING IT THROUGH WHAT PETER JENNINGS BILLED AS ONE OF THE MOST MOMENTOUS NIGHTS IN THE NATION'S HISTORY WE CALLED NBC ABC AND CBS FOR THEIR OVERNIGHT RATINGS ON THE SPEECH AND EACH SAID THEY ATTRACTED ABOUT 10 MILLION VIEWERS THAT'S NOT VERY GOOD BY PRIME TIME STANDARDS AND ONE SUSPECTS THAT BY THE HALFWAY MARK ESPN AND OTHER PERHAPS LESS MOMENTOUS OFFERINGS WERE EXPERIENCING UNEXPECTED SURGES IN VIEWERSHIP 9309240016 930910 EXECUTIVE EDUCATION A SPECIAL REPORT SCHOOL DAYS BATTLING BIAS ARE EXECUTIVEEDUCATION COURSES DOMINATED AND SKEWED BY MEN BY NEELA BANERJEE MARTA BOHN MEYER HAS SPENT ALMOST HER ENTIRE ADULT LIFE WORKING WITH MEN AT RENSSELAER POLYTECHNIC INSTITUTE A PREDOMINANTLY MALE SCHOOL IN TROY NY SHE WAS THE ONLY WOMAN ENROLLED IN HER SPECIALIZED DISCIPLINE NOW THE 35YEAROLD AEROSPACE ENGINEER IS ONE OF ONLY TWO WOMEN AMONG NINE MANAGERS IN HER UNIT OF THE NATIONAL AERONAUTICS AND SPACE ADMINISTRATION SO WHEN NASA SELECTED MS MEYER IN 1989 TO ATTEND AN EXECUTIVEEDUCATION PROGRAM FOR WOMEN ONLY AT SIMMONS COLLEGE IN BOSTON SHE WAS SKEPTICAL I DIDN'T KNOW IF I BELIEVED IN HANGING OUT WITH A BUNCH OF WOMEN SAYS MS MEYER WHOSE FRIENDS ARE MOSTLY MEN I'D HEARD ALL WOMEN DO AT THESE PROGRAMS IS GO SHOPPING AND TALK ABOUT THEIR HAIR EIGHT WEEKS OF CLASSES WITH OTHER FEMALE EXECUTIVES CHANGED HER MIND NOW SHE RECOMMENDS THE SIMMONS PROGRAM TO COLLEAGUES AT NASA'S DRYDEN FLIGHT RESEARCH FACILITY IN CALIFORNIA A FLIGHTTEST ENGINEER WITH NO PRIOR BACKGROUND IN MANAGEMENT MS MEYER APPRECIATED THE SIMMONS PROGRAM BECAUSE IT GAVE HER A CHANCE TO TACKLE SUCH SUBJECTS AS ACCOUNTING AND OPERATIONS AND TO MAKE MISTAKES WITHOUT FEAR OF REPERCUSSIONS SIMMONS IS ONE OF ONLY TWO SCHOOLS IN THE COUNTRY THAT OFFER EXECUTIVETRAINING PROGRAMS EXCLUSIVELY FOR WOMEN THE OTHER PROVIDER IS SMITH COLLEGE IN NORTHAMPTON MASS BUT INTEREST IN WOMENONLY PROGRAMS IS GROWING AND FOR A SIMPLE REASON FOR ALL PRACTICAL PURPOSES MOST COED PROGRAMS ARE MENONLY AFFAIRS IN SOME SENSE THAT MIRRORS THE DEARTH OF WOMEN IN THE UPPER ECHELONS OF CORPORATE AMERICA BUT EDUCATORS ALSO BELIEVE THAT IT CONTRIBUTES TO IT THERE'S A SLEEPING GIANT OUT THERE AS FAR AS THE NUMBER OF WOMEN WHO COULD BE USING EXECUTIVEEDUCATION PROGRAMS BUT AREN'T SAYS GAYNELLE WEISS DIRECTOR OF SMITH'S EXECUTIVEEDUCATION PROGRAM SHE CONCEDES THAT WOMEN DON'T ATTEND PROGRAMS AT TIMES BECAUSE OF DOMESTIC ISSUES SUCH AS CHILD CARE BUT SHE ALSO BELIEVES THAT COMPANIES MAKE SWEEPING AND FALSE ASSUMPTIONS ABOUT WOMEN'S ABILITY TO ATTEND TRAINING CLASSES IN ADDITION SHE SAYS MALE MANAGERS TYPICALLY IDENTIFY THE RISING STARS AND THEY OFTEN EXCLUDE WOMEN IN THE PROCESS SINGLEGENDER PROGRAMS ENCOURAGE WOMEN TO PARTICIPATE IN DISCUSSIONS ADVOCATES SAY BY GIVING THEM A SAFE ENVIRONMENT IN WHICH TO ASK QUESTIONS THEY ALSO PROVIDE ROLE MODELS AND HELP WOMEN EXECUTIVES BUILD CRUCIAL NETWORKS MOREOVER THESE PROGRAMS TEACH WOMEN TO BETTER UNDERSTAND AND SUCCEED IN MALEDOMINATED CORPORATE CULTURES IT ISN'T THE REAL WORLD BUT WOMEN'S PROGRAMS ARE LIKE OLYMPIC TRAINING SAYS MS WEISS YOU STEP OUT OF THE RACE TO BUILD CERTAIN MUSCLES SUCH MUSCLEBUILDING IS OFTEN IMPOSSIBLE IN TRADITIONAL PROGRAMS EDUCATORS SAY MANY WOMEN COMPLAIN FOR INSTANCE OF FEELING INTIMIDATED BY SUBTLE SEXISM IN THESE PROGRAMS WOMEN DON'T HAVE A VOICE IN THE CLASSROOM IN TRADITIONAL PROGRAMS CONTENDS SUSAN LOWANCE A FORMER DIRECTOR OF SMITH'S PROGRAM AND NOW DIRECTOR OF PROGRAMS FOR SENIOR EXECUTIVES AT THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY'S SLOAN SCHOOL OF MANAGEMENT IN CAMBRIDGE MASS THEY AREN'T THE ONES WHO GET TO CONTRIBUTE TO THE DECISIONS THAT RELATIVELY POWERLESSNESS IS ECHOED BY THE WOMEN EXECUTIVES AT CAPITAL CITIES/ABC INC WHICH SENDS MORE THAN 20 WOMEN ANNUALLY TO SIMMONS AND SMITH WOMEN HERE UNANIMOUSLY WANTED TO GO TO A SINGLESEX PROGRAM WHERE THEY DON'T FEEL CONSTRAINED BY THE NORMAL MALEFEMALE ENVIRONMENT SAYS CHARLES KELLER VICE PRESIDENT OF CORPORATE INITIATIVES AT CAPITAL CITIES/ABC PRAISE OF COURSE ISN'T UNANIMOUS SOME CRITICS COMPLAIN THAT WOMEN ARE DODGING THE REAL WORLD BY CLOISTERING THEMSELVES IN SINGLEGENDER PROGRAMS BONDING BETWEEN WOMEN IS OK SAYS NANCY HARTIGAN DIRECTOR OF EXECUTIVE EDUCATION AT NORTHWESTERN UNIVERSITY'S KELLOGG SCHOOL OF MANAGEMENT BUT AT SOME POINT TO REINFORCE THE IDEA THAT WOMEN'S ISSUES ARE DIFFERENT THAT THEY MANAGE DIFFERENTLY IS A BOGUS CONCEPT NONETHELESS THE QUESTION OF WHETHER WOMEN MANAGE DIFFERENTLY THAN MEN GETS A LOT OF ATTENTION AT SINGLEGENDER PROGRAMS SUPPORTERS OF THE PROGRAMS MAINTAIN THAT WOMEN GENERALLY HAVE BETTER COMMUNICATIONS SKILLS THAN MEN THAT THEY ARE BETTER CONSENSUS BUILDERS AND USUALLY LESS HIERARCHICAL BUT THOSE STRENGTHS CAN SPELL TROUBLE IN THE WORKPLACE ESPECIALLY IF WOMEN DON'T UNDERSTAND THE MALE RULES OF THE GAME SUSAN KAVANAUGH ACTING DIRECTOR OF THE SIMMONS PROGRAM RECOUNTS HOW A FEMALE PUBLISHING EXECUTIVE WON A BONUS IN AN INHOUSE SALES COMPETITION BY OFFERING BEFOREHAND TO SPLIT THE PRIZE WITH HER STAFF THE WOMAN EXECUTIVE THOUGHT SHE HAD COME UP WITH A GOOD MANAGEMENT SCHEME BUT THE MEN RUNNING THE OTHER DIVISIONS WERE INCENSED ACCUSTOMED TO KEEPING THE BONUSES FOR THEMSELVES THEY DIDN'T LIKE THE PRECEDENT THEIR FEMALE COLLEAGUE WAS SETTING WHILE SINGLEGENDER PROGRAMS WANT STUDENTS TO UNDERSTAND THIS CORPORATE WORLD THEY DON'T CLAIM WOMEN HAVE TO BEHAVE LIKE MEN TO SUCCEED WE'RE NOT BY ANY MEANS SAYING THAT YOU HAVE TO BE A MAN SAYS ANN LINDSEY AN ADJUNCT PROFESSOR OF MANAGEMENT AT SIMMONS BUT MEN CREATED THESE ORGANIZATIONS AND MALE CULTURE IS BINDING THERE YOU JUST HAVE TO UNDERSTAND IT OR YOU GET TRIPPED UP SOME SCHOOLS ARE TRYING TO END MALE DOMINATION OF EXECUTIVE EDUCATION BY ATTRACTING MORE WOMEN TO THE TRADITIONAL PROGRAMS FOR INSTANCE AS AN ALTERNATIVE TO A FOURWEEK RESIDENTIAL PROGRAM NORTHWESTERN UNIVERSITY IN CHICAGO OFFERS A PROGRAM TWO FRIDAYS A MONTH THROUGH WHICH IT HOPES TO DRAW MORE WOMEN THE SLOAN SCHOOL OF MANAGEMENT HIRED MS LOWANCE THE FORMER SMITH DIRECTOR EXPRESSLY TO RECRUIT MORE WOMEN BUT MOST OF THE ATTENTION STILL GOES TO ALLFEMALE SIMMONS AND SMITH SIMMONS ESTABLISHED ITS PROGRAM IN 1976 AFTER THE DEANS NOTICED THAT EXECUTIVEEDUCATION PROGRAMS WEREN'T TRAINING WOMEN BACKED BY A 100000 GRANT FROM THE ALFRED P SLOAN FOUNDATION IN NEW YORK SIMMONS MOVED TO FILL THE NICHE EARLY ON SIMMONS REPRESENTATIVES WHO MARKETED THE PROGRAM WERE SHOOED OUT THE DOOR OF COMPANIES BEFORE THEY COULD MAKE A PITCH TO SELL THE PROGRAM WE HAD TO SELL WOMEN AND WE WERE ATTACKED ON EVERY FRONT OF THAT SAYS MARGARET HENNIG A SIMMONS DEAN ABOUT THE SEXISM ENCOUNTERED BY THE EARLY RECRUITERS NOW COMPANIES SUCH AS GILLETTE CO XEROX CORP AND AVON PRODUCTS INC CONSISTENTLY SEND EMPLOYEES TO SIMMONS'S THREEWEEK PROGRAM FOR NEW MANAGERS AND EIGHTWEEK COURSE FOR MIDDLE MANAGERS IN 1987 SIMMONS ADDED CUSTOMIZED PROGRAMS FOR MANAGERS OF A SINGLE COMPANY OR ORGANIZATION AT SMITH EXECUTIVES ATTEND A THREEWEEK SESSION RETURNING A YEAR LATER FOR ANOTHER THREE WEEKS IN THE YEAR BETWEEN SESSIONS THEY DO A RELATED PROJECT AT WORK DESPITE GROWING DEMAND SMITH AND SIMMONS HAVE KEPT CLASSES SMALL SIMMONS HAS 25 TO 30 SPOTS IN EACH PROGRAM AND SMITH PROVIDES 25 TO 45 PLACES THE THREEWEEK COURSE AT SIMMONS COSTS 7500 AND THE TAB FOR ITS EIGHTWEEK PROGRAM IS 20000 SMITH WHICH CHARGES 14500 FOR THE SIX WEEKS OF COURSES IS REDESIGNING ITS 13YEAROLD PROGRAM WITH THE RECESSION THE SCHOOL FOUND THAT EMPLOYEES WHO ATTENDED ONE YEAR HAD SOMETIMES LEFT THE COMPANY BY THE TIME THE SECOND HALF OF THE COURSE ROLLED AROUND ACADEMICALLY THE COED PROGRAMS AND WOMENONLY COURSES DON'T DIFFER MUCH BOTH GENERALLY COVER A RANGE OF SUBJECTS THAT OFTEN INCLUDE OPERATIONS FINANCIAL MANAGEMENT AND ORGANIZATIONAL BEHAVIOR BUT IN WOMENONLY CLASS DISCUSSIONS GENDER ISSUES COME UP IN A WAY THAT THEY RARELY DO IN TRADITIONAL PROGRAMS CONSIDER A RECENT SIMMONS CLASS IN WHICH 25 WOMEN WERE DISCUSSING THE CASE STUDY OF A SMART DRIVEN WOMEN WHO ONCE WORKED FOR A COMPUTER COMPANY THE WOMAN WAS PUSHED OUT WHEN SHE FAILED TO REACT EFFECTIVELY TO A PLAN TO LIQUIDATE HER DEPARTMENT IN THE SIMMONS CLASS ALMOST EVERYONE CRITICIZES THE WOMAN'S PERFORMANCE SHE TOOK THE PLAN PERSONALLY THEY SAY SHE DIDN'T PRESENT ALTERNATIVES SHE FAILED TO COMMUNICATE WITH KEY PLAYERS BUT AS THE WOMEN TALK THROUGH THE CASE ANGELICA SORIANO A SERVICE MANAGER WITH NEW YORK TELEPHONE CO RAISES A QUESTION I WONDER SHE SAYS IF A MAN WOULDN'T REACT THE SAME WAY BRENDA BERLIN AN ASSISTANT MANAGER OF HUMAN RESOURCES DEVELOPMENT AT NYNEX CORP IN MIDDLETON MASS DOESN'T THINK SO WOMEN TEND TO INTERNALIZE PROBLEMS AND SAY I'M DOING SOMETHING WRONG' THAT CAN PREVENT THEM FROM TAKING ACTION MS BERLIN CONTENDS BUT A MAN WOULD SAY HEY THIS GUY IS TRYING TO TAKE MY JOB' AND HE'D DO SOMETHING ABOUT IT WOMEN BRING WIDELY VARIED AGENDAS TO EXECUTIVE EDUCATION FROM A DESIRE TO BE A BETTER ADMINISTRATIVE ASSISTANT TO MS MEYER'S AMBITION TO MANAGE DRYDEN'S 200PERSON OPERATIONS CENTER SOME DAY FOR NASA BUT NEARLY EVERY ALUMNA OF SIMMONS AND SMITH CAN TICK OFF A LIST OF ACQUIRED INSIGHTS AND SKILLS THAT COULD HELP HER CAREER AT SIMMONS FOR EXAMPLE XEROX ENGINEER DIPIKA SHAH FROM FAIRPORT NY SAYS THE PROGRAM BOOSTED HER CONFIDENCE AND TAUGHT HER TO MAP A STRATEGY FOR HER CAREER CLASSMATE KAREN GUNDERSON A SENIOR TREND ANALYST AT PACIFIC GAS & ELECTRIC CO IN SAN FRANCISCO SAYS THE COURSE HELPED HER SEE THE VALUE OF TRADITIONALLY FEMININE TRAITS SUCH AS MEDIATING DISPUTES I WAS ALWAYS THE PERSON TO BRING UP TOUGH INTERPERSONAL ISSUES AT WORK SAYS MS GUNDERSON WHOSE COWORKERS ARE MOSTLY MEN THE PROGRAM HAS VALIDATED THAT IT SHOWED ME I NEED TO SEE THE SOFTER SIDE SOMETIMES IN MYSELF MS BANERJEE IS A STAFF REPORTER IN THE WALL STREET JOURNAL'S NEW YORK BUREAU WOMEN PARTICIPANTS ARE BARELY REPRESENTED IN MANY EXECUTIVEEDUCATION PROGRAMS HERE'S A LOOK AT SOME OF THE MORE PROMINENT COURSES AND THE PERCENTAGE OF 1992 STUDENTS WHO WERE WOMEN 9309240015 930924 INTERNATIONAL BRIEF CREDIT LYONNAIS BANK HURT BY PROVISIONS REPORTS A LOSS FOR FIRST HALF CREDIT LYONNAIS THE FRENCH STATECONTROLLED BANK REPORTED A GROUP NET LOSS OF 105 BILLION FRANCS 1851 MILLION FOR THE FIRST HALF OF 1993 AS A RESULT OF PROVISIONS A YEAR EARLIER IT HAD A PROFIT OF 119 MILLION FRANCS THE BANK SAID IT EXPECTS THE SECOND HALF TO PRODUCE BETTER RESULTS THAN THE FIRST HALF BECAUSE OF CONTINUING DECLINES IN OPERATING EXPENSES AND LOWER INTEREST RATES BUT BANK OFFICIALS WARNED THAT THERE'S LITTLE HOPE OF RELIEF FROM ADDED PROVISIONS GIVEN THE DIFFICULT ECONOMIC CLIMATE CREDIT LYONNAIS SAID IT PILED ON 73 BILLION FRANCS OF NEW NET PROVISIONS TO COVER RISKS FROM ITS SMALLER BUSINESS CLIENTS WHO ARE SUFFERING FROM THE ECONOMIC DOWNTURN AND THE POOR REALESTATE MARKET THE NEW PROVISIONS COME AFTER 147 BILLION FRANCS OF PROVISIONS IN 1992 AND 96 BILLION FRANCS IN 1991 9309240014 930924 WHAT'S NEWS WORLDWIDE THE 6150 MARGIN IN THE KNESSET WAS WIDER THAN EXPECTED FOR RATIFICATION OF THE ACCORD GRANTING PALESTINIAN SELFRULE IN THE GAZA STRIP AND THE WEST BANK CITY OF JERICHO EIGHT MEMBERS INCLUDING FIVE MEMBERS OF THE SHAS RELIGIOUS PARTY ABSTAINED THREE LIKUD LEGISLATORS WHO ABSTAINED MAY FACE OUSTER FROM THE OPPOSITION PARTY PRIME MINISTER RABIN SAID THE VOTE GIVES HIS GOVERNMENT THE FREEDOM TO PURSUE PEACE EFFORTS ISRAELI TROOPS BROKE UP TWO ATTEMPTS BY WEST BANK SETTLERS TO SEIZE LAND TO PROTEST THE ACCORD THE ARMY ARRESTED 28 SETTLERS FOR REFUSING TO DISPERSE YELTSIN CALLED FOR PRESIDENTIAL ELECTIONS TWO YEARS AHEAD OF SCHEDULE THE RUSSIAN LEADER WHO APPEARS INCREASINGLY CONFIDENT IN HIS BATTLE TO DISSOLVE PARLIAMENT AND HOLD DECEMBER ELECTIONS FOR A NEW LEGISLATURE SAID THE PRESIDENTIAL ELECTIONS WOULD BE HELD JUNE 12 PARLIAMENT MEETING IN EMERGENCY SESSION COUNTERED WITH A CALL FOR JOINT PRESIDENTIALPARLIAMENTARY ELECTIONS IN FEBRUARY RUSSIA'S MEDIA FOR THE MOST PART APPEAR TO BE SIDING WITH YELTSIN A RUSSIAN INTERIOR MINISTRY SPOKESMAN SAID GUNMEN KILLED A POLICEMAN IN AN ATTEMPT TO STORM A MILITARY BUILDING IN MOSCOW BUT WERE REPULSED SOUTH AFRICA'S PARLIAMENT RATIFIED A POWERSHARING AGREEMENT WITH THE AFRICAN NATIONAL CONGRESS EFFECTIVELY GIVING BLACKS THEIR FIRST VOICE IN THE GOVERNMENT THE VOTE WHICH PROMPTED A WALKOUT BY RIGHTWING WHITE LEGISLATORS SETS UP A TRANSITION COUNCIL WITH THE POWER TO VETO SOME GOVERNMENT DECISIONS THE US IS PREPARING TO SEND THOUSANDS OF US TROOPS INTO BOSNIA BY THE END OF NEXT MONTH IF A PEACE AGREEMENT IS REACHED NEXT WEEK UNDER A NATO PEACEKEEPING PLAN THAT HASN'T BEEN PUBLICLY RELEASED MOST US TROOPS WILL BE DEPLOYED IN SARAJEVO AND SOUTH AND SOUTHWEST OF IT A JOINT CHIEFS OF STAFF OFFICIAL SAID PRINCE SIHANOUK RETURNED TO CAMBODIA AND IS TO BE CROWNED KING TODAY UNDER A CONSTITUTION APPROVED TUESDAY BY THE COUNTRY'S RECENTLY ELECTED PARLIAMENT SIHANOUK WAS OUSTED AS CAMBODIA'S LEADER 23 YEARS AGO IN A COUP THE FORMATION OF THE GOVERNMENT WILL MARK THE END OF AN 18MONTH UN PEACEKEEPING MISSION IN CAMBODIA SYDNEY WAS CHOSEN AS THE HOST CITY FOR THE SUMMER OLYMPICS IN 2000 IN A CLOSE VOTE THAT DREW A BITTER REACTION IN BEIJING WHICH HAD MOUNTED AN AGGRESSIVE CAMPAIGN FOR THE GAMES AUSTRALIA'S LAST OLYMPICS WERE THE 1956 SUMMER GAMES IN MELBOURNE WHICH WERE THE ONLY GAMES EVER HELD IN THE SOUTHERN HEMISPHERE A CUBAN JET FIGHTER LANDED AT THE US MILITARY BASE IN GUANTANAMO CUBA AND THE PILOT ASKED FOR POLITICAL ASYLUM US OFFICIALS SAID A PENTAGON OFFICIAL SAID THE PILOT WAS FLYING HIS MIG23 WITH A NUMBER OF OTHER CUBAN PLANES AND SUDDENLY DOVE FOR THE US BASE THE DEFECTION MARKS THE SECOND IN A WEEK BY A CUBAN MILITARY PILOT TRAINCRASH INVESTIGATORS SAID A TUGBOAT OPERATOR RADIOED AUTHORITIES THAT HE WAS HAVING TROUBLE WITH A RUNAWAY BARGE MINUTES BEFORE AN AMTRAK TRAIN DERAILED ON A BRIDGE IN ALABAMA INVESTIGATORS SAID THE BARGE STRUCK THE RAILROAD BRIDGE OVER A BAYOU AND PROBABLY CAUSED AMTRAK'S WORST WRECK WHICH KILLED AT LEAST 44 PEOPLE REBELS IN GEORGIA SHELLED A PASSENGER AIRPLANE ON THE RUNWAY OF SUKHUMI'S AIRPORT ACCORDING TO GEORGIAN OFFICIALS BUT THE NUMBER OF CASUALTIES WASN'T KNOWN IT WAS THE THIRD ATTACK ON A CIVILIAN AIRCRAFT BY ABKHAZIAN SEPARATISTS THIS WEEK STATE TELEVISION SAID GEORGIAN TROOPS HAD BROKEN THROUGH SIEGE LINES SOUTH OF THE CITY ADMINISTRATION OFFICIALS FANNED OUT ACROSS THE US TO HELP SELL THE CLINTON HEALTH PACKAGE THE PRESIDENT AND HILLARY CLINTON HELD A WHITE HOUSE RALLY KICKING OFF THE CAMPAIGN TO PERSUADE CONGRESS TO PASS THE PLAN MR CLINTON SAID THERE WAS A HISTORIC OPPORTUNITY FOR BIPARTISAN SUPPORT ON THE ISSUE NICARAGUA'S CAPITAL REMAINED TENSE AS A NATIONWIDE STRIKE PROMPTED BY A NEW TAX ENTERED ITS FOURTH DAY PRESIDENT CHAMORRO'S GOVERNMENT WITHDREW THE TAX ON VEHICLES THIS WEEK BUT THE PROTEST GREW AND MANAGUA'S STREETS ARE NOW BLOCKED BY DEMONSTRATORS' BARRICADES AND BONFIRES 9309240013 930924 INTERNATIONAL BRIEF DAIMLERBENZ AG CHARGE OF 913 MILLION SEEN AGAINST SECONDHALF RESULTS GERMANY'S DAIMLERBENZ AG EXPECTS TO TAKE A CHARGE OF AN ESTIMATED 15 BILLION MARKS 913 MILLION AGAINST SECONDHALF RESULTS TO COVER SOCIAL COMPENSATION COSTS OF ITS AGGRESSIVE JOB CUTS THE DISCLOSURE WAS CONTAINED IN A FILING WEDNESDAY IN NEW YORK WITH THE SECURITIES AND EXCHANGE COMMISSION DAIMLER FILED A FORM 20F DISCLOSURE STATEMENT AS A REQUIREMENT FOR A PLANNED OCT 5 ISSUE OF AMERICAN DEPOSITARY RECEIPTS OR ADRS ON THE NEW YORK STOCK EXCHANGE THE COMPANY SWUNG TO A FIRSTHALF GROUP NET LOSS OF 949 MILLION MARKS FROM 965 MILLION MARKS PROFIT A YEAR EARLIER IT ANNOUNCED LAST FRIDAY IT WAS THE FIRST POSTWAR LOSS BY THE GERMAN INDUSTRIAL GROUP DAIMLER WILL CUT 43500 JOBS IN THE THREE YEARS ENDING IN 1994 INCLUDING FORCED LAYOFFS THE COMPANY SAID LAST WEEK 9309240011 930924 INTERNATIONAL WORLD WIRE COMPILED BY RICHARD L HOLMAN IN A DIPLOMATIC BREAKTHROUGH TAIWAN WANGLED A US INVITATION TO SEND A REPRESENTATIVE TO A SEATTLE MEETING OF ASIAPACIFIC LEADERS BUT A COMPROMISE INVOLVING CHINA UNDERSCORES THE LIMITS TO TAIWAN'S EFFORTS TO RAISE ITS WORLD PROFILE DESPITE ITS ECONOMIC ACHIEVEMENTS THE US INVITED CHINA'S PRESIDENT TO THE NOV 1920 CONFERENCE BUT EXCLUDED TAIWAN'S PRESIDENT A REMINDER OF CHINA'S GLOBAL IMPORTANCE AS TAIWAN CAMPAIGNS TO REJOIN THE UNITED NATIONS SINCE PRESIDENT BILL CLINTON LAST JULY PROPOSED THE SUMMIT OF 15 LEADERS IN THE ASIAPACIFIC REGION TAIWAN'S ROLE HAD POSED AN OBSTACLE CHINA WHICH OPPOSES TAIWAN'S ACCESS TO THE INTERNATIONAL STAGE ON ANY BASIS THAT HINTS OF DIPLOMATIC RECOGNITION INSISTED TAIWAN SHOULDN'T BE ALLOWED TO ATTEND THE US WHICH MAINTAINS FORMAL RELATIONS WITH BEIJING AND INFORMAL TIES WITH TAIPEI WAS SAID TO BE UNWILLING TO CONFRONT CHINA ON THE MATTER FOR FEAR IT WOULD BOYCOTT THE MEETING YET THE FACESAVING SOLUTION MAY LIMIT POLITICAL REPERCUSSIONS IN TAIWAN'S NOV 27 ELECTIONS CHINA PLANS TO JOIN JAPAN EUROPE AND THE US IN THE RACE TO DEVELOP HIGHDEFINITION TELEVISION THE GOVERNMENT PREDICTED CHINA WILL BEGIN HDTV BROADCASTS BY 1999 A RESEARCH CENTER IS TO BE SET UP BY EARLY NEXT YEAR TO DEVELOP THE TECHNOLOGY FOR TRANSMITTING HIGHERQUALITY IMAGES WITH APPLICATIONS IN TELECOMMUNICATIONS AVIATION AND MEDICINE THE CENTER TO BE OPERATED BY SHAREHOLDERS SUCH AS RESEARCH INSTITUTES AND MAKERS OF TV SETS WILL FOCUS ON HDTV RECEIVERS VIDEOCASSETTE RECORDERS AND TRANSMISSION SYSTEMS FRANCE SAID IT WOULD BUILD A HIGHSPEED TRAIN GRANDE VITESSE RAILWAY LINK FROM PARIS TO STRASBOURG THAT WILL CONNECT WITH LINES TO FRANKFURT AND STUTTGART GERMANY PREVIOUS PLANS CALLED FOR A FAST LINE FROM PARIS TO THE VOSGES MOUNTAINS AND A CONVENTIONALSPEED TRACK TO STRASBOURG THE NEW TGV ROUTE TO GERMANY WILL RUN THROUGH NANCY METZ AND STRASBOURG THE GOVERNMENT ALSO WILL COMPLETE THE HIGHSPEED PARISMARSEILLE ROUTE NOW HALTED AT VALENCE SOUTH OF LYON A BRANCH WILL EXTEND WEST TO MONTPELLIER FOR AN EVENTUAL LINK TO BARCELONA SPAIN ARGENTINA'S SENATE PASSED A SOCIALSECURITY REFORM BILL INTRODUCING INDIVIDUAL RETIREMENT ACCOUNTS TO SUPPLEMENT THE STATERUN PENSION SYSTEM THE MEASURE CLEARED BY PARLIAMENT'S LOWER HOUSE IN MAY WAS INSPIRED BY CHILE'S PENSION CHANGES THAT HELPED THAT COUNTRY BUILD THRIVING CAPITAL MARKETS ARGENTINA HOPES ITS SOCIALSECURITY OVERHAUL WILL BOOST SAVINGS AND CAP STATE PENSION OUTLAYS WHICH AMOUNT TO A THIRD OF THE FEDERAL BUDGET SOUTH KOREA ESTIMATED ITS RICE HARVEST THIS YEAR WILL TOTAL 47 MILLION TONS THE WORST SINCE 1980 AND 10 BELOW THE GOVERNMENT'S TARGET COOL WEATHER CAUSED WIDESPREAD CROP DAMAGE THOUGH THE HARVEST WOULD BE 280000 TONS SHORT OF DEMAND AND COULD REDUCE GROSS NATIONAL PRODUCT BY 03 THE GOVERNMENT RULED OUT OPENING ITS MARKET TO RICE IMPORTS SEPARATELY IN A GOVERNMENT SURVEY BIG KOREAN COMPANIES IN 22 SECTORS PREDICTED 1993 CAPITAL INVESTMENTS TOTALING 16 BILLION UP 27 FROM 1992 AND 29 FROM PLANS EARLIER THIS YEAR MEXICO UNVEILED AN AMBITIOUS PLAN TO COLLECT TAXES FROM AN ESTIMATED 84 MILLION WORKERS IN THE SOCALLED INFORMAL SECTOR OF THE ECONOMY SUCH AS SIDEWALK SHOESHINE STANDS AND FOOD VENDORS THE FINANCE MINISTRY SAID THESE WORKERS REPRESENT A THIRD OF THE NATION'S WORK FORCE BUT IN SEEKING TO EQUALIZE TAXES THE GOVERNMENT DIDN'T SAY HOW IT WOULD ACHIEVE THE DIFFICULT TASK OF WRINGING TAX PAYMENTS FROM A SECTOR THAT DEALS MAINLY IN CASH INDONESIA INTENDS TO SWEETEN INCENTIVES AGAIN FOR COSTLY OIL EXPLORATION IN REMOTE AREAS PERTAMINA THE STATE OIL COMPANY WILL UNVEIL DETAILS IN NOVEMBER BUT INDICATED THAT FIRMS COULD KEEP MORE OF THE OIL THEY PRODUCE NOW BETWEEN 15 AND 20 MEANWHILE IN ITS ANNUAL REPORT ON INDONESIA'S OIL INDUSTRY THE US EMBASSY ECHOED THE SECTOR'S VIEW THAT BETTER TERMS ARE NEEDED TO BOOST EXPLORATION INDONESIA HAS AMENDED CONDITIONS FOR OIL COMPANIES THREE TIMES IN THE PAST FIVE YEARS BUT EXPLORATION HASN'T SURGED CONTRACTORS WANT MORE OF THE OUTPUT TO JUSTIFY COSTS WHILE THE ROLE OF OIL IN THE INDONESIAN ECONOMY HAS DECREASED SHARPLY IN RECENT YEARS OIL AND NATURAL GAS REMAIN THE COUNTRY'S BIGGEST EXPORTS BUT GROWING DOMESTIC CONSUMPTION AND DECLINING RESERVES INCREASE THE CHANCES THAT INDONESIA WILL BECOME A NET IMPORTER OF OIL BY EARLY IN THE NEXT DECADE OIL COMPANIES WITH SCARCER EXPLORATION FUNDS HAVE BEEN DRAWN TO COUNTRIES WITH GREATER POTENTIAL SUCH AS CHINA VIETNAM BURMA AND FORMER SOVIET REPUBLICS HUNDREDS OF HEARSES FROM THROUGHOUT SPAIN CHOKED TRAFFIC IN MADRID TO PROTEST THE CITY'S MONOPOLY ON TRANSPORTING BODIES EVEN TO FUNERALS HELD ELSEWHERE RESIDENTS OF BUDAPEST'S CSEPEL ISLAND A DANUBE RIVER ENCLAVE OF HEAVY INDUSTRY AND DECREPIT FACTORIES VOTE TOMORROW ON WHETHER TO SECEDE FROM THE HUNGARIAN CAPITAL SEPARATISTS COMPLAIN THAT THE CITY IS BUILDING A SEWAGE TREATMENT PLANT ON THE ISLAND BUT IGNORING PLEAS FROM THE WORKINGCLASS DISTRICT FOR AFFORDABLE HOUSING AND SMALLBUSINESS DEVELOPMENT 9309240010 930924 TEAMSTERS UNION MOVES STEP CLOSER TO UPS STRIKE ATLANTA THE TEAMSTERS UNION LEADERSHIP VOTED TO END ITS CONTRACT EXTENSION WITH UNITED PARCEL SERVICE OF AMERICA INC BRINGING THE UNION A STEP CLOSER TO A POSSIBLE WALKOUT THE MOVE ENABLES THE UNION TO STRIKE THE CLOSELY HELD PACKAGEDELIVERY COMPANY BASED HERE AT ANY TIME AFTER NEXT THURSDAY HOWEVER BOTH THE UNION AND THE COMPANY SAID THEIR REPRESENTATIVES WILL REMAIN AT THE NEGOTIATING TABLE TODAY AND THROUGH THE WEEKEND IN AN ATTEMPT TO AGREE ON A NEW CONTRACT MARIO PERRUCCI THE LEAD TEAMSTERS NEGOTIATOR SAID THE UNION'S MOVE WAS PROMPTED BY UPS DRAGGING ITS FEET AT SOME POINT HE SAID YOU'VE GOT TO PULL OUT YOUR GUNS UPS DID PROPOSE A NEW WAGEANDBENEFIT PACKAGE YESTERDAY AFTERNOON BUT MR PERRUCCI SAID THE LATEST OFFER WAS STILL NOWHERE NEAR WHERE WE WANT TO BE THE UPS PROPOSAL OFFERED A 45CENTANHOUR RAISE IN EACH OF THE NEXT FOUR YEARS AND A RAISE OF 50 CENTS AN HOUR IN THE FIFTH YEAR UPS ALSO OFFERED TO BOOST ITS PENSION AND HEALTHCARE CONTRIBUTIONS FROM ITS PRIOR CONTRACT PROPOSAL ABOUT 165000 TEAMSTERS UNION MEMBERS WORK FOR UPS REPRESENTING THE LARGEST SINGLE TEAMSTERS SHOP IN THE COUNTRY 9309240009 930924 POTAMAC WATCH HOW THE CLINTONS HOPE TO SNARE THE MIDDLE CLASS BY PAUL A GIGOT ON ONE OF HER MANY TREKS TO CAPITOL HILL HILLARY RODHAM CLINTON WAS ASKED BY NORMAN SISISKY A VIRGINIA DEMOCRAT WHAT MIGHT BE DONE TO EASE THE BURDEN OF HER HEALTH CARE PLAN ON SMALL BUSINESS I CAN'T GO OUT AND SAVE EVERY UNDERCAPITALIZED ENTREPRENEUR IN AMERICA REPLIED THE FIRST LADY IN HER BEST MATTEROFFACT TONE ACCORDING TO MINNESOTA GOP REP JIM RAMSTAD AND OTHER WITNESSES I CAN'T SAVE THAT FREUDIAN NONSLIP REVEALS AS MUCH ABOUT THE POLITICAL DARING AND ARROGANCE OF THE CLINTON HEALTH PLAN AS DID ANYTHING HER HUSBAND SAID WEDNESDAY NIGHT MR CLINTON OFFERED THE SUNNY SIDE OF REFORM MORE AND BETTER CARE WITH LESS COST AND MORE CHOICE FOR JUST ABOUT EVERYONE PLUS LESS BUREAUCRACY AND A SMALLER DEFICIT TO BOOT HE ALSO TOLD US TO BELIEVE IN MIRACLES WHICH SEEMS APPROPRIATE BUT THE FIRST LADY'S PRIVATE CANDOR IS A WINDOW ON THEIR PROPOSAL'S DARK SIDE THE GOVERNMENT COERCION IT REQUIRES THE POLITICAL INTERFERENCE WITH INDIVIDUAL CHOICE THE HIDDEN COSTS SHE WAS MORE HONEST BOTH CLINTONS ARE NOW TALKING COMPROMISE A CLEVER TACTIC LEARNED FROM THEIR TROUBLES WITH THE BUDGET BUT BE NOT MISLED BEHIND IT ALL IS A FARREACHING POLITICAL STRATEGY THAT WILL GUIDE HOW MUCH THEY CONCEDE THEIR OVERRIDING GOAL IS TO CREATE A NEW MIDDLECLASS ENTITLEMENT THAT PUTS ANOTHER 14 OF THE ECONOMY UNDER THE SWAY OF GOVERNMENT AND THUS OF POLITICIANS DEMOCRATS NEED TO REDISCOVER BROADBASED SOCIAL POLICY THAT SENDS A LARGER MESSAGE DEMOCRATS ARE FOR EVERYBODY' NOT JUST THE HAVENOTS' WROTE STAN GREENBERG MR CLINTON'S POLLSTER AND ADVISER IN 1991 THAT MEANS DEFENDING AND ENLARGING SOCIAL INSURANCE INITIATIVES THAT REACH THE LOWER AND MIDDLE CLASSES RATHER THAN CONSTRUCTING SAFETY NETS THAT PROTECT ONLY THE POOR IN OTHER WORDS THE AMERICAN ELECTORATE WON'T TAX ITSELF ANY MORE TO PAY FOR THE POOR SO TO WIN BACK SUBURBAN VOTERS LIBERALS MUST NOW PERSUADE THE MIDDLE CLASS TO TAX ITSELF TO PAY ITSELF AND THE POOR FOR SOME BENEFIT THIS REMAINS THE POLITICAL LODESTAR OF THE CLINTON PRESIDENCY AND HEALTH CARE IS ITS BIG PLAY THE CLINTONS HAVE CAREFULLY DESIGNED THEIR PLAN WITH A WINNING COMPROMISE IN MIND THEY MADE IT FAR ENOUGH LEFT TO KEEP LIBERAL AND INTERESTGROUP OBJECTIONS MUTED NOTE THE APPROVAL OF THE SENIORS' LOBBY AND THE CATTHATATETHECANARY SMILES OF SENATE LIBERALS TED KENNEDY AND JOHN ROCKEFELLER NOTE ALSO THE LOUD SILENCE OF TREASURY SECRETARY LLOYD BENTSEN WHO WOULD HAVE HAD MORE INFLUENCE IF HE'D STAYED IN THE SENATE NOW THE FIRST PARTNERS HAVE ROOM TO MOVE RIGHT WITHOUT GIVING UP THEIR MOST CHERISHED GOALS HERE'S WHAT HILLARY WANTS LIBERAL REPUBLICANS AND CONSERVATIVE DEMOCRATS WOULD CONCEDE TO HER ON THE EMPLOYER MANDATE WHICH WOULD REQUIRE ALL BUSINESSES TO PAY FOR 80 OF EMPLOYEES' HEALTH INSURANCE SHE WOULD THEN AGREE TO DROP FORMAL PRICE CONTROLS AND THE WORST BUT NOT ALL OF HER PLAN'S INTRUSIVE REGULATION SHE'D ALSO PARE BACK THE HEALTH CARE BENEFITS INCLUDED IN THE MANDATED POLICY AT LEAST AT FIRST SO THE FINANCING DOESN'T APPEAR TO BE THE FANTASY SEN DANIEL PATRICK MOYNIHAN NOW SAYS IT IS THE CLINTONS KNOW THAT THE BIG SCORE IS SIMPLY GETTING THE MIDDLECLASS ENTITLEMENT IN PLACE THEN IT WILL NEVER BE REMOVED INDEED POLITICIANS WILL COMPETE TO EXPAND AND REGULATE IT PUTTING EVER MORE PRESSURE ON SPENDING AND IF EMPLOYERS DO MOST OF THE PAYING IN EFFECT COLLECTING HEALTH TAXES AS A GOVERNMENT PROXY THE POLITICS WILL BE EVEN EASIER BECAUSE INDIVIDUALS WON'T SEE THE DIRECT COST OF THESE BENEFITS THE EMPLOYER MANDATE IS THEIR STEALTH FINANCING ONCE THEY GET IT THEY'VE WON SAYS GAIL WILENSKY WHO RAN MEDICARE AND MEDICAID FOR GEORGE BUSH THE RESULT OVER TIME WOULD BE WHAT HAS HAPPENED TO MEDICARE BUT FOR EVERYONE'S CARE EVER MORE SPENDING THAT WOULD FORCE EVEN REPUBLICAN PRESIDENTS INTO EITHER RAISING TAXES OR IMPOSING PRICE CONTROLS AND RATIONING TO PAY FOR IT REPUBLICANS AREN'T WELL POSITIONED TO RESIST ALL OF THIS IN PART BECAUSE THEY'RE NOW PAYING IN LOST CREDIBILITY FOR THE DONOTHING BUSHDARMAN YEARS REPUBLICAN SEN JOHN CHAFEE HAS A REFORM WITHOUT THE HEAVYHANDED MANDATE YET HE'S ALREADY SAID THAT NO PRINCIPLE IS SACRED TO HIM WHICH MEANS HE'S OPEN TO HILLARY'S DEAL THE AMERICAN MEDICAL ASSOCIATION WILL TAKE A DIVE AS LONG AS DOCTORS DON'T FACE PRICE CONTROLS TENNESSEE DEMOCRAT JIM COOPER IS MADE OF STERNER STUFF IN THE HOUSE BUT HE WANTS TO RUN FOR THE SENATE IN 1994 AND WILL FACE PARTY PRESSURE YET MORE SENSIBLE REFORM MIGHT PREVAIL IF CRITICS CAN PERSUADE MIDDLECLASS VOTERS THAT MR CLINTON'S VAST EXPANSION OF STATE POWER GOES WELL BEYOND WHAT IS NEEDED TO EASE THEIR HEALTH CARE ANXIETIES THEY MIGHT POINT OUT THAT FOR ALL OF MR CLINTON'S TALK OF PERSONAL RESPONSIBILITY AN 80 EMPLOYER MANDATE LETS PEOPLE SHIRK IT EVEN GERMANY WHICH SEEMS TO BE THE CLINTONS' MODEL STATE REQUIRES INDIVIDUALS TO PAY 50 AND IF THE CLINTONS REALLY WANT CHOICE WHY ARE THEY NIXING THE LAW KNOWN AS SECTION 125 THAT LETS EMPLOYEES CHOOSE FROM CAFETERIA MEDICAL PLANS THE ACHILLES' HEEL OF MR CLINTON'S HEALTH CAMPAIGN IS THE SAME AS IT WAS ON THE BUDGET HIS FINE EVEN ELOQUENT RHETORIC DOESN'T MESH WITH THE DETAILS HE WANTS TO EXPAND THE REACH OF GOVERNMENT BEYOND ANYTHING THE GREAT SOCIETY ASPIRED TO YET HE KNOWS HE CAN'T SELL HIS PROGRAM BY CANDIDLY SAYING SO HE'S OFFERING VOTERS A REFORM FROM THE 1960S WHEN WHAT THEY WANT IS ONE FOR THE 1990S 9309240008 930924 CORPORATE FOCUS CRAY RESEARCH HOPES T3D WILL PUT IT BACK ON LINE COMPANY TO COMPETE WITH SMALLER RIVALS WITH MPPBASED SUPERCOMPUTER BY WILLIAM M BULKELEY STAFF REPORTER OF THE WALL STREET JOURNAL THE COMPANY'S STOCK IS A FRACTION OF ITS HIGH IT LOST MONEY LAST YEAR FOR THE FIRST TIME CHEAPER COMPUTERS BASED ON MICROPROCESSORS ARE SURPASSING ITS BIG MACHINES INTERNATIONAL BUSINESS MACHINES CORP IN 1992 YUP AND CRAY RESEARCH INC IN 1993 AFTER DOMINATING THE SUPERCOMPUTER BUSINESS SINCE 1975 AS IBM ONCE DOMINATED THE COMPUTER INDUSTRY CRAY HAS SEEN ITS RESULTS BATTERED BY GOVERNMENT SPENDING SLOWDOWNS AND BRUISING COMPETITION ON MONDAY CRAY WILL UNVEIL A NEW MACHINE THE T3D SUPERCOMPUTER IN A BID TO STOKE FLAT SALES AND AVOID THE WRENCHING PAIN THAT IBM AND OTHERS HAVE SUFFERED THE T3D WHOSE PRICE CRAY HASN'T DISCLOSED YET MARKS AN IMPORTANT DEPARTURE BECAUSE IT IS THE COMPANY'S FIRST OFFERING THAT RELIES ON MASSIVELY PARALLEL PROCESSING A TECHNOLOGY LONG USED BY CRAY'S SMALLER COMPETITORS CRAY HOPES THE T3D WILL STOP THE INCURSIONS THAT THESE COMPETITORS HAVE MADE WITH ITS BEST CUSTOMERS AND EVENTUALLY GIVE IT A WEAPON TO ENTER THE FASTER GROWING MARKET FOR LOWPRICE SUPERCOMPUTERS WITH THE T3D AND OTHER PRODUCTS SOON TO BE UNVEILED CRAY HOPES IT CAN REDUCE ITS TRADITIONAL RELIANCE ON GOVERNMENT AND RESEARCH SALES SELL MORE TO BUSINESSES AND RESTORE ITS REPUTATION AS BUILDER OF THE MOST POWERFUL COMPUTERS ANYWHERE WITHOUT NEW LINES AND NEW TECHNOLOGIES CRAY'S BUSINESS MIGHT GRADUALLY WITHER AWAY THE T3D WILL GET US BACK ON THE GROWTH CURVE VOWS JOHN CARLSON CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF CRAY WHICH IS BASED IN EAGAN MINN HE SAYS THAT IT WON'T HELP SALES OR EARNINGS THIS YEAR BUT THE COMPANY STILL EXPECTS ABOUT AN 8 REVENUE GAIN FROM EXISTING LINES AND ANALYSTS PREDICT PROFITABILITY NEXT YEAR MR CARLSON PREDICTS THE T3D WILL BE BOUGHT BY ENOUGH BIG CUSTOMERS TO MAKE CRAY THE BIGGEST MAKER OF MASSIVELY PARALLEL PROCESSING SUPERCOMPUTERS TOPPING THE ESTIMATED 90 MILLION REVENUE OF THINKING MACHINES CORP A CLOSELY HELD CAMBRIDGE MASS COMPANY MASSIVELY PARALLEL PROCESSING OR MPP LINKS TOGETHER HUNDREDS OF MICROPROCESSORS TO PERFORM COMPUTATIONS CRAY SPECIALIZES IN MACHINES THAT USE A FEW VERY POWERFUL PROCESSORS IN THE COMPUTER BOX CRITICS DOUBT CRAY CAN REGAIN CLEAR LEADERSHIP OR ITS ONCELOFTY PROFIT MARGINS CRAY MISSED THE SHIFT IN TECHNOLOGY MUCH AS IBM MISSED THE SHIFT IN MAINFRAMES SAYS HOWARD RICHMAN OF GARTNER GROUP INC A RESEARCH FIRM IN STAMFORD CONN CRAY WILL MAKE A GOOD MACHINE BUT THEY WON'T DOMINATE THE MARKET THE WAY THEY DID IN 1987 WHEN CRAY WAS ONE OF THE HOTTEST COMPUTER COMPANIES ITS STOCK PEAKED AT 135 ANNUAL SALES WERE UP 20 AND PROFITS WERE MORE THAN 20 OF REVENUE EVEN WITH BIG JAPANESE COMPETITORS AND STARTUP US RIVALS CRAY STILL HAS THE SAME SHARE IN TRADITIONAL SUPERCOMPUTERS ABOUT 70 OF A 1 BILLION MARKET BUT IT HAS NONE OF THE FASTERGROWING MPP MARKET WHICH WAS ABOUT 278 MILLION LAST YEAR CRAY'S GROWTH STOPPED IN THE 1990'S AS INDUSTRIAL CUSTOMERS REACTED TO RECESSION WHILE GOVERNMENTS AND ACADEMIC RESEARCHERS ALSO TIGHTENED BUDGETS LAST YEAR CRAY REPORTED AN 8 SALES DECLINE TO 7976 MILLION AND ITS FIRST NET LOSS AFTER RESTRUCTURING CHARGES TO LAY OFF 800 PEOPLE CRAY STOCK CLOSED AT 2375 DOWN 125 CENTS IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE MR CARLSON SAYS THAT WHILE THE INDUSTRY TREND APPEARS TO BE TOWARD SMALLER LESSEXPENSIVE MACHINES WE NEED TO PROVIDE THE TOP OF THE PYRAMID IN PERFORMANCE BECAUSE THAT'S WHAT DIFFERENTIATES CRAY THERE ARE STILL CUSTOMERS WHO WANT COMPUTERS MORE POWERFUL THAN CRAY'S CURRENT TOPOFTHELINE 30 MILLION YMP C916 UNFORTUNATELY ADDS MR CARLSON THE HIGH END IS FLAT AT BEST ALTHOUGH IT ACCOUNTS FOR TWOTHIRDS OF CRAY'S REVENUE BUYERS OF SUPERCOMPUTERS PRICED OVER 10 MILLION INCLUDE THE PENTAGON WEATHERFORECASTING SERVICES GOVERNMENTFUNDED RESEARCH CENTERS AND A FEW HUGE COMPANIES LIKE FORD MOTOR CO AND BOEING CO THAT MODEL AUTO CRASHES OR AERODYNAMICS ON COMPUTERS THE GROWING DEMAND IN HIGHPERFORMANCE COMPUTERS IS FOR MACHINES UNDER 15 MILLION CRAY HAS MADE A MINICRAY SINCE 1989 FOR THIS SEGMENT WHERE MPPS DOMINATE CRAY WON'T DISCLOSE PERFORMANCE DATA ON THE T3D UNTIL THE FORMAL ANNOUNCEMENT MONDAY PEOPLE WHO HAVE BEEN BRIEFED ON IT HOWEVER SAY THAT BY MANY MEASURES IT WILL EQUAL OR EXCEED THE COMPETITION IT'S TECHNICALLY A SUPERB BOX SAYS DEBRA GOLDFARB OF MARKET RESEARCHER INTERNATIONAL DATA CORP FRAMINGHAM MASS THE T3D CONTAINS AS MANY AS 1024 OF DIGITAL EQUIPMENT CORP'S ALPHA MICROPROCESSORS THE FASTEST ON THE MARKET CIRCUITRY THIS COMPLEX TYPICALLY GENERATES ENORMOUS HEAT BUT CRAY'S SKILLS IN COOLING ALLOW THE T3D CABINET TO BE JUST FOUR FEET IN DIAMETER THE T3D ALSO MOVES DATA QUICKLY BETWEEN PROCESSORS AND COMPUTER MEMORY ITS INTERNAL DATATRANSMISSION SPEED IS SUPERIOR TO ANYTHING THEIR COMPETITORS HAVE BY AN ORDER OF MAGNITUDE SAYS MICHAEL LEVINE CODIRECTOR OF THE PITTSBURGH SUPERCOMPUTING CENTER AND UNLIKE SOME EARLY MPP MACHINES THAT HAVE FREQUENTLY CRASHED A T3D INSTALLED ON A TEST BASIS AT THE PITTSBURGH SUPERCOMPUTING CENTER IS ON LINE FULLTIME HE ADDS BUT THE T3D CAN'T STAND ALONE IT WORKS ONLY IN CONJUNCTION WITH A TRADITIONAL CRAY CRAY'S LONGTIME CUSTOMERS THINK THAT'S GREAT IN PITTSBURGH PROGRAMMERS WHO USE A 300000LINE PROGRAM FOR DESIGNING DRUGS ARE CURRENTLY WORKING TO TRANSLATE 5 OF THOSE LINES WHICH ACCOUNT FOR 90 OF THE TIME IT TAKES TO RUN THE PROGRAM FOR THE T3D THE REST OF THE LINES WILL CONTINUE TO RUN ON AN EXISTING CRAY SAVING THE TROUBLE OF TRANSLATING BUT FOR NEW CUSTOMERS BUYING THE NEW MODEL JOINTLY WITH A TRADITIONAL CRAY EVEN A SMALL ONE COULD PROVE PROHIBITIVE IT APPEARS TO BE AN INSTALLEDBASE STRATEGY IF THEY WERE TO COME OUT AT A LOWER PRICE THEY WOULD CANNIBALIZE THEIR OWN BASE SAYS JEFF KALB CHAIRMAN OF MASSPAR COMPUTER INC AN MPP MAKER IN SUNNYVALE CALIF OVER TIME CRAY MAY MOVE MORE DECISIVELY TO MPP TECHNOLOGY IT HAS ALREADY ANNOUNCED PLANS TO UNVEIL TWO MORE GENERATIONS OF THE T3D BY 1997 BUT CRAY ALSO PROMISES TO BUILD TRITON A TRADITIONAL DESIGN THAT WILL INCORPORATE AS MANY AS 32 VERY POWERFUL PROCESSORS IN A SINGLE COMPUTER DOUBLE THE MAXIMUM IN THE YMP MACHINE CRAY IS ALSO EXPANDING INTO A NEW MARKET WITH A MACHINE CODENAMED SUPERDRAGON THAT IS BASED ON MICROPROCESSORS FROM SUN MICROSYSTEMS INC THAT MACHINE WILL BE UNVEILED FORMALLY NEXT MONTH NOT A HIGHPERFORMANCE SUPERCOMPUTER SUPERDRAGON WILL WORK AS A SERVER ON A NETWORK OF SUN WORKSTATIONS PROVIDING CENTRAL STORAGE AND COMPUTING WE HAVE TO FIND A WAY TO PENETRATE THE COMMERCIAL MARKET AND THE SUPERSERVER IS ONE WAY AS IS THE T3D SAYS MR CARLSON 9309240007 930924 REVIEW & OUTLOOK EDITORIAL MCLARTY'S GOT IT RIGHT WE'D BE REMISS NOT TO NOTE WASHINGTON'S CONTINUING HARASSMENT OF PEOPLE WHO DID ANY KIND OF BUSINESS WITH THE SAVINGS AND LOAN INDUSTRY ONE FELLOW WHO GOT CAUGHT UP IN THE NIGHTMARE DESCRIBED THE GOVERNMENT AS CHASING DEEP POCKETS' IN RESPONSE TO POLITICAL PRESSURE THESE WORDS WERE UTTERED BY A UTILITY EXECUTIVE NAMED MACK MCLARTY PRIOR TO BECOMING BILL CLINTON'S CHIEF OF STAFF MR MCLARTY RAN A GAS COMPANY ARKLA THAT HAD BOUGHT ANOTHER GAS COMPANY THAT HAD ONCE OWNED A SAVINGS AND LOAN SOMETIME AFTER ALL THIS THE S&L WENT BELLY UP ON THIS TENUOUS HISTORY THE GOVERNMENT IS SUING ARKLA WE'VE ALSO RETURNED FROM TIME TO TIME TO THE CASE OF FAR WEST FEDERAL BANK IT WAS GOING BROKE IN 1987 WHEN THE REGULATORS PERSUADED TRINITY VENTURES AN INVESTOR GROUP FORMED BY DAVID NIERENBERG TO TAKE IT OVER CONGRESS RENEGED ON CRUCIAL TERMS IN THE DEAL WHEN IT PASSED FIRREA THE S&L BAILOUT LAW FAR WEST FEDERAL WAS RENDERED TECHNICALLY A DEAD DUCK AND THE BANK EXAMINERS RUSHED IN TO APPLY THE COUP DE GRACE AS LUCK WOULD HAVE IT JUDGE OWEN PANNER OF THE NINTH FEDERAL CIRCUIT HOLDS THE VIEW THAT THE GOVERNMENT OUGHT TO HONOR ITS CONTRACTS LAST SPRING HE ORDERED THE OFFICE OF THRIFT SUPERVISION TO GIVE BACK THE 27 MILLION THE TRINITY PARTNERS HAD INVESTED IN THE PROCESS OF TAKING FAR WEST OFF THE GOVERNMENT'S HANDS THIS SUM IS NOW ACCRUING INTEREST AT 12 WHILE THE GOVERMENT APPEALS THE RTC IN ADDITION TO CLEANING UP THE THRIFT MESS IS UNDER ORDERS TO FIND SOME CROOKS AND MAKE THEM DISGORGE THEIR BOOTY BEING A CREATURE OF CONGRESS THE RTC ISN'T ABOUT TO POINT THE FINGER THERE SO MR NIERENBERG HAS BEEN LEARNING SOMETHING ABOUT THIS SIDE OF WASHINGTON'S S&L NEUROSIS TOO OVER THE SUMMER HE AND NINE PARTNERS RECEIVED SUBPOENAS FROM THE RTC INQUIRING ABOUT THE NATURE AND DISPOSITION OF THEIR PERSONAL ASSETS AND WHETHER THERE'S A POT OF INSURANCE MONEY SUCH SNOOPING USUALLY PRECEDES A LEGAL SHAKEDOWN AND IS AIMED AT ESTABLISHING WHETHER THE SUBJECT IS A RIPE TARGET ANY DAY NOW MR NIERENBERG AND FRIENDS EXPECT TO BE SUED FOR GROSS NEGLIGENCE AND MALFEASANCE IN THE DOWNFALL OF FAR WEST FEDERAL NOTWITHSTANDING A 27 MILLION JUDGMENT BY A FEDERAL COURT THAT SAYS IT WAS THE GOVERNMENT THAT SCREWED UP THE PROVENANCE OF WASHINGTON'S LEGAL JIHAD AGAINST THE S&L SURVIVORS WAS EXPLAINED LAST WEEK BY IRA H PARKER UNTIL RECENTLY THE RTC'S ASSOCIATE GENERAL COUNSEL THOUGH 90 OF THE LAWSUITS ARE OF DOUBTFUL MERIT HE TOLD A CONFERENCE SPONSORED BY THE GROUP REGULATORY WATCHDOG THEY'RE BASICALLY WAVED THROUGH TO APPEASE CAPITOL HILL HAVING SAT FOR ONLY A MONTH AND HAVING TESTIFIED BEFORE SENATOR RIEGLE'S COMMITTEE AS TO WHY ONE ACTION HASN'T BEEN BROUGHT YOU KNOW THAT IF YOU MAKE THE DECISION NOT TO BRING THE ACTION THAT YOU'RE GOING TO BE CALLED BEFORE SOME COMMITTEE SOMEPLACE UP ON THE HILL MR PARKER EXPLAINED THAT'S LITERALLY WHAT GOES THROUGH YOUR MIND YOU'RE GOING TO BE ASKED TO EXPLAIN YOUR DECISIONS AND IT'S NOT GOING TO BE A PRIVATE FORUM IT'S NOT GOING TO BE IN CHAMBERS OR JUST TO CONGRESSIONAL STAFFERS IT'S GOING TO BE SITTING UP THERE WITH CSPAN GLARING IN YOUR FACE OR SAM DONALDSON GLARING IN YOUR FACE BECAUSE IT WILL BE SHOWN ON SOME STUPID SHOW I DO KNOW ONE THING IF I GO AHEAD AND AUTHORIZE THE LITIGATION NOBODY'S GOING TO CRITICIZE ME THIS WOULD ALMOST BE FUNNY IF IT WEREN'T WRECKING PEOPLE'S LIVES AND DRAGGING DOWN THE ECONOMY WHILE AUTHORIZING ANOTHER PILE OF MONEY FOR THE RTC THIS MONTH THE HOUSE ADDED TWO YEARS TO THE STATUTE OF LIMITATIONS FOR THRIFT LAWSUITS LAWYERS USUALLY ADVISE THESE VICTIMS TO SETTLE OUT OF COURT RATHER THAN SPEND THEIR LIVES FIGHTING UNCLE SAM EVEN SO ACCORDING TO REGULATORY WATCHDOG'S ED MORRIS THE DREXEL AND KEATING CASES ACCOUNT FOR THE LION'S SHARE OF THE 435 MILLION COLLECTED THROUGH LAST YEAR ONLY 4 CAME FROM SUING BANK DIRECTORS AND OFFICERS LIKE MR NIERENBERG JUST THE SAME THE GOVERNMENT HAS FILED LAWSUITS AGAINST ABOUT 1700 INDIVIDUALS AND HAS HUNDREDS MORE IN THE PIPELINE BY THEIR NATURE THESE TEND TO ENTANGLE ECONOMICALLY USEFUL PEOPLE NEIL BOND AND REID DENNIS TWO OF THE TRINITY DEFENDANTS ARE VENTURE CAPITALISTS WHO'VE PROVIDED SEED MONEY FOR SUCH STELLAR PERFORMERS AS SEAGATE TECHNOLOGY AND SILICON GRAPHICS OF COURSE YOU CAN'T BE OUT CREATING JOBS IF YOU'RE TIED UP IN COURT PRESUMABLY MR MCLARTY IS SAFELY OUT THE WAY NOW BUT THE GOVERNMENT'S LAWSUIT AGAINST ARKLA RUMBLES ON AT LAST WORD A JUDGE THREW OUT NINE OF THE 10 COUNTS IN THE RTC'S ORIGINAL INDICTMENT BUT THE AGENCY REARRANGED THE PARAGRAGHS AND CAME BACK WITH 12 NEW COUNTS THE RTC ALSO SAW FIT TO REDUCE THE DAMAGES FROM 535 MILLION TO 520 MILLION MAYBE BECAUSE ARKLA'S ATTORNEY GOT A BIG LAUGH FROM THE JUDGE WHEN HE TESTIFED THAT THE ORIGINAL FIGURE REPRESENTED 1 MILLION FOR EVERY MEMBER OF CONGRESS TREASURY DEPUTY ROGER ALTMAN WHO'S BEEN HOLDING DOWN THE TOP JOB TEMPORARILY AT RTC WROTE LEGISLATORS THIS SUMMER TO ARGUE AGAINST THE STATUTE OF LIMITATIONS EXTENSION WE SUSPECT HE KNOWS HOW SILLY THE S&L VENDETTA HAS BECOME AND WE HOPE HE PASSES HIS THOUGHTS ALONG TO STAN TATE THE FLORIDA REAL ESTATE MAN NOMINATED TO SUCCEED HIM 9309240006 930924 BUSINESS BRIEF LUFTHANSA'S CATERER TO PAY 75 MILLION FOR 25 OF SKY CHEFS LUFTHANSA AG'S CATERING UNIT BOUGHT A 25 STAKE IN SKY CHEFS INC THE LARGEST US AIRLINE CATERER FOR 75 MILLION THE COMBINATION OF SKY CHEFS A UNIT OF ONEX CORP OF TORONTO AND THE GERMAN CARRIER'S LSG LUFTHANSA SERVICE WILL PRODUCE THE WORLD'S LARGEST AIRLINE CATERING COMPANY WITH COMBINED ANNUAL REVENUE OF 13 BILLION AND MIRRORS THE GLOBAL CONSOLIDATION AMONG AIRLINES THEMSELVES CATERERS ARE LOOKING TO THE INTERNATIONAL ARENA FOR GROWTH AS DOMESTIC CARRIERS ELIMINATE SHORTHAUL FLIGHTS OR CUT COSTS BY REDUCING MEAL SERVICES INTERNATIONAL FLIGHTS ON THE OTHER HAND REQUIRE AT LEAST ONE OR TWO FULLSERVICE MEALS THE TRANSACTION WITH LUFTHANSA IS A CHANCE TO INCREASE GROWTH IN A MARKET THAT'S GENERALLY DECREASING SAID JJ O'NEILL SKY CHEFS' CHIEF EXECUTIVE SKY CHEFS CURRENTLY HAS OPERATIONS ONLY IN THE US WITH 35 FLIGHT KITCHENS AND RETAIL SHOPS AND CAFETERIAS AT FOUR AIRPORTS ALTHOUGH SKY CHEFS PROVIDES MEALS FOR 35 AIRLINES AMERICAN AIRLINES ITS FORMER PARENT ACCOUNTS FOR TWOTHIRDS OF ITS REVENUE LSG LUFTHANSA IS THE LARGEST AIRLINE CATERER IN EUROPE SERVING 200 AIRLINES FROM 39 LOCATIONS FUTURE CATERING VENTURES BETWEEN THE TWO COMPANIES WILL BE OWNED ON A 5050 BASIS AND THE COMBINED ENTITY IS TARGETTING ASIA FOR FURTHER GROWTH UNDER TERMS OF THE AGREEMENT WHICH IS TO BE SIGNED IN FRANKFURT IN TWO WEEKS LSG LUFTHANSA WILL PAY 50 MILLION TO SHAREHOLDERS OF SKY CHEFS WHICH IS 80OWNED BY ONEX WITH THE REMAINDER OWNED BY SKY CHEFS MANAGEMENT THE REMAINING 25 MILLION WILL BE PAID OVER THE NEXT SEVERAL YEARS AS SKY CHEFS ACHIEVES CERTAIN PERFORMANCE GOALS 9309240005 930924 LETTERS TO THE EDITOR MORAL CONVICTION HEALTH AND SEX THE SEPT 8 LETTERS KEEP THE CHURCH OUT OF OUR BEDROOMS RESPONDING TO PHILIP LAWLER'S AUG 13 EDITORIAL PAGE COMMENTARY THE NEW COUNTERCULTURE SHOWED THAT THE RESPONDENTS ARE SERIOUSLY MISINFORMED ABOUT THE DETAILS OF NATURAL FAMILY PLANNING NFP NFP IS CONSIDERED NATURAL BECAUSE IT DOES NOT INTERFERE WITH NORMAL BODY FUNCTIONS AND DOES NOT INTRUDE UPON THE ACT OF LOVEMAKING AND IT DOES NOT REQUIRE PH PAPER A RECTAL THERMOMETER OR A CALENDAR THE MOST EFFECTIVE VERSION OF NFP THE SYMPTOTHERMAL METHOD ONLY REQUIRES A BASAL TEMPERATURE THERMOMETER AND A CHART A BASAL TEMPERATURE IS SIMPLY A MORE ACCURATE ORAL THERMOMETER THAT IS USED TO TAKE THE TEMPERATURE OF THE WOMAN AT REST IT IS NOT A RECTAL THERMOMETER ALTHOUGH WE ARE NOT IN A POSITION TO SAY WHETHER NFP IS A WISE CHOICE FOR THE LAWLERS IN GENERAL NFP IS NOT RUSSIAN ROULETTE BIRTH CONTROL SEVERAL STUDIES HAVE SHOWN THAT NFP IS MORE EFFECTIVE EVEN THAN THE PILL IN TERMS OF BOTH METHOD EFFECTIVENESS EFFECTIVENESS WHEN ALL THE RULES ARE FOLLOWED AND USER EFFECTIVENESS EFFECTIVENESS INCLUDING CARELESSNESS OF USERS IN ACTUAL PRACTICE FINALLY NFP IS QUITE SUITABLE FOR WOMEN WITH IRREGULAR CYCLES THE STUDIES ABOVE AS WELL AS OUR OWN EXPERIENCE WITH THE METHOD BEAR THIS OUT THE BIGGEST DRAWBACKS OF NFP ARE THE LEVEL OF DISCIPLINE REQUIRED ON THE SAME ORDER AS THE PILL THE COMPLEXITY OF THE RULES FOR DETERMINING FERTILE PERIODS AND THE NECESSITY OF EITHER ABSTAINING OR USING AN ALTERNATE METHOD DURING FERTILE PERIODS FOR COUPLES MOTIVATED BY MORAL CONVICTION HEALTH CONCERNS OR THE COST ALTERNATIVES THESE ARE SMALL OBSTACLES TO OVERCOME 9309240004 930924 FINANCING BUSINESS HOME HOLDINGS INC HOME HOLDINGS INC NEW YORK A PROPERTY AND CASUALTY INSURANCE COMPANY REGISTERED FOR AN INITIAL OFFERING OF AS MUCH AS 134 MILLION COMMON SHARES VALUED AT AS MUCH AS 335 MILLION IN ITS FILING WITH THE SECURITIES AND EXCHANGE COMMISSION HOME SAID PROCEEDS FROM THE STOCK OFFERING WILL BE USED FOR A RECAPITALIZATION PROGRAM HOME ALSO WILL REPAY 83 MILLION OF NOTES TO TRYGGHANSA SPP HOLDING AB WHICH OWNS 64 OF HOME'S COMMON STOCK TRYGGHANSA BASED IN STOCKHOLM IS SCANDINAVIA'S LARGEST INSURANCE GROUP 9309240003 930924 BUSINESS BRIEF SEARS ROEBUCK EXPECTS TO OUTPERFORM RETAIL INDUSTRY IN HOLIDAY SALES GAINS BY GREGORY A PATTERSON AND SUZANNE ALEXANDER STAFF REPORTERS OF THE WALL STREET JOURNAL SEARS ROEBUCK & CO SAID IT EXPECTS ITS SALES GAINS IN THE CRITICAL CHRISTMAS SHOPPING PERIOD TO BE STRONGER THAN THE OVERALL RETAIL INDUSTRY'S ARTHUR C MARTINEZ CHAIRMAN OF SEARS'S MERCHANDISE DIVISION TOLD RETAIL EXECUTIVES IN BOSTON THAT SEARS HAS THE OPPORTUNITY TO OUTPERFORM THE INDUSTRY IN THE FOURTH QUARTER MANY INDUSTRY OFFICIALS HAVE BEEN PESSIMISTIC ABOUT THIS YEAR'S HOLIDAY SALES PROSPECTS CITING THE WEAK ECONOMY AND CAUTIOUS CONSUMER SPENDING SALES GROWTH THIS HOLIDAY SEASON HAS BEEN PROJECTED AT 3 TO 4 COMPARED WITH LAST YEAR'S ROBUST 7 GAIN BY OUTPERFORMING THE INDUSTRY IN THE HOLIDAY SEASON SEARS WOULD CONTINUE THE STRONG SALES GAINS IT HAS LOGGED IN RECENT MONTHS THE ONCESTRUGGLING RETAILER POSTED YEARONYEAR SALES GROWTH OF 109 TO 15 FOR THE SUMMER MONTHS ABOUT TWICE THE GAINS RECORDED FOR BIG RETAILERS DURING THE JUNEAUGUST PERIOD THOUGH MR MARTINEZ DECLINED TO PREDICT RESULTS FOR THE THIRD OR FOURTH QUARTERS HE SAID SEARS IS SUSTAINING THE MOMENTUM WE HAD IN PREVIOUS QUARTERS A DOUBLEDIGIT APPAREL SALES INCREASE IS A VERY REAL TARGET FOR THE FOURTH QUARTER HE SAID SEARS IS MAKING SIGNIFICANT INVESTMENTS IN ITS APPAREL BUSINESS AND IS REENTERING THE COSMETICS AND FRAGRANCE BUSINESS THE NATION'S THIRDLARGEST RETAILER ALSO SAID ITS FOOTWEAR AND JUNIOR APPAREL BUSINESSES ARE MAKING BIG GAINS HOWEVER MR MARTINEZ NOTED THAT SEARS'S AUTOMOTIVE SERVICE BUSINESS ROCKED LAST YEAR BY CONSUMER FRAUD ALLEGATIONS IS DOING WORSE THAN PLANNED IN THE WAKE OF THAT CONTROVERSY SEARS RESTRUCTURED ITS AUTOMOTIVE OPERATIONS TO FOCUS ON SELLING TIRES AND BATTERIES AND PERFORMING MINOR REPAIRS MR MARTINEZ SAID THE UNIT'S FOURTHQUARTER PERFORMANCE WILL SHOW THE FIRST SIGNS OF ITS IMPROVING PROFITABILITY IN LATE TRADING ON THE NEW YORK STOCK EXCHANGE SEARS STOCK WAS DOWN 125 CENTS TO 5725 9309240002 930924 WHAT'S NEWS BUSINESS AND FINANCE VIACOM SUED TO BLOCK QVC'S BID FOR CONTROL OF PARAMOUNT ACCUSING JOHN MALONE ONE OF QVC'S PRIMARY BACKERS OF MONOPOLIZING THE CABLETV MARKET MONEY MANAGERS CALLED THE SUIT A SIDESHOW TO THE REAL ISSUE OF WHETHER PARAMOUNT WILL TAKE THE BEST DEAL FOR ITS STOCKHOLDERS VIACOM'S STOCK GAINED RAISING THE VALUE OF ITS OFFER FOR PARAMOUNT TO 77 BILLION WHILE QVC'S SHARES ALSO ROSE PUSHING ITS OFFER TO 101 BILLION FEDERAL PROSECUTORS DECIDED TO SEEK CRIMINAL CHARGES AGAINST A LITTON UNIT FOR ALLEGEDLY OBTAINING INSIDE BIDDING DATA ON MILITARY CONTRACTS THE MOVE IS THE FINALE TO THE NATIONWIDE OPERATION ILL WIND INQUIRY WHICH HAS BEEN THE MOST SUCCESSFUL MILITARY CORRUPTION PROBE OF MODERN TIMES THE JOB OUTLOOK WILL REMAIN GLOOMY IN 1994 AS MANY US COMPANIES INTEND TO CUT MORE POSITIONS A SURVEY SAYS ABOUT 22 OF 870 EMPLOYERS SURVEYED PLAN TO CUT WORKERS BY JUNE 1994 THE CLINTON ADMINISTRATION IS COMFORTABLE WITH THE CURRENT VALUE OF THE DOLLAR BUT WOULD LIKE TO SEE FURTHER INTERESTRATE CUTS IN EUROPE TO HELP SPUR ECONOMIC GROWTH THERE TRAVELERS' BOARD APPROVED PRIMERICA'S OFFER TO BUY THE COMPANY IN A 42 BILLION DEAL THAT COULD ACCELERATE EFFORTS TO BOOST TRAVELER'S FORTUNES THE FCC VOTED TO OFFER SLOTS FOR UP TO SEVEN WIRELESS COMMUNICATIONS CARRIERS IN EVERY CITY IN A DECISION THAT COULD OPEN THE DOOR FOR WIRELESS TELEPHONE COMPUTER VIDEO AND FACSIMILE SERVICES IN COMING YEARS SALES OF NORTH AMERICANBUILT CARS AND TRUCKS REMAINED BRISK IN MIDSEPTEMBER RISING 209 FROM A YEAR AGO AS PRICECONSCIOUS CONSUMERS TOOK ADVANTAGE OF AN ABUNDANCE OF CASHBACK INCENTIVES TO LIQUIDATE '93 MODELS PEPSI NAMED LONGTIME EXECUTIVE ROGER ENRICO AS VICE CHAIRMAN CEMENTING HIS POSITION AS HEIR APPARENT TO THE COMPANY'S CHIEF EXECUTIVE HEWLETTPACKARD AND IBM PLAN TO INTRODUCE PRODUCTS NEXT YEAR THAT WILL RAISE THE SPEED AND CAPACITY OF SOME COMPUTER NETWORKS SIXFOLD TO TENFOLD GREYHOUND LINES SAID THAT AUGUST RIDERSHIP FELL BADLY DESPITE DEEP FARE CUTS AND A NEW MARKETING CAMPAIGN AND THAT EARNINGS FOR THE YEAR WILL BE FAR BELOW ANALYSTS' EXPECTATIONS THE US AND GERMANY AGREED ON A TREATY PERMITTING EASIER ACCESS BETWEEN THE TWO NATIONS BY LETTING LUFTHANSA JOIN FORCES WITH A US CARRIER BEAR STEARNS PLANS TO CHANGE THE BONUS FORMULA FOR ITS SEVENMAN EXECUTIVE COMMITTEE IN AN EFFORT TO PROTECT THE DEDUCTIBILITY OF SENIOREXECUTIVE PAY THAT EXCEEDS 1 MILLION GPA GROUP REACHED A DEFINITIVE ACCORD WITH GE CAPITAL AND ITS BANK SYNDICATE ON A FINANCIAL RESCUE PLAN VALUE HEALTH AGREED TO ACQUIRE PREFERRED HEALTH CARE FOR STOCK CURRENTLY VALUED AT 404 MILLION SEARS SAID IT EXPECTS ITS SALES GAINS DURING CHRISTMAS TO BE STRONGER THAN THE OVERALL RETAIL INDUSTRY'S ALCAN ALUMINIUM NAMED A CEO AND SAID IT WILL REORGANIZE ITS OPERATIONS ALONG PRODUCT LINES IN AN EFFORT TO MEET LONGTERM PROFITABILITY TARGETS CORPORATE PROFITS COULD GET NEEDED RELIEF FROM CLINTON'S PROPOSAL REQUIRING THE GOVERNMENT TO PAY A BIG SHARE OF EARLY RETIREES' INSURANCE COSTS ACTUARIES AND ACCOUNTANTS ESTIMATE THE PLAN COULD BOOST CORPORATE PROFITS BETWEEN 100 BILLION AND 300 BILLION GERMANY'S HEIDELBERGER ZEMENT PLANS TO BUY BELGIAN CEMENT MAKER CBR FOR UP TO 15 BILLION CREATING THE WORLD'S FIFTHLARGEST CEMENT CONCERN BONDS LEHMAN BROTHERS TREASURY INDEX 558405 UP 391 COMMODITIES OIL 1763 A BARREL UP FOUR CENTS DOW JONES FUTURES INDEX 12744 UP 189 SPOT INDEX 12057 UP 047 DOLLAR 10585 YEN OFF 030 16431 MARKS UP 00121 9309240001 930924 HEALTH CARE REPORT FROM THE TRENCHES BARBARIANS AT THE GATE BY WILLIAM V HEALEY AN INSIDIOUS DESTRUCTION OF PATIENT CARE IS OCCURRING NOW NEVER MIND THE FUTURE OF THE CLINTON HEALTH PLAN GATEKEEPERS HMOS AND INSURERS ARE TEARING APART THE DOCTORPATIENT RELATIONSHIP LET ME BE SPECIFIC A 52YEAROLD MAN HAD A TOTAL HIP REPLACEMENT ON A THURSDAY TWO DAYS LATER WHILE MAKING ROUNDS THE SURGEON WAS WANTED ON THE PHONE BY ANOTHER DOCTOR IT WAS THE GATEKEEPER OF THE HMO THE PATIENT WAS IN HE HAD NOT SEEN THE PATIENT ARE YOU GOING TO SEND THE HIP HOME THE PHYSICIAN ASKED OF COURSE NOT THE SURGEON SAID HE'S ONLY TWO DAYS POSTOP LOOK THE GATEKEEPER SAID IT'S COSTING ME 800 A DAY TO KEEP HIM IN THE HOSPITAL HE CAN BE CARED FOR AT HOME I WISH YOU'D DISCHARGE HIM THE SURGEON REFUSED ANOTHER EXAMPLE A 60YEAROLD WOMAN UNDERWENT A PROCTOCOLECTOMY THE REMOVAL OF THE ANUS ENTIRE COLON AND THE CREATION OF AN ILEOSTOMY BY WHICH THE INTESTINES EMPTY INTO A RECEPTACLE ON THE ABDOMINAL WALL ON THE THIRD POSTOP DAY THE SURGEON WAS ASKED TO SEND THE PATIENT HOME BY THE HMO GATEKEEPER A FAMILY PHYSICIAN WHO HAD NOT SEEN THE PATIENT ARE YOU CRAZY THE SURGEON SAID AND REFUSED TO DISCHARGE THE PATIENT ACROSS THE COUNTRY GATEKEEPERS HMOS AND THE BIG INSURANCE COMPANIES HAVE COMBINED TO SEE TO IT THAT THE GATEKEEPERS' SALARIES OR YEAREND BONUSES COME IN PART FROM ELIMINATING WASTEFULNESS IN THE SYSTEM BECOMING MORE EFFICIENT AND GETTING THE UNNECESSARY COSTS OUT OF MEDICAL CARE WHAT THEY ARE SAYING IS THAT THE SPEED BY WHICH A PATIENT CAN BE DIAGNOSED BY A SPECIALIST THE RAPIDITY OF THE CURE AND THE REASONABLE AMENITIES THAT SHOULD BE PART OF THE ART AND SCIENCE OF MEDICINE DON'T MATTER THE ONLY THING THAT COUNTS IS THE CORPORATION'S BOTTOM LINE AND YOU DOCTOR CAN SHARE IN THAT PROFITABILITY IF WE SAVE TOGETHER ON PATIENT CARE A 57YEAROLD WOMAN HAD A MODIFIED RADICAL MASTECTOMY ON A FRIDAY AND ON MONDAY THE INSURANCE COMPANY STARTED CALLING ME STATING THAT WE ALLOW THREE DAYS FOR A MASTECTOMY DESPITE THE FACT THAT THE PATIENT HAD DRAINS IN AND LIVED 150 MILES FROM THE HOSPITAL I ASKED THE HARASSING INSURANCE COMPANY PHYSICIAN WHO WAS CALLING FROM A CITY 200 MILES AWAY IF SHE WAS A SURGEON NO HAD SHE EVER SEEN A MASTECTOMY NO WHAT WAS SHE A HEMATOLOGIST WHEN I TOLD THIS GATEKEEPER THAT THE PATIENT WAS PREPARING TO FILE A FORMAL COMPLAINT AGAINST THE COMPANY WITH THE STATE INSURANCE COMMISSION NOTHING MORE WAS HEARD FROM THE PHYSICIAN OR THE COMPANY WHICH PAID THE HOSPITAL BILL IN FULL WHAT WE SEEM TO HAVE FORGOTTEN IN OUR DISCUSSION OF HEALTH CARE REFORM IS THE FACT THAT THE PHYSICIAN BEST ABLE TO KEEP THE COSTS OF HEALTH CARE DOWN IS THE INDIVIDUAL WHO RECOGNIZES THE PATIENT'S PROBLEM RIGHT AWAY QUICKLY BECAUSE OF EXPERIENCE AND JUDGMENT THAT DOCTOR IS THE ONE WHO WILL KNOW WHICH LAB TESTS XRAYS MRI CT SCAN OR CONSULTANT CAN GIVE THE CORRECT ANSWER WITHOUT UNNECESSARY TESTS OR DELAYS IN OBTAINING WHAT IS NEEDED FOR THE CORRECT DIAGNOSIS OR TREATMENT MANY OF MY COLLEAGUES AND I HAVE RECEIVED PHONE CALLS ABOUT A PATIENT FROM A GATEKEEPER PHYSICIAN HUNDREDS OR THOUSANDS OF MILES AWAY WHO HAD LITTLE OR NO KNOWLEDGE OF THE CLINICAL PROBLEMS INVOLVED ANY PHYSICIAN WHO IS TRYING TO FEATHER HIS OWN NEST BY KEEPING THE PATIENT FROM SEEING A SPECIALIST BY LET'S TRY THIS OR WE'LL SEE HOW YOU ARE NEXT WEEK MAY BE DOING JUST THE WRONG THING FOR THE PATIENT AND THE COST OF HEALTH CARE I DON'T KNOW OF ANY STATISTICS KEPT ON GATEKEEPERS' MISTAKES OR INSENSITIVITIES THEY SHOULD BE BEFORE SPECIALIZING IN SURGERY I WAS A BUSY FAMILY PRACTITIONER I HAVE GREAT ADMIRATION AFFECTION AND RESPECT FOR THESE MEN AND WOMEN WHO ARE USUALLY THE FIRST TO SEE THE PATIENTS WHEN SIGNS AND SYMPTOMS CAN BE CONFUSING OR MISLEADING BUT FORCING PATIENTS TO GO THROUGH A GATEKEEPER IS NONSENSE NO ONE SOPHISTICATED IN HEALTH CARE WILL SWALLOW THAT PILL WE GO STRAIGHT TO THE PHYSICIAN OR SURGEON WHOSE OPINION WE WANT HMOS AND MANAGEDCARE PROGRAMS THREATEN THAT DIRECT ACCESS BY FORCING THEIR CLIENTS THEY USED TO BE PATIENTS TO DALLY WITH A GATEKEEPER DOCTORS DON'T USE GATEKEEPERS FOR THEMSELVES OR THEIR FAMILIES WHY SHOULD PATIENTS BY FORCED TO DO SO IF THEY KNOW WHOM THEY WANT TO SEE BUT IF THE CLINTONS AND OUR SENATORS AND REPRESENTATIVES FORCE US TO USE GATEKEEPERS THE LEAST WE CAN DO IS MAKE SURE THAT THE GATEKEEPER'S COMPENSATION IS A FLAT RATE WITH NO BONUS FOR PATIENTS KEPT FROM OR REFERRED TO OTHER MDS SUCH BONUSES USED TO BE CALLED FEESPLITTING MOREOVER HE SHOULD BE THOROUGHLY FAMILIAR WITH THE CONDITION UNDER CONSIDERATION OR AT LEAST BE AWARE OF THE POSSIBILITIES DOES A PATIENT BENEFIT OR THE COST OF CARE DIMINISH IF WHAT'S ON EITHER SIDE OF THE GATE IS UNKNOWN TO ITS KEEPER THOSE BEST ABLE TO MAKE SOPHISTICATED TRIAGE DECISIONS ARE SENIOR INTERNISTS FAMILY PRACTITIONERS AND GENERAL SURGEONS RATHER THAN THE YOUNG FAMILY PRACTITIONERS WHO USUALLY HAVE THE JOB THERE ARE ALWAYS EXCEPTIONS BUT BY AND LARGE THE YOUNGER THE GATEKEEPER THE GREATER THE POTENTIAL FOR ERRORS IN MEDICAL JUDGMENT AND COST GATEKEEPERS SHOULD BE REQUIRED TO SEE THE PATIENTS IN THE HOSPITAL ESPECIALLY POSTOP BEFORE HARASSING THE CLINICIANS LET THEM JUDGE FOR THEMSELVES HOW MUCH FRAUD AND ABUSE ARE GOING ON IN A GIVEN PATIENT'S CARE A SUBJECT IRA MAGAZINER AND HILLARY CLINTON LIKE TO STRESS THE BENIGNITY OF THE GATEKEEPER CONCEPT IS NOT ONLY FALLACIOUS BUT THREATENS TO DESTROY THE ADVOCACY OF DOCTORS FOR THEIR PATIENTS WHOM IS THE CLINICIAN SUPPOSED TO SERVE IN THE TERROR OF ILLNESS WHOM IS THERE TO TRUST DR HEALEY IS A SURGEON AND A CLINICAL PROFESSOR AT THE UNIVERSITY OF TEXAS IN SAN ANTONIO 9309240117 930831 LABOR LETTER A SPECIAL NEWS REPORT ON PEOPLE AND THEIR JOBS IN OFFICES FIELDS AND FACTORIES BY KEVIN G SALWEN SKYROCKETING HEALTHCARE COSTS SHOW SIGNS OF SLOWING AT MAJOR COMPANIES LAST YEAR HEALTHBENEFIT PAYOUTS AT FIRMS WITH FEWER THAN 1000 EMPLOYEES ROSE 9 COMPARED TO 15 IN 1991 CONSULTANT JOHNSON & HIGGINS SAYS COSTS SEEM TO BE MODERATING FURTHER AT DALLAS HOMEBUILDER CENTEX COSTS HAVE LEVELED AT ABOUT 2500 AN EMPLOYEE GREYHOUND SOUTHLAND PRATT HOTEL AND COORS SEE 1993 SPENDING STAYING EVEN WITH PAYROLL INCREASES COMPANIES SCRAMBLE FOR WAYS TO ROLL BACK SPENDING MACY'S CONSOLIDATES HEALTHCARE MANAGEMENT AT ITS HEADQUARTERS PULLING DUTIES FROM EACH STORE MANAGED CARE SOON TO BE INSTALLED AT TROPICANA PRODUCTS INC BECOMES MORE POPULAR GREYHOUND OPTS FOR A CAFETERIASTYLE PLAN COORS URGES XRAYS ALLERGY SHOTS AND OTHER ROUTINE CARE AT AN ONSITE MEDICAL CENTER FOR 5 A VISIT RELIEF FROM SOARING COSTS ISN'T UNIVERSAL TENNECO FOR ONE EXPECTS COSTS TO INCREASE 16 TO 18 THIS YEAR SIMILAR TO PRIOR YEARS WOMEN FIND JOBS FASTER THAN MEN A NEW STUDY SHOWS IT TAKES MALE EXECUTIVES 26 WEEKS TO FIND NEW POSTS AFTER QUITTING OR LOSING THEIR JOBS ABOUT THREE WEEKS LONGER THAN COMPARABLE WOMEN ACCORDING TO MANCHESTER RESEARCH FIVE YEARS AGO SAYS ROBERT MAYERS GROUP VICE PRESIDENT OF THE PARSIPPANY NJ CONSULTING FIRM WOMEN'S SEARCHES TOOK ABOUT TWICE AS LONG AS MEN'S THE GLASS CEILING IS FAST DISAPPEARING HE CONTENDS THE STUDY WHICH LOOKED AT ABOUT 1300 WORKERS IN THE NORTHEAST LAST YEAR ALSO FOUND THAT JOB HUNTS LENGTHENED BY A WEEK FROM 1991 THREE OF FIVE EXECUTIVES FOUND NEW POSITIONS AT SMALLER COMPANIES AND PROFESSIONALS MAKING LESS THAN 50000 LANDED JOBS FOUR WEEKS QUICKER ON AVERAGE THAN THOSE EARNING MORE THAN 100000 A LASTMINUTE SETTLEMENT SCOTCHES A CLOSELY WATCHED SUPREME COURT BIAS CASE THE JUSTICES WERE TO DECIDE WHETHER AN EMPLOYER THAT FIRES A WORKER FOR DISCRIMINATORY REASONS BUT LATER FINDS A LEGITIMATE BASIS FOR THE FIRING IS STILL LIABLE IN A BIAS LAWSUIT THE CASE INVOLVED A UNIVERSITY SECURITY GUARD ALLEGEDLY FIRED BECAUSE OF HER SEX WHILE PREPARING FOR THE TRIAL MICHIGAN TECHNOLOGICAL UNIVERSITY DISCOVERED SHE HAD FAILED TO DISCLOSE ON HER JOB APPLICATION THAT SHE HAD BEEN CONVICTED FOR DRIVING WHILE INTOXICATED A FEDERAL APPEALS COURT RULED FOR THE SCHOOL SAYING PLAINTIFF PATRICIA MILLIGANJENSEN COULD HAVE BEEN FIRED FOR LAWFUL REASONS EMPLOYMENT LAWYERS HAD BEEN WATCHING THE CASE BECAUSE AFTERACQUIRED EVIDENCE OFTEN POPS UP IN BIAS SUITS LOWER COURTS HAVE ISSUED CONFLICTING RULINGS ON THE QUESTION AND LAWYERS BELIEVE THE ISSUE WILL PROBABLY BE BACK BEFORE THE SUPREME COURT IN THE FUTURE THE CLINTON ADMINISTRATION TOOK A COMPROMISE STANCE SAYING THE ADDITIONAL EVIDENCE SHOULDN'T ABSOLVE THE EMPLOYER BUT SHOULD LET COURTS LOWER DAMAGE AWARDS THE LOVEHATE RELATIONSHIP BETWEEN AT&T AND THE COMMUNICATIONS WORKERS OF AMERICA TURNS SOUR AGAIN FOLLOWING THE COMPANY'S DECISION TO CLOSE 40 OPERATOR CENTERS AND PHASE OUT AS MANY AS 4000 OPERATOR JOBS THE MOVE BLASTED BY THE UNION AS ONE OF GREED NOT BUSINESS NEED CAME SIX MONTHS AFTER THE TWO SIDES HOSTED A TELEVISED LOVEFEST WITH LABOR SECRETARY ROBERT REICH TO BOAST ABOUT COOPERATION A JOB FAIR FIRST MORE THAN A DOZEN MAJOR NEWSPAPERS AND TV NETWORKS WILL RECRUIT GAY AND LESBIAN JOURNALISTS AT A JOB FAIR IN NEW YORK NEXT WEEK ORGANIZERS FOR THE NATIONAL LESBIAN AND GAY JOURNALISTS ASSOCIATION SAY IT IS THE FIRST TIME NONGOVERNMENT EMPLOYERS HAVE ACTIVELY RECRUITED HOMOSEXUALS A KINDER GENTLER WORKPLACE WORKERS' COMPENSATION CLAIMS FOR MENTAL STRESS PEAKED IN 1987 AND HAVE BEEN DECLINING SINCE SAYS THE NATIONAL COUNCIL ON COMPENSATION INSURANCE IN A STUDY OF 10 STATES THE COSTS FOR LOSSES FROM MENTALSTRESS CLAIMS FELL TO 37 MILLION IN 1990 FROM 146 MILLION IN 1987 MINORITY RECRUITING FROM COLLEGES HITS A PLATEAU BUT FIRMS GET INNOVATIVE MINORITY RECRUITS REPRESENT ABOUT 20 OF TOTAL NEW HIRES UP ONLY FOUR PERCENTAGE POINTS SINCE 1989 SAYS MAURY HANIGAN WHO RUNS A NEW YORK CONSULTING FIRM INTEL CORP SAYS 6 OF ITS TECHNICAL RECRUITS WERE MEMBERS OF MINORITY GROUPS EXCLUDING ASIANS UP A PERCENTAGE POINT FROM LAST YEAR COMPETITION FOR MINORITY RECRUITS WITH COMPUTER OR ELECTRICAL ENGINEERING DEGREES IS ESPECIALLY INTENSE SAYS COMPUTER SCIENCES CORP OF EL SEGUNDO CALIF MANY FIRMS HAVE STARTED LINKING UP WITH POTENTIAL MINORITY HIRES IN THEIR FRESHMAN YEARS BELLSOUTH TRIES TO BUILD A POOL OF QUALIFIED MINORITY CANDIDATES THAT CAN BE RECRUITED LATER SAYS THE COMPANY'S OUIDA PATTILLO FIRST UNION THE BIG BANK IN CHARLOTTE NC SAYS NEARLY A THIRD OF ITS RECRUITS IN THIS YEAR'S CLASS ARE MEMBERS OF MINORITIES UP FROM ABOUT A FIFTH IN RECENT YEARS ONLY 16 OF INTERNS AT INROADS A PROGRAM FOR TALENTED MINORITY YOUTH SAY THAT RACIAL DIVERSITY IS AMONG THEIR TOP THREE CRITERIA FOR PICKING A COMPANY THE CHECKOFF TO PROD WORKERS TO HAVE MORE SAY IN THE POLITICAL PROCESS CHICAGO'S INTERMATIC CORP PUTS PHONES IN ITS PLANTS WITH TOLLFREE HOT LINES DIRECT TO THE WHITE HOUSE CONGRESS AND STATE REPS THINK WORKER TEAMS ARE A NEW FAD JOHN DUNLOP WHO HEADS THE GOVERNMENT COMMISSION STUDYING THE ISSUE UNCOVERS RESEARCH SHOWING THE FIRST TEAM WAS SET UP BY FILENE'S OF BOSTON IN 1898 A PROGRAM ESTABLISHING A NETWORK OF HEALTHCARE PROVIDERS IS EXPECTED TO SLOW THE RISE IN HEALTH CARE COSTS AT TENNECO INC TO ABOUT 10 TO 12 THIS YEAR DOWN FROM 16 TO 18 PREVIOUSLY AN ITEM IN TUESDAY'S LABOR LETTER COLUMN INCORRECTLY REPORTED THAT THIS YEAR'S INCREASE WOULD BE SIMILAR TO PRIOR YEARS SEE RELATED LETTER LETTERS TO THE EDITOR STILL LOOKING UP AT THE GLASS CEILING WSJ SEPT 24 1993 9308310043 YY93 MM09 9309240105 930806 THE AMERICAS CANADA'S SINGLEPAYER HEALTH SCHEME A SINGULAR FAILURE BY JEROME C ARNETT JR SEN PAUL WELLSTONE OF MINNESOTA HAS RECENTLY INTRODUCED LEGISLATION THAT WOULD ESTABLISH A SINGLEPAYER NATIONAL HEALTH INSURANCE PLAN HEALTH CZAR HILLARY RODHAM CLINTON HAS DENIED INTEREST IN THIS HOWEVER SINGLEPAYERBOOSTERS WERE HEARTENED BY A REPORT PUBLISHED YESTERDAY IN THE NEW ENGLAND JOURNAL OF MEDICINE WHICH SUGGESTS THAT A SINGLEPAYER SYSTEM WOULD REDUCE BUREAUCRACY IN US HEALTH CARE SINCE CANADA HAS HAD A SINGLEPAYER SYSTEM FOR OVER 20 YEARS THERE IS MUCH TO LEARN FROM ITS EXPERIENCE ACCORDING TO CANADIAN HEALTH WORKERS AND AS REPORTED IN A GROWING NUMBER OF CANADIAN NEWS ACCOUNTS CANADA'S HEALTH SYSTEM IS LUMBERING TOWARD DISINTEGRATION AND IS POISED TO SELFDESTRUCT AS THE PRESIDENT OF THE CANADIAN HOSPITAL ASSOCIATION NOTED IN THE JUNE 10 TORONTO GLOBE AND MAIL THE SENSE OF SECURITY THAT CANADIANS HAVE IN THEIR HEALTH CARE SYSTEM IS VERY DIMINISHED IT'S ALMOST GONE INTO RETREAT DR ROBERT MACMILLAN HEAD OF HEALTH INSURANCE FOR THE ONTARIO MINISTRY OF HEALTH WAS QUOTED IN A MAY ISSUE OF FORBES AS SAYING ALL OF CANADA FACES A LAG IN ACCESSIBILITY PARTICULARLY IN HIGHLY SOPHISTICATED CARE PERHAPS THE MOST VISIBLE RESULT OF CANADA'S SINGLEPAYER SYSTEM HAS BEEN THE FORCED RATIONING OF HEALTH CARE A 1992 STUDY BY THE VANCOUVERBASED FRASER INSTITUTE FOUND THAT PATIENTS HAD TO WAIT ON AVERAGE FIVE WEEKS JUST TO SEE A SPECIALIST ANOTHER 177000 PATIENTS WAITED UP TO 14 WEEKS FOR SURGICAL PROCEDURES IN ADDITION TO AVAILABILITY OF CARE COSTS HAVE ESCALATED TO 8600 PER YEAR FOR A FAMILY OF FOUR AND HAVE ADDED SUBSTANTIALLY TO CANADA'S STAGGERING NATIONAL DEBT ON A PER CAPITA BASIS CANADA'S TOTAL COMBINED FEDERAL AND PROVINCIAL BUDGET DEFICIT IS NEARLY DOUBLE THAT OF THE US'S COMBINED FEDERAL AND STATE DEFICIT FINANCING FOR CANADA'S HEALTH CARE SCHEME COMES FROM THREE SOURCES GENERAL TAXES A PAYROLL TAX AND DEFICIT FINANCING ORIGINALLY THE FEDERAL GOVERNMENT PAID 50 OF THE TOTAL COST AND EACH PROVINCE PAID THE REMAINING AMOUNT THE PROVINCES WHICH ELECTED NOT TO JOIN THE SCHEME WERE TAXED FOR IT ANYWAY ONTARIO LOST 280 MILLION CANADIAN THE FIRST YEAR IT DID NOT JOIN IN RECENT YEARS THE FEDERAL GOVERNMENT HAS PROGRESSIVELY REDUCED ITS SHARE OF THE COST TO LESS THAN 30 AND BECAUSE OF INSUFFICIENT FUNDS THE PROVINCES ARE CUTTING BACK EVEN MORE ON THE AVAILABILITY OF HEALTH CARE THE DIRECT COSTS OF CANADA'S NATIONAL HEALTH INSURANCE ARE NOT AS TROUBLESOME AS THE DISTORTIVE EFFECT THEY HAVE ON HEALTH CARE DELIVERY HEALTH CARE FACILITIES HAVE BEEN FORCED TO CUT BACK SEVERELY ON THEIR CAPITAL EXPENDITURES THUS DEPLETING THE AVAILABILITY OF ADVANCED MEDICAL EQUIPMENT AS A RESULT MANY PATIENTS MUST SEEK ADVANCED TREATMENT ELSEWHERE ACCORDING TO A RECENT STUDY REPORTED IN THE NEW ENGLAND JOURNAL OF MEDICINE NEARLY ONETHIRD OF CANADA'S DOCTORS HAVE SENT PATIENTS OUTSIDE THE COUNTRY FOR TREATMENT DURING THE PAST FIVE YEARS ABOUT 10 OF ALL BRITISH COLUMBIA RESIDENTS REQUIRING CANCER THERAPY HAVE BEEN SENT TO THE US IN TORONTO BECAUSE THE GOVERNMENT DOESN'T PROVIDE ENOUGH MONEY FOR PERSONNEL 3000 BEDS HAVE BEEN REMOVED FROM SERVICE WHILE THOUSANDS OF PATIENTS ARE ON WAITING LISTS FOR ADMISSION EVEN WHERE ADVANCED EQUIPMENT IS AVAILABLE BUREAUCRATIC ABSURDITIES PREVENT PROPER USE ACCORDING TO THE APRIL ISSUE OF FRASER FORUM DOGS AT YORK CENTRAL HOSPITAL IN METROPOLITAN TORONTO WERE ABLE TO GET CAT SCANS IMMEDIATELY WHILE HUMANS WERE PUT ON A WAITING LIST THE REASON CANADIAN PATIENTS ARE NOT ALLOWED TO PAY FOR CAT SCANS AND THE PROCEDURE COSTS TOO MUCH TO OPERATE MORE THAN A FEW HOURS A DAY FOR NONPAYING CUSTOMERS DOG OWNERS ON THE OTHER HAND WERE PERMITTED TO PAY TO USE IT THE USER FEES PAID BY THE DOG OWNERS ALLOWED THE MACHINE TO OPERATE LONGER THUS MORE HUMAN PATIENTS COULD BE SCANNED WHEN THIS INFORMATION WAS RELEASED INSTEAD OF CONSIDERING USER FEES FOR HUMANS THE CANADIAN GOVERNMENT BANNED THE TESTS FOR DOGS ALL THIS IS TAKING ITS TOLL ON CANADA'S MEDICAL PRACTITIONERS ACCORDING TO A RECENT POLL BY THE ONTARIO MEDICAL ASSOCIATION 70 OF THE DOCTORS IN ONTARIO ARE VERY PESSIMISTIC ABOUT THE NEAR FUTURE OF THEIR PROFESSION 50 OF THEM HAVE SERIOUSLY CONSIDERED RELOCATING TO THE US IN FACT A LARGE NUMBER OF PROMINENT CANADIAN ACADEMIC PHYSICIANS HAVE ALREADY VOTED WITH THEIR FEET AND HAVE MOVED TO THE US OUT OF FRUSTRATION IN 1987 A WORLDFAMOUS SURGEON DR WALTER BOBECHKO RESIGNED AS CHAIRMAN OF THE ORTHOPEDIC SURGERY DEPARTMENT AT TORONTO'S RENOWNED HOSPITAL FOR SICK CHILDREN BECAUSE HE FELT THE GOVERNMENT RESTRICTED PATIENT CARE TO THE POINT OF NEGLIGENCE HE NOW HEADS THE HUMANA ADVANCED SURGICAL INSTITUTE IN DALLAS TEXAS ONE OF THE LARGEST MEDICAL CORPORATIONS IN THE WORLD IN FACT THERE ARE SO MANY CANADIAN PHYSICIANS IN THE DALLAS AREA THAT THEY HAVE CONSIDERED STARTING THEIR OWN ORGANIZATION FOR THOSE WHO STAY A CLIMATE OF HOSTILITY BETWEEN HEALTH CARE PROVIDERS AND THEIR BUREAUCRATIC PAY MASTERS NOW PREVAILS THIS PAST APRIL DOCTORS IN WINNIPEG ACTUALLY WALKED OUT ON STRIKE TO DEMAND IMPROVEMENT IN WAGES AND WORKING CONDITIONS THEY EARNED AN AVERAGE WAGE OF 50000 CANADIAN A YEAR WHICH IS LESS THAN THE SALARY OF THE PREMIER'S PRESS SECRETARY AND BECAUSE OF THE DETERIORATING SITUATION IN ONTARIO ITS GOVERNMENT JUST LAST JUNE PROPOSED THAT IT BE ALLOWED TO EXERCISE UNPRECEDENTED POWERS TO DECIDE WHAT SERVICES ARE MEDICALLY NECESSARY HOW OFTEN PATIENTS MAY BE SEEN AND EVEN HOW MANY DOCTORS WILL BE ALLOWED TO PRACTICE IN THE PROVINCE BASIC ECONOMICS TELLS US THAT THE LAW OF SUPPLY AND DEMAND CANNOT BE BROKEN BY THE LIMITED NUMBER OF GOVERNMENT OR HMO MANAGERS WHO MUST MAKE DECISIONS FOR A NEARLY INFINITE NUMBER OF INDIVIDUAL CITIZENS EACH TIME THEY HAVE A NEW HEALTH CARE PROBLEM THUS UNDER NATIONAL HEALTH INSURANCE WE CAN EXPECT THE CONTINUING ESCALATION OF COSTS A MASSIVE GOVERNMENT BUREAUCRACY MICROMANAGING EVERY ASPECT OF HEALTH CARE A LOWERING OF THE QUALITY OF MEDICAL CARE TO THE LEAST COMMON DENOMINATOR RATIONING AND DENIAL OF CARE THE LOSS OF CIVIL LIBERTIES AND FREEDOM OF CHOICE BY BOTH PATIENT AND DOCTOR MASSIVE INCREASES IN TAXATION AND POSSIBLY EVEN NATIONWIDE DOCTOR STRIKES SEN WELLSTONE SAID RECENTLY SURELY WITH ALL OUR TECHNOLOGY CREATIVITY AND GOOD WILL AMERICANS CAN BORROW FROM OTHER NATIONS' EXPERIENCE AND DO EQUALLY WELL UNFORTUNATELY REALITY DOES NOT CONFORM TO THE SENATOR'S DREAM SINGLEPAYER NATIONAL HEALTH INSURANCE BASED ON THE CANADIAN MODEL WOULD BE A MAJOR DISASTER FOR THE US DR ARNETT IS A WEST VIRGINIABASED PRACTICING PHYSICIAN WILLIAM E GOODMAN MD A TORONTOBASED PHYSICIAN ASSISTED IN THE PREPARATION OF THIS ARTICLE SEE RELATED LETTER LETTERS TO THE EDITOR CANADIAN HEALTH CARE IS ON RIGHT TRACK WSJ AUG 24 1993 9308060124 YY93 MM08 SEE RELATED LETTER LETTERS TO THE EDITOR WHY CANADA'S DOCTORS FLEE SOUTH WSJ SEPT 16 1993 9308240077 YY93 MM09 SEE RELATED LETTER LETTERS TO THE EDITOR A GRIZZLY TALE OF CANADIAN HEALTH CARE WSJ SEPT 24 1993 9309160051 YY93 MM09 9309230159 930923 WHO'S NEWS NATURE'S BOUNTY INC NATURE'S BOUNTY INC BOHEMIA NY SCOTT RUDOLPH 36 YEARS OLD PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THIS MARKETER AND MANUFACTURER OF VITAMINS AND NUTRITIONAL SUPPLEMENTS WAS GIVEN THE ADDITIONAL TITLE OF CHAIRMAN MR RUDOLPH SUCCEEDS HIS FATHER ARTHUR RUDOLPH 65 WHO IS RETIRING BUT WILL REMAIN A DIRECTOR 9309230158 930923 TECHNOLOGY NOVELL'S STRATEGY FOR ITS UNIX SYSTEM IS TURNED DOWN BY TWO MAJOR PLAYERS BY G CHRISTIAN HILL STAFF REPORTER OF THE WALL STREET JOURNAL THE TWO BIGGEST PURVEYORS OF UNIX COMPUTER OPERATING SYSTEMS REJECTED NOVELL INC'S STRATEGY OF TRYING TO PROTECT ITS BESTSELLING NETWARE SOFTWARE UNDER A FUTURE UNIX STANDARD NOVELL OWNS THE SOURCE CODE OF THE UNIX SYSTEM AND LICENSES IT TO OTHER COMPANIES AND COMPUTER MAKERS WHICH HAVE DEVELOPED THEIR OWN VARIANTS THAT ARE INCREASINGLY POPULAR ON SOCALLED SERVERS LINKING LARGE NETWORKS OF DESKTOP MACHINES THOSE VARIANTS HAVE BEEN LARGELY INCOMPATIBLE WITH ONE ANOTHER RESTRAINING THE GROWTH OF UNIX AMONG BIG CORPORATE CUSTOMERS THE BIGGEST UNIX VENDORS SUN MICROSYSTEMS INC SANTA CRUZ OPERATION INC HEWLETTPACKARD CO INTERNATIONAL BUSINESS MACHINES CORP AND DIGITAL EQUIPMENT CORP CONTROL 75 OF THE MARKET THEY ARE CLOSE TO AGREEMENT ON STANDARDS THAT WILL ALLOW INTEROPERABILITY AMONG THE UNIX VARIANTS AND MAKE IT EASIER FOR DEVELOPERS TO WRITE APPLICATIONS SUCH AS DATABASES THAT WILL RUN ON ALL OF THEM EVEN THOUGH NOVELL DERIVES MILLIONS OF DOLLARS IN REVENUE FROM LICENSING UNIX'S BASIC SOURCE CODE THE DEVELOPMENT OF A UNIX STANDARD AND THE ROBUST GROWTH OF UNIX OPERATING SYSTEMS THREATENS NOVELL'S MOST IMPORTANT PRODUCT NETWARE NETWARE CONNECTS PERSONAL COMPUTERS IN NETWORKS AND HAS ABOUT A 70 MARKET SHARE AMONG PCS COMPANIES SUCH AS SUN AND SCO SAY THEIR UNIX SERVER SYSTEMS WHICH LINK PERSONAL COMPUTERS ARE MORE POWERFUL THAN NETWARE AND WILL CAPTURE MOST OF THE FUTURE GROWTH IN NETWORKING SOFTWARE NETWARE IS ALSO THREATENED BY MICROSOFT CORP'S NEW NETWORKING SYSTEM WINDOWS NT NOVELL'S FORMERLY SURGING GROWTH HAS ALREADY SLOWED AND ITS STOCK PRICE HAS FALLEN 47 SINCE MARCH ON TUESDAY NOVELL CHAIRMAN RAY NOORDA ANNOUNCED A NEW STRATEGY TO BOLSTER BOTH NETWARE AND NOVELL'S OWN UNIX OPERATING SYSTEM UNIXWARE HE SAID NOVELL WILL INTEGRATE UNIXWARE TO WORK SEAMLESSLY WITH NETWARE AND OFFER UNIXWARE AS THE NEW SOURCE CODE TO OTHER UNIX VENDORS FOR INCORPORATION IN THEIR UNIX OPERATING SYSTEMS THE AIM IS TO MAKE UNIXWARE A DE FACTO STANDARD AND MAKE NETWARE MORE ATTRACTIVE IN THE UNIX WORLD BUT THE PLAN WAS STRONGLY REJECTED YESTERDAY BY SUN AND SCO WHICH CONFIDENTLY PREDICTED THAT IBM HP AND OTHER UNIX VENDORS WILL ALSO SPURN IT SUN AND SCO CONTROL ABOUT 50 OF THE TOTAL UNIX MARKET WHILE UNIXWARE HAS GENERATED HARDLY ANY SALES SAM SPADAFORA SCO'S SENIOR VICE PRESIDENT FOR FIELD OPERATIONS SAID MR NOORDA IS COPYING A STRATEGY SCO INITIATED FIVE YEARS AGO WITH GREAT SUCCESS SCO HAS A 65 MARKET SHARE IN UNIX SYSTEMS USED ON INTELBASED MACHINES AND ANALYSTS SAY IT HAS SHIPPED CLOSE TO ONE MILLION UNITS MOREOVER UNIXWARE IS AN INFERIOR PRODUCT WITH FAR FEWER FEATURES AND LESS POWER THAN THE BESTSELLING UNIX SYSTEMS AND HAS FLOPPED BADLY MR SPADAFORA SAID RAY NEEDS TO FIND A WAY TO GRAB A NICHE IN THIS MARKET BUT NONE OF THE MAJOR UNIX VENDORS HAVE ANY INTENTION OF MOVING TO UNIXWARE SAID SCOTT MCGREGOR SCO'S SENIOR VICE PRESIDENT PRODUCTS WHO ADDED THAT NETWARE ITSELF IS BASED ON OBSOLETE TECHNOLOGY ED ZANDER PRESIDENT OF SUN'S SUNSOFT UNIT WAS EVEN MORE BLUNT WHY WOULD I WANT UNIXWARE HE ASKED HE NOTED THAT SUN HAS SHIPPED 14 MILLION UNITS OF ITS UNIX VERSION CALLED SOLARIS WHICH HAS 8000 APPLICATIONS THAT DON'T RUN ON UNIXWARE MR ZANDER ADDED RATHER THAN US BUY UNIXWARE I'D LIKE TO OFFER TO SELL MR NOORDA SOLARIS MR NOORDA SAID ON TUESDAY THAT NOVELL PLANS TO SHARPLY IMPROVE BOTH UNIXWARE AND NETWARE BY MID1994 UNIX VENDORS DO WANT THE UNIX TRADEMARK OWNED BY NOVELL SO THEY CAN ADVERTISE UNDER ONE BRAND NAME AND CONVEY THE IDEA THAT HAVING A LOGO SUCH AS UNIX INSIDE MEANS A UNIX SYSTEM WILL WORK WITH ANY OTHER UNIX SYSTEM NOVELL IS CONSIDERING GIVING OR LICENSING THE TRADEMARK TO A UNIX CONSORTIUM IF WE MOVE QUICKLY TO STANDARDS AND THE BRANDING OF UNIX AND PUT ALL THESE RELIGIOUS WARS BEHIND US WE CAN BEAT WINDOWS NT IN THE HIGHEND NETWORKING MARKET MR ZANDER SAID BUT HE ADDED THAT MR NOORDA IS A BIT SHORT AND LATE ON HIS STRATEGY 9309230157 930923 WHO'S NEWS RAYTHEON CO RAYTHEON CO LEXINGTON MASS FORMER SEN WARREN RUDMAN WAS ELECTED A DIRECTOR OF THIS MAKER OF MISSILES DEFENSE ELECTRONIC GEAR BUSINESS AIRCRAFT AND APPLIANCES FILLING A VACANCY CAUSED BY THE RETIREMENT OF HARVEY BROOKS LAST SPRING 9309230156 930923 WHO'S NEWS FEDERAL RESERVE BANK FEDERAL RESERVE BANK NEW YORK TWO PEOPLE WERE APPOINTED TO SENIOR POSTS VACATED IN JULY WHEN WILLIAM MCDONOUGH WAS NAMED PRESIDENT JOAN LOVETT 49 YEARS OLD WAS NAMED MANAGER OF DOMESTIC OPERATIONS OF THE SYSTEM FEDERAL OPEN MARKET COMMITTEE WHICH HANDLES CHANGES IN MONETARY POLICY SHE WAS HEAD OF THE OPEN MARKET DESK PETER RYERSON FISHER 37 WAS NAMED SENIOR VICE PRESIDENT AND HEAD OF THE FED'S FOREIGN EXCHANGE GROUP HE WAS VICE PRESIDENT WITH DAYTODAY RESPONSIBILITY FOR FOREIGN EXCHANGE 9309230155 930923 ENTERPRISE FAST TRACK SMALL TOP SOURCE INC BETS ON INTRODUCING TECHNOLOGY COSTCONSCIOUS BIG FIRMS LIKE CHRYSLER BUY MORE R&D FROM THE OUTSIDE BY JEFFREY A TANNENBAUM STAFF REPORTER OF THE WALL STREET JOURNAL CAN A LITTLE COMPANY STEER US AUTO GIANTS TOWARD NEW TECHNOLOGY TOP SOURCE INC IN PALM BEACH GARDENS FLA HAS TACKLED THAT TOUGH CHALLENGE BY SPENDING ABOUT 9 MILLION ON FOUR AUTOMOTIVE TECHNOLOGIES THE SEVENYEAROLD TECHNOLOGY DEVELOPER SAYS ITS PURSUIT OF SUCH BIG CAR MAKERS AS CHRYSLER CORP FINALLY SHOWS SIGNS OF PAYING OFF SOON THE KEY A CHANGE OF HEART IN DETROIT UNTIL NOW THE AUTOMOTIVE INDUSTRY HAS BEEN ONE OF THE LEAST RECEPTIVE INDUSTRIES TO OUTSIDE TECHNOLOGIES CONCEDES STUART LANDOW CHAIRMAN OF TOP SOURCE BUT INCREASED COSTS REGULATION AND FOREIGN COMPETITION ARE FORCING AUTO MAKERS TO SEEK AND ACCEPT PRODUCTS AND TECHNOLOGIES DEVELOPED OUTSIDE THEIR COMPANIES HE ADDS TOP SOURCE FORECASTS A SURGE IN SALES TO NEARLY 20 MILLION AND A BREAKTHROUGH TO PROFITABILITY IN FISCAL 1994 AFTER POSTING YET ANOTHER LOSS FOR THE YEAR ENDING SEPT 30 ON SALES OF ABOUT 4 MILLION COMPANY OFFICIALS SAY THEY EXPECT A MONTHLY OPERATING PROFIT FOR THE FIRST TIME THIS MONTH A BIG FACTOR IN TOP SOURCE'S ANTICIPATED PROFIT BREAKTHROUGH CONTRACTS TO SUPPLY CHRYSLER WITH OVERHEAD SPEAKER SYSTEMS FOR THE JEEP WRANGLER CHEROKEE AND GRAND CHEROKEE VEHICLES THE VALUE OF THE CONTRACTS COULD EXCEED 30 MILLION OVER THE THREE MODEL YEARS THAT BEGAN THIS MONTH TOP SOURCE HAS SAID CHRYSLER CONFIRMS THE PURCHASE ORDERS BUT DECLINES TO DISCUSS THEIR VALUE INVESTORS ARE GAMBLING HEAVILY THAT TOP SOURCE WHICH RECENTLY GAINED A REGULAR AMERICAN STOCK EXCHANGE LISTING WILL CONTINUE TO WIN MAJOR ORDERS ITS SHARES CLOSED YESTERDAY AT 3125 GIVING THE 236 MILLION OUTSTANDING SHARES A TOTAL MARKET VALUE OF MORE THAN 70 MILLION THAT'S ABOUT 17 TIMES TOP SOURCE'S EXPECTED SALES FOR FISCAL 1993 WHILE MATURE AUTOPARTS SUPPLIERS TYPICALLY HAVE TOTAL MARKET VALUES EQUAL TO ONLY ONEHALF OF ANNUAL SALES SAYS SCOTT L SOFFEN AN AUTOPARTS INDUSTRY ANALYST FOR AMERICAN EXPRESS CO'S LEHMAN BROTHERS INC UNIT IN NEW YORK TOP SOURCE VIEWS ITSELF AS A GOBETWEEN THAT INTRODUCES AUTO MAKERS TO TECHNOLOGIES DEVELOPED OUTSIDE THE INDUSTRY MR LANDOW EXPLAINS LIKE COUNTLESS OTHER SMALL SUPPLIERS OF TECHNOLOGY HOWEVER TOP SOURCE IS FOLLOWING A RISKY STRATEGY MANY STARTUPS SINK THEIR FORTUNES INTO SPECULATIVE NEW TECHNOLOGIES ONLY TO LEARN THAT THEY DON'T WORK OR THAT RIVAL METHODS ARE LESS COSTLY UNTIL RECENTLY TOP SOURCE ENCOUNTERED PLENTY OF RISKS AND FEW REWARDS FROM ATTEMPTING TO COMMERCIALIZE NEW TECHNOLOGY ROGER RANKIN A FORMER FLORIDA ELECTRONICS RETAILER BEGAN THE COMPANY IN COLORADO SPRINGS COLO IN 1985 UNDER THE NAME BLUE CHIP INTERNATIONAL INC HE INTENDED TO DISTRIBUTE AN OVERHEADMOUNTING SYSTEM FOR VEHICLES' AUDIO SPEAKERS USING AN ACQUIRED SWEDISH PATENT MR RANKIN TOOK THE COMPANY PUBLIC IN 1986 AS TOP SOUND INTERNATIONAL INC BUT PLANS TO PLACE THE SPEAKERS IN SUZUKI SAMURAI SPORT UTILITY VEHICLES COLLAPSED IN 1988 WHEN SAFETY CONCERNS AROSE ABOUT THE VEHICLES AT TOP SOUND THE PROJECTED SALES THAT WERE GOING TO MAKE THE COMPANY PROFITABLE JUST VANISHED SAYS MR LANDOW WHO SUCCEEDED MR RANKIN AS CHAIRMAN IN 1990 RENAMING ITSELF TOP SOURCE THE COMPANY SOUGHT TO IMPROVE ITS OVERHEADMOUNTING SYSTEM OFFICIALS MAINTAIN THAT THE SYSTEM'S INTERIOR ROOF MOUNTING IS LESS LABORINTENSIVE AND THUS CHEAPER THAN SAY MOUNTING A SYSTEM INSIDE THE TAILGATE MR LANDOW SAYS THE TECHNOLOGY'S COST AND EASE OF INSTALLATION ATTRACTED CHRYSLER BUT TOP SOURCE HAD TO TAKE EXTRA STEPS TO LAND THE ACTUAL CHRYSLER ORDER IT ALTERED THE MOUNTING SYSTEM TO BLEND IN WITH THE DECOR OF THE CHRYSLER VEHICLES SO IT WOULDN'T LOOK LIKE AN ADDON MR LANDOW SAYS THE COMPANY ALSO CHANGED THE RAW MATERIALS TO FURTHER REDUCE COSTS CHRYSLER SAYS THAT THE TOP SOURCE TECHNOLOGY RESULTS IN SUPERIOR ACOUSTICS AND VEHICULAR WEIGHT REDUCTION REVENUE FROM THE OILANALYSIS BUSINESS IS EXPECTED TO TOTAL MORE THAN 8 MILLION IN FISCAL 1994 TOP SOURCE SAYS CHRYSLER NOW IS TESTING THE IGNITION SYSTEM WHILE POTENTIAL CUSTOMERS THAT TOP SOURCE DECLINES TO NAME ARE TESTING THE SEAT BOTH THE SEAT AND IGNITION SYSTEM INVOLVE TECHNOLOGY LICENSED BY TOP SOURCE FROM MASSACHUSETTS INSTITUTE OF TECHNOLOGY TOP SOURCE SEEMS TO BE DOING A VERY GOOD JOB OF MOVING THOSE TECHNOLOGIES FORWARD SAYS JOHN T PRESTON DIRECTOR OF TECHNOLOGY DEVELOPMENT AT MIT TO KEEP ABREAST OF THE LATEST AUTOMOTIVE TECHNOLOGY TOP SOURCE LAST YEAR FORMED A REVIEW BOARD HEADED BY AN MIT PROFESSOR NO ONE KNOWS WHETHER TOP SOURCE ULTIMATELY WILL SUCCEED BUT THERE IS LITTLE DOUBT THAT AN INCREASING NUMBER OF SMALL US COMPANIES NOW TIE THEIR FUTURES TO THE GROWTH OF OUTSIDE PURCHASING KNOWN AS OUTSOURCING BY COSTCONSCIOUS LARGE COMPANIES YOU SEE THIS IN INDUSTRY AFTER INDUSTRY BECAUSE USING OUTSIDE CONTRACTORS OFTEN SAVES MONEY SAYS JOHN G LARKIN AN INDUSTRY ANALYST AT ALEX BROWN & SONS A BALTIMORE SECURITIES FIRM BIG US AUTO MAKERS ARE USING OUTSIDERS MORE FOR DEVELOPMENT WORK BECAUSE THEY HAVE SLASHED THEIR OWN ENGINEERING RANKS TO SAVE MONEY OBSERVERS NOTE CHRYSLER FOR ONE ALWAYS HAS DEALT WITH OUTSIDE SUPPLIERS BUT SAYS THEY PLAY AN INCREASINGLY IMPORTANT ROLE IN EARLY PLANNING FOR NEW CARS WE'RE PROBABLY MORE WILLING TO LISTEN TO IDEAS NOW A CHRYSLER OFFICIAL SAYS OUR WHOLE CULTURE IS CHANGING BUSINESS DEVELOPS AND MARKETS AUTOMOTIVE TECHNOLOGIES NINE MONTHS ENDED JUNE 30 1993 9309230154 930923 BUSINESS BRIEF MOST OF RJR'S DEBT PREFERRED STOCK ARE PLACED ON RATINGS REVIEW BY S&P NEW YORK STANDARD & POOR'S PLACED MOST OF RJR NABISCO HOLDINGS CORP'S DEBT AND PREFERRED STOCK ON CREDITWATCH WITH NEGATIVE IMPLICATIONS SUGGESTING THAT THE COMPANY'S SENIOR DEBT RATINGS COULD SINK BACK TO JUNK STATUS THE RATINGS AGENCY SAID RJR NABISCO FACES INCREASING PRICE PRESSURE AND COMPETITION IN THE DOMESTIC TOBACCO MARKET MOREOVER POSSIBLE INCREASES IN TAXES ON TOBACCO TO HELP FINANCE HEALTHCARE CHANGES COULD ADD TO RJR NABISCO'S DIFFICULTIES RJR NABISCO SAID ABOUT 13 BILLION IN DEBT AND 35 BILLION IN PREFERRED STOCK HAVE BEEN PLACED UNDER REVIEW CURRENTLY RJR'S SENIOR DEBT RATING IS TRIPLEBMINUS ONE STEP ABOVE SPECULATIVE OR JUNK STATUS THE COMPANY ATTAINED INVESTMENTGRADE RATINGS FOR ITS SENIOR DEBT IN DECEMBER 1991 MORE THAN TWO YEARS AFTER THE COMPANY HAD GONE PRIVATE IN A FEBRUARY 1989 LEVERAGED BUYOUT S&P SAID THE REVIEW WOULD TAKE SEVERAL MONTHS TO RESOLVE CONCURRENTLY S&P AFFIRMED ITS SINGLEA SENIOR DEBT RATING FOR PHILIP MORRIS COS ITS SINGLEA SENIOR DEBT RATING FOR AMERICAN BRANDS INC AND ITS DOUBLEAMINUS SENIOR DEBT RATING FOR LOEW'S CORP THREE OTHER COMPANIES WITH MAJOR INTERESTS IN TOBACCO PRODUCTS WITH A LARGER PERCENTAGE OF RJR'S TOBACCO BUSINESS COMING FROM DOMESTIC BUSINESS THAN OTHER TOBACCO COMPANIES THEY'VE BEEN IMPACTED MORE THAN THE OTHER PLAYERS BY THE CHANGE IN PRICING SAID MICHAEL J CREHAN AN ANALYST WITH S&P THEY HAVE GREAT CASH FLOW BUT RELATIVE TO DEBT BURDEN AND INTEREST PAYMENTS THEIR COVERAGES ARE NOT VERY STRONG AN RJR SPOKESWOMAN SAID THE COMPANY IS AGGRESSIVELY ADDRESSING THESE ISSUES ACROSS THE BOARD AND WE CONTINUE TO GENERATE CASH FLOWS IN EXCESS OF MOST NONTOBACCO CONSUMER PRODUCTS COMPANIES THE ANNOUNCEMENT CAME AFTER THE MARKET CLOSED IN COMPOSITE NEW YORK STOCK EXCHANGE TRADING RJR SHARES FINISHED UNCHANGED AT 4625 ONLY 125 CENTS ABOVE THEIR 52WEEK LOW 9309230153 930923 WHO'S NEWS AETNA LIFE & CASUALTY CO AETNA LIFE & CASUALTY CO HARTFORD CONN CHARLES H CREMENS 39 YEARS OLD WAS NAMED VICE PRESIDENT OF REALESTATE INVESTMENTS AT THIS INSURER MR CREMENS WHO WILL JOIN AETNA OCT 11 IS CURRENTLY A MANAGING DIRECTOR AT THE BANK OF BOSTON HE SUCCEEDS WILLIAM M RUSSELL WHO WILL RETIRE IN APRIL 9309230152 930923 ALTAI RESOURCES UNIT ACQUISITION TORONTO ALTAI RESOURCES DEL PERU A UNIT OF ALTAI RESOURCES INC SAID IT ACQUIRED A LARGE GOLDBEARING STRUCTURE IN THE PROVINCE OF CHANCAY NEAR LIMA IN WESTCENTRAL PERU TERMS WEREN'T DISCLOSED 9309230151 930923 TERADYNE GETS MOTOROLA JOB BOSTON TERADYNE INC SAID IT RECEIVED A 125 MILLION CONTRACT FROM THE EUROPEAN CELLULAR INFRASTRUCTURE DIVISION OF MOTOROLA INC FOR BACKPLANE AND CARDCAGE ASSEMBLIES 9309230150 930923 FINANCING BUSINESS EQUITABLE RESOURCES INC EQUITABLE RESOURCES INC SAID ITS PUBLIC OFFERING OF 27 MILLION NEWLY ISSUED COMMON SHARES WAS PRICED AT 3850 A SHARE THE PITTSBURGH ENERGY COMPANY IS OFFERING 24 MILLION SHARES IN THE US AND CANADA AND 300000 INTERNATIONALLY 9309230149 930923 MARKETING & MEDIA ADVERTISING FAMILY CHANNEL WANTS TO POLISH ITS IDENTITY WITH IMAGE ADS' BY KEVIN GOLDMAN THE BULLETS WERE FLYING THE OBSCENITIES WERE UTTERED AND THE NUDITY WAS WELL FLEETING TUESDAY NIGHT ON THE GRITTY CAPITAL CITIES/ABC DRAMA NYPD BLUE MEANWHILE OVER ON CABLE'S FAMILY CHANNEL RELIGIOUS BROADCASTER PAT ROBERTSON CHATTED ABOUT HEALTH CARE ON HIS DISCUSSION SHOW THE 700 CLUB THE FAMILY CHANNEL UNLIKE BROADCAST AND CABLE NETWORKS COUNTENANCES NO MAYHEM NO DISASTER NO ONSCREEN MURDER IF THERE'S MYSTERY IT'S TONGUEINCHEEK NO ONE GETS HURT INSTEAD THE LINEUP IS AWASH IN SUCH WHOLESOME PROGRAMS AS THE WALTONS BABY RACES AND SNOWY RIVER IT IS THIS SOOTHING WORLD THAT'S PORTRAYED IN A NEW ADVERTISING CAMPAIGN FOR THE FAMILY CHANNEL A PUBLIC COMPANY FOUNDED BY SHAREHOLDER MR ROBERTSON AND BASED IN VIRGINIA BEACH VA THE TV AND PRINT CAMPAIGN PRODUCED INHOUSE BEGAN LAST WEEK IT'S JUST ONE OF SEVERAL SOCALLED BRANDIMAGE EXECUTIONS FROM MAJOR CABLE OPERATORS FIGHTING TO ESTABLISH AN IDENTITY IN A CROWDED FIELD AS THE TELEVISION DIAL FILLS UP WITH MORE FLEDGLING SERVICES THE NEED FOR IMAGE ADS INCREASES CABLE EXECUTIVES SAY ANOTHER NEW CAMPAIGN IS THE ONE PROMOTING TIME WARNER'S PAY SERVICE HBO THE SPOT FOR THE NETWORK'S SATURDAY NIGHT MOVIE PACKAGE WAS PRODUCED BY OMNICOM GROUP'S BBDO IT IS A WALK DOWN MEMORY LANE OF ALL BAD DATES AND PICKUP LINES SAYS ROBERTA MELL HBO'S VICE PRESIDENT OF NATIONAL ADVERTISING THE AMUSING COMMERCIAL ASKS WHY ANYONE WOULD GO OUT ON SATURDAY NIGHT WHAT FOLLOWS ARE EXAMPLES OF A DEADHEAD MEATHEAD REDHEAD AND AIRHEAD SHE SAYS THE AIRHEAD FOR EXAMPLE IS A BLONDE WITH A VACANT LOOK IN HER EYES WHO SAYS UH I DON'T GET IT MAYBE GOING OUT ON SATURDAY NIGHT ISN'T ALL IT'S CRACKED UP TO BE SAYS MS MELL SO WE'RE OFFERING AN ALTERNATIVE HBO IS NO STRANGER TO ADVERTISING IN NEWSPAPERS MAGAZINES AND ON RIVAL TELEVISION NETWORKS SUCH BRAND ADVERTISING IS ESPECIALLY CRITICAL FOR THE SOCALLED PREMIUM SERVICES SUCH AS HBO AND VIACOM'S SHOWTIME BECAUSE CABLE SUBSCRIBERS MUST PAY TO RECEIVE THEM THE FAMILY CHANNEL THE CABLE INDUSTRY'S NINTHLARGEST CABLE OUTLET WANTS TO SEND THE MESSAGE THAT ITS PROGRAMMING IS PERFECTLY TARGETED FOR WHAT IT CALLS THE NUCLEARPLUS FAMILY DEFINED AS THE NUCLEAR FAMILY SINGLE PARENTS AND THOSE FAMILIES WITH PARENTS AND/OR GRANDPARENTS LIVING WITH THEM NO ONE IS EMBARRASSED TO SIT DOWN WITH ANY MEMBER OF THE FAMILY TO SEE WHAT IS ON THE FAMILY CHANNEL SAYS JACK NORMAN VICE PRESIDENT OF CREATIVE SERVICES AT THE FAMILY CHANNEL WHICH HAS 574 MILLION SUBSCRIBERS MADISON AVENUE CONSIDERS THE FAMILY CHANNEL A SOURCE OF SOLID QUALITY ENTERTAINMENT SAYS ERICA GRUEN EXECUTIVE DIRECTOR AND ASSOCIATE DIRECTOR OF TELEVISION INFORMATION AND NEW MEDIA AT SAATCHI & SAATCHI ADVERTISING THE AUDIENCE FOR THE FAMILY CHANNEL WITH ITS SCHEDULE OF ORIGINAL SHOWS AND RERUNS OF INNOCUOUS BROADCAST NETWORK SERIES IS 35PLUS AND MOSTLY WOMEN IN RURAL COMMUNITIES SAYS MS GRUEN CITING AUDIENCE RESEARCH FROM AC NIELSEN THE NEW AD FEATURES A CATCHY JINGLE THAT BARNEY WOULD BE AT HOME CROONING THE LYRICS ARE THERE'S NOTHING LIKE FAMILY THERE'S NOTHING LIKE YOU AND ME WE'RE ALL FAMILY CAN'T WAIT TO SEE MY FAMILY DURING THIS STICKYSWEET SONG SCENES OF FAMILY CHANNEL'S ORIGINAL FARE SUCH AS BIG BROTHER JAKE AND SNOWY RIVER ARE SHOWN THE AD BEGAN AIRING LAST WEEK ON GENERAL ELECTRIC'S NBC NETWORK IT WAS THE ONLY NETWORK WHERE WE COULD BOOK TIME SAYS MR NORMAN WE'D LIKE TO BE ON ALL THE NETWORKS MR NORMAN WAXES RHAPSODIC OVER THE AD'S INFINITE POSSIBILITIES HE ENVISIONS TAKING THE CAMPAIGN TO THE STREETS AND INTO THE HOMES WITH ACTUAL FAMILY CHANNEL VIEWERS FILMED SINGING THE JINGLE IT'S HEARTTUGGING THE COUNTRY IS IN THE MOOD TO HEAR THIS MESSAGE OF FAMILY RIGHT NOW WE COULD MAKE THIS A NATIONAL ANTHEM OF SORTS THE UPBEAT TELEVISION SPOT ARRIVES AS THE MAJOR BROADCAST NETWORKS ARE COMING UNDER INCREASED PRESSURE TO PUT A LID ON VIOLENT AND SEXUAL PROGRAMMING CONTENT IN THE 199394 TELEVISION SEASON WHICH OFFICIALLY BEGAN MONDAY ABC CBS NBC AND NEWS CORP'S FOX NETWORK AGREED TO AIR IDENTICAL ADVISORIES BEFORE PROGRAMS CONTAINING VIOLENCE OR SEX YET THOSE TWO INGREDIENTS SELL NYPD BLUE FOR EXAMPLE EASILY WON ITS TIME PERIOD TUESDAY NIGHT ACCORDING TO NIELSEN EVEN THOUGH ABOUT A QUARTER OF ABC'S AFFILIATES DIDN'T BROADCAST THE SHOW BECAUSE OF ITS STRONG CONTENT INDEED THESE DAYS IT MIGHT BE MORE DIFFICULT TO SELL THE FAMILY CHANNEL'S SQUEAKYCLEAN IMAGE AFTER ALL IS IT HIP TO BE SQUARE WE DON'T SEE THE FAMILYVALUE MONIKER AS AN OBSTACLE MR NORMAN SAYS WE SEE IT AS A MAGNET ALTHOUGH THE FAMILY CHANNEL HAS USED OUTSIDE ADVERTISING AGENCIES BEFORE IT CHOSE TO PRODUCE THE SPOT ITSELF THIS TIME BECAUSE MR NORMAN SAYS WE KNEW WHAT TO DO AND WE KNEW HOW TO DO IT ACCOUNT DUPONT BASED IN WILMINGTON DEL ASSIGNED ITS ESTIMATED 15 MILLION CORPORATE AD ACCOUNT TO SAATCHI & SAATCHI CO'S SAATCHI & SAATCHI ADVERTISING IT HAD BEEN AT OMNICOM GROUP'S BBDO FOR 57 YEARS SAATCHI BESTED BBDO AND A THIRD DUPONT AGENCY YOUNG & RUBICAM IN A REVIEW WHERE THEY PRESENTED 10YEAR STRATEGIES FOR DUPONT'S CORPORATE POSITIONING SAID JOHN MURRAY CORPORATE ADVERTISING MANAGER STILL UNDER REVIEW IS DUPONT'S 15 MILLION LYCRA ACCOUNT ALSO HANDLED BY BBDO WHO'S NEWS WPP GROUP'S OGILVY & MATHER NAMED DEREK CARSTENS 44 YEARS OLD PRESIDENT OF ITS CHICAGO OFFICE SUCCEEDING TOM HALL IN THAT ROLE MR HALL 55 WAS NAMED CHAIRMAN HE RETAINS THE TITLE OF CHIEF EXECUTIVE MR CARSTENS HAD BEEN CHAIRMAN AND CHIEF EXECUTIVE OF OGILVY'S AUSTRALIAN OPERATIONS FINALISTS WHITE CASTLE SYSTEMS INC COLUMBUS OHIO NAMED TWO FINALISTS IN THE REVIEW FOR ITS 15 MILLION ADVERTISING ACCOUNT THEY ARE THE DETROIT OFFICE OF WPP GROUP'S J WALTER THOMPSON AND THE CHICAGO OFFICE OF CRAMER KRASSELT GUNDER & ASSOCIATES DUBLIN OHIO IS THE INCUMBENT A DECISION IS EXPECTED NEXT MONTH 9309230148 930923 WHO'S NEWS EATON CORP EATON CORP CLEVELAND ALEXANDER M CUTLER 42 YEARS OLD FORMERLY EXECUTIVE VICE PRESIDENT OF OPERATIONS WAS NAMED TO THE NEW POST OF EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER OF CONTROLS AND WAS ALSO ELECTED A DIRECTOR EXPANDING THE BOARD TO 13 MEMBERS JOHN S RODEWIG 59 WHO CONTINUES AS EATON'S PRESIDENT AND CHIEF OPERATING OFFICER OF VEHICLE COMPONENTS WILL HAVE RESPONSIBILITY FOR EATON'S VEHICLE COMPONENT BUSINESS WHILE CONTINUING TO OVERSEE NEW PRODUCT DEVELOPMENT AND MANUFACTURING TECHNOLOGY AS WELL AS QUALITY INITIATIVES MR CUTLER WILL BE RESPONSIBLE FOR THE DISTRIBUTION AND CONTROLS BUSINESS BEING ACQUIRED FROM WESTINGHOUSE ELECTRIC CORP AS WELL AS THE COMPANY'S INDUSTRIAL CONTROLS AND POWER DISTRIBUTION AUTOMOTIVE AND APPLIANCE CONTROLS COMMERCIAL AND MILITARY CONTROLS AND SEMICONDUCTOR EQUIPMENT BUSINESSES EATON SAID THE REORGANIZATION OF DUTIES WAS A DIRECT RESULT OF THE PENDING WESTINGHOUSE ACQUISITION 9309230147 930923 WHO'S NEWS MCGRAWHILL INC MCGRAWHILL INC NEW YORK STANDARD & POOR'S CORP THE CREDITRATING AND INFORMATIONSERVICES UNIT OF MCGRAWHILL NAMED DANIEL J CONNELL PRESIDENT OF ITS S&P COMSTOCK DIVISION WHICH PROVIDES REALTIME FINANCIAL DATA NEWS AND OTHER INFORMATION PREVIOUSLY A VICE PRESIDENT WITH THE BEDFORD ASSOCIATES UNIT OF BRITISH AIRWAYS MR CONNELL 33 YEARS OLD SUCCEEDS GRACE GAFFNEY WHO WILL CONTINUE IN AN ADVISORY ROLE TO THE COMPANY 9309230146 930923 INTERNATIONAL VICTOR CO OF JAPAN WIDENS ITS ESTIMATE OF FISCALYEAR LOSS SPECIAL TO THE WALL STREET JOURNAL TOKYO VICTOR CO OF JAPAN A MAKER OF AUDIO AND VIDEO PRODUCTS REDUCED ITS EARNINGS OUTLOOK FOR ITS FISCAL YEAR TO FORECAST A CONSOLIDATED PRETAX LOSS ALMOST 39 TIMES LARGER THAN EARLIER PROJECTED JVC NOW FORECASTS A PRETAX LOSS OF 31 BILLION YEN 2907 MILLION FOR THE FISCAL YEAR ENDING MARCH 31 1994 AND A NET LOSS OF 275 BILLION YEN ON SALES OF 700 BILLION YEN THE COMPANY EARLIER HAD FORECAST A PRETAX LOSS OF 800 MILLION YEN 75 MILLION AND A NET PROFIT OF ONE BILLION YEN ON SALES OF 780 BILLION YEN IN THE YEAREARLIER PERIOD JVC REPORTED A PRETAX LOSS OF 2547 BILLION YEN AND A NET LOSS OF 4307 BILLION YEN ON SALES OF 76889 BILLION YEN IN ITS FILING WITH TOKYO'S STOCK EXCHANGE JVC CITED A WEAKNESS OF THE MARKET FOR ITS PRODUCTS AND THE DETRIMENTAL EFFECT OF THE STRONG YEN THE COMPANY ALSO ANNOUNCED SEVERAL RESTRUCTURING MEASURES AIMED AT RESTORING PROFITABILITY IN ITS NEXT FISCAL YEAR A JVC SPOKESMAN SAID THE STEPS INCLUDE CUTTING JVC'S WORK FORCE BY 2000 EMPLOYEES BY THE END OF SEPTEMBER 1994 THE USUAL METHOD OF CUTTING STAFF AT A JAPANESE COMPANY IS BY REDUCING NEW HIRES AND ENCOURAGING EARLY RETIREMENTS JVC ALSO PLANS TO STRENGTHEN ITS SALES EFFORTS BY TRANSFERRING ABOUT 400 WORKERS FROM OTHER DIVISIONS TO ITS SALES FORCE THE SPOKESMAN SAID HE SAID JVC WILL REALIZE AN ANNUAL SAVINGS OF 600 MILLION YEN BY MOVING ITS HEADQUARTERS TO A COMPANYOWNED BUILDING ADJACENT TO A MANUFACTURING PLANT IN YOKOHAMA JAPAN CURRENTLY IT IS BASED IN A RENTED OFFICE SPACE IN TOKYO THE MEASURE IS TO BE COMPLETED BY THE END OF THE CURRENT FISCAL YEAR TO COUNTER THE STRONGER YEN JVC PLANS TO FURTHER LOCALIZE PRODUCTION OF GOODS IN SOUTHEAST ASIA THE US AND EUROPE THE SPOKESMAN SAID 9309230145 930923 NEW YORK MUSEUM TO RETURN WORKS OF ART TO TURKEY MOVE BY METROPOLITAN SETTLES SUIT ALLEGING ANCIENT PIECES WERE STOLEN FROM COUNTRY BY ALEXANDRA PEERS STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK IN AN UNPRECEDENTED MOVE THE METROPOLITAN MUSEUM OF ART HERE IS RETURNING 200 ANCIENT ARTWORKS THAT HAVE BEEN IN ITS COLLECTION FOR ABOUT 25 YEARS TO TURKEY BECAUSE THE TURKISH GOVERNMENT CONTENDS THEY WERE STOLEN ART DEALERS PARTICULARLY DEALERS IN ANCIENT ART ARE SURPRISED AND FURIOUS ABOUT THE DECISION IN THAT IT MAY SET A PRECEDENT TURKEY'S CLAIM IS PART OF A WAVE OF ARTREPATRIATION DISPUTES IN WHICH COUNTRIES HAVE TRIED TO RECLAIM ART THEY CONTEND WAS SMUGGLED OUT EVEN AS LONG AS SEVERAL DECADES AGO THIS SHOULD HAVE BEEN DECIDED IN COURT MUSEUMS SHOULD NOT EMPTY THEIR GALLERIES BECAUSE XYZ COUNTRY SAID SOMETHING WAS STOLEN SAYS EDWARD MERRIN HEAD OF THE MERRIN GALLERY IN NEW YORK THE MET BOWED TO PRESSURE BUT THE METROPOLITAN'S DIRECTOR PHILIPPE DE MONTEBELLO SAYS THE MUSEUM'S DECISION TO RETURN THE ITEMS WAS UNIQUE AND THAT ITS OWN INVESTIGATION HAD LED IT TO BELIEVE THAT MUSEUM EMPLOYEES DURING THE 1960S WERE AWARE THAT THESE ITEMS WERE CONTROVERSIAL IN 1987 TURKEY FILED A LAWSUIT IN NEW YORK DISTRICT COURT FOR REPATRIATION OF THE ITEMS AND THE SUIT HAS DRAGGED ON SINCE THEN YESTERDAY'S OFFER BY THE METROPOLITAN SETTLED THE LAWSUIT RALPH LERNER A NEW YORK ATTORNEY SPECIALIZING IN DISPUTES OVER ART SAID THE METROPOLITAN'S DECISION WAS AMAZING GIVEN THE TURKISH GOVERNMENT'S CASE BUT IN NEW YORK STATE THE STATUTE OF LIMITATIONS ON STOLEN ART DOESN'T START RUNNING UNTIL THE THEFT IS DISCOVERED BY THE OWNER AS INTERNATIONAL TRAVEL INCREASES AND ART IMAGES ARE REPRODUCED IN BOOKS COUNTRIES ARE BECOMING MORE AWARE OF THEIR ARTISTIC PATRIMONY SAYS MR MONTEBELLO YOU HAVE NAZI GERMANY LOOTING FROM JEWISH FAMILIES RUSSIANS TAKING THINGS FROM GERMAN MUSEUMS AND THE OPENING OF THE EASTERN BLOC HAS PAVED THE WAY FOR MORE REPATRIATION CLAIMS FROM THOSE NATIONS HE SAYS THE METROPOLITAN IS RETURNING 200 SMALL SIXTHCENTURY BC OBJECTS AND CLUSTERS OF OBJECTS MOST OF WHICH WERE ACQUIRED FROM ESTABLISHED ART DEALERS DURING THE 1960S ABOUT 25 TO 40 OF THOSE OBJECTS HAVE BEEN ON DISPLAY IN THE TIME WE BOUGHT THIS MATERIAL PEOPLE WERE FAIRLY CASUAL ABOUT NATIONALIST ISSUES SAYS MR MONTEBELLO MUCH OF THE ART WASN'T CONSIDERED AS VALUABLE BOTH ARTISTICALLY AND FINANCIALLY AS IT WOULD BECOME IN THE WAKE OF THE 1980S ART MARKET BOOM 9309230144 930923 PEPPERAND SALT WERE INTRODUCED BY BING BUT HERE'S THE ACID TEST DOES SEXY MEAN MAE WEST HERE'S THE MOST RISKFREE VIAL OF ALL THAT IT CAN'T BE REMOVED AT ALL SHYNESS HI ANXIETY 9309230143 930923 CORRECTIONS & AMPLIFICATIONS NEW YORK MAGAZINE IN 1980 SOLD 2226 PAGES OF ADVERTISING ACCORDING TO THE PUBLISHERS INFORMATION BUREAU BASED ON ERRONEOUS INFORMATION SUPPLIED BY NEW YORK MAGAZINE EDITOR EDWARD KOSNER AN ARTICLE YESTERDAY STATED THAT THE MAGAZINE SOLD 1100 PAGES OF ADVERTISING THAT YEAR 9309230142 930923 INTERNATIONAL TWO MORE AT SHIMIZU ARRESTED IN BRIBERY CASE TOKYO KYODO PROSECUTORS WEDNESDAY ARRESTED TWO MORE TOP OFFICIALS OF SHIMIZU CORP THE COUNTRY'S LARGEST CONSTRUCTION COMPANY IN CONNECTION WITH A BRIBERY CASE ALLEGEDLY INVOLVING FORMER IBARAKI GOV FUJIO TAKEUCHI HIROYUKI KOYAMA SHIMIZU'S VICE CHAIRMAN 67 YEARS OLD AND AKIKAZU MATSUMOTO MANAGING DIRECTOR 59 WERE ACCUSED OF CONSPIRING WITH SHIMUZU CHAIRMAN TERUZO YOSHINO ACCORDING TO THE TOKYO DISTRICT PUBLIC PROSECUTORS OFFICE MR YOSHINO 75 WAS ARRESTED MONDAY NIGHT FOR ALLEGEDLY GIVING MR TAKEUCHI A BRIBE OF 10 MILLION YEN 94000 LATE LAST YEAR TO WIN UNIVERSITY AND GOVERNMENT OFFICE BUILDING CONTRACTS CHIBA PREFECTURE ON WEDNESDAY BANNED SHIMIZU FROM BIDDING ON PUBLIC WORKS PROJECTS FOR A SECOND TIME FOLLOWING MR YOSHINO'S ARREST THE FOURMONTH BAN WENT INTO EFFECT TUESDAY AND WILL LAST UNTIL NEXT JAN 20 MR TAKEUCHI WAS ARRESTED THIS SUMMER ON SEPARATE CHARGES OF TAKING BRIBES 9309230141 930923 WHO'S NEWS BIOSOURCE INTERNATIONAL INC BIOSOURCE INTERNATIONAL INC CAMARILLO CALIF THE SUPPLIER OF MEDICALTEST KITS NAMED JOHN R OVERTURF JR 32 YEARS OLD A DIRECTOR MR OVERTURF IS VICE PRESIDENT OF ROCKIES FUND A CLOSEDEND STOCK MARKET FUND IN COLORADO SPRINGS COLO SEPARATELY BENJAMIN MATZELEVICH 46 RESIGNED FROM THE BOARD TO PURSUE OTHER INTERESTS THE COMPANY SAID MR OVERTURF'S NOMINATION WAS PLANNED BEFORE MR MATZELEVICH'S RESIGNATION A SPOKESMAN SAID THE BOARD NOW HAS THREE MEMBERS AND ONE VACANCY 9309230140 930923 FINANCING BUSINESS CODA ENERGY INC CODA ENERGY INC A DALLAS OIL AND GAS DEVELOPMENT AND PRODUCTION COMPANY SAID ITS PREVIOUSLY ANNOUNCED PUBLIC OFFERING OF SIX MILLION COMMON SHARES WAS PRICED AT 575 A SHARE THE OFFERING IS BEING COMANAGED BY AG EDWARDS & SONS INC AND JOHNSON RICE & CO CODA SAID IT WILL USE THE PROCEEDS FOR RECENT ACQUISITIONS AND TO REPAY DEBT UNDER AN EXISTING CREDIT FACILITY 9309230139 930923 DIVIDEND NEWS MIRAGE RESORTS INC MIRAGE RESORTS INC A LAS VEGASBASED HOTEL AND CASINO OPERATOR DECLARED A 5FOR2 STOCK SPLIT ADDITIONAL SHARES WILL BE DISTRIBUTED OCT 29 TO STOCK OF RECORD OCT 15 FRACTIONAL SHARES WILL BE PAID IN CASH THE SPLIT WHICH BOOSTS THE NUMBER OF SHARES TO 75 MILLION IS INTENDED TO KEEP THE COMPANY'S STOCK AT A MARKETABLE LEVEL A SPOKESMAN SAID THE PRICE HAS MORE THAN DOUBLED OVER THE PAST YEAR 9309230138 930923 POLITICS & POLICY THE CLINTON HEALTH PLAN CLINTON HEALTH PACKAGE HAS A LITTLE SOMETHING FOR JUST ENOUGH FACTIONS TO SPLINTER OPPOSITION BY JEFFREY H BIRNBAUM STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON THE LAST TIME THE WHITE HOUSE TRIED TO TAKE ON A VAST ARRAY OF INTERESTS TO PASS A SWEEPING LEGISLATIVE OVERHAUL THE TAX REFORM ACT OF 1986 THE PRESIDENT'S ADVOCATES UNDERSTOOD THERE WAS ONE SURE WAY THEY COULD LOSE ALLOW THEIR OPPONENTS TO HOLD UP A SIGN IN A CONGRESSIONAL HALLWAY READING EVERYONE WHO OPPOSES THIS BILL MEET OVER HERE PRESIDENT REAGAN DIDN'T ALLOW SUCH UNITY AMONG HIS OPPONENTS TO COALESCE THEN AND PRESIDENT CLINTON IS WORKING HARD TO PREVENT IT FROM HAPPENING NOW WITH HIS HEALTHCARE OVERHAUL PROPOSAL A PLAN THAT IS EVEN BIGGER IN MANY WAYS MORE CONTROVERSIAL AND IS LIKELY TO BECOME THE MOST LOBBIED BILL IN HISTORY THE STRATEGY OF BOTH PRESIDENTS IS THE SAME DIVIDE AND CONQUER AND SO FAR WITH HEALTH CARE IT IS WORKING AGAIN IN A REMARKABLE FEAT OF POLITICAL PLANNING PRESIDENT CLINTON HAS MANAGED TO SECURE THE ALLEGIANCE OF A FEW FIRM BACKERS AND TO SPLIT THE OPPONENTS IT'S GOING TO BE A HARD SELL SAYS REPUBLICAN POLLSTER WILLIAM MCINTURFF BUT I'M COMPLIMENTARY OF THE PRESIDENT THIS IS A VERY CONSCIOUSLY POLITICAL DOCUMENT THAT HAS IDENTIFIED ALL THE RIGHT GROUPS TO BUY OUT ONE EARLY INDICATOR OF THE CLINTON PLAN'S CHANCES FOR SUCCESS IS THAT EVEN ITS MOST DIEHARD ENEMIES PREFACE THEIR ATTACKS WITH PRAISE FOR ITS GOALS ONE OF MR CLINTON'S MOST VIRULENT ANTAGONISTS THE HEALTH INSURANCE ASSOCIATION OF AMERICA BEGAN AN OPEN LETTER TO HIM PUBLISHED IN NEWSPAPERS YESTERDAY WITH THESE WORDS WE IN THE HEALTH INSURANCE INDUSTRY WANT REFORM AS MUCH AS THE AMERICAN PEOPLE AND YOU DO A MAJOR REASON FOR SUCH DIPLOMACY IS POLL FINDINGS THAT CONSISTENTLY SHOW THAT MOST AMERICANS THINK THE HEALTH SYSTEM IS BROKEN AND NEEDS FIXING ANOTHER IS THAT MR CLINTON'S STRATEGY HAS WORKED WITH THE INSURANCE INDUSTRY FIVE OF THE BIGGEST HEALTH INSURERS HAVE FORMED THEIR OWN COALITION THAT IN SHARP CONTRAST TO THE UMBRELLA HEALTH INSURANCE ASSOCIATION LARGELY SUPPORTS THE PRESIDENT'S PLAN ESPECIALLY ITS RELIANCE ON MANAGED CARE WHICH HAS BECOME A STAPLE OF THEIR BUSINESSES THE COMPLEXITY OF MR CLINTON'S PLAN IS USUALLY CONSIDERED A PROBLEM THE DOCUMENT HAS BEEN CRITICIZED FOR BEING TOO DIFFICULT FOR THE AVERAGE CITIZEN TO UNDERSTAND AND ULTIMATELY SUPPORT BUT ITS BREADTH ALSO HAS BEEN AN ADVANTAGE BY MANIPULATING SOME OF ITS MANY TWISTS AND TURNS THE PRESIDENT HAS BEEN ABLE TO TARGET BENEFITS TO INDUSTRY SECTORS AND SPECIALIZED GROUPS THAT HAVE WON HIM FRIENDS IN UNLIKELY PLACES TAKE SMALL BUSINESS ONE OF THE CLINTON PLAN'S MOST VOCAL CRITICS IS THE NATION'S MAJOR SMALLBUSINESS ORGANIZATION THE NATIONAL FEDERATION OF INDEPENDENT BUSINESS BUT THE PROPOSAL CONTAINS A SLEW OF SUBSIDIES TO SMALL BUSINESS OWNERS THAT WOULD HELP THEM PROVIDE HEALTH COVERAGE TO EMPLOYEES OVERALL THE PROPOSAL IS DESIGNED TO REDUCE THE COST TO SMALL BUSINESSES THAT ALREADY PROVIDE COVERAGE TO THEIR WORKERS A GROUP THAT THE ADMINISTRATION SAYS REPRESENTS 70 OF THE TOTAL THE RESULT IS THAT DESPITE THE FEDERATION'S OPPOSITION SEVERAL SMALLBUSINESS FACTIONS SUCH AS NATIONAL SMALL BUSINESS UNITED ARE MORE FAVORABLY INCLINED BIG BUSINESSES TRADITIONALLY RESENT BIG GOVERNMENT SOLUTIONS TO ANY PROBLEM AND THEY ESPECIALLY DISLIKE BEING MANDATED BY GOVERNMENT TO DO THINGS BUT THE CLINTON PLAN WOULD BRING SUCH HUGE SAVINGS TO CERTAIN TYPES OF MANUFACTURERS SUCH AS THE STRUGGLING AUTO AND STEEL COMPANIES THAT THEY ARE AMONG ITS MOST ACTIVE ACOLYTES PHYSICIANS ALSO WOULD BE EXPECTED TO GAG ON THE PLAN'S ATTEMPT TO BRING DOWN HEALTHCARE COSTS BUT THE CLINTON PLAN CAREFULLY PROMOTES CERTAIN TYPES OF DOCTORS WHILE PHYSICIANS WITH SURGICAL SPECIALTIES PROBABLY WOULD SEE THEIR FEES CHOPPED GENERALISTS SUCH AS PRIMARYCARE PHYSICIANS AND INTERNISTS WOULD STAND TO GET RAISES OR AT LEAST NOT LOSE GROUND UNDER THE CLINTON PLAN SO WHILE SOME DOCTORS' GROUPS ARE HESITANT OTHERS SUCH AS THE AMERICAN COLLEGE OF PHYSICIANS WHICH REPRESENTS INTERNISTS ARE SUPPORTERS IT'S VERY ADROITLY DONE SAYS FREDERICK GRAEFE A HEALTHCARE LOBBYIST HERE HE'S PUT TOGETHER POCKETS OF SUPPORTERS TO GET 50 PLUS ONE ENOUGH TO GET IT PASSED OF COURSE MR CLINTON DOESN'T EXPECT TO WIN OVER EVERY CONSTITUENCY AND PROBABLY DOESN'T REALLY WANT TO THE PRESIDENT'S POLITICAL ADVISERS HAVE URGED HIM TO VILIFY SOME UNPOPULAR GROUPS SUCH AS THE DRUG AND INSURANCE COMPANIES AS A WAY TO PROVE HE OPPOSES THE SPECIAL INTERESTS FOR THE COMMON GOOD AT THE SAME TIME THE CLINTON CAMP IS SEEKING TO CODDLE A NUMBER OF GROUPS THAT ARE IN THE PRESIDENT'S CORNER ON HEALTH CARE IN HOPES OF KEEPING THEM THERE THESE INCLUDE LABOR UNIONS WHOSE MEMBERS ARE EAGER FOR THE PLAN'S COST LIMITS AND UNIVERSAL COVERAGE AND WHO ARE EXPECTED TO PROVIDE IMPORTANT FINANCIAL SUPPORT FOR THE ADMINISTRATION'S HEALTHCARE ADVERTISING BLITZ THE WHITE HOUSE HAS ALSO WORKED DILIGENTLY FOR MONTHS WITH SENIOR CITIZENS GROUPS THE PLAN'S DRUG BENEFITS AND ITS LONGTERM CARE PROVISIONS ARE A RESULT BOTH WERE INCLUDED TO ENLIST THE AID OF SUCH POTENT ORGANIZATIONS AS THE AMERICAN ASSOCIATION OF RETIRED PERSONS GIVEN THE HUGE POCKETS OF OPPOSITION THAT REMAIN MR CLINTON WILL NEED EVERY BIT OF SUPPORT HE CAN MUSTER THE HEALTHCARE PLAN'S MARKETING DIVISION IN THE WHITE HOUSE DUBBED THE INTENSIVE CARE UNIT HAS BANNED THE WORD ENDORSEMENT BECAUSE ALMOST EVERY CONSTITUENCY HAS AT LEAST SOME QUIBBLES WITH PART OF THE MASSIVE PLAN BUT THANKS TO MR CLINTON'S DELICATE PLANNING THE BATTLES WILL FOCUS ON THE DETAILS OF THE LEGISLATION RATHER THAN OVER WHETHER THERE WILL BE A BILL OR NOT INDIVIDUAL GROUPS APPEAR TO BE INTENT ON TRYING TO CARVE OUT THEIR OWN BEST DEAL ON WHATEVER PART OF THE PLAN WOULD AFFECT THEM THE MOST THE DEARTH OF KILLTHEBILL SENTIMENT IS GREAT NEWS FOR MR CLINTON THE FUTURE OF HIS PRESIDENCY AND HIS PROSPECTS FOR REELECTION RISE OR FALL WITH THE SUCCESS OF HIS HEALTHCARE PLAN HEALTHCARE OVERHAUL IS AS CENTRAL TO WHAT WE'RE ALL ABOUT AS ANYTHING CAN BE SAYS PAUL BEGALA A SENIOR POLITICAL ADVISER TO THE PRESIDENT THE AMERICAN PEOPLE VOTED FOR CHANGE AND THEY WANT CHANGE LOSING IS NOT AN OPTION 9309230137 930923 APPLIED IMMUNE STAKE SALE SANTA CLARA CALIF APPLIED IMMUNE SCIENCES INC SAID IT COMPLETED THE SALE OF A 37 STAKE TO RHONEPOULENC RORER INC AND ACCEPTED PAYMENT FOR 31 MILLION COMMON SHARES UNDER THE TENDER OFFER AS PREVIOUSLY REPORTED RHONEPOULENC RORER AGREED TO PAY 113 MILLION TO ACQUIRE THE STAKE WHICH AMOUNTED TO 43 MILLION SHARES APPLIED IMMUNE SAID THAT FOLLOWING THE TRANSACTIONS IT HAS 115 MILLION SHARES OUTSTANDING 9309230136 930910 EXECUTIVE EDUCATION A SPECIAL REPORT PAYBACK JUST FOR YOU MORE CORPORATIONS SHUN OFFTHESHELF COURSES IN FAVOR OF CUSTOMTAILORED ONES BY ELEENA DE LISSER RALPH BIETZ DIDN'T THINK HE WAS ASKING FOR MUCH SEVEN YEARS AGO THE NUTRASWEET CO PLANT MANAGER NEEDED AN EDUCATIONAL PROGRAM THAT WOULD CROSSTRAIN SOME OF THE 25 MIDDLE MANAGERS AND DEPARTMENT HEADS WHO WORKED IN THE AUGUSTA GA FACILITY HE SUPERVISED BUT WHEN MR BIETZ APPROACHED SEVERAL SOUTHEASTERN BUSINESS SCHOOLS ABOUT DESIGNING A CUSTOMIZED COURSE FOR NUTRASWEET HE ENCOUNTERED BLANK STARES AND VARYING DEGREES OF A NOCANDO ATTITUDE YOU WANT OUR PROFESSORS TO DO WHAT MR BIETZ RECALLS ONE UNIVERSITY ADMINISTRATOR'S SAYING THEY WOULD LOOK AT ME ALMOST LIKE I WAS OFFENDING THE ACADEMIC INSTITUTION BY ASKING IT'S DOUBTFUL MR BIETZ WOULD ENCOUNTER THE SAME RESISTANCE TODAY BUSINESS SCHOOLS KNOW WHERE THE MONEY IS AND THESE DAYS IT IS INCREASINGLY IN CUSTOMIZED PROGRAMS THE DEMAND IS PART OF THE CORPORATIONS' GENERAL EFFORT TO GET MORE VALUE FOR THEIR EDUCATION DOLLARS WITH A TAILORMADE PROGRAM A COMPANY CAN BETTER ADVANCE ITS OWN BUSINESS PHILOSOPHY AND WIELD GREATER CONTROL OVER THE CURRICULUM IT USED TO BE THAT COMPANIES WOULD SEND A PERSON TO AN EXECUTIVEEDUCATION PROGRAM AND HOPE THAT OVER THE LONG RUN IT WOULD EVENTUALLY HELP THE COMPANY SAYS RICHARD KWARTLER EDITOR AND PUBLISHER OF THE EXECUTIVE MBA NEWSLETTER BUT THAT HAS CHANGED THE DESIRE NOW IS FOR IMMEDIATE PAYBACK CUSTOM PROGRAMS ALSO CAN BE LESS COSTLY FOR COMPANIES PARTICULARLY IF THEY SEND A SIZABLE NUMBER OF EMPLOYEES TO CLASSES FOR INSTANCE THE UNIVERSITY OF PENNSYLVANIA'S WHARTON SCHOOL ESTIMATES THAT IT CHARGES COMPANIES A DEVELOPMENT FEE OF 20000 TO 25000 FOR A ONEWEEK SESSION PLUS TUITION OF ABOUT 2500 A WEEK PER PERSON PRECISE FEES AND TUITION VARY BY COMPANY FOR AN OFFTHESHELF PROGRAM THERE IS NO DEVELOPMENT FEE BUT THE WEEKLY TUITION IS 4350 PER PERSON IF A COMPANY SENDS 30 EXECUTIVES TO A COURSE THE PRICE COMPARISON LOOKS LIKE THIS 130500 FOR THE NONCUSTOMIZED COURSE AND 100000 FOR THE CUSTOMIZED PROGRAM INCLUDING DEVELOPMENT COSTS LITTLE WONDER THEN THAT AT WHARTON 60 OF THE 4500 TO 5000 PROFESSIONALS ATTENDING AN EXECUTIVEEDUCATION COURSE ARE ENROLLED IN CUSTOMIZED PROGRAMS NUTRASWEET NOW A SUBSIDIARY OF MONSANTO CO ST LOUIS WAS STILL IN ITS INFANCY IN 1986 WHEN MR BIETZ WENT SHOPPING FOR A CUSTOMIZED PROGRAM THE TWOYEAROLD COMPANY HAD HIRED YOUNG PEOPLE WHO WERE SKILLED IN SPECIFIC AREAS SUCH AS ENGINEERING AND FINANCE TO WORK IN THE GEORGIA PLANT BUT AS OPERATIONS EXPANDED MR BIETZ SAYS GREATER UNDERSTANDING OF BUSINESS BASICS AND EXPOSURE TO MORE LEADERSHIP SKILLS BECAME NECESSARY EMORY UNIVERSITY IN ATLANTA WAS ONE OF THE FEW UNIVERSITIES INTERESTED IN MR BIETZ'S TRAINING PROPOSAL LIKE MOST CUSTOMIZED PROGRAMS THE NUTRASWEET COURSE INCLUDED A REALWORLD CASE WHICH DEALT WITH AN ISSUE AT THE PLANT MR BIETZ SAYS THIS WAS A CRITICAL PART OF THE PROGRAM IN ALL CASES WE TIED IT BACK INTO WHAT WAS GOING ON IN OUR FACILITY HE SAYS FRICTION FOR INSTANCE BETWEEN THE COMPANY'S ENGINEERING AND FINANCE DEPARTMENTS WAS WORSENING ENGINEERS WOULD PROPOSE BUYING A NEW MACHINE OR TOOL TO IMPROVE OPERATIONS BUT THE COMPANY'S FINANCE DEPARTMENT WOULD INVARIABLY KILL THE IDEA CALCULATING THAT THE RETURN ON THE INVESTMENT WASN'T SUFFICIENT SIMPLE REQUESTS FROM ONE DEPARTMENT OR THE OTHER WERE MUSHROOMING INTO HEATED DEBATES MANY PROFESSIONALS ESPECIALLY ENGINEERS MR BIETZ SAYS RECEIVE LITTLE OR NO TRAINING IN BEING PART OF A TEAM OR RESOLVING CONFLICTS WHAT HIS MANAGERS NEEDED HE THOUGHT WAS MORE INSIGHT INTO THE WAY OTHER DEPARTMENTS WORKED DURING THE EMORY SESSIONS THE ENGINEERS AND FINANCIAL MANAGERS SWITCHED ROLES SO EACH SIDE COULD SEE HOW IT WAS PERCEIVED BY THE OTHER THEY WERE THEN TOLD TO TREAT THE FIRM AS IF YOU OWN IT MR BIETZ RECALLS IF YOU WERE LOOKING AT THE DIRECT PAYBACK WHAT WOULD YOU DO BY THINKING ALONG THOSE LINES THE ENGINEERS LEARNED THAT FINANCE WASN'T THERE TO KILL PROJECTS BUT TO MAKE SURE WE WERE MAKING SOUND INVESTMENTS HE SAYS THE PEOPLE IN FINANCE LEARNED THAT ENGINEERING WAS THERE TO HELP STREAMLINE THE PLANT AND IMPROVE CAPACITIES IN ALL THE TRAINING WHICH WAS HELD ON WEEKENDS AND ULTIMATELY INCLUDED ALL DEPARTMENTS AT THE PLANT LASTED NINE MONTHS ABOUT 25 PEOPLE WENT THROUGH THE PROGRAM MEETING TWICE A MONTH ON FRIDAYS AND SATURDAYS FROM 8 AM TO 5 PM SAYS MR BIETZ IT TAKES TIME TO BUILD TRUST AMONG DEPARTMENTS TO DESIGN A PROGRAM FOR A PARTICULAR COMPANY BUSINESSSCHOOL ADMINISTRATORS AND FACULTY TYPICALLY PORE THROUGH INTERNAL AND CONFIDENTIAL COMPANY DOCUMENTS AND REPORTS THEY VISIT OFFICES AND PLANTS TO SOAK UP THE CORPORATE CULTURE AND THEY LEARN HOW TO TALK LIKE AN INSIDER SAYS JOE THOMAS A CORNELL UNIVERSITY BUSINESS PROFESSOR AND DIRECTOR OF THE EXECUTIVEDEVELOPMENT PROGRAM AT CORNELL'S JOHNSON SCHOOL OF MANAGEMENT IN ITHACA NY AS PART OF ITS DESIGN PROCESS THE WHARTON SCHOOL CONDUCTS FOCUS GROUPS WITH EXECUTIVES WHO WILL ENROLL IN THE PROGRAM THE INTERVIEWS GIVE THE DESIGN TEAM INSIGHTS INTO THE EXECUTIVES' THINKING AND PINPOINT ISSUES THEY WOULD LIKE TO ADDRESS WE ARE DEALING WITH THEIR REAL ISSUES SAYS MICHAEL SEITCHIK DIRECTOR OF PROGRAM DEVELOPMENT AT WHARTON IT'S NOT JUST ACADEMIC THEORY THAT WAS CERTAINLY THE CASE WHEN FORD MOTOR CO DEARBORN MICH SENT ITS MANAGERS BACK TO SCHOOL A COUPLE OF YEARS AGO IN MARCH 1991 FORD MANAGERS GATHERED AT DUKE UNIVERSITY'S FUQUA SCHOOL OF BUSINESS IN DURHAM NC AT NIGHT AFTER CLASSROOM INSTRUCTION THE EXECUTIVES WERE SEPARATED INTO TEAMS MADE UP OF INDIVIDUALS FROM DIFFERENT DEPARTMENTS THE GROUPS HAMMERED OUT WHAT REALLIFE COMPANY PROBLEM THEY PLANNED TO SOLVE DURING THEIR TIME AT THE SCHOOL IT COULD HAVE BEEN ANYTHING FROM ENHANCING CUSTOMERSERVICE PROGRAMS TO MARKETING TRUCKS TO IMPROVING THE WAY DOOR HANDLES WERE DESIGNED THE IMPORTANT THING SAYS MARK HUTCHINS EXECUTIVE DIRECTOR OF MARKETING STRATEGY AT FORD IS THAT THE MANAGERS THEMSELVES THOSE ON THE FRONT LINES DETERMINED WHAT PROBLEMS NEEDED TO BE ADDRESSED AND NOT THE COMPANY'S SENIOR BRASS TOP MANAGEMENT MIGHT NOT REALIZE SOME OF THESE THINGS WERE ISSUES IF IT WEREN'T FOR THE PEOPLE ATTENDING THE PROGRAM MR HUTCHINS SAYS ONE RESULT THE COURSE LAID THE GROUNDWORK FOR FORD'S PREFERRED CARE PROGRAM FOR OWNERS OF THE COMPANY'S FSERIES TRUCKS THE IDEA TO OFFER FORD TRUCK OWNERS SPECIAL ROADSIDE ASSISTANCE AND OTHER PRIVILEGES WAS PUT IN PLACE IN THE FALL OF 1992 USING A CUSTOMIZED COURSE HELPED FORD EXECUTIVES BREAK DOWN THE CHIMNEYS THAT SURROUND PROBLEMS SAYS MR HUTCHINS UNLIKE COMPANY TASK FORCES AND COMMITTEES WHICH OFTEN HAVE WEEKS OR MONTHS TO ANALYZE AN ISSUE THE MANAGERS SENT TO DUKE HAD ONLY EIGHT TO 10 DAYS TO FOCUS ON A PROBLEM AND DEVELOP A SOLUTION WHAT'S MORE BRAINSTORMING SESSIONS HELD OUTSIDE THE CORPORATE CONFINES OF FORD ENCOURAGED CREATIVITY MR HUTCHINS SAYS EVERYBODY HAS A TENDENCY TO LEAVE THEIR RANK AT THE DOOR WHEN THEY ATTEND A UNIVERSITY PROGRAM HE SAYS THAT ENABLES PEOPLE TO ADDRESS ISSUES THAT MAYBE THEY WOULDN'T FEEL COMFORTABLE BRINGING UP BACK AT HEADQUARTERS CUSTOMIZED PROGRAMS OF COURSE AREN'T ALWAYS SUCCESSFUL OR PAINLESS THE HIGH UPFRONT COSTS CAN BE STAGGERING IF THE COMPANY PLANS TO SEND ONLY A HANDFUL OF MANAGERS TO THE COURSES AND FOR THE BUSINESS SCHOOLS THEMSELVES CLOSE TIES TO A SINGLE COMPANY CAN BACKFIRE A SCHOOL COULD COMMIT ITSELF TO THIS CUSTOMIZED MARKET AND AS IT SLIPPED OR CONTRACTED THEY COULD FIND IT DIFFICULT TO FILL THEIR CLASSES SAYS MR KWARTLER THE NEWSLETTER EDITOR YOU'RE DEALING WITH A DEMAND THAT'S MUCH MORE AMORPHOUS AND ELASTIC THAN DEMAND FOR MBA PROGRAMS LAST YEAR FOR INSTANCE ELI LILLY & CO UNEXPECTEDLY CUT TO 184 FROM 258 THE NUMBER OF EXECUTIVES GOING TO CUSTOM PROGRAMS AT FUQUA WE HAD A WHOLE BUNCH OF HOTEL ROOMS AND FACULTY TIME SET ASIDE SAYS BLAIRE SHEPPARD WHO DIRECTS FUQUA'S PROGRAMS NOW THEY'RE A GREAT CLIENT AND THEY'LL COME BACK BUT WE DEFINITELY TOOK A HIT ANOTHER POTENTIAL PITFALL FOR UNIVERSITIES IS THAT THEY COULD FIND THEMSELVES RELINQUISHING SOME MEASURE OF EDUCATIONAL CONTROL IN ORDER TO SATISFY THEIR CORPORATE CLIENTELE OR DEVOTING MORE RESOURCES THAN THEY WOULD LIKE TO DEVELOP A CUSTOMIZED PROGRAM WE HAVE TO HAVE SIGNIFICANT CONTROL OR WE WON'T DO A PROGRAM SAYS CORNELL'S MR THOMAS BUT SIGNIFICANT DOESN'T MEAN TOTAL WE WANT TO WORK WITH THE CLIENT TO DEVELOP THE PROGRAM JUST DELIVERING A PROGRAM ISN'T OUR BUSINESS ANOTHER FRUSTRATION FOR BOTH TEACHERS AND STUDENTS SOMETIMES COMPANY ISSUES THAT NEED TO BE ADDRESSED AREN'T AND THAT CAN HURT THE EFFECTIVENESS OF THE PROGRAM KIMBALL KEHOE A SENIOR ASSOCIATE AT THE CENTER FOR CREATIVE LEADERSHIP AN EDUCATION ORGANIZATION IN GREENSBORO NC AND FORMER DIRECTOR OF EXECUTIVE EDUCATION AT RICE UNIVERSITY RECALLS A HIGHTECH COMPANY THAT WANTED A PROGRAM THAT WOULD IMPROVE THE WAY MANAGERS COMPLETED PERFORMANCE APPRAISALS BUT AS DR KEHOE BEGAN STUDYING THE COMPANY HE DISCOVERED THERE WERE SOME DEEPER ISSUES BESIDES APPRAISALS THAT NEEDED TO BE ADDRESSED THE COMPANY'S VERY POLITICAL NATURE DETERMINED WHO GOT PROMOTED WHO GOT HEFTY RAISES AND WHO GOT TO ATTEND EXECUTIVEEDUCATION PROGRAMS SAYS DR KEHOE THERE WAS A FEELING AMONG MANY EMPLOYEES THAT A POSITIVE APPRAISAL DIDN'T CARRY ANY CLOUT WHEN IT CAME TIME TO ASK FOR A RAISE OR MOVE UP THE CORPORATE LADDER ACCORDINGLY FACULTY MEMBERS AT RICE UNIVERSITY IN HOUSTON FASHIONED A PROGRAM THAT EMPHASIZED IMPROVING GROUP PERFORMANCE WE STARTED WITH THE CONCERN ABOUT PRODUCTIVITY OF THE GROUP AND THEN REINFORCED THE IDEA THAT PEOPLE WANT TO KNOW HOW THEY'RE DOING DR KEHOE SAYS IF YOU DON'T HAVE AN EFFECTIVE APPRAISAL SYSTEM PEOPLE WILL MAKE UP THEIR OWN ASSESSMENT OF HOW THEY'RE DOING AND CYNICISM CAN SET IN BUT DR KEHOE SAYS THE UNIVERSITY'S PUSH TO ADDRESS THE INTENSELY POLITICAL NATURE OF THE COMPANY WASN'T WELL RECEIVED IN FACT HE JUDGES THAT PARTICULAR PROGRAM ONLY SOMEWHAT EFFECTIVE BECAUSE MOST OF THE MANAGERS WHO ATTENDED REMAINED UNCONVINCED THERE WAS ANYTHING WRONG WITH THE APPRAISAL PROCESS DR KEHOE'S CONCLUSION COMPANIES NEED TO DETERMINE WHETHER THEY ARE REALLY PREPARED TO MAKE THE CHANGES NECESSARY TO SUPPORT WHAT IS TAUGHT IN A CUSTOMIZED PROGRAM IT'S DEADLY IF CHANGES AREN'T IMPLEMENTED DR KEHOE SAYS BECAUSE THE NEXT TIME THE COMPANY WANTS TO DO A PROGRAM PEOPLE WILL REMEMBER HOW NOTHING HAPPENED AND THEN GO IN MUCH MORE CYNICAL MS DE LISSER IS A STAFF REPORTER IN THE WALL STREET JOURNAL'S ATLANTA BUREAU 9309230135 930923 FINANCING BUSINESS INTELCOM GROUP INC INTELCOM GROUP INC DENVER SAID IT HAD ISSUED AND SOLD 16 MILLION OF CONVERTIBLE FIVEYEAR SUBORDINATED NOTES TO A GROUP OF INSTITUTIONAL INVESTORS THROUGH HANIFEN IMHOFF INC A DENVER INVESTMENT BANKER THE TELECOMMUNICATIONS CONCERN SAID THE NOTES BEAR INTEREST AT 8 TO BE PAID IN KIND AND CAN BE CONVERTED INTO COMMON STOCK AT 1560 A SHARE PROCEEDS WILL BE USED TO EXPAND EXISTING ALTERNATIVE ACCESS NETWORKS AND TO DEVELOP AND ACQUIRE NEW ONES THE COMPANY SAID 9309230134 930910 EXECUTIVE EDUCATION A SPECIAL REPORT SCHOOL DAYS BEYOND THE BORDERS BY GAUTAM NAIK WHEN ALLAN SCHERR TRAVELED TO A PLANT IN CHINA'S SOUTHERN GUANGDONG PROVINCE IN 1989 HE WAS AMAZED TO DISCOVER THAT WHAT HAD BEEN TOUTED AS A MODERN FACILITY WAS BOUNDED BY DIRT ROADS AND SUPPORTED BY POOR INFRASTRUCTURE BUT AS A COMPUTER ENGINEER HE WAS MORE DISTRESSED THAT LOCAL CHINESE OFFICIALS SEEMED TO HAVE LITTLE REGARD FOR THE IDEA OF INTELLECTUAL PROPERTY YOU WOULDN'T REALLY EXPECT THAT CULTURE TO PROTECT YOUR SOFTWARE FROM BEING COPIED THE VICE PRESIDENT OF TECHNOLOGY AT INTERNATIONAL BUSINESS MACHINES CORP SAYS I REALIZED THAT IF WE WERE TO DO BUSINESS IN CHINA WE'D HAVE TO BE VERY VERY CAREFUL BUT DR SCHERR WASN'T IN CHINA TO DO BUSINESS INSTEAD HIS TRIP WAS PART OF A NOVEL FIVEWEEKLONG GLOBAL LEADERSHIP PROGRAM OFFERED BY THE UNIVERSITY OF MICHIGAN'S BUSINESS SCHOOL THE HEART OF THE PROGRAM A TWOWEEK TRIP ABROAD TO EITHER BRAZIL INDIA OR CHINA WHERE EXECUTIVES ARE REQUIRED TO DEVELOP A BUSINESS PLAN IN WHAT IS OFTEN AN ALIEN AND CHALLENGING ENVIRONMENT THE GOAL ISN'T TO BECOME AN EXPERT ON INDIA OR CHINA OR BRAZIL SAYS MICHIGAN'S NOEL TICHY WHO ORIGINALLY DESIGNED THE PROGRAM FOR GENERAL ELECTRIC CO OF FAIRFIELD CONN OUR GOAL IS TO GO INTO NEW SETTINGS AND MAKE BETTER SENSE OF THAT PLACE IF YOU'VE DONE IT BEFORE IT'S THAT MUCH EASIER NOWADAYS CORPORATIONS AREN'T THE ONLY ONES GOING GLOBAL EXECUTIVEEDUCATION PROGRAMS LIKE THE ONE AT THE UNIVERSITY OF MICHIGAN ARE INCREASINGLY SOUGHT BY COMPANIES AS A VEHICLE TO EXPOSE EXECUTIVES TO INTERNATIONAL BUSINESS ISSUES AS A RESULT MORE SCHOOLS ARE EXPANDING TRADITIONAL COURSES WITH INTERNATIONAL THEMES OR INTRODUCING NEW ONES FACULTIES AND STUDENTS AT SUCH PROGRAMS ARE MUCH MORE DIVERSE AND MULTINATIONAL AND COLLABORATIONS BETWEEN US AND NONUS SCHOOLS ARE ON THE RISE AS INSTITUTIONS HOPE TO BENEFIT FROM SHARED RESOURCES FACULTY AND REGIONAL EXPERTISE EVERY CORPORATION NOW REALIZES IT HAS TO COMPETE INTERNATIONALLY AND WHAT'S HAPPENING IS THAT OUR EXECUTIVE ENROLLMENT IS BEGINNING TO RESEMBLE THE DISTRIBUTION OF THE WORLD'S GNP SAYS ALAN F WHITE SENIOR ASSOCIATE DEAN AND DIRECTOR OF EXECUTIVE PROGRAMS AT THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY'S SLOAN SCHOOL OF MANAGEMENT THAT DIVERSITY EDUCATORS SAY IS INVALUABLE AT ONE STANFORD UNIVERSITY SESSION PARTICIPANTS WERE PERPLEXED ABOUT HOW OIL COMPANIES THAT WERE IN THE PROCESS OF SETTING UP DRILLING JOINT VENTURES IN ALASKA WOULD BE ABLE TO HANDLE ISSUES ARISING UNDER SELFENFORCED AGREEMENTS TO EXTRACT OIL AS IT TURNED OUT JOHN BROWNE A PARTICIPANT AND NOW HEAD OF BRITISH PETROLEUM'S EXPLORATION GROUP WAS MORE THAN FAMILIAR WITH THE ISSUE JOHN HAD FIRSTHAND KNOWLEDGE AND ACCESS TO ALL THE DOCUMENTS ABOUT SUCH AGREEMENTS SAYS PROF JIM PATELL WHO WAS LEADING THE SESSION IT'S NOT SOMETHING I COULD HAVE FOUND IN A TEXTBOOK OR A NEWSPAPER EXECUTIVEEDUCATION PROGRAMS STRESSING INTERNATIONAL ISSUES ARE NOTHING NEW OF COURSE MULTINATIONAL CONCERNS HAVE LONG SENT EXECUTIVES TO SUCH PROGRAMS AT ESTABLISHED AMERICAN AND EUROPEAN UNIVERSITIES BUT THE TUMULTUOUS POLITICAL AND ECONOMIC CHANGES IN THE LAST FEW YEARS HAVE PERSUADED MANY UNIVERSITIES TO BROADEN THE SCOPE OF THEIR PROGRAMS TO INCORPORATE THE INTERNATIONAL EVENTS STANFORD UNIVERSITY IN PALO ALTO CALIF LAST YEAR SET UP A JOINT PROGRAM WITH MEXICO'S MONTERREY INSTITUTE OF TECHNOLOGY AND HIGHER EDUCATION PARTLY TO ADDRESS ISSUES ARISING OUT OF THE NORTH AMERICAN FREE TRADE AGREEMENT THE EUROPEAN INSTITUTE OF BUSINESS ADMINISTRATION KNOWN BY ITS FRENCH ACRONYM INSEAD BEGAN OFFERING A ONEWEEK PROGRAM LAST JULY FOR WESTERN EXECUTIVES WHO WANT TO DO BUSINESS IN EASTERN EUROPE AND RUSSIA A THREEWEEK PROGRAM TO TEACH WESTERN MANAGEMENT TECHNIQUES TO SENIOR MANAGERS FROM EASTERN EUROPE BEGINS IN NOVEMBER INSEAD IS BASED IN FONTAINEBLEAU FRANCE THE UNIVERSITY OF CHICAGO HAS ANNOUNCED AN EXECUTIVE MBA PROGRAM BASED IN BARCELONA SPAIN WITH MORE EMPHASIS ON INTERNATIONAL MATERIAL THAN ITS US PROGRAM THE NEW PROGRAM WILL BEGIN IN JULY 1994 THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY'S EIGHTWEEK EXECUTIVEEDUCATION PROGRAM BEGINNING LAST YEAR ALSO INCLUDED A WEEKLONG TRIP TO EUROPE WITH AN EMPHASIS ON EUROPEAN COMMUNITY ISSUES PEPPERDINE UNIVERSITY AND DUKE UNIVERSITY'S FUQUA SCHOOL BOTH BEGAN PROGRAMS TO TRAIN RUSSIAN MANAGERS IN THE PAST FEW YEARS PEPPERDINE'S PROGRAM IS AIMED AT HELPING RUSSIAN EXECUTIVES CONVERT THEIR MILITARY FACILITIES FOR CIVILIAN USES THE PROGRAM HAS BEEN GIVEN TWICE SO FAR FOR THE FIRST SUCH PROGRAM LAST NOVEMBER IN MOSCOW ABOUT SIX FACULTY MEMBERS SPENT A WEEK TEACHING RUSSIAN EXECUTIVES FROM 15 COMPANIES HOW TO PREPARE A BUSINESS PLAN AND DEVELOP NEW PRODUCTS THE EXECUTIVES ATTENDED ADDITIONAL WORKSHOPS IN THE US WE'RE HELPING CHANGE THEIR WORLD VIEW SO THAT THEY AREN'T THINKING THAT EVERYTHING THEY MAKE WILL BE BOUGHT SAYS JAMES WILBURN DEAN OF PEPPERDINE'S SCHOOL OF BUSINESS AND MANAGEMENT ONE RUSSIAN PLANT THAT PREVIOUSLY MADE HEATSEEKING MISSILES HAS DEVELOPED A PLAN TO MARKET NIGHTVISION CAMERAS UNDER THE PEPPERDINE PROGRAM DEAN WILBURN SAYS THE CAMERAS WILL BE USED TO SURVEY A WHOLE FOREST AND PICK OUT WHICH TREES SHOULD BE CUT DOWN AS OPPOSED TO A SCORCHED EARTH' APPROACH HE SAYS HE PREDICTS THAT THE RUSSIAN PLANT WILL SIGN A LICENSING AGREEMENT WITH A WESTERN FIRM TO SELL THE CAMERAS WITHIN TWO YEARS IN ORDER TO STAY ON TOP OF EVENTS OCCURRING IN OTHER PARTS OF THE WORLD MORE AMERICAN UNIVERSITIES ARE JOINING FORCES WITH TRADITIONAL COMPETITORS PRIMARILY EUROPEAN INSTITUTIONS THIS ENABLES FARFLUNG INSTITUTIONS TO POOL FACULTY STUDENTS MATERIALS AND EXPERTISE THERE'S A LOT MORE INTEREST FROM US BUSINESS SCHOOLS WHO WANT TO COOPERATE WITH EUROPEAN INSTITUTIONS BECAUSE THEY WANT TO INTERNATIONALIZE THEIR NETWORK SAYS BERNADETTE CONRATHS ASSISTANT DIRECTOR OF THE EUROPEAN FOUNDATION FOR MANAGEMENT DEVELOPMENT AN ASSOCIATION OF MANAGMENT SCHOOLS BASED IN BRUSSELS STILL COMPETITION BETWEEN AMERICAN AND EUROPEAN EDUCATIONAL INSTITUTIONS HASN'T DISAPPEARED PARTICULARLY AS COMPANIES ON BOTH SIDES OF THE ATLANTIC TRY TO REIN IN THEIR SPENDING ON EXECUTIVE EDUCATION EUROPEAN INSTITUTIONS WITH THEIR HISTORY OF INDEPENDENT EXECUTIVE EDUCATION ARE PARTICULARLY TOUTING WHAT THEY SEE AS THEIR TRADITIONAL STRENGTH EXPERIENCE EXECUTIVE EDUCATION IS OUR CORE BUSINESS BUT FOR AMERICAN UNIVERSITIES IT'S GENERALLY BEEN A SIDE BUSINESS TO MBA OFFERINGS SAYS XAVIER GILBERT A PROFESSOR AT THE INTERNATIONAL INSTITUTE FOR MANAGEMENT DEVELOPMENT A BUSINESS SCHOOL IN LAUSANNE SWITZERLAND THE INSTITUTE OFFERS FOUR PROGRAMS IN ANY GIVEN WEEK EACH PROGRAM IS OFFERED TWICE A YEAR AMERICAN EDUCATORS CONCEDE THAT MANY BUSINESS SCHOOLS HAVE HAD A RATHER NARROW VIEW OF THE WORLD BUT THEY INSIST THAT THIS IS CHANGING AND THAT THE TOP BUSINESS SCHOOLS HAVE LONG BEEN AS GLOBAL AS THEIR INTERNATIONAL COMPETITORS THE ETHNOCENTRIC AMERICAN VIEW OF DOING BUSINESS HAS TO BE BROKEN DOWN SAYS CHRISTOPHER BARTLETT CHAIRMAN OF HARVARD UNIVERSITY'S INTERNATIONAL SENIOR MANAGEMENT PROGRAM BUT HE ADDS US SCHOOLS AREN'T JOHNNYCOMELATELYS MORE EUROPEAN EXECUTIVES ATTEND PROGRAMS IN THE US THAN AMERICAN EXECUTIVES ATTEND INSTITUTES IN EUROPE EDUCATORS SAY DR GILBERT OF THE INTERNATIONAL INSTITUTE IN SWITZERLAND NOTES THAT ABOUT 40 EXECUTIVES OF 30 NATIONALITIES ATTEND EACH OF HIS SCHOOL'S EXECUTIVEEDUCATION PROGRAMS ALTHOUGH AMERICANS MAKE UP THE LARGEST CHUNK OF INTERNATIONAL PARTICIPANTS IN THE SCHOOL'S MBA PROGRAMS HE SAYS THE PROPORTION OF AMERICANS IN ITS EXECUTIVEEDUCATION PROGRAM IS MUCH SMALLER HUMANRESOURCE MANAGERS IN US CORPORATIONS DON'T ALWAYS UNDERSTAND THAT THERE MAY BE OPPORTUNITIES IN EUROPEAN SCHOOLS AND THEY DON'T WANT TO TAKE A RISK BY SENDING AMERICAN EXECUTIVES ABROAD FOR A SHORT PROGRAM DR GILBERT SAYS THE EXPENSE OF SENDING AN EXECUTIVE TO ANOTHER COUNTRY NO DOUBT IS ALSO A DETERRENT BUT THE IDEA OF LIVING WORKING AND LEARNING IN A FOREIGN CULTURE HAS A STRONG APPEAL FOR SOME EXECUTIVES KNUT ROSTAD AN AMERICAN OF NORWEGIAN DESCENT WHO IS A VICE PRESIDENT AT HANNAFORD CO A PUBLICRELATIONS FIRM IN WASHINGTON DC WANTED TO DO BUSINESS WITH SCANDINAVIAN CORPORATIONS HE GRADUATED FROM THE NORWEGIAN SCHOOL OF MANAGEMENT IN 1990 HE SAYS THE EXPERIENCE HELPED HIM SEE THAT NONAMERICANS DON'T THINK LIKE WE DO THE CONCEPT OF TEAMWORK MUCH EXTOLLED THESE DAYS BY MANAGEMENT GURUS IN THE US WAS THE MODUS OPERANDI IN SCANDINAVIA LONG BEFORE IT BECAME FASHIONABLE IN US UNIVERSITIES HE SAYS INDEED EXECUTIVEEDUCATION PROGRAMS OFTEN FORCE EXECUTIVES TO FACE REALITIES OTHERWISE BRUSHED ASIDE IN BUSINESS SETTINGS AT ONE UNIVERSITY OF MICHIGAN PROGRAM ABOUT HALF THE JAPANESE EXECUTIVES INTRODUCED THEMSELVES BY THEIR ENGLISH NICKNAMES LIKE SAM AND TED SAYS PROF TICHY BUT WE TOLD THEM DON'T TAKE ON THESE ENGLISH NAMES SO IT LED TO AN INTERESTING DISCUSSION ABOUT HOW TO BLEND IN CULTURALLY WHEN YOU DON'T FEEL LIKE IT IN ADDITION PROF TICHY SAYS WHILE THE AMERICAN EXECUTIVES SPOKE OUT OFTEN THE JAPANESE WERE INITIALLY LESS VOCAL BECAUSE THEY BELIEVED THAT THE FIRST ONE TO SPEAK IS AN ASS WHILE HE AND HIS COLLEAGUES WERE ABLE TO DRAW THE JAPANESE OUT OF THEIR SHELLS AND GET THEM TO SPEAK MORE OFTEN AND CANDIDLY HE ALSO BERATED THE AMERICANS YOU'RE A BUNCH OF COWBOYS HE TOLD THEM YOU'RE NOT LISTENING BUT IN THE END HE ADDS THE EXECUTIVES LEARNED HOW TO WORK ACROSS CULTURES AND ACROSS LANGUAGES MR NAIK IS A STAFF REPORTER IN THE WALL STREET JOURNAL'S NEW YORK BUREAU STUDENTS FROM OUTSIDE NORTH AMERICA ACCOUNT FOR A GROWING PERCENTAGE OF EXECUTIVEEDUCATION ATTENDEES HERE ARE THE PERCENTAGES AT SOME SCHOOLS FOR 1992 9309230133 930923 BUSINESS BRIEF VITARINE PHARMACEUTICALS INC COMPANY PLEADS NO CONTEST IN DRUG PRICEFIXING CASE VITARINE PHARMACEUTICALS INC AGREED TO PAY A 500000 FINE AND PLEADED NO CONTEST TO CHARGES THAT IT CONSPIRED TO FIX THE PRICE OF ITS GENERIC FORM OF THE HYPERTENSION DRUG DYAZIDE THE BALTIMORE COMPANY SAID THE DECISION MARKED THE FINAL MAJOR STEP IN WINDING UP VITARINE'S AFFAIRS VITARINE FILED FOR PROTECTION UNDER CHAPTER 11 OF THE US BANKRUPTCY CODE IN MAY 1991 A REORGANIZATION PLAN FILED IN FEBRUARY CALLS FOR THE COMPANY'S LIQUIDATION VITARINE ESSENTIALLY DEFUNCT MUST PAY THE FINE BY OCT 15 ACCORDING TO THE FEDERAL JUDGE WHO HANDED DOWN THE DECISION THE COMPANY DIDN'T ADMIT OR DENY GUILT VITARINE SAID IT CHOSE TO PLEAD NO CONTEST IN ORDER TO COMPLETE ITS LIQUIDATION AND SAVE THE COSTS OF A CRIMINAL TRIAL VITARINE WAS INDICTED LAST DECEMBER ON CHARGES THAT IT ALONG WITH ANOTHER PHARMACEUTICAL COMPANY CONSPIRED TO FIX THE PRICE OF A GENERIC HYPERTENSION DRUG ROGER W JORDAN PRESIDENT OF VITARINE ALSO WAS INDICTED AND HIS CASE IS PENDING HE HAS DENIED ALL ALLEGATIONS OF WRONGDOING AND PLANS TO CONTEST THE CHARGES 9309230132 930923 FINANCING BUSINESS GANDALF TECHNOLOGIES INC GANDALF TECHNOLOGIES INC OTTAWA SAID IT FILED A PRELIMINARY PROSPECTUS IN ONTARIO PROVINCE TO ISSUE AN UNSPECIFIED NUMBER OF COMMON SHARES THE TELECOMMUNICATIONS EQUIPMENT MANUFACTURER ALSO SAID IT IS PROCEEDING WITH PLANS TO FILE A PROSPECTUS IN OTHER PROVINCES THE UNDERWRITING GROUP FOR THE ISSUE INCLUDES WOOD GUNDY INC DEACON BARCLAYS DE ZOETE WEDD LTD GORDON CAPITAL CORP AND RICHARDSON GREENSHIELDS OF CANADA LTD AT JUNE 3 GANDALF HAD 15907333 SHARES OUTSTANDING 9309230131 930923 CORPORATE FOCUS BID TO BUY TEXACO CHEMICAL UNIT IS VINTAGE HUNTSMAN ENTREPRENEUR SCOOPING UP ASSETS AT CHEAP PRICES BETS ON A REBOUND BY SCOTT MCMURRAY STAFF REPORTER OF THE WALL STREET JOURNAL TWENTY YEARS AGO JON HUNTSMAN HAD A REVELATION AT THE TIME HE WAS SCRAMBLING TO KEEP HIS PLASTIC EGG CARTON COMPANY AFLOAT AS RAW MATERIAL COSTS SOARED IN THE WAKE OF THE 1973 ARAB OIL EMBARGO DURING A FRANTIC ROUNDTHEWORLD TRIP IN SEARCH OF NEW SUPPLIES BARTERING FOR PRODUCTS I COULDN'T EVEN PRONOUNCE THE SALT LAKE CITY ENTREPRENEUR SAYS HE SUDDENLY THOUGHT THERE'S QUITE AN OPPORTUNITY IN PETROCHEMICALS THE CLOSELY HELD HUNTSMAN GROUP DOESN'T DISCLOSE EARNINGS BUT THE NET WORTH OF THE SOFTSPOKEN MORMON WHO HAS RECENTLY ENDURED BOUTS OF PROSTATE AND MOUTH CANCER HAS SOARED TO ANYWHERE FROM 11 BILLION TO 15 BILLION DEPENDING ON HOW CERTAIN ASSETS ARE VALUED FROM NEAR BANKRUPTCY IN THE EARLY 1970S SAY INDIVIDUALS CLOSE TO THE COMPANY MR HUNTSMAN HAS BEEN SEIZING THE OPPORTUNITY TO SNAP UP SLUMPING CHEMICAL AND PLASTICS BUSINESSES EVER SINCE IN THE PROCESS THE 55YEAROLD MR HUNTSMAN HAS BUILT HIS LITTLEKNOWN GROUP OF HUNTSMAN COMPANIES LED BY THE FLAGSHIP HUNTSMAN CHEMICAL CORP INTO THE LARGEST CLOSELY HELD CHEMICAL BUSINESS IN THE US LAST WEEK MR HUNTSMAN STRUCK AGAIN IN HIS BIGGEST DEAL BY FAR MR HUNTSMAN AND AUSTRALIAN TYCOON KERRY PACKER AGREED TO FORM A JOINT VENTURE AND BUY TEXACO INC'S UNPROFITABLE PETROCHEMICAL BUSINESSES FOR 106 BILLION HUNTSMAN'S 1993 SALES ARE EXPECTED TO REACH 185 BILLION WITH THE TEXACO UNIT 1994 SALES ARE EXPECTED TO EXCEED 31 BILLION WHICH WOULD RANK HUNTSMAN AMONG THE NATION'S TOP 15 CHEMICAL PRODUCERS MR PACKER ONE OF THE RICHEST MEN IN AUSTRALIA CONTROLS CONSOLIDATED PRESS HOLDINGS FROM HIS BASE IN SYDNEY EARLIER THIS SUMMER ONE OF MR HUNTSMAN'S COMPANIES BOUGHT A 50 STAKE IN CONSOLIDATED'S CHEMPLEX CHEMICAL DIVISION THE TWO TYCOONS HIT IT OFF AND DECIDED TO PURSUE FURTHER CHEMICAL ACQUISITIONS AS A TEAM MR HUNTSMAN WHO DUG POTATOES AS A BOY IN IDAHO TO HELP OUT WITH THE FAMILY BUDGET WON'T COMMENT ON HIS NET WORTH BUT HE SAYS THAT IN 1988 AT THE HEIGHT OF THE LAST CHEMICAL INDUSTRY EARNINGS PEAK HE AND HIS FAMILY TURNED DOWN AN OFFER TO SELL THE HUNTSMAN GROUP OF COMPANIES THE OFFER WAS FOR 1 BILLION CASH THE 106 BILLION TEXACO BID IS VINTAGE HUNTSMAN SAY HIS MANY ADMIRERS ON WALL STREET HE'S AN OPPORTUNISTIC BUYER WHO'S SCOOPING UP ASSETS AT A VERY CHEAP PRICE SAYS ANDREW CASH A CHEMICAL INDUSTRY ANALYST WITH PAINEWEBBER INC THE PROPOSED TEXACO TRANSACTION WHICH IS EXPECTED TO CLOSE JAN 1 COMES AS THE CHEMICAL INDUSTRY WEATHERS ONE OF ITS WORST PROFIT SLUMPS IN MORE THAN A DECADE WAVES OF CHEMICAL INDUSTRY ASSET SALES SPINOFFS AND RESTRUCTURINGS IN THE US AND EUROPE ARE LIKELY TO FOLLOW DURING THE NEXT SEVERAL MONTHS AS COMPANIES SLOUGH OFF ALL OR PART OF THEIR DEPRESSED CHEMICAL OPERATIONS TO CONCENTRATE ON CORE BUSINESSES ANALYSTS SAY JUST LAST WEEK AMERICAN CYANAMID CO AND ETHYL CORP SAID THEY PLANNED TO SPIN OFF TO SHAREHOLDERS LACKLUSTER CHEMICAL BUSINESSES THAT EACH HAD ROUGHLY 1 BILLION IN ASSETS BUT MR HUNTSMAN'S BILLIONDOLLAR BET ON A CHEMICAL INDUSTRY REBOUND MAY BE A CASE OF PAYING TOO MUCH TOO SOON CRITICS OF THE DEAL CONTEND THE INDUSTRY IS STAGGERING UNDER A GLUT OF CHEMICAL INDUSTRY CAPACITY ADDED IN THE LATE 1980S AS COMPANIES AROUND THE WORLD PLOWED RECORD PROFITS BACK INTO NEW PETROCHEMICAL PLANTS SEVERAL ASIAN COUNTRIES ESPECIALLY SOUTH KOREA ALSO WENT ON A BUILDING BINGE AT THE SAME TIME THE SLUGGISH ECONOMIC RECOVERY IN THE US AND RECESSIONS ACROSS MUCH OF THE DEVELOPED WORLD HAVE DAMPED DEMAND FOR MANY CHEMICALS AND THE MYRIAD FINISHED PRODUCTS FOR WHICH CHEMICAL COMPOUNDS ARE IMPORTANT INGREDIENTS THE HUNTSMAN COMPANIES WITH MORE THAN 5000 EMPLOYEES ARE THE COUNTRY'S LARGEST PRODUCER OF POLYSTYRENE WHICH IS WIDELY USED TO MAKE PACKAGING INSULATION AND DISPOSABLE COFFEE CUPS AMONG OTHER PRODUCTS HUNTSMAN ALSO MAKES STYRENE MONOMER A MAIN INGREDIENT IN POLYSTYRENE AS WELL AS POLYPROPYLENE A DURABLE PLASTIC USED IN THE AUTO ELECTRONICS AND PACKAGING INDUSTRIES AND PLASTIC FILMS MR HUNTSMAN INSISTS HE ISN'T WORRIED ABOUT THE NEARTERM OUTLOOK FOR TEXACO'S CHEMICAL BUSINESSES WHICH HAD AN OPERATING LOSS OF 14 MILLION IN THIS YEAR'S FIRST HALF TEXACO CHEMICAL WITH 2600 FULLTIME EMPLOYEES AND NEARLY 2500 CONTRACT WORKERS CENTERS ON THE PLASTICS AND POLYESTER PRECURSOR ETHYLENE AND RELATED PRODUCTS IT HAS SIX US PLANTS AS WELL AS FACILITIES IN THE UNITED KINGDOM BELGIUM CANADA BRAZIL AND COLOMBIA MR HUNTSMAN'S STRATEGY IS TO SLASH ADMINISTRATIVE COSTS WHEN COMBINING BUSINESSES CLOSE INEFFICIENT PLANTS AND RUN THE REST FOR MAXIMUM EFFICIENCY A FAIR NUMBER OF STAFF POSITIONS WILL BE CUT FROM THE OPERATIONS BEING ACQUIRED HE SAYS ADDING IT'S TOO EARLY TO BE MORE SPECIFIC HE PREDICTS THAT UNDER THE HUNTSMAN REGIME THE TEXACO BUSINESSES COULD POST OPERATING PROFIT OF 180 MILLION NEXT YEAR BEFORE INTEREST TAXES AND DEPRECIATION I OBVIOUSLY THINK THE TEXACO BUSINESS HAS GREAT VALUE HE SAYS WITHOUT A BOARD OR PUBLIC SHAREHOLDERS TO REPORT TO MR HUNTSMAN IS FREE TO MAKE LONGTERM INVESTMENTS AND NOT WORRY ABOUT QUARTERLY UPS AND DOWNS SHAREHOLDERS SEE THESE MASSIVE FLUCTUATIONS IN CHEMICAL COMPANY VALUES THAT THEY JUST DON'T UNDERSTAND THAT CAN CREATE HAVOC FOR PUBLIC COMPANIES HE SAYS AS A RESULT THEY TEND TO SELL BUSINESSES FOR LESS THAN THEY ARE WORTH AT THE BOTTOM OF INDUSTRY CYCLES AND PAY A FORTUNE FOR BUSINESSES AS THE EARNINGS CYCLE REACHES ITS NEXT PEAK NOT SURPRISINGLY HE SAYS TEXACO IS GETTING A FAIR PRICE FOR ITS CHEMICAL BUSINESS MR HUNTSMAN ALSO CAN POUNCE ON OPPORTUNITIES WHEN THEY ARISE HE HAD BEEN WINDOW SHOPPING FOR CHEMICAL ASSETS FOR 18 MONTHS WHEN IN MIDJULY HE BUMPED INTO RALPH CUNNINGHAM PRESIDENT OF TEXACO'S CHEMICAL BUSINESS AT MANHATTAN'S HELMSLEY HOTEL A DIRECTOR OF BANKERS TRUST CO MR HUNTSMAN WAS IN TOWN FOR A BANK BOARD MEETING WHEN THE TEXACO EXECUTIVE TOLD WERTHEIM SCHRODER & CO INVESTMENT BANKER JOHN GARCIA OF THE MEETING THE NEXT MORNING MR GARCIA PULLED MR HUNTSMAN OUT OF THE BANKERS TRUST BOARD MEETING TO HUDDLE WITH MR CUNNINGHAM AND OTHER TEXACO OFFICIALS TEXACO HAD BEEN CONSIDERING SELLING A FEW OF ITS CHEMICAL BUSINESSES BUT WITHIN A FEW HOURS THEY WERE DISCUSSING THE DETAILS OF HOW MR HUNTSMAN AND HIS PARTNER MR PACKER COULD WITH THE EXCEPTION OF A FEW PLANTS BUY THE COMPANY'S ENTIRE CHEMICAL DIVISION LOCK STOCK AND ETHYLENE BARREL 9309230130 930923 REVIEW & OUTLOOK EDITORIAL CHRISTIE WHITMAN'S BREAKOUT THE STATE OF NEW JERSEY IS IN MANY WAYS A MINIATURE AMERICA A JUMBLE OF RACES AND ETHNIC GROUPS DIVERSE SUBURBS AND TROUBLED CITIES SO IT IS AS GOOD A PLACE AS ANY TO TEST THE BELIEF THAT TAXCUTTING GROWTH ECONOMICS CAN MAKE A POLITICAL COMEBACK THAT TEST WILL COME IN THIS NOVEMBER'S GUBERNATORIAL RACE THANKS TO REPUBLICAN CHALLENGER CHRISTIE WHITMAN WHO HAS JUST PROPOSED A 30 TAX CUT OVER THREE YEARS ALONG WITH COMPENSATING SPENDING CUTS PLAUSIBLE BECAUSE THE GOVERNOR HAS IMPOUNDMENT POWERS AND THE LINEITEM VETO MS WHITMAN WHO ALMOST KNOCKED OFF SENATOR BILL BRADLEY IN 1990 IS BIDDING TO SHED THE ECONOMICPOLICY HAIR SHIRT THAT REPUBLICANS AND DEMOCRATS HAVE BOTH DONNED IN THE POSTREAGAN ERA A WHITMAN VICTORY ON A PLATFORM OF TAX CUTS WOULD SEND HEAVY WAVES DOWN THE JERSEY TURNPIKE TO THE BELTWAY AND OTHER CITADELS OF WHAT HAS MADE THE 1990S THE SLOWGROWTH DECADE OF ENVY HER CHALLENGE IS ESPECIALLY MEANINGFUL BECAUSE IT WOULD REVERSE THE POLICIES OF GOVERNOR JIM FLORIO WHOSE 1989 ELECTION TURNED OUT TO BE THE SYMBOLIC END OF THE 1980S' BOOM MR FLORIO DENIED ANY NEED FOR NEW TAXES IN HIS FIRST CAMPAIGN THEN TURNED AROUND AND PASSED A NEARLY 3 BILLION TAX HIKE ON PEOPLE EARNING AS LITTLE AS 35000 A YEAR HIS REVERSAL BECAME A HARBINGER OF THE TAXRAISING AUSTERITY OF THE 1990 BUDGET DEAL IN WASHINGTON IN GOVERNOR PETE WILSON'S CALIFORNIA AND LATER FOR CLINTONOMICS ALAS SOMETHING LESS THAN PROSPERITY HAS FOLLOWED ESPECIALLY IN NEW JERSEY THAT STATE WHICH HAD PHENOMENAL GROWTH IN THE 1980S HAS SPENT THE PAST FOUR YEARS IN THE TANK WHILE THE STATE WAS HURT BY THE NATIONAL RECESSION NEW JERSEY HAS SUFFERED MORE THAN THE REST OF THE NATION FROM 1979 TO 1989 THE STATE'S ANNUAL PERSONAL INCOME ROSE 92 COMPARED WITH 8 FOR THE US IN THE FLORIO YEARS THAT PERFORMANCE HAS REVERSED WITH NEW JERSEY INCOME GROWTH AT ONLY 38 COMPARED WITH 47 FOR THE US JOBS AND INVESTMENT HAVE FLED THE STATE'S HIGH TAX BURDEN WITH A NET JOB LOSS OF 277000 IN THE PAST FOUR YEARS COMPARED WITH A NET GAIN OF 32 MILLION JOBS NATIONWIDE ALL OF WHICH GIVES MS WHITMAN HER ECONOMIC AND POLITICAL OPENING HER BOLD PLAN WOULD BREAK OUT OF THE RAISETAXESTOCLOSETHEDEFICIT TRAP THAT TOO MANY REPUBLICANS IN WASHINGTON HAVE FALLEN INTO OUR TRUE CHOICE IS NOT BETWEEN TAX REDUCTION ON THE ONE HAND AND AVOIDANCE OF LARGE DEFICITS ON THE OTHER IT IS INCREASINGLY CLEAR THAT NO MATTER WHAT PARTY IS IN POWER AN ECONOMY HAMPERED BY RESTRICTIVE TAX RATES WILL NEVER PRODUCE ENOUGH REVENUES TO BALANCE THE BUDGET JUST AS IT WILL NEVER PRODUCE ENOUGH JOBS OR PROFITS MS WHITMAN DECLARED TUESDAY SHE WAS QUOTING NOT RONALD REAGAN BUT JOHN F KENNEDY FROM 1962 WE'D QUIBBLE WITH MS WHITMAN'S PLAN TO STAGGER THE TAX CUTS OVER THREE YEARS SINCE SOME NEW JERSEYANS MIGHT BE TEMPTED TO WITHHOLD INCOME UNTIL THE ENTIRE CUTS ARE IN PLACE BUT THE THRUST OF HER PLAN IS EXACTLY RIGHTFOCUSING ON INCENTIVES TO SAVE AND INVEST BY CUTTING MARGINAL TAX RATES SHE WOULD GIVE A LARGER TAX CUT TO THE MIDDLE CLASS THAN TO THE RICH NO DOUBT FOR POLITICAL REASONS BUT THE RATE CUTS ARE ACROSS THE BOARD SHE WOULD ALSO TAKE SOME 350000 TAXPAYERS OFF THE ROLLS BY RAISING THE STATE'S MINIMUM TAX THRESHOLD TO 7500 IN POLITICAL TERMS THIS POPULIST PROGROWTH PLAN IS THE ONE IDEA THAT CAN HELP MS WHITMAN STITCH TOGETHER A MAJORITY COALITION FROM NEW JERSEY'S BLUECOLLAR ETHNICS AND SUBURBANITES SO LONG AS SHE IS CONSISTENT AND FIRM HER PROPOSAL WILL ALSO HELP HER BLUNT GOVERNOR FLORIO'S ATTEMPTS TO CHANGE THE SUBJECT FROM THE STATE'S ECONOMIC MESS AT THE ADVICE OF CAMPAIGN STRATEGIST AND BILL CLINTON ADVISER JAMES CARVILLE MR FLORIO HAS TRIED TO TALK ABOUT WELFARE AND GUN CONTROL AND MS WHITMAN HASN'T ALWAYS RESPONDED WELL MAYBE MS WHITMAN SHOULD TELL MR FLORIO IT'S THE ECONOMY STUPID MR FLORIO WASTED NO TIME DENOUNCING THE WHITMAN PLAN AS WELFARE FOR THE RICH AS IF CLASS ENVY EVER CREATED A SINGLE JOB HE WILL ALSO ATTACK HER PROPOSED SPENDING CUTS WITHOUT MENTIONING THAT HIS ECONOMIC POLICIES HAVE CRIMPED TAX REVENUE AND THUS REQUIRED EVEN NASTIER CUTS MS WHITMAN WILL ALSO FACE THE HOSTILITY OF SOME NEW JERSEY ELITES ESPECIALLY THE STATE PRESS PARTISANS AND PERHAPS EVEN SOME BIG BUSINESS TYPES WHO PREFER DIRECT GOVERNMENT SUBSIDIES AGAINST THAT MS WHITMAN HAS AN OPTIMISTIC LIFTALLBOATS MESSAGE WHICH AS WE'VE OFTEN NOTED WON THREE PRESIDENTIAL ELECTIONS THE PAST 12 YEARS THE NATIONAL POLITICAL ESTABLISHMENT HAD HOPED THIS PLATFORM WAS BURIED BECAUSE IT TRANSFERS CONTROL OVER RESOURCES AND ECONOMIC DECISIONS AWAY FROM THEM AND TOWARD THE ELECTORATE THE POLITICS OF GROWTH AND ECONOMIC INCENTIVES HAS NOW RESURFACED IN NEW JERSEY AN IMPORTANT STATE WHOSE VOTERS ARE VERY VERY FOCUSED ON THEIR LEADERSHIP 9309230129 930923 INTERNATIONAL BURGER KING OPENS FIRST STORE IN JAPAN 22 YEARS AFTER RIVAL TOKYO AP BURGER KING CORP THE WORLD'S NO 2 HAMBURGER CHAIN HAS ENTERED THE JAPANESE BURGER WAR 22 YEARS AFTER RIVAL MCDONALD'S CORP JAPAN'S HAMBURGER MARKET HAS BALLOONED TO 450 BILLION YEN 422 BILLION A YEAR BUT AMID RECESSION THAT MARKET GREW LESS THAN 5 LAST YEAR AFTER EXPANDING ALMOST 15 IN 1991 COMPETITION HAS BEEN GROWING FIERCER AMONG THE JAPANESE CHAINS THAT NOW CONTROL THE APPROXIMATELY HALF OF THE MARKET NOT HELD BY MCDONALD'S WHICH IS BASED IN OAK BROOK ILL BURGER KING A UNIT OF GRAND METROPOLITAN PLC LONDON IS JOINING IN A 5050 VENTURE WITH SEIBU RAILWAYS GROUP A MAJOR PRIVATE RAILWAY COMPANY AND REAL ESTATE DEVELOPER THE FIRST STORE OPENED WEDNESDAY IN IRUMA A SUBURB NORTH OF TOKYO AND TWO STORES ARE TO OPEN LATER THIS YEAR ADDITIONAL SHOPS ARE EXPECTED TO OPEN IN THE STATION BUILDINGS OWNED BY SEIBU WE DON'T CONSIDER THEM A THREAT AT ALL SAID TOSHIO HAYASHI A SPOKESMAN FOR MCDONALD'S WHICH RECENTLY OPENED ITS 1000TH OUTLET IN JAPAN IF YOU ASK 100 JAPANESE PEOPLE IF THEY'VE HEARD OF BURGER KING I'LL BET NONE OF THEM WILL SAY YES IT'S TOO LATE TO COME TO JAPAN BURGER KING IS COUNTING ON THE SAME STRATEGY THAT BROUGHT IT SUCCESS IN THE US PITCHING QUALITY AND TASTE CHIEF EXECUTIVE OFFICER JAMES ADAMSON SAID IN REMARKS FOR THE STORE OPENING THAT BURGER KING WAS PINNING ITS HOPES ON THE EVEREVOLVING VARIETY IN JAPANESE TASTES AND DIET PREFERENCES THE DEEPENING CONCERN FOR FLAVOR AND THE SEARCH FOR REFINEMENT 9309230128 930923 ECONOMY GROUP OF SEVEN FINDS ITS HANDS ARE TIED OPTIONS FOR STIMULATING WORLD ECONOMY ARE LIMITED BY KENNETH H BACON STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON LEADERS OF THE SEVEN BIG INDUSTRIALIZED DEMOCRACIES THAT DRIVE THE WORLD ECONOMY ARE LEARNING IT IS EASIER TO STEP ON THE BRAKES THAN TO HIT THE ACCELERATOR DESPITE INTERESTRATE REDUCTIONS IN GERMANY AND FRANCE A SERIES OF STIMULUS MEASURES INCLUDING A RATE CUT IN JAPAN AND MODEST GROWTH IN THE US BRITAIN ITALY AND CANADA THE GROUP OF SEVEN ECONOMIES AREN'T EXPANDING ENOUGH TO LOWER UNEMPLOYMENT IN MOST COUNTRIES OR TO SPUR A NEEDED BOOST IN TRADE FLOWS IN FACT THE INTERNATIONAL MONETARY FUND PREDICTS THAT GROWTH IN WORLD TRADE VOLUME WILL FALL TO 3 THIS YEAR FROM 46 LAST YEAR WITH THAT BACKGROUND THE IMF FORECAST YESTERDAY IN ITS WORLD ECONOMIC OUTLOOK THAT THE ECONOMIC OUTPUT OF THE G7 NATIONS WILL GROW AN ANEMIC 13 THIS YEAR AND 23 NEXT YEAR BOTH PROJECTIONS FOLLOW SHARP REDUCTIONS FROM THE ESTIMATES THE IMF MADE IN MAY FINANCE MINISTERS FROM THE G7 WHO WILL MEET HERE SATURDAY HAVE GROWN INCREASINGLY WORRIED ABOUT THE LACKLUSTER GROWTH BUT NONE SEES ANY READY MEANS OF STIRRING THEIR ECONOMIES OUT OF THE CURRENT TORPOR MOREOVER NONE OF THE G7 CLUB CAN LOOK TO ANOTHER TO ACT AS AN ENGINE FOR THE GLOBAL ECONOMY THE WAY THE US DID IN THE MID1980S THIS YEAR MARKS THE FOURTH CONSECUTIVE YEAR OF SUBPAR GROWTH PERFORMANCE FOR THE WORLD ECONOMY AND INDICATIONS OF A RESUMPTION OF STRONG GROWTH IN 1994 ARE STILL TENTATIVE THE IMF SAID IN ITS WORLD ECONOMIC OUTLOOK ANALYSTS IN THE PRIVATE SECTOR ARE EVEN GLOOMIER THE G7 WORLD IS IN TROUBLE SAYS RIMMER DE VRIES A MANAGING DIRECTOR OF MORGAN GUARANTY TRUST CO ROBERT HORMATS OF GOLDMAN SACHS & CO SAYS I THINK WE'RE GOING TO BE IN A PERIOD OF VERY SLOW GROWTH FOR TWO OR THREE YEARS OTHER THAN APPEAL TO GERMANY TO LOWER INTEREST RATES FASTER OR PRESS JAPAN TO STIMULATE ITS ECONOMY MORE THE G7 HAS BEEN TRAPPED BY LIMITED SHORTTERM OPTIONS AFTER WORKING FOR A DECADE TO SLOW INFLATION THE CENTRAL BANKS HAVE REBUILT THEIR CREDIBILITY AS INFLATIONFIGHTERS NOW THEY AREN'T WILLING TO SPUR GROWTH AT THE COST OF PRICE STABILITY AND BECAUSE ALL THE COUNTRIES BUT JAPAN ARE STRUGGLING TO TRIM LARGE BUDGET DEFICITS ECONOMIC MANAGERS CAN'T TURN TO FISCAL POLICY TO SPUR GROWTH BARRY BOSWORTH OF THE BROOKINGS INSTITUTION BELIEVES THAT IN FOCUSING EXCLUSIVELY ON INFLATION CENTRAL BANKERS ARE FIGHTING THE LAST WAR IN A WORLD WHERE INFLATION IS MODERATING AND COMMODITY PRICES ARE FALLING INDUSTRIAL COUNTRIES SHOULD BEGIN TO PAY MORE ATTENTION TO BOOSTING OUTPUT AND EMPLOYMENT THE GLOBAL ECONOMY IS DETERIORATING FASTER THAN WE EXPECTED AND WE NEED DEMAND STIMULUS TO CUT UNEMPLOYMENT HE SAYS BUT THAT'S NOT EASY LYLE GRAMLEY A FORMER MEMBER OF THE FEDERAL RESERVE BOARD SAYS THAT THE INFLATIONARY BUBBLE OF THE 1970S AND 1980S TAUGHT CENTRAL BANKERS THAT IT'S NOT THE RESPONSIBILITY OF MONETARY POLICY TO CREATE MORE GROWTH NO MATTER WHAT IN THE LONG RUN THE BIGGEST CONTRIBUTION MONETARY POLICY CAN MAKE TO GROWTH IS TO PROMOTE PRICE STABILITY THE OTHER MAIN PROGROWTH TACTIC FISCAL STIMULUS IS ALL BUT UNAVAILABLE OUTSIDE JAPAN THE BIG INDUSTRIAL COUNTRIES ARE USING CONTRACTIONARY FISCAL POLICIES TO REDUCE THEIR BUDGET DEFICITS IN THE US CLINTON TAX INCREASES COMBINED WITH MILITARY SPENDING CUTS ARE EXERTING FISCAL DRAG GERMANY FACES TAX INCREASES EQUAL TO 3 OF ITS GROSS DOMESTIC PRODUCT OVER THE NEXT TWO YEARS AS IT TRIES TO CHANGE THE BALANCE BETWEEN AN EXPANSION FISCAL POLICY AND A TIGHT MONETARY POLICY CANADA BRITAIN FRANCE AND ITALY ALSO ARE STRUGGLING TO SLOW SPENDING AND CUT DEFICITS CAN WE ALL RAISE TAXES AND CUT SPENDING TOGETHER ASKS JOHN MAKIN OF THE AMERICAN ENTERPRISE INSTITUTE THE ANSWER IS NO THE PROBLEM IS THAT THERE ISN'T MUCH ROOM TO CHANGE POLICIES CAPITAL MARKETS ARE STILL SPOOKED BY INFLATION SO ANY MONETARY OR FISCAL ACTION THAT SEEMS TOO LOOSE COULD SPUR HIGHER INTEREST RATES THUS FURTHER LIMITING GROWTH THE IMF IS GROWING INCREASINGLY CONCERNED ABOUT THE STRAINS CAUSED BY JOBLESS RATES THAT HAVE REACHED INTOLERABLE LEVELS IN INDUSTRIAL COUNTRIES IN FRANCE FOR EXAMPLE UNEMPLOYMENT IS PUSHING 12 CHRONIC UNEMPLOYMENT IS DISRUPTING THE SOCIAL FABRIC IN MANY COUNTRIES THE IMF WARNS THE RECENT CYCLICAL INCREASE IN UNEMPLOYMENT HAS ALSO COINCIDED WITH A RISE IN XENOPHOBIA AND PROTECTIONIST SENTIMENT THAT COULD COMPROMISE FREE TRADE PRINCIPLES THE IMF'S ECONOMIC OUTLOOK REPORT SAYS WHERE WILL GROWTH COME FROM ECONOMIC ACTIVITY DOESN'T KEEP SAGGING WHEN THERE'S NOTHING PRESSING IT DOWN SAYS MICHAEL MUSSA THE IMF'S RESEARCH DIRECTOR DEPRESSING REAL ESTATE BUSTS AND ASSET DEFLATION IN THE US AND JAPAN ARE LARGELY OVER THE US BANKING SYSTEM IS STARTING TO LEND MORE AGGRESSIVELY INTEREST RATES IN GERMANY AND THE REST OF EUROPE ARE POISED TO FALL FURTHER AS GERMANY CONTINUES TO LOWER ITS INFLATION RATE AND CORRECT THE IMBALANCE BETWEEN A LOOSE FISCAL POLICY AND A VERY TIGHT MONETARY POLICY NOW HE SAYS THE MOST IMPORTANT CHALLENGE FOR THE INDUSTRIAL NATIONS IS TO CRANK UP GROWTH RATES WITHOUT SACRIFICING THE PRICE STABILITY THAT HAS BEEN WON AT SUCH A GREAT COST HOWEVER THE FORMULA FOR DOING THAT HAS ELUDED THE G7 SO FAR 9309230127 930923 CREDIT MARKETS TREASURY ISSUES RISE IN CHOPPY TRADING SESSION WITH FIRM DEMAND GREETING NEW FIVEYEAR NOTE BY THOMAS D LAURICELLA AND LYNN K ADLER SPECIAL TO THE WALL STREET JOURNAL NEW YORK DECENT DEMAND AT THE GOVERNMENT'S AUCTION OF NEW FIVEYEAR NOTES HELPED TREASURY SECURITIES CHALK UP MODERATE GAINS IN AN EXTREMELY CHOPPY SESSION THE BENCHMARK 30YEAR TREASURY BOND JUMPED ABOUT 1/2 POINT OR ABOUT 5 FOR A BOND WITH 1000 FACE VALUE TO 102 4/32 THE YIELD WHICH MOVES IN THE OPPOSITE DIRECTION OF THE PRICE FELL TO 609 FROM 612 ON TUESDAY PRICES OF OTHER TREASURY SECURITIES POSTED SMALLER PRICE GAINS THE TREASURY 10YEAR NOTE FOR EXAMPLE ROSE LESS THAN 1/4 POINT TO 102 11/32 TO YIELD 542 DOWN FROM 544 MEANWHILE THE STATE OF ISRAEL SOLD 1 BILLION OF DEBT BACKED BY THE AGENCY FOR INTERNATIONAL DEVELOPMENT AND NVR INC A HOMEBUILDER WHICH IS IN BANKRUPTCY PROCEEDINGS SOLD 160 MILLION OF 10YEAR SENIOR NOTES AS PART OF A REORGANIZATION PLAN WITH THE SITUATION IN RUSSIA REMAINING RELATIVELY CALM THE ONLY REAL FOCUS YESTERDAY IN THE TREASURY BOND MARKET WAS THE GOVERNMENT'S AUCTION OF NEW FIVEYEAR NOTES THE TREASURY DEPARTMENT AWARDED ITS 11 BILLION FIVEYEAR OFFERING AT A YIELD OF 483 JUST BELOW EXPECTATIONS FOR A WINNING YIELD OF 485 IN ADDITION TO THE LOWERTHANANTICIPATED YIELD HEALTHY INTEREST IN THE ISSUE WAS REFLECTED IN THE BIDTOCOVER RATIO A MEASURE OF DEMAND COMPARING THE NUMBER OF BIDS TENDERED TO THOSE ACCEPTED THAT RATIO WAS 279TO1 ABOVE THE 260TO1 AVERAGE OF THE PRIOR 12 AUCTIONS ONE CAVEAT TRADERS SAID WAS THAT THE BIDDING WAS DOMINATED BY PROFESSIONAL TRADERS WITH LITTLE CUSTOMER INTEREST AN INDICATION OF THAT WAS THE RELATIVELY LOW LEVEL OF NONCOMPETITIVE BIDS WHICH TYPICALLY REFLECTS INTEREST FROM OUTSIDE THE WALL STREET DEALER COMMUNITY NONCOMPETITIVE BIDS TOTALED 532 MILLION BELOW THE 644 MILLION AVERAGE POSTED OVER THE PAST 12 MONTHS BUT THE BUYING INTEREST WAS STRONG ENOUGH TO PROVIDE SUPPORT FOR THE ENTIRE MARKET BY THE END OF TRADING THE WHENISSUED FIVEYEAR NOTE YIELDED 480 DOWN FROM 483 BEFORE THE RESULTS WERE ANNOUNCED A SIGN OF STRONG DEMAND THE TWOYEAR NOTE AUCTIONED TUESDAY WAS YIELDING 390 LATE YESTERDAY IN WHENISSUED TRADING COMPARED WITH 391 TUESDAY WITH ANXIETY OVER THE POLITICAL TURMOIL IN RUSSIA FADING THERE WAS UNWINDING OF TUESDAY'S FLIGHTTOQUALITY BUYING OF SHORTTERM SECURITIES AND SOME CASH WAS MOVED BACK OUT INTO LONGER ISSUES BUT OTHER THAN THAT THERE WAS A GENERAL LACK OF DIRECTION TO THE TREASURY MARKET OVER THE COURSE OF THE SESSION THE 30YEAR BOND CHANGED COURSE NO LESS THAN 10 TIMES JOHN COSTAS HEAD OF GOVERNMENT SECURITIES TRADING AT FIRST BOSTON CORP AGREED YOU'D HAVE TO SAY THAT IT'S TRENDLESS FROM A YIELD STANDPOINT YIELDS HAVE BEEN TRENDING HIGHER BUT THE MOVEMENT HAS REALLY BEEN TYPICAL OF A MARKET THAT IS LOOKING FOR THE NEXT STORY THAT IS GOING TO DRIVE IT HE SAID TRADERS SAID THE MARKET IS STILL STRUGGLING TO ABSORB RECENT ECONOMIC REPORTS THAT SUGGEST INVESTORS MAY HAVE UNDERESTIMATED THE STRENGTH OF THE ECONOMY YOU ARE STARTING TO GET STATISTICS THAT ARE MAKING PEOPLE THINK YOU KNOW MAYBE THINGS AREN'T AS BAD AS I THOUGHT THEY WERE THREE WEEKS AGO' SAID VAN SILER A MANAGING PARTNER AT RJ WALLS & CO IN PRINCETON NJ THE MARKET'S RECENT VOLATILITY COULD VERY WELL SIGNAL THE END OF THE BULL TREND SAID MR SILER EVERY TIME THAT I HAVE SEEN A MAJOR TOP OR A MAJOR BOTTOM IN THIS BUSINESS YOU HAVE VERY VERY CHOPPY TRADING THAT LEAVES EVERYBODY SWEATING BULLETS SCRATCHING THEIR HEADS AND TRYING TO FIGURE OUT WHAT JUST HAPPENED ALL BIDS ARE AWARDED AT A SINGLE PRICE AT THE MARKETCLEARING YIELD RATES ARE DETERMINED BY THE DIFFERENCE BETWEEN THAT PRICE AND THE FACE VALUE THE NOTES ARE DATED SEPT 30 AND MATURE SEPT 30 1998 MUNICIPAL BOND SALES WILL SET A RECORD IN THE THIRD QUARTER ACCORDING TO PRELIMINARY DATA FROM SECURITIES DATA CO BUT SOME MARKET ANALYSTS WORRY THAT THE MARKET IS WEAKENING ISSUERS HAVE ALREADY SOLD 206 BILLION OF LONGTERM TAXEXEMPT DEBT THIS YEAR SECURITIES DATA ESTIMATES THAT'S UP MORE THAN 20 FROM THE 170 BILLION SOLD THROUGH THE FIRST THREE QUARTERS OF 1992 AND WELL WITHIN SIGHT OF THE RECORD 232 BILLION SOLD ALL LAST YEAR MUNICIPAL BOND PRICES ENDED LITTLE CHANGED YESTERDAY GUAM'S 540 COUPON GENERAL OBLIGATION BONDS MATURING IN 2018 ENDED UNCHANGED AT 98 1/4 TO YIELD 549 THE NEW JERSEY MORTGAGE FINANCE AGENCY'S 520 COUPON BONDS MATURING IN 2016 ROSE 1/4 POINT TO 98 1/4 TO YIELD 531 BUT SOME UNDERWRITING GROUPS HAD A HARD TIME GETTING DEALS DONE THANKS TO WEAKENING DEMAND A GROUP OF UNDERWRITERS LED BY MORGAN STANLEY & CO HAD TO RAISE YIELDS AS MUCH AS 005 PERCENTAGE POINT TO ATTRACT BUYERS TO AN OFFERING OF 4286 MILLION OF REFUNDING BONDS FROM THE NEW YORK STATE DORMITORY AUTHORITY THERE ABSOLUTELY WILL BE RECORD TAXEXEMPT ISSUANCE IN 1993 SAID WALLACE SELLERS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF ENHANCE FINANCIAL SERVICES GROUP INC YOU OUGHT TO HAVE 275 BILLION THIS YEAR SECURITIES DATA WILL RELEASE FINAL STATISTICS ON MUNICIPAL DEBT ISSUANCE IN THE THIRD QUARTER A WEEK FROM TODAY FEW OF THE NEW BONDS ARE FOR NEW PROJECTS THAT'S BECAUSE ABOUT TWOTHIRDS OF THE PROCEEDS FROM MUNICIPAL BOND ISSUES SOLD SO FAR THIS YEAR HAVE BEEN USED TO REFUND OLDER HIGHERYIELDING BONDS THIS YEAR'S MUNI VOLUME HASN'T BEEN FOR REBUILDING AMERICA BUT FOR REFINANCING AMERICA SAID RICHARD CICCARONE DIRECTOR OF TAXEXEMPT FIXEDINCOME RESEARCH AT KEMPER SECURITIES INC MANY ANALYSTS HAD ALREADY PREDICTED REFUNDINGS WOULD SUBSIDE THIS QUARTER ONLY TO SEE RATES SLIDE TO 25YEAR LOWS AND ISSUERS CONTINUE DELAYING NEW PROJECT FINANCINGS IN FAVOR OF CUTTING COSTS BY DOING REFUNDINGS SLUGGISH INFRASTRUCTURE BORROWING IN THE TAXEXEMPT BOND MARKET IS GOING AGAINST WHAT A LOT OF PEOPLE THOUGHT WOULD HAPPEN THIS YEAR IN TERMS OF STIMULATING THE ECONOMY SAID MR CICCARONE OF KEMPER SECURITIES BUT SOME PEOPLE ARE WORRIED THAT THE MARKET COULD BE HEADED FOR A CORRECTION DEMAND IS WEAKER THAN EARLIER THIS YEAR WHEN INVESTORS SNAPPED UP TAXEXEMPT MUNICIPAL BONDS IN ANTICIPATION OF PRESIDENT CLINTON'S HIGHER TAX PROPOSALS SAID PETER WOLL AN ANALYST AT MUNICIPAL MARKET DATA A UNIT OF THOMSON FINANCIAL SERVICES AND WITH INTEREST RATES AT THEIR LOWEST LEVELS IN DECADES THE INDIVIDUAL INVESTOR HAS FLED TO THE STOCK MARKET WITH STICKER SHOCK HE SAID MUTUAL FUNDS HAVE NOT SEEN THE SAME CASH FLOWS AS EARLIER THIS YEAR FOR PRETTY MUCH THE SAME REASON MR WOLL SAID THE POSITIVE EFFECTS OF A TAX INCREASE ON TAXEXEMPT MUNI BONDS HAS BEEN FULLY DISCOUNTED ALSO THOSE INVESTORS WHO ARE STILL INTERESTED IN MUNICIPAL BONDS TEND TO BE AFFLUENT AND MORE INTERESTED IN NOTES MATURING IN 10 YEARS OR LESS RATHER THAN IN LONGTERM BONDS SAID MR WOLL WITH A FLOOD OF SUPPLY EXPECTED NEXT WEEK THERE'S A GENERAL HEAVY TONE IN THE MARKET HE SAID AS MUCH AS 15 BILLION OF BONDS COULD BE SOLD NEXT TUESDAY ALONE SAID MR WOLL THERE IS NOT AS MUCH MONEY IN THE SYSTEM AS IN THE FIRST HALF OF THE YEAR SO ISSUERS COULD BE FORCED TO BOOST RATES TO ENTICE BUYERS BACK INTO THE MARKET HE EXPLAINED INDIVIDUAL INVESTORS OWN ABOUT 75 OF OUTSTANDING TAXEXEMPT SECURITIES ACCORDING TO THE FEDERAL RESERVE ABOUT 26 BILLION OF NEW DEBT WAS SOLD IN ANOTHER BUSY DAY FOR THE BOND MARKET THE STATE OF ISRAEL PRICED 1 BILLION OF DEBT BACKED BY THE AGENCY FOR INTERNATIONAL DEVELOPMENT ON THE OTHER END OF THE CREDIT SPECTRUM NVR INC A HOMEBUILDER STILL IN BANKRUPTCY PROCEEDINGS ISSUED 160 MILLION OF JUNK BONDS TRADING WAS RELATIVELY QUIET IN THE INVESTMENTGRADE MARKET TRADERS SAID THE MOST ACTIVITY WAS SEEN IN PARAMOUNT COMMUNICATIONS INC'S BONDS AS THE UNCERTAINTY GROWS OVER WHO WILL ACQUIRE THE COMPANY TRADERS SAID AS A RESULT THE PRICE ON THE COMPANY'S 5 7/8 COUPON NOTES MATURING IN 2000 DROPPED 2 1/2 POINTS OR 25 FOR A BOND WITH 1000 FACE VALUE TO 955 FROM 98 TUESDAY THE YIELD ROSE TO 67 FROM 623 ONE TRADER SAID IN THE HIGHYIELD MARKET ACTIVITY WAS MODERATE WITH PRICES UP ABOUT 1/8 TO 1/4 POINT ONE TRADER SAID ISRAEL RAISED 1 BILLION IN ITS OFFERING OF FIVEYEAR SEVENYEAR AND 10YEAR NOTES AND ZEROCOUPON BONDS THROUGH UNDERWRITERS LED BY SALOMON BROTHERS INC ZEROCOUPON BONDS PAY NO INTEREST AND ARE SOLD AT A DEEP DISCOUNT TO FACE VALUE BECAUSE THE DEBT WAS BACKED BY AID IT WAS PRICED AT YIELDS SIMILAR TO FEDERAL AGENCY PAPER SYNDICATE OFFICIALS SAID STANDARD & POOR'S CORP RAISED ITS RATING ON ISRAEL'S IMPLIED SENIOR LONGTERM FOREIGN CURRENCY DEBT TO TRIPLEBPLUS FROM TRIPLEB AND AFFIRMS ITS IMPLIED A2 SHORTTERM RATING THE UPGRADE REFLECTS A FURTHER STRENGTHENING OF ISRAEL'S GEOPOLITICAL POSITION FOLLOWING THE SEPT 13 PEACE ACCORD WITH THE PALESTINE LIBERATION ORGANIZATION S&P SAID IN A NEWS RELEASE NVR ISSUED 160 MILLION OF 10YEAR SENIOR NOTES PART OF THE HOMEBUILDER'S REORGANIZATION PLAN THE COMPANY IS SCHEDULED TO EMERGE FROM BANKRUPTCY WHEN THE BONDS SETTLE SEPT 30 NVR ISN'T THE FIRST COMPANY TO ISSUE DEBT WHILE IN BANKRUPTCY US HOME CORP ISSUED 200 MILLION OF DEBT IN JUNE WHILE IT WAS STILL IN BANKRUPTCY PROCEEDINGS US HOME'S DEBT WAS RATED SINGLEB1 BY MOODY'S INVESTORS SERVICE INC AND SINGLEB BY S&P AND WAS ISSUED AT PAR TO YIELD 975 NVR'S DEBT WAS PRICED AT PAR TO YIELD 11 AND SOLD THROUGH UNDERWRITERS LED BY BEAR STEARNS & CO THE NOTES NONCALLABLE FOR FIVE YEARS ARE RATED SINGLEB2 BY MOODY'S AND SINGLEB BY S&P MORTGAGEBACKED SECURITIES KEPT PACE WITH TREASURYS IN QUIET TRADING IN SECONDARY TRADING OF 6 SECURITIES FOR OCTOBER DELIVERY GOVERNMENT NATIONAL MORTGAGE ASSOCIATION ROSE 4/32 TO 98 31/32 FEDERAL HOME LOAN MORTGAGE CORP GOLD CLIMBED 4/32 TO 98 12/32 AND FEDERAL NATIONAL MORTGAGE ASSOCIATION GAINED 4/32 TO 98 9/32 IN REAL ESTATE MORTGAGE INVESTMENT CONDUIT ACTIVITY FREDDIE MAC ANNOUNCED 14 BILLION IN INCREASES TO ISSUES BACKED BY 65 SECURITIES A NEW 500 MILLION REMIC OFFERING BACKED BY 65 PAPER AND A 500 MILLION ISSUED BACKED BY ITS 15YEAR 6 ISSUE FANNIE MAE MEANTIME ANNOUNCED A 500 MILLION ISSUE BACKED BY 15YEAR 6 SECURITIES AND A 200 MILLION INCREASE TO AN ISSUE BACKED BY 30YEAR 65 PAPER THOMAS T VOGEL JR CONTRIBUTED TO THIS ARTICLE 9309230126 930923 ESSEF SLATES STOCK BUYBACK CHARDON OHIO ESSEF CORP SAID ITS BOARD AUTHORIZED IT TO REPURCHASE AS MANY AS 250000 OF ITS COMMON SHARES THE COMPANY WHICH MAKES PRODUCTS FROM ENGINEERED PLASTICS SAID IT WILL USE THE SHARES TOGETHER WITH OTHER TREASURY SHARES OF ITS COMMON FOR ONE OR MORE POSSIBLE SMALL ACQUISITIONS AND FOR OTHER CORPORATE PURPOSES ESSEF HAS 49 MILLION SHARES OUTSTANDING 9309230125 930923 TAXABLE FUNDS' YIELDS WERE LITTLE CHANGED IN THE LATEST WEEK NEW YORK YIELDS ON TAXABLE MONEYMARKET MUTUAL FUNDS CHANGED LITTLE IN THE LATEST WEEK WHILE INSTITUTIONAL INVESTORS TOOK BILLIONS OUT OF ASSETS IBC/DONOGHUE'S AVERAGE SEVENDAY COMPOUND YIELD ON TAXABLE FUNDS CREPT UP TO 268 FROM 267 IN THE WEEK ENDED TUESDAY ACCORDING TO MONEY FUND REPORT AN ASHLAND MASS NEWSLETTER ASSETS OF ALL TAXABLE FUNDS FELL BY 366 BILLION TO 47068 BILLION THE NEWSLETTER REPORTED INDIVIDUAL INVESTORS ADDED 4026 MILLION TO ASSETS WHILE ASSETS OF INSTITUTIONAL FUNDS DROPPED BY 407 BILLION FOUR INSTITUTIONAL FUNDS BEGAN REPORTING TO THE NEWSLETTER THIS WEEK BRINGING THE TOTAL NUMBER OF TAXABLE FUNDS TO 622 THE NEW FUNDS ADDED SLIGHTLY MORE THAN 1 BILLION TO ASSETS WITHOUT THEM ASSETS OF ALL TAXABLE FUNDS WOULD HAVE FALLEN EVEN MORE ASSET FLUCTUATIONS ON A WEEKTOWEEK BASIS ARE COMMON AS INVESTORS INSTITUTIONS IN PARTICULAR MOVE THEIR MONEY IN AND OUT DEPENDING ON HOW THE BOND AND STOCK MARKETS ARE DOING AVERAGE MATURITY OF THE TAXABLE FUNDS' INVESTMENTS WHICH INCLUDE COMMERCIAL PAPER SHORTTERM CORPORATE IOUS AND TREASURY BILLS REMAINED AT 63 DAYS YIELDS ON TAXEXEMPT FUNDS ROSE SLIGHTLY IN THE LATEST WEEK THE AVERAGE TAXFREE SEVENDAY COMPOUND YIELD INCREASED TO 196 FROM 191 COMPOUND YIELDS ASSUME REINVESTMENT OF DIVIDENDS THE LATEST TAXFREE YIELD IS EQUIVALENT TO A TAXABLE 306 FOR AN INVESTOR IN THE 36 TAX BRACKET AND TO 325 FOR SOMEONE PAYING 396 IN TAXES ASSETS OF 331 TAXEXEMPT FUNDS FELL BY 152 BILLION TO 10256 BILLION ACCORDING TO THE NEWSLETTER WALTER FRANK CHIEF ECONOMIST FOR MONEY FUND REPORT SAID INVESTORS WERE RESPONDING TO LAST WEEK'S LOW YIELDS THE TAXFREE FUNDS' AVERAGE PORTFOLIO MATURITY LENGTHENED BY ONE DAY TO 68 DAYS 9309230123 930923 INTERNATIONAL FAMILY RIFT THREATENS MCCAIN FOODS CANADIAN VILLAGE WATCHES ITS LIVELIHOOD AT STAKE BY CHRISTOPHER J CHIPELLO STAFF REPORTER OF THE WALL STREET JOURNAL FLORENCEVILLE NEW BRUNSWICK FOR 36 YEARS THE MCCAIN BROTHERS SEEMED TO FORM A MODEL PARTNERSHIP THEY WORKED IN ADJOINING OFFICES THEY LIVED IN NEIGHBORING HOMES ON THE RIDGE OVERLOOKING THIS TRANQUIL CANADIAN VILLAGE NEAR THE MAINE BORDER THEIR PRIVATE JETS PARKED NEARBY AND THEY PARLAYED THEIR FRENCHFRIES FACTORY ON THE SAINT JOHN RIVER INTO A FROZENFOODS MULTINATIONAL BUT A FAMILY FEUD SUDDENLY HAS RAISED QUESTIONS ABOUT THE COMPANY'S FUTURE AND STIRRED UNEASE AMONG THE THOUSANDS OF WORKERS AND FARMERS WHO RELY ON THE MCCAINS FOR THEIR LIVELIHOOD THE TWO BROTHERS WHO HAVE JOINTLY RUN MCCAIN FOODS LTD SINCE OPENING THE FRENCHFRIES PLANT IN 1957 ARE BITTERLY DIVIDED OVER WHO WILL SUCCEED THEM WALLACE MCCAIN 63 YEARS OLD CHARGES THAT HIS 65YEAROLD BROTHER HARRISON HAS BULLIED OTHER FAMILY MEMBERS INTO RUNNING WALLACE OUT OF OFFICE HARRISON CLAIMS THE BROTHERS' LONGTIME PARTNERSHIP HAS CRUMBLED AMID DISTRUST INTRIGUE AND MANEUVERING SINCE WALLACE INSISTED ON PUTTING HIS SON IN CHARGE OF THE COMPANY'S US OPERATION WALLACE THIS YEAR TRIED TO BUY OUT OTHER FAMILY MEMBERS BUT WAS REBUFFED AMONG THE POSSIBLE COURTIMPOSED SOLUTIONS HE LISTS IN A RECENT LAWSUIT AN OUTRIGHT SALE OF THE CLOSELY HELD COMPANY WHICH HAS TOTAL ANNUAL SALES OF THREE BILLION CANADIAN DOLLARS US228 BILLION EVEN IF THAT IS ONLY A LAST RESORT THESE ARE DISTURBING DEVELOPMENTS IN A RURAL PROVINCE WHERE POTATOES ARE THE MAJOR CROP AND THE MCCAINS BUY AROUND HALF THE HARVEST A SHAKEUP IN MCCAIN HEADQUARTERS COULD ALSO BE FELT FAR BEYOND MAINE POTATO FARMERS WHO SELL 20 OF THEIR ANNUAL OUTPUT TO THE MCCAINS ARE CASTING A WARY EYE ACROSS THE BORDER MCCAIN FOODS BELIEVED TO BE THE WORLD'S BIGGEST MAKER OF FROZEN FRENCH FRIES IS THE MARKET LEADER IN EUROPE AND A MODEST BUT GROWING PLAYER IN THE US FROZENFOODS INDUSTRY MCCAIN EXPERTS TRAINED RUSSIANS TO GROW AND PROCESS RUSSET BURBANK POTATOES FOR THE MOSCOW MCDONALD'S RESTAURANT THE COMPANY TURNS OUT PIZZA JUICE AND OTHER FROZEN FOODS AT DOZENS OF FACTORIES FROM BELGIUM TO AUSTRALIA FOR FLORENCEVILLE'S 694 RESIDENTS AND THE HUNDREDS MORE WHO COMMUTE TO WORK AT MCCAIN BUSINESSES HERE THE POTENTIAL FALLOUT FROM A SHATTERING FAMILY SQUABBLE IS ALMOST TOO GRAVE TO PONDER IF THAT OUTFIT BREAKS ALL UP INTO PIECES IT WOULD BE A MIGHTY BLOW SAYS CARL CALDWELL A 38YEAROLD POTATO FARMER OUTSIDE FLORENCEVILLE I DON'T KNOW WHAT PEOPLE WOULD DO THE MCCAIN LEGACY IS WRITTEN ALL OVER FLORENCEVILLE THE FAMILY HISTORY IS KEPT IN THE PUBLIC LIBRARY NAMED FOR THE BROTHERS' PARENTS ANDREW AND LAURA MCCAIN BEHIND THE TOWN HALL IS THE ROBERT R MCCAIN MEMORIAL SENIOR CITIZENS' BUILDING MCCAIN PRODUCE A SEEDPOTATO BUSINESS SITS ABOVE MCCAIN STREET SO IMPORTANT IS THE POTATO HERE THAT SCHOOLS CLOSED LAST FRIDAY FOR THE ANNUAL THREEWEEK POTATO BREAK SO YOUNGSTERS CAN HELP HAUL IN THE FRESHDUG SPUDS THERE ARE A LOT OF THINGS IN FLORENCEVILLE THAT WOULDN'T BE HERE IF MCCAIN FOODS WEREN'T SAYS FRED WELCH THE VILLAGE MAYOR THE FIRST MCCAINS ARRIVED FROM IRELAND IN THE 1820S ANDREW MCCAIN INHERITED A STRUGGLING HORSEFEED BUSINESS IN THE EARLY 1900S AND TURNED THE BUSINESS AROUND SHIFTING TO POTATOES AS DEMAND FOR HAY DECLINED WITH THE HORSE AND BUGGY HE AND LAURA EDITED COUNTRY COOKBOOKS TO BENEFIT THE LITTLE ANGLICAN CHURCH OF THE GOOD SHEPHERD OVER THE YEARS THE MCCAINS DEVELOPED A REPUTATION FOR QUIETLY HELPING NEIGHBORS IN NEED ARTHUR DINGEE A 67YEAROLD RETIRED HOSPITAL WORKER RECALLS APPROACHING THE MCCAINS ABOUT A FUND FOR A BOY WHO UNDERWENT A KIDNEY TRANSPLANT HE QUICKLY RECEIVED A CHECK FOR C3000 US2280 THAT'S NOT UNUSUAL HE SAYS AT THE LUNCH GRILL IN BUCKINGHAM'S STORE ANOTHER RETIREE RECALLS HIS BROTHERINLAW GOING UP TO SEE OLD AD MCCAIN THE FATHER TO BORROW MONEY IN A PINCH MANY LOCALS BELIEVE FAMILY MEMBERS WILL WORK THINGS OUT THEY OWN 100 OF THE COMPANY SAYS A YOUNG EMPLOYEE ON COFFEE BREAK OUTSIDE MCCAIN'S NEW NORTH AMERICAN DATA CENTER I CAN'T SEE THAT CHANGING HARRISON LAST WEEK ASSURED EMPLOYEES HE DOESN'T INTEND TO MOVE THE HEADQUARTERS DESPITE A 1990 MEMORANDUM INCLUDED IN COURT FILINGS INDICATING HE MIGHT IN LAST WEEK'S MEMO HARRISON SAYS HE HAD MERELY GIVEN THOUGHT TO A SMALL EXECUTIVE OFFICE IN A MAJOR CITY OTHER STAFF WOULD STAY IN FLORENCEVILLE HE ADDS ALL THIS IS PROVIDING THAT MCCAIN FOODS CONTINUES AS ONE COMPANY AND I DEFINITELY BELIEVE IT WILL SOME OBSERVERS AREN'T SO SURE WALLACE HAS ASKED THE COURT TO DIVIDE THE COMPANY ALONG GEOGRAPHIC OR MANAGERIAL LINES FORMALIZING A DIVISION OF LABOR BETWEEN THE BROTHERS ALTERNATIVELY HE SUGGESTS BREAKING IT INTO TWO SEPARATE UNITS IMPLEMENTING AN ARRANGEMENT WHEREBY ONE OF THE FEUDING GROUPS WOULD BUY THE OTHER OUT OR ORDERING THE SALE OF THE COMPANY THE IMMEDIATE ISSUE AT STAKE IS AN AUGUST BOARD RESOLUTION THAT WOULD OUST WALLACE AS COCHIEF EXECUTIVE WALLACE WANTS THE COURT TO BLOCK THE RESOLUTION HEARINGS ARE TO BEGIN TODAY IN THEIR COURT AFFIDAVITS HARRISON A BALDING ROUNDFACED MAN AND WALLACE LANKY AND SILVERHAIRED AGREE ON ONE THING THE CURRENT IMPASSE STEMS FROM THE ASCENT OF WALLACE'S 34YEAROLD SON MICHAEL ON OCT 5 1990 SAYS HARRISON WALLACE DISREGARDED MY MANAGEMENT VETO AND APPOINTED MICHAEL TO RUN THE US UNIT BASED OUTSIDE CHICAGO FROM THAT DAY ON AN ATMOSPHERE OF DISTRUST INTRIGUE AND MANEUVERING HAS EXISTED IN NOTES RECORDED JUST AFTER THE 1990 CONFRONTATION HARRISON WRITES MICHAEL HAS NEVER MADE A NICKEL FOR US IN HIS LIFE ACCORDING TO WALLACE HARRISON WORRIED THAT MICHAEL WAS THE MOST CAPABLE YOUNGER MCCAIN IN THE BUSINESS AND MIGHT BE IDENTIFIED AS SUCCESSORINWAITING BY AN INDEPENDENT DIRECTORS' COMMITTEE HARRISON'S FEAR DEEPENED AFTER A 1992 HEART OPERATION LEADING HIM TO SUBVERT A LONGTERM SUCCESSION PROCESS THE FAMILY HAD PUT IN PLACE WALLACE CLAIMS FOR HIS PART HARRISON HAS STATED THAT ALL BRANCHES OF THE FAMILY EXCEPT WALLACE'S AGREE THAT IT'S TIME FOR TRANSITION AT THE COMPANY AND THE BROTHERS SHOULD STEP ASIDE FOR A NEW CHIEF EXECUTIVE WHO COULD COME FROM OUTSIDE HARRISON AND HIS ALLIES CONTEND THAT THE FEUD IS HAMPERING CORPORATE OPERATIONS GEORGE MCCLURE A MCCAIN DIRECTOR CITES SIGNS OF THE BEGINNING OF A PARALYSIS AT THE MANAGEMENT LEVEL WALLACE SUGGESTS SUCH ACCUSATIONS ARE A SMOKESCREEN TO JUSTIFY HIS DISMISSAL MCCAIN FOODS RACKED UP A RECORD PROFIT IN ITS LATEST FISCAL YEAR HE SAYS MCCAIN FOODS WHICH DOESN'T PUBLISH FINANCIAL STATEMENTS DECLINED TO PROVIDE INTERVIEWS WITH ITS OFFICERS FOR THIS STORY WALLACE AND MICHAEL ALSO DECLINED 9309230122 930923 HALO INDUSTRIES PLANS PURCHASE NILES ILL HALO INDUSTRIES INC SIGNED AN AGREEMENT TO ACQUIRE THE BUSINESS OF CURTIS COS EVANSVILLE IND FOR STOCK THE AMOUNT WASN'T DISCLOSED IN A RELEASE HALO INDUSTRIES SAID CURTIS HAS A CORE ADVERTISINGSPECIALTIES BUSINESS OF ABOUT 25 MILLION ANNUALLY LOU WEISBACH HALO'S PRESIDENT AND CHIEF EXECUTIVE OFFICER SAID THE ACQUISITION WILL IMMEDIATELY CONTRIBUTE TO OUR PROFITABILITY A COMPANY SPOKESMAN SAID THE TRANSACTION WOULD BE REFLECTED IN FOURTHQUARTER RESULTS 9309230121 930923 WHO'S NEWS NUMED TO SPIN OFF SURGICAL/MEDICAL UNIT TO ITS SHAREHOLDERS INDEPENDENCE OHIO NUMED HOME HEALTH CARE INC SAID ITS BOARD APPROVED THE SPINOFF OF ITS SURGICAL/MEDICAL PRODUCTS UNIT TO SHAREHOLDERS NUMED WHICH PROVIDES HOME HEALTHCARE SERVICES SAID THE SPINOFF WILL FOCUS ON EMERGING TECHNOLOGIES IN THE SURGICAL MARKET THE NEW PUBLICLY TRADED COMPANY WILL BE NAMED NUMED SURGICAL INC AND WILL ALSO BE BASED IN INDEPENDENCE OHIO PROVIDENCE HEALTH CARE INC WHICH ACQUIRED 40 OF NUMED ON SEPT 10 WILL NOT HAVE ANY OWNERSHIP IN THE SPINOFF JUGAL K TANEJA 49 YEARS OLD WILL BECOME CHIEF EXECUTIVE OFFICER OF THE SPINOFF WHILE RETAINING THE SAME POSITION AT NUMED MICHAEL J DIROFF 45 WILL BE PRESIDENT OF THE SPINOFF MR DIROFF CURRENTLY NUMED'S PRESIDENT WILL BE SUCCEEDED BY SUSAN CARMICHAEL 45 PRESIDENT OF NUMED'S HOME HEALTHCARE UNIT MEANWHILE PROVIDENCE A NURSING HOME OPERATOR BASED IN BEREA OHIO HAS AGREED TO EXTEND A 1 MILLION LINE OF CREDIT TO NUMED AS WELL AS PROVIDE 500000 IN CASH WHICH WILL BE USED FOR ACQUISITIONS AND DEBT REDUCTION ADDITIONALLY PROVIDENCE AND NUMED HAVE AGREED TO FORM A JOINT VENTURE TO PROVIDE HOME HEALTH SERVICES IN OHIO MR TANEJA WAS NAMED TO THE PROVIDENCE BOARD INCREASING ITS SIZE TO FIVE PROVIDENCE NAMED ITS CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE LAWRENCE CUMMINGS 38 TO NUMED'S BOARD INCREASING ITS SIZE TO EIGHT NUMED'S BOARD WILL EVENTUALLY INCREASE TO 11 AFTER PROVIDENCE EXERCISES ITS RIGHT TO NAME THREE OTHER DIRECTORS 9309230120 930923 THE CLINTON HEALTH PLAN IN REMEMBRANCE OF FIERY BATTLES PAST CRIES OF SOCIALISM' STILL REVERBERATE BY JAMES M PERRY STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON FIFTY YEARS AGO IN THE MIDDLE OF WORLD WAR II TWO US SENATORS AND A CONGRESSMAN INTRODUCED LEGISLATION PROVIDING FOR A COMPULSORY SYSTEM OF HEALTH CARE FOR EVERYONE COVERED BY SOCIAL SECURITY THE AMERICAN MEDICAL ASSOCIATION EXPLODED WITH RAGE THOSE CHARGED WITH RUNNING THE PROGRAM WOULD BE TURNED INTO GAULEITERS SAID MORRIS FISHBEIN EDITOR OF THE AMA JOURNAL AT THE TIME THOSE WERE FIGHTING WORDS GAULEITERS WERE BRUTAL NAZI DISTRICT LEADERS THE BATTLE TO BRING COMPULSORY NATIONALIZED HEALTH CARE TO THE AMERICAN PEOPLE IS THE LONGEST NASTIEST COSTLIEST LEGISLATIVE STRUGGLE IN HISTORY NOW WITH PRESIDENT CLINTON'S PROPOSAL IT HAS REACHED A NEW AND POSSIBLY DECISIVE CLIMAX TED SILVEY 89 YEARS OLD IS ONE OF A HANDFUL OF SURVIVORS OF THE ORIGINAL STRUGGLE HE WORKED FOR THE AMERICAN FEDERATION OF LABOR AT THE END OF WORLD WAR II THE FEDERATION WOULDN'T MERGE WITH THE CONGRESS OF INDUSTRIAL ORGANIZATIONS UNTIL 1955 AND HE WATCHES THE CURRENT STRUGGLE FROM HIS HOME HERE HE DOESN'T THINK MUCH OF THE ADMINISTRATION'S APPROACH UNIVERSAL COVERAGE THROUGH A SINGLEPAYER SYSTEM IS THE ONLY WAY TO GO FRANCIS JAMES LEVI BING BLASINGAME 86 GOES BACK 50 YEARS ALSO AT THE END OF WORLD WAR II HE WAS A MEMBER OF THE AMA'S HOUSE OF DELEGATES LATER HE WOULD SERVE AS THE ORGANIZATION'S EXECUTIVE DIRECTOR HE'S RETIRED NOW IN AUSTIN TEXAS AND HE HASN'T CHANGED HIS OPINION ABOUT NATIONAL HEALTH CARE IT WAS SOCIALISM WHEN IT WAS FIRST PROPOSED HE SAYS AND IT WOULD BE CATASTROPHIC IF IT WERE TO BECOME LAW TODAY OF THE OLD HEALTHCARE BATTLE CRIES THAT ECHO DOWN THE YEARS NONE HAS A MORE RESONANT RING THAN SOCIALISM NATIONAL HEALTH CARE WAS IN FACT AN IDEA THAT DRIFTED ACROSS THE ATLANTIC OCEAN FROM BRITAIN WHERE A LABOR PARTYSOCIALISTGOVERNMENT CAME INTO POWER AFTER THE WAR AND PUT INTO PLACE A HEALTHCARE SYSTEM THAT SURVIVES INTACT TO THIS DAY SUCH PEOPLE AS MR SILVEY WORKING OUT OF THE AFL HEADQUARTERS IN WASHINGTON WERE ATTRACTED TO THE BRITISH PLAN AND SET OUT TO WHIP UP SUPPORT FOR THE CAUSE HERE AFTER PRESIDENT TRUMAN PROPOSED HIS OWN PLAN TO CONGRESS ON NOV 19 1945 TO DELIVER THE MESSAGE MR SILVEY AND ARCHIBALD GORDON THE LABOR ATTACHE AT THE BRITISH EMBASSY HAD HOPED TO BRING TO THE US LECTURE CIRCUIT ANEURIN NYE BEVAN THE FIREBREATHING MEMBER OF CLEMENT ATTLEE'S LABOR GOVERNMENT WHO WAS THE ARCHITECT OF THE GOVERNMENT'S NATIONAL HEALTHCARE PROGRAM BUT PHIL MURRAY THE AFL CHIEF WAS UNWILLING TO SPONSOR A BEVAN LECTURE TOUR EVEN THOUGH MR BEVAN WAS A WELSHMAN WHO HAD WORKED IN A COAL MINE MR MURRAY WHO WAS BORN IN SCOTLAND AND WORKED AS A LAD IN THE PITS HIMSELF WANTED NOTHING TO DO WITH HIM HE'S AN ENGLISHMAN HE INSISTED TO MR SILVEY AND SO MR BEVAN REMAINED ON HIS SIDE OF THE ATLANTIC IN THE SENATE THE FIGHT AGAINST THE TRUMAN PLAN WAS LED BY MR CONSERVATIVE HIMSELF OHIO REPUBLICAN SEN ROBERT TAFT WHEN THE CHAIRMAN OF THE SENATE LABOR AND EDUCATION COMMITTEE COMPLAINED ABOUT EDITORIALS SUGGESTING THE IDEA WAS SOCIALISTIC SEN TAFT INTERRUPTED SAYING THE EDITORIALS HAD IT RIGHT IT REALLY WAS SOCIALISM MR CONSERVATIVE THEN STALKED OUT OF THE HEARINGS NEVER TO RETURN MOST PEOPLE THOUGH FORGET THAT HE DID INTRODUCE A BILL TO PROVIDE MEDICAL CARE FOR THE INDIGENT YEARS BEFORE IT BECAME LAW THE AMA'S OUTFRONT SPOKESMAN WAS THE REDOUBTABLE DR FISHBEIN THE EDITOR OF THE AMA JOURNAL HE SAID THE COUNTRY WASN'T READY FOR PEASANT MEDICINE AND PUBLISHED A CARTOON OF A SOCIALIST PHYSICIAN ARRIVING TO TREAT HIS PATIENT AT THE MAN'S FUNERAL MR TRUMAN'S UNDERDOG 1948 ELECTION VICTORY SENT SHIVERS DOWN THE AMA LEADERS' SPINES THEY FIGURED THEY NEEDED BIGGER GUNS IN THIS WAR AND SO THEY HIRED THE HUSBANDANDWIFE TEAM OF CLEM WHITAKER AND LEONE BAXTER THE FOUNDERS OF THAT UNIQUE AMERICAN CONTRIBUTION TO POLITICS THE CAMPAIGN CONSULTING FIRM THE AMA ASSESSED EACH OF ITS MEMBERS 25 TO PAY FOR THE CAMPAIGN TO DEFEAT THE TRUMAN PROPOSAL DESIGNED FROM THE START TO BE THE BIGGEST SUCH EFFORT IN US HISTORY THE WHITAKERBAXTER TEAM HARDLY MISSED A TRICK IN A LETTER TO PROTESTANT CLERGYMEN THEY SAID TO THE CHRISTIAN WHO BELIEVES IN THE SANCTITY OF LIFE NOTHING COULD BE MORE DANGEROUS THAN THE SPECTACLE OF POLITICIANS ARBITRARILY JUGGLING THE BIRTH RATE THROUGH THE APPLICATION OF PROPAGANDA THEY WENT ON TO LINK THE LEGISLATION TO COMMUNISM EVEN MAKING UP A FAKE QUOTE FROM LENIN IN 1949 ALONE THEY DISTRIBUTED 54 MILLION PIECES OF ANTITRUMAN PROPAGANDA THEY WERE ALWAYS GREAT ONES FOR A SLOGANTHEY WOULD SOMETIMES GO INTO A WEEKLONG RETREAT TO COME UP WITH THESE IDEAS AND THE SLOGAN FOR THIS CAMPAIGN WAS THE VOLUNTARY WAY IS THE AMERICAN WAY BUT IT WAS PROBABLY ALL OVERKILL CHANCES IN THE 1940S FOR ADOPTION OF A NATIONAL HEALTHCARE SYSTEM NEVER AMOUNTED TO MUCH THE FACT IS ENTHUSIASM AMONG US LABOR UNIONS FOR NATIONAL HEALTH CARE ALREADY WAS ERODING UNABLE TO BARGAIN FOR HIGHER PAY DURING THE WAR UNIONS HAD TURNED TO BARGAINING FOR FRINGE BENEFITS AND MOST MANAGED TO WIN SATISFACTORY HEALTHCARE PACKAGES BING BLASINGAME FROM HIS HOME IN TEXAS CALLS UP ANOTHER REASON THE FIX HE SAYS WAS IN ALL THROUGH THE BATTLE THE AMA STRATEGISTS MAINTAINED SECRET TIES WITH DEMOCRATIC HOUSE SPEAKER SAM RAYBURN AND THEY KNEW WHAT PRESIDENT TRUMAN DIDN'T THAT SAM PRIVATELY WAS ON OUR SIDE ALL THE TIME THAT MEANT NO HEALTHCARE PACKAGE WAS GOING TO WORK ITS WAY THROUGH HIS PERSONAL FIEFDOM THE FIGHT HAS FLICKERED ON AND OFF EVER SINCE BUT IT IS ONLY NOW 50 YEARS SINCE THE BATTLE LINES WERE DRAWN THAT REFORMERS THINK THAT WITH THE HELP OF BILL AND HILLARY CLINTON VICTORY MIGHT FINALLY BE AT HAND 9309230119 930923 AT&T PETITIONS FCC FOR RULES GOVERNING FOREIGN RIVALS' ENTRY WASHINGTON AMERICAN TELEPHONE & TELEGRAPH CO ASKED THE FEDERAL COMMUNICATIONS COMMISSION TO SET UP RULES GOVERNING THE ENTRY OF FOREIGN COMMUNICATIONS CARRIERS INTO THE US MARKET SAYING IT WON'T OPPOSE BRITISH TELECOMMUNICATIONS PLC'S INVESTMENT IN MCI COMMUNICATIONS CORP AT&T PETITIONED THE FCC TO ESTABLISH RULES TO ENSURE FOREIGN MARKETS ALLOW RECIPROCAL ACCESS AT&T SAID THE FCC SHOULD ADDRESS WHETHER A FOREIGN CARRIER SHOULD BE ALLOWED TO OPERATE IN THE US IF ITS HOME MARKET IS CLOSED TO FOREIGN COMPETITORS IN ANOTHER FILING AT&T URGED THE FEDERAL GOVERNMENT TO DROP ITS DESIGNATION OF AT&T AS A DOMINANT LONGDISTANCE CARRIER WHICH REQUIRES IT TO SIGNAL ITS MARKETING AND PRICING PLANS WITH PUBLIC FILINGS ITS COMPETITORS DON'T FACE SUCH REQUIREMENTS THE CHANGE AT&T SAID WOULD KEEP IT FROM HAVING TO GIVE RIVALS COMPETITIVE INFORMATION SEPARATELY AT&T CHAIRMAN ROBERT E ALLEN TOLD A HOUSE FOREIGN AFFAIRS SUBCOMMITTEE THAT ENDING COLD WARERA RESTRICTIONS ON TELECOMMUNICATIONS EQUIPMENT TRADE WITH THE FORMER SOVIET UNION AND CHINA WOULD BENEFIT US TRADE AND HASTEN DEMOCRATIC REFORMS IN THOSE COUNTRIES RESTRICTIONS IMPOSED BY THE US AND 16 OTHER MEMBERS OF THE COORDINATING COMMITTEE FOR MULTILATERAL EXPORT CONTROLS OR COCOM LOCK US INTO A COLD WAR POLICY THAT LIMITS THE ABILITY OF PEOPLE TO COMMUNICATE IDEAS AND INFORMATION HE SAID THE LIMITS COULD JEOPARDIZE ABOUT 500 MILLION IN SALES FOR AT&T OVER THE NEXT FIVE YEARS 9309230118 930923 MARKETING & MEDIA NIELSEN EXPECTS LAG IN DELIVERY OF VIEWER DATA BY ELIZABETH JENSEN STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK NETWORK TELEVISION EXECUTIVES AND ADVERTISERS WILL SOON HAVE TO DO WITHOUT THEIR EARLYMORNING RATINGS FIX FROM WHICH THEY GLEAN VIEWERSHIP OF THE PREVIOUS NIGHT'S SHOWS NIELSEN MEDIA RESEARCH SAID IT EXPECTS EACH NIGHT'S OVERNIGHT AUDIENCE RATINGS FOR BROADCAST STATIONS AND THE NETWORKS UPON WHICH BILLIONS OF DOLLARS IN ADVERTISING AND MAJOR PROGRAMMING DECISIONS DEPEND WILL BE DELAYED THREE TO FIVE DAYS THE DELAYS WILL START OCT 6 AND LAST FOR ABOUT TWO WEEKS ON THAT DATE NEW FEDERAL CABLE REGULATIONS TAKE EFFECT REQUIRING CABLE SYSTEMS THAT HAVEN'T REACHED AGREEMENTS WITH LOCAL BROADCAST STATIONS OVER PROGRAMMING FEES TO DROP THE STATIONS FROM THEIR LINEUPS THE POSSIBILITY THAT HUNDREDS OF STATIONS COULD DISAPPEAR FROM CABLESYSTEM LINEUPS OVERNIGHT POSES A LOGISTICAL NIGHTMARE FOR NIELSEN A UNIT OF DUN & BRADSTREET CORP THAT PROSPECT HAS HAD ADVERTISERS AND BROADCASTERS CONCERNED FOR WEEKS MANY EXPRESSED CONCERN THAT NIELSEN WAS UNDERESTIMATING THE DIFFICULTY IN PRODUCING ACCURATE RATINGS ON TIME ONCE THE REGULATIONS TOOK EFFECT THE NETWORKS AND STATIONS DEPEND ON THE RATINGS TO VERIFY THAT ADVERTISERS ARE GETTING THE AUDIENCES THEY PAID FOR NIELSEN USES METERS ATTACHED TO 17000 TV HOMES NATIONWIDE TO COLLECT THE OVERNIGHTTUNING DATA NIELSEN'S COMPUTERS ARE PREPROGRAMMED TO TELL IT WHICH CHANNEL IN A HOUSEHOLD CORRESPONDS TO WHICH NETWORK OR LOCAL STATION BUT THE NEW CABLEBOX LINEUPS WHICH WOULD CONTAIN POTENTIALLY THOUSANDS OF CHANGES WILL HAVE TO BE VERIFIED BEFORE NIELSEN CAN ISSUE ACCURATE RATINGS YESTERDAY'S ANNOUNCEMENT SEEMED TO CALM SOME CONCERNS WE'VE BEEN FIRM FROM THE BEGINNING THEY SHOULD NOT RELEASE ANY RATINGS UNTIL THEY ARE SURE THEY ARE ACCURATE SAID DAVID POLTRACK A SENIOR VICE PRESIDENT AT CBS INC'S CBS NETWORK THE QUALITY OF THE DATA IS MORE IMPORTANT THAN HAVING DELIVERY IN 24 HOURS SAID BETSY FRANK SENIOR VICE PRESIDENT AT ADVERTISING AGENCY SAATCHI & SAATCHI THIS WHOLE THING IS GOING TO BE A DISRUPTION NO MATTER HOW YOU LOOK AT IT IF WE CAN'T BELIEVE THE RATINGS WE ARE IN EVEN BIGGER TROUBLE THAN EVER BUT ONE NETWORK EXECUTIVE SAID THERE IS STILL A POSSIBILITY THAT THE VAST NUMBER OF CHANGES WILL MEAN THAT TOO FEW HOMES PARTICULARLY THOSE WITH CABLE WILL PRODUCE USEABLE VIEWING DATA TO MAKE ACCURATE RATINGS PROJECTIONS THE ARBITRON CO A UNIT OF CERIDIAN CORP PRODUCES OVERNIGHT RATINGS IN 20 CITIES BUT NO NATIONAL RATINGS A SPOKESMAN SAID THE COMPANY EXPECTS TO BE ABLE TO PRODUCE ITS RATINGS ON TIME 9309230117 930923 ANHEUSER PLANS PRETAX CHARGE OF 565 MILLION MOVE WILL COVER OVERHAUL THAT INCLUDES STAFF CUTS LOSS IS SEEN FOR QUARTER BY JAMES P MILLER STAFF REPORTER OF THE WALL STREET JOURNAL ANHEUSERBUSCH COS MOVING TO BOLSTER PROFITS UNDER PRESSURE FROM LACKLUSTER VOLUME GROWTH AND INTENSIFYING COMPETITION SAID IT WILL TAKE A 565 MILLION PRETAX CHARGE TO COVER A CORPORATE OVERHAUL THE GIANT BREWER'S PLANS INCLUDE REDUCING ITS SALARIED WORK FORCE BY 1200 OR 10 AS PART OF AN ORGANIZATIONAL REALIGNMENT IT ALSO INTENDS TO INCREASE ITS MARKETING OUTLAYS AND INTRODUCE MORE NEW PRODUCTS ANHEUSERBUSCH SAID IT EXPECTS THE CHARGE WHICH WILL AMOUNT TO 126 A SHARE WILL RESULT IN A THIRDQUARTER LOSS FOR THE YEAREARLIER PERIOD THE ST LOUIS COMPANY HAD A PROFIT OF 318 MILLION OR 112 A SHARE THE ANNOUNCEMENT CAME LATE YESTERDAY IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE ANHEUSERBUSCH SHARES DROPPED 1125 OR 24 TO 45 THE MOVES ARE ESSENTIAL GIVEN THE COMPETITIVE ENVIRONMENT WE FACE IN ALL OF OUR BUSINESSES SAID AUGUST A BUSCH III THE COMPANY'S CHAIRMAN AND PRESIDENT ANHEUSERBUSCH'S FLAGSHIP BUDWEISER LINE HAS SEEN DECLINING SALES IN RECENT YEARS ALTHOUGH NEWER PRODUCTS HAVE HELPED KEEP THE COMPANY'S SHARE OF THE OVERALL US BEER MARKET DOMINANT AT ABOUT 44 MORE TROUBLESOME TO ANHEUSER IN A TIME WHEN THE ECONOMY IS WOBBLY HAS BEEN THE RAMPANT DISCOUNTING THAT HAS HURT ALL OF THE INDUSTRY'S BIG PLAYERS THE PRICE CUTS SWEEPSTAKES AND REFUND AND COUPON OFFERS HAVE REACHED THE POINT THAT IN SOME MARKETS AS MUCH AS 90 OF THE BEER ON RETAILERS' SHELVES IS SOLD AT LESS THAN REGULAR PRICE THE DISCOUNTING REFLECTS IN PART THE WILLINGNESS OF SOME SMALLER PLAYERS TO ACCEPT NARROWER MARGINS TO MAINTAIN MARKET SHARE THAT ALONG WITH FINANCIALLY PRESSED CONSUMERS' INTEREST IN LOWERPRICED BRANDS RATHER THAN PREMIUM BRANDS SUCH AS BUDWEISER HAS WORKED TO ERODE PROFITABILITY AT ANHEUSERBUSCH AND RIVALS SUCH AS ADOLPH COORS CO WHICH RECENTLY CUT 500 WORKERS FROM ITS PAYROLLS THIS IS A BIG MOVE FOR ANHEUSERBUSCH SAID EMANUEL GOLDMAN ANALYST AT PAINEWEBBER INC IN SAN FRANCISCO IN ALL THE TIME I'VE BEEN COVERING THEM SINCE NURSERY SCHOOL I THINK THEY HAVEN'T DONE ANYTHING LIKE THIS TRADING DOWN IT'S NOT THAT CONSUMERS STOPPED DRINKING BEER HE SAID WHAT THEY DO IS TRADE DOWN AND WHEN YOU TRADE FROM BUD TO NATURAL LIGHT YOU LOSE ONETHIRD TO ONEHALF OF THE PROFIT PER SIXPACK FOR BEER MAKERS IF YOU WANT A DECENT LEVEL OF PROFITABILITY AND YOU CAN'T RAISE PRICES AND VOLUME GROWTH ISN'T WHAT YOU'D LIKE IT TO BE YOU CUT COSTS MR GOLDMAN ADDED AND ANHEUSER IS CUTTING COSTS IN A BIG WAY HE SAID ANHEUSER ALSO SIGNALED THAT GIVEN CURRENT ECONOMIC CONDITIONS IT EXPECTS THAT FUTURE PRICE INCREASES WILL BE MODERATE MR BUSCH SAID OUR PREMIUM BEER MUST BE AFFORDABLE FOR OUR CONSUMERS UNDER THE PLAN ANHEUSER ANNOUNCED YESTERDAY THE COMPANY WILL BOOST MARKETING SUPPORT FOR ITS PREMIUM BRANDS AND CONTINUE TO INTRODUCE NEW PRODUCTS ANHEUSER POINTED TO THE SOLID RECEPTION OF ITS NEWEST PRODUCT ICE DRAFT WHICH IS CURRENTLY BEING ROLLED OUT IN SOME REGIONS AND WILL BE AVAILABLE NATIONWIDE EARLY NEXT YEAR THE COMPANY SAID IT PLANS TO BRING AT LEAST ONE OTHER MAJOR NEW PRODUCT TO THE MARKETPLACE IN 1994 AS PART OF ITS COSTCUTTING EFFORT ANHEUSER SAID IT PLANS TO TRIM ABOUT 1200 SALARIED JOBS BY THE END OF NEXT YEAR RELYING MAINLY ON EARLYRETIREMENT PROGRAMS AND ATTRITION SALARIED WORKERS WILL HAVE THEIR PAY FROZEN IN 1994 ALSO THE COMPANY'S CAMPBELL TAGGART AND EAGLE SNACKS UNITS WILL HAVE THEIR HEADQUARTERS RELOCATED FROM DALLAS TO ST LOUIS WITH ABOUT HALF OF THE 475 WORKERS INVOLVED BEING OFFERED TRANSFERS THE COMPANY'S BREWERYMODERNIZATION PROGRAM WILL BE ACCELERATED TO GAIN EFFICIENCIES ANHEUSER SAID THE RESTRUCTURINGS AND REORGANIZATION MOVES WILL SAVE THE COMPANY MORE THAN 100 MILLION A YEAR BEGINNING IN 1994 AND A REDESIGN OF OPERATIONS AT THE 13 BREWERIES WILL RESULT IN AN ADDITIONAL SAVINGS OF 300 MILLION A YEAR BY 1997 THE COMPANY SAID INCLUDED IN THE CHARGE IS THE WRITEDOWN OF CERTAIN ASSETS AND INVESTMENTS ANHEUSER SAID A SPOKESMAN DECLINED TO SPECIFY THE ASSETS AFFECTED ROBERT L ROSE CONTRIBUTED TO THIS ARTICLE 9309230116 930923 LOS ANGELES FEE DISPUTE THREATENS TO GROUND PLANES BY DAVID J JEFFERSON STAFF REPORTER OF THE WALL STREET JOURNAL LOS ANGELES LOS ANGELES AND ITS NEW MAYOR RICHARD RIORDAN ARE ENGAGED IN A HIGHSTAKES GAME OF CHICKEN WITH THE WORLD'S AIRLINES OFFICIALS OF LOS ANGELES INTERNATIONAL AIRPORT HAVE THREATENED TO START GROUNDING PLANES IN 12 DAYS UNLESS THE CARRIERS INCLUDING ALL MAJOR DOMESTIC AND INTERNATIONAL LINES TRIPLE THE AMOUNT THEY PAY TO LAND AT LOS ANGELES INTERNATIONAL AIRPORT FURIOUS AIRLINE OFFICIALS ARE LOOKING FOR WAYS TO FIGHT BACK EITHER BY GETTING A COURT ORDER TO BLOCK THE CITY FROM GROUNDING FLIGHTS OR WINNING A RULING FROM THE FEDERAL AVIATION ADMINISTRATION MEANWHILE LOS ANGELES CITY ATTORNEYS ARE SAID TO BE TALKING TO THE INDUSTRY ABOUT WAYS TO RESOLVE THE FLAP ONE AIRLINE INDUSTRY OFFICIAL SAID THE AIRLINES HAVE COMPLAINED THAT THE FEES WILL TRANSLATE INTO HIGHER TICKET PRICES FOR PASSENGERS AT ISSUE IN THE LOS ANGELES DISPUTE IS THE LABYRINTHINE WAY THAT MUNICIPALITIES AND AIRLINES SHARE THE COSTS OF RUNNING AN AIRPORT OTHER CITIES WHICH ARE CONSIDERING RAISING FEES AS WELL WILL BE WATCHING CLOSELY TO SEE WHETHER THE NATION'S SECOND LARGEST CITY OR THE POWERFUL AIRLINE INDUSTRY IS THE VICTOR FIRST TO FACE SHUTDOWN ON OCT 4 ARE USAIR GROUP USAIR EXPRESS COMMUTER LINE AMERICA WEST AIRLINES AND SOUTHWEST AIRLINES WHICH WERE SELECTED AT RANDOM BY THE CITY'S FIVEMEMBER BOARD OF AIRPORT COMMISSIONERS OFFICIALS WILL CRACK DOWN ON THE OTHER CARRIERS ON A WEEKLY BASIS MOVING TERMINAL BY TERMINAL THROUGH THE AIRPORT NEXT TO BE HIT WOULD BE UAL CORP'S UNITED AIRLINES IN ALL SOME 74 AIRLINES THAT HAVE REFUSED TO PAY THE HIGHER FEES COULD BE AFFECTED AMONG MAJOR CARRIERS ONLY QANTAS AIRWAYS HAS AGREED TO THE HIGHER FEES WHICH THE CITY BOOSTED JULY 1 TO 156 FOR EACH 1000 POUNDS OF MAXIMUM LANDING WEIGHT FROM 51 CENTS FOR 1000 POUNDS AN INCREASE TO ABOUT 900 FROM 300 FOR EACH BOEING 747 LANDED AT THE AIRPORT WE'VE EXAMINED ALL THE CONSEQUENCES BUT WE'RE PREPARED TO GO FORWARD A SPOKESWOMAN FOR MAYOR RIORDAN SAID LOS ANGELES CITIZENS DESERVE TO RECEIVE THE NECESSARY RATE TO RUN THE AIRPORT THOUGH THE PROBABILITY OF MASSGROUNDINGS AT THE NATION'S THIRDBUSIEST AIR TRANSPORTATION HUB SEEMS UNLIKELY NERVOUS AIR TRAVELERS ALREADY WERE CALLING AMERICA WEST AND THE OTHER AFFECTED CARRIERS YESTERDAY TO INQUIRE ABOUT THE CITY'S ACTION AND IN SOME CASES CANCEL RESERVATIONS LOS ANGELES INTERNATIONAL SERVES 47 MILLION PASSENGERS A YEAR AND IS THE MAJOR HUB FOR US FLIGHTS TO ASIA THE AIR TRANSPORT ASSOCIATION A LOBBYING GROUP FOR AIRLINES CALLED THE THREATENED GROUNDING OF FLIGHTS OUTRAGEOUS THIS IS SIMPLY A BUSINESS DISPUTE BETWEEN THE CITY AND THE AIRLINES THAT THE RIORDAN ADMINISTRATION IS TURNING INTO AN ECONOMIC ARMAGEDDON IT SAID IN A STATEMENT FOR HIS PART AIRPORT EXECUTIVE DIRECTOR JACK DRISCOLL ACCUSES THE AIRLINES OF CHOOSING INDEPENDENTLY HOW MUCH WE DESERVE TO BE PAID IF I THOUGHT OF DOING THAT ON MY HOUSE PAYMENTS I DON'T THINK THE PEOPLE WHO HOLD THE MORTGAGE WOULD SAY THAT'S OK AN AMERICA WEST SPOKESWOMAN SAID THE AIRPORT AUTHORITY WORDED ITS ANNOUNCEMENT TO FRIGHTEN OFF PASSENGERS AND THE AIRLINE'S RESERVATIONS LINES ARE GETTING CALLS FROM WORRIED FLIERS WE HAVE NO PLANS TO DISCONTINUE SERVICE TO LAX AND PASSENGERS NEED TO KNOW THAT SHE SAID SIMILARLY A SOUTHWEST AIRLINES SPOKESMAN SAID WE ARE SO COMFORTABLE THAT OUR RIGHT TO SERVE LAX WILL BE UPHELD BY COURTS AND FEDERAL AGENCIES THAT WE HAVE NO PLANS TO DISCONTINUE OR ALTER OUR SERVICE THERE A SPOKESWOMAN FOR USAIR SAID WE FEEL IT'S NOTHING LESS THAN EXTORTION WE BELIEVE IT'S ILLEGAL TO DIVERT FUNDS FROM THE AIRPORT TO FUND MUNICIPAL ACTIVITIES SINCE THE TRUMAN ADMINISTRATION AIRLINES HAVE OPERATED OUT OF LOS ANGELES INTERNATIONAL UNDER A SOCALLED RESIDUAL AGREEMENT UNDER THAT STRUCTURE ALL AIRPORT REVENUES FROM CONCESSIONS PARKING FEES AND LEASES ARE POOLED AND LANDING FEES ARE SET BASED ON THE DIFFERENCE BETWEEN THOSE REVENUES AND THE TOTAL OPERATING COSTS OF THE AIRPORT BUT WHEN THAT 40YEAR AGREEMENT ENDED LAST YEAR THE CITY OPTED TO MOVE TO A COST OF SERVICES SYSTEM WHERE LANDING FEES ARE SET INDEPENDENTLY OF OTHER AIRPORT REVENUES UNDER THE NEW METHOD WE BECOME THE LANDLORD AND WE JUDGE WHAT PART OF THE AIRPORT THE AIRLINES USE VALUING THAT AND CHARGING THEM FOR THEIR USE MR DRISCOLL SAYS IF FOR EXAMPLE AN EARTHQUAKE DESTROYED ONE OF THE AIRPORT PARKING STRUCTURES THE AIRPORT AND NOT THE AIRLINES WOULD BE FINANCIALLY RESPONSIBLE WHEREAS UNDER THE OLD SYSTEM THE COSTS WOULD EFFECTIVELY HAVE BEEN SHARED MR DRISCOLL SAYS THE AIRPORT WITH AN ANNUAL OPERATING BUDGET OF 197 MILLION HAS BEEN LOSING ABOUT 4 MILLION A MONTH UNDER THE OLD SYSTEM EVEN WITH THE INCREASE LANDING FEES WOULD ONLY ACCOUNT FOR ABOUT 70 MILLION IN REVENUE ANNUALLY HE SAYS THE OLD SYSTEM CLEARLY FAVORED THE AIRLINES THE 51CENTPER1000POUND LANDING FEE AT LOS ANGELES INTERNATIONAL WAS MARKEDLY BELOW THAT OF OTHER BIG AIRPORTS MOST NOTABLY LA GUARDIA IN NEW YORK WHICH CHARGES 350 FOR 1000 POUNDS AND CHICAGO WHICH CHARGES 1893 BUT THE AIRLINES CONTEND THAT THE CITY IS TRYING TO BUILD UP SURPLUS FUNDS THAT IT WILL TRY TO DIVERT TO OTHER ACTIVITIES INDEED MR RIORDAN CAMPAIGNED ON A PLAN TO BEEF UP AIRPORT COFFERS AND USE FUNDS TO PAY FOR MORE POLICE FORTY OF THE AIRLINES IN JULY FILED SUIT IN FEDERAL COURT HERE SEEKING TO BLOCK THE INCREASED FEES THE LAWSUIT SAYS THE INCREASE IN FEES VIOLATES FEDERAL LAW PREVENTING DIVERSION OF AIRPORT FUNDS THE STANDOFF AT LOS ANGELES INTERNATIONAL IS ONLY ONE BATTLE IN THE AIRLINE INDUSTRY'S CRUSADE TO KEEP MUNICIPALITIES FROM TAXING THEM TO PAY FOR AIRPORT IMPROVEMENTS THAT THE AIRLINES THINK ARE UNNECESSARY OR UNRELATED A STUDY COMMISSIONED BY TWO AIRPORT GROUPS FOUND THAT AIRPORT CHARGES IN THE US ROSE 35 AFTER INFLATION BETWEEN 1983 AND 1992 THE SUPREME COURT IS CURRENTLY CONSIDERING A SIMILAR CASE FROM GRAND RAPIDS MICH AND THE OUTCOME OF THAT WILL HELP DETERMINE WHETHER THE METHOD USED BY LOS ANGELES TO DETERMINE ITS NEW FEES IS ACCEPTABLE IF THE AIRPORT PROCEEDS WITH ITS THREATENED GROUNDING OF FLIGHTS ON OCT 4 IT WILL VOID THE AFFECTED AIRLINES' OPERATING LICENSES AND EMPLOYEE IDENTIFICATION BADGES INCOMING FLIGHTS WOULD BE ALLOWED TO LAND BUT THEY COULDN'T REFUEL OR TAKE OFF AGAIN MR DRISCOLL SAID WE HAVE TO FORCE OUR HAND HERE TO ACT IN THE BEST INTEREST OF THE PASSENGERS THE BONDHOLDERS AND THE CITY OF LOS ANGELES HE SAID DANIEL PEARL IN WASHINGTON AND BRIDGET O'BRIAN IN HOUSTON CONTRIBUTED TO THIS ARTICLE 9309230115 930923 BUSINESS BRIEF GM'S CADILLAC HINTS IT'S CLOSE TO OFFERING A SMALL LUXURY CAR DETROIT CADILLAC MAY BE GETTING CLOSER TO OFFERING AN ENTRYLEVEL LUXURY CAR TO COMPETE WITH SUCH YUPPIE FAVORITES AS THE BMW 3SERIES AND THE INFINITI G20 WE'RE CLOSER THAN WE EVER HAVE BEEN SAID JOHN GRETTENBERGER GENERAL MANAGER OF THE LUXURY DIVISION OF GENERAL MOTORS CORP AS CADILLAC SHOWED OFF ITS 1994 OFFERINGS HERE HE AND OTHERS SUGGESTED THAT A MOCKUP OF HOW SUCH A CAR MIGHT LOOK MAY BE ON DISPLAY AT THE DETROIT AUTO SHOW IN JANUARY IF SUCH A BABY CADDY SHOULD MATERIALIZE IT WOULD ADDRESS A LONGTIME WEAKNESS AT THE DIVISION MOST OF ITS CARS ATTRACT BUYERS WHO ARE IN THEIR 50S AND 60S AND MR GRETTENBERGER HAS BEEN CAMPAIGNING FOR A PRODUCT THAT WOULD LURE YOUNGER CUSTOMERS CADILLAC'S MOST RECENT FLIRTATION WITH A SMALLER LUXURY CAR WAS THE POORLY RECEIVED CIMARRON A FANCIER VERSION OF A SUBCOMPACT THAT ALL GM DIVISIONS WERE PEDDLING IT LASTED FROM 1981 TO 1988 NEVER SELLING MORE THAN ABOUT 24500 UNITS IN A YEAR CADILLAC OFFICIALS WOULDN'T SAY MUCH ABOUT THE CURRENT PROJECT WHICH APPARENTLY IS STILL IN EARLY DEVELOPMENT AND HASN'T YET GOTTEN FUNDING BUT MR GRETTENBERGER SAID THE CAR IS ON SCHEDULE FOR INTRODUCTION IN THE LATE 1990S OR SOONER WE NEED A SMALLER CAR SAID JANET ECKHOFF MANAGER OF PRODUCT PLANNING AND MARKET STRATEGY SOMETHING ZIPPY IN THE FOURPASSENGER CATEGORY WITH A PRICE OF 30000 TO 32000 SHE INDICATED THAT THE PROGRAM HAS BEEN ACCELERATED LATELY AND IS IN THE CONCEPTDEVELOPMENT PHASE 9309230114 930923 TECHNOLOGY US CHIP MANUFACTURERS REACT ANGRILY TO FALLING SHARE OF JAPANESE MARKET BY G CHRISTIAN HILL AND BOB DAVIS STAFF REPORTERS OF THE WALL STREET JOURNAL THE CLINTON ADMINISTRATION AND THE US SEMICONDUCTOR INDUSTRY REACTED ANGRILY TO THE FALLING MARKET SHARE OF AMERICAN CHIP MAKERS IN THE HUGE JAPANESE MARKET ON MONDAY JAPAN'S MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY DISCLOSED THAT FOREIGNERS' SHARE OF THE SEMICONDUCTOR MARKET THERE SLIPPED TO 192 IN THE SECOND QUARTER FROM 196 IN THE FIRST PERIOD AND 202 IN THE FINAL QUARTER OF 1992 UNDER A 1986 TRADE AGREEMENT JAPAN IS COMMITTED TO OPENING ITS CHIP MARKETS TO AMERICAN FIRMS THE US GOVERNMENT HAS INTERPRETED ONE PROVISION OF THE AGREEMENT AS A PROMISE BY JAPAN TO MAKE SURE THAT THE FOREIGN MARKET SHARE WHICH IS MOSTLY US CHIPS REACHES 20 AND AT LEAST STAYS AT THAT LEVEL JAPANESE OFFICIALS HAVE SAID THAT THE 20 SHARE IS A GOAL RATHER THAN AN IRONCLAD COMMITMENT AND THAT THE RECESSION IN THEIR COUNTRY IS HURTING CHIP DEMAND BUT US CHIP MAKERS NOTE THAT THEY ARE IMPROVING THEIR MARKET SHARE EVERYWHERE BUT IN JAPAN WE ARE EXTREMELY CONCERNED ABOUT THIS NEGATIVE TREND IN MARKET SHARE US TRADE REPRESENTATIVE MICKEY KANTOR SAID NOTING THAT HE EXPECTED FOREIGN MARKET SHARE IN JAPAN TO AVERAGE A MINIMUM OF 20 OVER THE FOUR QUARTERS OF 1993 MR KANTOR SAID THE DOWNWARD TREND OF THE FIRST HALF MUST BE REVERSED IMMEDIATELY HE CALLED ON THE JAPANESE GOVERNMENT AND INDUSTRY TO TAKE THE NECESSARY STEPS SO WE SEE SUBSTANTIAL IMPROVEMENTS IN SUBSEQUENT QUARTERS ANDREW A PROCASSINI PRESIDENT OF THE SEMICONDUCTOR INDUSTRY ASSOCIATION SAID THAT GIVEN THE RENEWED COMPETITIVE STRENGTH OF COMPANIES SUCH AS INTEL CORP AND MOTOROLA INC WHICH HAS RECENTLY PROPELLED THE US INDUSTRY PAST JAPAN'S IN WORLD MARKET SHARE IT IS ASTONISHING THAT OUR SHARE OF JAPAN'S MARKET CONTINUES TO ERODE HE ADDED THAT JAPAN'S COMMITMENT TO CREATE A MORE OPEN SEMICONDUCTOR MARKET REMAINS UNFULFILLED JAPAN'S FAILURE TO MEET THE 20 TARGET COULD SPARK MORE TRADE TENSIONS BETWEEN THE TWO NATIONS IN DECEMBER THIRDQUARTER MARKET SHARE FIGURES WILL BE DISCLOSED BY MITI THEN AT ABOUT THE SAME TIME AS NEGOTIATIONS OVER THE GENERAL FRAMEWORK OF USJAPAN TRADE RELATIONSHIPS MOVE INTO HIGH GEAR THE TWO SIDES ARE SUPPOSED TO SHOW RESULTS IN GOVERNMENT PROCUREMENT INSURANCE AND AUTOS BY JANUARY BY JULY OF NEXT YEAR THE TWO NATIONS ARE EXPECTED TO COME TO AGREEMENTS ON HOW TO BETTER ENFORCE EXISTING AGREEMENTS PRIOR PRESSURE AND THREATS OF TRADE SANCTIONS FROM THE US GOVERNMENT HAVE PRODUCED SOME PROGRESS IN DECEMBER 1992 FORMER US TRADE REPRESENTATIVE CARLA HILLS BITTERLY COMPLAINED WHEN THE FOREIGN MARKET SHARE FOR THE THIRD QUARTER REACHED ONLY 159 THE FOLLOWING QUARTER THAT SHARE TOPPED 20 FOR THE FIRST TIME AND THE SEMICONDUCTOR ACCORD WAS HAILED AS A SUCCESS THE CHIP AGREEMENT IS ALSO IMPORTANT BECAUSE THE CLINTON ADMINISTRATION IS CONSIDERING USING IT AS A MODEL FOR OTHER RESULTSORIENTED DEALS WITH JAPAN IF THE CHIP PACT IS VIEWED AS A FLOP PROGRESS ON THOSE DEALS MAY BE MORE DIFFICULT 9309230113 930923 HEARD ON THE STREET AS COOL WEATHER SPURS BACKTOSCHOOL SALES INVESTORS SEE GOOD BUYS IN RETAILING STOCKS BY SUSAN PULLIAM STAFF REPORTER OF THE WALL STREET JOURNAL THERE'S NOTHING LIKE A FEW WEEKS OF COOL WEATHER TO PERK UP THE MOOD OF INVESTORS IN RETAILING STOCKS AFTER HOT WEATHER IN AUGUST KEPT CONSUMERS' MINDS OFF BACKTOSCHOOL SHOPPING RECENT LOWER TEMPERATURES AROUND THE COUNTRY HAVE BROUGHT SHOPPERS INTO THE STORES IN HORDES SALES HAVE PICKED UP OVER THE LAST TWO WEEKS AND THE WEATHER HAS BEEN THE MAJOR DRIVER SAYS DAVID PONEMAN A RETAILING ANALYST WITH SANFORD C BERNSTEIN RETAILERS THEMSELVES ARE NEARLY DANCING IN THE AISLES ABOUT THE IMPROVEMENT ESPECIALLY SINCE AUGUST SALES WERE SO DISMAL OUR BUSINESS HAS BEEN ABSOLUTELY EXCELLENT SAYS A SPOKESMAN FOR KMART ADDING THAT WOMEN'S AND MEN'S APPAREL SALES HAVE BEEN ESPECIALLY STRONG IN RECENT WEEKS A SPOKESMAN FOR JC PENNEY ADDS THAT SALES AT THE COMPANY'S STORES LAST WEEK SHOWED PERCENTAGE INCREASES IN THE HIGH SINGLE DIGITS FROM A YEAR EARLIER NOW DEVELOPMENTS ARE LOOKING GOOD ENOUGH FOR RETAILERS THAT A NUMBER OF MONEY MANAGERS SAY THEY ARE BUYING THE STOCKS AFTER AVOIDING THEM FOR MONTHS BEFORE CHRISTMAS I TOLD MANAGERS TO SCALE BACK THEIR HOLDINGS BUT IN RECENT WEEKS I'VE BEEN RAISING MY RATINGS ON A NUMBER OF RETAIL STOCKS SAYS SUSAN EGAN A RETAILING ANALYST WITH SCUDDER STEVENS & CLARK A NUMBER OF ANALYSTS ARE AGGRESSIVELY RECOMMENDING THE GROUP IT'S A BETTER OPPORTUNITY THAN WE'VE HAD FOR SOME TIME SAYS MR PONEMAN IS A LITTLE BIT OF COOL WEATHER ENOUGH REASON TO GET SO EXCITED ABOUT THIS GROUP WHICH HAS BEEN DOWN IN THE DUMPS FOR SIX MONTHS MAYBE NOT BY ITSELF BUT A NUMBER OF INVESTMENT PROS SAY THEY THINK RETAILING STOCKS ARE ABOUT TO TURN THE CORNER ANYWAY COOL WEATHER OR NOT AND THEY SAY NOW IS THE TIME TO INVEST BEFORE THE STOCKS BEGIN TO MAKE THEIR CLIMB I DON'T WANT TO MAKE TOO MUCH OF TWO WEEKS OF GOOD SALES BUT SOME OF THESE STOCKS ARE AT 2 1/2YEAR LOWS SO THE STRONG SALES MIGHT BE ENOUGH TO GIVE INVESTORS THE COURAGE TO STEP UP TO THE PLATE SAYS MR PONEMAN HE IS AGGRESSIVELY RECOMMENDING A NUMBER OF RETAILERS INCLUDING DILLARD DEPARTMENT STORES AND TJX WEATHER MAY SEEM LIKE A FLIMSY EXCUSE BUT THE REALITY IS THAT THE STOCKS REFLECT EXPECTATIONS THAT ARE UNREALISTICALLY LOW SAYS JEANNE MOCKARD A PORTFOLIO MANAGER WITH PUTNAM COS WHO HAS BEEN ADDING TO HER RETAILER STOCKHOLDINGS IN RECENT WEEKS NOW THEY'VE HIT VALUATIONS THAT MAKE IT A GOOD TIME TO BUY SHE SAYS AMONG HER FAVORITES ARE JC PENNEY WHICH IS SELLING AT 12 TIMES ESTIMATED 1994 EARNINGS AND MAY DEPARTMENT STORES WHICH IS SELLING AT 1475 TIMES 1994 EARNINGS THOSE KINDS OF OPINIONS ARE A FAR CRY FROM THE OVERWHELMING ATTITUDE A FEW MONTHS AGO WHEN INVESTORS WERE WONDERING IF THE INDUSTRY WOULD EVER RETURN TO ROBUST HEALTH THE THEORY THEN WAS THAT THE SLUGGISH ECONOMY HAD SPAWNED A BIG CHANGE IN CONSUMER HABITS MAKING THE SHOP TILL YOU DROP MENTALITY A THING OF THE PAST ON A MORE CONCRETE LEVEL MANY INVESTORS DITCHED THE STOCKS AFTER CHRISTMAS BECAUSE THEY BELIEVED SAMESTORE SALES COMPARISONS WERE BOUND TO LOOK BAD AFTER A STRONG 1992 SELLING SEASON TO BE SURE SUCH DOUBTS PERSIST IN THE MINDS OF SOME ANALYSTS SAYS ROBERT BUCHANAN AN ANALYST WITH ALEX BROWN & SONS PEOPLE ARE IN DEBT UP TO THEIR EYEBALLS AND THEY DON'T HAVE MUCH MONEY IN THE BANK THAT IS CONTRIBUTING TO A SUBDUED ENVIRONMENT THE INDUSTRY SAYS MR BUCHANAN IS IN NO SHAPE TO WAIT FOR CONSUMERS TO RETURN EITHER THERE IS OVERCAPACITY IN THE RETAIL INDUSTRY THAT IS PUTTING PRESSURE ON MARGINS HE SAYS BUT MS MOCKARD SAYS INVESTORS HAVE BEEN CARRIED AWAY INTERPRETING DOWNTURNS IN THE RETAIL INDUSTRY BEFORE IT HAPPENS EVERY TIME THERE IS THIS KIND OF CYCLICAL MOVE AND THE STOCKS GET HAMMERED SHE SAYS SHE CONCEDES THERE HAVE BEEN CHANGES IN CONSUMER HABITS PEOPLE ARE BUYING CLOSER TO THE TIME WHEN THEY NEED SOMETHING SHE SAYS BUT THE CONSUMER IS NOT DEAD JUST BEING CAREFUL AND LOOKING FOR VALUE SHE SAYS JC PENNEY SHE SAYS WHICH HAS BEEN MOVING TO LOWERPRICED VALUE MERCHANDISE IS REAPING THE BENEFIT OF THAT TREND INDEED OTHER MODERATEPRICE RETAILERS ALSO APPEAR TO BE BENEFITING FROM THE SEARCH FOR BARGAINS THOUGH KMART WOULDN'T DISCLOSE ITS RECENT SALES GAINS JEFFREY EDELMAN ANALYST AT CJ LAWRENCE SAYS HE BELIEVES COMPARABLESTORE SALES AT KMART IN THE PAST THREE WEEKS ROSE AN AVERAGE OF 65 FROM THE PREVIOUS YEAR TJX HE SAYS IS SHOWING 6 INCREASES IN SALES FROM A YEAR EARLIER MR EDELMAN SAYS HE BELIEVES INVESTORS WILL NOW BEGIN MOVING BACK INTO THE GROUP YOU'LL SEE A GROUP ROTATION' THAT WILL GO ON OVER THE NEXT TWO TO THREE MONTHS HE SAYS RETAILERS' EARNINGS WILL BE HELPED BY THE FACT THAT THEIR INVENTORIES ARE LOW AS ARE THEIR EXPENSES YOU WON'T SEE A LOT OF MARKDOWNS OR PROMOTIONS HE SAYS 9309230111 930923 WHO'S NEWS KEMPER'S REDEKER NAMED BY PRUDENTIAL AS MUTUAL FUND HEAD NEW YORK PRUDENTIAL SECURITIES INC TAPPED A SENIOR EXECUTIVE OF KEMPER FINANCIAL SERVICES INC TO SUCCEED MICHAEL J DOWNEY WHO ABRUPTLY RESIGNED A FEW MONTHS AGO AS CHAIRMAN AND CHIEF EXECUTIVE OF PRUDENTIAL'S HUGE MUTUAL FUND UNIT RICHARD REDEKER 50 YEARS OLD AND FORMERLY SENIOR EXECUTIVE VICE PRESIDENT OF KEMPER FINANCIAL SERVICES WILL BE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF PRUDENTIAL MUTUAL FUND MANAGEMENT CO HE WILL HEAD A BUSINESS THAT MANAGES 75 MUTUAL FUND PORTFOLIOS WITH MORE THAN 48 BILLION IN ASSETS PRUDENTIAL SECURITIES IS A UNIT OF PRUDENTIAL INSURANCE CO OF AMERICA WHILE KEMPER FINANCIAL SERVICES IS A UNIT OF KEMPER CORP AT KEMPER MR REDEKER WAS RESPONSIBLE FOR MARKETING AND DISTRIBUTION OF ALL KEMPER FINANCIAL SERVICES' RETAIL PRODUCTS HE HAD BEEN AT KEMPER FOR 18 YEARS HARDWICK SIMMONS PRESIDENT AND CHIEF EXECUTIVE OF PRUDENTIAL SECURITIES SAID MR REDEKER'S APPOINTMENT UNDERSCORES THE FACT THAT THE PRUDENTIAL MUTUAL FUND IS A MOST IMPORTANT PART OF PRUDENTIAL SECURITIES AND AN INCREASINGLY IMPORTANT FACTOR IN THE MUTUAL FUND INDUSTRY ACCORDING TO PEOPLE FAMILIAR WITH THE FIRM THE MUTUAL FUND UNIT HAS CONTRIBUTED ONETHIRD OR MORE OF PRUDENTIAL'S ANNUAL PROFIT IN RECENT YEARS PRUDENTIAL MUTUAL FUND IS THE 10THLARGEST FUND COMPANY IN THE US MR REDEKER WILL BECOME A MEMBER OF THE OPERATING COMMITTEE OF PRUDENTIAL SECURITIES THE FIRM'S EIGHTMEMBER SENIOR MANAGEMENT GROUP AND A DIRECTOR OF PRUDENTIAL SECURITIES GROUP MR DOWNEY THE FORMER HEAD OF MUTUAL FUNDS RESIGNED IN MAY THE COMPANY SAID AT THE TIME THAT HE RESIGNED TO PURSUE OTHER INTERESTS BUT PEOPLE FAMILIAR WITH THE FIRM SAID HE QUIT FOLLOWING DISAGREEMENTS WITH MR SIMMONS OVER THE DIRECTION OF THE MUTUAL FUND OPERATION KEMPER FINANCIAL SERVICES CHICAGO SAID ROBERT L ASH WOULD SUCCEED MR REDEKER EFFECTIVE IMMEDIATELY MR ASH 47 YEARS OLD WILL BE RESPONSIBLE FOR THE DISTRIBUTION OF THE COMPANY'S PACKAGED INVESTMENT PRODUCTS TO BROKER/DEALERS FINANCIAL PLANNERS AND OTHER FINANCIAL INTERMEDIARIES MR ASH JOINED KEMPER SALES CO LAST YEAR AS EXECUTIVE VICE PRESIDENT AND NATIONAL SALES MANAGER PREVIOUSLY HE WAS SENIOR VICE PRESIDENT AND NATIONAL SALES MANAGER AT KEYSTONE DISTRIBUTORS INC 9309230110 930923 UNITED GAMING INC COMPLETES SALES IN PLAN TO SHIFT FIRM'S CONTROL LAS VEGAS UNITED GAMING INC SAID IT COMPLETED 90 MILLION IN SECURITIES SALES AS PART OF A TRANSACTION THAT WOULD SHIFT CONTROL OF THE COMPANY TO KIRKLAND INVESTMENT CORP THE GENERAL PARTNER OF A NEW YORK INVESTMENT GROUP THE GROUP KIRKLANDFT WORTH INVESTMENT PARTNERS LP PAID 5 MILLION FOR AN 11 STAKE IN UNITED GAMING'S STOCK OUTSTANDING THE AGREEMENT BY THE GROUP INCLUDING TEXAS INVESTOR RICHARD E RAINWATER GIVES THE GENERAL PARTNER THE RIGHT TO NAME FOUR OF UNITED GAMING'S SEVEN DIRECTORS ALFRED H WILMS CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF UNITED GAMING WILL NOMINATE THE REMAINING THREE DIRECTORS OF THE COMPANY AN OPERATOR OF GAMBLING DEVICES DESPITE HIS CURRENT 62 OWNERSHIP STAKE MR WILMS AGREED TO GIVE UP CONTROL IN EXCHANGE FOR THE KIRKLAND GROUP'S INVESTMENT A SPOKESMAN SAID UNITED GAMING ALSO COMPLETED THE SALE OF 85 MILLION IN 75 CONVERTIBLE SUBORDINATED DEBENTURES CONCURRENT WITH THE KIRKLAND INVESTMENT PROCEEDS FROM THE COMBINED SALES WILL BE USED TO REPAY ABOUT 374 MILLION OF DEBT WITH ABOUT 48 MILLION AVAILABLE FOR ACQUISITIONS AND OTHER INVESTMENTS ASSUMING CONVERSION OF THE DEBENTURES THE DEBENTURE HOLDERS' STAKE IN THE COMPANY WOULD BE ABOUT 28 THE KIRKLAND GROUP'S HOLDING WOULD RISE TO ABOUT 26 ASSUMING EXERCISE OF WARRANTS HELD BY AN AFFILIATED PARTNERSHIP MR WILMS'S STAKE WOULD SHRINK TO ABOUT 27 9309230109 930923 PERSONAL TECHNOLOGY BY WALTER S MOSSBERG IN THE WORLD OF COMPUTER SOFTWARE 4995 TYPICALLY BUYS YOU A GAME OR A SMALL UTILITY PACKAGE OF SOME KIND THE BESTSELLING PRODUCTS IN THE BIGGEST BUSINESS CATEGORIES WORD PROCESSING AND SPREADSHEETS ALL SELL FOR MORE THAN 100 EVEN IF YOU GO BY THE DISCOUNTED UPGRADE PRICES MOST PEOPLE PAY RATHER THAN THE MEANINGLESS AND INFLATED LIST PRICES BUT BORLAND INTERNATIONAL THE VETERAN SCOTTS VALLEY CALIF SOFTWARE HOUSE HAS ROCKED THE SOFTWARE MARKET BY OFFERING THE NEW VERSION 50 OF ITS WELLREGARDED SPREADSHEET FOR IBMCOMPATIBLES QUATTRO PRO FOR WINDOWS FOR 4995 THAT IS LESS THAN HALF OF THE TYPICAL LOWEST STREET PRICE PAID BY MOST PEOPLE FOR ITS BETTERSELLING COMPETITORS MICROSOFT'S EXCEL AND LOTUS'S 123 FOR WINDOWS THE MOVE BY NO 3 BORLAND IS AIMED AT RAISING ITS CURRENT SMALL SHARE OF THE WINDOWS SPREADSHEET MARKET BY SELLING 500000 COPIES OF QUATTRO PRO BY JAN 15 1994 WHEN THE 4995 PRICE IS SET TO DOUBLE TO 9995 BUT IS THE 4995 PRICE AS LOW AS IT SEEMS AND IS THE PRODUCT YOU GET FOR IT ANY GOOD WHAT BORLAND IS SELLING FOR 4995 IS A FULLFEATURED SPREADSHEET WITH A SET OF CORE FEATURES COMPARABLE TO AND IN SOME CASES GOING BEYOND WHAT'S AVAILABLE IN EXCEL AND 123 HOWEVER A FEW THINGS HAVE BEEN STRIPPED OUT NOTABLY THE ABILITY TO SHARE DATA OVER A COMPUTER NETWORK AND A SPELLING CHECKER THESE ARE ONLY AVAILABLE IN A SEPARATE WORKGROUP EDITION WHICH COSTS 9995 UNTIL JAN 15 1994 WHEN IT IS SET TO JUMP TO 495 IN ADDITION BORLAND IS EXPECTED SOON TO START CHARGING QUATTRO PRO CUSTOMERS FOR TELEPHONE SUPPORT WHICH CURRENTLY IS OFFERED FREE THAT WILL ADD TO THE COST OF USING THE BARGAIN PRODUCT FOR SOME FOLKS AND QUATTRO PRO REQUIRES A SOMEWHAT COSTLIER HARDWARE SETUP TO RUN OPTIMALLY THAN ITS COMPETITORS DO FOR BEST RESULTS IT NEEDS A PC POWERED BY A 486 PROCESSOR CHIP WITH A HEFTY SIX MEGABYTES OF MEMORY ON A MORE TYPICAL FOURMEGABYTE MACHINE ESPECIALLY ONE WITH A SLOWER PROCESSOR THE BORLAND PRODUCT RUNS MORE SLOWLY THAN EITHER EXCEL OR 123 I FOUND PERFORMANCE IN FOUR MEGABYTES ACCEPTABLE BUT IF YOUR COMPUTER ISN'T CONFIGURED FOR MAXIMUM MEMORY EFFICIENCY QUATTRO PRO CAN CRAWL IT ALSO REQUIRES LOADS OF HARD DISK SPACE NEARLY 20 MEGABYTES FOR A TYPICAL SETUP STILL THIS IS A WELLDESIGNED COMPLETE PRODUCT THE NEW QUATTRO PRO RETAINS THE CLEVER AND USEFUL METAPHOR OF PRESENTING SPREADSHEETS ON THE SCREEN AS TABBED NOTEBOOKS WITH EACH TAB CORRESPONDING TO A SINGLE PAGE OF DATA THIS FEATURE INTRODUCED IN THE FIRST VERSION OF THE PRODUCT A YEAR AGO HAS BEEN ADOPTED BY LOTUS AND IS EXPECTED TO SHOW UP IN EXCEL AS WELL BORLAND DOES SOME BORROWING OF ITS OWN IN THE GREAT SPREADSHEETFEATURES WAR FROM LOTUS'S IMPROV PRODUCT IT HAS TAKEN THE IDEA OF QUICKLY CHANGING THE WAY DATA ARE ARRANGED OR MODELED SO THAT THE DATA CAN BE VIEWED FROM DIFFERENT PERSPECTIVES FROM MICROSOFT IT HAS ADOPTED A CONCEPT MICROSOFT CALLS WIZARDS WHICH BREAKS DOWN SOME COMPLEX TASKS INTO SIMPLE CUSTOMIZABLE STEPS EXPLAINED IN PLAIN ENGLISH IN QUATTRO PRO THESE ARE CALLED EXPERTS BUT BORLAND ALSO INTRODUCES SOME INNOVATIONS IN THE BARGAIN PRODUCT MY FAVORITE IS CALLED INTELLIGENT GRAPHS WHEN YOU SELECT SOME DATA TO BE PRESENTED AS A GRAPH QUATTRO PRO INTELLIGENTLY GUESSES WHAT KIND OF GRAPH WOULD BEST REPRESENT THAT TYPE OF DATA AND INSTANTLY SHOWS IT YOU CAN STILL PICK YOUR OWN GRAPH TYPE BUT I FOUND THE FEATURE AMAZINGLY ACCURATE SELECTING WHICHEVER WAS MOST LOGICAL A PIE CHART BAR CHART OR LINE CHART SPREADSHEETS ARE STILL TOO HARD TO USE SO BORLAND HAS BUILT LOTS OF HELP AND EXPLANATIONS INTO THE PRODUCT A SHORT EXPLANATION OF MANY FEATURES IS AVAILABLE BY CLICKING THE MOUSE WHILE DEPRESSING THE CONTROL KEY COMPLEX FINANCIAL STATISTICAL AND OTHER FUNCTIONS ARE EXPLAINED IN PLAIN ENGLISH A SERIES OF INTERACTIVE LESSONS USES YOUR OWN DATA TO EXPLAIN VARIOUS FEATURES OF THE PRODUCT QUATTRO PRO HAS SOME FLAWS IT IS TOO HARD TO CUSTOMIZE THE TOOL BAR ICONS AT THE TOP OF THE SCREEN AND THE DATAMODELING FEATURE IS A SEPARATE PROGRAM THAT I FOUND A BIT HARD TO USE BORLAND ALSO HAS FAILED TO PICK UP AN INNOVATION INTRODUCED RECENTLY BY LOTUS WHICH ALLOWS EDITING OF DATA DIRECTLY IN THE CELL IN WHICH THE DATA EXISTS RATHER THAN IN A SEPARATE AREA AT THE TOP OF THE SCREEN ALSO THE SPREADSHEETFEATURES WAR IS ABOUT TO ERUPT AGAIN MICROSOFT IS PLANNING TO INTRODUCE THIS FALL A NEW VERSION OF EXCEL THAT ACTIVELY WATCHES THE WAY YOU WORK AND OFFERS TAILORED TIPS ON HOW TO GET THINGS DONE FASTER FINALLY PEOPLE CHOOSING QUATTRO PRO SHOULD BEAR IN MIND THAT IT IS MORE OF A STANDALONE PRODUCT THAN ITS COMPETITORS BORLAND DOESN'T MAKE A WORD PROCESSOR BUT MICROSOFT AND LOTUS DO THEY HAVE BUILT IN LOTS OF COMMONALITY IN THE INTERFACES OF THEIR WORD PROCESSORS AND SPREADSHEETS AND SELL BOTH ALONG WITH OTHER PROGRAMS IN AGGRESSIVELY PRICED BUNDLES CALLED SUITES OR OFFICE PACKAGES BORLAND ALSO HAS A BUNDLE WHICH INCLUDES WORDPERFECT FOR WINDOWS BUT THE PRODUCTS BEING FROM SEPARATE FIRMS LACK A COMMON LOOK BORLAND ALSO HAS NO VERSION OF QUATTRO PRO FOR APPLE'S MACINTOSH COMPUTER WHILE EXCEL COMES IN AN IDENTICAL VERSION FOR THE MAC AND LOTUS HAS A MAC VERSION AS WELL STILL QUATTRO PRO FOR WINDOWS 50 AND A ROUGHLY COMPARABLE COMPANION VERSION FOR IBMCOMPATIBLE OWNERS WHO AREN'T RUNNING WINDOWS IS AT 4995 A TERRIFIC BARGAIN FOR ANYONE IN THE MARKET FOR A SPREADSHEET 9309230107 930923 SMALL STOCK FOCUS MARKET TURNS AROUND AND HOLDS GAINS AFTER PREVIOUS SESSION'S SELLING SPREE BY LARRY BAUMAN SPECIAL TO THE WALL STREET JOURNAL NEW YORK SMALLCOMPANY STOCKS REBOUNDED SHARPLY AFTER TUESDAY'S BROADBASED SELLING SPREE AND MANAGED TO HOLD MOST OF YESTERDAY'S GAINS UNLIKE BIG BOARD ISSUES THAT SETTLED WELL OFF THEIR SESSION HIGHS THE RUSSELL 2000 INDEX A MEASURE OF SMALL STOCKS ON THE NASDAQ MARKET AND THE NEW YORK AND AMERICAN STOCK EXCHANGES WAS UP 281 OR 115 TO 24648 THE NASDAQ COMPOSITE INDEX WAS UP 1198 OR 163 AT 74554 JUST OFF YESTERDAY'S HIGH OF 74555 THE NEW YORK STOCK EXCHANGE COMPOSITE INDEX WAS UP 168 OR 067 AT 25327 OFF ITS HIGH OF 25341 WHILE THE DOW JONES INDUSTRIAL AVERAGE WHICH WAS UP AS MUCH AS 20 POINTS BEFORE NOON ENDED AT 354702 A GAIN OF 978 OR 028 NASDAQ NATIONAL MARKET GAINERS WERE AHEAD OF DECLINERS 1779 TO 1080 AND VOLUME WAS A BUSY 246 MILLION SHARES ALEXANDER PURDIE HEAD OF EQUITY TRADING AT ROBINSONHUMPHREY CO SAID THAT ALTHOUGH STOCKS OF SMALL COMPANIES OUTPERFORMED LARGER ONES THEY HAD MORE TO REGAIN THEY HAD BEEN BEATEN UP MORE BUT HE WAS QUICK TO ADD THAT INVESTORS ARE STILL LOOKING AT MID AND SMALLCAP STOCKS AS THE PLACE TO GO FOR THE NEXT FEW YEARS DESPITE YESTERDAY'S RALLY MR PURDIE SAID SMALLCOMPANY STOCKS MAY STILL BE IN A CORRECTIVE PHASE HE SAID THE SMALLCOMPANY MARKET LACKS STRONG LEADERSHIP IT'S STILL KIND OF A PICKANDCHOOSE ENVIRONMENT ONE OF YESTERDAY'S MOST ACTIVE SMALLCAPITALIZATION STOCKS WAS MEDIMAIL A MAILORDER PHARMACEUTICALS COMPANY ALTHOUGH THE RECENT INTEREST IN THE COMPANY ISN'T DIRECTLY TIED TO LAST NIGHT'S HEALTHCARE SPEECH BY PRESIDENT CLINTON IT IS SEEN AS A COMPANY LIKELY TO GAIN FROM CHANGES IN THE WAY AMERICANS RECEIVE AND PAY FOR MEDICAL CARE SPECIFICALLY MEDICINE GARY DAVIS AN ANALYST AT VANTAGE SECURITIES SAID MEDIMAIL IS A COMPANY THAT DEFINITELY WILL BENEFIT FROM HEALTHCARE REFORM WHEN THE GOVERNMENT SQUEEZES DRUG COMPANIES ON PRICING PEOPLE WILL BE LOOKING FOR PEOPLE WHO CAN SUPPLY DRUGS IN A COSTEFFECTIVE WAY TAKING ADVANTAGE OF TECHNIQUES SUCH AS GENERIC SUBSTITUTES MAILORDER FIRMS OFFER BETTER PRICES AND DELIVER DRUGS PRETTY INEXPENSIVELY GIVEN THE CURRENT OUTLOOK THAT THERE WILL BE SIGNIFICANT CHANGES IN THE US HEALTHCARE SYSTEM MAILORDER PHARMACIES ARE CLEARLY A WINNER MR DAVIS SAID MOREOVER BECAUSE ONLY A HANDFUL OF THE COMPANIES ARE PUBLICLY TRADED IT GIVES MEDIMAIL A HIGH PROFILE HE ALSO SAYS THAT THE COMPANY'S POPULARITY IS BEING FUELED BY SPECULATION OF A POSSIBLE TAKEOVER BID AND BY EXPECTATIONS THAT IT IS CLOSE TO COMPLETING A CONTRACT SIMILAR TO A RECENT ONE UNDER WHICH THE COMPANY WILL PROVIDE MAILORDER PHARMACY BENEFITS FOR RETIRED STATE EMPLOYEES IN ILLINOIS UNDER A PILOT PROJECT THAT BEGINS OCT 1 MEDIMAIL WAS UP 5/8 OR 12 AT 5 11/16 REGIONAL ACCEPTANCE WAS UP 1 1/8 OR 11 AT 11 7/8 AFTER JC BRADFORD INITIATED COVERAGE OF THE COMPANY WITH A BUY RATING ASYST TECHNOLOGIES WHOSE 13 MILLIONSHARE INITIAL PUBLIC OFFERING WAS PRICED AT 9 A SHARE ROSE TO 11 ON VOLUME OF 11 MILLION SHARES THE COMPANY SUPPLIES ENVIRONMENTAL SYSTEMS IN CLEAN ROOMS FOR SEMICONDUCTOR MANUFACTURING ONE OF THE BIGGEST SMALLCAP PERCENTAGE GAINERS YESTERDAY WAS PARTNERS OIL WHICH WAS UP 1 3/4 OR 50 TO 5 1/4 THE COMPANY SAID TUESDAY THAT BASED ON SEVERAL VARIABLES AND RISKS IT EXPECTS 1993 EARNINGS WILL REACH 71 CENTS A SHARE AND 1994 EARNINGS WILL BE 194 COMPARED WITH A LOSS OF NINE CENTS A SHARE LAST YEAR FOXMOOR INDUSTRIES WAS AMONG THE LOSERS IN THE SMALLCAP MARKET POSTING A DECLINE OF 11/32 OR 15 TO 1 31/32 FOLLOWING TUESDAY'S 75 DECLINE THE COMPANY YESTERDAY ANNOUNCED EARNINGS OF 21 CENTS A SHARE FOR THE FISCAL YEAR ENDED JUNE 30 COMPARED WITH 18 CENTS IN THE PREVIOUS YEAR FOXMOOR SAID ITS EARNINGS GROWTH SLOWED DUE TO INCREASED OPERATING COSTS STEMMING FROM INCREASED STAFF SIZE 9309230106 930923 HAGGAR MARKETING ACCORD DALLAS HAGGAR APPAREL CO SAID IT HAD ENTERED INTO A JOINT VENTURE AGREEMENT WITH COATS VIYELLA PLC A DIVERSIFIED LONDONBASED CONGLOMERATE TO MARKET HAGGAR APPAREL IN THE UNITED KINGDOM AND IRELAND HAGGAR WHICH WILL HOLD A 51 STAKE IN THE VENTURE SAID IT WILL BEGIN SHIPPING ITS WRINKLEFREE COTTON PRODUCTS TO MAJOR UK SPECIALTY AND DEPARTMENT STORES IN NOVEMBER AND OFFER DRESS SLACKS SHORTS AND CUSTOMFIT SUITS IN FUTURE SEASONS A SPOKESWOMAN FOR THE MAKER OF MEN'S APPAREL WHICH COMPLETED ITS INITIAL PUBLIC OFFERING IN DECEMBER SAID THE VENTURE WILL GENERATE ABOUT 4 MILLION IN ADDITIONAL ANNUAL REVENUE 9309230105 930923 LETTERS TO THE EDITOR THE SEC'S OPEN DOOR POLICY APPARENTLY IN RESPONSE TO THE RECENT DECISION OF DAIMLER BENZ TO LIST ON THE NEW YORK STOCK EXCHANGE WILLIAM FREUND FORMER CHIEF ECONOMIST OF THE EXCHANGE ARGUED ON YOUR EDITORIAL PAGE THAT REGULATION IN THIS CASE IN THE FORM OF DISCLOSURE AND ACCOUNTING STANDARDS HAS PLACED A NEARLY INSURMOUNTABLE BARRIER IN FRONT OF THOSE FOREIGN ISSUERS WISHING TO COME TO OUR MARKET THAT TRADE OBSTACLE THE SEC AUG 27 MR FREUND HOWEVER IS INCORRECT WHEN HE ASSERTS THAT IRREVERSIBLE HARM HAS BEEN DONE TO THE US MARKET BY US ACCOUNTING STANDARDS OUR SECURITIES MARKET IS THE STRONGEST DEEPEST MOST OPEN EFFICIENT AND SUCCESSFUL IN THE WORLD ITS INTEGRITY FAIRNESS AND LIQUIDITY WHICH ARE PREDICATED UPON OUR REGULATORY SYSTEM SERVE AS A MAGNET FOR INVESTORS AND COMPANIES SEEKING TO RAISE CAPITAL AND TRADE THEIR SECURITIES FOREIGN AND DOMESTIC ALIKE THE RECORD OF FOREIGN STOCK LISTINGS IN THE US AND THE SEC'S ROLE IN FACILITATING NOT HINDERING THE ENTRY OF FOREIGN ISSUERS EXPOSE THE FLAWS IN MR FREUND'S ARGUMENT MR FREUND SUGGESTS DAIMLER REACHED ITS US LISTING DECISION BECAUSE OF ITS UNIQUE CAPITAL NEEDS HOWEVER 559 COMPANIES FROM THROUGHOUT THE WORLD ARE TRADED PUBLICLY IN THE US MARKET AND ARE COMPLYING WITH US ACCOUNTING REQUIREMENTS THIS COMPARES WITH 115 FOREIGN LISTINGS ON THE TOKYO STOCK EXCHANGE 201 ON THE PARIS BOURSE 352 ON FRANKFURT AND 562 IN LONDON SEE ACCOMPANYING ILLUSTRATION WSJ SEPT 23 1993 THUS IN ABSOLUTE NUMBERS THE US MARKET COMPARES FAVORABLY IN TERMS OF FOREIGN ISSUER PRESENCE MORE IMPORTANT IS A REVIEW OF THE TREND IN FOREIGN LISTINGS IN THE LAST THREE YEARS DURING THAT PERIOD WHILE LONDON'S FOREIGN ISSUER TOTAL HAS DECLINED BY 40 AND TOKYO HAS LOST 10 THE US HAS INCREASED BY 120 AND OVER THE PAST THREE YEARS FOREIGN COMPANIES HAVE REGISTERED MORE THAN 96 BILLION OF SECURITIES WITH THE SEC IN MORE 400 OFFERINGS MR FREUND QUESTIONS THE NEED FOR US ACCOUNTING STANDARDS AND QUARRELS WITH THE PROPOSITION THAT MORE INFORMATION MAKES MARKETS MORE EFFICIENT BY CITING A RECENT STUDY THAT FOUND FOREIGN PROFESSIONALLY MANAGED PORTFOLIOS DID NOT OUTPERFORM THE MARKET ON A CONSISTENT BASIS HE THEN REASONS THAT THIS DEMONSTRATES INVESTORS DO NOT BENEFIT FROM THE ADDITIONAL DISCLOSURE PROVIDED BY US ACCOUNTING STANDARDS NEITHER LOGIC NOR THE STUDY SUPPORTS THAT CONCLUSION THE FACT THAT FOREIGN PORTFOLIO MANAGERS DID NO BETTER THAN THE MARKET TELLS US NOTHING ABOUT HOW INFORMATIVE A COUNTRY'S FINANCIAL REPORTS ARE IT SIMPLY TELLS US THAT WHATEVER INFORMATION THEY DO HAVE IS REFLECTED IN PRICES THIS IS DIFFERENT FROM SAYING THAT THEY ARE WELLINFORMED OR POORLY INFORMED RECONCILIATION OF FINANCIAL STATEMENTS TO US GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IS FAR MORE THAN THE REFORMATING OF INFORMATION MR FREUND SUGGESTS IN MANY CASES RECONCILIATION PROVIDES SIGNIFICANT INFORMATION THAT IS NOT MADE PUBLIC IN A FOREIGN COMPANY'S HOME JURISDICTION NOT SURPRISINGLY THE ECONOMISTS WHO HAVE STUDIED THE IMPACT OF RECONCILIATION HAVE FOUND THAT RECONCILIATIONS DO IN FACT PROVIDE VALUABLE INFORMATION TO THE MARKETPLACE THE SEC'S DISCLOSURE RULES ARE DESIGNED TO ENSURE THAT INVESTORS HAVE ACCESS TO MATERIAL INFORMATION TO FACILITATE INFORMED INVESTMENT DECISIONS NONETHELESS OUR ADHERENCE TO THESE STANDARDS IS NOT ARBITRARY ON A CASEBYCASE BASIS WE HAVE ACCOMMODATED MANY FOREIGN COMPANIES' DEVIATION FROM THE STRICT APPLICATION OF THE RULES ON ITEMS AS DIVERSE AS FOREIGN CURRENCY REPORTING TREATMENT OF VARIABLE CAPITAL HISTORICAL RECONCILIATION AND LOAN ACCOUNTING WE HAVE NEVER FAILED TO MEET A FOREIGN ISSUER'S TIME SCHEDULE I JOIN MR FREUND IN HIS DEDICATION TO KEEPING THE US SECURITIES MARKET THE WORLD'S BEST AND MOST COMPETITIVE 9309230102 930923 SHARP TO CLOSE BANK DIVISION MANWAH NJ SHARP ELECTRONICS CORP SAID IT IS SHUTTING DOWN ITS BANKING AND FINANCIAL PRODUCTS DIVISION BECAUSE OF DROOPING SALES AND LIMITED GROWTH OPPORTUNITY IN THE BANKING INDUSTRY SHARP ELECTRONICS IS THE US UNIT OF OSAKA JAPANBASED SHARP CORP 9309230101 930923 DIVIDEND NEWS PIONEERSTANDARD ELECTRONICS INC PIONEERSTANDARD ELECTRONICS INC SAID IT EXPECTS EARNINGS FOR THE SECOND QUARTER ENDING NEXT THURSDAY TO BE WELL ABOVE YEARAGO FULLY DILUTED EARNINGS OF 29 MILLION OR 31 CENTS A SHARE THE DISTRIBUTOR OF ELECTRONICS PARTS AND COMPUTER SYSTEMS PRODUCTS INCREASED ITS QUARTERLY DIVIDEND 17 TO 35 CENTS A SHARE FROM THREE CENTS CITING CONTINUED SALES AND EARNINGS PROGRESS THE DIVIDEND INCREASE IS PAYABLE NOV 1 TO STOCK OF RECORD OCT 6 IT IS THE CLEVELAND COMPANY'S SECOND IN THE PAST YEAR AND THE 18TH DURING THE 23 YEARS ITS STOCK HAS BEEN PUBLICLY TRADED 9309230100 930923 FINANCING BUSINESS NOBLE AFFILIATES INC NOBLE AFFILIATES INC ARDMORE OKLA SAID IT FILED TWO REGISTRATION STATEMENTS WITH THE SECURITIES AND EXCHANGE COMMISSION THE FIRST RELATES TO A PROPOSED OFFERING OF 150 MILLION PRINCIPAL AMOUNT OF CONVERTIBLE SUBORDINATED NOTES PLUS 225 MILLION TO COVER OVERALLOTMENTS AND 150 MILLION PRINCIPAL AMOUNT OF SENIOR NOTES THE ENERGY COMPANY SAID IT PLANS TO USE THE NET PROCEEDS FROM THE NOTES TO REFINANCE THE PURCHASE OF THE PREVIOUSLY ANNOUNCED ACQUISITION OF 305 MILLION IN OIL AND GAS PROPERTIES FROM FM PROPERTIES OPERATING CO THAT TRANSACTION IS EXPECTED TO CLOSE OCT 1 THE SECOND REGISTRATION STATEMENT COVERS A PROPOSED SECONDARY OFFERING BY THE SAMUEL ROBERTS NOBLE FOUNDATION INC OF 45 MILLION SHARES OF THE COMPANY'S COMMON STOCK PLUS AN ADDITIONAL 675000 TO COVER ANY OVERALLOTMENTS THE FOUNDATION SAID 58 OF ITS PORTFOLIO IS INVESTED WITH THE COMPANY'S STOCK AND IT WANTS TO DIVERSIFY NOBLE AFFILIATES SAID IT WON'T RECEIVE ANY PROCEEDS FROM THE SALE BY THE NOBLE FOUNDATION 9309230099 930923 HOUSE PANEL CLEARS ANTIBIAS MEASURE AIMED AT INSURERS BY ALBERT R KARR STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON THE HOUSE BANKING COMMITTEE VOTED TO FORCE INSURERS TO GIVE THE FEDERAL GOVERNMENT DATA SHOWING WHO THEIR CUSTOMERS ARE AND WHERE THEY LIVE THE LEGISLATION SEEKS TO DISCOURAGE INSURANCE REDLINING OR DISCRIMINATION AGAINST LOWINCOME OR MINORITY PERSONS BY THROWING A SPOTLIGHT ON POSSIBLE SIGNS OF SUCH BIAS ON A PARTYLINE 3019 VOTE THE DEMOCRATCONTROLLED PANEL APPROVED A BILL THAT WOULD REQUIRE INSURANCE COMPANIES TO REPORT SALES INFORMATION ON HOMEOWNER AUTO AND SMALLBUSINESS POLICIES THE DATA WOULD BE REPORTED ACCORDING TO CENSUS TRACTS IN 150 LARGE CITIES AND WOULD COVER SUCH MATTERS AS PREMIUMS NONRENEWALS CLAIMS AND THE RACE OF POLICYHOLDERS THE GOVERNMENT WOULD MAKE THE FINDINGS PUBLIC THE MEASURE SOFTENED LANGUAGE IN THE BILL THAT EMERGED FROM THE PANEL'S CONSUMERCREDIT SUBCOMMITTEE IN JULY THE CHANGES INCLUDED PUTTING OFF THE START OF THE REPORTING REQUIREMENT FOR ONE YEAR UNTIL 1997 MAKING DATA ON LOSSES PUBLIC WITHOUT COMPANY NAMES REPORTING LOSSES AS A LOSSTOPREMIUM RATIO RATHER THAN A DOLLAR AMOUNT THAT COULD REVEAL THE COMPANY'S IDENTITY AND PULLING BACK ON THE SCOPE OF CERTAIN HOUSING AND URBAN DEVELOPMENT DEPARTMENT STUDIES OF INSURANCE AVAILABILITY AND POLICY PRACTICES THE CHANGES REFLECTED A COMPROMISE BETWEEN REPS JOSEPH KENNEDY D MASS AND ALFRED MCCANDLESS R CALIF THE SUBCOMMITTEE'S CHAIRMAN AND RANKING GOP MEMBER RESPECTIVELY BUT MR MCCANDLESS STILL VOTED AGAINST THE BILL THE BANKING COMMITTEE REJECTED 3018 A PROPOSAL BY REPUBLICAN REP JAMES LEACH OF IOWA TO REQUIRE DATA REPORTING ONLY BY BROADER ZIP CODES RATHER THAN CENSUS TRACTS AND FOR 25 LARGE CITIES INSTEAD OF 150 SUCH LESSSTRINGENT REQUIREMENTS WERE CONTAINED IN A COMPETING BILL APPROVED LAST WEEK BY THE HOUSE ENERGY AND COMMERCE COMMITTEE THAT BILL ALSO EXCLUDED ANY NEED TO REPORT RACIAL DATA IT WAS PASSED WITH SUBSTANTIAL INSURANCEINDUSTRY SUPPORT EITHER BILL WOULD INVOLVE A SIGNIFICANT EXPANSION OF FEDERAL INSURANCE SUPERVISION WHICH CURRENTLY IS MINIMAL HUD SECRETARY HENRY CISNEROS WROTE TO MR KENNEDY YESTERDAY EXPRESSING HIS WHOLEHEARTED SUPPORT FOR THE BANKING PANEL'S MEASURE AND CHRISTOPHER EDLEY AN ASSOCIATE DIRECTOR OF THE WHITE HOUSE BUDGET OFFICE WROTE TO BANKING COMMITTEE CHAIRMAN HENRY GONZALEZ D TEXAS LAYING OUT PRINCIPLES THE CLINTON ADMINISTRATION CONSIDERS NECESSARY FOR AN ANTIREDLINING MEASURE THEY INCLUDED DATA REPORTING BY CENSUS TRACT COVERING THE RACE GENDER AND INCOME LEVEL OF ALL APPLICANTS AND POLICYHOLDERS 9309230098 930923 LEISURE & ARTS TV FELIX & OSCAR REUNITE BART SIMPSON SPANKS THE EMMYS BY DOROTHY RABINOWITZ IN TELEVISION WHAT BEGINS BADLY USUALLY GOES ON TO BE WORSE THIS SERIES HOWEVER TURNS OUT TO BE SOMETHING OF AN EXCEPTION THE SHOW STARRING PAUL REISER AND HELEN HUNT AS A NEWLY MARRIED URBAN COUPLE GOT OFF LAST SEASON TO A START THAT WAS LARGELY WITLESS NOISE AND CLAMOR WITH A TOUCH OF LOUTISHNESS SOMEWHERE HOWEVER IN THE NEXT FEW MONTHS THE TONEDEAFNESS WENT AND THE WRITING AND PERFORMANCES TOOK ON A SHAPELINESS AND FLAVOR THAT TURNED MAD ABOUT YOU INTO SMART AND APPEALING COMEDY NOW IT IS THEIR SECOND SEASON AND MS HUNT AND MR REISER ARE AT THEIR SNAPPY PEAK AS LAST WEEK'S OPENING EPISODE ABOUT A LOST DOG SHOWED RIPENESS IS ALL FELIX AND OSCAR ARE BACK WITH CHANGES FELIX NOW THE FATHER OF A GROWN DAUGHTER ABOUT TO BE MARRIED HOVERS WITH OBSESSIVE PLANS FOR THE WEDDING WHICH HE NEARLY SUCCEEDS IN DESTROYING OSCAR WHO HAS HAD CANCER SURGERY AFFECTING HIS VOCAL CORDS IS TRYING TO GET ON WITH HIS LIFE AND WORK WHICH IS PRECISELY WHAT JACK KLUGMAN WHO HAD SIMILAR SURGERY IS DOING HERE IN THIS ROLE THE FILM BRINGING THE FAMOUS DUO BACK IS WEIGHTED DOWN PARTICULARLY IN THE BEGINNING BY CONSIDERABLE STRAIN AND AWKWARDNESS ON THE OTHER HAND SOME THINGS CAN BE DEPENDED UPON IN THIS LIFE AND ONE OF THEM IS TONY RANDALL'S FELIX HERE AGAIN ARE THE EYES WITH THAT FAMILIAR MAD GLITTER THE WONDERFUL POSTURINGS AND TWITCHES AT ONE POINT FELIX FINDS A HYPOCHONDRIACAL SOULMATE IN THE FATHER OF HIS DAUGHTER'S INTENDED AND THE TWO EXCHANGE SINUS SYMPTOMS AND VARIOUS SIMILAR LUNATIC PREOCCUPATIONS IN A SCENE THAT IS ITSELF WORTH THE PRICE OF ADMISSION IN THIS FACTBASED FILM THAT WILL RECALL THE MOVIE VERDICT AND THAT IS FAMILIAR IN OTHER LESS RESPECTABLE WAYS AN ALCOHOLIC ATTORNEY BRIAN DENNEHY CLOSE TO DISBARMENT GETS A CHANCE TO REDEEM HIMSELF BY DEFENDING HIS SISTER FOR ALL ITS FAMILIARITY THE MOVIE HAS A CERTAIN MELODRAMATIC HEFT THANKS TO THE SCRIPT PHILIP ROSENBERG TO JOBETH WILLIAMS AS THE WOMAN WHO MURDERS HER DOCTOR HUSBAND THE TOWN IDOL AND SECRET SKUNK AND NOT LEAST TO MR DENNEHY WHO TOTTERS AND CRASHES THROUGH THE ACTION IN HIS CHARACTERISTICALLY INTERESTING WAY SUSAN DEY MICHAEL ONTKEAN DAVID KEITH AND AMANDA PLUMMER STAR IN THE STORY WHOSE THEME IS JUST WHAT THE TITLE SAYS THERE ARE STRONG PERFORMANCES FROM ALL HANDS NOTABLY AMANDA PLUMMER WHO PORTRAYS THE BIOLOGICAL MOTHER AS A DISSOLUTE WILD WOMAN BUT PERFORMANCES CAN'T SAVE THIS PRODUCTION FROM ITS SCRIPT'S LABORIOUS TWADDLE ON THE OTHER HAND ANYONE TUNING IN TO THE MOVIE VERSION OF THE WILDLY OVERREPORTED STORY OF BABY JESSICA KNOWS WHAT BATHOS LIES IN STORE EVEN SO THE WALLOWING SELFPITY OF EVERYONE INVOLVED BIOLOGICAL AND ADOPTED PARENTS ALIKE COULD SET A NEW RECORD FOR THE MEDIUM THE SEASON OPENER HAS BART AT THE BLACKBOARD WRITING THAT HE'LL NEVER WIN AN EMMY FOLLOWING THIS POINTED REMINDER OF THE WAY THAT THE SIMPSONS WAS IGNORED IN THE EMMY NOMINATIONS EPISODE ONE ROLLS FORTH WITH HOMER'S REMINISCENCES OF HIS BRIEF STARDOM IN A FAMOUS VOCAL GROUP THIS BARBERSHOP QUARTET WITH BEATLES OVERTONES EMBARKS ON HIGH ADVENTURES IN THE EGORIDDEN WORLD OF SHOWBIZ THE GOINGS ON HERE ARE AS USUAL A BATTY ADULT DELIGHT THAT'S TRUE ESPECIALLY OF THE SIMPSONS YOKO ONO CARICATURE WHO IS A PARTICULARLY SHARP REMINDER OF WHY THIS REMAINS THE BESTWRITTEN COMEDY ON THE AIR MASTERPIECE THEATRE BEGINS THE SEASON WITH NEW HOST RUSSELL BAKER INTRODUCING THE DRAMATIZED MEMOIRS OF THE LATE BRITISH TELEVISION WIT AND NOVELIST GWYN THOMAS AND WHAT FUN IT IS IN ITS BRACINGLY ELOQUENT AND OCCASIONALLY NASTY WAY AT ONE POINT MR THOMAS EXPLAINS THAT HE SUFFERS FROM AN INGRAINED DUPLICITY OF MIND ANTHONY HOPKINS PORTRAYS THE ACIDTONGUED NOVELIST WHOSE EYE FOR THE ABSURD AND GIFT FOR THE IMPECCABLE EPIGRAM HAVE BEEN CONVERTED INTO A PRODUCTION NICELY BALANCED BETWEEN HILARITY AND BROODING CELTIC WISDOM 9309230097 930923 LOTUS DEVELOPMENT PRODUCTS CAMBRIDGE MASS LOTUS DEVELOPMENT CORP SAID IT PLANS TO MAKE AVAILABLE NEW TOOLS PRODUCTS AND INTEGRATED MESSAGING SERVICES FOR ITS LOTUS CCMAIL AND LOTUS NOTES COMMUNICATIONS PRODUCTS BEGINNING IN 1994 ADDITIONALLY THE SOFTWARE COMPANY SAID IT IS WORKING TO IMPROVE LOCAL AREA NETWORK AND WIDE AREA NETWORK MANAGEMENT THROUGH COOPERATION WITH THIRDPARTY DEVELOPERS AND BY DELIVERING ITS OWN PRODUCTS 9309230096 930923 LEISURE & ARTS FILM A KICKY KIDS TALE A VILE ROMANCE' BY JULIE SALAMON INTO THE WEST IS BEING MARKETED AS A KICKY ADVENTURE MOVIE FOR KIDS THE STORY OF TWO CUTE URBAN OUTLAWS WHO RESCUE A MAGIC HORSE AND HEAD FOR THE WILD FRONTIER IN FACT IT'S BEEN MADE TO LOOK LIKE A DISNEY FILM AND IT IS A DISNEY FILM IN A WAY THE FIRST CHILDREN'S MOVIE FROM MIRAMAX FILMS KNOWN FOR INTELLIGENT ADULT PICTURES LIKE THE CRYING GAME SEX LIES AND VIDEOTAPE AND MY LEFT FOOT MIRAMAX WAS RECENTLY ACQUIRED BY DISNEY BUT DESPITE THE CORPORATE CONNECTION INTO THE WEST REALLY ISN'T A DISNEY FILM THERE'S NONE OF THE HAPPY GLOSS PUT ON EVEN THE DARKEST DISNEY STORY IN THIS IRISH STORY THE MAGIC HORSE HELPS TWO YOUNG BOYS HELP THEIR FATHER GABRIEL BYRNE A MOURNFUL DRUNK COME TO GRIPS WITH THE DEATH OF HIS WIFE AND THEIR MOTHER EIGHT YEARS AFTER THE FACT THEY ARE TRAVELERS IRISH GYPSIES MEANT TO LIVE LIFE ON THE ROAD BUT THEIR FATHER HAS GIVEN UP THAT LIFE WITH EVERYTHING ELSE AND PARKED THEM IN A DUBLIN HOUSING PROJECT A MASSIVE TOMB THEIR FATHER MAY HAVE LOST HIS SPIRIT BUT THE BOYS HAVEN'T AND THEY KNOW IT'S THEIR JOB TO HELP HIM GET HIS BACK THE MOVIE FILMED WITH A DARK BEAUTY BY TOM SIGEL DOESN'T FLINCH FROM THE SORROWFUL STRAIN AT ITS CORE NOR BOG DOWN IN IT THE FILMMAKERS HAVE MANAGED TO MAKE THE MAGIC SEEM AS REALISTIC AS THE DREARINESS THEY'VE ACCOMPLISHED THIS IN ALL KINDS OF WAYS BUT ESPECIALLY THROUGH CASTING THE TWO YOUNG ACTORS CIARAN FITZGERALD AND RUAIDHRI RORY CONROY ARE INCREDIBLY GOOD AS THE BOYS GUTSY AND GOODHUMORED AND COMPLETELY UNSELFCONSCIOUS MR FITZGERALD THE LITTLE ONE HAS A SOBER LEPRECHAUN FACE THAT MAKES OTHER CHILD ACTORS LOOK LIKE SOMETHING OFF THE SHELF AT FAO SCHWARTZ THE ADULT ACTORS ARE EXCELLENT AS WELL ELLEN BARKIN SITS TALL IN THE SADDLE AS THE TRAVELER WHO HELPS THE BOY'S FATHER TRACK THEM DOWN SMART GROWNUPS ARE CLEARLY AT THE HELM DIRECTOR MIKE NEWELL'S MOST RECENT FILM WAS ENCHANTED APRIL JIM SHERIDAN THE SCREENWRITER ALSO WROTE MY LEFT FOOT BUT THEY HAVEN'T MADE A MOVIE THAT GROWNUPS WILL LIKE AND KIDS WILL FIND A BORE THOUGH IT MAY BE TOO COMPLEX FOR VERY SMALL CHILDREN IF YOU DON'T BELIEVE ME ASK KIRLENE CAESAR MY 11YEAROLD CONSULTANT WHO HAS INSTALLED INTO THE WEST IN HER PERSONAL FILM PANTHEON RIGHT UP THERE WITH TEENAGE MUTANT NINJA TURTLES TEENAGE MUTANT NINJA TURTLES II THE SECRET OF THE OOZE AND BEETHOVEN TRUE ROMANCE ALSO TELLS THE STORY OF A PAIR OF URBAN OUTLAWS WHO HEAD FOR THE WEST WEST LA AND IT'S ALSO STAGED AS A KIND OF FAIRY TALE YOU KNOW BOY MEETS GIRL THEY SLEEP TOGETHER BOY FINDS OUT GIRL IS A CALL GIRL HIRED BY HIS BOSS AS A BIRTHDAY PRESENT BOY MARRIES GIRL BOY GOES OUT AND BLOWS AWAY GIRL'S PIMP AND ACCIDENTALLY RUNS OFF WITH A SUITCASE FULL OF COCAINE BOY AND GIRL GO TO LA WITH PLANS TO SELL THE COCAINE AND LIVE HAPPILY EVER AFTER THEY DO BUT NOT BEFORE LEAVING A PILE OF BLOODY BODIES IN THEIR WAKE IN OTHER WORDS THIS IS A VILE SOULLESS FAIRY TALE CONSTRUCTED AS A HIP HOMAGE TO JUNKY POP CULTURE MAINLY IT'S A HOMAGE TO HIPNESS WITH HIPNESS APPARENTLY DEFINED AS FINDING THE COOLEST POSSIBLE WAY TO TORTURE AND MAIM PEOPLE GOOD ACTORS LIKE CHRISTOPHER WALKEN AND SAMUEL L JACKSON POP ONSCREEN JUST LONG ENOUGH TO KILL OR BE KILLED GARY OLDMAN LOOKS REALLY SILLY PLAYING A WHITE GUY PRETENDING TO BE RASTAFARIAN THEN HE GETS BLOWN AWAY THE MOVIE IS EVERY BIT AS FLASHY AND STAGEY AS TONY SCOTT'S PREVIOUS FILMS TOP GUN DAYS OF THUNDER BEVERLY HILLS COP II THE LOVING COUPLE DRIVE AROUND IN A PURPLE CADILLAC SHE DOES HERSELF UP LIKE MARILYN MONROE HE HOLDS IMAGINARY CONVERSATIONS WITH ELVIS THE ACTORS FOLLOW ONE SIMPLE RULE POSTURE POSTURE POSTURE SO CHRISTIAN SLATER AN INTERESTING YOUNG ACTOR PLAYS EVERY SCENE LIKE HE'S WATCHED JACK NICHOLSON IN FIVE EASY PIECES ONE TOO MANY TIMES AS FOR HIS LEADING LADY PATRICIA ARQUETTE SHE LOST ME EARLY AFTER HER CHARACTER CONFESSES CONVINCINGLY THAT MICKEY ROURKE IS ONE OF HER TURNONS MICKEY ROURKE MR SCOTT HOWEVER IS MERELY A SLICK HACK THE GRUESOME GENIUS BEHIND THIS GROTESQUE LITTLE PICTURE IS QUENTIN TARANTINO MR TARANTINO WHO WROTE THE SCREENPLAY WAS ANOINTED A GENIUS BY MANY CRITICS FOR HIS DEBUT FILM RESERVOIR DOGS A CLEVERLY REVOLTING PICTURE THAT TOOK GIGGLY PLEASURE IN THE MUTILATION OF ITS CHARACTERS TRUE ROMANCE WRITTEN BEFORE RESERVOIR DOGS CAN BE THE KICKOFF PICTURE FOR THE QUENTIN TARANTINO RETROSPECTIVE WHICH WILL BE SHOWING IN THE SPECIAL CIRCLE OF HELL RESERVED FOR FILM CRITICS NANCY SAVOCA THE DIRECTOR OF HOUSEHOLD SAINTS WOULD NEVER ALLOW ONE OF HER FEMALE CHARACTERS TO PUT MICKEY ROURKE ON HER LIST OF TURNONS SO I WAS KINDLY PREDISPOSED TO HER ADAPTATION OF THE FRANCINE PROSE NOVEL ABOUT AN ITALIANAMERICAN WOMAN LIVING IN THE BRONX WORN DOWN FIRST BY HER TRADITIONBOUND MOTHERINLAW THEN BY HER DAUGHTER WHO IS EITHER PSYCHOTIC OR SPIRITUALLY SENSITIVE DEPENDING ON INTERPRETATION EVEN SO I LOST INTEREST WHEN THE STORY MOVED TO WHAT SEEMED LIKE THE DAUGHTER'S ENDLESS SEARCH FOR WAYS TO PLEASE GOD STILL THERE WERE MANY WONDERFUL BITS MOST OF THEM PROVIDED BY JUDITH MALINA AS THE SUPERSTITIOUS MOTHERINLAW A WITCH VIDEO TIP THE PEOPLE SELLING TRUE ROMANCE ARE COMPARING IT TO BONNIE AND CLYDE ARTHUR PENN'S 1967 PICTURE ABOUT THE 1930S GANGSTERS MADE FROM A FIRSTRATE SCRIPT BY ROBERT BENTON AND DAVID NEWMAN WITH SOME HELP FROM ROBERT TOWNE HAVE THESE PEOPLE NO SHAME 9309230095 930923 FREEPORTMCMORAN INC UNIT NEW ORLEANS FREEPORTMCMORAN COPPER & GOLD INC'S SUBSIDIARY RIO TINTO MINERA SAID IT WILL EXPAND ITS COPPER SMELTER FACILITY IN SPAIN BY ABOUT 20 RIO TINTO WILL INVEST ABOUT 33 MILLION FROM INTERNAL CASH FLOW EXISTING CREDIT FACILITIES AND FROM THE BALANCE OF THE COPPER AND GOLD COMPANY'S 65 STAKE IN RIO TINTO THE CAPITAL EXPANSION WILL INCREASE PRODUCTION CAPACITY TO 180000 METRIC TONS OF METAL PRODUCTION FROM 150000 METRIC TONS THE PROJECT IS EXPECTED TO BE COMPLETED BY APRIL 1995 FREEPORTMCMORAN COPPER & GOLD IS A PUBLICLY TRADED UNIT OF FREEPORTMCMORAN INC 9309230094 930923 MOURNERS WILL PLEASE PAY RESPECTS AT SPEEDS NOT EXCEEDING 15 MPH BY ALISON WOODS STAFF REPORTER OF THE WALL STREET JOURNAL PENSACOLA FLA WILLIE J JUNIOR NEEDED SOMETHING TO DISTINGUISH HIMSELF FROM MOREESTABLISHED COMPETITORS WHEN HE OPENED FOR BUSINESS AS THE NEW KID ON THE BLOCK I HAD TO HAVE SOMETHING THE OTHER FUNERAL PARLORS WEREN'T OFFERING SAYS MR JUNIOR WHOSE OWN FUNERAL PARLOR OPENED IN 1986 HIS ANSWER A DRIVEBY WINDOW AFFORDING MOURNERS A VIEW OF THE DECEASED JUNIOR FUNERAL HOME'S VIEWING WINDOW WORKS ABOUT THE SAME AS THOSE AT OTHER DRIVETHROUGH OPERATIONS IT IS SET INTO A CUBICLE ADJOINING THE FUNERAL HOME WHEN IT'S IN USE AN OPEN CASKET AND FLORAL ARRANGEMENT LIE BEHIND THE GLASS UNDER A BANK OF COLORED LIGHTS DESIGNED TO SHOW OFF THE DECEASED TO FULLEST ADVANTAGE DRIVERS FOLLOW NEATLY PAINTED DIRECTIONS THROUGH THE PARKING LOT TO THE WINDOW FROM WHICH WITHOUT EVER LEAVING THE CAR THEY CAN VIEW THE REMAINS SIGN A GUEST BOOK AND BE ON THEIR WAY THERE'S NOTHING SPOOKY ABOUT THE WINDOW IT'S VERY SERENE SAYS MR JUNIOR HE SAYS IT SIMPLY MEETS THE NEEDS OF THE ELDERLY AND THE DISABLED WHO MAY HAVE TROUBLE GETTING IN AND OUT OF CARS AS WELL AS PEOPLE WITH UNCONVENTIONAL WORK SCHEDULES IT ALSO APPEALS TO THOSE WHO WANT TO PAY THEIR RESPECTS WITHOUT HAVING TO DRESS UP AND MEET THE WHOLE FAMILY HE SAYS ALICE S JOHNSON SAYS SOME RELATIVES WHO WENT TO HER FATHER'S WAKE AT JUNIOR FUNERAL HOME RETURNED AFTER THE SERVICE TO SEE HIM IN THE VIEWING WINDOW A LOT OF PEOPLE CAME BY MRS JOHNSON SAYS THEY THOUGHT IT WAS WONDERFUL CERTAINLY THE VIEWING WINDOW HAS BEEN A BOON TO BUSINESS FOR MR JUNIOR SINCE HE OPENED HIS DOORS HE ESTIMATES HE HAS GONE FROM THE NO 4 POSITION TO NO 2 AMONG PENSACOLA'S BLACKOWNED FUNERAL HOMES IN TERMS OF REVENUE MR JUNIOR DOUBTS DRIVETHROUGH VIEWING WINDOWS ARE THE WAVE OF THE FUTURE THE NATIONAL ASSOCIATION OF FUNERAL DIRECTORS ESTIMATES THAT THERE ARE ONLY ABOUT HALF A DOZEN OF THEM IN THE US AND MR JUNIOR SAYS ONLY ONE IN 25 FAMILIES USES HIS COMPANY'S WINDOW STILL JUNIOR FUNERAL HOME HAS BECOME SOMETHING OF AN ATTRACTION IN PENSACOLA AND BEYOND IT TWICE WAS THE ANSWER TO A QUESTION POSED ON THE HOLLYWOOD SQUARES TV GAME SHOW AND RECENTLY WAS USED AS A LOCATION IN A FILM FEATURING PHYLLIS DILLER AND TINA LOUISE 9309230092 930923 LEISURE & ARTS BOOKSHELF JOE STALIN'S BEST BUDDY BY MANUELA HOELTERHOFF VM MOLOTOV DIDN'T INVENT THE EXPLODING BOTTLES NAMED AFTER HIM BUT EVEN SO HE DID NOT GO TO HIS GRAVE IN 1986 AT THE AGE OF 96 WITHOUT A SENSE OF ACHIEVEMENT HELPING TO ORGANIZE THE GOVERNMENTINDUCED FAMINE IN THE 1930S FOR INSTANCE WHICH KILLED MILLIONS WAS A LOGISTIC FEAT HE LOOKED BACK ON WITH GREAT PRIDE EVEN DECADES LATER NO OTHER FUNCTIONARY SURVIVED SO MANY YEARS IN THE KREMLIN'S HIGHEST ECHELONS MOLOTOV WAS WAITING WHEN LENIN ARRIVED AT FINLAND STATION IN 1917 AND NEVER LOST HIS LOVE FOR STALIN WHOM HE SERVED DILIGENTLY AS FOREIGN MINISTER EVEN THOUGH THE FIRST COMRADE LOCKED HIS WIFE UP FOR A WHILE SOME 17 YEARS BEFORE HIS DEATH MOLOTOV BEGAN HOLDING LONG CONVERSATIONS WITH THE BIOGRAPHER POET AND TOADY FELIX CHUEV140 IN ALL STRETCHING OVER SEVERAL YEARS IN WHICH HE COOLLY CAREFULLY AND WITH NO REGRETS WHATSOEVER REVIEWED A LIFE THAT DEPRIVED SO MANY OTHERS OF THEIRS THE RESULT IS MOLOTOV REMEMBERS INSIDE KREMLIN POLITICS IVAN R DEE 464 PAGES 2995 A QUITE FASCINATING SELFPORTRAIT OF A VERY BAD MAN AN IDEOLOGUE WITH A DEFORMED MORALITY ALL HIS OWN AND A HEART OF STONE ORIGINALLY PUBLISHED IN THE FORMER SOVIET UNION WHOSE END HE SADLY SINCE IT WOULD HAVE PAINED HIM IMMENSELY DID NOT LIVE TO SEE MOLOTOV REMEMBERS OFFERS AN OFTEN LIVELY AND WEIRD CLOSEUP LOOK AT SOME OF THIS CENTURY'S GREATEST MONSTERS FOR EXAMPLE THERE IS HITLER WHO ANNOYED MOLOTOV AT AN OFFICIAL DINNER BY INDULGING IN HIS VEGETARIAN AFFECTATIONS AND REFUSING TO DRINK THE RUSSIAN CHAMPAGNE MOLOTOV LIKED A LOT I LOOKED AND IT SEEMED A RABBIT WAS SITTING NEXT TO ME EATING GRASS AN IDEALISTIC MAN IT GOES WITHOUT SAYING THAT I WAS ABSTAINING FROM NOTHING HITLER'S TEAM DRANK AND ATE TOO IT SHOULD BE NOTED THAT THEY DIDN'T APPEAR INSANE AS FOREIGN MINISTER MOLOTOV GOT TO SIGN ONE OF THE ODDER TREATIES IN DIPLOMATIC HISTORY THE MOLOTOVRIBBENTROP PACT OF 1939 WHICH BRIEFLY ALLIED STALIN WITH HITLER EVEN THOUGH THE FUHRER HATED THE COMMUNISTS AS MUCH AS THE JEWS HISTORIANS WILL BE GREATLY ENTERTAINED BY MOLOTOV'S INTRICATE ARGUMENTS PERTAINING TO WHICH PARTY WAS SMARTER THAN THE OTHER AND HIS VIVID MEMORIES OF HITLER TRYING TO TALK STALIN INTO HELPING HIM SMASH ENGLAND ALWAYS THE BRIDESMAID AND NEVER THE BRIDE MOLOTOV WAS A PERFECT NUMBER TWO A NUMBERCRUNCHER BORN TO THE DREARY LONG HOURS REQUIRED TO RUIN THE SOVIET ECONOMY AND DESTROY ITS AGRICULTURAL BASE HE WAS THE IDEAL APPARATCHIK AND CHINOVNIK PARTY AND STATE BUREAUCRAT NOT FOR NOTHING WOULD HE BE DUBBED SUPPOSEDLY BY LENIN STONE BOTTOM OR IRON ASS WRITES ALBERT RESIS WHO TRANSLATED THE RUSSIAN ORIGINAL AND PROVIDED THE SHARP INTRODUCTION THE MOST TIRELESS CHEERLEADER STALIN COULD HAVE WISHED FOR MOLOTOV ESCAPED THE FATE OF MOST OF HIS COMRADES MEANING HE WASN'T SHOT OF THE 33 MEN WHO SERVED IN THE POLITBURO BETWEEN 1919 AND 1938 15 WERE EXECUTED OR DIED WHILE IMPRISONED TWO COMMITTED SUICIDE AND TWO WERE ASSASSINATED MR RESIS TELLS US THERE IS A FUNNY MOMENT WHEN MR CHUEV THE INTERVIEWER TIMIDLY SUGGESTS THAT IN A BOURGEOIS IMPERIALIST SOCIETY SENATORS ARE NOT NORMALLY KILLED BUT IT DOESN'T WIND THE OLD FOSSIL EVEN FOR A MINUTE THAT'S BECAUSE IN BOURGEOIS DEMOCRACIES THEY DON'T DO WHAT NEEDS TO BE DONE HE SUGGESTS IN THE TIMETESTED MANNER OF ALL TYRANTS MOLOTOV INVARIABLY INVOKES THE THEORY OF GREATER LOSSES THAT KILLING LOTS OF PEOPLE NOW MEANT SAVING EVEN MORE LIVES LATER IN THE BUILDING OF UTOPIA AND HE GROWS IMPATIENT WITH MR CHUEV WHEN THIS DOTING DISCIPLE IN ANOTHER SHY MOMENT WONDERS WHETHER STALIN REALLY HAD TO KILL ALL THOSE KULAKS AND TAKE THEIR GRAIN AWAY THE WAY MOLOTOV SEES IT STALIN'S VERSION OF LAND REFORM WAS A WHOPPING STRATEGIC SUCCESS SINCE FOOD WAS SUCCESSFULLY MOVED AWAY FROM THE PEOPLE WHO WANTED TO EAT IT TURNING TO THE GREAT TERROR HE IS QUITE SORRY IT HADN'T BEEN EVEN GREATER SINCE KHRUSHCHEV DIDN'T DIE IN IT MOLOTOV LOATHED THE ROLYPOLY SHOE BANGER WHO PUBLICLY DENOUNCED STALIN IN A REVISIONIST CAMPAIGN AND HAD NO LIKING FOR HIS HENCHMAN EITHER MOLOTOV GOT PURGED FROM THE CENTRAL COMMITTEE AND FINALLY EXPELLED FROM THE PARTY ALTOGETHER IN 1964 FOR HIS CEASELESS COMPLAINING AND HARDLINE HARANGUES HE WAS REINSTATED TWO YEARS BEFORE HIS DEATH PRESENTED IN QUESTION AND ANSWER FORMAT WITH COMMENTS BY MR RESIS MOLOTOV REMEMBERS SOMETIMES GETS STUCK IN ENDLESS AND BORING MONOLOGUES ON THIS OR THAT COMMUNIST'S THEORETICAL PURITY BUT THEN GATHERS SPEED AGAIN WITH GOSSIP ANECDOTES AND COLORFUL DESCRIPTIONS IN ONE CONVERSATION HE RECALLS THE TIME MAO CONFIDED TO HIM THAT HE HAD NEVER READ DAS KAPITAL IN ANOTHER HE ADMITS THAT THERE IS SOME REASON TO BELIEVE THAT STALIN WAS POISONED BY BERIA THE AMBITIOUS SECRET POLICE CHIEF WHATEVER THE CAUSE THE FUNERAL LEFT HIM BOTH SAD AND GLAD MRS MOLOTOV GOT OUT OF JAIL HAPPILY FOR HIM MOLOTOV NEVER LOST THE ABILITY TO CONJURE UP STALIN'S MERRY LAUGH ACCORDING TO THE BRITISH HISTORIAN DC WATT WHO'S CITED BY MR RESIS MOLOTOV WAS ONE OF THE MOST INEXORABLY STUPID MEN TO HOLD THE FOREIGN MINISTERSHIP OF ANY MAJOR POWER IN THIS CENTURY WINSTON CHURCHILL THOUGH SAW OUTSTANDING ABILITY AND COLDBLOODED RUTHLESSNESS THE READER IS LIKELY TO COME AWAY FEELING A MIXTURE OF DREAD AND AMAZEMENT FOR THIS FIERCE DENSE HARDWORKING TRUE BELIEVER WHO THOUGHTFULLY LEFT 500 RUBLES FOR HIS FUNERAL AND FEW OTHER EARTHLY POSSESSIONS 9309230090 930923 YELTSIN'S MILITARY MIGHT BY THERESE RAPHAEL WHEN BORIS YELTSIN DISSOLVED PARLIAMENT TUESDAY THE QUESTION THAT FLASHED ACROSS THE WIRES WAS WHETHER HIS DECREE MIGHT PROVOKE AN UPRISING OF MILITARY HARDLINERS PERHAPS EVEN A CIVIL WAR IT NOW SEEMS EVIDENT THAT MR YELTSIN HAD THOUGHT OF THAT TOO HE WAS CLEARLY CONFIDENT OF MILITARY BACKING BEFORE HE ISSUED THE DECREE THE SIGNS OF STAGE MANAGEMENT WERE VISIBLE WHEN HE APPEARED IN PUSHKIN SQUARE YESTERDAY WITH HIS MILITARY AND POLICE COMMANDERS HE DECLARED TO THE APPLAUSE OF HUNDREDS OF ONLOOKERS THAT THE SECURITY FORCES WERE BEHIND HIM NOT THAT HIS ARCHRIVAL SUSPENDED VICE PRESIDENT ALEXANDER RUTSKOI DIDN'T MAKE A TRY AT ORGANIZING RESISTANCE HAVING DECLARED HIMSELF ACTING PRESIDENT TUESDAY MR RUTSKOI IMMEDIATELY SOUGHT TO BRING THE ARMY INTO THE POWER STRUGGLE HE NAMED COL GEN VYACHESLAV ACHELOV A VETERAN COUP PLOTTER DEFENSE MINISTER AND ORDERED HIM TO TAKE CHARGE OF THE ARMED FORCES MR RUTSKOI ALSO PUT OUT WORD THAT THE INTERIOR MINISTRY'S DZERZHINSKY DIVISION THE FORMER KGB FORCES THAT BRIEFLY SUPPORTED THE COUP PLOTTERS IN 1991 AND ARE BASED NEAR MOSCOW WAS HEADING INTO THE CITY TO SUPPORT HIM COMBAT ACTION IS A POSSIBILITY HE SAID OMINOUSLY BUT THAT WAS A RED HERRING MR YELTSIN'S REAL DEFENSE MINISTER IS PAVEL GRACHEV A YELTSIN ALLY WHO HAS LONG DECLARED THE MILITARY'S NEUTRALITY IN ALL POLITICAL STRUGGLES HE TOLD THE TROOPS TO STAY PUT AND ANNOUNCED THAT GEN ACHELOV WOULD BE DISMISSED FROM THE MILITARY MR YELTSIN WISELY SOUGHT TO AVOID ANY MILITARIZATION OF THE CRISIS KNOWING FULL WELL THAT DOING SO MIGHT INDEED DIVIDE THE BRITTLE RUSSIAN ARMY HE DID NOTHING TO PREVENT THE DISSOLVED PARLIAMENT FROM CONVENING AND DID NOT SUMMON THE TROOPS OUT OF THEIR GARRISONS BUT THAT DOESN'T MEAN HE TOOK HIS GAMBLE UNPREPARED TO BACK IT UP IN RECENT MONTHS MR YELTSIN HAS BUILT UP ELITE UNITS OF HIGHLY LOYAL FORCES MOSTLY FORMER KGB AND SPETSNAZ TROOPS ESTIMATES OF THEIR NUMBER RANGE FROM SEVERAL THOUSAND TO 20000 MR YELTSIN HAS ALSO DRAMATICALLY EXPANDED HIS KREMLIN GUARD TO ABOUT 5000 MEN FROM SEVERAL HUNDRED AND COULD RELY FOR SUPPORT ON A PRAETORIAN GUARD MADE UP MOSTLY OF THE TULA AIRBORNE DIVISION WHERE MR GRACHEV HAS CLOSE PERSONAL LINKS AND THE TAMAN AND KANTEMIR GUARDS DIVISIONS IF THE NEED HAD ARISEN MR YELTSIN AS IN THE COUP ATTEMPT OF AUGUST 1991 HAD LINED UP FORCES TO SUPPORT HIM THE MILITARY IS NOT EAGER TO GO INTO THE STREETS SAYS SERGEI ROGOV DIRECTOR OF THE USA AND CANADA INSTITUTE IN MOSCOW BUT THIS SITUATION WITH TWO PEOPLE CALLING THEMSELVES PRESIDENT DEFENSE MINISTER ETC IS VERY DANGEROUS INDEED IF MR RUTSKOI HAD MANAGED TO SUMMON FORCES TO HIS AID THE CONSEQUENCES WOULD HAVE BEEN DIRE BUT WORKING AGAINST HIM WAS ASIDE FROM HIS LACK OF AUTHORITY THE VERY LOW MORALE IN THE RUSSIAN ARMY MUCH OF IT IS INCAPACITATED BY LACK OF SUPPLIES AND DEMORALIZED BY INTERNAL DIVISIONS THIS STATE OF DISINTEGRATION HAS LEFT THE ARMY NEARLY INCAPABLE OF ACTING AS A COORDINATED MILITARY UNIT THERE ARE SOME 150000 SOLDIERS WITHOUT HOUSING A SITUATION THAT ONLY WORSENS AS SOLDIERS ARE BROUGHT BACK FROM THEIR DEPLOYMENTS IN GERMANY THE BALTIC STATES AND ELSEWHERE IN THE FORMER SOVIET UNION OVER 95 OF YOUNG MEN DODGE THE DRAFT AND THE RAPID HEMORRHAGING OF SOLDIERS HAS LEFT A TOPHEAVY ARMY WITH 630000 OFFICERS COMMANDING ONLY 544000 MEN ACCORDING TO AN ESTIMATE THIS YEAR BY SERGEI STEPASHIN CHAIRMAN OF THE PARLIAMENT'S DEFENSE COMMITTEE THE MILITARY MOREOVER STILL LACKS A COHERENT DOCTRINE THE SITUATION IS REALLY AWFUL SAYS LT COL NIKOLAY KARTASHOV DEPUTY EDITOR OF ARMY MAGAZINE THERE ARE WHOLE TANK DIVISIONS THAT ARE COMPRISED ALMOST COMPLETELY OF OFFICERS IF THERE WAS TO BE A COUP THE OFFICERS WOULD HAVE TO DRIVE THE TANKS THEMSELVES BUT THERE ARE CERTAIN KEY MILITARY UNITS WHOSE LOYALTY TO THE PRESIDENT REMAINS QUESTIONABLE FOR INSTANCE THE INTERIOR MINISTRY FORCES WHICH INCLUDE THE DZERZHINSKY DIVISION NUMBER ABOUT 60000 THE COMMANDER OF THAT DIVISION WAS APPOINTED BY MR YELTSIN BUT THE REST OF THE HIGH COMMAND DATE BACK TO THE PREYELTSIN TIMES AND MIGHT BE INCLINED TO SUPPORT ANTIYELTSIN FACTIONS YELTSIN CAN EASILY KEEP EVERYONE IN THEIR BARRACKSBUT THE POINT WHERE HE ASKS FOR THEIR ACTIVE SUPPORT IS THE POINT WHERE HE TAKES A BIG GAMBLE SAYS MARK GALEOTTI A SPECIALIST IN RUSSIAN MILITARY AFFAIRS AT THE UNIVERSITY OF KEELE IN BRITAIN PERHAPS THE BIGGEST QUESTION MARK REMAINS THE POSITION OF REGIONAL MILITARY DISTRICTS THE REAL QUESTION IS WHAT HAPPENS OUTSIDE MOSCOW WHILE THE CRISIS SEEMS TO HAVE PASSED IT IS INDEED TRUE THAT THE MILITARY HAS BEEN REGIONALIZED IN SOME OUTLYING AREAS LOCAL MILITARY AND CIVILIAN LEADERS HAVE DEVELOPED A CLOSE RELATIONSHIP AS LOCAL AUTHORITIES PROVIDE FOOD ELECTRICITY FUEL AND WHATEVER OTHER PROVISIONS ARE NEEDED FOR THE UNITS STATIONED THERE THE LOCAL MILITARY COMMANDER IS OFTEN A POWERFUL VOICE IN REGIONAL AFFAIRS PARALYSIS OF CENTRAL AUTHORITY MAKES THE REGIONS MORE AND MORE INDEPENDENT WHICH MAY THREATEN THE INTEGRITY OF RUSSIA THIS IS THE WORSTCASE SCENARIO SAYS MR ROGOV STILL THE RUSSIAN MILITARY HAS A LONG TRADITION OF OBEYING AUTHORITY AND STAYING OUT OF POLITICS THERE ARE NOT ENOUGH RESOURCES TO MEET THE ARMY'S NEEDS AND SO LOCAL COMMANDERS MAY CUT DEALS WITH CIVILIAN AUTHORITIES TO GET SUPPLIES BUT IT IS RARE THAT A LOCAL COMMANDER WOULD TAKE THE INITIATIVE ON MILITARYPOLITICAL ISSUES AND BREAK WITH THE CHAIN OF COMMAND SAYS LT COL ANATOLY MOISSEYEV A WRITER ON MILITARYPOLITICAL PROBLEMS FOR ARMY MAGAZINE THE ARMY CANNOT EMERGE AS AN INDEPENDENT POLITICAL FORCE THEY ARE SICK AND TIRED OF POLITICAL GAMES AND MOST OFFICERS WANT NO PART IN THEM MOST OFFICERS ACCORDING TO LT COL MOISSEYEV ALSO SEEM TO BE AWARE THAT THEIR OWN SITUATION CANNOT IMPROVE UNTIL THE POLITICIANS GET THEIR ACT TOGETHER WHEN THE POLITICIANS FIGHT THE ECONOMIC SITUATION DETERIORATES AND THIS DIRECTLY AFFECTS THE ARMY THE POLITICAL SYMPATHIES OF DIFFERENT GROUPS IN THE ARMY ARE SECONDARY TO THE FULFILLMENT OF THEIR MILITARY DUTIES HE SAYS THE GENERAL STAFF AND MUCH OF THE OFFICER CORPS RESENT THE FACT THAT MR GRACHEV A PARATROOPER IS OCCUPYING A POSITION THAT HAS TRADITIONALLY BEEN HELD BY A GROUND FORCES COMMANDER THE GENERAL STAFF TENDS TO BE VERY CONSERVATIVE GRACHEV IS IN MILITARY TERMS A VERY BRIGHT GUY BUT HE IS MOCKED FOR HIS POLITICAL SKILLS BY THE GENERAL STAFF LOCAL MILITARY ATTACHES HERE WERE SHOCKED WHEN THE CHIEF OF THE GENERAL STAFF SAID OF GRACHEV HE'S GETTING BETTER' THE MINISTER OF DEFENSE IS A BIT OF A FIGUREHEAD ANYWAY SINCE THE GENERAL STAFF HAS ITS OWN CHIEF AND STRUCTURE SAYS PAVEL FELGENGAUER DEFENSE CORRESPONDENT FOR SEGODNIYA THE RUSSIAN DEFENSE MINISTRY ITSELF HAS BEEN TORN IN THE PAST YEAR BETWEEN VARIOUS POLITICAL FACTIONS MR GRACHEV HAS IDENTIFIED HIMSELF VERY CLOSELY WITH MR YELTSIN AND HAS SEEN HIS OWN FUTURE AS DEPENDENT ON MR YELTSIN'S SURVIVAL MR GRACHEV'S MAIN ROLE SEEMS TO BE THAT OF NEUTRALIZING THE MILITARY A FUNCTION THAT HE APPEARS TO HAVE FULFILLED YESTERDAY YESTERDAY MORNING WHEN THE OUTCOME OF THE CRISIS WAS STILL IN DOUBT ALEKSY PUSHKOV DEPUTY EDITOR OF MOSCOW NEWS SAID YELTSIN CLEARLY WANTS TO BRING ORDER TO RUSSIA WITHOUT HAVING TO RESORT TO FORCE BUT I'M A LITTLE WORRIED THAT HE HASN'T ACTED STRONGLY ENOUGH NOW PARLIAMENT WHICH HE DISSOLVED IS SITTING AND RUTSKOI IS A SECOND PRESIDENT GIVING ALL SORTS OF ORDERS ONCE YOU DECLARE EMERGENCY RULE YOU HAVE TO SHOW YOU ARE IN CONTROL YELTSIN SHOULD HAVE STOPPED THE PARLIAMENT FROM SITTING WELL MAYBE SO MAYBE NOT WHAT MR YELTSIN APPARENTLY HAD WAS A CLUB IN THE CLOSET PLUS ALMOST UNIVERSAL SUPPORT FROM OTHER NATIONS OF THE WORLD HE PLAYED HIS CARDS CAREFULLY AND BARRING SOME NEW SURPRISE APPEARS TO HAVE WON MISS RAPHAEL IS EDITORIAL FEATURES EDITOR OF THE WALL STREET JOURNAL EUROPE 9309230089 930923 ADAGE BUYS ALLIEDSIGNAL UNIT WEST CHESTER PA ADAGE INC SAID IT PURCHASED THE MOBILE COMMUNICATIONS DIVISION OF KING RADIO CORP A UNIT OF ALLIEDSIGNAL INC MORRIS TOWNSHIP NJ ADAGE SAID THE ACQUISITION IS EXPECTED TO MORE THAN DOUBLE ITS WIRELESS COMMUNICATIONS SALES TO 50 MILLION ANNUALLY ADAGE WHICH LAST YEAR HAD SALES OF ABOUT 100 MILLION ALSO MAKES RECYCLED PAPERBOARD AND STEEL PRODUCTS 9309230088 930923 MARKETING & MEDIA WALMART WON'T CARRY NIRVANA'S NEW ALBUM IF GRUNGEROCK GROUP NIRVANA'S NEW COMPACT DISK HITS NO 1 ON THE BILLBOARD MUSIC CHART NEXT WEEK AS EXPECTED IT WON'T BE FROM SALES AT WALMART THAT'S BECAUSE WALMART STORES INC WON'T CARRY THE RECORD DON SHINKLE A VICE PRESIDENT SAID WALMART DIDN'T THINK THE RECORD WOULD BE A BIG SELLER FOR THE COMPANY ALTHOUGH NIRVANA'S LAST RECORD WENT QUADRUPLE PLATINUM A RECORD GOES PLATINUM WHEN IT SELLS A MILLION COPIES MR SHINKLE ADDED THAT WALMART IS SENSITIVE TO THE MORAL STANDARDS OUR CUSTOMERS HAVE AND WE'RE NOT GOING TO APOLOGIZE FOR THAT HE SAID WALMART GENERALLY DOESN'T CARRY RECORDS WITH PARENTAL ADVISORY STICKERS THOUGH THE NIRVANA RECORD TITLED IN UTERO ISN'T STICKERED IT INCLUDES A SONG ENTITLED RAPE ME THE BACK JACKET INCLUDES MODELS OF HUMAN EMBRYOS WHILE THE FRONT SHOWS AN ANATOMICAL DIAGRAM OF A WOMAN INSIDE ART SHOWS THE BURNEDOUT INTERIOR OF A REPUBLICAN PARTY OFFICE AFTER THE LOS ANGELES RIOTS THE BENTONVILLE ARK RETAILER'S RELUCTANCE TO CARRY THE RECORDING WAS REPORTED BY THE HOLLYWOOD REPORTER GEFFEN RECORDS NIRVANA'S LABEL SAID IT ISN'T AWARE OF ANY OTHER MAJOR RETAILERS THAT HAVE DECLINED TO SELL THE RECORD 9309230086 930923 TECHNOLOGY VITAMIN K DOESN'T RAISE CANCER RISK STUDY SAYS BOSTON PUBLIC HEALTH RESEARCHERS FAILED TO FIND ANY INCREASED RISK OF CANCER AMONG CHILDREN WHO WERE GIVEN SHOTS OF VITAMIN K AT BIRTH VITAMIN K ENHANCES THE ABILITY OF BLOOD TO CLOT IT IS A WIDESPREAD PRACTICE TO GIVE NEWBORN INFANTS AN INJECTION OF THE VITAMIN IN THE FIRST WEEK OF LIFE WHEN NATURAL BLOOD CLOTTING SUBSTANCES ARE AT AN EBB AND THERE IS A RISK OF BLEEDING THREE YEARS AGO A STUDY PUBLISHED IN BRITAIN RAISED THE POSSIBILITY THAT INFANTS GIVEN VITAMIN K MIGHT BE AT HIGHERTHANNORMAL RISK OF LATER DEVELOPING LEUKEMIA OR OTHER CHILDHOOD CANCERS NO EVIDENCE OF ANY SUCH RISK WAS FOUND IN A STUDY OF US CHILDREN ACCORDING TO A REPORT BY THE FEDERAL NATIONAL INSTITUTE OF CHILD HEALTH AND HUMAN DEVELOPMENT PUBLISHED IN THIS WEEK'S NEW ENGLAND JOURNAL OF MEDICINE THE FEDERAL RESEARCHERS REPORTED THEY HAD FOUND 44 CASES OF CANCER DEVELOPING BEFORE EIGHT YEARS OF AGE AMONG NEARLY 54800 CHILDREN OF THESE 44 CHILDREN 68 HAD BEEN GIVEN VITAMIN K THE RESEARCHERS THEN SELECTED 226 MATCHED CONTROLS CHILDREN WHO WERE OF THE SAME AGE SEX AND RACE AS THE CANCERSTRICKEN CHILDREN BUT WHO DIDN'T DEVELOP CANCER OF THE 226 MATCHED CONTROLS 71 HAD RECEIVED SHOTS OF VITAMIN K PRACTICALLY THE SAME PROPORTION AS AMONG THE CANCERSTRICKEN CHILDREN THE RESEARCHERS SAID THAT BECAUSE OF THE WELLDOCUMENTED BENEFITS OF VITAMIN K PROPHYLAXIS THEY SUPPORT CONTINUED USE OF THE VITAMIN SHOTS IN NEWBORNS 9309230085 930923 MARKETSCAN THE DECLINE OF BIG HAIR BY KATHLEEN DEVENY THESE ARE DARK DAYS FOR LACQUERED DOS THANKS TO A RETURN TO THE NATURAL LOOK SHOPPERS ARE AVOIDING MANY HAIRSTYLING PRODUCTS AND PAYING LESS FOR OTHERS DURING THE SECOND QUARTER SUPERMARKET AND DRUGSTORE SALES OF STYLING SPRITZES AND PUMP HAIR SPRAYS DROPPED 16 AND 12 RESPECTIVELY FROM A YEAR EARLIER ACCORDING TO THE TOWNEOLLER UNIT OF INFORMATION RESOURCES INC SALES OF HOMEPERMANENT KITS SLID 13 SOME OF THE DECLINES REFLECT A SHIFT IN SHOPPING HABITS BARGAINHUNTING CONSUMERS ARE BUYING MORE HAIRCARE PRODUCTS AT DEEPDISCOUNT DRUGSTORES AND MASS MERCHANDISERS BUT MARKETERS ALSO BLAME CHANGING STYLES STIFF OR PUNKY HAIRDOS ARE FADING SAYS JAMES DEREK ARTISTIC DIRECTOR AT THE ELIZABETH ARDEN SALON IN NEW YORK MORE WOMEN NOWADAYS FAVOR LOWERMAINTENANCE LOOKS INCLUDING SHORT HAIR OR STRAIGHT LONG HAIR IN TURN SALES OF LOTIONS AND GLAZES MEANT TO GIVE HAIR A HEALTHY SHINE GREW 6 IT'S THAT WAIF LOOK SAYS A SPOKESWOMAN FOR GILLETTE CO MAKER OF WHITE RAIN STYLING SPRAY AND DIPPITY DO GEL RUMOR HAS IT THE TREND IS GOING TO BE AROUND FOR A WHILE EACH QUARTER TOWNEOLLER COMPILES LISTS OF THE FASTEST GROWING AND FASTEST DECLINING HEALTH AND BEAUTYCARE PRODUCTS EXCLUSIVELY FOR THE WALL STREET JOURNAL THE ROSTERS ARE BASED ON PRODUCT SHIPMENTS RECEIVED BY 30400 SUPERMARKETS AND 12900 DRUGSTORES TOWNEOLLER RANKS 350 PRODUCT CATEGORIES WITH QUARTERLY SALES OF AT LEAST 6 MILLION BY PERCENTAGE CHANGE FROM THE YEAREARLIER PERIOD AMONG THE FASTEST GROWING PRODUCTS WOMEN'S PERMANENT RAZORS AND BLADES WHOSE SALES GREW 215 OTHER STRONG SELLERS INCLUDED BAKING SODA TOOTHPASTES GARLIC AND GINSENG SUPPLEMENTS AND VITAMIN E SALES OF BLOODGLUCOSE MONITORING PRODUCTS ALSO SOARED UP 27 FOR BLOOD GLUCOSE METERS AND 29 FOR THE DISPOSABLE TEST STRIPS USED WITH THE DEVICES THE MONITORS ARE USED BY DIABETICS 9309230084 930923 TECHNOLOGY ADOBE SYSTEMS INC REPORTS NET ROSE IN ITS 3RD QUARTER BY STEPHEN KREIDER YODER STAFF REPORTER OF THE WALL STREET JOURNAL MOUNTAIN VIEW CALIF ADOBE SYSTEMS INC CITING HIGHER OPERATING EXPENSES REPORTED A SMALL GAIN IN NET INCOME FOR ITS FISCAL THIRDQUARTER COMPARED WITH YEARAGO EARNINGS BEFORE A ONETIME CHARGE ADOBE ALSO SAID REVENUE FROM ITS FLAGSHIP POSTSCRIPT SOFTWARE FELL THE SOFTWARE CONCERN SAID NET FOR THE QUARTER ENDED AUG 27 WAS 114 MILLION OR 24 CENTS A SHARE COMPARED WITH THE YEAREARLIER 67 MILLION OR 14 CENTS A SHARE INCLUDING A 63 MILLION WRITEOFF OF RESEARCH AND DEVELOPMENT AS A PART OF AN ACQUISITION WITHOUT THE WRITEOFF THE YEAREARLIER NET WOULD HAVE BEEN 107 MILLION OR 23 CENTS A SHARE ADOBE SAID REVENUE FOR THE QUARTER INCREASED TO 788 MILLION FROM 63 MILLION WHILE THE RESULTS WERE IN LINE WITH MANY ESTIMATES THE COMPANY'S ANNOUNCEMENT WAS A DISAPPOINTMENT SOME ANALYSTS SAID BECAUSE IT DIDN'T INCLUDE A WIDELY ANTICIPATED PLAN TO CUT COSTS ADOBE SAID OPERATING EXPENSES IN THE QUARTER ROSE 93 TO 473 MILLION INCLUDING A 32 INCREASE IN SPENDING FOR RESEARCH AND DEVELOPMENT ADOBE'S STOCK PRICE WAS DRIVEN UP THIS WEEK IN PART BECAUSE INVESTORS THOUGHT ADOBE WOULD ANNOUNCE STAFF CUTS SAID ANALYST BRUCE LUPATKIN OF HAMBRECHT & QUIST WHAT'S DISAPPOINTING IS THAT THEY ARE HOPING THAT REVENUE WILL ALLOW THEM TO GROW INTO THEIR EXISTING COST STRUCTURE HE SAID WHAT THE WORLD IS LOOKING FOR IS A CHARGE INDICATING THEY'RE WILLING TO CUT COSTS MOREOVER WHILE REVENUE FROM APPLICATION SOFTWARE SUCH AS THE ADOBE ILLUSTRATOR GRAPHICS PROGRAM GREW 82 TO 479 MILLION IN THE QUARTER ADOBE'S LICENSING REVENUES PRIMARILY FROM POSTSCRIPT SOFTWARE USED TO CONTROL HOW TYPEFACES ARE DISPLAYED AND PRINTED FELL TO 308 MILLION FROM 367 MILLION THE LICENSINGREVENUE DECLINE WAS FROM SLOWER PRINTER SALES AMONG MANY OF THE PRINTER MAKERS THAT BUILD POSTSCRIPT INTO THEIR PRODUCTS JOHN WARNOCK ADOBE'S CHAIRMAN AND CHIEF EXECUTIVE SAID IN A STATEMENT HE ALSO SAID A HIGHER PROPORTION OF PRINTER SHIPMENTS ARE IN THE LOWERPRICED MARKET SEGMENT HURTING REVENUE BECAUSE ADOBE'S ROYALTIES ARE BASED ON PRINTER PRICES THE BOOM IN APPLICATIONS REVENUE STEMS PARTLY FROM A SURGE IN SALES OF NEW PRODUCTS AND MAY NOT CONTINUE AS THOSE PRODUCTS MATURE ANALYSTS SAID THE DROP IN ROYALTY REVENUE TRADITIONALLY ADOBE'S CASH COW IS SPOOKY BECAUSE IT IS THE THIRD CONSECUTIVE QUARTER OF SUCH DECLINES SAID ANALYST JOHN ROSSI OF ROBERTSON STEPHENS & CO STILL HE SAID ROYALTY REVENUE WILL PROBABLY PICK UP SOMEWHAT AS PERSONALCOMPUTER USERS BEGIN REPLACING AGING PRINTERS ADOBE ALSO DECLARED A DIVIDEND FOR THE THIRD QUARTER OF FIVE CENTS A SHARE PAYABLE OCT 21 ON SHARES OF RECORD OCT 7 9309230083 930923 CONGRESS SENDS PRESIDENT BILL TO EASE THE HATCH ACT WASHINGTON CONGRESS SENT PRESIDENT CLINTON LEGISLATION RELAXING HATCH ACT RESTRICTIONS ON PARTISAN POLITICAL ACTIVITY BY MILLIONS OF FEDERAL AND POSTAL EMPLOYEES WORKERS WOULD STILL BE BARRED FROM RUNNING FOR PUBLIC OFFICE OR SOLICITING CAMPAIGN CONTRIBUTIONS FROM THE GENERAL PUBLIC BUT THE BILL OPENS THE DOOR FOR GOVERNMENT EMPLOYEES TO TAKE PART IN CAMPAIGNS AND SOLICIT CONTRIBUTIONS TO A POLITICAL ACTION COMMITTEE FOR AN ORGANIZATION SUCH AS A UNION TO WHICH BOTH THE WORKER AND DONOR BELONG THE RELAXED RULES WOULDN'T APPLY TO AN ESTIMATED 85000 WORKERS IN INTELLIGENCE NATIONAL SECURITY AND LAWENFORCEMENT POSITIONS INCLUDING CRIMINAL INVESTIGATORS AT THE INTERNAL REVENUE SERVICE SEPARATELY THE LEGISLATION ALSO PROVIDES A LIMITED EXCEPTION TO IMMUNITY DOCTRINES TO MAKE FEDERAL WORKERS SUBJECT TO HAVING THEIR PAY GARNISHED UNDER STATE OR LOCAL DEBT LAWS FINAL ACTION CAME ON A 33985 ROLLCALL VOTE IN THE HOUSE WHICH HAD APPROVED A LESS RESTRICTIVE BILL LAST SPRING BUT CHOSE FINALLY TO SIMPLY TAKE THE SENATE VERSION ADOPTED IN JULY AND SEND IT ON TO MR CLINTON THE PRESIDENT HAS SUPPORTED THE LEGISLATION 9309230082 930923 THE CLINTON HEALTH PLAN YOUNG AND HEALTHY PEOPLE COULD SEE EXPENSES GROW BY RICK WARTZMAN STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON BILL CLINTON WHO PRIDES HIMSELF ON BEING THE PRESIDENT OF A NEW GENERATION CAN'T ESCAPE ONE SIMPLE FACT HIS HEALTHCARE PROPOSAL WOULD MAKE MEDICAL COVERAGE MORE EXPENSIVE FOR THE YOUNG AND HEALTHY IF YOU ARE A YOUNG SINGLE PERSON IN YOUR 20S AND YOU ARE ALREADY INSURED YOUR RATES MAY GO UP SOMEWHAT BECAUSE YOU'RE GOING TO GO INTO A BIG POOL WITH MIDDLEAGED PEOPLE AND OLDER PEOPLE MR CLINTON SAID LAST NIGHT IN THE SPEECH UNVEILING HIS PLAN BUT I THINK THAT'S FAIR BECAUSE WHEN THE YOUNG GET OLDER THEY WILL BENEFIT FROM IT THESE STATEMENTS ECHOED HIS COMMENTS EARLIER THIS WEEK WHEN THE PRESIDENT WAS INTERVIEWED ON MTV THE ROCKVIDEO NETWORK ALL OF THE YOUNG PEOPLE I CAN CERTIFY BECAUSE I WAS ONE ONCE WILL SOMEDAY BE MIDDLEAGED WILL SOMEDAY BE OLDER AND WILL BE HELPED BY MANY OF THE CHANGES BEING MADE TO THE HEALTHCARE SYSTEM SAID MR CLINTON WHO RECENTLY TURNED 47 BUT THAT ARGUMENT DOESN'T WASH WITH EVERYBODY IT'S THE LIFECYCLE DEFENSE SAYS ECONOMIST NEIL HOWE WHO WRITES ABOUT THE CURRENT GENERATION OF YOUNG ADULTS HE BELIEVES THAT THE CLINTON PLAN WOULD TAKE AWAY AN INCENTIVE TO HIRE YOUNGER WORKERS FOR WHOM HEALTH BENEFITS HAVE BEEN RELATIVELY INEXPENSIVE TO PROVIDE THAT EMPLOYERS PRESENTLY HAVE THAT'S A SHAME BECAUSE WE'VE JUST HAD A RECESSION THAT'S BEEN PARTICULARLY HARD ON YOUNGER WORKERS HE SAYS IT'S TERRIBLY UNJUST THE GENERATIONAL ANGST IS A PRODUCT OF A PRINCIPLE IN THE CLINTON PROPOSAL CALLED COMMUNITY RATING WHICH HOLDS THAT HEALTHINSURANCE PREMIUMS SHOULD BE BASED ON THE AVERAGE COST OF PROVIDING MEDICAL SERVICES TO ALL PEOPLE IN A GEOGRAPHIC AREA WITHOUT ADJUSTING FOR EACH INDIVIDUAL'S MEDICAL HISTORY OR LIKELIHOOD OF USING SUCH SERVICES IN SHORT IT MEANS THAT YOUNG PEOPLE WHO TEND TO BE MORE FIT AND OLD PEOPLE WHO TEND TO NEED MORE MEDICAL CARE WOULD BE CHARGED THE SAME RATES THAT WOULD AFFECT NOT ONLY INDIVIDUALS WHO GO OUT ON THEIR OWN TO BUY INSURANCE IN THE OPEN MARKET BUT ALSO BUSINESSES THAT HAVE YOUNGERTHANAVERAGE WORK FORCES THESE COMPANIES WILL SEE AN INCREASE IN COSTS SAYS RICH OSTUW THE CHIEF ACTUARY AT TOWERS PERRIN AND ONE OF A HANDFUL OF OUTSIDE EXPERTS CALLED IN TO REVIEW THE COST ESTIMATES IN THE CLINTON PROPOSAL THERE'S NO GETTING AROUND IT UNDER THE CLINTON PLAN EMPLOYERS WOULD PAY FOR AT LEAST 80 OF THE AVERAGE INSURANCE PREMIUM IN THEIR REGION ON BEHALF OF THEIR WORKERS THE EMPLOYEES WOULD PAY THE REST UNLESS THEIR COMPANIES WANTED TO HELP PICK UP THEIR SHARE LIKE MOST AMERICANS YOUNGER PEOPLE ALREADY TEND TO GET THEIR HEALTH INSURANCE THROUGH THEIR EMPLOYERS OF THE 44 MILLION PEOPLE IN THE US AGED 18 THROUGH 29 65 HAVE PRIVATE INSURANCE ACCORDING TO THE EMPLOYEE BENEFIT RESEARCH INSTITUTE MORE THAN 53 OBTAIN THEIR COVERAGE THROUGH THE WORKPLACE ABOUT 11 BUY INSURANCE ON THEIR OWN NO ONE CAN BE CERTAIN JUST HOW BIG AN IMPACT THE CLINTON PLAN WOULD HAVE ON THE YOUNG BUT SOME SUGGEST THAT IT WOULD BE MINIMAL ROBERT LASZEWSKI PRESIDENT OF THE WASHINGTON CONSULTING FIRM HEALTH POLICY & STRATEGY ASSOCIATES SAYS THE PERCENTAGE INCREASE IN PREMIUMS IS GOING TO BE SINGLE DIGIT FOR MOST YOUNG PEOPLE MR LASZEWSKI A FORMER INSURANCE INDUSTRY EXECUTIVE ADDS THAT CARRIERS WHO LURE YOUNG PEOPLE WITH LOW RATES ROUTINELY MOVE THEM UP TO THE AVERAGE OVER AN 18MONTH PERIOD ANYWAY BUT EVEN HE ACKNOWLEDGES THAT A MINORITY OF YOUNG PEOPLE COULD SEE A SHARP SPIKE IN PRICES AT FIRST THIS YEAR NEW YORK STATE ADOPTED COMMUNITY RATING FOR INDIVIDUALS AND SMALL GROUPS OF CONSUMERS AND ABOUT 5 OF THOSE GROUPS HAVE REPORTED SEEING THEIR PREMIUMS MORE THAN DOUBLE ACCORDING TO WAYNE COTTER DIRECTOR OF RESEARCH FOR THE STATE INSURANCE DEPARTMENT IT IS THIS SORT OF STEEP RUNUP IN PRICES OF COURSE ON WHICH OPPONENTS OF THE CLINTON PLAN ARE FEEDING THE COUNCIL FOR AFFORDABLE HEALTH INSURANCE A COALITION THAT IS BANKROLLED BY INSURANCE COMPANIES HAS LABELED COMMUNITY RATING THE MOST DANGEROUS CURE FOR HEALTHCARE WOES NOTING THAT IT WOULD FORCE THE YOUNG TO SUBSIDIZE THE COST OF THE MIDDLEAGED WHO ARE AT THE PEAK OF THEIR EARNING POWER HOWEVER THE PRESIDENT'S PROPOSAL ALSO INCLUDES A NUMBER OF MEASURES AIMED AT CUSHIONING THE BLOW FOR THOSE WHO CAN'T AFFORD COVERAGE INCLUDING THE YOUNG A DRAFT VERSION OF THE CLINTON PLAN SHOWS THAT ALL FAMILIES AND INDIVIDUALS WITH ANNUAL INCOMES BELOW 150 OF THE POVERTY LINE WOULD QUALIFY FOR GOVERNMENT SUBSIDIES MOST IMPORTANT THE PLAN WOULD GUARANTEE THAT YOUNG AND OLD PEOPLE ALIKE COULDN'T BE DROPPED BY THEIR INSURERS IF THEY GET SICK CHANGE JOBS OR ARE UNEMPLOYED THERE ARE OTHER PLUSES AS WELL THE FEDERALLY GUARANTEED BENEFITS PACKAGE FOR INSTANCE WOULD GIVE YOUNG PEOPLE ACCESS TO PREVENTIVE CARE THAT IS MUCH BETTER THAN WHAT THEY HAVE IN EXISTING PLANS SAYS LINDA BERGTHOLD A PRINCIPAL AT WILLIAM M MERCER INC AND ONE OF THE CONSULTANTS WHO HELPED SHAPE THE CLINTON BENEFITS PLAN MOREOVER THE CLINTON PLAN PROMISES TO COMPENSATE THOSE INSURERS THAT TAKE ON A RISKIER POOL OF CLIENTS MANY IN THE INDUSTRY HOWEVER ARE SKEPTICAL THAT THIS RISK ADJUSTMENT MECHANISM WOULD WORK IN THE LONG RUN THE INSURANCE INDUSTRY HOPES THAT A LESS PURE VERSION OF COMMUNITY RATING IS WHAT EMERGES FROM CONGRESS THEIR ARGUMENT IS THAT PEOPLE SHOULD BE CHARGED THE SAME RATES TO REFLECT THINGS THEY CAN'T CONTROL LIKE GETTING SICK BUT DIFFERENT RATES SHOULD BE PERMITTED TO ACCOUNT FOR OBJECTIVE FACTORS SUCH AS SMOKING HABITS AND AGE YET THE INDUSTRY ISN'T LIKELY TO FIND MUCH SUPPORT FOR ITS VIEW FROM THE VERY GROUP WHOSE INTEREST IT CLAIMS TO REPRESENT THE YOUNG PEOPLE WHO ARE 35 AND UNDER AREN'T GOING TO OVERWHELM CAPITOL HILL SAYS BILL MCINTURFF A REPUBLICAN POLLSTER WHO DOES WORK FOR THE HEALTH INSURANCE ASSOCIATION OF AMERICA THEY DON'T PARTICIPATE THEY DON'T VOTE AND THEY'RE NOT WELL ORGANIZED 9309230081 930923 JUSTICE DEPARTMENT FILES COURT BRIEF AGAINST UNIONS WASHINGTON THE CLINTON ADMINISTRATION LINED UP AGAINST BIG LABOR IN A SUPREME COURT CASE INVOLVING JUDGES' AUTHORITY TO DISCIPLINE VIOLENT STRIKERS THE JUSTICE DEPARTMENT FILED A FRIENDOFTHECOURT BRIEF OPPOSING THE UNITED MINE WORKERS OF AMERICA WHICH HAD APPEALED IMPOSITION OF 52 MILLION IN CIVIL CONTEMPT FINES AGAINST THE UNION STEMMING FROM A VIOLENT 1989 STRIKE IN VIRGINIA THE UMW ARGUED THAT THE FINES SHOULD BE SET ASIDE BECAUSE THEY AMOUNTED TO A CRIMINAL PUNISHMENT IMPOSED BY A VIRGINIA STATE COURT WITHOUT THE REQUIRED PROTECTIONS OF A CRIMINAL PROCEEDING SUCH PROTECTIONS INCLUDE THE REQUIREMENT OF PROOF BEYOND A REASONABLE DOUBT THAT THE DEFENDANT IS GUILTY THE UNION SAID THE FINES WERE CRIMINAL IN NATURE BECAUSE THEY PUNISHED PAST CONDUCT THE VIRGINIA SUPREME COURT DISAGREED RULING THAT THE JUDGE HAD WARNED THE UNION IN ADVANCE THAT IT WOULD FACE FINES IF ITS MEMBERS COMMITTED VIOLENT ACTS IT CONCLUDED THAT THE PENALTIES WERE AIMED AT PREVENTING FUTURE MISBEHAVIOR THE TRADITIONAL PURPOSE OF CIVIL CONTEMPT PUNISHMENTS A UMW SPOKESMAN DECLINED TO COMMENT SAYING UNION OFFICIALS HADN'T YET SEEN THE GOVERNMENT'S BRIEF 9309230080 930923 DART TO RETURN TO HAFT SON ABOUT 4 MILLION OF STOCK NEW YORK DART GROUP CORP HAS AGREED TO RETURN TO ROBERT HAFT ABOUT 4 MILLION OF HIS STOCK IN DARTCONTROLLED CROWN BOOKS CORP AND TRAK AUTO CORP THAT WAS BEING HELD BY DART WHICH IS CONTROLLED BY HIS ESTRANGED FATHER DART SAID IT WAS RELINQUISHING SOME OF ROBERT HAFT'S HOLDINGS IN A LETTER ACCOMPANYING A LEGAL FILING BY DART IN A FEDERAL DISTRICT COURT IN WILMINGTON DEL THE 40YEAR OLD ROBERT HAFT SUED DART IN AUGUST SEEKING TO RECOVER HIS STOCK HOLDINGS AND MORE THAN 10 MILLION IN COMPENSATION UNDER HIS LONGTERM EMPLOYMENT CONTRACTS AS DART PRESIDENT AND CROWN CHAIRMAN HE WAS FIRED FROM BOTH POSTS IN THE HEAT OF A SUCCESSION BATTLE WITH HIS 72YEAROLD FATHER HERBERT HAFT THIS SUMMER IN COURT PAPERS FILED BY DART THIS WEEK DART INCLUDED SWORN STATEMENTS FROM TWO EXECUTIVES SUPPORTING HERBERT HAFT'S ALLEGATIONS THAT ROBERT WAS WAGING A SECRET CAMPAIGN TO UNSEAT HIM AND SEIZE CONTROL OF THE HAFT FAMILY EMPIRE DAVID HENSLER A WASHINGTON DC ATTORNEY REPRESENTING ROBERT HAFT SAID THE SECRET TAKEOVER ALLEGATIONS ARE NONSENSE NO ONE COULD TAKE OVER DART WITH HERBERT HOLDING 57 OF DART'S VOTING STOCK 9309230079 930923 MARKETING & MEDIA NYPD BLUE' DEBUT WINS A HEFTY SHARE OF 27 NEW YORK EVEN THOUGH 57 OF ABC'S 225 AFFILIATE STATIONS DIDN'T AIR THE NETWORK'S NYPD BLUE THE CONTROVERSIAL URBAN POLICE DRAMA DREW A HEFTY AUDIENCE FOR ITS TUESDAY PREMIERE ACCORDING TO NIELSEN MEDIA RESEARCH RATINGS THE ONEHOUR SHOW DREW 159 OF THE NATION'S 942 MILLION HOMES AND A 27 SHARE OF THE HOMES THAT WERE WATCHING TV WINNING ITS TIME PERIOD THE LARGEST AUDIENCE WAS IN THE KANSAS CITY MARKET WHERE THE PROGRAM DREW A 43 SHARE OF THE AUDIENCE THE STRONG SHOWING WAS A SLAP IN THE FACE TO PRESSURE GROUPS THAT HAD PERSUADED THE 57 STATIONS REACHING 11 OF THE COUNTRY NOT TO CARRY THE PROGRAM BECAUSE OF ITS ADULT CONTENT INCLUDING OCCASIONAL SEX VIOLENCE AND PROFANITY SOME OF THE STATIONS THAT REFUSED TO CARRY THE SHOW'S PREMIERE ARE EXPECTED TO CARRY SUBSEQUENT EPISODES THE CAPITAL CITIES/ABC INC UNIT SAID 9309230078 930923 ECONOMY FEDERAL DEFICIT MAY BE SMALLER THAN EXPECTED WASHINGTON GOVERNMENT FIGURES INDICATE THE FEDERAL BUDGET DEFICIT WON'T BE AS LARGE THIS YEAR AS THE CLINTON ADMINISTRATION HAS ESTIMATED THE TREASURY DEPARTMENT SAID THE DEFICIT NARROWED IN AUGUST TO 2323 BILLION COMPARED WITH A 2474 BILLION GAP IN AUGUST 1992 AND A 3958 BILLION DEFICIT IN JULY THE GOVERNMENT HAS ESTIMATED THAT IN FISCAL YEAR 1993 WHICH ENDS SEPT 30 THE DEFICIT WILL TOTAL 28537 BILLION BUT SO FAR IT'S JUST 2634 BILLION AND THE GAP IS UNLIKELY TO DETERIORATE BY MORE THAN 21 BILLION THIS MONTH SEPTEMBER IS USUALLY A GOOD BUDGET MONTH BECAUSE OF AN INFLUX OF CORPORATE TAX PAYMENTS IN SEPTEMBER 1992 FOR EXAMPLE THE GOVERNMENT POSTED A SURPLUS OF MORE THAN 5 BILLION THE CONGRESSIONAL BUDGET OFFICE ESTIMATED A 266 BILLION DEFICIT FOR FISCAL 1993 WHICH WOULD BE MORE IN LINE WITH THE LATEST TREASURY FIGURES RECEIPTS LAST MONTH TOTALED 8675 BILLION WHILE OUTLAYS AMOUNTED TO 10998 BILLION FOR THE FIRST 11 MONTHS OF FISCAL 1993 RECEIPTS TOTALED 1026 TRILLION WHILE OUTLAYS WERE 1290 TRILLION 9309230077 930923 WHEN MARK MOL MAKES HIS MATCHES CLIENTS OFTEN SWOON STEELCASE INC RELIES ON HIS EYE TO GET ALL THE COLORS RIGHT FOR FURNITURE CUSTOMERS BY JACQUELINE MITCHELL STAFF REPORTER OF THE WALL STREET JOURNAL GRAND RAPIDS MICH LOOK AROUND YOUR OFFICE DO THE COLORS OF THE CARPET WALLS AND FILE CABINETS FLOW INTO ONE SUBLIME CONFECTION OR DOES THE PLACE LOOK LIKE A BUNCH OF STUFF FROM THE SALVATION ARMY MOST OFFICE COLOR SCHEMES TEND TO FALL SOMEWHERE BETWEEN DRAB AND ECLECTIC BUT BECAUSE CURRENT THINKING HAS IT THAT PRODUCTIVITY IS INCREASED BY AN AESTHETIC OFFICE ENVIRONMENT COMPANIES ARE DOING MORE COLOR COORDINATING OFFICE FURNITURE MAKERS ARE READY TO HELP OUT IN THIS MISSION NONE MORE SO THAN THE INDUSTRY VOLUME LEADER STEELCASE INC WHICH HAS ANNUAL SALES OF 24 BILLION IT THUS CAN EASILY AFFORD A 17000 SPECTROPHOTOMETER TO CALIBRATE COLOR SAMPLES IN SECONDS A 5000 SOFTWARE PACKAGE TO MEASURE COLOR VARIANCE TO PERFECTION AND A 4000 MACBETH SPECTRALIGHT BOOTH TO SIMULATE SUNLIGHT AT DAYBREAK NORTHERN SKY LIGHT AT NOON AND FLUORESCENT GLOW AT MIDNIGHT BUT MORE IMPORTANT STILL IT HAS MARK MOL A 36YEAROLD WITH A GOOD EYE HE'S THE GUY WHO MATCHED FRENCH FRY YELLOW FOR MCDONALD'S LEGO RED FOR THE DANISH TOY MAKER AND SUNLIFE WHITE FOR THE TORONTO INSURANCE COMPANY HE IS THE KEY MAN IN STEELCASE'S PERFECTMATCH CUSTOM PAINT UNIT THEORETICALLY COLOR EXPERTS SAY THE HUMAN EYE OUGHT TO BE ABLE TO MAKE OUT AS MANY AS 20 MILLION SHADES IN REALITY MANY PEOPLE CAN DO LITTLE MORE THAN TELL BLUE FROM GREEN FORGET ABOUT SLICING UP THE SPECTRUM ANY FURTHER MR MOL HASN'T TOTTED UP HOW MANY HUES HE CAN DISCERN BUT HE SAYS WITH SOME DISDAIN I CAN SEE COLOR DIFFERENCES THAT THE COMPUTER CAN'T SEE THAT'S IMPORTANT BECAUSE MONEY IS AT STAKE CUSTOMIZED DECOR ISN'T NEW TO OFFICE FURNITURE BUT SAYS CARLTON WAGNER DIRECTOR OF THE WAGNER INSTITUTE FOR COLOR RESEARCH IN SANTA BARBARA CALIF PEOPLE COMING INTO POWER NOW ARE USED TO GETTING WHAT THEY WANT AND NOT TAKING WHAT THEY CAN GET IT WAS A REQUEST FROM MCDONALD'S CORP IN 1988 THAT STIRRED STEELCASE TO SET UP A CUSTOMIZED PAINT DIVISION MCDONALD'S WANTED STEELCASE TO MATCH A WARM GOLDEN OAK COLOR USED AS A STAIN ON FURNITURE AT ITS HAMBURGER UNIVERSITY MR MOL MET THE CHALLENGE COOKING UP FRENCH FRY YELLOW WHY BOTHER WE DIDN'T WANT IT TO LOOK LIKE A HODGEPODGE OF COLORS SAYS BONNIE KOS A MCDONALD'S SPOKESWOMAN WHOLE ORDERS HAVE HINGED ON MR MOL'S ABILITY TO MAKE A MATCH EVEN WHEN ELECTRONIC EYES GROW BLEARY ONE METICULOUS COMPANY FOR EXAMPLE WANTED FILE CABINETS IN A HUE MATCHING THE BLUE IN ITS BLUE/BLACK CARPET THE SPECTROPHOTOMETER JUST COULDN'T GET A READING ON THE BLUE THREADS WITHOUT GETTING CONFUSED BY THE BLACK STRANDS AND THE CARPET'S BROWN BACKING FOR MR MOL IT WAS A SNAP WITHIN 24 HOURS HE GAVE HIS NOD TO COLONIAL BLUE THE COLOR HIS CREW DREAMED UP FOR THE OCCASION A TINGE OF SCARLET WAS THE ANSWER SEE THE RED IN THERE HE ASKS HOLDING A PAINT SAMPLE NEXT TO A CARPET SWATCH HERE LET ME PUT THIS GREEN NEXT TO IT HE SAYS SOME PEOPLE CAN SEE RED BETTER WHEN YOU HOLD GREEN UP TO IT WHEN LEGO SYSTEMS INC THE CONNECTICUT UNIT OF THE DANISH TOY COMPANY BUILT AN EMPLOYEE DAYCARE CENTER IN 1990 IT WANTED THE TODDLERSIZED TABLES AND CHAIRS TO PERFECTLY MATCH THE COLORS OF ITS PLASTIC LEGO BLOCKS SO BOB O'BRIEN LEGO'S INTERIOR DECORATOR SHIPPED A BOX OF BLOCKS TO STEELCASE THE ONLY ONE STEELCASE COULDN'T MATCH FROM ITS STANDARD PALETTE OF 53 COLORS WAS THE RED THAT LEGO BLOCK LANDED ON MR MOL'S DESK HE DASHED OFF A FORMULA TO A STEELCASE PAINT SUPPLIER WHICH HIT THE RIGHT SHADE OF CRIMSON ON THE SECOND TRY AND A GOOD THING TOO SAYS LEGO'S MR O'BRIEN ANY OTHER RED WOULDN'T BE RIGHT A NUMBER OF COMPANIES ARE PERFECTIONISTS ABOUT THESE THINGS SUNLIFE OF CANADA WANTED BUILTIN FILE CABINETS BATHED IN A SHADE OF WHITE IDENTICAL TO ITS OFFICE WALLS THE COMPANY MAILED A CHUNK OF DRYWALL TO STEELCASE AS A GUIDE SHOOTING FOR WHITE MR MOL HAD NOTHING EVEN CLOSE TO SUNLIFE'S WHITE IN HIS COLLECTION OF 1300 COLOR SAMPLES CREATED BY PERFECTMATCH OVER THE PAST FIVE YEARS SO IT TOOK FOUR TRIES FOR HIM AND HIS SUPPLIER TO ARRIVE AT THE RIGHT WHITE THE PROBLEM WHITE DOESN'T HAVE REAL GOOD HIDING POWER MR MOL SAYS THE FIRST SAMPLE WAS TOO BLUE THE NEXT WAS TOO YELLOW THE THIRD WAS TOO WHITE THE FOURTH AS GOLDILOCKS MIGHT SAY WAS JUST RIGHT TODAY IT IS HARD NOW TO TELL WHERE THE CABINETS AT SUNLIFE END AND THE WALLS BEGIN ONE DAY RECENTLY MR MOL TOOK A FRANTIC CALL FROM AN OFFICE FURNITURE DEALER IN NEW YORK AN ORDER FOR 112000 IN FILES AND PANEL TRIM FROM NATIONAL WESTMINSTER BANK DEPENDED ON STEELCASE'S ABILITY TO MATCH WILSONART GREEN A WALL PAINT MR MOL SEARCHED HIS CUSTOM COLORS NOTHING CAME CLOSE FOR THIS RUSH JOB HE HAD ENVIRONMENTAL COATINGS INC SCAN A PAINT SAMPLE WITH A SPECTROPHOTOMETER YIELDING A RECIPE USING A PAPER CUP THE SUPPLIER MEASURED OUT TITANIUM WHITE YELLOW OXIDE PHTHALO BLUE AND PHTHALO GREEN THE RESULT WAS MIXED THEN SPREAD ON A SHEET OF PAPER AND BAKED FOR 18 MINUTES THEN MR MOL TOOK A LOOK UNDER FLUORESCENT LIGHT HE SPENT ALL OF EIGHT SECONDS RENDERING A VERDICT IT NEEDS A LITTLE MORE YELLOW IT'S TOO BLUE SAYS STEELCASE FINISHING ENGINEER ROBERT FOHLBROOK THE MACHINES CONTINUE TO GET BETTER AT WHAT MARK DOES BUT THEY AREN'T THERE YET FIVE HOURS AFTER THE CLIENT'S CALL MR MOL WAS SHIPPING FINISHED SAMPLES TO THE DEALER BY OVERNIGHT EXPRESS ALTHOUGH THE STEELCASE PAINT LOOKED LIKE A DEAD MATCH FOR THE NATIONAL WESTMINSTER SAMPLE MR MOL WORRIED THAT SOMEBODY MIGHT SEE A SUBTLE DIFFERENCE BUT THE CLIENT DIDN'T THE COLOR WAS FINE THEY ALWAYS MATCH OUR REQUESTS A BANK SPOKESMAN SAYS MR MOL SAYS HE IS RARELY WRONG BUT HE CONCEDES THAT COLOR MATCHING IS SUBJECTIVE MR MOL DIDN'T EVEN RECOGNIZE HIS OWN COLOR SENSE UNTIL AFTER HE JOINED STEELCASE IN 1978 LEAVING A JOB AS AN INSURANCE SALESMAN TO DO FINAL INSPECTIONS OF THE COMPANY'S PAINTED STEEL FILE CABINETS HE WAS PROMOTED TO TROUBLESHOOTER THEN TO THE PAINT LABORATORY WHERE HE OBVIOUSLY HAS SHINED MR MOL DOESN'T SHARE SPACE WITH OTHER CUSTOM PROGRAMS FABRICS AND STAINS IN HIS COMPANY'S 111 MILLION PYRAMIDSHAPED DESIGN CENTER HE HAS A COLORLESS LITTLE OFFICE IN A NOISY FURNITUREASSEMBLY PLANT SOMETIMES IT'S HARD TO BE CREATIVE HE YELLS OVER THE ROARING MACHINES AND WHEN HIS NINEHOUR DAY IS DONE MR MOL WHO WON'T SAY HOW MUCH HE IS PAID TRIES TO LEAVE HIS COLOR EYE AT THE OFFICE SOMETIMES THAT DOESN'T WORK I DRIVE MY WIFE CRAZY WHEN SHE WANTS TO REDECORATE HE SAYS WHEN SHELLEY MOL CHOSE TO PAINT A HALLWAY WHITE SHE RECALLS MARK LOOKED AT ME AS IF I WAS CRAZY HE ASKED WHAT DO YOU MEAN WHITE THERE ARE SO MANY WHITES' IT TOOK WEEKS FOR THE TWO OF THEM TO AGREE ON ANTIQUE WHITE THE COLOR MR MOL WAS PLUMPING FOR MR MOL HAD HOPED TO PASS HIS KEENNESS OF EYE ON TO HIS THREE CHILDREN BUT SAD TO SAY WHILE HIS SONS SHARE THEIR DAD'S ENTHUSIASM ALL THREE ARE COLORBLIND SAYS MR MOL THEY CAN'T TELL BROWN FROM BLUE FROM BLACK 9309230076 930923 PRIMERICA' TO BE REPLACED BY A USERFRIENDLY NAME THAT'S IT PRIMERICA NOT PRIMAMERICA AND NOT PRIMEAMERICA BUT DON'T WORRY THE CORPORATE NAME FROM HELL IS ABOUT TO BITE THE DUST PRIMERICA CORP WHICH ALREADY OWNS 27 OF TRAVELERS CORP SAID IT PLANS TO TAKE OVER THE REST OF THE INSURER IN A TRANSACTION VALUED AT ABOUT 4 BILLION WHEN THE DEAL IS DONE THE NEW COMPANY WILL SHED ITS PRIMERICA MONIKER AND BE KNOWN AS TRAVELERS THERE ARE NO TEARS BEING SHED AT PRIMERICA MANY EMPLOYEES OF THE FINANCIAL SERVICES COMPANY DISLIKED THE NAME AND WILL BE HAPPY TO SEE IT GO SAYS A PRIMERICA EXECUTIVE IT NEVER GENTLY FELL OFF ANYBODY'S LIPS DON'T TELL THAT TO CLIVE CHAJET HE'S CHAIRMAN OF LIPPINCOTT & MARGULIES INC AN IDENTITYIMAGE CONSULTING FIRM THAT CONCOCTED PRIMERICA IN 1987 NAMING IS THE KIND OF SUBJECT THAT EVERYONE HAS AN OPINION OF HE SAYS PRIMERICA IS A NAME WE'RE PARTICULARLY PROUD OF PRIMERICA WAS BORN AFTER ITS PREDECESSOR COMPANY AMERICAN CAN CO SOLD ITS PACKAGING DIVISION AND NAME IN 1987 TO TRIANGLE INDUSTRIES AMERICAN CAN'S THENCHAIRMAN GERALD TSAI WANTED A NEW NAME FOR HIS FINANCIAL SERVICES FIRM THAT DIDN'T REPRESENT ANY SINGLE PRODUCT WHEN SANFORD I WEILL THROUGH HIS COMMERCIAL CREDIT CO BOUGHT PRIMERICA IN 1988 HE KEPT THE NAME WE THOUGHT THE NAME HAD GOOD IMAGERY MR CHAJET SAYS WITH PRIME BEING BEST AND AMERICA COMING FROM AMERICAN CAN CHOOSING CORPORATE NAMES CAN BE A COSTLY BUSINESS THE CHARGE FOR PRIMERICA 9309230075 930923 INTERNATIONAL US OFFICIALS HEARTENED BY BACKING FOR YELTSIN WASHINGTON US OFFICIALS ARE DELIGHTED BY WHAT THEY DESCRIBED AS BORIS YELTSIN'S STRONG SHOWING YESTERDAY AS FAR AS WE'RE CONCERNED THERE IS ONE AND ONLY ONE GOVERNMENT IN RUSSIA AND YELTSIN IS IN CONTROL SAID A TOP US AIDE SECRETARY OF STATE WARREN CHRISTOPHER TELEPHONED HIS RUSSIAN COUNTERPART ANDREI KOZYREV AND TOLD HIM WE WANT TO BE THERE FOR YOU WHEN YOU NEED US ANOTHER SENIOR US OFFICIAL SAID AT THE SAME TIME THE CLINTON ADMINISTRATION MOUNTED WHAT THAT OFFICIAL CALLS A FULL BORE CAMPAIGN TO RALLY INTERNATIONAL SUPPORT FOR MR YELTSIN MONDAY NIGHT SOON AFTER HIS TELEPHONE CONVERSATION WITH MR YELTSIN PRESIDENT CLINTON TELEPHONED GERMAN CHANCELLOR HELMUT KOHL TO URGE HIM TO THROW HIS SUPPORT BEHIND THE RUSSIAN LEADER THE PRESIDENT SENT LETTERS WITH THE SAME MESSAGE TO THE OTHER LEADERS OF THE GROUP OF SEVEN INDUSTRIALIZED NATIONS THE STATE DEPARTMENT ALSO CABLED MORE THAN 100 US EMBASSIES DIRECTING AMBASSADORS TO CARRY THE WORD TO THEIR HOST GOVERNMENTS WITH THE EXCEPTION OF CHINA WHICH HAS BEEN NONCOMMITTAL THE RESPONSE HAS BEEN NEAR UNIVERSAL SUPPORT THE TOP US AIDE SAID EVEN SO THE CLINTON ADMINISTRATION WON'T PRESS THE INTERNATIONAL MONETARY FUND TO RELAX ITS LENDING CRITERIA IN MR YELTSIN'S HOUR OF CRISIS BUT IF RUSSIA TAKES STEPS TO GET ITS ECONOMIC HOUSE IN ORDER 15 BILLION IN STALLED LENDING COULD BE AVAILABLE AS EARLY AS DECEMBER 9309230073 930923 MERCEDES TO CUT PRICES AS MUCH AS 148 ON SOME BESTSELLING MODELS FOR 1994 BY OSCAR SURIS STAFF REPORTER OF THE WALL STREET JOURNAL MERCEDESBENZ OF NORTH AMERICA INC TRYING TO POSITION ITSELF AS A VALUE PLAYER IN A SLUGGISH US MARKET FOR LUXURY CARS SAID IT'S CUTTING PRICES AS MUCH AS 148 ON SOME OF ITS BESTSELLING AUTOMOBILES FOR THE 1994 MODEL YEAR THE MONTVALE NJ SALES UNIT FOR GERMANY'S MERCEDESBENZ AG SAID THE PRICE OF ITS SIXCYLINDERPOWERED E320 SEDAN WOULD START AT 42500 A 148 CUT FROM A YEAR AGO WHEN THE VEHICLE KNOWN THEN AS A 300E SEDAN SOLD FOR 49900 THE NAME CHANGES ARE PART OF A NEW SIMPLER CLASSIFICATION SYSTEM MERCEDES IS INTRODUCING THIS YEAR MERCEDESBENZ IS A SUBSIDIARY OF DAIMLERBENZ AG THE AUTO MAKER'S V8POWERED E420 SEDAN WILL BE PRICED AT 51000 A 96 CUT FROM THE COMPARABLE 400E SEDAN PRICED AT 56400 THE PRICING MOVES COME JUST AS MERCEDESBENZ PREPARES TO LAUNCH ITS NEW C CLASS LINE OF LUXURY CARS THIS FALL WHICH REPLACE THE AUTO MAKER'S FORMER ENTRYLEVEL 190 SEDAN PRICING FOR THE NEW ENTRYLEVEL C CLASS A FOURCYLINDERPOWERED C220 SEDAN BEGINS AT 29900 THAT'S ROUGHLY THE SAME PRICE AS FOR THE OLD 190 LINE MERCEDESBENZ SAID IT HOPES TO BROADEN ITS CUSTOMER BASE WITH THE VALUEPRICED CLASS OF CARS WE KNOW THAT WE NEED TO BE PRICED TO THE MARKET SAID A MERCEDESBENZ SPOKESMAN THE COMPANY ADDED THAT AGGRESSIVE COSTCUTTING ACTIONS TAKEN BY ITS PARENT IN GERMANY DURING THE PAST YEAR HELPED TRIM OPERATION AND PRODUCTION COSTS LAST MONTH MERCEDESBENZ SAID IT WILL SLASH 14000 MORE JOBS FROM ITS GERMAN OPERATIONS NEXT YEAR AFTER ALREADY CUTTING THE SAME AMOUNT IN 1992 AND IT IS MOVING AHEAD WITH PLANS TO CUT ANOTHER 8400 JOBS THIS YEAR THE COMPANY ALSO IS EXPECTED TO ANNOUNCE NEXT WEEK THE SITE FOR A USBASED ASSEMBLY PLANT THE NEW PLANT IS EXPECTED TO REDUCE HIGH PRODUCTION COSTS INDUSTRY ANALYSTS SAID THE PRICING MOVES NOW ALLOW MERCEDESBENZ TO ADDRESS ITS REPUTATION FOR FIELDING VEHICLES THAT ARE OVERENGINEERED AND OVERPRICED FOR A MARKETPLACE THAT NO LONGER PLACES A PREMIUM ON LUXURY FOR LUXURY'S SAKE THE COMPANY IS RECOGNIZING THAT VALUE IS A VIRTUE IN THE 1990S AND THAT IT IS NOT INCONSISTENT WITH PRESTIGE OR STATUS SAID SUSAN G JACOBS AN AUTO INDUSTRY ANALYST WITH JACOBS & ASSOCIATES BASED IN RUTHERFORD NJ THROUGH AUGUST MERCEDESBENZ SALES IN THE US WERE OFF BY 9 AS THE AUTO MAKER HAS HAD TO COPE WITH A MARKET FOR LUXURY CARS THAT HAS BEEN HURT BY THE LUXURY TAX ON SUCH AUTOMOBILES AND THE ECONOMIC UNCERTAINTY THAT CONTINUES TO AFFECT MANY BIGTICKET PURCHASES OUR MARKET RESEARCH CONFIRMS THAT SINCE 1989 LUXURY INTENDERS HAVE PLACED PRACTICALITY AND AFFORDABILITY HIGHER ON THEIR LIST OF DESIRED VEHICLES ATTRIBUTES SAID JOHN GRETTENBERGER WHO AS GENERAL MANAGER OF GENERAL MOTORS CORP'S CADILLAC DIVISION STROVE TO KEEP THE PRICE OF ITS REDESIGNED CADILLAC DEVILLE UNDER 40000 HE ADDED IF YOU LOOK AT SOME OF THE GREAT CARS IN THE WORLD THEY'VE PRICED THEMSELVES OUT OF THE MARKET JUST LOOK AT MERCEDES 9309230072 930923 MARKETING & MEDIA MOVIE'S ADS ARE PULLED BECAUSE OF OBJECTIONS TO DRUG REFERENCES LOS ANGELES AP A HOLLYWOOD STUDIO YANKED TELEVISION AND NEWSPAPER ADVERTISEMENTS FOR THE NEW MOVIE DAZED AND CONFUSED BECAUSE DRUG REFERENCES VIOLATED MOTION PICTURE ASSOCIATION OF AMERICA GUIDELINES THE MPAA IS TAKING A HARD LINE WITH ANYTHING THAT HAS TO DO WITH DRUGS SAID RUSSELL SCHWARTZ PRESIDENT OF GRAMERCY PICTURES WHICH IS RELEASING THE LOWBUDGET HIGH SCHOOL COMEDY ABOUT THE DRUGCRAZED 1970S GRAMERCY IS A JOINT VENTURE BETWEEN MATSUSHITA ELECTRIC INDUSTRIAL CO'S UNIVERSAL PICTURES AND PHILIPS ELECTRONICS NV'S POLYGRAM FILMED ENTERTAINMENT THE MOVIE'S MARKETING CAMPAIGN IS BUILT AROUND SUGGESTIVE SLOGANS SUCH AS SEE IT WITH A BUD THE FILM EVERYBODY IS TOKING ABOUT AND HAVE A NICE DAZE THE MPAA OBJECTED TO THE LINE FINALLY A MOVIE FOR EVERYONE WHO DID INHALE A PARODY OF PRESIDENT CLINTON'S CAMPAIGN ADMISSION THAT HE SMOKED MARIJUANA BUT DIDN'T BREATHE IN THE MPAA APPROVES ALL ADVERTISING ON A MOVIE FOR WHICH IT ISSUES A RATING THE RATING SYSTEM IS VOLUNTARY BUT IF A STUDIO USES IT ALL GUIDELINES MUST BE MET OR IT WILL LOSE ITS RATING THE MOVIE OPENS FRIDAY IN 15 CITIES 9309230071 930923 TECHNOLOGY STORAGETEK SAYS IT WON'T MEET PROFIT FORECASTS BY ROBERT TOMSHO STAFF REPORTER OF THE WALL STREET JOURNAL LOUISVILLE COLO IN YET ANOTHER DISAPPOINTING DISCLOSURE STORAGE TECHNOLOGY CORP SAID IT EXPECTS THIRDQUARTER RESULTS TO BE FAR BELOW ANALYSTS' EXPECTATIONS THE MAKER OF DATASTORAGE PRODUCTS SAID IT EXPECTS TO REPORT A 25 MILLION LOSS FROM OPERATIONS AND A ONETIME 80 MILLION CHARGE FOR RESTRUCTURING AND OTHER CHARGES FOR THE PERIOD WHICH ENDS TOMORROW A STORAGE TECHNOLOGY SPOKESMAN DECLINED TO PROVIDE PERSHARE ESTIMATES BUT SAID THE COMPANY CURRENTLY HAS ABOUT 42 MILLION SHARES OUTSTANDING THAT WOULD MEAN AN INDICATED OPERATING LOSS OF ABOUT 59 CENTS A SHARE FOR THE PERIOD AND AFTER THE ONETIME CHARGE AN INDICATED NET LOSS OF ABOUT 250 A SHARE INDUSTRY ANALYSTS HAD BEEN PROJECTING A NET LOSS OF ABOUT 15 CENTS A SHARE FOR THE PERIOD IN THE YEARAGO THIRD QUARTER STORAGETEK HAD NET INCOME OF 41 MILLION OR 10 CENTS A SHARE ON REVENUE OF 3871 MILLION THE COMPANY SAID IT EXPECTS TO REPORT ITS RESULTS IN MIDOCTOBER A COMPANY SPOKESMAN SAID THE DISAPPOINTING RESULTS WERE HEAVILY THE RESULT OF SHRINKING MARGINS AND SLOWER REVENUES IN THE MIDRANGE MARKET BUT DECLINED TO PROVIDE DETAILS STORAGE TECHNOLOGY MAKES A VARIETY OF DATA STORAGE PRODUCTS FOR MIDSIZED COMPUTERS THE SPOKESMAN ALSO SAID THAT SALES CONTINUE TO BE SLOW IN RECESSIONBATTERED EUROPE WHICH ACCOUNTS FOR ABOUT 30 OF THE COMPANY'S ANNUAL REVENUE THE COMPANY SAID THE 80 MILLION RESTRUCTURING CHARGE IS PRIMARILY THE RESULT OF EFFORTS TO RESTRUCTURE AND SHRINK ITS OPERATIONS IN THE HIGHLY COMPETITIVE MARKET FOR MIDSIZE COMPUTER PRODUCTS STORAGETEK SAID IT PLANS TO TAKE WRITEDOWNS FOR CERTAIN MIDRANGE PRODUCTS THAT WILL BE ELIMINATED OR DEEMPHASIZED BUT THE SPOKESMAN DECLINED TO IDENTIFY THE PRODUCTS THE COMPANY ALSO SAID IT PLANS TO REDUCE ITS 10000EMPLOYEE WORK FORCE BY ABOUT 200 WORKERS RYAL R POPPA CHAIRMAN PRESIDENT AND CHIEF EXECUTIVE OFFICER SAID THE COMPANY'S ACTIONS WOULD RESULT IN EXPENSE REDUCTIONS OF ABOUT 10 MILLION IN THE FOURTH QUARTER AND ABOUT 40 MILLION IN 1994 MR POPPA SAID THE COMBINATION OF NEW PRODUCTS AND ONGOING COST REDUCTIONS SHOULD LEAD TO IMPROVED PROFITABILITY BUT PROVIDED NO ESTIMATES HE SAID THE COMPANY STILL PLANS TO BEGIN PRODUCTION OF ITS LONGDELAYED ICEBERG DISKSTORAGE SYSTEM DURING THE FOURTH QUARTER ALTHOUGH THE COMPANY HAS SAID IT DOESN'T EXPECT SIGNIFICANT REVENUE FROM THE PRODUCT UNTIL 1994 PRODUCT DELAYS HIGH RESEARCH COSTS AND SLUGGISH SALES HAVE LED TO A HOST OF TROUBLES FOR STORAGETEK WHICH HAS BEEN HIT BY SHAREHOLDERS' LAWSUITS AND REGULATORY INVESTIGATIONS MEANWHILE THE COMPANY HAS SEEN ITS STOCK TUMBLE FROM AS HIGH AS 78 IN FEBRUARY 1992 TO AROUND 30 IN RECENT WEEKS STORAGE TECHNOLOGY'S ANNOUNCEMENT YESTERDAY CAME AFTER THE CLOSE OF TRADING ON WALL STREET WHERE ITS STOCK CLOSED AT 2825 UP 75 CENTS IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE 9309230070 930923 OBSTACLE TO REFORM ROOTED IN SOVIET PAST RUSSIA'S CENTRAL BANK LACKS GRASP OF BASICS AS YELTSIN AND PARLIAMENT VIE FOR ECONOMIC CONTROL MONETARY POLICY DRIFTS CHEAP CREDIT FOR FAVORED FEW BY CLAUDIA ROSETT STAFF REPORTER OF THE WALL STREET JOURNAL MOSCOW AT HEART RUSSIA'S DRAMATIC CLASH BETWEEN PRESIDENT BORIS YELTSIN AND PARLIAMENT IS A BATTLE TO DECIDE WHO SETS ECONOMIC POLICY IN THE STRUGGLE TO RECOVER FROM 74 YEARS OF SOVIET MISRULE CHIEF AMONG THE TROPHIES WILL BE CONTROL OF RUSSIA'S CENTRAL BANK AUTHORITY OVER THE BANK CONFERRED ON PARLIAMENT BY RUSSIA'S BREZHNEVERA CONSTITUTION HAS BEEN A VITAL SOURCE OF THE SOVIETINSTALLED LEGISLATURE'S FUNDING AND POWER AND OF ITS ABILITY TO THWART MR YELTSIN'S REFORMS AS MR YELTSIN HAS PUSHED RUSSIA TOWARD THE WORLD MARKETPLACE THE CENTRAL BANK UNDER PARLIAMENT'S APPROVING HAND HAS PULLED THE OTHER WAY TO KEEP MONETARY AND CREDIT POLICY ROOTED IN SOVIET PRACTICE THAT ATTITUDE IS NOT OBVIOUS FROM A LOOK AT THE LIVELY REMODELING GOING ON INSIDE THE BANK'S HEADQUARTERS FRESHLY SANDED PARQUET FLOORS BOOKSHELVES FROM ITALY PUSHBUTTON PHONES AND COLORSCREEN COMPUTERS HAVE REPLACED MUCH OF THE DINGY SOVIETERA DECOR BUT SUPERFICIAL TRAPPINGS SUM UP THE NATURE OF REFORMS AT RUSSIA'S CENTRAL BANK SINCE CHAIRMAN VIKTOR GERASHCHENKO TOOK CHARGE IN JULY 1992 IN ANY MODERN ECONOMY THE MISSION OF THE CENTRAL BANK IS TO ENSURE A STABLE CURRENCY IN RUSSIA'S ATTEMPTS AT A MARKET ECONOMY THE CENTRAL BANK HAS CONTINUED TO BEHAVE AS IF ITS MAIN JOB WERE TO ENSURE THE STABILITY OF ITS OWN SOVIETTRAINED BUREAUCRACY THOUGH EMPOWERED TO OVERSEE BANKING REFORM RUSSIA'S CENTRAL BANK HAS FAILED TO PROMOTE ANY BROADLY USEFUL FINANCIAL INSTRUMENT BEYOND THE INFLATING RUBLE THE CENTRAL BANK SHOULD BE REALLY THINKING ABOUT INTERESTRATE POLICY REALLY TRYING TO CREATE SHORTTERM MONEY MARKETS INTERBANK DEPOSIT MARKETS TRYING TO CREATE NORMAL REFINANCING MECHANISMS FOR THE COMMERCIAL BANKS SAYS FINANCE MINISTER BORIS FYODOROV BUT THEY'RE NOT DOING IT LAMENTS ONE SENIOR RUSSIAN COMMERCIAL BANKER WE DON'T HAVE ANY LETTERS OF CREDIT WE DON'T HAVE CHECKS OR NORMAL COLLECTION WE DON'T HAVE A CLEARING HOUSE IN EFFECT THEY DON'T HAVE ANY BANKS SUMS UP ONE SENIOR WESTERN OFFICIAL AS ANOTHER LEGACY OF SOVIET MANAGEMENT THE BANK HAS NO CLEAR PROCEDURE FOR MAKING DECISIONS THERE IS NO REGULAR SCHEDULE FOR BOARD MEETINGS ASKED IF THE BOARD VOTES ON MAJOR DECISIONS CENTRAL BANK PRESS SECRETARY ALEXEI SITNIN SAYS AFTER ALL THE BOARD IS NOT A PARLIAMENT ACCORDING TO VYACHESLAV SOLOVOV ONE OF THE BANK'S EIGHT DEPUTY CHAIRMEN AND A GRAYHAIRED VETERAN OF THREE DECADES OF SOVIET STATE BANKING WESTERN BANKERS HAVE BEEN UNABLE TO UNDERSTAND THE PECULIARITY OF OUR APPROACH IT IS THIS KIND OF PECULIARITY THAT MR YELTSIN AIMS TO SET STRAIGHT WITH HIS DECREE ISSUED TUESDAY THAT THE CENTRAL BANK WILL STOP ANSWERING TO PARLIAMENT AND START ANSWERING TO THE PRESIDENT BANK CHAIRMAN GERASHCHENKO HAS AGREED TO THIS NEW ARRANGEMENT ACCORDING TO FIRST DEPUTY PRIME MINISTER YEGOR GAIDAR A REFORMER WHO ONLY LAST WEEK REJOINED THE GOVERNMENT MR YELTSIN WEDNESDAY CONFIRMED BY DECREE THAT MR GERASHCHENKO WILL STAY AS HEAD OF THE CENTRAL BANK BUT CHANGE UNDER HIM WILL NOT COME EASILY WITH 45000 STAFFERS IN 84 BRANCHES NATIONWIDE THE BANK'S DUGIN BUREAUCRACY HAS YET TO GET A PROFESSIONAL GRIP ON A BASIC INSTRUMENT OF ANY MARKET ECONOMY MONEY MR FYODOROV LAMENTED IN A RECENT INTERVIEW THE PROBLEM WITH THE CENTRAL BANK IS THAT THERE ARE PRACTICALLY NO CENTRAL BANKERS OVER THERE JEFFREY SACHS A HARVARD ECONOMIST AND CONSULTANT TO THE RUSSIAN GOVERNMENT IS BLUNTER I BELIEVE ON CLOSE ANALYSIS THAT GERASHCHENKO MAY BE THE WORST CENTRAL BANK GOVERNOR IN HISTORY THE MOST VISIBLE OF MANY SIGNS OF ROT IN THE CENTRAL BANK HAS BEEN RUSSIA'S RAMPAGING INFLATION RATE THE ANNUAL INFLATION RATE SOARED TO ROUGHLY 2500 IN 1992 FROM 144 IN 1991 MOSTLY ON MR GERASHCHENKO'S WATCH THE RUBLE TOOK A CORRESPONDING DIVE DROPPING FROM 200 PER DOLLAR A YEAR AGO TO A LOW OF 1116 PER DOLLAR THIS JUNE AFTER STEADYING FOR A WHILE THIS SUMMER AT AROUND 1000 TO THE DOLLAR THE RUBLE HAS SLID AGAIN THIS MONTH TRADING AT 1036 TO THE DOLLAR TUESDAY AND DROPPING TO 1102 WEDNESDAY ON NEWS OF THE CURRENT CRISIS THE SLIDE IS LIKELY TO CONTINUE FUELED BY PARLIAMENT'S PUSHING FOR 1994 DEFICIT SPENDING TWICE THAT BUDGETED BY THE FINANCE MINISTRY AND INFLATION PERSISTING AT AN ALARMING ANNUAL RATE OF ABOUT 800 OVERSEEING THE RUBLE'S ACROBATICS IS THE 56YEAROLD MR GERASHCHENKO WHO FROM 1989 UNTIL THE SOVIET UNION'S COLLAPSE IN 1991 SERVED AS CHAIRMAN OF THE SOVIET STATE BANK GOSBANK THE RUSSIAN CENTRAL BANK ROSE FROM GOSBANK'S ASHES SOME WHO KNOW MR GERASHCHENKO DESCRIBE HIM AS AN ENGAGING PUNSTER FLUENT IN ENGLISH AND VERSED IN BANKING JARGON THAT HE POLISHED DURING EARLIER SOVIET BANKING STINTS ABROAD IN PLACES LIKE LONDON AND SINGAPORE BUT SOME BUSINESS ACQUAINTANCES ALSO DESCRIBE HIM AS EVASIVE IN ANSWERING QUESTIONS MR GERASHCHENKO AMID RUSSIA'S ATTEMPTS AT REFORM HAS CONTINUED TO DISPUTE THE WIDELY ACCEPTED IDEA THAT MONEY SUPPLY AFFECTS INFLATION IN A CHARACTERISTIC COMMENT THIS PAST JUNE MR GERASHCHENKO WHO DECLINED TO BE INTERVIEWED FOR THIS ARTICLE TOLD A RUSSIAN TELEVISION AUDIENCE IT'S IMPOSSIBLE TO APPLY ECONOMIC THEORY TO RUSSIA UNTIL MR YELTSIN'S DECREE TUESDAY MR GERASHCHENKO HAS HAD LITTLE INCENTIVE TO UPDATE HIS IDEAS IN MODERN MARKET ECONOMIES CENTRAL BANKS TEND TO WORK AS INDEPENDENT INSTITUTIONS WITH GOVERNORS SERVING FIXED TERMS THE AIM IS TO INSULATE CENTRAL BANKERS FROM THE DEMANDS OF SPENDTHRIFT POLITICIANS BUT IN RUSSIA NOT ONLY HAS THE CENTRAL BANK ANSWERED TO PARLIAMENT BUT GOVERNORS SERVE FOR INDEFINITE TERMS PARLIAMENT APPOINTED MR GERASHCHENKO AND ONLY PARLIAMENT HAS HAD THE POWER TO FIRE HIM THE CENTRAL BANK UNDER HIS DIRECTION HAS BEEN HANDING OUT CREDIT AT DIRTCHEAP RATES TO SECTORS OF THE ECONOMY THAT PARLIAMENT FAVORS NAMELY HUGE UNPROFITABLE STATE ENTERPRISES AND SECTORS SUCH AS FARMING AND THE COAL INDUSTRY ACCUSTOMED TO GOBBLING SUBSIDIES UNDER THE SOVIET SYSTEM MUCH CHEAP CREDIT ALSO HAS GONE TO THE CENTRAL BANKS OF THE NEWLY INDEPENDENT REPUBLICS IN THE COMMONWEALTH OF INDEPENDENT STATES BANKS THAT ARE THEMSELVES SPUN OFF FROM GOSBANK AS SOLE CIS ISSUER OF RUBLE BANKNOTES RUSSIA'S CENTRAL BANK REMAINS TOP DOG AMONG THE CENTRAL BANKS OF THE FORMER SOVIET UNION BUT ITS LEADERSHIP ROLE LEAVES IT ESPECIALLY VULNERABLE TO POWERFUL LOBBIES OF RUSSIAN ENTERPRISES WITH CUSTOMERS IN OTHER CIS COUNTRIES SEEKING SUBSIDIZED CREDIT WE HAVE VERY STRONG LOBBIES IN THE GOVERNMENT AND PARLIAMENT FROM NONEFFECTIVE SECTORS OF THE ECONOMY SAYS GEORGY MATYUKHIN THE FORMER CENTRAL BANK CHAIRMAN TO SATISFY THESE LOBBIES THE CENTRAL BANK HAS IGNORED WHAT SHOULD BE ONE OF ITS MAIN JOBS IN A MARKET ECONOMY TO ACT AS A LENDER OF LAST RESORT INSTEAD RUSSIA'S CENTRAL BANK LENDS TO A HANDFUL OF FORMER DIVISIONS OF THE OLD GOSBANK AT RATES WELL BELOW INFLATION THE FORMER GOSBANK DIVISIONS HAVE BEEN REBORN AS FOR INSTANCE BANKS FOR AGRICULTURE OR CONSTRUCTION BUT MANY OF THEM ARE JUST OLD CENTRAL BANK DEPARTMENTS IN A NEW PACKAGE SAYS GRIGORY YAVLINSKY ARCHITECT OF THE GORBACHEV ERA'S 500DAY PLAN FOR MARKET REFORM MR YAVLINSKY NOW HEADS AN ECONOMIC THINK TANK IN MOSCOW GUARDING SECRETS THESE QUASIPUBLIC BANKS SERVE AS CONDUITS FOR BARGAINPRICE CREDIT TO SECTORS WITH STRONG LOBBIES IN PARLIAMENT SO IN EFFECT THE CENTRAL BANK HAS BEEN PLAYING MIDDLEMAN FOR A PARLIAMENTDRIVEN INDUSTRIAL POLICY THIS IS A ROLE RESERVED IN DEVELOPED ECONOMIES FOR THE PEOPLE WHO DRAW UP THE BUDGET SO THAT THE PUBLIC CAN HAVE SOME CLUE WHO IS GETTING THE STATE FUNDS BUT NOT HERE RUSSIA'S CENTRAL BANK IS SECRETIVE BEYOND EVEN THE CUSTOM OF MODERN CENTRAL BANKING THE INTERNATIONAL MONETARY FUND WHOSE 24 REPRESENTATIVES IN RUSSIA MAKE UP ITS LARGEST RESIDENT MISSION IN THE WORLD HAS NOT BEEN ALLOWED TO SET UP OFFICES INSIDE THE CLIENT COUNTRY'S CENTRAL BANK INSTEAD THE IMF HAS BEEN RELEGATED TO A SKYSCRAPER DOWN THE ROAD EVEN FINANCE MINISTER FYODOROV COMPLAINS THAT THE CENTRAL BANK IS VERY VERY CAGEY IN GIVING OUT INFORMATION FOREIGNERS WHO HAVE DEALT WITH MR GERASHCHENKO DESCRIBE HIM AS A NATURAL CENTRAL PLANNER WHO TENDS TO FOCUS NOT ON CREDIT MARKETS AND CURRENCY VALUES BUT ON HIS IDEAS OF RUSSIA'S NEED FOR TONS OF STEEL AND KILOMETERS OF ROPE SAYS ONE SENIOR WESTERN OFFICIAL MR FYODOROV SPECULATES THAT BEYOND PARLIAMENTARY PRESSURES THE DEEPER REASON FOR MR GERASHCHENKO'S POLICIES IS PROBABLY THE CONVICTION THAT THE SOVIET UNION CAN BE RESURRECTED ANOTHER CLUE THAT THE BANK HAS NOT TUNED IN TO MARKET ECONOMICS WAS THE RUBLE EXCHANGE POLICY THAT SURPRISED BOTH THE RUSSIAN PUBLIC AND THE IMF THIS SUMMER IN A CONFISCATORY MOVE WORTHY OF SOVIET TIMES THE CENTRAL BANK ANNOUNCED ON JULY 24 IT WAS INVALIDATING ALL PRE1993 RUBLE BANKNOTES UNTIL MR YELTSIN SOFTENED THE TERMS RUSSIANS WERE TOLD THEY HAD JUST TWO WEEKS TO SWAP A MAXIMUM OF 35000 OLD RUBLES ABOUT 35 FOR NEW SOME EXPERTS ON THE RUSSIAN ECONOMY SUCH AS A SWEDISH CONSULTANT TO THE FINANCE MINISTRY ANDERS ASLUND CHARGED THAT THE REAL POINT OF THE RUBLE EXCHANGE WAS TO COVER UP CORRUPTION INVOLVED IN SHIPMENTS OF CASH TO OTHER CIS NATIONS AND POSSIBLY FOR CENTRALBANK INSIDERS TO PROFIT ON THE SCRAMBLE TO UNLOAD OLD RUBLES TALES OF CORRUPTION ARE RIFE ABOUT THE CENTRAL BANK WHERE THE SECRECY DISCRETIONARY CHEAP LOANS AND A PEATBOG OF PAPERWORK CREATE RICH GROUND FOR GRAFT AND FRAUD A CONFIDENTIAL COOPERS & LYBRAND AUDIT THIS YEAR AS DESCRIBED BY SOME GOVERNMENT INSIDERS FOUND IT IMPOSSIBLE TO RECONCILE THE BANK'S 1992 ACCOUNTS WITH THOSE OF 1991 IN A PASSAGE FROM THE REPORT QUOTED BY MR GERASHCHENKO HIMSELF IN A STATEMENT BEFORE PARLIAMENT THIS JULY COOPERS & LYBRAND SAID THERE WERE ABUSES CONNECTED WITH A VERY HIGH LEVEL OF UNACCOUNTEDFOR SUMS BOTH FOR ACCOUNTS WITHIN RUSSIA AND BETWEEN MEMBERS OF THE COMMONWEALTH OF INDEPENDENT STATES IN RUBLES AND IN FOREIGN CURRENCY AT THE MOST ORDINARY LEVEL COMMERCIAL BANKERS IN RUSSIA COMPLAIN LAVISHLY THOUGH ANONYMOUSLY ABOUT THE PAYOFFS REQUIRED TO KEEP INTERBANK TRANSACTIONS MOVING THROUGH THE CENTRAL BANK SETTLEMENTS DEPARTMENT BASED ON FIRSTHAND ANECDOTES FROM BUSINESSMEN HERE MR ASLUND THE ECONOMIST FIGURES THAT THE AVERAGE BRIBE NEEDED TO PRODUCE COOPERATION FROM THE CENTRAL BANK AMOUNTS TO ABOUT 15 OF THE REQUESTED TRANSACTION PERHAPS BECAUSE IT IS MORE LUCRATIVE FOR THE BUREAUCRACY TO COLLECT BRIBES THAN TO MODERNIZE RUSSIA'S CENTRAL BANK OFFICIALS HAVE YET TO GRASP THE CONCEPT OF A CLEARING SYSTEM DESIGNED TO HANDLE LARGE VOLUMES OF TRANSFERS IT CAN STILL TAKE SEVERAL MONTHS TO GET MONEY FROM ONE PART OF RUSSIA TO THE OTHER SAYS ONE WESTERN BANKER BASED HERE THE HEAD OF THE CENTRAL BANK SETTLEMENTS DEPARTMENT HERSELF DEPUTY CHAIRMAN TATIANA PAROMONOVA RECENTLY TOLD A RUSSIAN MAGAZINE DELOVIE LYUDI THAT THE CURRENT SITUATION IS PERHAPS NOT UNLIKE THE RUSSIAN HORSEDRAWN POSTAL SERVICE IN OPERATION AT THE TURN OF THE CENTURY PEOPLE PAY THE BRIBES BECAUSE BEYOND THE CENTRAL BANK SETTLEMENTS DEPARTMENT THERE IS LITTLE RECOURSE FOR BUSINESSPEOPLE BUT TO HAUL PILES OF CASH AROUND RUSSIA THE HIGHEST DENOMINATION BILL RIGHT NOW IS 50000 RUBLES OR ABOUT 50 IN THE CLIMATE OF CHRONIC MONETARY AND POLITICAL UNCERTAINTY RUSSIA'S 1800 OR SO INFANT COMMERCIAL BANKS ARE LARGELY AFRAID TO TRUST EACH OTHER WITH FUNDS ALL THIS IS A LEGACY OF THE 1917 COMMUNIST REVOLUTION ONE OF LENIN'S FIRST PROJECTS WAS TO ATTACK MONEY AND BANKING BY FOLDING ALL BANKS INTO ONE STATE MONOLITH AND ISSUING ENOUGH MONEY TO DEVALUE CURRENCY INTO WASTEPAPER THE SOVIET UNION UNTIL THE 1990S REMAINED BASICALLY A BARTER ECONOMY THE RUBLE THAT EMERGED AS SOVIET MONEY SERVED MAINLY AS AN ACCOUNTING UNIT TO HELP CENTRAL PLANNERS TALLY THE MATERIALS THEY WERE SHOVELING AROUND INSIDE THE SOVIET UNION SOON AFTER THE SOVIET UNION'S DISINTEGRATION IN 1991 MR GAIDAR IN HIS FIRST STINT AS LEADER OF MR YELTSIN'S REFORM TEAM FREED PRICES AND BEGAN REINTRODUCING PRIVATE PROPERTY FOR REAL MARKETS PEOPLE NEEDED REAL MONEY SUDDENLY THE CENTRAL BANK WAS CALLED UPON TO DISTINGUISH BETWEEN STATE AND PRIVATE FUNDS IT BECAME VISIBLY DISASTROUS FOR EXAMPLE TO GO ON TOSSING UNPAID BILLS FROM STATE ENTERPRISES INTO A CENTRAL BANK DRAWER CALLED FILE 2 AND THEN CLEAR THESE ARREARS WITH BOOKKEEPING ENTRIES IN MOSCOW THE BILLS BEGAN TO REPRESENT REAL MONEY RATHER THAN ENTRIES ON PAPER THEIR INDISCRIMINATE USE FED INFLATION THE UPSIDE OF THE CENTRAL BANK'S VAGUE INTERNAL ARRANGEMENTS HAS BEEN THAT IN AT LEAST ONE OF THE TWO DIVISIONS HEADED BY REFORMMINDED CIVIL SERVANTS DEPUTY CHAIRMEN DMITRY TULIN AND SERGEI IGNATIEV THERE HAS BEEN SOME PROGRESS WITH THE HELP OF THE RUSSIANAMERICAN BANKERS FORUM AN AMERICAN ADVISORY GROUP SET UP UNDER GERALD CORRIGAN FORMER HEAD OF THE NEW YORK FEDERAL RESERVE BANK MR TULIN'S STAFF MANAGED THIS MAY TO LAUNCH RUSSIA'S FIRST TREASURY BILLS THE AMOUNTS AUCTIONED HAVE BEEN FAR TOO SMALL TO AFFECT THE RUSSIAN ECONOMY BUT TO THE EXTENT THAT THESE TREASURY BILLS SYMBOLIZE A MOVE TOWARD GENUINE FINANCIAL MARKETS MR TULIN WAS RIGHT TO COMPARE THEIR LAUNCH TO THE SOVIET UNION'S FIRST SPACE SHOT THE MORE IMPORTANT PRESSURES ON THE CENTRAL BANK HAVE COME FROM MR FYODOROV'S FINANCE MINISTRY AND INTERNATIONAL AGENCIES SUCH AS THE IMF WHICH HAS BEEN DANGLING THE BAIT OF 3 BILLION IN CREDITS INCLUDING 15 BILLION ALREADY APPROVED AND PERHAPS ANOTHER 15 BILLION TO COME AS INDUCEMENT TO REFORM IN MAY THE CENTRAL BANK AND THE FINANCE MINISTRY STRUCK AN ANTIINFLATION DEAL SETTING UP A JOINT COMMITTEE TO COORDINATE STATE ISSUES OF CREDIT SHOULD MR YELTSIN TRIUMPH IN RUSSIA'S POLITICAL WARS IT STILL WILL BE TOUGH SHOVING THE CENTRAL BANK INTO LINE WITH MODERN MARKETS SHOULD MR YELTSIN FAIL IT LOOKS AS IF MODERNIZATION WITHIN THE BANK WILL BE CONFINED TO INTERIOR DECORATION AND NEW SKILLS IN THE RECENTLY COMPUTERIZED SETTLEMENTS DEPARTMENT ACCORDING TO ONE OF THEIR COLLEAGUES STAFFERS HAVE LEARNED TO PLAY COMPUTER GAMES 9309230067 930923 ECONOMY UCLA GROUP WITH A GOOD TRACK RECORD DIMS ITS OUTLOOK FOR CALIFORNIA ECONOMY BY FREDERICK ROSE STAFF REPORTER OF THE WALL STREET JOURNAL LOS ANGELES FOR SEVERAL YEARS NOW THE UCLA ECONOMIC FORECASTING PROJECT CONSIDERED THE BEAR AMONG ANALYSTS OF CALIFORNIA'S ECONOMIC FORTUNES HAS BEEN CRITICIZED FOR WHAT MANY CONSIDERED TOOGLOOMY VIEWS OF THE STATE'S OUTLOOK AS IT TURNED OUT THE UCLA GROUP WAS MORE ACCURATE THAN MOST NOW THE GROUP WHICH IS PART OF THE UNIVERSITY OF CALIFORNIA AT LOS ANGELES IS DARKENING ITS OUTLOOK FOR THE GOLDEN STATE AND INTERESTINGLY MORE AND MORE ECONOMISTS ARE INCLINED TO AGREE IN QUARTERLY REVISIONS TO ITS FORECAST YESTERDAY THE UCLA GROUP SAID IT DOESN'T SEE AN END TO CALIFORNIA'S LONG RECESSION UNTIL THE FALL OF NEXT YEAR THAT'S SIX MONTHS LATER THAN THE GROUP FORESAW AS RECENTLY AS THIS JUNE MOREOVER MANY ELEMENTS OF THAT ANTICIPATED RECOVERY WHEN IT COMES ARE NOW PROJECTED TO BE WEAKER NOT LONG AGO SUCH REVISIONS BY THE UCLA GROUP WERE CONSIDERED TO BE WELL OUTSIDE THE MAINSTREAM NOT NOW THEIR VIEW THESE DAYS IS FAIRLY CONSISTENT WITH OUR OUTLOOK SAYS FREDERICK L CANNON VICE PRESIDENT AND SENIOR ECONOMIST AT BANK OF AMERICA AT RIVAL FIRST INTERSTATE BANK REGIONAL ECONOMIST ADRIAN SANCHEZ SAYS A YEAR AGO I WAS AN OPTIMIST MR SANCHEZ SAYS FIRST INTERSTATE SOON WILL LOWER SOME ELEMENTS OF ITS CALIFORNIA FORECAST UCLA'S NUMBERS AND EVERYBODY ELSE'S HAVE MOVED TOWARD EACH OTHER HE ADDS THE STATE'S SLIDE HAS LASTED FAR LONGER THAN EVEN THE UCLA GROUP AT FIRST FORECAST IN THE LAST YEAR ALONE THE GROUP HAS HAD TO CUT ITS EMPLOYMENT FORECAST BY MORE THAN 380000 JOBS BECAUSE GOVERNMENT STATISTICS WERE REVISED DOWNWARD SAYS LARRY J KIMBELL DIRECTOR OF THE FORECASTING PROJECT WHEN HISTORY IS CHANGING MORE AND FASTER THAN THE OUTLOOK YOU KNOW THINGS ARE UNCERTAIN CALIFORNIA'S PLIGHT IS THE PRODUCT OF MANY FACTORS OF COURSE AMONG THEM NATIONAL DECLINES IN DEFENSE SPENDING AND CIVILIAN AEROSPACE ORDERS THAT HAVE HIT THE STATE HARDER THAN OTHERS AS WELL AN UPSWING IN CONSTRUCTION HERE IN THE 1980S COLLAPSED WITH UNUSUAL FORCE IN THE 1990S BUT EXTRAORDINARILY IN WHAT IS CLEARLY THE SEVEREST ECONOMIC DOWNTURN IN CALIFORNIA SINCE THE DEPRESSION NONMANUFACTURING JOBS HAVE TUMBLED SIMULTANEOUSLY WITH MANUFACTURING EMPLOYMENT SAYS MR KIMBELL EVEN IN THE WAKE OF WORLD WAR II AS DEFENSE WORK EVAPORATED DECLINING MANUFACTURING EMPLOYMENT WAS OFFSET BY STRONG GROWTH IN NONMANUFACTURING JOBS THIS ROUND AS CALIFORNIA COMPLETES ITS FOURTH CONSECUTIVE YEAR OF FALLING EMPLOYMENT IN MANUFACTURING THE STATE IS ALSO EXPERIENCING ITS THIRD YEAR OF DECLINING WORK IN FINANCE INSURANCE REAL ESTATE RETAILING AND CONSTRUCTION THIS MEANS THAT THE RECESSION HAS BEEN MOVING OUT IN WAVES SAYS MR KIMBELL SUCH SECTORS AS FINANCE INSURANCE AND TRADE ARE HUGE CALIFORNIA HAS SEEN THEM SLOW DOWN BUT NEVER DECLINE MUCH THE BREADTH OF BAD NUMBERS MAKES FORECASTS OF AN UPTURN DIFFICULT IF NOT A LEAP OF FAITH SAYS MR CANNON AT THE BANK OF AMERICA OUR MODEL SHOWS SOME SENSE OF BOTTOMING NEXT YEAR HOPEFULLY BUT RIGHT NOW WHAT WE'RE SEEING ARE FALLING NUMBERS AS THE UCLA GROUP SEES IT THE FIRST INDICATIONS OF AN UPTURN WILL APPEAR IN THE THIRD QUARTER NEXT YEAR EVEN THEN THE GROUP SAYS CALIFORNIA'S UNEMPLOYMENT RATE AT A FORECAST 97 WILL BE SHARPLY HIGHER THAN THE 63 UNEMPLOYMENT RATE THAT THE GROUP EXPECTS AT THAT TIME FOR THE NATION AS A WHOLE IT CERTAINLY ISN'T GOING TO BE A ROARING RECOVERY SAYS MR SANCHEZ ON WHAT IS THE UCLA GROUP BASING ITS PROJECTIONS OF AN UPTURN PEOPLE HAVE ASKED ME THAT A LOT SAYS MR KIMBELL WHO ASSUMED THE DIRECTOR'S POST AT THE UCLA ECONOMIC FORECASTING PROJECT AFTER THE DEPARTURE THIS SUMMER OF DAVID HENSLEY WHO LEFT TO WORK AT SALOMON BROTHERS AFTER SEVERAL YEARS IN THE HIGHPROFILE POST MR KIMBELL NOTES THAT FOR THE FIRST TIME IN SEVERAL YEARS RESIDENTIAL CONSTRUCTION PERMITS ARE SHOWING A SLIGHT INCREASE ALSO EMPLOYMENT IN SERVICE INDUSTRIES SHOWS SIGNS OF GAIN BUT ON THE BLEAK SIDE MANUFACTURING EMPLOYMENT SHOWS NO SIGN OF IMPROVEMENT IN AEROSPACE IN THE LOS ANGELES AREA FOR INSTANCE JOB LOSSES REACHED A MINDNUMBING ANNUAL RATE OF DECLINE OF 23 IN THE SECOND QUARTER THIS YEAR WITH MORE REDUCTIONS EXPECTED IN ITS LATEST REVISION THE UCLA ECONOMIC FORECASTING PROJECT SHARPLY REDUCED THE INCREASE IT EXPECTS THIS YEAR IN CALIFORNIA'S TOTAL PERSONAL INCOME TO 13 FROM A 24 PROJECTION IN JUNE PERSONAL INCOME IS THE COMMON MEASURE OF BROAD ECONOMIC PERFORMANCE THAT REPRESENTS ABOUT 85 OF CALIFORNIA'S GROSS STATE PRODUCT FOR 1994 THE GROUP BOOSTED ITS FORECAST SOMEWHAT TO A 46 INCREASE FROM AN EARLIER 41 PROJECTION ALL INCREASES ARE BEFORE THE EFFECTS OF INFLATION THUS THE 1993 INCREASE IN CURRENT DOLLARS REPRESENTS A DECLINE IN SOCALLED REAL TERMS IN UNEMPLOYMENT THE UCLA GROUP'S LATEST FORECAST CALLS FOR AN AVERAGE OF 94 JOBLESSNESS THIS YEAR COMPARED WITH 92 PROJECTED IN JUNE NEXT YEAR THE GROUP NOW SEES 97 AVERAGE UNEMPLOYMENT COMPARED WITH AN EARLIERFORECAST 94 9309230065 930923 COMMODITIES GOLD FUTURES PRICES TUMBLE AS TENSIONS EASE IN RUSSIA ERASING NEARLY ALL TUESDAY'S GAINS BY WARREN GETLER AND NEIL BEHRMANN STAFF REPORTERS OF THE WALL STREET JOURNAL NEW YORK GOLD FUTURES PRICES FORFEITED NEARLY ALL OF TUESDAY'S GAINS STEMMING FROM RUSSIA'S POLITICAL TENSIONS AMID AN APPARENT STABILIZATION OF THE RUSSIAN CRISIS GOLD FOR DECEMBER DELIVERY TUMBLED 9 AN OUNCE TO 356 ON NEW YORK'S COMMODITY EXCHANGE ALL BUT ERASING TUESDAY'S 950ANOUNCE JUMP TRADERS SAID THE SELLING PRESSURE CAME IN WAVES BEGINNING WITH DISPOSALS BY JAPANESE INVESTORS OVERNIGHT AND THEN LIQUIDATIONS BY NEW YORKBASED COMMODITY FUNDS WHICH ARE MANAGED POOLS OF INVESTORS' MONEY A NUMBER OF TRADERS IN NEW YORK AND LONDON SAID THEY WERE CONVINCED THAT THE RUSSIAN CENTRAL BANK WAS SELLING GOLD BULLION VIA A EUROPEAN COMMERCIAL BANK TO BOLSTER ITS FOREIGNEXCHANGE RESERVES AMID THE POLITICAL STANDOFF IN MOSCOW SUCH RUMORS COULDN'T BE INDEPENDENTLY CONFIRMED HOWEVER IT IS EXTREMELY DIFFICULT TO CONFIRM THE TRANSACTION BUT IT IS LOGICAL THAT THEY SOLD SAID A ZURICH BULLION MANAGER BESIDES TAKING ADVANTAGE OF HIGHER PRICES THE RUSSIAN CENTRAL BANKERS NEED TO SHOW THE WORLD THAT THEY HAVE SUFFICIENT GOLD THE MANAGER SAID A LONDON PRECIOUSMETALS DEALER ADDED SINCE THERE IS A POSSIBILITY THAT THE POWER STRUGGLE COULD DEGENERATE INTO CIVIL WAR IT WOULD NOT BE SURPRISING IF RUSSIA AND OTHER COMMONWEALTH OF INDEPENDENT STATES SOLD GOLD FOR FOREIGN EXCHANGE THE PROCEEDS HE SAID THEN COULD BE DEPOSITED SAFELY ABROAD PRICES FOLLOWED EVENTS YESTERDAY'S SHARP RETREAT IN GOLD FUTURES CAME AS LITTLE SURPRISE TO MANY ANALYSTS AND TRADERS WHEN THE POLITICAL SITUATION SUBSIDED SO DID THE PRICE OF GOLD SAID BERNARD SAVAIKO A SENIOR COMMODITY ANALYST WITH PAINEWEBBER IN NEW YORK TUESDAY'S RALLY WAS A ONEDAY SHORTCOVERING RALLY THAT DIDN'T HAVE ANYTHING TO DO WITH ECONOMIC FUNDAMENTALS HE SAID ADDING THAT GOLD WAS LIKELY TO GO LOWER UNLESS THE SITUATION IN RUSSIA HEATED UP SHORTCOVERING IS THE PROCESS BY WHICH INVESTORS HOLDING SHORT POSITIONS OR WAGERS THAT THE COMMODITY PRICE WILL FALLBUY BACK FUTURES CONTRACTS TO CLOSE OUT THEIR POSITIONS LARGESCALE SHORTCOVERING BY BIG INVESTORS SUCH AS COMMODITY FUNDS TENDS TO ADD UPWARD PRICE MOMENTUM TO THE MARKET PRIOR TO THE UNEXPECTED NEWS TUESDAY OF RUSSIAN PRESIDENT BORIS YELTSIN'S DISSOLUTION OF PARLIAMENT THE GOLD MARKET HAD BEEN IN A GRADUAL DOWNWARD TREND AND THAT IS LIKELY TO RESUME ANALYSTS SAY INDEED THE NEWS OF A FRESH POLITICAL CRISIS IN RUSSIA HAD MERELY SPARKED A PANIC SHORTCOVERING AND SO IT'S NOT SURPRISING THAT WE'RE BACK TO LEVELS WHERE WE WERE BEFORE TUESDAY'S CRISIS ERUPTED SAID IAN MACDONALD AN ANALYST WITH CREDIT SUISSE IN NEW YORK HE SAID THAT GOLD REMAINED VULNERABLE AT AROUND 360 TO 365 BECAUSE PRICESENSITIVE ASIAN DEMAND REALLY BEGINS TO DROP OFF A LOT IN THAT RANGE FOR NOW HE SAID THE GOLD FUTURES MARKET PROBABLY WILL FOCUS ON WHAT APPEARS TO BE GROWING DEFLATIONARY ECONOMIC PRESSURES THROUGHOUT THE MAJOR INDUSTRIALIZED NATIONS SUCH PRESSURES WOULD TEND TO BE BEARISH FOR GOLD A TRADITIONAL HEDGE AGAINST INFLATION GOLD'S CORRECTION TOOK OTHER PRECIOUS METALS DOWN SILVER FOR DECEMBER DELIVERY FELL 147 CENTS TO 4068 AN OUNCE ON THE COMEX PLATINUM FOR JANUARY DELIVERY FELL 540 TO 363 AN OUNCE ON THE NEW YORK MERCANTILE EXCHANGE WHILE DECEMBER PALLADIUM DROPPED 310 TO 12265 AN OUNCE DEALERS SAID RUSSIA WASN'T ACTIVE IN THE PLATINUM AND PALLADIUM MARKETS THE COMMONWEALTH OF INDEPENDENT STATES IS THE WORLD'S SECONDLARGEST PRODUCER AFTER SOUTH AFRICA OF GOLD AND PLATINUM ENERGY OIL PRICES FELL YESTERDAY ON REPORTS FROM RUSSIA SUGGESTING THAT KEY MILITARY AND GOVERNMENT OFFICIALS APPEARED TO ACCEPT MR YELTSIN'S DECISION TO DISSOLVE PARLIAMENT AND HOLD ELECTIONS PRICES HAD SOARED TUESDAY WHEN THE NEWS BROKE TRADERS HAD FEARED THAT THE EXPORT OF CRUDE AND PRODUCT SUPPLIES MIGHT BE DISRUPTED MARKET PARTICIPANTS SAID THAT TRADERS WHO HAD ABANDONED THE STOCK MARKET TUESDAY IN FAVOR OF GOLD AND PETROLEUM FUTURES CONTRACTS DROPPED OUT OF THE OIL MARKETS YESTERDAY GASOLINE FUTURES ALSO PUT DOWNWARD PRESSURE ON PRICES AS US STOCKS CONTINUED TO GROW ACCORDING TO AN INDUSTRY REPORT THE AMERICAN PETROLEUM INSTITUTE'S WEEKLY REPORT RELEASED LATE TUESDAY SHOWED GASOLINE STOCKS INCREASING BY 32 MILLION BARRELS TO 2047 MILLION BARRELS LAST WEEK GRAINS AND SOYBEANS SOYBEAN FUTURES PRICES ROSE ON FROST FEARS AND THE EASING OF POLITICAL TENSION IN RUSSIA AT THE CHICAGO BOARD OF TRADE SOYBEANS FOR NOVEMBER DELIVERY WERE UP SIX CENTS TO SETTLE AT 63825 A BUSHEL PRICES AT THE CBOT HAD FALLEN TUESDAY ON CONCERNS THAT MR YELTSIN'S ACTIONS MIGHT CURTAIL RUSSIA'S ABILITY TO BUY US GRAINS BUT YESTERDAY'S APPARENT STABILIZATION HELPED SUPPORT FUTURES PRICES ALSO YESTERDAY WEATHER REPORTS FORECAST THE POSSIBILITY OF FREEZING TEMPERATURES IN THE NORTHWESTERN CORN BELT TOWARD THE END OF NEXT WEEK THE END OF NEXT WEEK IS GETTING TO BE THE NORMAL FIRSTFREEZE DATE FOR SOUTHERN MINNESOTA SAID ANNE FRICK SOYBEAN ANALYST FOR PRUDENTIAL SECURITIES BUT THEY'RE TALKING ABOUT THE POSSIBILITY OF A FREEZE FURTHER SOUTH AND THE CROP IS BEHIND SCHEDULE SO EVEN A NORMAL FREEZE COULD CAUSE SOME DAMAGE 9309230063 930923 BUSINESS BULLETIN A SPECIAL BACKGROUND REPORT ON TRENDS IN INDUSTRY AND FINANCE BY LOURDES LEE VALERIANO HOME IS WHERE THE SALES GROWTH IS BET SOME DEPARTMENT STORES AS CONSUMERS SPEND MORE ON THEIR HOMES THAN ON CLOTHES GOODIES FOR THE HOME GET SPIFFIER PLAY AT STORES IN PORTLAND ORE FRED MEYER INC HAS SEEN STEADY TO DOUBLEDIGIT GROWTH IN HOMERELATED ITEMS HELPED BY ELABORATE DISPLAYS SUCH AS SAMPLE BATHROOMS COLOR COORDINATED DOWN TO TOWELS AND WEIGHING SCALES BUT IN APPAREL YOU WORK YOUR HARDEST JUST TO GET SMALL INCREASES IN SALES A SPOKESWOMAN SAYS RH MACY & CO IS EXPANDING HOUSEWARE AND TABLETOP SECTIONS AT SMALLER STORES FILCHING SPACE FROM ELECTRONIC GOODS HORNE'S IN PENNSYLVANIA AND WOODWARD & LOTHROP IN VIRGINIA EVEN OPEN FREESTANDING HOMEFURNISHING OUTLETS BUT OTHERS LIKE BONTON STORES INC SAY THE GREATER DOLLAR FLOW TO HOME PRODUCTS IS A SHORTTERM SWING ALSO A DETERRENT PROFIT MARGINS AREN'T AS HIGH AS IN APPAREL SAYS RETAIL CONSULTANT ALAN MILLSTEIN SAMESTORE SALES FOR HOME GOODS WILL RISE 6 IN '93 VS 3 FOR APPAREL SAYS RETAIL MARKETING REPORT NEW YORK PSST WANT TO BUY A COPY OF THE CLINTON HEALTH PLAN THE COMMERCE DEPARTMENT WILL START SELLING COPIES OF THE NATIONAL HEALTH CARE REFORM PLAN TODAY BUT PUBLISHERS WITH HUSTLE ALREADY HAVE DONE A BRISK TRADE ON UNAUTHORIZED VERSIONS OF A SEPT 7 SECRET DRAFT DOCUMENT CLAITOR'S LAW BOOKS BATON ROUGE LA SOLD OUT ITS 5000 INITIALPRINT RUN OF THE INFAMOUS BOOTLEG EDITION AT 12 A COPY AND HEALTH CARE REFORM WEEK A ROCKVILLE MD NEWSLETTER BEGAN SHIPPING COPIES TO SUBSCRIBERS THURSDAY HEALTHCARE REFORM IN THE 103RD CONGRESS A VIRGINIA NEWSLETTER ALSO READIED COPIES BUT WHEN I OFFERED IT TO FRIENDS THEY ALREADY HAD ONE SAYS JOHN HANSAN EDITOR AS FOR THE OFFICIAL VERSION THE COMMERCE DEPARTMENT'S NATIONAL TECHNICAL INFORMATION SERVICE WILL SHIP COPIES FOR 15 THE PLAN ALSO IS AVAILABLE ELECTRONICALLY THROUGH NTIS'S FEDWORLD SYSTEM AND IN HARD COPY IN THE COMMERCE DEPARTMENT LOBBY BATTERED WOMEN FIND NEW SUPPORT BUT THEIR CAUSE MAY STILL BE DIFFICULT TO SELL LIZ CLAIBORNE INC'S WOMEN'S WORK PROGRAM SUPPORTS GROUPS THAT HELP PREVENT FAMILY VIOLENCE RYKA A MAKER OF WOMEN'S SNEAKERS AND KINNEY SHOE CORP'S LADY FOOT LOCKER UNIT MIX MARKETING AND MESSAGE IN A BID TO HALT ABUSE BUT BATTERED WOMEN STILL DON'T DRAW THE KIND OF STRONG SUPPORT AS SAY KIDS' CAUSES EDUCATION HEALTH AND ENVIRONMENTAL ISSUES SAYS JIM ANDREWS EDITORIAL DIRECTOR OF THE IEG SPONSORSHIP REPORT A CHICAGOBASED NEWSLETTER COMPANIES FEEL THERE ARE SAFER' CAUSES SAYS MR ANDREWS JOHNSON & JOHNSON'S PERSONAL PRODUCTS CO FUNDED SHELTER AID A NATIONAL PROGRAM FROM 1987 UNTIL BUDGET RESTRAINTS HALTED IT IN 1992 J&J ALSO FUNDED A SEARCH FOR A NEW BACKER BUT FOUND NO TAKERS IT SAYS PART OF THE PROBLEM MANY FUNDERS BELIEVE A MYTH THAT ALL WOMEN HAVE TO DO IS LEAVE SAYS GRACE POOR OF THE NATIONAL COALITION AGAINST DOMESTIC VIOLENCE IN WASHINGTON WOMEN'S WORK RAISES FUNDS BY SELLING ITEMS LIKE TSHIRTS AND MUGS WITH IMAGES CREATED BY ARTIST BARBARA KRUGER COKE MAY BE IT FOR EMIRAU AN ATOLL OFF PAPUA NEW GUINEA A SYDNEY BUSINESSMAN WHO ACQUIRED A CACHE OF 100000 COKE CONTOUR BOTTLES LEFT ON THE ISLAND BY US TROOPS IN WORLD WAR II IS SELLING THE BOTTLES AS COLLECTIBLES 2990 PLUS SHIPPING FOR A BOTTLE TEN PERCENT FROM EACH SALE WILL GO INTO AN EMIRAU TRUST FUND ADMINISTERED BY THE WAVERLEY ROTARY CLUB IN SYDNEY FOR SUCH PROJECTS AS A FISHING COOPERATIVE VIDEO RENTALS FOR THE BLIND SHOW UP IN VIDEOSMITH'S FLAGSHIP STORE IN BOSTON THE STORE IS TESTING 30 TITLES WHICH FEATURE ORAL DESCRIPTIONS OF VISUAL ELEMENTS ON THE SCREEN ADDED BY DESCRIPTIVE VIDEO SERVICE A UNIT OF BOSTON PUBLIC BROADCASTER WGBH COSTLY IN NAPLES CHEAP IN EL PASO NAPLES A TONY RESORT DESTINATION IN SOUTHWESTERN FLORIDA BOASTS THE HIGHEST AVERAGE DAILY HOTELROOM RATE IN THE US AT 148 WHILE EL PASO HAS THE LOWEST AT 36 SAYS A PKF CONSULTING REPORT NAPLES'S RATE CLIMBED 57 FROM 1992 EXCEEDING THE NATIONALAVERAGE INCREASE OF 14 WOOLENS FOR WISTERIA THE FUZZY STUFF IS PUT TO UNCONVENTIONAL USES WOOL GROWERS ARE SEEKING NEW USES FOR LOWERGRADE WOOL PRODDED BY A THREEYEAR OVERSUPPLY THAT HAS DEPRESSED PRICES ABOUT 60 ONE IDEA IS TO BLANKET GARDENS WITH WOOL AS MULCH THAT IS A BIODEGRADABLE WOOL MULCH MAT OR EWEMULCH HIT THE US MARKET LAST APRIL AND WILL BE SOLD IN BRITAIN AS WULCH WE'VE MET THE MOST SUCCESS SO FAR IN HORTICULTURE SAYS JOHN PITT OF THE TRADE GROUP INTERNATIONAL WOOL SECRETARIAT IN ILKLEY ENGLAND THE GROUP ALSO PUSHES WOOL HANGINGBASKET LINERS AND WOOL PLANT POTS APPLESEED WOOL CORP IN OHIO WHICH MARKETS EWEMULCH ALSO SELLS AN EROSIONCONTROL MAT EMBEDDED WITH WILDFLOWER SEEDS CALLED WOOLY BLOOMERS BUT WOOL GROWERS LOOK BEYOND HORTICULTURE TO HEAT UP SALES WOOL INSULATION PRODUCTS FOR BUILDINGS ARE SOLD IN GERMANY AND AUSTRALIA AND WOOLFILLED BOOMS WERE USED FOR THE CLEANUP IN KUWAIT A POTENTIAL DRAWBACK FOR WOOL MULCH IS ITS PRICE WHICH IS TRIPLE THAT OF PLASTIC MULCH SAYS THE SECRETARIAT BRIEFS SOUTH AFRICAN AIRWAYS CHRISTENS A NEW PLANE VULINDLELA AN AFRICAN TRIBAL WORD THE AIRLINE HAD ALWAYS NAMED ITS CRAFT AFTER SOUTH AFRICAN CITIES A NEW YORK PRESS SURVEY OF THE BEST OF MANHATTAN CITES A COFFEE SHOP FOR BEST SURLY AND INDIFFERENT SERVICE 9309230062 930923 MARKETING & MEDIA KODAK UNIT LOWERS BAYER ASPIRIN PRICES IN HOPE OF CUTTING PRIVATELABEL GAINS BY GABRIELLA STERN STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK EASTMAN KODAK CO'S STERLING WINTHROP INC WHOSE BAYER ASPIRIN HAS LOST MARKET SHARE TO LESSEXPENSIVE PRIVATELABEL IMITATIONS SAID IT IS SLASHING PRICES OF LARGESIZE BOTTLES OF GENUINE BAYER BY 25 STERLING WINTHROP SAID THE PRICE REDUCTION IS GEARED TOWARD THE ELDERLY AS WELL AS CHRONIC PAIN SUFFERERS WHO OFTEN BUY BOTTLES CONTAINING 200 300 OR 365 TABLETS MOREOVER THE COMPANY TOLD RETAILERS IT WANTS TO ENCOURAGE OTHER CUSTOMERS TO TRADE UP TO LARGER COUNT BOTTLES RETAILERS HAVE BEEN TOLD THAT THE PRICE CUTS FOR BOTTLES CONTAINING 200 OR 300 TABLETS WILL TAKE EFFECT SEPT 27 AND THAT THE PRICE REDUCTION FOR 365TABLET BOTTLES TOOK EFFECT AUG A SPOKESMAN FOR THE COMPANY DECLINED TO COMMENT ON COMPETITION FROM PRIVATELABEL AND BRAND RIVALS HOWEVER IN A FACT SHEET TO RETAILERS STERLING WINTHROP SAID IT WANTS TO NARROW THE PRICE GAP BETWEEN BAYER AND PRIVATE LABEL AND INCREASE ITS PRICE ADVANTAGE OVER OTHER ASPIRIN BRANDS PRIVATE LABEL HAS REALLY TAKEN HOLD IN THAT CATEGORY SAID FRANK NEWMAN PRESIDENT OF ECKERD CORP A DRUG STORE CHAIN BAYER IS THE LEAST PROTECTED BECAUSE IT IS TRULY ONLY ASPIRIN AND DOESN'T HAVE THE SAME BRAND STRENGTH TYLENOL OR ADVIL DO MR NEWMAN ADDED THAT WE KNEW BAYER WAS REALLY IN TROUBLE WHEN THEY INTRODUCED SOME NONASPIRIN LINE EXTENSIONS LAST YEAR UNDER THE NAME BAYER SELECT STERLING WINTHROP'S MOVE MAY SIGNAL A ROUND OF PRICE CUTTING BY OTHER PAINRELIEVER MAKERS SAID BRIAN SHAROFF PRESIDENT OF THE PRIVATE LABEL MANUFACTURERS ASSOCIATION ASPIRIN SALES HAVE BEEN ON THE DECLINE IN THE 27 BILLION PAINRELIEVER MARKET WITH THE RISING POPULARITY OF PRIVATELABEL IMITATIONS AS WELL AS IBUPROFEN AND ACETAMINOPHEN PRODUCTS SUCH AS JOHNSON & JOHNSON'S TYLENOL AND AMERICAN HOME PRODUCTS' ADVIL ACCORDING TO AC NIELSEN CO SALES OF PRIVATELABEL ADULTSTRENGTH ASPIRIN GREW 8 WHILE GENUINE BAYER SALES DECLINED 13 IN THE 40 WEEKS ENDED JUNE 12 PRIVATELABEL ADULT ASPIRIN HAD AN 182 MARKET SHARE WHILE GENUINE BAYER HAD A 151 SHARE IN THE 52 WEEKS ENDED JUNE 12 THESE PRIVATELABEL INCREASES OCCURRED EVEN AS TOTAL ASPIRIN SALES DECLINED 4 AND ADULT ASPIRIN SALES FELL 5 DURING THE 40WEEK PERIOD ACCORDING TO NIELSEN WHICH DID NOT MEASURE NIGHTTIME ASPIRIN VARIETIES SEVERAL ANALYSTS AND RETAILERS SAID THEY DOUBT A 25 PRICE REDUCTION WILL BE ENOUGH TO NARROW THE GAP BETWEEN BRANDS AND PRIVATELABEL PRODUCTS THAT DOESN'T GET IT DOWN TO THE LEVEL OF COMPETING WITH PRIVATE LABEL THOUGH IT MIGHT GIVE THEM A BETTER MARKET SHARE OF THE BRANDED PORTION OF THE MARKET SAID CARL SEIDEN AN ANALYST WITH SANFORD C BERNSTEIN KEVIN MANN SENIOR VICE PRESIDENT FOR PURCHASING AT RITE AID CORP SAID HIS CHAIN SELLS 200TABLET BOTTLES OF BAYER FOR 969 WHILE PRIVATELABEL BOTTLES CONTAINING 250 TABLETS ARE PRICED AT 299 I DON'T THINK IT'S GOING TO MAKE MUCH OF A DENT MR MANN SAID OF THE BAYER PRICE CUTS THE CUSTOMER WILL CONTINUE TO BUY PRIVATE LABEL AT A SAVINGS AT DUANE READE DRUG STORES PRIVATELABEL ASPIRIN CONSISTENTLY OUTSELLS BAYER THE CHAIN'S TOPSELLING ASPIRIN BRAND SAID GARY CHARBONEAU SENIOR VICE PRESIDENT FOR SALES AND MARKETING MOST RETAILERS WILL HAVE THE ABILITY TO ADJUST THEIR PRIVATELABEL PRICING WITHOUT SIGNIFICANTLY IMPACTING SALES MR CHARBONEAU SAID 9309230061 930923 BUSINESS BRIEF ADVACARE INC CONCERN TO FORGO PAYMENTS ON 22 MILLION CREDIT LINE ADVACARE INC SAID ITS PRINCIPAL BANK AND SUBORDINATED DEBTHOLDERS AGAIN AGREED TO ALLOW IT TO FORGO PRINCIPAL AND INTEREST PAYMENTS ON A 22 MILLION CREDIT LINE THIS TIME UNTIL NOVEMBER ADVACARE SAID AUG 31 THAT IT WAS NEGOTIATING EXTENSIONS OF ITS ORIGINAL STANDSTILL AGREEMENTS A PREVIOUS EXTENSION WAS GRANTED IN JULY THE DALLAS MEDICAL MANAGEMENT SERVICES COMPANY SAID THE EXTENSION AGREEMENT REQUIRES IT TO MAKE A 4 MILLION PAYMENT TO ITS SENIOR LENDER BY NOV 1 ADVACARE SAID IT INTENDS TO SELL CERTAIN NONCORE BUSINESSES MAINLY IN THE HOSPITAL SERVICES AREA TO MAKE THE PAYMENT ADVACARE WHICH HAS BEEN TRYING TO RESTRUCTURE ITS DEBTS REPORTED A NET LOSS OF 12 MILLION OR 10 CENTS A SHARE FOR ITS FISCAL THIRD QUARTER ENDED JUNE 30 COMPARED WITH NET INCOME OF 11 MILLION OR NINE CENTS A SHARE IN THE YEARAGO PERIOD REVENUE FELL TO 191 MILLION FROM 203 MILLION 9309230060 930923 DISCIPLINE EXPECTED FOR ATF OFFICIALS ON DAVIDIAN RAID BY MICHAEL K FRISBY AND CHRISTI HARLAN STAFF REPORTERS OF THE WALL STREET JOURNAL WASHINGTON THE TREASURY DEPARTMENT WILL TAKE DISCIPLINARY ACTION AGAINST SIX TOP OFFICIALS OF THE BUREAU OF ALCOHOL TOBACCO AND FIREARMS NEXT WEEK AFTER DEEMING THEM DEFICIENT IN THEIR HANDLING OF THE BRANCH DAVIDIANS ASSAULT NEAR WACO TEXAS PEOPLE FAMILIAR WITH THE TREASURY INVESTIGATION OF THE ASSAULT SAID ALL SIX INCLUDING ATF DIRECTOR STEPHEN HIGGINS WILL BE PLACED ON PAID LEAVE FROM ATF UNTIL THEY RETIRE RESIGN OR ARE DISCIPLINED UNDER THE FEDERAL CIVIL SERVICE PROGRAM MR HIGGINS WHO HAS HEADED THE BUREAU FOR 10 YEARS IS FAULTED BY THE TREASURY INVESTIGATORS FOR SHOWING BAD JUDGMENT AND POOR LEADERSHIP IN THE PLANNING AND EXECUTION OF THE FEB 28 RAID ON THE BRANCH DAVIDIANS COMPOUND ACCORDING TO THOSE FAMILIAR WITH THE REPORT FOUR ATF AGENTS WERE KILLED IN THE INITIAL WAVE OF THE ASSAULT AND 16 MORE WERE WOUNDED IN THE ENSUING TWOHOUR FIREFIGHT THE ATF'S INVOLVEMENT WAS USURPED WITHIN A FEW DAYS BY THE FEDERAL BUREAU OF INVESTIGATION WHICH TRIED A VARIETY OF TACTICS TO DRAW OUT THE BRANCH DAVIDIANS CULT MEMBERS BEFORE FIRING TEAR GAS INTO THE COMPOUND APRIL 19 THE COMPOUND BURNED TO THE GROUND THAT DAY KILLING AT LEAST 71 PEOPLE IN A FIRE BELIEVED TO HAVE BEEN STARTED BY THE CULT MEMBERS ALTHOUGH THE ATF'S DIRECT INVOLVEMENT IN THE BRANCH DAVIDIANS SIEGE ENDED WEEKS BEFORE THE FIRE THE AGENCY'S HANDLING OF THE ASSAULT AND ITS ASSESSMENT OF THE GROUP'S WILLINGNESS TO RESIST LAWENFORCEMENT OFFICIALS HAVE BEEN BLAMED FOR SETTING THE STAGE FOR THE ULTIMATE DISASTER AN ATF SPOKESMAN SAID LAST NIGHT THAT THE WASHINGTON OFFICIALS CITED IN THE INQUIRY HADN'T SEEN A DRAFT OF THE REPORT MR ROYSTER COULDN'T BE REACHED FOR COMMENT THE TREASURY'S INVESTIGATION LAUNCHED IN LATE APRIL UNDER THE LEADERSHIP OF ASSISTANT TREASURY SECRETARY RONALD NOBLE HAS FOUND LITTLE TO REFUTE THE CRITICISM OF THE ATF OFFICIALS WHO PLANNED AND LED THE RAID THE INVESTIGATION'S RESULTS WILL BE RELEASED A WEEK FROM TODAY AFTER THE ATF OFFICIALS ARE PLACED ON LEAVE AND CONGRESSIONAL COMMITTEES ARE BRIEFED THE TREASURY IS NEGOTIATING THE TIMING OF MR HIGGINS'S RETIREMENT ACCORDING TO PEOPLE FAMILIAR WITH THE DEPARTMENT'S PLANS MR HIGGINS IS EXPECTED TO BE RETAINED AS A CONSULTANT TO THE AGENCY TO WORK WITH A TRANSITION TEAM EXAMINING A REVAMPING OF ATF AND SEEKING A NEW DIRECTOR CHARLES THOMPSON SPECIAL AGENT IN CHARGE OF THE NEW YORK OFFICE WILL LEAD THE TRANSITION AND IS THE FRONTRUNNER TO BE THE NEW ATF DIRECTOR DURING THE PLANNING AND EXECUTION OF THE RAID MR HIGGINS ESSENTIALLY HANDED OFF RESPONSIBILITY ON THE RAID TO HIS DEPUTY DANIEL HARTNETT AND THE CHIEF OF THE AGENCY'S LAWENFORCEMENT DIVISION EDWARD DAN CONROY THE ATF VETERANS KNOWN AMONG AGENTS AS THE TWO DANS ALSO ARE CRITICIZED AND ARE EXPECTED TO RETIRE A FOURTH ATF OFFICIAL IN WASHINGTON WILL BE PLACED ON PAID LEAVE AS WILL THE SPECIAL AGENTS IN CHARGE OF THE ATF OFFICES IN HOUSTON AND DALLAS THE TEXAS ATF OFFICIALS WERE MOST DIRECTLY INVOLVED IN THE CONDUCT OF THE RAID AND BOTH OBSERVED THE ASSAULT FROM HELICOPTERS THAT WERE SOON DISABLED BY GUNFIRE FROM WITHIN THE COMPOUND POORLY PLANNED COMMUNICATIONS THEN RENDERED THE OFFICIALS UNABLE TO DIRECT THE AGENTS IN THE ASSAULT ACCORDING TO PARTICIPANTS THE DALLAS SPECIAL AGENT IN CHARGE TED ROYSTER IS EXPECTED TO BE SINGLED OUT IN THE REPORT FOR GIVING CONFLICTING STATEMENTS TO INVESTIGATORS IN A LETTER TO HIS AGENTS IN AUGUST MR ROYSTER SAID HE DIDN'T FULLY REMEMBER WHAT HAPPENED DURING THE FEB 28 RAID UNTIL JULY 30 WELL AFTER THE TREASURY INVESTIGATION WAS UNDER WAY THE TREASURY REPORT IS EXPECTED TO ADD IMPETUS TO THE CLINTON ADMINISTRATION'S CALL FOR DOING AWAY WITH ATF'S LAWENFORCEMENT FUNCTIONS BY MERGING THEM INTO THE FBI THE REPORT WILL BE PROVIDED TO THE ADMINISTRATION A WEEK FROM TODAY BUT ISN'T EXPECTED TO COMMAND A LOT OF ATTENTION FROM THE WHITE HOUSE MOST OF THE ATTENTION WILL COME FROM WITHIN THE TREASURY DEPARTMENT AS IT MOVES TO FIND LEADERSHIP FOR A DEMORALIZED BUREAU ANY MERGER WITH THE FBI WOULD BE AT LEAST MONTHS AWAY AND THE ATF IN THE MEANTIME REMAINS THE LEAD FEDERAL LAWENFORCEMENT AND REGULATORY AGENCY DEALING WITH FIREARMS ALCOHOLIC BEVERAGES AND TOBACCO TAXES TREASURY SECRETARY LLOYD BENTSEN IS SAID PRIVATELY TO BE UNOPPOSED TO THE DISBANDING OF ATF AND ONE OF THE AGENCY'S STRONGEST CONGRESSIONAL SUPPORTERS SEN DENNIS DECONCINI D ARIZ WON'T RUN FOR REELECTION NEXT YEAR EDWARD CONROY IS DEPUTY ASSOCIATE DIRECTOR THE NO 2 OFFICIAL AT THE LAWENFORCEMENT DIVISION OF THE BUREAU OF ALCOHOL TOBACCO AND FIREARMS AN ARTICLE YESTERDAY INCORRECTLY IDENTIFIED HIM AS CHIEF OF THE DIVISION THE ARTICLE ALSO MISSPELLED THE LAST NAME OF CHARLES THOMSON SPECIAL AGENT IN CHARGE OF THE ATF'S NEW YORK OFFICE 9309230058 930923 BUSINESS BRIEF RUBBERMAID INC COMPANY WINS AN INJUNCTION IN LAWSUIT OVER TRASH BINS A FEDERAL JUDGE IN VIRGINIA HAS GRANTED RUBBERMAID INC'S MOTION FOR A PRELIMINARY INJUNCTION AGAINST CONTICO INTERNATIONAL INC THE INJUNCTION BARS CONTICO A CLOSELY HELD COMPANY IN ST LOUIS FROM MAKING AND MARKETING ITS HUSKEE SQUARES SYSTEM OF SQUARE PLASTIC TRASH BINS PENDING THE OUTCOME OF A LAWSUIT RUBBERMAID'S SUIT FILED IN JUNE IN US DISTRICT COURT FOR THE WESTERN DISTRICT OF VIRGINIA CLAIMS HUSKEE SQUARES INTRODUCED IN 1991 VIOLATED THE PATENT AND TRADE DRESS OF WOOSTER OHIOBASED RUBBERMAID'S SQUARE BRUTE SYSTEM OF SQUARE PLASTIC TRASH BINS INTRODUCED IN 1990 BOTH PRODUCTS ARE PRIMARILY FOR INDUSTRIAL USE THE SUIT SEEKS A PERMANENT INJUNCTION AGAINST CONTICO AS WELL AS UNSPECIFIED DAMAGES AND OTHER COSTS LESTER MILLER CONTICO CHAIRMAN AND OWNER CALLED THE INJUNCTION AN IMMATERIAL THING FINANCIALLY THAT DOESN'T BELONG IN PRINT JOSEPH RAMOS PRESIDENT OF RUBBERMAID'S COMMERCIAL PRODUCTS UNIT SAID THE COMPANY INTENDS TO VIGOROUSLY PURSUE OUR INTELLECTUAL PROPERTY RIGHTS 9309230057 930923 BUSINESS BRIEF MOBIL CORP ANOTHER CUSTOMER SIGNS UP FOR JOINT VENTURE'S LNG MOBIL CORP FAIRFAX VA SAID ANOTHER MAJOR CUSTOMER HAS AGREED TO PURCHASE LIQUEFIED NATURAL GAS FROM ITS MULTIBILLIONDOLLAR JOINT VENTURE PROJECT RAS LAFFAN IN QATAR CHINESE PETROLEUM CORP HAS AGREED TO PURCHASE TWO MILLION METRIC TONS OF LNG A YEAR FROM RAS LAFFAN THE JOINT VENTURE RAS LAFFAN LNG CO IS OWNED 70 BY QATAR GENERAL PETROLEUM CORP AND 30 BY MOBIL THE PROJECT WILL DEVELOP PRODUCE AND MARKET LNG MANUFACTURED FROM THE HUGE NORTH FIELD NATURAL GAS FIELD OFFSHORE QATAR THE FACILITY WILL HAVE THE CAPACITY TO PRODUCE UP TO 10 MILLION METRIC TONS OF LNG A YEAR INCLUDING THE CHINESE PETROLEUM AGREEMENT AND AN AGREEMENT WITH KOREA GAS CORP THE JOINT VENTURE HAS COMMITMENTS FOR 44 MILLION METRIC TONS A YEAR FROM MOBIL'S STANDPOINT WE ARE ON SCHEDULE IN THE DEVELOPMENT OF THE QATAR LNG PROJECTS SAID A MOBIL SPOKESMAN 9309230056 930923 THE CLINTON HEALTH PLAN EMPLOYEES' CHERISHED DENTAL PLANS WILL FEEL THE BITE BY HELENE COOPER STAFF REPORTER OF THE WALL STREET JOURNAL AMERICANS HAVE A LOVE AFFAIR WITH THEIR DENTAL PLANS BUT THAT AFFAIR MAY BE PUT TO THE TEST IF PRESIDENT CLINTON'S HEALTHCARE PACKAGE PASSES AS IS WHILE THE CLINTON PROPOSAL WHICH THE PRESIDENT FORMALLY INTRODUCED LAST NIGHT INCLUDES DENTAL COVERAGE FOR CHILDREN UP TO AGE 18 IT OMITS COVERAGE FOR ADULTS UNTIL THE YEAR 2001 WHEN BENEFITS WOULD BE PHASED IN NOT SURPRISINGLY THE MOVE HAS ANGERED DENTISTS NATIONWIDE WHO COMPLAIN THAT AFTER YEARS OF KEEPING DENTAL COSTS DOWN THEY ARE BEING PUNISHED FOR THEIR GOOD DEEDS BUT MORE IMPORTANTLY THE MOVE MAY MEAN THAT THE 113 MILLION INDIVIDUALS WHO CURRENTLY ENJOY SO TO SPEAK COMPANYPAID TEETHCLEANINGS AND FILLINGS MAY SOON FIND THAT EMPLOYERS ARE NIBBLING AWAY AT THEIR DENTAL PLANS THAT'S BECAUSE MANY COMPANIES ACCORDING TO HEALTHCARE ANALYSTS ARE LIKELY TO FOLLOW MR CLINTON'S LEAD AND PLAY DOWN DENTAL COVERAGE WHERE BEFORE IT'S BEEN ASSUMED THAT DENTAL COVERAGE IS INCLUDED NOW YOU MIGHT SEE LABOR UNIONS REALLY HAVING TO FIGHT TO KEEP THAT COVERAGE SAYS FRANK MCARDLE A CONSULTANT WITH HEWITT ASSOCIATES BENEFITS CONSULTANTS IN LINCOLNSHIRE ILL AT WORK IS THE DIMINISHED ROLE THAT DENTAL BENEFITS ARE LIKELY TO PLAY IN FUTURE HEALTHCARE COVERAGE NEGOTIATIONS SINCE THE EARLY 1980S EMPLOYERS HAVE USED DENTAL COVERAGE WHICH NEVER COST EMPLOYERS THAT MUCH TO BEGIN WITH AS A BARGAINING TOOL DENTAL WAS AN EASY BENEFIT TO ADD BECAUSE IT WAS FAIRLY LOW COST SAYS JOHN C ERB A PRINCIPAL WITH A FOSTER HIGGINS & CO BENEFITS CONSULTANTS BASED IN PRINCETON NJ INDEED WHILE OTHER HEALTH COSTS SKYROCKETED ALMOST 1000 TO 7518 BILLION IN THE PAST TWO DECADES DENTALCARE COSTS CLIMBED AT A MORE SEDATE PACE 700 TO 37 BILLION ACCORDING TO THE AMERICAN DENTAL ASSOCIATION SO WHENEVER EMPLOYERS WANTED TO RAISE THE DEDUCTIBLE FOR EMPLOYEES OR GET OTHER CONCESSIONS THEY'D OFFER TO ENHANCE THE DENTAL PLAN MR ERB SAYS EMPLOYEES WHO COULD ALWAYS ENVISION THEMSELVES NEEDING TO GO TO THE DENTIST USUALLY AGREED TO SUCH TRADES OFTEN UNAWARE THAT THEIR DENTAL PLANS COST THEIR EMPLOYER ONLY ABOUT 15 A MONTH JUST THIS MONTH LOCAL 660 OF THE SERVICE EMPLOYEES INTERNATIONAL UNION REPRESENTING 40000 WORKERS IN LOS ANGELES COUNTY AGREED TO DEFER UNTIL JULY 1994 THE 2 PAY RAISES THAT MEMBERS HAD JUST STARTED RECEIVING AND TO DO WITHOUT THE MATCHING CONTRIBUTIONS THAT THE COUNTY HAD BEEN MAKING TO EMPLOYEES' 401K RETIREMENT PLANS FROM OCTOBER THROUGH NEXT JULY IN RETURN BESIDES MAKING JOB SECURITY GUARANTEES THE COUNTY BACKED DOWN ON A PROPOSAL TO ELIMINATE ITS CONTRIBUTION TO THE EMPLOYEES' DENTALBENEFITS PROGRAM BUT MR CLINTON'S HEALTH PROPOSAL WOULD MAKE IT ILLEGAL FOR EMPLOYERS TO RAISE DEDUCTIBLES BEYOND A MANDATED CAP OF 200 WITH THAT LEGISLATED LEVEL OF BENEFIT DENTAL CARE'S HISTORIC USE AS A BARGAINING CHIP WOULD ALL BUT EVAPORATE ANALYSTS SAY THE RESULT COMPANIES WILL PROBABLY CONTINUE TO ALLOW EMPLOYEES TO ENROLL IN GROUP DENTAL COVERAGE BUT THE EMPLOYEES WILL HAVE TO PAY THEIR OWN PREMIUMS A SECOND REASON MONEY FOR MOLARS WILL LIKELY BECOME SCARCE IS THE ISSUE OF TAXES UNDER MR CLINTON'S PROPOSAL DENTAL BENEFITS AREN'T TAXED BUT MANY HEALTHCARE ANALYSTS SAY IT'S ONLY A MATTER OF TIME BEFORE THE ADMINISTRATION AND CONGRESS DESPERATE FOR REVENUE TO FUND THE MASSIVE HEALTH PLAN WILL START EYEING SOCALLED LUXURY ITEMS THOSE BENEFITS THAT HAVEN'T BEEN INCLUDED IN THE CORE PACKAGE AS TARGETS TO TAX IF CONGRESS DECIDES TO ELIMINATE EMPLOYER TAX DEDUCTIBILITY EMPLOYERS WILL GET RID OF THEIR DENTAL COVERAGE PREDICTS MR MCARDLE OF HEWITT ASSOCIATES INDEED 37 OF 100 EMPLOYERS SURVEYED BY HEWITT LAST WEEK SAID THEY WOULD DUMP THEIR DENTAL COVERAGE IF THEY LOST THEIR TAX DEDUCTION FOR SUCH COVERAGE 47 SAID THEY WEREN'T SURE WHAT THEY WOULD DO ONE MAJOR COMPANY GENERAL MOTORS CORP HAS ALREADY STARTED CHIPPING AWAY AT DENTAL BENEFITS EARLIER THIS MONTH THE DETROIT AUTO MAKER IN A PRELUDE TO CONTRACT NEGOTIATIONS WITH THE UNITED AUTO WORKERS RAISED THE MEDICAL PREMIUMS IT CHARGES ITS 73000 US SALARIED STAFFERS IN THE PAST DENTAL COVERAGE CAME WITHOUT A MONTHLY PREMIUM NOW SUCH COVERAGE WILL COST A WHITECOLLAR WORKER WITH A FAMILY 5 A MONTH AT THE HEART OF ANY FIGHT OVER DENTAL COVERAGE IS THE MIXED PERCEPTIONS AMERICANS HAVE OF DENTISTRY THERE IS NO DOUBT THAT THOSE INDIVIDUALS WITH PRIVATE DENTAL INSURANCE CHERISH THEIR BENEFITS HEWITT ASSOCIATES SAYS THAT IN A RECENT SURVEY EMPLOYEES RANKED DENTAL BENEFITS SECOND ONLY TO GENERAL MEDICAL BENEFITS IN IMPORTANCE AND AHEAD OF PSYCHIATRIC AND LONGTERM RETIREMENT BENEFITS AT THE SAME TIME THOUGH AMERICANS PARTICULARLY THOSE WITHOUT CHILDREN ARE FAR MORE PASSIONATE ABOUT GENERAL HEALTH CARE THAN ABOUT DENTISTRY ANALYSTS SAY WITH THE EASY ACCESSIBILITY OF FILLINGS CROWNS AND ROOT CANALS AMERICANS SEEM TO HAVE COME TO BELIEVE THAT NO MATTER HOW BADLY THEY TREAT THEIR TEETH THERE WILL BE A DENTIST TO FIX THINGS AT A REASONABLE COST ACCORDING TO J D KLEINKE A PRINCIPAL WITH HCIA THE BALTIMORE HEALTHCARE CONSULTING FIRM THAT VERY REASONING THAT NOTHING TERRIBLY SERIOUS COULD BEFALL EVEN THOSE WHO DIDN'T TAKE GOOD CARE OF THEIR TEETH MR KLEINKE SUGGESTS MAY HAVE COME INTO PLAY WHEN THE ARCHITECTS OF THE CLINTON PROPOSAL DECIDED NOT TO IMMEDIATELY INCLUDE DENTAL BENEFITS FOR ADULTS IF YOU DON'T GET ADEQUATE MEDICAL CARE YOU DIE HE SAYS BUT IF YOU DON'T GET ADEQUATE DENTAL CARE AND YOUR TEETH FALL OUT THE WORST THING THAT'LL HAPPEN TO YOU IS YOU'LL HAVE SLACKJAW FINALLY DENTISTS THEMSELVES IT APPEARS HAVE NOT HELPED THEIR CAUSE WHILE THE AMERICAN MEDICAL ASSOCIATION AND THE DRUG COMPANIES HAVE LOUDLY PUSHED THEIR INTERESTS DURING THE HEALTHCARE DEBATE YOU NEVER SAW THE ADA LOBBY SAYS AN ANALYST THEY WERE INVISIBLE AND IT'S CLEARLY COSTING THEM TREMENDOUSLY NOW INDEED THE ADA'S EXECUTIVE DIRECTOR JOHN ZAPP WHILE SAYING THAT DENTISTS ARE DISMAYED BY THE CLINTON PROPOSAL IS QUICK TO ADD THAT OUR OBJECTIVE HERE IS NOT TO KNOCK THE ADMINISTRATION THE PLAN WAS DESIGNED OUT OF GOOD INTENT THE ADA HE SAYS IS ADOPTING A WAITANDSEE ATTITUDE BEFORE DETERMINING WHAT ITS STRATEGY OF ATTACK WILL BE 9309230054 930923 BUSINESS BRIEF AG EDWARDS INC BROKERAGE FIRM POSTS RISE OF 32 IN 2NDQUARTER NET AG EDWARDS INC BENEFITING AGAIN FROM THE BROKERAGE INDUSTRY'S POSITIVE TRENDS REPORTED A 32 EARNINGS INCREASE FOR ITS FISCAL SECOND QUARTER ON A 22 RISE IN REVENUE ST LOUISBASED EDWARDS THE BIGGEST US BROKERAGE FIRM OUTSIDE NEW YORK SAID NET FOR THE QUARTER ENDED AUG 31 WAS 356 MILLION OR 75 CENTS A SHARE UP FROM 269 MILLION OR 59 CENTS A SHARE A YEAR EARLIER REVENUE ROSE TO 3144 MILLION FROM 2573 MILLION PERSHARE FIGURES REFLECT AN INCREASE IN THE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING TO 477 MILLION IN THE LATEST PERIOD FROM 458 MILLION A YEAR AGO BECAUSE OF ITS FISCAL YEAR EDWARDS RELEASES ITS EARNINGS ABOUT A MONTH BEFORE MOST OTHER SECURITIES FIRMS OFTEN PROVIDING A HINT OF THE OVERALL INDUSTRY'S PERFORMANCE THE EARNINGS REPORTED BY EDWARDS EXCEEDED THE 69 CENTS TO 70 CENTS A SHARE ANALYSTS HAD BEEN EXPECTING EDWARDS HAS ENJOYED SOLID GROWTH IN ITS UNDERWRITING AND RETAIL BUSINESS ITS TRADITIONAL FOCUS IS ON INDIVIDUAL INVESTOR TRADING WHICH HAS BEEN HELPED BY LOW INTEREST RATES 9309230053 930923 INTERNATIONAL WORLD WIRE COMPILED BY KRISHNAN M ANANTHARAMAN THE EUROPEAN COMMUNITY COMMISSION PROPOSED A SYSTEM TO PROTECT STOCK INVESTORS WHOSE FUNDS ARE THREATENED BY BANKRUPT OR SHAKY INVESTMENT FIRMS THE PROPOSAL CALLING FOR MINIMUM PROTECTION OF 20000 EUROPEAN CURRENCY UNITS ABOUT 17000 WOULD MAKE EACH COUNTRY ACCOUNTABLE FOR ITS LOCAL INVESTMENT FIRMS' ACTIONS AROUND THE COMMUNITY TO GUARANTEE COMPENSATION TO INVESTORS MOST EC COUNTRIES ALREADY PROVIDE PROTECTION ABOVE THE 20000 ECU LEVEL FOR STOCK INVESTORS BUT OTHERS SUCH AS DENMARK SPAIN AND PORTUGAL OFFER LITTLE OR NO PROTECTION THE NEW PROPOSAL SETS MINIMUM STANDARDS BUT ALLOWS COUNTRIES WITH GREATER SAFEGUARDS TO RETAIN THEM UNDER THE COMMISSION PROPOSAL ALL SMALL INVESTORS INCLUDING INDIVIDUALS AND SMALL AND MIDSIZE COMPANIES WOULD BE COVERED EC COUNTRIES COULD CHOOSE TO EXCLUDE INSTITUTIONAL INVESTORS CHINA IS DRAFTING A NATIONAL MINIMUMWAGE LAW FOR GOVERNMENT EMPLOYEES TO HELP THEM COPE WITH SURGING INFLATION WHICH HAS FORCED MANY NONSTATE ENTERPRISES TO PAY URBAN WORKERS INCREASINGLY HIGH WAGES THE LAW WILL BE ANNOUNCED OCT 1 THREE CITIES IN CHINA'S BOOMING SOUTH ALREADY HAVE A MONTHLY MINIMUM WAGE IN SHENZHEN AND ZHUHAI IT IS 61 A MONTH IN CANTON IT IS 44 CHINESE FIRMS OFTEN YIELD TO PRESSURE TO RAISE WAGES BEYOND INFLATION FEARING URBAN UNREST JAPAN'S FIRST COMMERCIAL BANK TO ENTER THE FUND MANAGEMENT BUSINESS IS BRINGING ALONG FOREIGN PARTNERS FUJI BANK LTD ONE OF THE NATION'S LARGEST SOCALLED CITY BANKS EXPECTS APPROVAL FOR ITS PENSIONMANAGEMENT UNIT IN ABOUT TWO WEEKS OTHER BIG SHAREHOLDERS IN THE COMPANY WILL INCLUDE BRITISH MERCHANT BANK KLEINWORT BENSON GROUP PLC AND LORD ABBETT & CO OF THE US THE UNIT INITIALLY WILL BE CAPITALIZED AT 188 MILLION UNTIL A RECENT RULE CHANGE MANAGEMENT OF PENSION FUNDS WAS LIMITED TO THE GOVERNMENT AND SECURITIES FIRMS FRANCE HAMMERED OUT MODIFIED LEGISLATION CRACKING DOWN ON ILLEGAL IMMIGRATION INCLUDING A MEASURE ALLOWING SOME ENTRANTS TO BE JAILED WITHOUT TRIAL FOR AS LONG AS THREE MONTHS THE COUNTRY'S CONSTITUTIONAL COUNCIL HAD STRUCK DOWN SIMILAR MEASURES ADOPTED BY PARLIAMENT THIS SPRING THE NEW LAW WOULD ALLOW FOR ILLEGAL IMMIGRANTS WHO REFUSE TO IDENTIFY THEMSELVES TO BE HELD AS LONG AS THREE MONTHS PENDING TRIAL BUT STIPULATES THAT DETAINEES BE ALLOWED TO APPLY FOR EARLY RELEASE THE GOVERNMENT ALSO ADJUSTED A RULE ALLOWING AUTHORITIES TO REFUSE MARRIAGE LICENSES IF THEY BELIEVE A WEDDING WAS ARRANGED SOLELY TO GAIN FRENCH NATIONALITY PRODUCTION WAS HALTED AT A GOLD MINE IN DURBAN SOUTH AFRICA AFTER MINERS REFUSED TO GO TO WORK FOLLOWING AN OVERNIGHT FIGHT THAT LEFT SIX PEOPLE DEAD AND 42 INJURED MANAGEMENT AT RANDGOLD & EXPLORATION LTD'S DURBAN DEEP MINE DESCRIBED THE CLASH BETWEEN ZULU EMPLOYEES AND OTHER MINERS AS A REVENGE ATTACK AND SAID 34 ZULUSPEAKING WORKERS WERE REMOVED FROM THE MINE'S RESIDENTIAL AREA A MEETING WAS UNDER WAY BETWEEN MANAGEMENT THE MINE WORKERS' UNION AND MEDIATORS TO TRY TO RESOLVE THE ISSUE GERMAN ECONOMICS MINISTER GUENTER REXRODT PROJECTED THAT EXPORTS TO CHINA WILL SURGE MORE THAN 50 IN 1993 AND SAID CHINA WILL BECOME THE ASIAPACIFIC REGION'S LARGEST BUYER OF GERMAN INDUSTRIAL PLANTS HE SAID GERMAN INDUSTRY HAS SECURED 11 ORDERS FOR INDUSTRIAL PLANTS AND MACHINERY VALUED AT 23 BILLION CHINA RAN A 36 BILLION TRADE SURPLUS WITH GERMANY IN 1992 AND BILATERAL TRADE AMOUNTED TO 106 BILLION GERMAN EXPORTS TO CHINA TOTALED 35 BILLION IN 1992 DEVELOPING COUNTRIES HAVE MADE HUGE STRIDES IN CURBING BIRTH RATES AND CHILD MORTALITY AND MANY OF THEM VACCINATE A GREATER PROPORTION OF THEIR CHILDREN AGAINST MEASLES THAN THE US A RANKING OF NATIONS BY UNICEF FOUND THAT RICH COUNTRIES AREN'T ALWAYS LEADERS IN PROVIDING BASIC NEEDS FOR CHILDREN FOUR OF THE WORLD'S POOREST COUNTRIESVIETNAM CHINA SRI LANKA AND HONDURASHAVE BROUGHT CHILD MORTALITY DOWN TO BETWEEN 20 AND 60 DEATHS PER 1000 BIRTHS MANY WEALTHIER NATIONS HAVE FAR HIGHER RATES INCLUDING TURKEY IRAQ SOUTH AFRICA AND BRAZIL THE WORLD AVERAGE IS 97 DEATHS FOR EVERY 1000 BIRTHS DOWN 50 SINCE 1960 UNICEF ALSO REPORTED A SHARP DROP IN BIRTH RATES IN MOST OF ASIA AND LATIN AMERICA BUT NOT IN SUBSAHARAN AFRICA WHERE THE AVERAGE WOMAN GIVES BIRTH TO MORE THAN SIX CHILDREN THE PROPORTION OF CHILDREN IMMUNIZED FOR MEASLES IS NEARLY 80 IN DEVELOPING COUNTRIES UP FROM ABOUT 20 A DECADE AGO CUBA LEADS WITH A 99 IMMUNIZATION RATE OTHER COUNTRIES AHEAD OF THE 77 US RATE ARE MAURITIUS ZIMBABWE INDIA VIETNAM AND THE PHILIPPINES ITALY IS AT THE BOTTOM OF THE INDUSTRIALIZED GROUP AT 50 IRISH DRINKERS ARE TURNING AWAY FROM BEER AND WHISKEY IN FAVOR OF SOFT DRINKS AND THEY CONSUME LESS ALCOHOL ON AVERAGE THAN MOST EUROPEANS A REPORT BY THE DRINKS INDUSTRY GROUP SAID SOFTDRINK CONSUMPTION HAS SURGED NEARLY 80 SINCE 1980 WHILE ANNUAL ALCOHOL CONSUMPTION IS DOWN ABOUT 02 GALLONS A PERSON TO 22 GALLONS SOUTH KOREA PLANS TO APPLY TO BE A NONPERMANENT MEMBER OF THE UN SECURITY COUNCIL PROBABLY IN 1996 9309230052 930923 FOREIGN EXCHANGE DOLLAR SLIPS AGAINST MARK AND THE YEN AS SOME PROFIT IS TAKEN ON ITS CLIMB BY TIMOTHY MAPES SPECIAL TO THE WALL STREET JOURNAL NEW YORK THE DOLLAR SLIPPED AGAINST THE MARK AND YEN WEDNESDAY AS INVESTORS CASHED IN HESITANTLY ON SOME OF THE US CURRENCY'S CLIMB TUESDAY SPARKED BY RUSSIA'S POLITICAL TURMOIL BUT WITH THE RUSSIAN SITUATION STILL MURKY FEW PLAYERS WERE ENTHUSIASTIC ABOUT SELLING THE DOLLAR ALLOWING IT TO CLING TO MOST OF ITS GAINS SINCE THE CRISIS BROKE LATE IN NEW YORK THE DOLLAR WAS QUOTED AT 16310 MARKS DOWN FROM 16400 MARKS LATE TUESDAY IN NEW YORK THE US CURRENCY ALSO WAS CHANGING HANDS AT 10615 YEN DOWN A BIT FROM 10625 YEN STERLING WAS TRADING AT 15190 UP FROM 15140 TOKYO'S FINANCIAL MARKETS WERE CLOSED THURSDAY FOR A NATIONAL HOLIDAY PROFITTAKING ON THE DOLLAR BEGAN EARLY IN THE ASIAN TRADING DAY AS PLAYERS BEGAN TO FEEL THAT THE DOLLAR'S RUNUP AGAINST THE MARK HAD GONE A BIT TOO FAR TUESDAY TRADERS BOLTED FROM THEIR MARK POSITIONS AFTER RUSSIAN PRESIDENT BORIS YELTSIN DISSOLVED THE RUSSIAN PARLIA MENT RAISING THE SPECTER OF POLITICAL CHAOS ON THE FRINGES OF EUROPE THAT CAUSED A RUSH TO SAFE HAVEN' CURRENCIES SUCH AS THE DOLLAR AND THE SWISS FRANC SENDING BOTH SHARPLY HIGHER AGAINST THE MARK BUT TUESDAY'S FLIGHT FROM THE MARK WAS A LITTLE BIT OVERDONE SAID MORRIS ARMSTRONG VICE PRESIDENT AND FOREIGN EXCHANGE MANAGER AT GIROCREDIT BANK IN NEW YORK A LOT OF PEOPLE FELT THAT YESTERDAY'S REACTION WAS A KNEEJERK RESPONSE HE ADDED BUT EVEN SO HE SAID FEW INVESTORS WERE WILLING TO AGGRESSIVELY SELL DOLLARS AS LONG AS THE SITUATION IN RUSSIA REMAINS SO VOLATILE IF THE TENSION ACCELERATES IT COULD BE VERY DIFFICULT TO BUY THEM BACK AT THE SAME LEVEL HE SAID TRADERS ALSO WERE CHEERED THAT THE DOLLAR DIDN'T RELINQUISH ALL OF THE GAINS IT PILED UP ON TUESDAY AND SAID THAT THE CURRENCY'S STAYING POWER COULD INDICATE THAT ITS RECENT SLIDE AGAINST THE MARK HAS FINALLY ENDED THEY NOTED THAT SUPPORT FOR THE DOLLAR CONTRASTED SHARPLY WITH GOLD WHICH IS ALSO GENERALLY VIEWED AS A SAFE HARBOR IN TIMES OF POLITICAL TURMOIL SPOT GOLD CLOSED 850 LOWER AT 35425 AN OUNCE WEDNESDAY SURRENDERING ALMOST ALL OF THE GROUND IT GAINED TUESDAY UNDER HEAVY SELLING IN ASIAN AND EUROPEAN MARKETS I'M CAUTIOUSLY OPTIMISTIC ON THE DOLLAR SAID TOM HOGE A CORPORATE TRADER AT CREDIT SUISSE IN NEW YORK MR HOGE SAID THAT THE DOLLAR WAS ALREADY CLIMBING TUESDAY BEFORE THE RUSSIAN NEWS BROKE ON A POSITIVE US HOUSING REPORT THE COMMERCE DEPARTMENT REPORTED TUESDAY THAT US HOUSING STARTS ROSE AT AN ANNUAL RATE OF 78 IN AUGUST FAR ABOVE EXPECTATIONS OF A 29 GAIN HE ADDED THAT THE HOUSING REPORT HAD RAISED HOPES THAT THE US ECONOMIC PICTURE MAY BE ABOUT TO BRIGHTEN 9309230051 930923 BUSINESS BRIEF GENERAL TIRE INC CONTINENTAL AG UNIT TO CUT 340 JOBS AT KENTUCKY PLANT GENERAL TIRE INC CITING SLOWER THAN EXPECTED REPLACEMENTTIRE SALES SAID IT WILL CUT 340 OR 18 OF THE WORKERS AT ITS MAYFIELD KY PLANT GENERAL A UNIT OF GERMANY'S CONTINENTAL AG ALSO SAID IT ANTICIPATES A LIMITED NUMBER OF SINGLEDAY SHUTDOWNS TO LOWER INVENTORY LEVELS THE COMPANY'S CHARLOTTE NC PLANT IS CLOSED THIS WEEK FOR THE SAME REASON EVEN THOUGH GENERAL OF AKRON OHIO HASN'T CUT ANY JOBS THERE THE COMPANY ALSO SAID THAT IT WILL STOP MAKING SMALL TIRES FOR FARM EQUIPMENT BY YEAR END A SPOKESMAN SAID RISING MANUFACTURING COSTS ARE DRIVING GENERAL FROM THE MARKET IN WHICH IT IS A SMALL PLAYER THE MOVE COULD COST A FEW JOBS AT THE MAYFIELD PLANT 9309230050 930923 TO THE RAMPARTS OF POPULISM ROSS RUSH & US BY ROBERT L BARTLEY LET ME CONFESS UP FRONT TO INGRATITUDE SINCE ROSS PEROT RECENTLY SAID SOME GENEROUS THINGS ABOUT US BUT THE CASE OF ROSS RUSH AND US ALLIES ON SOME ISSUES AND ANTAGONISTS ON OTHERS TELLS A LOT ABOUT THE STRAIN OF POPULISM CAUSING A BOUT OF INDIGESTION IN AMERICAN POLITICS MR PEROT'S GRASSROOTS ORGANIZATION UNITED WE STAND WAS INSTRUMENTAL IN REP JIM INHOFE'S VICTORY OVER THE HOUSE LEADERSHIP ON PROCEDURES FOR FORCING A FLOOR VOTE ON PENDING BILLS ITS MEMBERS HECTORED CONGRESSMEN TO SIGN THE INHOFE PETITION FORCING A VOTE ON WHETHER LEADERS CAN CONTINUE TO KEEP SECRET THE LISTS OF MEMBERS SIGNING DISCHARGE PETITIONS TO CALL BILLS FROM COMMITTEE TO THE FLOOR ABOUT THE ONLY PLACES THE PUBLIC COULD LEARN OF THE WHOLE ISSUE WAS ON THESE PAGES AND ON RUSH LIMBAUGH'S RADIO SHOW IN A PRESS CONFERENCE WITH REP INHOFE MR PEROT REMARKED I WANT TO SINGLE OUT IN BOLD HEADLINES THE WALL STREET JOURNAL FOR BRINGING THIS TO THE ATTENTION OF THE AMERICAN PEOPLE SOME OF OUR MEDIA BRETHREN WHO LATER DISCOVERED THE DISCHARGE PETITION HAVE SNIFFED AT ITS IMPORTANCE BUT THE GUESS HERE IS THAT IT WILL SPELL A SEA CHANGE IN AMERICAN POLITICS IT IS A STRATEGIC BEACHHEAD AGAINST THE ENTRENCHED POLITICAL CLASS OPENING THE WAY TO MAKING GOVERNMENT MORE RESPONSIVE TO THE ELECTORATE THE PUBLIC'S DESIRE FOR EMPOWERMENT EXPRESSES ITSELF AS WELL IN THE WIDESPREAD POPULARITY OF TERM LIMITS AND THE GROWING SUPPORT FOR SCHOOL CHOICE SIMILARLY THE PEROT AND THE LIMBAUGH PHENOMENA EXPRESS A DISAFFECTION WITH MAINSTREAM POLITICIANS AND MAINSTREAM MEDIA THE FORCE OF THIS DISAFFECTION IS SUCH THAT WHEN MESSRS PEROT AND LIMBAUGH UNITE AS RULES COMMITTEE CHAIRMAN JOE MOAKLEY LAMENTED THEY CAN MAKE SOMETHING AS ARCANE AS DISCHARGE PETITIONS A NATIONAL ISSUE IN A MONTH ON THE NORTH AMERICAN FREE TRADE AGREEMENT BY CONTRAST WE VIEW ROSS PEROT AS THE DARTH VADER OF THE FORCES OF DARKNESS EVER SINCE THE HOOVER DISASTER THE AMERICAN ESTABLISHMENT HAS BEEN SOLID FOR OPEN TRADE COLUMNIST PATRICK BUCHANAN MANAGES TO FORGET THAT THIS EMPHATICALLY INCLUDES THAT CONSUMMATE POPULIST RONALD REAGAN THEN TOO INTERNATIONAL TRADE INVOLVES INVIDIOUS FOREIGNERS SO ON ITS SURFACE NAFTA IS RED MEAT FOR POPULIST RHETORIC ON FREE TRADE THOUGH RUSH IS WITH US AN ENTHUSIASTIC NAFTA SUPPORTER PATIENTLY EXPLAINING THE ADVANTAGES OF TRADE IN TERMS JUNIORHIGH STUDENTS OUGHT TO BE ABLE TO UNDERSTAND BENEATH THE INYOURFACE RHETORIC INDEED MR LIMBAUGH IS A CLOSET MODERATE HE WENT DOWN THE LINE FOR PATRICIAN GEORGE BUSH FOR EXAMPLE AND EVEN HIS ABORTION POSITION IS SMACK IN THE AMERICAN MAINSTREAM I'M FOR CHOICE BUT I HOPE THE CHOICE IS LIFE PARTS OF THE LIMBAUGH TV SHOW MONDAY NIGHT CONCERNED THE LITTLE GENERAL AKA CITIZEN PEROT RUSH WAS NOT IMPRESSED WITH THE CROWD ESTIMATES 1500 TO 3000 AT THE LANSING ANTINAFTA RALLY SPONSORED BY ROSS AND SEN DON RIEGLE RUSH OPINED THAT ROSS WOULD HAVE FOLLOWERS EVEN IF HE WERE IN A STRAITJACKET IN A PADDED CELL AND SUGGESTED THAT ANY PEROT POSITION IS A GOOD CLUE RIGHTTHINKING PEOPLE SHOULD TAKE THE OTHER SIDE THIS BATTLE FOR THE POPULIST HEART HAS NOT BEEN CLEARLY DECIDED OF COURSE BUT IN HIS LATEST FORAYS MR PEROT'S POLL STANDINGS HAVE NOT PROSPERED IN THE WALL STREET JOURNAL/NBC NEWS POLL FOR EXAMPLE HIS RATINGS WENT FROM 47 POSITIVE AND 24 NEGATIVE IN MARCH TO 36 POSITIVE AND 35 NEGATIVE IN SEPTEMBER THIS WAS BEFORE HIS ANTINAFTA VIEWS LED HIM INTO ALLIANCE WITH SEN RIEGLE AS A CHARTER MEMBER OF THE KEATING FIVE THE VERY EPITOME OF THE INSIDEFIXER POLITICAL CLASS GOOD POPULISTS DETEST THIS IS NOT TO DETRACT FROM MR PEROT'S LIKELY HISTORICAL IMPORTANCE AS AN AGENT OF CHANGE IN AMERICAN POLITICS IN THE LAST PRESIDENTIAL ELECTION BILL CLINTON WON WITH 43 AN INCH ABOVE WALTER MONDALE GEORGE BUSH LOST WITH 38 A MILLIMETER SHORT OF BARRY GOLDWATER ROSS PEROT GOT EVERYBODY ELSE SO THE FUTURE OF AMERICAN POLITICS DEPENDS ON WHAT IS REALLY ON THE PEROT VOTERS' MINDS THE HEART OF IT IS NOT NAFTA OR THE DEFICIT BUT WHETHER CITIZENS CAN AFFECT THE POLITICAL STRUCTURE THIS IS AFTER ALL A COMMUNICATIONS AGE SMOKEFILLED ROOMS BELONG TO ANOTHER ERA IF THE ESTABLISHMENT MEDIA DO NOT REFLECT THEIR VALUES LISTENERS WILL CREATE A RUSH IF THE POLITICAL CLASS GIVES THEM NO REAL CHOICE AT THE POLLS VOTERS WILL CREATE A ROSS AND THEY WILL FIND WAYS TO MAKE THEMSELVES FELT BETWEEN ELECTIONS AS WELL AS FOR US FOR ALL THE ELITIST IMAGES CONNECTED WITH THIS NEWSPAPER'S NAME SINCE 1889 WE'VE STOOD FOR FREE MARKETS AND FREE MEN WE HAVE ABIDING FAITH IN MARKETS THE TRADITIONAL ENEMY OF KINGS AND OTHER ENTRENCHED RENTIERS BY THE SAME TOKEN WE HAVE A DEEP FAITH IN THE ULTIMATE JUDGMENT OF ORDINARY WOMEN AND MEN AND THEY ARE QUITE CAPABLE OF UNDERSTANDING DISCHARGE PETITIONS AND OPEN TRADE IN THIS INHERENTLY POPULIST COMMUNICATIONS AGE THE DANGER IS NOT THAT THE PEOPLE ARE FICKLE IT IS THAT POLITICAL LEADERS ARE CONDESCENDING PRETENDING TO GIVE VOTERS WHAT THE POLLS PRETEND THEY WANT THE POLLS ARE TAKEN BEFORE THE DEBATE NOT AFTER POLITICIANS ARE WRONG WHEN THEY CONCLUDE THE TRICK IS FOOLING THE PEOPLE WE POPULISTS BELIEVE THE TRICK IS EDUCATING THEM MR BARTLEY IS EDITOR OF THE JOURNAL 9309230049 930923 BUSINESS BRIEF KAUFMAN & BROAD HOME CORP FISCAL THIRDQUARTER PROFIT ROSE 94 TO 115 MILLION KAUFMAN & BROAD HOME CORP A LOS ANGELES HOMEBUILDER REPORTED THAT NET INCOME FOR ITS FISCAL THIRD QUARTER JUMPED 94 TO 115 MILLION OR 26 CENTS A SHARE A YEAR EARLIER NET INCOME WAS 59 MILLION OR 16 CENTS A SHARE REVENUE IN THE LATEST PERIOD WHICH ENDED AUG 31 ROSE 10 TO 3199 MILLION FROM 2903 MILLION THE IMPROVED RESULTS REFLECT CONTINUED GROWTH IN CALIFORNIA HOUSING OPERATIONS AS WELL AS THE LAUNCH OF A LAS VEGAS DIVISION THE GROWTH MORE THAN OFFSET CONTINUING PROBLEMS IN HOMEBUILDING OPERATIONS AROUND PARIS PROSPECTS FOR SHORTTERM IMPROVEMENT IN FRANCE ARE BLEAK WITH A LOSS OF ABOUT 7 MILLION EXPECTED FOR THE YEAR THE COMPANY SAID ANALYSTS ARE PREDICTING FISCAL 1993 PROFIT FOR THE ENTIRE COMPANY OF BETWEEN 90 CENTS AND 130 A SHARE A SPOKESMAN DECLINED TO COMMENT ON THE FORECASTS FOR THE NINE MONTHS NET ROSE 88 TO 249 MILLION OR 61 CENTS A SHARE FROM 133 MILLION OR 37 CENTS A SHARE KAUFMAN SHARES SLIPPED 50 CENTS TO 1925 IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING 9309230048 930923 BUSINESS BRIEF BILLY BLUES FOOD CORP RESTAURANT OPERATOR PLANS AN ALLIANCE WITH RIOSTAR BILLY BLUES FOOD CORP SAID IT SIGNED A LETTER OF INTENT TO FORM AN ALLIANCE WITH CLOSELY HELD RIOSTAR CORP A HOUSTON RESTAURANT OPERATOR WILLIAM GALLAGHER BILLY BLUES PRESIDENT SAID THE SAN ANTONIO COMPANY WILL ACQUIRE A 51 STAKE IN RIOSTAR AND INVEST UP TO 10 MILLION TO EXPAND RIOSTAR'S NINFA'S RESTAURANT CHAIN TO MORE THAN 40 UNITS THIS YEAR FROM ABOUT 26 UNITS MR GALLAGHER SAID BILLY BLUES WILL RAISE THE NECESSARY FINANCES FOR THE TRANSACTION WITH A PRIVATE OFFERING OF DEBT AND EQUITY HE SAID BILLY BLUES WHICH HAS ABOUT 24 MILLION COMMON SHARES OUTSTANDING WOULD ISSUE FEWER THAN 500000 NEW SHARES AS PART OF THE TRANSACTION BILLY BLUES OPERATES EIGHT RESTAURANTS IN THE US AND GERMANY AND PRODUCES AND MARKETS BARBECUE SAUCE 9309230047 930923 BUSINESS BRIEF ALEXANDER'S INC FORMER RETAILER SAYS COURT APPROVED ITS REORGANIZATION ALEXANDER'S INC SAID IT RECEIVED BANKRUPTCYCOURT APPROVAL TO REORGANIZE INTO A REALESTATE COMPANY WHOSE FINANCING AND MANAGEMENT REMAIN UNCERTAIN THE NEW YORKBASED FORMER OPERATOR OF 11 DISCOUNT DEPARTMENT STORES SAID US BANKRUPTCY COURT IN MANHATTAN CONFIRMED ITS PLAN TO EMERGE FROM CHAPTER 11 PROCEEDINGS OWNING SIX PROPERTIES IN NEW YORK CITY AND PARAMUS NJ ALEXANDER'S PLANS TO DEVELOP LEASE OR SELL THE FORMER STORES HOWEVER THE COMPANY MUST RAISE 60 MILLION TO FUND ITS DEVELOPMENT EFFORTS IT ALSO NEEDS THE MONEY TO REPAY WITH INTEREST IN CASH AND BY YEAR'S END UNSECURED CREDITORS WHOSE REMAINING CLAIMS TOTAL 37 MILLION A SPOKESWOMAN SAYS SHE DECLINED TO SAY HOW ALEXANDER'S WOULD RAISE THE MONEY BUT ANDREW TANANBAUM PRESIDENT OF CENTURY BUSINESS CREDIT CORP AND CHAIRMAN OF ALEXANDER'S CREDITORS COMMITTEE SAYS I'M HIGHLY CONFIDENT THEY WILL SUCCEED WHO WILL MANAGE A TRANSFORMED ALEXANDER'S IS UNCLEAR AS CHAIRMAN AND CHIEF EXECUTIVE ROBIN L FARKUS IS ONE OF THE FEW EXECUTIVES WHO HASN'T DEPARTED SINCE THE DECISION TO SWITCH FROM A RETAILER TO A REAL ESTATE OPERATOR WHEN ASKED ABOUT HIS PLANS MR FARKUS REPLIED THAT'S UP TO THE BOARD OF DIRECTORS 9309230046 930923 BUSINESS BRIEF HARNISCHFEGER INDUSTRIES INC MACHINERY CONCERN INTENDS TO SELL ENGINEERING UNIT HARNISCHFEGER INDUSTRIES INC MILWAUKEE SAID IT SIGNED A LETTER OF INTENT TO SELL ITS HARNISCHFEGER ENGINEERS TO A GROUP THAT INCLUDES MANAGEMENT OF THE UNIT AND A VENTURE CAPITAL UNIT OF MARSHALL & ILSLEY CORP THE MILWAUKEE BANK HOLDING COMPANY TERMS WEREN'T DISCLOSED THE COMPANY SAID HARNISCHFEGER ENGINEERS WHICH PROVIDES SYSTEMS INTEGRATION AND AUTOMATED MATERIAL HANDLING SERVICES HAD SALES OF 1013 MILLION IN THE YEAR ENDED OCT 31 1992 WHEN THE COMPANY AS A WHOLE HAD SALES OF 138 BILLION JEFFERY T GRADE CHIEF EXECUTIVE SAID THE COMPANY IS LIKELY TO HAVE A GAIN ON THE SALE BUT HE WOULDN'T SPECIFY THE AMOUNT HE ALSO SAID THE POSSIBLE SALE OF THE OTHER MAIN UNIT IN THE SYSTEMS GROUP SYSCON CORP IS UNDER REVIEW HARNISCHFEGER INDUSTRIES WHICH ALSO MAKES PAPERMAKING MACHINES AND MINING EQUIPMENT SAID THE BUYOUT GROUP INCLUDES JOHN SPLUDE PRESIDENT OF HARNISCHFEGER ENGINEERS 9309230045 930923 REVIEW & OUTLOOK EDITORIAL RUSSIA'S SEARCH FOR STABILITY BORIS YELTSIN HAS TO FIGURE OUT WHAT TO DO WITH THE RUSSIAN PARLIAMENT BUILDING WHICH IS STILL BEING OCCUPIED BY THE MEMBERS OF THE DISSOLVED LEGISLATURE THROUGH ITS ANTICS THE OLD RUSSIAN PARLIAMENT MADE THE RUSSIAN GOVERNMENT IRRELEVANT TO THE LIVES OF NORMAL RUSSIANS THE PARLIAMENT WAS A BEDLAM CHAMBER DEPUTIES WOULD RISE TO MAKE WILD ACCUSATIONS ABOUT ORGIES IN THE YELTSIN ADMINISTRATION NATIONALISTS COULD BE SEEN HARANGUING ABOUT THE INFILTRATION OF HOMOSEXUALS IN GOVERNMENT SPEAKER RUSLAN KHASBULATOV COULD PRACTICALLY BE COUNTED ON TO CALL FOR MR YELTSIN'S IMPEACHMENT EACH HOUR HE CALLED MARGARET THATCHER AN OLD BAG AND FREE MARKET REFORMERS WORMS IN TYPICAL DISPLAYS OF PARLIAMENTARY DIGNITY THE PARLIAMENT'S CHAMPION VICE PRESIDENT ALEXANDER RUTSKOI CALLED MARKET REFORMERS BOYS IN PINK PANTS RED SHIRTS AND YELLOW BOOTS AND LAST MONTH BEFORE A CROWD OF YELSTINSUPPORTING COAL MINERS HE SCREECHED YOU HAVE BEEN USED LIKE A CONDOM AND THROWN AWAY THOMAS JEFFERSON HE AIN'T THIS CREW PASSED 400 BUDGET AMENDMENTS THAT WOULD HAVE BEEN WILDLY INFLATIONARY HAD NOT EVERYBODY IGNORED THEM THE PARLIAMENT PASSED DECREES RIPPING THE GUTS OUT OF PRIVATIZATION WHICH WERE ALSO IGNORED LAWS WERE VOTED IN BY THE DOZENS MANY OF THEM INCOHERENT AND SELFCONTRADICTORY LACKING A DOCTRINE BUT SIMPLY WANTING POWER THE PARLIAMENT BECAME AN ENEMY NOT ONLY OF REFORM BUT OF COMMON SENSE AND WENT A LONG WAY TO DRAGGING THE EXECUTIVE BRANCH DOWN TO ITS LEVEL MR YELTSIN'S LONG AWAITED DECISION TO DISSOLVE PARLIAMENT AND CALL NEW ELECTIONS IS A BID TO MAKE THE IDEA OF GOVERNMENT AGAIN RELEVANT TO POSTSOVIET RUSSIA LAST SPRING'S REFERENDUM RESULT GAVE MR YELTSIN A MORAL MANDATE TO TAKE THIS ACTION AND THE CALM IN RUSSIA YESTERDAY DEMONSTRATES THAT THE MOVE HAS AT THE LEAST POPULAR ACQUIESCENCE EVERY TIME REFORM SEEMS BOGGED DOWN MR YELTSIN TAKES A DRAMATIC STEP HE IS THE MASTER OF THE GREAT LEAP EVEN IF HE IS SOMETIMES INATTENTIVE WHEN THE TIMES CALL FOR STEADY MARCHING MR YELTSIN SURELY RECOGNIZES WHAT NEW ELECTIONS CAN AND CANNOT ACHIEVE IT SHOULD BE POSSIBLE TO GET A PARLIAMENT THAT BETTER REPRESENTS THE NEW NATION THE OLD BOD WAS ELECTED DURING THE WANING GORBACHEV ERA BUT A MERE CHANGE OF FACES ISN'T ENOUGH RUSSIA'S PROBLEM IS THAT IT LACKS THE STABILITY THAT COMES FROM LEGITIMATE DEMOCRATIC INSTITUTIONS THE OLD PARLIAMENT PREVENTED THE CREATION OF THESE INSTITUTIONS MR YELTSIN HAS TO IMPOSE COHERENCE ON HIS OWN ADMINISTRATION HE HAS HAD EIGHT DEPUTY PRIME MINISTERS IN THE PAST YEAR DUE TO HIS TENDENCY TO SHUFFLE STAFF FOR THE SAKE OF SHORTTERM POLITICAL GAINS THERE HAVE BEEN GORBACHEVIAN SWERVES BETWEEN STATISM AND LIBERALIZATION WITH CENTRISTS AND REFORMISTS OPENLY FEUDING IN THE CABINET MR YELTSIN IS A CHAMPION OF FREE MARKET REFORM BUT HE HAS NOT USED THAT DOCTRINE AS THE GLUE TO HOLD HIS GOVERNMENT TOGETHER PART OF THE PROBLEM IS THAT RUSSIAN CIVIL SOCIETY IS SO NEW IT HASN'T YET COALESCED INTO CONSTITUENCY GROUPSENTREPRENEURS PRIVATE WORKERS FACTORY DIRECTORS AND SO ONCAPABLE OF LEGITIMATE POLITICAL EXPRESSION THIS IS ONE OF THE IMMENSE DISTORTIONS LEFT BY THE COMMUNIST EXPERIENCE OR ANTIEXPERIENCE WHICH MAKES PATIENCE WITH RUSSIA'S STRUGGLES SO IMPORTANT THE MOST IMPORTANT STEP MR YELTSIN NEEDS TO TAKE IS TO INSTITUTIONALIZE POPULAR SUPPORT FOR REFORM BY CREATING A REAL POLITICAL PARTY RUSSIA HAS HUNDREDS OF ORGANIZATIONS THAT CALL THEMSELVES PARTIES BUT THEY ARE OFTEN JUST VEHICLES FOR ONE PERSON'S AMBITIONS WITHOUT ROOTS IN THE COUNTRY IF EVERY NOTABLE PERSON HAS HIS OWN PARTY THEN PARLIAMENTARY ELECTIONS WILL BECOME LOCAL PERSONALITY CONTESTS THERE WILL BE NO NATIONAL LINKS TO HOLD LIKEMINDED PEOPLE IN DIFFERENT REGIONS TOGETHER WITHOUT PARTY DISCIPLINE THE NEXT PARLIAMENT WILL BE DISORGANIZED RUSSIA IN SHORT NEEDS STABLE CIVIL AND POLITICAL ORGANIZATIONS THE OLD LEGISLATURE WAS CHAOS IN LEGISLATIVE FORM MR YELTSIN HAS TAKEN DOWN THE LAST REMNANT OF THE OLD MESS THE BUILDING OF THE NEW ORDER WILL BE A CONTINUING PROJECT IT DESERVES THE WEST'S ACTIVE SUPPORT 9309230044 930923 HEALTHCARE BATTLE OUTLINE OF COMPROMISE IS DIMLY DISCERNIBLE AS CLINTON OFFERS PLAN HIS GOAL OF COVERAGE FOR ALL FACES SNAGS ON FINANCING BUT TRADEOFF IS POSSIBLE IT IS TIME TO FIX THE SYSTEM' BY HILARY STOUT AND DAVID ROGERS STAFF REPORTERS OF THE WALL STREET JOURNAL WASHINGTON PRESIDENT CLINTON LAST NIGHT PRESENTED AN AMBITIOUS BLUEPRINT TO ACHIEVE A GOAL THAT HAS ELUDED PRESIDENTS FROM FRANKLIN ROOSEVELT TO GEORGE BUSH OVERHAULING THE NATION'S HEALTH SYSTEM TO GUARANTEE COVERAGE TO ALL CITIZENS AND CURB SOARING MEDICAL COSTS THIS HEALTHCARE SYSTEM OF OURS IS BADLY BROKEN AND IT IS TIME TO FIX IT HE DECLARED IN HIS MOST IMPASSIONED SPEECH YET AS PRESIDENT WE MUST MAKE THIS OUR MOST URGENT PRIORITY GIVE EVERY AMERICAN HEALTHCARE SECURITY HEALTH CARE THAT CAN NEVER BE TAKEN AWAY HEALTH CARE THAT IS ALWAYS THERE THIS TIME IT COULD JUST HAPPEN ALREADY EVEN AS MEMBERS OF BOTH PARTIES QUESTION THE FINANCING MEASURES IN THE CLINTON PLAN EVEN AS POWERFUL INTEREST GROUPS DENOUNCE DETAILS IN THE PROPOSAL THE BROAD OUTLINES OF A COMPROMISE CAN BE SEEN THAT COULD LEAD TO LEGISLATION THAT WOULD PROVIDE UNIVERSAL HEALTH COVERAGE THINGS THAT ARE THIS BIG DON'T GET STOPPED SAYS SEN JOHN DANFORTH A MISSOURI REPUBLICAN WHO IS A MEMBER OF THE IMPORTANT SENATE FINANCE COMMITTEE WHICH WILL REVIEW MAJOR PORTIONS OF THE BILL THE MOMENTUM COMES PARTLY THROUGH THE FORCE OF THE PRESIDENTIAL BULLY PULPIT AND PARTLY BECAUSE REPUBLICANS MANY OF WHOM HAVE BEEN FRUSTRATED BY THEIR PARTY'S PAST INACTION ON HEALTH CARE HAVE ALREADY ENTERED THE DEBATE WITH A PLAN OF THEIR OWN BUT THE BATTLE WILL BE ARDUOUS AND IN THE END HOPES OF COMPROMISE COULD BE SHATTERED BY DIVISIVENESS ON SEVERAL ISSUES THE FINANCING OF THE PLAN THE EXTENT OF GOVERNMENT REGULATION IN THE NEW SYSTEM AND MR CLINTON'S PROPOSED REQUIREMENT THAT ALL EMPLOYERS PAY MOST OF THE COST OF THEIR WORKERS' HEALTH COVERAGE PERHAPS MOST IMPORTANT BACKERS OF ANY SUCCESSFUL PLAN MUST CONVINCE US CITIZENS THAT THEY STILL WILL HAVE THE FREEDOM TO CHOOSE THEIR DOCTORS BUT BASED ON POSITIONS STAKED OUT BY THE WHITE HOUSE MODERATE REPUBLICAN SENATORS AND CONSERVATIVE DEMOCRATS IT IS INCREASINGLY APPARENT THAT IF ANY BROAD HEALTH BILL IS TO CLEAR CONGRESS NEXT YEAR IT IS LIKELY TO INCLUDE THE FOLLOWING ELEMENTS INSURANCE BUYING POOLS THAT BAND TOGETHER EMPLOYERS AND INDIVIDUALS TO INCREASE CONSUMER CLOUT AND SPREAD RISK AN OVERHAUL OF INSURANCE LAWS TO BAR HEALTH INSURERS FROM DROPPING OR REFUSING COVERAGE FOR SICK OR HIGHRISK PEOPLE A UNIFORM HEALTHBENEFITS PACKAGE FOR ALL AMERICANS GOVERNMENT FINANCIAL ASSISTANCE TO HELP LOWINCOME PEOPLE OR SMALL EMPLOYERS AFFORD COVERAGE SPENDING CAPS ON MEDICARE AND MEDICAID THE GOVERNMENT HEALTH PROGRAMS FOR THE ELDERLY DISABLED AND POOR MEASURES TO REDUCE ADMINISTRATIVE WASTE SUCH AS INSTITUTING A SINGLE INSURANCE REIMBURSEMENT FORM CHANGES TO MEDICAL LIABILITY LAWS A DEADLINE FOR ACHIEVING UNIVERSAL COVERAGE IN HIS SPEECH BEFORE A JOINT SESSION OF CONGRESS LAST NIGHT MR CLINTON IMPLORED LAWMAKERS TO BURY THEIR PARTISANSHIP AND WORK TOGETHER TOWARD A GOAL THAT THE NATION HAS BEEN UNABLE TO REACH IN ITS HISTORY FOR THE FIRST TIME IN THIS CENTURY LEADERS OF BOTH PARTIES HAVE COME TOGETHER AND UNITED AROUND THE PRINCIPLE OF UNIVERSAL HEALTH COVERAGE HE SAID IT IS A MAGIC MOMENT AND WE MUST SEIZE IT HE ALSO TOLD THE LAWMAKERS BEFORE CONGRESS FINISHES ITS WORK NEXT YEAR YOU WILL PASS AND I WILL SIGN A NEW LAW TO CREATE HEALTH SECURITY FOR EVERY AMERICAN IN A TIME OF CHANGE YOU HAVE TO HAVE MIRACLES AND MIRACLES DO HAPPEN BUILDING TO A CLIMAX HE BROUGHT LAWMAKERS TO THEIR FEET WITH THE PLEA LOOK INTO YOUR HEART AND TELL ME THAT THE GREATEST NATION IN THE HISTORY OF THE WORLD IS POWERLESS TO CONFRONT THIS CRISIS THE PLAN THAT MR CLINTON PRESENTED WOULD GUARANTEE ALL AMERICANS AN IDENTICAL COMPREHENSIVE PACKAGE OF HEALTH BENEFITS BY REQUIRING ALL EMPLOYERS BIG AND SMALL TO PAY AT LEAST 80 OF THE AVERAGE PREMIUM FOR EACH FULLTIME WORKER IT WOULD GROUP ALL BUT THE LARGEST EMPLOYERS INTO HUGE INSURANCE BUYING POOLS CALLED HEALTH ALLIANCES WHILE GIVING THE BIGGEST COMPANIES THE OPTION TO JOIN IT WOULD SEEK TO HOLD DOWN MEDICAL PRICES THROUGH GOVERNMENTASSIGNED CAPS ON INSURANCE PREMIUMS AND THROUGH FEDERAL SUBSIDIES IT WOULD EASE THE FINANCIAL BURDEN ON SMALL LOWWAGE BUSINESSES AND PROVIDE ASSISTANCE TO THE POOR AND UNEMPLOYED TO PAY FOR IT ALL THE CLINTON PLAN WOULD INCREASE TOBACCO TAXES IMPOSE A MODEST ASSESSMENT ON COMPANIES THAT DON'T JOIN THE ALLIANCES AND SQUEEZE BILLIONS OF DOLLARS FROM PUBLICHEALTH PROGRAMS BY IMPOSING LIMITS ON SPENDING AS THE LEGISLATIVE PROCESS RUNS ITS COURSE MANY POLITICAL AND HEALTH EXPERTS BELIEVE THAT TO LESSEN THE COST THE RICHNESS OF THE BENEFITS PACKAGE IN MR CLINTON'S PROPOSAL IS LIKELY TO BE SCALED BACK THE TIMETABLE FOR ACHIEVING UNIVERSAL COVERAGE IS LIKELY TO BE STRETCHED OUT FROM THE PRESIDENT'S GOAL OF 1997 TO THE YEAR 2000 THE GOVERNMENT REGULATION IN THE PLAN IS LIKELY TO BE DILUTED IN AN EFFORT TO WIN BIPARTISAN SUPPORT THE PRESIDENT AND HILLARY RODHAM CLINTON WHO HEADED THE ADMINISTRATION'S HEALTHREFORM TASK FORCE HAVE REPEATEDLY SIGNALED A WILLINGNESS TO COMPROMISE BUT LAST NIGHT MR CLINTON LAID OUT SIX PRINCIPLES THAT MUST BE IN ANY HEALTH BILL SIMPLICITY SAVINGS QUALITY CHOICE PERSONAL RESPONSIBILITY AND THE SECURITY THAT HEALTH COVERAGE CAN NEVER BE DENIED OR TAKEN AWAY SAYS REPUBLICAN SEN JOHN CHAFEE OF RHODE ISLAND WHO LED THE TASK FORCE THAT UNVEILED THE GOP ALTERNATIVE LAST WEEK ANY COMPROMISE IS GIVE AND TAKE AND WE CAN'T JUST TAKE THERE ARE HOWEVER SUBSTANTIAL WINGS OF BOTH PARTIES THAT OBJECT STRONGLY TO THE MIDDLE GROUND THAT SEEMS TO BE EMERGING IN THE HOUSE 88 DEMOCRATS HAVE SIGNED ONTO A SINGLEPAYER BILL THAT WOULD ESTABLISH A FEDERALLY RUN TAXPAYERFINANCED SYSTEM UNDER WHICH THE GOVERNMENT WOULD PAY MOST HEALTH BILLS IN THE SENATE A GROUP OF CONSERVATIVE REPUBLICANS IS PUSHING FOR TAXFREE IRASTYLE MEDICAL SAVINGS ACCOUNTS AND TAX CREDITS TO HELP POOR PEOPLE PAY FOR COVERAGE SOME OF THE MAJOR AREAS OF CONTENTION AND THE POSSIBLE COMPROMISES THAT COULD PLAY OUT INCLUDE HOUSE REPUBLICAN WHIP NEWT GINGRICH OF GEORGIA LIKENS THE CURRENT EUPHORIA SURROUNDING HEALTHCARE REFORM TO VISITING A SPORTSCAR SHOWROOM BUT HE PREDICTS A REVERSAL IN THE COMING WEEKS WHEN VOTERS FACE UP TO HAVING TO PAY FOR THE FERRARI TO FUND THE SUBSIDIES PRESIDENT CLINTON PROMISES TO SMALL FIRMS LOWINCOME AND UNEMPLOYED PEOPLE AND EARLY RETIREES WHICH WOULD COST 350 BILLION OVER FIVE YEARS HE PROPOSED LAST NIGHT TO RAISE THE TAX ON TOBACCO AND WRING HUGE SAVINGS OUT OF THE CURRENT HEALTHCARE SYSTEM PARTICULARLY THROUGH CAPS INTENDED TO SAVE 238 BILLION FROM MEDICARE AND MEDICAID THROUGH THE YEAR 2000 TOTAL SAVINGS OF 441 BILLION ARE ENVISIONED BY THE WHITE HOUSE THE CHAFEEDOLE BILL PROPOSES NEARLY AS RIGID CAPS ON MEDICARE AND MEDICAID BUT LIBERALS ARE UNLIKELY TO LET SUCH SUBSTANTIAL REDUCTIONS IN PROJECTED SPENDING ON MEDICAL PROGRAMS FOR THE ELDERLY POOR AND DISABLED GO THROUGH THE ADMINISTRATION IS TRYING TO MAKE THE CAPS MORE PALATABLE BY PROMISING TO REINVEST THE SAVINGS IN BENEFITS FOR THE POPULATIONS SERVED BY THE PROGRAMS SUCH AS A NEW PRESCRIPTIONDRUG BENEFIT FOR MEDICARE BENEFICIARIES AND A NEW FEDERAL LONGTERMCARE PROGRAM YESTERDAY IN A BIPARTISAN MEETING AT THE WHITE HOUSE MR CHAFEE WARNED THE PRESIDENT THAT AFTER MAKING SUCH PROMISES TO SENIOR CITIZENS IT IS VERY HARD TO PULL BACK THAT COULD LEAVE A TOUGH POLITICAL SITUATION AFTER THIS SUMMER'S BRUISING BUDGET BATTLE A BROADBASED TAX INCREASE ISN'T A REALISTIC OPTION FOR FINANCING THE HEALTH PLAN MANY IN BOTH PARTIES AGREE ONE ALTERNATIVE IS TO REDUCE THE COST OF THE PROPOSALS THIS COULD BE DONE BY SCALING BACK THE GENEROUS BENEFITS PACKAGE IN THE CLINTON PLAN OR BY LENGTHENING THE PHASEIN PERIOD FOR UNIVERSAL COVERAGE THOUGH THE ADMINISTRATION DEFENDS ITS COST PROJECTIONS MANY PEOPLE ARE ALREADY ASSAILING THEM AS UNREALISTIC SENATE REPUBLICANS ARE LOOKING UP COST ESTIMATES ON PRIOR SPENDING BILLS AND THEN COMPARING HOW THEY CAME OUT IN HIS SPEECH LAST NIGHT MR CLINTON SAID PEOPLE MAY DISAGREE OVER THE BEST WAY TO FIX THIS SYSTEM BUT WE CANNOT DISAGREE THAT WE CAN FIND 10 BILLION OF SAVINGS IN WHAT IS THE MOST COSTLY AND BUREAUCRATIC SYSTEM IN THE ENTIRE WORLD BESIDES FINANCING THE PROPOSED FEDERAL REQUIREMENT THAT ALL EMPLOYERS PAY AT LEAST 80 OF THE AVERAGE PRICE OF THEIR WORKERS' HEALTHINSURANCE PREMIUMS IS PROBABLY THE BIGGEST FLASH POINT IF YOU CAN FIND THE VOTES FOR THAT THE REST COMES TOGETHER SAYS HOUSE MAJORITY LEADER RICHARD GEPHARDT OF MISSOURI THAT IS THE HARD POLITICAL GROUND IN THIS THING SMALLBUSINESS GROUPS CONTEND THAT SUCH A REQUIREMENT WOULD BE AN UNBEARABLE FINANCIAL BURDEN FOR SMALLER EMPLOYERS TO LESSEN THAT BURDEN THE ADMINISTRATION IS PROPOSING SUBSTANTIAL SUBSIDIES TO EASE THE OBLIGATION FOR SMALL LOWWAGE EMPLOYERS CAPPING THE REQUIRED CONTRIBUTION AT 35 OF PAYROLL FOR THE SMALLEST AND POOREST FIRMS BUT MANY REPUBLICANS OPPOSE ON PHILOSOPHICAL GROUNDS SUCH A GOVERNMENT INTRUSION INTO THE MARKETPLACE GETTING VOTES FOR SUCH A PROVISION WILL BE PARTICULARLY TOUGH AMONG SOUTHERN LAWMAKERS FROM RURAL AREAS WHO HAVE MANY SMALL COMPANIES IN THEIR DISTRICTS AS AN ALTERNATIVE A PLAN INTRODUCED LAST WEEK BY A GROUP OF MODERATE SENATE REPUBLICANS INCLUDING MINORITY LEADER ROBERT DOLE OF KANSAS WOULD IMPOSE AN INDIVIDUAL MANDATE THIS WOULD REQUIRE ALL INDIVIDUALS TO OBTAIN HEALTH COVERAGE AND OFFER FEDERAL VOUCHERS TO HELP PEOPLE WHO EARN LESS THAN 240 OF THE POVERTY LEVEL AFFORD IT IT IS POSSIBLE A NUMBER OF EXPERTS SAY TO MESH THE TWO BY INSTITUTING A REQUIREMENT THAT EMPLOYERS ABOVE A CERTAIN SIZE PAY PART OF THEIR WORKERS' HEALTH INSURANCE AND REQUIRING EMPLOYEES OF SMALLER FIRMS TO GET COVERAGE BUT OFFERING AID TO HELP THEM AFFORD IT OR WHAT MAY BE MORE LIKELY IS STRETCHING OUT THE PHASEIN DATE FOR THE EMPLOYER MANDATE TO A TIME WHEN HEALTH COSTS ARE UNDER CONTROL OTHERS ARGUE THAT CONCERN OVER EMPLOYER MANDATES MAY WANE AS BUSINESS INTERESTS BETTER UNDERSTAND THE TRADEOFFS INVOLVED AND THE ATTRACTIVE DEAL THE GOVERNMENT SUBSIDIES MAY PROVIDE TO SMALL LOWWAGE EMPLOYERS EVEN ZOE BAIRD COULD COUGH UP 15 CENTS ON THE DOLLAR REP PETE STARK THE CALIFORNIA DEMOCRAT WHO HEADS THE HOUSE WAYS AND MEANS COMMITTEE'S HEALTH SUBCOMMITTEE SAYS ABOUT THE CLINTON NOMINEE FOR ATTORNEY GENERAL WHO WAS DERAILED OVER HER FAILURE TO PAY WITHHOLDING TAXES ON HOUSEHOLD EMPLOYEES CRITICS WILL TRY TO MAKE IT AN ISSUE BUT YOU EMBARRASS THEM WHEN YOU QUANTIFY IT THE CLINTON PLAN AIMS TO HOLD DOWN THE STAGGERING RISE IN MEDICAL PRICES BY IMPOSING A GLOBAL BUDGET ON PRIVATE HEALTH SPENDING THAT LARGELY TAKES THE FORM OF A GOVERNMENTSET LIMIT ON THE RISE IN HEALTHINSURANCE PREMIUMS SUCH A MEASURE NOT ONLY HAS REPUBLICANS BUT MOST OF THE HEALTH INDUSTRY UP IN ARMS WE'RE GOING TO FIGHT TO THE DEATH THE GLOBAL BUDGET AND PRICE CONTROLS SAYS MICHAEL BROMBERG EXECUTIVE DIRECTOR OF THE FEDERATION OF AMERICAN HEALTH SYSTEMS WHICH REPRESENTS FORPROFIT HOSPITALS NEVERTHELESS THE COMPROMISE HERE MAY BE EASY SOME SAY MR BROMBERG HIMSELF ADDS THAT THE BUDGET CAN BE COMPROMISED INTO SOME KIND OF TARGET AND MONITORING OF DATA ON HEALTH EXPENDITURES A CONSENSUS HAS SNOWBALLED OVER THE PAST YEAR SUPPORTING AN ESSENTIALLY UNTESTED IDEA SETTING UP BIG POOLS OF BUSINESSES AND INDIVIDUALS AROUND THE COUNTRY TO STRENGTHEN CONSUMER BARGAINING POWER AND SPREAD RISKS THOUGH NUMEROUS LOOSEKNIT LOCAL BUSINESS COALITIONS HAVE BEEN SPRINGING UP SINCE THE 1980S TO BARGAIN WITH INSURERS AND HEALTH MAINTENANCE ORGANIZATIONS A NATIONWIDE SYSTEM OF SUCH POOLS DOESN'T EXIST ANYWHERE IN THE WORLD WHILE A COMPROMISE HEALTH BILL SEEMS ALMOST CERTAIN TO HAVE SOME FORM OF PURCHASING POOLS THERE IS DEEP DISAGREEMENT OVER THE STRUCTURE AND POWERS OF SUCH ENTITIES THE CLINTON PLAN WOULD REQUIRE ALL BUT THE LARGEST EMPLOYERS ANY FIRM WITH FEWER THAN 5000 EMPLOYEES TO JOIN THE HEALTH ALLIANCE IN THEIR AREA AND THE BIGGER ONES STILL WOULD HAVE THE OPTION TO JOIN EACH ALLIANCE WOULD HAVE BROAD POWERS TO COLLECT MONEY FROM EMPLOYERS CONTRACT WITH HEALTH PLANS AND ENFORCE THE CAPS ON HEALTHINSURANCE PREMIUMS THE INSURANCE INDUSTRY FEARS THAT THE VAST REGULATORY POWERS OF THE ALLIANCES WOULD KEEP MANY FIRMS OUT OF THE MARKET AS AN ALTERNATIVE THE CHAFEE PLAN WOULD SET UP OPTIONAL PURCHASING POOLS FOR FIRMS WITH 100 OR FEWER WORKERS AND ALLOW FOR COMPETING POOLS IN EACH REGION A GROUP OF CONSERVATIVE AND MODERATE HOUSE DEMOCRATS LED BY REPS JIM COOPER OF TENNESSEE AND MIKE ANDREWS OF TEXAS IS PREPARING A BILL THAT WOULD PLACE A LIMIT OF BETWEEN 100 AND 1000 EMPLOYEES ON THE SIZE OF COMPANIES REQUIRED TO JOIN BUYING POOLS THAT BILL WOULDN'T ALLOW COMPETING POOLS MANY PEOPLE EVEN SOME INSIDE THE ADMINISTRATION BELIEVE POLITICAL PRESSURES WILL FORCE THE WHITE HOUSE TO AGREE TO A REDUCTION OF THE SIZE OF THE HEALTH ALLIANCES IN ITS PLAN AND POSSIBLY SOME REDUCTION IN THEIR POWERS MORE THAN ANY OTHER LEGISLATION IN RECENT MEMORY THE POLITICS OF HEALTH CARE GO TO THE HEART OF A HISTORIC ALMOST UNIQUELY AMERICAN DEBATE OVER HOW TO BALANCE THE TWIN VALUES OF FREEDOM AND EQUALITY REP FRED GRANDY A MODERATE IOWA REPUBLICAN ON THE WAYS AND MEANS HEALTH PANEL WORRIES THAT THE CLINTON PROPOSAL IS A STALKING HORSE FOR A SINGLEPAYER SYSTEM REP JIM MCDERMOTT A WASHINGTON STATE DEMOCRAT ON THE SAME PANEL WHO IS THE LEAD SPONSOR OF A SINGLEPAYER BILL FEARS THAT THE RELIANCE ON MANAGEDCOMPETITION WOULD INVITE A TWOTIER SYSTEM IN WHICH THE POOR STILL WOULDN'T HAVE EQUAL CARE TO PASS MUSTER WITH THE US PUBLIC ANY LEGISLATION REVISING THE HEALTH SYSTEM WILL PROBABLY HAVE TO GUARANTEE INDIVIDUALS FREEDOM TO CHOOSE ONE'S OWN DOCTOR ANYWHERE BOTH THE CLINTON AND GOP PROPOSALS CONTAIN INCENTIVES TO ENCOURAGE PEOPLE TO ENROLL IN NETWORKS OF DOCTORS HOSPITALS AND OTHER HEALTHCARE PROVIDERS THAT GIVE ALL NECESSARY CARE FOR A PRESET PREMIUM BUT BOTH WOULD RETAIN FEEFORSERVICE OPTIONS THE CLINTON PLAN WOULD REQUIRE EACH HEALTH ALLIANCE TO OFFER SUCH AN ALTERNATIVE WHICH WOULD ALLOW PEOPLE TO GO TO A DOCTOR OF THEIR CHOICE THAT OPTION WOULD PROBABLY COST MORE THE ADMINISTRATION HOPES TO HAVE A BILL PASSED BY THE MIDDLE OF NEXT YEAR HOUSE SPEAKER THOMAS FOLEY WHO CALLS HEALTH CARE THE GODZILLA OF PUBLICPOLICY ISSUES SAYS HE WOULD LIKE SUBCOMMITTEES TO NOT ONLY FINISH HEARINGS BUT BEGIN DRAFTING AN OVERHAUL BILL THIS YEAR FOR ALL THE OPTIMISM THERE ARE A MILLION THINGS THAT MIGHT STILL BLOW THIS THING UP SAYS THOMAS SCULLY A FORMER BUSH ADMINISTRATION HEALTH AND BUDGET OFFICIAL BUT HE ADDS THE POLITICAL PRESSURE TO PASS SOMETHING IS GOING TO BE ENORMOUS AND I REALLY THINK THE REPUBLICANS AS WELL AS THE DEMOCRATS ACTUALLY WANT TO PASS SOMETHING 9309230043 930923 MARKETING BRIEF SONY CORP FILM UNIT SIGNS AGREEMENT TO GIVE HBO EXCLUSIVE DEAL SONY PICTURES ENTERTAINMENT A UNIT OF SONY CORP SIGNED A FIVEYEAR AGREEMENT GIVING HOME BOX OFFICE EXCLUSIVE PAYTV RIGHTS TO AS MANY AS 15 OF ITS COLUMBIA PICTURES FILMS A YEAR STARTING IN 1994 THE DEAL IS VALUED AT MORE THAN 200 MILLION HBO A DIVISION OF TIME WARNER INC HAS ALREADY SIGNED LONGTERM FILM AGREEMENTS WITH PARAMOUNT COMMUNICATIONS INC FOX INC'S TWENTIETH CENTURY FOX FILM AND WARNER BROS INC THE AGREEMENT WILL INCLUDE SUCH COMING COLUMBIA FILMS AS HOWARD ZIEFF'S MY GIRL II AND MIKE NICHOLS'S WOLF STARRING JACK NICHOLSON AND MICHELE PFEIFFER IN ADDITION TO THE NEW PRODUCTS HBO HAS LICENSED A SIGNIFICANT NUMBER OF RECENT AND CLASSIC FEATURE FILMS FROM SONY'S LIBRARY OF MORE THAN 3000 MOTION PICTURE TITLES TO DATE ALL OF COLUMBIA'S CURRENT RELEASES AND MANY OF SONY'S TRISTAR FILMS ARE SHOWN EXCLUSIVELY ON HBO BUT BEGINNING IN 1994 TRISTAR WILL SUPPLY VIACOM INC'S SHOWTIME PAY CHANNEL EXCLUSIVELY 9309230042 930923 INTERNATIONAL BRIEF GIB GROUP SA BELGIAN FIRM PLANS LAYOFFS AT GB SUPERMARKET CHAIN GIB GROUP SA PLANS TO LAY OFF 4600 EMPLOYEES AT ITS BELGIAN SUPERMARKET CHAIN IN A COSTCUTTING DRIVE AIMED AT ENSURING THE UNIT'S FUTURE PROFITABILITY GIB BELGIUM'S LARGEST PRIVATESECTOR EMPLOYER SAID THE MOVE WOULD ALLOW IT TO SAVE ABOUT FIVE BILLION FRANCS 143 MILLION OVER THE NEXT THREE YEARS AND INVEST SIX BILLION FRANCS IN MODERNIZING ITS GB SUPERMARKET CHAIN HOWEVER THE PLAN COULD BE UPSET BY THE COMPANY'S LABOR UNIONS ONE OF WHICH YESTERDAY VOWED TO FIGHT THE JOB CUTS GIB WHICH ALSO OWNS DOITYOURSELF STORES IN EUROPE AND THE US AS WELL AS THE QUICK FASTFOOD CHAIN IN FRANCE AND BELGIUM HAS BEEN HARD HIT BY BELGIUM'S RECESSION ITS 145 GB SUPERMARKETS AND HYPERMARKETS WHICH HAD BEEN STEADILY LOSING MARKET SHARE OVER THE PAST YEARS HAVE ALSO HAD TO COPE WITH A PRICE WAR AMONG BELGIAN RETAIL CHAINS 9309230041 930923 INTERNATIONAL US OFFERS JAPAN A SWAP ON ANTIMISSILE KNOWHOW TOKYO AP THE US OFFERED ANTIMISSILE TECHNOLOGY TO JAPAN WHERE SOME OFFICIALS WORRY ABOUT NORTH KOREA'S ROCKETS IN EXCHANGE FOR TECHNOLOGY THAT US BUSINESS COULD USE THE PROPOSAL OUTLINED TO JAPANESE OFFICIALS IN TOKYO BY JOHN M DEUTCH UNDERSECRETARY OF DEFENSE FOR ACQUISITION AND TECHNOLOGY REPRESENTS A NOVEL EFFORT BY WASHINGTON TO USE AMERICAN DEFENSE KNOWHOW TO HELP CIVILIAN INDUSTRY BUT IT REMAINED UNCLEAR WHETHER JAPANESE COMPANIES WOULD BE WILLING TO HAND OVER VALUABLE TECHNOLOGY AND WHETHER JAPAN'S GOVERNMENT WHICH INCLUDES MINISTERS WITH STRONG PACIFIST LEANINGS WOULD COMMIT ITSELF TO AN ANTIMISSILE PROGRAM EARLIER THIS YEAR NORTH KOREA TESTED A MISSILE CAPABLE OF CARRYING CHEMICAL BIOLOGICAL AND NUCLEAR WARHEADS AND HITTING JAPAN ACCORDING TO US INTELLIGENCE THAT ALARMED SOME JAPANESE OFFICIALS AND LED TO USJAPAN TALKS ABOUT DEFENDING JAPAN FROM A POTENTIAL ATTACK IN HIS TALKS WITH JAPANESE DEFENSE OFFICIALS MR DEUTCH SAID HE ASKED FOR JAPANESE COOPERATION IN BUILDING AN ANTIMISSILE SYSTEM THAT WOULD RESPOND TO MISSILES BOTH IN AND ABOVE THE ATMOSPHERE THE US IS SPENDING 12 BILLION OVER FIVE YEARS ON THE SYSTEM KNOWN AS THEATER MISSILE DEFENSE 9309230040 930923 BUSINESS BRIEF GENESCO INC UNION FILES SEC COMPLAINT ALLEGING MISLEADING REPORT THE AMALGAMATED CLOTHING AND TEXTILE WORKERS UNION SAID IT FILED A COMPLAINT WITH THE SECURITIES AND EXCHANGE COMMISSION ALLEGING THAT GENESCO INC'S MOST RECENT QUARTERLY REPORT CONTAINS FALSE AND MISLEADING STATEMENTS THE UNION ALLEGES THAT GENESCO A MAKER AND RETAILER OF SHOES AND CLOTHES FAILED TO ACCURATELY DISCLOSE AN 119 MILLION PENSION WITHDRAWAL LIABILITY THAT THE UNION SAYS GENESCO WILL INCUR IF THE COMPANY CLOSES TWO PLANTS THE COMPANY HAS SAID IT WILL CLOSE TWO MEN'S SUIT PLANTS IF AN AGREEMENT ISN'T REACHED BEFORE THE CURRENT LABOR CONTRACT EXPIRES SEPT 30 THE COMPANY BASED IN NASHVILLE TENN CALLED THE UNION'S ALLEGATIONS FALSE AND MISLEADING GENESCO SAID ITS DISCUSSION OF THE UNION DISPUTE IN THE QUARTERLY REPORT DID ACCURATELY DETAIL ITS POTENTIAL PENSION LIABILITY THE UNION SAID THE COMPANY IS SEEKING 20 WAGEANDBENEFIT CONCESSIONS FROM THE UNION A COMPANY SPOKESWOMAN SAID THAT DESCRIPTION OF CONCESSIONS IS INACCURATE ALTHOUGH SHE SAID THE COMPANY WON'T PROVIDE ANY OTHER DETAILS 9309230039 930923 MARKET BRIEF NOTED CABLE BET HOLDINGS CORP'S CABLE TELEVISION NETWORK BET WILL LAUNCH A SEPARATE ALLJAZZ PROGRAMMING NETWORK IN THE FALL OF 1994 BET ON JAZZ WILL BE AN A LA CARTE ADVERTISERSUPPORTED SERVICE THAT WILL BROADCAST JAZZ INCLUDING LIVE INSTUDIO PERFORMANCES COVERAGE OF NATIONAL AND INTERNATIONAL FESTIVALS CONCERTS AND VIDEOS THE COMPANY SAID 9309230038 930923 MARKETING BRIEF DISCOVERY COMMUNICATIONS INC COMPANY PLANS EXPANSION TO MEXICO LATIN AMERICA DISCOVERY COMMUNICATIONS INC SAID BEGINNING IN FEBRUARY IT WILL EXPAND ITS 24HOUR CABLE PROGRAMMING TO MEXICO AND LATIN AMERICA THE BETHESDA MD COMPANY HAS AGREED TO FORM A JOINT VENTURE WITH GRUPO TELEVISA SA A MEXICAN COMMUNICATIONS CONCERN BASED IN MEXICO CITY TO PROVIDE A SPANISHLANGUAGE VERSION OF ITS DISCOVERY CHANNEL IT WILL BEGIN BROADCASTING THE SPANISHLANGUAGE PROGRAMMING FEB 1 1994 TO MEXICO AND LATIN AMERICA AND MAY OFFER THE DISCOVERY CHANNEL TO CABLE SYSTEMS IN THE SOUTHERN PORTION OF THE US INCLUDING SOUTH FLORIDA AND SOUTHERN CALIFORNIA IN 1995 DEPENDING ON SATELLITE AVAILABILITY THE PRIVATELY HELD MEDIA COMPANY ALSO SAID IT PLANS TO TRANSMIT A LIMITED VERSION OF ITS PLANNED DISCOVERY CHANNELASIA FROM SINGAPORE IN DECEMBER THE COMPANY HOPES TO TRANSMIT CONTINUOUSLY TO CABLE SYSTEMS IN HONG KONG TAIWAN AND PARTS OF SOUTHEAST ASIA FOLLOWING THE COMPLETION OF DISTRIBUTION DEALS IN THOSE COUNTRIES IT ALSO HOPES TO TRANSMIT TO CHINA AS SOON AS WE COULD WORK OUT THE LOGISTICS HOPEFULLY BY DEC 1 A SPOKESMAN SAID DISCOVERY COMMUNICATIONS INC SAID IT HOPES TO TRANSMIT ITS DISCOVERY CHANNELASIA TO CHINA BY APRIL 1 AN ARTICLE YESTERDAY INCORRECTLY STATED THAT THE COMPANY HOPES TO BE TRANSMITTING TO CHINA BY DEC 1 9309230037 930923 VIACOM VOWS TO COMPLETE PARAMOUNT DEAL FIRM WON'T SWEETEN BID BUT PLANS A RESPONSE TO RIVAL BID BY QVC BY WALL STREET JOURNAL REPORTERS LAURA LANDRO JOHNNIE L ROBERTS AND RANDALL SMITH IN NEW YORK VIACOM INC CHAIRMAN SUMNER REDSTONE SAID HE IS DETERMINED TO COMPLETE HIS 75 BILLION AGREEMENT TO BUY PARAMOUNT COMMUNICATIONS INC BUT SAID HE WON'T INCREASE HIS BID AND PLANS ANOTHER RESPONSE TODAY TO THE RIVAL 99 BILLION BID FROM QVC NETWORK INC MR REDSTONE DECLINED TO SAY WHAT THAT RESPONSE WILL BE THOUGH THE CABLETELEVISION COMPANY HAS INDICATED BEFORE THAT IT IS PREPARING A LEGAL ATTACK ON THE BID FROM QVC A HOMESHOPPING CABLE COMPANY AND ON QVC'S BACKERS INCLUDING CABLE MOGUL JOHN MALONE MR REDSTONE SAID YESTERDAY THE QVC OFFER IS NOT CREDIBLE AS AN OFFER THAT CAN BE CONSIDERED BY PARAMOUNT HE ADDED WE'VE LOOKED AT THEIR PROPOSAL AND IT IS UNFINANCED AND LACKS THE FUNDAMENTAL ELEMENTS REQUIRED FOR A VALID BID IT ISN'T AN OFFER WE NEED TO RESPOND TO WALL STREET OBVIOUSLY DOESN'T AGREE SHARES OF PARAMOUNT AN ENTERTAINMENT AND PUBLISHING CONCERN INCHED UP ANOTHER 875 CENTS TO 77875 A SHARE IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE MOREOVER WALL STREET TRADERS AND MANY OF PARAMOUNT'S OWN INSTITUTIONAL HOLDERS HAVE MADE IT CLEAR THAT THEY VIEW PARAMOUNT AS A COMPANY IN PLAY THE QVC BID IS A SERIOUS OFFER THEY SAY ADDING THAT PARAMOUNT OWES IT TO HOLDERS TO TAKE THE HIGHEST BID VIACOM THEY SAY WILL FAIL IN ITS BID IF IT DOESN'T RAISE ITS OFFER QVC STOCK CONTINUED TO DEFY GRAVITY RISING 3875 TO 60 A SHARE IN NATIONAL OVERTHECOUNTER TRADING BOOSTING THE VALUE OF THE QVC OFFER TO 8358 A SHARE VIACOM STOCK SURGED YESTERDAY FOR THE FIRST TIME SINCE THE MERGER WAS ANNOUNCED ITS CLASS A VOTING SHARES ROSE 2125 TO 58875 ON THE AMERICAN STOCK EXCHANGE AND ITS CLASS B NONVOTING SHARES GAINED 250 TO 53375 THAT BROUGHT THE VALUE OF VIACOM'S OFFER BACK TO 75 BILLION FROM 72 BILLION THE PREVIOUS DAY BUT IT IS STILL CONSIDERABLY BELOW THE QVC OFFER QVC OFFICIALS COULDN'T BE REACHED FOR COMMENT LATE YESTERDAY ON MR REDSTONE'S REMARKS BUT ONE OF ITS ADVISERS DISMISSED MR REDSTONE'S COMMENTS SAYING THE BID IS ROCK SOLID AND EMINENTLY FINANCEABLE QVC CHAIRMAN BARRY DILLER IN A LETTER TO PARAMOUNT CHIEF EXECUTIVE MARTIN S DAVIS PROPOSING THE RIVAL BID SAID ITS INVESTMENT BANKER ALLEN & CO HAS ASSURED US THAT ALL OF THE FINANCING FOR OUR PROPOSAL IS READILY AVAILABLE THE QVC OFFER INCLUDES 30 IN CASH FOR EACH PARAMOUNT SHARE COMPARED WITH ONLY 910 PER SHARE IN CASH FOR THE VIACOM AGREEMENT QVC'S TWO LARGEST CORPORATE SHAREHOLDERS HAVE AGREED TO SUPPORT THE BID WITH A 1 BILLION INVESTMENT QVC HAS SAID IT HAS BEEN ASSURED OF BEING ABLE TO RAISE 5 BILLION TO 6 BILLION IN FINANCING PARAMOUNT ALSO HAS 1 BILLION OF CASH IN ITS COFFERS THAT COULD BE USED IF A QVC BID WERE TO SUCCEED PARAMOUNT DECLINED COMMENT BUT ONE OF MR DAVIS'S ADVISERS SOUGHT TO REASSURE INVESTORS THAT MR DAVIS WOULDN'T TAKE STEPS THAT WOULD HURT THE PRICE OF PARAMOUNT'S STOCK FELIX ROHATYN A GENERAL PARTNER OF LAZARD FRERES & CO SAID I BELIEVE THAT MARTIN DAVIS HAS BEEN CONSISTENT IN ACTING IN THE BEST INTERESTS OF HIS SHAREHOLDERS AND IN THE PRESENT SITUATION HE WILL LIVE UP TO THAT AND WILL ABSOLUTELY DO WHAT'S IN THE BEST INTERESTS OF SHAREHOLDERS THERE APPEARED TO BE SOME CROSSED SIGNALS YESTERDAY IN THE VIACOM RANKS AS THE COMPANY SPENT THE AFTERNOON SENDING OUT THE MESSAGE THAT ITS RESPONSE TO THE QVC BID WOULD COME TODAY IN A TELEPHONE INTERVIEW VIACOM CHIEF EXECUTIVE FRANK BIONDI DID NOT RULE OUT A SWEETENED BID BUT SAID THAT IS NOT THE ONLY OPTION MR BIONDI DECLINED TO GIVE ANY MORE INFORMATION SAYING IT'S NOT IN OUR INTEREST TODAY TO SIGNAL WHAT WE WILL DO PRECISELY MR REDSTONE HOWEVER IN A LATER TELEPHONE INTERVIEW WAS UNEQUIVOCAL IN RULING OUT A SWEETENED OFFER MAYBE FRANK IS NOT AS PRECISE OR ARTICULATE AS I AM BUT THERE HAS ABSOLUTELY NOT BEEN ANY DISCUSSION OR CONTEMPLATION OF INCREASING OUR BID HE SAID WE HAVE NOT HAD A WORD OF DISCUSSION WITH PARAMOUNT ABOUT INCREASING OUR BID BOTH MR BIONDI AND MR REDSTONE SAID VIACOM IS CONTINUING TALKS WITH REGIONAL TELEPHONE COMPANIES THOUGH MR REDSTONE ALSO SPECIFICALLY RULED OUT USING A TELEPHONE COMPANY AS A PARTNER IN THE PURCHASE OF PARAMOUNT HE DIDN'T RULE OUT AN INVESTMENT BY A TELEPHONE COMPANY IN VIACOM'S OWN CABLE BUSINESSES IN RETURN FOR CASH MESSRS REDSTONE AND BIONDI DECLINED TO IDENTIFY THE TELEPHONE COMPANIES WHICH ARE SAID TO INCLUDE SOUTHWESTERN BELL CORP AMERITECH CORP AND GTE CORP SOUTHWESTERN BELL DECLINED COMMENT AS DID AN AMERITECH SPOKESMAN WHO ADDED WE'RE ALWAYS LOOKING FOR OPPORTUNITIES TO GROW OUR BUSINESS AND SHAREHOLDER VALUE GTE ALSO DECLINED COMMENT BUT PEOPLE FAMILIAR WITH ITS PLANS SAID IT DOESN'T INTEND TO BECOME INVOLVED IN THE PARAMOUNT SITUATION MR BIONDI SAID VIACOM IS COMMITTED TO DOING THIS DEAL ON OUR OWN BALANCE SHEET AND WITH OUR OWN SECURITIES BUT IN AN INDICATION THAT VIACOM ISN'T PREPARING FOR A BIDDING WAR HE ADDED THAT THE CAVEAT IS THAT WE'RE NOT GOING TO DO A CRAZY DEAL IN A FILING WITH THE SECURITIES AND EXCHANGE COMMISSION YESTERDAY VIACOM WHOSE EXECUTIVE OFFICES ARE IN NEW YORK SPELLED OUT THE DETAILS OF THE MERGER AGREEMENT INCLUDING AN OPTION TO ACQUIRE ABOUT 24 MILLION NEW PARAMOUNT SHARESA PROVISION OF THE PROPOSED DEAL DESIGNED TO DISSUADE A RIVAL BID VIACOM SAID IT COULD PAY FOR THE STOCK WHICH WOULD CONSTITUTE ROUGHLY 17 OF PARAMOUNT'S SHARES OUTSTANDING WITH CASH OR A COMBINATION OF CASH AND SEVENYEAR NOTES IN THE EVENT ANOTHER BIDDER DID SUCCEED VIACOM STANDS TO REAP A HUGE WINDFALL FROM SELLING THAT STAKE VIACOM AND PARAMOUNT WHICH IS BASED IN NEW YORK HAVE INDICATED THEY WILL GO AFTER THE ALLEGED CONFLICTS IN THE QVC BID POSED BY MR MALONE WHO IS CHAIRMAN OF LIBERTY MEDIA CORP AND CHIEF EXECUTIVE OF CABLE GIANT TELECOMMUNICATIONS INC LIBERTY COMCAST CORP AND QVC CHAIRMAN BARRY DILLER TOGETHER CONTROL QVC BASED IN WEST CHESTER PA QVC'S ADVISERS HAVE DISMISSED THAT TACTIC AND SAID THE QVC BID FACES NO LEGAL OR ANTITRUST HURDLES EARLIER IN THE DAY MEANWHILE MR DILLER MOVED TO STRIKE A FRIENDLY TONE IN HIS BID FOR PARAMOUNT SAYING THAT CONTRARY TO PRESS REPORTS HE HARBORS NO ILL WILL TOWARD MARTIN DAVIS PARAMOUNT'S CHAIRMAN AND HIS FORMER BOSS OUR PROPOSAL HAD NO EMOTIONAL ASPECT OTHER THAN THE FONDNESS I HAVE FOR THE 10 YEARS I SPENT AT PARAMOUNT MR DILLER SAID MR DILLER WHO LEFT PARAMOUNT PICTURES IN 1984 ACKNOWLEDGED THAT AFTER HIS RESIGNATION HE AND MR DAVIS HAD A PERIOD WHERE THERE WERE DIFFERING VIEWS OF MY HISTORY AT PARAMOUNT BUT HE ADDED ALL THAT WAS WASHED AWAY YEARS AGO WE'VE HAD CORDIAL RELATIONS FOR SEVERAL YEARS THE TWO EXECUTIVES HAVE TALKED TWICE SINCE THE QVC OFFER MR DILLER SAID DESCRIBING THE CONVERSATIONS AS CORRECT AND PLEASANT HE DECLINED TO SAY WHAT THEY DISCUSSED THOUGH HE INDICATED HE WOULDN'T RULE OUT A ROLE OF SOME KIND FOR MR DAVIS IF THE QVC BID SUCCEEDS IN A BRIEF INTERVIEW MR DAVIS SAID HE DIDN'T WANT TO BE DRAWN INTO A PERSONALITY CONTEST HE EMPHASIZED THAT HE HAS ONE CONCERN THAT NOTHING IS GOING TO COME IN THE WAY OF MY DOING WHAT IS IN THE BEST INTEREST OF SHAREHOLDERS MR DAVIS ADDED HOWEVER THAT HE HAS NO PROBLEM WITH BARRY DILLER HE DECLINED FURTHER COMMENT 9309230036 930923 BUSINESS BRIEF UJB FINANCIAL CORP CONCERN PLANS RESTRUCTURING WILL TAKE A CHARGE IN 1993 UJB FINANCIAL CORP SAID IT PLANS A RESTRUCTURING PROGRAM THAT WILL RESULT IN AN UNSPECIFIED CHARGE THIS YEAR AND STAFF REDUCTIONS AFFECTING ABOUT 7 OF ITS EMPLOYEES DESPITE THE CHARGE THE PRINCETON NJ BANK HOLDING COMPANY SAID IT WOULD BE PROFITABLE IN THE QUARTER IN WHICH THE CHARGE IS TAKEN THE RESTRUCTURING PART OF A PROGRAM BEGUN LAST YEAR THAT INCLUDED BRANCH AUTOMATION AND BACKOFFICE CONSOLIDATION WILL TAKE ANOTHER YEAR TO COMPLETE A SPOKESWOMAN SAID SHE SAID THE PROGRAM WILL PRODUCE ABOUT 30 MILLION A YEAR IN SAVINGS AND GENERATE AN EXPECTED 10 MILLION A YEAR IN ADDITIONAL REVENUE UJB SAID A NEW MANAGEMENT STRUCTURE WILL FOCUS ON FOUR PRIMARY BUSINESSES WHOLESALE LENDING RETAIL BANKING MORTGAGE BANKING AND INVESTMENT MANAGEMENT IT SAID THE STAFF REDUCTIONS WOULD AFFECT ABOUT 450 OF ITS 6400 EMPLOYEES THE BANK HAS 135 BILLION IN ASSETS AND 257 BANKING OFFICES IN NEW JERSEY AND PENNSYLVANIA 9309230035 930923 WHAT'S NEWS WORLDWIDE CLINTON OUTLINED AN AMBITIOUS BLUEPRINT FOR HEALTHCARE REFORM THE PRESIDENT IN A NATIONALLY BROADCAST SPEECH TO CONGRESS PROPOSED A MASSIVE OVERHAUL OF THE NATION'S HEALTH SYSTEM THAT WOULD GUARANTEE EVERY AMERICAN MEDICAL BENEFITS THAT CAN NEVER BE TAKEN AWAY HE SAID THE PLAN WOULD SEEK TO FULFILL SIX PRINCIPLES SECURITY SIMPLICITY SAVINGS CHOICE QUALITY AND RESPONSIBILITY CRITICISM OF CLINTON'S PLAN HAS FOCUSED ON ITS FINANCING THE EXTENT OF GOVERNMENT REGULATION AND A PROPOSED REQUIREMENT THAT EMPLOYERS PAY MOST OF THE COST OF THEIR WORKERS' HEALTH COVERAGE TO HELP PAY FOR THE PLAN CLINTON SAID HE WOULD IMPOSE NEW TAXES ON TOBACCO AND WRING HUGE SAVINGS OUT OF THE CURRENT SYSTEM PARTICULARLY THROUGH CAPS ON MEDICARE AND MEDICAID A STANDOFF EVOLVED PITTING YELTSIN AGAINST THE RUSSIAN LEGISLATURE ONE DAY AFTER THE PRESIDENT ABOLISHED PARLIAMENT THE LEGISLATURE CONTINUED MEETING UNDER THE LEADERSHIP OF THEIR NEWLY CHOSEN PRESIDENT RUTSKOI ACROSS TOWN YELTSIN ISSUED DECREES AND APPOINTED CABINET OFFICIALS HE MADE AN IMPROMPTU VISIT TO MOSCOW'S PUSHKIN SQUARE TELLING SUPPORTERS HE WOULD AVOID BLOODSHED THE POWER STRUGGLE APPEARED LIKELY TO DRAG ON THE CENTRAL BANK CHIEF WAS SAID TO HAVE AGREED TO YELTSIN'S DECREE ON TUESDAY ORDERING THE BANK TO BEGIN ANSWERING TO HIM RATHER THAN TO PARLIAMENT FORTYTHREE PEOPLE DIED IN THE WORST CRASH IN AMTRAK'S HISTORY THE CROSSCOUNTRY SUNSET LIMITED TRAIN HURTLED OFF A BRIDGE NEAR MOBILE ALA EARLY YESTERDAY PLUNGING ITS SLEEPING PASSENGERS INTO A 16FOOTDEEP BAYOU OF THE 43 PEOPLE KILLED SOME WERE TRAPPED IN A SUBMERGED PASSENGER CAR AND OTHERS DIED WHEN A DERAILED ENGINE CAUGHT FIRE AND 10 WERE MISSING MORE THAN 150 PEOPLE SURVIVED ALL THREE ENGINES AND FOUR OF THE EIGHT CARS ON THE LOS ANGELESTOMIAMI TRAIN WENT OFF THE WOODANDSTEEL BRIDGE FBI AUTHORITIES SAID LAST NIGHT THEY WERE EXAMINING A BARGE THAT MAY HAVE STRUCK AND WEAKENED THE 84YEAROLD BRIDGE PRIOR TO THE CRASH A HOUSE PANEL APPROVED RESTRICTIONS ON FUNDING FOR INTERNATIONAL PEACEKEEPING MISSIONS EVEN AS THE NOMINEE TO BE THE CHAIRMAN OF THE JOINT CHIEFS ADVOCATED SENDING US TROOPS TO BOSNIA IF A PEACE AGREEMENT IS REACHED THE TREASURY DEPARTMENT PLANS TO TAKE DISCIPLINARY ACTION NEXT WEEK AGAINST THE DIRECTOR OF THE BUREAU OF ALCOHOL TOBACCO AND FIREARMS AND FIVE OTHER TOP ATF OFFICIALS AFTER DEEMING THEM DEFICIENT IN THEIR HANDLING OF THE BRANCH DAVIDIANS ASSAULT NEAR WACO TEXAS REBEL FIRE DOWNED THE SECOND PASSENGER PLANE IN TWO DAYS IN THE FORMER SOVIET REPUBLIC OF GEORGIA REPORTEDLY KILLING 80 PEOPLE AT LEAST 26 PEOPLE WERE SAID TO HAVE ESCAPED HOWEVER AFTER THE PLANE CRASHED IN SUKHUMI MEANWHILE FIERCE GROUND FIGHTING WAS REPORTED AROUND SUKHUMI JOHN DEMJANJUK RETURNED TO OHIO AFTER MORE THAN SEVEN YEARS IN AN ISRAELI PRISON AND JEWISH ACTIVISTS WAITED IN VAIN FOR THE RETIRED AUTO WORKER OUTSIDE HIS HOME IN A CLEVELAND SUBURB DEMJANJUK ACQUITTED OF CHARGES THAT HE WAS NAZI DEATH CAMP GUARD IVAN THE TERRIBLE WENT INTO SECLUSION AT AN UNDISCLOSED LOCATION CLINTON SET A NEW STANDARD FOR DISASTER RELIEF TO ENSURE THAT ALL NINE MIDWESTERN STATES DAMAGEDY SUMMER FLOODING QUALIFY FOR ADDITIONAL AID UNDER THE NEW STANDARD THE FEDERAL EMERGENCY MANAGEMENT AGENCY WILL REIMBURSE THE STATES FOR 90 OF ELIGIBLE DISASTER COSTS RATHER THAN 75 THE UN SECURITY COUNCIL SAID IT WOULD END ITS CONTROVERSIAL PEACEKEEPING MISSION IN SOMALIA BY MARCH 1995 AND AUTHORIZED THE ESTABLISHMENT OF A SOMALI LAWENFORCEMENT SYSTEM TO HELP MEET THE TARGET DATE OLIVER NORTH HAS LEGALLY DECLARED HIMSELF A GOP CANDIDATE FOR THE US SENATE SEAT OF VIRGINIA DEMOCRAT CHARLES ROBB THE FORMER MARINE LIEUTENANT COLONEL AND IRANCONTRA FIGURE FILED DOCUMENTS WITH THE FEDERAL ELECTION COMMISSION THIS MONTH BRAZILIAN POLICE WILL CHARGE 33 PEOPLE ALL BUT TWO OF THEM POLICE OFFICERS IN CONNECTION WITH LAST MONTH'S MASSACRE OF 21 PEOPLE IN A RIO DE JANEIRO SLUM OFFICIALS SAID THE SUSPECTS WERE SAID TO HAVE BELONGED TO SEVEN DEATH SQUADS IN THE CITY 9309230034 930923 TECHNOLOGY BRIEF T CELL SCIENCES INC BIOTECHNOLOGY COMPANY TO REACQUIRE 16 OF UNIT T CELL SCIENCES INC CAMBRIDGE MASS SAID IT WILL REACQUIRE A 16 MINORITY INTEREST IN ITS T CELL DIAGNOSTICS INC UNIT BY ISSUING 660000 SHARES TO THE MINORITY HOLDERS THE ISSUANCE WILL BRING T CELL'S SHARES OUTSTANDING TO 14166000 T CELL IS A BIOTECHNOLOGY COMPANY DEVELOPING TREATMENTS FOR INFLAMMATION AUTOIMMUNITY AND CANCER T CELL DIAGNOSTICS IS AWAITING FOOD AND DRUG ADMINISTRATION APPROVAL OF A PRODUCT THAT CAN BE USED TO COUNT BLOOD CELLS FOR THE MANAGEMENT OF AIDS PATIENTS T CELL RAISED 4 MILLION IN 1991 FROM JAPANESE INSTITUTIONAL INVESTORS BY SELLING A 16 INTEREST IN T CELL DIAGNOSTICS T CELL ALSO SAID IT WILL LAY OFF 12 OR 20 OF THE UNIT'S EMPLOYEES AND TAKE A 250000 CHARGE FOR THE THIRD QUARTER OF 1993 AS PART OF THE ACTION WILLIAM GELB CHAIRMAN AND CHIEF EXECUTIVE OF THE UNIT WILL LEAVE 9309230033 930923 WHAT'S NEWS BUSINESS AND FINANCE PRIMERICA PLANS TO BUY THE 73 OF TRAVELERS IT DOESN'T ALREADY OWN FOR ABOUT 4 BILLION IN STOCK THE MOVE CULMINATES PRIMERICA CHAIRMAN SANFORD WEILL'S EFFORTS TO BUILD THE KIND OF FINANCIAL SERVICES FIRM THAT ELUDED HIM WHEN HE WAS DENIED THE TOP AMERICAN EXPRESS JOB A DECADE AGO THE MERGED COMPANY TO BE NAMED TRAVELERS WOULD BECOME A LEADER IN CONSUMER FINANCIAL SERVICES ASSET MANAGEMENT AND INSURANCE VIACOM'S SUMNER REDSTONE SAID HE IS DETERMINED TO CARRY OUT HIS 75 BILLION AGREEMENT TO BUY PARAMOUNT BUT SAID HE WON'T SWEETEN HIS OFFER HE SAID HE PLANS ANOTHER RESPONSE TODAY TO THE RIVAL 99 BILLION BID FROM QVC THE ECONOMIC OUTPUT OF THE SEVEN MAJOR INDUSTRIAL NATIONS WILL GROW AN ANEMIC 13 THIS YEAR AND 23 NEXT YEAR THE IMF PREDICTED THE NATIONS' FINANCE MINISTERS WHO PLAN TO MEET ON SATURDAY DON'T SEE ANY MEANS AT HAND OF STIMULATING THEIR ECONOMIES ANHEUSERBUSCH SAID IT WILL TAKE A 565 MILLION PRETAX CHARGE TO COVER A CORPORATE OVERHAUL INCLUDING CUTTING ITS SALARIED WORK FORCE BY 1200 OR 10 THE GIANT BREWER'S CHARGE IS EXPECTED TO RESULT IN A THIRDQUARTER LOSS STOCK AND BOND PRICES REBOUNDED FROM TUESDAY'S SELLOFF THE DOLLAR FELL THE TREASURY'S BENCHMARK 30YEAR ISSUE GAINED ABOUT HALF A POINT ITS YIELD FELL TO 609 GOLD PRICES SANK 9 AN OUNCE TO 356 THE DOW JONES INDUSTRIALS ROSE 978 TO 354702 THE FCC IS EXPECTED TO OUTLINE ITS PLAN TODAY FOR AUCTIONING OFF UP TO 10 BILLION IN LICENSES FOR THE RIGHT TO OFFER NETWORKS THAT WILL PROVIDE VOICE PAGING AND COMPUTING SERVICES THE CLINTON ADMINISTRATION PROPOSED TO LET JOBLESS WORKERS USE UNEMPLOYMENTINSURANCE PAYMENTS TO START THEIR OWN BUSINESSES THE CHANGE WILL BE INTRODUCED AS PART OF THE ADMINISTRATION'S 16 BILLION PLAN TO EXTEND FEDERAL UNEMPLOYMENT AID MERCEDESBENZ OF NORTH AMERICA PLANS TO CUT PRICES AS MUCH AS 148 ON SOME OF ITS BESTSELLING AUTOMOBILES FOR THE 1994 MODEL YEAR IN AN EFFORT TO POSITION ITSELF AS A VALUE PLAYER IN A SLUGGISH US MARKET FOR LUXURY CARS CALIFORNIA'S RECESSION ISN'T LIKELY TO END UNTIL THE FALL OF NEXT YEAR A UCLA ECONOMIC GROUP PREDICTED KODAK'S STERLING DRUG UNIT SAID IT WILL SLASH PRICES OF ITS LARGESIZE BAYER ASPIRIN BOTTLES BY 25 REFLECTING A LOSS IN MARKET SHARE TO SOME LESSEXPENSIVE PRIVATELABEL IMITATIONS THE FALLING MARKET SHARE OF US CHIP MAKERS IN JAPAN MUST BE REVERSED IMMEDIATELY THE US TRADE REPRESENTATIVE SAID AFTER JAPAN DISCLOSED THAT FOREIGN MARKET SHARE SLIPPED IN THE SECOND QUARTER BRITISH AEROSPACE'S NEGOTIATIONS WITH TAIWAN AEROSPACE ON A PROPOSED JOINT VENTURE ARE AT AN IMPASSE THE TWO SIDES REMAIN FAR APART ON THE TRANSFER OF TECHNOLOGY FOR THE VENTURE'S PLAN TO MAKE MIDSIZE AIRLINERS BONDS LEHMAN BROTHERS TREASURY INDEX 558014 UP 1835 COMMODITIES OIL 1909 A BARREL OFF 30 CENTS DOW JONES FUTURES INDEX 12555 OFF 113 SPOT INDEX 12010 UP 014 DOLLAR 10615 YEN OFF 010 16310 MARKS OFF 00090 9309230032 930923 BUSINESS BRIEF PROMUS COS HARRAH'S UNIT TO DEVELOP CASINO WITH ALABAMA TRIBE PROMUS COS MEMPHIS TENN SAID ITS HARRAH'S CASINO UNIT SIGNED A LETTER OF INTENT WITH THE POARCH CREEK INDIAN COMMUNITY OF ATMORE ALA TO DEVELOP AND MANAGE A 60 MILLION CASINO FOR THE TRIBE THE PACT PROVIDES FOR A 165000SQUAREFOOT ENTERTAINMENT COMPLEX INCLUDING THE CASINO RETAIL SHOPS AND RESTAURANTS ON TRIBAL LAND IN SUBURBAN MONTGOMERY ALA THE PACT IS SUBJECT TO STATE AND FEDERAL REGULATORY APPROVAL PROMUS ALSO SAID HARRAH'S AGREED WITH CREATOR CAPITAL INC A HOLDING COMPANY IN VANCOUVER BRITISH COLUMBIA TO FORM AN ALLIANCE TO DEVELOP GAMING OPPORTUNITIES ABOARD INTERNATIONAL FLIGHTS SO FAR SUCH ACTIVITIES AREN'T LEGAL ON INTERNATIONAL FLIGHTS A PROMUS SPOKESMAN SAID HARRAH'S INTENDS TO HELP CREATOR MARKET AND DESIGN A COMPUTERIZED GAMING SYSTEM THAT IT HAS ALREADY DEVELOPED AS WELL AS PERSUADE INTERNATIONAL LEGISLATIVE BODIES TO ALLOW AIRLINES TO USE THE DEVICE THE SPOKESMAN SAID 9309230031 930923 THE CLINTON HEALTH PLAN TO GIVE AND TO RECEIVE NOTE FIGURES IN PARENTHESES REFLECT RETURNED CONTRIBUTIONS SOURCE CITIZEN ACTION ANALYSIS OF FEDERAL ELECTION COMMISSION RECORDS 9309230030 930923 WEDNESDAY'S MARKETS STOCKS RALLY BONDS ADVANCE DOLLAR IS DOWN BY STEVEN E LEVINGSTON STAFF REPORTER OF THE WALL STREET JOURNAL STOCK PRICES REBOUNDED FROM TUESDAY'S CRISISINSPIRED SELLOFF BOND PRICES ROSE AND THE DOLLAR FELL THE DOW JONES INDUSTRIAL AVERAGE GAINED 978 POINTS TO 354702 STANDARD & POOR'S 500STOCK INDEX JUMPED 325 TO 45620 AND THE NASDAQ COMPOSITE INDEX SOARED 1198 TO 74554 INVESTORS WERE MARKEDLY CALMER AFTER TAKING STOCK PRICES ON A TUMULTUOUS RIDE TUESDAY AMID THE UNFOLDING POLITICAL CRISIS IN THE KREMLIN THE INDUSTRIAL AVERAGE ENDED TUESDAY WITH A LOSS OF 3856 POINTS AFTER SLUMPING MORE THAN 68 POINTS BUT AS TENSIONS EASED IN RUSSIA OVERNIGHT BUYERS RETURNED TO THE MARKET ANALYSTS SAID TUESDAY'S PLUNGE MAY HAVE MARKED THE END OF THE MARKET'S RECENT SLUMP IT LOOKS LIKE A CLASSIC SELLING CLIMAX SAID ALFRED GOLDMAN DIRECTOR OF MARKET ANALYSIS AT AG EDWARDS & SONS IN ST LOUIS THE SELLERS DID THEIR DASTARDLY DEED IN A FEW HOURS RATHER THAN ANOTHER FOUR OR FIVE DAYS ANALYSTS WERE PARTICULARLY ENCOURAGED THAT THE BROADER MARKET OUTPERFORMED THE INDUSTRIAL AVERAGE THAT'S A SIGN OF UNDERLYING STRENGTH SAID WALTER C REVIS MARKET ANALYST AT HAMILTON INVESTMENTS IN CHICAGO GOLD PRICES SURRENDERED MUCH OF THEIR GAINS FROM TUESDAY GOLD FOR DECEMBER DELIVERY SANK 9 AN OUNCE TO 356 AFTER JUMPING 950 ON NEWS OF THE RUSSIAN TURMOIL TUESDAY WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK INDEX LOST 013 TO 11053 IN MAJOR MARKET ACTION STOCK PRICES ROSE VOLUME TOTALED 2868 MILLION SHARES ON THE NEW YORK STOCK EXCHANGE WHERE 1337 ISSUES ROSE AND 665 FELL BOND PRICES ROSE THE TREASURY'S BENCHMARK 30YEAR ISSUE GAINED ABOUT HALF A POINT OR ABOUT 5 FOR EACH 1000 FACE AMOUNT TO YIELD 609 THE DOLLAR FELL IN LATE NEW YORK TRADING THE CURRENCY WAS QUOTED AT 16310 MARKS AND 10615 YEN COMPARED WITH 16400 MARKS AND 10625 YEN TUESDAY 9309230029 930923 WORLD MARKETS TOKYO MARKET SINKS AMID TURMOIL IN RUSSIA EUROPEAN STOCKS RECOUP LOSSES AS TENSIONS EASE A WALL STREET JOURNAL NEWS ROUNDUP TOKYO STOCKS TUMBLED WEDNESDAY AMID THE POLITICAL TURMOIL IN RUSSIA BUT AS TENSIONS EASED IN MOSCOW EUROPEAN MARKETS RECOUPED MOST OF THE LOSSES TRIGGERED BY THE CRISIS AND PRICES IN LONDON FINISHED HIGHER WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK INDEX WAS AT 11053 DOWN 013 REFLECTING LOWER ASIA/PACIFIC AND EUROPEAN MARKETS AND HIGHER AMERICAN MARKETS SOFTWARE STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY GROUPS CLOSING AT 11063 UP 225 OR 21 WITH DELRINA OF CANADA POSTING AN 11 GAIN IN ITS LOCAL CURRENCY PLANTATIONS STOCKS TRAILED AT 13771 DOWN 249 OR 18 WITH ASIATIC OF MALAYSIA SLIDING 64 IN LOCAL CURRENCY IN TOKYO THE NIKKEI 225STOCK INDEX SANK 29203 POINTS TO 2017462 ERASING TUESDAY'S 20062POINT GAIN ON THURSDAY TOKYO'S FINANCIAL MARKETS WERE CLOSED IN OBSERVANCE OF A NATIONAL HOLIDAY WEDNESDAY'S FIRSTSECTION VOLUME WAS ESTIMATED AT 300 MILLION SHARES DOWN FROM 350 MILLION SHARES TUESDAY LOSERS OVERWHELMED GAINERS 959115 THE TOKYO STOCK PRICE INDEX OR TOPIX OF FIRSTSECTION ISSUES WHICH ADDED 1090 POINTS TUESDAY DROPPED 2168 POINTS OR 13 TO 162812 NEW YORK STOCKS PLUNGED ON THE RUSSIAN NEWS AND NIKKEI INDEX FUTURES IN CHICAGO DROPPED 280 POINTS TO 20245 PROMPTING A BOUT OF INDEXLINKED ARBITRAGE SELLING AT THE OPEN OF TOKYO TRADING WEDNESDAY BUT AFTER THE INITIAL SLUMP THE NIKKEI TRADED WITHIN A VERY NARROW RANGE FOR THE REST OF THE DAY INVESTORS WEREN'T SURE HOW TO INTERPRET THE RUSSIAN NEWS BUT THE SHARP FALL IN NEW YORK MADE THEM NERVOUS AND BUYERS HELD BACK RUSSIAN PRESIDENT BORIS YELTSIN TUESDAY DISBANDED THE PARLIAMENT AND CALLED FOR NEW ELECTIONS IN DECEMBER IN AN ATTEMPT TO RESOLVE HIS LONGSTANDING DISPUTE WITH ANTIREFORM HARDLINERS IN THE LEGISLATURE THOSE HARDLINERS HAVE WORKED TO BLOCK MR YELTSIN'S ATTEMPTS TO INTRODUCE A FREEMARKET SYSTEM IN RUSSIA CORPORATIONS CONTINUED TO UNLOAD SHARES AS THEY TRIED TO DRESS UP THEIR RESULTS FOR THE FISCAL FIRST HALF ENDING SEPT 30 AND BANKS WHICH GAINED FOLLOWING TUESDAY MORNING'S BANK OF JAPAN INTEREST RATE CUT RETREATED SHARPLY IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100 INDEX CLIMBED 59 POINTS TO 30075 THE FT 30 INDEX ROSE 43 TO 23291 VOLUME TOTALED 6707 MILLION SHARES COMPARED WITH 5384 MILLION THE PREVIOUS DAY THE FTSE 100 HIT A LOW OF 29750 WITHIN AN HOUR OF THE OPEN AS MARKETMAKERS MARKED DOWN SHARES IN LIGHT OF THE POLITICAL UNCERTAINTY IN RUSSIA BUT AS SOON AS THE MARKETS SAW THAT TENSIONS HAD EASED IN MOSCOW SHARE PRICES ROSE A TURN OF SENTIMENT IN FAVOR OF THE DRUG SECTOR AND BULLISH RESULTS FROM A STORES GROUP ALSO BUOYED THE MARKET INVESTORS WERE BUYING PHARMACEUTICAL SHARES IN ADVANCE OF PRESIDENT CLINTON'S FORMAL UNVEILING OF HIS HEALTHCARE REFORM PACKAGE LAST NIGHT IN FRANKFURT THE RUSSIAN CRISIS TRIGGERED PROFITTAKING ON THE MARKET'S THREEDAY RALLY THE DAX 30STOCK INDEX OF BLUECHIPS DROPPED 3285 OR 17 TO 189300 GERMANY IS PERCEIVED TO BE PARTICULARLY SUSCEPTIBLE TO EVENTS IN THE FORMER SOVIET UNION BECAUSE OF ITS LARGE FINANCIAL COMMITMENTS TO THE REGION BECAUSE THE INITIAL REPORTS OF MR YELTSIN'S MOVE WEREN'T FOLLOWED BY ANY FURTHER UPSETTING NEWS SHARE PRICES ARE POISED TO REGAIN THE GROUND THEY LOST MOST OTHER EUROPEAN MARKETS FINISHED LOWER BUT HAD RECOVERED MUCH OF THE LOSSES SPARKED BY MR YELTSIN'S MOVES AND THE DROP ON WALL STREET IN PARIS PRICES FELL IN LINE WITH OTHER STOCK MARKETS WORLDWIDE EARLY SELLING WANED BY EARLY AFTERNOON AS PLAYERS RETREATED TO THE SIDELINES TO AWAIT A BREAK IN THE POLITICAL STALEMATE BETWEEN MR YELTSIN AND HIS POLITICAL FOES IN AMSTERDAM STOCKS FINISHED LOWER BUT WERE HELPED BY THE HIGHER OPENING IN NEW YORK IN MILAN SHARES SLIPPED THE MARKET WAS ON THE REBOUND IN THE LATE AFTERNOON ON AN INCREASINGLY OPTIMISTIC VIEW OF THE RUSSIAN SITUATION IN MADRID PRICES DROPPED SHARPLY ON CONCERNS THAT THE POLITICAL INSTABILITY IN RUSSIA COULD SPIRAL OUT OF CONTROL IN ZURICH PRICES FELL IN NERVOUS TRADING AS INVESTORS SOLD SHARES AND THEN RETREATED TO AWAIT FURTHER NEWS FROM RUSSIA IN STOCKHOLM STOCKS RALLIED IN HEAVY TRADING SUPPORTED BY A FIRMER SWEDISH KRONA AND DECLINING DOMESTIC INTEREST RATES MOST ASIAN AND PACIFIC MARKETS FINISHED WITH LOSSES IN SYDNEY PRICES SLID BUT THE MARKET PERFORMED WELL CONSIDERING THE SHARP DECLINE ON WALL STREET TUESDAY THE MARKET MAY HAVE FALLEN FURTHER IF THE PRICE OF GOLD HADN'T RISEN SOME INVESTORS WERE DELAYING INVESTMENTS UNTIL THEY HEAR WHETHER SYDNEY WINS ITS BID TO HOST THE 2000 OLYMPIC GAMES IN SINGAPORE STOCKS RECOVERED FROM A SHARP SLIDE BUT STILL CLOSED 13 LOWER THE MARKET OPENED LOWER AND SLID QUICKLY THROUGH THE MORNING ON OVERNIGHT FALLS IN NEW YORK DUE TO THE POLITICAL TURMOIL IN RUSSIA RESUMED SELLING IN THE AFTERNOON SENT THE KEY INDEX PLUNGING BUT THE DROP PROMPTED SOME BUYERS TO RETURN AND THE INDEX CREPT STEADILY HIGHER HONG KONG SHARES EDGED LOWER IN THIN VOLUME GIVING BACK SOME OF THE PREVIOUS SESSION'S 14 GAIN IN TAIWAN SHARES WEAKENED IN MODERATE TRADING TAIWAN'S PROVINCIAL ASSEMBLY ON TUESDAY REJECTED PROPOSALS TO ISSUE HIGH STOCK DIVIDENDS FOR THE THREE GOVERNMENTOWNED BANKS THE DECISION DISMAYED INVESTORS AND FINANCIAL SECTOR STOCKS TUMBLED 86 IN SEOUL PRICES CLIMBED BUT LATE SELLING PRESSURE FROM THREE MUTUAL FUND FIRMS TEMPERED THE GAINS IN MANILA EQUITIES FELL IN THE THIRD DAY OF A MARKET CORRECTION IN WELLINGTON STOCKS EASED WITH THE MARKET AGAIN TAKING ITS LEAD FROM NEW ZEALAND PHONE COMPANY TELECOM AMONG CORPORATE DEVELOPMENTS IN TOKYO VICTOR CO OF JAPAN DROPPED 8 YEN TO 973 YEN 913 THE ELECTRONICS CONCERN REVISED ITS EARNINGS OUTLOOK DOWNWARD TO SHOW LOSSES FOR THE FISCAL FIRST HALF AND THE YEAR CITING CONTINUED WEAKNESS IN THE AUDIOVISUAL MARKET AND THE IMPACT OF THE YEN'S RAPID APPRECIATION JVC'S FORECASTS FOR THE YEAR NOW CALL FOR A NET LOSS OF 2750 BILLION YEN 2579 MILLION COMPARED WITH A PREVIOUS FORECAST OF A 1 BILLION YEN PROFIT AND A 4307 BILLION LOSS THE PREVIOUS YEAR IN BRUSSELS TRADING IN CBR SHARES WAS SUSPENDED AMID SPECULATION THAT THE BELGIAN CEMENT COMPANY IS ABOUT TO MERGE OR BE TAKEN OVER THE STOCK WAS TRADING LAST AT 11475 BELGIAN FRANCS 327 UP 225 FRANCS CBR AND ITS PRINCIPAL SHAREHOLDER SOCIETE GENERALE DE BELGIQUE HAVE SCHEDULED AN ANNOUNCEMENT FOR TODAY 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 9309230028 930923 LAW LEGAL BEAT COURT BARS JUDGES FROM FORCING PARTIES INTO NONBINDING MINITRIALS BY JUNDA WOO STAFF REPORTER OF THE WALL STREET JOURNAL JUDGES CAN'T FORCE PARTIES TO SUBMIT TO QUICK NONBINDING MINITRIALS WHICH INCREASINGLY ARE BEING USED TO ENCOURAGE SETTLEMENTS A FEDERAL APPEALS COURT RULED THE FEDERAL APPEALS COURT IN CINCINNATI SAID THAT PARTICIPATION IN SUCH SOCALLED SUMMARY JURY TRIALS MUST BE VOLUNTARY THE NONBINDING TRIALS HAVE GROWN IN POPULARITY ESPECIALLY IN COMPLEX BUSINESS CASES AS JUDGES HAVE FACED HEAVIER CASELOADS IN SUCH A TRIAL LAWYERS MAKE ABBREVIATED PRESENTATIONS TO REAL JURORS WITNESSES AREN'T ALLOWED AND THE ENTIRE AFFAIR TYPICALLY IS OVER IN A DAY OR TWO THE JURY DELIVERS AN ADVISORY VERDICT THAT GIVES THE PARTIES AN IDEA OF HOW THEY WOULD FARE IN A FULLFLEDGED TRIAL OFTEN THE PARTIES REACH A SETTLEMENT AFTERWARD BUT THEY CAN GO TO TRIAL IF THEY PREFER THE VOLUNTARY COOPERATION OF THE PARTIES IS REQUIRED TO MAXIMIZE THE EFFECTIVENESS OF SUCH PROCEEDINGS A THREEJUDGE PANEL OF THE APPEALS COURT SAID INDEED IF SUCH PROCEEDINGS TRULY ARE VALUABLE VOLUNTARY COOPERATION WILL BE FORTHCOMING THE RULING HANDED DOWN FRIDAY COMES IN A CLASSACTION LAWSUIT BY AT LEAST 6000 FORMER EMPLOYEES OF NLO INC A UNIT OF NL INDUSTRIES INC HOUSTON THEY ALLEGE THAT NLO INTENTIONALLY OR NEGLIGENTLY EXPOSED THEM TO RADIOACTIVE MATERIALS AT A FERNALD OHIO URANIUMPROCESSING FACILITY THAT IT ONCE MANAGED NLO DISPUTES THE ALLEGATIONS NLO OBJECTED TO THE IDEA OF A SUMMARY JURY TRIAL ESPECIALLY BECAUSE THE JUDGE WANTED IT OPEN TO THE PUBLIC SUMMARY JURY TRIALS CAN BE PUBLIC OR CLOSED AT THE JUDGE'S DISCRETION THE SCENARIO THAT WE ENVISIONED IS THAT YOU WOULD HAVE THE PLAINTIFFS' COUNSEL PLAYING TO THE MEDIA SAID KEVIN T VAN WART AN ATTORNEY FOR NLO AT THE CHICAGO LAW FIRM KIRKLAND & ELLIS FEDERAL JUDGE S ARTHUR SPIEGEL ORDERED THE TRIAL TO PROCEED ANYWAY AND NLO MADE AN EMERGENCY APPEAL TO THE SIXTH US CIRCUIT COURT OF APPEALS THE APPEALS COURT NOTED THAT OTHER LOWER COURTS HAVE EXPRESSED WILLINGNESS TO COMPEL SUMMARY JURY TRIALS BUT SAID WE CANNOT SANCTION THIS IMPRUDENT EXPANSION OF THE JUDICIAL POWER IT SENT THE CASE BACK TO THE LOWER COURT FOR A FULL TRIAL ALTHOUGH THE FEDERAL APPEALS COURT IN CHICAGO RULED SIMILARLY IN 1987 THE RECENT DECISION IS SIGNIFICANT BECAUSE THE SUMMARY JURY TRIAL WAS INVENTED IN CINCINNATI AND IS USED FREQUENTLY BY SIXTH CIRCUIT JUDGES THE TACTIC ALSO HAS STRONG PROPONENTS IN FEDERAL COURTS IN OKLAHOMA AND IN FLORIDA STATE COURTS JUDGE THOMAS D LAMBROS WHO DEVISED THE TACTIC IN 1980 SAID HE DOESN'T EXPECT THE RULING TO AFFECT HIS CASES MOVING PEOPLE INTO SUMMARY JURY TRIAL KICKING AND SCREAMING THAT ISN'T OUR STYLE SAID JUDGE LAMBROS MOST PARTIES WILL GO ALONG WITH IT THE TECHNIQUE TYPICALLY SHAVES 11 MONTHS OFF THE LIFESPAN OF A CASE ACCORDING TO A NEW THREEYEAR STUDY OF THE NORTHERN DISTRICT OF OHIO WHERE JUDGE LAMBROS IS CHIEF JUDGE BUT DAVID M COOK COCOUNSEL FOR THE NLO PLAINTIFFS CALLED THE RULING A HARD BLOW TO SUMMARY JURY TRIALS LET'S LOOK AT IT PRAGMATICALLY SAID MR COOK AN ATTORNEY WITH CINCINNATI LAW FIRM KIRCHER ROBINSON COOK NEWMAN & WELCH A LOT OF PARTIES DO VOLUNTARILY WHAT A JUDGE CAN ORDER THEM TO DO BUT NOW THAT JUDGES CAN'T ORDER THEM TO DO IT WILL THE PARTIES CONTINUE TO DO IT VOLUNTARILY WE BELIEVE THE ANSWER IS NO FEDERAL APPEALS COURT JUDGES SAY THEY PREFER TO REVIEW WRITTEN TRIAL TRANSCRIPTS RATHER THAN WATCH VIDEOTAPES OF LOWERCOURT PROCEEDINGS APPEALS COURT JUDGES WHO TOOK PART IN A TWOYEAR STUDY FOUND THAT USING TRIAL VIDEOTAPES WAS FAR MORE CUMBERSOME THAN TURNING TO TRANSCRIPTS THE US JUDICIAL CONFERENCE THE POLICYMAKING ARM OF THE FEDERAL COURTS EARLIER THIS WEEK ENDORSED THE RECOMMENDATIONS OF THE COMMITTEE THAT CONDUCTED THE STUDY THE COMMITTEE CONCLUDED THAT THERE WAS ALMOST NO SUPPORT FOR THE USE OF VIDEOTAPE IN LIEU OF THE TRANSCRIPT ON APPEAL TRIAL VIDEOTAPES ARE CHEAPER THAN WRITTEN TRANSCRIPTS AND THE TAPES WERE EXPECTED TO GIVE APPELLATE JUDGES A MORE COMPLETE PICTURE OF LOWERCOURT PROCEEDINGS SEVERAL STATE APPELLATE COURTS CURRENTLY USE VIDEOTAPES BUT JUDGES IN THE FEDERAL STUDY WHICH INVOLVED SIX TRIAL COURTS AND THREE APPELLATE COURTS WEREN'T IMPRESSED THE MOST COMMON OBJECTION WAS THAT IT TOOK TOO LONG TO FIND SPECIFIC PORTIONS OF THE TRIAL RECORD SEVERAL JUDGES AND ATTORNEYS IN THE STUDY HOWEVER SAID TRIAL VIDEOTAPES ARE USEFUL IN OTHER WAYS FOR INSTANCE VIDEOTAPES ARE AN INEXPENSIVE WAY TO PRESERVE A DAILY RECORD OF A PROCEEDING AND THEY ARE CONSIDERED HELPFUL IN TRAINING ATTORNEYS AND IN EVALUATING COURT PERFORMANCES THE JUDICIAL CONFERENCE ALLOWED THE COURTS IN THE STUDY TO CONTINUE VIDEOTAPING TRIALS FOR THOSE PURPOSES HARVARD LAW SCHOOL SETTLED A FORMER PROFESSOR'S GENDERDISCRIMINATION LAWSUIT BY ESTABLISHING A DOMESTIC VIOLENCE INSTITUTE JOINTLY WITH NORTHEASTERN UNIVERSITY THE UNUSUAL SETTLEMENT MEANS THAT THE MASSACHUSETTS COMMISSION AGAINST DISCRIMINATION WON'T HEAR TESTIMONY IN THE CASE OF CLARE DALTON WHO SUED AFTER SHE WAS DENIED TENURE MOST OF THE LAW SCHOOL'S SENIOR FACULTY WERE EXPECTED TO TESTIFY MS DALTON WHO IS MARRIED TO LABOR SECRETARY ROBERT REICH WAS DENIED TENURE IN 1988 A LIBERAL ASSISTANT PROFESSOR AT THE LAW SCHOOL SHE WAS ASSOCIATED WITH THE CRITICAL LEGAL STUDIES MOVEMENT THAT CAUSED A BITTER RIFT AMONG THE FACULTY CRITICALSTUDIES SUPPORTERS MAINTAIN THAT THE LAW PROTECTS THE POWERFUL AND WEALTHY RATHER THAN TREATING ALL PEOPLE FAIRLY THE MOVEMENT IS OPPOSED BY MANY CONSERVATIVE LEGAL SCHOLARS WHO MAINTAIN THE THEORY THREATENS THE FOUNDATIONS OF THE LAW AT THE TIME THAT MS DALTON WAS DENIED TENURE HARVARD LAW MAINTAINED THAT HER SCHOLARSHIP WASN'T UP TO SNUFF HER SUPPORTERS BLAMED POLITICS MS DALTON CHARGED THAT GENDER AND POLITICAL DISCRIMINATION CAUSED HER NOT TO GAIN TENURE SINCE THEN MS DALTON HAS BECOME A PROFESSOR AT NORTHEASTERN UNIVERSITY IN BOSTON IN 1990 SHE STARTED A DOMESTIC VIOLENCE CLINIC IN WHICH STUDENTS PROVIDE FREE LEGAL ADVICE TO BATTERED WOMEN AND CHILDREN INCLUDING FILING RESTRAINING ORDERS AGAINST ABUSIVE SPOUSES MS DALTON SUGGESTED HARVARD LAW CONTRIBUTE TO A JOINT CENTER IN SETTLEMENT TALKS UNDER THE PACT HARVARD LAW WILL CONTRIBUTE 260000 TO THE CENTER OVER THREE YEARS MS DALTON CURRENTLY ON LEAVE FROM NORTHEASTERN WILL BE EXECUTIVE DIRECTOR WILLIAM M BULKELEY CONTRIBUTED TO THIS ARTICLE 9309230027 930923 BUSINESS BRIEF ARMCO INC STEEL COMPANY SELLS UNIT IN BRAZIL TO MANAGEMENT ARMCO INC SAID IT SOLD ITS BRAZILIAN SHEET AND STRIP UNIT TO THE UNIT'S MANAGEMENT FOR 55 MILLION AND WILL RECORD A CHARGE OF ABOUT 15 MILLION AGAINST THIRDQUARTER EARNINGS FOR THE PERIOD ENDING SEPT 30 IN THE YEARAGO THIRD QUARTER THE PARSIPPANY NJ STEEL COMPANY POSTED A LOSS OF 252 MILLION OR 26 CENTS A SHARE WHICH INCLUDED EQUITY LOSSES FROM JOINT VENTURES TOTALING 262 MILLION AND A 54 MILLION GAIN ON THE SALE OF SOUTHWESTERN OHIO STEEL SALES WERE 5905 MILLION ARMCO SAID THE MOVE IS PART OF A PREVIOUSLY ANNOUNCED STRATEGY TO FOCUS ON STAINLESS AND ELECTRICAL STEEL WE'RE ALSO FOCUSING ON DOMESTIC OPERATIONS A SPOKESMAN SAID THE BRAZIL UNIT EMPLOYS 800 PEOPLE IN TWO PLANTS WHICH PROCESS CARBON AND ALLOY SPECIALTY STEEL PRODUCTS FOR AUTOMOTIVE APPLIANCE AND GENERAL INDUSTRIAL MARKETS UNDER THE SALE AGREEMENT THE NEW COMPANY WILL PURCHASE TECHNICAL ASSISTANCE FROM ARMCO FOR FIVE YEARS 9309230026 930923 INTERNATIONAL CONFUSION IN MOSCOW DRIVES REGIONS TO CONSIDER THEIR OWN AGENDAS FIRST BY ELISABETH RUBINFIEN STAFF REPORTER OF THE WALL STREET JOURNAL NIZHNY NOVGOROD RUSSIA RUSSIAN PRESIDENT BORIS YELTSIN IS COUNTING ON THE SUPPORT OF RUSSIA'S REGIONS AND REPUBLICS IN HIS BATTLE WITH PARLIAMENT THE REGIONS HOWEVER CONCERNED WITH THEIR OWN INTERNAL PROBLEMS ARE INCREASINGLY ALIENATED FROM THE CENTRAL LEADERSHIP EVEN NIZHNY NOVGOROD ONCE A RELIABLE STRONGHOLD FOR MR YELTSIN IS FAILING TO COME TO HIS SIDE AS THE DEPUTIES OF THE REGIONAL COUNCIL PREPARED TO CONDEMN BOTH THE PARLIAMENT AND MR YELTSIN FOR UNCONSTITUTIONAL BEHAVIOR NIZHNY NOVGOROD'S YOUNG GOVERNOR BORIS NEMTSOV CHOSE NOT TO FIGHT THE LOCAL DEPUTIES ON MR YELTSIN'S BEHALF MR NEMTSOV ONE OF MR YELTSIN'S HANDPICKED SUPPORTERS WHO WERE PLACED ACROSS THE COUNTRY AFTER THE COUP ATTEMPT IN AUGUST 1991 HAS HELPED TURN NIZHNY NOVGOROD INTO THE ECONOMIC REFORM CAPITAL OF RUSSIA THIS CITY AT THE CONFLUENCE OF THE VOLGA AND OKA RIVERS FORMERLY KNOWN AS GORKY HAS BECOME THE CRUCIBLE FOR EVERYTHING FROM PRIVATIZATION TO LAND REFORM AS ONE CONFRONTATION AFTER ANOTHER FLARED UP IN MOSCOW MR NEMTSOV USUALLY STOOD BY MR YELTSIN BUT NOW MR NEMTSOV HAS DECIDED THAT KEEPING THE PEACE LOCALLY IS MORE IMPORTANT THAN SUPPORTING MR YELTSIN MOREOVER HE HAS PROPOSED HOLDING IMMEDIATE ELECTIONS FOR GOVERNOR TO FORTIFY HIS OWN POSITION AGAINST ANY SPILLOVER OF TENSION FROM MOSCOW NEMTSOV SEES IN THIS THE POSSIBILITY NOT TO BE TIED TO CATACLYSMS GOING ON IN MOSCOW SAYS VIKTOR LISOV HEAD OF THE LOCAL PRESS OFFICE THE QUESTION IS WHAT'S IMPORTANT POLITICAL LOYALTY OR A CONCRETE ABILITY TO CARRY OUT REFORMS APPARENTLY WE'RE PUSHING ASIDE POLITICAL LOYALTY CONFUSION IN MOSCOW IS INCREASINGLY DRIVING THE REGIONS AWAY THE MOSCOW AUTHORITIES TODAY ARE INCAPABLE OF DOING ANYTHING BECAUSE THEY JUST NEUTRALIZE EACH OTHER SAYS YURI BERLIN PROJECT MANAGER AT NIZHNY NOVGOROD'S HUGE AUTO PLANT GAZ AS A RESULT THE REGIONS WILL TAKE MORE POWER JUST TWO MONTHS AGO MR NEMTSOV SAID ONE OF HIS GREATEST WORRIES WAS THE DISSOLUTION OF THE COUNTRY BUT NOW NIZHNY NOVGOROD HAS DECIDED THAT IT WILL FOLLOW LAWS ENACTED ONLY BY ITS OWN LOCAL LEADERS THE LOCAL LEGISLATURES ARE THE CEMENT THAT IS STABILIZING THE COUNTRY SAYS NIKOLAI ASHIN A 30YEAROLD DEPUTY IN THE REGIONAL LEGISLATURE MR ASHIN WHO USED TO SUPPORT MR YELTSIN TODAY WRINKLES HIS BROW IN DISAPPOINTMENT IN A CONFERENCE CALL WITH OTHER ADMINISTRATION HEADS AND PRIME MINISTER VIKTOR CHERNOMYRDIN YESTERDAY MR NEMTSOV CALLED THE SITUATION IN MOSCOW ONCOMING SCHIZOPHRENIA HIS PRESS SECRETARY SAID MR NEMTSOV ASKED HOW REGIONAL LEADERS ARE SUPPOSED TO RESPOND TO INSTRUCTIONS COMING FROM VICE PRESIDENT ALEXANDER RUTSKOI NAMED PRESIDENT BY PARLIAMENT AS WELL AS FROM PRESIDENT YELTSIN THE REGIONAL LEADERSHIP'S DESIRE TO DISTANCE ITSELF FROM THE MOSCOW BATTLE IS PARTLY A RESPONSE TO GENERAL APATHY AND DISGUST OVER THE WHOLE EVENT ON THE STREETS OF NIZHNY NOVGOROD MOST RESIDENTS SEEM SATISFIED WITH THEIR LOCAL GOVERNMENT AND ITS HARMONIOUS PROGRESS FURTHERMORE A SURPRISING NUMBER HAVE NO IDEA WHAT IS EVEN GOING ON IN MOSCOW I HEARD ABOUT IT BUT I COULDN'T CARE LESS SAYS TANYA MOROZOVA A 29YEAROLD FACTORY WORKER AS SHE WATCHES HER FIVEYEAROLD SON CLIMB ON A TANK AT AN OUTDOOR EXHIBIT OF NIZHNY NOVGOROD PRODUCTS JUST LET THEM DO WHAT THEY WANT SHE SAYS THE RESULT OF ECONOMIC REFORM IN NOZHNY NOVGOROD IS OBVIOUS WHERE ONCE IT WAS IMPOSSIBLE TO BUY A PAIR OF SHOES COMMERCIAL SHOPS NOW BOAST FULL SHELVES THOUGH OFFICIALS IN POSITIONS OF AUTHORITY AND PEOPLE ON THE STREET ACKNOWLEDGE THAT A CHANGE IN MOSCOW'S LEADERSHIP COULD BE DETRIMENTAL TO REFORM MOST SAY THE IMPORTANT THING IS SIMPLY TO GET ON WITH THEIR OWN BUSINESS A CRISIS AT THE TOP ALWAYS SENDS WAVES SAYS VASSILY KOZLOV HEAD OF THE GOVERNMENT DEPARTMENT OF ECONOMICS AND FORECASTING BUT WE'RE USED TO IT WE'VE BEEN TRAINING FOR A LONG TIME TO WORK RESPONSIBLY AND ACT INDEPENDENTLY WITHOUT RUINING THE WHOLE THING 9309230024 930923 RECENT SEC FILINGS WASHINGTON THE FOLLOWING ISSUES WERE RECENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ALLEGHENY POWER SYSTEM INC AN OFFERING OF 12 MILLION COMMON SHARES VIA GOLDMAN SACHS & CO AND MERRILL LYNCH & CO ANGSTROM TECHNOLOGIES INC AN OFFERING OF 13 MILLION UNITS AT 2 A UNIT EACH CONSISTING OF ONE SHARE OF REDEEMABLE CONVERTIBLE PREFERRED STOCK PLUS A CLASS A WARRANT TO ACQUIRE COMMON STOCK VIA MH MEYERSON & CO ELETSON HOLDINGS INC AN OFFERING OF 140 MILLION OF FIRST PREFERRED SHIP MORTGAGE NOTES DUE 2003 VIA CITICORP SECURITIES INC ENERSIS SA AN OFFERING OF 3075000 AMERICAN DEPOSITARY SHARES EACH REPRESENTING 50 COMMON SHARES VIA BEAR STEARNS & CO JP MORGAN SECURITIES INC AND CREDIT LYONNAIS SECURITIES USA INC GIANT INDUSTRIES INC AN OFFERING OF 100 MILLION OF SENIOR SUBORDINATED NOTES VIA KIDDER PEABODY & CO NOBLE AFFILIATES INC A SECONDARY OFFERING OF 45 MILLION COMMON SHARES VIA PAINEWEBBER INC KIDDER PEABODY & CO AND MERRILL LYNCH & CO PHOTONICS CORP AN INITIAL OFFERING OF 1875000 COMMON SHARES VIA HJ MEYERS & CO 9309230023 930923 INTERNATIONAL BRITISH NET INVESTMENT SLIPS 52 LONDON NET INVESTMENT BY BRITISH INSTITUTIONS FELL 52 IN THE SECOND QUARTER FROM THE FIRST QUARTER BUT WAS UP 65 FROM THE YEAREARLIER SECOND QUARTER ACCORDING TO FIGURES PUBLISHED BY THE CENTRAL STATISTICAL OFFICE THE REPORT COVERS THE ACTIVITIES OF PENSION FUNDS INSURANCE COMPANIES INVESTMENT TRUSTS UNIT TRUSTS AND PROPERTY TRUSTS 9309230022 930923 LETTERS TO THE EDITOR NURSING IS NURSING NOT DOCTORING I MUST DISAGREE WITH THE TONE IF NOT THE CONCLUSION OF YOUR AUG 13 EDITORIAL NURSES LIB AS A BELIEVER IN FREE MARKETS I HAVE NO PERSONAL OBJECTION TO NURSES ESTABLISHING THEMSELVES AS INDEPENDENT PRACTITIONERS HOWEVER IT IS IRONIC THAT AS WE LAMENT A PERCEIVED SHORTAGE OF PRIMARY CARE PHYSICIANS WE FURTHER BELITTLE THE FIELD BY IMPLYING THAT PEOPLE WITH MINIMAL TRAINING BY HEALTH CARE STANDARDS ARE ABLE TO INDEPENDENTLY PRACTICE IT INTERESTINGLY ONE IMPORTANT REASON FOR THE TREND TOWARD SPECIALIZATION AMONG MEDICAL STUDENTS IS THE DIFFICULTY THE GENERALIST HAS IN ATTEMPTING TO MASTER AND STAY CURRENT IN SUCH A BROAD RANGE OF SUBJECTS FEW WOULD ARGUE THAT NURSES ARE NOT WELLEQUIPPED TO PROVIDE ADVICE ON MANY ASPECTS OF DISEASE PREVENTION OR THAT THEY CAN BE EFFECTIVELY TAUGHT SPECIFIC PROCEDURES SUCH AS FLEXIBLE SIGMOIDOSCOPY BUT THEY ARE NOT RIGOROUSLY TRAINED IN THE ART OF DIFFERENTIAL DIAGNOSIS OR TREATMENT YOUR CAVALIER USE OF THE WORD SIMPLE TO REFER TO MEDICATIONS ITSELF SHOWS A DANGEROUS LACK OF RESPECT FOR THE POTENTIAL ADVERSE EFFECTS OF ANY DRUG CONSIDER FOR EXAMPLE THE POTENTIALLY LIFETHREATENING PENICILLIN REACTION AFTER TREATMENT FOR STREP THROAT OR THE FATAL DISTURBANCE IN HEART RHYTHM THAT CAN OCCUR AFTER ADMINISTRATION OF A MISTAKENLY PRESCRIBED COMBINATION OF ERYTHROMYCIN AND SELDANE FOR A COMMON UPPER RESPIRATORY TRACT INFECTION ADMITTEDLY THE MEDICAL PROFESSION HAS PROBABLY DONE A LESS THAT ADEQUATE JOB OF EDUCATING THE LAY PUBLIC AS TO BOTH THE LENGTH AND RIGORS OF MEDICAL TRAINING NEVERTHELESS NURSES AND OTHER ANCILLARY PROVIDERS SHOULD PERHAPS BE FREE TO PLY THEIR TRADE AS THEY WISH PARTICULARLY IN UNDESERVED AREAS ON THE OTHER HAND NEITHER I NOR MY FAMILY SHOULD BE COERCED INTO USING THEM AS PRIMARY PROVIDERS AS I HAVE LITTLE DOUBT THAT THIS WOULD OFFER US A LOWER STANDARD OF CARE HAVING PRACTICED NEONATAL NURSING FOR THE PAST 14 YEARS I AM CONTINUOUSLY FRUSTRATED BY THIS NATION'S ABILITY TO CURE 500GRAM INFANTS VISAVIS ITS GLARING INABILITY TO GUARANTEE THAT THE MOTHER OR INFANT WILL HAVE ACCESS TO BASIC MINIMAL MEDICAL CARE AFTER THE BABY IS DISCHARGED FROM HOSPITAL WILL THE ECONOMICALLY DISADVANTAGED BABIES THAT I HAVE SO LOVINGLY AND PAINSTAKINGLY CARED FOR OVER THE YEARS HAVE ACCESS TO MEDICAL TREATMENT FOR THE FEVERS SORE THROATS AND EARACHES OF CHILDHOOD WITHOUT THEIR PARENTS' RESORTING TO EMERGENCY ROOMS YOUR EDITORIAL WAS RIGHT ON THE MARK IN SUPPORTING THE PROPOSAL OF HILLARY CLINTON'S TASK FORCE ON HEALTH CARE REFORM TO REMOVE BARRIERS CONSTRAINING ADVANCED PRACTICE NURSES APNS FROM SERVING AS PRIMARY CARE PROVIDERS THESE NURSE PRACTITIONERS ARE WELLPREPARED AND SUITED TO FILL THE VOID CREATED BY THE SHORTAGE OF PRIMARY CARE PHYSICIANS TO TREAT COMMON AILMENTS IF REFORM RESULTS IN BASIC HEALTH CARE BECOMING UNIVERSAL FOR ALL AMERICANS MANY MORE PROVIDERS OF PRIMARY CARE WILL BE NEEDED TO CARE FOR THE 37 MILLION PEOPLE WHO ARE NOW UNINSURED NURSE PRACTITIONERS HAVE REPEATEDLY DEMONSTRATED THEIR ABILITY TO INCREASE ACCESS TO PRIMARY HEALTH CARE WHILE PRESERVING QUALITY AND REDUCING COSTS THE AUTHOR OF YOUR EDITORIAL MAKES A PITCH FOR NURSE PRACTITIONERS AS PROVIDERS OF PRIMARY CARE I WONDER WHOM THE AUTHOR CALLS WHEN HE OR A MEMBER OF HIS FAMILY IS ILL I SUSPECT IT WILL BE THE DOCTOR NOT THE NURSE I AGREE IN PRINCIPAL TO NURSE PRACTITIONERS PROVIDING CARE FOR PATIENTS WITH MINOR MEDICAL PROBLEMS HOWEVER AS A PRACTICING PEDIATRICIAN I MUST TAKE ISSUE WITH YOUR APPARENT BLANKET APPROVAL OF NPS PROVIDING PRIMARY HEALTH MAINTENANCE VISITS OFTEN THE MOST CHALLENGING MEDICAL PROBLEMS PRESENT THEMSELVES TO ME DURING SOCALLED WELLCHILD VISITS PROBLEMS SUCH AS THE CHILD WITH AN UNUSUAL SKIN CONDITION THAT LOOKS BENIGN BUT IS ACTUALLY A RARE PREMALIGNANT CONDITION OR THE CHILD WITH AN EARLY ABDOMINAL MALIGNANCY WHO PRESENTS WITH A SLIGHTLY IRREGULARFEELING KIDNEY OR THE INFANT WITH SOMEWHAT DIMINISHED MUSCLE TONE WHO TURNS OUT TO HAVE A SERIOUS METABOLIC DISORDER MY MANY YEARS OF TRAINING CERTAINLY HAVE SUPPLIED ME WITH A MUCH LARGER FUND OF KNOWLEDGE THAN THAT OF A NURSE PRACTITIONER PLEASE LET US KEEP HEALTH CARE PROVISION IN PERSPECTIVE RATHER THAN THROWING TRULY QUALITY CARE TO THE WIND IN THE NAME OF COST CONTROL 9309230021 930923 INTERNATIONAL RUSSIA'S CRISIS BECOMES BIZARRE STANDOFF ANALYSTS WORRY ABOUT EFFECT ON ECONOMIC LINKS TO WEST BY ADI IGNATIUS STAFF REPORTER OF THE WALL STREET JOURNAL MOSCOW RUSSIA'S POLITICAL CRISIS HAS EVOLVED INTO A BIZARRE STANDOFF JUST A DAY AFTER PRESIDENT BORIS YELTSIN PLUNGED THE COUNTRY INTO TURMOIL BY ABOLISHING THE HARDLINE PARLIAMENT INSIDE THE RUSSIAN WHITE HOUSE THE BANNED LEGISLATURE CONTINUED TO CHURN OUT ANTIYELTSIN RESOLUTIONS AND SUPPORT ALEXANDER RUTSKOI AS ITS NEWLY CHOSEN PRESIDENT ACROSS TOWN HOWEVER MR YELTSIN WAS VERY MUCH STILL ACTING AS THE NATION'S CHIEF EXECUTIVE HE ISSUED DECREES AND APPOINTED CABINET OFFICIALS HE TOOK A WALKABOUT IN MOSCOW WHEN QUESTIONED ABOUT THE RECALCITRANT LEGISLATURE HE SAID IT NO LONGER EXISTED THE POWER STRUGGLE APPEARS LIKELY TO DRAG ON FOR DAYS OR PERHAPS WEEKS PARLIAMENT SHOWS NO SIGNS OF YIELDING ITS LEADERS ARE FURIOUSLY ORGANIZING AN EMERGENCY SESSION OF THE CONGRESS OF PEOPLE'S DEPUTIES THE NATION'S HIGHEST LAWMAKING BODY WHICH ALSO WAS BANNED BY MR YELTSIN FOR NOW AT LEAST THE PRESIDENT HAS RULED OUT THE USE OF FORCE TO REMOVE THE DEPUTIES WHO SEEM HUNKERED DOWN FOR THE LONG HAUL WHILE THE RIVAL GOVERNMENTS SLUG IT OUT FOR POWER MOST MUSCOVITES ARE GOING ABOUT THEIR BUSINESS UNCONCERNED WITH THE POWER STRUGGLE THE SITUATION IS GRAVE BUT NOT HOPELESS SAID PRIME MINISTER VIKTOR CHERNOMYRDIN WHO SUPPORTED MR YELTSIN'S CALL TO ABOLISH THE HARDLINE PARLIAMENT AND HOLD ELECTIONS IN DECEMBER FOR A NEW LEGISLATURE THAT WILL BECOME THE SUPREME LAWMAKING BODY WE CAN LIVE LIKE THIS FOR TWO MONTHS NO PROBLEM WESTERN GOVERNMENTS AND ANALYSTS WORRY THAT A PROTRACTED POWER STRUGGLE COULD PITCH RUSSIA INTO A POLICY ANARCHY THAT COULD UNSETTLE REFORMS ACROSS EASTERN EUROPE AND DISRUPT ECONOMIC TIES WITH THE WEST THESE INCLUDE RUSSIA'S DELIVERIES OF NATURAL GAS AND PETROLEUM TO EUROPE AND THE ALREADY CLOUDY STATUS OF THE 80 BILLION IN DEBT OWED WESTERN GOVERNMENTS BANKS AND BUSINESSES WESTERN PRIVATE INVESTORS HAVE COMMITTED MORE THAN 28 BILLION IN CAPITAL INVESTMENT IN RUSSIA FROM 1990 THROUGH 1992 A FEW THOUSAND PARLIAMENTARY SUPPORTERS CONTINUE THEIR VIGIL OUTSIDE THE WHITE HOUSE BUT THE FOCUS OF THE STRUGGLE SEEMS ALREADY TO BE MOVING FROM MOSCOW TO THE PROVINCES LOCAL OFFICIALS ALL OVER RUSSIA CONVENED TO DISCUSS THE EVENTS AND DECLARE ALLIANCES WITH EITHER MR YELTSIN OR PARLIAMENT THE SCORECARD LIKE THE POLITICAL DEBATE IN MOSCOW SEEMED FUZZY ACCORDING TO MR YELTSIN AND TO ITARTASS THE OFFICIAL RUSSIAN NEWSWIRE MR YELTSIN WAS WINNING MOST OF THE REGIONAL ENDORSEMENTS BUT ACCORDING TO PARLIAMENTARY SOURCES ALMOST EVERY ONE OF THE REGIONAL LEGISLATURES THAT MET THREW THEIR SUPPORT BEHIND PARLIAMENT THE STALEMATE MOVED A FEW LEADERS TO OFFER TO MEDIATE THE CRISIS VALERI ZORKIN THE POWERFUL CHAIRMAN OF THE CONSTITUTIONAL COURT CONVENED A NEWS CONFERENCE TO OFFER HIS PLAN IT CALLED FOR EARLY ELECTIONS FOR BOTH PARLIAMENT AND THE PRESIDENT WHILE TEMPORARILY SUSPENDING BOTH BRANCHES OF POWER FROM THEIR LAWMAKING TASKS THIS SEEMED THE MISSING PIECE OF THE SURREAL PUZZLE FIRST MR YELTSIN ANNOUNCED THAT PARLIAMENT NO LONGER EXISTED THEN PARLIAMENT ANNOUNCED THAT MR YELTSIN WAS NO LONGER PRESIDENT NOW THE THIRD BRANCH OF POWER THE COURT WAS PROPOSING THAT BOTH OTHER BRANCHES CEASE WORKING WHILE ONLY THE COURT ITSELF WOULD CONTINUE TO FUNCTION SMALL WONDER THAT RUSSIANS HAVE BEEN LOOKING FOR A NEW FORCE IN POLITICS ONE SUCH CANDIDATE IS GRIGORY YAVLINSKY THE ECONOMIST WHO COAUTHORED THE 500DAY ECONOMIC REFORM PROGRAM UNDER SOVIET LEADER MIKHAIL GORBACHEV MR YAVLINSKY HAS EMERGED AS A SERIOUS PRESIDENTIAL CANDIDATE AND HAS OUTPOLLED ALL RIVAL HOPEFULS IN RECENT NATIONAL SURVEYS IN A MEETING WITH REPORTERS MR YAVLINSKY SAID IT WAS UNLIKELY THAT MR YELTSIN AND HIS PARLIAMENTARY FOES COULD REACH A COMPROMISE AS THE STALEMATE DRAGS ON HE SAID RUSSIA WILL FACE TWIN PROBLEMS A DETERIORATING ECONOMY AND AN INCREASE IN REGIONAL DISINTEGRATION FOREIGN INVESTMENT ALSO WILL SUFFER IF OUR INVESTMENT CLIMATE WAS CHILLY MR YAVLINSKY SAID NOW IT HAS BECOME ARCTIC AND WHILE CALM PREVAILED THERE WERE STILL CONCERNS THAT THE MILITARY MIGHT ULTIMATELY HAVE TO RESOLVE THE CONFLICT OBSERVERS WERE ESPECIALLY WORRIED BY MR RUTSKOI'S DECISION TO NAME RIVAL MINISTERS OF SECURITY INTERIOR AND DEFENSE THE NEW MINISTER OF DEFENSE VLADISLAV ACHILOV IS A HARDLINE WAR VETERAN WHO WAS IMPLICATED IN THE UNSUCCESSFUL 1991 COUP ATTEMPT AGAINST MR GORBACHEV IN WASHINGTON US ARMY GEN JOHN SHALIKASHVILI THE NORTH ATLANTIC TREATY ORGANIZATION'S MILITARY COMMANDER SAID THE RUSSIAN DEFENSE MINISTER APPEARS TO BE ADHERING TO PAST PLEDGES TO KEEP THE MILITARY NEUTRAL IN POLITICAL DISPUTES BUT GEN SHALIKASHVILI THE NOMINEE TO BECOME THE NEXT CHAIRMAN OF THE JOINT CHIEFS OF STAFF EXPRESSED SOME CONCERN DURING HIS CONFIRMATION HEARING THE DANGER WOULD BE IF LOWERLEVEL COMMANDERS SUBORDINATE COMMANDERS WERE TO BEGIN CHOOSING SIDES HE SAID THAT WOULD BEGIN THE UNRAVELING EFFECT SEEKING TO PUT CONGRESSIONAL CONCERNS ABOUT BOSNIA IN PERSPECTIVE THE GENERAL ALSO TOLD THE SENATE ARMED SERVICES COMMITTEE THE MAIN EVENT IN EUROPE ISN'T BOSNIA THE MAIN EVENT IS WHETHER THE DEMOCRATS IN THE FORMER SOVIET UNION AND PROBABLY IN RUSSIA WILL BE SUCCESSFUL IN CARRYING FORWARD THEIR DEMOCRATIC REFORMS AND THEIR MARCH TO A MARKET ECONOMY HE SAID THAT THE WORSTCASE SCENARIO FOR THE US INVOLVES A BREAKDOWN IN CONTROL OVER THE 30000 WARHEADS IN THE FORMER SOVIET NUCLEAR ARSENAL YESTERDAY AFTERNOON MR RUTSKOI STRODE TO A MICROPHONE OUTSIDE THE WHITE HOUSE TO ADDRESS THE CROWD MOST OF THOSE ASSEMBLED WERE COMMUNIST SYMPATHIZERS WHO WAVED RED HAMMERANDSICKLE FLAGS AND CALLED FOR A RESTORATION OF THE SOVIET UNION THE GANG THAT DESTROYED THE STATE SHOULD BE PUT ON TRIAL MR RUTSKOI SHOUTED GO TO THE FACTORIES OF MOSCOW TELL THE PEOPLE IT'S TIME TO MAKE A CHOICE THE CROWD RESPONDED WITH WILD ENTHUSIASM CHANTING RUTSKOI BE BOLD THROW BORIS OUT MEANWHILE MR YELTSIN CHATTING AT PUSHKIN SQUARE WITH SURPRISED LOCAL RESIDENTS CHARACTERIZED MR RUTSKOI'S ACTIVITIES AS AN AMATEUR PERFORMANCE THAT HAS NOTHING TO DO WITH LAW OR RIGHTS 9309230020 930923 WHO'S NEWS BANK OF NOVA SCOTIA BANK OF NOVA SCOTIA SCOTIAMCLEOD INC A UNIT SAID GORDON CHEESBROUGH WAS NAMED CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF THE TORONTO INVESTMENT DEALER MR CHEESBROUGH 39 YEARS OLD WILL SUCCEED AUSTIN TAYLOR WHO EARLIER SAID HE WILL LEAVE THE FIRM AT THE END OF THE MONTH MR CHEESBROUGH JOINED SCOTIAMCLEOD IN 1974 AND WAS NAMED PRESIDENT AND CHIEF OPERATING OFFICER IN 1990 DAVID WILSON FORMERLY DEPUTY CHAIRMAN WILL SUCCEED MR CHEESBROUGH AS PRESIDENT AND DEPUTY CHIEF EXECUTIVE OF THE BROKERAGE HOUSE 9309230019 930923 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 1/4 HIGH 2 15/16 LOW 2 15/16 NEAR CLOSING BID 3 OFFERED RESERVES TRADED AMONG COMMERCIAL BANKS FOR OVERNIGHT USE IN AMOUNTS OF 1 MILLION OR MORE SOURCE PREBON YAMANE USA INC DISCOUNT RATE 3 THE CHARGE ON LOANS TO DEPOSITORY INSTITUTIONS BY THE FEDERAL RESERVE BANKS CALL MONEY 5 THE CHARGE ON LOANS TO BROKERS ON STOCK EXCHANGE COLLATERAL SOURCE TELERATE SYSTEMS INC COMMERCIAL PAPER PLACED DIRECTLY BY GENERAL ELECTRIC CAPITAL CORP 310 30 TO 119 DAYS 320 120 TO 239 DAYS 325 240 TO 270 DAYS COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR CORPORATIONS 316 30 DAYS 316 60 DAYS 317 90 DAYS CERTIFICATES OF DEPOSIT 252 ONE MONTH 255 TWO MONTHS 257 THREE MONTHS 273 SIX MONTHS 289 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 310 ONE MONTH 313 THREE MONTHS 327 SIX MONTHS BANKERS ACCEPTANCES 306 30 DAYS 306 60 DAYS 306 90 DAYS 316 120 DAYS 316 150 DAYS 316 180 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 3/16 3 1/16 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 3/16 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 375 SWITZERLAND 750 BRITAIN 6 THESE RATE INDICATIONS AREN'T DIRECTLY COMPARABLE LENDING PRACTICES VARY WIDELY BY LOCATION TREASURY BILLS RESULTS OF THE MONDAY SEPTEMBER 20 1993 AUCTION OF SHORTTERM US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN UNITS OF 10000 TO 1 MILLION 293 13 WEEKS 306 26 WEEKS FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 677 60 DAYS 684 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 672 60 DAYS 682 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 490 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 9309230018 930923 FINANCING BUSINESS ALLEGHENY POWER SYSTEM INC ALLEGHENY POWER SYSTEM INC NEW YORK SAID IT PLANS TO SELL 12 MILLION COMMON SHARES FOR GENERAL CORPORATE PURPOSES AND TO FUND CONSTRUCTION RELATED TO THE 1990 CLEAN AIR ACT THE ELECTRIC UTILITY HOLDING COMPANY HAS ABOUT 575 MILLION SHARES OUTSTANDING AT RECENT PRICES THE OFFERING WOULD RAISE ABOUT 68 MILLION GOLDMAN SACHS & CO IS THE LEAD UNDERWRITER 9309230017 930923 ULTIMATE CHANGES ITS NAME EAST HANOVER NJ ULTIMATE CORP HAS CHANGED ITS CORPORATE NAME TO ALLERION INC ITS TRADING SYMBOL ON THE NEW YORK STOCK EXCHANGE IS NOW ALI THE COMPANY'S BUSINESS INCLUDES TELECOMMUNICATIONS MANAGEMENT AND SOFTWARE SERVICES 9309230016 930923 TECHNOLOGY DRG HEALTH SYSTEM LED TO MORE COSTLY CLAIMS STUDY FINDS BOSTON A 10YEAROLD SYSTEM OF DETERMINING GOVERNMENT HEALTH INSURANCE PAYMENTS TO HOSPITALS APPEARS TO HAVE FOSTERED AN INCREASE IN THE PROPORTION OF PATIENTS SUFFERING THE MORE SERIOUS AND EXPENSIVE DEGREES OF HEART DISEASE THE PAYMENT SYSTEM INSTITUTED BY THE FEDERAL MEDICARE PROGRAM FOR THE AGED IN THE EARLY 1980S REIMBURSES HOSPITALS THE SAME AMOUNT FOR ALL PATIENTS DIAGNOSED WITH THE SAME ILLNESS OR IN BUREAUCRATIC TERMS ALL PATIENTS FALLING IN THE SAME DIAGNOSISRELATED GROUP A NEW STUDY OF HOSPITALS' CLASSIFICATION OF HEART PATIENTS SHOWS THAT AFTER INSTITUTING THE DRG SYSTEM HOSPITALS IN PAWTUCKET RI AND AN UNNAMED MASSACHUSETTS CITY EXPERIENCED A JUMP IN THE PROPORTION OF PATIENTS SUFFERING THE FORMS OF HEART DISEASE THAT DREW THE HIGHEST MEDICARE REIMBURSEMENT SPECIFICALLY THE PROPORTION OF PATIENTS CLASSIFIED IN THE TWO DRGS FOR ACUTE HEART DISEASE JUMPED TO 48 AFTER THE DRG SYSTEM WAS ADOPTED FROM 35 WHEN REIMBURSEMENTS WERE BASED ON WHAT IT COST TO CARE FOR EACH PATIENT REGARDLESS OF DIAGNOSIS ACCORDING TO THE STUDY BY RESEARCHERS AT THE PAWTUCKET HEART HEALTH PROGRAM AT THE SAME TIME THE PROPORTION OF PATIENTS CLASSIFIED IN LOWERPAYING CHRONIC HEART DISEASE DRGS DROPPED TO LESS THAN 52 FROM 64 BEFORE THE NEW PAYMENT SYSTEM WAS ADOPTED IN THEIR REPORT IN THIS WEEK'S NEW ENGLAND JOURNAL OF MEDICINE THE RESEARCHERS CAUTIONED THAT WE HAVE NO REASON TO BELIEVE THAT HOSPITALS WERE ASSIGNING FALSE DIAGNOSES FOR FINANCIAL GAIN BUT THEY SPECULATED THE DRG SYSTEM MIGHT HAVE PROMPTED DOCTORS OR HOSPITAL STAFFS TO BE MORE ACCURATE ABOUT DIAGNOSING AND CLASSIFYING PATIENTS' IN ORDER TO GAIN THE MAXIMUM REIMBURSEMENT WHETHER THE CHANGES WERE BEGUN BY PHYSICIANS MEDICALRECORDS DEPARTMENTS OR BUSINESS OFFICES IS UNCLEAR AT PRESENT AND REQUIRES FURTHER STUDY THEY SAID 9309230015 930923 BUSINESS BRIEF INDRESCO INC FIRM'S STAKE IN PARTNERSHIP WITH KOMATSU IS TO DECLINE INDRESCO INC SAID IT REACHED A DEFINITIVE AGREEMENT WITH ITS PARTNER KOMATSU LTD MODIFYING THEIR INTERESTS IN THEIR PARTNERSHIP KOMATSU DRESSER CO UNDER TERMS OF THE AGREEMENT KOMATSU WILL INCREASE ITS INTEREST TO 81 AND INDRESCO'S INTEREST WILL DECLINE TO 19 PREVIOUSLY THE COMPANIES HAD A 5050 PARTNERSHIP UNDER CERTAIN OPTIONS INDRESCO'S REMAINING INTEREST COULD BE DECREASED FURTHER AND KOMATSU'S INCREASED TO 100 THE TRANSACTION IS SCHEDULED TO CLOSE NEXT THURSDAY KOMATSU LTD BASED IN JAPAN MAKES HEAVY EQUIPMENT DALLASBASED INDRESCO SUPPLIES SURFACE AND UNDERGROUNDMINING EQUIPMENT ITS 1992 CONSOLIDATED REVENUE TOTALED 559 MILLION 9309230014 930923 TELECOMMUNICATIONS NEW WIRELESS PHONE NETWORKS TAKE FIRST STEP TOWARD REALITY BY JOHN J KELLER AND GAUTAM NAIK STAFF REPORTERS OF THE WALL STREET JOURNAL THE FEDERAL COMMUNICATIONS COMMISSION WILL TODAY LAUNCH A NEW ERA OF LOWCOST WIRELESS DEVICES THAT COMBINE VOICE PAGING AND COMPUTING OR IT MAY SIMPLY SPARK BILLIONS OF DOLLARS IN BAD INVESTMENTS THE FCC IS EXPECTED TO OUTLINE ITS PLAN FOR AUCTIONING OFF UP TO 10 BILLION IN LICENSES TO OFFER PERSONAL COMMUNICATION SERVICES OR PCS NETWORKS THE NETWORKS PROMISE TO TRANSFORM SOCIETY BY GIVING MILLIONS OF SUBSCRIBERS TINY CORDLESS PHONES WITH COMPUTING FAXING AND EVEN VIDEO FEATURES BUT PROVIDERS OF THESE NEW NETWORKS WILL HAVE TO OVERCOME TREMENDOUS OBSTACLES OF COST AND COMPETITION THE TECHNOLOGY IS CONSIDERABLY MORE EXPENSIVE THAN ALREADY EXISTING CELLULAR PHONE SERVICE AND COMPANIES WILL HAVE TO INVEST BILLIONS OF DOLLARS BEFORE TAKING IN THEIR FIRST DIME OF REVENUE CELLULAR COMPETITORS MOREOVER WILL BE EVEN MORE ENTRENCHED BY THE TIME PCS VENDORS FINALLY DELIVER IN 1997 THE FCC'S DECISION EXCITES MYRIAD PLAYERS IN THE TELECOMMUNICATIONS INDUSTRY FROM CABLE OPERATORS AND REGIONAL BELL COMPANIES TO A HOST OF SCRAPPY ENTREPRENEURS MINING FOR THEIR NEXT FORTUNE RIVALS IN THE CELLULARPHONE BUSINESS HAVE ALREADY TAKEN UP MOST OF THE SPACE IN THE RADIO SPECTRUM SET ASIDE FOR THAT TECHNOLOGY PCS WILL OPERATE IN AN ENTIRELY DIFFERENT NICHE AND THE FCC PLAN REPRESENTS ONE OF THE LAST CHANCES TO ACQUIRE SCARCE RADIO SPECTRUM FOR WIRELESS SERVICES PCS IS SPECTRUM AND SPECTRUM IS LAND SAYS TOM WHEELER PRESIDENT OF THE CELLULAR TELECOMMUNICATIONS INDUSTRY ASSOCIATION IT'S THE 21ST CENTURY EQUIVALENT OF THE OKLAHOMA LAND RUSH CLEARLY THERE IS DEMAND FOR WIRELESS SERVICES ALREADY SOME 12 MILLION PEOPLE IN THE US HAVE BOUGHT INTO THE CELLULAR REVOLUTION BY THE END OF THE DECADE ANALYSTS PROJECT MORE THAN 25 OF THE US POPULATION WILL WANT SOME TYPE OF WIRELESS PHONE SERVICE CURRENT CELLULAR SYSTEMS TRANSMIT CALLS VIA ANALOG RADIO WAVES BEAMED TO LOCAL BASE STATIONS CLUSTERED IN CELLS THE CALLS ARE RELAYED FROM CELL TO CELL AS THE MOBILE CALLER MOVES THROUGH A CITY MEANWHILE THE BASE STATIONS ARE WIRED TO A PHONE SWITCH THAT FORWARDS THE TRAFFIC TO THE REGULAR PHONE NETWORK PCS WILL WORK IN MUCH THE SAME WAY BUT AT A HIGHER FREQUENCY IT WILL ALSO USE FAR MORE BASE STATIONS PLACED MUCH CLOSER TOGETHER PCS SYSTEMS WILL BE FULLY DIGITAL MAKING THEM MORE ADVANCED THAN MOST CURRENT CELLULAR SYSTEMS AND BETTER AT BEAMING CALLS AND DATA MOST PCS TESTS HOWEVER HAVEN'T INCLUDED TWOWAY CALLING OR CALLS FROM MOVING VEHICLES CUSTOMERS AREN'T LIKELY TO CARE MUCH WHETHER THEIR WIRELESS SERVICE IS DELIVERED BY CELLULAR COMPANIES OR BY THE NEWCOMERS IN PCS BUT AT THE LEAST THE WIRELESS RIVALRY MAY FORCE A TREMENDOUS RESTRUCTURING IN LOCAL AND CELLULAR PHONE RATES PUSHING DOWN PRICES TO THE POINT WHERE ALMOST ANYONE CAN AFFORD TO USE THE NEW PHONES CELLULAR STARTED OUT PROVIDING SCRATCHY ERRATIC CALLS TO PHONES IN CARS BUT IT HAS DELIVERED WALKAROUND DEVICES THAT CAN BE TUCKED INTO A COAT POCKET FOR FIVE YEARS NOW THESE DAYS SERVICE HAS IMPROVED GREATLY AND THE VAST MAJORITY OF NEW CELLULAR CUSTOMERS USE THE SERVICE ON FOOT THAT'S BAD FOR PCS WHICH HAD ALWAYS BEEN ENVISIONED AS THE POCKETPHONE REVOLUTION CAPABLE OF CONVERTING TIMEWASTING PEDESTRIANS INTO WALKING OFFICES BUT PCS'S BIGGEST OBSTACLE WILL BE OVERCOMING THE MARKET ADVANTAGE OF THE CELLULAR INDUSTRY CELLULAR HAS JUST WON A HUGE NEW PATRON AMERICAN TELEPHONE & TELEGRAPH CO WHICH HAS 98 BILLION IN ANNUAL CASH FLOW AND HAS JUST BET ALMOST 20 BILLION TO ACQUIRE MCCAW CELLULAR COMMUNICATIONS CO US CELLULAR PROVIDERS HAVE ALREADY SPENT 12 BILLION CONSTRUCTING THEIR NETWORKS TEN YEARS AFTER ITS FOUNDING FOR EXAMPLE MCCAW HAS ACCUMULATED 5 BILLION IN DEBT AND STILL HASN'T REPORTED NET INCOME YET CELLULAR PRICING IS COMING DOWN WITH THE AVERAGE MONTHLY BILL FALLING TO LESS THAN 75 FROM MORE THAN 100 A FEW YEARS AGO MCCAW CELLULAR HAS CUT RATES 20 FOR CUSTOMERS OF ITS NEW DIGITAL CELLULAR SYSTEMS IN FLORIDA AND SEATTLE PCS PROVIDERS BY CONTRAST MAY HAVE A TOUGH TIME CUTTING THEIR RATES EARLY ON BECAUSE THEY WILL NEED EVEN LARGER MULTIBILLIONDOLLAR OUTLAYS TO GET STARTED THEY WILL HAVE TO INSTALL RADIO TRANSCEIVERS IN NEARLY EVERY LOBBY BUILDING AND WALKWAY TO ENSURE HIGHQUALITY COVERAGE IF FOR EXAMPLE THREE MAJOR PLAYERS WERE TO PUT TOGETHER RIVAL NATIONAL NETWORKS THEY WOULD NEED TO SPEND A COLLECTIVE 22 BILLION IN LICENSE FEES CONSTRUCTION AND OPERATING LOSSES BEFORE SEEING THE FIRST TRICKLE OF PROFITS SAYS SCOTT SCHELLE VICE PRESIDENT OF AMERICAN PERSONAL COMMUNICATIONS APC PLANS TO OFFER A PCS SERVICE WITH 70 PARTNER WASHINGTON POST CO THERE'S A TON OF HYPE OUT THERE ABOUT PCS HE ACKNOWLEDGES MCI COMMUNICATIONS CORP WHICH HOPES TO BE ALLOWED TO ENTER THE PCS BUSINESS HAS PRIVATELY TOLD ANALYSTS IT IS PREPARED TO SPEND MORE THAN 2 BILLION ON JUST THE AUCTIONED LICENSES STEVEN ZECOLA MCI'S PCS VICE PRESIDENT SAYS MCI WOULD NEED TO SPEND UP TO 10 BILLION TO BUILD A NATIONAL SYSTEM A PCS LICENSE COULD BE A LICENSE TO LOSE MONEY CONCEDES WILLIAM L KILLEN JR PLANNING VICE PRESIDENT FOR CABLE GIANT COX ENTERPRISES INC YET COX TOO IS EAGER TO ENTER THE FIELD AND HAS TESTED PCS GEAR IN SAN DIEGO THE COMPANY FOUND THAT TRANSMITTERS WOULD HAVE TO BE SPACED EVERY 500 TO 1000 FEET ALONG THE COMPANY'S CABLE LINES WHICH RUN 23 FEET ABOVE STREET LEVEL TO PROVIDE RELIABLE PHONE SERVICE WE FIGURE WE'LL HAVE TO SPEND 70 OF OUR CAPITAL BUDGET BEFORE WE EVEN START SERVICE MR KILLEN SAYS FOR AN INVESTOR HE ADDS THAT REQUIRES A LOT OF FORTITUDE A RECENT STUDY BY CONSULTANTS AT ARTHUR D LITTLE SHOWS JUST HOW MUCH FORTITUDE MAY BE NECESSARY A NETWORK SERVING SEVEN MILLION USERS IN A 300SQUAREMILE AREA SUCH AS NEW YORK CITY WOULD COST ABOUT 63 BILLION THIS INCLUDES 35 BILLION IN SWITCHING EQUIPMENT AND SOFTWARE TO MAKE CALLS FLOW SMOOTHLY 135 MILLION FOR 4900 RADIO BASE STATIONS AND FIBEROPTIC TIE LINES AND 560 MILLION FOR RADIO LICENSES MARKETING WOULD ADD ANOTHER 21 BILLION BUT PCS PROPONENTS ARE BETTING AMERICA IS EAGER FOR THE NEXT WAVE OF WIRELESSNESS CELLULAR COMPANIES NOW LOSE 30 OF THEIR CUSTOMERS EACH YEAR LARGELY BECAUSE OF DISSATISFACTION OVER SERVICE QUALITY AND COSTS CELLULAR HAS DONE A HORRIBLE JOB IT'S HIGHPRICED OLDER TECHNOLOGY WE CAN CAPITALIZE ON THAT CONTENDS MCI'S MR ZECOLA MCI'S 10 MILLION CUSTOMERS KNOW THE COMPANY NAME WELL SO HE FIGURES MCI COULD SPEND A MERE 50 IN MARKETING TO SIGN UP EACH SUBSCRIBER COMPARED WITH 500 TO 700 A CUSTOMER FOR LESSERKNOWN CELLULAR COMPANIES CABLE CONCERNS TOO MAINTAIN THEY CAN SIDESTEP SOME OF THE ENORMOUS STARTUP COSTS OF PCS SUCH TITANS AS TELECOMMUNICATIONS INC AND TIME WARNER INC ARE INTENT ON GETTING INTO PCS AND THEY MAINTAIN THEY CAN OFFER AN EFFICIENT LOWCOST SERVICE USING THE FIBEROPTIC LINES THEY ALREADY HAVE IN PLACE THEN AGAIN CABLE SYSTEMS HAVE A REPUTATION FOR SHODDY SERVICE IT ISN'T CLEAR THAT CONSUMERS WILL BE KEEN TO TURN TO THEM FOR THE NEXT GENERATION OF THE TELEPHONE 9309230013 930923 CORPORATE CULTURES DIFFER AT PRIMERICA AND TRAVELERS CORP INSURER'S BUDD WOULD GIVE UP THE CEO'S OFFICE TO LIPP WEILL'S POINT MAN AT FIRM BY MICHAEL SICONOLFI AND GREG STEINMETZ STAFF REPORTERS OF THE WALL STREET JOURNAL NEW YORK AS TRAVELERS CORP DIRECTORS PREPARED TO TAKE A ROUTINE VOTE EARLY THIS YEAR SANFORD I WEILL WHOSE PRIMERICA CORP HAD JUST BOUGHT A 27 STAKE IN THE INSURER PIPED UP ALL IN FAVOR SAY AYE AFTER A PAUSE TRAVELERS' CHAIRMAN AND CHIEF EXECUTIVE OFFICER EDWARD BUDD SET MR WEILL STRAIGHT THAT WAS HIS LINE TO UTTER MR BUDD CHIDED HIM MR WEILL PRIMERICA'S CHAIRMAN WAS FURIOUS ASSOCIATES SAY BUT HELD HIS TONGUE SOON HOWEVER MR WEILL MAY BE CALLING THE SHOTS IN THE NEW TRAVELERS MR BUDD WOULD REMAIN CHAIRMAN OF INSURANCE OPERATIONS BUT RELINQUISH THE CHIEF EXECUTIVE ROLE TO PRIMERICA VICE CHAIRMAN ROBERT LIPP WHO HAS BEEN PRIMERICA'S POINT MAN AT TRAVELERS SINCE THE INITIAL INVESTMENT LAST YEAR MR BUDD WILL ALSO BE A TRAVELERS DIRECTOR BUT WILL HAVE FAR LESS CLOUT IN RUNNING THE NEW FIRM'S DAYTODAY OPERATIONS WE CERTAINLY DIDN'T BUY THIS COMPANY WITH THE IDEA THAT BUDD IS GOING TO RUN IT A PRIMERICA EXECUTIVE SAID HE'LL MAKE SOME CONTRIBUTIONS BUT I'D RATHER BET ON BOB LIPP PRIMERICA YESTERDAY SAID IT IS NEGOTIATING TO BUY THE SHARES OF TRAVELERS IT DOESN'T ALREADY OWN IN A STOCKSWAP MERGER WITH AN INDICATED VALUE OF 3810 A SHARE OR ABOUT 4 BILLION PRIMERICA'S BOARD APPROVED THE DEAL YESTERDAY TRAVELERS' BOARD IS EXPECTED TO MEET TODAY THE TRANSACTION WHICH ALSO REQUIRES SHAREHOLDER AND REGULATORY APPROVAL IS A DONE DEAL A PERSON FAMILIAR WITH THE TALKS SAID MESSRS WEILL AND BUDD ARE BOTH 60 YEARS OLD BUT THAT'S WHERE THE SIMILARITIES END INDEED SOME ANALYSTS VIEW THE TWO EXECUTIVES AS SYMBOLS OF THE DISPARATE CULTURES OF THE SCRAPPY PRIMERICA AND THE MORE STAID TRAVELERS THE SON OF A DRESS MANUFACTURER MR WEILL GREW UP IN BROOKLYN AND SPENT TIME ON ACADEMIC PROBATION BEFORE GRADUATING FROM CORNELL UNIVERSITY MR BUDD THE SON OF A SALESMAN GREW UP IN THE SMALL OHIO TOWN OF WOOSTER AND GRADUATED WITH HONORS WITH A PHYSICS DEGREE FROM TUFTS UNIVERSITY MR WEILL HAS WORKED AT SEVERAL DIFFERENT COMPANIES BEGINNING AS A RUNNER FOR BEAR STEARNS & CO MR BUDD JOINED TRAVELERS IN 1955 STARTING AS AN ACTUARY HE BECAME CHIEF EXECUTIVE IN 1981 AND CHAIRMAN IN 1982 MR WEILL REFUSES TO SIT ON ANY CORPORATE BOARDS OTHER THAN HIS OWN BECAUSE HE DOESN'T WANT THE LIABILITY MR BUDD IS A DIRECTOR OF DELTA AIR LINES AND GTE CORP SINCE MR WEILL TOOK THE FORMER COMMERCIAL CREDIT CO PUBLIC SHAREHOLDERS OF THE FINANCIAL SERVICES FIRM HAVE SEEN THEIR STOCK PRICE MORE THAN DOUBLE TRAVELERS' STOCKHOLDERS HAVE BEEN ON A ROLLER COASTER AFTER RISING AS HIGH AS 5950 A SHARE IN 1986 AND FALLING TO A LOW OF 1150 IN 1990 TRAVELERS STOCK IS NOW TRADING IN THE MID30S NOT MUCH HIGHER THAN WHEN MR BUDD TOOK THE REINS SINCE THE INITIAL INVESTMENT MR WEILL'S PRESENCE AT TRAVELERS HAS BEEN HARD TO MISS SHORTLY AFTER THE PRIMERICA STAKE WAS ANNOUNCED A YEAR AGO A SQUAD OF PRIMERICA OFFICIALS DESCENDED ON TRAVELERS' HEADQUARTERS IN HARTFORD CONN AND NEVER LEFT PRIMERICA OFFICIALS HAVE COME TO DOMINATE A MANAGEMENT COMMITTEE THAT CHARTS TRAVELERS' DIRECTION PRIMERICA OFFICIALS INCLUDING MR WEILL HAVE BEEN INVOLVED WITH ALL RECENT DECISIONS AT TRAVELERS INCLUDING THE DECISION TO SELL ITS 2 BILLION PORTFOLIO OF FORECLOSED REAL ESTATE SOME ANALYSTS WONDER HOW WELL THE BUSINESSES AT PRIMERICA AND TRAVELERS WILL MIX ALTHOUGH BOTH COMPANIES SELL LIFE INSURANCE FOR INSTANCE TRAVELERS AGENTS RARELY CRITICIZE THE PRODUCTS SOLD BY OTHER INSURERS BY CONTRAST AT PRIMERICA'S AL WILLIAMS INSURANCE UNIT SINCE RENAMED PRIMERICA FINANCIAL SERVICES CRITICISM IS A BIG PART OF THE SALES PITCH INDEED MR WEILL HAS BEEN KNOWN TO DISPARAGE WHAT HE CALLS THE TRASH VALUE OF THE TRADITIONAL LIFEINSURANCE POLICIES SOLD BY TRAVELERS AND OTHERS ASSOCIATES SAY 9309230012 930923 NEWELL ACQUIRES LEEROWAN FREEPORT ILL NEWELL CO SAID IT COMPLETED THE PURCHASE OF LEEROWAN CO A ST LOUISBASED MAKER OF COATEDWIRE STORAGE AND ORGANIZATION PRODUCTS TERMS WEREN'T DISCLOSED NEWELL HAD AGREED TO ACQUIRE LEEROWAN ON SEPT 1 PENDING REGULATORY AND OTHER APPROVALS 9309230011 930923 WHO'S NEWS DAKOTA MINING CORP DAKOTA MINING CORP DENVER STANLEY DEMPSEY 53 YEARS OLD CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF ROYAL GOLD INC A DENVER GOLD EXPLORATION CONCERN AND EDWARD G THOMPSON 56 PRESIDENT OF EG THOMPSON MINING CONSULTANTS INC OF TORONTO WERE ELECTED TO THE BOARD OF THIS MINING CONCERN THEY SUCCEED TWO DIRECTORS WHO RETIRED PATRICK J MARS PRESIDENT OF BUNTING WARBURG INC AND GILES R PEATFIELD A CONSULTING GEOLOGIST 9309230010 930923 INTERNATIONAL BRIEF BERTELSMANN AG GERMAN MEDIA GIANT'S NET INCREASED 16 IN FISCAL 1993 BERTELSMANN AG AMONG THE WORLD'S LARGEST MEDIA GROUPS ANNOUNCED THAT NET INCOME FOR FISCAL 1993 ENDED JUNE 30 ROSE 16 TO 660 MILLION MARKS 4024 MILLION FROM 569 MILLION THE YEAR EARLIER THE COMPANY BASED IN THE SMALL GERMAN TOWN OF GUETERSLOH ALSO REPORTED SALES FOR THE PERIOD INCREASED 625 TO 17 BILLION MARKS FROM 16 BILLION THE YEAR BEFORE MARK WOESSNER PRESIDENT AND CHIEF OPERATING OFFICER SAID THE COMPANY WAS SATISFIED WITH THE RESULTS BUT WARNED THE RECESSION HAS BEGUN TO HIT OUR BUSINESS THE CLOSELY HELD COMPANY ANNOUNCED A 147 RETURN ON TOTAL ASSETS UP FROM 136 THE PREVIOUS YEAR THIS MEANS HOLDERS OF BERTELSMANN PARTICIPATION CERTIFICATES WILL RECEIVE A 15 DISBURSEMENT ON THE FACE VALUE OF THEIR CERTIFICATES 9309230009 930923 CREDIT RATINGS WAXMAN INDUSTRIES INC BEDFORD HEIGHTS OHIO MOODY'S INVESTORS SERVICE INC LOWERED ITS RATING ON WAXMAN'S SENIOR SUBORDINATED NOTES TO SINGLEB3 FROM SINGLEB2 ABOUT 100 MILLION OF LONGTERM DEBT IS AFFECTED MOODY'S SAID THE RATING AGENCY SAID THE ACTION REFLECTS WAXMAN'S DECLINING SALES AND OPERATING EARNINGS MOODY'S SAID THE COMPANY'S EARNINGS HAVE BEEN NEGATIVELY AFFECTED PRIMARILY BY FALLING SALES AT ITS CANADIAN OPERATIONS WHILE EARNINGS HAVE ALSO BEEN IMPACTED BY DECREASING MARGINS AND SEVERAL YEARS OF NONRECURRING CHARGES A WAXMAN SPOKESMAN DECLINED TO COMMENT ON THE DOWNGRADE WAXMAN DISTRIBUTES PLUMBING ELECTRICAL AND HARDWARE PRODUCTS 9309230008 930923 LOS ANGELES FEE DISPUTE THREATENS TO GROUND PLANES BY DAVID J JEFFERSON STAFF REPORTER OF THE WALL STREET JOURNAL LOS ANGELES LOS ANGELES AND ITS NEW MAYOR RICHARD RIORDAN ARE ENGAGED IN A HIGHSTAKES GAME OF CHICKEN WITH THE WORLD'S AIRLINES OFFICIALS OF LOS ANGELES INTERNATIONAL AIRPORT THREATENED LATE TUESDAY TO START GROUNDING PLANES WITHIN TWO WEEKS UNLESS THE CARRIERS INCLUDING ALL MAJOR DOMESTIC AND INTERNATIONAL LINES TRIPLE THE AMOUNT THEY PAY TO LAND AT LOS ANGELES INTERNATIONAL AIRPORT FURIOUS AIRLINE OFFICIALS LOOKED FOR WAYS TO FIGHT BACK EITHER BY GETTING A COURT ORDER TO BLOCK THE CITY FROM GROUNDING FLIGHTS OR WINNING A RULING FROM THE FEDERAL AVIATION ADMINISTRATION IN A FLURRY OF NEGOTIATIONS YESTERDAY LOS ANGELES CITY ATTORNEYS AND THE AIRLINES SOUGHT WAYS TO RESOLVE THE ISSUE WITHOUT GROUNDING FLIGHTS IF WE CAN WORK OUT LANGUAGE THAT IS SATISFACTORY TO US OUR INTENT IS NOT TO CAUSE THE AIRLINES TO HAVE TO CLOSE AND INCONVENIENCE THE PUBLIC SAID AIRPORT EXECUTIVE DIRECTOR JACK DRISCOLL THE AIRLINES HAVE COMPLAINED THAT THE FEES WILL TRANSLATE INTO HIGHER TICKET PRICES FOR PASSENGERS AT ISSUE IN THE LOS ANGELES DISPUTE IS THE LABYRINTHINE WAY THAT MUNICIPALITIES AND AIRLINES SHARE THE COSTS OF RUNNING AN AIRPORT OTHER CITIES WHICH ARE CONSIDERING RAISING FEES AS WELL WILL BE WATCHING CLOSELY TO SEE WHETHER THE NATION'S SECONDLARGEST CITY OR THE POWERFUL AIRLINE INDUSTRY IS THE VICTOR IF ATTORNEYS CAN'T WORK OUT A COMPROMISE THE AIRPORT HAS THREATENED TO BEGIN GROUNDING PLANES OCT 4 STARTING WITH USAIR GROUP USAIR EXPRESS COMMUTER LINE AMERICA WEST AIRLINES AND SOUTHWEST AIRLINES WHICH WERE SELECTED AT RANDOM BY THE CITY'S FIVEMEMBER BOARD OF AIRPORT COMMISSIONERS OFFICIALS WILL CRACK DOWN ON THE OTHER CARRIERS ON A WEEKLY BASIS MOVING TERMINAL BY TERMINAL THROUGH THE AIRPORT NEXT TO BE HIT WOULD BE UAL CORP'S UNITED AIRLINES IN ALL SOME 74 AIRLINES THAT HAVE REFUSED TO PAY THE HIGHER FEES COULD BE AFFECTED AMONG MAJOR CARRIERS ONLY QANTAS AIRWAYS HAS AGREED TO THE HIGHER FEES WHICH THE CITY BOOSTED JULY 1 TO 156 FOR EACH 1000 POUNDS OF MAXIMUM LANDING WEIGHT FROM 51 CENTS FOR 1000 POUNDS AN INCREASE TO ABOUT 900 FROM 300 FOR EACH BOEING 747 LANDED AT THE AIRPORT WE'VE EXAMINED ALL THE CONSEQUENCES BUT WE'RE PREPARED TO GO FORWARD A SPOKESWOMAN FOR MAYOR RIORDAN SAID LOS ANGELES CITIZENS DESERVE TO RECEIVE THE NECESSARY RATE TO RUN THE AIRPORT THOUGH THE PROBABILITY OF MASSGROUNDINGS AT THE US'S THIRDBUSIEST AIR TRANSPORTATION HUB SEEMS UNLIKELY NERVOUS AIR TRAVELERS ALREADY WERE CALLING AMERICA WEST AND THE OTHER AFFECTED CARRIERS YESTERDAY TO INQUIRE ABOUT THE CITY'S ACTION AND IN SOME CASES CANCEL RESERVATIONS LOS ANGELES INTERNATIONAL SERVES 47 MILLION PASSENGERS A YEAR AND IS THE MAJOR HUB FOR US FLIGHTS TO ASIA THE AIR TRANSPORT ASSOCIATION A LOBBYING GROUP FOR AIRLINES CALLED THE THREATENED GROUNDING OF FLIGHTS OUTRAGEOUS THIS IS SIMPLY A BUSINESS DISPUTE BETWEEN THE CITY AND THE AIRLINES THAT THE RIORDAN ADMINISTRATION IS TURNING INTO AN ECONOMIC ARMAGEDDON IT SAID IN A STATEMENT FOR HIS PART THE AIRPORT'S MR DRISCOLL ACCUSES THE AIRLINES OF CHOOSING INDEPENDENTLY HOW MUCH WE DESERVE TO BE PAID IF I THOUGHT OF DOING THAT ON MY HOUSE PAYMENTS I DON'T THINK THE PEOPLE WHO HOLD THE MORTGAGE WOULD SAY THAT'S OK AN AMERICA WEST SPOKESWOMAN SAID THE AIRPORT AUTHORITY WORDED ITS ANNOUNCEMENT TO FRIGHTEN OFF PASSENGERS AND THE AIRLINE'S RESERVATIONS LINES ARE GETTING CALLS FROM WORRIED FLIERS WE HAVE NO PLANS TO DISCONTINUE SERVICE TO LAX AND PASSENGERS NEED TO KNOW THAT SHE SAID SIMILARLY A SOUTHWEST AIRLINES SPOKESMAN SAID WE ARE SO COMFORTABLE THAT OUR RIGHT TO SERVE LAX WILL BE UPHELD BY COURTS AND FEDERAL AGENCIES THAT WE HAVE NO PLANS TO DISCONTINUE OR ALTER OUR SERVICE THERE A SPOKESWOMAN FOR USAIR SAID WE FEEL IT'S NOTHING LESS THAN EXTORTION WE BELIEVE IT'S ILLEGAL TO DIVERT FUNDS FROM THE AIRPORT TO FUND MUNICIPAL ACTIVITIES SINCE THE TRUMAN ADMINISTRATION AIRLINES HAVE OPERATED OUT OF LOS ANGELES INTERNATIONAL UNDER A SOCALLED RESIDUAL AGREEMENT UNDER THAT STRUCTURE ALL AIRPORT REVENUES FROM CONCESSIONS PARKING FEES AND LEASES ARE POOLED AND LANDING FEES ARE SET BASED ON THE DIFFERENCE BETWEEN THOSE REVENUES AND THE TOTAL OPERATING COSTS OF THE AIRPORT BUT WHEN THAT 40YEAR AGREEMENT ENDED LAST YEAR THE CITY OPTED TO MOVE TO A COST OF SERVICES SYSTEM WHERE LANDING FEES ARE SET INDEPENDENTLY OF OTHER AIRPORT REVENUES UNDER THE NEW METHOD WE BECOME THE LANDLORD AND WE JUDGE WHAT PART OF THE AIRPORT THE AIRLINES USE VALUING THAT AND CHARGING THEM FOR THEIR USE MR DRISCOLL SAYS IF FOR EXAMPLE AN EARTHQUAKE DESTROYED ONE OF THE AIRPORT PARKING STRUCTURES THE AIRPORT AND NOT THE AIRLINES WOULD BE FINANCIALLY RESPONSIBLE WHEREAS UNDER THE OLD SYSTEM THE COSTS WOULD EFFECTIVELY HAVE BEEN SHARED MR DRISCOLL SAYS THE AIRPORT WITH AN ANNUAL OPERATING BUDGET OF 197 MILLION HAS BEEN LOSING ABOUT 4 MILLION A MONTH UNDER THE OLD SYSTEM EVEN WITH THE INCREASE LANDING FEES WOULD ONLY ACCOUNT FOR ABOUT 70 MILLION IN REVENUE ANNUALLY HE SAYS THE OLD SYSTEM CLEARLY FAVORED THE AIRLINES THE 51CENTPER1000POUND LANDING FEE AT LOS ANGELES INTERNATIONAL WAS MARKEDLY BELOW THAT OF OTHER BIG AIRPORTS MOST NOTABLY LA GUARDIA IN NEW YORK WHICH CHARGES 350 FOR 1000 POUNDS AND CHICAGO WHICH CHARGES 1893 BUT THE AIRLINES CONTEND THAT THE CITY IS TRYING TO BUILD UP SURPLUS FUNDS THAT IT WILL TRY TO DIVERT TO OTHER ACTIVITIES INDEED MR RIORDAN CAMPAIGNED ON A PLAN TO BEEF UP AIRPORT COFFERS AND USE FUNDS TO PAY FOR MORE POLICE FORTY OF THE AIRLINES IN JULY FILED SUIT IN FEDERAL COURT HERE SEEKING TO BLOCK THE INCREASED FEES THE LAWSUIT SAYS THE INCREASE IN FEES VIOLATES FEDERAL LAW PREVENTING DIVERSION OF AIRPORT FUNDS THE STANDOFF AT LOS ANGELES INTERNATIONAL IS ONLY ONE BATTLE IN THE AIRLINE INDUSTRY'S CRUSADE TO KEEP MUNICIPALITIES FROM TAXING THEM TO PAY FOR AIRPORT IMPROVEMENTS THAT THE AIRLINES THINK ARE UNNECESSARY OR UNRELATED A STUDY COMMISSIONED BY TWO AIRPORT GROUPS FOUND THAT AIRPORT CHARGES IN THE US ROSE 35 AFTER INFLATION BETWEEN 1983 AND 1992 THE SUPREME COURT IS CURRENTLY CONSIDERING A SIMILAR CASE FROM GRAND RAPIDS MICH AND THE OUTCOME OF THAT WILL HELP DETERMINE WHETHER THE METHOD USED BY LOS ANGELES TO DETERMINE ITS NEW FEES IS ACCEPTABLE DANIEL PEARL IN WASHINGTON AND BRIDGET O'BRIAN IN HOUSTON CONTRIBUTED TO THIS ARTICLE 9309230007 930923 CONGRESS IS UNEASY WITH PEACEKEEPING AS GENERAL URGES US ROLE IN BOSNIA BY DAVID ROGERS AND THOMAS E RICKS STAFF REPORTERS OF THE WALL STREET JOURNAL WASHINGTON THE HOUSE APPROPRIATIONS COMMITTEE APPROVED MAJOR RESTRICTIONS ON THE FUNDING FOR INTERNATIONAL PEACEKEEPING MISSIONS THE COMMITTEE'S ACTION CAME AS PRESIDENT CLINTON'S NOMINEE TO BE THE CHAIRMAN OF THE JOINT CHIEFS OF STAFF ADVOCATED SENDING US TROOPS TO BOSNIA IF A PEACE AGREEMENT IS REACHED THERE AND WARNED THEY ARE LIKELY TO ENCOUNTER SOME COMBAT THE MOVE IN CONGRESS REFLECTS GROWING CONCERN ABOUT THE US INVOLVEMENT IN SOMALIA AND THE LIKELIHOOD NOW OF ABOUT 25000 AMERICAN TROOPS BEING COMMITTED TO A PEACEKEEPING MISSION IN BOSNIA IT IS THE MOST SIGNIFICANT ATTEMPT SO FAR TO DEVELOP SOME FRAMEWORK AKIN TO THE WAR POWERS ACT TO ADDRESS QUESTIONS OVER THE USE OF TROOPS IN HUMANITARIAN MISSIONS THE REQUIREMENTS WOULD DEMAND THAT 15 DAYS BEFORE APPROVING THE DEPLOYMENT OF US TROOPS THE PRESIDENT NOTIFY CONGRESS AND SPECIFY THE FINANCING OF THE MISSION AND ITS ESTIMATED DURATION THE NOTICE WOULD GO TO HOUSE AND SENATE APPROPRIATIONS AND ARMED SERVICES COMMITTEES AND APART FROM THE COST DETAILS IT MUST SPELL OUT THE OPERATION'S GOALS AND WHAT US INTERESTS WOULD BE SERVED MEANWHILE ON THE OTHER SIDE OF THE CAPITOL GEN JOHN SHALIKASHVILI THE PRESIDENT'S NOMINEE TO BE CHAIRMAN OF THE JOINT CHIEFS OF STAFF URGED SENDING US PEACE KEEPING TROOPS TO BOSNIA IF AN ACCORD IS REACHED HE SAID HOWEVER THAT SUCH TROOPS WOULD LIKELY ENCOUNTER SPORADIC FIGHTING THERE NO ONE IS OF THE OPINION THAT HOSTILITIES WILL TOTALLY CEASE SAID GEN SHALIKASH VILI WHO IS CURRENTLY THE MILITARY COMMANDER OF THE NORTH ATLANTIC TREATY ORGANIZATION THERE WILL BE SOME WAR LORDS ON THE GROUND THAT WILL PROBABLY CAUSE DIFFICULTIES THE GENERAL WHO IN HIS NATO ROLE HAS BEEN DEEPLY INVOLVED IN PLANNING FOR PEACE IN BOSNIA CONTENDS THAT SUCH ACCORD IS POSSIBLE IN THE NEAR FUTURE A MAJOR THEME OF THE GENERAL'S APPEARANCE BEFORE THE ARMED SERVICES COMMITTEE WAS CONGRESSIONAL CONCERN OVER BOSNIA SOMALIA AND FUTURE PEACEKEEPING MISSIONS WHEN SEN ROBERT BYRD WORRIED ALOUD ABOUT THE 4 BILLION COST ESTIMATE FOR KEEPING THE PEACE IN BOSNIA FOR TWO YEARS GEN SHALIKASHVILI ASSERTED THE ALTERNATIVE IF YOU CHOOSE NOT TO DO SO IS ALSO VERY EXPENSIVE THE GENERAL STRESSED THAT THE COLLAPSE OF A PEACE AGREEMENT WOULD DO IRREPARABLE DAMAGE TO NATO AND SAID THAT IT WOULD CAUSE DEEP HUMAN SUFFERING IN THE BALKANS THEY'VE BEEN FIGHTING AND DYING THERE FOR CENTURIES RESPONDED THE WEST VIRGINIA DEMOCRAT GEN SHALIKASHVILI KNOWN BY HIS COLLEAGUES AS GEN SHALI WAS LESS EMPATHIC ABOUT THE US PEACEMAKING MISSION IN SOMALIA I THINK THE JURY IS OUT IN MY MIND ON WHETHER THE ADMINISTRATION CAN WIN THE SUPPORT OF CONGRESS AND THE PUBLIC TO CONTINUE THE MISSION HE SAID LIKE MANY IN CONGRESS HE FAULTED THE UNITED NATIONS FOR FAILING TO ARTICULATE ITS POLITICAL AND ECONOMIC GOALS IN THE FACTIONRIDDEN AFRICAN COUNTRY SEEKING TO ASSUAGE CONCERNS ABOUT US TROOPS BEING PLACED UNDER FOREIGN COMMANDERS IN PEACEKEEPING MISSIONS THE GENERAL SAID THE US SHOULD DECIDE ON A CASEBYCASE BASIS WHETHER TO PARTICIPATE AND THAT IT SHOULD ALSO RESERVE THE RIGHT TO WITHDRAW AT ANY TIME HE ALSO TENTATIVELY ENDORSED EVENTUALLY EXPANDING NATO MEMBERSHIP TO INCLUDE SOME FORMER WARSAW PACT MEMBERS BUT HE SAID THAT I'M NOT SURE THE TIME IS RIGHT YET THE NEW CONGRESSIONAL RESTRICTIONS ON PEACEKEEPING MISSIONS ARE INCORPORATED IN A 240 BILLION PENTAGON BUDGET AND ARE SPECIFICALLY ATTACHED TO A NEW 383 MILLION RESERVE FUND SOUGHT BY THE ADMINISTRATION FOR SUCH OPERATIONS UNTIL NOW MOST RECENT INTERNATIONAL MISSIONS INCLUDING SOMALIA AND NOFLY ZONES OVER IRAQ AND BOSNIA HAVE BEEN HANDLED BY TRANSFERS FROM PRIOR APPROPRIATIONS THE NEW RESERVE POSES THE CLEAREST OPPORTUNITY YET FOR CONGRESS TO REASSERT ITS PREROGATIVES OVER SPENDING ACCOMPANYING LANGUAGE WOULD BAR THE EXECUTIVE BRANCH FROM USING OTHER MILITARY FUNDS FOR PEACEKEEPING OPERATIONS AND THE ADMINISTRATION AFTER NOTIFYING CONGRESS WOULD ALSO NEED TO GET THE APPROVAL OF CONGRESSIONAL COMMITTEES BEFORE DRAWING ON THE ACCOUNT 9309230006 930923 BUSINESS BRIEF SEAGULL ENERGY CORP HOUSTON COMPANY DISCOVERS TWO ZONES OF NATURAL GAS SEAGULL ENERGY CORP OF HOUSTON SAID IT DISCOVERED TWO ZONES OF NATURAL GAS THAT TESTFLOWED A COMBINED RATE OF 186 MILLION CUBIC FEET OF NATURAL GAS A DAY THE ZONES ARE WITHIN 72 FEET OF PRODUCTIVE SANDS IN THE VERMILION BLOCK OFFSHORE LOUISIANA IN THE GULF OF MEXICO FLOW TESTS WERE CONDUCTED ON RESTRICTED OPENINGS OF 18/64INCH AND 22/64INCH IN ADDITION TO NATURAL GAS THE WELL FLOWED ABOUT 392 BARRELS A DAY OF CONDENSATE AN OILLIKE SUBSTANCE FROM BOTH ZONES SEAGULL THE OPERATOR HAS A 50 WORKING INTEREST IN THE WELL AND THE REMAINING INTEREST IS HELD BY NEWFIELD EXPLORATION CO ALSO OF HOUSTON THE WELL OCSG9509 NO 1 WAS DRILLED SO THAT BOTH ZONES COULD BE PRODUCED SIMULTANEOUSLY SAID THE COMPANY DEVELOPMENT AND DELINEATION WELLS WHICH HELP DETERMINE THE EXTENT OF THE DISCOVERY WILL BEGIN IMMEDIATELY SAID SEAGULL 9309230005 930923 PRIMERICA TO PAY 4 BILLION IN STOCK FOR TRAVELERS CORP PLAN CULMINATES WEILL'S BID TO BUILD FINANCIAL RIVAL TO GIANTS OF WALL STREET BY WALL STREET JOURNAL REPORTERS GREG STEINMETZ ALEXANDRA PEERS AND MICHAEL SICONOLFI PRIMERICA CORP IN A BID TO BECOME ONE OF THE COUNTRY'S BIGGEST FINANCIAL CONCERNS PLANS TO ACQUIRE THE 73 OF INSURANCE GIANT TRAVELERS CORP IT DOESN'T ALREADY OWN FOR ABOUT 4 BILLION IN STOCK THE MOVE CULMINATES PRIMERICA CHAIRMAN SANFORD WEILL'S EFFORTS TO BUILD THE SAME KIND OF BROAD FINANCIAL SERVICES CONCERN THAT ELUDED HIS GRASP WHEN HE WAS DENIED THE TOP JOB AT AMERICAN EXPRESS CO A DECADE AGO THE MERGED COMPANY WHICH WOULD TAKE THE NAME TRAVELERS AND BE BASED IN NEW YORK WOULD BE A FINANCIAL POWERHOUSE WITH EQUITY OF 10 BILLION AND ASSETS OF 95 BILLION PUTTING IT IN THE SAME LEAGUE AS MERRILL LYNCH & CO AND AETNA LIFE & CASUALTY CO THE PROPOSED TRANSACTION WHICH WAS NEGOTIATED BY THE TWO COMPANIES' MANAGEMENTS WAS APPROVED BY PRIMERICA'S BOARD YESTERDAY TRAVELERS' BOARD IS SCHEDULED TO MEET TODAY STOCKHOLDERS OF BOTH COMPANIES WOULD HAVE TO APPROVE THE DEAL AS WOULD THE CONNECTICUT INSURANCE DEPARTMENT LIKE THE AMERICAN EXPRESS OF OLD BEFORE A SERIES OF DIVESTITURES BROKE UP THE EMPIRE THE NEW TRAVELERS WOULD BE A LEADING PLAYER IN MONEY MANAGEMENT CONSUMER FINANCIAL SERVICES AS WELL AS PROPERTY AND CASUALTY INSURANCE IT ALSO WOULD BE A MAJOR FORCE IN HEALTH INSURANCE AMONG ITS UNITS WOULD BE SMITH BARNEY SHEARSON THE NATION'S SECONDBIGGEST STOCK BROKERAGE FIRM AND TRAVELERS THE FOURTH BIGGEST STOCKHOLDEROWNED INSURANCE COMPANY PRIMERICA'S EXPANSION IS COMING AT A RAPID PACE THE PLANNED PURCHASE OF TRAVELERS COMES LESS THAN TWO MONTHS AFTER PRIMERICA COMPLETED ITS 115 BILLION ACQUISITION OF THE SHEARSON BROKERAGE OPERATIONS FROM AMERICAN EXPRESS MR WEILL ISN'T TRYING TO CREATE ANOTHER AMERICAN EXPRESS HE'S TRYING TO EXCEED AMERICAN EXPRESS SAID LAURIE G GATHERUM CHIEF INVESTMENT STRATEGIST OF CHICAGOBASED GEI FINANCIAL SERVICES CORP A PRIMERICA SHAREHOLDER SHE SAID 5 OF GEI'S PORTFOLIO IS IN PRIMERICA STOCK NOW AND SHE PLANS TO DOUBLE THAT BY NEXT YEAR PEOPLE INVOLVED IN THE PLANNED DEAL REFUSE TO USE THE DISCREDITED WORDS FINANCIAL SUPERMARKET TO DESCRIBE THE COMBINED COMPANY BUT THEY EAGERLY TALK ABOUT THE POSSIBILITIES OFFERED BY MERGING THE TWO SUCH AS SELLING TRAVELERS ANNUITIES THROUGH THE SHEARSON BROKERAGE FORCE AND SOME PRIMERICA EXECUTIVES SAY THEY WOULD LIKE TO SEE THE NEW TRAVELERS REPLACE AMERICAN EXPRESS IN THE DOW JONES INDUSTRIAL AVERAGE CONSIDERING MR WEILL'S HISTORY AT AMERICAN EXPRESS THAT WOULD BE THE ULTIMATE IRONY A PRIMERICA EXECUTIVE SAID STILL SOME ANALYSTS QUESTIONED WHETHER THE NEW TRAVELERS CAN LIVE UP TO THE EXPECTATIONS OTHER COMPANIES THAT TRIED THE FINANCIAL SUPERMARKET CONCEPT NOTABLY AMERICAN EXPRESS AND SEARS ROEBUCK & CO DISMANTLED THE COMBINATIONS AFTER ANTICIPATED BENEFITS FAILED TO OCCUR BUT PEOPLE INVOLVED IN THE TRAVELERS TRANSACTION SAY THE SUPERMARKETS ENVISIONED HUGE REWARDS FROM CROSSSELLING PRODUCTS CROSSSELLING ISN'T THE MOTIVATION BEHIND THE NEW TRAVELERS THEY SAY THE NEW TRAVELERS LIKE THE OLD PRIMERICA WILL BE A COLLECTION OF COMPANIES EACH OF WHICH WILL FOCUS ON ITS OWN BOTTOM LINE BUT THAT DOESN'T MEAN THE COMPANY WILL IGNORE CROSSSELLING OPPORTUNITIES THAT MAKE SENSE INSIDERS ALSO ARGUE THAT THE BEST COMPARISON FOR THE NEW TRAVELERS ISN'T WITH AMERICAN EXPRESS BUT WITH ANOTHER FINANCIAL GIANT GENERAL ELECTRIC CO GE'S AN EXTREMELY WELLRUN COMPANY AND LIKE GE WE'RE TRYING TO DOMINATE VARIOUS INDUSTRIES SAID ONE PRIMERICA EXECUTIVE PRIMERICA BOUGHT 27 OF TRAVELERS STOCK AT THE END OF LAST YEAR FOR 723 MILLION BUT FEW ANALYSTS EXPECTED MR WEILL TO MOVE SO QUICKLY TO BUY THE REST JUST LAST WEEK SALOMON BROTHERS ANALYST SAMUEL LISS ISSUED A REPORT DISMISSING THE IDEA WE DO NOT ASSUME PRIMERICA WILL QUICKLY MOVE TO INCREASE ITS EXISTING STAKE IN TRAVELERS HE WROTE UNDER THE TERMS ANNOUNCED YESTERDAY PRIMERICA WOULD ACQUIRE THE REST OF TRAVELERS BY SWAPPING 080423 SHARE OF PRIMERICA STOCK FOR EVERY SHARE OF TRAVELERS TRAVELERS HAS 145 MILLION SHARES OUTSTANDING INCLUDING THE SHARES ALREADY OWNED BY PRIMERICA IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING PRIMERICA SHARES CLOSED YESTERDAY AT 47375 UP 1375 OR 3 TRAVELERS ALSO ON THE BIG BOARD CLOSED YESTERDAY AT 36625 UP 625 CENTS OR 17 AT PRIMERICA'S CLOSING PRICE YESTERDAY THE INDICATED VALUE OF THE DEAL WOULD BE 3810 A SHARE OR ABOUT 4 BILLION AT THOSE PRICES TRAVELERS SHAREHOLDERS WOULD BE GETTING ONLY A SLIGHT PREMIUM TO THE CURRENT STOCK PRICE BUT ANALYSTS SAY SHAREHOLDERS HAVE LITTLE TO COMPLAIN ABOUT WHEN PRIMERICA ANNOUNCED PLANS FOR ITS INITIAL INVESTMENT LAST FALL TRAVELERS STOCK TRADED FOR LESS THAN 18 IT HAS SINCE RISEN ON EXPECTATIONS THAT MR WEILL WOULD RESTORE THE 129YEAROLD TRAVELERS WHICH ONLY TWO YEARS AGO WAS DESPERATE FOR CAPITAL AND DOGGED BY RUMORS OF POSSIBLE COLLAPSE TO ITS FORMER GLORY ANOTHER BENEFIT IS ALREADY BEING SEEN BOTH MOODY'S INVESTORS SERVICE INC AND STANDARD & POOR'S CORP SAID THEY WERE REVIEWING THE RATINGS OF PRIMERICA AND TRAVELERS FOR POSSIBLE UPGRADES BECAUSE OF ITS RELATIVELY LOW RATINGS TRAVELERS HAS BEEN ALL BUT SHUT OUT OF CERTAIN SEGMENTS OF THE LIFE INSURANCE MARKET MR WEILL WHO IS 60 YEARS OLD RECEIVED 67 MILLION LAST YEAR IN COMPENSATION MAINLY THROUGH STOCK OPTIONS AND IS ONE OF WALL STREET'S HIGHEST PAID EXECUTIVES STILL HE HAS LONGED TO RUN A GIANT FINANCIAL COMPANY WITH AN IMPRESSIVE HOUSEHOLD NAME AFTER AMERICAN EXPRESS BOUGHT SHEARSON IN 1981 MR WEILL WHO WAS THEN HEAD OF THE BROKERAGE FIRM WAS MADE PRESIDENT OF AMERICAN EXPRESS BUT MR WEILL LEFT FOUR YEARS LATER WHEN IT BECAME APPARENT THAT HE NEVER WOULD SUCCEED JAMES ROBINSON III AS AMERICAN EXPRESS CHAIRMAN AND CHIEF EXECUTIVE OFFICER IN 1986 MR WEILL TRIED AGAIN TO CREATE A BIG JOB FOR HIMSELF THIS TIME MAKING A FAILED BID FOR BANK OF AMERICA WITH THE NEW TRAVELERS MR WEILL WOULD FINALLY REALIZE HIS AMBITION INDEED HE HAS BEEN ENAMORED OF THE TRAVELERS FRANCHISE SINCE MAKING THE INITIAL INVESTMENT HE WEARS A TRAVELERS LAPEL PIN AND KEEPS A COPY OF A 1960S TRAVELERS MAGAZINE ADVERTISEMENT IN HIS OFFICE MR WEILL WOULD BE CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF THE NEW TRAVELERS EDWARD BUDD CURRENT TRAVELERS CHAIRMAN AND CEO WOULD CONTINUE TO CONTROL THE OLD TRAVELERS INSURANCE OPERATION AS ITS CHAIRMAN BUT HE WOULD GIVE UP THE CHIEF EXECUTIVE ROLE OF THE INSURANCE UNIT TO ROBERT LIPP 53 CURRENTLY A VICE CHAIRMAN OF PRIMERICA AND FORMER HEAD OF ITS COMMERCIAL CREDIT CO CONSUMER FINANCE UNIT THE OLD TRAVELERS WOULD BECOME ANOTHER OPERATING UNIT OF THE NEW TRAVELERS COMPLEMENTING ITS OTHER BUSINESSES WHICH IN ADDITION TO COMMERCIAL CREDIT AND SMITH BARNEY SHEARSON INCLUDE PRIMERICA FINANCIAL SERVICES THE FORMER AL WILLIAMS LIFE INSURANCE COMPANY PRIMERICA HAS BEEN AN ACTIVE SHAREHOLDER IN TRAVELERS BUT COMPLETE CONTROL COULD BRING EVEN MORE CHANGES FOR TRAVELERS WHOSE EARNINGS HAVE BEEN DRAGGED DOWN BY SOURED REAL ESTATE LOANS AND FIERCE PRICE COMPETITION IN PROPERTY AND CASUALTY INSURANCE TRAVELERS HAS SLASHED THOUSANDS FROM ITS PAYROLL IN RECENT YEARS BUT MORE LAYOFFS COULD BE COMING I WOULD EXPECT SOME FAIRLY SIGNIFICANT COSTCUTTING SAID MORGAN STANLEY INSURANCE ANALYST MICHAEL BLUMSTEIN TRAVELERS AND PRIMERICA OFFICIALS DECLINED COMMENT ON ANY COSTCUTTING PLANS PRIMERICA MIGHT ALSO MOVE TO SHED LESSPROFITABLE BUSINESSES AT TRAVELERS MR WEILL IS SAID TO HAVE CONCERNS ABOUT THE TRAVELERS HEALTHINSURANCE BUSINESS ONE OF THE COUNTRY'S LARGEST BUT ANY DECISION ABOUT WHAT TO DO WITH IT WILL PROBABLY WAIT UNTIL AFTER WASHINGTON ACTS ON HEALTHCARE REFORM YOU DON'T KNOW WHICH OF THESE BUSINESSES WILL BE KEPT SAID SANFORD C BERNSTEIN ANALYST WESTON HICKS FOR PRIMERICA ANALYSTS SEE THE ACQUISITION AS INSULATING THE COMPANY AGAINST A DOWNTURN IN THE BROKERAGE BUSINESS WHEN THE WALL STREET BOOM INEVITABLY SLOWS DOWN AND THE NEW COMPANY'S BROAD DIVERSIFICATION WILL BE ESPECIALLY USEFUL IF THE BLENDING OF SHEARSON AND SMITH BARNEY WHICH WERE OFFICIALLY COMBINED LAST JULY 31 DOESN'T GO AS SMOOTHLY OR AS QUICKLY AS HOPED THE TIMING SOME ANALYSTS SAID LOOKS RIGHT PRIMERICA IS GETTING TRAVELERS AT THE BOTTOM OF A NUMBER OF ITS CYCLES SAID DOUGLAS BARTON ASSISTANT PORTFOLIO MANAGER OF FRANKLIN RESOURCES INC THE HUGE MUTUAL FUND COMPANY IF PROPERTY AND CASUALTY PRICES TURN UPWARDS THE NEW TRAVELERS COULD BE A MAJOR BENEFICIARY 9309230004 930923 US DENIES REQUEST OF SAN DIEGO ZOO TO IMPORT 2 PANDAS SAN DIEGO THE SAN DIEGO ZOO'S APPLICATION TO IMPORT TWO RARE CHINESE GIANT PANDAS FOR BREEDING PURPOSES WAS DENIED BY THE US FISH & WILDLIFE SERVICE THE ZOO RENOWNED FOR ITS WORK WITH ENDANGERED SPECIES NONETHELESS HAD RUN INTO SEVERE OPPOSITION FROM WILDLIFE GROUPS THAT SUGGESTED THE ZOO WAS BEING DRIVEN BY THE POTENTIAL FOR THE HUGE BOOST IN REVENUE THAT COMES WITH DISPLAY OF THE POPULAR ANIMALS A 200DAY PANDA EXHIBIT IN 1984 AND 1985 IN SAN DIEGO LED TO RECORD ATTENDANCE AND PRODUCED NET MERCHANDISING REVENUE OF 57 MILLION IN A LETTER DENYING SAN DIEGO'S APPLICATION FISH & WILDLIFE DEPUTY DIRECTOR KENNETH STANSELL SAID THE ZOO HAD FAILED TO MEET REQUIREMENTS OF THE ENDANGERED SPECIES ACT AND A RELATED AGREEMENT WHICH WOULD PROVIDE THAT THE PROPOSED THREEYEAR BREEDING LOAN MUST MORE THAN LIKELY PRODUCE PROGENY AND THUS ENHANCE THE SURVIVIAL OF THE SPECIES HE NOTED THAT THE RULES ALSO PROHIBIT IMPORTATION PRIMARILY FOR COMMERCIAL PURPOSES THE FISH & WILDLIFE SERVICE RAISED QUESTIONS ABOUT THE PROBLEMS CHINA HAS HAD BREEDING THE MALE PANDA SHI SHI AND A DANGEROUS TUMOR ON THE FEMALE SHUN SHUN THE AGENCY OF THE INTERIOR DEPARTMENT ALSO RAISED A QUESTION ABOUT THE CIRCUMSTANCES OF SHUN SHUN'S REMOVAL FROM THE WILD FEWER THAN 1000 GIANT PANDAS ARE BELIEVED TO EXIST IN THE WILD THE SAN DIEGO ZOO WHICH HAS 45 DAYS TO APPEAL THE RULING TO MARSHALL JONES CHIEF OF THE FISH & WILDLIFE SERVICE'S ENDANGEREDSPECIES AUTHORITY SAID ZOO OFFICIALS WERE SHOCKED FRUSTRATED AND CONCERNED BY THE DENIAL WE BELIEVE THAT THIS SHORTSIGHTED DECISION IS A TRAGEDY IN THAT IT WILL FURTHER DELAY ANY POSITIVE EFFORTS TO BRING THE GIANT PANDA SPECIES BACK FROM THE BRINK OF EXTINCTION EXECUTIVE DIRECTOR DOUG MYERS SAID 9309230003 930923 WHITE HOUSE WANTS TO LET UNEMPLOYED USE JOBLESS BENEFITS TO START BUSINESSES BY KEVIN G SALWEN STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON THE CLINTON ADMINISTRATION WANTS TO LET JOBLESS WORKERS USE UNEMPLOYMENTINSURANCE PAYMENTS TO START THEIR OWN BUSINESSES THE PLAN WHICH FOLLOWS PILOT PROGRAMS IN WASHINGTON STATE AND MASSACHUSETTS APPEARS TO HAVE BIPARTISAN SUPPORT IN CONGRESS UNDER CURRENT LAW JOBLESS WORKERS MUST SHOW THAT THEY ARE LOOKING FOR WORK IN ORDER TO COLLECT UNEMPLOYMENT BENEFITS PEOPLE WHO ARE BUILDING BUSINESSES DON'T QUALIFY BECAUSE THEY AREN'T LOOKING FOR JOBS THE CLINTON PLAN WOULD REPEAL THAT RESTRICTION FOR A FIVEYEAR TEST THE PROPOSED CHANGE WILL BE INTRODUCED AS PART OF THE ADMINISTRATION'S 16 BILLION PLAN TO EXTEND FEDERAL UNEMPLOYMENT BENEFITS FOR SEVEN WEEKS IN MOST STATES AND 13 WEEKS IN STATES WITH THE HIGHEST UNEMPLOYMENT THAT WOULD BE THE SHORTEST EXTENSION SINCE THE FEDERAL GOVERNMENT BEGAN PAYING BENEFITS IN NOVEMBER 1991 AND FAR LESS THAN THE 26WEEK MAXIMUM FEDERALAID PACKAGE THAT CONGRESS PASSED IN FEBRUARY PEOPLE WHO HAVE EXHAUSTED THEIR STATE BENEFITS ARE ELIGIBLE FOR FEDERAL AID THE PROPOSED EXTENSION WHICH BACKERS IN CONGRESS ARE PRESSING TO HAVE APPROVED BEFORE THE CURRENT FEDERALAID PLAN EXPIRES OCT 2 COMES AT A TIME WHEN THE UNEMPLOYMENT RATE HAS DECLINED TO 67 A FULL POINT LOWER THAN ITS RECENT PEAK IN JUNE 1992 BUT LABOR SECRETARY ROBERT REICH TESTIFIED YESTERDAY THAT 22 MILLION WORKERS WILL LOSE THEIR JOBS THIS YEAR WITH ABOUT 17 MILLION OF THOSE CLASSIFIED AS LONGTERM UNEMPLOYED MEANING THEY WOULD REQUIRE FEDERAL AID AFTER EXHAUSTING STATE BENEFITS THE MAJOR HURDLE IN EXTENDING FEDERAL BENEFITS IS MONEY ADMINISTRATION OFFICIALS HUDDLED MUCH OF THE PAST WEEK UNSUCCESSFULLY TRYING TO FIND A WAY TO PAY FOR THE PLAN NEITHER DEMOCRATS NOR REPUBLICANS WANT TO INVOKE A PROVISION IN BUDGET LAW THAT ALLOWS AN INCREASE IN THE DEFICIT FOR EMERGENCY SPENDING AS THEY DID IN FEBRUARY ADMINISTRATION OFFICIALS WHO NEXT MONTH WILL PROPOSE A PLAN TO TIE UNEMPLOYMENT INSURANCE TO A BROADER SYSTEM OF CAREER COUNSELING JOB SEARCH AND TRAINING CLEARLY WANT TO SCALE BACK THE GOVERNMENT'S CURRENT 12 BILLION ANNUAL PAYOUT FOR WORKER AID THIS IS A PHASEDOWN MAKE NO MISTAKE ABOUT IT SECRETARY REICH SAID THE SELFEMPLOYMENT IDEA WAS ORIGINALLY PROPOSED IN 1987 BY REP RON WYDEN D ORE IN PILOT PROGRAMS STEMMING FROM THAT PROPOSAL UNEMPLOYMENT INSURANCE FUNDS SAVED MONEY THE NEW SMALLBUSINESS OWNERS WERE BETTER BANKLENDING CANDIDATES THAN THE TYPICAL SMALLBUSINESS APPLICANT AND THE NEW BUSINESSES EVEN WERE ABLE TO GROW ENOUGH TO HIRE OTHER WORKERS THE PILOT PROGRAMS UNLEASHED A LOT OF ENTREPRENEURIAL SPIRIT FROM PEOPLE WITH CREATIVE ENERGIES AND REAL SKILLS MR WYDEN SAID YESTERDAY WE NEED TO TRY TO MAKE THIS A TRAMPOLINE TO GET PEOPLE INTO THE NEW ECONOMY THE PROPOSAL WOULD LET WORKERS EITHER USE THEIR REGULAR WEEKLY STATE UNEMPLOYMENT BENEFITS OR RECEIVE EARLY LUMPSUM PAYMENTS TO LAUNCH BUSINESSES STATES COULD GUARANTEE ENTREPRENEURS THE REGULAR NUMBER OF WEEKS OF UNEMPLOYMENT AID BUT IT WOULDN'T PROVIDE THEM ADDITIONAL FEDERAL BENEFITS IT ISN'T CLEAR HOW MANY OF THE UNEMPLOYED WOULD ATTEMPT TO USE THE NEWBUSINESS PLAN ALTHOUGH STUDIES IN WASHINGTON AND MASSACHUSETTS SHOWED IT MIGHT BE ABOUT 5 OF THOSE COLLECTING UNEMPLOYMENT AID INDIVIDUALS WOULD HAVE TO SHOW A BUSINESS PLAN AND DEMONSTRATE THAT THEY KNOW HOW TO CARRY IT OUT REP FRED GRANDY OF IOWA A REPUBLICAN WHO IS INFLUENTIAL ON UNEMPLOYMENTINSURANCE ISSUES BACKS THE IDEA I HAVE NO PROBLEM TAKING MONEY THAT IS BASICALLY TIDING PEOPLE OVER AND LETTING THEM START UP A BUSINESS TO SUPPORT THEMSELVES HE SAID 9309230002 930923 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 FORD MOTOR CO 620 MILLION OF FACTORYEQUIPMENT PASSTHROUGH CERTIFICATES IN SEVEN PARTS PRICED BY UNDERWRITERS LED BY GOLDMAN SACHS & CO ACCORDING TO MCM CORPORATEWATCH THE FIRST TRANCHE 62 MILLION OF CERTIFICATES DUE JAN 1 1995 WAS PRICED AT PAR TO YIELD 397 THE CERTIFICATES WERE PRICED AT A SPREAD OF 38 BASIS POINTS ABOVE TREASURYS THE SECOND TRANCHE 1137 MILLION OF CERTIFICATES DUE JAN 1 1996 WAS PRICED AT PAR TO YIELD 467 THE CERTIFICATES WERE PRICED AT A SPREAD OF 68 BASIS POINTS ABOVE TREASURYS THE THIRD TRANCHE 119 MILLION OF CERTIFICATES DUE JAN 1 1997 WAS PRICED AT PAR TO YIELD 52 THE CERTIFICATES WERE PRICED AT A SPREAD OF 83 BASIS POINTS ABOVE TREASURYS THE FOURTH TRANCHE 110 MILLION OF CERTIFICATES DUE JULY 1 1997 WAS PRICED AT PAR TO YIELD 53 THE CERTIFICATES WERE PRICED AT A SPREAD OF 83 BASIS POINTS ABOVE TREASURYS THE FIFTH TRANCHE 101 MILLION OF CERTIFICATES DUE JAN 1 1999 WAS PRICED AT PAR TO YIELD 578 THE CERTIFICATES WERE PRICED AT A SPREAD OF 88 BASIS POINTS ABOVE TREASURYS THE SIXTH TRANCHE 561 MILLION OF CERTIFICATES DUE JAN 1 2000 WAS PRICED AT PAR TO YIELD 593 THE CERTIFICATES WERE PRICED AT A SPREAD OF 88 BASIS POINTS ABOVE TREASURYS THE SEVENTH TRANCHE 578 MILLION OF CERTIFICATES DUE JAN 1 2001 WAS PRICED AT PAR TO YIELD 611 THE CERTIFICATES WERE PRICED AT A SPREAD OF 90 BASIS POINTS ABOVE TREASURYS ALL PARTS ARE RATED SINGLEA2 BY MOODY'S INVESTORS SERVICE INC AND SINGLEA BY STANDARD & POOR'S CORP IOWA ELECTRIC LIGHT & POWER CO 100 MILLION OF COLLATERALIZED TRUST BONDS IN TWO PARTS SOLD IN A COMPETITIVE BID WON BY UNDERWRITERS LED BY MORGAN STANLEY & CO ACCORDING TO MCM CORPORATEWATCH THE FIRST TRANCHE 50 MILLION OF COLLATERALIZED TRUST BONDS DUE OCT 1 2008 WAS PRICED AS 6S AT 98544 TO YIELD 615 THE BONDS WERE PRICED AT A SPREAD OF 72 BASIS POINTS ABOVE TREASURYS THE SECOND TRANCHE 50 MILLION OF COLLATERALIZED TRUST BONDS DUE OCT 1 2023 WAS PRICED AS 7S AT 985 TO YIELD 7122 THE BONDS NONCALLABLE FOR 10 YEARS WERE PRICED AT A SPREAD OF 87 BASIS POINTS ABOVE TREASURYS BOH PARTS ARE RATED SINGLEA2 BY MOODY'S AND SINGLEA BY S&P IOWA ELECTRIC IS A UNIT OF IES INDUSTRIES NVR CORP 160 MILLION OF SENIOR NOTES DUE APRIL 15 2003 PRICED AT PAR TO YIELD 11 ACCORDING TO MCM CORPORATEWATCH THE NOTES NONCALLABLE FOR FIVE YEARS ARE RATED SINGLEB2 BY MOODY'S AND SINGLEB BY S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY BEAR STEARNS & CO SOUTHERN CALIFORNIA EDISON CO 200 MILLION FIRST AND REFUNDING MORTGAGE BONDS DUE OCT 1 2018 PRICED AS 69S AT 97617 TO YIELD 7105 ACCORDING TO MCM CORPORATEWATCH THE BONDS NONCALLABLE FOR FIVE YEARS WERE PRICED AT A SPREAD OF 85 BASIS POINTS ABOVE TREASURYS THE ISSUE IS RATED DOUBLEA3 BY MOODY'S AND SINGLEAPLUS BY S&P THE BONDS WERE UNDERWRITTEN BY FIRMS LED BY LEHMAN BROTHERS INC SOUTHERN CALIFORNIA EDISON IS A UNIT OF SCECORP SOUTHERN CALIFORNIA EDISON CO 200 MILLION OF FIRST AND REFUNDING MORTGAGE BONDS DUE MAY 8 2002 PRICED AS 5625S AT 98444 TO YIELD 585 ACCORDING TO MCM CORPORATEWATCH THE NONCALLABLE BONDS WERE PRICED AT A SPREAD OF 40 BASIS POINTS ABOVE TREASURYS THE BONDS WERE SOLD THROUGH A COMPETITIVE BID WON BY SALOMON BROTHERS INC THE ISSUE IS RATED DOUBLEA3 BY MOODY'S AND SINGLEAPLUS BY S&P STATE STREET BOSTON CORP 100 MILLION OF NOTES DUE SEPT 15 2003 PRICED AS 595S AT 99625 TO YIELD 6 ACCORDING TO MCM CORPORATEWATCH THE NONCALLABLE NOTES WERE PRICED AT A SPREAD OF 55 BASIS POINTS ABOVE TREASURYS RATED SINGLEA1 BY MOODY'S AND DOUBLEAMINUS BY S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY GOLDMAN SACHS & CO BOISE CASCADE CORP 75 MILLION DEPOSITARY SHARES PRICED AT 21125 EACH ACCORDING TO THE COMPANY EACH DEPOSITARY SHARE REPRESENTS ONETENTH OF A SERIES G CONVERSION PREFERRED SHARE GOLDMAN SACHS & CO LAZARD FRERES & CO AND SALOMON BROTHERS INC ARE LEAD UNDERWRITERS DEERE & CO SEVEN MILLION COMMON SHARES PRICED AT 6850 EACH THROUGH UNDERWRITERS LED BY MERRILL LYNCH & CO EQUITABLE RESOURCES INC 27 MILLION COMMON SHARES PRICED AT 3850 A SHARE ACCORDING TO THE COMPANY WITH 24 MILLION SHARES OFFERED IN THE US AND CANADA AND 300000 OFFERED INTERNATIONALLY THROUGH UNDERWRITERS INCLUDING CS FIRST BOSTON MORGAN STANLEY & CO AND SMITH BARNEY SHEARSON INC GRAND CASINOS INC 49 MILLION COMMON SHARES PRICED AT 2825 EACH THROUGH UNDERWRITERS LED BY DONALDSON LUFKIN & JENRETTE SECURITIES CORP KELLY OIL & GAS PARTNERS LTD THREE MILLION LIMITEDPARTNER UNITS PRICED AT 1575 EACH THROUGH UNDERWRITERS LED BY SMITH BARNEY SHEARSON INC POLYGRAM NV 45 MILLION SHARES PRICED AT 34 EACH THROUGH UNDERWRITERS LED BY GOLDMAN SACHS & CO INTERCAPITAL QUALITY MUNICIPAL SECURITIES INITIAL PUBLIC OFFERING OF 21 MILLION COMMON SHARES OF BENEFICIAL INTEREST AT 15 EACH ACCORDING TO DEAN WITTER DISTRIBUTORS INC THROUGH UNDERWRITERS LED BY DEAN WITTER TEMPLETON EMERGING MARKETS INCOME FUND INC INITIAL OFFERING OF 41 MILLION COMMON SHARES PRICED AT 15 EACH THROUGH UNDERWRITERS LED BY KIDDER PEABODY & CO DETROIT 165 MILLION OF CONVENTIONFACILITY LIMITED TAX REVENUE REFUNDING BONDS TENTATIVELY PRICED BY A PAINEWEBBER INC GROUP TO YIELD FROM 375 IN 1996 TO 545 IN 2012 THE BONDS ARE RATED SINGLEA BY S&P MICHIGAN HIGHER EDUCATION STUDENT LOAN AUTHORITY 1585 MILLION OF SECURITIES THROUGH UNDERWRITERS LED BY SMITH BARNEY SHEARSON INC INCLUDED ARE 785 MILLION SERIES XIIG STUDENTLOAN REVENUE BONDS AND REFUNDING REVENUE BONDS WHICH HAVE YIELDS THAT RANGE FROM 43 IN 1998 TO 54 IN 2008 THE BONDS SUBJECT TO THE FEDERAL ALTERNATIVEMINIMUM TAX ARE INSURED BY AMBAC INDEMNITY CORP THE ISSUE ALSO INCLUDES 80 MILLION SERIES XIIH AUCTIONRATE SECURITIES DUE OCT 1 2020 NEW YORK STATE DORMITORY AUTHORITY 4286 MILLION CITY UNIVERSITY REFUNDING PROGRAM COMBINED SOURCESANDUSES REVENUE BONDS PRICED BY A MORGAN STANLEY & CO INCLUDED IN THE ISSUE 511 MILLION SERIES 1993B BONDS PRICED TO YIELD FROM 355 IN 1995 TO 555 IN 2007 2695 MILLION SERIES 1993F BONDS WITH YIELDS RANGING FROM 43 IN 1997 TO 57 IN 2020 387 MILLION SERIES 1993G BONDS PRICED TO YIELD FROM 475 IN 1999 TO 55 IN 2006 AND 693 MILLION SERIES V BONDS PRICED TO YIELD FROM 355 IN 1995 TO 562 IN 2010 MOODY'S HAS RATED THE ISSUE BAA1 AND S&P HAS ASSIGNED A TRIPLEB RATING SACRAMENTO MUNICIPAL UTILITY DISTRICT CALIF 144 MILLION SERIES 1993G ELECTRIC REVENUE REFUNDING BONDS PRICED BY A GOLDMAN SACHS & CO GROUP YIELDS RANGE FROM 28 IN 1994 TO 535 IN 2021 THE BONDS ARE INSURED BY THE MUNICIPAL BOND INVESTORS ASSURANCE CORP AND CARRY TRIPLEA RATINGS FROM BOTH 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 1614 IS BACKED BY THE AGENCY'S 30YEAR 65 MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 715 AND WEIGHTED AVERAGE MATURITY OF 359 MONTHS FEDERAL HOME LOAN MORTGAGE CORP 500 MILLION OF REALESTATE MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY MORGAN STANLEY & CO THE OFFERING SERIES 1615 IS BACKED BY THE AGENCY'S 15YEAR 6 MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 665 AND WEIGHTED AVERAGE MATURITY OF 178 MONTHS FEDERAL NATIONAL MORTGAGE ASSOCIATION 500 MILLION REALESTATE MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY CITIBANK THE OFFERING SERIES 1993209 IS BACKED BY THE AGENCY'S 15YEAR 6 MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 6625 AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF 177 MONTHS ABBEY NATIONAL TREASURY SERVICES LTD UK ONE BILLION FRENCH FRANCS OF 575 EUROBONDS DUE OCT 14 1998 AT ISSUE AND FIXED REOFFER PRICE 9886 VIA CREDIT COMMERCIAL DE FRANCE AT FIXED REOFFER PRICE BONDS YIELD 602 A MARGIN OF 38 BASIS POINTS OVER COMPARABLE FRENCH TREASURY GUARANTOR ABBEY NATIONAL PLC FEES 03 CAISSE CENTRALE DE CREDIT MOBILIER FRENCH AGENCY 116 MILLION OF UNSUBORDINATED FLOATINGRATE EURONOTES AT ISSUE AND FIXED REOFFER PRICE 99574 VIA SAMUEL MONTAGU & CO INTEREST PAID QUARTERLY AT 25 BASIS POINTS OVER THREEMONTH LONDON INTERBANK OFFERED RATE FEES 02 CREDITO ITALIANO HONG KONG ITALIAN PARENT 100 MILLION CANADIAN DOLLARS OF SUBORDINATED FLOATINGRATE NOTES MATURING OCT 15 2003 VIA CREDITO ITALIANO AND KIDDER PEABODY & CO NOTES PAY COUPON 025 LESS THAN SIXMONTH CANADIAN BANKERS' ACCEPTANCE RATE WITH MININUM 7 AND MAXIMUM 10 FEES TOTAL 05 ISRAEL SOVEREIGN 1 BILLION PROCEEDS OF BONDS PRICED BY UNDERWRITERS LED BY SALOMON BROTHERS INC ACCORDING TO MCM CORPORATEWATCH THE FIRST TRANCHE 1717 MILLION OF NONCALLABLE BONDS DUE SEPT 15 1998 WAS PRICED AS 4875S AT 99767 TO YIELD 4928 THE BONDS WERE PRICED AT A SPREAD OF 10 BASIS POINTS ABOVE TREASURYS THE SECOND TRANCHE 200 MILLION OF NONCALLABLE BONDS DUE SEPT 15 2000 WAS PRICED AS 525S AT 99423 TO YIELD 535 THE BONDS WERE PRICED AT A SPREAD OF 20 BASIS POINTS ABOVE TREASURYS THE THIRD TRANCHE 200 MILLION OF NONCALLABLE BONDS DUE SEPT 15 2003 WAS PRICED AS 5625S AT 99583 TO YIELD 568 THE BONDS WERE PRICED AT A SPREAD OF 22 BASIS POINTS ABOVE TREASURYS ISRAEL ALSO SOLD 155 BILLION FACE VALUE OF ZEROCOUPON BONDS WHICH GAVE THE STATE 430 MILLION OF PROCEEDS EACH TRANCHE WAS 3989 MILLION PROCEEDS AND HAD STAGGERED MATURITIES BEGINNING MARCH 2004 THROUGH SEPTEMBER 2023 THE DEBT IS UNRATED AND BACKED BY THE AGENCY FOR INTERNATIONAL DEVELOPMENT NEWFOUNDLAND CANADIAN PROVINCE 200 MILLION OF DEBENTURES DUE OCT 13 2023 PRICED AT PAR TO YIELD 732 ACCORDING TO MCM CORPORATEWATCH THE NONCALLABLE DEBENTURES WERE PRICED AT A SPREAD OF 103 BASIS POINTS ABOVE TREASURYS RATED BAA1 BY MOODY'S AND SINGLEAMINUS BY S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MERRILL LYNCH & CO SUDWEST DEUTSCHE LANDESBANK CAPITAL MARKETS GERMANY ONE BILLION MARKS OF 625 EUROBONDS DUE OCT 21 2003 AT ISSUE PRICE 101639 VIA LEAD UNDERWRITER GOLDMAN SACHS & CO REOFFERED AT 99464 TO YIELD 6324 A MARGIN OF 20 BASIS POINTS OVER COMPARABLE GERMAN BUND GUARANTOR SUDWEST LB GIROZENTRALE FEES 25 TAKASHIMAYA CO JAPAN 10 BILLION YEN OF FLOATINGRATE EURONOTES DUE JAN 7 1998 AT ISSUE AND FIXED REOFFER PRICE PAR VIA SANWA INTERNATIONAL PLC INTEREST PAID QUARTERLY AT 275 BASIS POINTS OVER THREEMONTH LIBOR FEES 025 THERE IS A SHORT FIRST COUPON WALMART STORES INC US 250 MILLION OF 6125 EUROBONDS DUE OCT 22 1998 AT ISSUE PRICE 101165 VIA GOLDMAN SACHS INTERNATIONAL LTD REOFFERED AT 9959 TO YIELD 6223 A MARGIN OF 34 BASIS POINTS ABOVE COMPARABLE TREASURY FEES 1875 9309230001 930923 ABREAST OF THE MARKET STOCK PRICES REBOUND AS WORRIES OVER RUSSIA POWER STRUGGLE EASE BY DAVE PETTIT SPECIAL TO THE WALL STREET JOURNAL NEW YORK STOCKS CREPT HIGHER AS TUESDAY'S WORRIES ABOUT THE POLITICAL POWER STRUGGLE IN RUSSIA EASED PRESIDENT BORIS YELTSIN APPEARED TO HAVE THE BACKING OF THE MILITARY IN HIS MOVE TO OUST THE RUSSIAN PARLIAMENT MEANWHILE THERE WEREN'T ANY DISRUPTIONS AND IT WAS SAID TO BE BUSINESS AS USUAL IN RUSSIAN CITIES TRADERS SAID THAT CLEARED THE WAY FOR BARGAIN HUNTING AFTER TUESDAY'S STEEP SELLOFF THE DOW JONES INDUSTRIAL AVERAGE ADDED 978 POINTS OR 028 TO 354702 TUESDAY IT FINISHED WITH A LOSS OF 3856 AFTER PLUMMETING AS MUCH AS 68 POINTS INTRADAY BROADER INDEXES WERE SOMEWHAT STRONGER THAN THE INDUSTRIAL AVERAGE AND ADVANCING ISSUES SWAMPED DECLINERS 1337 TO 665 ON THE BIG BOARD VOLUME ON THE EXCHANGE EASED TO ABOUT 286750000 SHARES FROM 299710000 TUESDAY THE HEAVIEST BUYING THOUGH WAS IN NASDAQLISTED STOCKS PARTICULARLY TECHNOLOGY ISSUES THE NASDAQ COMPOSITE INDEX JUMPED 1198 OR 163 TO 74554 THE TECHNOLOGYWEIGHTED NASDAQ 100 INDEX ROCKETED 1671 OR 23 TO 74800 EQUIVALENT TO AN 80POINT ADVANCE IN THE INDUSTRIAL AVERAGE MARY FARRELL MARKET STRATEGIST AT PAINEWEBBER SAID THE RUSSIAN TURMOIL WILL LIKELY REMAIN A BACKGROUND CONCERN OF INVESTORS AS EVENTS CONTINUE TO UNFOLD BUT IT IS LIKELY TO BE A NONEVENT FOR THE US MARKET UNLESS THERE IS EVIDENCE OF MUCH GREATER CIVIL STRIFE THERE SHE SAID OTHER INVESTMENT ADVISERS AGREED THIS PROBABLY ISN'T A BAD TIME TO TAKE A CONTRARIAN STANCE AND BUY STOCKS DESPITE THE RUSSIAN UNCERTAINTIES SAID JAMES SOLLOWAY DIRECTOR OF RESEARCH AT ARGUS RESEARCH HE EXPECTS INCREASING STRENGTH IN THE ECONOMY TO LIFT THE MARKET IN COMING MONTHS MEANWHILE THE BOND MARKET ADDED TO THE OPTIMISM AMONG STOCK INVESTORS THE TREASURY'S 30YEAR SECURITY JUMPED ABOUT 1/2 POINT DEPRESSING ITS YIELD TO 609 PETER CARDILLO A SENIOR VICE PRESIDENT AT WESTFALIA INVESTMENTS SAID HE THINKS THE RECENT RETREAT IN BONDS IS OVER THAT COULD LIFT STOCKS FURTHER IN COMING DAYS HE SAID THE STANDARD & POOR'S 500 STOCK INDEX GAINED 325 OR 072 TO 45620 THE NEW YORK STOCK EXCHANGE COMPOSITE INDEX INCREASED 168 OR 067 TO 25327 AND THE DOW JONES EQUITY MARKET INDEX ADVANCED 308 OR 072 TO 43347 NEW ISSUES FOR SEVERAL FOREIGN COMPANIES WERE AMONG THE MOST ACTIVE BIG BOARD ISSUES PANAMERICAN BEVERAGE A MEXICAN BOTTLER CLIMBED TO 27 1/2 FROM A 2550 OFFERING PRICE GRUPO TRIBASA A MEXICAN CONSTRUCTION CONCERN ENDED AT 15 1/2 UNCHANGED AND SPHERE DRAKE HOLDINGS A UNITED KINGDOM INSURER CLOSED AT 20 1/2 DOWN FROM A 21 PRICING PRIMERICA CLIMBED 1 3/8 TO 47 3/8 AND TRAVELERS ADDED 5/8 TO 36 5/8 AFTER THE COMPANIES SAID THEY WERE IN TALKS TO MERGE PRIMERICA A DIVERSIFIED FINANCIAL SERVICES COMPANY BASED IN NEW YORK WOULD PAY AN INDICATED 38 IN STOCK FOR EACH TRAVELERS SHARE PRIMERICA ALREADY OWNS 27 OF THE HARTFORD CONN INSURER IN NASDAQ TRADING ORACLE SURGED 3 7/8 TO 58 5/8 THE COMPANY EARNED 25 CENTS A SHARE IN THE FIRST QUARTER AFTER POSTING A LOSS OF 24 CENTS A SHARE A YEAR EARLIER LAST YEAR'S RESULTS WERE DEPRESSED BY A 31 CENTASHARE ACCOUNTING ADJUSTMENT SNAPPLE TUMBLED 4 1/2 TO 46 IN NASDAQ TRADING THE WALL STREET JOURNAL REPORTED YESTERDAY THAT COMPANY INSIDERS PLAN TO UNLOAD ABOUT 8 OF THEIR HOLDINGS OR A TOTAL OF 200 MILLION IN STOCK IN A SECONDARY OFFERING SEMICONDUCTORRELATED STOCKS SURGED AS INVESTORS BET THE GROUP WOULD POST SOLID THIRDQUARTER EARNINGS A SLOWDOWN IN BUSINESS THAT USUALLY HITS THE CHIP INDUSTRY EACH SUMMER MIGHT HAVE BEEN MILDER THAN NORMAL ANALYSTS SAID TEXAS INSTRUMENTS GAINED 3 1/8 TO 77 3/4 MOTOROLA ADDED 2 3/4 TO 95 NATIONAL SEMICONDUCTOR ROSE 7/8 TO 20 1/2 AND ON NASDAQ INTEL JUMPED 2 TO 67 1/4 WHEELABRATOR CLIMBED 1 1/2 TO 16 3/4 AFTER ANALYSTS AT SEVERAL BROKERAGE FIRMS MADE POSITIVE COMMENTS AMONG THEM MERRILL LYNCH & CO NAMED THE STOCK ITS FOCUS 1 ISSUE OF THE WEEK SAYING THE STOCK IS UNDERVALUED THE HAMPTON NH COMPANY GENERATES ENERGY THROUGH TRASH RECYCLING PRECIOUS METALS STOCKS TUMBLED THEY WERE STAR PERFORMERS TUESDAY AS THE RUSSIAN WORRIES SENT GOLD PRICES HIGHER NEWMONT MINING LOST 1 1/8 TO 47 7/8 HECLA MINING DROPPED 3/8 TO 10 1/4 AMERICAN BARRICK FELL 3/8 TO 22 7/8 AND ON THE AMERICAN STOCK EXCHANGE ECHO BAY MINES DECLINED 1/2 TO 10 3/4 BROKERAGE FIRMS' STOCKS RALLIED SNAPPING BACK FROM WEAKNESS TUESDAY DEAN WITTER DISCOVER WAS AMONG THE STRONGEST JUMPING 1 7/8 TO A HIGH OF 44 5/8 AMONG OTHERS MORGAN STANLEY & CO INCREASED 3 7/8 TO 87 AND QUICK & REILLY GROUP RALLIED 1 3/4 TO 34 3/4 SEVERAL CABLE TELEVISION STOCKS RALLIED THE GROUP HAS BEEN IN THE SPOTLIGHT AS MAJOR PLAYERS MANEUVER IN THE RECENT TAKEOVER BATTLE FOR PARAMOUNT COMMUNICATIONS SEPARATELY LEHMAN BROTHERS INITIATED COVERAGE OF SEVERAL COMPANIES TELECOMMUNICATIONS COMCAST AND CABLEVISION SYSTEMS RATING THEM OUTPERFORM IN NASDAQ TRADING TELECOMMUNICATIONS' CLASS A STOCK ROSE 1 5/8 TO 25 3/4 WHILE COMCAST'S CLASS A INCREASED 2 TO 31 1/8 ON THE AMEX CABLEVISION JUMPED 1 1/4 TO 48 1/4 PARAMOUNT CLIMBED 7/8 TO 77 7/8 WHILE AMONG ITS SUITORS QVC NETWORK RALLIED 3 7/8 TO 60 ON NASDAQ AND VIACOM ADDED 2 1/8 TO 58 7/8 ON THE AMEX RETAILING ISSUES ADVANCED A MOVE ANALYSTS TIED TO INDICATIONS OF A RECENT PICKUP IN SALES LYNCH JONES RYAN'S JOHNSON REDBOOK AFFILIATE TUESDAY REPORTED A 105 JUMP IN SALES FOR THE FIRST THREE WEEKS OF SEPTEMBER FROM YEAREARLIER LEVELS JC PENNEY INCREASED 2 1/8 TO 45 1/2 SEARS ROEBUCK GAINED 1 1/8 TO 57 3/8 DAYTON HUDSON ROSE 1 3/8 TO 67 1/4 WALMART WAS UP 3/4 TO 24 1/4 AND GAP ADVANCED 1 7/8 TO 28 1/4 9309230108 930813 REVIEW & OUTLOOK EDITORIAL NURSES' LIB THERE IS A PROPOSAL BEING CONSIDERED BY HILLARY RODHAM CLINTON'S HEALTH CARE TASK FORCE THAT DESERVES A CLOSE LOOK LOOSENING THE REGULATIONS THAT RESTRICT NURSES' WORK PERMITTING NURSES TO PLAY A MORE ACTIVE ROLE IN SCREENING PATIENTS AND TREATING RUNOFTHEMILL AILMENTS IS A COSTEFFECTIVE SOLUTION TO THE SHORTAGE OF PRIMARYCARE PHYSICIANS AS ANY MOTHER WILL CONFIRM YOU DON'T ALWAYS NEED AN MD TO DIAGNOSE A CHILD'S RECURRING EAR INFECTION OR SORE THROAT THE ANTIQUATED REGULATIONS ON NURSES DATE BACK TO THE 1930S AND ARE IN PART A CULTURAL ARTIFACT OF AN AGE THAT SAW NURSES WHO WERE MOSTLY WOMEN AS ASSISTANTS TO PHYSICIANS WHO WERE MOSTLY MEN THE REGULATIONS LIMIT IN PARTICULAR THE SERVICES OF NURSE PRACTITIONERS A GROUP OF MORE THAN 23000 ADVANCED NURSES WHOSE TRAINING EXTENDS ABOUT TWO YEARS BEYOND THAT OF AN ORDINARY RN IN MANY STATES NPS MUST BE SUPERVISED BY A PHYSICIAN EVEN IF THE SERVICES OF A PHYSICIAN ARE UNNEEDED NPS GENERALLY ARE NOT PERMITTED TO PRESCRIBE EVEN SIMPLE MEDICATION NOR ARE NPS ALLOWED FINANCIAL AUTONOMY IN MANY STATES MEDICARE AND INSURANCE COMPANIES WILL PAY ONLY DOCTORS WHO THEN COMPENSATE THE NURSES AT THEIR DISCRETION YET NURSES ESPECIALLY NPS OFTEN PROVIDE THE MOST BASIC LEVEL OF PRIMARY CARE WITH AS MUCH SKILL AS PHYSICIANS ACCORDING TO A 1986 REPORT BY THE US OFFICE OF TECHNOLOGICAL ASSESSMENT COMPARING THE QUALITY OF CARE PROVIDED BY NURSE PRACTITIONERS AND PHYSICIANS IN 12 OF 14 AREAS NP CARE WAS RATED HIGHER THAN PHYSICIAN CARE OUR CURRENT HEALTHCARE SYSTEM DOESN'T REWARD SUCH SUCCESS IN PREVENTIVE CARE DOCTORS WHO TREAT THE SICKEST PATIENTS HAVE THE GREATEST CASH FLOW FAIR ENOUGH ACCORDINGLY THERE'S BEEN AMAZING GROWTH OF MED SCHOOL STUDENTS WHO CHOOSE TO SPECIALIZE IN 1992 FOR INSTANCE ONLY 146 OF MEDICAL STUDENTS PURSUED GENERAL MEDICINE AN ALLTIME LOW WHILE MANY STUDENT DOCTORS ARE LEARNING TO TREAT SERIOUS ILLNESSES FEWER ARE FOCUSING ON HOW TO DEAL WITH ORDINARY EVERYDAY AILMENTS AS A RESULT THERE IS AN ACUTE SHORTAGE OF PRIMARY CARE PROVIDERS OBVIOUSLY SOMEONE SHOULD BE DOING THIS WORK NURSE PRACTITIONERS ARE WELL POSITIONED TO FILL THE VOID ACCORDING TO A STUDY CONDUCTED LAST YEAR BY AN ECONOMIST AT WELLESLEY COLLEGE THE US WOULD SAVE 64 BILLION TO 875 BILLION IN HEALTH CARE COSTS EACH YEAR IF THE BARRIERS NPS FACE WERE REMOVED IN OREGON AND WASHINGTON NPS ALREADY HAVE SIGNIFICANT AUTONOMY THIS HAS MEANT IMMEDIATE SAVINGS FOR HEALTH CARE CONSUMERS AT COMMUNITY NURSING CENTERS COMPLETE PHYSICALS CAN BE HAD FOR AS LOW AS 30 AND VACCINATIONS FOR 6 BESIDES PHYSICALS AND IMMUNIZATIONS THESE CENTERS PROVIDE WEIGHTCONTROL PROGRAMS SCREENING FOR EARLY DETECTION OF CANCER HYPERTENSION AND VISION AND HEARING PROBLEMS AND TREATMENTS FOR MINOR ILLNESSES SUCH AS EAR INFECTIONS SORE THROATS AND THE FLU HERE IT SEEMS IS ONE AVENUE TO LOWCOST PRIMARY CARE AS THE ADMINISTRATION PUTS THE FINISHING TOUCHES ON ITS HEALTH CARE PROPOSAL WE RECOMMEND THAT IT FOLLOW THE ADVICE OF LEAH BINDER OF THE NATIONAL LEAGUE OF NURSING MS BINDER TOLD US LET THE 'INVISIBLE HAND' DETERMINE HOW MUCH IT SHOULD COST TO GET A PRIMARY CARE CHECKUP NOW NURSES ARE PROHIBITED FROM SERVICES WHICH THEY COULD PROVIDE SAFELY AND OF EQUAL QUALITY TO PHYSICIANS THE INVISIBLE HAND WHAT A NOVEL IDEA SEE RELATED LETTERS LETTERS TO THE EDITOR NURSING IS NURSING NOT DOCTORING WSJ SEPT 23 1993 9308130036 YY93 MM09 9309230124 930729 WORLD BANK PLANS LOANS TO MEXICO FOR BORDER PROJECTS BY WILLIAM MURRAY SPECIAL TO THE WALL STREET JOURNAL WASHINGTON THE WORLD BANK IS PLANNING TO LEND MEXICO AS MUCH AS 4 BILLION OVER 10 YEARS FOR ENVIRONMENTAL PROJECTS ALONG THE US BORDER A MOVE THAT COULD HELP TO DEFUSE OPPOSITION TO THE NORTH AMERICAN FREE TRADE AGREEMENT WORLD BANK OFFICIALS SAID THEY HAVEN'T FINALIZED THEIR PLANS BUT AN INTERNAL STUDY AT THE BANK PEGGED THE POTENTIAL LOANS AT 3 BILLION TO 4 BILLION THE OFFICALS SAID EARMARKING THE LOANS FOR BORDER CLEANUP WOULD HELP US AND MEXICAN GOVERNMENTS ALLAY CONCERNS AMONG ENVIRONMENTALISTS AND LAWMAKERS WHO FEAR THE PROPOSED TRADE AGREEMENT COULD WORSEN ENVIRONMENTAL PROBLEMS ALONG THE COUNTRIES' BORDER ADMINISTRATION OFFICIALS ESTIMATE THAT 7 BILLION TO 10 BILLION WILL BE NECESSARY TO PAY FOR ENVIRONMENTAL PROJECTS ON BOTH SIDES OF THE BORDER IN THE NEXT 10 YEARS THE LENDING DISCUSSION COMES AT A CRUCIAL TIME IN NEGOTIATIONS OVER THE FREETRADE PACT TRADE MINISTERS FROM THE US MEXICO AND CANADA WILL GATHER HERE TODAY FOR A TWODAY MEETING IN HOPES OF HAMMERING OUT SIDE DEALS INVOLVING ENVIRONMENTAL AND LABOR ISSUES THE US HOPES TO REACH AN AGREEMENT NEXT WEEK RAOUL HINOJOSA AN EXPERT ON NAFTA AT THE UNIVERSITY OF CALIFORNIA AT LOS ANGELES SAID HE WORRIES THAT WORLD BANK BACKING OF BORDER PROJECTS WOULD COME AT THE EXPENSE OF OTHER PROJECTS IN THE INTERIOR OF MEXICO TARIFF REDUCTIONS ON CORN AND OTHER AGRICULTURAL PROJECTS FOR INSTANCE ARE EXPECTED TO FORCE HUNDREDS OF MEXICAN PEASANTS TO GIVE UP FAMILY FARMING UNLESS MONEY IS MADE AVAILABLE TO HELP CREATE JOBS FOR THEM LOCALLY THEIR DISPLACEMENT COULD TAKE AWAY FROM THE AGRICULTURAL SECTOR MR HINOJOSA SAID IT COULD BE A TERRIBLE OPTION WORLD BANK OFFICIALS SAID THE INSTITUTION HAS ADEQUATE FUNDS TO FINANCE BORDER CLEANUP AND PROJECTS IN MEXICO'S INTERIOR THE WORLD BANK HAS BEGUN TALKS WITH THE MEXICAN GOVERNMENT OVER SETTING FINAL TERMS OF AN INITIAL BORDER ENVIRONMENTAL LOAN OF 300 MILLION TO 350 MILLION APPROVAL OF THE LOAN IS CURRENTLY SCHEDULED FOR MAY 1994 FIVE MONTHS AFTER NAFTA IS SCHEDULED TO COME INTO EFFECT OVERALL MEXICO ESTIMATES IT NEEDS 6 BILLION TO ADDRESS WATER SEWAGE INDUSTRIAL WASTE AND OTHER ENVIRONMENTAL PROBLEMS IN THE BORDER REGION OVER 10 YEARS WORLD BANK OFFICIALS FIGURE THEY CAN COVER AT LEAST HALF OF THAT FUNDS ALSO ARE EXPECTED FROM SUCH INSTITUTIONS AS THE INTERAMERICAN DEVELOPMENT BANK AND FROM THE PRIVATE SECTOR THE WHITE HOUSE'S NATIONAL ECONOMIC COUNCIL ALSO IS DEBATING HOW TO RAISE FUNDS FOR BORDER CLEANUP AMONG THE MOST LIKELY PROSPECTS ARE A DEVELOPMENT BANK THAT WOULD FINANCE PROJECTS ON BOTH SIDES OF THE BORDER AND A NEW BORDER AUTHORITY THAT WOULD OVERSEE THE PROJECTS AND WOULD BE LINKED TO THE DEVELOPMENT BANK HOW TO PAY FOR ENVIRONMENTAL PROJECTS IS LIKELY TO BECOME A PART OF THE NAFTA NEGOTIATIONS WHICH SO FAR LARGELY HAVE INVOLVED MEASURES TO REQUIRE NAFTA NATIONS TO ENFORCE ENVIRONMENTAL AND LABOR LAWS BOB DAVIS CONTRIBUTED TO THIS ARTICLE 9309220172 930922 WHO'S NEWS WR BERKLEY CORP WR BERKLEY CORP GREENWICH CONN ROBERT V MENDELSOHN 47 YEARS OLD WILL RESIGN AS PRESIDENT OF THIS INSURANCE CONCERN AT YEAR'S END CHAIRMAN WILLIAM R BERKLEY 47 WILL SUCCEED HIM MR BERKLEY SAID MR MENDELSOHN HAS BEEN WITH THE COMPANY SINCE 1973 9309220171 930922 WHO'S NEWS UPJOHN CO UPJOHN CO KALAMAZOO MICH RICHARD H BROWN 46YEAROLD VICE CHAIRMAN OF AMERITECH CORP AND GERALDINE KENNEYWALLACE 50 PRESIDENT AND VICE CHANCELLOR OF MCMASTER UNIVERSITY HAMILTON ONTARIO WERE ELECTED TO THIS PHARMACEUTICAL CONCERN'S BOARD INCREASING ITS SIZE TO 13 MEMBERS 9309220170 930922 WHO'S NEWS TECHNICAL COMMUNICATIONS CORP TECHNICAL COMMUNICATIONS CORP CONCORD MASS PHILIP A PHALON 64 YEARS OLD AND AN INTERNATIONAL MARKETING CONSULTANT WAS ELECTED A DIRECTOR OF THIS MAKER OF CRYPTOGRAPHIC DEVICES HE FILLS A VACANCY CREATED BY THE RESIGNATION OF FRANK GABRON EARLIER THIS YEAR 9309220169 930922 FINANCING BUSINESS CHATEAU PROPERTIES INC CHATEAU PROPERTIES INC DETROIT SAID IT HAS FILED FOR AN INITIAL PUBLIC OFFERING TO RAISE 110 MILLION PROCEEDS WILL BE USED TO PAY DEBT AND FOR WORKING CAPITAL THE REAL ESTATE INVESTMENT TRUST WAS FORMED TO EXPAND CHATEAU ESTATES WHICH OWNS AND OPERATES MANUFACTURED HOUSING COMMUNITIES MERRILL LYNCH & CO BEAR STEARNS & CO AND AG EDWARDS & SONS INC ARE MANAGING UNDERWRITERS 9309220168 930922 FINANCING BUSINESS COBRA GOLF INC COBRA GOLF INC CARLSBAD CALIF SAID IT FILED FOR AN INITIAL PUBLIC OFFERING OF 3250000 COMMON SHARES AT 21 A SHARE THE MAKER OF GOLF CLUBS SAID THAT OF THE TOTAL 1750000 ARE NEW SHARES BEING OFFERED BY THE COMPANY AND 15 MILLION SHARES ARE BEING OFFERED BY SELLING SHAREHOLDERS SOME 625000 SHARES OF THE TOTAL ARE BEING OFFERED FOR SALE OUTSIDE THE US THE SALE WILL BE COMANAGED BY LEHMAN BROTHERS INC AND AG EDWARDS & SONS THE UNDERWRITERS HAVE A 30DAY OPTION TO BUY UP TO AN ADDITIONAL 487500 SHARES 9309220167 930922 WHO'S NEWS CINCINNATI MILACRON INC CINCINNATI MILACRON INC CINCINNATI D MICHAEL CLABAUGH 51 YEARS OLD WAS NAMED TO THE NEWLY CREATED POST OF GROUP VICE PRESIDENT MACHINE TOOLS HE WILL HAVE OVERALL RESPONSIBILITY FOR THE COMPANY'S MACHINETOOL OPERATIONS AND ACTIVITIES MR CLABAUGH WAS MOST RECENTLY VICE PRESIDENT ADVANCED SYSTEMS 9309220166 930922 INSIDER PERKINS BUYS SHARES OF GENENTECH TANDEM COMPUTERS NEW YORK THOMAS J PERKINS A SEASONED SAN FRANCISCOBASED VENTURE CAPITALIST HAS SNAPPED UP SHARES IN TWO MAJOR TECHNOLOGY COMPANIES WITH WHICH HE HAS HAD LONGSTANDING RELATIONSHIPS SEC DATA SHOW THAT IN EARLY AUGUST MR PERKINS BOUGHT ONE MILLION SHARES OF TANDEM COMPUTERS INC WHERE HE SERVES AS CHAIRMAN FOR A TOTAL OF 102 MILLION THAT REPRESENTS AN 85 INCREASE IN HIS TANDEM HOLDINGS THE DATA ALSO SHOW THAT AROUND THE SAME TIME MR PERKINS PURCHASED 43800 SHARES OF GENENTECH INC THE BIOTECHNOLOGY COMPANY FOR JUST UNDER 2 MILLION MR PERKINS IS A GENENTECH DIRECTOR AND A MEMBER OF THE ORIGINAL INVESTMENT GROUP THAT FORMED THE COMPANY 17 YEARS AGO THE PURCHASE REPRESENTED A 37 INCREASE IN HIS GENENTECH HOLDINGS IN AN INTERVIEW FROM NORWAY WHERE HE IS VACATIONING MR PERKINS SAID HE BOUGHT THE TANDEM SHARES HIS LARGEST SINGLE PURCHASE BECAUSE HE FELT THAT THE CUPERTINO CALIF COMPUTER COMPANY WAS UNDERVALUED AT 10 A SHARE HIS AVERAGE PURCHASE PRICE AND THAT IT WAS WELLPLACED TO EARN RECORD PROFITS IN THE FISCAL YEAR BEGINNING OCT 1 IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE YESTERDAY TANDEM CLOSED AT 10875 UP 50 CENTS GENENTECH RECENTLY RECEIVED TWO BITS OF GOOD NEWS IT RECEIVED MARKET APPROVAL FROM AN FDA ADVISORY PANEL FOR PULMOZYME A DRUG USED FOR TREATMENT OF CYSTIC FIBROSIS AND THE COMPANY'S OLDER DRUG TPA GOT A RECENT BOOST FROM A LARGE HEART STUDY THAT CAUSED A REBOUND IN MARKET SHARE FOR ACTIVASE THE REGISTERED TRADE MARK FOR TPA ROCHE HOLDING LTD OF BASEL SWITZERLAND CURRENTLY HOLDS AROUND 63 OF THE COMPANY AND HAS UNTIL JUNE 1995 TO ACQUIRE THE REST OF THE COMPANY AT AN OPTION PRICE OF 60 A SHARE AT ANY TIME THE SWISS COMPANY CAN BUY UP TO 75 OF THE CALIFORNIABASED BIOTECH GROUP AT MARKET PRICES MR PERKINS SAID HE BOUGHT INTO GENENTECH LARGELY BECAUSE HE FEELS THE STOCK WILL GO HIGHER IF EITHER ROCHE DECIDES TO BUY THE COMPANY OR IF IT PASSES WHICH WOULD REMOVE THE EFFECTIVE CAP ON THE STOCK AT PRESENT GENENTECH CLOSED AT 41375 DOWN 375 CENTS IN BIG BOARD TRADING EITHER WAY THE STOCK SHOULD GO UP HE SAID 9309220165 930922 INTERNATIONAL DUTCH COMPANY'S RIGHTS PLAN AMSTERDAM DUTCH PAPER GROUP KNP BT NV SAID IT PLANS TO OFFER SHAREHOLDERS THE RIGHT TO BUY ONE NEW SHARE FOR EVERY FIVE HELD KNP ALSO PLANS TO MERGE ITS PAPER MANUFACTURING OPERATIONS WITH ITS AUSTRIAN AFFILIATE LEYKAM AND WILL HOLD 90 OF THE MERGED COMPANY 9309220164 930922 UNIT CORP GAS DISCOVERY TULSA OKLA UNIT CORP SAID A NATURAL GAS DISCOVERY FLOWED AT 2140000 CUBIC FEET OF GAS A DAY THE EXPLORATION WELL IN HARPER COUNTY OKLA WAS TESTED ON A 16/64INCH RESTRICTED OPENING UNIT OWNS 100 OF THE WELL AND THE 320ACRE DRILLING SITE 9309220163 930922 WHO'S NEWS RJR NABISCO INC RJR NABISCO INC NEW YORK THIS FOOD TOBACCO AND CONSUMER PRODUCTS CONCERN NAMED CAROL J MAKOVICH VICE PRESIDENT CORPORATE COMMUNICATIONS MS MAKOVICH 39 YEARS OLD SUCCEEDS JASON H WRIGHT WHO IS NOW VICE PRESIDENT WORLDWIDE COMMUNICATIONS AT THE COMPANY MS MAKOVICH PREVIOUSLY WAS SENIOR VICE PRESIDENT AND MANAGING DIRECTOR OF THE NEW YORKBASED FINANCIAL RELATIONS DIVISION OF HILL & KNOWLTON A PUBLIC RELATIONS UNIT OF WPP GROUP PLC 9309220162 930922 WHO'S NEWS MATTEL INC MATTEL INC EL SEGUNDO CALIF THE TOY MAKER NAMED THOMAS ROMIG TO THE NEW POST OF EXECUTIVE VICE PRESIDENT MARKETING FOR SEVERAL PRODUCT LINES INCLUDING DISNEY BRAND TOYS HOT WHEELS DIECAST CARS MALE ACTION FIGURES ACTIVITY TOYS AND GAMES MR ROMIG 44 YEARS OLD WAS FORMERLY SENIOR VICE PRESIDENT MARKETING FOR ACTIVITY TOYS THERE ISN'T ANY PLAN TO NAME A SUCCESSOR A MATTEL SPOKESWOMAN SAID 9309220161 930922 YOUR MONEY MATTERS ROLLUPS COMPLICATE THE SALE OF LIMITEDPARTNERSHIP STAKES BY KAREN SLATER DAMATO STAFF REPORTER OF THE WALL STREET JOURNAL A RESURGENCE OF PARTNERSHIP REORGANIZATIONS IS MAKING LIFE MORE COMPLICATED FOR SOME INVESTORS WHO WANT TO DISPOSE OF OLDER LIMITEDPARTNERSHIP SECURITIES IN SOME CASES INVESTORS HAVE BEEN TEMPORARILY BLOCKED FROM SELLING THESE GENERALLY ILLIQUID INVESTMENTS IN THE INFORMAL SECONDARY OR RESALE MARKET WP CAREY & CO ONE MAJOR PARTNERSHIP SPONSOR HAS BARRED TRADING IN SIX OF ITS REALESTATE PARTNERSHIPS SINCE JULY 1 WHILE THE NEW YORK FIRM EVALUATES POSSIBLE TRANSACTIONS TO WIND DOWN THE PROGRAMS AND PAY OFF INVESTORS IN OTHER CASES WHERE PROPOSED REORGANIZATIONS ARE AWAITING REGULATORY CLEARANCE INVESTORS WHO NEED TO LIQUIDATE THEIR HOLDINGS ARE HAVING TO TRY TO GAUGE WHETHER THEY WILL FARE BETTER SELLING NOW FOR CASH OR TAKING A CHANCE ON THE VALUE OF NEW SECURITIES THEY WOULD RECEIVE IF THE TRANSACTIONS ARE COMPLETED FOR PEOPLE WHO NEED OUT IT'S A DILEMMA DO YOU HOLD DO YOU SELL WHAT DO YOU DO SAYS TIM RILEY DIRECTOR OF MARKETING FOR SHURGARD INC SEATTLE THAT SPONSOR IS SEEKING TO ROLL UP OR CONSOLIDATE 17 PARTNERSHIPS OWNING SELFSERVICE STORAGE FACILITIES INTO A NEW REALESTATE INVESTMENT TRUST THAT WOULD BE TRADED ON THE NASDAQ NATIONAL MARKET SYSTEM DISPOSING OF LIMITEDPARTNERSHIP INVESTMENTS HAS LONG BEEN PROBLEMATIC THESE SECURITIES WHICH MAKE INVESTORS PART OWNERS OF REAL ESTATE OR VARIOUS BUSINESS VENTURES WERE NEVER DESIGNED TO BE TRADED DURING LIFESPANS THAT TEND TO BE 10 OR MORE YEARS PARTNERSHIP SPONSORS GRIPE THAT INVESTORS GET UNREASONABLY LOW PRICES WHEN THEY SELL UNITS IN THE INEFFICIENT AND LOWVOLUME SECONDARY MARKET IN RECENT YEARS THOUGH MANY OTHER INVESTORS SUFFERED BIG LOSSES IN ROLLUPS THAT SEEMED DESIGNED TO ENRICH THE SPONSORS AT THE INVESTORS' EXPENSE THOSE PARTNERSHIP INVESTORS RECEIVED TRADABLE SECURITIES THAT PROMPTLY PLUMMETED IN PRICE INVESTORS ARE EXPECTED TO FARE BETTER IN A SECOND GENERATION OF ROLLUPS NOW BEING PROPOSED UNDER TOUGHENED REGULATORY GUIDELINES HOW MUCH BETTER REMAINS TO BE SEEN STILL AWAITING REGULATORY CLEARANCE ARE THE FIRST TWO BIG DEALS THE SHURGARD TRANSACTION VALUED BY THE FIRM AT AS MUCH AS 393 MILLION AND A POTENTIAL 821 MILLION ROLLUP INVOLVING 11 RESTAURANTPROPERTY PARTNERSHIPS FROM FRANCHISE FINANCE CORP OF AMERICA SCOTTSDALE ARIZ BOTH SHURGARD AND FRANCHISE FINANCE ARE WELLREGARDED SPONSORS WHOSE PROGRAMS ARE GENERALLY PROVIDING STEADY DISTRIBUTIONS TO HOLDERS A NUMBER OF PARTNERSHIP SPECIALISTS BELIEVE WOULDBE SELLERS ARE MAKING A MISTAKE IF THEY UNLOAD THEIR UNITS NOW SAYS PAUL FRAIN A NORTH REDINGTON BEACH FLA BROKER WHO WORKS FOR PARTNERSHIP SELLERS THE BEST THING FOR YOU TO DO AT THIS POINT IS JUST TO SIT TIGHT AND WAIT FOR THE ROLLUP TO GO THROUGH SPENCER JEFFERIES PRESIDENT OF DALLAS RESEARCH FIRM PARTNERSHIP PROFILES INC CONCURS AND IS PARTICULARLY EMPHATIC THAT WOULDBE SELLERS SHOULD HOLD OUT FOR THE SHURGARD ROLLUP THAT TRANSACTION FIRST PROPOSED IN FEBRUARY IS LIKELY TO BE APPROVED BY REGULATORS AND SENT TO INVESTORS WITHIN THE NEXT SEVERAL WEEKS HE EXPLAINS INVESTOR APPROVAL SEEMS LIKELY AND THE REIT WOULD IDEALLY BEGIN TRADING WHILE DEMAND FOR SUCH REALESTATE STOCKS CONTINUES STRONG WHILE PARTNERSHIP SECURITIES TYPICALLY CHANGE HANDS AT A DISCOUNT TO THE APPRAISED VALUE OF THEIR HOLDINGS MR JEFFERIES PREDICTS SHARES IN SHURGARD'S REIT WILL TRADE AT A PREMIUM TO APPRAISED VALUE WITHIN A FEW MONTHS OF THE ROLLUP THE FRANCHISE FINANCE ROLLUP PROPOSED IN JUNE COULD BE SEVERAL MORE MONTHS IN THE WORKS STILL SOME SOPHISTICATED SECONDARYMARKET INVESTORS ARE BUYING UP SHURGARD AND FRANCHISE FINANCE PARTNERSHIP UNITS IN HOPES OF TURNING THEM IN FOR MORE VALUABLE TRADABLE SECURITIES WHEN THE ROLLUPS ARE COMPLETED I EXPECT TO MAKE A PROFIT OF ABOUT 20 ON MY MONEY IN A YEAR SAYS ONE SUCH INVESTOR SECONDARYMARKET PRICES GATHERED BY MR JEFFERIES SUGGEST THAT SOME INVESTORS HAVE BEEN SELLING SHURGARD AND FRANCHISE FINANCE PARTNERSHIPS AT PRICES THAT ARE 20 30 OR MORE BELOW THE APPRAISED VALUES LISTED IN THE ROLLUP PROPOSALS THAT MAY REFLECT SELLERS' URGENT NEED FOR CASH OR PESSIMISM ABOUT THE PROPOSED ROLLUPS BUT THE PRICING MAY ALSO REFLECT A LACK OF INFORMATION WHILE PRELIMINARY ROLLUP DOCUMENTS HAVE BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND HAVE CERTAINLY BEEN STUDIED BY PROFESSIONAL SECONDARYMARKET BUYERS REGULATORY CONSTRAINTS HAVE BARRED SPONSORS FROM TELLING CURRENT HOLDERS WHAT THEY ARE PROPOSED TO RECEIVE UNTIL THE TRANSACTIONS GET REGULATORY CLEARANCE THAT LIMITATION HAS BEEN FRUSTRATING SAYS MR RILEY OF SHURGARD AND CREATES A POTENTIAL FOR THE INVESTOR TO GET HURT IN MAY SHURGARD ADVISED ITS INVESTORS THAT POTENTIAL PARTNERSHIP BUYERS MAY BE ACTING BASED UPON INFORMATION WHICH YOU HAVE NOT YET HAD A CHANCE TO REVIEW INVESTORS CONTEMPLATING A SALE SHOULD ASK THEIR BROKERS TO GET THEM THE PRICE INFORMATION FROM THE ROLLUP PROPOSALS SOME PROFESSIONAL INVESTORS IN THE SECONDARY MARKET APPEAR TO HAVE MADE HEFTY SUMS IN A SOMEWHAT DIFFERENT TRANSACTION THE RECENT TENDER OFFER BY PARKER & PARSLEY PETROLEUM CO FOR 35 TROUBLED ENERGY PARTNERSHIPS SPONSORED BY PRUDENTIAL SECURITIES INC A UNIT OF PRUDENTIAL INSURANCE CO OF AMERICA FOR INSTANCE THE SAME INVESTOR WHO IS CURRENTLY BUYING SHURGARD AND FRANCHISE FINANCE UNITS SAYS HE BOUGHT SOME PRUDENTIAL UNITS AT 25 AND 30 LAST YEAR AND WAS BOUGHT OUT FOR MORE THAN 100 EACH A BIDDING WAR AMONG POTENTIAL ACQUIRERS SHARPLY BOOSTED THE PAYMENTS TO INVESTORS IN THOSE PRUDENTIAL PARTNERSHIPS MEANWHILE PARTNERSHIP OFFICIALS ARE WATCHING TO SEE WHAT TYPE OF RESTRUCTURING TRANSACTION IF ANY WILL BE PROPOSED BY WP CAREY FOR ITS FIRST SIX CORPORATE PROPERTY ASSOCIATES PARTNERSHIPS THOSE REALESTATE PARTNERSHIPS WHICH HAVE BEEN VERY STRONG PERFORMERS RAISED A TOTAL OF ABOUT 230 MILLION FROM INVESTORS IDEALLY THE COMPANY'S CHAIRMAN WILLIAM P CAREY SAYS HE HOPES TO OFFER INVESTORS CASH NOT NEW SECURITIES AT THE PARTNERSHIPS' APPRAISED VALUES ONE WAY TO DO THAT HE SAYS MIGHT BE BY SELLING A NEW REIT TO INVESTORS AND HAVING THE REIT BUY THE PARTNERSHIP PROPERTIES THE LENGTH OF THE CAREY TRADING SUSPENSION RAISES A FEW EYEBROWS IN THE SECONDARY MARKET BUT MR CAREY SAYS THE FIRM HASN'T RECEIVED ANY COMPLAINTS FROM CURRENT INVESTORS BESIDES HE SAYS IF WE DID COME UP WITH SOMETHING THAT IS CLOSER TO APPRAISED VALUE THAN THE SECONDARY MARKET VALUE IT WOULD OBVIOUSLY BE IN THE INVESTORS' BEST INTEREST NOT TO HAVE SOLD 9309220160 930922 WHO'S NEWS OKI ELECTRIC INDUSTRY CO OKI ELECTRIC INDUSTRY CO TOKYO HIROSHI YAMAZAKI 52 YEARS OLD WAS NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF OKI AMERICA INC THE HOLDING COMPANY FOR US SUBSIDIARIES OF THIS JAPANESE TELECOMMUNICATIONS COMPANY MR YAMAZAKI WHO HAS BEEN SENIOR MANAGER OF CORPORATE PLANNING FOR THE PARENT SUCCEEDS KEISUKE ARAKI 58 WHO IS RETIRING 9309220159 930922 OPEN THE AIRWAVES TO COMPETITION BY RICHARD D STAMBERGER IN A DECISION THAT WILL HAVE WIDESPREAD IMPLICATIONS FOR THE TELECOMMUNICATIONS INDUSTRY THE FEDERAL COMMUNICATIONS COMMISSION WILL ANNOUNCE TOMORROW THE RULES OF COMPETITION FOR THE NEXT GENERATION OF WIRELESS COMMUNICATIONS WITH INCREASING NUMBERS OF CONSUMERS EXPECTED TO BE USING CELLULAR PHONES IN THE FUTURE THIS DECISION WILL AFFECT THE LIVES OF EVERYDAY AMERICANS THE ISSUE IS SIMPLE THE FCC'S DECISION WILL PUT THE FINISHING TOUCHES ON THE RULES FOR JUST WHO CAN PARTICIPATE IN SOMETHING CALLED A SPECTRUM AUCTION THIS AUCTION IN WHICH PIECES OF THE AIRWAVES ARE SOLD TO THE HIGHEST BIDDER WAS DESIGNED FOR SMALL COMPANIES LIKE MINE THAT WANT TO PROVIDE NEW PERSONAL COMMUNICATIONS SERVICES PCS TO CONSUMERS SENSING THE STRONG MARKET POTENTIAL OF NEW WIRELESS PERSONAL COMMUNICATORS WHICH WILL OFFER A WIDE VARIETY OF VOICE DATA AND VIDEO SERVICES TO A MUCH WIDER AUDIENCE A GROUP OF BILLIONDOLLAR CABLE AND COMMUNICATIONS FIRMS INCLUDING TIME WARNER AND MCI HAVE BEEN LOBBYING THE FCC TO STRUCTURE THE AUCTION IN SUCH A WAY AS TO LIMIT COMPETITION AND BIDDING THE COMPANIES IN QUESTION ARE PETITIONING THE FCC TO AUCTION A VERY SMALL NUMBER OF LICENSES THAT WOULD COVER VAST AREAS OR PERHAPS THE ENTIRE NATION DESPITE THE FACT THAT THE SMALL BUSINESS ADMINISTRATION AND THE FCC ITSELF HAVE PRODUCED STUDIES THAT ARGUE IN FAVOR OF SMALL MARKETS AND MANY BIDDERS THE NET EFFECT OF THE GOLIATH PLAN IF ADOPTED WOULD BE TO PRICE THE DAVIDS THE SMALL FIRMS AND ENTREPRENEURS WHO PIONEERED THESE TECHNOLOGIES IN THE FIRST PLACE OUT OF THE AUCTION ALTOGETHER AND PROBABLY LOWER AUCTION REVENUES GROUPS AS DIVERSE AS THE ANTITAX NATIONAL TAXPAYERS UNION AND RALPH NADER'S LIBERAL TAXPAYER ASSET PROJECT HAVE ADVISED THE FCC THAT EXCLUDING INTERESTED BIDDERS COULD DENY CONGRESS BILLIONS OF DOLLARS OF EXPECTED REVENUE THE ARGUMENT BY A FEW LARGE COMPANIES THAT ONLY THEY HAVE THE TECHNOLOGICAL KNOWHOW AND FINANCING TO BUILD PCS SYSTEMS FLIES IN THE FACE OF INCREASING COMPETITION IN THE WORLD OF TELECOMMUNICATIONS ENTREPRENEURS IN THIS INDUSTRY KNOW JUST THE OPPOSITE IS TRUE THERE IS AN ALTERNATIVE APPROACH WITH A CATCHY NAME IT'S CALLED COMPETITION RATHER THAN AUCTION THE SPECTRUM IN HUGE CHUNKS THE FCC COULD STRUCTURE ITS PLAN SO THAT SMALL FIRMS AND ENTREPRENEURS COULD COMPETE ON EQUAL FOOTING WITH THE BIG CONGLOMERATES IN A RECENT LETTER TO THE FCC THE NATIONAL TELECOMMUNICATIONS AND INFORMATION AGENCY WHICH DEVISES POLICY FOR THE CLINTON ADMINISTRATION ENDORSED SUCH A PROPOSAL THE ORIGINAL IDEA BEHIND THE AUCTION WAS SOUND IN THE PAST THE GOVERNMENT HAS GIVEN TV RADIO AND CELLULAR LICENSES AWAY FOR FREE THROUGH EITHER LOTTERIES OR LENGTHY PUBLIC HEARINGS A SPECTRUM AUCTION WOULD ESSENTIALLY REINVENT THIS INEFFICIENT PROCESS ENDING THE COSTLY DELAYS OF PUBLIC HEARINGS DISCOURAGING LOTTERY SPECULATION AND HERE'S THE NICE SURPRISE REAPING UP TO 10 BILLION FOR THE US TREASURY UNFORTUNATELY NO ONE HAS YET FOUND A WAY TO UNINVENT THE BILLIONDOLLAR SPECIAL INTERESTS THAT ARE THREATENING TO TURN THIS GOOD IDEA INTO ANOTHER INSIDER DEAL IF 30 YEARS OF INCREASING COMPETITION IN THE TELECOMMUNICATIONS MARKETPLACE HAS TAUGHT US ANYTHING IT IS THAT SMALL EMERGING COMPANIES PROVIDE NEW IDEAS RISKTAKING AND INNOVATION THAT BENEFITS CONSUMERS AND CREATES JOBS IT WAS TRUE IN LONGDISTANCE COMPETITION IT WAS TRUE FOR THE BIRTH OF THE 8 BILLION CELLULAR INDUSTRY AND IT CAN BE TRUE FOR THE NEW GENERATION OF WIRELESS COMMUNICATORS NOW COMING TO MARKET THE CHOICE FOR THE SPECTRUM AUCTION COULD NOT BE MORE CLEAR BETWEEN OPEN COMPETITION ON THE ONE HAND AND MARKET MANIPULATION ON THE OTHER MR STAMBERGER IS COFOUNDER OF QUEST PARTNERS A BOSTONBASED TELECOMMUNICATIONS FIRM AND A MEMBER OF THE WASHINGTONBASED COALITION FOR WIRELESS COMPETITION 9309220158 930922 TECHNOLOGY FOREIGNERS' SHARE OF JAPAN'S MARKET FOR CHIPS DECLINES BY DAVID P HAMILTON STAFF REPORTER OF THE WALL STREET JOURNAL TOKYO FOREIGN COMPANIES' SHARE OF THE JAPANESE SEMICONDUCTOR MARKET FELL TO 192 IN THE SECOND QUARTER THE SECOND SUCH DECLINE SINCE THE FOREIGN SHARE EXCEEDED A BENCHMARK LEVEL OF 20 AT THE END OF 1992 THE DECLINE IN SHARE IMMEDIATELY RAISED CONCERNS AMONG US GOVERNMENT AND INDUSTRY OFFICIALS THAT JAPAN IS BACKSLIDING ON THE TERMS OF A USJAPAN SEMICONDUCTOR AGREEMENT THAT PACT HAS BECOME A MODEL FOR THE CLINTON ADMINISTRATION'S RESULTSORIENTED TRADE POLICY UNDER WHICH THE US HAS SOUGHT TO SET NUMERICAL GOALS THAT IT CAN USE TO PRESSURE JAPAN INTO INCREASING IMPORTS THE US HAS LONG INTERPRETED THE SEMICONDUCTOR AGREEMENT AS A JAPANESE PROMISE THAT FOREIGN SHARE OF THE CHIP MARKET WOULD REACH 20 BY THE END OF 1992 WITH CONTINUED PROGRESS IN MARKET ACCESS TO FOLLOW JAPAN DISPUTES THE US INTERPRETATION CONTENDING THE AGREEMENT MERELY DESCRIBES THE 20 GOAL AS AN EXPECTATION OF THE US SEMICONDUCTOR INDUSTRY FOREIGN SHARE REACHED 202 IN THE FOURTH QUARTER OF 1992 SURPRISING US INDUSTRY OFFICIALS WHO HAD EXPECTED TO ACHIEVE A 17 OR 18 SHARE US COMPANIES SUPPLY MOST OF THE FOREIGN SEMICONDUCTORS IN JAPAN SINCE THEN HOWEVER THE FOREIGN SHARE HAS SLIPPED TWICE TO 196 IN THE FIRST QUARTER AND TO 192 IN THE SECOND ACCORDING TO JAPAN'S MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY US OFFICIALS SUGGESTED THAT THE US WILL BEGIN TAKING A HARDER LINE ON THE SEMICONDUCTOR TRADE FRONT WHICH HAS BEEN LARGELY QUIESCENT SINCE THE FOURTH QUARTER OF 1992 THE NUMBERS ARE DISAPPOINTING SAID ONE US OFFICIAL IT'S HARD TO RECONCILE WHAT'S HAPPENED OVER THE YEAR WITH THE AGREEMENT THE SAME OFFICIAL NOTED THAT US TRADE REPRESENTATIVE MICKEY KANTOR HAS IN THE PAST CALLED FOR FOREIGN SHARE TO REACH AN AVERAGE OF 20 OVER ALL FOUR QUARTERS OF 1993 HE SAID THE LATEST FIGURES WILL MAKE ACHIEVING THAT GOAL MUCH MORE DIFFICULT INDUSTRY OFFICIALS TOO WERE CONCERNED IF THAT IS THE NUMBER IT WILL BE A MATTER OF REAL CONCERN SAID ALAN W WOLFF LEGAL COUNSEL FOR THE US SEMICONDUCTOR INDUSTRY ASSOCIATION IT WOULD BE A VERY SERIOUS DEVELOPMENT MR WOLFF SAID THE CLINTON ADMINISTRATION CAME IN AND SAID MEASURABLE PROGRESS IS ESSENTIAL FOR ACHIEVING SUCCESS IN USJAPAN TRADE PROBLEMS HE ADDED THIS IS THE QUINTESSENTIAL AGREEMENT THAT HAS AS MEASURABLE GOAL AND IT'S WORKED IF THAT SLIPS AWAY THAT'S A BAD SIGN FOR OTHER SECTORS AS WELL 9309220157 930922 WHO'S NEWS FIRST CENTRAL FINANCIAL CORP FIRST CENTRAL FINANCIAL CORP LYNBROOK NY SAUL ERDMAN 70 YEARS OLD WAS NAMED A DIRECTOR OF THE PROPERTY/CASUALTY INSURER MR ERDMAN A CONSULTANT AND A BROKER IN THE SOFTDRINK INDUSTRY WAS FORMERLY PRESIDENT AND CHIEF EXECUTIVE OFFICER OF AMERICAN BEVERAGE CORP HE SUCCEEDS MICHAEL BROWN WHO RESIGNED FOR PERSONAL REASONS 9309220156 930922 INTERNATIONAL BRIEF JARDINE MATHESON HOLDINGS LTD COMPANY POSTS 14 INCREASE IN EARNINGS RAISES DIVIDEND NET TOTALED 1738 MILLION US UP FROM 1518 MILLION REVENUE WAS UP 61 TO 404 BILLION THE DIVIDEND WAS BOOSTED TO 68 CENTS A SHARE FROM 37 CENTS IN ADDITION THE GROUP SAID NIGEL RICH WOULD RETIRE AS MANAGING DIRECTOR OF JARDINE MATHESON AND ITS RELATED COMPANIES EARLY NEXT YEAR EFFECTIVE IN MARCH ALASDAIR MORRISON WILL SUCCEED MR RICH AS MANAGING DIRECTOR OF JARDINE MATHESON JARDINE STRATEGIC HOLDINGS LTD HONGKONG LAND HOLDINGS LTD DAIRY FARM INTERNATIONAL HOLDINGS LTD AND MANDARIN ORIENTAL INTERNATIONAL LTD AND AS A DIRECTOR OF JARDINE INTERNATIONAL MOTOR HOLDINGS LTD 9309220155 930922 LETTERS TO THE EDITOR WHY THE DISDAIN YOUR AUG 25 CAPITAL JOURNAL RELIGIOUS REVIVAL IN RUSSIA RILES SOME NATIONALISTS RILED ME AS ONE WHO WENT TO THE FORMER SOVIET UNION IN 1990 TO DO MISSIONARY WORK I WAS OFFENDED BY THE DISDAIN FOR EVANGELISM NOT ONLY DO YOU EQUATE EVANGELICAL CHRISTIANS WITH FOLLOWERS OF CULTS BUT YOU QUESTION THE INTENTIONS OF MISSIONARY EFFORTS THAT AIM TO CONVERT PEOPLE 9309220154 930922 WITHOUT HIM THEY MIGHT FORGET WHO THEY ARE AND WIN A PENNANT BY MITCHELL PACELLE STAFF REPORTER OF THE WALL STREET JOURNAL WHEN THE CLEVELAND INDIANS MOVE TO THEIR NEW BALLPARK AFTER THE SEASON THEY WON'T BE BRINGING THEIR MOST ENDURING TEAM MEMBER THE 28FOOT CHIEF WAHOO WHO HAS WIELDED HIS BAT FROM THE TOP RIM OF AGING CLEVELAND STADIUM SINCE 1962 IT'S TOO OLD AND TIRED TO MAKE THE TRIP SAYS TEAM SPOKESMAN BOB DIBIASIO BUT TRADITIONS DIE HARD AMONG LONGTIME FANS I WAS OUTRAGED TO HEAR ABOUT IT SAYS SEASON TICKET HOLDER JENNIFER BOWLES WHO REMEMBERS THE GRINNING INDIAN CARICATURE SINCE SHE WAS A TOT IT JUST KIND OF BROKE MY HEART NEVER MIND THAT THE MOTOR THAT ROTATED THE CHIEF ON HIS REAR LEG FAILED IN THE EARLY 1970S OR THAT MANAGEMENT PULLED THE PLUG ON ITS FAILING NEON SHORTLY THEREAFTER OR EVEN THAT NATIVE AMERICAN ACTIVISTS CONSIDERED THE TEAM LOGO RACIST MS BOWLES AND OTHER LIKEMINDED FANS FORMED SAVE THE CHIEF AND HELPED PERSUADE THE TEAM TO RETAIN THE INDIAN LOGO SAVING THE SIGN HAS BEEN HARDER THOUGH AT LEAST A DOZEN WOULDBE SAVIORS CONTACTED THE TEAM PEOPLE JUST CALL AND SAY I WANT THAT THING FOR MY GARAGE' SAYS MR DIBIASIO TAVERN OWNERS ALSO EXPRESSED INTEREST IN THE CHIEF BUT THE TEAM HAS NO INTENTION WHATSOEVER OF GIVING OR SELLING THE CHIEF TO ANYONE AFTER THE SIGN IS CUT DOWN THIS FALL WE WANT TO GET IT DOWN BUT WE REALLY DON'T KNOW WHAT WE'RE GOING TO DO WITH IT SAYS DENNIS LEHMAN AN INDIANS SENIOR VICE PRESIDENT I THINK WE'RE JUST GOING TO SCRAP IT AND GIVE IT ITS PROPER BURIAL WITH TWO OUT IN THE BOTTOM OF THE NINTH MS BOWLES IS SEARCHING IN DESPERATION FOR A HISTORICAL COLLECTION TO TAKE THE SIGN THIS IS A REAL WHITE ELEPHANT ADMITS SARAH NORMAN A CLEVELAND PRESERVATION LAWYER WHO VOLUNTEERED TO HELP IT'S A CHALLENGE IT'S MUCH EASIER TO SAVE SOME PLACE WHERE GEORGE WASHINGTON SLEPT PETER CLARK WHO'S IN CHARGE OF THE COLLECTIONS AT THE BASEBALL HALL OF FAME SAYS HE CONSIDERED TAKING THE SIGN FOR THE MUSEUM'S BALLPARK BUT CONCLUDED THE VILLAGE FATHERS WOULDN'T BE KEEN ON HAVING A GRINNING INDIAN TOWERING OVER THE SMALL TOWN OF COOPERSTOWN NY MS BOWLES ADMITS THAT THE SIGN NEEDS A LOT OF WORK BUT BRISTLES AT SUGGESTIONS THAT IT ISN'T WORTH SAVING I WOULDN'T RECOMMEND COMING DOWN TO THE STADIUM FOR THE LAST CLEVELAND INDIANS GAME AND TALKING ABOUT IT AS A PIECE OF JUNK SHE WARNS 9309220153 930922 INTERNATIONAL BRIEF GROUPE MICHELIN TIRE COMPANY POSTS A LOSS BUT IMPROVEMENT IS FORECAST GROUPE MICHELIN THE FRENCH TIRE MAKER PLUNGED INTO THE RED IN THE FIRST HALF OF THIS YEAR THE RESULT OF THE DISMAL WORLD AUTO INDUSTRY BUT COMPANY OFFICIALS SAY AN IMPROVEMENT IS PROBABLE OVER THE REST OF THE YEAR A RISING MARKET AND THE EFFECTS OF AN AUSTERITY PACKAGE AIMED AT CUTTING OPERATING COSTS BY 35 BILLION FRANCS 623 MILLION OVER THE NEXT TWO YEARS SHOULD ALLOW THE COMPANY TO CLIMB OUT OF THE RED NEXT YEAR AND THE BIG PROFITS WILL COME IN 1995 SOME ANALYSTS BELIEVE MICHELIN TURNED IN A LOSS OF 319 BILLION FRANCS FOR THE HALF COMPARED WITH A PROFIT OF 820 MILLION FRANCS A YEAR EARLIER THE RESULT WAS IN LINE WITH ANALYSTS' EXPECTATIONS SALES FELL 12 TO 3062 BILLION FRANCS OR A DECLINE OF 79 AFTER ADJUSTMENT FOR FOREIGNEXCHANGE FLUCTUATIONS 9309220152 930922 GIII OPENS ITS SECOND OUTLET NEW YORK GIII APPAREL GROUP LTD SAID IT OPENED A SECOND RETAIL OUTLET IN READING PA THAT WILL SERVE AS A PROTOTYPE FOR STORE EXPANSION THE APPAREL MANUFACTURER WHICH SINCE 1990 HAS OPERATED A SINGLE OUTLET STORE ADJACENT TO ITS SECAUCUS NJ WAREHOUSE SAID THE NEW 3500SQUAREFOOT STORE SELLS GIII'S FULL LINE OF OUTERWEAR AND SPORTSWEAR THE COMPANY SAID IT EXPECTS TO OPEN A THIRD OUTLET AT THE END OF THE MONTH IN LANCASTER PA AND A FOURTH OUTLET IN OCTOBER THE SITE OF THE FOURTH OUTLET WASN'T DISCLOSED 9309220151 930922 FINANCING BUSINESS NEW MEXICO POWER CO TEXAS NEW MEXICO POWER CO FORT WORTH TEXAS A UNIT OF TNP ENTERPRISES INC SAID IT'S OFFERING 240 MILLION IN DEBT SECURITIES THE SECURITIES INCLUDE 100 MILLION OF FIRST MORTGAGE BONDS WITH 925 INTEREST MATURING SEPT 15 2000 AND 140 MILLION OF SECURED DEBENTURES AT 1075 INTEREST ALSO MATURING SEPT 15 2000 DILLON READ & CO AND CHASE SECURITIES INC ARE THE UNDERWRITERS NET PROCEEDS PLUS AVAILABLE CASH WILL BE USED TO REDEEM APPROXIMATELY 22 MILLION OF FIRST MORTGAGE BONDS OUTSTANDING AND TO PREPAY 2217 MILLION OF BANK LOANS OUTSTANDING FOR THE COMPANY'S LIGNITEFUELED POWER PLANT THE UTILITY HOLDING COMPANY SAID THAT AFTER REDUCTIONS IN BANK LOANS THERE WILL BE A BALANCE OF 137750000 OF THE ORIGINAL 6335 MILLION USED TO FINANCE THE CONSTRUCTION OF THE LIGNITE POWER PLANT 9309220150 930922 CONRAIL MAY CUT WORK FORCE PHILADELPHIA CONRAIL INC SAID IT WILL REORGANIZE ITS FREIGHTTRAIN OPERATIONS AROUND HARRISBURG PA WHICH MAY REDUCE BY ABOUT 18 ITS WORK FORCE IN THE AREA THE RAILFREIGHT TRANSPORTATION NETWORK SAID THE CHANGES EFFECTIVE OCT 4 WILL ELIMINATE THE NEED TO PROCESS FREIGHT CARS NOT ORIGINATED BY OR DESTINED TO HARRISBURGAREA CUSTOMERS CONRAIL SAID 198 OF ITS MORE THAN 1100 EMPLOYEES IN THE HARRISBURG AREA WILL BE AFFECTED BUT IT SAID MANY WILL HAVE THE OPPORTUNITY TO TRANSFER TO OTHER POSITIONS 9309220149 930922 GENERAL SIGNAL UNIT FINDS BUYER STAMFORD CONN GENERAL SIGNAL CORP SAID IT SIGNED A LETTER OF INTENT TO SELL ITS ASSEMBLY TECHNOLOGIES UNIT TO A NEW BUYER THE MAKER OF EQUIPMENT AND INSTRUMENTS FOR ELECTRICAL AND INDUSTRIAL COMPANIES SAID A PLANNED SALE TO ANOTHER POTENTIAL BUYER IN MAY WASN'T COMPLETED BECAUSE OF AN IMPASSE THE NEW BUYER WASN'T IDENTIFIED ASSEMBLY TECHNOLOGIES WHICH MAKES DIE ATTACH SYSTEMS AND DICING SAWS USED IN FABRICATING MICROCHIPS EMPLOYS ABOUT 100 PEOPLE GENERAL SIGNAL SAID IT EXPECTS TO COMPLETE THE SALE BEFORE THE YEAR'S END 9309220148 930922 MARKETING & MEDIA HEARST'S ESQUIRE NAMES EDWARD KOSNER OF NEW YORK MAGAZINE EDITOR IN CHIEF BY MEG COX STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK JUST AS IT CELEBRATES ITS 60TH ANNIVERSARY ESQUIRE MAGAZINE REMOVED ITS EDITOR IN CHIEF REPLACING HIM WITH EDWARD KOSNER LONGTIME EDITOR OF NEW YORK MAGAZINE MR KOSNER 56 YEARS OLD WILL REPLACE TERRY MCDONELL 48 WHO HAS BEEN EDITOR IN CHIEF OF ESQUIRE FOR 2 1/2 YEARS HEARST CORP'S MAGAZINE DIVISION WHICH PUBLISHES ESQUIRE DIDN'T GIVE A REASON FOR THE ABRUPT SWITCH BUT PUBLISHERS OF OTHER MAGAZINES SAY ESQUIRE'S CIRCULATION HAS BEEN DECLINING ALONG WITH ITS REPUTATION FOR SOME TIME EFFECTIVE MIDOCTOBER WHEN MR KOSNER TAKES OVER ESQUIRE HEARST SAID MR MCDONELL WILL BECOME EDITOR IN CHIEF AND PUBLISHER OF ANOTHER HEARST MAGAZINE SPORTS AFIELD THE EDITOR IN CHIEF OF THAT MAGAZINE TOM PAUGH 64 WILL BECOME EDITOR EMERITUS UNTIL HIS RETIREMENT NEXT APRIL PETER HERBST MANAGING EDITOR OF NEW YORK MAGAZINE WAS NAMED ACTING EDITOR PENDING A SEARCH FOR A NEW EDITOR IN CHIEF MR KOSNER WHO HAS SPENT THE PAST 13 YEARS EDITING NEW YORK MAGAZINE AFTER 16 YEARS ON THE STAFF OF NEWSWEEK IS CREDITED WITH TURNING NEW YORK MAGAZINE AROUND IN THE '80S WHEN HE ARRIVED IN 1980 NEW YORK MAGAZINE HAD CIRCULATION OF ABOUT 375000 ABOUT 1100 ADVERTISING PAGES ANNUALLY AND WAS LOSING MONEY AT ITS PEAK IN THE MID'80S NEW YORK BOASTED A CIRCULATION OF ABOUT 420000 SOLD ABOUT 3300 ADVERTISING PAGES AND WAS EXTREMELY PROFITABLE MR KOSNER BROUGHT IN YOUNG SPRIGHTLY WRITERS AND FILLED THE MAGAZINE WITH SERVICE AND LIFESTYLE PIECES SPECULATION IN THE MAGAZINE WORLD IS THAT MR KOSNER WILL MAINTAIN ESQUIRE'S REPUTATION FOR PUBLISHING GOOD WRITING BUT WILL EXPAND ITS EMPHASIS ON SERVICE PIECES FOR MEN GIVING THEM MORE ADVICE ABOUT EVERYTHING FROM THEIR WARDROBES TO THEIR RELATIONSHIPS WITH WOMEN SERVICE AND INFORMATION ARE A USEFUL PART OF ANY MAGAZINE AND I'M SURE I'LL DO SOME OF THAT SAID MR KOSNER BUT I WANT TO STRESS THIS ISN'T A RADICAL REPOSITIONING ESQUIRE ALREADY HAS ALL THE ELEMENTS IT NEEDS TO BE GREAT ACCORDING TO THE AUDIT BUREAU OF CIRCULATIONS ESQUIRE'S PAID CIRCULATION FOR THE SIX MONTHS ENDED JUNE 30 WAS ROUGHLY FLAT AT ABOUT 714000 COMPARED WITH THE YEAR EARLIER BUT SINGLECOPY SALES FELL ALMOST 9 IN THE FIRST HALF AND THE OVERALL CIRCULATION HAS FALLEN FROM 740000 DURING THE PAST THREE YEARS UNDER MR MCDONELL'S EDITORSHIP ESQUIRE IS PERCEIVED TO HAVE LOST LUSTER WHILE OTHER MAGAZINES ESPECIALLY GQ BECAME MORE HIP AND FASHIONABLE FOR A DECADE PEOPLE ON MADISON AVENUE AND ELSEWHERE HAVE SAID THAT ESQUIRE WASN'T WHAT IT HAD BEEN SAID BOB NYLEN A MAGAZINE CONSULTANT IT ISN'T THAT ESQUIRE ISN'T GOOD ANYMORE BUT THAT GQ EMERGED AS A REAL STRONG FORCE WHILE ESQUIRE GOT LESS INTERESTED IN WRITING ABOUT FASHION IN RECENT YEARS GQ CONTINUED TO COVER IT WELL WHILE ALSO ADDING A LOT OF STRONG JOURNALISTIC PIECES THAT USED TO BE ESQUIRE'S FORTE GQ IS PUBLISHED BY CONDE NAST PUBLICATIONS A UNIT OF ADVANCE PUBLICATIONS INC WHICH IS OWNED BY THE NEWHOUSE FAMILY DURING 1992 ESQUIRE SOLD JUST OVER 1000 PAGES OF ADVERTISING WHILE GQ SOLD MORE THAN 1500 ALSO THIS YEAR GQ'S CIRCULATION TOPPED ESQUIRE'S FOR THE FIRST TIME AT 732000 MR HERBST WILL BE AMONG THE CANDIDATES IN THE SEARCH FOR A NEW EDITOR IN CHIEF OF NEW YORK MAGAZINE SAID HARRY MCQUILLEN HEAD OF KIII MAGAZINE GROUP WHICH OWNS NEW YORK ALONG WITH SEVENTEEN PREMIERE AND A NUMBER OF OTHER MAGAZINES AND WHICH IS ITSELF A UNIT OF KIII HOLDINGS MR MCQUILLEN ADDED THAT WHILE NEW YORK MAGAZINE HAS BEEN HURT BY THE RETAILING RECESSION THAT HAS AFFECTED MOST MAGAZINES ITS ADVERTISING REVENUE HAS GROWN ABOUT 10 SO FAR THIS YEAR AND PROFIT HAS INCREASED AT ABOUT THE SAME RATE IN MOVING TO SPORTS AFIELD MR MCDONELL WILL BE EDITING A MAGAZINE WITH A CIRCULATION OF ABOUT 500000 AND RETURNING TO HIS ROOTS IN A WAY HE WAS ONE OF THE FOUNDING EDITORS OF BOTH OUTSIDE MAGAZINE AND ROCKY MOUNTAIN MAGAZINE NEW YORK MAGAZINE IN 1980 SOLD 2226 PAGES OF ADVERTISING ACCORDING TO THE PUBLISHERS INFORMATION BUREAU BASED ON ERRONEOUS INFORMATION SUPPLIED BY NEW YORK MAGAZINE EDITOR EDWARD KOSNER AN ARTICLE YESTERDAY STATED THAT THE MAGAZINE SOLD 1100 PAGES OF ADVERTISING THAT YEAR 9309220146 930922 ONTARIO TRIMS LIST TO FOUR IN BIDDING TO BUILD CASINO TORONTO THE ONTARIO GOVERNMENT NARROWED TO FOUR THE NUMBER OF COMPANIES AND PARTNERSHIPS COMPETING TO BUILD AND OPERATE A CASINO IN WINDSOR ONTARIO ACROSS THE CANADIAN BORDER FROM DETROIT THE GOVERNMENT EXPECTS TO MAKE ITS FINAL SELECTION BY THE END OF OCTOBER GAMBLING IS EXPECTED TO BEGIN EARLY NEXT YEAR IN TEMPORARY QUARTERS WHILE WORK BEGINS ON A PERMANENT CASINO COMPLEX THE PROVINCE EXPECTS THE CASINO TO ATTRACT ABOUT 10000 PATRONS A DAY MOSTLY FROM THE US THE FOUR FINALISTS ARE AZTAR CORP A PHOENIX ARIZ CASINO OPERATOR HARRAH'S CASINO DIVISION OF PROMUS COS MEMPHIS TENN A PARTNERSHIP BETWEEN SUBSIDIARIES OF BALLY MANUFACTURING CORP CHICAGO AND CANADIAN PACIFIC LTD BASED IN MONTREAL AND A JOINT VENTURE FORMED BY HILTON HOTELS CORP AND CASINO OPERATORS CAESARS WORLD INC AND CIRCUS CIRCUS ENTERPRISES INC CAESARS WORLD IS BASED IN LOS ANGELES CIRCUS CIRCUS IN LAS VEGAS AND HILTON HOTELS IN BEVERLY HILLS CALIF 9309220145 930922 FINANCING BUSINESS TALBOTS INC TALBOTS INC HINGHAM MASS FILED FOR AN INITIAL PUBLIC OFFERING OF 11 MILLION COMMON SHARES IN THE FILING WITH THE SECURITIES AND EXCHANGE COMMISSION THE CATALOG CONCERN AND SPECIALTY RETAILER OF WOMEN'S APPAREL SHOES AND ACCESSORIES SAID THAT IT EXPECTS AN INITIAL PRICE RANGE OF 15 TO 17 A SHARE AND THAT IT WILL USE PROCEEDS TO PURCHASE CERTAIN TALBOT'S TRADEMARKS FROM JUSCO EUROPE BV AND REPAY DEBT TALBOTS WITH 313 STORES IN 44 STATES SAID IT WILL HAVE 331 MILLION COMMON SHARES OUTSTANDING AFTER THE OFFERING 9309220144 930922 TECHNOLOGY IMCERA UNIT BUYS DAR IN ITALY NORTHBROOK ILL IMCERA GROUP INC SAID ITS MALLINCKRODT MEDICAL UNIT HAS ACQUIRED DAR SPA OF MIRANDOLA ITALY A MAKER OF ANESTHESIOLOGY AND RESPIRATORY CARE PRODUCTS TERMS WEREN'T DISCLOSED THE HEALTH PRODUCTS AND SPECIALTY CHEMICALS CONCERN SAID DAR IS A PRIVATELY HELD COMPANY THAT MAKES DISPOSABLE FILTERS HEAT/MOISTURE EXCHANGERS MASKS AND BREATHING CIRCUITS USED IN OPERATING ROOMS AND INTENSIVE CARE UNITS DAR WHICH HAD 1992 SALES OF 17 MILLION EXPECTS 1993 SALES OF 24 MILLION 9309220143 930922 STAR BANC JOINS MAC CINCINNATI STAR BANC CORP SIGNED A LETTER OF INTENT WITH MONEY ACCESS SERVICE CORP A UNIT OF ELECTRONIC PAYMENT SERVICES INC TO JOIN THE MAC AUTOMATED TELLER MACHINE NETWORK CINCINNATIBASED STAR SAID THAT UNDER A PARTNERSHIP WITH MAC IT WILL MARKET MAC NETWORK SERVICES AS WELL AS OTHER BANKING SERVICES TO CUSTOMERS OF ITS EXISTING NETWORK TELLERIFIC STAR AND TELLERIFIC'S 46 MEMBERS REPRESENT 435000 CARDHOLDERS AND HAVE 300 AUTOMATED TELLER MACHINES 9309220142 930922 TECHNOLOGY DIGITAL EQUIPMENT CONTRACT MAYNARD MASS DIGITAL EQUIPMENT CORP SAID IT RECEIVED A 30 MILLION CONTRACT FROM THE QUEENSLAND ELECTRICITY COMMISSION OF QUEENSLAND AUSTRALIA FOR COMPUTER HARDWARE SOFTWARE CONSULTING AND SYSTEMSINTEGRATION SERVICES DIGITAL SAID IT WILL INSTALL 32 ALPHA AXP COMPUTER SYSTEMS AND 1100 PERSONAL COMPUTERS AT 11 SITES DURING THE FIRST 21 MONTHS OF THE FIVEYEAR CONTRACT THE COMPUTER MAKER SAID THE CONTRACT IS RENEWABLE FOR AN ADDITIONAL FIVE YEARS 9309220141 930922 TEXAS INSTRUMENTS GETS CONTRACT DALLAS TEXAS INSTRUMENTS INC SAID THE AIR FORCE AWARDED ITS DEFENSE SYSTEMS AND ELECTRONICS GROUP A 132 MILLION CONTRACT TO DEVELOP TECHNOLOGY FOR NEXTGENERATION AIRCRAFT AND SPACEBASED RADAR THE COMPANY SAID THE PROGRAM TO BE MANAGED BY THE AIR FORCE'S WRIGHT LABORATORY DAYTON OHIO WILL BE CARRIED OUT BY A TEAM REPRESENTING TEXAS INSTRUMENTS AND MARTIN MARIETTA CORP WITH HELP FROM GENERAL ELECTRIC CO AND LOCKHEED CORP 9309220140 930922 PEPPERAND SALT WHAT I DO IS PRESS DOWN THE PHONE AS PSYCHOLOGISTS HAVE WRITTEN BY HOW SHORT THE NAILS ARE BITTEN WITH AIR CONDITIONING 9309220139 930922 EDISTO RESOURCES REDEEMS STOCK DALLAS EDISTO RESOURCES CORP REDEEMED ITS 100000 SHARES OF HALLHOUSTON OIL CO PREFERRED STOCK FOR FACE VALUE OF 100 A SHARE PLUS UNPAID DIVIDENDS EDISTO WILL RECORD A THIRDQUARTER GAIN OF 300000 ALSO THE OIL AND GAS PRODUCTION COMPANY SAID IT SOLD TO CLOSELY HELD HALLHOUSTON OIL PARTICIPATION RIGHTS IN CERTAIN UNDRILLED PROSPECTS OWNED BY HALLHOUSTON FOR 25 MILLION IN LAST YEAR'S THIRD QUARTER EDISTO HAD A LOSS OF 76 MILLION OR 32 CENTS A SHARE ON 904 MILLION IN REVENUE 9309220138 930922 COMMUNITYDEVELOPMENT LENDING BILL CLEARS SENATE BANKING UNIT ON 181 VOTE BY ALBERT R KARR STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON THE SENATE BANKING COMMITTEE APPROVED A BILL AIMED AT STIMULATING LENDING THAT FOSTERS COMMUNITY DEVELOPMENT AFTER REITERATING THEIR DIFFERENCES ON HOW TO APPROACH THE DEVELOPMENT ISSUE COMMITTEE MEMBERS REACHED A BIPARTISAN COMPROMISE BASICALLY APPROVING A CLINTON ADMINISTRATION PROPOSAL TO PROVIDE 382 MILLION FOR SPECIAL COMMUNITYLENDING INSTITUTIONS OVER FOUR YEARS THE COMMITTEE VOTED 181 FOR THE LEGISLATION WITH ONLY REPUBLICAN PHIL GRAMM OF TEXAS VOTING AGAINST IT THE ACTION WAS A VICTORY FOR PRESIDENT CLINTON WHOSE APPROACH IS TO PROVIDE SEED MONEY TO NEW AND EXISTING COMMUNITYDEVELOPMENT BANKS WHICH WOULD PROVIDE LENDING FOR SMALL BUSINESSES AND HOME MORTGAGES AS WELL AS INVEST IN COMMUNITY REVITALIZATION PROJECTS SEPARATELY THE WHITE HOUSE HAS ORDERED REGULATORS TO STIFFEN COMMUNITYREINVESTMENT RULES FOR BANKS WITH SUBSTANTIAL SUPPORT BEHIND THE COMMUNITYDEVELOPMENT EFFORT IN CONGRESS SOME VERSION OF THE LEGISLATION SEEMS LIKELY TO BE ENACTED COMPETING BILLS HAVE BEEN OFFERED IN THE HOUSE BUT NO COMMITTEE ACTION HAS YET BEEN TAKEN REPUBLICAN COMMITTEE MEMBERS SAID THEY PREFER TO RELY ON COMMERCIAL BANKS TO PROVIDE THE COMMUNITYDEVELOPMENT LENDING AND INVESTMENT BUT WENT ALONG WITH THE DEMOCRATIC MAJORITY'S APPROACH HELPING TO FACILITATE THAT COOPERATION WERE PROVISIONS WORKED OUT BY COMMITTEE CHAIRMAN DONALD RIEGLE D MICH ALONG WITH THE PANEL'S REPUBLICAN LEADERSHIP THE CLINTON PROPOSAL HAD BOWED TO THE VIEWS OF CONSUMER GROUPS AND WOULD HAVE EXCLUDED COMMERCIAL BANKS FROM THE COMMUNITYDEVELOPMENT PLANS BUT THE BANKING COMMITTEE'S BILL WOULD PROVIDE FOR SOME LIMITED COMMERCIAL BANK PARTICIPATION THAT COULD INCLUDE PARTNERSHIPS OR JOINT VENTURES WITH THE SPECIAL COMMUNITYDEVELOPMENT INSTITUTIONS WHICH COULD BE NONPROFIT OR COMMERCIAL IN NATURE ALTERNATIVELY COMMERCIAL BANKS COULD OWN A PARTIAL INTEREST IN SUCH INSTITUTIONS THE MEASURE ADOPTED LEGISLATION OFFERED BY NEW YORK SEN ALFONSE D'AMATO THE RANKING REPUBLICAN ON THE COMMITTEE WHICH WOULD CREATE A PRIVATESECTOR SECONDARY MARKET FOR SMALLBUSINESS LOANS THE PROVISION IS DESIGNED TO EASE THE CREDIT CRUNCH BY CLEARING REGULATORY HURDLES FOR PACKAGING SMALLBUSINESS DEBT INTO SECURITIES AND SELLING THEM IN A SECONDARY MARKET SEN D'AMATO SAID THE BILL WOULD ENCOURAGE SUCH SECURITIZATION OF SMALLBUSINESS LOANS WITH SUCH PROVISIONS AS CHANGES IN TAX AND PENSION RULES BANKS SELLING LOANS IN THE SECONDARY MARKET WOULD HAVE TO SET ASIDE ONLY AS MUCH CAPITAL AS NEEDED TO PROTECT AGAINST THE BANK'S POTENTIAL LOSSES CURRENTLY THEY MUST HOLD LARGER CAPITAL RESERVES LINKED TO SMALLBUSINESS LOANS SOLD IN THE SECONDARY MARKET THE MEASURE WOULD ALSO REDUCE THE REGULATORY AND PAPERWORK BURDEN ON LENDING INSTITUTIONS WITH FEDERALLY INSURED DEPOSITS AND REQUIRE REGULATORY AGENCIES TO STREAMLINE THEIR RULES ALTHOUGH THE REGULATORY RELIEF IMPROVES THE CLINTON PROPOSAL SAID SEN PETE DOMENICI R NM THERE'S A LOT MORE DEREGULATION THAT OUGHT TO OCCUR IF WE WANT TO KEEP THE BANKS SOLVENT AMERICAN BANKERS ASSOCIATION PRESIDENT WILLIAM BRANDON CALLED THE MORE THAN 20 DEREGULATORY PROVISIONS A GOOD BEGINNING HE SAID THE QUEEN MARY IS STARTING TO TURN BUT THE INDEPENDENT BANKERS ASSOCIATION OF AMERICA MADE UP OF SMALLER BANKS SAID THE BILL OFFERS SCANT REGULATORY RELIEF AND EXPRESSED A HOPE THAT THE HOUSE BANKING COMMITTEE WILL RECTIFY THIS OVERSIGHT FINALLY THE BILL CONTAINS PROVISIONS WRITTEN TO CURB EXCESSIVELY HIGH INTEREST RATES AND ABUSIVE LENDING PRACTICES ASSOCIATED WITH HOME EQUITY LOANS FOR CONSTRUCTION OR OTHER LOANS THAT DON'T INVOLVE THE PURCHASE OF THE HOME AND ENTAIL HIGH INTEREST RATES OR SUBSTANTIAL INITIAL POINTS OR FEES LENDERS WOULD HAVE TO PROVIDE A SEPARATE DISCLOSURE IT WOULD GIVE THE ANNUAL INTEREST RATE THE MONTHLY PAYMENT AND A WARNING THAT THE BORROWER COULD LOSE THE HOME PUBLIC CITIZEN'S CONGRESS WATCH A CONSUMER GROUP FOUNDED BY RALPH NADER SAID THE BILL GOES A LONG WAY TO PROTECTING VULNERABLE BORROWERS WHO GET TRICKED INTO BAD LOANS WHICH COST THEM THEIR HOMES CONSUMER GROUPS CONTEND THAT UNSCRUPULOUS LENDERS TAKE ADVANTAGE OF MANY PEOPLE OFTEN ELDERLY OR MINORITY HOMEOWNERS WHO NEED MONEY FOR HOME REPAIRS OR OTHER PURPOSES AND ARE DENIED ACCESS TO USUAL BANK CREDIT BECAUSE OF DISCRIMINATION 9309220136 930922 BUSINESS BRIEFS PARTECH HOLDINGS CORP A BROADCASTING AND EQUIPMENTLEASING COMPANY SIGNED A LETTER OF INTENT TO ACQUIRE RADIO STATION WMSQFM OF HAVELOCK NC FROM MUSICRADIO OF NORTH CAROLINA INC TERMS WEREN'T DISCLOSED FORD MOTOR CO CONCLUDED DIVESTING ITS MINORITY OWNERSHIP OF NEW HOLLAND NV A UNIT OF ITALY'S FIAT SPA WHICH OPERATES FORD'S FORMER TRACTOR AND AGRICULTURAL EQUIPMENT BUSINESS TERMS WEREN'T DISCLOSED ROCHESTER TELEPHONE CORP COMPLETED THE SALE OF THE ASSETS OF ITS UNIT S&A TELEPHONE CO OF KANSAS TERMS WEREN'T DISCLOSED XRITE INC WHICH MANUFACTURES COLOR MEASURING EQUIPMENT RECEIVED A TWOYEAR 10 MILLION CONTRACT TO SUPPLY CUSTOM SPECTROPHOTOMETRY INSTRUMENTS TO DUPONT CO STEWART ENTERPRISES INC ACQUIRED THREE FUNERAL HOMES IN SAN JUAN PUERTO RICO AND SIGNED A LETTER OF INTENT TO ACQUIRE A CEMETERY IN HIGH POINT NC TERMS WEREN'T DISCLOSED MINE SAFETY APPLIANCES CO PITTSBURGH AGREED TO ACQUIRE HAZCO SERVICES INC A CLOSELY HELD DAYTON OHIO DISTRIBUTOR OF WORKER SAFETY EQUIPMENT TERMS WEREN'T DISCLOSED 9309220135 930922 INTERNATIONAL DOMESTIC PRODUCTION EXPORTS KEEP DROPPING AT NISSAN AND TOYOTA SPECIAL TO THE WALL STREET JOURNAL TOKYO DOMESTIC PRODUCTION SALES AND EXPORTS AT TOYOTA MOTOR CORP AND NISSAN MOTOR CO JAPAN'S TWO BIGGEST VEHICLE MAKERS CONTINUED THEIR DOWNWARD TREND IN AUGUST AMID A LACK OF SIGNS OF ECONOMIC RECOVERY IN JAPAN AT THE BEGINNING OF THE YEAR THE JAPANESE CAR INDUSTRY PREDICTED THAT DOMESTIC VEHICLE SALES WOULD PICK UP THIS AUTUMN BUT THE CONDITION HASN'T CHANGED AND THERE IS NO SIGN OF RECOVERY A NISSAN SPOKESWOMAN SAID EXPORTS ALSO DECLINED SHARPLY BELOW YEAREARLIER LEVELS AS TOYOTA AND NISSAN CONTINUED EXPANSION OF OVERSEAS PRODUCTION A STRATEGY TAKEN BY JAPANESE CAR MAKERS TO EASE TRADE CONFLICTS AND REDUCE THE IMPACT OF FOREIGN CURRENCY VOLATILITY ON EXPORT SALES WHILE SHIPMENTS TO ASIA AND OCEANIA REMAINED STEADY THOSE TO NORTH AMERICA AND EUROPE DROPPED THEY SAID IN AUGUST TOYOTA SAID ITS SHARE OF THE DOMESTIC MARKET DECLINED 17 PERCENTAGE POINTS FROM A YEAR EARLIER TO 29 WHILE NISSAN SAID ITS SHARE WAS 218 UP 07 PERCENTAGE POINT 9309220134 930922 WHO'S NEWS EXECONOMIC MINISTER IS SELECTED TO HEAD SPANISH TOBACCO FIRM MADRID THE BOARD OF SPAIN'S STATEOWNED TOBACCO COMPANY TABACALERA SA TAPPED PEDRO PEREZ SPAIN'S FORMER DEPUTY MINISTER OF ECONOMY TO REPLACE GERMAN CALVILLO AS CHAIRMAN MR PEREZ A GOVERNMENT ECONOMIST WITH NO POLITICAL AFFILIATION FACES THE TASK OF DEFINING A NEW CORPORATE STRATEGY FOR TABACALERA WHICH HAS BEEN STRUGGLING WITH RISING COSTS AND FALLING SALES COMPETITION FROM CONTRABAND CIGARETTES NEW TOBACCO TAXES AND A BLOATED WORK FORCE HAVE CONTRIBUTED TO TABACALERA'S TROUBLES IN THE FIRST HALF OF THIS YEAR CONSOLIDATED PROFIT BEFORE TAX PLUNGED 43 TO 644 BILLION PESETAS 50 MILLION FROM 1129 BILLION PESETAS A YEAR EARLIER MR PEREZ'S APPOINTMENT COMES THREE MONTHS AFTER GENERAL ELECTIONS RETURNED THE SOCIALIST PARTY TO OFFICE BUT DEPRIVED IT OF THE ABSOLUTE MAJORITY IT HAD ENJOYED FOR MORE THAN A DECADE AS A CLOSE COLLABORATOR OF FORMER ECONOMY MINISTER CARLOS SOLCHAGA MR CALVILLO HAD BEEN EXPECTED TO LEAVE TABACALERA SINCE MR PEREZ AND MR SOLCHAGA WERE REPLACED AT THE MINISTRY THIS SUMMER THE ECONOMY MINISTRY IS TABACALERA'S BIGGEST SHAREHOLDER WITH A 52 INTEREST IT WILL BE MR PEREZ'S JOB TO GROOM TABACALERA FOR A NEW STOCK OFFERING FOLLOWING A RECENT CHANGE THAT ALLOWS THE GOVERNMENT'S STAKE TO FALL BELOW 51 9309220133 930922 WHO'S NEWS VF NAMES MCDONALD PRESIDENT AND CHARRON RECEIVES NEW POSITION WYOMISSING PA VF CORP SAID IT PROMOTED TWO OF ITS GROUP VICE PRESIDENTS MACKEY J MCDONALD TO PRESIDENT AND CHIEF OPERATING OFFICER AND PAUL R CHARRON TO THE NEW POST OF EXECUTIVE VICE PRESIDENT THE BIG JEANSWEAR MAKER SAID THAT MR MCDONALD 47 YEARS OLD WILL BE PRIMARILY RESPONSIBLE FOR MANAGING THE DAILY OPERATIONS OF ALL OF VF'S DIVISIONS WHICH INCLUDE LEE AND WRANGLER JEANS VANITY FAIR INTIMATE APPAREL AND JANTZEN SPORTSWEAR MR MCDONALD HAS SERVED IN SEVERAL POSITIONS SINCE JOINING VF IN 1983 INCLUDING PRESIDENT OF WRANGLER HE WILL REPORT TO LAWRENCE PUGH 60 WHO HAS HELD THE POSITION OF PRESIDENT SINCE OCTOBER 1990 AND CONTINUES AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER MR CHARRON 51 WHO WILL REPORT TO MR MCDONALD WILL RUN CERTAIN VF DIVISIONS INCLUDING VANITY FAIR HEALTHTEX AND MARITHE AND FRANCOIS GIRBAUD JEANS VF SAID THE PROMOTIONS REFLECT THE CORPORATION'S RECENT GROWTH AND AN EXPANSION OF MANAGEMENT RESPONSIBILITIES VF'S SALES GREW 30 IN 1992 TO 38 BILLION FROM THE 1991 LEVEL IN LATE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE VF'S STOCK WAS QUOTED AT 43875 DOWN 25 CENTS 9309220131 930922 TECHNOLOGY CANCER THERAPY TRIALS BY NEOPROBE WIDENED COLUMBUS OHIO NEOPROBE CORP SAID THE FOOD AND DRUG ADMINISTRATION EXTENDED ITS FUNDED CLINICAL STUDIES OF ADOPTIVE CELLULAR THERAPY TO INCLUDE PANCREATIC CANCER PATIENTS THE DISEASE USUALLY IS FATAL WITHIN MONTHS OF DIAGNOSIS IN ADOPTIVE CELLULAR THERAPY A PATIENT'S IMMUNE CELLS ARE REMOVED MULTIPLIED IN A LABORATORY AND ADMINISTERED TO THE PATIENT NEOPROBE SAID ITS PATENTED RADIOIMMUNOGUIDED SURGERY TECHNOLOGY IS THE ONLY RELIABLE TECHNIQUE FOR IDENTIFYING TISSUE WITH MANY IMMUNE CELLS DAVID BUPP PRESIDENT SAID THE BIOMEDICAL COMPANY WANTS TO EXTEND TRIALS TO PANCREATIC CANCER PATIENTS BECAUSE THE RESULTS OF OUR THERAPY TRIALS FOR COLORECTAL CANCER CANCER OF THE COLON RECTUM OR BOTH AND PRECLINICAL DATA FOR PANCREATIC CANCER INDICATE WE HAVE THE POTENTIAL TO MAKE A MAJOR IMPACT ON THE TREATMENT OF THIS DEADLY DISEASE 9309220130 930922 NORTHEAST UTILITIES IS FINED BY THE NRC WATERFORD CONN THE NUCLEAR REGULATORY COMMISSION SAID IT FINED NORTHEAST UTILITIES 50000 FOR VIOLATING TRAINING REGULATIONS AT ITS NUCLEAR POWER STATION HERE THE SECOND MAJOR FINE AGAINST THE UTILITY IN A YEAR NORTHEAST SAID IT WOULDN'T CONTEST THE FINE WHICH IT HAS 30 DAYS TO PAY THE LATEST VIOLATIONS WERE DISCOVERED DURING INSPECTIONS CONDUCTED IN APRIL AND MAY FEDERAL INSPECTORS FOUND THAT NUMEROUS LICENSED OPERATORS AT THE MILLSTONE 1 AND MILLSTONE 2 NUCLEAR PLANTS HAD MISSED AT LEAST ONE SESSION OF THE COMPANY'S LICENSED OPERATOR REQUALIFICATION TRAINING PROGRAM LAST YEAR NORTHEAST PAID A 62500 FINE FOR TWO EQUIPMENT VIOLATIONS AT ITS MILLSTONE 3 PLANT 9309220129 930922 SMALL STOCK FOCUS SMALL STOCKS FALL AMID BROAD SELLOFF BUT THREE NEWCOMERS ESCAPE AND SOAR BY SARA CALIAN STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK THREE HOT NEW STOCKS A GOLF CLUB MAKER A SOFTWARE DEVELOPER AND A SPECIALTY COFFEE COMPANY SOARED DESPITE A SHARP DROP IN THE MARKET FOR SMALL STOCKS THE RUSSELL 2000 INDEX A MEASURE OF SMALL STOCKS ON THE NASDAQ MARKET THE NEW YORK AND AMERICAN STOCK EXCHANGES FELL 216 OR 089 TO 24367 THE POLITICAL CRISIS IN RUSSIA MADE INVESTORS NERVOUS SPARKING A SELLOFF IN BIG STOCKS THAT SPILLED INTO SMALLER ISSUES BUT THE BROAD MARKET SELLOFF DIDN'T STOP INVESTORS FROM GRABBING SHARES OF COBRA GOLF WHICH SURGED 51 NETMANAGE WHICH GAINED 52 AND GREEN MOUNTAIN COFFEE WHICH JUMPED 35 THE IPO MARKET SEEMS WILD OUT THERE RIGHT NOW SAID CHARLES RONSON A STOCK PICKER AT NEW YORK INVESTMENT COMPANY BALESTRA CAPITAL AND PUBLISHER OF THE IPO VALUE MONITOR NEWSLETTER ALL THESE INVESTORS THAT HAVE DUMPED STOCKS WITH INTERNATIONAL EXPOSURE HAVE TO GO SOMEWHERE THE CASH IS BEING THROWN AT THESE HOT IPOS COBRA GOLF SURGED 10 3/4 TO 31 3/4 FROM ITS OFFERING PRICE OF 21 THE TOP END OF ITS RANGE AFTER TRADING CLOSED ON MONDAY THE COMPANY OFFERED 325 MILLION SHARES THROUGH UNDERWRITERS LED BY LEHMAN BROTHERS BASED IN CARLSBAD CALIF COBRA MAKES GOLF CLUBS PRINCIPALLY FOR THE PREMIUMPRICED GAME IMPROVEMENT SEGMENT OF THE GOLF EQUIPMENT MARKET A YEAR AGO THE COMPANY INTRODUCED KING COBRA A MEN'S LINE CONSISTING OF A FULL SET OF OVERSIZED METALWOODS AND IRONS THIS JUNE IT INTRODUCED THE LADY COBRA AN OVERSIZED LINE FOR WOMEN NETMANAGE ROSE 8 1/4 TO 24 1/4 YESTERDAY MORNING 22 MILLION SHARES OF THE STOCK WERE PRICED AT 16 THROUGH UNDERWRITERS LED BY ROBERTSON STEPHENS & CO THE CUPERTINO CALIF COMPANY HAD EXPECTED THE SHARES TO BE OFFERED BETWEEN 13 AND 15 NETMANAGE OFFERS AN INTEGRATED SET OF NETWORKING APPLICATIONS AND DEVELOPMENT TOOLS FOR THE MICROSOFT WINDOWS OPERATING SYSTEM GREEN MOUNTAIN COFFEE LEAPED 3 1/2 TO 13 1/2 FROM ITS OFFERING PRICE OF 10 THE WATERBURY VT COMPANY OFFERED ONE MILLION SHARES THROUGH UNDERWRITERS LED BY GILFORD SECURITIES THE COMPANY PRODUCES MORE THAN 80 KINDS OF COFFEE THAT ARE SOLD THROUGH A WHOLESALE RETAIL AND DIRECT MAIL ORDER DISTRIBUTION NETWORK PARTNERS OIL CLIMBED 1 1/4 OR 56 TO 3 1/2 MICHAEL J MCGRATH EXECUTIVE VICE PRESIDENT SAID THE COMPANY EXPECTS 1993 EARNINGS WILL REACH 71 CENTS A SHARE AND 1994 EARNINGS WILL TOTAL 194 A SHARE THE OKLAHOMA CITY COMPANY HAD A LOSS OF NINE CENTS A SHARE FOR THE YEAR ENDED DECEMBER 1992 DATUM ROSE 1 1/2 OR 40 TO 5 1/4 THE ANAHEIM CALIF COMPANY SAID IT RECEIVED A CONTRACT FROM MCI COMMUNICATIONS TO PROVIDE EQUIPMENT FOR MCI'S LONGDISTANCE TELEPHONE NETWORK THE AGREEMENT CALLS FOR DATUM TO SELL TIMERS USED TO SYNCHNRONIZE THE LONGDISTANCE COMPANY'S SWITCHES IN HIGHSPEED DIGITAL TRANSMISSIONS QUALITY FOOD CENTERS DROPPED 5 3/8 TO 25 7/8 THE SEATTLE SUPERMARKET OPERATOR REPORTED DISAPPOINTING EARNINGS OF 29 CENTS A SHARE FOR ITS FISCAL THIRD QUARTER ENDED SEPT 4 DOWN FROM LAST YEAR'S 30 CENTS A SHARE THE RESULTS WERE BELOW ANALYSTS' ESTIMATES OF 35 CENTS A SHARE ACCORDING TO THE MEAN ESTIMATE PROVIDED BY THE INSTITUTIONAL BROKERS ESTIMATE SYSTEM MILGRAY ELECTRONICS SURGED 5 1/4 TO 24 JOHN TORTORICI THE COMPANY'S VICE PRESIDENT OF FINANCE SAID THERE IS NO SPECIFIC REASON FOR THE STOCK'S RISE YESTERDAY THE STOCK HAS BEEN UP FOR THE LAST MONTH OR SO BECAUSE THE INDUSTRY IS DOING WELL HE SAID THE FARMINGDALE NY DISTRIBUTOR OF ELECTRONICS COMPONENTS EARNED 72 CENTS A SHARE FOR ITS FISCAL THIRD QUARTER ENDED JULY 4 IN THE YEAREARLIER QUARTER IT HAD A LOSS OF 18 CENTS A SHARE 9309220128 930922 ECONOMY HOUSING STARTS SHOW A BIG GAIN FOR LAST MONTH AUGUST JUMP OF 78 PUTS RATE AT HIGHEST LEVEL IN MORE THAN 3 YEARS BY MELISSA LEVY STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON HOUSING STARTS IN AUGUST JUMPED TO THE HIGHEST LEVEL IN MORE THAN THREE YEARS SUGGESTING LOW INTEREST RATES AT LAST ARE ENCOURAGING CONSTRUCTION THE COMMERCE DEPARTMENT SAID LAST MONTH'S HOUSING STARTS WERE UP 78 FROM JULY TO AN ANNUAL RATE OF 1323000 UNITS THE HIGHEST LEVEL SINCE FEBRUARY 1990 WHEN THE RATE WAS 1437000 THIS IS GOOD NEWS FOR THOSE COUNTING ON DRAMATICALLY LOWERED INTEREST RATES TO WORK SAID DAVID SEIDERS CHIEF ECONOMIST FOR THE NATIONAL ASSOCIATION OF HOME BUILDERS HOMELOAN RATES HAVE BEEN NEAR 22YEAR LOWS FOR SEVERAL MONTHS AND HOUSING ECONOMISTS WERE CONCERNED THAT THE LOW RATES WEREN'T BOOSTING BUILDING STARTS DECLINED A REVISED 17 IN JULY TO A 1227000UNIT PACE THE COMMERCE DEPARTMENT SAID JULY STARTS WERE ORIGINALLY ESTIMATED TO HAVE FALLEN 27 MR SEIDERS NOW ESTIMATES THAT STARTS WILL TOTAL 1240000 IN 1993 AND 1370000 IN 1994 STARTS LAST YEAR TOTALED 1199700 MARK OBRINSKY SENIOR ECONOMIST FOR THE FEDERAL NATIONAL MORTGAGE ASSOCIATION SAID THAT AS INTEREST RATES REMAIN LOW FOR THE REST OF THE YEAR SINGLEUNIT STARTS PROBABLY WON'T SURPASS THE AUGUST LEVEL BUT COULD HOLD AT ABOUT THAT LEVEL HOUSING STARTS INFLUENCE TRENDS IN THE ECONOMY BEYOND JUST THE COST OF BUILDING HOUSES FOR ONE THING OTHER PURCHASES OFTEN ACCOMPANY BUILDING A NEW HOME ALTHOUGH SLUGGISH HOUSING STARTS OF THE SECOND QUARTER DETRACTED FROM THE GROSS DOMESTIC PRODUCT ECONOMISTS EXPECT NEW CONSTRUCTION TO BOOST YEAREND GDP WHICH IS THE TOTAL VALUE OF GOODS AND SERVICES PRODUCED IN THE US ECONOMISTS WERE ALSO ENCOURAGED BY SHARP INCREASES IN BUILDING PERMITS PERMITS OFTEN CONSIDERED AN INDICATOR OF FUTURE CONSTRUCTION ROSE 75 IN AUGUST TO A 1249000UNIT RATE THE HIGHEST SINCE FEBRUARY 1990 MR SEIDERS SAID MANY PERMIT APPLICATIONS CAME AFTER THE CLINTON ADMINISTRATION'S RENEWAL OF LOWINCOME HOUSING TAX CREDITS WHICH HE SAID HAS ENCOURAGED THE CONSTRUCTION OF APARTMENTS STARTS ON MULTIUNIT HOUSING WERE MIXED LAST MONTH STARTS ON TWOTOFOURUNIT DWELLINGS FELL 49 IN AUGUST TO A 25000UNIT ANNUAL RATE AFTER RISING 581 IN JULY STARTS ON BUILDINGS WITH FIVE OR MORE UNITS REBOUNDED FROM A 167 JULY DECLINE TO RISE 26 IN AUGUST TO A 118000UNIT PACE REGIONALLY ALL AREAS EXCEPT THE NORTHEAST SAW INCREASED HOUSING STARTS THE WEST LED THE NATION WITH A 156 INCREASE THE FLOODTORN MIDWEST STARTED REBUILDING WITH A 96 INCREASE THE SOUTH HAD A 64 INCREASE AND THE NORTHEAST SAW A 62 DROP IN HOUSING STARTS ALL THE FIGURES ARE SEASONALLY ADJUSTED 9309220127 930922 TECHNOLOGY US GRAND JURY PROBING ENCRYPTION SOFTWARE SALES SAN JOSE CALIF A FEDERAL GRAND JURY IS PROBING SALES OF ENCRYPTION SOFTWARE PROGRAMS USED TO PROTECT DATA FROM EAVESDROPPERS BY PUTTING IT INTO CODE THE US DISTRICT COURT HERE HAS SUBPOENAED TWO SMALL COMPANIES THAT SELL PROGRAMS BASED ON A SOFTWARE CODE CALLED PGP FOR PRETTY GOOD PRIVACY DEVELOPED BY BOULDER COLO COMPUTER CONSULTANT PHILIP ZIMMERMANN THE SOFTWARE HAS BEEN WIDELY COPIED INTERNATIONALLY SINCE MR ZIMMERMANN MADE IT AVAILABLE FOR FREE IN THE US VIACRYPT A DIVISION OF PHOENIXBASED LEMCOM SYSTEMS INC AND AUSTIN CODE WORKS AUSTIN TEXAS HAVE BEEN ASKED TO SUPPLY DOCUMENTS ABOUT THEIR SOFTWARE THAT INCORPORATES THE CODING PROGRAM THE GOVERNMENT HAS BEEN TRYING TO LIMIT THE PROLIFERATION OF ENCRYPTION PROGRAMS AND REGARDS THEIR EXPORT AS A VIOLATION OF LAWS RESTRICTING TECHNOLOGY TRANSFERS THAT COULD THREATEN NATIONAL SECURITY BUT COMPUTER USERS CONTEND THAT SOFTWARE PUBLISHERS ARE ENTITLED TO THE SAME FREESPEECH PROTECTIONS AS ANY OTHER PUBLISHER AND SAY IT IS TOO LATE TO STOP THE SPREAD OF CODING PROGRAMS 9309220126 930922 MARKETING & MEDIA FIFTY ABC AFFILIATES PLAN TO PREEMPT NYPD BLUE' NEW YORK NEARLY ONEFOURTH OF ABC'S 225 AFFILIATE STATIONS PLANNED TO PREEMPT LAST NIGHT'S PREMIERE OF THE CONTROVERSIAL URBAN COP DRAMA SERIES NYPD BLUE AN UNPRECEDENTED NUMBER OF PREEMPTIONS FOR A NETWORK SERIES NOT YET ON THE AIR THE ROUGHLY 50 STATION PREEMPTIONS WHICH WITH THE EXCEPTION OF DALLAS WERE MOSTLY IN SMALL CITIES MEANT MORE THAN 10 AND PERHAPS AS MANY AS 15 OF THE COUNTRY'S 942 MILLION TV HOMES COULD NOT SEE THE SHOW WHICH IS PRODUCED BY STEVEN BOCHCO OF HILL STREET BLUES FAME STATIONS PRESSURED BY PICKETS AND PETITIONS FROM REV DONALD WILDMON'S AMERICAN FAMILY ASSOCIATION AMONG OTHERS HAVE CITED THE PROGRAM'S OCCASIONAL SCENES OF NUDITY AND VIOLENCE AS WELL AS PROFANITY IN DECIDING NOT TO CARRY AT LEAST THE PREMIERE EPISODE THE CAPITAL CITIES/ABC INC UNIT SAID SOME STATIONS ARE EXPECTED TO PICK UP THE SHOW AT A LATER DATE STILL THE ALMOST UNIFORMLY POSITIVE REVIEWS FROM CRITICS AND AN AVALANCHE OF PUBLICITY WERE EXPECTED TO MAKE UP FOR THE MISSING VIEWERS AND BRING THE 10 PM EDT PROGRAM A SIZABLE AUDIENCE AN ABC SPOKESWOMAN SAID ADVERTISING IN THE PROGRAM WAS SOLD OUT WITH A WAITING LIST OF ADVERTISERS WHO WANTED TO BUY TIME AT AN ESTIMATED 115000 PER 30 SECONDS WHEN ABC'S SOAP PREMIERED IN 1977 TO A SIMILAR BROUHAHA THE REVERSE OCCURRED THE SHOW WAS CARRIED BY ALL THE NETWORK'S AFFILIATES BUT ALL THE ADVERTISERS BAILED OUT THE PROGRAM WENT ON TO AIR FOR FOUR SEASONS 9309220125 930922 BUSINESS BRIEF SEC ORDERS FUTURE COMMUNICATIONS' STOCK TRADING SUSPENDED FOR 10 DAYS DALLAS THE SECURITIES AND EXCHANGE COMMISSION SUSPENDED ALL TRADING IN FUTURE COMMUNICATIONS INC'S STOCK FOR 10 DAYS CITING QUESTIONS CONCERNING THE ADEQUACY AND ACCURACY OF PUBLICLY DISSEMINATED INFORMATION THE SEC SAID IN A NEWS RELEASE THAT THE INFORMATION IN QUESTION CONCERNS THE VALUATION OF THE COMPANY'S ASSETS LIABILITIES RECENT ACQUISITIONS AND TRANSACTIONS AS WELL AS RECENT MARKET ACTIVITY IN THE COMPANY'S OVERTHECOUNTER STOCK TELEPHONE CALLS TO OFFICIALS OF FUTURE COMMUNICATIONS WEREN'T RETURNED TRADING IN THE CABLE TELEVISION COMPANY'S STOCK HAS BEEN HALTED BY THE NATIONAL ASSOCIATION OF SECURITIES DEALERS SINCE AUG 31 NASD HAS SAID IT IS REVIEWING WHETHER FUTURE MEETS LISTING QUALIFICATIONS BEFORE TRADING WAS HALTED THE COMPANY'S STOCK PRICE HAD BALLOONED TO 27375 A SHARE FROM 650 A SHARE IN JUNE AN SEC ATTORNEY HUGH WRIGHT SAID THE AGENCY'S SUSPENSION ORDER WAS RELATED TO CERTAIN DISCLOSURES THE COMPANY MADE SEPT 9 IN AN 8K FORM WHICH COMPANIES MUST FILE FOR MAJOR FINANCIAL EVENTS MR WRIGHT SAID THAT THE FILING CONTAINED CONTRADICTIONS OF CERTAIN PRIOR PUBLIC STATEMENTS BY THE COMPANY AND ALSO INCLUDED INITIAL DISCLOSURES OF OTHER INFORMATION HE DECLINED TO ELABORATE FUTURE'S SEPT 9 FILING STATED THAT A PREVIOUSLY ANNOUNCED AGREEMENT TO FINANCE THE PURCHASE OF TWO FILM LIBRARIES HAD FALLEN THROUGH AND THAT THE COMPANY HAD A FINANCING AGREEMENT WITH ANOTHER COMPANY THE DOCUMENT ALSO STATED THAT A DALLAS FEDERAL JUDGE HAD PLACED A 3 MILLION JUDGMENT AGAINST IT AND THAT ENTERTAINER MILTON BERLE A FORMER CELEBRITY SPOKESMAN FOR THE COMPANY HAD FILED A BREACHOFCONTRACT SUIT AGAINST IT IN A CALIFORNIA STATE COURT IN JUNE THE COMPANY'S INDEPENDENT AUDITOR RESIGNED EARLIER THIS MONTH CLAIMING COMPANY OFFICIALS REFUSED TO ALLOW THE FIRM TO PERFORM QUARTERLY REVIEWS OF TRANSACTIONS AND DOCUMENTS FUTURE COMMUNICATIONS HAS ALSO BEEN THE CENTER OF A BITTER BATTLE WITH SHORT SELLERS STEPHEN CARLSON A PARTNER IN ASPEN CAPITAL GROUP INC IN DENVER SAID THE SEC'S ORDER REAFFIRMS THE CLAIMS WE MADE IN A SUIT FILED EARLIER THIS MONTH AGAINST REYNOLDS KENDRICK STRATTON INC A MARKET MAKER IN FUTURE'S STOCK ASPEN CAPITAL AND TWO OTHER INVESTMENT FIRMS HAVE ALLEGED THAT REYNOLDS AND BROKER RAFI KHAN WERE PRIVY TO UNDISCLOSED INFORMATION ABOUT THE COMPANY AND MANIPULATED THE PRICE OF THE COMPANY'S STOCK TO FORCE THEM TO BUY THE STOCK AT A PRICE THAT BORE NO RELATION TO THE MARKET PRICE 9309220124 930922 WORLD TRADE CENTER TAKES CHILLERS FROM STREET SITES NEW YORK THE WORLD TRADE CENTER'S 18 MILLION TEMPORARY BIG CHILL IS GOING OUT OF BUSINESS WORKERS HAVE BEGUN DISMANTLING TWO HUGE WATER COOLING SYSTEMS OCCUPYING MUCH OF THE STREETS ON THE NORTH AND SOUTH SIDES OF THE TRADE CENTER COMPLEX THE UNITS HAD BEEN INSTALLED AS BACKUPS AFTER THE FEB 26 BOMB BLAST IN THE CENTER'S BASEMENT PARKING AREA THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY WHICH OWNS AND OPERATES THE WORLD TRADE CENTER FOUND ITSELF WRESTLING WITH THE SUMMERTIME POSSIBILITY OF NO AIR CONDITIONING THE BOMB HAD RUPTURED SEVERAL UNDERGROUND CONCRETE FLOORS PILING DEBRIS ON SEVEN GIANT CHILLERS USED TO COOL THE BUILDING IN THE SUMMER BUT INVESTIGATORS WOULDN'T ALLOW ENGINEERS TO INSPECT THE AIR CONDITIONERS IN THE BASEMENT FOR SOME TIME AFTER THE EXPLOSION FEARING HUGE DISRUPTIONS IN THE SUMMER IF THE EQUIPMENT COULDN'T BE FIXED THE PORT AUTHORITY ORDERED THE 18 MILLION BACKUP COOLING SYSTEM WHICH WAS COMPLETED IN SIX WEEKS THE COST WAS COVERED UNDER INSURANCE CLAIMS THE CHILLERS SPENT MOST OF THE SUMMER UNUSED CHARLES MAIKISH DIRECTOR OF THE WORLD TRADE CENTER SAID OPERATORS FIRED UP THE BACKUP SYSTEM 36 TIMES BETWEEN MAY 21 AND JULY 29 9309220123 930922 UNITED TECHNOLOGIES CONTRACT HARTFORD CONN UNITED TECHNOLOGIES CORP SAID ITS NORDEN SYSTEMS UNIT RECEIVED A 47 MILLION CONTRACT TO BUILD SEVEN RADAR SYSTEMS CAPABLE OF MONITORING AIRCRAFT AND VEHICLE TRAFFIC ON RUNWAYS AND TAXIWAYS THE COMPANY WILL DELIVER THE SYSTEMS TO THE FEDERAL AVIATION ADMINISTRATION STARTING IN THE MIDDLE OF 1995 NORDEN MAKES AIR TRAFFIC CONTROL SYSTEMS AND ADVANCED ELECTRONIC SYSTEMS FOR COMBAT VEHICLES AIRCRAFT SHIPS AND SUBMARINES 9309220122 930922 ENTERPRISE HEALTH PLAN HOLDS GAINS SETBACKS FOR ENTREPRENEURS PROVIDERS OF MEDICAL SERVICES MAY PROSPER BUT BIOTECH FIRMS COULD SUFFER BY UDAYAN GUPTA STAFF REPORTER OF THE WALL STREET JOURNAL PRESIDENT CLINTON'S HEALTHCARE PLAN COULD GIVE MANY ENTREPRENEURS A WELCOME BOOSTER SHOT FOR OTHERS THE PLAN MAY SPELL DISASTER AMONG THE WINNERS ARE SMALL PROVIDERS OF LOWCOST CARE OUTSIDE HOSPITALS AND SIMILAR ALTERNATIVES TO TRADITIONAL MEDICAL SERVICES BUT CERTAIN BIOTECHNOLOGY STARTUPS MAY SUFFER SHARP SETBACKS IN THEIR QUEST FOR CRITICAL CAPITAL INVESTORS ARE UNCERTAIN ABOUT THE ADMINISTRATION'S APPROACH TO PRICE CONTROLS AND NEWDRUG APPROVAL THE CLINTON PACKAGE WHICH THE PRESIDENT OFFICIALLY UNVEILS TONIGHT SEEKS COMPREHENSIVE HEALTH BENEFITS FOR ALL CITIZENS THE PROPOSAL ALSO OUTLINES STEPS TO DRASTICALLY SLOW THE RATE OF GROWTH IN THE NATION'S MEDICAL SPENDING WITH AN ESTIMATED 37 MILLION PEOPLE UNINSURED MR CLINTON'S CALL FOR UNIVERSAL HEALTH INSURANCE WOULD GREATLY EXPAND THE POPULATION THAT CAN PAY FOR HEALTH CARE AS A RESULT A NUMBER OF SMALL HEALTHCARE BUSINESSES SEE THEIR MARKETS EXPANDING GREATLY THE WINNERS WILL BE LOWCOST PROVIDERS THAT HELP KEEP PEOPLE HEALTHY SAYS THOMAS MCMILLEN CHIEF ADMINISTRATIVE OFFICER OF CLINICORP INC A WEST PALM BEACH FLA STARTUP THAT RUNS SMALL AMBULATORY CLINICS HE THINKS THE CLINTON PLAN FAVORS SMALLER COMPANIES SENSITIVE TO LOCAL HEALTHCARE MARKETS BECAUSE DECENTRALIZED REGIONAL ALLIANCES WOULD CONTROL THE PURCHASE OF DRUGS AND MEDICAL CARE THE ADMINISTRATION'S PROPOSAL COULD INCREASE THE MARKET FOR OUR SERVICES BY 35 AGREES WILLIAM YOUREE CHIEF EXECUTIVE OFFICER OF REHABILITY CORP A NASHVILLE TENN PROVIDER OF OUTPATIENT REHABILITATION SERVICES REHABILITY COULD BENEFIT FROM THE CLINTON PLAN'S WILLINGNESS TO PROVIDE WIDER COVERAGE FOR REHABILITATION AND WORKRELATED INJURIES BUT THE REFORM PACKAGE ALSO WOULD INCREASE FEDERAL REGULATIONS REDUCING PROFIT MARGINS FOR SMALL HEALTHCARE CONCERNS MR YOUREE CONCEDES THERE WILL BE MORE SCRUTINY PROVIDERS WILL HAVE TO PROVE THEY ARE PROVIDING BETTER OUTCOMES HE SAYS BUT IN THE LONG RUN HE ADDS THE OPPORTUNITIES FAR OUTWEIGH THE RISKS THE PLAN ALSO WOULD WIDEN PROSPECTS FOR MANY NURSING HOME OPERATORS NOW OPENING SUBACUTE CARE FACILITIES SUCH FACILITIES SERVE HOSPITALIZED PATIENTS WHO NEED MAJOR MEDICAL CARE BUT NOT THE FULL RANGE OF HOSPITAL SERVICES BY TYPICALLY CHARGING LESS THAN HALF AS MUCH AS HOSPITALS THE FACILITIES FULFILL A KEY COSTREDUCTION GOAL IN THE DRAFT OF THE CLINTON HEALTH BILL OUR BUSINESS COULD TRIPLE PREDICTS ROBERT ELKINS PRESIDENT OF INTEGRATED HEALTH SERVICES INC A HUNT VALLEY MD PROVIDER OF SUBACUTE CARE THE COMPANY REPORTED NET INCOME OF 117 MILLION ON SALES OF 1953 MILLION LAST YEAR IT CURRENTLY OPERATES 33 SUBACUTE CARE FACILITIES WITH MORE THAN 2200 BEDS INTEGRATED SAYS IT CHARGES BETWEEN 300 AND 400 A DAY OR ABOUT HALF OF WHAT A FULLSERVICE HOSPITAL WOULD CHARGE FOR SIMILAR SERVICES THE CLINTON PROPOSAL COULD BENEFIT SMALL PROVIDERS OF HOME HEALTH CARE AS WELL FOR YEARS SUCH FIRMS HAVE SERVED THE HOMEBOUND SICK AND ELDERLY AND THEN JOUSTED WITH INSURERS FOR REIMBURSEMENT OF CERTAIN CHRONIC CONDITIONS THE PRESIDENT FAVORS A LONGTERM CARE PROGRAM THAT WOULD WIDEN THE RANGE OF HOME AND COMMUNITYBASED SERVICES COVERED BY PRIVATE INSURERS AND GOVERNMENT PROGRAMS EXPANDED LONGTERM HOME CARE COULD INCREASE ANNUAL REVENUE BY 40 FOR HEALTHFORCE INC A WOODBURY NY PROVIDER OF HOME HEALTH AIDS AND SPECIALIZED HOME SERVICES SAYS GARY SPIRGEL THE FIRM'S PRESIDENT HEALTHFORCE HAD REVENUE OF 72 MILLION IN THE FISCAL YEAR ENDED JUNE 30 ACCORDING TO MR SPIRGEL MANY SERVICES THAT HEALTHFORCE CURRENTLY OFFERS TO CHRONICALLY ILL PATIENTS SUCH AS ARTHRITIS SUFFERERS WOULD RECEIVE MEDICARE COVERAGE FOR THE FIRST TIME HE EXPLAINS CERTAIN OPERATORS OF PRIVATE MANAGEDCARE NETWORKS WHICH HELP CONSUMERS CONTROL MEDICAL COSTS ALSO MAY PROFIT FROM THE CLINTON PACKAGE THE BIGGEST BENEFICIARIES PROBABLY WOULD BE ESTABLISHED MEDIUMSIZE FIRMS THAT DON'T DEPEND ON SIGNIFICANT RATE INCREASES TO ENHANCE PROFITS PHYSICIANS HEALTH SERVICES INC FOR INSTANCE COULD SCORE BIG UNDER THE PLAN SAYS MICHAEL HERBERT PRESIDENT OF THE REGIONAL MANAGEDCARE PROVIDER IN TRUMBULL CONN THE COMPANY POSTED 1992 REVENUE OF 269 MILLION THROUGH EXPANDED VOLUME AND GUARANTEED CONTRACTS WITH DOCTORS PHYSICIANS HEALTH HAS SLOWED ITS PREMIUM INCREASES TO ABOUT 5 A YEAR FROM 20 IN 1990 MR HERBERT REPORTS SO EVEN IF THE FEDERAL GOVERNMENT LIMITS THE SIZE OF HEALTH INSURERS' RATE INCREASES THE EXPECTED GROWTH IN ENROLLMENT WILL MORE THAN COMPENSATE THE RATE CAPS HE SAYS CASHSTARVED BIOTECHNOLOGY BUSINESSES HOWEVER AREN'T UNIVERSALLY GREETING THE CLINTON PLAN WITH OPEN ARMS THE ABSENCE OF SPECIFICS ABOUT ISSUES SUCH AS PRICE CONTROLS AND DRUG APPROVAL WILL CONTINUE TO RESTRICT THE FLOW OF CAPITAL TO MANY SMALL BIOTECH FIRMS THAT HAVE YET TO FULLY DEMONSTRATE THEIR STRATEGIC DIRECTION SAYS INVESTMENT BANKER REYNALDO DIAZ HEAD OF THE HEALTHCARE BANKING GROUP AT WERTHEIM SCHROEDER & CO IN NEW YORK THE FEAR OF BUREAUCRATIC CONTROL ON NEWDRUG PRICES AND THEIR AVAILABILITY TO THE PUBLIC HAS SCARED INVESTORS OUT OF THE BIOTECH MARKET SAYS CARL FELDBAUM HEAD OF THE BIOTECHNOLOGY INDUSTRY ORGANIZATION A WASHINGTON TRADE GROUP MR FELDBAUM AND OTHERS SAY INVESTORS' WORRIES ABOUT THE CLINTON PLAN ALREADY ARE HURTING BIOTECH BUSINESSES WHICH NEED LARGE INFUSIONS OF CAPITAL TO DEVELOP AND MARKET NEW DRUGS FOR THE 12 MONTHS ENDED JUNE 30 BIOTECH COMPANIES RAISED 11 BILLION FROM PUBLIC INVESTORS THAT REPRESENTS JUST 34 OF THE 32 BILLION RAISED IN THE YEAREARLIER PERIOD ACCORDING TO ACCOUNTANTS ERNST & YOUNG THE CLINTON BILL WOULD ESPECIALLY HURT BIOTECH FIRMS DEVELOPING EXPENSIVE DRUGS TARGETED AT SMALL GROUPS OF PATIENTS SAYS VENTURE CAPITALIST WALTER CHANNING OF CW VENTURES NEW YORK BUT BIOTECH MAKERS OF INEXPENSIVE DRUGS AFFECTING LARGE NUMBERS OF PEOPLE WOULD BE WINNERS MR CHANNING SAYS OTHER POSSIBLE BENEFICIARIES ARE SMALL FIRMS WITH A BROAD BASE OF BIOTECH PRODUCTS ON THE MARKET OR CLOSE TO INTRODUCTION SAYS VENTURE CAPITALIST JAMES BLAIR OF DOMAIN VENTURES PRINCETON NJ AT THE SAME TIME THE CLINTON PLAN MAY MAKE FIRMS EQUAL IN THE COMPETITIVE DRUG BUSINESS SAYS PAUL ABRAMS CHIEF EXECUTIVE OFFICER OF NEORX CORP A BIOTECH FIRM IN SEATTLE UNDER A MANDATE THAT DRUG PURCHASES BE MADE THROUGH REGIONAL ALLIANCES BIOTECH COMPANIES COULD THRIVE EVEN WITH SMALL SALES FORCES HE SAYS THE UPSHOT SOME OF THE SMALLER FIRMS MAY FIND IT MUCH EASIER AND LESS COSTLY TO COMPETE AGAINST THEIR LARGER RIVALS 9309220121 930922 MERCER INTERNATIONAL TO BUY PAPER CONCERN FROM GERMAN AGENCY VANCOUVER BRITISH COLUMBIA MERCER INTERNATIONAL INC SAID A GERMAN GOVERNMENT AGENCY AGREED TO SELL IT A STATEOWNED PAPER RECYCLING COMPANY INDEPENDENTLY VALUED AT 768 MILLION IN RETURN FOR EMPLOYMENT AND INVESTMENT GUARANTEES AND LESS THAN 1 MILLION IN CASH MICHAEL SMITH EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER OF THE VANCOUVER ENVIRONMENTAL AND FINANCIAL SERVICES COMPANY SAID MERCER AGREED TO INVEST 49 MILLION OVER THREE YEARS IN DRESDEN PAPER AG TO UPGRADE ITS EQUIPMENT HE SAID MERCER ALSO PROMISED TO GUARANTEE 490 JOBS AT DRESDEN PAPER'S PRODUCTION FACILITIES LOCATED IN THE FORMER EAST GERMANY AND WILL CONTRIBUTE 20 MILLION MARKS 124 MILLION TO THE GERMAN COMPANY'S CAPITAL MERCER SAID IT REACHED A DEFINITIVE AGREEMENT WITH TREUHANDSTALT THE GERMAN AGENCY RESPONSIBLE FOR PRIVATIZING PREVIOUSLY STATEOWNED INDUSTRIAL ENTERPRISES TO ACQUIRE DRESDEN PAPER FOR ABOUT 660000 IT SAID THAT ACCOUNTING FIRM COOPERS & LYBRAND VALUED DRESDEN PAPER'S ASSETS AT 768 MILLION MERCER ADDED THAT THE AGENCY HAD AGREED TO FORGIVE ABOUT 80 MILLION OF DEBT OWED BY DRESDEN PAPER AND TO CONTRIBUTE UP TO 41 MILLION TO MEET THE COMPANY'S SHORTTERM FINANCIAL REQUIREMENTS MR SMITH SAID MERCER WILL FINANCE ITS INVESTMENT IN DRESDEN PAPER THROUGH STATESUBSIDIZED LOWINTERESTRATE LOANS FROM GERMAN BANKS HE SAID THAT IN ADDITION THE STATE OF SAXONY HAS AGREED TO RETURN 23 OF MERCER'S INVESTMENT AS A CASH PAYMENT TO THE COMPANY AND THAT THE GERMAN FEDERAL GOVERNMENT WILL PROVIDE A FURTHER 8 REBATE MERCER PLANS TO CONVERT DRESDEN PAPER INTO A SPECIALIZED MANUFACTURER OF WALLPAPER GREASE PAPER AND TISSUE PAPER AND WILL HELP THE COMPANY MARKET ITS PRODUCTS MR SMITH SAID 9309220120 930922 BUSH INDUSTRIES OUTLOOK JAMESTOWN NY BUSH INDUSTRIES INC A MAKER OF READYTOASSEMBLE FURNITURE SAID IT EXPECTS TO REPORT STRONG EARNINGS AND SALES GAINS FOR THE THIRD QUARTER THE COMPANY EXPECTS TO POST NET INCOME OF 1750000 TO 1850000 OR 38 CENTS TO 40 CENTS A SHARE ON SALES OF ABOUT 42 MILLION THAT COMPARES WITH NET OF 986000 OR 21 CENTS A SHARE ON SALES OF 336 MILLION A YEAR EARLIER BUSH ATTRIBUTED THE OUTLOOK TO ENTHUSIASTIC TRADE AND CONSUMER RESPONSE TO OUR NEW PRODUCT LINES AND SUBSTANTIALLY EXPANDED CHANNELS OF DISTRIBUTION CHAIRMAN PAUL BUSH SAID HE EXPECTS FURTHER GAINS WILL BE ACHIEVED IN THE FOURTH QUARTER AND FOR 1993 AS A WHOLE 9309220118 930922 HOSPITALITY FRANCHISE AND GREYHOUND LINES ENTER COOPERATIVE PACT DALLAS HOSPITALITY FRANCHISE SYSTEMS INC AND GREYHOUND LINES INC SAID THEY ENTERED AN ALLIANCE TO PURSUE JOINT OPPORTUNITIES IN RESERVATIONS MARKETING AND OPERATIONS IN A NEWS RELEASE THE COMPANIES SAID THEY WOULD DEVELOP JOINT ADVERTISING PROGRAMS LINK CERTAIN RESERVATION SYSTEMS AND JOINTLY PURCHASE CERTAIN TELECOMMUNICATIONS AND CREDITCARDPROCESSING SERVICES WE'RE GOING TO EXAMINE A NUMBER OF DIFFERENT OPPORTUNITIES SAID BILL KULA GREYHOUND SPOKESMAN MR KULA SAID HOWEVER THAT PLANS AREN'T YET FINALIZED THE ANNOUNCEMENT BOOSTED HOSPITALITY SHARES WHICH CLOSED AT 37875 UP 1875 IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE ON MORE THAN THREE TIMES AVERAGE VOLUME GREYHOUND CLOSED AT 1625 A SHARE IN AMERICAN STOCK EXCHANGE COMPOSITE TRADING DOWN 25 CENTS ON SLIGHTLY LOWER THAN AVERAGE VOLUME HOSPITALITY PARSIPPANY NJ IS A FRANCHISER OF HOTELS WITH MORE THAN 3700 UNITS REPRESENTING DAYS INN HOWARD JOHNSON PARKS INN INTERNATIONAL RAMADA AND SUPER 8 MOTELS DALLASBASED GREYHOUND IS A NATIONAL PROVIDER OF INTERCITY BUS SERVICE 9309220117 930922 RG BARRY TO TEST HEATED SEAT PICKERINGTON OHIO RG BARRY CORP SAID IT WILL CONDUCT A SMALLSCALE MARKET TEST OF A MICROWAVEHEATED SEAT CUSHION FOR OUTDOOR COLDWEATHER ACTIVITIES THE MAKER OF CASUAL FOOTWEAR SAID THE PRODUCT WHICH CAN BE HEATED IN A MICROWAVE OVEN STAYS WARM FOR EIGHT HOURS THE COMPANY SAID TWO VERSIONS OF THE CUSHION WILL BE TESTED IN RETAIL STORES ON A LIMITED BASIS THIS FALL ONE CALLED THE HEAT SEAT WILL BE SOLD IN DISCOUNT STORES AT A SUGGESTED RETAIL PRICE OF 2495 THE OTHER AN UPSCALE VERSION SOLD UNDER THE COMPANY'S DEARFOAMS BRAND NAME WILL SELL FOR 2995 9309220116 930922 CERTIFICATES OF DEPOSIT SHOW LITTLE MOVEMENT IN YIELDS FOR THE WEEK NEW YORK YIELDS ON CERTIFICATES OF DEPOSIT AT MAJOR BANKS AND BROKERAGE FIRMS CHANGED LITTLE IN THE WEEK ENDED YESTERDAY THE AVERAGE YIELD ON SIXMONTH SMALLDENOMINATION SAVINGS CDS SOLD BY BANKS REMAINED AT 27 ACCORDING TO A SURVEY BY BANXQUOTE MONEY MARKETS A WILMINGTON DEL INFORMATION SERVICE THE AVERAGE YIELD ON FIVEYEAR SAVINGS CDS SLID TO 444 FROM 447 YIELDS ROSE A BIT UP ON CDS SOLD THROUGH MAJOR BROKERDEALERS BANXQUOTE SAID THE AVERAGE YIELD INCHED UP 309 FROM 302 ON SIXMONTH BROKERSOLD CDS AND TO 456 FROM 448 ON FIVEYEAR CDS ON LARGEDENOMINATION JUMBO CDS WHICH TYPICALLY REQUIRE DEPOSITS OF 95000 OR MORE THE AVERAGE YIELD ON SIXMONTH CERTIFICATES EASED TO 275 FROM 277 ON FIVEYEAR JUMBOS THE AVERAGE ROSE TO 453 FROM 449 ACCORDING TO BANXQUOTE 9309220114 930922 ECONOMY BANKS MAY GET BREAK ON TYING SOME ACTIVITIES COMPTROLLER RAISES THE ISSUE OF CONNECTING BANKING WITH SECURITIES SERVICES BY KENNETH H BACON STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON THE COMPTROLLER OF THE CURRENCY IS RAISING THE POSSIBILITY OF ALLOWING BANKS TO COMPETE MORE DIRECTLY WITH SECURITIES FIRMS TO PROVIDE FINANCING SERVICES TO MAJOR CORPORATIONS COMPTROLLER EUGENE LUDWIG SAID HE INTENDS TO TAKE A REAL GOOD HARD LOOK AT A BANKINGLAW PROVISION THAT PREVENTS BANKS FROM LINKING COMMERCIAL BANKING AND SECURITIES SERVICES AN ACTIVITY KNOWN AS TYING FEDERAL BANKING LAW PROHIBITS BANKS FROM PACKAGING SERVICES IN A WAY THAT ALLOWS THEM TO OFFER PRICE BREAKS TO CUSTOMERS THAT USE THE SAME BANK TO UNDERWRITE AN OFFERING OF SECURITIES AND GET A LINE OF CREDIT BUT THIS PROVISION MAY BE ANACHRONISTIC MR LUDWIG SAID IN AN INTERVIEW IF YOU THINK OF THE THEORY OF TIEINS ISN'T THAT THE WAY WE SELL A LOT OF THINGS HE ASKED WE OFTEN SAY IF YOU BUY THIS YOU'LL GET THAT MORE CHEAPLY' HE SAID WHY ISN'T THAT APPROPRIATE IN FINANCIAL SERVICES HE ASKED MOREROBUST COMPETITION BETWEEN BANKS AND SECURITIES FIRMS WOULD BENEFIT CUSTOMERS HE SAID LAST YEAR MORGAN STANLEY & CO A BIG INVESTMENT BANKING FIRM ASKED FEDERAL BANK REGULATORS TO INVESTIGATE SEVERAL ALLEGATIONS OF ILLEGAL TYING BY BANKS INVESTIGATORS AT THE COMPTROLLER'S OFFICE AND THE FEDERAL RESERVE BOARD HAVE CONCLUDED THAT TYING ISN'T A NATIONAL PROBLEM MR LUDWIG SAID THE COMPTROLLER REGULATES ABOUT 3500 NATIONALLY CHARTERED BANKS INCLUDING MOST OF THE NATION'S LARGEST AND THE FED REGULATES BANK HOLDING COMPANIES AND ABOUT 1000 STATECHARTERED BANKS INCLUDING MORGAN GUARANTY TRUST CO AND BANKERS TRUST CO THE INVESTIGATION BACKFIRED FOR THE SECURITIES INDUSTRY REGULATORS FOUND ONLY ONE EXAMPLE OF TYING THEY CHARGED THAT NATIONAL CITY CORP ILLEGALLY ATTEMPTED TO REQUIRE A CUSTOMER SEEKING A LETTER OF CREDIT TO DISTRIBUTE BONDS THROUGH AN AFFILIATE OF THE CLEVELAND BANK THE MATTER WAS SETTLED PRIVATELY BUT WE CERTAINLY FOUND NO PATTERN OF TYING MR LUDWIG SAID AND THE COMPTROLLER WHO HAS EMERGED AS THE CLINTON ADMINISTRATION'S MOST INFLUENTIAL BANK REGULATOR CONCLUDED THAT A LIBERALIZATION OF THE ANTITYING RULES COULD STRENGTHEN BANKS WITHOUT COMPROMISING THEIR SAFETY AND SOUNDNESS THE GLASSSTEAGALL ACT PASSED DURING THE GREAT DEPRESSION GENERALLY PREVENTS BANKS FROM ENTERING THE SECURITIES BUSINESS BUT THE FED HAS GIVEN A FEW BANKS AUTHORITY TO UNDERWRITE AND DEAL IN CORPORATE SECURITIES THROUGH AFFILIATES THE ANTITYING PROVISIONS ARE DESIGNED TO PREVENT BANKS FROM USING THEIR ECONOMIC POWER TO INTIMIDATE CUSTOMERS TODAY WE FACE A VERY DIFFERENT COMPETITIVE ENVIRONMENT THAN 60 YEARS AGO MR LUDWIG SAID YOU'VE GOT LOTS OF COMPETITORS WITH BANKS AND SECURITIES FIRMS AND OTHER FINANCIALSERVICES COMPANIES HAVE LURED AWAY MANY OF THE BANKING INDUSTRY'S BEST CUSTOMERS MR LUDWIG HAS BEGUN TO SPEAK FORCEFULLY FOR AN EXPANSION OF BANK POWERS LAST WEEK HE TOLD A CONFERENCE SPONSORED BY MERRILL LYNCH & CO ONE OF THE BANKING INDUSTRY'S MOST SUCCESSFUL COMPETITORS THAT BANKS WOULD BE STRONGER AND SAFER IF THEY WERE ALLOWED TO SELL INSURANCE AND OTHER FINANCIAL SERVICES AND TO OPERATE NATIONWIDE BUT ANY EFFORT TO SUBSTANTIALLY RELAX THE TYING RULE WOULD REQUIRE CONGRESSIONAL ACTION AND WOULD TRIGGER STRONG OPPOSITION FROM THE POLITICALLY POWERFUL SECURITIES INDUSTRY WHICH IS PARTICULARLY CLOSE TO REP JOHN DINGELL D MICH CHAIRMAN OF THE HOUSE ENERGY AND COMMERCE COMMITTEE LIKE HIS FATHER WHO VOTED FOR THE GLASSSTEAGALL BILL IN THE HOUSE MR DINGELL OPPOSES THE COMBINATION OF BANKING AND SECURITIES SERVICES IN THE INTERVIEW MR LUDWIG ALSO SAID HE STRONGLY SUPPORTED THE RIGHT OF BANKS TO SELL ANNUITIES A FEDERAL APPEALS COURT RECENTLY RULED THE COMPTROLLER WAS WRONG TO SAY THAT BANKS COULD SELL ANNUITIES NATIONALLY DESPITE HIS BELIEF THAT BANKS SHOULD BE ABLE TO EXPAND THEIR SERVICES BY SELLING ANNUITIES AND INSURANCE MR LUDWIG SAID HE HASN'T DECIDED WHETHER THE GOVERNMENT WILL ASK THE SUPREME COURT TO REVIEW THE RULING THE APPEALS COURT RULING ALREADY IS SLOWING BANK ENTRY INTO THE ANNUITIES BUSINESS IN ADDITION MR LUDWIG SAID THAT IN SEVERAL MONTHS HIS OFFICE WILL ISSUE GUIDANCE ON THE USE OF DERIVATIVES BY BANKS DERIVATIVES ARE COMPLEX HEDGING INSTRUMENTS THAT BANKS BROKERS AND THEIR CUSTOMERS USE TO DEFRAY THE RISK OF CHANGES IN INTEREST RATES STOCK PRICES FOREIGN EXCHANGE RATES AND COMMODITIES PRICES WE WANT BANKS TO USE DERIVATIVES AS HEDGES TO INCREASE SAFETY AND SOUNDNESS NOT AS SPECULATION MR LUDWIG SAID THE GUIDANCE WILL FOCUS ON THE TECHNIQUES USED TO MANAGE RISK 9309220112 930922 PG&E BOND SERIES REDEMPTION SAN FRANCISCO PACIFIC GAS & ELECTRIC CO SAID IT WILL REDEEM TWO SERIES OF MORTGAGE BONDS TOTALING ABOUT 299 MILLION FACE VALUE THE UTILITY SAID IT WILL REDEEM ON NOV 1 ITS 8 SERIES WW MORTGAGE BONDS DUE JUNE 1 2003 AND ITS 775 SERIES ZZ MORTGAGE BONDS DUE JUNE 1 2005 HOLDERS OF THE WW BONDS WILL RECEIVE ACCRUED INTEREST OF 3333 PLUS THE REDEMPTION PRICE OF 102760 OR 106093 HOLDERS OF THE ZZ BONDS WILL RECEIVE ACCRUED INTEREST OF 3229 PLUS THE REDEMPTION PRICE OF 102480 OR 105709 THE COMPANY SAID THE REDEMPTIONS ARE EXPECTED TO REDUCE ANNUAL FINANCING COSTS BY ABOUT 48 MILLION 9309220111 930922 AUTHENTIC FITNESS ACQUISITION VAN NUYS CALIF SWIMWEAR AND FITNESS APPAREL MAKER AUTHENTIC FITNESS CORP SAID IT AGREED TO ACQUIRE SUBSTANTIALLY ALL THE COLE CATALINA AND COLONIAL BUSINESSES OF TAREN HOLDINGS INC TERMS WEREN'T DISCLOSED THE ACQUISITION WOULD ALMOST DOUBLE AUTHENTIC'S ANNUAL SALES CATALINA A SWIMWEAR AND SPORTSWEAR COMPANY COLE A SPORTSWEAR MAKER AND COLONIAL A MAKER OF PRIVATELABEL SPORTSWEAR HAVE ANNUAL SALES OF ABOUT 100 MILLION LOS ANGELESBASED TAREN IS PRIVATELY HELD AUTHENTIC WHICH MAKES THE SPEEDO AND WHITE STAG LINES OF APPAREL HAD NET INCOME OF 98 MILLION ON SALES OF 1329 MILLION FOR THE 1993 FISCAL YEAR 9309220110 930922 MARION MERRELL GIVES MARKHAM TWO TOP POSTS BY JAMES P MILLER STAFF REPORTER OF THE WALL STREET JOURNAL RICHARD MARKHAM WHO TWO MONTHS AGO RESIGNED WITHOUT EXPLANATION FROM THE NO 2 SPOT AT MERCK & CO WAS NAMED PRESIDENT AND CHIEF OPERATING OFFICER OF MARION MERRELL DOW INC THE APPOINTMENT OF THE 42YEAROLD MR MARKHAM A RISING STAR AT MERCK BEFORE HIS UNEXPECTED DEPARTURE WAS PART OF A SERIES OF EXECUTIVE CHANGES ANNOUNCED AT THE KANSAS CITY MO PHARMACEUTICAL COMPANY WHICH IS ONETWELFTH THE SIZE OF MERCK MARION MERRELL A 71OWNED SUBSIDIARY OF DOW CHEMICAL CO CHARACTERIZED THE EXECUTIVESUITE CHANGES AS A TRANSITION IN SENIOR MANAGEMENT AS A RESULT OF THE SHIFTS JOSEPH G TEMPLE JR 64 WILL CEDE THE CHAIRMAN'S POST BUT REMAIN A DIRECTOR FRED W LYONS 57 WILL ADD THE CHAIRMAN'S TITLE AND CONTINUE AS CHIEF EXECUTIVE DAVID B SHARROCK 57 EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER WILL RETIRE FROM THOSE POSITIONS BUT CONTINUE AS A DIRECTOR WHILE ALL THE TITLE CHANGES ARE EFFECTIVE JAN 1 MR MARKHAM WILL JOIN THE COMPANY BY OCT 1 TO ENSURE A SMOOTH TRANSITION THE COMPANY SAID MR MARKHAM CONSIDERED A BRILLIANT MARKETER AND AN AGENT OF CHANGE COMES ABOARD A COMPANY BUFFETED BY THE PRICE COMPETITION AFFECTING MOST MAJOR PHARMACEUTICAL CONCERNS AS WELL AS SOME PROBLEMS OF ITS OWN INCLUDING THE PENDING EXPIRATION OF PATENTS ON KEY DRUGS AT MERCK WHERE HE SPENT 20 YEARS AND WAS DEEMED HEIR APPARENT TO THAT COMPANY'S P ROY VAGELOS MR MARKHAM HELPED PUSH THE COMPANY TOWARD ITS RECENT GROUNDBREAKING AGREEMENT TO ACQUIRE DISCOUNTDRUG MARKETER MEDCO CONTAINMENT SERVICES INC FOR 6 BILLION HE IS LIKELY TO HELP MARION MERRELL PUSH FURTHER INTO THE GENERICDRUG BUSINESS WHERE IT HAS MADE SOME INTRIGUING INITIAL MOVES BUT THE STARK CONTRAST BETWEEN BEING HEIR APPARENT AT THE WORLD'S LARGEST AND MOST SUCCESSFUL DRUG CONCERN AND MR MARKHAM'S NEW ROLE AT MARION MERRELL ONLY DEEPENS THE MYSTERY SURROUNDING HIS EXIT FROM MERCK MR MARKHAM WAS SAID TO BE UNAVAILABLE FOR COMMENT WITH MR MARKHAM MARION MERRELL GETS A GUY WHO KNOWS HOW DO DEAL WITH THE ISSUES OF MANAGED CARE AND KNOWS HOW TO SELL DRUGS SAID JOHN P LAMBERTON A COUNTY NATWEST USA ANALYST HE HASN'T RESPONDED TO QUESTIONS ABOUT HIS REASONS FOR EXITING MERCK SEVEN MONTHS AFTER BEING ELEVATED TO THE PRESIDENT'S POST MERCK SAYS ONLY THAT MR MARKHAM LEFT FOR PERSONAL REASONS AND HAS REFUSED TO ELABORATE BEYOND SAYING THAT HIS DEPARTURE WASN'T BECAUSE OF POOR HEALTH OR BUSINESS ISSUES MARION MERRELL HAS SEEN A NUMBER OF ITS BIGGESTSELLING PRODUCTS LOSE PATENT PROTECTION AND IT FACES FURTHER SUCH EXPIRATIONS OF OTHER POPULAR PRODUCTS THAT PROBLEM IS EXACERBATED BY THE ABSENCE OF MANY DRUGS IN THE COMPANY'S DEVELOPMENT PIPELINE IT RECENTLY SOUGHT TO REMEDY THAT BY ESTABLISHING A RAPIDFIRE SERIES OF ALLIANCES WITH SMALLER OVERSEAS AND DOMESTIC DRUG CONCERNS WHICH HAVE PRODUCTS WELL ALONG IN DEVELOPMENT BUT WITH MANY OF ITS DRUGS VULNERABLE TO CHALLENGES FROM GENERIC DRUG MAKERS HISTORICALLY THE BANE OF BRANDNAME DRUG MANUFACTURERS MARION MERRELL HAS TAKEN SOME INTERESTING STEPS LATE LAST YEAR IN A BID TO PREEMPT COMPETITORS AS PATENT PROTECTION ENDED ON ITS CARDIZEM HEART DRUG IT JOINED WITH A UNIT OF RUGBYDARBY GROUP COS TO BEGIN SELLING A GENERIC TABLET VERSION OF CARDIZEM IN MAY IT AGREED TO ACQUIRE RUGBYDARBY'S ENTIRE GENERIC DRUG BUSINESS THAT ACQUISITION HAS BEEN SEEN AS A POSSIBLE HARBINGER OF AN INDUSTRY TREND IN WHICH BRANDNAME DRUG MAKERS WILL HAVE MUCH GREATER INVOLVEMENT IN GENERIC PRODUCTS BECAUSE OF THE PRICE CONSTRAINTS BEING INCREASINGLY IMPOSED BY MANAGEDCARE PROVIDERS WE FEEL QUITE FORTUNATE TO BRING IN A LEADER OF DICK MARKHAM'S CALIBER AT A TIME WHEN MARION MERRELL DOW AND THE ENTIRE HEALTH CARE FIELD ARE GOING THROUGH DRAMATIC CHANGES SAID MR LYONS THE COMPANY'S CEO HE CALLED MR MARKHAM DYNAMIC INNOVATIVE AND VERY MUCH IN TOUCH WITH THE CHANGING NEEDS OF CUSTOMERS IN THE GLOBAL PHARMACEUTICAL INDUSTRY PAINEWEBBER ANALYST RONALD NORDMANN CALLS MR MARKHAM AN EXCELLENT ADDITION TO MARION MERRELL'S MANAGEMENT TEAM WHICH HE ADDED HASN'T BEEN SITTING BACK ON ITS HAUNCHES DURING ITS DIFFICULT TIMES ASKED WHETHER MR MARKHAM'S SUDDEN DEPARTURE FROM MERCK MIGHT BE A CAUSE FOR RESERVATIONS BY INVESTORS MR NORDMANN SAID I HAVE NO IDEA WHY HE RESIGNED I CAN TELL YOU FROM DISCUSSING THIS WITH MERCK THAT HE LEFT VOLUNTARILY AND WASN'T ASKED TO RESIGN THE ANALYST SAID MERCK OFFICIALS TOLD HIM THE REASONS WEREN'T RELATED TO HIS PERFORMANCE OR CONDUCT AT THE COMPANY 9309220108 930922 INTERNAL DEBATE CLINTON HAD DEVISED HIS HEALTH PACKAGE BEFORE THE INAUGURAL MONTHS OF AIDES' WRANGLING WAS AIMED AT FULFILLING PLAN NOT FASHIONING ONE JUST RUFFLES AND FLOURISHES' BY DAVID WESSEL AND GERALD F SEIB STAFF REPORTERS OF THE WALL STREET JOURNAL WASHINGTON PRESIDENT CLINTON GATHERED HIS TOP ADVISERS IN THE WHITE HOUSE CABINET ROOM JUST BEFORE LABOR DAY TO FINISH UP HIS FARREACHING HEALTH PLAN THE REMAINING ISSUE WAS THE BIG ONE HOW TO PAY FOR IT MR CLINTON ACKNOWLEDGED THAT SOME OF HIS SENIOR ECONOMIC AIDES INCLUDING TREASURY SECRETARY LLOYD BENTSEN AND BUDGET DIRECTOR LEON PANETTA HARBORED DOUBTS ABOUT THE NOTION THAT MUCH OF THE GENEROUS HEALTHCARE PACKAGE COULD BE FINANCED BY WRINGING WASTE OUT OF FEDERAL MEDICAID AND MEDICARE PROGRAMS HE TURNED TO MESSRS BENTSEN AND PANETTA AND NOTED THAT HE HAD DEFERRED TO THEM IN CRAFTING HIS DEFICITREDUCTION PLAN BUT HEALTH CARE WAS DIFFERENT AS A FORMER GOVERNOR HE SAID HE KNEW WASTE COULD BE CUT MORE RAPIDLY THAN SOME IN THE ADMINISTRATION THOUGHT I KNOW THIS SYSTEM MR CLINTON SAID ACCORDING TO SOMEONE WHO ATTENDED THE MEETING I'VE WORKED IT THERE'S A LOT OF MONEY THERE THOUGH HUNDREDS OF GOVERNMENT AIDES AND OUTSIDE ADVISERS WORKED FOR NINE MONTHS ON THE PLAN THAT MR CLINTON IS TO PRESENT IN A TELEVISED SPEECH TONIGHT THE SKELETON OF THE COMPLEX HEALTHCARE PLAN WAS MADE BY BILL CLINTON AS EARLY AS A PREINAUGURAL MEETING AT THE GOVERNOR'S MANSION IN LITTLE ROCK ARK ALMOST ALL THE MAJOR DECISIONS WERE MADE BEFORE THE ADMINISTRATION STARTED SAYS DONNA SHALALA SECRETARY OF HEALTH AND HUMAN SERVICES BY THE TIME MR CLINTON TALKED TO ME ABOUT THE JOB HE WAS ALREADY CLEAR ON WHAT HE WANTED TO DO AND HOW IT WAS PRETTY MUCH RUFFLES AND FLOURISHES AFTER THAT THOUGH SOME OF THEM WERE PRETTY IMPORTANT NAYSAYERS AND DOUBTERS WERE BRUSHED ASIDE BY MR CLINTON'S FELLOW RHODES SCHOLAR IRA MAGAZINER WHO WAS PUT IN CHARGE OF THE PLAN CONTRARY TO THE CONVICTION OF ALMOST EVERY HEALTH EXPERT IN THE COUNTRY MR MAGAZINER ARGUED THAT THE GOVERNMENT COULD CUT ENOUGH WASTE TO EXTEND COVERAGE TO UNINSURED PEOPLE WITH THE RECAPTURED SAVINGS THIS PUT MR MAGAZINER A FORMER BUSINESS CONSULTANT AT ODDS WITH ROBERT RUBIN A FORMER INVESTMENT BANKER WHO HEADS THE NATIONAL ECONOMIC COUNCIL WHEN MR MAGAZINER CITED THE PRIVATE SECTOR'S COSTCUTTING SUCCESSES MR RUBIN SAID YEAH YOU DESTROY THE COMPANY YOU'RE WRONG MR MAGAZINER SHOT BACK AS HE DID MORE THAN ONCE IT IS NOW EVIDENT THAT THE ELABORATE MACHINERY OF TASK FORCES AND TOLLGATES MR MAGAZINER CREATED WAS NEVER INTENDED TO DESIGN A NEW HEALTHCARE SYSTEM RATHER VARIOUS ADVISERS WERE MARSHALED TO COMPLETE A VISION THAT MR CLINTON AND THE FIRST LADY HILLARY RODHAM CLINTON HAD BROUGHT WITH THEM AN INSURANCE PACKAGE GUARANTEED TO ALL AND SOON THE PLAN WOULD REVOLVE AROUND A VARIANT OF MANAGED COMPETITION WITH HEALTH PROVIDERS AND INSURERS COMPETING UNDER A SPENDING LID SET BY THE GOVERNMENT AND EVEN THOUGH MANY OF MR CLINTON'S OWN ADVISERS BELIEVED THIS WOULD COST THE GOVERNMENT TENS OF BILLIONS OF DOLLARS FOR THE NEXT FEW YEARS THERE WOULD BE NO BROAD TAX INCREASES MOSTLY SAVINGS DRAWN FROM EXISTING MEDICARE AND MEDICAID SYSTEMS AND RESULTING FROM INCREASED COMPETITION IN THE HEALTHCARE INDUSTRY EVEN CABINET OFFICIALS COULDN'T SIGNIFICANTLY SLOW THE JUGGERNAUT IN THE END THOUGH THEY MANAGED TO RESTRAIN IT SUFFICIENTLY SO THAT THEY CAN DEFEND THE PLAN TAKING COMFORT THAT CONGRESS WILL ALTER THE ELEMENTS THAT MAKE THEM MOST UNEASY PARTICULARLY THE DATE WHEN UNIVERSAL COVERAGE WILL BE GUARANTEED AND THE PACE WITH WHICH SAVINGS WILL BE SQUEEZED OUT INDEED THE DEBATE OVER HOW MUCH CAN BE CUT FROM TODAY'S SYSTEM AND HOW FAST COULD ESCALATE AS CONGRESS PICKS THROUGH THE CLINTON PLAN THE SAME QUESTIONS WE RAISED ARE NOW BEING RAISED IN PUBLIC DISCUSSION WE'VE GONE THROUGH THESE SAYS LAURA TYSON CHAIRWOMAN OF THE COUNCIL OF ECONOMIC ADVISERS MR CLINTON INSISTS THAT THE ESTIMATES OF SAVINGS ARE SOUND PERHAPS EVEN CONSERVATIVE WE DECIDED FROM THE GETGO THAT WE HAD TO HAVE THE INTEGRITY OF THE NUMBERS HE SAID AT A LUNCH WITH JOURNALISTS YESTERDAY HE SAID SOME CRITICS DON'T DOUBT THE AMOUNT OF WASTE IN MEDICARE AND MEDICAID BUT THE WILLINGNESS OF THE POLITICAL SYSTEM TO FORCE IT OUT GIVEN THE POLITICAL OBSTACLES HE ASKED CAN WE ACHIEVE THE SAVINGS WE WANT TO ACHIEVE THAT IS OBVIOUSLY WHAT WE ARE ABOUT TO DETERMINE AS PART OF A PUBLICRELATIONS COUNTEROFFENSIVE THE WHITE HOUSE YESTERDAY TROTTED OUT TOP ECONOMIC OFFICIALS TO TESTIFY TO THEIR CONFIDENCE IN THE PROPOSAL THE NUMBERS AND THE PROCESS I CAME AWAY PERSUADED THAT THIS OUGHT TO WORK MR RUBIN SAID THE EVOLUTION OF THE HEALTH PROPOSALS WAS STRIKINGLY DIFFERENT FROM THE PROCESS THAT LED TO THE ECONOMIC PLAN MR CLINTON OFFERED IN FEBRUARY THAT DEBATE STEERED MR CLINTON AWAY FROM HIS CAMPAIGN TALK OF MIDDLECLASS TAX CUTS AND TO A DEFICITREDUCTION STRATEGY CENTERED ON THE ILLFATED ENERGY TAX THE HEALTH DEBATE IN CONTRAST WAS STRUCTURED BY MR MAGAZINER TO DIVERT CHALLENGES AND DELIVER WHAT MR CLINTON HAD PROMISED IN THE CAMPAIGN A TIRELESS 45YEAROLD MR MAGAZINER ALONE DECIDED WHAT NUMBERS TO CRUNCH AND WHEN AND ONLY HE WAS ALLOWED TO SEE EVERYTHING HE VIEWED HIMSELF HE SAYS LIKE A MANAGEMENT CONSULTANT HIRED BY THE CHIEF EXECUTIVE TO LOOK INTO A TROUBLED DIVISION KNOWING THAT THE HEAD OF THE DIVISION ISN'T NECESSARILY DELIGHTED TO SEE YOU BUT HE ALSO ACKNOWLEDGES THAT HE IS AT TIMES A PRICKLY PERSONALITY IF YOU WERE GOING TO BE STUCK ON A DESERT ISLAND WITH SOMEBODY I MIGHT NOT BE THE ONE YOU CHOOSE REPEATEDLY MR CLINTON HEARD AND USUALLY REJECTED WARNINGS FROM HIS APPOINTEES THAT HIS PLAN WAS TOO RISKY MR RUBIN URGED THAT THE NEW GUARANTEEDBENEFIT PACKAGE BE PHASED IN MUCH MORE SLOWLY MS SHALALA WARNED THAT MEDICARE AND MEDICAID COULDN'T SAFELY BE SQUEEZED TOO HARD MS TYSON WARNED ABOUT THE POTENTIAL LOSS OF JOBS MR BENTSEN AND LABOR SECRETARY ROBERT REICH AMONG OTHERS SHARED THE CONCERNS BUT WERE LARGELY SILENT THE CONCLUSIVE DEBATE OVER THE CRITICAL DETAILS OF FINANCING THE HEALTHCARE PLAN DIDN'T TAKE PLACE IN THE PRESIDENT'S PRESENCE UNTIL HE CONVENED A WEEK OF MEETINGS AFTER HIS MARTHA'S VINEYARD VACATION BY THEN HE ALREADY HAD SETTLED THE SPRINGTIME DISAGREEMENTS AMONG HIS TEAM DESPITE THE STRONG MISGIVINGS OF HIS ECONOMIC ADVISERS THE PRESIDENT WOULD PROMISE ALL AMERICANS THAT BY 1997 THEY WOULD HAVE HEALTH BENEFITS AS GENEROUS AS THOSE OFFERED BY THE TYPICAL BIG COMPANY MR MAGAZINER SET THE TERMS OF THE DEBATE CHALLENGING THOSE LESS CONFIDENT THAN HE THAT COMPETITION AND SPENDING CAPS COULD ELIMINATE INEFFICIENCY THERE SEEMS TO BE A WASHINGTON DISEASE THAT DOESN'T BELIEVE YOU CAN HAVE SAVINGS IN ALMOST ANYTHING PARTICULARLY HEALTH CARE MR MAGAZINER SAYS I HAVE NEVER SEEN AN INDUSTRY AS INEFFICIENT AS THIS ONE AND PEOPLE IN THE INDUSTRY KNOW THAT IN THE END ACCORDING TO A WIDELY CIRCULATED DRAFT OF THE PLAN MR CLINTON DECIDED TO REDUCE PROJECTED MEDICARE AND MEDICAID SPENDING BY 238 BILLION OVER THE NEXT SEVEN YEARS MR CLINTON'S CLOSEST ADVISERS ARE CONVINCED THE PRESIDENT THINKS A MASSIVE AMOUNT OF MONEY CAN BE EXTRACTED FROM THE EXISTING SYSTEM BUT THEY ALSO SUSPECT THAT HE HAS MADE A TACTICAL DECISION TO LAY DOWN AN AMBITIOUS MARKER KNOWING THAT CONGRESS WILL PULL BACK FROM IT WHATEVER THE PRESIDENT'S INNER CALCULATION HIS RESOLVE IS UNDERSCORED BY A REFRAIN HE OFTEN REPEATS TO HIS TOP AIDES I WAS ELECTED TO DO THIS WHEN IT BECAME CLEAR LAST SPRING THAT CONGRESS WOULD REJECT MUCH OF THE INVESTMENT SPENDING THAT MR CLINTON PROPOSED THE PRESIDENT CONFIDED TO ONE OFFICIAL THEN THE ONLY THING WE'LL REALLY HAVE TO GIVE THE AMERICAN PEOPLE IS HEALTH CARE ALONG THE WAY MR CLINTON FIRMLY REJECTED MUCH OF THE CONVENTIONAL WISDOM AMONG HEALTH ANALYSTS IN JANUARY THE HEALTH ADVISERS ON HIS TRANSITION TEAM VETERAN BELTWAY HEALTH EXPERT JUDY FEDER NORTH CAROLINA HEALTH ECONOMIST KENNETH THORPE AND 27YEAROLD ATUL GAWANDE LAID OUT WHAT THEY BELIEVED TO BE MR CLINTON'S MAIN OPTIONS NONE WAS AMBITIOUS ENOUGH FOR MR CLINTON WHO MADE CLEAR FROM HIS QUESTIONS THAT HE WAS INTERESTED IN COVERING THE UNINSURED SOONER AND PAYING FOR IT BY REDUCING COSTS MORE RAPIDLY HE REALLY HATED TO THINK THAT TOTAL HEALTHCARE SPENDING WOULD GO UP DURING HIS ADMINISTRATION ONE OF THOSE PRESENT RECALLS ABOVE ALL MR CLINTON REJECTED THE ARGUMENT THAT IT WOULD TAKE 40 BILLION A YEAR OR MORE IN NEW TAXES TO FINANCE THE KIND OF SYSTEM HE WANTED MR MAGAZINER SAID LITTLE IN THE JANUARY MEETING IN ARKANSAS BUT AS EARLY AS THE NEW HAMPSHIRE PRIMARY IN EARLY 1992 HE KNEW THAT HIS VIEWS WERE IN SYNC WITH MR CLINTON'S THE REST OF THE ADMINISTRATION WOULD SOON LEARN WHAT HE ALREADY KNEW THAT HE WOULD BE PUT IN CHARGE OF THE FIRST LADY'S HEALTHCARE ENTERPRISE SHORTLY AFTER THE INAUGURATION HOWEVER AT AN EARLY MEETING OF THE CLINTON CABINET OFFICIALS WERE STUNNED WHEN MR CLINTON PASSED AROUND A MEMO FROM MR MAGAZINER DESCRIBING AN UNCONVENTIONAL PROCESS IN WHICH HE WOULD OVERSEE A MAZE OF WORKING GROUPS OF LOWERLEVEL OFFICIALS AND OUTSIDE EXPERTS FUNNELING DECISIONS THROUGH THE SOCALLED TOLLGATES OR LENGTHY MASS MEETINGS THE WORKING GROUPS WOULD PRODUCE A PLAN WITHIN 100 DAYS AT ONE POINT ALICE RIVLIN THE INDEPENDENTMINDED DEPUTY DIRECTOR OF THE WHITE HOUSE BUDGET OFFICE SUGGESTED THAT BEFORE THE MANAGEDCOMPETITION APPROACH WAS EMBRACED THE PRESIDENT HEAR PRESENTATIONS ON THE ALTERNATIVES IT WASN'T TO BE THOUGH ADVOCATES OF OTHER APPROACHES DID MAKE THEIR CASE TO MRS CLINTON FROM THE OUTSET THE FIRST LADY SOUGHT TO MAKE THE PUBLIC INTEREST GROUPS AND PARTICULARLY THE CONGRESS FEEL THEY WERE INCLUDED THE DAY MRS CLINTON WAS NAMED TO OVERSEE THE HEALTH VENTURE SHE CALLED DEMOCRATIC SEN JAY ROCKEFELLER OF WEST VIRGINIA TO ENLIST HIS HELP AS SEN ROCKEFELLER LATER DISCOVERED HE WASN'T ALONE MRS CLINTON SPENT SIX HOURS THAT DAY CALLING MEMBERS OF CONGRESS IN HER VERY PUBLIC ROLE MRS CLINTON SOUGHT BOTH TO SELL THE ENDEAVOR AND TO SENSE THE PUBLIC MOOD BEHIND THE SCENES SHE WAS MR MAGAZINER'S UNSWERVING BACKER MR CLINTON HIS WIFE AND MR MAGAZINER WERE EAGER TO MOVE QUICKLY BUT EVEN CONGRESSIONAL LEADERS WHO INITIALLY FAVORED THAT APPROACH SOON GREW ANXIOUS AT A LATE APRIL DINNER AT THE WHITE HOUSE TOP HOUSE DEMOCRATS INCLUDING MAJORITY LEADER RICHARD GEPHARDT AND WAYS AND MEANS COMMITTEE CHAIRMAN DAN ROSTENKOWSKI BLUNTLY TOLD THE PRESIDENT TO FORGET ABOUT GETTING HEALTH CARE ON THE AGENDA UNTIL THE FALL WHEN THE BUDGET DEBATE WAS OVER SENATE DEMOCRATIC LEADER GEORGE MITCHELL'S ADVICE WAS THE SAME MR CLINTON RELENTED THE UNVEILING WAS PUT OFF BUT THE MAGAZINER MACHINE KEPT GRINDING ON BEGINNING AT 6 PM ON THURSDAY MAY 20 MR CLINTON'S TOP HEALTH ECONOMIC AND POLITICAL ADVISERS MET WITH HIM TO MAKE THE FIRST OF THE MAJOR DECISIONS THE ECONOMIC TEAM MR RUBIN MS TYSON MR BENTSEN ARGUED STRENUOUSLY THAT MR CLINTON SHOULD BEGIN BY OFFERING A BAREBONES HEALTH PACKAGE TO THE UNINSURED IN 1996 PHASING IN ADDITIONAL BENEFITS OVER THE REST OF THIS DECADE ON THIS ONE MS SHALALA AND MR CLINTON'S POLITICAL ADVISERS WERE ON THE OTHER SIDE ARGUING FOR PROMISING A MORE GENEROUS PACKAGE ALMOST IMMEDIATELY THEY WON THE MEETING ENDED WITH A ROUND OF APPLAUSE AFTER A SPIRITED DEBATE A DECISION HAD FINALLY BEEN MADE THE GOOD FEELINGS DISSIPATED WHEN THE RESULTS OF THE MEETING TURNED UP ON THE FRONT PAGES OF MAJOR NEWSPAPERS ON SATURDAY MORNING MR CLINTON AND THE FIRST LADY WERE FURIOUS ADMINISTRATION OFFICIALS SAY WITH THE DELICATE DEBATE OVER TAXES AND SPENDING UNFOLDING MR CLINTON COULDN'T AFFORD THE CONTROVERSY THAT WOULD RESULT IF HIS HEALTHCARE DECISIONS BECAME PUBLIC AFTER THE MAY DISCLOSURE MR MAGAZINER RESTRICTED THE SIZE OF THE CIRCLE AND DISCOURAGED OTHERS FROM TALKING TO REPORTERS BY SAYING THAT HE KNEW WHO THE LEAKERS WERE THE TENSE ATMOSPHERE DAMPED INTERNAL DISSENTERS WHO FEARED THAT THEY MIGHT BE PAINTED AS DISLOYAL IF THEIR RESERVATIONS WERE MADE PUBLIC THE FACT THAT THESE LEAKS WERE TAKING PLACE MADE IT DIFFICULT FOR US TO BE AS OPEN AS WE WANTED MR MAGAZINER SAYS THE LEAKS NEVER GOT PLUGGED AFTER THE PRESS RAN WITH AN ACCOUNT OF THE PRESIDENT'S FIRST MEETING AFTER HIS VACATION WHITE HOUSE CHIEF OF STAFF THOMAS MACK MCLARTY DELIVERED AN UNCHARACTERISTICALLY HARSH LECTURE TO THE PRESIDENT'S ADVISERS JUST THIS WEEK MR MAGAZINER QUIPPED I'VE FINALLY DISCOVERED HOW TO GET A BESTSELLER AND THAT IS TO TURN OVER SOME PRIVATE COPIES TO A COUPLE OF MEMBERS OF CONGRESS AND SAY THAT THEY OUGHT TO KEEP THEM CONFIDENTIAL ONE EARLY FEATURE OF THE HEALTH PLAN WAS DROPPED ALONG THE WAY THE NOTION OF IMPOSING SHORTTERM PRICE CONTROLS TO HOLD DOWN HEALTH COSTS AT THE BEGINNING SOME OF MR CLINTON'S ADVISERS EXPECTED THAT SUCH CONTROLS WOULD BE IMPOSED THERE WAS EVEN TALK OF INCLUDING A PRICE FREEZE IN THE PRESIDENT'S FEBRUARY ECONOMIC SPEECH BUT WHEN MR MAGAZINER MADE THE CASE FOR PRICE CONTROLS THE IDEA FOUND NO TAKERS THE FINAL WEEK OF ARGUMENTS FOCUSED ON HOW THE PLAN WOULD BE FINANCED ONE MEETING WAS CONSUMED WITH A DISCUSSION MORE POLITICAL THAN ECONOMIC OVER SIN TAXES AN ESSENTIAL COMPONENT OF THE FINANCING PLAN SOME ADVISERS ARGUED THAT ANY TAX SHOULD BE BROADENED BEYOND CIGARETTES TO AVOID APPEARING TO BE AN ATTACK ON THE SOUTH INCLUSION OF BEER AND WINE MIGHT ADD AN ELEMENT OF FAIRNESS BUT WOULD RISK THE WRATH OF BLUECOLLAR WORKERS AND YOUNG MIDDLECLASS WINE DRINKERS ONE SUGGESTION WAS TO REDUCE THE SIN TAX THROUGH A LEVY ON CERTAIN BIG CORPORATIONS THE FINAL DECISION WAS STILL IN DOUBT AS LATE AS THIS WEEK BUT PERHAPS THE MOST SPIRITED DISCUSSION WAS HOW RAPIDLY THE GROWTH OF HEALTHCARE SPENDING BOTH PRIVATE AND PUBLIC COULD BE RESTRAINED MR CLINTON'S ECONOMIC ADVISERS ARGUED THAT MR MAGAZINER'S SPENDING LIDS FELL MUCH TOO FAST MS SHALALA ARGUED THAT MARKET FORCES ALONE COULDN'T BE EXPECTED TO PRODUCE SUCH A RAPID CLAMPDOWN IF YOU'RE THIS TIGHT YOU HAVE A PROXY FOR PRICE CONTROLS SHE SAID MR CLINTON SIDED WITH MR MAGAZINER THOUGH SPENDING ON MEDICARE AND MEDICAID WILL BE PERMITTED TO RISE SLIGHTLY FASTER THAN PRIVATESECTOR SPENDING MR CLINTON ENDED UP WITH WHAT HE WANTED AS THE MEETINGS ENDED AT 830 PM THE FRIDAY BEFORE LABOR DAY THE PRESIDENT DECLARED WITH SATISFACTION I KNEW WE COULD DO IT I KNEW THE MONEY WAS THERE 9309220107 930922 CORRECTIONS & AMPLIFICATIONS BELL ATLANTIC CORP SAID IT HAS SIGNIFICANTLY INCREASED ITS DEPRECIATION EXPENSES ON CERTAIN PLANT AND EQUIPMENT OVER THE PAST THREE YEARS IN AN ARTICLE MONDAY ABOUT U S WEST INC IT WAS INCORRECTLY STATED THAT BELL ATLANTIC HAD DECREASED ITS DEPRECIATION EXPENSES DUN & BRADSTREET CORP SAID THAT CHRISTOS M COSTAKOS NEWLY APPOINTED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF ITS NIELSEN INTERNATIONAL UNIT IS 45 YEARS OLD AN ITEM IN YESTERDAY'S WHO'S NEWS COLUMN INCORRECTLY STATED THAT MR COSTAKOS IS 66 9309220106 930922 INSIDER TRADING SPOTLIGHT NOTE SHOWS PURCHASES AND SALES BY MOST OFFICERS AND DIRECTORS WHICH MUST BE REPORTED TO THE SEC AND OTHER REGULATORS BY THE 10TH OF THE MONTH FOLLOWING THE MONTH OF THE TRADE INCLUDES BOTH OPENMARKET AND PRIVATE TRANSACTIONS INVOLVING DIRECT AND INDIRECT HOLDINGS EXCLUDES STOCKS VALUED AT LESS THAN 2 A SHARE ACQUISITIONS THROUGH OPTIONS AND COMPANIES BEING ACQUIRED CBCHAIRMAN PPRESIDENT DDIRECTOR VPVICE PRESIDENT OOFFICER ZOTHER BALA S MANIAN AN OFFICER AT MOLECULAR DYNAMICS INC SOLD 150000 SHARES IN THE COMPANY IN MIDAUGUST DUE TO AN ERROR BY CDA/INVESTNET OF FORT LAUDERDALE FLA WHICH SUPPLIES DATA ON INSIDER TRANSACTIONS AN INSIDER TRADING SPOTLIGHT TABLE WEDNESDAY INCORRECTLY STATED THAT MR MANIAN SOLD 1050000 SHARES 9309220105 930922 INTERNATIONAL BIG BROKERAGE FIRMS IN JAPAN PUSH DOWN FORECASTS FOR EARNINGS TOKYO AP THREE OF JAPAN'S BIG FOUR BROKERAGE FIRMS ANNOUNCED LARGE DOWNWARD REVISIONS IN THEIR EARNINGS FORECASTS FOR THE CURRENT FISCAL YEAR BECAUSE OF LOWERTHANEXPECTED TURNOVER ON THE TOKYO STOCK EXCHANGE JAPAN'S SAGGING ECONOMY AND A STRING OF SCANDALS INVOLVING BROKERAGE HOUSES HAVE REDUCED DEMAND FOR STOCKS THE LONE BIG FOUR BROKERAGE FIRM TO SKIP A DOWNWARD REVISION WAS DAIWA SECURITIES CO NOMURA SECURITIES CO JAPAN'S LARGEST BROKERAGE FIRM REVISED ITS CONSOLIDATED PROFIT FORECAST FOR THE YEAR ENDING MARCH 31 TO 333 MILLION DOWN FROM 380 MILLION A 13 CUT IT RAISED ITS PREDICTION FOR OPERATING REVENUE 16 TO 62 BILLION FROM 61 BILLION NIKKO SECURITIES CO CUT ITS PROFIT FORECAST 43 TO 152 MILLION FROM 267 MILLION IT SAID OPERATING REVENUE WOULD TOTAL 36 BILLION DOWN 53 FROM ITS ORIGINAL PREDICTION OF 38 BILLION YAMAICHI SECURITIES CO CUT ITS CONSOLIDATED PROFIT FORECAST IN HALF TO 181 MILLION FROM 362 MILLION IT REDUCED ITS OPERATING REVENUE FORECAST BY 61 TO 31 BILLION FROM 33 BILLION 9309220104 930922 APPALACHIAN POWER REDEMPTION COLUMBUS OHIO APPALACHIAN POWER CO A UNIT OF AMERICAN ELECTRIC POWER CO SAID IT WILL REDEEM THE SHARES OUTSTANDING OF ITS 9 CUMULATIVE PREFERRED STOCK ON OCT 23 APPALACHIAN POWER WILL REDEEM 510000 SHARES AT 10630 A SHARE PLUS A DIVIDEND PRORATED FROM AUG 1 TO THE REDEMPTION DATE BASED ON THE ANNUAL DIVIDEND RATE PER SHARE ON NOV 1 THE COMPANY WILL REDEEM THE REMAINING 60000 SHARES OUTSTANDING AT 100 A SHARE PURSUANT TO THE SINKING FUND ESTABLISHED FOR THE SERIES OF STOCK FIRST CHICAGO TRUST CO OF NEW YORK IS THE REDEMPTION AGENT THE COMPANY SAID 9309220103 930922 PUBLIC COLLEGE TUITION ROSE 8 THIS YEAR REFLECTING STATE CUTS A WALL STREET JOURNAL NEWS ROUNDUP FOURYEAR PUBLIC COLLEGES ARE CHARGING AN AVERAGE OF 8 MORE FOR TUITION AND FEES THIS YEAR ACCORDING TO AN ANNUAL COLLEGE BOARD SURVEY THE COLLEGE BOARD SAID THE INCREASE WELL ABOVE THE 28 CONSUMER INFLATION RATE FOR THE 12MONTH PERIOD ENDED AUG 31 STEMS IN PART FROM TIGHT STATE BUDGETS THAT ARE FORCING CUTS IN EDUCATION AND PROMPTING SCHOOLS TO RELY MORE ON TUITION PRIVATE FOURYEAR COLLEGES RAISED THEIR TUITION AND FEES BY AN AVERAGE OF 55 THE LOWEST INCREASE SINCE AT LEAST THE 19871988 SCHOOL YEAR THE SURVEY SHOWED FOR PRIVATE SCHOOLS THERE'S BEEN A SENSE THAT COST INCREASES HAVE TO BE KEPT IN SOME RELATION TO INCOME GROWTH SAID DAVID W BRENEMAN A HARVARD UNIVERSITY EDUCATION PROFESSOR AT PUBLIC FOURYEAR SCHOOLS AVERAGE TUITION AND FEES FOR THE 19931994 SCHOOL YEAR ROSE TO 2527 FROM 2334 THE SURVEY SAID AT PRIVATE SCHOOLS THE AVERAGE ROSE TO 11025 FROM 10449 ROOM AND BOARD ROSE AN AVERAGE OF 5 THIS YEAR TO 3680 AT PUBLIC COLLEGES AND TO 4793 AT PRIVATE SCHOOLS ONE OF THE MOST EXPENSIVE COLLEGES IN THE SURVEY WAS SARAH LAWRENCE COLLEGE BRONXVILLE NY AT 25600 FOR TUITION FEES ROOM AND BOARD OTHER EXPENSIVE SCHOOLS INCLUDE YALE UNIVERSITY NEW HAVEN CONN AT 25110 AND HARVARD OF CAMBRIDGE MASS AT 24880 THE UNIVERSITY OF NORTH FLORIDA IN JACKSONVILLE WAS AMONG THE MOST INEXPENSIVE INSTITUTIONS AT 5922 9309220102 930922 BELL ATLANTIC UNIT GETS JOB NEW YORK A BELL ATLANTIC CORP UNIT RECEIVED A CONTRACT FROM AMR CORP TO SERVICE ABOUT 250000 AMR COMPUTERS AND PERIPHERAL EQUIPMENT WORLDWIDE THE COMPANIES DIDN'T DISCLOSE THE CONTRACT'S VALUE THEY SAID THE CONTRACT COVERING COMPUTER OPERATIONS IN 44 COUNTRIES IN EUROPE AND THE MIDDLE AND FAR EAST IS THE LARGEST OF ITS TYPE AND REPLACES CONTRACTS WITH 10 PREVIOUS VENDORS INCLUDING GENERAL ELECTRIC CO BELL ATLANTIC BUSINESS SYSTEMS SERVICES WILL SUPPORT PERSONAL COMPUTERS WORKSTATIONS PRINTERS AND OTHER PERIPHERALS USED BY MORE THAN 23000 TRAVEL AGENCIES AND 42 AIRLINE CUSTOMERS IN A SMALLER CONTRACT AMR HIRED MEMOREX TELEX TO SERVICE COMPUTERS IN THE CARIBBEAN AND MEXICO A SPOKESWOMAN SAID SORBUS BUSINESS SYSTEMS SERVICES A JOINT VENTURE BETWEEN BELL ATLANTIC AND INTERNATIONAL COMPUTERS LTD WILL SERVICE EQUIPMENT IN AMR'S INTERNATIONAL LOCATIONS THE SPOKESWOMAN SAID 9309220101 930922 NEW YORK LIFE REACHES AN AGREEMENT TO EXPAND ITS MANAGEDCARE BUSINESS BY GREG STEINMETZ STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK LIFE INSURANCE CO REACHED AN AGREEMENT THAT GIVES IT ACCESS TO MANAGEDCARE OPERATIONS IN AN ADDITIONAL 75 MARKETS A MOVE IT SAYS WILL CREATE ONE OF THE COUNTRY'S MOST EXTENSIVE HEALTHCARE NETWORKS THE ARRANGEMENT TYPIFIES HOW INSURANCE COMPANIES ARE SCRAMBLING TO EXPAND THEIR USE OF HEALTH MAINTENANCE ORGANIZATIONS AND OTHER FORMS OF MANAGED CARE IN THE FACE OF HEALTHCARE REFORM AND COMPETITIVE PRESSURES TO BRING DOWN COSTS IT ALSO SHOWS HOW THE FIVE BIG INSURANCE COMPANIES THAT DOMINATE HEALTH CARE AETNA LIFE & CASUALTY CO CIGNA CORP METROPOLITAN LIFE INSURANCE CO PRUDENTIAL INSURANCE CO OF AMERICA AND TRAVELERS CORP FACE TOUGHER COMPETITION FROM SMALLER HEALTH INSURERS FOR NATIONAL ACCOUNTS UNDER THE NEW YORK LIFE ARRANGEMENT THE COMPANY WILL PAY PRIVATE HEALTHCARE SYSTEMS INC A LEXINGTON MASS MANAGEDCARE COMPANY AN UNDISCLOSED FEE FOR EVERY PATIENT NEW YORK LIFE REFERS KNOWN IN THE INSURANCE INDUSTRY AS A RENTAL ARRANGEMENT IT GIVES NEW YORK LIFE A PRESENCE IN ADDITIONAL MARKETS WITHOUT HAVING TO SET UP HMOS FROM SCRATCH WHICH WOULD MEAN HAVING TO SIGN UP DOCTORS AND HOSPITALS AT ITS OWN EXPENSE PRIOR TO THE ARRANGEMENT NEW YORK LIFE OWNED OR USED MANAGEDCARE NETWORKS IN 129 MARKETS THE PRIVATE HEALTHCARE SYSTEMS PACT WILL ADD ANOTHER 75 OVER THE NEXT YEAR AND ALLOW NEW YORK LIFE TO OFFER MANAGED CARE IN SUCH AREAS AS INDIANAPOLIS MILWAUKEE MINNEAPOLIS PHOENIX AND MEMPHIS TENN SAID DANIEL FISHBEIN A NEW YORK LIFE VICE PRESIDENT BY INCREASING ITS REACH NEW YORK LIFE SHOULD HAVE AN EASIER TIME WINNING CORPORATE CLIENTS INCREASINGLY CUSTOMERS INSIST THAT INSURERS PROVIDE MANAGED CARE WHEREVER THEY HAVE EMPLOYEES WE BELIEVE THAT THIS AGREEMENT WILL HELP MAKE OUR MANAGEDCARE NETWORK ONE OF THE MOST EXTENSIVE OF ANY INSURANCE CARRIER SAID NEW YORK LIFE EXECUTIVE VICE PRESIDENT SEYMOUR STERNBERG ALTHOUGH NEW YORK LIFE IS THE COUNTRY'S FIFTHLARGEST LIFE INSURER IT IS NOT ONE OF THE LARGEST HEALTH INSURERS THE BIG FIVE INSURERS SERVE THE COUNTRY'S LARGEST EMPLOYERS WHILE NEW YORK LIFE SPECIALIZES IN MEDIUMSIZE EMPLOYERS NOT A QUICK FIX WHILE RENTAL ARRANGEMENTS CAN HELP COMPANIES LIKE NEW YORK LIFE THAT WANT TO OFFER MANAGED CARE IN EACH MARKET WHERE THEY HAVE CUSTOMERS THE APPROACH IS NOT A QUICK FIX FOR INSURERS THAT LACK MANAGEDCARE CAPABILITIES SAID RAYMOND LENHART A PARTNER WITH ANDERSEN CONSULTING IN WASHINGTON THE INSURER GETS MORE ACCESS FOR THEIR CLIENTS BUT THEY CAN'T CONTROL THE PRODUCTS OR THE COSTS AS WELL AS IF THEY OWNED IT MR LENHART SAID THERE'S NO COMPETITIVE ADVANTAGE HE BELIEVES SMALL HEALTH INSURERS WILL HAVE A HARD TIME SURVIVING IF HEALTH CARE SHIFTS ENTIRELY TO MANAGED CARE AND AWAY FROM THE TRADITIONAL SYSTEM OF PAYING DOCTORS AND HOSPITALS A SEPARATE FEE FOR EVERY SERVICE PRIVATE HEALTHCARE SYSTEMS IS OWNED BY A COLLECTION OF INSURANCE COMPANIES INCLUDING GREATWEST LIFE & ANNUITY INSURANCE CO A UNIT OF POWER CORP OF CANADA GUARDIAN LIFE INSURANCE CO OF AMERICA AND NORTHWESTERN NATIONAL LIFE INSURANCE CO A UNIT OF NWNL COS THE COMPANY'S MANAGEDCARE NETWORK SERVES 28 MILLION PEOPLE AND HAS CONTRACTS WITH NEARLY 97000 DOCTORS THE COMPANY WAS SET UP IN 1985 AS A VEHICLE FOR SMALLER INSURERS TO COMPETE WITH THE BIG FIVE BY POOLING CUSTOMERS OF SEVERAL INSURERS PRIVATE HEALTHCARE SYSTEMS CAN WIN THE SAME SORT OF VOLUME DISCOUNTS FROM DOCTORS AND HOSPITALS AS THE BIGGER INSURERS 9309220100 930922 TECHNOLOGY FIRST IBM COMPUTER WITH POWERPC CHIP IS LAUNCHED IN DRIVE TO CHALLENGE INTEL BY LAURIE HAYS STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK AFTER MONTHS OF HYPE INTERNATIONAL BUSINESS MACHINES CORP YESTERDAY LAUNCHED ITS CAMPAIGN TO BREAK INTEL CORP'S LOCK ON THE COMPUTERCHIP MARKET BY INTRODUCING THE FIRST WORKSTATIONS BASED ON ITS NEW POWERPC MICROPROCESSOR IBM HAS SET AMBITIOUS PLANS FOR THE NEW CHIP WHICH IT DEVELOPED IN A THREEYEAR COLLABORATIVE EFFORT WITH APPLE COMPUTER INC AND MOTOROLA INC IBM VOWED TO EVENTUALLY DELIVER A SWEEPING RANGE OF POWERPC COMPUTERS FROM LOWERPRICED DESKTOP SYSTEMS TO POWERFUL MAINFRAMES AND EVEN EXTENDING INTO THE REALM OF CONTROLLER CHIPS USED IN NEW AUTOMOBILES THE WORKSTATIONS IBM INTRODUCED AS NEW MODELS IN ITS RISC SYSTEM/6000 LINE TAKE AIM AT A SOPHISTICATED BUT RELATIVELY SMALL MARKET BUT IBM AND APPLE AT ONE TIME ITS FIERCEST RIVAL IN DESKTOP PC'S ARE EXPECTED TO TARGET A FAR BIGGER MARKET BY INTRODUCING PERSONAL COMPUTERS BASED ON THE POWERPC EARLY NEXT YEAR IT'S A MAJOR BET AS BIG A BET AS I'VE SEEN IBM MAKE ON A NEW TECHNOLOGY IN A NUMBER OF YEARS SAID DANIEL MANDRESH OF MERRILL LYNCH CAPITAL MARKETS THE GAMBLE TO UPSET INTEL'S DOMINANCE OF THE CHIP MARKET HOWEVER IS FRAUGHT WITH RISK THE VAST MAJORITY OF THE MORE THAN 150 MILLION PERSONAL COMPUTERS IN USE WORLDWIDE ARE BASED ON INTEL TECHNOLOGY AND THEY RUN THOUSANDS OF SOFTWARE PROGRAMS DESIGNED EXPLICITLY FOR THE INTEL CHIP NEW POWERPC COMPUTERS FROM IBM WILL HAVE TO BE CAPABLE OF RUNNING ALL THAT INSTALLED SOFTWARE WITHOUT A GLITCH A DIFFICULT TASK YET IBM MUST ALSO PERSUADE SOFTWARE DEVELOPERS TO DESIGN NEW PROGRAM VERSIONS THAT CAN EXPLOIT THE NEW CHIP'S OWN POWERFUL FEATURES BUT SOME ANALYSTS AND INDUSTRY EXPERTS SAY THE IBMAPPLEMOTOROLA TEAM MAY WELL FIND AT LEAST PARTIAL SUCCESS SO FAR THE EFFORT HAS BEEN AGGRESSIVE AND IBM CLAIMS THE TECHNOLOGY IS AHEAD OF RIVALS IN TERMS OF PRICE AND PERFORMANCE COMPETITORS OF COURSE DISAGREE JUST TWO WEEKS AGO DIGITAL EQUIPMENT CORP INTRODUCED A NEW ALPHA CHIP THAT IT SAYS SURPASSES THE PERFORMANCE OF THE NEW IBMAPPLEMOTOROLA DEVICE IN ADDITION IBM HASN'T SIGNED UP ANY OUTSIDE PC MAKERS TO COMMIT TO THE POWERPC CHIP COMPAQ COMPUTER CORP AND DELL COMPUTERS LTD HAVE QUESTIONED WHETHER POWERPC WILL HAVE BROAD APPEAL STILL THE POWERPC IS BEING INTRODUCED AT ABOUT HALF THE PRICE OF INTEL'S LATEST GENERATION THE PENTIUM CHIP WHILE THE INTEL LINE IS LARGELY CONFINED TO THE DOS AND WINDOWS OPERATING SYSTEMS OF MICROSOFT CORP THE POWERPC HAS THE ADVANTAGE OF BEING ABLE TO INTEGRATE A VARIETY OF OPERATING SYSTEMS INCLUDING DOS WINDOWS AND APPLE'S MACINTOSH ACCORDING TO IBM THAT IS BECAUSE THE NEW CHIP HAS ENOUGH POWER TO OVERRIDE AND INTEGRATE THE RIVAL SOFTWARE LETTING USERS RUN APPLICATIONS FROM ANY OF THOSE COMPETING SYSTEMS ON THE POWERPCBASED WORKSTATION WHICH OPERATES ON AN IBM VERSION OF THE UNIX OPERATING SYSTEM THE QUESTION IS HOW FAST WINDOWS APPLICATIONS AND OTHER TITLES WILL ACTUALLY WORK SENSITIVE TO CRITICISM THAT POWERPC RUNS WINDOWS MORE SLOWLY THAN INTEL'S 486 CHIP IBM ENTERTAINED A PACKED NEWS CONFERENCE HERE YESTERDAY WITH A VIDEO DISPLAY SHOWING WINDOWS RUNNING AT A FASTER CLIP ON THE POWERPC THAN ON AN INTEL 486 CHIP AN IBM SPOKESMAN LATER STRESSED THAT THE FILM WAS A LABORATORY DEMONSTRATION AND THE TECHNOLOGY THAT MAKES WINDOWS RUN MORE QUICKLY WON'T BE AVAILABLE TO CUSTOMERS UNTIL EARLY NEXT YEAR 9309220099 930922 INTERNATIONAL ISRAEL'S RABIN FORMAL AND LOWKEY KICKS OFF PEACEPACT DEBATE IN KNESSET BY AMY DOCKSER MARCUS STAFF REPORTER OF THE WALL STREET JOURNAL JERUSALEM IN A SHORT SPEECH LARGELY DEVOID OF PASSION PRIME MINISTER YITZHAK RABIN ASKED THE ISRAELI PARLIAMENT TO APPROVE THE PEACE ACCORD ISRAEL SIGNED LAST WEEK WITH THE PALESTINE LIBERATION ORGANIZATION MR RABIN SPOKE ABOUT THE 1973 ARABISRAELI WAR THAT BROKE OUT DURING THE JEWISH HOLIDAY OF REPENTANCE YOM KIPPUR WHICH BEGINS THIS WEEKEND HE SAID THAT WAR IN WHICH MORE THAN 2500 ISRAELI SOLDIERS DIED TAUGHT THE COUNTRY ABOUT THE LIMITS OF MILITARY POWER AND THE NEED FOR PEACE AGREEMENTS DESPITE HIS CALL FOR AN END TO TEARS AND BLOOD MR RABIN'S SPEECH WAS SURPRISINGLY BUSINESSLIKE AND LOWKEY HE WAS INTERRUPTED BY HECKLING FROM OPPOSITION MEMBERS BUT HE DIDN'T USE THE OCCASION EITHER TO TRY TO GALVANIZE THE NATION OR ADDRESS THE CONCERNS OF ANGRY ISRAELIS WHO OPPOSE THE ACCORD AND DEMONSTRATED BY THE THOUSANDS OUTSIDE PARLIAMENT DURING THE DEBATE RABIN USED UP HIS GOOD STUFF ON THE WHITE HOUSE LAWN SAYS HARRY WALL HEAD OF THE ANTIDEFAMATION LEAGUE IN JERUSALEM HIS SPEECH REFLECTED THE FACT THAT HE DOESN'T HAVE A LOT OF PASSION FOR THE PLAN THE DEBATE IN THE KNESSET COULD LAST AS LONG AS THREE DAYS TO ALLOW EACH OF THE 120 MEMBERS OF PARLIAMENT TO SPEAK ON THE AGREEMENT MR RABIN IS EXPECTED TO WIN A SLIM MAJORITY OF 61 OR 62 SIX MEMBERS OF THE ULTRAORTHODOX SHAS PARTY ARE WAVERING ON HOW TO VOTE AND THREE MEMBERS OF THE OPPOSITION LIKUD BLOC ALSO SAID THEY WERE STILL UNDECIDED WHILE KNESSET APPROVAL ISN'T LEGALLY REQUIRED POLITICAL ANALYSTS AGREE THAT WITHOUT ITS SUPPORT THE ACCORD WOULD BE DIFFICULT TO IMPLEMENT MR RABIN SAID THE DECISION WOULD BE A VOTE OF CONFIDENCE IN HIS COALITION GOVERNMENT A TACTIC DESIGNED TO BRING SHAS INTO LINE SHAS AS A MEMBER OF THE GOVERNMENT COALITION MUST VOTE FOR THE PLAN OR RESIGN FROM THE GOVERNMENT OPPOSITION LEADER BENJAMIN NETANYAHU TOOK 70 MINUTES TO DELIVER HIS SPEECH BECAUSE OF CONSTANT INTERRUPTIONS FROM OTHER PARLIAMENT MEMBERS MR RABIN WALKED OUT OF THE HALL AFTER MR NETANYAHU ACCUSED THE PRIME MINISTER OF IGNORING SECURITY THREATS HE SAID THE AGREEMENT POSES TO ISRAEL MR NETANYAHU PREDICTED IN HIS SPEECH THAT THE AGREEMENT WOULD RESULT IN CREATION OF A PALESTINIAN STATE AND LEAD TO MORE WAR NOT PEACE MR NETANYAHU STIRRED THE MOST ANGER IN THE KNESSET WHEN HE CALLED SEVERAL TIMES FOR IMMEDIATE NEW ELECTIONS TO ALLOW ISRAELIS TO VOTE ON THE PLAN WHILE THE PLAN IS EXPECTED TO PASS THE PARLIAMENT WITH ONLY A SLIM MAJORITY RECENT PUBLIC OPINION POLLS SHOW THAT 65 OF ISRAELIS APPROVE OF THE AGREEMENT GIVING THE PALESTINIANS IMMEDIATE SELFRULE IN THE WEST BANK CITY OF JERICHO AND THE GAZA STRIP MOST ISRAELIS AREN'T IN EUPHORIA OVER THE AGREEMENT THEY'RE SCARED THEY TOOK A BIG RISK AND THEY DON'T TRUST YASSER ARAFAT BUT THEY'RE STILL WILLING TO GO FORWARD AND TEST THE AGREEMENT SAYS TEDDY PREUSS A POLITICAL COMMENTATOR FOR THE LEFTWING DAILY DAVAR DISCORD OVER THE PEACE AGREEMENT WASN'T LIMITED TO THE ISRAELI SIDE UNIDENTIFIED PALESTINIAN GUNMEN YESTERDAY ASSASSINATED MOHAMMED HASHEM ABU SHAABAN A SENIOR PLO FIGURE AND LEADING ADVOCATE IN THE GAZA STRIP OF THE ACCORD WITH ISRAEL REUTER NEWS AGENCY REPORTED MR SHAABAN A LAWYER WAS SHOT AND KILLED WHILE DRIVING HIS CAR THROUGH GAZA CITY ONLY MINUTES AFTER HE SPOKE AT A RALLY TO SUPPORT THE AGREEMENT MR SHAABAN'S FAMILY AND PALESTINIAN AND ISRAELI SECURITY SOURCES SAID HE WAS KILLED IN AN INTERNAL POWER STRUGGLE WITHIN THE MAINSTREAM PLO FACTION FATAH WHICH INTENSIFIED WITH THE SIGNING OF THE AGREEMENT IN WASHINGTON LAST WEEK MEANWHILE AN ARABLANGUAGE NEWSPAPER ANNOUNCED THAT THE PLO WAS RECRUITING YOUNG MEN AND WOMEN TO SERVE IN A PALESTINIAN POLICE FORCE IN GAZA AND THE WEST BANK ALLOWED UNDER THE TREATY WHICH PLO OFFICIALS SAID EVENTUALLY WOULD NUMBER 30000 9309220098 930922 INSIDE TRACK SNAPPLE INSIDERS WILL SELL STOCK IN BIG OFFERING BY WILLIAM POWER AND WARREN GETLER STAFF REPORTERS OF THE WALL STREET JOURNAL NEW YORK SNAPPLE BEVERAGE HAS BEEN ONE OF THE HOTTEST STOCKS ON WALL STREET BUT INSIDERS ARE CASHING OUT OF THE STOCK IN A BIG WAY UNTIL NOW THE HIGHFLYING READYTODRINK ICEDTEA MAKER HAS DEFIED MARKET SKEPTICS EVEN AS ITS STOCK HAS SOARED TO AN EYEPOPPING 99 TIMES THE PAST 12 MONTHS' PERSHARE EARNINGS AND 44 TIMES NEXT YEAR'S ESTIMATES IN NATIONAL OVERTHECOUNTER TRADING YESTERDAY SNAPPLE SHARES CLOSED AT 5050 DOWN 75 CENTS NO WONDER THE PHRASE SNAPPLESQUE TO DESCRIBE A WILDLY OVERPRICED STOCK HAS BECOME PART OF WALL STREET'S LEXICON BUT NOW 52 DIRECTORS EXECUTIVE OFFICERS AND OTHER INSIDER SHAREHOLDERS THINK SO MUCH OF THE CURRENT SHARE PRICE THAT THEY EACH PLAN TO UNLOAD ABOUT 8 OF THEIR HOLDINGS OR A TOTAL OF 200 MILLION IN STOCK IN A SECONDARY OFFERING IT IS THE FIRST TIME SINCE SNAPPLE'S INITIAL PUBLIC OFFERING IN DECEMBER 1992 THAT THE COMPANY'S INSIDERS WILL SELL ANY STOCK SOME EIGHT MILLION SHARES WILL BE SOLD ADJUSTED FOR SNAPPLE'S 2FOR1 STOCK SPLIT PLANNED FOR FRIDAY AT A TIME WHEN SNAPPLE IS UNDER INCREASING COMPETITIVE PRESSURE NOT A PENNY RAISED IN THE PLANNED SALE WILL GO INTO THE COFFERS OF THE VALLEY STREAM NY COMPANY THE MILLIONS WILL GO MOSTLY TO FUNDS CONTROLLED BY BOSTON BUYOUT SPECIALIST THOMAS H LEE ABOUT 120 MILLION TO SNAPPLE'S FOUNDERS HYMAN GOLDEN LEONARD MARSH AND ARNOLD GREENBERG ABOUT 20 MILLION EACH THROUGH THE SALE OF 785503 COMMON SHARES APIECE AND TO THE INVESTMENT BANK MERRILL LYNCH THE INSIDERS WOULD HAVE LIKED TO SELL EVEN MORE STOCK ACCORDING TO TRADERS BUT WERE ADVISED THAT ANY MORE SELLING WOULD HAVE LOOKED UNSEEMLY IN ADDITION TO SPELLING OUT THE HEAVY SELLING THE PROSPECTUS FOR THE PLANNED OFFERING CONTAINS OTHER NEWS IT DISCLOSES TWO GOVERNMENT INQUIRIES OF SNAPPLE'S LABELING PRACTICES SNAPPLE SAYS THE FOOD AND DRUG ADMINISTRATION HAS QUESTIONED THE USE OF ALL NATURAL ON SOME OF ITS LABELS THE COMPANY SAYS THE CALIFORNIA HEALTHSERVICES DEPARTMENT HAS ALSO QUESTIONED THE USE OF THE WORD BREWED IN DESCRIBING THE COMPANY'S ICED TEAS EACH REGULATORY INQUIRY IS PENDING THE PROSPECTUS SAYS WITH SUCH A HIGHFLYING STOCK ANY GOVERNMENT REGULATORY ACTION COULD BE A JARRING DEVELOPMENT THERE IS A COMMON THREAD THROUGHOUT THE ENTIRE PROSPECTUS AND THAT IS WATCH OUT' SAYS DAVID HINES A MONEY MANAGER AT HINES MANAGEMENT IN CONWAY ARK WHO HAS BOTH BOUGHT AND SOLD SNAPPLE SHARES IN THE PAST THIS THING HAS GONE UP TO RIDICULOUS LEVELS AND COULD COME DOWN THEY APPEAR TO BE WARNING INVESTORS THROUGHOUT THE PROSPECTUS ADDS SCOTT BLACK OF DELPHI MANAGEMENT IN BOSTON ANYBODY WHO BUYS SNAPPLE AT THIS KIND OF A VALUATION IT IS CERTAINLY A CASE OF THE GREATERFOOL THEORY WHY ALL THE SELLING NOW SNAPPLE DECLINED TO COMMENT YESTERDAY IT IS NOT AS IF THE SNAPPLE INSIDERS NEED THE MONEY THE PROSPECTUS FOR THE PUBLIC OFFERING DISCLOSES THAT THE THREE SNAPPLE FOUNDERS EACH EARNED MORE THAN 10 MILLION LAST YEAR INCLUDING SALARY A 2 MILLION BONUS APIECE AND A ONETIME 75 MILLION PAYMENT TO EACH AS PART OF A NONCOMPETITION AGREEMENT SIGNED AT THE TIME OF LAST YEAR'S BUYOUT OF SNAPPLE MR LEE IN AN INTERVIEW POINTS OUT THAT HE AND AFFILIATES OF HIS COMPANY STILL MAINTAIN A LARGE STAKE IN SNAPPLE AFTER THE OFFERING OVER 92 OF OUR ORIGINAL HOLDING HE SAYS THE SECONDARY OFFERING IS BEING DONE FOR THE PUBLIC'S BENEFIT WE FEEL THIS BROADENS SNAPPLE'S MARKET FLOAT HE SAYS ADDING WE DO CONSIDER THIS A LONGTERM INVESTMENT SHORTSELLERS WHO ARE BETTING ON A SNAPPLE DECLINE SAY THE MASSIVE INSIDER SELLING IS A RED FLAG THESE BEARS HAVE BEEN FRUSTRATED BY SNAPPLE'S ASCENT DURING THE PAST YEAR BUT WILLIAM LYONS WHO ADDED SNAPPLE TO THE MODEL PORTFOLIO OF HIS ATLANTABASED SHORT ON VALUE NEWSLETTER THIS MONTH SAYS I'D SHORT IT ESPECIALLY NOW THAT INSIDERS ARE SELLING I THINK IF THEY HAD SOLD MUCH MORE THAN 8 EACH IT WOULD HAVE RAISED EVEN MORE RED FLAGS AND I EXPECT MORE SALES JOHN BOGLE JR PORTFOLIO MANAGER AT NUMERIC INVESTORS IN CAMBRIDGE MASS FIGURES SNAPPLE IS WORTH ONLY 27 TO 28 A SHARE ON A FUNDAMENTAL BASIS HE CONTINUES WHEN THE COMPANY BEGINS TO REPORT EARNINGS SIMPLY IN LINE WITH ANALYSTS' EXPECTATIONS THE STOCK WILL PROBABLY GET A PARTICULARLY SEVERE DEFLATION SOME WALL STREET TRADERS WONDER WHY PAINEWEBBER IS UNDERWRITING THE CURRENT OFFERING RATHER THAN MERRILL LYNCH THE INVESTMENT BANK THAT BROUGHT SNAPPLE PUBLIC AND ROUNDLY ENDORSED ITS STOCK FOR MONTHS AFTERWARD EVEN AFTER THE RUNUP SNAPPLE OFFICIALS ARE KNOWN TO HAVE BEEN FURIOUS WHEN A MERRILL ANALYST DOWNGRADED SNAPPLE THIS SUMMER TO NEUTRAL FROM BUY BECAUSE OF THE STOCK'S CONTINUED ASCENT TO FROTHY LEVELS INDEED SOME TRADERS SAY MERRILL IS PROBABLY HAPPY TO HAVE PAINEWEBBER GET THE GRIEF FOR THIS NEW OFFERING IF SNAPPLE SHARES TAKE A TUMBLE IN COMING MONTHS MERRILL INSISTS THAT ONLY LEGAL TECHNICALITIES ARE KEEPING IT FROM DOING THE NEW OFFERING IN A STATEMENT MERRILL SAYS THAT AS A MANAGING PARTNER OF A FUND WITH MR LEE THAT HOLDS 94 OF SNAPPLE 87 AFTER THE OFFERING IT IS PROHIBITED FROM UNDERWRITING SECURITIES FOR THE FUND BY SECURITIES LAW YET OTHER LAWYERS POINT OUT THAT MERRILL COULD HAVE SOUGHT A SPECIAL EXCEPTION FROM THE SECURITIES AND EXCHANGE COMMISSION JIM WESTRA PARTNER AT HUTCHINS WHEELER & DITTMAR IN BOSTON LEGAL ADVISERS TO MR LEE SAYS THE CONCLUSION THAT MERRILL WAS BARRED FROM UNDERWRITING THE OFFERING WAS REACHED BY MERRILL LYNCH'S LEGAL COUNSEL AND IS SHARED BY US THE QUESTIONS ABOUT THE OFFERING COME AMID SNAPPLE'S OWN COMPETITIVE CONCERNS COCACOLA CO AND PEPSICO INC ARE AGGRESSIVELY MOVING IN THE ICEDTEA MARKET WITH NESTEA AND LIPTON BRANDS RESPECTIVELY MEANWHILE SNAPPLE BUYS ITS TEA FROM A&W BRANDS' TETLEY INC UNDER AN AGREEMENT THAT EXPIRES IN 1995 WITH A&W'S PLANNED TAKEOVER BY CADBURY SCHWEPPES PLC SNAPPLE IS RELYING ON A SUPPLIER THAT IS A POTENTIAL COMPETITIVE THREAT JESSE MYERS EDITOR AND PUBLISHER OF BEVERAGE DIGEST A NEWSLETTER IN STAMFORD CONN SAYS THAT WHILE COCACOLA AND PEPSICO HAVE INCREASED THEIR SHARES OF THE READYTODRINK ICEDTEA MARKET SNAPPLE CONTINUES TO MAINTAIN VERY HEALTHY PROFIT MARGINS MR MYERS ADDS HOWEVER THAT THERE'S NO QUESTION THAT SNAPPLE IS GOING TO BE UNDER MORE INTENSE COMPETITION FROM COKENESTEA AND PEPSILIPTON AS TIME PASSES SNAPPLE HAS BEEN ABLE TO COAST UP TO THIS POINT 9309220097 930922 WHO'S NEWS BLYTH HOLDINGS INC BLYTH HOLDINGS INC FOSTER CITY CALIF LAWRENCE OWEN BROWN 52 YEARS OLD CHAIRMAN AND CHIEF EXECUTIVE OF MIGRATION SOFTWARE SYSTEMS LTD OF SAN JOSE CALIF WAS ELECTED A DIRECTOR OF THIS SOFTWARE APPLICATIONS DEVELOPER HIS ELECTION INCREASES THE BOARD MEMBERSHIP TO SEVEN 9309220096 930922 ECONOMY GEPHARDT DECLARES HE'S AGAINST NAFTA STOPS SHORT OF VOWING ALLOUT CAMPAIGN BY JACKIE CALMES STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON HOUSE MAJORITY LEADER RICHARD GEPHARDT BROKE WITH PRESIDENT CLINTON AND FORMALLY ANNOUNCED HE'LL OPPOSE THE NORTH AMERICAN FREE TRADE AGREEMENT BUT STOPPED SHORT OF VOWING AN ALLOUT EFFORT TO KILL IT INSTEAD IN A SPEECH YESTERDAY THE MISSOURI DEMOCRAT POINTEDLY SAID HE IS JUST ONE VOTE AGAINST THE PACT WITH MEXICO AND CANADA AND SUGGESTED HIS INFLUENCE WITH OTHER HOUSE DEMOCRATS IS EXAGGERATED WHILE HIS ACTION IS A BLOW TO THE PACT'S ALREADY DICEY PROSPECTS IN THE HOUSE REP GEPHARDT'S OPPOSITION WAS ANTICIPATED AND ISN'T EXPECTED TO BE FATAL UNLESS HE AGGRESSIVELY LOBBIES FELLOW DEMOCRATS AGAINST THE AGREEMENT UNDER THIS AGREEMENT WE WILL NOT BE DOING THE BEST FOR OUR PEOPLE WE WILL REDUCE OUR ABUNDANCE REP GEPHARDT SAID DRAWN DOWN BY THE LOWER WAGES IN MEXICO OUR STANDARD OF LIVING WILL CONTINUE TO STAGNAE OR DECLINE HE ADDED IN RESPONSE PRESIDENT CLINTON TOLD A GROUP OF JOURNALISTS THAT THE MAJORITY LEADER'S OPPOSITION DOESN'T HELP BUT I DON'T THINK IT'S FATAL THE PRESIDENT ARGUED THAT DIFFERENCES BETWEEN MEXICAN AND US LABOR AND ENVIRONMENTAL STANDARDS WILL ONLY GROW IF THE AGREEMENT IS DEFEATED IF WE BEAT THIS THE GAP WILL BE GREATER THAN IF WE PASS IT HE SAID ABOUT A DOZEN HOUSE DEMOCRATS MOSTLY FOES OF NAFTA ACCOMPANIED REP GEPHARDT TO THE NATIONAL PRESS CLUB FOR HIS SPEECH ONE FRESHMAN REP TED STRICKLAND OF OHIO SAID AFTERWARD THAT NAFTA ALREADY IS IN BIG TROUBLE BUT IF THERE'S A TIME FOR THE NAILINTHECOFFIN ANALOGY THIS COULD BE IT PRONAFTA FORCES IN THE ADMINISTRATION AND CONGRESS SCRAMBLED TO COUNTER ANY SUCH IMPRESSION IN WHAT'S BECOME A NEARDAILY BATTLE TO SHAPE PUBLIC OPINION ON THE ISSUE HOUSE SPEAKER THOMAS FOLEY OF WASHINGTON AND DAVID WILHELM CHAIRMAN OF THE DEMOCRATIC NATIONAL COMMITTEE IMMEDIATELY HELD THEIR OWN NEWS CONFERENCE TO INTRODUCE THREE HOUSE DEMOCRATS WHO HAD SWITCHED FROM UNDECIDED TO SUPPORTIVE OF THE TRADE ACCORD REPS DAVID SKAGGS OF COLORADO JAMES MORAN OF VIRGINIA AND JAY INSLEE OF WASHINGTON THE SENATE'S MAJORITY LEADER GEORGE MITCHELL OF MAINE LIKEWISE WENT BEFORE REPORTERS TO UNDERSCORE HIS SUPPORT ALONG WITH DEMOCRATIC SENS MAX BAUCUS OF MONTANA AND BILL BRADLEY OF NEW JERSEY WE CANNOT BUILD A WALL AROUND AMERICA AND EXPECT TO PROSPER SEN MITCHELL SAID IN ADDITION FORMER CHRYSLER CORP CHAIRMAN LEE IACOCCA HAS SIGNALED TO THE WHITE HOUSE THAT HE WANTS A ROLE IN PROMOTING NAFTA WHITE HOUSE AIDES SAID HE MAY COME TO TALK PERSONALLY WITH THE PRESIDENT TOMORROW BUT PLAYED DOWN SPECULATION THAT MR IACOCCA WOULD BE DEPLOYED TO ATTACK NAFTA FOE ROSS PEROT THE ADMINISTRATION ALSO HAS HAD TALKS WITH BANKER DAVID ROCKEFELLER ABOUT PROMOTING THE PACT BUSINESS AND LABOR LOBBYISTS ALSO ATTENDED THE MUCHANTICIPATED GEPHARDT SPEECH I'M VERY SATISFIED PERSONALLY SAID ROBERT MCGLOTTEN THE AFLCIO LEGISLATIVE DIRECTOR HE HAS CLEARLY LAID OUT THE CASE THAT THIS IS NOT THE BEST THING FOR THE AMERICAN WORKER REP GEPHARDT'S SPEECH MARKED THE END OF HIS EFFORTS TO REACH SOME COMPROMISE WITH THE CLINTON ADMINISTRATION FOR WEEKS HE HAD BEEN SEEKING WAYS TO ADDRESS HIS CONCERNS FOR THE ENVIRONMENT AND WORKERS WHO LOSE THEIR JOBS BUT SUCH STEPS WOULD COST MONEY THAT THE CLINTON ADMINISTRATION AND CONGRESS DON'T HAVE MORE IMPORTANT THEY'D THREATEN TO COST THE SUPPORT OF HOUSE REPUBLICANS WHO ARE CRITICAL TO NAFTA'S APPROVAL SOFTENING THE ATTACK ON THE DEMOCRATIC WHITE HOUSE REP GEPHARDT SAID THE BUSH ADMINISTRATION FELL FLAT ON ITS FACE IN NEGOTIATING LABOR AND ENVIRONMENTAL ISSUES AS PART OF THE ORIGINAL TRADE AGREEMENT PRESIDENT CLINTON DID ACHIEVE SOME IMPORTANT PROGRESS WITH ITS SIDE AGREEMENTS THIS YEAR HE SAID BUT HE ADDED THE CLINTONNEGOTIATED CHANGES WOULDN'T PREVENT MEXICO FROM CONTINUING TO KEEP WAGES ARTIFICIALLY LOW TO ATTRACT US JOBS ENVIRONMENTAL POLICIES MIGHT IMPROVE UNDER NAFTA REP GEPHARDT SAID EXCEPT THAT NO FUNDS ARE AVAILABLE TO CARRY OUT THE PROMISED CLEANUPS MOREOVER HE SAID THE PACT WOULD COST AS MUCH AS 3 BILLION OVER FIVE YEARS THROUGH REDUCED TARIFFS PUTTING IT AT ODDS WITH THE BUDGET LAW UNLESS OFFSETTING SAVINGS ARE FOUND I BELIEVE THAT ULTIMATELY THE TOTAL COST OF NAFTA WILL BE BETWEEN 30 BILLION TO 40 BILLION OVER THE NEXT 10 YEARS FOR STATE AND LOCAL GOVERNMENTS REP GEPHARDT SAID THE AMERICAN PEOPLE ARE RIGHT TO ASK THEIR REPRESENTATIVES TO PUT THEIR INTERESTS FIRST HE SAID BEING SELFINTERESTED DOESN'T MEAN BEING SELFISH 9309220095 930922 TUESDAY'S MARKETS RUSSIAN CRISIS HITS STOCKS GOLD DOLLAR RISE BY STEVEN E LEVINGSTON AND MICHAEL R SESIT STAFF REPORTERS OF THE WALL STREET JOURNAL A FRESH POLITICAL CRISIS IN RUSSIA SENT STOCK PRICES TUMBLING AND GAVE A BOOST TO THE DOLLAR LONGTERM BOND PRICES SLIPPED ALTHOUGH SHORTERTERM GOVERNMENT NOTES ROSE MODESTLY AS INVESTORS SOUGHT A SAFE HARBOR THE DOW JONES INDUSTRIAL AVERAGE DROPPED 3856 POINTS TO 353724 STANDARD & POOR'S 500STOCK INDEX LOST 210 TO 45295 AND THE NASDAQ COMPOSITE INDEX SANK 665 TO 73356 STOCK PRICES WERE ALREADY WEAK WHEN NEWS HIT THAT RUSSIAN PRESIDENT BORIS YELTSIN DISSOLVED THE PARLIAMENT AND CALLED FOR ELECTIONS IN DECEMBER LEADERS IN PARLIAMENT DENOUNCED THE MOVE AS A STATE COUP AND NAMED VICE PRESIDENT ALEXANDER RUTSKOI AS ACTING PRESIDENT THE TURMOIL IGNITED A WAVE OF COMPUTERGUIDED SELLING THAT SENT THE INDUSTRIAL AVERAGE PLUMMETING SLIGHTLY MORE THAN 50 POINTS IN AN INITIAL SELLOFF THE DROP TRIGGERED THE NEW YORK STOCK EXCHANGE'S COLLAR THAT HALTS MOST PROGRAM TRADING PRICES REGAINED SOME OF THEIR LOSSES BUT THEN PLUNGED AGAIN AS A NEW WAVE OF SELLING SWEPT THE MARKET AT ONE POINT THE DOW JONES INDUSTRIAL AVERAGE WAS OFF MORE THAN 68 POINTS YESTERDAY'S LOSS WAS THE FOURTH CONSECUTIVE DECLINE IN THE INDUSTRIAL AVERAGE WHICH HAS SHED A TOTAL OF 9641 POINTS OR 27 IN THAT PERIOD THE POPULAR STOCK MARKET MEASURE IS DOWN 31 FROM ITS HIGH OF 365209 ON AUG 25 WE'RE IN THE EARLY STAGES OF A STOCK MARKET CORRECTION SAID HUGH JOHNSON CHIEF INVESTMENT OFFICER AT FIRST ALBANY CORP I WOULDN'T BE SURPRISED AT ALL TO SEE A PULLBACK IN THE DOW OF 6 TO 8 FROM THE HIGH NERVOUS INVESTORS PILED INTO GOLD AND THE DOLLAR GOLD FOR DECEMBER DELIVERY JUMPED 950 TO 365 AN OUNCE ANALYSTS SAID THE PRECIOUS METAL WAS RIPE FOR A REBOUND AFTER ITS RECENT SLUMP BEFORE RETREATING A BIT THE DOLLAR HAD RISEN 25 AGAINST THE YEN AND 22 AGAINST THE MARK AND OTHER EUROPEAN CURRENCIES INVESTORS AND TRADERS OFTEN SWARM INTO THE DOLLAR AS A SAFE HARBOR DURING GLOBAL CRISES BRIAN MARTIN A CURRENCY STRATEGIST AT CITIBANK IN LONDON SAID THE DOLLAR OFTEN GIVES UP GAINS FROM RUSSIAN INSTABILITY RATHER QUICKLY BUT HE ADDED IT'S QUESTIONABLE WHETHER WE WILL SEE A QUICK RESOLUTION TO THIS CRISIS AND IT MAY VERY WELL OVERSHADOW THE MARK FOR THE TIME BEING THE SPECTER OF A CHANGE BACK TO OLDSTYLE HARDLINE POLITICS IN RUSSIA RAISES SERIOUS CONCERNS FOR US FINANCIAL MARKETS SAID FIRST ALBANY'S MR JOHNSON HE WORRIES THAT ANY REVERSION THREATENS TO LIMIT US DEFENSE CUTS THAT WOULD HAVE AN ADVERSE IMPACT ON EFFORTS TO REDUCE THE DEFICIT AND WOULD FURTHER RATTLE THE BOND MARKET MR JOHNSON ADDED THAT A SLUMPING BOND MARKET AT A TIME WHEN MANY INVESTORS ARE CONCERNED ABOUT WEAK EARNINGS AND ECONOMIC GROWTH IS A PRESCRIPTION FOR TROUBLE THE REAL QUESTION THAT INVESTORS FACE NOW IS WHETHER THIS IS JUST A CORRECTION AND THEREFORE AN OPPORTUNITY TO BUY AT LOW LEVELS OR IS THIS THE START OF A BEAR MARKET MR JOHNSON SAID I'M GOING TO SAY IT'S NOT THE START OF A BEAR MARKET BUT I'M VERY UNEASY ABOUT THAT OTHER ANALYSTS WEREN'T AS GLOOMY JACK BAKER MANAGING DIRECTOR FOR STOCK TRADING AT FURMAN SELZ POINTED OUT THAT THE COMMERCE DEPARTMENT REPORTED HOUSING STARTS WERE SURPRISINGLY STRONG IN AUGUST RUSSIA OVERSHADOWED THE ECONOMIC NEWS MR BAKER SAID BUT WHEN PEOPLE SOBER UP THEY'LL START PAYING ATTENTION TO IT AND COME BACK AS BUYERS THOMAS MCMANUS A US MARKET STRATEGIST AT MORGAN STANLEY NOTED THAT MANY STOCKS BENEFITING FROM RECENT SURGES WERE DUMPED FOR PROFITS WE'RE SEEING PRETTY GOOD SELLING IN BANKS INSURANCE COMPANIES UTILITIES AND SOME SELECTED CYCLICALSALL OF WHICH HAVE CLIMBED RECENTLY MR MCMANUS SAID RUSSIA WASN'T THE ONLY BAD NEWS WEIGHING ON THE FINANCIAL MARKETS HOWEVER THE DECISION BY HOUSE MAJORITY LEADER RICHARD GEPHARDT TO VOTE AGAINST THE NORTH AMERICAN FREE TRADE AGREEMENT WITH MEXICO AND CANADA WAS SEEN AS A BLOW TO BOTH THE BOND AND STOCK MARKETS ANALYSTS SAID NAFTA WOULD HELP REDUCE PRICES OF SOME IMPORTS FROM MEXICO KEEPING INFLATION IN CHECK WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK INDEX LOST 079 TO 11066 IN MAJOR MARKET ACTION STOCK PRICES PLUNGED VOLUME TOTALED 300 MILLION SHARES ON THE NEW YORK STOCK EXCHANGE WHERE 1464 ISSUES FELL AND 600 ROSE THE DOLLAR ROSE IN LATE NEW YORK TRADING THE CURRENCY WAS QUOTED AT 164 MARKS AND 10625 YEN COMPARED WITH 16112 MARKS AND 10468 YEN MONDAY 9309220094 930922 LEISURE & ARTS ON DISK GRASSROOTS BLUEGRASS BY NAT HENTOFF SOME YEARS AGO I WAS ON THE ROAD WITH LESTER FLATT AND EARL SCRUGGS'S COUNTRY MUSIC COMBO MY PLACE ON THE BUS WAS AS A REPORTER AND A FAN OF THEIR MUSIC PARTICULARLY SCRUGGS'S THREEFINGER BANJO STYLE LATE ONE AFTERNOON WHILE IT WAS STILL LIGHT THE PLAYERS PERFORMED AT AN OPEN AIR GATHERING AT A SMALL MILL TOWN IN ALABAMA IT SEEMED AS IF NEARLY EVERY WHITE PERSON IN TOWN THE WORKERS AND THEIR FAMILIES HAD COME TO HEAR THE MUSIC THERE WASN'T MUCH SHOUTING OR LOUD CLAPPING BUT JUST ABOUT EVERYONE INCLUDING THE KIDS LISTENED AND WATCHED WITH RAPT ATTENTION WHEN THE MUSIC STOPPED AND WE GOT BACK ON THE BUS I FELT SAD FOR THOSE SO POLITE AND SO INTENSE FOLKS WHO HAD OBVIOUSLY WANTED MORE SITTING NEXT TO THE DOBRO PLAYER I SAID YOUR MUSIC MEANS A LOT TO THEM SURE HE SAID WE COME FROM PLACES LIKE THAT WE KNOW WHTHEY ARE AND THEY KNOW THAT SINCE THEN MUCH OF COUNTRY MUSIC HAS BECOME SO DERACINATED THAT SOMEONE FROM NEW JERSEY OR WITH A DEGREE FROM SMITH COLLEGE CAN GO TO NASHVILLE AND WIND UP A COUNTRY STAR BUT THERE ARE STILL SOME STUBBORN DEFENDERS OF THE UNALLOYED TRADITIONS OF MOUNTAIN MUSIC BLUEGRASS AND THE KIND OF HONKYTONK SOUNDS AND STORIES EMBODIED IN HANK WILLIAMS SONGS THOSE ARE THE COUNTRY SONGS YOU'LL NOT HEAR ON ELEVATORS TO SERIOUS COUNTRY MUSICIANS AND THEIR MUSIC IS AS SERIOUS AS JAZZ OR BEETHOVEN A CONTINUING TEACHER AND LEGEND IS RALPH STANLEY A SUBTLY RESOURCEFUL BANJO PICKER STANLEY'S SINGING HAS BEEN DESCRIBED BY BILL MALONE THE PREMIERE HISTORIAN OF THESE FORMS AS ONE OF THE MOST UNMISTAKABLY RURAL VOICES IN COUNTRY MUSICA HAUNTING ALMOST SEPULCHRAL VOICE STANLEY 66 HAS BEEN ON THE MUSIC BUS FOR SOME 47 YEARS MOST OF THEM AS LEADER OF THE CLINCH MOUNTAIN BOYS HIS COLEADER UNTIL HE DIED IN 1966 WAS HIS BROTHER CARTER AN EQUALLY PENETRATING MUSICIAN AS THE STANLEY BROTHERS THEY MADE RECORDINGS THAT ARE AS TREASURED BY COUNTRY AFICIONADOS AS RARE TAKES OF CHARLIE PARKER ARE OUTSIDE THE MOUNTAINS THE STANLEY BROTHERS WERE BORN AND GREW UP IN THE HILL COUNTRY OF SOUTHWESTERN VIRGINIA THEIR FATHER A SAWMILL OPERATOR LIKED TO SING SUCH BROODING OLD SONGS AS A MAN OF CONSTANT SORROW THEIR MOTHER A TRUE MUSICIAN WAS A VIGOROUS PRACTITIONER OF THE TWOFINGER CLAWHAMMER WAY OF STIRRING UP THE BANJO AND THE FAMILY ATTENDED THE OLD REGULAR BAPTIST CHURCH WHERE THE SINGING WAS RUGGED AND INDIVIDUAL THE STORY OF THE STANLEYS AND THE MOUNTAIN TRADITIONS THAT SHAPED THEM AS WELL AS ABSORBING INTERVIEWS WITH MUSICIANS WHO HAVE PLAYED WITH RALPH STANLEY ARE IN A NEW BOOK DUE OUT IN NOVEMBER TRAVELING THE HIGHWAY HOME RALPH STANLEY AND THE TRADITIONAL WORLD OF BLUEGRASS MUSIC UNIVERSITY OF ILLINOIS PRESS THE AUTHOR IS JOHN WRIGHT A PROFESSOR OF LATIN AND LITERATURE AT NORTHWESTERN UNIVERSITY MORE TO THE POINT HE'S A COLUMNIST FOR THE BANJO NEWSLETTER RECENTLY RELEASED IS A REMARKABLE ORAL FESTSHRIFT IN HONOR OF RALPH STANLEY IN TWO CDS ALL IN ONE PACKAGE ALONG WITH THE LYRICS TO THE SONGS THERE IS THE MUSICAL ODYSSEY OF RALPH STANLEY AND OF WHAT HE DESCRIBES AS THE OLDTIME STYLE OF WHAT THEY CALL BLUEGRASS MUSIC HE MEANS HIS OWN CLASSIC APPROACH IN RALPH STANLEY/SATURDAY NIGHT AND SUNDAY MORNING STANLEY IS JOINED ON VARIOUS TRACKS BY A PRIDE OF SINGERS WHO PAY HIM TRIBUTE BY THE INTEGRITY OF THEIR OWN MUSIC AMONG THEM ARE EMMYLOU HARRIS DWIGHT YOAKAM CHARLIE WALLER RICKY SCAGGS CHARLIE SIZEMORE BILL MONROE THE SEEMINGLY ETERNAL FATHER OF BLUEGRASS GEORGE JONES AND TOM T HALL SOME ARE ALUMNI OF THE CLINCH MOUNTAIN BOYS AND ALL TRY SUCCESSFULLY TO BLEND INTO THE COLLECTIVE SPIRIT OF OLDTIME MOUNTAIN MUSIC IN THE SECULAR SATURDAY NIGHT SET THERE ARE SUCH GRIM ECHOES OF OLD ENGLISH BALLADS AS BANKS OF THE OHIO THE CONFESSION OF A REJECTED LOVER WHO DROWNED THE YOUNG WOMAN AND WATCHED HER AS SHE FLOATED DOWN THE OTHER LOVE SONGS SELDOM END IN SATISFACTION BUT THAT'S WHY THE TERM HIGH LONESOME HARMONIES IS OFTEN USED IN CHARACTERIZING THIS MUSIC THE SECOND CD SUNDAY MORNING INCLUDES GLORIOUSLY MOVING DOWNHOME RELIGIOUS MUSIC THERE ARE ALSO TALES OF LOSS THAT CAN'T BE MADE WHOLE EVEN IN CHURCH AND OF COURSE THERE ARE DANGER SIGNS POINTING TO EVERPRESENT TEMPTATION CHARLIE SIZEMORE IN THE OLD CROSSROAD SINGS OH MY BROTHER TAKE THIS WARNING/DON'T LET OLD SATAN HOLD YOUR HAND YOU'LL BE LOST IN SIN FOREVER/YOU'LL NEVER REACH THE PROMISED LAND/ THE OLD CROSSROAD NOW IS WAITING/WHICH ONE ARE YOU GOIN' TO TAKE IN HEAVEN'S BRIGHT SHORE ARRANGED AND WITH NEW VERSES BY RALPH STANLEY HE SINGS WITH A NEW PILGRIM LEARNING THE TRADITION 21YEAROLD ALISON KRAUS THE SONG IS A VISION THAT SOMETIMES CAN SOFTEN HARD TIMES IN THE MOUNTAINS ON HEAVEN'S BRIGHT SHORE/THERE'LL BE NO DYING OVER THERE/NOT ONE LITTLE GRAVE NOT ONE LITTLE GRAVE/ AND NO ONE UP THERE WILL SAY GOODBYE ON ALL THE TRACKS THERE IS THE AUTHORITY OF PERFORMERS WHO ARE AMONG THAT RARE GROUP OF PEOPLE WHO ENJOY WHAT THEY DO TO MAKE A LIVING THE RALPH STANLEY SET IS AVAILABLE FROM THE FREELAND RECORDING CO ROUTE 12 ASBURY W VA 24916 25 INCLUDING POSTAGE OR AT TOWER RECORDS STORES AMONG OTHERS THERE ARE A GOOD MANY COUNTRY MUSIC STATIONS AROUND THE COUNTRY BUT NOT MANY ARE LIKELY TO PLAY ANY SELECTIONS FROM THIS ALBUM TOO CLASSICAL BUT RALPH STANLEY STILL HAS AUDIENCES HE APPEARS FROM TIME TO TIME ON SUCH TELEVISION SHOWS AS AUSTIN CITY LIMITS AND AT FESTIVALS ALSO AS JOHN WRIGHT NOTES IN HIS BOOK ON STANLEY HE KEEPS PLAYING FOR THE KIND OF PEOPLE I SAW WITH FLATT AND SCRUGGS IN THAT ALABAMA MILL TOWN AT TINY SCHOOLHOUSE AUDITORIUMS ACCESSIBLE ONLY BY TWISTED MOUNTAIN ROADS THAT OFFER A CONTINUAL CHALLENGE TO THE BAND BUS THAT SAYS YOUNG IS RALPH STANLEY COUNTRY MR HENTOFF IS A WRITER AND JAZZ CRITIC IN NEW YORK 9309220093 930922 WHO'S NEWS PENRIL DATACOMM NETWORKS PENRIL DATACOMM NETWORKS INC GAITHERSBURG MD NORMAN G EINSPRUCH 61 YEARS OLD AND A PROFESSOR OF ELECTRICAL AND COMPUTER ENGINEERING AT THE UNIVERSITY OF MIAMI AND SENIOR FELLOW IN SCIENCE AND TECHNOLOGY AT THE SCHOOL WAS NAMED A DIRECTOR OF THIS MAKER OF DATACOMMUNICATIONS EQUIPMENT TEST AND MEASUREMENT INSTRUMENTS AND UNINTERRUPTIBLE POWER SUPPLIES INCREASING THE NUMBER OF DIRECTORS TO SIX 9309220092 930922 SEC STAFF SUPPORTS SHIFT IN SETTLING DERIVATIVE PACTS WASHINGTON THE SECURITIES AND EXCHANGE COMMISSION STAFF SAID THAT SHIFTING TO A NEW METHOD FOR SETTLING MAJOR DERIVATIVE CONTRACTS WOULD BE A NET PLUS FOR MARKETS BUT THE STAFF IN A REPORT TO CHAIRMAN ARTHUR LEVITT STOPPED SHORT OF RECOMMENDING THE AGENCY MANDATE THE SHIFT THOUGH SOME EXCHANGES USE THE OPENING PRICES OF THE UNDERLYING STOCKS TO ESTABLISH DERIVATIVECONTRACT SETTLEMENT PRICES ON DOUBLEWITCHING AND TRIPLEWITCHING FRIDAYS A NUMBER OF STOCKINDEX OPTIONS CONTINUE TO SETTLE USING CLOSING PRICES THE SEC STAFF AND OTHERS SAID THE USE OF OPENING PRICES WOULD REDUCE THE VOLATILITY THAT SOMETIMES OCCURS ON THOSE DAYS AND WOULD MAKE IT MORE DIFFICULT TO MANIPULATE THE SYSTEM THE STUDY STEMS FROM CONGRESSIONAL QUERIES ABOUT QUARTERLY EXPIRATION FRIDAYS ON WHICH CONTRACTS ON SUCH DERIVATIVES AS STOCKINDEX FUTURES AND STOCKINDEX OPTIONS EXPIRE CONCURRENTLY ON SOME TRIPLEWITCHING DAYS HUGE IMBALANCES IN ORDERS TO FILL EXPIRING CONTRACTS HAVE PROMPTED FRANTIC TRADING AND SHARP SWINGS IN STOCK PRICES 9309220091 930922 LAWSUIT SEEKS TO RECOVER IRANCONTRA FUNDS FOR US WASHINGTON THE JUSTICE DEPARTMENT SUED TWO IRANCONTRA FIGURES AS PART OF AN EFFORT TO RECOVER MORE THAN 10 MILLION ALLEGEDLY LEFT OVER FROM SECRET SALES OF ARMS TO IRAN IN 1986 NAMED AS DEFENDANTS IN A CIVIL LAWSUIT FILED YESTERDAY IN A FEDERAL COURT IN ALEXANDRIA VA WERE RETIRED AIR FORCE MAJOR GEN RICHARD SECORD OF RESTON VA AND HIS BUSINESS PARTNER ALBERT HAKIM OF LOS GATOS CALIF THE JUSTICE DEPARTMENT SAID THE MONEY IS IN SWISS BANK ACCOUNTS THAT THE SWISS GOVERNMENT EARLIER HAD AGREED TO FREEZE BUT SO FAR HAS DECLINED TO RELEASE TO US PROSECUTORS THE SUIT AIMS TO GET A US COURT TO DECLARE THAT THE MONEY BELONGS TO THE US GOVERNMENT THE JUSTICE DEPARTMENT NEEDS SUCH A DECLARATION TO GET THE SWISS COURTS TO RELEASE THE MONEY IN ITS SUIT THE JUSTICE DEPARTMENT SAID THAT THE ARMS PROCEEDS BELONG TO THE GOVERNMENT BECAUSE GEN SECORD AND MR HAKIM RECEIVED THE MONEY AS AGENTS FOR THE US NEITHER DEFENDANT COULD BE REACHED FOR COMMENT BOTH MEN PLEADED GUILTY IN 1989 TO CHARGES RELATED TO THE IRANCONTRA AFFAIR THE FUNDS AT ISSUE ARE ALLEGEDLY PROCEEDS OF THE REAGAN ADMINISTRATION'S SECRET EFFORT TO SELL ARMS TO IRAN TO WIN THE RELEASE OF AMERICAN HOSTAGES GEN SECORD AND MR HAKIM WORKED UNDER OLIVER NORTH THEN A WHITE HOUSE AIDE THE ARMS SALES WERE ALSO DESIGNED TO RAISE MONEY FOR THE CONTRA REBELS WHO WERE FIGHTING NICARAGUA'S GOVERNMENT 9309220088 930922 TECHNOLOGY NEW YORK OFFICIALS FIND NEW PHONE LEVY IS TAXING ALBANY NY A NEW SURCHARGE INTENDED FOR SEX LINES AND OTHER PHONE SERVICES HAS CREATED A HEADACHE FOR NEW YORK TAX OFFICIALS WHO SAY IT ALSO MAY APPLY TO MANY COMPUTER NETWORK USERS THE STATE LEGISLATURE BEFORE ADJOURNING FOR THE SUMMER APPROVED A NEW SURCHARGE AIMED AT 900NUMBER PHONE SERVICES THE EXTRA 5 CHARGE ADDED TO EXISTING LOCAL AND STATE TAXES WHICH WENT INTO EFFECT SEPT 1 WAS SUPPOSED TO RAISE 10 MILLION A YEAR BUT STATE TAX COMMISSIONER JAMES WETZLER SAID YESTERDAY THE SURCHARGE ALSO AFFECTS A HOST OF OTHER INFORMATION EXCHANGED BY PHONE LINES INCLUDING SOME DATA EXCHANGED ON COMPUTER NETWORKS I THINK THE LEGISLATURE THOUGHT IT WAS TAXING ENTERTAINMENT LIKE PHONE SEX AND ASTROLOGY READINGS AND SOAPOPERA UPDATES AND I THINK IT ENDED CASTING A MUCH MUCH WIDER NET THAN THAT HE SAID MR WETZLER SAID THE SURCHARGE WHICH CREATES A TAX AS HIGH AS 135 ON COMPUTER TRANSACTIONS IS BAD FOR BUSINESS IN NEW YORK AND SAID HE HAS TALKED TO LAWMAKERS ABOUT CHANGING IT LEGISLATIVE LEADERS HAVE SUGGESTED THEY'LL CLARIFY THE LAW IF NEEDED 9309220087 930922 CANADIAN RETAIL SALES UP OTTAWA CANADIAN RETAIL SALES ROSE 09 IN JULY FROM JUNE LED BY AN UPSWING IN AUTO AND FURNITURE SALES STATISTICS CANADA A GOVERNMENT AGENCY SAID THE JULY GAIN FOLLOWED A 06 DROP IN RETAIL SALES IN JUNE AND A 02 INCREASE IN MAY JULY SALES TOTALED A SEASONALLY ADJUSTED 1619 BILLION CANADIAN DOLLARS US1224 BILLION AUTO SALES IN JULY ROSE 29 FOLLOWING A 21 DROP IN JUNE FURNITURE SALES AFTER TWO MONTHS OF DECLINE INCREASED 28 9309220086 930922 LETTERS TO THE EDITOR DIALOGUE IS FIRST STEP AS I READ THE AUG 31 READERS' RESPONSES TO YOUR AUG 10 PAGE ONE RODNEY KING ARTICLE HARSH JUDGMENT I WAS STRUCK BY THEIR REJECTION OF THE PERCEPTIONS EXPRESSED BY THE MIDDLE CLASS BLACKS INTERVIEWED WHOM WE MIGHT ASSUME ARE ASSIMILATED INTO THE MAINSTREAM THAT WHAT HAPPENED TO MR KING COULD JUST AS EASILY HAVE HAPPENED TO THEM THE READERS DUTIFULLY DENIED BEING RACIST OR THAT OURS IS A RACIST SOCIETY WHY A LAW ABIDING CITIZEN HAS NOTHING TO FEAR HOW THEN TO EXPLAIN THE REACTION EXPRESSED BY THE BLACK MEN IN THE ARTICLE TO DENY THE VALIDITY OF OTHERS' EXPERIENCES IS TO DRIVE THEM MAD PERHAPS JUST FOR ONCE WHEN A BLACK PERSON IS ABLE TO SPEAK ABOUT THE DEEP FEARS WITHIN INSTILLED BY INTERACTIONS WITH THE LARGER SOCIETY A WHITE PERSON MIGHT ASK WHAT IS THAT LIKE WHAT CAN WE DO AS I LEARNED FROM LISTENING TO BLACK ACQUAINTANCES AFTER THE KING INCIDENT DIALOGUE NOT DENIAL IS BUT THE FIRST STEP 9309220085 930922 TECHNOLOGY ECOSCIENCE TO MARKET INSECTICIDE WORCESTER MASS ECOSCIENCE CORP SAID IT WON APPROVALS IN NEW YORK STATE AND PUERTO RICO FOR MARKETING ITS BIOPATH COCKROACH CONTROL CHAMBER THE COMPANY SAYS ITS PRODUCT IS THE FIRST NATURALLY DERIVED PESTICIDE IT WAS APPROVED IN MAY BY THE ENVIRONMENTAL PROTECTION AGENCY THE PRODUCT WORKS BY EXPOSING ROACHES TO A MICROBIAL AGENT IN A TRAP THAT IS THEN SPREAD TO OTHERS THROUGH DIRECT CONTACT 9309220084 930922 MARKETING & MEDIA TBS SIGNS NBA CONTRACT VALUED AT 344 MILLION ATLANTA TURNER BROADCASTING SYSTEM INC SIGNED A FOURYEAR CONTRACT WITH THE NATIONAL BASKETBALL ASSOCIATION VALUED AT ABOUT 344 MILLION A 25 PRICE INCREASE FROM ITS CURRENT PACT THE CABLEPROGRAMMING CONCERN ALSO AGREED TO SHARE REVENUE FROM ADVERTISING SALES WITH THE NBA IN A 5050 SPLIT ONCE SUCH REVENUES EXCEED A SPECIFIED LEVEL MOREOVER NBA GAMES NOW WILL BE BROADCAST ON TWO TURNER NETWORKS TNT AND TBS IN THE COMPANY'S CURRENT CONTRACT WITH PROFESSIONAL BASKETBALL GAMES HAVE BEEN TELEVISED ONLY ON TNT THE NEW CONTRACT WHICH STARTS WITH THE 199495 SEASON COMPLETES A LENGTHY AND FOR THE NBA HIGHLY SUCCESSFUL SERIES OF NEGOTIATIONS WITH ITS TELEVISION PARTNERS IN APRIL GENERAL ELECTRIC CO'S NBC UNIT RENEWED ITS CONTRACT WITH THE NBA FOR 750 MILLION OVER FOUR YEARS ALSO REPRESENTING A 25 PRICE BOOST TURNER UNDER ITS NEW AGREEMENT WILL TELEVISE 45 REGULARSEASON GAMES ON TNT DOWN FROM 50 CURRENTLY AND APPROXIMATELY 35 PLAYOFF GAMES THE SAME NUMBER AS IN THE CURRENT CONTRACT THE LARGER CHANGE WILL OCCUR WITH TBS WHICH WILL NOW BROADCAST AN NBA GAME ON EACH THURSDAY NIGHT OF THE LEAGUE'S 25WEEK REGULARSEASON SCHEDULE TBS WILL ALSO CARRY 10 PLAYOFF GAMES 9309220083 930922 LAKE SHORE BANCORP PLAN CHICAGO LAKE SHORE BANCORP SAID IT IS SOLICITING PROPOSALS FOR A BUSINESS COMBINATION INVOLVING THE COMPANY THE BANK HOLDING COMPANY EARLIER ANNOUNCED THAT IT HAD RECEIVED AN INDICATION OF INTEREST FROM ANOTHER BANK HOLDING CONCERN IN A POSSIBLE TRANSACTION WITH THE COMPANY IN RESPONSE THE COMPANY RETAINED DONALDSON LUFKIN & JENRETTE SECURITIES CORP TO HELP IT ASSESS STRATEGIC OPTIONS INCLUDING THE ALTERNATIVE OF REMAINING INDEPENDENT LAKE SHORE SAID ITS BOARD HAS DETERMINED THAT IT WOULD BE IN THE BEST INTEREST OF SHAREHOLDERS TO SEEK A TRANSACTION THE COMPANY NOTED THAT IF NONE OF THE PROPOSALS IS ADEQUATE OR IF CIRCUMSTANCES OTHERWISE CHANGE THE BOARD HAS RESERVED THE RIGHT TO CHANGE DIRECTION AND HAVE THE COMPANY PURSUE ITS CORPORATE STRATEGY AS AN INDEPENDENT PUBLICLY HELD CONCERN 9309220082 930922 LETTERS TO THE EDITOR WHY WE NEED WASTETOENERGY PLANTS YOUR TRASHTOENERGY PAGE ONE ARTICLE AUG 11 WAS FAR OUT OF BALANCE LOCAL OFFICIALS LOOKING BEYOND THE NOTINMYBACKYARD MYOPIA HAVE FOR A NUMBER OF YEARS CHOSEN TRASHTOENERGY BECAUSE IT MOST EFFECTIVELY ADDRESSES THEIR WASTEDISPOSAL NEEDS IN DOING SO THEY HAVE SOLVED THEIR WASTE DISPOSAL PROBLEMS RESPONSIBLY NOT SHIPPED THEM ELSEWHERE TODAY MORE THAN 140 US COMMUNITIES HAVE SELECTED THIS TECHNOLOGY BECAUSE IT OFFERS A COSTEFFECTIVE LONGTERM AND ENVIRONMENTALLY SAFE WASTEMANAGEMENT ALTERNATIVE ALTHOUGH YOU SUGGEST OTHERWISE LOCAL OFFICIALS MADE THESE DECISIONS FULLY AWARE OF THEIR ECONOMICS AND LONGTERM IMPLICATIONS THEIR DECISIONS HAVE BEEN REWARDED WITH EFFICIENTLY RUN PLANTS THAT RETURN VALUABLE ENERGY TO THEIR COMMUNITIES CONTRARY TO WHAT YOUR STORY MAY IMPLY OUR 14 PLANTS WHICH WERE DEVELOPED AFTER THE COMMUNITIES HAD ALREADY SELECTED THE TECHNOLOGY OPERATE AT FULL CAPACITY YOU WRONGLY SUGGEST THAT THE CURRENT ECONOMICS OF TRASHTOENERGY PLANTS ARE TERRIBLE IN FACT BOTH THESE FACILITIES AND LANDFILLS HAVE LEGITIMATE PLACES IN AN INTEGRATED WASTEMANAGEMENT PROGRAM BOTH HAVE THEIR OWN SETS OF ECONOMICS TRASHTOENERGY FACILITIES ALTHOUGH EXPENSIVE TO BUILD AND OPERATE REGULARLY CONTRACT WITH MUNICIPALITIES TO FILL THEIR CAPACITY WITHOUT PROBLEMS MUNICIPAL OFFICIALS RECOGNIZE THE LONGTERM ECONOMIC ADVANTAGES AND APPRECIATE THE PREDICTABLE ANNUAL COST AND ENVIRONMENTAL COMPLIANCE THAT ACCOMPANIES THESE FACILITIES YOU SUGGEST EXTRA CAPACITY WAS PLANNED IN OUR CASE FOR INCINERATORS TO REAP HEFTY PROFITS BY TAKING TRASH FROM ELSEWHERE AT ESCALATING MARKET RATES IN FACT EXTRA CAPACITY WAS PLANNED TO ACCOMMODATE A COMMUNITY'S PROJECTED FUTURE GROWTH AS WAS THE CASE IN RAPIDLY EXPANDING SOUTH FLORIDA WHERE WE OPERATE TWO PLANTS YOU ALSO REPORT THAT TAXPAYERS WOUND UP WITH MOST OF THE RISK IN BUILDING TRASHTOENERGY PLANTS IN FACT THE PLANTS PROVIDED THE PUBLIC WITH LONGTERM DISPOSAL SOLUTIONS AND IN CONTRACTING WITH PRIVATE COMPANIES WITH SPECIAL EXPERTISE ACTUALLY REDUCED THEIR RISK THAT IS EXACTLY WHAT LOCAL OFFICIALS NEGOTIATED FOR WITH ORDINANCES DIRECTING WASTE TO SPECIFIC WASTE FACILITIES COMMUNITIES ARE AFFORDED EVEN GREATER PROTECTION IN OUR CASE WE ASSUME THE RISK OF OPERATING IN COMPLIANCE WITH ENVIRONMENTAL REGULATIONS AND OF PLANT PERFORMANCE AND WE SHARE REPAYMENT OF DEBT FINALLY A WORD ABOUT THE WORD DUMPS WHICH THE JOURNAL USES NO FEWER THAN 20 TIMES TO REFER DEROGATORILY TO LANDDISPOSAL SITES PLANNING FOR INCREASED REGULATION THAT WILL GO INTO EFFECT THIS OCTOBER WE HAVE INVESTED MANY MILLIONS OF DOLLARS IN OPERATIONAL IMPROVMENTS AND TECHNOLOGIES THAT NOT ONLY ENSURE THE SAFE OPERATION OF OUR LANDFILLS BUT MAKE THEM COMMUNITY ASSETS AS YOU WELL KNOW THE DUMP IS RAPIDLY BECOMING EXTINCT YOUR ARTICLE PROVIDES A DISTORTED MYOPIC VIEW OF THE WASTETOENERGY INDUSTRY AND DRAWS BROAD AND BASELESS CONCLUSIONS FROM ISOLATED INSTANCES THAT ARE NOT AT ALL REPRESENTATIVE LOCAL LANDFILLS ARE INDEED CLOSING IN MANY REGIONS WHERE COMMUNITIES ARE NOW EMBRACING ENVIRONMENTALLY CONSCIOUS FULLY INTEGRATED SOLIDWASTE MANAGEMENT PROGRAMS THOSE PROGRAMS RELY ON WASTE MINIMIZATION RECYCLING AND WASTETOENERGY TO REDUCE LANDFILLING TO A MINIMUM AND INDEED THE FULL COST OF SUCH PROGRAMS CAN IN SOME INSTANCES BE HIGHER SHORTTERM THAN SIMPLY THROWING ALL OF ONE'S GARBAGE IN A HOLE IN THE GROUND HOWEVER THE WASTETOENERGY PORTION IS TYPICALLY HIGHLY COMPETITIVE WITH AVAILABLE LANDFILL OPTIONS MOREOVER SUCH INTEGRATED PROGRAMS PROVIDE MANY ENVIRONMENTAL BENEFITS AND IN THOSE COMMUNITIES AT LEAST WE HAVE ENDED THE PRACTICE OF STORING OUR WASTE IN LANDFILLS FOR FUTURE GENERATIONS TO DEAL WITH ARMED WITH A DATA BASE COMPILED OVER A NUMBER OF YEARS THE US ENVIRONMENTAL PROTECTION AGENCY HAS CONFIRMED THAT ASH FROM WASTETOENERGY FACILITIES NEED NOT BE TESTED FOR HAZARDOUS CHARACTERISTICS IN FACT RESULTS SHOW LANDFILLED ASH IS FAR SAFER THAN LANDFILLED UNTREATED MUNICIPAL SOLID WASTE AND WHILE LEGAL WASTE FLOW CONTROL CURRENTLY UNDER SUPREME COURT REVIEW IS A VALUABLE TOOL FOR COMMUNITIES TO DEVELOP AND MAINTAIN INTEGRATED PROGRAMS OTHER PROVEN TOOLS EXIST TO ENABLE COMMUNITIES TO ENSURE THAT MUNICIPAL SOLID WASTE CREATED WITHIN THEIR BORDERS IS HANDLED IN THE MOST ENVIRONMENTALLY AND ECONOMICALLY RESPONSIBLE MANNER MOREOVER WASTETOENERGY FACILITIES NOT ONLY SOLVE THE PROBLEM OF HOW TO HANDLE NONRECYCLED MUNICIPAL SOLID WASTE TODAY NATIONALLY THEY PROVIDE THE ENERGY EQUIVALENT OF 31 MILLION BARRELS OF OIL A YEAR SAVING THOSE NONRENEWABLE RESOURCES IN THE PROCESS 9309220081 930922 ASSET INVESTORS SETS RECORD DATE DENVER ASSET INVESTORS CORP A DENVER REAL ESTATE INVESTMENT TRUST SAID ITS BOARD SET OCT 1 AS THE RECORD DATE FOR ITS PREVIOUSLY ANNOUNCED DISTRIBUTION OF SHARES OF ITS COMMERCIAL ASSETS INC UNIT THE COMPANY WILL ACQUIRE AND MANAGE A PORTFOLIO OF OWNERSHIP INTERESTS IN COMMERCIAL REALESTATE SECURITIES THE REIT SAID SHAREHOLDERS WILL RECEIVE ONE SHARE OF COMMERCIAL ASSETS FOR EVERY TWO ASSET INVESTORS SHARES HELD THE CONCERN SAID IT WILL DISTRIBUTE ABOUT 70 OF COMMERCIAL ASSETS' SHARES WITH AN ESTIMATED VALUE OF 526 MILLION OR 373 A SHARE AND RETAIN THE REMAINING SHARES ASSET INVESTORS ANNOUNCED THE UNIT'S CREATION AUG 11 AND SAID THAT THE DISTRIBUTION OF ITS STOCK AS A TAXABLE DIVIDEND TO SHAREHOLDERS WAS NECESSARY TO COMPLY WITH CERTAIN FEDERAL TAX LAWS GOVERNING ITS REIT STATUS 9309220080 930922 LETTERS TO THE EDITOR MAKING PIGS' EARMARKS OUT OF RESEARCH GRANTS CONGRESSMEN TIMOTHY PENNY AND HARRIS FAWELL EXPRESS RIGHTFUL CONCERN OVER THE FISCAL IRRESPONSIBILITY OF PORKBARREL SPENDING SILENCE OF THE HAMS EDITORIAL PAGE AUG 9 IN AN INTERIM HOUSE COMMITTEE REPORT ON ACADEMIC EARMARKS RELEASED THE SAME DAY CHAIRMAN GEORGE BROWN IDENTIFIES EARMARKING AS A CRITICAL THREAT TO THE INTEGRITY AND SUCCESS OF SCIENTIFIC RESEARCH IN THE US IN TESTIMONY THIS SUMMER BEFORE REP BROWN'S HOUSE COMMITTEE ON SCIENCE SPACE AND TECHNOLOGY I POINTED OUT AN ALARMING TREND CONGRESSIONAL SPENDING FOR RESEARCH EARMARKS HAS GROWN DURING THE PAST 12 YEARS FROM 10 MILLION IN 1980 TO 707 MILLION IN 1992 AS MESSRS PENNY AND FAWELL EXPLAIN PORK PROJECTS INCLUDING RESEARCH EARMARKS ARE NOT SUBJECT TO REVIEW ON THE BASIS OF MERIT AND TYPICALLY RECEIVE NO SCRUTINY FROM AUTHORIZING COMMITTEES THIS MONEY IS SPENT WITHOUT ANY REFERENCE TO A NATIONAL PURPOSE ALTHOUGH THESE FIGURES REPRESENT A SMALL PORTION OF THE FEDERAL BUDGET THE VALUE OF RESEARCH TO OUR NATION'S ECONOMIC COMPETITIVENESS IS INCALCULABLE RESEARCH LIKE ANY GOVERNMENTSPONSORED PROJECT MUST BE ACCOUNTABLE TO THE TAXPAYERS BUT INSTEAD OF SPENDING IN ACCORD WITH A PLAN FOR DEVELOPING THE COUNTRY'S COMPETITIVENESS IN TECHNOLOGY AND SCIENCE EARMARKERS ARE PLACING MORE AND MORE FUNDS BEYOND THE SCOPE OF CONGRESSIONAL OR AGENCY REVIEW THE WHITE HOUSE OFFICE OF SCIENCE AND TECHNOLOGY REPORTS FOR INSTANCE THAT MORE THAN 600 MILLION OF AUTHORIZED RESEARCH WAS SQUEEZED OUT OF THE FISCAL '93 BUDGET TO MAKE ROOM FOR EARMARKS INSTEAD OF HOLDING RESEARCH EXPENDITURES ACCOUNTABLE TO NATIONAL PRIORITIES EARMARKERS ARE OVERRULING THE ALLOCATION DECISIONS OF POLICY MAKERS ACCORDING TO THE INTERIM COMMITTEE REPORT A DRIVING FORCE BEHIND THE GROWTH IN RESEARCH EARMARKS HAS BEEN THE INFLUENCE OF LOBBYISTS WHO SEEK EARMARKS ON BEHALF OF COLLEGES AND UNIVERSITIES IN FISCAL '92 THE CLIENTS OF ONE FIRM CASSIDY & ASSOCIATES RECEIVED MORE THAN 100 MILLION IN EARMARKS MORE THAN SIX TIMES WHAT CONGRESS APPROPRIATED THAT YEAR FOR THE COMPETITIVE FACILITIES BUDGET OF THE NATIONAL SCIENCE FOUNDATION IT IS LOSS ENOUGH FOR THE COUNTRY THAT A MEMBER OF CONGRESS AS RESPONSIBLE AND CONSCIENTIOUS AS REP PENNY HAS BEEN DRIVEN INTO RETIREMENT NO DOUBT TO THE DELIGHT OF THE PORKERS IN CONGRESS IT WOULD BE A NATIONAL DISASTER IF THE FEEDLOT APPROACH TO RESEARCH WERE TO PREVENT A GENERATION OF YOUNG RESEARCHERS FROM GIVING US THEIR BEST SCIENCE 9309220078 930922 TECHNOLOGY ATMEL TO BUILD PLANT SAN JOSE CALIF ATMEL CORP SAID IT PLANS TO BUILD A 200 MILLION SEMICONDUCTOR MANUFACTURING PLANT ADJACENT TO ITS CURRENT CHIPMAKING FACILITY IN COLORADO SPRINGS COLO WHEN IN OPERATION BY THE THIRD QUARTER OF NEXT YEAR AS SCHEDULED THE NEW PLANT WOULD MORE THAN DOUBLE THE COMPANY'S CHIP CAPACITY THE MAKER OF INTEGRATED CIRCUITS SAID 9309220077 930922 ECONOMY UNIONS THINK HEALTH PLAN WILL REMOVE KEY BARGAINING ISSUE SHIFT TALKS' FOCUS BY KEVIN G SALWEN STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON LABOR UNIONS ARE SALIVATING OVER THE PROSPECT THAT PRESIDENT CLINTON'S HEALTHCARE PLAN WILL REMOVE FROM THE BARGAINING TABLE THE MOST CONTENTIOUS LABOR ISSUE OF THE PAST DECADE THE PRESIDENT WANTS TO REQUIRE COMPANIES TO PROVIDE A STANDARD HEALTHBENEFIT PACKAGE IF HE SUCCEEDS ORGANIZED LABOR BELIEVES UNIONS COULD CONCENTRATE ANEW ON WAGES PENSIONS WORKER EMPOWERMENT CHILD CARE AND A HOST OF OTHER ISSUES LONG RELEGATED TO THE BACK BURNER MANAGEMENT OFFICIALS AND OTHERS HOWEVER CONTEND THAT UNIONISTS ARE BEING TOO OPTIMISTIC AND THAT NEGOTIATIONS OVER HEALTH CARE WILL BE AS CONTENTIOUS AS EVER FOR THE PAST DECADE UNIONS AND COMPANIES HAVE CLASHED VEHEMENTLY OVER HOW TO CURTAIL SOARING CORPORATE HEALTHCARE LIABILITIES FOR EVERY UNION IN AMERICA THAT HAS GONE TO THE BARGAINING TABLE HEALTHCARE COSTS HAVE BEEN LIKE AN ANCHOR AROUND THEIR NECKS SAYS GERALD MCENTEE PRESIDENT OF THE ASSOCIATION OF FEDERAL STATE COUNTY AND MUNICIPAL EMPLOYEES THE FIRST THING YOU'D HEAR FROM MANAGEMENT IS YOU HAVE TO PAY MORE MONEY AND WE'LL TAKE IT OUT OF THE POSSIBLE WAGE INCREASE' HE SAYS THE CLINTON HEALTH PLAN WOULD CHANGE THE EQUATION UNION LEADERS BELIEVE WHEN WE GO TO THE BARGAINING TABLE NOW JOB SECURITY AND WAGES PENSIONS AND SO ON WILL BECOME THE MAIN TOPICS OF DEBATE CONTENDS JOHN SWEENEY PRESIDENT OF THE SERVICE EMPLOYEES INTERNATIONAL UNION OBVIOUSLY IT WOULDN'T BE THAT SIMPLE FOR ONE THING MANY UNIONIZED COMPANIES ALREADY PROVIDE BENEFITS MORE GENEROUS THAN THE CLINTON PLAN WHICH WOULD REQUIRE COMPANIES TO PAY FOR 80 OF A GENEROUS PACKAGE OF HEALTH BENEFITS ABOUT HALF OF ALL UNIONIZED COMPANIES PAY FOR ALL THEIR WORKERS' HEALTH CARE SAYS FRANK MCARDLE OF CONSULTANT HEWITT ASSOCIATES IN WASHINGTON MANAGEMENT OFFICIALS AND OTHERS CONTEND THAT COMPANIES WITH MORE GENEROUS PLANS COULD SEIZE ON THE CLINTON PROPOSAL TO TRY TO REDUCE THEIR OWN BENEFIT LEVELS LEADING TO RENEWED FIGHTS AT THE BARGAINING TABLE RICHARD BELOUS A LABOR ECONOMIST AT THE NATIONAL PLANNING ASSOCIATION A GROUP MADE UP OF CORPORATE OFFICIALS AND UNION LEADERS EXPECTS THE CLINTON PLAN TO LEAD TO A BARGAININGROOM BRAWL AS COMPANIES WITH GENEROUS PACKAGES TRY TO SCALE BACK TO GOVERNMENTMANDATED BENEFIT LEVELS COMPANIES WILL TRY TO CUT BENEFITS HE SAYS THE CALL OF THE PRESIDENT GIVES THEM COVER TO DO WHAT THEY'VE WANTED TO DO FOR A LONG TIME UNIONS CLEARLY WOULD FIGHT TO RETAIN ANY BENEFITS THAT THEY PREVIOUSLY GAVE UP WAGE INCREASES TO KEEP UNION OFFICIALS ARE EXPECTING A HARD FIGHT I CAN'T SAY THIS WILL LEAD TO GAINS SAYS GREG TARPINIAN HEAD OF THE LABOR RESEARCH ASSOCIATION A LABORORIENTED ECONOMICS FIRM THE EXPLANATIONS AND REASONS FOR A COMPANY TO SAY NO' TO DEMANDS WILL CHANGE UNION OFFICIALS AND OTHERS ARE COUNTING ON MR CLINTON'S PLAN TO SLOW SHARPLY THE NATIONWIDE INCREASE IN HEALTHCARE COSTS AS THE WHITE HOUSE IS PROJECTING LABOR OFFICIALS HOPE THE SAVINGS COULD BE PASSED ALONG TO WORKERS AS PAY INCREASES IN ADDITION UNIONISTS ARE ENTHUSIASTIC ABOUT A PROVISION IN THE ADMINISTRATION PLAN THAT WOULD HAVE THE GOVERNMENT PICK UP 80 OF THE HEALTHINSURANCE COSTS OF MOST EARLY RETIREES THAT WOULD BE A WINDFALL FOR SUCH OLDLINE MANUFACTURING INDUSTRIES AS AUTOS AND STEEL ONE THAT UNIONS SURELY WOULD WANT TO SHARE THE ADMINISTRATION ALSO IS WEIGHING CAPPING COMPANIES' REQUIRED CONTRIBUTION FOR HEALTHCARE BENEFITS AT 79 OF TOTAL PAYROLL COSTS A MOVE THAT ALSO WOULD FREE UP MONEY IN MANY OF THE NATION'S MANUFACTURING INDUSTRIES MOREOVER MANY UNION OFFICIALS BELIEVE THE CLINTON PLAN WOULD HELP COMPANIES WITH UNIONS TO COMPETE AGAINST NONUNIONIZED CORPORATIONS WHICH OFTEN HAVE LOWER BENEFITS UNIONIZED WORKERS CURRENTLY ARE PAID 225 AN HOUR IN BENEFITS COMPARED WITH 1 AN HOUR FOR NONUNION WORKERS A DIVERGENCE THAT HAS ACCELERATED IN THE PAST DECADE ACCORDING TO AFLCIO ECONOMIST JOHN ZALUSKY NONUNION COMPANIES THAT ARE NOT PAYING HEALTH CARE ARE ABLE TO UNDERBID THOSE WHO ARE PROVIDING COVERAGE ARGUES DANIEL DUKE MCVEY PRESIDENT OF THE MISSOURI AFLCIO IN SOME CASES THIS BECAME A COMPETITIVE QUESTION BUT MANAGEMENT CONSULTANTS AND OTHERS COUNTER THAT THE CLINTON PLAN COULD BLOW UP IN UNIONS' FACES CREATING DISINCENTIVES FOR WORKERS TO JOIN ORGANIZED LABOR RIGHT NOW THE LABOR UNIONS CAN CLAIM TO BE THE PRIMARY PROTECTOR OF BENEFITS ARGUES HEWITT'S MR MCARDLE UNDER THE CLINTON SYSTEM THERE'S A DIMINISHED ROLE FOR THE LABOR UNIONS IT CERTAINLY ISN'T GOING TO ENCOURAGE MEMBERSHIP HE SAYS 9309220076 930922 TECHNOLOGY ORACLE NET INCOME IN FISCAL 1ST QUARTER TOTALED 374 MILLION REDWOOD CITY CALIF ORACLE CORP CITING STRONG SALES OF THE NEWEST VERSION OF ITS DATABASE SOFTWARE REPORTED NET INCOME OF 374 MILLION FOR ITS FISCAL FIRST QUARTER REVERSING A LOSS A YEAR EARLIER AND SURPASSING ANALYSTS' PROJECTIONS ANALYSTS' MEAN ESTIMATE FOR THE QUARTER ENDED AUG 31 ACCORDING TO ZACKS INVESTMENT RESEARCH INC WAS 17 CENTS A SHARE EARNINGS TOTALED 25 CENTS A SHARE THE RESULTS COMPARE WITH A LOSS OF 335 MILLION OR 24 CENTS A SHARE A YEAR EARLIER INCLUDING A 435 MILLION CHARGE FROM A CHANGE IN ACCOUNTING FOR REVENUE REVENUE JUMPED 30 TO 3981 MILLION FROM 3069 MILLION THE EARNINGS CAME MAINLY FROM THE GATHERING MOMENTUM OF THE COMPANY'S ORACLE7 DATABASE WHICH ACCOUNTED FOR ABOUT HALF OF THE COMPANY'S LICENSING REVENUE IN THE FIRST PERIOD TOTAL LICENSING AND OTHER SALES GREW 26 TO 2169 MILLION FROM 1714 MILLION LICENSING REVENUE FOR PRODUCTS RUNNING ON UNIX COMPUTERS AND THOSE RUNNING ON PERSONAL COMPUTERS BOTH ROSE 42 SERVICE REVENUE FROM PROVIDING SUPPORT CONSULTING TRAINING AND OTHER SERVICES JUMPED 34 TO 1812 MILLION FROM 1354 MILLION ORACLE'S RESULTS WERE RELEASED AFTER THE CLOSE OF NATIONAL OVERTHECOUNTER TRADING ITS STOCK FINISHED AT 5475 A SHARE UP 125 CENTS A SHARE 9309220075 930922 TECHNOLOGY MICROSOFT TAKES AIM AT NOVELL BY CUTTING SOFTWARE PRICE 35000 BY JIM CARLTON STAFF REPORTER OF THE WALL STREET JOURNAL MICROSOFT CORP AGGRESSIVELY SEEKING TO EXPAND ITS SHARE IN THE COMPUTER NETWORK MARKET ANNOUNCED A HUGELY DISCOUNTED PRICE ON A SOFTWARE PRODUCT THAT CRITICS CHARGE MAY BE UNFAIRLY LOW THE PRICE A DISCOUNT OF ABOUT 35000 IS A DIRECT ATTACK ON THE LEADER IN THE NETWORKING MARKET NOVELL INC NOVELL CHARGES AS MUCH AS 48000 FOR NETWARE 40 SOFTWARE LINKING 1000 COMPUTERS MICROSOFT'S NEW WINDOWS NT ADVANCED SERVER SOFTWARE ALSO LINKS LARGE NUMBERS OF COMPUTERS WINDOWS NT RECENTLY INTRODUCED IS A MORE POWERFUL NETWORKING VERSION OF MICROSOFT'S POPULAR WINDOWS OPERATING SYSTEM BEFORE LAST WEEK'S ANNOUNCEMENT MICROSOFT HAD BEEN CHARGING A FLAT FEE OF 1495 PLUS AS MUCH AS AN ADDITIONAL 179 FOR EVERY FIVE COMPUTERS IN A NETWORK SERVED BY ADVANCED SERVER FOR THE SOCALLED CLIENT SOFTWARE THAT LINKS EACH MACHINE TO THE NETWORK THAT MEANT A COST OF AROUND 37000 TO A CUSTOMER USING 1000 COMPUTERS WITH ALL OF THE SOFTWARE OPTIONS BUT NOW MICROSOFT IS PROVIDING THE CLIENT SOFTWARE FREE TO NETWORK USERS AND IS ONLY CHARGING THE FLAT PRICE OF 1495 THE PRICE IS IN EFFECT A SAVINGS OF MORE THAN 35000 FOR EACH 1000COMPUTER CUSTOMERS AND ABOUT 3 OF NOVELL'S PRICE AFTER NOVEMBER WHEN THE SIXMONTH INTRODUCTORY PRICE ON ADVANCED SERVER EXPIRES THE NEW PRICE WILL BE 2995 BUT EXTRA SOFTWARE WILL STILL BE FREE WE DON'T CARE IF YOU PUT 10 USERS ON OR MORE SAID JONATHAN LAZARUS MICROSOFT'S VICE PRESIDENT OF SYSTEMS STRATEGY A NOVELL SPOKESWOMAN SAID THE ADVANCED SERVER SOFTWARE ISN'T NEARLY AS POWERFUL AS NETWARE AND IS MORE COMPARABLE WITH AN OPERATING SYSTEM CALLED UNIXWARE WHICH NOVELL SELLS TO CUSTOMERS FOR 1300 EACH FOR UNLIMITED USAGE A MICROSOFT SPOKESWOMAN REPLIED THAT THE NT ADVANCED SERVER HAS ALL THE MAJOR FUNCTIONS MOST PEOPLE WOULD USE IN A NETWORK MICROSOFT OFFICIALS SAID THEY ADOPTED THE DRASTIC PRICE REDUCTION IN PART BECAUSE ITS NETWORK CUSTOMERS COMPLAINED THE PREVIOUS PRICING SYSTEM WAS CONFUSING BUT THE REDMOND WASH SOFTWARE BEHEMOTH ALSO NOTED IT HOPES TO INCREASE MARKET SHARE IN THE TOUGH NETWORKING MARKET NOW DOMINATED BY PROVO UTAHBASED NOVELL NOVELL CONTROLS CLOSE TO 70 OF THE MARKET FOR NETWORK SOFTWARE ACCORDING TO ANALYSTS' ESTIMATES SO FAR MICROSOFT HAS STRUGGLED TO GAIN SHARE IN NETWORKING BECAUSE ANALYSTS SAY IT WAS LATE ENTERING THE MARKET IT'S ALL ABOUT MARKET SHARE SAID BRUCE M LUPATKIN A TECHNOLOGY ANALYST AT HAMBRECHT & QUIST IN SAN FRANCISCO WHO ADDED THE NEW DISCOUNTS WILL PUT PRICING PRESSURE ON COMPETITORS ATTORNEYS FOR SOME COMPETITORS SAID THE NEW PRICING MIGHT VIOLATE PROVISIONS OF ANTITRUST LAW BECAUSE THEY SAID IT APPEARS IT COULD BE BELOW COST A SPLIT FEDERAL TRADE COMMISSION RECENTLY DECLINED TO SEEK A PRELIMINARY INJUNCTION TO FORCE MICROSOFT TO HALT CERTAIN BUSINESS PRACTICES THAT ITS COMPETITORS CLAIM VIOLATE ANTITRUST LAW BUT THE JUSTICE DEPARTMENT AND THE EUROPEAN ECONOMIC COMMISSION ARE INVESTIGATING MICROSOFT'S MARKETING METHODS BORIS FELDMAN A PALO ALTO CALIF ATTORNEY SPECIALIZING IN TECHNOLOGY ISSUES SAID MICROSOFT COULD BE GUILTY OF MONOPOLY LEVERAGING OR USING ITS PROFITS FROM ITS PC DOMINANCE TO PAY FOR LOSSES INCURRED BY A NOVELLBUSTING FORAY INTO THE NETWORKING MARKET OF COURSE WE'RE NOT SELLING AT A LOSS IT ALL DEPENDS ON VOLUME SAID MR LAZARUS POINTING OUT THAT IF THE COMPANY SELLS ENOUGH OF THE SERVER PRODUCTS IT MAKES MONEY MR LAZARUS ALSO ARGUED THAT BECAUSE THE COSTS OF DEVELOPING THE SERVER SOFTWARE WERE ONLY A SMALL PART OF THE OVERALL EXPENSE OF DEVELOPING WINDOWS NT MICROSOFT ISN'T SELLING AT A LOSS WE'RE NOT DENYING WE'VE LOWERED EFFECTIVE PRICES BUT THAT'S PART OF DOING BUSINESS MR LAZARUS SAID MR LUPATKIN THE ANALYST SAID MICROSOFT CAN AFFORD TO LOWER PRICES BECAUSE THEY HAVE A COST STRUCTURE SET UP TO SUPPORT INEXPENSIVE PRODUCTS GENERALLY 9309220073 930922 WHO'S NEWS IRG TECHNOLOGIES PINS HOPES FOR BETTERMENT ON MANAGEMENT SHIFT RICHARDSON TEXAS BESET BY DISAPPOINTING EARNINGS AND SHAREHOLDER LAWSUITS IRG TECHNOLOGIES INC ANNOUNCED MANAGEMENT CHANGES THAT IT SAID WERE DESIGNED TO IMPROVE PROFIT MARGINS AND GAIN TIGHTER CONTROL OVER OPERATIONS THE COMPUTER PARTS DISTRIBUTOR SAID DOUGLAS P LETSCH 38 YEARS OLD RESIGNED AS VICE PRESIDENT OF OPERATIONS EFFECTIVE OCT 31 A COMPANY SPOKESMAN SAID THE RESIGNATION WAS VOLUNTARY MR LETSCH COULD NOT IMMEDIATELY BE REACHED FOR COMMENT MEANWHILE WAYNE R MAYNARD 44 IRG'S VICE PRESIDENT AND CHIEF FINANCIAL OFFICER WAS PROMOTED TO SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER AND WAS GIVEN DIRECT AUTHORITY OVER MOST OF THE COMPANY'S OPERATING MANAGERS THE CHANGES WERE ANNOUNCED AFTER THE MARKET CLOSED YESTERDAY IRG STOCK CLOSED AT 350 A SHARE DOWN 125 CENTS IN NATIONAL OVERTHECOUNTER TRADING ON AUG 13 IRG REPORTED DISAPPOINTING EARNINGS FOR ITS QUARTER ENDED JUNE 30 THE COMPANY SAID ITS RECORDKEEPING SYSTEM COULD NOT KEEP UP WITH CERTAIN COMPLICATED MANUFACTURER REBATES DURING THE PERIOD IRG STOCK DROPPED TO 4 DOWN 29375 THE FOLLOWING DAY ON AUG 24 SHAREHOLDERS FILED THREE SUITS IN A FEDERAL COURT IN DALLAS ACCUSING THE COMPANY OF ISSUING FALSE AND MISLEADING DOCUMENTS IN CONNECTION WITH ITS INITIAL PUBLIC OFFERING IN MAY THE SUITS ARE STILL PENDING 9309220072 930922 INTERNATIONAL NUCLEAR WEAPONS PACT WITH UKRAINE ANNULLED BY RUSSIA BY ADI IGNATIUS STAFF REPORTER OF THE WALL STREET JOURNAL MOSCOW RUSSIA SAID IT ANNULLED AN AGREEMENT WITH UKRAINE UNDER WHICH KIEV WAS TO HAVE TRANSFERRED ITS NUCLEAR MISSILES TO RUSSIA THE AGREEMENT CONCLUDED SEPT 3 BETWEEN RUSSIAN PRESIDENT BORIS YELTSIN AND UKRAINIAN PRESIDENT LEONID KRAVCHUK HAD CALLED FOR UKRAINE TO HAND OVER ALL ITS NUCLEAR WARHEADS AND ITS SHARE OF THE BLACK SEA FLEET IN RETURN FOR DEBT RELIEF UKRAINE OWES RUSSIA AN ESTIMATED 600 BILLION RUBLES 600 MILLION BUT RUSSIA CONTENDS THAT UKRAINE UNILATERALLY ALTERED THE AGREEMENT IN A FOLLOWUP PROTOCOL RUSSIA'S FOREIGN MINISTRY SPOKESMAN GRIGORY KARASIN TOLD REPORTERS THAT UKRAINIAN OFFICIALS HAD AMENDED IT SO THAT KIEV WOULD RETAIN A PORTION OF ITS NUCLEAR ARSENAL IN VIEW OF THESE TO PUT IT MILDLY UNUSUAL DIPLOMATIC PRACTICES ON THE PART OF UKRAINE RUSSIA HAS OFFICIALLY ANNULLED THE PROTOCOL MR KARASIN SAID UKRAINE HAS OFTEN DECLARED ITS INTENTION TO BECOME A NONNUCLEAR STATE BUT ITS PARLIAMENT HAS REFUSED TO RATIFY THE START1 ARMS CONTROL TREATY AND KIEV HAS SLOWED EFFORTS TO TRANSFER ITS NUCLEAR WEAPONS TO RUSSIAN SOIL AFTER THE SOVIET UNION BROKE UP UKRAINE INHERITED 1656 LONGRANGE WARHEADS MOUNTED ON 46 SS24 MISSILES AND 130 SS19 MISSILES PLUS 37 BLACKJACK BOMBERS SEPARATELY UKRAINE'S POLITICAL STRIFE CONTINUED TUESDAY AS PARLIAMENT AGREED TO ACCEPT THE RESIGNATION OF PRIME MINISTER LEONID KUCHMA 9309220071 930922 TECHNOLOGY GALL BLADDER PROCEDURE PROVES POPULAR WITH COSTS OUTPACING PROMISED SAVINGS BY RON WINSLOW STAFF REPORTER OF THE WALL STREET JOURNAL A POPULAR NEW TECHNIQUE FOR GALL BLADDER SURGERY THAT IS HIGHLY TOUTED FOR ITS ABILITY TO REDUCE HEALTH COSTS HAS LED INSTEAD TO INCREASED COSTS AT A MAJOR US HEALTH MAINTENANCE ORGANIZATION A STUDY CONDUCTED AT US HEALTHCARE INC FOUND THAT COSTS ASSOCIATED WITH GALLBLADDER DISEASE WERE 114 HIGHER IN 1992 THAN IN 1988 BEFORE THE NEW PROCEDURE KNOWN AS LAPAROSCOPIC CHOLECYSTECTOMY BECAME WIDELY USED WHILE UNIT COSTS FOR GALLBLADDER PROCEDURES AT THE BLUE BELL PA HMO FELL 25 DURING THE SAME PERIOD THE RATE OF GALL BLADDER SURGERY AMONG ITS MEMBERS SOARED NEARLY 60 THE STUDY FOUND THE INCREASED DEMAND WIPED OUT OVERALL SAVINGS GAINED FROM LOWER COSTS ASSOCIATED WITH THE NEW PROCEDURE MANY EXPERTS POINT TO UNBRIDLED USE OF NEW TESTS AND PROCEDURES AS A MAJOR CAUSE OF RISING HEALTH COSTS THE FINDINGS UNDERSCORE THE COMPLEX FORCES THAT INFLUENCE THE USE AND PROLIFERATION OF NEW MEDICAL TECHNOLOGY AND PROCEDURES EVEN THOSE CONSIDERED TO BE COSTEFFECTIVE ADVANCES OVER THE METHODS THEY REPLACE WE THINK THERE WAS A LARGE POOL OF PATIENTS WITH MILD GALLBLADDER DISEASE THAT WERE RELUCTANT TO HAVE THE TRADITIONAL PROCEDURE SAID ANTONIO P LEGORRETA MEDICAL DIRECTOR AT US HEALTHCARE'S US QUALITY ALGORITHMS UNIT WITH THE ADVENT OF THE NEW PROCEDURE WHICH IS MUCH LESS PAINFUL WITH A MUCH SHORTER RECOVERY THEY WERE MORE WILLING TO HAVE SURGERY HE ADDED THEY MIGHT EVEN HAVE DEMANDED IT DR LEGORRETA IS LEAD AUTHOR OF THE REPORT WHICH APPEARS IN TODAY'S JOURNAL OF THE AMERICAN MEDICAL ASSOCIATION THE STUDY IS BASED ON THE EXPERIENCE OF 500000 MEMBERS OF US HEALTHCARE'S HMO PA IN SOUTHEASTERN PENNSYLVANIA BETWEEN 1988 AND 1992 IT FOUND THAT IN 1988 AND 1989 WHEN NO LAPAROSCOPIC PROCEDURES WERE DONE ON ITS MEMBERS THE RATE OF GALLBLADDER SURGERY WAS ABOUT 135 PER 1000 PATIENTS WITH A SURGE IN USE OF THE NEW TECHNIQUE IN 1990 AND 1991 THE RATE JUMPED TO 215 BY 1992 WHILE THE REPORT DOESN'T INCLUDE DATA FROM OUTSIDE THE HMO DR LEGORRETA SAID THE INCREASE LIKELY REFLECTS THE NATIONAL EXPERIENCE YOU CAN EXTRAPOLATE THIS TO OTHER PAYERS WHO MIGHT NOT EVEN BE AWARE THAT THESE TRENDS HAVE TAKEN PLACE THE STUDY DOESN'T ADDRESS WHETHER PATIENTS FARED BETTER WITH THE SURGERY NOR DOES IT CALCULATE ANY BENEFITS THAT MAY HAVE RESULTED FROM PATIENTS BEING MORE PRODUCTIVE IN THEIR WORK OR PERSONAL LIVES WITHOUT PAINFUL GALL BLADDER SYMPTOMS IT IS POSSIBLE THE INCREASED USE REPRESENTS PENTUP DEMAND AND THAT RATES WILL SOON SUBSIDE TO PREVIOUS LEVELS HE SAID BUT IT IS ALSO POSSIBLE THAT BOTH DOCTORS AND PATIENTS HAVE LOWERED THEIR THRESHOLD OF SYMPTOMS FOR GALL BLADDER SURGERY NOW THAT THE NEW LESS PAINFUL TECHNIQUE IS AVAILABLE AND THAT PEOPLE WHO PREVIOUSLY WOULD HAVE LIVED WITH VERY MILD SYMPTOMS MAY NOW SEEK SURGERY BECAUSE A PATIENT REQUESTS A PROCEDURE DOESN'T MAKE IT APPROPRIATE DR LEGORRETA SAID HE AND HIS COLLEAGUES AT US HEALTHCARE ARE DEVELOPING GUIDELINES FOR DOCTORS AT THE HMO TO USE IN TREATING PATIENTS WITH GALL BLADDER SYMPTOMS IN AN EDITORIAL ACCOMPANYING THE STUDY ANDREW K DIEHL OF THE UNIVERSITY OF TEXAS HEALTH SCIENCES CENTER AT SAN ANTONIO SAID THE NEW TECHNIQUE IS A MAJOR ADVANCE IN THE MANAGEMENT OF GALLSTONE PATIENTS BUT HE CAUTIONED THAT ITS AVAILABILITY SHOULDN'T RESULT IN CHANGES IN THE SELECTION OF PATIENTS FOR SURGERY 9309220070 930922 TECHNOLOGY NOVELL COUNTERS MICROSOFT BY PAIRING UNIX SYSTEM WITH ITS OWN NETWARE BY G CHRISTIAN HILL STAFF REPORTER OF THE WALL STREET JOURNAL NOVELL INC SAID IT WILL TRY TO CRACK MICROSOFT CORP'S STRANGLEHOLD ON OPERATING SYSTEMS FOR PERSONAL COMPUTERS BY INTEGRATING ITS OWN UNIX OPERATING SYSTEM WITH ITS BESTSELLING NETWORK SOFTWARE NOVELL AND ITS CHAIRMAN RAY NOORDA HAVE BECOME MICROSOFT'S ARCHNEMESIS IN THE PC MARKET ACCUSING THE SOFTWARE GIANT OF UNFAIR TRADE PRACTICES AND LEADING AN EFFORT TO DEVELOP UNIX A POWERFUL OPERATING SYSTEM COMMONLY USED BY ENGINEERS AND SCIENTISTS INTO AN OPERATING SYSTEM FOR PERSONALCOMPUTER USERS MICROSOFT IS FIGHTING BACK IN PART BY SHARPLY LOWERING THE PRICE OF AN OPERATING SYSTEM THAT COMPETES DIRECTLY WITH NOVELL'S BESTSELLING NETWARE SOFTWARE WHICH PROVIDES COMMUNICATIONS AND DATA MANAGEMENT FOR ABOUT 70 OF THE PERSONALCOMPUTER NETWORKING MARKET AT THE UNIX EXPO IN NEW YORK YESTERDAY MR NOORDA DISCLOSED THAT NOVELL PLANS TO PROMOTE ITS UNIXWARE OPERATING SYSTEM DESIGNED TO RUN ON PERSONAL COMPUTERS BASED ON INTEL CORP'S MICROPROCESSORS AS AN ALTERNATIVE TO WINDOWS NT MICROSOFT'S POWERFUL NEW OPERATING SYSTEM FOR NETWORKING HE SAID NOVELL WILL MAKE CHANGES AND PROVIDE PROGRAMMING TOOLS BY NEXT SPRING THAT WILL ALLOW UNIXWARE TO INTERACT SEAMLESSLY WITH NETWARE AND ALLOW SOFTWARE DEVELOPERS TO EASILY WRITE APPLICATIONS PROGRAMS THAT WORK BOTH ON UNIXWARE AND NETWARE BY THE SUMMER NOVELL HOPES TO INTRODUCE APPWARE A SOFTWARE LAYER THAT WILL ALLOW DEVELOPERS TO EASILY ADAPT WINDOWS PROGRAMS TO RUN ON UNIXWARE AND OTHER UNIX VERSIONS SOLD BY SUN MICROSYSTEMS INC HEWLETTPACKARD CO AND INTERNATIONAL BUSINESS MACHINES CORP MICROSOFT'S WINDOWS OPERATING SYSTEM HAS BECOME AN INDUSTRY STANDARD SELLING AT THE RATE OF MORE THAN ONE MILLION COPIES A MONTH MR NOORDA HAD HOPED TO ALSO ANNOUNCE MORE PROGRESS IN UNIFYING ALL THE UNIX VERSIONS BEHIND ONE PROGRAMMING STANDARD THAT WILL MAKE IT EASY FOR ANY APPLICATION TO BE MODIFIED TO RUN ON ANY UNIX SYSTEM ON SEPT 4 THE MAJOR UNIX SYSTEMS COMPANIES AGREED TO WORK TOGETHER TO ACHIEVE SUCH A STANDARD BUT MR NOORDA SAID WE HAVEN'T HAD THE OPPORTUNITY TO GET A NUMBER OF THE PARTNERS ALIGNED WITH US TO SUPPORT US IN THAT BUT MR NOORDA SAID THE DELAY WAS ONLY TEMPORARY NOVELL OWNS AND LICENSES THE BASIC SOURCE CODE FOR UNIX THROUGH ITS WHOLLY OWNED SUBSIDIARY UNIX SYSTEMS LABORATORIES INC NOVELL BOUGHT THE UNIT FROM AMERICAN TELEPHONE & TELEGRAPH CO IN JUNE FOR 350 MILLION BUT A NUMBER OF COMPANIES INCLUDING SUN HEWLETTPACKARD AND IBM HAVE DEVELOPED OVER TIME THEIR OWN VERSIONS WHICH ARE INCOMPATIBLE WITH EACH OTHER NOVELL PLANS BY THE FOURTH QUARTER TO PROVIDE THESE OTHER USERS WITH THE SOURCE CODE MODIFIED TO BECOME A COMPLETE READYTOSHIP PRODUCT IDENTICAL TO UNIXWARE IN THE PAST THE COMPUTER MAKERS HAVE HAD TO INVEST IN THEIR OWN RESEARCH AND DEVELOPMENT AND ENGINEERING TO CREATE FINISHED UNIX SYSTEMS UNIX PROMOTERS SUCH AS MR NOORDA HOPE IT'S NOT TOO LATE TO ESTABLISH THE OPERATING SYSTEM AS AN ALTERNATIVE TO WINDOWS NT BOTH SYSTEMS ARE DESIGNED FOR OPERATING LARGE NETWORKS AS WELL AS PROVIDING SECURITY AND THE ABILITY TO PERFORM MORE THAN ONE TASK AT A TIME BUT JONATHAN LAZARUS MICROSOFT'S VICE PRESIDENT FOR SYSTEMS STRATEGY SAID YESTERDAY THAT UNIX FACES TOO MANY OBSTACLES TO BECOMING A POPULAR OPERATING SYSTEM FOR PERSONAL COMPUTERS AMONG OTHER THINGS HE SAID IT IS STILL UNCLEAR WHETHER THE UNIX PROVIDERS WILL INDEED UNIFY BEHIND ONE STANDARD AND FROM ITS OWN EXPERIENCE MICROSOFT HAS DISCOVERED THAT ADAPTING WINDOWS PROGRAMS TO RUN SMOOTHLY ON UNIX IS LIKELY TO BE MORE DIFFICULT THAN UNIX PURVEYORS CONTEND IT IS IF YOU CAN'T RUN WINDOWS PROGRAMS YOU WON'T COMPETE IN THE PC MARKET MR LAZARUS SAID EVEN COMPATIBILITY WITH WINDOWS WON'T BE ENOUGH HE SAYS BECAUSE NO OPERATING SYSTEM SURVIVES BY BEING COMPATIBLE WITH OTHER SYSTEMS IT NEEDS NATIVE CAPABILITIES OFFERING SOMETHING BETTER OR DIFFERENT AND EVEN THOUGH NOVELL IS OFFERING UNIXWARE AT A VERY AGGRESSIVE PRICE ABOUT 250 A MACHINE MR LAZARUS THINKS MICROSOFT WILL ALWAYS BE ABLE TO OFFER SIGNIFICANTLY LOWER PRICES WHEN IT SO CHOOSES BUT NOVELL OFFICIALS SAY MOST OF THE COSTS OF RUNNING A NETWORK AS MUCH AS 80 COME FROM SUPPORTING AND OPERATING IT SO SOFTWARE COSTS AREN'T NECESSARILY A CRITICAL DETERMINANT OF SALES SEPARATELY HOUSTONBASED COMPAQ COMPUTER CORP AND NOVELL ANNOUNCED A FORMAL ALLIANCE UNDER WHICH THE TWO COMPANIES WILL MARKET COMPLETE SYSTEMS TO CUSTOMERS INCORPORATING COMPAQ MACHINES NETWARE AND IN SOME CASES UNIXWARE THEY ALSO WILL WORK TOGETHER TO DEVELOP NETWARE TO RUN ON COMPAQ MULTIPROCESSOR COMPUTERS AMONG OTHER THINGS 9309220069 930922 INTERNATIONAL VOLKSWAGEN IS SEEN NOT BREAKING EVEN FOR '93 AS FORECAST BY AUDREY CHOI STAFF REPORTER OF THE WALL STREET JOURNAL WOLFSBURG GERMANY VOLKSWAGEN AG WON'T BE ABLE TO LIVE UP TO PROMISES TO BREAK EVEN THIS YEAR DESPITE EXPECTATIONS OF PROFIT OF 200 MILLION MARKS 1241 MILLION AT THE GERMAN PARENT COMPANY FOR THE CURRENT QUARTER INDIVIDUALS CLOSE TO THE GERMAN AUTO MAKER SAID CHAIRMAN FERDINAND PIECH HAD EARLIER PROMISED THAT HE WOULD STEER THE TROUBLED VW GROUP BACK TO THE BREAKEVEN POINT BY THE END OF 1993 WORSETHANEXPECTED PROBLEMS IN THE EUROPEAN CAR MARKET AND WITHIN THE VW GROUP ITSELF HOWEVER MADE MR PIECH IN RECENT WEEKS REVISE HIS FORECAST TO APPLY ONLY TO THE GERMAN PARENT COMPANY FOR THE FIRST SIX MONTHS OF 1993 THE WHOLE VW GROUP HAD A LOSS OF 16 BILLION MARKS AT THE GERMAN OPERATIONS ALONE THE COMPANY POSTED A LOSS OF 946 MILLION MARKS FOR THE FIRST HALF IN RESPONSE TO THE ASSERTION THAT THE COMPANY WOULDN'T BREAK EVEN VW SPOKESMAN HANSPETER BLECHINGER SAID OUR EXPECTATIONS NOW AS BEFORE ARE THAT THE AG WILL SHOW A BLACKZERO AT THE END OF THE YEAR NOTING THAT THERE ARE WORLDS OF DIFFERENCE BETWEEN THE OPERATING RESULTS AND THE FINAL BALANCE SHEET RESULTS ONE ANALYST IN LONDON SHRUGGED OFF THE VARIOUS COMMENTS AS SINGULARLY POINTLESS SEMANTICS ESPECIALLY BECAUSE GERMAN COMPANIES CAN DRAW DOWN RESERVES TO SMOOTH THEIR PROFIT STATEMENTS AUTO ANALYSTS EXPECT VW COULD POST MORE THAN A BILLION MARKS IN LOSSES FOR THE YEAR DEPENDING ON THE FINAL IMPACT OF A 15 BILLION MARK BAILOUT REQUIRED FOR ITS SPANISH UNIT SEAT SA MEANWHILE STANDARD & POOR'S CORP PLACED ITS DOUBLEAMINUS SENIOR LONGTERM RATINGS ON VW AG VOLKSWAGEN INTERNATIONAL FINANCE NV AND VW CREDIT INC ON ITS CREDITWATCH LIST FOR POSSIBLE DOWNGRADE S&P ALSO PLACED ITS A1PLUS SHORTTERM RATINGS ON VW AG VOLKSWAGEN INTERNATIONAL FINANCE NV AND VOLKSWAGEN OF AMERICA ON CREDITWATCH WITH NEGATIVE IMPLICATIONS IN ALL SOME 577 MILLION IN RATED DEBT IS AFFECTED S&P SAID THE CREDITWATCH LISTING REFLECTS SLOWER THAN ANTICIPATED IMPROVEMENT IN VOLKSWAGEN'S FINANCIAL PERFORMANCE RESULTING FROM DIFFICULT CONDITIONS IN THE EUROPEAN AUTOMOTIVE MARKET THE COMPANY'S UNCOMPETITIVE COST STRUCTURE AND RECENTLY DISCLOSED PROBLEMS AT ITS SUBSIDIARY SEAT 9309220068 930922 CLINTONS SHOW SOME OPENNESS ON HEALTH PLAN BY GERALD F SEIB AND RICK WARTZMAN STAFF REPORTERS OF THE WALL STREET JOURNAL WASHINGTON PRESIDENT CLINTON AND HILLARY RODHAM CLINTON SIGNALED A WILLINGNESS TO NEGOTIATE MOST ASPECTS OF THEIR COMING HEALTHCARE PROPOSAL EXCEPT THE GOAL OF OFFERING UNIVERSAL COVERAGE AS SOON AS POSSIBLE BOTH OF THE CLINTONS SPEAKING AT A LUNCHEON WITH JOURNALISTS MADE A STRONG PITCH FOR THEIR PLAN TO REQUIRE THAT EMPLOYERS CONTRIBUTE TO WORKERS' HEALTHCARE COVERAGE THEY ARGUED THAT OTHER POSSIBLE ARRANGEMENTS INCLUDING PUTTING THE RESPONSIBILITY FOR INSURANCE COVERAGE ON INDIVIDUAL FAMILIES OR ESTABLISHING A SYSTEM COMPLETELY FINANCED BY THE GOVERNMENT WOULD BE TOO EXPENSIVE OR RADICAL BUT MR CLINTON ADDED IF SOMEBODY'S GOT A BETTER IDEA TO ACHIEVE UNIVERSAL COVERAGE WE'LL BE GLAD TO HEAR IT MRS CLINTON INDICATED THAT HER HUSBAND IN A NATIONALLY TELEVISED SPEECH TO CONGRESS TONIGHT WILL LAY OUT IN MORE DETAIL A SET OF PRINCIPLES THAT THE ADMINISTRATION WOULD STAND BY ONE THING WHICH IS NOT NEGOTIABLE IS UNIVERSAL COVERAGE AS SOON AS POSSIBLE MRS CLINTON SAID BUT SHE ALSO ADDED NOW WHAT AS SOON AS POSSIBLE' MEANS WILL DEPEND ON OTHER PIECES OF THE PACKAGE THE CLINTONS' COMMENTS UNDERSCORE AN ALLOUT EFFORT BY THE ADMINISTRATION TO SIGNAL CONGRESS THAT IT IS OPEN TO IDEAS ON THE HEALTH PROPOSAL MR CLINTON PUSHED TENACIOUSLY FOR HIS ADVISERS TO STICK TO HIS AMBITIOUS VISION IN DRAWING UP A HEALTH PLAN BUT SOME AIDES THINK HE DID SO PRECISELY BECAUSE HE KNEW HE WOULD HAVE TO ACCEPT COMPROMISES WITH LAWMAKERS ONCE IT WAS UNVEILED MOREOVER BY BEING MORE FLEXIBLE ON HEALTH CARE THAN IT WAS ON THE PRESIDENT'S ECONOMIC PLAN THE ADMINISTRATION HOPES ANY HEALTH PACKAGE THAT EVENTUALLY EMERGES FROM CONGRESS WILL STILL BE SEEN AS A CLEAR VICTORY FOR THE PRESIDENT ONE TOP ADMINISTRATION OFFICIAL SAID MRS CLINTON IN PARTICULAR HAS GROWN MORE WILLING IN THE PAST FEW WEEKS TO NEGOTIATE THE SPECIFICS OF THE HEALTH PROPOSAL IN A SEPARATE INTERVIEW WITH RADIO TALKSHOW HOSTS LATER IN THE DAY MR CLINTON SPELLED OUT THE KIND OF GENERAL GOALS HE IS LIKELY TO ENUMERATE IN HIS ADDRESS TONIGHT SECURE HEALTH COVERAGE FOR ALL CITIZENS SHARED RESPONSIBILITY FOR HOLDING DOWN MEDICALCARE COSTS FREEDOM TO CHOOSE A DOCTOR GUARANTEED ACCESS TO PREVENTIVE CARE AND MARKET INCENTIVES TO CURB COSTS THE CLINTONS' NOD TOWARD COMPROMISE WAS ECHOED BY WHITE HOUSE BUDGET DIRECTOR LEON PANETTA HE SUGGESTED THAT THE 91 BILLION IN DEFICIT REDUCTION THE HEALTH PLAN PROMISES TO GENERATE OVER FIVE YEARS WOULD PROVIDE SOME MANEUVERING ROOM I THINK THE DEFICITREDUCTION NUMBER IS GOING TO BE VULNERABLE ON CAPITOL HILL MR PANETTA SAID THE LARGE QUESTION FOR CAPITOL HILL TO ANSWER IS DO YOU WANT TO ACHIEVE THIS MUCH IN TERMS OF DEFICIT REDUCTION OR DO YOU WANT TO LESSEN THE AMOUNT OF DEFICIT REDUCTION AND LESSEN THE HIT IN TERMS OF SOME OF THE OTHER PROGRAMS SUCH AS MEDICARE AND MEDICAID WHICH THE HEALTH PLAN PROPOSES TO SCALE BACK BY 238 BILLION THROUGH THE YEAR 2000 SO YOU'RE GOING TO SEE SOME TRADEOFF HERE MR PANETTA CONCLUDED MR PANETTA'S REMARKS CAME AS THE WHITE HOUSE SOUGHT TO COUNTER CRITICISM ABOUT THE FINANCING NUMBERS UNDERLYING THE HEALTH PLAN OVER THE WEEKEND SENATE FINANCE COMMITTEE CHAIRMAN DANIEL MOYNIHAN D NY LABELED THE ADMINISTRATION'S FINANCING STRATEGY FANTASY BUT MR PANETTA AND SEVERAL OTHER SENIOR PRESIDENTIAL ADVISERS DEFENDED THE NUMBERS AND THE ASSUMPTIONS BEHIND THEM RECONFIRMING DATA INCLUDED IN A 239PAGE DRAFT OF THE HEALTH PROPOSAL THAT HAS CIRCULATED THROUGHOUT WASHINGTON DURING THE PAST FEW WEEKS MR PANETTA SAID THE PLAN ENVISIONS 350 BILLION IN NEW COSTS AND 441 BILLION IN SAVINGS OVER FIVE YEARS WE BELIEVE WE CAN HIT THESE NUMBERS HE SAID ROBERT RUBIN HEAD OF THE WHITE HOUSE'S NATIONAL ECONOMIC COUNCIL CALLED THE NUMBERS ACCURATE CONSERVATIVE VALID AND LAURA TYSON CHAIRWOMAN OF THE PRESIDENT'S COUNCIL OF ECONOMIC ADVISERS ADDED THE NUMBERS AT THIS POINT ARE NOT REALLY DEBATABLE THE PRESIDENT'S ADVISERS CAUTIONED THAT THE PRECISE FIGURES ARE STILL SUBJECT TO CHANGE AND FINAL LEGISLATIVE SPECIFICATIONS WON'T BE READY FOR WEEKS ONE DECISION THAT IS STILL BEING REVIEWED FOR EXAMPLE IS WHETHER TO INCLUDE A SURCHARGE ON COMPANIES THAT DON'T COVER THEIR WORKERS THROUGH THE REGIONAL INSURANCE PURCHASING POOLS THAT THE CLINTON PLAN WOULD SET UP THE LEVEL OF THE SURCHARGE IN TURN WILL HELP DETERMINE HOW MUCH IN SIN TAXES ON CIGARETTES AND POSSIBLY ALCOHOL WILL BE PROPOSED REFERRING TO THE ADMINISTRATION'S POLICY ON SIN TAXES DEPUTY TREASURY SECRETARY ROGER ALTMAN QUIPPED THE PRESIDENT'S UPSTAIRS HAVING A DRINK AND A CIGAR AND WILL MAKE THAT DECISION SHORTLY 9309220067 930922 WALL STREET HOPES IT HEARS THE ROAR OF THE 80S BIDDING WAR HAS BANKERS HUNGRY FOR FEES BY RANDALL SMITH AND MICHAEL SICONOLFI STAFF REPORTERS OF THE WALL STREET JOURNAL THIS IS LIKE A PIECE OF RAW MEAT THAT SOMEBODY THREW IN THE MIDDLE OF THE FLOOR A SENIOR WALL STREET INVESTMENT BANKER SAYS OF THE BATTLE FOR PARAMOUNT COMMUNICATIONS INC BANKERS ARE HUNGRY DOGS AND WANT A PIECE OF IT EVERYBODY'S ALL OVER IT THE BANKER WHO REQUESTED ANONYMITY BECAUSE HIS FIRM WANTS TO ADVISE A POTENTIAL PARAMOUNT SUITOR IS ONE OF SCORES OF WALL STREET INVESTMENT ADVISERS TRYING TO FIND A ROLE IN THE BIGGEST CORPORATE TAKEOVER FIGHT IN FOUR YEARS THE BIDDING WAR WHICH SO FAR HAS PITTED BARRY DILLER'S QVC NETWORK INC AGAINST VIACOM INC WILL DELIVER LUCRATIVE FEES TO THOSE INVESTMENT BANKERS WHO MANAGE TO PLAY A PART IN WHATEVER TRANSACTION ULTIMATELY TAKES PLACE LAZARD FRERES & CO AND SMITH BARNEY SHEARSON INC THE BANKERS ADVISING PARAMOUNT AND VIACOM EACH STAND TO RECEIVE MORE THAN 10 MILLION IN FEES FOR THEIR ADVICE IN PUTTING TOGETHER THE ORIGINAL FRIENDLY MERGER THAT TOUCHED OFF THE BIDDING WAR BUT SMITH BARNEY AND ITS NEW MERGERS ACE ROBERT GREENHILL WILL MISS OUT ON THE BONANZA IF QVC ADVISED BY ENTERTAINMENT SPECIALIST HERBERT ALLEN JR OF ALLEN & CO GETS THE COMPANY MANY OF WALL STREET'S BEST KNOWN FIRMS INCLUDING GOLDMAN SACHS & CO MORGAN STANLEY GROUP INC LEHMAN BROTHERS INC AND CS FIRST BOSTON GROUP SO FAR HAVEN'T SURFACED WITH CLIENTS IN TOW MERRILL LYNCH & CO IS TRYING TO PUT TOGETHER A BID WITH TED TURNER BUT THAT OFFER MAY NOT MATERIALIZE OTHER INVESTMENT BANKERS SAY THEY BELIEVE FIRST BOSTON OR LEHMAN MIGHT TURN UP REPRESENTING A REGIONAL BELL TELEPHONE COMPANY AS A PARTNER IN ONE OF THE BIDS SOME BELIEVE THAT MORGAN STANLEY WOULD PARTICULARLY LIKE TO GET IN ON THE DEAL IF IT MEANT FOILING SMITH BARNEY'S MR GREENHILL WHO BOLTED FROM MORGAN STANLEY IN JUNE TAKING SEVERAL SENIOR BANKERS AND AT LEAST ONE BIG CLIENT VIACOM WITH HIM THERE ARE SO MANY MOVING PIECES AND SO MANY POSSIBLE COMBINATIONS FOR THE ULTIMATE HIGH BIDDER THAT ALMOST ANY FIRM COULD SEEMINGLY CRACK INTO THE WINNING LINEUP FOR EXAMPLE EACH BIDDER HAS TALKED OF BRINGING IN PARTNERS TO STRENGTHEN ITS BID PARAMOUNT'S BOARD MIGHT ALSO DECIDE TO HIRE AN ADDITIONAL BANKER OR LAW FIRM SOME BANKERS SAY THEY THOUGHT OF CALLING NEW YORK FINANCIER RONALD PERELMAN TO SEE IF HE WAS INTERESTED IN BUYING PARAMOUNT'S TV STATIONS HE ISN'T AT THE SAME TIME SOME OF WALL STREET'S BIT PLAYERS ON THE TAKEOVER SCENE HAVE MANAGED TO WRIGGLE THEIR WAY IN BEAR STEARNS & CO WHICH WASN'T ACTUALLY INVOLVED IN THE MERGER NEGOTIATIONS WAS HIRED BY VIACOM AS AN ADVISER BUT NOT UNTIL AFTER THE DEAL WAS ANNOUNCED THE REASON ITS PAST WORK FOR VIACOM CHAIRMAN SUMNER REDSTONE ON POSSIBLE ACQUISITIONS THAT DIDN'T PAN OUT EVEN PAINEWEBBER GROUP INC WHICH RANKS NO 34 IN MERGER BUSINESS THIS YEAR AND WAS NEVER A BIG PLAYER ON THE MERGER SCENE IS SCOUTING THE DEAL UNOFFICIALLY FOR BLOCKBUSTER ENTERTAINMENT CORP THE VIDEO RENTAL CHAIN PAINEWEBBER OFFICIALS WOULDN'T COMMENT YOU CALL EVERY REGIONAL BELL YOU CALL BERTELSMAN CAPITAL CITIES SAYS THE COHEAD OF MERGERS AND ACQUISITIONS AT A MAJOR WALL STREET FIRM EVERYBODY WANTS TO BE INVOLVED NOT ONLY FOR THE FEES BUT THE PRESTIGE AND JUST BEING IN THERE BREEDS MORE BUSINESS DOWN THE LINE SOME LAW FIRMS KNOWN FOR THEIR TAKEOVER WORK IN THE 1980S ARE ALSO OUT OF THE PICTURE AT LEAST TEMPORARILY SKADDEN ARPS SLATE MEAGHER & FLOM WHICH HAS WORKED FOR PARAMOUNT IN THE PAST IS ON THE SIDELINES FOR NOW PARAMOUNT IS REPRESENTED BY SIMPSON THACHER & BARTLETT WHOSE ALUMNUS DONALD ORESMAN IS A TOP PARAMOUNT EXECUTIVE BUT MARTIN LIPTON OF WACHTEL LIPTON ROSEN & KATZ WHO USED TO SPECIALIZE IN DEFENDING CORPORATIONS AGAINST HOSTILE BIDS IS HELPING TO MANAGE THE UNSOLICITED QVC OFFER MR LIPTON GOT THAT ASSIGNMENT AFTER REPRESENTING MR DILLER IN NEGOTIATIONS TO BECOME QVC CHAIRMAN ANOTHER PROMINENT PLAYER NOTABLY ABSENT FROM THE DEAL IS HOLLYWOOD SUPERAGENT MICHAEL OVITZ WHO ORCHESTRATED THE LAST MAJOR HOLLYWOOD STUDIO ACQUISITION OF UNIVERSAL STUDIOS PARENT MCA INC BY MATSUSHITA ELECTRIC INDUSTRIAL CO MR OVITZ HAD BEEN ADVISING PARAMOUNT'S CHAIRMAN MARTIN DAVIS ABOUT POTENTIAL MERGER PARTNERS FOR SOME TIME BUT DROPPED OUT OF THE PICTURE BEFORE THE VIACOM TALKS GOT SERIOUS LAST MONTH AS A RESULT OF THAT EARLIER WORK HE WOULD BE PRECLUDED FROM SHOWING UP WITH ANOTHER BIDDER MOREOVER HIS CLOSE TIES TO MR ALLEN WOULD RULE OUT MR OVITZ SEEKING AN ENTIRELY DIFFERENT BIDDER BUT HE COULD YET EMERGE ON THE QVC SIDE BANKS ARE ALSO SCRAMBLING FOR A PIECE OF THE ACTION VIACOM HAS TURNED TO CITICORP AND QVC IS SAID TO BE TALKING TO BANK OF NEW YORK CO TELECOMMUNICATIONS INC'S MAIN BANK AND OTHER TOP MEDIA LENDERS BANKERS SAY NO FIRM COMMITMENTS ARE BELIEVED TO BE ON THE TABLE YET GIVEN THE FLUID NATURE OF THE TAKEOVER BATTLE BANKERS TRUST NEW YORK CORP BANK OF BOSTON CORP AND CHEMICAL BANKING CORP ARE ALSO SAID TO BE COMPETING FOR A MANDATE IF THE BIDDING ESCALATES TO INCLUDE MORE CASH BANKERS ASSUME THE NEED FOR LOANS WILL GROW AS WELL PUBLIC RELATIONS FIRMS ARE SCROUNGING FOR WORK AS WELL ABERNATHY/MACGREGOR/SCANLON IN NEW YORK IS WORKING FOR QVC AND MR DILLER AND KEKST & CO IS IN THE THICK OF THE PARAMOUNTVIACOM DEAL BECAUSE IT HAS REPRESENTED PARAMOUNT LAZARD AND SMITH BARNEY SEE RELATED ARTICLE LEGAL BEAT HISTORY HOLDS LEGAL LESSONS IN TAKEOVERS WSJ SEPT 22 1993 9309220066 930922 LEISURE & ARTS BOOKSHELF DIVINE DEBAUCHERY CIRCA 1850 BY DAVID SHRIBMAN THEY WERE AMERICA'S ORIGINAL COMMUNISTS IN A COLONY IN UPSTATE NEW YORK THEY SOUGHT AS ONE OF THE RESIDENTS PUT IT A NEW HOME IN A WILD PLACE FOR THREE DECADES THEY ENDURED AND THEN THE FATAL BREW THE MIXING OF THE TWO NATIONAL VICES RELIGION AND SEX DID THEM IN A CENTURY LATER ONEIDA STILL HOLDS A PLACE IN THE AMERICAN IMAGINATION IT WAS A PLACE THAT CELEBRATED LOVE FAITH WORK AND COMMITMENT IT WAS A UTOPIAN COMMUNITY RULED BY SOMETHING OF A DICTATOR ITS RULES GOVERNED WOMEN'S CLOTHES SHORT DRESSES WORN OVER TROUSERS AND HOW MUCH TALK THERE WAS TO BE DURING SEX NOT MUCH THOUGH THE SHAKERS SHUNNED SEX THE RESIDENTS OF ONEIDA LUXURIATED IN IT AND SO THERE IS NOTHING OF THE DREARY REGIMEN OF TOIL AND PRAYER IN SPENCER KLAW'S WITHOUT SIN THE LIFE AND DEATH OF THE ONEIDA COMMUNITY VIKING 337 PAGES 25 THERE WAS A LOT OF CROQUET SOME SELFIMPROVEMENT COURSES IN ALGEBRA THE ODD DRAMATIC READING FROM HARRIET BEECHER STOWE EVEN SOME LIVELY GAMES OF CHESS BUT MOSTLY THERE WAS A WHOLE LOT OF SEX THIS WAS NEW HARMONY WITH A DIFFERENCE LIFE AT ONEIDA REVOLVED AROUND THE PLEASURES OF THE FLESH SO MUCH SO THAT WHEN NEW YORK NEWSPAPERS WERE COMPLAINING ABOUT THE UNBRIDLED SEX AT ONEIDA JOHN HUMPHREY NOYES THE SPIRITUAL LEADER OF ONEIDA AND A KIND OF HEFFNERWITHACOLLAR WAS WORRIED THAT THERE ACTUALLY WAS FAR TOO LITTLE SEX AMONG HIS FOLLOWERS A LOT OF SEX HE SAID WAS THE WILL OF GOD AT ONEIDA MARRIAGE WAS FROWNED UPON NOYES BELIEVED THAT MARRIAGE GIVES TO SEXUAL APPETITE ONLY A SCANTY AND MONOTONOUS ALLOWANCE AND SO MEN AND WOMEN WERE TO CIRCULATE SEXUALLY THE RESULT BEING A SORT OF SEXUAL DOSADOS SWING YOUR PARTNER ROUND AND ROUND AND MOVE ON TO THE NEXT A FEW OTHER DETAILS FOR ALL YOU SELFLESS SCHOLARS OF UTOPIAN COMMUNITIES ALL MEN WERE TO PRACTICE BIRTH CONTROL YOUNG MEN WERE ENCOURAGED TO SLEEP WITH OLDER WOMEN THOSE WHO FELL IN LOVE WERE STIGMATIZED SOMETIMES SENT TO SATELLITE COLONIES THE ONEIDA EQUIVALENTS OF REEDUCATION CAMPS SLEEPING AROUND WAS THE THING AND HERE A FEW WORDS FROM CHAIRMAN NOYES MAY PROVIDE THE RIGHT FLAVOR YOU MAY SAY THAT YOU HAVE NO TASTE FOR ANYBODY BUT YOUR WIFE BUT YOUR TASTE MAY BE DISEASED GOD WILL NOT HAVE IN HIS KINGDOM THOSE WHO CANNOT LOVE ALL THAT HE LOVES SO BY ALL MEANS HAVE A LOT OF PARTNERS FOR GOD'S SAKE IF NOT FOR YOUR OWN AN ENTIRE COMMUNITY WITH THE MOTTO TAKE MY WIFE PLEASE THE FORMAL NAME FOR ALL THIS STUFF WAS COMPLEX MARRIAGE AND THE NAME NOYES GAVE TO THE CORPUS OF HIS THOUGHT WAS BIBLE COMMUNISM BUT THIS WAS SERIOUS BUSINESS AN OUTGROWTH OF A SERIOUS IMPULSE IN THE AMERICAN CHARACTER WE ARE A LITTLE WILD HERE WITH NUMBERLESS PROJECTS OF SOCIAL REFORM RALPH WALDO EMERSON WROTE THOMAS CARLYLE IN 1840 NOT A READING MAN BUT HAS A DRAFT OF A NEW COMMUNITY IN HIS WAISTCOAT POCKET MR KLAW THE CHRONICLER OF THIS BED OF INIQUITY SAYS THAT BY 1850 SOME 40 UTOPIAN COMMUNITIES WERE FOUNDED IN AMERICA THE ONEIDANS COULDN'T LIVE ON LOVE ALONE OF COURSE OR EVEN ON THE DREADFUL CHERRY AND GOOSEBERRY WINE THEY PRODUCED THEIR INCOME CAME FROM LESS COLORFUL MEANS THEY BUILT TRAPS FOR OTTER BEAVER BLACK BEAR AND MOOSE SELLING THEM TO OUTFITTERS SUCH AS THE HUDSON BAY COMPANY THERE WAS ALSO THE FLATWEAR BUSINESS THAT SURVIVES TO THIS DAY AND THAT STILL HOLDS BUSINESS MEETINGS IN THE VICTORIAN MANSION HOUSE WHERE SEVERAL DOZEN ELDERLY COMMUNITY DESCENDANTS STILL LIVE TODAY ONEIDA IS THE WORLD'S LARGEST PRODUCER OF FLATWEAR AND IS A PUBLICLY TRADED COMPANY BUT ONEIDA IS KNOWN TO HISTORIANS AND SOCIOLOGISTS AS ONE OF THE MOST IMAGINATIVE FLOWERINGS OF 19THCENTURY UTOPIANISM AND IN TRUTH ITS RESIDENTS LEFT BEHIND A TREASURE TROVE OF DOCUMENTATION MR KLAW LOOKED THROUGH MEMOIRS COMMUNITY NEWSPAPERS DIARIES OLD EDITIONS OF THE HANDBOOK OF THE ONEIDA COMMUNITY AND UNPUBLISHED LETTERS PIECING TOGETHER A VIVID PORTRAIT OF A TRULY AMERICAN MOMENT AND COMMUNITY EVENTUALLY THE SOLIDARITY OF ONEIDA FELL APART MAYBE EVERYBODY JUST GOT TIRED VICTIMS OF TOO MUCH OF A GOOD THING IN ANY CASE PEOPLE WANTED STABLE RELATIONSHIPS THE YOUNG DIDN'T WANT TO BE ORDERED TO HAVE SEX WITH THE OLD PEOPLE DIDN'T WANT TO HAVE TO APPLY TO HAVE KIDS THEY WANTED TO LOOK AFTER THEIR OWN KIDS THEY GREW IMPATIENT WITH NOYES LESS WILLING TO DECLARE AS 53 YOUNG WOMEN DID THAT WE DO NOT BELONG TO OURSELVES IN ANY RESPECT BUTBELONG FIRST TO GOD AND SECOND TO MR NOYES AS GOD'S TRUE REPRESENTATIVE SOME EVEN BEGAN TO DOUBT WHETHER THEY BELIEVED IN GOD AT ALL SO ONEIDA SPLINTERED APART TAKING ITS PLACE IN AMERICAN LORE AND HISTORY MR KLAW HAS RESCUED IT FROM OBSCURITY PROVIDING A REMINDER TO MODERN READERS THAT THERE IS NOTHING NEW ABOUT THE IMPULSE TO BREAK AWAY INTO SMALL SECTS OR TO SEARCH FOR LOVE AND GOD LOOKING FOR THEM AS THE SONG SAYS IN ALL THE WRONG PLACES MR SHRIBMAN IS ASSISTANT MANAGING EDITOR AND WASHINGTON BUREAU CHIEF OF THE BOSTON GLOBE 9309220065 930922 PRICING HEALTH CARE BIGGEST SPONGER' OF HEALTH CARE GOVERNMENT ITSELF BY DOUGLAS J BESHAROV AS PART OF THE HARD SELL FOR THEIR HEALTHCARE REFORM PROPOSALS THE CLINTONS HAVE COMPLAINED ABOUT THE FREE LUNCH ENJOYED BY COMPANIES THAT DO NOT PROVIDE HEALTHCARE COVERAGE FOR THEIR EMPLOYEES THEY'RE RIGHT BUT WHO'S THE BIGGEST HEALTHCARE SPONGER OF ALL THE FEDERAL GOVERNMENT IN AN EFFORT TO FRAME THE COMING HEALTHCARE DEBATE THE ADMINISTRATION HAS FOCUSED ON THE UNFAIRNESS OF SOME EMPLOYERS PAYING FOR HEALTH COVERAGE WHILE OTHERS DO NOT THE 47PAGE BRIEFING BOOK IT PREPARED FOR DEMOCRATIC MEMBERS OF CONGRESS ARGUES THAT SMALL BUSINESSES THAT PROVIDE COVERAGE SHOULD NOT HAVE TO COMPETE AGAINST OTHER BUSINESSES THAT DON'T COVER THEIR EMPLOYEES WHEN A COMPETITOR'S EMPLOYEE DOESN'T HAVE COVERAGE AND ENDS UP IN THE EMERGENCY ROOM COMPANIES THAT PROVIDE INSURANCE PICK UP THE TAB THAT'S JUST NOT FAIR BUT IT IS NOT JUST SMALL BUSINESSES THAT DO NOT PROVIDE HEALTH INSURANCE THE FEDERAL GOVERNMENT THE BIGGEST EMPLOYER OF THEM ALL DOES NOT PROVIDE HEALTH BENEFITS TO ITS TEMPORARY EMPLOYEES AND THERE ARE A LOT OF THEM ONE IN 15 FEDERAL EMPLOYEES IS TEMPORARY THAT'S MORE THAN 150000 MEN AND WOMEN SOME OF THESE TEMPORARY EMPLOYEES ARE JUST THAT BUT MANY OTHERS SERVE MUCH LONGER RECENTLY THE NATION WAS TOUCHED TO LEARN ABOUT JAMES HUDSON A 43YEAROLD GROUNDSKEEPER AT THE WASHINGTON MONUMENT WHO AS A TEMPORARY EMPLOYEE HAD DIED WITHOUT LIFE INSURANCE COVERAGE FOR HIS WIFE AND SEVEN CHILDREN MR HUDSON DIED ON THE JOB THE DAY AFTER WORKING A 16HOUR SHIFT CLEANING UP FROM THE FOURTH OF JULY FIREWORKS CELEBRATION MR HUDSON HAD BEEN A TEMPORARY FEDERAL EMPLOYEE FOR EIGHT YEARS YES EIGHT YEARS LIKE SO MANY OTHER WORKERS IN PRIVATE INDUSTRY AND GOVERNMENT HE WAS FORCED TO CHOOSE BETWEEN LOW PAY WITH FRINGE BENEFITS OR A DECENT WAGE WITH NO BENEFITS AT ALL INCLUDING HEALTH INSURANCE LIKE MILLIONS OF OTHER LOWSKILLED WORKERS HE CHOSE A DECENT WAGE MEDICARE AND MEDICAID ALSO SPONGE OFF OF PRIVATE INSURANCE USING THEIR MARKET POWER THEY FORCE HOSPITALS AND OTHER HEALTHCARE PROVIDERS TO ACCEPT PAYMENTS THAT ARE LOWER THAN THE COST OF THEIR SERVICES THIS IS NOT SOME ESOTERIC ISSUE ACCORDING TO THE FEDERAL GOVERNMENT'S PROSPECTIVE PAYMENT ASSESSMENT COMMISSION MEDICAID PAYS 82 OF INPATIENT AND OUTPATIENT COSTS MEDICARE PAYS 88 THE COMMISSION ESTIMATES THAT HOSPITALS LOSE 15 BILLION A YEAR SERVING THESE PATIENTS IN CONTRAST HOSPITALS SPEND ONLY ABOUT 11 BILLION ON UNINSURED PATIENTS THE FEDERAL GOVERNMENT GETS THIS FREE RIDE AS MRS CLINTON WOULD PUT IT ONLY BECAUSE MOST HOSPITALS CAN CHARGE OFF THE DIFFERENCE TO EMPLOYERPROVIDED PRIVATE INSURANCE THE HIDDEN CROSSSUBSIDIES AND INDIRECT TAXES THAT CHARACTERIZE OUR CURRENT SYSTEM CREATE MANY INEQUITIES AND INEFFICIENCIES BUT IT IS NO SOLUTION SIMPLY TO SAY THAT SOMETHING IS UNFAIR AND THEREFORE SHOULD NOT BE A UNIVERSAL EMPLOYER MANDATE FOR EXAMPLE WOULD INEXORABLY LEAD TO FEWER JOBS FOR LOWSKILLED WORKERS AND LESS PAY FOR THOSE WHO GET THEM IN HAWAII ALL EMPLOYERS ARE REQUIRED TO PROVIDE SUBSIDIZED HEALTH INSURANCE TO THEIR WORKERS A RECENT KAISER FAMILY FOUNDATION SURVEY OF SMALL BUSINESSES IN THAT STATE FOUND THAT 40 SAID THAT MANDATORY BENEFITS FORCED THEM TO REDUCE THE NUMBER OF THEIR EMPLOYEES MORE THAN 50 SAID THAT THEY HAD TO RESTRICT WAGE INCREASES WILL A UNIVERSAL EMPLOYER MANDATE CAUSE THE FEDERAL GOVERNMENT TO FIRE SOME OF ITS TEMPORARY EMPLOYEES OR LOWER THEIR WAGES AND WHAT WILL HAPPEN TO THE HIDDEN SUBSIDY NOW GIVEN TO MEDICAID AND MEDICARE BY HOSPITALS AND PRIVATE INSURANCE COMPANIES THE CLINTONS HAVE PROMISED A REFORMED HEALTHCARE SYSTEM THAT PROVIDES UNIVERSAL COVERAGE MAINTAINS QUALITY AND GAINS CONTROL OVER COSTS THEY MIGHT BEGIN BY APPRECIATING THE MANY LEVELS OF AMBIGUITY IN OUR CURRENT SYSTEM INCLUDING THE GOVERNMENT'S OWN CONTRADICTORY ROLE MR BESHAROV IS A RESIDENT SCHOLAR AT THE AMERICAN ENTERPRISE INSTITUTE AND A VISITING PROFESSOR AT THE UNIVERSITY OF MARYLAND SCHOOL OF PUBLIC AFFAIRS 9309220064 930922 VIACOM STOCK KEEPS FALLING TRADERS ANTICIPATE FRESH BIDS FOR PARAMOUNT BY LAURA LANDRO AND RANDALL SMITH STAFF REPORTERS OF THE WALL STREET JOURNAL VIACOM INC STOCK CONTINUED ITS PRECIPITOUS SLIDE ON NEWS OF QVC NETWORK INC'S RIVAL OFFER FOR PARAMOUNT COMMUNICATIONS INC AND PARAMOUNT'S STOCK SOARED OVER 10 AS WALL STREET ANTICIPATED A BIDDING WAR THAT COULD DRAW IN OTHER SUITORS THE CONTINUED FALL IN VIACOM'S STOCK PRICE AND A SMALL BUT UNEXPECTED RISE IN QVC'S STOCK WAS GOOD NEWS FOR QVC CHAIRMAN BARRY DILLER WHO LAUNCHED A STOCKANDCASH OFFER FOR PARAMOUNT WITH AN INITIAL VALUE OF 80 A SHARE OR 95 BILLION THAT SOUNDLY TOPPED A VIACOM AGREEMENT TO ACQUIRE PARAMOUNT IN A STOCKANDCASH DEAL WHOSE INITIAL 82 BILLION VALUE HAS BEEN FALLING AS VIACOM'S STOCK HAS DROPPED TRADERS AND INVESTMENT BANKERS WERE STUNNED AT HOW STRONGLY QVC STOCK TRADED SOME HAD PREDICTED IT WOULD FALL TO THE LOW 50S BECAUSE QVC WOULD HAVE TO ISSUE SO MANY ADDITIONAL SHARES TO COMPLETE A PARAMOUNT PURCHASE INSTEAD AFTER INITIALLY DECLINING 3 THE STOCK ACTUALLY ROSE 125 CENTS A SHARE ON VOLUME OF 46 MILLION SHARES IN NATIONAL OVERTHECOUNTER TRADING ON A DAY WHEN THE ENTIRE STOCK MARKET FELL SHARPLY THE CLOSING PRICE OF 56125 A SHARE GAVE THE QVC OFFER A VALUE OF 8012 A SHARE OR 95 BILLION AT THE SAME TIME VIACOM STOCK CONTINUED TO SLIDE CUTTING THE VALUE OF ITS OFFER TO 6056 OR 72 BILLION A FULL 1 BILLION LESS THAN WHEN THE DEAL WAS FIRST ANNOUNCED VIACOM VOTING CLASS A SHARES FELL 250 TO 5675 IN COMPOSITE TRADING ON THE AMERICAN STOCK EXCHANGE VIACOM NONVOTING CLASS B SHARES FELL 2625 TO 50875 THE MOMENTUM HAS REALLY SHIFTED AGAINST VIACOM SAID ONE TAKEOVERSTOCK TRADER ONE INTERPRETATION OF VIACOM'S SLIDE WAS THAT THE QVC BID REINFORCED THE CONVICTION THAT VIACOM WAS LIKELY TO BOOST ITS OFFER TO REMAIN COMPETITIVE WITH QVC BUT THE MOST COMMON INTERPRETATION OF QVC'S PRICE WAS THAT TRADERS BELIEVE MR DILLER COULD CREATE MORE VALUE FROM PARAMOUNT'S ASSETS THAN VIACOM'S CHAIRMAN SUMNER REDSTONE PARAMOUNT'S STOCK WHICH WAS UP 5 A SHARE FOR MOST OF THE DAY SURGED EVEN HIGHER NEAR THE CLOSE OF TRADING ON RUMORS THAT OTHER BIDDERS MIGHT EMERGE IT FINISHED UP 725 AT 77 A SHARE IN COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE CLOSE ENOUGH TO THE 8012PERSHARE QVC BID TO INDICATE THAT TRADERS BELIEVE EVEN HIGHER BIDS ARE LIKELY PARAMOUNT CHAIRMAN MARTIN S DAVIS AND MR DILLER WERE UNDERSTOOD TO HAVE HAD A CORDIAL TELEPHONE CONVERSATION YESTERDAY WHAT THEY SAID WASN'T DISCLOSED SEPARATELY EXECUTIVES OF MATSUSHITA ELECTRIC INDUSTRIAL CO'S MCA UNIT APPROACHED REPRESENTATIVES OF BOTH PARAMOUNT AND QVC TO DISCUSS THE FUTURE OF USA NETWORK THE GIANT CABLE NETWORK THAT MCA JOINTLY OWNS WITH PARAMOUNT ANALYSTS ESTIMATED USA'S VALUE AT ABOUT 1 BILLION AND THE COMPLEX PARTNERSHIP AGREEMENT INCLUDES A PROVISION THAT COULD FORCE ONE PARTNER TO SELL ITS INTEREST OR BUY OUT ITS PARTNER IN THE EVENT OF A CHANGE IN CONTROL OF THE OTHER THE MCA INVOLVEMENT ADDS A NEW WRINKLE TO THE BATTLE FOR PARAMOUNT MCA AND PARAMOUNT ARE PARTNERS OVERSEAS IN VIDEO DISTRIBUTION AND THEATRICAL EXHIBITION AND THE USA PARTNERSHIP AGREEMENT SPECIFIES THAT PARAMOUNT CAN'T DO ANYTHING NEW IN THE ADVERTISERSUPPORTED CABLE ENTERTAINMENT NETWORK BUSINESS UNLESS IT PARTNERS WITH MCA VIACOM'S MAIN BUSINESS IS CABLE NETWORKS SUCH AS MTV AND QVC DISTRIBUTES ITS SHOPPING CHANNEL OVER CABLE SOME OBSERVERS SAID MCA MIGHT TRY TO FORCE PARAMOUNT TO BUY MCA'S 50 USA STAKE AT A PREMIUM OR GET PARAMOUNT TO SELL ITS 50 STAKE CHEAPLY ALTERNATIVELY IT MIGHT ARGUE THAT IT IS ENTITLED TO PARTICIPATE IN THE CABLE ASSETS OF ANY COMPANY PARAMOUNT MERGES WITH SIDNEY J SHEINBERG PRESIDENT OF MCA DECLINED TO COMMENT ON THE DISCUSSIONS REGARDING USA OTHER THAN TO SAY OUR RELATIONSHIP WITH PARAMOUNT IS VERY IMPORTANT TO US IN USA AND OTHER ACTIVITIES WE HAVE A CONCERN ABOUT HOW IT ALL WORKS OUT AND WE WANT TO MAKE DAMN SURE OUR INTERESTS ARE FULLY PROTECTED VIACOM DECLINED COMMENT BUT SPECULATION WAS RIFE THAT VIACOM MIGHT SWEETEN ITS BID FOR PARAMOUNT POSSIBLY IN PARTNERSHIP WITH A TELEPHONE COMPANY THAT COULD HELP BOOST THE CASH COMPONENT OF ITS OFFER VIACOM HAS SAID IT IS HAVING TALKS WITH TWO TELEPHONE COMPANIES ABOUT A POSSIBLE INVESTMENT IN ITS CABLE SYSTEMS BUT THAT IT WASN'T INTERESTED IN A PARTNER FOR THE PARAMOUNT PURCHASE HOWEVER THAT STATEMENT WAS MADE BEFORE THE QVC BID EMERGED THERE'S NO QUESTION THE MARKET EXPECTS THAT SOME KIND OF SWEETENED BID OR EVEN A NEW BIDDER WOULD COME IN SAID ELLEN HARRIS A FUND MANAGER FOR THE MITCHELL HUTCHINS AFFILIATE OF PAINEWEBBER GROUP INC YOU HAVE TO LOOK AHEAD TO WHAT PARAMOUNT COULD BE WORTH VIACOM'S ADVISERS WERE CLEARLY CONCERNED ABOUT THE SLIDE IN THE PRICE OF THE CABLE COMPANY'S SHARES WHICH ERODED THE VALUE OF VIACOM'S BID AT THE SAME TIME THAT QVC SHARES HELD FIRM IN MIDAFTERNOON THEY PUT OUT THE WORD THAT MR REDSTONE WOULDN'T NECESSARILY ENTER A COSTLY BIDDING WAR BUT MIGHT JUST SIT BACK AND COLLECT THE PROCEEDS OF THE QVC OFFER RATHER THAN RAISE HIS BID SUMNER REDSTONE IS A VERY SMART GUY IF THE PRICE GETS TOO HIGH HE DOESN'T NEED THE GLORY SAID ALAN GREENBERG CHAIRMAN OF BEAR STEARNS & CO A VIACOM ADVISER SOME TRADERS SAID THE STRONG QVC PRICE ACTION MIGHT SUGGEST THAT QVC ISN'T EXPECTED TO PREVAIL AND THEREFORE WOULDN'T SUFFER THE DILUTION OF THE EXTRA STOCK PETER SCHOENFELD VICE CHAIRMAN AND HEAD OF PROPRIETARY TRADING AT WERTHEIM SCHRODER & CO SAID OF THE STOCK MOVES I'M AT A LOSS THIS IS EITHER A GREAT EXPRESSION OF INTEREST IN MR DILLER OR PEOPLE ARE TREATING THIS AS A TRIVIAL NONEVENT BUT HE SAID THE GAP BETWEEN THE TWO BIDS IS TOO LARGE FOR THE PARAMOUNT BOARD TO DISREGARD THE QVC CASH COMPONENT IS THREE TIMES THAT OF VIACOM'S THIS TRANSACTION MUST ULTIMATELY GO TO THE SHAREHOLDERS ONE RUMOR MAKING THE ROUNDS OF TRADERS HAD CAPITAL CITIES/ABC INC CONSIDERING A RIVAL BID FOR PARAMOUNT CAPITAL CITIES DECLINED COMMENT BUT PEOPLE CLOSE TO THE COMPANY DISMISSED THE SPECULATION SAYING THAT THE COMPANY WAS UNLIKELY TO BUST UP A FRIENDLY MERGER PARTICULARLY IF IT REQUIRED PAYING A PREMIUM PRICE CAPITAL CITIES AND PARAMOUNT HELD FRIENDLY TALKS IN THE PAST BUT FACED REGULATORY HURDLES PREVENTING A NETWORK AND STUDIO FROM COMBINING MOREOVER CAPITAL CITIES EXECUTIVES WERE SAID TO BE LEERY IN THE PAST OF OWNING A HOLLYWOOD STUDIO WITH ITS INHERENT RISKS AND UNPREDICTABILITY WHETHER THAT IS THE CASE NOW IS UNCLEAR WITH THE MAD SCRAMBLE BY CABLE COMPANIES AND TELEPHONE COMPANIES TO GRAB PROGRAMMING ASSETS OWNING A STUDIO MIGHT BE HOW A NETWORK COULD GAIN THE UPPER HAND IT HAS LOST TO CABLE SAID EDWARD HATCH AN ANALYST AT UBS SECURITIES 9309220063 930922 BUSINESS BRIEF CALDOR CORP DEBT REFINANCING TO RESULT IN CHARGE IN THIRD QUARTER DISCOUNT RETAILER CALDOR CORP SAID IT WILL REDUCE CONTINUING INTEREST COSTS THROUGH A DEBT REFINANCING WHICH WILL RESULT IN A ONETIME CHARGE OF ABOUT 39 MILLION OR 23 CENTS A SHARE IN THE THIRD QUARTER NORWALK CONNBASED CALDOR SAID THE REFINANCING AND A NEW CREDIT AGREEMENT WITH CHEMICAL BANK WILL SAVE ABOUT 4 MILLION A YEAR IN INTEREST COSTS WHILE AN INTERNAL MERGER WILL SAVE AN ADDITIONAL 1 MILLION A YEAR IN INCOME TAXES THE COMBINED SAVINGS SOME OF WHICH WILL BE REALIZED STARTING THIS YEAR WILL IMPROVE EARNINGS 24 CENTS A SHARE THE CONCERN SAID THE COMPANY PLANS TO REFINANCE 1655 MILLION OF FLOATINGRATE NOTES AND REPLACE A 235 MILLION REVOLVING CREDIT LINE WITH A 430 MILLION CREDIT FACILITY CALDOR WHICH WENT PUBLIC IN 1991 SAID THE REFINANCING SHOULD HELP MAKE PROGRESS TOWARD REACHING INVESTMENTGRADE STATUS IN FISCAL 1993 ENDED JAN 30 THE COMPANY EARNED 345 MILLION OR 235 A SHARE ON SALES OF 213 BILLION 9309220062 930922 MARKETING BRIEF COMBINED BROADCASTING INC CHICAGO MIAMI TV STATIONS ARE NO LONGER ON THE BLOCK COMBINED BROADCASTING INC SAID IT WOULD CONTINUE TO OPERATE ITS TWO TELEVISION STATIONS IN CHICAGO AND MIAMI FOR WHICH IT HAD BEEN SOLICITING BIDS THE COMPANY SAID IN A NEWS RELEASE THAT IT DECIDED TO TAKE THE STATIONS WGBO IN CHICAGO AND WBFS IN MIAMI OFF THE MARKET IN LIGHT OF THE RECENT INCREASE IN MEDIA MARKET ACTIVITY AND THE EMERGENCE OF NEW PROGRAMMING SOURCES CHRISCRAFT INDUSTRIES INC HAD EMERGED FROM AMONG SEVERAL BIDDERS AS THE MOST LIKELY BUYER FOR THE TWO STATIONS BUT NEGOTIATIONS BOGGED DOWN IN LEGAL ISSUES ACCORDING TO ONE EXECUTIVE FAMILIAR WITH THE TALKS THE TWO HAD BEEN EXPECTED TO SELL FOR APPROXIMATELY 90 MILLION CHRISCRAFT EXECUTIVES COULDN'T BE REACHED FOR COMMENT IN AUGUST NEWS CORP'S FOX INC AGREED TO BUY PHILADELPHIA'S WGBS FROM COMBINED FOR ABOUT 50 MILLION 9309220061 930922 TAX REPORT A SPECIAL SUMMARY AND FORECAST OF FEDERAL AND STATE TAX DEVELOPMENTS BY SCOTT R SCHMEDEL NINE MORE STATES PLUG INTO THE IRS'S ELECTRONICRETURNFILING SYSTEM THAT BRINGS TO 24 THE NUMBER THAT WILL TRY COMBINED FILING OF STATE AND FEDERAL RETURNS IN 1994 ALL FILINGS GO TO THE IRS IT RELAYS STATE RETURNS TO THE STATES THIS YEAR THE SYSTEM HANDLED MORE THAN 600000 STATE RETURNS MOST WERE FROM SOUTH CAROLINA NORTH CAROLINA AND KANSAS WHICH OFFERED COMBINED FILING TO ALL INDIVIDUALS EIGHT STATES THAT TESTED THE SYSTEM PLAN TO ACCEPT ALL COMERS IN 1994 THEY ARE INDIANA LOUISIANA MISSISSIPPI NEW MEXICO NEW YORK UTAH WEST VIRGINIA AND WISCONSIN THE STATES THAT WILL BEGIN LIMITED TESTS NEXT YEAR ARE ARKANSAS COLORADO CONNECTICUT DELAWARE IDAHO IOWA MISSOURI NEBRASKA AND OREGON THE OTHER STATES THAT ARE TESTING COMBINED FILING ARE KENTUCKY MAINE MICHIGAN AND OKLAHOMA TEN OF THE STATES ACCEPT BALANCEDUE RETURNS AS WELL AS RETURNS CLAIMING REFUNDS THE IRS SAYS IT EXPECTS TO HANDLE NEARLY TWO MILLION STATE RETURNS THROUGH COMBINED ELECTRONIC FILING NEXT YEAR IF U CN RD THS YOU STILL MAY BE UNABLE TO DECIPHER THE 1040PC INDIVIDUALS AND RETURN PREPARERS USE THIS COMPUTER FORMAT TO PRINT A CONDENSED PERSONAL RETURN ON ONE SHEET OF PAPER THAT SPEEDS PROCESSING AND REFUNDS THE IRS GOT 48 MILLION 1040PCS BY MAIL THIS YEAR THE PAGE SHOWS ONLY ACTUAL ENTRIES AND LINE NUMBERS THAT POSES PROBLEMS FOR CLIENTS OF SOME PREPARERS SAYS TAX ADVISER STEPHEN DEFILIPPIS OF GLEN ELLYN ILL A MEMBER OF THE IRS COMMISSIONER'S ADVISORY GROUP THE FILERS GET ONLY A COPY OF A 1040PC NOT OF THE FULL RETURN FROM PREPARERS AND ARE BEMUSED BY THE NUMBERS THE PAGE CAN CONFUSE ANYONE WHO WANTS TO DO THE NEXT RETURN HIMSELF NEEDS DATA FOR A MORTGAGE APPLICATION OR FACES AN AUDIT A FILER CAN CHECK THE NUMBERS AGAINST A BLANK FORM YET DEFILIPPIS AND OTHERS WANT THE IRS TO REQUIRE PREPARERS TO GIVE COMPLETE RETURNS TO CLIENTS BUT IRS OFFICIALS SAY THEY PREFER TO REDESIGN THE FORMAT TO MAKE THE PRINTED PAGE UNDERSTANDABLE THEY DON'T SAY WHEN THAT WILL BE DONE HERE'S A PRIMER FOR GETTING REFUNDS OF TAXES ON EDUCATIONAL AID TO EMPLOYEES THE TAX ACT RENEWED THE EXPIRED EXEMPTION FOR EMPLOYERPAID AID THROUGH 1994 AND RETROACTIVELY TO JULY 1 1992 THUS PEOPLE WHO HAVE PAID TAX SINCE THEN MAY GET REFUNDS BY FOLLOWING IRS RULES JUST ISSUED TO RECOUP 1992 INCOME TAXES EMPLOYEES MUST GET FORM W2C SHOWING CORRECTED PAY FROM EMPLOYERS AND FILE IT WITH AMENDEDRETURN FORM 1040X MOST EMPLOYEES NEED ENTER ONLY IDENTIFYING INFORMATION ON THE 1040X AND NOTE IRC 127 FOR THE LAW SECTION AT THE TOP STILL MANY EMPLOYERS ARGUE THAT THE IRS COULD HAVE SIMPLIFIED REFUNDS BY ALLOWING ADJUSTMENTS TO 1993 PAYCHECKS THE REDUCTION IN TAXABLE PAY MAY QUALIFY SOME PEOPLE FOR 1992 EARNEDINCOME CREDITS THEY SHOULD FILE SCHEDULE EIC WITH THE 1040X EMPLOYEES SHOULD ASK EMPLOYERS TO REFUND 1992 AND 1993 SOCIAL SECURITY AND MEDICARE TAXES THEN EMPLOYERS MAY RECOVER THEIR OVERPAYMENTS TO THE IRS UNDER THE RULES IN IRS CIRCULAR E ALSO LIMITS ON PAYMENTS INTO RETIREMENT PLANS AND INDIVIDUALRETIREMENT ACCOUNTS ARE DETERMINED BY INCOME SO THE IRS OFFERS A BREAK TO HELP AVOID PENALTIES FOR EXCESSIVE PAYMENTS EMPLOYEES NEEDN'T REFIGURE THE PAYMENTS FOR 1992 THEY MAY OPT TO INCLUDE THE AID IN INCOME OR TO EXCLUDE IT WHICHEVER WORKS BETTER FOR THEM MASSACHUSETTS OFFERS AMNESTY TO OUTOFSTATE PEOPLE AND COMPANIES THAT OWE TAX ON INCOME EARNED IN THE STATE THOSE THAT FILE STATE RETURNS BY DEC 17 AND PAY UP CAN ESCAPE PENALTIES AND PROSECUTION STATE RESIDENTS WHO OWE SALES TAX ON OUTOFSTATE PURCHASES ALSO CAN SEEK AMNESTY IS THERE A CURE FOR SIMPLE PHOBIA OF FILING RETURNS HIS PSYCHIATRIST OFFERED NO TREATMENT TO DOUGLAS D KEMMERER OF OLDWICK NJ WHO CITED THIS DIAGNOSIS AS REASONABLE CAUSE FOR NOT FILING FOR SIX YEARS BUT A SKEPTICAL TAX COURT IMPOSED FAILURETOFILE PENALTIES ANYWAY A CURRICULAR EXTRA IS ALABAMA'S NEW STATEINCOMETAX CREDIT FOR EMPLOYERS THE CREDIT IS 20 OF THE COST OF PROVIDING BASIC EDUCATION PROGRAMS TO EMPLOYEES AT LEVELS THROUGH THE 12TH GRADE EXEMPTION IS ICING FOR THE TOP LAYER OF A TIERED NETWORK OF HOSPITALS THE THREELEVEL STRUCTURE OF A GROUP OF CHICAGOAREA HOSPITALS AFFILIATED WITH NORTHWESTERN UNIVERSITY HAS JUST GAINED IRS APPROVAL THUS NORTHWESTERN HEALTHCARE NETWORK IS LIKELY TO BE A MODEL FOR MANY OTHER GROUPS THAT WANT TO TIE EXEMPT HOSPITALS IN METROPOLITAN AREAS INTO BIG NETWORKS SAYS LAWYER MICHAEL PEREGRINE OF GARDNER CARTON & DOUGLAS CHICAGO HAVING EXEMPTCHARITY STATUS AT ALL THREE LEVELS OF THE ORGANIZATION HELPS ASSURE ACCESS TO EXEMPTBOND FINANCING AND DEDUCTIBLE DONATIONS THE NORTHWESTERN NETWORK LINKS FOUR EXEMPT ENTITIES THAT ARE THE PARENTS OF EXEMPT HOSPITALS PEREGRINE SAYS THE MAIN ISSUE WAS WHETHER THE TOP STRUCTURAL LEVEL THE NETWORK ITSELF COULD DERIVE EXEMPTION AS A SUPERPARENT OR GRANDPARENT FROM THE EXEMPT STATUS OF THE HOSPITALS TWO LEVELS BELOW THE IRS DECIDED THAT IT COULD THE NETWORK ALSO HAD TO MEET OTHER ORGANIZATIONAL CRITERIA FOR EXEMPTION BRIEFS THE INTEREST RATE CHARGED ON OVERDUE TAXES WILL REMAIN 7 IN THE FOURTH QUARTER IRS REVENUE RULING 9363 SAYS THE RATE PAID ON OVERDUE REFUNDS WILL REMAIN 6 RANDOLF HARDOCK 36 FORMERLY ON THE SENATE FINANCE COMMITTEE STAFF IS NOW THE TREASURY'S BENEFITSTAX COUNSEL 9309220060 930922 BUSINESS BRIEF NATIONSBANK CORP CORPUS CHRISTI NATIONAL BANK TO BE BOUGHT IN STOCK SWAP NATIONSBANK CORP SAID IT AGREED TO ACQUIRE CORPUS CHRISTI NATIONAL BANK IN TEXAS IN A TRANSACTION VALUED AT APPROXIMATELY 130 MILLION UNDER THE TERMS OF THE AGREEMENT NATIONSBANK WILL EXCHANGE 25 OF ITS OWN SHARES FOR EACH OF CORPUS CHRISTI NATIONAL'S 1051525 COMMON SHARES OUTSTANDING NATIONSBANK BASED IN CHARLOTTE NC SAID THE DEAL WOULD BE COMPLETED DURING THE FIRST QUARTER OF 1994 IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE NATIONSBANK SHARES CLOSED AT 48875 A SHARE DOWN 875 CENTS CORPUS CHRISTI NATIONAL IS PRIVATELY HELD NATIONSBANK ALSO WAS RUMORED TO BE IN TALKS TO ACQUIRE FLEET FINANCIAL GROUP INC OF PROVIDENCE RI BOTH BANKS DECLINED COMMENT THE ACQUISITION OF CORPUS CHRISTI NATIONAL IS PART OF WHAT NATIONSBANK CALLS ITS FILLIN STRATEGY CURRENTLY NATIONSBANK RANKS FIFTH AMONG CORPUS CHRISTI BANKS IN TERMS OF TOTAL DEPOSITS WITH ABOUT 7 OF THE MARKET THE ADDITION OF CORPUS CHRISTI NATIONAL WITH 740 MILLION OF TOTAL ASSETS AND 17 OF THE MARKET'S DEPOSITS WILL GIVE NATIONSBANK THE LEAD IN MARKET SHARE 9309220059 930922 BUSINESS BRIEF COCACOLA CO OPENING OF 3 PLANTS TO TRIPLE COKE'S CAPACITY IN ROMANIA COCACOLA CO SAID IT WILL OPEN THREE PLANTS IN ROMANIA THIS WEEK TRIPLING THE BEVERAGE GIANT'S CAPACITY IN THE EAST EUROPEAN COUNTRY THE THREE FACILITIES ARE JOINT VENTURES WITH TWO OF THE ATLANTABASED COMPANY'S OVERSEAS BOTTLERS AND ARE PART OF COKE'S PREVIOUSLY ANNOUNCED GOAL TO INVEST MORE THAN 80 MILLION IN THE ROMANIAN MARKET COKE WHICH HAS ONLY BEEN AVAILABLE IN ROMANIA SINCE LAST YEAR SAYS SO FAR THIS YEAR IT HAS SOLD MORE THAN 15 MILLION CASES OF SOFT DRINKS IN ROMANIA MORE THAN DOUBLE THE 1992 AMOUNT ADDITIONALLY COKE AND PARLE EXPORTS OF INDIA HAVE FORMED A 20 MILLION JOINT VENTURE TO PRODUCE AND MARKET SOFT DRINKS IN INDIA THE CAPITALIZATION WILL BE EVENLY SPLIT BETWEEN THE TWO COMPANIES THE COMPANY SAID IN ADDITION COKE SAID IT WILL INVEST ANOTHER 40 MILLION TO ACQUIRE PARLE TRADEMARKS AND RELATED BUSINESS RIGHTS AND TO CREATE A SECOND COMPANY TO MARKET THESE AND ITS OWN BRANDS THE ENTIRE VENTURE WILL BRING COKE'S TOTAL DIRECT INVESTMENT IN INDIA TO 70 MILLION THE COMPANY SAID 9309220058 930922 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 ATLANTIC CITY ELECTRIC CO 75 MILLION OF FIRSTMORTGAGE BONDS DUE SEPT 1 2023 PRICED AS 7S AT 9875 TO YIELD 7101 ACCORDING TO MCM CORPORATEWATCH THE BONDS NONCALLABLE FOR 10 YEARS WERE PRICED AT A SPREAD OF 84 BASIS POINTS ABOVE TREASURYS RATED SINGLEA2 BY MOODY'S INVESTORS SERVICE INC AND SINGLEA BY STANDARD & POOR'S CORP THE ISSUE WAS WON VIA COMPETITIVE BID BY KIDDER PEABODY & CO ATLANTIC CITY ELECTRIC IS A UNIT OF ATLANTIC ENERGY INC FEDERAL NATIONAL MORTGAGE ASSOCIATION 150 MILLION OF NOTES SOLD THROUGH UNDERWRITERS LED BY MERRILL LYNCH & CO THE NOTES WERE PRICED AT PAR TO YIELD 549 ACCORDING TO MCM CORPORATEWATCH IF THE FIVEYEAR CONSTANTMATURITY TREASURY IS GREATER THAN OR EQUAL TO 775 AT 10 DAYS PRIOR TO OCT 2 1998 THE DEBT WILL MATURE ON OCT 2 2003 OTHERWISE THE DEBT MATURES ON OCT 2 1998 JOY TECHNOLOGIES CO 200 MILLION OF SENIOR UNSECURED NOTES DUE SEPT 1 2003 PRICED AT PAR TO YIELD 1025 ACCORDING TO MCM CORPORATEWATCH THE NOTES ARE NONCALLABLE FOR FIVE YEARS RATED SINGLEB1 BY MOODY'S AND SINGLEB BY S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY MORGAN STANLEY & CO NEW ENGLAND TELEPHONE & TELEGRAPH CO 250 MILLION OF DEBENTURES DUE OCT 1 2023 PRICED AS 6875S AT 98624 TO YIELD 6985 ACCORDING TO MCM CORPORATEWATCH THE DEBENTURES NONCALLABLE FOR 10 YEARS WERE PRICED AT A SPREAD OF 73 BASIS POINTS ABOVE TREASURYS THE ISSUE IS RATED DOUBLEA2 BY MOODY'S AND DOUBLEAMINUS BY S&P NEW ENGLAND TELEPHONE & TELEGRAPH IS A UNIT OF NYNEX CORP NEW ENGLAND TELEPHONE & TELEGRAPH CO 100 MILLION ISSUE OF DEBENTURES DUE OCT 1 1998 PRICED AS 505S AT 99781 TO YIELD 51 ACCORDING TO MCM CORPORATEWATCH THE NONCALLABLE DEBENTURES WERE PRICED AT A SPREAD OF 28 BASIS POINTS ABOVE TREASURYS THE ISSUE IS RATED DOUBLEA2 BY MOODY'S AND DOUBLEAMINUS BY S&P PUBLIC SERVICE ELECTRIC & GAS CO 300 MILLION OF FIRSTMORTGAGE BONDS DUE SEPT 1 2024 PRICED AS 7S AT 98472 TO YIELD 7122 ACCORDING TO MCM CORPORATEWATCH THE BONDS NONCALLABLE FOR 10 YEARS WERE PRICED AT A SPREAD OF 87 BASIS POINTS ABOVE TREASURYS THE ISSUE IS RATED SINGLEA2 BY MOODY'S AND SINGLEA BY S&P PSE&G IS A UNIT OF PUBLIC SERVICE ENTERPRISE GROUP INC TEXASNEW MEXICO POWER CO 240 MILLION OF DEBT IN TWO PARTS PRICED BY UNDERWRITERS LED BY DILLON READ & CO ACCORDING TO MCM CORPORATEWATCH THE FIRST TRANCHE 100 MILLION OF NONCALLABLE FIRSTMORTGAGE BONDS DUE SEPT 15 2000 WAS PRICED AT PAR TO YIELD 925 THE DEBT IS RATED BA3 BY MOODY'S AND DOUBLEB BY S&P THE SECOND TRANCHE 140 MILLION OF SECURED DEBENTURES DUE SEPT 15 2003 WAS PRICED AT PAR TO YIELD 1075 THE DEBT IS NONCALLABLE FOR SEVEN YEARS THE SECOND PART IS RATED SINGLEB1 BY MOODY'S AND SINGLEBPLUS BY S&P THE UTILITY IS A UNIT OF TNP ENTERPRISES INC TEXAS UTILITIES CO 550 MILLION OF BONDS IN THREE PARTS PRICED BY UNDERWRITERS LED BY MERRILL LYNCH & CO ACCORDING TO MCM CORPORATEWATCH THE FIRST TRANCHE 125 MILLION OF NONCALLABLE FIRSTMORTGAGE BONDS DUE OCT 1 1998 WAS PRICED AT PAR TO YIELD 55 THE BONDS WERE PRICED AT A SPREAD OF 70 BASIS POINTS ABOVE TREASURYS THE SECOND TRANCHE 125 MILLION OF NONCALLABLE FIRSTMORTGAGE BONDS DUE OCT 1 2004 WAS PRICED AT PAR TO YIELD 625 THE BONDS WERE PRICED AT A SPREAD OF 83 BASIS POINTS ABOVE TREASURYS THE THIRD TRANCHE 300 MILLION OF FIRSTMORTGAGE BONDS DUE OCT 1 2025 WAS PRICED AS 7375S AT 9933 TO YIELD 743 THE BONDS NONCALLABLE FOR 10 YEARS WERE PRICED AT A SPREAD OF 119 BASIS POINTS ABOVE TREASURYS ALL PARTS ARE RATED BAA2 BY MOODY'S AND TRIPLEB BY S&P U S WEST TELECOMMUNICATIONS INC 1 BILLION OF DEBENTURES DUE SEPT 15 2033 PRICED AS 6875S AT 96052 TO YIELD 7176 ACCORDING TO MCM CORPORATEWATCH THE DEBENTURES NONCALLABLE FOR 10 YEARS WERE PRICED AT A SPREAD OF 94 BASIS POINTS ABOVE TREASURYS RATED DOUBLEA3 BY MOODY'S AND DOUBLEAMINUS BY S&P THE ISSUE WILL BE SOLD THROUGH UNDERWRITERS LED BY LEHMAN BROTHERS INC U S WEST TELECOMMUNICATIONS IS A UNIT OF U S WEST INC GREEN TREE FINANCIAL CORP 5 MILLION COMMON SHARES PRICED AT 50125 EACH WITH MERRILL LYNCH & CO AS LEAD MANAGER AND AS COMANAGERS ALEX BROWN & SONS INC FIRST BOSTON CORP LEHMAN BROTHERS INC AND WILLIAM BLAIR & CO KENETECH CORP INITIAL OFFERING OF SIX MILLION COMMON SHARES PRICED AT 1650 EACH THROUGH UNDERWRITERS LED BY MERRILL LYNCH & CO PAN AMERICAN BEVERAGES INC INITIAL OFFERING OF 115 MILLION COMMON SHARES PRICED AT 2550 EACH THROUGH UNDERWRITERS LED BY LAZARD FRERES & CO SPHERE DRAKE HOLDINGS LTD INITIAL OFFERING OF 84 MILLION COMMON SHARES PRICED AT 21 EACH THROUGH UNDERWRITERS LED BY SMITH BARNEY SHEARSON INC NEW YORK STATE PROJECT FINANCE AGENCY 1785 MILLION SERIES 1993A REVENUE BONDS PRICED BY A FIRST BOSTON CORP GROUP THE OFFERING SECURED BY PAYMENTS FROM THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT HAS YIELDS THAT RANGE FROM 29 IN 1994 TO 5 IN 2007 THE ISSUE IS INSURED BY FINANCIAL SECURITY ASSURANCE AND CARRIES TRIPLEA RATINGS FROM BOTH MOODY'S AND S&P PUERTO RICO HOUSING BANK AND FINANCE AGENCY 4183 MILLION OF BONDS PRICED BY A KIDDER PEABODY & CO GROUP THE ISSUE WHICH INCLUDES 3296 MILLION OF SUBSIDYPREPAYMENT REFUNDING BONDS AND 887 MILLION OF LOANINSURANCECLAIMS REFUNDING BONDS HAS YIELDS THAT RANGE FROM 27 IN DECEMBER TO 535 IN 2006 MOODY'S RATED THE BONDS BAA AND S&P ASSIGNED A TRIPLEB RATING FEDERAL HOME LOAN MORTGAGE CORP 500 MILLION OF REALESTATE MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY FIRST BOSTON CORP THE OFFERING SERIES 1612 IS BACKED BY THE AGENCY'S 15YEAR 6 MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 67 AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF 177 MONTHS AICHI TOKEI DENKI CO JAPAN 60 MILLION SWISS FRANCS OF 05 PRIVATELY PLACED NOTES DUE OCT 14 1997 WITH EQUITYPURCHASE WARRANTS AT PAR VIA BANK VON ERNST & CIE AG EACH NOTE EXERCISABLE FROM OCT 25 1993 TO OCT 7 1997 TO PURCHASE COMPANY SHARES TERMS TO BE FIXED SEPT 27 FEES 1625 ALCATEL FRANCE TWO BILLION FRENCH FRANCS OF 6375 EUROBONDS DUE OCT 22 2003 AT ISSUE PRICE 100725 REOFFERED AT 991 VIA JOINT LEAD MANAGERS CREDIT COMMERCIAL DE FRANCE AND SOCIETE GENERALE PRICED TO YIELD 40 BASIS POINTS OVER 10YEAR FRENCH TREASURY BOND FEES TWO AXA SA DE CV MEXICO 75 MILLION OF 85 EUROBONDS AT ISSUE AND FIXED REOFFER PRICE 9972 DUE OCT 1 1998 VIA SWISS BANK CORP AT FIXED REOFFER PRICE BONDS YIELD 857 SEMIANNUAL A MARGIN OF 375 BASIS POINTS OVER FIVEYEAR US TREASURY GUARANTOR INDUSTRIAS AXA SA DE CV AND SUBSIDIARIES FEES ONE INTEREST PAYABLE SEMIANNUALLY BANK IN LIECHTENSTEIN FINANCE LIECHTENSTEIN PARENT 100 MILLION SWISS FRANCS OF 45 PUBLIC BONDS DUE NOV 3 1999 PRICED AT 102375 VIA ZUERCHER KANTONAL BANK FEES 225 BAYERISCHE HYPOTHEKEN UND WESCHELBANK AG GERMANY 100 MILLION CANADIAN DOLLARS OF SUBORDINATED COLLARED FLOATINGRATE EURONOTES AT ISSUE AND FIXED REOFFER PRICE 99875 VIA LEAD UNDERWRITER MERRILL LYNCH INTERNATIONAL LTD INTEREST PAID QUARTERLY AND FLOATS AT 30 BASIS POINTS BELOW THREEMONTH CANADIAN BANKERS' ACCEPTANCE RATE MINIMUM COUPON OF 65 AND MAXIMUM COUPON OF 9 FEES 05 JAPAN DEVELOPMENT BANK JAPANESE AGENCY 200 MILLION OF 7 EURONOTES DUE OCT 18 2000 AT ISSUE AND FIXED REOFFER PRICE 9969 VIA JP MORGAN AND SG WARBURG SECURITIES PRICED AT 17 BASIS POINTS OVER COMPARABLE UK GILT FEES 03 JAPAN FINANCE CORP FOR MUNICIPAL ENTERPRISES JAPANESE AGENCY 150 MILLION MARKS OF 6125 EUROBONDS DUE OCT 20 2003 AT ISSUE PRICE 101525 VIA LEAD UNDERWRITER BANK OF TOKYO DEUTSCHELAND AG REOFFERED AT 991 TO YIELD 6249 A MARGIN OF 17 BASIS POINTS OVER 65 BUND DUE JULY 2003 GUARANTOR JAPAN FEES 275 LINZ AUSTRIAN MUNICIPALITY 150 MILLION SWISS FRANCS OF 45 PUBLIC BONDS DUE OCT 18 2005 PRICED AT 102375 VIA ZUERCHER KANTONAL BANK FEES 2875 OESTERREICHISCHE POSTSPARKASSE AUSTRIAN AGENCY 500 MILLION DUTCH GUILDERS OF 6125 EUROBONDS AT ISSUE PRICE 10055 DUE OCT 22 2003 VIA LEAD UNDERWRITER ABN AMRO BANK NV REOFFERED AT 998 TO YIELD A MARGIN OF 207 BASIS POINTS ABOVE 65 DUTCH STATE LOAN DUE APRIL 2003 GUARANTOR AUSTRIA FEES ONE PRUDENTIAL FUNDING CORP US PARENT 150 MILLION CANADIAN DOLLARS OF COLLARED FLOATINGRATE EURONOTES DUE OCT 27 2003 AT ISSUE AND FIXED REOFFER PRICE 998 VIA LEAD UNDERWRITER DEUTSCHE BANK AG INTEREST PAYS QUARTERLY AND FLOATS AT 30 BASIS POINTS BELOW THREEMONTH CANADIAN BANKERS' ACCEPTANCE RATE MAXIMUM COUPON 9125 AND MINIMUM 6 FEES 05 TOSHOKU LTD JAPAN 400 MILLION SWISS FRANCS OF 0125 PRIVATELY PLACED CONVERTIBLE NOTES DUE OCT 31 1997 AT PAR VIA SWISS BANK CORP EACH NOTE CONVERTIBLE FROM OCT 21 1993 TO OCT 24 1997 AT 25 PREMIUM OVER CLOSING SHARE PRICE SEPT 27 WHEN TERMS FIXED FEES 1625 9309220057 930922 TECHNOLOGY BRIEF AST RESEARCH INC LATEST HANDHELD COMPUTER USES INTEL MICROPROCESSOR AST RESEARCH INC A PERSONAL COMPUTER COMPANY IN IRVINE CALIF INTRODUCED THE NEWEST AND FASTEST MEMBER OF ITS FAMILY OF HANDHELD PEN COMPUTERS THE GRID PALMPADSL A THREEPOUND MACHINE COMBINING RADIO COMMUNICATIONS CAPABILITY WITH INTEL CORP'S 386SL MICROPROCESSOR ARCHITECTURE THE PRODUCT WILL BE AVAILABLE WITH MOTOROLA INC RADIO OPTIONS AND DATA/FAX MODEMS PROVIDING WIRELESS COMMUNICATIONS FOR MOBILE WORKERS IN GOVERNMENT AND INDUSTRY ITS APPLICATIONS INCLUDE DATA COLLECTION INSPECTION SHIPPING AND INVENTORY CONTROL DEPENDING ON THE CHOICE OF RADIO OR COMMUNICATIONS OPTIONS THE COMPANY SAID THE PRODUCT'S ESTIMATED RETAIL PRICE WILL RANGE FROM 2319 TO 3559 IN YESTERDAY'S TRADING IN THE NATIONAL OVERTHECOUNTER MARKET AST SHARES ROSE EARLY AND LATER CLOSED AT 16 DOWN 25 CENTS 9309220056 930922 BUSINESS BRIEF ROCKWELL INTERNATIONAL CORP LESS WORK ON SPACE STATION RESULTS IN A CUT OF 200 JOBS ROCKWELL INTERNATIONAL CORP SAID IT IS TRIMMING 200 JOBS AS A RESULT OF CUTBACKS EXPECTED IN WORK ON THE US'S SHRINKING SPACESTATION PROJECT HALF OF THE CUTS ARE BEING MADE THROUGH LAYOFFS WITH THE BALANCE EXPECTED THROUGH ATTRITION AMONG THE 1100 EMPLOYEES NOW WORKING ON THE PROGRAM IN THE ROCKETDYNE SPACESYSTEMS UNIT SAID A SPOKESMAN AT THE COMPANY'S SEAL BEACH CALIF HEADQUARTERS THE CUTS BEGAN IN MAY AND SHOULD BE COMPLETED SOON ROCKWELL WHICH MAKES POWER SYSTEMS FOR THE STATION ANTICIPATES LOSING ABOUT 90 MILLION IN REVENUE FROM CUTBACKS NEXT YEAR THAT WILL LEAVE THE COMPANY WITH 250 MILLION TO 300 MILLION FOR THE YEAR FROM THE PROJECT COMPARED WITH 340 MILLION THIS YEAR ROCKWELL'S ORIGINAL STATION CONTRACT WAS AWARDED IN 1988 AND VALUED AT 24 BILLION FOR WORK EXTENDING THROUGH 2002 IN 1992 ROCKWELL HAD TOTAL REVENUE OF 1091 BILLION 9309220055 930922 WHEN A PENNY FALLS FROM HEAVEN CAN IT KILL A PEDESTRIAN ABSOLUTELY NOT SAY DEBUNKERS OF MODERN URBAN LEGENDS BUT DILLINGER LOST AN ORGAN BY JARED SANDBERG STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK A PENNY TOSSED FROM THE EMPIRE STATE BUILDING CAN CRACK THE SIDEWALK OR A PEDESTRIAN'S SKULL IT WON'T BOTHER THE ALLIGATORS THOUGH THEY ARE UNDERGROUND STALKING NEW YORK'S SEWER SYSTEM SPEAKING OF PLUMBING TRY BATHING IN RIO WATER DRAINS THE OPPOSITE WAY THAN IT DOES IN THE NORTHERN HEMISPHERE MOST PEOPLE HAVE HEARD SUCH ANECDOTES PERHAPS EVEN PASSED THEM AROUND BUT ARE THEY URBAN FACT OR ARE THEY URBAN LEGEND FIGURING THAT OUT IS THE SELFASSIGNED TASK OF PEOPLE SUCH AS CHARLES LASNER A COMPUTER CONSULTANT FROM QUEENS NEW YORK COMBING THROUGH TEXTBOOKS AND OLD NEWS CLIPPINGS THEY SIFT FACT FROM FALLACY AND BLAST THEIR FINDINGS OVER THE BEST TECHNOLOGY AVAILABLE THE INTERNET COMPUTER NETWORK SO OTHERS CAN CONFIRM REFINE OR QUIBBLE WITH THEIR VERDICT MORE OFTEN THAN NOT URBAN MYTHS TURN OUT TO BE JUST THAT FOR INSTANCE PENNIES FALLING THROUGH SPACE DON'T GATHER ENOUGH SPEED TO DENT HARD OBJECTS BUT DEBUNKING SUCH BUNK AND MOCKING BELIEVERS IS PART OF THIS SPORT'S ATTRACTION RUINING PEOPLE'S DAY IS FUN SAYS MR LASNER A SELFCONFESSED KILLJOY WHO WORKS FROM A HOME OFFICE CLUTTERED WITH COMPUTER CARCASSES AND EMPTY PEANUT CANS FOLKLORISTS DEFINE URBAN LEGENDS AS RUMORS OR STORIES THAT ARE SPREAD INFORMALLY AND WIDELY ACCEPTED AS TRUTH OFTEN SUCH LORE DWELLS ON FREAKISH DISASTERS OR GHOULISH BEHAVIOR TAKE FOR EXAMPLE THE BALTIMORE LAWYER WHO PUT A KITTEN IN A MICROWAVE OR THE NEW YORK CAR THIEF WHO STOLE A LABORATORY DELIVERY OF CADAVER HEADS BOTH TRUE OR THE TALE THAT MIKEY THE GRUMPY KID IN THE LIFE CEREAL COMMERCIAL SPONTANEOUSLY COMBUSTED AFTER CONSUMING TOO MUCH COKE AND POP ROCKS CANDY MIKEY OR RATHER THE ACTOR WHO PLAYED HIM IS ACTUALLY ALIVE AND WELL AND LIVING WITH HIS PARENTS IN BRONXVILLE NY I DON'T THINK PEOPLE ARE DELIBERATELY LYING SAYS JAN HAROLD BRUNVAND A PROFESSOR AT THE UNIVERSITY OF UTAH WHO HAS WRITTEN SEVERAL BOOKS ON URBAN LEGENDS THERE'S JUST A NATURAL TENDENCY TO MAKE A STORY APPEALING PERHAPS THERE IS ALSO A NATURAL INSTINCT TO PICK MYTHS APART AND GORE OTHER PEOPLE FOR THEIR GULLIBILITY WE HAVE A LITTLE EVIL FUN CONFESSES MR LASNER THE QUEENS CONSULTANT CHUCKLING OVER HIS COMPUTER AT HIS HOME OFFICE WEDGED BETWEEN TWO GRAVEYARDS MR LASNER DIALS A NUMBER THAT LINKS HIM TO THE INTERNET THEN TAPS IN THE TAG FOR THE NEWSGROUP HE WANTS ALTFOLKLOREURBAN OR AFU FOR SHORT IN EFFECT AFU IS AN ELECTRONICBULLETIN BOARD WHERE READERS POST QUERIES ABOUT URBAN LEGENDS CHANCES ARE SOMEONE ELSE AMONG AFU'S 60000ODD GLOBAL READERS WILL HAVE A FEW ANSWERS TO VOLLEY BACK HEY I WAS WONDERING ONE READER TAPS IN ANYONE KNOW WHY PEOPLE CLAIM THERE ARE ALLIGATORS IN SEWERS TURNS OUT TERRY CHAN HAS CHECKED IT OUT CITING SEVERAL BOOKS HE TRACES THE LEGEND TO A DOUBTFUL 1935 NEWSPAPER STORY ABOUT A BOY WHO SAW AN ALLIGATOR WHILE SHOVELING SLUSH DOWN A HARLEM MANHOLE LATER A CITY SEWER OFFICIAL BOASTED THAT HE HAD MANAGED TO ERADICATE ALL ALLIGATORS THESE TWO POINTS THEN SEEM TO FORM A PRETTY GOOD BASIS FOR THE ENDURING LEGEND MR CHAN CONCLUDES IF ALLIGATORS EVER DID INFEST THE CITY'S SEWERS THEY DON'T ANYMORE SAYS IAN MICHAELS A SPOKESMAN FOR NEW YORK CITY'S DEPARTMENT OF ENVIRONMENTAL PROTECTION BUT SEWER WORKERS HAVE FOUND RATS CATS AND A 35POUND SNAPPING TURTLE HE SAYS AND A SWAN WAS SUCKED 12 MILES THROUGH THE SYSTEM MANY OTHER LEGENDS SEEM TO STEM FROM ODD CIRCUMSTANCES THAT HAVE BEEN EMBELLISHED OVER TIME AND EMBEDDED IN FOLK IMAGINATION TAKE FOR INSTANCE THE TICKLISH MATTER OF JOHN DILLINGER'S REMAINS LEGEND HAS IT THAT A JAR CONTAINING THE GUNMAN'S PICKLED GENITALS RESIDES AT THE SMITHSONIAN INSTITUTION SUPPOSEDLY THERE'S A FREAK SECTION OF THE SMITHSONIAN WHERE ODD BIOLOGICAL SPECIMENS ARE KEPT MR LASNER SAYS AN AFU READER WROTE TO THE MUSEUM AND RECEIVED A FORMLETTER DENIAL WE DON'T HAVE IT AND WE NEVER DID AND THERE WOULD BE NO PLACE FOR IT KATHERINE NEIL RIDGLEY A SMITHSONIAN SPOKESWOMAN CONFIRMS BY TELEPHONE IT DOESN'T FIT WITH ANY OF THE COLLECTIONS WE HAVE HOWEVER ANOTHER MUSEUM ONCE LOCATED NEARBY DID DISPLAY HUMAN BODY PARTS AND JOE PINKSTON CURATOR OF THE JOHN DILLINGER HISTORICAL WAX MUSEUM IN NASHVILLE IND OFFERS ANOTHER CLUE TO THE LEGEND'S ORIGIN WHILE MR DILLINGER WAS BURIED WITH HIS PENIS INTACT THE CURATOR SAYS THE GUNMAN'S BRAIN WENT ASTRAY AFTER BEING SENT OUT FOR MEDICAL STUDY AFU'S GLOBAL REACH ALSO HELPS WITH TALES OF STRANGE GOINGSON IN DISTANT LANDS WHEN SOMEONE IN OHIO ASKS WHETHER SWEDES REALLY DO EAT FISH THAT IS ROTTEN AND CURED IN URINE GUNNAR DAVIDSON A GRADUATE OF THE NORWEGIAN COLLEGE OF FISHERIES SCIENCE CHECKS IN HE SAYS THE COUNTRY IN QUESTION IS ICELAND NOT SWEDEN AND THE DELICACY IS GREENLAND SHARK THAT IS AGED FOR MONTHS BEFORE BEING EATEN THE SHARK'S FLESH IS TOXIC WHEN FRESH NO URINE GOES INTO THE RECIPE THOUGH THE SHARK'S BODILY FLUIDS DO CONTAIN UREA SUCH ARCANE SCIENCE OFTEN APPEARS IN AFU CHATTER IN PART BECAUSE THE BEST LEGENDS RELY ON A SPRIG OF PLAUSIBILITY FOR INSTANCE THE NOTION THAT TOILETS OR BATHS DRAIN DIFFERENTLY BELOW THE EQUATOR COMES FROM A COMPLEX PIECE OF PHYSICS KNOWN AS THE CORIOLIS FORCE WHICH CAUSES BODIES IN MOTION TO DEFLECT ONE WAY IN THE NORTHERN HEMISPHERE AND ANOTHER WAY IN THE SOUTHERN BUT IN A TOILET OR BATH THE EFFECT IS DROWNED OUT BY OTHER FORCES AND BECOMES SO FAINT AS TO BE IMPERCEPTIBLE SOME AFU READERS EVEN PERFORM A LITTLE HOME SCIENCE TO TEST URBAN LORE TO ANSWER THE QUESTION DOES TAPPING A SODA CAN KEEP IT FROM OVERFLOWING ONE ENGINEER PRODUCED A THREEPAGE CONTROLLED EXPERIMENT WITH FOOTNOTES HIS CONCLUSION LETTING THE CAN SIT FOR A WHILE NOT TAPPING PREVENTS SODA FROM BUBBLING OVER OF COURSE MANY LEGENDS CAN'T BE FIRMLY PROVED OR DISPROVED IT'S NOT A FORMAL SCIENCE SAYS MR LASNER CONSENSUS DEBUNKINGS ARE LISTED ON AN ELECTRONIC SCOREBOARD WITH AN F FOR FALSE THOUGH OFTEN WITH A PROVISO FOR INSTANCE HAIR AND NAILS DON'T GROW AFTER DEATH BUT IT IS TRUE THAT THEY APPEAR TO DO SO AS THE CORPSE SHRINKS IN SIZE THE WIDE MARGIN OF DOUBT ABOUT MANY MYTHS LEAVES ROOM FOR HEATED DEBATES OR AS THEY ARE KNOWN TO ELECTRONICMAIL BUFFS FLAME WARS BETWEEN READERS MR LASNER ONCE CITED HIS PARENTS AS SOURCES IN ARGUING THAT THE 1940S RADIO PERSONALITY UNCLE DON REALLY WAS FIRED FOR REFERRING TO HIS CHILD AUDIENCE ON AIR AS LITTLE BASTARDS BUT DAVID MIKKELSON LIKE MANY AFU READERS REGARDS FRIENDS AND FAMILIES AS UNRELIABLE CITING OTHER INFORMATION ON UNCLE DON HE FLAMED MR LASNER FOR SHODDY SOURCING IT SEEMS MR MIKKELSON IS RIGHT MR BRUNVAND THE UTAH EXPERT SAYS UNCLE DON NEVER SLURRED HIS AUDIENCE ON AIR NOR DID BOZO THE CLOWN WHO HAS BEEN TARRED WITH THE SAME TALE IT'S CLEARLY A BROADCASTER'S LEGEND MR BRUNVAND SAYS BUT AFU READERS AREN'T ALWAYS NAYSAYERS FOR INSTANCE CERTAIN COMBINATIONS OF TOOTH FILLINGS CAN RECEIVE RADIO SIGNALS IT IS ALSO TRUE THAT SOME AIRPLANEENGINE MANUFACTURERS TEST THEIR ENGINES BY FIRING CHICKENS FROM SPECIAL CANNONS TO SEE IF THE ENGINES CAN DIGEST BIRDS AND FOR THOSE WITH THE NEED A COCONUT CAN BE SENT THROUGH THE MAIL WITHOUT PACKAGING JUST ADDRESS IT CORRECTLY SAYS MR LASNER 9309220054 930922 BUSINESS BRIEF FINGERMATRIX INC CHAPTER 11 RELIEF SOUGHT 14 MILLION DEBT IS CITED FINGERMATRIX INC SAID IT FILED FOR BANKRUPTCYLAW PROTECTION BECAUSE IT CANNOT SERVICE ITS CURRENT DEBT WHICH TOTALS 14 MILLION A SPOKESMAN SAID THE NORTH WHITE PLAINS NY COMPANY WHICH DEVELOPS FINGERPRINTRECOGNITION DEVICES FILED A PETITION IN WHITE PLAINS NY UNDER CHAPTER 11 OF THE BANKRUPTCY CODE AFTER CAREFUL CONSIDERATION AND REVIEW OF OTHER AVAILABLE OPTIONS THE COMPANY HAS ASSETS OF 16 MILLION A DISSIDENT SHAREHOLDER GORDON MOLESWORTH CALLED THE FILING A PLOY TO BLOCK LITIGATION SEEKING TO OUST MICHAEL SCHILLER COMPANY FOUNDER AND CHAIRMAN THE COMPANY SPOKESMAN SAID THE FILING WOULD STAY PROCEEDINGS IN THE LITIGATION MR MOLESWORTH IN PHOENIX ARIZ SAID THE FILING WOULDN'T KEEP THE SHAREHOLDER PROTEST FROM GOING FORWARD INCLUDING A PROXY FIGHT IF NECESSARY IN OVERTHECOUNTER TRADING YESTERDAY FINGERMATRIX CLOSED AT 8125 CENTS A SHARE UNCHANGED 9309220053 930922 BUSINESS BRIEF KATY INDUSTRIES INC FAMILY'S OPPOSITION TO OFFER FOR FIRM IS SEEN CONTINUING KATY INDUSTRIES INC SAID A NEW YORK INVESTMENT GROUP'S 262 MILLION ACQUISITION PROPOSAL IS CREDIBLE BUT INDICATED THAT THE FAMILY THAT CONTROLS 526 OF THE STOCK WILL STILL OPPOSE ANY TRANSACTION KATY A DIVERSIFIED MANUFACTURER BASED IN ELGIN ILL SAID A SPECIAL COMMITTEE OF ITS BOARD CONCLUDED THAT THE 29ASHARE PROPOSAL FROM ROSECLIFF PENSLER PARTNERS LP HAS SUFFICIENT FINANCIAL CREDIBILITY TO MERIT FURTHER EXPLORATION THE ROSECLIFF PENSLER PROPOSAL CAME EARLIER THIS MONTH IN MARCH KATY'S BOARD HAD APPROVED A PROPOSAL BY THE CARROLL FAMILY TO ACQUIRE SHARES THEY DON'T OWN FOR 2575 A SHARE THE SPECIAL COMMITTEE BACKED AWAY FROM THAT YESTERDAY BUT SAID THERE'S NO ASSURANCE A TRANSACTION WITH ROSECLIFF PENSLER WOULD GO THROUGH INDEED KATY SAID THE FAMILY HAS REITERATED THAT IT'S NOT INTERESTED IN SELLING ITS MAJORITY INTEREST IN KATY WITH THE PROSPECTS FOR AN ACQUISITION BY ROSECLIFF PENSLER UNCERTAIN KATY SHARES FELL 1 TO 2625 IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE 9309220052 930922 BUSINESS BRIEF BECKMAN INSTRUMENTS INC GEORGE SOROS INVESTOR GROUP LIFTS EQUITY STAKE TO 626 A GROUP INCLUDING INVESTOR GEORGE SOROS SAID IT INCREASED ITS STAKE IN BECKMAN INSTRUMENTS INC TO 626 FROM 53 DISCLOSED IN JANUARY IN A FILING WITH THE SECURITIES AND EXCHANGE COMMISSION MR SOROS'S GROUP SAID IT NOW HOLDS 18 MILLION COMMON SHARES INCLUDING 87100 SHARES PURCHASED BETWEEN SEPT 10 AND MONDAY AT PERSHARE PRICES RANGING FROM 2231 TO 2356 THE GROUP SAID IT HOLDS THE STAKE FOR INVESTMENT PURPOSES IN DECEMBER A GROUP LED BY MEMBERS OF THE BASS FAMILY DISCLOSED THAT IT HELD 53 OF BECKMAN SHARES AND THAT IT PLANNED TO SEEK THE APPOINTMENT OF NEW DIRECTORS BECKMAN BASED IN FULLERTON CALIF IS A MAKER OF LABORATORY INSTRUMENTS USED IN MEDICAL TESTING A SPOKESMAN FOR BECKMAN SAID THE COMPANY DIDN'T HAVE ANY COMMENT ON THE SOROS GROUP PURCHASES HE SAID THE BASS GROUP HASN'T MADE ANY RECENT MOVES TO SEEK THE APPOINTMENT OF NEW DIRECTORS 9309220051 930922 BUSINESS BRIEF SOUTHWESTERN PUBLIC SERVICE CO PACT WITH TEXAS REGULATORS AIMED AT SETTLING RATE CASE SOUTHWESTERN PUBLIC SERVICE CO AMARILLO TEXAS AGREED WITH THE STAFF OF THE PUBLIC UTILITIES COMMISSION OF TEXAS TO REDUCE RATES 2 ON AN ANNUAL BASIS TO SETTLE LITIGATION CONCERNING A RATE CASE HEARING THE RATE REDUCTION WILL LOWER ANNUAL NET INCOME BY ABOUT 16 CENTS A SHARE FOR 1992 THE UTILITY EARNED 1029 MILLION OR 234 A SHARE ON REVENUE OF 7492 MILLION THE COMPANY SAID IT WILL CONSIDER MORE COST CONTROLS AND CERTAIN REDUCTIONS IN COMPANY PROGRAMS AND OPERATIONS TO MITIGATE THE EFFECT OF THE RATE REDUCTION ON EARNINGS SOUTHWESTERN PUBLIC SERVICE WAS ALREADY KNOWN TO HAVE THE LOWEST RATES CHARGED BY INVESTOROWNED UTILITIES IN TEXAS THE AGREEMENT STILL MUST BE APPROVED BY TEXAS REGULATORS 9309220050 930922 POLITICS & POLICY CAPITAL JOURNAL BY GERALD F SEIB NEAR THE END OF A WHITE HOUSE LUNCHEON YESTERDAY PRESIDENT CLINTON WOUND AROUND TO A POWERFUL ARGUMENT FOR HIS HEALTHCARE PROPOSAL IN THE LONG RUN IT'S ABOUT CREATING JOBS WHAT HAPPENS MR CLINTON ASKED IF GENERAL MOTORS' HEALTH CARE BURDEN IS CUT TO 15 OF ITS PAYROLL FROM 20 THANKS TO A NEW AND MORE EFFICIENT HEALTHCARE SYSTEM GM MIGHT SIMPLY BANK THE MONEY OR IT MIGHT GIVE PAY RAISES TO ITS EMPLOYEES BUT MR CLINTON ARGUED IT JUST MIGHT FUNNEL THOSE LIBERATED MILLIONS OF DOLLARS INTO HIRING MORE WORKERS OR INTO MAKING MORE PURCHASES FROM ITS SUPPLIERS WHICH WOULD CREATE MORE JOBS AT SUPPLIER PLANTS WE BELIEVE VERY STRONGLY THAT RATIONALLY IT IS A NET JOB GAINER MR CLINTON TOLD A GROUP OF JOURNALISTS AT THE LUNCHEON INSTEAD OF PAYING MORE MONEY FOR THE SAME HEALTH CARE WHEN PEOPLE HAVE THE SAME AMOUNT OF MONEY TO INVEST IN SOMETHING NEW IT ONLY STANDS TO REASON THAT IN THE AGGREGATE YOU'LL HAVE MORE JOBS CREATED IT'S A GOOD ARGUMENT YET ONE THE WHITE HOUSE HASN'T MADE MUCH OF SO FAR UNTIL NOW THE JOBS ISSUE CLEARLY HAS BEEN A PROBLEM NOT AN ASSET FOR THE CLINTON TEAM AS IT GEARS UP TO SELL ITS HEALTHCARE PROGRAM THE PLAN'S REQUIREMENT THAT EMPLOYERS PICK UP MUCH OF THE HEALTHCARE TAB FOR THEIR EMPLOYEES HAS PREDICTABLY IGNITED FEARS THAT WORKERS WILL BE LOPPED OFF PAYROLLS BUT THE DEBATE HARDLY HAS TO RUN THIS WAY IN FACT MR CLINTON AND FIRST LADY HILLARY RODHAM CLINTON NEED TO FIND A WAY TO GO ON THE OFFENSIVE ON THE JOBS FRONT THEY FACE TWO CHALLENGES THE FIRST IS TO GET ACROSS THE MESSAGE THAT HEALTHCARE REFORM CAN MEAN JOB CREATION AND THE SECOND ONE THE TOUGHER ONE IS TO CONVINCE AMERICANS THAT THEIR PARTICULAR BRAND OF HEALTHCARE REFORM IS THE BEST WAY TO ACCOMPLISH THAT MISSION CLEARLY HEALTH CARE IS SUCH AN INTENSELY PERSONAL ISSUE THAT THE WHITE HOUSE HAS TO SELL REFORM IN AN INTENSELY PERSONAL WAY THAT IS IT HAS TO CONVINCE INDIVIDUAL AMERICANS THAT CHANGE WILL GIVE THE PERSONAL SECURITY OF KNOWING THAT THEY WILL ALWAYS HAVE HEALTH INSURANCE THAT THEY WON'T HAVE TO DEVOUR THEIR SAVINGS TO PAY FOR IT AND THAT THEIR INSURANCE WILL PROVIDE AT LEAST AS DECENT A SET OF BENEFITS AS MOST AMERICANS NOW ENJOY BUT THERE'S A POWERFUL ECONOMIC COMPETITIVENESS ARGUMENT FOR HEALTHCARE REFORM THAT IS BEING MUFFLED BY THE SECURITY ARGUMENT AMERICA'S HEALTHCARE COSTS ARE SHOCKINGLY OUT OF LINE WITH THOSE OF ITS INTERNATIONAL COMPETITORS AND GETTING MORE SO IN 1990 ONE STUDY INDICATES THE US SPENT 2566 PER CITIZEN ON HEALTH CARE JAPAN BY CONTRAST SPENT LESS THAN HALF AS MUCH 1171 GERMANY SPENT 1486 AND BREATHTAKING AS THE BUDGETS OF MEDICARE AND MEDICAID MAY BE THE SAD FACT FOR AMERICAN EMPLOYERS IS THAT THEY'RE PICKING UP A FAR LARGER SHARE OF THIS OVERSIZED HEALTHCARE BILL THAN ARE COMPANIES IN COMPETING COUNTRIES THE SAME STUDY INDICATES THAT WHILE THE PUBLIC SECTOR PAYS 73 OF THE TAB FOR HEALTH CARE IN CANADA AND GERMANY THE PUBLIC SECTOR IN THE US PAYS JUST 42 CLEARLY WHATEVER THE EFFECTS OF HEALTHCARE REFORM MIGHT BE THE OUTLANDISH COST OF HEALTH INSURANCE IS DAMPING AMERICAN COMPANIES' WILLINGNESS TO TAKE ON NEW FULLTIME WORKERS RIGHT NOW FIXING THAT IS A JOBS ISSUE AS MUCH AS A HEALTH ISSUE NOR WOULD THE JOB EFFECTS BE LIMITED TO THE CORPORATE GIANTS THOUGH IT'S IMPOSSIBLE TO QUANTIFY WHAT THEY MIGHT BE AS MR CLINTON NOTED YESTERDAY WHAT HAPPENS IF YOU LOWER THE INSURANCE PREMIUMS TO THE SELFEMPLOYED COUPLE THAT HAS A FLOWER SHOP DO THEY HIRE SOMEBODY ELSE DO THEY BUY MORE FLOWERS THERE JUST AREN'T ANY ECONOMIC MODELS I KNOW OF THAT ANSWER THOSE QUESTIONS THOSE ARE POWERFUL ARGUMENTS FOR REFORMING THE HEALTHCARE SYSTEM BUT THEY AREN'T NECESSARILY ARGUMENTS FOR THE CLINTON FORMULA OF EMPLOYERMANDATED PREMIUM PAYMENTS A GENEROUS BENEFITS PACKAGE AND SUBSIDIES TO HELP SMALL BUSINESSES OVER THE HUMP THAT'S THE TOUGHER SELL THE TRICK FOR THE CLINTONS IS TO CONVINCE AMERICANS AND THE BUSINESS COMMUNITY THAT THE LEADING REPUBLICAN ALTERNATIVE OF REQUIRING EACH AMERICAN TO ACQUIRE HEALTH INSURANCE ON HIS OR HER OWN WOULD LAUNCH AN EVEN MORE ELABORATE AND EXPENSIVE SYSTEM OF GOVERNMENT SUBSIDIES TO HELP THOSE WHO CAN'T PAY THAN WOULD THE CLINTON SYSTEM OF EMPLOYERPURCHASED INSURANCE I DON'T DOUBT FOR A MINUTE THERE WILL BE FEAR AND CONCERN ON THE PART OF BUSINESSES THAT HAVE NEVER BEEN IN THE INSURANCE MARKET ESPECIALLY BECAUSE THEIR ONLY KNOWLEDGE IS THE WAY THE MARKET HAS OPERATED MRS CLINTON ACKNOWLEDGED AT THE LUNCH THE JOB FOR THE CLINTON TEAM IS TO ASSUAGE THOSE FEARS BUT IT'S ALSO TO PROVIDE AN IDEA OF HOW HEALTH CARE FITS INTO A BROADER VISION OF AN INTERNATIONALLY COMPETITIVE AMERICA IN THE 1990S 9309220049 930922 BUSINESS BRIEF SBS ENGINEERING INC FLIGHT SIMULATOR DESIGNER SETTLES MARTIN MARIETTA SUIT MARTIN MARIETTA CORP AND SBS ENGINEERING INC SAID THAT THEY HAD SETTLED A LAWSUIT ORIGINALLY FILED BY SBS AGAINST GENERAL ELECTRIC CO IN A US DISTRICT COURT IN ALBUQUERQUE NM AN SBS SPOKESMAN SAID THE TWO COMPANIES HAD AGREED NOT TO DISCLOSE TERMS OF THE SETTLEMENT SBS A DESIGNER AND PRODUCER OF FLIGHT SIMULATION SYSTEMS FILED THE SUIT IN MARCH AND SOUGHT 18 MILLION IN DAMAGES IN CONNECTION WITH COST OVERRUNS INVOLVED IN DEVELOPING A HELICOPTER FLIGHT TRAINING SIMULATOR FOR GE'S AEROSPACE DIVISION AFTER ACQUIRING THE GE DIVISION IN APRIL MARTIN MARIETTA AN AEROSPACE DEFENSE AND ELECTRONICS CONCERN BASED IN BETHESDA MD FILED A COUNTERCLAIM AGAINST ALBUQUERQUEBASED SBS IN MAY ALLEGING THAT IT FAILED TO MEET CERTAIN DELIVERY SCHEDULES FOR THE WORK AND SEEKING 33 MILLION IN DAMAGES 9309220048 930922 BUSINESS BRIEF GENTEX CORP THIRDQUARTER ESTIMATES ARE TERMED ACHIEVABLE' GENTEX CORP'S EXECUTIVE VICE PRESIDENT KEN LA GRAND SAID THE COMPANY BELIEVES ANALYSTS' ESTIMATES OF 13 CENTS A SHARE FOR THE THIRD QUARTER REPRESENT AN ACHIEVABLE MARK IN 1992 GENTEX A ZEELAND MICH MAKER OF AUTOMATICDIMMING REARVIEW MIRRORS AND FIRE PROTECTION PRODUCTS EARNED SEVEN CENTS A SHARE DURING THE THIRD QUARTER ON REVENUE OF 114 MILLION THE COMPANY'S EARNINGS PER SHARE REFLECT A 2FOR1 STOCK SPLIT IN JUNE MR LA GRAND SAID GENTEX WILL MEET ANALYSTS' THIRDQUARTER EXPECTATIONS EVEN THOUGH THE COMPANY HAS HAD TO ACCRUE AFTERTAX EXPENSES IN THE 150000TO160000 RANGE TO COVER LITIGATION COSTS STEMMING FROM A PATENT INFRINGEMENT LAWSUIT FILED IN JULY BY DONNELLY CORP ACCRUED EXPENSES ARE EXPECTED TO CUT THIRDQUARTER EARNINGS BY ABOUT A PENNY A SHARE HE SAID REVENUE FOR THE CURRENT THIRD QUARTER SHOULD FINISH JUST OVER 152 MILLION MR LA GRAND SAID AN INCREASE OF 30 TO 35 FROM YEARAGO REVENUE 9309220047 930922 INTERNATIONAL BRIEF TARMAC PLC LOSS REVERSED IN FIRST HALF COMPANY PLANS RIGHTS ISSUE TARMAC PLC A LONDON BUILDING AND PROPERTY GROUP RETURNED TO A PROFIT IN THE FIRST SIX MONTHS OF 1993 MAINLY DUE TO RESTRUCTURING AND REMEDIAL STEPS TAKEN AFTER ITS PRETAX LOSS IN 1992 THE COMPANY ALSO ANNOUNCED PLANS TO RAISE 215 MILLION 3294 MILLION VIA A RIGHTS ISSUE OFFERING SHAREHOLDERS ONE NEW SHARE FOR EVERY FOUR HELD PROCEEDS FROM THE OFFERING WILL BE USED TO ACQUIRE LAND IN VIEW OF A RECOVERY IN THE HOUSING MARKET AS WELL AS EXPANSION OVERSEAS PROCEEDS ALSO WILL BE USED TO REDEEM AN OUTSTANDING 150 MILLION ISSUE OF REDEEMABLE PREFERENCE SHARES PRETAX PROFIT FOR THE HALF TOTALED 25 MILLION COMPARED WITH A YEAREARLIER LOSS OF 151 MILLION SALES SLIPPED 44 TO 130 BILLION FROM 136 BILLION 9309220046 930922 WORLD MARKETS JAPAN'S LARGERTHANEXPECTED RATE CUT LIFTS TOKYO STOCKS NEARLY 1 LONDON PRICES EASE A WALL STREET JOURNAL NEWS ROUNDUP TOKYO STOCKS CLIMBED NEARLY 1 TUESDAY AFTER THE BANK OF JAPAN LOWERED ITS OFFICIAL DISCOUNT RATE BY A LARGERTHANEXPECTED 075 PERCENTAGE POINT TO A RECORD LOW 175 IN LONDON PRICES FELL SLIGHTLY MOSTLY IN RESPONSE TO WEAKNESS ON WALL STREET WHILE FRANKFURT SHARES RALLIED FOR A THIRD STRAIGHT SESSION THE POLITICAL TURMOIL IN RUSSIA WHERE PRESIDENT BORIS YELTSIN DISBANDED PARLIAMENT OCCURRED LATE IN THE DAY AND HAD NO EFFECT ON EUROPEAN TRADING WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK INDEX WAS AT 11066 DOWN 079 REFLECTING DECREASES IN AMERICAN ASIA/PACIFIC AND EUROPEAN MARKETS PRECIOUS METALS STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY GROUPS CLOSING AT 12579 UP 334 OR 27 WITH BATTLE MOUNTAIN GOLD OF THE US POSTING A 95 GAIN IN ITS LOCAL CURRENCY FOOTWEAR STOCKS TRAILED AT 7890 DOWN 206 OR 25 WITH REEBOK INTERNATIONAL OF THE US SLIDING 31 IN LOCAL CURRENCY IN TOKYO THE NIKKEI 225STOCK INDEX WHICH SANK 12501 POINTS MONDAY REBOUNDED 20062 TO 2046665 ON WEDNESDAY THE NIKKEI SANK 32184 POINTS TO CLOSE THE MORNING SESSION AT 2014481 TUESDAY'S FIRSTSECTION VOLUME WAS ESTIMATED AT 350 MILLION SHARES UP FROM 2134 MILLION SHARES MONDAY GAINERS SWAMPED LOSERS 707301 THE TOKYO STOCK PRICE INDEX OR TOPIX OF FIRSTSECTION ISSUES WHICH SLID 1244 MONDAY PICKED UP 1090 TO 164980 THE CREDIT EASING ANNOUNCED BEFORE TRADING BEGAN TRIGGERED ACTIVE BUYING IN THE FIRST HALF HOUR WHICH ACCOUNTED FOR ALMOST ALL OF THE SESSION'S GAINS THE SIZE OF THE RATE CUT SURPRISED MANY PLAYERS WHO HAD ANTICIPATED A 05 PERCENTAGE POINT EASING TO SOME DEGREE TUESDAY'S MOVE WAS LED BY FUTURES TRADING ACTIVITY IN CHICAGO ON MONDAY DECEMBER NIKKEI FUTURES JUMPED 170 POINTS TO 20525 ON NEWS REPORTS THAT THE DISCOUNT RATE CUT WOULD AMOUNT TO 075 PERCENTAGE POINT WITH THE GOVERNMENT HAVING ANNOUNCED ITS 615 TRILLION YEN 5882 BILLION FISCAL STIMULUS PLAN AND THE RATE CUT OUT OF THE WAY INVESTORS NOW ARE LOOKING FOR A POSSIBLE REDUCTION IN INCOME TAXES AND INDICATIONS OF A PICKUP IN THE ECONOMY IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100 INDEX SLIPPED 29 POINTS TO 30016 THE FT 30 INDEX SHED 34 TO 23249 VOLUME TOTALED 5384 MILLION SHARES COMPARED WITH 4429 MILLION THE PREVIOUS DAY WALL STREET'S DECLINE ON MONDAY AND SLOW START ON TUESDAY DEPRESSED SHARES IN THE ABSENCE OF DOMESTIC CORPORATE NEWS WHAT CORPORATE NEWS THERE WAS YESTERDAY WAS BEARISH THREE RIGHTS ISSUES ANNOUNCED DAMPED SENTIMENT SOMEWHAT EVEN THOUGH NONE OF THE THREE COMPANIES ARE INCLUDED IN THE 100SHARE INDEX IN FRANKFURT THE DAX 30STOCK INDEX OF BLUECHIPS GAINED 1301 POINTS TO 192585 ADDING TO MONDAY'S 3085POINT JUMP THE GAINS WERE POWERED BY INDUSTRIAL GROUP DAIMLERBENZ DAIMLER WILL BEGIN TRADING ON THE NEW YORK STOCK EXCHANGE OCT 5 AND LARGE BANKS WERE BUYING SHARES AHEAD OF THE LISTING OTHER EUROPEAN MARKETS WERE MIXED IN PARIS STOCKS WEAKENED IN LACKLUSTER ACTIVITY AS PLAYERS AWAITED FURTHER DEVELOPMENTS ON INTEREST RATES IN MILAN EQUITIES ADVANCED IN THIN TRADING NEWS THAT ITALIAN INFLATION RATES WERE LOWERTHANEXPECTED THIS MONTH LIFTED PRICES THE YEARONYEAR INFLATION RATE FOR EIGHT ITALIAN CITIES WAS DOWN TO 43 IN SEPTEMBER FROM 44 IN AUGUST THE INFLATION RATES HAD BEEN EXPECTED TO REMAIN UNCHANGED OR RISE SLIGHTLY IN MADRID SHARES PRICES CLOSED LOWER DAMPED BY A WEAK PERFORMANCE IN THE BOND MARKET AND A DROP ON WALL STREET IN ZURICH PRICES CLIMBED IN MODERATE TRADING WITH EXPECTATIONS OF LOWER INTEREST RATES BOLSTERING BANKING SHARES IN STOCKHOLM PRICES TUMBLED 13 IN MODERATE TRADING AS RISING DOMESTIC INTEREST RATES AND THE WEAK KRONA CONTINUED TO TROUBLE THE MARKET MOST ASIAN AND PACIFIC MARKETS FINISHED WITH LOSSES IN SINGAPORE STOCKS RETREATED TUESDAY EXTENDING THE CURRENT CONSOLIDATION AND MALAYSIAN SPECULATIVE SHARES TRADED OVER THE COUNTER CLOSED DOWN AFTER A VOLATILE SESSION IN HONG KONG SHARES ENDED HIGHER IN QUIET TRADING WITH THE KEY STOCK INDEX REBOUNDING SHARPLY UTILITIES WERE THE DAY'S LARGEST ADVANCERS PROPERTY COMMERCIAL AND INDUSTRIAL ISSUES ALSO POSTED PRONOUNCED GAINS AND BANKS WERE SLIGHTLY HIGHER IN TAIWAN STOCKS PRICES SOFTENED FOR A SECOND STRAIGHT SESSION THE LOSSES WERE LED BY A SHARP DECREASE IN THE FINANCIAL SECTOR BECAUSE OF PROFITTAKING IN MANILA SHARES TUMBLED 14 IN MODERATE DEALINGS THE MARKET MARKED ITS SECOND DAY OF CORRECTION TAKING CUES FROM THE WEAKNESS IN THE NEW YORK MARKET IN WELLINGTON EQUITIES RETREATED MAINLY BECAUSE OF A DECLINE IN THE LARGEST STOCK NATIONAL PHONE COMPANY TELECOM TELECOM'S FALL WAS DUE TO THE SALE OF A BLOCK OF 244 MILLION SHARES OF THE UTILITY BY ITS MAJOR SHAREHOLDERS BELL ATLANTIC AND AMERITECH OF THE US UNDER AN EXISTING OPTIONS AGREEMENT AMONG CORPORATE DEVELOPMENTS IN LONDON TESCO DROPPED FOUR PENCE TO 211 PENCE 323 THE SUPERMARKET CHAIN'S PRETAX PROFIT ROSE 34 TO 2615 MILLION 400 MILLION IN ITS FISCAL FIRST HALF ENDED AUG 14 FROM 2528 MILLION A YEAR EARLIER ITS DIVIDEND ROSE 89 TO 245 FROM 225 THE RESULTS WERE AT THE LOW END OF MARKET ESTIMATES AND TESCO'S ANNOUNCEMENT LED OTHER FOOD RETAIL STOCKS LOWER IN LONDON TARMAC SLIPPED 1 1/2 PENCE TO 145 1/2 PENCE THE BUILDING AND PROPERTY COMPANY PLANS TO RAISE 215 MILLION THROUGH A RIGHTS ISSUE OFFERING SHAREHOLDERS ONE NEW SHARE FOR EVERY FOUR HELD PROCEEDS FROM THE OFFERING WILL BE USED TO ACQUIRE LAND IN ANTICIPATION OF A RECOVERY IN THE HOUSING MARKET AS WELL AS EXPANSION OVERSEAS IN PARIS MICHELIN FELL 24 FRENCH FRANCS TO 1749 FRANCS 3111 THE TIRE MAKER SWUNG TO A FIRSTHALF LOSS OF 319 BILLION FRANCS 5676 MILLION FROM A PROFIT OF 820 MILLION FRANCS THE RESULTS WHICH WERE IN LINE WITH ANALYSTS' EXPECTATIONS REFLECTED DISMAL AUTO SALES AND ECONOMIC CONDITIONS IN EUROPE AS WELL AS A 264 BILLION FRANC RESTRUCTURING PROVISION IN HONG KONG JARDINE MATHESON ROSE 40 HONG KONG CENTS TO HK62 US801 THE CONGLOMERATE'S FIRSTHALF PROFIT CLIMBED 14 TO US1738 MILLION FROM US1518 MILLION THE DIVIDEND WAS RAISED 84 TO 68 US CENTS A SHARE FROM 37 CENTS 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 9309220045 930922 MANAGING YOUR CAREER BY JOANN S LUBLIN AMID THE CURRENT WHIRLWIND OF ACQUISITIONS YOUR COMPANY ACCEPTS A BID BUT YOU FIGURE YOUR JOB IS SAFE AFTER ALL YOUR TERRIFIC TRACK RECORD WILL SPEAK FOR ITSELF WRONG LAYING LOW IN FACT MAY LEAVE YOU JOBLESS FOLLOWING A TAKEOVER CAREER ADVISERS SAY YOU CAN BOTH SURVIVE AND THRIVE UNDER NEW OWNERS ONLY IF YOU PLOT AN ASSERTIVE STRATEGY THAT RESEMBLES A JOB HUNT THE REASON YOU PROBABLY WILL HAVE TO COMPETE AGAINST YOUR COUNTERPART AT THE ACQUIRING CORPORATION A SUCCESSFUL SENIOR TRUST OFFICER AT A MAJOR SOUTHEAST BANK WAS DISMISSED AFTER ITS PURCHASE BY A BIGGER BANK THE 500000AYEAR EXECUTIVE FAILED TO MARKET HIMSELF INTERNALLY BECAUSE HE BELIEVED THE BIGGER BANK RECOGNIZED HIS STERLING CREDENTIALS THE MAN LEARNED ABOUT HIS OUSTER FROM A NEWSPAPER ARTICLE HIS COUNTERPART TOOK THE HELM OF THE BANKS' COMBINED TRUST DEPARTMENT HE WAS VERY BITTER RECALLS CHARLES CATES PRESIDENT OF ENTERCHANGE AN OUTPLACEMENT FIRM IN ATLANTA BUT HE COULD HAVE TURNED THAT SITUATION AROUND BY TAKING A PRETTY AGGRESSIVE APPROACH MR KUMAR SAYS HIS ALTERED MINDSET HELPED HIM TO DEVISE IDEAS THAT MADE THE COMBINED COMPANY WORK BETTER HE SOON BECAME AN EXECUTIVE VICE PRESIDENT OF THE ISLANDIA NY CONCERN YET WHEN HE NOW PASSES THAT ADVICE ALONG TO EMPLOYEES OF ITS LATEST ACQUISITION MOST PEOPLE DON'T MAKE THAT MENTAL TRANSITION HE ADDS BECAUSE THEY ARE MORE CONCERNED ABOUT PROTECTING THEIR OLD TURF BUT ALTERING YOUR ALLEGIANCES MAY NOT SUFFICE A TOP PERFORMER AT AN ACQUIRED COMPANY MAY LOSE HIS JOB SIMPLY BECAUSE HE TALKS TOO SOFTLY OR TOO MUCH SAYS JIM DOWN A DIRECTOR OF MERCER MANAGEMENT CONSULTING IN BOSTON IT IS VERY EASY TO ALIENATE YOUR NEW PARENT BECAUSE YOU HAVE DONE THE WRONG THING IN KEY MEETINGS HE SAYS FOR YOUR CAREER TO FLOURISH FOLLOWING A TAKEOVER YOU SHOULD TOTALLY IMMERSE YOURSELF IN THE PURCHASER'S CORPORATE CULTURE CONSULTANTS SUGGEST READ BROKERS' REPORTS TALK TO CLIENTS ENGAGE IN LEGITIMATE SPYING PERHAPS BY HANGING AROUND THE ACQUIRING COMPANY'S CAFETERIA YOU ALSO MAY NEED TO FIND A GUIDE AMONG THE SENIOR RANKS OF YOUR NEW EMPLOYER THIS INTERPRETER CAN IDENTIFY POWER BROKERS AND BUSINESS MORES FROM EXPECTATIONS OF WEEKEND WORK TO ACCEPTABLE WAYS OF HANDLING OFFICE CONFLICTS YOU SHOULD EDUCATE YOURSELF ON HOW THE OTHER GUYS DO THEIR BUSINESS AS TACKY AS WHETHER YOU SHOULD USE COLOR OR BLACKANDWHITE SLIDES FOR YOUR PRESENTATIONS SAYS MITCHELL MARKS A DIRECTOR OF DELTA CONSULTING GROUP IN NEW YORK AND AUTHOR OF A BOOK ABOUT MANAGING MERGERS IN ANY MERGER THERE IS CULTURE CLASH HE NOTES CONSIDER BANKAMERICA'S 46 BILLION MARRIAGE WITH SECURITY PACIFIC THE NATION'S BIGGEST BANK MERGER COMPLETED IN APRIL 1992 LED TO A CLASH OF STARKLY DIFFERENT CORPORATE CULTURES BANKAMERICA HAD BEEN CENTRALIZED RULEBOUND AND ULTRACONSERVATIVE SECURITY PACIFIC WAS DECENTRALIZED AND FREEWHEELING BANKAMERICA FORCED OUT SO MANY FORMER SECURITY PACIFIC OFFICIALS THAT SOME ASSAILED IT AS ETHNIC CLEANSING KATHLEEN BURKE IS A NOTABLE EXCEPTION THE FORMER SECURITY PACIFIC PERSONNEL OFFICIAL HAS BECOME BANKAMERICA'S GROUP EXECUTIVE VICE PRESIDENT FOR CORPORATE HUMAN RESOURCES SHE PARTLY CREDITS HER EXTENSIVE EFFORTS TO LEARN ABOUT BANKAMERICA'S DISSIMILAR CULTURE I SAT DOWN WITH A LOT OF BANKAMERICA PEOPLE TO GET A SENSE OF HOW THE ORGANIZATION WORKED AND WHAT THE UNWRITTEN RULES WERE MS BURKE SAYS THE SESSIONS ALSO MADE BANKAMERICA MORE AWARE OF HER CAPABILITIES AT THE SAME TIME MS BURKE HEADED ONE TRANSITION TEAM AND SERVED ON ANOTHER GIVING HER A HIGHLY VISIBLE ROLE USING A DIFFERENT APPROACH ATTRACTED ATTENTION FOR ROBERT FIORANI FOLLOWING HIS EMPLOYER'S TAKEOVER AS COMMUNICATIONS DIRECTOR OF SQUARE D HE HELPED THE PALATINE ILL ELECTRICAL PRODUCTS CONCERN TO OPPOSE A HOSTILE OFFER FROM SCHNEIDER SA IN MAY 1991 SQUARE D FINALLY ACCEPTED A 23 BILLION BID FROM THE FRENCH ENGINEERING GROUP I THOUGHT I WOULD BE ONE OF THE FIRST TO GO HE RECOLLECTS INSTEAD SCHNEIDER INVITED MR FIORANI AND SEVERAL SQUARE D COLLEAGUES TO COME TO PARIS TO DESCRIBE THEIR WORK THE COMMUNICATIONS MANAGER SAYS HE BROUGHT SLIDES VIDEOS STORYBOARDS BROCHURES AND ANNUAL REPORTS HE SPOKE FOR TWO HOURS MORE THAN AN HOUR LONGER THAN SCHEDULED I GAVE THE PRESENTATION OF MY LIFE BECAUSE IT WAS MY FINAL CHANCE TO SHOW MY STUFF EXPLAINS MR FIORANI WHO OVERSAW ADVERTISING PUBLIC RELATIONS AND EMPLOYEE COMMUNICATIONS AT SQUARE D HE KEPT HIS OLD JOB IT ISN'T ALWAYS EASY HOWEVER TO DRAW NEW MANAGEMENT'S ATTENTION TO YOUR SKILLS WITHOUT LOOKING LIKE A BRAGGART SOME CAREER STRATEGISTS RECOMMEND SUBTLER APPROACHES FOR INSTANCE YOU MIGHT ASK THE ACQUIRER TO GET AN OUTSIDE PSYCHOLOGICAL ASSESSMENT OF YOUR STRENGTHS AND ORGANIZATIONAL FIT AT THE LEAST IT WILL GET YOU NOTICED BY THE TOP BRASS NOTES LAURENCE J STYBEL PRESIDENT OF STYBEL PEABODY LINCOLNSHIRE A BOSTON OUTPLACEMENT FIRM THAT IS CRITICAL AFTER A TAKEOVER HE EMPHASIZES YOU CAN'T ACT MEEK AND ASSUME VIRTUE WILL BE ITS OWN REWARD 9309220043 930922 TECHNOLOGY BRIEF HITACHI LTD PACT WITH SEGA ENTERPRISES TO MAKE HOME VIDEO GAME SEMICONDUCTOR GIANT HITACHI LTD OF TOKYO AND VIDEOGAME MAKER SEGA ENTERPRISES LTD SAID THEY WILL COOPERATE IN DEVELOPING SEGA'S NEXTGENERATION HOME VIDEO GAME SPECIFICALLY HITACHI INTENDS TO SUPPLY SEGA WITH A NEW MICROPROCESSOR THAT USES REDUCED INSTRUCTION SET COMPUTING OR RISC TECHNOLOGY SEGA WILL USE THAT CHIP CALLED THE SH AS THE BRAIN FOR A VIDEOGAME MACHINE NOW UNDER DEVELOPMENT SEGA SAID IT COULD MARKET THAT MACHINE AS EARLY AS NEXT FALL BOTH COMPANIES STAND TO BENEFIT FROM THE PARTNERSHIP BY MANUFACTURING THE SH IN VOLUME FOR SEGA HITACHI STANDS TO BRING DOWN THE PRODUCTION COST OF THE CHIP WHICH IT LATER INTENDS TO PUSH AS A STANDALONE MICROPROCESSOR FOR A NEW GENERATION OF HANDHELD COMPUTERS CALLED PERSONAL COMMUNICATORS SEGA IN TURN HAS ESSENTIALLY RESPONDED TO ARCHRIVAL NINTENDO CO WHICH RECENTLY SIGNED UP USBASED SILICON GRAPHICS INC TO DEVELOP A HIGHPERFORMANCE RISC MICROPROCESSOR FOR ITS OWN HOME VIDEOGAME SYSTEM 9309220042 930922 TECHNOLOGY BRIEF GENZYME CORP METHOD OF MAKING HORMONE FOR THYROID RECEIVES PATENT GENZYME CORP SAID ITS METHOD OF PRODUCING RECOMBINANT HUMAN THYROIDSTIMULATING HORMONE AN ADJUNCT TO BE USED IN DETECTION TREATMENT OF THYROID CANCER WAS AWARDED A US PATENT THE CAMBRIDGE MASS BIOTECHNOLOGY COMPANY SAID THE PATENT COVERS AN EXPRESSION METHOD FOR PRODUCING THE HORMONE IN CELL CULTURE AND THAT CORRESPONDING APPLICATIONS ARE PENDING IN OTHER COUNTRIES THE COMPANY SAID IT ALSO HAS LICENSED ADDITIONAL PATENT APPLICATIONS WHICH COVER OTHER ASPECTS OF THE PRODUCT TRADENAMED THYROGEN GENZYME SAID IT IS DEVELOPING THYROGEN FOR USE AS AN ADJUNCT IN PROCEDURES TO DETECT AND TREAT RECURRENCES OF THYROID CANCER GENZYME IS CURRENTLY IN PHASE III CLINICAL TRIALS AND ANTICIPATES SUBMITTING A NEW DRUG APPLICATION TO THE FOOD AND DRUG ADMINISTRATION IN MID1994 9309220041 930922 INTERNATIONAL BRIEF CADBURY SCHWEPPES PLC BRITISH FIRM BUYS 80 STAKE IN ARGENTINIAN CONFECTIONER CADBURY SCHWEPPES PLC SAID IT BOUGHT AN 80 HOLDING IN PRODUCTOS STANI SAIC AN ARGENTINIAN CONFECTIONARY BUSINESS TERMS WEREN'T DISCLOSED THE STANI PURCHASE IS CADBURY'S THIRD IN RECENT WEEKS EARLIER THIS MONTH IT BOUGHT A&W BRANDS INC THE US SOFTDRINK COMPANY FOR 334 MILLION LAST MONTH IT INCREASED ITS STAKE IN DR PEPPER/SEVENUP COS OF THE US TO 26 FROM 57 THE ARGENTINIAN ACQUISITION IS AN IMPORTANT STEP IN THE DEVELOPMENT OF CADBURY'S WORLDWIDE CONFECTIONARY STRATEGY THE BRITISH COMPANY SAID CADBURY MAKES AND SELLS CANDY AND SOFT DRINKS IN 170 COUNTRIES THE STANI PURCHASE GIVES CADBURY A FOOTHOLD IN THE SOUTH AMERICA CONFECTIONARY MARKET STANI HAS AN ESTIMATED 29 SHARE OF ARGENTINA'S SUGAR CONFECTIONARY MARKET CADBURY SAID STANI WILL RETAIN THE REMAINING 20 STAKE FOR AT LEAST FOUR YEARS AFTER WHICH CADBURY WILL HAVE AN OPTION TO PURCHASE IT OR STANI CAN SELL IT TO SOMEONE ELSE 9309220040 930922 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 1/2 HIGH 3 1/8 LOW 3 1/4 NEAR CLOSING BID 3 3/8 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 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 316 90 DAYS CERTIFICATES OF DEPOSIT 254 ONE MONTH 257 TWO MONTHS 260 THREE MONTHS 273 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 307 ONE MONTH 307 THREE MONTHS 320 SIX MONTHS BANKERS ACCEPTANCES 3 30 DAYS 3 60 DAYS 301 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 3/16 3 1/16 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 3/16 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 375 SWITZERLAND 750 BRITAIN 6 THESE RATE INDICATIONS AREN'T DIRECTLY COMPARABLE LENDING PRACTICES VARY WIDELY BY LOCATION TREASURY BILLS RESULTS OF THE MONDAY SEPTEMBER 20 1993 AUCTION OF SHORTTERM US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN UNITS OF 10000 TO 1 MILLION 293 13 WEEKS 306 26 WEEKS FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 670 60 DAYS 677 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 670 60 DAYS 680 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 490 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 9309220039 930922 HAL SEEKS SHELTER UNDER CHAPTER 11 FLIGHTS TO CONTINUE HONOLULU HAL INC PARENT TO HAWAIIAN AIRLINES FILED FOR CHAPTER 11 BANKRUPTCYLAW PROTECTION FROM ITS CREDITORS THE AIRLINE HAD BEEN TRYING TO RESTRUCTURE ITS FINANCES SINCE LAST YEAR AND HAD WORKED OUT NEW LABOR CONTRACTS WITH ITS EMPLOYEES AND WITH MOST OF ITS CREDITORS BUT CHIEF EXECUTIVE OFFICER BRUCE R NOBLES SAID THAT GETTING THE APPROVAL OF 100 OF THE CREDITORS WOULD HAVE TAKEN TOO LONG THE FILING WON'T AFFECT ANY FLIGHTS OR ANY OF THE AIRLINE'S OPERATIONS THE COMPANY SAID MR NOBLES SAID HE IS CONFIDENT THAT THE COMPANY MAY ALREADY HAVE THE APPROVALS IT NEEDS TO EMERGE SWIFTLY FROM CHAPTER 11 THE COMPANY FILED ITS REORGANIZATION PLAN ALONG WITH ITS BANKRUPTCYLAW FILING IN HONOLULU AN UNUSUAL MOVE THAT COULD SPEED UP ITS STAY UNDER COURT SUPERVISION IN ADDITION MAJOR UNSECURED CREDITORS OF THE COMPANY ANNOUNCED THEIR SUPPORT OF THE RESTRUCTURING PLAN THE PLAN WHICH WAS REACHED EARLIER THIS MONTH CALLS FOR A DEBTFOREQUITY SWAP IN WHICH CREDITORS WOULD GET 715 EMPLOYEES 175 AND CURRENT EQUITY HOLDERS 5 THE REMAINING 6 WOULD BE RESERVED FOR A MANAGEMENT STOCK OPTION PLAN SECURED CREDITOR OBLIGATIONS WOULD BE PRESERVED AND AIRCRAFT LESSOR GPA PLC WOULD BE ISSUED AN INTERESTBEARING PROMISSORY NOTE FOR 6 MILLION GPA LEASES HAWAIIAN FIVE AIRCRAFT GENERAL UNSECURED CREDITORS WITH CLAIMS LESS THAN 10000 COULD RECEIVE CASH EQUAL TO HALF THEIR ALLOWED CLAIM THE COMPANY ALSO SAID IT PLANS TO REDUCE ITS WAGE AND BENEFITS A FURTHER 65 MILLION BY ELIMINATING ABOUT 150 JOBS OR 5 OF THE COMPANY'S WORK FORCE 9309220038 930922 BUSINESS BRIEF MULTICOLOR CORP CONCERN CITING WEAK SALES PLANS TO CLOSE ILLINOIS PLANT MULTICOLOR CORP CITING WEAK SALES SAID IT WILL RESTRUCTURE OPERATIONS BY CLOSING ITS LOCKPORT ILL LITHOGRAPHIC LABEL MANUFACTURING OPERATIONS AND SHIFTING THEM TO CINCINNATI WHERE THE PARENT COMPANY IS BASED THE MAKER OF PRINTED LABELS FOR CONSUMER PRODUCTS SAID IT WILL ELIMINATE 80 TO 100 JOBS AS A RESULT OF THE LOCKPORT CLOSING BUT WILL ADD 50 TO 70 JOBS WHEN IT MOVES THE LOCKPORT OPERATIONS THE COMPANY SAID THAT FOR THE FISCAL SECOND QUARTER WHICH ENDS SEPT 26 IT WILL RECORD A PRETAX RESTRUCTURING CHARGE OF 39 MILLION23 MILLION OR 105 A SHARE AFTER TAXES MULTICOLOR ALSO EXPECTS TO REPORT AN OPERATING LOSS FOR THE QUARTER FOR THE YEARAGO SECOND QUARTER THE COMPANY HAD PROFIT OF 42000 OR TWO CENTS A SHARE ON SALES OF 164 MILLION 9309220037 930922 BUSINESS BRIEF SWIFT ENERGY CO OIL AND GAS FIELDS IN SIBERIA WILL BE JOINTLY DEVELOPED SWIFT ENERGY CO HOUSTON SAID IT SIGNED AN AGREEMENT WITH SENEGA A PRIVATELY HELD RUSSIAN OIL AND GAS COMPANY CONCERNING THE DEVELOPMENT AND PRODUCTION OF CERTAIN OIL AND NATURAL GAS FIELDS IN WESTERN SIBERIA THE AGREEMENT WILL GIVE SWIFT A 5 INTEREST IN THE PROFIT FROM THE SALE OF OIL AND GAS FROM THE FIELDS IN RETURN FOR PROVIDING TECHNICAL AND FINANCIAL SUPPORT AS WELL AS A CAPITAL INVESTMENT OF ABOUT 5 MILLION THE FIELDS TO BE DEVELOPED ARE THE SAMBURG AND EVOYKHA FIELDS IN THE YAMALONENETSKY AREA LOCATED ABOUT 1500 MILES NORTHEAST OF MOSCOW SWIFT ESTIMATES THAT SIGNIFICANT PRODUCTION FROM THE FIELDS WILL BEGIN IN ABOUT 18 TO 24 MONTHS SENEGA WILL RAISE THE 100 MILLION REQUIRED TO DEVELOP THE FIELDS FROM VARIOUS INTERNATIONAL DEVELOPMENT BANKS AND WITHIN RUSSIA 9309220036 930922 PARAMOUNT BATTLE PULLS ARBITRAGERS FROM SHADOWS BY LAURIE P COHEN STAFF REPORTER OF THE WALL STREET JOURNAL THE BIDDING WAR FOR PARAMOUNT COMMUNICATIONS INC IS GIVING THE DYING BREED OF TAKEOVERSTOCK TRADERS SOME HOPE OF A NEW LEASE ON LIFE THIS IS A BATTLE OF THE TITANS REMINISCENT OF THE 80S SAYS ERIC ROSENFELD A TRADER AT OPPENHEIMER & CO OF THE FIGHT OVER PARAMOUNT BEING WAGED BETWEEN VIACOM INC AND QVC NETWORK INC SAYS A BULLISH MR ROSENFELD 36 YEARS OLD THIS DEAL IS HELPING TO INVIGORATE ME IT'S A GREAT TIME FOR ARBITRAGE AGAIN ALL OVER WALL STREET THE HANDFUL OF DEALHUNGRY TRADERS WHO SURVIVED THE 1980S WERE DRAWING COMPARISONS TO THAT DECADE WHEN BILLIONDOLLAR TAKEOVER DEALS ABOUNDED THIS WON'T PORTEND A RETURN TO THOSE WONDERFUL DAYS OF YESTERYEAR BUT IT'S THE CLOSEST THING TO THE 80S WE'VE HAD IN A WHILE SAYS GEORGE KELLNER OF KELLNER DILEO & CO A FIRM SPECIALIZING IN RISK ARBITRAGE OR TAKEOVERSTOCK TRADING DESPITE THE BIDDING WAR FOR PARAMOUNT ARBITRAGERS AREN'T LIKELY TO REGAIN THE INFLUENCE THEY ONCE HAD ANYTIME SOON FOR ONE THING THEY HAVE LESS MONEY WITH WHICH TO BET ALTHOUGH NO ONE KEEPS TRACK OF HOW MUCH CAPITAL IS AVAILABLE FOR BETTING ON TAKEOVER STOCKS TRADERS ESTIMATE THERE IS PROBABLY ABOUT 3 BILLION IN ARBITRAGE CAPITAL NOW DOWN FROM SOME 15 BILLION IN THE MID1980S MOREOVER SOME FIRMS SUCH AS PAINEWEBBER GROUP INC AND PRIMERICA CORP'S SMITH BARNEY SHEARSON INC HAVE LEFT THE ARBITRAGE BUSINESS ALTOGETHER OTHER BIG INVESTMENT BANKS HAVE REDUCED THE AMOUNT OF CAPITAL THEY'RE WILLING TO WAGE ON TAKEOVERS AND THERE'S ANOTHER DIFFERENCE QVC AND VIACOM ARE OFFERING TO EXCHANGE PARAMOUNT SHARES FOR A LITTLE CASH AND A LOT OF STOCK IN THE OLD DAYS YOU'D HAVE THE USUAL SUSPECTS THE TAKEOVER RAIDERS CRAWLING OUT OF THE WOODWORK WITH PROMISES OF ALLCASH OFFERS NOTES VETERAN ARBITRAGER GUY WYSERPRATT THESE DAYS IT'S STRATEGIC PLAYERS OFFERING WAMPUM LONGTIME ARBITRAGER RICHARD NYE COMPARES THIS DEALS WITH ONES HE SAW IN THE LATE 1960S RATHER THAN THE 1980S THE OPTIMISM OF MANY OLDTIMERS HAS BEEN TEMPERED BY THREE SOMNOLENT YEARS IN THE ARBITRAGE BUSINESS MR KELLNER FOR EXAMPLE SAYS HIS FIRM HAS A DECENT POSITION IN PARAMOUNT BUT HE'S LESS OPTIMISTIC THAN MR ROSENFELD ABOUT THE PROSPECT OF A FULLFLEDGED BIDDING WAR MR KELLNER SAYS HE WORRIES THAT PARAMOUNT WILL BE SO BENT ON DOING A DEAL WITH VIACOM ITS CHOSEN PARTNER THAT IT WILL DO EVERYTHING IT CAN TO THWART QVC'S HIGHER PROPOSAL LANCE LESSMAN SAYS HE SOLD OFF HIS PARAMOUNT POSITION YESTERDAY MORNING BOOKING A PROFIT OF SOME 12 A SHARE IN A WEEK'S TIME HE HOPES TO BUY IT BACK AGAIN A BIT CHEAPER THAN IT TRADED AT YESTERDAY WHEN IT CLOSED AT 77 UP 725 STILL MR LESSMAN WHO ONCE WORKED FOR IVAN BOESKY BEFORE THE ARBITRAGER PLEADED GUILTY TO FELONY CHARGES SAYS IT'S GOING TO TAKE A FEW MORE MEGADEALS BEFORE ARBITRAGE BECOMES CHIC AGAIN 9309220034 930922 BUSINESS BRIEF GENCORP INC UNIT US REACH SETTLEMENT OVER PLANT CLEANUP COSTS GENCORP INC SAID ITS AEROJET UNIT REACHED A SETTLEMENT WITH THE GOVERNMENT ON A CLAIM TO RECOVER ENVIRONMENTAL RESTORATION COSTS AT THE UNIT'S SACRAMENTO CALIF FACILITY IT BRINGS TO AN END A DISPUTE OVER GROUNDWATER CONTAMINATION AT THE LIQUID AND SOLID PROPULSION PLANT GENCORP SAID THAT THE FEDERAL GOVERNMENT IN PRICING FUTURE AEROJET GOVERNMENT CONTRACTS WOULD COVER 65 OF THE COSTS TO AEROJET OF GROUNDWATER REMEDIATION AND RELATED WORK AT THE PLANT GENCORP AN AEROSPACE AUTOMOTIVE AND POLYMER CONCERN BASED IN FAIRLAWN OHIO SAID THAT AS IN THE PAST IN GOVERNMENT CONTRACTS ENVIRONMENTAL COSTS WILL BE EXCLUDED IN ESTABLISHING PROFIT GENCORP SAID IT ALSO WILL RECOVER 184 MILLION IN REMEDIATION COSTS INCURRED FROM JULY 1989 THROUGH NOVEMBER 1992 THE GOVERNMENT WILL MAKE THE PAYMENT BY RELEASING AEROJET FUNDS THAT IT HAS HELD PENDING A SETTLEMENT GENCORP SAID IT WILL NOT RECOGNIZE THE 184 MILLION AS INCOME IT WILL USE THE MONEY TO OFFSET ITS SHARE OF FUTURE ENVIRONMENTAL REVIEW AND REMEDIATION AT THE SACRAMENTO PLANT GENCORP SAID AEROJET WILL DISMISS ITS CONTRACT CLAIM BEFORE THE ARMED SERVICES BOARD OF CONTRACT APPEALS AND RELEASE A CLAIM AGAINST THE GOVERNMENT IT BROUGHT IN FEDERAL COURT 9309220033 930922 CORPORATE FOCUS MICROGRAFX INC TAPS TUCKER TO ENGINEER TURNAROUND SOFTWARE DEVELOPER HOPES CHICKEN EXPERT CAN LEAD ITS MARKETING PUSH BY KYLE POPE STAFF REPORTER OF THE WALL STREET JOURNAL RICHARDSON TEXAS CAN A CHICKEN EXPERT FIX WHAT AILS COMPUTER SOFTWARE DEVELOPER MICROGRAFX INC THE COMPANY NAMED GORDON M TUCKER 38 YEARS OLD AS PRESIDENT AND CHIEF EXECUTIVE OFFICER ENDING A GRUELING 10MONTH SEARCH MR TUCKER WAS FORMERLY VICE PRESIDENT OF WORLDWIDE STRATEGIC DEVELOPMENT AT PEPSICO INC'S KFC UNIT WHERE HE LED THE DEVELOPMENT OF THAT COMPANY'S NEW ROTISSERIE CHICKEN LINE MR TUCKER HAS A TOUGH ROAD AHEAD MICROGRAFX ONE OF THE FIRST DEVELOPERS OF PROGRAMS FOR MICROSOFT CORP'S POPULAR WINDOWS SOFTWARE HAS FALLEN PRECIPITOUSLY OVER THE PAST YEAR FROM ITS PERCH AS ONE OF HIGH TECH'S GLITZIEST STARS MICROGRAFX HAS SUFFERED FROM THE ACRIMONIOUS BREAKUP OF THE BROTHER ACT THAT FOUNDED THE COMPANY AND THE DISCOVERY OF INTERNAL FRAUD AT ITS JAPANESE UNIT BUT THE COMPANY'S WEAK PRODUCT MARKETING AND LONG DELAYS IN INTRODUCING PRODUCT UPGRADES HAVE BEEN EVEN MORE DAMAGING WE DO ROCKET SCIENCE FOR BREAKFAST CRACKS J PAUL GRAYSON THE COMPANY'S CHAIRMAN IT'S SOME OF THE MORE MUNDANE THINGS THAT HAVE US BAFFLED BAFFLED INDEED REVENUE HAS FALLEN DURING EACH OF THE PAST TWO QUARTERS AND THE COMPANY EKED OUT A TINY 110000 PROFIT DURING THE LATEST QUARTER FOR THE FISCAL YEAR ENDED IN MARCH MICROGRAFX REPORTED A LOSS OF 28 MILLION OR 34 CENTS A SHARE COMPARED WITH PROFIT OF 51 MILLION OR 61 CENTS A SHARE A YEAR AGO ENTER MR TUCKER WITH A LONG BACKGROUND IN CONSUMER PRODUCTS MARKETING BEFORE HIS STINT AT KFC HE WAS A SENIOR VICE PRESIDENT OF INTERCO INC'S CONVERSE INC UNIT THE ATHLETIC SHOE MAKER AND BEFORE THAT A BRAND MANAGER AT PROCTER & GAMBLE CO WHERE HE ENGINEERED THE REVIVAL OF P&G'S PRINGLE'S POTATO CHIP BUSINESS HIS APPOINTMENT FURTHER ILLUSTRATES THE SHIFT IN MANAGEMENT EMPHASIS BY HIGH TECH COMPANIES TO MARKETING ANALYSTS NOTE THAT THE HIRING OF MR TUCKER COMES LESS THAN THREE MONTHS AFTER TANDY CORP ANOTHER STRUGGLING TEXAS TECHNOLOGY OUTFIT TAPPED LEONARD ROBERTS FORMER CHIEF EXECUTIVE OFFICER OF SHONEY'S INC AND ARBY'S INC TO RUN ITS HUGE RADIO SHACK FLAGSHIP AND INTERNATIONAL BUSINESS MACHINES CORP RECRUITED LOUIS V GERSTNER JR FROM CONSUMER PRODUCTS MARKETER RJR NABISCO INC TO RESHAPE ITS FUTURE MR TUCKER'S CHARGE ACCORDING TO COMPANY INSIDERS AND ANALYSTS WHO FOLLOW MICROGRAFX IS TO TAKE A COMPANY LONG FOCUSED ONLY ON TECHNOLOGY AND TEACH IT HOW TO SELL THE COMPANY NEEDS A PROFESSIONAL MANAGER SAYS SEYMOUR MERRIN A TECHNOLOGYINDUSTRY ANALYST WHO SITS ON MICROGRAFX'S BOARD IT NEEDS A MARKETING BENT ALREADY MR TUCKER HAS SOME IDEAS ON HOW TO TURN MICROGRAFX AROUND THE EXECUTIVE IN AN INTERVIEW FROM HIS BOSTON OFFICE SAID HE PLANS TO REVAMP THE COMPANY'S PRODUCT DEVELOPMENT EFFORTS TO RESEMBLE THE SNEAKER GROUPS HE MANAGED AT CONVERSE INSTEAD OF BEING RUN SOLELY BY TECHNOLOGY WONKS THE CONVERSE TEAMS INCLUDED FINANCIAL MANAGERS MARKETING EXPERTS SALESPEOPLE EVEN CUSTOMERS WHAT I'VE SEEN IN A LOT OF TECHNOLOGY COMPANIES IS A TENDENCY TO DEVELOP GREAT PRODUCT HE SAYS THE EMPHASIS IS ON THE EXCELLENCE OF THE PRODUCT FIRST THEN LET'S FIND OUT HOW TO SELL IT MICROGRAFX TOOK ITS EYE OFF THE BALL IN TERMS OF WHERE IT OUGHT TO BE GOING MR TUCKER SIGNALING A CHANGE SEEN THROUGHOUT THE COMPUTER SOFTWARE BUSINESS SAID HIS FOCUS WILL BE ON DEVELOPING LOWPRICED CONSUMERORIENTED PROGRAMS FOR A COMPANY THAT ONCE CATERED MOSTLY TO BIG BUSINESS THAT MOVE ANALYSTS SAY COMES IN RESPONSE TO AN EXPLOSION IN THE HOME PERSONAL COMPUTER BUSINESS AS PRICES HAVE FALLEN AND SOFTWARE HAS BECOME EASIER TO USE SIMULTANEOUSLY THE NUMBER OF POTENTIAL USERS FOR THE COMPANY'S PC GRAPHICS SOFTWARE HAS BLOSSOMED WITH THE ADVENT OF MORE POWERFUL COMPUTER MICROPROCESSORS AND IMPROVED DISPLAY TECHNOLOGY TO CARRY OUT THIS NEW CONSUMERORIENTED FOCUS MR TUCKER SAID HE PLANS TO INTRODUCE TO MICROGRAFX SOME OF THE TEAM AND WORKGROUP IDEAS HE TESTED AT P&G HE SAID THE PRINGLE'S POTATO CHIP GROUP FOR EXAMPLE HAD COMPLETE AUTONOMY IN ITS EFFORT TO REVIVE THAT BRAND AS A RESULT HE SAID A BUSINESS P&G ONCE CONSIDERED CLOSING HAS BECOME ONE OF ITS MOST PROFITABLE BRANDS THE COMPANY HAD IN PART LOST TOUCH WITH THE CUSTOMER HE SAID BUT MR TUCKER'S PLANS TO REINVIGORATE MICROGRAFX COME IN THE MIDST OF A TERRIBLE YEAR FOR THE 11YEAROLD TECHNOLOGY COMPANY IN ADDITION TO ITS FISCAL YEAR LOSS THE COMPANY RECENTLY AXED ABOUT 20 OF ITS WORK FORCE AND ITS STOCK HAS BEEN SLUMPING SHARES THAT TRADED AS HIGH AS 16 THIS TIME LAST YEAR CLOSED YESTERDAY AT 7125 UP 25 CENTS IN NATIONAL OVERTHECOUNTER TRADING MOREOVER THE COMPANY STILL IS HAUNTED BY THE BITTER SPLIT IN NOVEMBER BETWEEN MR GRAYSON THE CHAIRMAN AND HIS BROTHER GEORGE WHOM MR TUCKER SUCCEEDS AS PRESIDENT THE BROTHERS COLLEGE ROOMMATES WHO WORKED TOGETHER IN A SNOWSHOVELING BUSINESS AS KIDS PARTED WAYS LAST YEAR FOLLOWING WHAT GEORGE GRAYSON DECRIBED AS A BOARDROOM COUP ENGINEERED BY HIS BROTHER THOUGH HIS TIME IS NOW OCCUPIED BY A MULTIMEDIA VENTURE IN HOLLYWOOD GEORGE GRAYSON REMAINS EMBITTERED AND MAINTAINS SOMETHING OF A CULT FOLLOWING WITHIN THE COMPANY MY VIEW IS THAT PAUL MADE A BIG MISTAKE GEORGE GRAYSON SAID IN A RECENT INTERVIEW IT'S KIND OF LIKE WHEN YOU GET A DIVORCE YOU DON'T HAVE ANY CHOICE BUT TO PUT IT BEHIND YOU PAUL GRAYSON DISPUTES HIS BROTHER'S VERSION OF EVENTS SAYING HE LOBBIED TO KEEP HIM AT THE COMPANY DESPITE A BOARD RESTIVE FOR CHANGE THE BOARD HE CLAIMS FELT THAT GEORGE WHO WAS PRESIDENT AND CHIEF OPERATING OFFICER WAS MORE INTERESTED IN THE TECHNOLOGY THAN IN RUNNING THE DAYTODAY OPERATIONS IN THE END MR GRAYSON SAID HE WAS LEFT WITH AN EXCRUCIATING CHOICE BETWEEN SIDING WITH THE BOARD'S WISHES OR LEAVING THE COMPANY AND PERHAPS WATCHING ITS DOWNFALL IT'S BEEN THE MOST DIFFICULT GUTWRENCHING EXPERIENCE IN MY LIFE HE SAID RECENTLY WHILE PAUL GRAYSON ADMITS THAT HE TOO IS A TECHNOLOGY AND NOT A BUSINESS MANAGER HE SAYS HE'S HARDLY BEEN SITTING ON HIS HANDS FOR THE PAST YEAR HE NOTES THAT THE COMPANY HAS RECENTLY HIRED NEW ADVERTISING AND PUBLIC RELATIONS AGENCIES TO PITCH ITS PROGRESS AND HAS REDESIGNED THE LOOK OF ITS PRODUCTS TO CATCH THE EYE OF CONSUMERS IN COMPUTER SUPERSTORES MICROGRAFX ALSO HAS BEGUN USING FOCUS GROUPS TO ZERO IN ON THE GRAPHICS SOFTWARE CUSTOMERS WANT AND HAS STREAMLINED THE DEVELOPMENT PROCESS TO ELIMINATE THE TWO AND THREEYEAR DELAYS THAT HAVE PLAGUED THE COMPANY'S RECENT EFFORTS NOW AFTER GOING THROUGH ALMOST 10 MONTHS AND TWO DIFFERENT EXECUTIVE SEARCH FIRMS TO FIND MR TUCKER MR GRAYSON SAYS HE'S NEARLY READY FOR A REST THE PAST YEAR HE SAYS HAS BEEN A LOT LIKE HAVING A BABY AND IT'S PROBABLY BEEN ABOUT AS ENJOYABLE ADOBE SYSTEMS INC ALDUS CORP COREL SYSTEMS CORP LOTUS DEVELOPMENT CORP AND MICROSOFT CORP 9309220032 930922 POLITICS & POLICY TOP WRITER OF REINVENTING GOVERNMENT' REPORT HAS COME FAR FROM SCRUFFIER MAGAZINE DAYS BY TIMOTHY NOAH STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON DAVID OSBORNE BRINGS A GREAT DEAL OF EXPERIENCE TO HIS ROLE AS THE CLINTON ADMINISTRATION'S GURU FOR REINVENTING GOVERNMENT AFTER ALL HE HAS ALREADY REINVENTED HIMSELF A DECADE AGO MR OSBORNE NOW 42 YEARS OLD WAS A FREELANCE WRITER WITH A LEFTLIBERAL BENT WHOSE WORK APPEARED IN SUCH MAGAZINES AS MOTHER JONES AND THE NEW REPUBLIC THESE DAYS HE IS BOTH A PARTTIME SENIOR ADVISER TO VICE PRESIDENT GORE'S GOVERNMENTREFORM TASK FORCE HE LED THE FIVEPERSON TEAM THAT WROTE THE RECENTLY RELEASED REPORT AND A FULLTIME PITCHMAN FOR THE NEED TO BRING AN ENTREPRENEURIAL SPIRIT TO STATE AND LOCAL AND NOW FEDERAL GOVERNMENT THE TRANSFORMATION BEMUSES SOME WHO HAVE KNOWN HIM IN BOTH INCARNATIONS ONE IS HOUSE REPUBLICAN WHIP NEWT GINGRICH OF GEORGIA NINE YEARS AGO MR GINGRICH WAS THE SUBJECT OF A SCORCHING OSBORNE PROFILE IN MOTHER JONES THAT FOCUSED LARGELY ON THE BREAKUP OF HIS FIRST MARRIAGE TODAY HE ENTHUSIASTICALLY ENDORSES MANY OF MR OSBORNE'S IDEAS WHAT DOES HE THINK OF MR OSBORNE NOW I FIND HIM MORE HONEST AS AN INTELLECTUAL THAN HE WAS AS A JOURNALIST THE CONGRESSMAN SAYS MR OSBORNE IS AN IDENTIFIABLE JOURNALISTIC TYPE THE OUTSIDER WINDS UP AN INSIDER UNLIKE JUDE WANNISKI THE FORMER EDITORIAL WRITER FOR THIS NEWSPAPER WHO BECAME THE PRINCIPAL PROSELYTIZER FOR SUPPLYSIDE ECONOMICS MR OSBORNE HAS NO STRONGLY IDEOLOGICAL POINT TO PUSH BUT LIKE MR WANNISKI HE SEEMS TO HAVE LATCHED ON TO THE RIGHT ISSUE AT THE RIGHT TIME NOW HE IS RIDING IT FOR ALL IT'S WORTH AND IT'S WORTH A LOT INCLUDING A BESTSELLING BOOK REINVENTING GOVERNMENT COAUTHORED WITH FORMER VISALIA CALIF CITY MANAGER TED GAEBLER SPEAKING INVITATIONS AT 10000 OR MORE A POP AND MOST COVETED OF ALL A NEWFOUND AURA OF RESPECTABILITY THAT DRAWS POLITICIANS EVEN PRESIDENTS TO HIS SIDE I'VE ALWAYS THOUGHT OF MYSELF AS PART WRITER PART ACTIVIST SAYS MR OSBORNE CITING HIS EARLIER PARTICIPATION IN EFFORTS TO EXPAND MINORITY REPRESENTATION IN SAN FRANCISCO CITY ELECTIONS AND HIS WORK IN THE 1982 CONGRESSIONAL CAMPAIGN OF FORMER REP BRUCE MORRISON A LIBERAL DEMOCRAT FROM CONNECTICUT UNLIKE MOST JOURNALISTS WHO ENTER THE POLITICAL FRAY MR OSBORNE HAS BECOME NOT MORE PARTISAN BUT LESS HE SAYS THE TAXREFORM MOVEMENT OF THE LATE 1970S FIRST ALERTED HIM TO THE NEED TO FIGURE OUT SOMETHING BETTER THAN EXPANSION OF THE STATUS QUO LIBERAL PROGRAMS HE SAYS HE CONTINUED TO QUESTION CHERISHED PRINCIPLES OF THE LEFT WHILE TAKING ON SUCH MAGAZINE ASSIGNMENTS AS A 1982 PROFILE OF THENSEN PAUL TSONGAS FOR MOTHER JONES A GROWING INTEREST IN GOVERNMENT REFORM RESULTED IN A 1988 BOOK LABORATORIES OF DEMOCRACY WHICH SPOTLIGHTED SUCCESSFUL STATE GOVERNMENT PROGRAMS INCLUDING SOME IN BILL CLINTON'S ARKANSAS THINGS REALLY STARTED TO TAKE OFF THOUGH WHEN INC THE SMALLBUSINESS MAGAZINE ASSIGNED HIM TO WRITE ABOUT MR GAEBLER'S INNOVATIONS IN VISALIA A SAN JOAQUIN VALLEY TOWN THAT FREED UP ITS EMPLOYEES BY ELIMINATING ALL LINE ITEMS WITHIN DEPARTMENT BUDGETS MR GAEBLER IMPRESSED WITH MR OSBORNE'S ARTICLE ASKED HIM IF HE'D BE WILLING TO GHOSTWRITE A BOOK HE WAS PLANNING BASED ON HIS EXPERIENCES IN VISALIA AND ELSEWHERE MR OSBORNE COUNTERED WITH A PROPOSITION TO COAUTHOR A MORE SWEEPING SURVEY OF DECENTRALIZATION TRENDS IN STATE AND LOCAL GOVERNMENTS NATIONWIDE THE RESULT WAS REINVENTING GOVERNMENT A SURPRISE BESTSELLER LAST YEAR THAT WAS HELPED ALONG BY A LAVISH PROMOTIONAL BLURB FROM CANDIDATE CLINTON SHOULD BE READ BY EVERY ELECTED OFFICIAL IN AMERICA MR GAEBLER HAS LIKE MR OSBORNE REAPED CONSIDERABLE FINANCIAL REWARD FROM THE BOOK NOT ONLY FROM ROYALTIES BUT FROM THE BOOST TO THE BUSINESS OF GAEBLER GROUP A MANAGEMENT CONSULTING FIRM HE NOW RUNS IN SAN RAFAEL CALIF BUT HE IS SOMEWHAT RUEFUL THAT MR OSBORNE HAS REAPED THE LION'S SHARE OF ATTENTION FOR THE BOOK AND A SLIGHT TONE OF PIQUE ENTERS HIS VOICE WHEN HE ALLUDES TO TALK OF OSBORNEIZING GOVERNMENT WHERE I'M THE PRACTITIONER MR OSBORNE'S NEXT BOOK A HANDBOOK FOR GOVERNMENT MANAGERS ON HOW TO IMPLEMENT THE REFORMS DESCRIBED IN REINVENTING GOVERNMENT WON'T BE WRITTEN WITH MR GAEBLER EVEN BEFORE REINVENTING GOVERNMENT WAS PUBLISHED MR OSBORNE'S SPIRITED CALL FOR A MORE ENTREPRENEURIAL APPROACH TO GOVERNMENT ENUNCIATED IN SPEECHES HE GAVE TO STATE GOVERNMENT OFFICIALS WHILE WRITING THE BOOK WAS SEIZED UPON BY REFORMMINDED POLITICIANS IN THEIR 1991 INAUGURAL ADDRESSES FLORIDA GOV LAWTON CHILES A DEMOCRAT AND MASSACHUSETTS GOV WILLIAM WELD A REPUBLICAN EACH BORROWED FROM AN ADVANCE EXCERPT OF REINVENTING GOVERNMENT THAT APPEARED A MONTH EARLIER IN THE WASHINGTON POST'S SUNDAY MAGAZINE INDEED MR CHILES WHO HAD SERVED THREE DISILLUSIONING TERMS IN THE SENATE CREDITS A 1989 TALK THAT MR OSBORNE GAVE TO THE DEMOCRATIC LEADERSHIP COUNCIL WITH HELPING PERSUADE HIM TO REENTER POLITICS AND RUN FOR GOVERNOR ON A PLATFORM THAT EMPHASIZED ENDING THE OLD TOPDOWN GOVERNING MODEL ONCE ELECTED GOV CHILES GAVE MR OSBORNE A TEMPORARY PAID POSITION AS CONSULTANT TO A STATE COMMISSION ON DECENTRALIZED GOVERNMENT ONE SUBSEQUENT RESULT WAS A DOWNSIZING AND DECENTRALIZATION OF THE STATE HEALTH DEPARTMENT IN SHIFTING FROM THE SOMETIMES SCRUFFY WORLD OF MAGAZINES TO THE CALMER DOMAIN OF GOVERNMENT PANELS AND FOUNDATIONS MR OSBORNE HAS OCCASIONALLY BEEN ACCUSED OF AIRBRUSHING REALITY IN A REVIEW OF REINVENTING GOVERNMENT FOR THE ATLANTIC FOR WHICH MR OSBORNE HAS WRITTEN WASHINGTON EDITOR JAMES FALLOWS COMPLAINED THAT THE AUTHORS PLAYED DOWN IN THEIR ACCOUNT OF REFORM AT THE AIR FORCE'S TACTICAL AIR COMMAND THE IMPACT OF SUBSTANTIAL NEW FUNDS MADE AVAILABLE BY PRESIDENT REAGAN MR OSBORNE SAYS MR FALLOWS IS WRONG BECAUSE THE MONEY DIDN'T POUR IN UNTIL LATER BUT IT'S UNDENIABLE THAT MR OSBORNE'S RECENT WORK AVOIDS DWELLING ON SUCH POLITICALLY UNATTRACTIVE ASPECTS OF GOVERNMENT REFORM AS THE MONETARY COST OF SUCCESSFUL PROGRAMS AND THE NASTY FIGHTS REQUIRED TO DISMISS INCOMPETENT WORKERS THESE DAYS MR OSBORNE'S INSIDER CREDENTIALS AREN'T LIMITED TO HIS WORK WITH MR GORE HE ALSO HAS SERVED ON VARIOUS STATE BOARDS AND HEADS A NEW INDUSTRYFUNDED NONPROFIT GROUP THE ALLIANCE FOR REDESIGNING GOVERNMENT WHOSE BOARD INCLUDES SEVERAL GOVERNORS MAYORS AND UNION OFFI CIALS EVEN THOUGH MR OSBORNE NEVER PRETENDED TO BE A MAINSTREAM NONPARTISAN REPORTER SOME OF HIS FORMER JOURNALISTIC COLLEAGUES HAVE QUALMS ABOUT HIS NEW ROLE HE'S GOT EQUITY NOW WORRIES GEORGE GENDRON EDITOR IN CHIEF OF INC HE'S GOT SOMETHING TO PROTECT BUT MR FALLOWS OF THE ATLANTIC PRAISES MR OSBORNE'S SWITCH FROM JOURNALISM TO ACTIVISM I THINK HE'S FOUND HIS REAL SELF HE SAYS I THINK HE IS BY NATURE AN ENTHUSIAST 9309220031 930922 BUSINESS BRIEF IPSCO INC CANADIAN STEELMAKER PLANS TO CONSTRUCT PLANT IN US IPSCO INC SAID IT APPROVED IN PRINCIPLE PLANS TO BUILD A FLATROLLED STEEL MINIMILL IN THE US AT AN ESTIMATED COST OF 360 MILLION THE REGINA SASKATCHEWANBASED STEELMAKER SAID CONSTRUCTION OF THE PLANT WHICH WOULD PRODUCE ABOUT ONE MILLION TONS ANNUALLY WILL BEGIN IN 1996 IT SAID IT IS CONSIDERING A VARIETY OF SITES INCLUDING LOCATIONS IN IOWA AND KENTUCKY IPSCO SAID IT EXPECTS TO USE FUTURE DEBT AND EQUITY ISSUES TO HELP FINANCE THE PROJECT DETAILS OF THESE FINANCINGS ARE BEING RESOLVED THE STEELMAKER SAID THE PROPOSED MINIMILL WOULD PRODUCE LIGHT TO MEDIUM THICKNESSES OF PLATE AND WOULD ALSO MANUFACTURE HOTROLLED COIL UP TO 96 INCHES WIDE IT SAID THE GRADES PRODUCED WOULD BE CARBON AND HIGHSTRENGTH LOWALLOY STEELS AT FULL CAPACITY THE PLANT WILL EMPLOY 300 PEOPLE 9309220030 930922 DRUCKER ON MANAGEMENT SIX RULES FOR PRESIDENTS BY PETER F DRUCKER IT'S HARD TO IMAGINE A MORE DIVERSE GROUP THAN BILL CLINTON'S PREDECESSORS IN THE AMERICAN PRESIDENCY IN ABILITIES PERSONALITIES VALUES STYLES AND ACHIEVEMENTS BUT EVEN THE WEAKEST OF THEM HAD CONSIDERABLE EFFECTIVENESS AS LONG AS THEY OBSERVED SIX MANAGEMENT RULES AND EVEN THE MOST POWERFUL LOST EFFECTIVENESS AS SOON AS THEY VIOLATED THESE RULES WHAT NEEDS TO BE DONE IS THE FIRST THING THE PRESIDENT MUST ASK HE MUST NOT STUBBORNLY DO WHAT HE WANTS TO DO EVEN IF IT WAS THE FOCUS OF HIS CAMPAIGN HARRY TRUMAN CAME TO THE PRESIDENCY IN APRIL 1945 CONVINCED AS WERE MOST AMERICANS THAT WITH THE END OF THE WAR IN SIGHT THE COUNTRY COULD AND SHOULD FOCUS AGAIN ON DOMESTIC PROBLEMS HE WAS PASSIONATELY COMMITTED TO REVIVING THE NEW DEAL WHAT MADE HIM AN EFFECTIVE PRESIDENT WAS HIS ACCEPTING WITHIN A FEW WEEKS THAT INTERNATIONAL AFFAIRS ESPECIALLY THE CONTAINMENT OF STALIN'S WORLDWIDE AGGRESSION HAD TO BE GIVEN PRIORITY WHETHER HE LIKED IT OR NOT AND HE DIDN'T THERE SEEMS TO BE A LAW OF AMERICAN POLITICS THAT THE WORLD ALWAYS CHANGES BETWEEN ELECTION DAY AND INAUGURATION DAY TO REFUSE TO ACCEPT THIS AS JIMMY CARTER TRIED TO DO IS NOT TO BE PRINCIPLED IT IS TO DENY REALITY AND CONDEMN ONESELF TO BEING INEFFECTUAL CONCENTRATE DON'T SPLINTER YOURSELF IS THE SECOND RULE THERE USUALLY ARE HALF A DOZEN RIGHT ANSWERS TO WHAT NEEDS TO BE DONE YET UNLESS A PRESIDENT MAKES THE RISKY AND CONTROVERSIAL CHOICE OF ONLY ONE HE WILL ACHIEVE NOTHING FRANKLIN ROOSEVELT SNUBBED THE OUTSIDE WORLD DURING HIS FIRST FIVE YEARS IN OFFICE DESPITE THE RISE OF HITLER IN EUROPE AND THE JAPANESE INVASION IN CHINA BY EARLY 1938 WE WERE STILL IN DEEPEST DEPRESSION AND THE COUNTRY WAS HIGHLY ISOLATIONIST IN MOOD BUT PRACTICALLY OVERNIGHT FDR SWITCHED HIS PRIORITY TO INTERNATIONAL AFFAIRS ALL BUT NEGLECTING DOMESTIC ISSUES LYNDON JOHNSON 30 YEARS LATER TRIED TO FIGHT THE WAR IN VIETNAM AND THE WAR ON POVERTY SIMULTANEOUSLY WE LOST BOTH THE PRESIDENT'S TOP PRIORITY HAS TO BE SOMETHING THAT TRULY NEEDS TO BE DONE IF IT IS NOT HIGHLY CONTROVERSIAL IT IS LIKELY TO BE THE WRONG PRIORITY IT HAS TO BE DOABLE AND FAIRLY FAST WHICH MEANS THAT IT HAS TO HAVE A LIMITED OBJECTIVE BUT IT HAS TO BE IMPORTANT ENOUGH TO MAKE A DIFFERENCE IF DONE SUCCESSFULLY RONALD REAGAN APPLIED THESE GUIDELINES WHEN HE DECIDED IN 1981 TO MAKE STOPPING INFLATION HIS FIRST PRIORITY AND TO DO SO BY RAISING INTEREST RATES SKYHIGH ANY SECONDYEAR ECONOMICS STUDENT COULD HAVE TOLD MR REAGAN THAT THIS WOULD CAUSE A MASSIVE RECESSION AND INDEED UNEMPLOYMENT JUMPED WITHIN A FEW MONTHS FROM AN ALREADY HIGH 7 1/2 TO 10 A RATE NOT SEEN SINCE THE DEPRESSION YET STOPPING INFLATION WAS SURELY SOMETHING THAT NEEDED TO BE DONE IT WAS QUICKLY DOABLE AND IT DID MAKE A DIFFERENCE MR REAGAN'S ACTION LAID THE FOUNDATION FOR THE SUBSEQUENT EXPANSION IN EMPLOYMENT THE GREATEST IN US HISTORY AND IT EARNED MR REAGAN THE PUBLIC'S TRUST WHICH HE ENJOYED TO THE END OF HIS TENURE MR CLINTON MIGHT HAVE GAINED SIMILAR SUCCESS IF HE HAD MADE INSURING THE 37 MILLION AMERICANS WHO LACK HEALTH COVERAGE HIS FIRST PRIORITY INSTEAD HE SHRANK FROM THE LIKELY POLITICAL BATTLE MIRING THIS LIMITED AND DOABLE OBJECTIVE IN THE MORASS OF COMPREHENSIVE HEALTHCARE REFORM DON'T EVER BET ON A SURE THING IS RULE THREE IT ALWAYS MISFIRES IF ANY PRESIDENT SINCE GEORGE WASHINGTON EVER HAD A POPULAR MANDATE IT WAS FDR AT HIS SECOND INAUGURATION IN 1937 REELECTED WITH THE LARGEST MAJORITY IN US HISTORY AND IN FULL CONTROL OF CONGRESS PRESIDENT ROOSEVELT HAD EVERY REASON TO BELIEVE THAT HIS PLAN TO PACK THE SUPREME COURT AND THEREBY TO REMOVE THE LAST OBSTACLE TO THE NEW DEAL REFORMS WOULD BE A SURE THING HE NEVER EVEN TESTED THE PLAN BEFORE ANNOUNCING IT IT IMMEDIATELY BLEW UP IN HIS FACE SO MUCH SO THAT HE NEVER REGAINED CONTROL OF CONGRESS MR CLINTON TOO MUST HAVE THOUGHT THAT REMOVING THE BAN ON GAYS IN THE MILITARY WOULD BE A SURE THING HE TOO NEVER TESTED THE PROPOSAL BEFORE ANNOUNCING IT IT IMMEDIATELY LED TO THE SHARPEST DROP IN PUBLIC OPINION RATINGS EVER SUFFERED BY A NEW PRESIDENT PACKING THE SUPREME COURT WAS NOT PERCEIVED BY THE AMERICAN PUBLIC AS A WAY TO PROMOTE THE HIGHLY POPULAR NEW DEAL BUT AS A SUBVERSION OF THE FOUNDERS' AMERICA PRESIDENT CLINTON'S PROPOSAL WAS PERCEIVED TO HAVE FAR LESS TO DO WITH GAY RIGHTS THAN WITH THE COMBAT READINESS OF THE ARMED FORCES SUCH DIFFERENCES IN PERCEPTION ARE ALWAYS OBVIOUS IN RETROSPECT BUT IN RETROSPECT ONLY AN EFFECTIVE PRESIDENT KNOWS THEREFORE THAT THERE IS NO RISKFREE POLITICS AN EFFECTIVE PRESIDENT DOES NOT MICROMANAGE IS RULE FOUR THE TASKS THAT A US PRESIDENT MUST DO HIMSELF ARE ALREADY WELL BEYOND WHAT ANY BUT THE BEST ORGANIZED AND MOST ENERGETIC PERSON CAN POSSIBLY ACCOMPLISH WHATEVER THE PRESIDENT DOES NOT HAVE TO DO HE THEREFORE MUST NOT DO PRESIDENTS ARE MUCH TOO FAR AWAY FROM THE SCENE OF ACTION MUCH TOO DEPENDENT ON WHAT OTHER PEOPLE TELL THEM OR CHOOSE NOT TO TELL THEM AND MUCH TOO BUSY TO STUDY THE FINE PRINT TO MICROMANAGE SUCCESSFULLY AND IN CARRYING OUT THE WORK OF THE GOVERNMENT GOD IS IN THE DETAILS AS LYNDON JOHNSON AND JIMMY CARTER HAVE PROVED THERE IS NO QUICKER WAY FOR A PRESIDENT TO DISCREDIT HIMSELF THAN TO BE HIS OWN CHIEF OPERATING EXECUTIVE YET IN THE AMERICAN SYSTEM THE PRESIDENT AND NO ONE ELSE IS ULTIMATELY ACCOUNTABLE FOR THE GOVERNMENT'S PERFORMANCE AN EFFECTIVE PRESIDENT HAS TO SAY NO TO THE TEMPTATION TO MICROMANAGE BUT MAKE SURE OPERATIONS ARE BEING TAKEN CARE OF A PRESIDENT NEEDS A SMALL TEAM OF HIGHLY DISCIPLINED PEOPLE EACH WITH CLEAR OPERATING RESPONSIBILITY FOR ONE AREA THE MODEL MIGHT BE FDR'S CABINET NINE OF ITS 10 MEMBERS ALL BUT THE SECRETARY OF STATE WERE WHAT WE NOW WOULD CALL TECHNOCRATS COMPETENT SPECIALISTS IN ONE AREA I MAKE THE DECISION ROOSEVELT SAID AND THEN TURN THE JOB OVER TO A CABINET MEMBER AND LEAVE HIM OR HER ALONE THAT THE OPERATING TEAM DELIVERED AN EXCEPTIONAL PERFORMANCE NOT ONE FINANCIAL SCANDAL FOR INSTANCE DESPITE UNPRECEDENTED GOVERNMENT SPENDING EXPLAINS IN LARGE MEASURE ROOSEVELT'S OWN UNPRECEDENTED HOLD ON POWER AND OFFICE LATER PRESIDENTS TRIED TO GET THE SAME EFFECTIVENESS BY HAVING ONE CHIEF OF STAFF A CHIEF OPERATING OFFICER IT HAS NEVER WORKED BUT THE OTHER ALTERNATIVE THE ONE MR CLINTON HAS CHOSEN TO HAVE DOZENS AND DOZENS OF DEPUTY SECRETARIES UNDERSECRETARIES ASSISTANT SECRETARIES SPECIAL ASSISTANTS AND SO ON ONLY CONVERTS GOVERNMENT INTO A PERPETUAL MASS MEETING A PRESIDENT HAS NO FRIENDS IN THE ADMINISTRATION WAS LINCOLN'S MAXIM AND IS RULE FIVE ANY PRESIDENT WHO HAS DISREGARDED IT HAS LIVED TO REGRET IT NO ONE CAN TRUST FRIENDS OF THE PRESIDENT WHOM DO THEY WORK FOR WHOM DO THEY SPEAK FOR TO WHOM DO THEY REALLY REPORT AT BEST THEY ARE SUSPECTED OF RUNNING AROUND THEIR OFFICIAL SUPERIORS AND TO THEIR GREAT FRIEND AT WORST THEY ARE KNOWN AS THE PRESIDENT'S SPIES ABOVE ALL THEY ARE ALWAYS TEMPTED TO ABUSE THEIR POSITION AS A FRIEND AND THE POWER THAT GOES WITH IT IF THEY DO SO BY TAKING A BRIBE OR OTHERWISE ENRICHING THEMSELVES OR THEIR FAMILIES THE RESULTING FINANCIAL SCANDAL MAKES THE HEADLINES NONFINANCIAL ABUSES EG OBTAINING SPECIAL TREATMENT FOR THIS OR THAT INTEREST GROUP ARE USUALLY HUSHED UP YET SUCH ABUSES CAN DO EVEN MORE DAMAGE THAN THE FINANCIAL MISDEEDS TO THE PRESIDENT'S EFFECTIVENESS HIS POLICIES HIS REPUTATION PRESIDENTS ARE HUMAN BEINGS AND THEIR JOB IS A LONELY ONE BEING POLITICIANS THEY TEND TO BE GREGARIOUS PEOPLE WHO CRAVE COMPANY COMPANIONSHIP SYMPATHY THIS EXPLAINS BOTH WHY PRESIDENTS ARE SO PRONE TO BRING FRIENDS INTO THEIR ADMINISTRATIONS AND WHY THEY ARE USUALLY EXTREMELY RELUCTANT TO GET RID OF A FRIEND WHO HAS PROVED INCOMPETENT OR BETRAYED THEIR TRUST BUT EFFECTIVE PRESIDENTS SHOULD EMULATE THE MOST GREGARIOUS MAN EVER TO OCCUPY THE WHITE HOUSE TEDDY ROOSEVELT EVEN AS PRESIDENT HE LED A HECTIC SOCIAL LIFE BUT NOT ONE OF HIS HALFDOZEN INTIMATES WORKED IN HIS ADMINISTRATION MANY PRESIDENTS' WIVES THE PRIME EXAMPLE BEING BESS TRUMAN WERE THEIR HUSBANDS' MAIN ADVISERS AND CONFIDANTES BUT PRIOR TO HILLARY RODHAM CLINTON NOT ONE HELD A POSITION IN AN ADMINISTRATION AND THE SIXTH RULE IT IS THE ADVICE HARRY TRUMAN GAVE THE NEWLY ELECTED JOHN F KENNEDY ONCE YOU'RE ELECTED YOU STOP CAMPAIGNING MR DRUCKER IS A PROFESSOR OF SOCIAL SCIENCES AT THE CLAREMONT GRADUATE SCHOOL IN CALIFORNIA 9309220029 930922 BUSINESS BRIEF CBL MEDICAL INC EXISTING OPERATIONS TO END AS FIRM SEEKS NEW BUSINESS CBL MEDICAL INC SUFFERING CASH FLOW PROBLEMS AND OTHER DIFFICULTIES SAID IT PLANS TO CEASE EXISTING OPERATIONS AND USE ITS CASH TO BUY ITS WAY INTO A DIFFERENT HEALTHCARE BUSINESS THE LOS ANGELES MEDICALOFFICE MANAGEMENT CONCERN SAID IT WILL STOP PROVIDING SERVICES TO ITS PHYSICIANGROUP CUSTOMERS BY THE END OF THE YEAR IF NEW MANAGERS OR BUYERS FOR THE PRACTICES CAN'T BE FOUND THE GROUPS WILL CLOSE THEIR DOORS CBL SAID CONTINUING CASH FLOW PROBLEMS INCREASED COSTS REDUCED FEES FOR CERTAIN SERVICES AND THE EXPECTED EFFECT OF RECENT CHANGES IN CALIFORNIA WORKERS' COMPENSATION LAWS LED TO THIS DECISION SAID CHAIRMAN ROBERT B MISHKIN CHANGES IN THE LAW ARE EXPECTED TO INCREASE COSTS OF PROVIDING PATIENT SERVICES WHILE DECREASING FEES FOR A MEDICALLEGAL EXAMINATION BY ABOUT 50 THE COMPANY SAID BASED ON A NUMBER OF FACTORS CBL PREDICTED A SHRINKING MARKET FOR THE PHYSICIAN GROUPS' SERVICES CBL SHARES FELL 125 CENTS OR 12 TO 9375 CENTS IN OVERTHECOUNTER TRADING 9309220028 930922 CREDIT MARKETS LONGTERM TREASURY BOND PRICES MOVE LOWER ON TURMOIL IN RUSSIA SHORTTERM ISSUES RISE BY THOMAS T VOGEL JR STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK TRADERS IN THE US TREASURY MARKET WEREN'T NEARLY AS CONFUSED AS FOREIGN POLICY EXPERTS YESTERDAY BUT POLITICAL TURMOIL IN RUSSIA DID MAKE FOR A JUMPY DAY IN THE BOND MARKET THE PRICES OF MOST TREASURY SECURITIES MATURING IN SEVEN YEARS OR LESS ROSE WHILE THE PRICES OF LONGERTERM SECURITIES FELL WHAT NORMALLY WOULD HAVE BEEN A CLOSELY WATCHED AUCTION OF 1602 BILLION OF TWOYEAR NOTES BY THE TREASURY WAS PRACTICALLY BRUSHED ASIDE AS EVENTS IN RUSSIA COMMANDED THE MARKET'S ATTENTION THE THREEYEAR NOTE ROSE NEARLY 1/8 POINT OR NEARLY 125 FOR A NOTE WITH 1000 FACE VALUE TO 100 15/32 ITS YIELD WHICH MOVES IN THE OPPOSITE DIRECTION OF ITS PRICE DROPPED TO 418 FROM 421 ON MONDAY MEANWHILE THE BENCHMARK 30YEAR BOND DROPPED 3/8 POINT TO 101 19/32 FOR A YIELD OF 612 UP FROM 610 AS OFTEN HAPPENS IN TIMES OF INTERNATIONAL POLITICAL OR ECONOMIC CRISIS THE EVENTS IN RUSSIA SPARKED WHAT IS KNOWN AS A FLIGHT TO QUALITY WITH INVESTORS MOVING THEIR MONEY INTO THE SAFEST INVESTMENTS AVAILABLE WITH THE DOLLAR GAINING STRENGTH AGAINST THE YEN AND MARK AND OTHER EUROPEAN CURRENCIES INVESTORS SAW SHORTTERM US TREASURY ISSUES AS ONE POSSIBLE HAVEN GOLD WAS SEEN AS ANOTHER POSSIBLE HAVEN GOLD FOR DECEMBER DELIVERY JUMPED 950 TO 365 AN OUNCE YESTERDAY FEARS THAT POLITICAL TURMOIL COULD PUT A CRIMP IN THE OIL SUPPLY LINERUSSIA IS A BIG PRODUCERHELPED PUSH OIL PRICES HIGHER THE RISES IN GOLD AND OIL PRICES OFTEN TAKEN AS GAUGES OF INFLATIONARY PRESSURES WERE BAD NEWS FOR INVESTORS IN LONGTERM SECURITIES BOND INVESTORS FEAR INFLATION BECAUSE IT REDUCES THE VALUE OF INVESTMENTS WITH A FIXED RATE OF RETURN LONGTERM SECURITIES SUCH AS THE 30YEAR TREASURY BOND ARE MORE VULNERABLE TO SUCH FEARS THAN SHORTTERM SECURITIES BECAUSE OF THE TURMOIL IT WAS REAL TOUGH TO GET A GOOD READ ON THE BOND MARKET SAID MICHAEL MARTINO CHIEF INVESTMENT OFFICER AT BACK BAY ADVISORS A SUBSIDIARY OF NEW ENGLAND INVESTMENT COS THE MARKET IS REALLY GOING THROUGH A CORRECTION THAT CONTINUES FROM LAST WEEK HE SAID WHENEVER IT GETS BAD NEWS IT OVERREACTS HE SAID MR MARTINO SAID HE BELIEVES THE CORRECTION IS CLOSE TO ENDING WITH THE 30YEAR BOND YIELD NOW ABOUT 025 PERCENTAGE POINT HIGHER THAN JUST TWO WEEKS AGO ADDING TO THE CONFUSION HE SAID WAS THE GREATER VOLATILITY OF THE BOND MARKET WITH INTEREST RATES AT THEIR LOWEST LEVELS IN DECADES IT'S VERY DIFFICULT WITH RATES SO LOW FOR INVESTORS TO BE PROPERLY DISCIPLINED HE SAID YOU'LL HAVE MORE VOLATILITY WITH LOW RATES THAN WITH HIGH RATES HE ADDED IF OIL AND GOLD PRICES CONTINUE TO RISE HOWEVER THE LONGER END OF THE TREASURY MARKET WILL HAVE SOME PROBLEMS WITH ALL THE JUMPINESS THE BEST PLACE TO INVEST IN THE TREASURY MARKET THESE DAYS IS AMONG SECURITIES MATURING IN THREE MONTHS TO THREE YEARS SAID JAMES SOMERS AN ARBITRAGE TRADER IN RADNOR PA THE EVENTS IN RUSSIA MAY HAVE EVEN FURTHERREACHING EFFECTS ON THE BOND MARKET GIVEN ALL THE BAD NEWS IT'S HAD TO DIGEST IN RECENT WEEKS SAID DAVID JONES CHIEF ECONOMIST AT AUBREY G LANSTON & CO IT STARTED WITH AN UNEXPECTEDLY LARGE CONSUMER PRICE INDEX NUMBER ON SEPT 14 HE SAID THE EVENTS IN RUSSIA ARE ANOTHER FACTOR THAT COMES ON TOP OF OTHER ELEMENTS WHICH HAVE ALREADY LED TO UNCERTAINTY IN THE BOND MARKET HE SAID THERE ARE HINTS THAT ECONOMIC ACTIVITY MAY BE PICKING UP YESTERDAY FOR EXAMPLE THE COMMERCE DEPARTMENT REPORTED THAT HOUSING STARTS SURGED 78 IN AUGUST TO A 1323000 UNIT RATE ON AVERAGE FORECASTERS HAD BEEN EXPECTING A 1250000 UNIT RATE IN A MARKET THAT WAS ALREADY CORRECTING SAID MR JONES ONE OF THE INTERESTING POINTS IS THE MAGNITUDE OF UNCERTAINTY WORRIES DID MODERATE SOMEWHAT AS PEOPLE GAVE SECOND THOUGHT TO THE FALLOUT OF EVENTS IN RUSSIA HE SAID THE IMPLICATIONS OF POLITICAL PROBLEMS AREN'T AS MUCH OF A THREAT TO WESTERN EUROPE AND AMERICA AS DURING THE COLD WAR HE ADDED BUT THE PROBLEMS IN RUSSIA DO TAKE AWAY ANY CHANCE OF THE BOND MARKET RALLY CONTINUING ANYTIME SOON THE LONGER END OF THE MARKET IS CLEARLY NERVOUS AND IS HAVING DIFFICULTY MAINTAINING GAINS SAID JAMES KENNEY HEAD TRADER AT PRUDENTIAL SECURITIES INC SOME OF THE MORE SUBSTANTIAL ACCOUNTS THAT HAVE HELD ONTO SECURITIES FOR QUITE A WHILE HAVE STARTED TO UNLOAD SOME OF THAT PAPER HE SAID MEANWHILE THE RECENT AVALANCHE OF LONGTERM DEBT IN OTHER FIXEDINCOME MARKETS HAS BEGUN TO WEIGH ON THE LONG END OF THE TREASURY MARKET AS WELL DEALERS SAID THE FLIGHT INTO SHORTTERM TREASURYS HELPED THE GOVERNMENT WITH ITS AUCTION OF TWOYEAR NOTES THE GOVERNMENT SOLD THE NOTES AT A SLIGHTLY HIGHERTHANEXPECTED YIELD OF 394 MARKET PARTICIPANTS SAID THE ISSUE ATTRACTED REASONABLE BIDDING INTEREST THE BIDTOCOVER RATIO A MEASURE OF DEMAND COMPARING THE NUMBER OF BIDS TENDERED WITH THOSE ACCEPTED WAS 268TO1 OVER THE PAST 12 TWOYEAR NOTE AUCTIONS THE OFFERING HAS DRAWN AN AVERAGE BIDTOCOVER RATIO OF 276TO1 NONCOMPETITIVE BIDS WHICH TYPICALLY REFLECT BIDDING FROM OUTSIDE THE WALL STREET DEALER COMMUNITY WERE AVERAGE AT 819 MILLION NONCOMPETITIVE BIDS HAVE AVERAGED 845 MILLION OVER THE PAST 12 AUCTIONS SPARKED BY WIDESPREAD TALK OF A MULTIBILLION DOLLAR PURCHASE OF TWOYEAR NOTES TRADERS WERE FORCED TO BUY IN ORDER TO CLOSE OUT SHORTS OR POSITIONS WHERE THEY HAD SOLD SECURITIES IN ANTICIPATION OF BUYING THEM BACK AT LOWER LEVELS FOR A PROFIT THE BUYING FRENZY AT THE SHORT END OF THE MARKET LENT SUPPORT TO THE NEW TWOYEAR NOTE BUT BY THE END OF TRADING THE WHENISSUED NOTE YIELDED 391 HAVING BRIEFLY TRADED TO A LOW YIELD OF 387 A SIGN OF STRONG DEMAND TRADERS STILL HAVE TO CONTEND WITH MORE SUPPLY TODAY BECAUSE THE TREASURY IS SLATED TO AUCTION 11 BILLION IN FIVEYEAR NOTES LATE YESTERDAY THE WHENISSUED FIVEYEAR NOTE YIELDED 482 COMPARED WITH 484 AT THE END OF MONDAY'S SESSION ALL BIDS ARE AWARDED AT A SINGLE PRICE AT THE MARKETCLEARING YIELD RATES ARE DETERMINED BY THE DIFFERENCE BETWEEN THAT PRICE AND THE FACE VALUE THE NOTES ARE DATED SEPT 30 AND MATURE SEPT 30 1995 MORE THAN 28 BILLION OF DEBT WAS PRICED YESTERDAY DURING A SESSION DOMINATED BY UTILITIES ATLANTIC CITY ELECTRIC CO PUBLIC SERVICE ELECTRIC & GAS CO NEW ENGLAND TELEPHONE CONSUMERS POWER CO AND TEXAS UTILITIES CO ALL CAME TO MARKET U S WEST TELECOMMUNICATIONS INC A UNIT OF U S WEST INC SOLD 1 BILLION OF 40YEAR BONDS THE LARGEST DEAL OF THE DAY TRADING IN THE SECONDARY INVESTMENTGRADE MARKET WAS RELATIVELY QUIET AS THE FOCUS WAS ON THE NEWISSUE MARKET SPREADS WERE SLIGHTLY WIDER AS PRICES GENERALLY FOLLOWED TREASURYS TRADING IN THE JUNKBOND MARKET WAS VERY QUIET TRADERS SAID PRICES WERE DOWN BY ABOUT 1/8 POINT IN SYMPATHY WITH STOCK MARKET AND TREASURYS ONE TRADER SAID OUR MARKET JUST CRAWLS INTO ITS SHELL AND WAITS FOR THE SHELLING TO STOP HE SAID MEANWHILE THE PRICES OF SOUTHERN PACIFIC RAIL CORP'S BONDS DROPPED BY OVER A POINT OR OVER 10 FOR A BOND WITH 1000 FACE VALUE ON NEWS THAT MOODY'S INVESTORS SERVICE INC PLACED THE DEBT UNDER REVIEW FOR POSSIBLE DOWNGRADE APPROXIMATELY 15 BILLION OF LONGTERM DEBT IS AFFECTED THE RATING AGENCY SAID THE 815 BONDS OF 2005 FELL IN PRICE TO 9775 FROM 9950 CAUSING ITS YIELD TO INCREASE TO 970 FROM 944 SOUTHERN PACIFIC RAIL CORP'S SENIOR NOTES ARE RATED BA3 WHILE SUBSIDIARY SOUTHERN PACIFIC TRANSPORTATION CO SENIOR SECURED NOTES AND FIRST AND REFUNDING MORTGAGE BONDS ARE RATED BA1 U S WEST TELECOMMUNICATIONS SOLD ITS 40YEAR DEBENTURES THROUGH UNDERWRITERS LED BY LEHMAN BROTHERS AT A PRICE OF 96052 TO YIELD 7176 094 PERCENTAGE POINT ABOVE 30YEAR TREASURY BONDS THE BONDS WERE RATED DOUBLEA3 BY MOODY'S AND DOUBLEAMINUS BY STANDARD & POOR'S CORP THE DEAL WAS ALL SOLD BY THE END OF THE DAY SYNDICATE OFFICIALS SAID THE OFFERING WAS HELPED BY THE FACT THAT IT WAS PRICED WITH A YIELD ABOUT 005 PERCENTAGE POINT HIGHER THAN WHERE THE COMPANY'S DEBT TRADES IN THE SECONDARY MARKET THE HIGHER YIELD WAS A CONCESSION FOR THE LARGE SIZE OF THE DEAL AND THE GLUTTED MARKET IT WAS BEING SOLD INTO SYNDICATE OFFICIALS SAID MUNICIPAL BONDS WERE UNCHANGED TO AS MUCH AS 1/2 POINT LOWER IN LATE TRADING THE NEW YORK TRIBOROUGH BRIDGE & TUNNEL AUTHORITY'S 5 REVENUE REFUNDING BONDS DUE IN 2015 WERE 1/2 LOWER AT 96 YIELDING 530 IN THE PRIMARY MARKET THE LARGEST ISSUE TO DEBUT YESTERDAY WAS THE PUERTO RICO HOUSING BANK & FINANCE AGENCY'S 4183 MILLION BOND OFFERING THE ISSUE WAS PRICED TO YIELD FROM 270 IN DECEMBER 1993 TO 535 IN 2006 KIDDER PEABODY & CO IS MANAGING UNDERWRITER MOODY'S INVESTORS SERVICE INC RATED THE BONDS BAA WHILE STANDARD & POOR'S CORP ASSIGNED A TRIPLEB RATING MORTGAGE SECURITIES POSTED LARGER LOSSES THAN COMPARABLE TREASURY ISSUES AS PARTICIPANTS TRIED TO GET A HANDLE ON THE MARKET'S NEARTERM DIRECTION A SENSE OF LONGERTERM RATE TRENDS IS ESSENTIAL IN DETERMINING THE OUTLOOK FOR MORTGAGE REFINANCING PATTERNS RISING TREASURY YIELDS IN RECENT SESSIONS COULD LEAD TO HIGHER MORTGAGE RATES AND SOME RELIEF FROM REFINANCINGS THAT DETRACT FROM THE VALUE OF MANY MORTGAGE SECURITIES THOMAS D LAURICELLA CONTRIBUTED TO THIS ARTICLE 9309220027 930922 SHORT INTEREST ON BIG BOARD HITS NEW HIGH MERCK REPLACES CHRYSLER AT TOP OF MONTH'S LIST DISNEY TOTAL INCREASES BY GAUTAM NAIK STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK SHORT INTEREST LEVELS ON THE NEW YORK STOCK EXCHANGE SHOT UP 119 AT MIDSEPTEMBER SURPASSING A PREVIOUS RECORD SET AUG 13 BIG BOARD SHORT INTEREST TOTALED 1227 089538 SHARES UP FROM 1095760529 A MONTH EARLIER SHORT INTEREST ON THE AMERICAN STOCK EXCHANGE WAS 999 MILLION SHARES A DECREASE OF 46 MILLION FROM THE 1045 MILLION ADJUSTED SHARES REPORTED IN MIDAU GUST MERCK & CO DISLODGED CHRYSLER CORP AS THE COMPANY WITH THE HIGHEST BIG BOARD SHORT INTEREST 236 MILLION SHARES REPRESENTING A JUMP OF 125 MILLION SHARES FROM THE MIDAUGUST FIGURE THE NEARDOUBLING OF NEGATIVE SENTIMENT BY INVESTORS ABOUT MERCK COULD REFLECT POSSIBLE CONCERN ABOUT THE RELEASE OF PRESIDENT CLINTON'S HEALTHCARE PLAN AND WORRIES THAT MERCK'S PENDING 6 BILLION ACQUISITION OF MEDCO CONTAINMENT SERVICES INC IS A RISKY GAMBLE CHRYSLER REMAINED NEAR THE TOP OF THE LIST WITH NEARLY 18 MILLION OF ITS SHARES SHORTED AN INCREASE OF 626300 WHILE WALT DISNEY CO'S SHORT INTEREST LEVEL EDGED UP TO 155 MILLION SHARES FROM 148 MILLION WALMART STORES INC'S FIGURE ROSE 18 MILLION SHARES TO 175 MILLION PERHAPS REFLECTING ANALYSTS' REPORTS THAT AUGUST RETAIL SALES RESULTS WOULD BE MIXED BECAUSE OF POOR WEATHER AND CONCERN ABOUT THE PRESIDENT'S TAX PACKAGE MATTEL INC'S SHORT INTEREST LEVEL JUMPED 67 MILLION SHARES TO 115 MILLION THE COMPANY HAS PROPOSED A 11 BILLION ACQUISITION OF FISHERPRICE INC TRADERS WHO SELL SECURITIES SHORT BORROW STOCK AND SELL IT BETTING THAT THE STOCK'S PRICE WILL DECLINE AND THAT THEY CAN BUY THE SHARES BACK LATER AT A LOWER PRICE FOR RETURN TO THE LENDER SHORT INTEREST IS THE NUMBER OF SHARES THAT HAVEN'T YET BEEN PURCHASED FOR RETURN TO LENDERS RISING SHORT INTEREST IN THE PAST HAS BEEN CONSIDERED BULLISH BY SOME ANALYSTS BECAUSE SHORT TRADERS WOULD BE REQUIRED TO BUY BACK LARGE QUANTITIES OF SHARES THEY HAVE BORROWED HOWEVER SHORT PROGRAM TRADING OF LARGE VOLUMES OF SECURITIES BY INSTITUTIONAL INVESTORS THAT INVOLVES HEDGING AGAINST OTHER INVESTMENT RISKS RATHER THAN PURE BETS AGAINST INDIVIDUAL STOCKS MAY HAVE REDUCED THE EFFECTIVENESS OF THIS MEASURE OTHERS SAY THE LEVEL OF NEGATIVE SENTIMENT MEASURED BY THE BIG BOARD SHORT INTEREST RATIO JUMPED TO 490 FROM 446 THE RATIO IS THE NUMBER OF TRADING DAYS AT THE EXCHANGE'S AVERAGE DAILY TRADING VOLUME THAT WOULD BE REQUIRED TO CONVERT THE TOTAL SHORT INTEREST POSITION AVERAGE DAILY TRADING VOLUME WAS 2502 MILLION SHARES THE FOLLOWING TABLES SHOW THE BIG BOARD AND AMEX ISSUES IN WHICH A SHORT INTEREST POSITION OF AT LEAST 150000 SHARES EXISTED AT MIDSEPTEMBER OR IN WHICH THE SHORT POSITION HAD CHANGED BY AT LEAST 50000 SHARES SINCE MIDAUGUST SEE ACCOMPANYING TABLES WSJ SEPT 9309220026 930922 COMMODITIES GOLD FUTURES PRICES ARE DRIVEN SHARPLY HIGHER BY RUSSIA'S TURMOIL AND RESULTING STOCK PLUNGE BY JEFFREY TAYLOR STAFF REPORTER OF THE WALL STREET JOURNAL POLITICAL TURMOIL IN RUSSIA AND THE RESULTING STOCKMARKET PLUNGE COMBINED TO DRIVE GOLD PRICES SHARPLY HIGHER AT NEW YORK'S COMMODITY EXCHANGE THE PRICE OF THE ACTIVELY TRADED DECEMBER GOLD FUTURES CONTRACT CLIMBED 950 AN OUNCE TO SETTLE AT 365 WHEN RUSSIAN PRESIDENT BORIS YELTSIN DISSOLVED THE COUNTRY'S CONSERVATIVE PARLIAMENT YESTERDAY HE CAUGHT THE MARKET BY SURPRISE SAID IAN MACDONALD CHIEF OF PRECIOUSMETALS TRADING FOR CREDIT SUISSE IN NEW YORK MANY GOLD DEALERS WERE HOLDING SHORT POSITIONS IN THE FUTURES MARKET OR WAGERS THAT FUTURES PRICES WOULD DECLINE THEIR RUSH TO LIQUIDATE THOSE POSITIONS SPURRED THE PRICE OF GOLD HIGHER MR MACDONALD SAID GOLD PRICES PEAKED AT ABOUT 410 AN OUNCE LAST MONTH AND FELL TO A LOW OF ABOUT 342 EARLY LAST WEEK BUT PRICES HAVE BEEN RISING OVER THE PAST FEW TRADING SESSIONS AS THE JEWELRY INDUSTRY AND BUYERS IN ASIA HELPED SUPPORT THEM THE RUSSIAN PARLIAMENT WHICH HAS LONG BEEN AT ODDS WITH MR YELTSIN STRONGLY RESISTED HIS EFFORTS YESTERDAY TO DISSOLVE IT IT VOTED TO STRIP THE RUSSIAN PRESIDENT OF HIS POWERS AND NAMED HARDLINE VICE PRESIDENT ALEXANDER RUTSKOI AS ACTING PRESIDENT FIRST FOREIGN EXCHANGE AND STOCK MARKETS REACTED TO THE NEWS BEFORE THE GOLD MARKET SAID DENISE GIORDANO DIRECTOR OF BULLION TRADING FOR SWISS BANK CORP AT FIRST GOLD HESITATED AND TICKED UP 20 CENTS SHE SAID THEN SUDDENLY IT REACTED COMMODITY FUNDS WHICH ARE MANAGED POOLS OF INVESTORS' MONEY RUSHED TO LIQUIDATE SHORT POSITIONS AS DID MANY GOLD DEALERS THE ROUT IN THE US STOCK MARKET ACCELERATED THE PACE OF THE RALLY IF PEOPLE GET NERVOUS ABOUT STOCKS MONEY STARTS TO FLOW INTO GOLD MS GIORDANO SAID SHE ADDED THAT PRECIOUS METALS PRICES ARE EXTREMELY SENSITIVE TO MARKETMOVING NEWS BECAUSE OF THE WIDE RANGE OF GOLD PRICE MOVEMENTS RECENTLY A CLUE TO THE FUTURE PERFORMANCE OF GOLD IS WHETHER IT REMAINS ABOVE THE 362ANOUNCE LEVEL AND CONTINUES TO CLIMB MS GIORDANO SAID BUYING BY THE JEWELRY INDUSTRY AND OTHER USERS HAS TENDED LATELY TO ERODE AT THIS LEVEL IF THE SITUATION APPEARS TO WORSEN IN RUSSIA AND THE STOCK MARKET CONTINUES TO DECLINE THAT COULD BE VERY BULLISH FOR GOLD MS GIORDANO SAID IF IT GOT RESOLVED OVERNIGHT YOU COULD LOOK FOR A QUICK MOVE DOWN BUT I DON'T THINK THAT'S GOING TO HAPPEN IT LOOKS MORE SERIOUS THAN THAT PROTRACTED POLITICAL PROBLEMS IN RUSSIA COULD CURTAIL GOLD PRODUCTION THERE WHICH ALSO COULD EXERT LONGTERM UPWARD PRESSURE ON PRICES THE HEAD OF THE PARLIAMENT HAS CALLED ON RUSSIAN TRADE UNIONS FOR A GENERAL STRIKE WHICH WOULD HIT SOME OF THE GOLD PRODUCTION IN THE COUNTRY MR MACDONALD SAID WHETHER THAT HAPPENS REMAINS TO BE SEEN IN OTHER COMMODITY MARKETS YESTERDAY ENERGY THE FUTURES PRICE FOR CRUDE OIL ROSE SHARPLY YESTERDAY ON THE NEWS OF MR YELTSIN'S ACTIONS WHICH COULD SPARK CIVIL UNREST TRADERS AT THE NEW YORK MERCANTILE EXCHANGE WHO HAD EARLIER FOUND FEW BUYERS WERE SWAMPED WHEN THE NEWS ERUPTED CRUDE OIL FOR OCTOBER DELIVERY JUMPED 42 CENTS A BARREL TO 1812 ITS HIGHEST LEVEL SINCE LATE LAST MONTH IN THE DECREE OUTLINING HIS SURPRISE MOVE MR YELTSIN SAID HE WAS WRESTING CONTROL OF THE CENTRAL BANK OF RUSSIA FROM THE LEGISLATURE HE DISBANDED HE ALSO GRANTED HIMSELF NEW POWERS INCLUDING THE RIGHT TO NAME RUSSIA'S PROSECUTOR GENERAL MR YELTSIN SAID HE WAS ASSUMING THE POWERS ONLY UNTIL A NEWLY ELECTED PARLIAMENT TOOK OFFICE BUT OIL TRADERS UNSURE OF HOW UNREST WITHIN THE GOVERNMENT MIGHT AFFECT OIL EXPORTS BOUGHT IN CASE OF SUPPLY DISRUPTION LIVESTOCK AND MEATS WEAKNESS ON THE CASH MARKET FOR HOGS PUSHED FUTURES PRICES DOWN AT THE CHICAGO MERCANTILE EXCHANGE HOGS FOR DECEMBER DELIVERY WERE DOWN 7 CENTS TO 4817 CENTS A POUND DAN VAUGHT LIVESTOCK ANALYST FOR AG EDWARDS & SONS ST LOUIS SAID HOG PRICES WERE DOWN AS MUCH AS ONE CENT A POUND ON MANY CASH MARKETS YESTERDAY THE CASH PRICES EXERTED PRESSURE ON FUTURES PRICES IN ADDITION SOME TRADERS MAY HAVE BEEN SPECULATING THAT THE POLITICAL TURMOIL IN RUSSIA MIGHT DISSUADE THE US FROM SHIPPING 24 MILLION IN RECENT PORK PURCHASES TO THE COUNTRY IF THINGS GET REALLY DICEY AND THEY DECLARE MARTIAL LAW OR SOMETHING LIKE THAT I DOUBT WE'LL SEND A LOT OF PORK OVER THERE MR VAUGHT SAID 9309220025 930922 TECHNOLOGY JOINT BID FOR DIGITAL COMMUNICATIONS GETS THE TARGET'S APPROVAL ALPHARETTA GA DIGITAL COMMUNICATIONS ASSOCIATES INC SAID IT APPROVED A TAKEOVER BID VALUED AT 195 MILLION FROM WELSH CARSON ANDERSON & STOWE AND THE SPROUT GROUP WELSH CARSON AN INVESTMENT FIRM BASED IN NEW YORK AND THE SPROUT GROUP A UNIT OF DONALDSON LUFKIN & JENRETTE WILL PAY 1875 FOR EACH OF DIGITAL'S OUTSTANDING SHARES WELSH CARSON WILL PAY 80 AND SPROUT WILL PAY THE REST DIGITAL SAID THE MAKER OF COMPUTER COMMUNICATIONS EQUIPMENT HAS ABOUT 101 MILLION COMMON SHARES OUTSTANDING WELSH CARSON FIRST MADE AN OFFER LAST FRIDAY OF 1850 A SHARE THE FIRM DECLINED TO COMMENT ANALYSTS SAID THE BID REPRESENTS A GOOD DEAL FOR SHAREHOLDERS IN A COMPANY THAT HAS HAD A ROCKY RECORD FOR EARNINGS AND STOCK PERFORMANCE RECORD IN RECENT YEARS THE COMPANY HAS BEEN VERY DISAPPOINTING IN ITS PERFORMANCE OVER THE YEARS SAID ANDREW SCHOPICK ANALYST WITH NUTMEG SECURITIES LTD IN WESTPORT CONN THEY DIDN'T POSITION THE COMPANY IN IMPORTANT NEW MARKETS MR SCHOPICK SAID DIGITAL RELIED ON A COMMUNICATIONS BOARD WHICH LINKS PERSONAL COMPUTERS TO A MAINFRAME FOR MUCH OF ITS SALES GROWTH IN THE MID1980S BUT SINCE THEN THAT PRODUCT'S SALES HAVE BEEN ERODED BY THE INCREASED POPULARITY OF CABLES AS A CHEAPER ALTERNATIVE MEANWHILE DIGITAL MADE SEVERAL COSTLY ACQUISITIONS HE SAID THE COMPANY BLAMED ITS LAST QUARTERLY LOSS OF 72 MILLION FOR THE FISCAL FOURTH PERIOD ENDED JUNE 30 ON ITS DECISION TO RESTRUCTURE AND SELL ITS PACIFIC DATA PRODUCTS UNIT WHICH MAKES PRINTER PRODUCTS 9309220024 930922 BUSINESS BRIEF LOMAK PETROLEUM INC OIL PRODUCER PLANS TO BUY ASSETS OF MARK RESOURCES LOMAK PETROLEUM INC FORT WORTH TEXAS SAID IT SIGNED A LETTER OF INTENT TO BUY ASSETS BELONGING TO CLOSELY HELD MARK RESOURCES CORP FOR 24 MILLION AND THE ASSUMPTION OF 2 MILLION IN LIABILITIES THE ASSETS INCLUDE INTERESTS IN NEARLY 700 PRODUCING WELLS 230 MILES OF GAS GATHERING LINES AND MORE THAN 200 PROVEN DRILLING LOCATIONS PRIMARILY IN APPALACHIA NEAR LOMAK'S EXISTING OPERATIONS FOR THE SECOND QUARTER LOMAK HAD NET INCOME OF 372000 OR FIVE CENTS A SHARE ON REVENUE OF 47 MILLION LOMAK PLANS TO PAY FOR THE PURCHASE WITH ITS EXISTING BANK CREDIT FACILITY AND SAID IT IS CONSIDERING A PUBLIC EQUITY OFFERING TO ULTIMATELY FINANCE THE PURCHASE THE TRANSACTION WHICH IS SUBJECT TO A DEFINITIVE AGREEMENT AND FINAL DUE DILIGENCE IS EXPECTED TO CLOSE BEFORE YEAR'S END AFTER WHICH MRC PRESIDENT AND FOUNDER PETER MARK WILL JOIN LOMAK'S BOARD AS VICE CHAIRMAN LOMAK IS A BUYER PRODUCER AND DEVELOPER OF OIL AND GAS PROPERTIES AND PROVIDES FIELD SERVICES TO THE OIL INDUSTRY 9309220023 930922 WALL STREET HOPES IT HEARS THE ROAR OF THE '80S LEGAL BEAT HISTORY HOLDS LEGAL LESSONS IN TAKEOVERS BY EDWARD FELSENTHAL STAFF REPORTER OF THE WALL STREET JOURNAL THE TAKEOVER BATTLES OF THE 1980S SHAPED A LEGAL TERRAIN THAT WILL MAKE IT DIFFICULT FOR PARAMOUNT COMMUNICATIONS INC TO CHOOSE THE COMPANY IT KEEPS DESPITE PARAMOUNT'S ANNOUNCED INTENTIONS FOR A FRIENDLY MERGER WITH VIACOM INC LAWYERS SAY ITS BOARD MAY BE LEGALLY BOUND TO PUT THE COMPANY ON THE AUCTION BLOCK IN ADDITION PORTIONS OF THE PARAMOUNTVIACOM DEAL AIMED AT FENDING OFF OTHER SUITORS MAY BE INVALID STILL IF PARAMOUNT IS FORCED TO CONSIDER OTHER BIDS ITS BOARD WILL HAVE SIGNIFICANT LATITUDE IN EVALUATING WHICH OF THOSE BIDS IS MOST FAVORABLE TO SHAREHOLDERS THE LAWYERS SAY A LANDMARK 1986 COURT DECISION INVOLVING REVLON INC RULED THAT ONCE A COMPANY PUTS ITSELF UP FOR SALE IT IS OBLIGATED TO OPEN UP THE BIDDING PROCESS TO OTHER SUITORS WHO MIGHT OFFER HOLDERS A HIGHER PRICE THAT DECISION BY THE DELAWARE SUPREME COURT IS CERTAIN TO BE INVOKED IN ANY LITIGATION INVOLVING THE PARAMOUNT CASE BECAUSE PARAMOUNT LIKE REVLON IS A DELAWARE CORPORATION ALTHOUGH PARAMOUNT NEVER FORMALLY ANNOUNCED IT WAS SEARCHING FOR BUYERS ITS ACCEPTANCE OF VIACOM'S PROPOSAL PROBABLY TRIGGERS THIS SOCALLED REVLON DUTY TO LOOK FOR BETTER OFFERS SAID ALAN BROMBERG A PROFESSOR WHO TEACHES CORPORATE LAW AT SOUTHERN METHODIST UNIVERSITY IN DALLAS MOST LIKELY HE SAID THERE IS GOING TO HAVE TO BE A FREEFORALL AUCTION IF THE PARAMOUNTVIACOM DEAL IS CHALLENGED IN COURT THE COMPANIES ARE LIKELY TO ARGUE THAT THE REVLON DUTY DOESN'T APPLY IN THIS SITUATION THE BASIS OF THAT ARGUMENT IS THAT THE VIACOM DEAL WASN'T JUST AN EFFORT TO BRING IN THE MOST CASH POSSIBLE INSTEAD THEY WOULD ARGUE IT WAS PART OF A LONGTERM STRATEGY FOR PARAMOUNT INTO WHICH VIACOM AND ONLY VIACOM FITS WITH THE ANNOUNCEMENT OF THE PROPOSED VIACOM DEAL LESS THAN TWO WEEKS OLD NONE OF PARAMOUNT'S OTHER POTENTIAL BUYERS INCLUDING QVC NETWORK INC HAS YET GONE TO COURT TO CHALLENGE THE AGREEMENT BUT IF HISTORY IS ANY GUIDE LAWSUITS BY DISGRUNTLED CORPORATE SUITORS ARE SURE TO CREATE OBSTACLES TO PARAMOUNT'S INTENTIONS FOR A FRIENDLY MERGER WITH VIACOM AND A NUMBER OF SHAREHOLDER SUITS ALREADY HAVE BEEN FILED SEEKING TO BLOCK THE PROPOSED VIACOM DEAL AND OPEN THE PROCESS UP TO OTHER BIDDERS A CENTRAL ISSUE IN ANY LITIGATION THAT EMERGES WILL BE WHETHER THE TERMS OF THE AGREEMENT WITH VIACOM CAN BE ENFORCED THE AGREEMENT WOULD REQUIRE PARAMOUNT TO PAY VIACOM 100 MILLION IF PARAMOUNT TERMINATES THE DEAL AND MERGES WITH SOMEONE ELSE IN ADDITION VIACOM HAS AN OPTION TO PURCHASE 20 OF PARAMOUNT'S STOCK FOR 6914 A SHARE ABOUT 11 A SHARE LESS THAN THE VALUE OF QVC'S CURRENT OFFER BUT COURTS IN DELAWARE PREVIOUSLY HAVE RULED THAT SUCH BUSTUP PROVISIONS MAY ILLEGALLY IMPEDE THE BIDDING PROCESS BY MAKING THE AUCTIONED COMPANY PROHIBITIVELY EXPENSIVE FOR OTHER SUITORS ALTHOUGH A COURT MIGHT RULE THAT THE FIRST BIDDER DESERVES SOME PAYMENT FOR THE COST OF HAVING INITIATED THE PROCESS AN AGREEMENT CAN'T CHILL AN AUCTION ONCE YOU'RE IN THE REVLON SET OF FACTS WHERE THERE IS A DUTY TO AUCTION SAID JOHN COFFEE A LAW PROFESSOR AT COLUMBIA UNIVERSITY IRONICALLY PARAMOUNT ALSO MAY BE HAUNTED BY ITS OWN LEGACY FROM THE 1980S THE COMPANY WENT TO COURT TO BLOCK THE 1989 UNION THAT CREATED TIME WARNER INC IN THAT CASE PARAMOUNT LAWYERS ARGUED UNSUCCESSFULLY THAT TIME INC OWED IT TO SHAREHOLDERS TO ACCEPT PARAMOUNT'S 200 A SHARE BID RATHER THAN TAKE ON MASSIVE DEBT BY ACQUIRING WARNER IN REJECTING THAT ARGUMENT THE DELAWARE SUPREME COURT SAID DIRECTORS CAN GO FORWARD WITH A DEAL THAT APPEARS TO BE WORTH LESS TO SHAREHOLDERS IN THE SHORTRUN BUT THAT MAY PROMISE MUCH GREATER VALUE IN THE FUTURE IF PARAMOUNT HOPES TO ACCEPT THE VIACOM OFFER AND REJECT MORE GENEROUS BIDS ITS LAWYERS WILL HAVE TO MAINTAIN THAT THEIR ARGUMENTS IN THE TIME CASE DON'T APPLY IN THIS SITUATION OTHER LEGAL OBSTACLES ALSO LURK IN THE SHADOWS IF A BIDDING WAR ENSUES AND VIACOM ISN'T THE ULTIMATE WINNER VIACOM MIGHT CIDE TO SUE PARAMOUNT AND THE SUCCESSFUL SUITOR ACCUSING THEM OF OBSTRUCTING THE EXISTING AGREEMENT IN THE MID1980S TEXACO INC SETTLED SUCH A CASE FOR 3 BILLION AFTER A TEXAS JURY FOUND IT HAD INTERFERED WITH AN AGREEMENT BY PENNZOIL CO TO BUY GETTY OIL CO LAWYERS SAY THERE ARE WAYS OF AVOIDING THE PROBLEMS POSED BY THE TEXACO CASE THE AGREEMENT WITH VIACOM BLOCKS PARAMOUNT FROM NEGOTIATING WITH OTHER SUITORS OR FURNISHING THEM WITH SOME INFORMATION BUT LIKE MOST SUCH AGREEMENTS THE VIACOM DEAL INCLUDES A PROVISION ALLOWING PARAMOUNT TO IGNORE SUCH COMMITMENTS IF IT IS LEGALLY BOUND TO CONSIDER OTHER OFFERS ALSO THE VIACOM AGREEMENT MUST STILL BE APPROVED BY BOTH COMPANIES' SHAREHOLDERS IF A MORE ATTRACTIVE OFFER IS WAITING IN THE WINGS THE PARAMOUNT BOARD COULD SIMPLY WAIT FOR THE COMPANY'S HOLDERS TO REJECT THE DEAL AND THEN ENTER A SEPARATE AGREEMENT WITHOUT BREACHING ITS DUTIES TO VIACOM PROF COFFEE SAYS LAWYERS SAID THE PARAMOUNT BOARD COULD CLAIM THAT CERTAIN BIDS SHOULD BE REJECTED BECAUSE THEY POSE REGULATORY HURDLES THE OFFER FROM QVC AND THE POSSIBILITY OF A BID BY TURNER BROADCASTING SYSTEM INC FOR EXAMPLE HAVE RAISED ANTITRUST AND OTHER REGULATORY CONCERNS CABLETV MOGUL JOHN MALONE IS A LEADER OF GROUPS THAT HOLD SIGNIFICANT OWNERSHIP STAKES IN BOTH QVC AND TURNER FEDERAL ANTITRUST REGULATORS WILL REVIEW THE PROPOSED ACQUISITION OF PARAMOUNT BUT SO FAR THEY HAVEN'T EVEN DECIDED WHETHER THE JUSTICE DEPARTMENT OR THE FEDERAL TRADE COMMISSION WOULD DO THE WORK THE AGENCIES SHARE ANTITRUST ENFORCEMENT RESPONSIBILITY WE ARE AWARE OF IT THE BIDDING FOR PARAMOUNT BUT IT IS YET TO BE DETERMINED WHO IS GOING TO LOOK AT IT SAID GINA TALAMONA A JUSTICE DEPARTMENT SPOKESWOMAN SO FAR THERE DON'T APPEAR TO BE ANY GLARING ANTITRUST PROBLEMS THAT COULD BE SHOWSTOPPERS BUT PRIVATE LAWYERS NOTED THAT THERE WOULD BE SOME UNCERTAINTY IF THE CASE GOES TO THE JUSTICE DEPARTMENT BECAUSE THE AGENCY'S NEW ANTITRUST CHIEF ANNE BINGAMAN HAS WARNED THAT SHE WILL BE MORE AGGRESSIVE THAN HER REPUBLICAN PREDECESSORS IN REVIEWING MERGERS MS BINGAMAN WASN'T AVAILABLE FOR COMMENT LAWYERS SAID THE GOVERNMENT COULD GET CONCERNED IF THE ULTIMATE BUYER HAS SIGNIFICANT MOVIO STUDIO INTERESTS IF TIME WARNER OR TURNER MADE SEPARATE BIDS FOR EXAMPLE THAT COULD RAISE RED FLAGS THERE COULD ALSO BE QUESTIONS FROM REGULATORS ABOUT A PROGRAM PRODUCER ACQUIRING TELEVISION OPERATIONS BUT THAT PROBLEM COULD BE ADDRESSED BY SELLING THE TELEVISION OPERATIONS LAWYERS SAID THE JUDICIAL CONFERENCE OF THE US AGREED TO SEEK 10 NEW TEMPORARY JUDGES FOR THE FEDERAL APPEALS COURT IN SAN FRANCISCO ADOPTING A CAUTIOUS APPROACH TOWARD EXPANDING THE FEDERAL BENCH THE 28JUDGE NINTH US CIRCUIT COURT OF APPEALS ALREADY THE LARGEST OF THE FEDERAL APPEALS COURTS HAD BEEN SEEKING THE ADDITION OF 10 PERMANENT JUDGESHIPS TO EASE A GROWING BACKLOG OF CASES THE SIZE OF THE REQUEST HAD PROMPTED CONCERN AMONG SOME JUDGES HOWEVER AND WAS CONSIDERED A MAJOR TEST OF THE JUDICIAL CONFERENCE'S VIEWS ON GROWTH THE CONFERENCE IS THE POLICYMAKING ARM OF THE FEDERAL COURTS IN ADDITION THE CONFERENCE AT ITS SEMIANNUAL MEETING MONDAY REAFFIRMED ITS SUPPORT OF A RELATIVELY SMALL JUDICIARY BUT OPPOSED EFFORTS TO SET A STRICT NUMERICAL LIMIT ON THE NUMBER OF JUDGES THE CONFERENCE FOR EXAMPLE VOTED DOWN A PROPOSED POLICY STATEMENT OFFERED BY JON O NEWMAN A JUDGE ON THE SECOND US CIRCUIT COURT OF APPEALS THAT SOUGHT TO DISCOURAGE AN INCREASE IN THE NUMBER OF JUDGES BEYOND 1000 CURRENTLY THERE ARE 846 FEDERAL JUDGESHIPS OF WHICH 133 ARE VACANT THE JUDGESHIP REQUEST FOR THE NINTH CIRCUIT IS SUBJECT TO CONGRESSIONAL APPROVAL AT ITS MEETING THE CONFERENCE ALSO DECIDED TO SEEK TEMPORARY RATHER THAN PERMANENT STATUS FOR NINE OTHER NEW JUDGESHIPS PREVIOUSLY REQUESTED FOR OTHER CIRCUITS CONGRESS USUALLY CONSIDERS LEGISLATION AUTHORIZING NEW JUDGES EVERY FOUR TO SIX YEARS AND THE LAST SUCH BILL PASSED IN LATE 1990 HOWEVER SOME DEMOCRATS ARE EAGER TO EXPAND THE SIZE OF THE BENCH GIVEN REPUBLICAN CONTROL OF THE SELECTION PROCESS OVER THE PAST 12 YEARS A CHAPTER 11 REORGANIZATION PLAN FOR DEFUNCT BOSTON LAW FIRM GASTON & SNOW WAS APPROVED BY A FEDERAL BANKRUPTCY JUDGE IN NEW YORK OF THE LAW FIRM'S 151 FORMER PARTNERS 107 HAVE AGREED TO SETTLEMENTS WITH THE COURTAPPOINTED TRUSTEE FOR THE LAW FIRM UNDER THE SETTLEMENTS CREDITORS WILL RECEIVE A TOTAL OF 103 MILLION MOSTLY IN CASH UP FRONT THE CREDITORS WILL RECOVER ABOUT 37 OF THEIR CLAIMS SAID DAVID PAUKER A SPOKESMAN FOR THE TRUSTEE HARRISON J GOLDIN THE TRUSTEE STILL IS SEEKING PAYMENTS FROM THE REMAINING FORMER PARTNERS OF GASTON & SNOW WHICH DISSOLVED TWO YEARS AGO AND FILED FOR BANKRUPTCYCOURT PROTECTION MR PAUKER SAID IT ISN'T KNOWN HOW MUCH MORE WILL BE COLLECTED BUT ANYTHING THAT COMES ON TOP OF THE 1025 MILLION IS CLEARLY GOING TO BE GRAVY THE SETTLING PARTNERS ALREADY HAVE TURNED OVER 94 MILLION TO THE TRUSTEE TO GET THE MONEY NOW INSTEAD OF NEXT YEAR FOR EXAMPLE IS VERY IMPORTANT SAID ALFRED J BIANCO A PARTNER WITH NEW YORK LAW FIRM KAYE SCHOLER FIERMAN HAYS & HANDLER WHICH REPRESENTS THE CREDITORS' COMMITTEE THIS IS A MEANINGFUL DISTRIBUTION CLIFFORD ASSETS UNFROZEN NEW YORK PROSECUTORS AGREED TO ALLOW CLARK CLIFFORD TO REGAIN ACCESS TO 18 MILLION IN ASSETS THAT WERE FROZEN AFTER HIS INDICTMENT IN THE BANK OF CREDIT & COMMERCE INTERNATIONAL AFFAIR A SPOKESMAN FOR NEW YORK DISTRICT ATTORNEY ROBERT MORGENTHAU SAID THE OFFICE CONSENTED TO LIFT THE FREEZE IN LATE AUGUST SIX DAYS AFTER MR CLIFFORD'S LAW PARTNER ROBERT ALTMAN WAS ACQUITTED OF FRAUD CHARGES IN THE BCCI CASE AFTER A FIVEMONTH TRIAL MR ALTMAN AND MR CLIFFORD A FORMER US SECRETARY OF DEFENSE WERE TO BE TRIED TOGETHER BUT THE 86YEAROLD MR CLIFFORD'S TRIAL WAS POSTPONED INDEFINITELY AFTER HE UNDERWENT HEART SURGERY IT IS CONSIDERED UNLIKELY THAT MR CLIFFORD OR MR ALTMAN WILL BE TRIED ON A RELATED BUT NARROWER FEDERAL INDICTMENT STEMMING FROM THE BCCI HOLDINGS LUXEMBOURG SA UNIT RICHARD B SCHMITT AND PAUL M BARRETT IN WASHINGTON CONTRIBUTED TO THIS ARTICLE SEE RELATED ARTICLE BIDDING WAR HAS BANKERS HUNGRY FOR FEES WSJ SEPT 22 1993 9309220022 930922 SUN MICROSYSTEMS GIVES PROGRAM FREE WITH UNIX NEW YORK WHILE MICROSOFT CORP IS GIVING AWAY SOFTWARE TO ENTICE CUSTOMERS TO ITS WINDOWS NT OPERATING SYSTEM SUN MICROSYSTEMS INC IS GIVING AWAY SOFTWARE TO GAIN CUSTOMERS FOR ITS UNIX OPERATING SYSTEMS THE BIG MOUNTAIN VIEW CALIF WORKSTATION MAKER SAID AT THE UNIX EXPO HERE THAT ITS UNIX SYSTEMS WILL BE PACKAGED WITH A PROGRAM CALLED WABI THAT ALLOWS APPLICATIONS WRITTEN FOR MICROSOFT'S BESTSELLING WINDOWS OPERATING SYSTEM TO RUN ON SUN'S OPERATING SYSTEM SUN HAS UNIX VERSIONS THAT RUN ON BOTH ITS OWN SPARC MICROPROCESSOR COMPUTING CHIP AND ON INTEL CORP'S MICROPROCESSORS WABI WILL BE BUNDLED WITH BOTH VERSIONS FOR FREE UNTIL THE END OF THE YEAR SUN SAID THE WABI PROGRAM RUNS WITHOUT LOSS OF PERFORMANCE WINDOWS APPLICATIONS ACCOUNTING FOR ABOUT TWOTHIRDS OF UNIT SALES 9309220021 930922 COMCAST PRESIDENT PAVED WAY FOR BOLD BID BY QVC NETWORK BY JOHNNIE L ROBERTS STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK WITHOUT A RELATIVELY OBSCURE PARTNER NAMED BRIAN ROBERTS QVC NETWORK INC CHAIRMAN BARRY DILLER A LONGTIME HOLLYWOOD STUDIO CHIEF MIGHT NEVER HAVE EVEN CONSIDERED JOINING THE CABLETELEVISION SHOPPING CHANNEL MR ROBERTS 34 YEARS OLD IS PRESIDENT OF PHILADELPHIABASED COMCAST CORP THE NATION'S FOURTHLARGEST OPERATOR OF CABLETV SYSTEMS WITH MORE THAN TWO MILLION SUBSCRIBERS COMCAST AND LIBERTY MEDIA CORP TOGETHER WITH MR DILLER NOW CONTROL QVC QVC IS THE SUBJECT OF A BOLD BID BY MR DILLER AND CABLETELEVISION MOGUL JOHN MALONE TO WREST PARAMOUNT COMMUNICATIONS INC FROM ITS MERGER AGREEMENT WITH VIACOM INC IN 1985 RALPH ROBERTS BRIAN'S FATHER AND COMCAST CHAIRMAN PUT UP SEED MONEY FOR QVC'S STARTUP AND PERSUADED OTHER CABLE OPERATORS TO CARRY THE CHANNEL IN RETURN FOR A STAKE IN IT COMCAST IN WHICH THE ROBERTS FAMILY HAS AN 80 VOTING STAKE HAD OTHER INVESTMENTS AS WELL IN CELLULAR TELEPHONES BUT THE YOUNG MR ROBERTS WAS KEENLY INTERESTED IN ENTERING THE PROGRAMMING BUSINESS TO REAP THE SYNERGIES BETWEEN PROGRAMMING AND DISTRIBUTION THE ROBERTS FIRST MET MR DILLER IN LATE 1991 WHEN HE WAS CHAIRMAN OF NEWS CORP'S FOX INC AT A LUNCH THAT INCLUDED RUPERT MURDOCH MR DILLER'S BOSS AT THE TIME TWO MONTHS LATER AT HIS OFFICE IN PHILADELPHIA BRIAN ROBERTS RECEIVED A FAX OF A NEWS RELEASE ANNOUNCING MR DILLER'S RESIGNATION FROM FOX IN THE RELEASE MR DILLER SAID HE WANTED TO BE AN ENTREPRENEUR AND THE WORD JUMPED OUT AT MR ROBERTS I CALLED BARRY MR ROBERTS RECALLS I SAID WE WOULD LOVE TO EXPAND INTO PROGRAMMING WE DON'T WANT TO HIRE YOU WE'D LOOK TO HELP FIGURE OUT A DEAL OVER THE NEXT FEW MONTHS THE TWO MEN TALKED PERIODICALLY SHARING THEIR THOUGHTS AND CHATTING ABOUT THE APPLE POWERBOOK COMPUTER WHICH EACH HAD RECENTLY PURCHASED GRADUALLY THE DISCUSSION TURNED TO BUSINESS DEALS ACCORDING TO MR ROBERTS THE TWO DISCUSSED BUYING CABLE SYSTEMS AND EXPLORED THE POSSIBILITY OF A DEAL FOR MGM/UA AND NATIONAL BROADCASTING CORP BOTH OF WHICH MR DILLER WERE RUMORED AT THE TIME TO BE PURSUING THEY EVEN DISCUSSED THE POSSIBILITY OF A RUN AT PARAMOUNT A FEW MONTHS LATER THE ELDER MR ROBERTS MR DILLER AND BRIAN ROBERTS HELD A MEETING IN PHILADELPHIA IT WAS AT THAT SESSION THAT MR DILLER CASUALLY MENTIONED THAT HE WAS HELPING HIS FRIEND DESIGNER DIANE VON FURSTENBERG PRODUCE A SHOW TO SELL APPAREL ON THE QVC NETWORK AT THAT POINT THE DISCUSSION TURNED TO QVC AS A POSSIBLE VEHICLE FOR MR DILLER'S OWN AMBITIONS TO BUILD A NEW PROGRAMMING POWERHOUSE AFTER SEVERAL MONTHS OF TALKS MR DILLER AGREED TO INVEST 25 MILLION OF HIS OWN MONEY TO HEAD THE COMPANY AND RECEIVE A STAKE IN QVC AT CURRENT MARKET PRICES HIS INVESTMENT INCLUDING STOCK OPTIONS AND CERTAIN OTHER ARRANGEMENTS IS NOW VALUED AT ABOUT 480 MILLION COMCAST AND LIBERTY HAVE AGREED TO INVEST 500 MILLION EACH TO HELP BOLSTER QVC'S BID FOR PARAMOUNT VALUED YESTERDAY AT 95 BILLION BRIAN WAS THE CATALYST THAT BROUGHT THE PARTNERSHIP ALL TOGETHER BEAMS THE SENIOR MR ROBERTS WHO GAVE HIS SON HIS FIRST JOB DURING SUMMERS OFF IN HIGH SCHOOL SELLING CABLE SUBSCRIPTIONS DOORTODOOR BRIAN ROBERTS WORKED HIS WAY UP THE COMPANY THROUGH VARIOUS MARKETING AND FIELD MANAGEMENT JOBS BEFORE BEING NAMED PRESIDENT IN 1990 HE LEAPFROGGED SEVERAL OTHER OLDER EXECUTIVES FOR THE POST BUT THE SENIOR MR ROBERTS MAINTAINED IT WAS TIME FOR A NEW GENERATION AT THE COMPANY NEPOTISM HASN'T BEEN AN ISSUE COMCAST EXECUTIVES SAY BECAUSE BRIAN ROBERTS PAID HIS DUES IN LESSER JOBS AT THE COMPANY NOT TO MENTION THE OWNERSHIP STAKE THAT ALLOWS THE ROBERTS TO KEEP THINGS IN THE FAMILY SAYS RALPH ROBERTS OF HIS SON HE IS ENCOURAGING AND VERY CREDIBLE IN ADDITION HE'S GOT HUMILITY AND HE'S SMART THE YOUNG MR ROBERTS THE FOURTH OF FIVE ROBERTS OFFSPRING IS THE ONLY ONE TO JOIN THE FAMILY BUSINESS HIS MOTHER IS AN ACTRESS AND HE IS MARRIED WITH TWO CHILDREN AND ANOTHER EXPECTED ANY DAY OTHERS IN THE INDUSTRY ARE IMPRESSED BY THE WHARTON GRADUATE BRIAN HAS HAD GREAT TRAINING SAID MICHAEL FUCHS CHAIRMAN OF HOME BOX OFFICE INC AND A FRIEND OF MR ROBERTS AT A YOUNG AGE HE GOT INVOLVED IN BIG CABLE DEALS IT WAS BRIAN'S IDEA TO BRING BARRY INTO QVC THAT IS BIGTIME THINKING HE ADDS BRIAN WILL BE A MAJOR PLAYER IN THE CABLE INDUSTRY AND MAYBE MORE DEPENDING ON WHAT HAPPENS IN THE PARAMOUNT DEAL 9309220020 930922 FOREIGN EXCHANGE INVESTORS FLEE MARK AS POLITICAL CRISIS SWEEPS RUSSIA DOLLAR GAINS SHARPLY BY TIMOTHY MAPES SPECIAL TO THE WALL STREET JOURNAL NEW YORK A POLITICAL CRISIS IN RUSSIA PROMPTED NERVOUS INVESTORS TO BOLT FROM THE MARK TUESDAY PROPELLING THE DOLLAR SHARPLY HIGHER IN HECTIC TRADING DOLLAR BUYING ALSO PUSHED THE US CURRENCY HIGHER AGAINST THE YEN IN THE WAKE OF A LONGAWAITED INTEREST RATE CUT BY THE BANK OF JAPAN LATE IN NEW YORK THE DOLLAR WAS QUOTED AT 16400 MARKS UP FROM 16112 MARKS LATE TUESDAY IN NEW YORK THE US CURRENCY ALSO WAS CHANGING HANDS AT 10625 YEN UP FROM 10468 YEN STERLING WAS TRADING AT 15140 DOWN FROM 15315 ABOUT NOON WEDNESDAY IN TOKYO THE DOLLAR WAS TRADING AT 10620 YEN AND AT 16405 MARKS CURRENCY TRADERS SAID NEWS THAT RUSSIAN PRESIDENT BORIS YELTSIN HAD DISBANDED PARLIAMENT CAUSED FRANTIC SALES OF MARKS AS PLAYERS SOUGHT TO PUT DISTANCE BETWEEN THEMSELVES AND RUSSIA'S POLITICAL TURMOIL GERMANY'S STRONG TRADE LINKS WITH RUSSIA MAKE ITS CURRENCY ESPECIALLY VULNERABLE TO POLITICAL TROUBLE THERE WHEN THE RUSSIAN PARLIAMENT RESPONDED TO MR YELTSIN'S MOVE BY CALLING FOR A GENERAL STRIKE AND FOR MR YELTSIN'S IMPEACHMENT THE FLIGHT FROM THE MARK BECAME EVEN MORE INTENSE AS RUMORS OF TROOP MOVEMENTS AROUND MOSCOW SPREAD THROUGH THE MARKET WE'VE SEEN A LOT OF VOLATILITY A LOT OF SAFEHAVEN RUNNING SAID HILLEL WAXMAN VICE PRESIDENT AND HEAD OF FOREIGN EXCHANGE DEALERS AT BANK LEUMI TRUST CO IN NEW YORK HE ADDED THAT THE DOLLAR AND THE SWISS FRANC WERE THE MAIN BENEFICIARIES BECAUSE OF THEIR TRADITIONAL STATUS AS HAVENS DURING POLITICAL UNCERTAINTY THE RUSSIAN NEWS GAVE THE US CURRENCY AN ESPECIALLY BIG BOOST BECAUSE IT ARRIVED AT A TIME WHEN MANY TRADERS WERE EXPECTING THE DOLLAR TO DECLINE THOSE TRADERS HAD TAKEN SHORT POSITIONS AGAINST THE DOLLAR AND THEN HAD TO QUICKLY BUY BACK DOLLARS TO KEEP FROM GETTING BURNED AFTER THE NEWS BROKE THERE WAS A VERY BIG SHORT SQUEEZE SAID SUSAN STEARNS A SENIOR CORPORATE ADVISER AT HARRIS TRUST & SAVINGS BANK IN NEW YORK BUT TRADERS SAID THAT THE DOLLAR'S RALLY SEEMED TO RUN OUT OF STEAM AT AROUND 16400 MARKS AND MANY SAID THEY WOULD HAVE TO WAIT TO SEE WHAT HAPPENS WEDNESDAY BEFORE DECIDING WHETHER THE DOLLAR'S GAINS WOULD BE LONGLASTING PEOPLE DON'T KNOW HOW TO INTERPRET THE NEWS OUT OF MOSCOW SAID BANK LEUMI'S MR WAXMAN CERTAINLY IT IMPACTS ON GERMANY BUT I DON'T THINK ANYONE CAN TELL YOU RIGHT NOW WHAT IMPACT IT'S GOING TO HAVE ON THE US MR WAXMAN SAID MEMORIES OF THE 1991 SOVIET COUP WERE ALSO MUTING THE DOLLAR'S REACTION TO THE NEWS AT THAT TIME THE DOLLAR ROSE ABOUT EIGHT PFENNIGS ON NEWS OF THE COUP AGAINST SOVIET LEADER MIKHAIL GORBACHEV ONLY TO SHED ALL THOSE GAINS TWO DAYS LATER WHEN IT BECAME CLEAR THE COUP WOULDN'T SUCCEED IT WILL BE INTERESTING TO SEE IF WE CAN SUSTAIN TUESDAY'S MOVE MS STEARNS SAID MEANWHILE THE DOLLAR ALSO GAINED STRENGTH AGAINST THE YEN ON TUESDAY'S CUT IN JAPAN'S DISCOUNT RATE TO A POSTWAR LOW OF 175 FROM 25 US TREASURY SECRETARY LLOYD BENTSEN WELCOMED THE JAPANESE RATE CUT SAYING IT WAS LIKELY TO HELP BRING DOWN JAPAN'S HUGE CURRENTACCOUNT SURPLUS THOSE COMMENTS TRIGGERED ANOTHER ROUND OF DOLLAR BUYING BOOSTING THE DOLLAR TO AN INTRADAY HIGH OF 10732 YEN TRADERS EXPLAINED THAT THE COMMENTS SEEMED TO INDICATE THAT THE US IS RELATIVELY SATISFIED WITH THE MOVES JAPAN HAS TAKEN TO STIMULATE DOMESTIC DEMAND AND OPEN ITS ECONOMY MEASURES THAT THE US HAS STRONGLY URGED TO HELP PARE THE JAPANESE TRADE SURPLUS 9309220019 930922 LOS ANGELES AIRPORT BOOSTS PRESSURE OVER AIRLINE FEES LOS ANGELES LOS ANGELES INTERNATIONAL AIRPORT OFFICIALS CHALLENGING AIRLINEINDUSTRY RESISTANCE TO THEIR INCREASED LANDING FEES THREATENED TO CANCEL THE OPERATING RIGHTS OF FOUR CARRIERS OCT 4 AT THE NATION'S THIRDBUSIEST AIRPORT THE CITY'S BOARD OF AIRPORT COMMISSIONERS SAID IT WILL TERMINATE THE OPERATING RIGHTS OF USAIR THE USAIR EXPRESS COMMUTER LINE AMERICA WEST AND SOUTHWEST AIRLINES UNLESS THEY PAY THE NEW FEES THE FEES WERE TREBLED EFFECTIVE JULY 1 TO 156 PER 1000 POUNDS OF MAXIMUM LANDING WEIGHT FROM 51 CENTS PER 1000 POUNDS A BOOST THAT REPRESENTS FROM ABOUT 300 TO 900 FOR EACH BOEING 747 LANDED AT THE AIRPORT THE AIRLINES WERE SELECTED AT RANDOM BY THE COMMISSION FROM AMONG 76 CARRIERS INCLUDING ALL MAJOR US CARRIERS THAT HAVE REFUSED TO PAY THE HIGHER FEES THE COMMISSION SAID IT WILL SET DEADLINES FOR THE OTHER AIRLINES ON A WEEKLY BASIS MOVING TERMINAL BY TERMINAL THROUGH THE AIRPORT WE CANNOT SUBSIDIZE AIRLINES AT THE EXPENSE OF THE PEOPLE SAID THE BOARD'S PRESIDENT TED STEIN THE HIGHER LANDING FEES AT LOS ANGELES INTERNATIONAL ARE STILL LOWER THAN AT SEVERAL OTHER MAJOR AIRPORTS FOR EXAMPLE LA GUARDIA IN NEW YORK CHARGES AIRLINES 350 PER 1000 POUNDS CHICAGO CHARGES 1893 PER 1000 POUNDS AND DENVER CHARGES 1764 PER 1000 POUNDS THE AIRLINES HAVE FILED SUIT IN FEDERAL COURT HERE SEEKING TO BLOCK THE INCREASED FEES 9309220018 930922 RECENT SEC FILINGS WASHINGTON THE FOLLOWING ISSUES WERE RECENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION MEMTEC LTD AN OFFERING OF 697000 AMERICAN DEPOSITORY SHARES EACH REPRESENTING 10 ORDINARY MEMTEC SHARES VIA DONALDSON LUFKIN & JENRETTE SECURITIES CORP INTERMEDIA COMMUNICATIONS OF FLORIDA INC AN OFFERING OF 2141232 COMMON SHARES VIA BEAR STEARNS & CO SMITH BARNEY SHEARSON INC AND UBS SECURITIES INC CENTENNIAL CELLULAR CORP AN OFFERING OF FIVE MILLION CLASS A COMMON SHARES AND A PRIOR OFFERING OF 200 MILLION OF SENIOR NOTES CONVERTED INTO A SHELF OFFERING OF 250 MILLION BANCO DE GALICIA Y BUENOS AIRES SA AN OFFERING OF 200 MILLION IN NEGOTIABLE OBLIGATIONS DUE 2003 VIA GOLDMAN SACHS & CO AND MERRILL LYNCH & CO KOREA FUND INC AN OFFERING OF 60 MILLION OF COMMON SHARES VIA LEHMAN BROTHERS NIKKO SECURITIES CO INTERNATIONAL INC AND DAEWOO SECURITIES CO IN THE US MEGATEST CORP AN OFFERING OF 12 MILLION COMMON SHARES VIA ROBERTSON STEPHENS & CO AND MONTGOMERY SECURITIES 9309220017 930922 ABREAST OF THE MARKET INDUSTRIALS PLUNGE 3856 POINTS IN HEAVY TRADING ON RUSSIA NEWS BY ANITA RAGHAVAN STAFF REPORTER OF THE WALL STREET JOURNAL NEW YORK STOCKS PLUNGED AS A NEW POWER STRUGGLE ERUPTED IN RUSSIA THE DOW JONES INDUSTRIAL AVERAGE TUMBLED 3856 POINTS TO 353724 IN HEAVY TRADING ITS FOURTH CONSECUTIVE RETREAT THOUGH THE INDUSTRIAL AVERAGE REBOUNDED SMARTLY FROM DEEP LOSSES IN THE LAST HALFHOUR OF TRADING YESTERDAY'S LOSSES DROVE THE INDUSTRIAL AVERAGE TO ITS LOWEST LEVEL SINCE JULY 22 STANDARD & POOR'S 500STOCK INDEX PLUMMETED 210 TO 45295 AND THE NASDAQ COMPOSITE INDEX SUCCUMBING TO THE POLITICAL INSTABILITY ALSO FELL 665 TO 73356 VOLUME ON THE NEW YORK STOCK EXCHANGE SWELLED TO 299710000 SHARES FROM 229010000 SHARES MONDAY DECLINING ISSUES DOMINATED THE MARKET WITH 1464 STOCKS FALLING AND ONLY 600 POSTING GAINS THE RUSSIA NEWS HIT THE MARKET AT A WEAK MOMENT SAID GAIL DUDACK STOCK STRATEGIST AT SG WARBURG STOCKS STARTED THE DAY ON A WOBBLY NOTE AS INVESTORS SOLD SHARES AMID WORRIES OVER THIRDQUARTER CORPORATE PROFITS THE SELLING ACCELERATED IN THE AFTERNOON AS REPORTS OF A POWER STRUGGLE BETWEEN RUSSIAN PRESIDENT BORIS YELTSIN AND HIS MAIN OPPONENT ALEXANDER RUTSKOI STARTED FILTERING OUT OF RUSSIA TALKS OF TROOP MOVEMENTS AROUND MOSCOW ONLY INTENSIFIED THE SELLING DRIVING THE INDUSTRIAL AVERAGE 50 POINTS LOWER AND TRIGGERING THE BIG BOARD'S DOWNTICK RULE THE RULE DESIGNED TO CURTAIL MOST TYPES OF PROGRAM TRADING PAVED THE WAY FOR A REBOUND BUT THE RECOVERY WAS SHORTLIVED THE INDUSTRIAL AVERAGE RECOVERED TEMPORARILY BUT THEN LAPSED BACK WITH THE AVERAGE SINKING MORE THAN 68 POINTS BEFORE REGAINING SOME OF THE LOSSES IN THE CLOSING MINUTES OF TRADING STOCK ANALYSTS SAID ALTHOUGH THE TURMOIL IN RUSSIA PROVIDED A PERFECT EXCUSE FOR INVESTORS TO DUMP STOCKS YESTERDAY THERE WERE COUNTLESS OTHER REASONS TO SELL PEOPLE ARE VERY MUCH FOCUSED ON THE EARNINGS PERIOD WHERE CORPORATIONS ARE GOING TO HAVE TO ACKNOWLEDGE HIGHER TAX RATES RETROACTIVE TO THE START OF THE YEAR WHERE EUROPE IS STILL CONTRACTING WHERE CURRENCY TRANSLATIONS ARE GOING TO HURT CORPORATE PROFITS AND WHERE ANALYSTS ARE TRIMMING THEIR ESTIMATES AS THE YEAR WEARS ON SAID JEFFREY APPLEGATE INVESTMENT STRATEGIST AT FIRST BOSTON IN ADDITION MS DUDACK SAID THAT INVESTORS WERE JITTERY ABOUT PRESIDENT CLINTON'S HEALTHCARE PLAN WHICH IS EXPECTED TO BE UNVEILED TODAY THE PROPOSAL SHE SAID IS LIKELY TO UPSET THE BOND MARKET BECAUSE IT DOESN'T OFFER ANY CLEAR WAY OF FINANCING THE BENEFITS SOME STOCK ANALYSTS SAID YESTERDAY'S BIG DROP REPRESENTED A TREMENDOUS BUYING OPPORTUNITY FOR INVESTORS STEFAN ABRAMS DIRECTOR OF EQUITY STRATEGY AT TRUST CO OF THE WEST IN LOS ANGELES SAID HE HAD SOME NEW MONEY THAT HE WAS AGGRESSIVELY PUTTING TO WORK DURING THE LAST HALF HOUR OF TRADING YESTERDAY THESE CRISES BY DEFINITION DON'T LAST VERY LONG SAID MR ABRAMS STILL NOT ALL INVESTORS WERE RUSHING TO PICK UP BARGAINS WHILE FIDELITY INVESTMENTS' STOCK FUNDS REPORTED NET INFLOWS OF MONEY YESTERDAY NEAL LITVACK EXECUTIVE VICE PRESIDENT OF MARKETING SAID THAT FOR THE FIRST TIME THIS YEAR FIDELITY SAW NET OUTFLOWS OF MONEY FROM ITS MORE AGGRESSIVE GROWTH AND SECTOR FUNDS SOME OF THE MORE AGGRESSIVE AND ACTIVE INVESTORS ARE KEENLY AWARE OF WHAT IS HAPPENING AND ARE CHOOSING TO SIT IT OUT SAID MR LITVACK THE JITTERS THAT HIT ECONOMICALLY SENSITIVE STOCKS EARLY IN THE DAY WERE EXACERBATED BY THE RUSSIAN NEWS THE MORGAN STANLEY CYCLICAL INDEX PLUMMETED 407 OR 146 TO 27405 CATERPILLAR LOST 1 7/8 TO 77 1/8 ALLIEDSIGNAL DROPPED 1 7/8 TO 72 1/8 PARAMOUNT COMMUNICATIONS SURGED 7 1/4 TO 77 ON BIG BOARDLEADING VOLUME OF 66 MILLION SHARES AFTER QVC NETWORK OFFERED TO BUY THE NEW YORK MEDIA COMPANY FOR 95 BILLION PARAMOUNT ALREADY HAS AGREED TO BE ACQUIRED BY VIACOM IN A 75 BILLION TRANSACTION QVC SHARES ADDED 1/8 TO 56 1/8 IN NASDAQ TRADING VIACOM CLASS A SHARES SLUMPED 2 1/2 TO 56 3/4 ON THE AMERICAN STOCK EXCHANGE SHARES OF PRECIOUS METALS PRODUCERS SURGED AS THE RUSSIAN TENSIONS GREW NEWMONT MINING ROSE 2 7/8 TO 49 AMERICAN BARRICK ADDED 7/8 TO 23 1/4 AND HOMESTAKE MINING ADVANCED 1 TO 17 5/8 ON THE AMEX ECHO BAY MINES INCREASED 3/4 TO 11 1/4 GOLD FOR DECEMBER DELIVERY RALLIED 950 TO 365 AN OUNCE IN NEW YORK TAMBRANDS DROPPED 3 7/8 TO 42 THE WHITE PLAINS NY MAKER OF PERSONAL CARE PRODUCTS HAS ABANDONED ITS EFFORTS TO SEEK A BUYER AND SAID IT WILL ANNOUNCE A NEW TOP MANAGEMENT STRUCTURE SOON A TAMBRANDS DIRECTOR SAID THE CONCERN HAS DECIDED TO REMAIN INDEPENDENT SOCIEDAD QUIMICA Y MINERA DE CHILE FINISHED AT ITS OFFERING PRICE OF 2575 ON ITS FIRST DAY OF BIG BOARD TRADING THE CHILEAN CHEMICAL AND MINING COMPANY WAS THE SUBJECT OF AN OFFERING OF 3650000 AMERICAN DEPOSITARY RECEIPTS THEY TRADED AS HIGH AS 27 1/4 INTRADAY MEDICALRELATED ISSUES WERE BROADLY HIGHER THE GROUP HAS BEEN WEAK AHEAD OF TODAY'S UNVEILING OF THE CLINTON ADMINISTRATION'S HEALTHCARE PLAN MERCK & CO ADDED 1 TO 31 1/2 PFIZER JUMPED 2 3/8 TO 61 3/8 BRISTOLMYERS SQUIBB GAINED 1 1/2 TO 58 7/8 AND ON NASDAQ US HEALTHCARE CLIMBED 1 3/4 TO 44 GENZYME ADDED 3/4 TO 32 1/2 IN NASDAQ TRADING THE CAMBRIDGE MASS BIOTECHNOLOGY COMPANY SAID ITS METHOD OF MAKING A TYPE OF RECOMBINANT HORMONE IS PROTECTED BY A US PATENT THE COMPANY IS DEVELOPING THE SUBSTANCE TO BE USED IN CONNECTION WITH PROCEDURES TO DETECT AND TREAT THYROID CANCER FLEET FINANCIAL JUMPED 1 1/2 TO 34 AMID RUMORS THE PROVIDENCE RI BANKING CONCERN IS IN TALKS TO BE PURCHASED BY NATIONSBANK BASED IN CHARLOTTE NC BOTH COMPANIES DECLINED TO COMMENT NATIONSBANK SHARES SLID 7/8 TO 48 7/8 MOST OTHER FINANCIAL ISSUES FELL ALONG WITH THE GENERAL MARKET WELLS FARGO LOST 3 7/8 TO 117 1/8 CHARLES SCHWAB SLIPPED 7/8 TO 31 1/2 AND ON NASDAQ OHIO CASUALTY DECLINED 1 3/4 TO 68 3/4 SHARES OF COMPUTER NETWORKING COMPANIES SURGED AFTER A SOLID EARNINGS REPORT FROM 3COM THE SANTA CLARA CALIF COMPANY REPORTED EARNINGS FROM OPERATIONS OF 41 CENTS A SHARE FOR THE FIRST QUARTER ENDED AUG 31 UP FROM A PROFIT OF 20 CENTS A SHARE A YEAR EARLIER IN NASDAQ TRADING 3COM JUMPED 3 3/8 TO 30 5/8 WHILE AMONG OTHER BIG NETWORKING STOCKS WELLFLEET COMMUNICATIONS ADDED 1 TO 46 3/4 AND SYNOPTICS COMMUNICATIONS ADVANCED 1 TO 26 3/4 DAVE PETTIT CONTRIBUTED TO THIS ARTICLE 9309220016 930922 YELTSIN ORDERS PARLIAMENT DISSOLVED MEETS RESISTANCE RUSSIAN LEGISLATORS NAME RUTSKOI TO BE PRESIDENT STRUGGLE MAY ESCALATE BY ADI IGNATIUS STAFF REPORTER OF THE WALL STREET JOURNAL MOSCOW IN A DRAMATIC GAMBLE TO BREAK THE POLITICAL STALEMATE THAT HAS PARALYZED RUSSIA FOR MORE THAN A YEAR RUSSIAN PRESIDENT BORIS YELTSIN ISSUED AN ORDER TO DISSOLVE THE PARLIAMENT THAT HAS BLOCKED HIS ATTEMPTS TO PUSH POLITICAL AND ECONOMIC REFORMS IN A SPEECH LAST NIGHT THAT STUNNED THE NATION AND THE OUTSIDE WORLD MR YELTSIN ALSO ANNOUNCED THE CREATION OF A NEW RUSSIAN BICAMERAL LEGISLATURE THE FEDERAL ASSEMBLY HE SAID ELECTIONS FOR THIS LEGISLATURE WOULD BE HELD DEC 11 AND 12 MOREOVER MR YELTSIN PROMISED TO PUT HIS OWN POPULARITY TO THE TEST BY CALLING PRESIDENTIAL ELECTIONS SOON AFTER THE NEW ASSEMBLY BEGINS ITS WORK PRESIDENT CLINTON TELEPHONED MR YELTSIN TO EXPRESS SUPPORT FOR THE MOVES IT ISN'T CLEAR WHETHER MR YELTSIN CAN GET AWAY WITH HIS GAMBLE PREVIOUS ATTEMPTS BY THE 62YEAROLD LEADER TO ASSUME EXTRAORDINARY SPECIAL POWERS HAVE FALTERED AMID VOCIFEROUS PROTESTS FROM HIS POLITICAL OPPONENTS AND EVEN IF HIS ACTION DOES BREAK THE STALEMATE IT ALSO RISKS BRINGING THE STRUGGLE OUT OF THE CORRIDORS OF POWER AND ONTO THE STREETS MR YELTSIN'S FOES WERE QUICK TO REACT THE CHAIRMAN OF PARLIAMENT RUSLAN KHASBULATOV IMMEDIATELY CONVENED A SESSION OF THE LEGISLATURE THAT MR YELTSIN IS TRYING TO DISSOLVE POLICE MADE NO ATTEMPT TO BLOCK IT PARLIAMENTARY DELEGATES DECLARED EARLY WEDNESDAY THAT MR YELTSIN'S MOVES WERE UNCONSTITUTIONAL AND AMOUNTED TO A COUP D'ETAT THEY VOTED OVERWHELMINGLY TO STRIP THE PRESIDENT OF HIS POWERS THEY THEN VOTED FOR VICE PRESIDENT ALEXANDER RUTSKOI A VOCAL OPPONENT OF MR YELTSIN TO ASSUME THE PRESIDENCY EFFECTIVE IMMEDIATELY MR YELTSIN APPARENTLY ANTICIPATED SUCH A COUNTERMOVE OVER THE WEEKEND HE ISSUED A DECREE SAYING MR RUTSKOI COULD FILL IN FOR THE PRESIDENT ONLY IF MR YELTSIN SIGNS A DECREE SAYING SO THE RUSSIAN CONSTITUTIONAL COURT WHICH HAS OFTEN SIDED WITH THE PARLIAMENT AND AGAINST MR YELTSIN LATER SUPPORTED THE DELEGATES' ACTION RULING THAT MR YELTSIN HAD VIOLATED THE CONSTITUTION AND COULD BE IMPEACHED THE MESSAGE FROM WASHINGTON WAS THE OPPOSITE IN A DEMOCRACY THE PEOPLE SHOULD FINALLY DECIDE THE ISSUES THAT ARE AT THE HEART OF POLITICAL AND SOCIAL DEBATE PRESIDENT YELTSIN HAS MADE THIS CHOICE AND I SUPPORT HIM FULLY PRESIDENT CLINTON SAID IN A STATEMENT ISSUED BY THE WHITE HOUSE MR CLINTON SAID HE HAD ALSO RECEIVED STRONG ASSURANCES FROM THE RUSSIAN LEADER THAT ELECTIONS WOULD BE FREE AND FAIR AND THAT INDIVIDUAL RIGHTS WOULD CONTINUE TO BE RESPECTED BUT MR YELTSIN IS CLEARLY ON SHAKY CONSTITUTIONAL FOOTING EFFECTIVELY ACKNOWLEDGING THAT HE LACKS THE LEGAL AUTHORITY TO DISSOLVE PARLIAMENT AND CALL FOR NEW ELECTIONS HE SAID IN THE SPEECH THAT HE HAD INTRODUCED BY DECREE NEW CONSTITUTIONAL AMENDMENTS AND REVISIONS TO GIVE HIMSELF THE NECESSARY LEGAL POWERS MR YELTSIN REASONED THAT HE HAD GAINED THAT AUTHORITY BY VIRTUE OF HIS ELECTION TO THE PRESIDENCY IN 1991 AND HIS SUBSEQUENT VOTE OF APPROVAL IN A NATIONAL REFERENDUM IN APRIL MEANWHILE MR KHASBULATOV CALLED FOR A NATIONAL STRIKE AND GENERAL DISOBEDIENCE I TURN TO ALL SERVICEMEN POLICEMEN AND EMPLOYEES OF THE SECURITY MINISTRY WITH A DEMAND NOT TO OBEY CRIMINAL ORDERS COMING FROM THE PRESIDENT HE SAID FOR NOW IN OTHER WORDS THE STALEMATE CONTINUES INDEED FOR MR YELTSIN'S GAMBLE TO SUCCEED HE WILL ALMOST SURELY REQUIRE PHYSICAL BACKING AT SOME STAGE FROM THE MILITARY POLICE AND INTELLIGENCE UNITS THOSE ORGANIZATIONS HAVE BACKED THE PRESIDENT IN PAST CONFLICTS THOUGH THEIR CONTINUED LOYALTY IS BY NO MEANS A GIVEN PRIME MINISTER VIKTOR CHERNOMYRDIN WHO EXPRESSED HIS BACKING FOR MR YELTSIN SAID THAT FOR NOW AT LEAST THE POWER MINISTRIES SECURITY INTERIOR AND DEFENSE WERE PERFORMING THEIR NORMAL FUNCTIONS THERE WERE RUMORS DURING THE NIGHT OF MILITARY MOVEMENTS IN MOSCOW MR RUTSKOI AN AFGHANISTAN WAR VETERAN WHO HAS BEEN PUSHED ASIDE BY MR YELTSIN IN RECENT WEEKS CONTENDED THAT THE PRESIDENT HAD FORCED THE ELITE DZERZHINSKY MILITARY DIVISION INTO ACTION AND THAT TROOPS WERE ADVANCING ON THE CAPITAL AS OF WEDNESDAY MORNING HOWEVER THERE WAS NO INDEPENDENT CONFIRMATION OF ANY LARGESCALE MOVEMENTS AND THE CITY APPEARED CALM IN WASHINGTON A PENTAGON OFFICIAL SAID THE MILITARY DOESN'T SEEM TO BE INVOLVED THERE ARE NO UNUSUAL MILITARY MEASURES OBSERVED A SENIOR US OFFICIAL SAID THE MILITARY SUPPORTS MR YELTSIN IN THE CURRENT SITUATION THERE WAS SOME CONFUSION ABOUT HOW MUCH THE US ADMINISTRATION KNEW OF MR YELTSIN'S PLANS AND WHETHER THEY MAY HAVE OFFERED TACIT SUPPORT ALTHOUGH OFFICIALS PUBLICLY SAID THAT THEY HAD RECEIVED ONLY ABOUT AN HOUR'S WARNING ONE SENIOR ADMINISTRATION OFFICIAL SAID RUSSIAN FOREIGN MINISTER ANDREI KOZYREV WARNED SECRETARY OF STATE WARREN CHRISTOPHER OF SOME DRAMATIC DEVELOPMENT SOON DURING LAST WEEK'S SIGNING IN WASHINGTON OF THE ISRAELIPALESTINIAN PEACE AGREEMENT AND APPEALED FOR US SUPPORT BUT OTHER OFFICIALS INSISTED THAT MR KOZYREV'S STATEMENTS WERE TOO CRYPTIC TO INTERPRET THE ADMINISTRATION MAY HAVE CHOSEN TO BE INTENTIONALLY OBTUSE TO AVOID HAVING TO EITHER ENDORSE OR REJECT MR YELTSIN'S PLANS IN MOSCOW A FEW THOUSAND PEOPLE GATHERED OUTSIDE THE PARLIAMENT BUILDING DUBBED THE WHITE HOUSE TO PROVIDE MORAL SUPPORT TO THE LEGISLATURE WHICH WAS WORKING THROUGH THE WEE HOURS OF WEDNESDAY MANY CARRIED RED BANNERS AND SHOUTED SLOGANS CALLING FOR A RETURN TO COMMUNISM MEANWHILE MR YELTSIN ACCORDING TO RUSSIAN PRESS REPORTS SPENT THE NIGHT AT HIS DACHA OUTSIDE MOSCOW FOR MOST RUSSIANS THE HOPE IS FOR CALM POLLS REPEATEDLY HAVE SHOWN THE PUBLIC TO BE TIRED OF POLITICAL SQUABBLING AND HOPEFUL FOR A CALM PERIOD OF ECONOMIC RECOVERY DESPITE PRESIDING OVER AN ERA OF ECONOMIC HARDSHIP MR YELTSIN REMAINS MORE ATTRACTIVE IN THE PUBLIC EYE THAN HIS PARLIAMENTARY OPPONENTS BUT POPULAR SUPPORT FOR THE PRESIDENT HAS COOLED CONSIDERABLY SINCE HIS TRIUMPHANT MOMENT IN AUGUST 1991 WHEN HE STOOD ON A TANK OUTSIDE THE VERY SAME WHITE HOUSE AND HELPED DEFEAT A HARDLINE COUP ATTEMPT I DON'T KNOW WHO I'M SUPPOSED TO BE FOR SAID VLADIMIR MAKAROV A BLUECOLLAR WHITE HOUSE EMPLOYEE AS HE LOOKED OUT OF A SIXTHFLOOR WINDOW AT THE CROWD GATHERED OUTSIDE WHO NEEDS THIS DURING MR YELTSIN'S 17MINUTE SPEECH WHICH WAS BROADCAST AROUND THE COUNTRY ON BOTH NATIONAL TELEVISION CHANNELS THE PRESIDENT CALMLY ANNOUNCED HIS AUTHORITARIAN MEASURES PAUSING TO SIP FROM A TEACUP BEFORE PROCLAIMING THAT PARLIAMENT WAS TO BE TERMINATED IN THE ADDRESS MR YELTSIN SAID THAT DISSOLVING THE RECALCITRANT PARLIAMENT REPRESENTED THE ONLY WAY OUT OF RUSSIA'S POLITICAL AND ECONOMIC PARALYSIS THE MEASURES I HAVE TO TAKE AS PRESIDENT OF RUSSIA ARE THE ONLY WAY TO PROTECT DEMOCRACY AND FREEDOM IN RUSSIA TO DEFEND REFORM AND THE STILLWEAK RUSSIAN MARKET MR YELTSIN SAID THE PRESIDENT BLAMED PARLIAMENT AND INDIRECTLY ITS LEADER MR KHASBULATOV FOR USING LAWMAKING POWERS AS A WEAPON IN THE POLITICAL STRUGGLE WITH THE PRESIDENT MR KHASBULATOV HAS FREQUENTLY TRIED TO GUT THE ADMINISTRATION'S FREEMARKET REFORMS AND HAS RECENTLY CALLED FOR THE REESTABLISHMENT OF THE SOVIET UNION PARLIAMENT WAS ELECTED BEFORE THE USSR'S COLLAPSE AND IS DOMINATED BY HARDLINERS WHO ARE HOSTILE TO THE REFORMS THAT ARE DISMANTLING THE COMMUNIST SYSTEM PARLIAMENT HAS LOST THE RIGHT TO REMAIN AT THE KEY LEVERS OF STATE POWER MR YELTSIN SAID THE SECURITY OF RUSSIA AND HER PEOPLES IS OF GREATER VALUE THAN DE JURE COMPLIANCE WITH THE CONTROVERSIAL REGULATIONS PRODUCED BY THE LEGISLATURE WHICH HAS DISCREDITED ITSELF IN A RELATED DECREE MR YELTSIN ALSO ASSERTED TEMPORARY CONTROL OVER THE CENTRAL BANK WHICH WHILE ANSWERING TO PARLIAMENT HAS LARGELY IGNORED ATTEMPTS TO CONTROL MONEY SUPPLY MR YELTSIN WAS SURELY AWARE THAT HIS DECREES WOULD TRIGGER NEW HOWLS OF PROTEST BUT HE SEEMS TO BE BETTING THAT THE TIME IS RIPE TO PUSH THE YEARLONG POWER STRUGGLE TOWARD A FINAL RESOLUTION MR YELTSIN PROBABLY WILL TRY TO IGNORE THE LEGISLATURE AND ATTEMPT TO ISOLATE IT HE HAS DECLARED THAT ANY ATTEMPT TO DISRUPT THE PROPOSED ELECTION PROCESS IS ILLEGITIMATE AND THAT THOSE WHO TRY TO BLOCK THE VOTE WOULD BE PROSECUTED UNDER RUSSIA'S CRIMINAL CODE BUT THE SCRAPPY DELEGATES ARE UNLIKELY TO GIVE UP WITHOUT A FIGHT SOONER OR LATER MR YELTSIN MAY HAVE TO COMPROMISE OR CALL ON HIS ARMED FORCES TO FORCIBLY EVICT HIS POLITICAL RIVALS AT THAT POINT THE LOYALTY OF EVERY SOLDIER AND POLICEMAN WILL COME INTO QUESTION IN THE US SECRETARY OF STATE CHRISTOPHER APPEALED TO US CONGRESSIONAL LEADERS TO APPROVE A STILLPENDING 25 BILLION PACKAGE OF ECONOMIC AID TO RUSSIA I THINK THE REASONS ARE EVEN STRONGER THAN THEY WERE BEFORE THIS ANNOUNCEMENT FOR THE CONGRESS TO COMPLETE THE ENACTMENT OF THIS AID PACKAGE HE SAID THE CLINTON ADMINISTRATION NERVOUSLY CONFRONTED THIS SCENARIO BACK IN MARCH DURING MR YELTSIN'S LAST SHOWDOWN WITH THE PARLIAMENT AT THE TIME THEY WARNED THE RUSSIAN LEADER THAT THEY MIGHT FIND IT DIFFICULT TO BACK SUCH A CLEARLY UNCONSTITUTIONAL MOVE BUT MR YELTSIN'S TRIUMPH IN THE APRIL 25 REFERENDUM THEY BELIEVE STRENGTHENED BOTH HIS DOMESTIC SUPPORT AND HIS LEGITIMACY WHILE FURTHER DISCREDITING THE PARLIAMENT CARLA ANNE ROBBINS IN WASHINGTON CONTRIBUTED TO THIS ARTICLE 9309220015 930922 INTERNATIONAL POTENCY OF STIMULUS IN JAPAN IS DOUBTED SOME SEE ECONOMY RESISTING SPENDING PLAN RATE CUTS BY QUENTIN HARDY STAFF REPORTER OF THE WALL STREET JOURNAL TOKYO A GROWING NUMBER OF ANALYSTS HERE BELIEVE THAT JAPAN'S MORIBUND ECONOMY NEEDS MORE THAN WHAT THE GOVERNMENT HAS OFFERED THEY BELIEVE THAT NEITHER TOKYO'S LATEST ECONOMIC STIMULUS PACKAGE ANNOUNCED LAST WEEK NOR THE BANK OF JAPAN'S DECISION TUESDAY TO LOWER THE DISCOUNT RATE BY 075 PERCENTAGE POINT TO 175 A POSTWAR LOW CAN OVERCOME THE STRUCTURAL RATHER THAN CYCLICAL PROBLEMS THAT PLAGUE JAPAN'S NORMALLY ROBUST ECONOMY THE LATEST MOVE THE RATE CUT AS A WHOLE IS A SMALL POSITIVE SAYS TAKASHI OSHIO ECONOMIST AT MORGAN GUARANTEE TRUST CO IN TOKYO BUT HE ADDS UNLIKE PREVIOUS PERIODS OF MONETARY EASING THIS BANK OF JAPAN CUT WON'T HELP THE ECONOMY MUCH THOSE ANALYSTS WITH A PESSIMISTIC VIEW DOUBT THAT THE RATE CUT WILL PROMPT HORDES OF CORPORATE AND INDIVIDUAL BORROWERS TO SUDDENLY DEMAND NEW CREDIT SPURRING ECONOMIC GROWTH GENERALLY JAPANESE CONSUMERS AND SOME CORPORATIONS ARE SITTING ON MOUNDS OF SAVINGS AND DON'T SEEM TO WANT MUCH NEW CREDIT WITH FEARS OF TOUGHER TIMES AHEAD EVEN THESE LOW RATES MIGHTN'T BE ENOUGH TO HALT JAPAN'S GRUELING ECONOMIC DOWNTURN LOAN DEMAND IS WEAK SAYS TETSUO TSUKIMURA CHIEF ECONOMIST AT SMITH BARNEY SHEARSON INC IN TOKYO CORPORATIONS HAVE NO DESIRE TO INVEST IN PLANT AND EQUIPMENT PERSONAL CONSUMPTION IS SHRINKING THE MARKETS REACTED MODERATELY TO THE RATE CUT WHICH WAS AT THE HIGH END OF PREVIOUS EXPECTATIONS THE NIKKEI STOCK AVERAGE GAINED 20062 POINTS TO 2046665 TAKING THE MARKET ABOUT TO WHERE IT WAS LAST THURSDAY BOND PRICES ROSE AND THE YIELD ON JAPAN'S BENCHMARK 10YEAR BOND FELL TO 386 A LOSS OF 01 THE YEN LOST SUBSTANTIAL GROUND AGAINST THE DOLLAR BEING QUOTED AT 10625 YEN TO THE DOLLAR IN NEW YORK COMPARED WITH 10468 YEN THE DAY BEFORE IN A MARKET ALSO ROILED BY RUSSIAN PRESIDENT BORIS YELTSIN'S ANNOUNCEMENT THAT HE WAS DISBANDING PARLIAMENT WITH THE ECONOMY RESISTING PREVIOUS STIMULUS MOVES INCLUDING SEVEN INTERESTRATE CUTS SINCE 1991 THE PROSPECT IS GROWING THAT JAPAN MAY BE FALLING INTO A SITUATION IN WHICH NO REASONABLE AMOUNT OF INTERESTRATE EASING CAN CREATE A DEMAND FOR LOANS MANY JAPANESE BUSINESSES INCLUDING SOME OF THE NATION'S BESTKNOWN FEEL THEY ARE ALREADY TOO BIG AND HAVE BEEN CUTTING PAYROLL AND CAPITAL SPENDING TOSHIBA CORP RECENTLY SAID IT WAS TRIMMING 5000 POSITIONS WHILE HONDA MOTOR CO SAID IT WILL ELIMINATE AS MANY AS 3000 JOBS RESTRUCTURING MEASURES LIKE CUTTING EMPLOYMENT AND CUTTING SPENDING ARE PAINFUL BUT THEY ARE NECESSARY TO GET SUSTAINABLE GROWTH GOING AGAIN MR OSHIO SAYS THE CENTRAL BANK MAY ACTUALLY HAVE MADE THE CUT NOT TO SPUR LENDING AND GROWTH IN THE SHORT TERM BUT TO HELP COMPANIES GET RID OF EXISTING DEBT AT A FASTER RATE THAT COULD SET THE STAGE FOR FUTURE GROWTH ONCE JAPAN'S BALANCE SHEETS ARE IN BETTER SHAPE MEANTIME CONCERNS THAT THE SHARP CUT IN INTEREST RATES WILL SPARK INFLATION SEEM UNFOUNDED PRIME MINISTER MORIHIRO HOSOKAWA TOLD REPORTERS LAST NIGHT THAT GIVEN THE STABLE PRICES OF REAL ESTATE GOODS AND SERVICES HE DOUBTED THE RATE CUT WOULD CAUSE A RESUMPTION OF THE SOCALLED BUBBLE ECONOMY OF THE LATE 1980S THE GOVERNMENT THIS WEEK REPORTED A FALL IN LAND PRICES FOR THE SECOND CONSECUTIVE YEAR THE FIRST TIME THIS HAS HAPPENED OVERALL INFLATION IN JAPAN REMAINS LOW EXPECTATIONS ARE FOR THE CONSUMER PRICE INDEX TO RISE BY ABOUT 1 THIS YEAR SOME ANALYSTS SAY THAT EVEN WITH THE LATEST RATE CUT JAPAN'S REAL INTEREST RATES ARE STILL RELATIVELY HIGH REGARDLESS THE CUT IN INTEREST RATES WILL LIKELY BE APPLAUDED BY JAPAN'S PARTNERS AT NEXT WEEK'S MEETING OF THE GROUP OF SEVEN INDUSTRIALIZED NATIONS WHICH HAVE BEEN PRESSING JAPAN TO DO MORE TO STIMULATE ITS ECONOMY MOST RECENT FIGURES SHOW JAPAN'S GROSS NATIONAL PRODUCT THE SUM VALUE OF ALL THE GOODS AND SERVICES ITS PRODUCES SHRINKING AT AN ANNUAL RATE OF 2 AND CONDITIONS AREN'T THOUGHT TO HAVE IMPROVED SINCE IN ADDITION BANK LENDING IN JAPAN IS GROWING AT RECORD LOW RATES WHILE CONSUMER SPENDING HAS PLUNGED THE ECONOMY NEEDS AS MUCH SUPPORT AS IT CAN GET SAYS ROBERT FELDMAN ECONOMIST AT SALOMON BROTHERS ASIA LTD THERE'S MORE AND MORE TALK OF A NEGATIVE SPIRAL BETWEEN EMPLOYMENT CONSUMPTION AND INVESTMENT INDEED A BRIBERY SCANDAL SWEEPING JAPAN'S CONSTRUCTION INDUSTRY CONCEIVABLY COULD MUTE THE IMPACT OF THE GOVERNMENT'S LATEST STIMULUS PACKAGE MUCH OF WHICH INVOLVES MAJOR PUBLIC WORKS PROJECTS SOME MUNICIPALITIES ALREADY HAVE ANNOUNCED THEY WERE SUSPENDING DEALINGS WITH MAJOR CONSTRUCTION FIRMS CAUGHT UP IN THE SCANDAL WHILE OTHERS REPORT THAT PROJECTS ARE ON HOLD BECAUSE THEY ARE AFRAID OF BEING ACCUSED OF ACCEPTING BRIBES IN AWARDING CONSTRUCTION CONTRACTS IF THE RATE CUT AND THE STIMULUS PACKAGE DON'T HAVE THE DESIRED RESULTS THE GOVERNMENT MAY YET BE FORCED TO INSTITUTE INCOMETAX CUTS TO ENCOURAGE CONSUMER SPENDING BUT WITH THIS YEAR'S PROJECTED TAX REVENUES ALREADY DOWN BECAUSE OF POOR BUSINESS RESULTS A CUT IN INCOME TAXES WILL BE TOUGH FOR THE ALLPOWERFUL AND DEFICITAVERSE MINISTRY OF FINANCE TO AGREE TO BESIDES JAPANESE HOUSEHOLDS WORRIED ABOUT THEIR FUTURE IN THE LIGHT OF THE CORPORATE RESTRUCTURING COULD LIKELY SAVE NOT SPEND MONEY FROM A TAX CUT THE GOVERNMENT SAID YESTERDAY THAT HOUSEHOLD SPENDING FELL BY 23 FROM A YEAR EARLIER THE THIRD STRAIGHT MONTHLY DROP 9309220014 930922 BUSINESS BRIEF DATA GENERAL CORP STORAGE TECHNOLOGY AGREES TO THREEYEAR RESALE PACT IN A KEY ENDORSEMENT OF ITS NEW DATA STORAGE PRODUCT LINE DATA GENERAL CORP SAID IT ENTERED INTO A STRATEGIC RESALE AGREEMENT WITH STORAGE TECHNOLOGY CORP VALUED AT MORE THAN 100 MILLION OF NEW REVENUE TO DATA GENERAL OVER THREE YEARS UNDER THE AGREEMENT STORAGE TECHNOLOGY WILL INTEGRATE DATA GENERAL'S CLARIION DATA STORAGE DEVICES INTO ITS NORDIQUE DISK ARRAY A MIDRANGE LINE FOR MAINFRAME COMPUTERS THE TWO COMPANIES ALSO SAID THEY'LL WORK TOGETHER ON OTHER DATA STORAGE TECHNOLOGIES THE AGREEMENT WHICH ISN'T RELATED TO STORAGE TECHNOLOGY'S DELAYED ICEBERG LINE MARKS DATA GENERAL'S FIRST FORAY INTO THE MAINFRAME DATA STORAGE MARKET THE WESTBOROUGH MASS COMPUTER MAKER HAD PREVIOUSLY SOLD ITS DATA STORAGE ARRAYS FOR WORKSTATIONS AND NETWORK SERVERS DATA GENERAL WITH SALES OF 11 BILLION IN 1992 SAID IT IS ALSO IN TALKS WITH OTHER MAJOR COMPANIES FOR RESALE AGREEMENTS 9309220013 930922 TECHNOLOGY PESTICIDE RULES SEEK NEW REVIEWS WITHIN SEVEN YEARS BY TIMOTHY NOAH STAFF REPORTER OF THE WALL STREET JOURNAL WASHINGTON THE CLINTON ADMINISTRATION'S PROPOSED OVERHAUL OF PESTICIDE REGULATION WOULD FORCE PESTICIDE MANUFACTURERS TO RESUBMIT THEIR PRODUCTS FOR REGULATORY APPROVAL WITHIN SEVEN YEARS UNDER THE REGULATORY SCHEME WHICH WOULD REQUIRE LEGISLATIVE AND REGULATORY CHANGES NOT YET SPELLED OUT THE COMPANIES WOULD HAVE TO DEMONSTRATE TO THE ENVIRONMENTAL PROTECTION AGENCY THAT THEIR PRODUCTS MEET A SAFETY STANDARD OF REASONABLE CERTAINTY OF NO HARM TO CONSUMERS OF FOOD ACCORDING TO AN ADMINISTRATION DOCUMENT DESCRIBING THE PROPOSAL DETAILS OF THE PLAN EMERGED YESTERDAY IN TESTIMONY BEFORE CONGRESSIONAL HEARINGS THE PLAN WAS DRAFTED LARGELY BY CAROL BROWNER EPA ADMINISTRATOR RICHARD ROMINGER AGRICULTURE DEPARTMENT DEPUTY SECRETARY DAVID KESSLER FOOD AND DRUG ADMINISTRATION COMMISSIONER AND WILLIAM GALLSTON WHITE HOUSE DEPUTY ASSISTANT FOR DOMESTIC POLICY THE NEW STANDARD WHICH WOULD APPLY TO RAW AND PROCESSED FOODS WOULD REPLACE THE MUCH STRICTER DELANEY CLAUSE A 35YEAROLD STANDARD FOR MANY PROCESSED FOODS THAT PROHIBITS EVEN MINUTE AMOUNTS OF PESTICIDE RESIDUES SHOWN TO INDUCE CANCER IN MAN OR ANIMAL THE DELANEY STANDARD HAS NEVER BEEN ENFORCED TO THE LETTER AND THERE IS GENERAL AGREEMENT THAT IT'S IMPRACTICAL THE REQUIREMENT THAT ALL PESTICIDES MUST BE RESUBMITTED FOR APPROVAL WOULD REPLACE A SYSTEM GENERALLY VIEWED AS LAX CURRENTLY THE EPA ISN'T UNDER A DEADLINE TO RENEW OR TERMINATE PESTICIDE REGISTRATIONS LEAVING MANY MANUFACTURERS FREE TO PRODUCE THEIR PRODUCT INDEFINITELY BUT UNDER THE NEW PROPOSAL ALL APPROVALS WOULD EXPIRE WITHIN 15 YEARS UNLESS EXPLICITLY RENEWED THE EPA WOULD ALSO GAIN NEW POWERS TO PHASE DOWN OR PHASE OUT USE OF A PESTICIDE AS OPPOSED TO AN OUTRIGHT BAN IF SCIENTIFIC EVIDENCE SUGGESTED A LIKELY BUT UNPROVEN RISK TO HUMANS OR THE ENVIRONMENT MEANWHILE THE EPA WOULD BE ABLE TO PULL PESTICIDES OFF THE MARKET MORE QUICKLY UNDER THE PROPOSAL THE CANCELLATION OF A PREVIOUSLY GRANTED PESTICIDE APPROVAL WOULD NO LONGER BE SUBJECT TO ADJUDICATORY HEARINGS BEFORE AN ADMINISTRATIVE LAW JUDGE ENVIRONMENTALISTS ARE CRITICAL OF A PROVISION THAT WOULD ALLOW THE EPA TO EXTEND APPROVALS FOR PESTICIDES NOW ON THE MARKET THAT DON'T MEET THE NEW STANDARD IF BANNING THAT PESTICIDE WOULD CAUSE SIGNIFICANT DISRUPTION IN THE FOOD SUPPLY AL MEYERHOFF SENIOR ATTORNEY OF THE NATURAL RESOURCES DEFENSE COUNCIL CALLED THE PROVISION A LOOPHOLE YOU COULD DRIVE A LARGE TRAILER TRUCK OF VEGETABLES THROUGH THE ADMINISTRATION'S PROPOSAL HOWEVER INDICATES THAT PESTICIDES POSING MORE THAN A NEGLIGIBLE RISK WOULDN'T BE GRANTED SUCH AN EXEMPTION ADMINISTRATION OFFICIALS TOLD REPORTERS YESTERDAY THAT NO PESTICIDE NOW ON THE MARKET WOULD QUALIFY FOR THE EXEMPTION 9309220012 930922 LEISURE & ARTS GETTING VIRTUALLY REAL IS WAY COOL' BY BOB DAVIS BOSTON MY EIGHTYEAROLD SON AND I EXPECTED TO BE WOWED WHEN WE ENTERED WHAT LOCAL PROMOTERS DUBBED THE WORLD'S FIRST VIRTUAL REALITY THEME PARK VIRTUAL REALITY PRETTY MUCH DESCRIBES ITSELF A COMPUTER GENERATES SCENES THAT ARE SUPPOSED TO ENVELOP A PLAYER SO FULLY THAT HE FEELS HE HAS BEEN PLUNKED INTO A DIFFERENT PLACE FANS OF STAR TREK THE NEXT GENERATION KNOW WHAT VIRTUAL REALITY AIMS FOR THE HOLODECK WHERE CREW MEMBERS SELECT COMPUTERPRODUCED FANTASIES TO WOO LOVERS AND BATTLE WARRIORS WITHOUT LEAVING THE ROOM UNFORTUNATELY AS WITH MANY OF THE BOLDEST IDEAS IN COMPUTING VIRTUAL REALITY IS STILL PRETTY UNREAL TODAY'S TECHNOLOGY IS JUST A CRUDE APPROXIMATION OF THE VISION STILL THE EARLY WORK CAN BE PRETTY NIFTY BOSTON'S WORLD TRADE CENTER HAS COLLECTED A HALFDOZEN OF THE BEST RIDES THAT ARGUABLY FIT THE DEFINITION OF VIRTUAL REALITY AND STAGED THEM IN A DARKLY LIT BUBBLE DOME THAT LOOKS FROM THE OUTSIDE LIKE AN INDOOR TENNIS COURT INSIDE COLORED LIGHTS PULSING SOUND LASER DISPLAYS AND STACKS OF VIDEO MONITORS SHOWING SURREAL ANIMATION GIVE THE PLACE A PROPERLY APOCALYPTIC LOOK WAY COOL AS MY SON DANIEL PUT IT THE SHOW PREMIERED IN BOSTON RECENTLY AND WILL RUN THROUGH OCT 20 BEFORE TOURING NEW YORK CHICAGO AND HOUSTON ALTHOUGH THE LATTER DATES HAVEN'T BEEN SET YET VIRTUALLY ALL THE RIDES OFFER SOME KICKS BUT THEY VARY GREATLY FROM CLONES OF ORLANDO THEMEPARK FAVORITES TO THE TRULY WEIRD ONE RIDE CALLED FREEDOM SIX SIMPLY TAKES 70MILLIMETER ACTION FOOTAGE OF A TOBOGGAN RACING DOWNHILL AND SYNCHRONIZES THE AUDIENCE'S SEATS TO THE ACTION ON SCREEN WHEN THE TOBOGGAN HITS A HARD RIGHT SO DOES YOUR CHAIR ON A STEEP DOWNHILL YOUR CHAIR JOLTS FORWARD GRANTED YOU GET WHACKED AROUND AT A GOOD CLIP AS THE TOBOGGAN ZIPS ALONG AND YOU CAN FEEL THE MOTION IN YOUR STOMACH BUT THAT'S NOT MUCH DIFFERENT FROM THE STAR TOURS AND BACK TO THE FUTURE RIDES IN ORLANDO WITH VIRTUAL REALITY IT SEEMS LIKE YOU'RE REALLY THERE MY EIGHTYEAROLD NOTED BUT INSTEAD YOU SHAKE A LOT IF THIS WERE ALL THAT VIRTUAL REALITY OFFERED MUSEUMS AROUND THE COUNTRY WOULD TOP IT EVERY DAY ACROSS TOWN THE MUSEUM OF SCIENCE IS FEATURING A MOVIE CALLED GRAND CANYON UNTIL OCT 14 AT ITS OMNI THEATER WHICH PROJECTS FILMS ON A HUGE CURVED IMAX SCREEN COVERING THE FRONT AND CEILING OF THE THEATER THE CHARGE DOWN THE GRAND CANYON'S WHITEWATER RAPIDS IS FAR MORE THRILLING THAN THE VIRTUAL REALITY RIDE DOWN A SNOWY HILL EVEN THOUGH THE SCIENCE MUSEUM'S SEATS DON'T MOVE THAT'S BECAUSE THE CANYON MOVIE IS BETTER THE THRILL AND THE VIEWER'S WILLINGNESS TO BELIEVE HE IS CLUTCHING ONTO A RAFT OR TOBOGGAN OWES MORE TO THE QUALITY OF THE PHOTOGRAPHY AND THE STORY LINE THAN TO ANY COMPUTER CONTROL THE STARS OF THE VIRTUAL REALITY FAIR THOUGH ARE FAR WEIRDER THAN ANY MOVIE CHASE SCENE SEGA ENTERPRISES LTD SHOWED OFF A NEW ARCADE GAME AT ONLY 25 CENTS A POP CALLED TIME TRAVELER WHICH COMBINES VIDEO PROJECTION AND SPECIAL GLASS TO CREATE THREEDIMENSIONAL EFFECTS AT THE CENTER OF THE SCREEN STANDS A COWBOY ABOUT FOURINCHES TALL WHO LOOKS SO LIFELIKE YOU EXPECT HIM TO TURN AND CHAT WITH YOU IF HE GETS BORED WITH THE GAME IN REALITY THE REAL KIND HE'S AN ELECTRONIC MARIONETTE HE JUMPS DUCKS SHOOTS AND MOVES WHEN YOU TUG ON A JOYSTICK OR PUSH A BUTTON IN ONE SCENE HE MUST TURN QUICKLY TO SHOOT A GANG MEMBER WHOSE CHEST SPLATTERS RED IN ANOTHER SCENE IF HE MOVES TOO SLOWLY AN INDIAN BURIES A TOMAHAWK IN THE COWBOY'S CHEST WITH AN AUDIBLE THUD IT IS A TOM THUMBSIZED KILLING FIELD BUT SO COMPELLING THAT I WATCHED FEELING UNCOMFORTABLE AT LIKING KILLING SO MUCH BUT PLAYED FOR HALF AN HOUR NONETHELESS THE BIGGEST DRAW OF THE FAIR IS A RIDE CALLED VIRTUALITY MADE BY A BRITISH FIRM W INDUSTRIES LTD WHICH COMES IN A SITDOWN AND A STANDUP VERSION IN BOTH GAMES YOU HUNT AN OPPONENT IN MY CASE MY SON AND IN BOTH YOU WEAR A BLACK HELMET THAT COVERS YOUR EYES AND EARS WEIGHS ABOUT AS MUCH AS A CINDERBLOCK AND MAKES YOU LOOK MORE MENACING THAN A MOTORCYCLE COP IN THE HELMET'S GOGGLES YOU'RE DRAWN INTO ANOTHER REALITY THE SITDOWN RIDE CALLED EXOREX DISPLAYS THREEDIMENSIONAL COMPUTERDRAWN SHAPES AND STREETS OF A CITY ON THE TINY COMPUTER SCREENS BUILT INTO YOUR GOGGLES THE COMPUTER KEEPS TRACK OF WHERE EACH PLAYER MOVES AND WHAT HE CAN SEE FROM ANY PARTICULAR VANTAGE POINT MOVING BEHIND THE SHAPES IS MY SON TRANSFORMED INTO A RED ROBOT WHO IS TRYING TO KILL ME OR AT LEAST THE TAN ROBOT I HAVE BECOME WHEN I MOVE MY JOYSTICK MY ROBOTBODY MANEUVERS AROUND THE STREETS WHEN I MOVE MY HEAD THE GOGGLES CHANGE WHAT I CAN SEE JUST AS TURNING YOUR HEAD WHILE YOU DRIVE A CAR WOULD CHANGE YOUR PERSPECTIVE DESCARTES MAY HAVE FOUND THIS MINDBODY DIVISION FASCINATING BUT I FIND IT DISORIENTING MOVE YOUR HEAD AND YOU FORGET TO DRIVE AND EVEN FORGET WHERE YOU ARE IN THE CITY DRIVE THE ROBOT AND YOU FORGET TO LOOK FOR THE OPPONENT IN THE FIRST GOROUND MY SON KILLS ME WHICH PLEASES HIM ENORMOUSLY I SOMEHOW WIN THE SECOND TURN AND AM CONGRATULATED BY A SCHWARZENEGGERIAN VOICE IN MY HELMET I FIGURE THAT IT WOULD TAKE ABOUT FOUR TURNS AT EXOREX TO MASTER THE RIDE BUT AT 6 A TUN THAT'S STEEP EVEN FOR A COMPUTER JUNKIE SO THE SHOW NOW OFFERS AN ALLTHERIDESYOUCANSTAND FEE OF 25 FOR ADULTS AND 20 FOR KIDS EVEN SO A DAY AT THE VIRTUAL REALITY FAIR COULD EASILY COST A FAMILY OF FOUR 100 UNDETERRED MY SON AND I HEADED FOR THE STANDUP VERSION OF VIRTUALITY CALLED DACTYL NIGHTMARE WHICH IS EASIER TO GET THE HANG OF THAN THE SITDOWN MODEL IN THE GOGGLES YOU SEE A PLATFORM FLOATING IN SPACE WITH STAIRWAYS AND POSTS AT THE BOTTOM OF YOUR VISION YOU SEE AN ARM WITH A GUN YOUR ARM YOUR GUN YOU TURN AND TURN IN A LITTLE CIRCLE LOOKING FOR YOUR OPPONENT THROUGH THE GOGGLES EACH MOVE OF THE HEAD BRINGING DIFFERENT IMAGES INTO VIEW THIS TIME THOUGH YOU CAN ONLY MOVE IN THE DIRECTION YOU'RE LOOKING WHICH SIMPLIFIES THINGS GREATLY I SEE MY SON A RED ROBOT AGAIN HE SEES ME WE MOVE CLOSER HE SHOOTS FIRST ARCING BULLETS THAT BLOW ME TO BITS THE TWO AND ONEHALF MINUTE GAME STILL HAS TIME TO RUN SO I'M REBORN THEN JUST AS QUICKLY I'M TORN TO BITS BY A PTERODACTYL GLIDING BY ACTUALLY WHAT I SEE IS THE PTERODACTYL FLYING OFF WITH SOMEONE WHO I BELATEDLY REALIZE IS ME THERE'S MORE TIME LEFT SO MY ARM STRETCHES OUT AGAIN WITH A GUN VIRTUAL DEATH AND VIRTUAL RESURRECTION DAD SAYS MY LITTLE BOY THE FUTURE IS A COOL PLACE MR DAVIS IS A REPORTER IN THE JOURNAL'S WASHINGTON BUREAU 9309220011 930922 WHAT'S NEWS BUSINESS AND FINANCE STOCKS TUMBLED AND LONGTERM BOND PRICES SLID AMID NEWS THAT YELTSIN DISSOLVED RUSSIA'S PARLIAMENT GOLD PRICES AND THE DOLLAR SURGED AND SHORTERTERM GOVERNMENT NOTE PRICES ROSE AS INVESTORS SOUGHT A SAFE HARBOR THE DOW JONES INDUSTRIAL AVERAGE PLUNGED 3856 TO 353724 GOLD FUTURES ROSE 950 TO 365 AN OUNCE VIACOM STOCK CONTINUED TO SLIDE ON NEWS OF QVC'S 95 BILLION RIVAL OFFER FOR PARAMOUNT COMMUNICATIONS AS WALL STREET ANTICIPATED A BIDDING WAR THAT COULD DRAW IN OTHER SUITORS HOUSING STARTS JUMPED 78 LAST MONTH TO THE HIGHEST LEVEL IN OVER THREE YEARS SUGGESTING LOW INTEREST RATES ARE FINALLY ENCOURAGING CONSTRUCTION MARION MERRELL DOW NAMED RICHARD MARKHAM PRESIDENT AND CHIEF OPERATING OFFICER TWO MONTHS AFTER HE QUIT FROM THE NO 2 SPOT AT MERCK MICROSOFT ANNOUNCED A HUGELY DISCOUNTED PRICE ON A SOFTWARE PRODUCT THAT CRITICS SAID MAY BE UNFAIRLY LOW THE COMPTROLLER OF THE CURRENCY IS RAISING THE POSSIBILITY OF ALLOWING BANKS TO COMPETE MORE DIRECTLY WITH SECURITIES FIRMS TO PROVIDE FINANCING SERVICES TO MAJOR CORPORATIONS A SENATE BANKING PANEL APPROVED A BILL AIMED AT STIMULATING LENDING THAT FOSTERS COMMUNITY DEVELOPMENT THE PANEL APPROVED MOST OF CLINTON'S PROPOSAL TO PROVIDE 382 MILLION FOR SPECIAL COMMUNITYLENDING INSTITUTIONS FUTURE COMMUNICATIONS' STOCK WAS SUSPENDED FROM TRADING FOR 10 DAYS BY THE SEC WHICH CITED QUESTIONS CONCERNING THE CABLE TELEVISION COMPANY'S FINANCIAL DISCLOSURES HOUSE MAJORITY LEADER GEPHARDT ANNOUNCED HE'LL OPPOSE THE NORTH AMERICAN FREE TRADE PACT BUT HE DIDN'T VOW AN ALLOUT EFFORT TO KILL IT THE CLINTON ADMINISTRATION'S PROPOSED OVERHAUL OF PESTICIDE REGULATION WOULD FORCE PESTICIDE MANUFACTURERS TO RESUBMIT THEIR PRODUCTS FOR REGULATORY APPROVAL WITHIN SEVEN YEARS FOREIGN SHARE OF THE JAPANESE SEMICONDUCTOR MARKET FELL TO 192 IN THE SECOND QUARTER ITS SECOND STRAIGHT PERIOD BELOW THE 20 BENCHMARK OF A USJAPAN CHIP PACT MICROGRAFX NAMED A FORMER EXECUTIVE AT PEPSI'S FASTFOOD CHICKEN RESTAURANT UNIT TO BECOME CHIEF EXECUTIVE OFFICER OF THE SOFTWARE DEVELOPER NEW YORK LIFE REACHED AN AGREEMENT THAT GIVES IT ACCESS TO MANAGEDCARE OPERATIONS IN 75 MORE MARKETS BIG BOARD SHORT INTEREST SHOT UP 119 TO A RECORD AT MIDSEPTEMBER MERCK SHOWED THE HIGHEST SHORT INTEREST LEVEL UNSEATING CHRYSLER VOLKSWAGEN WON'T BREAK EVEN THIS YEAR DESPITE EXPECTATIONS OF PROFIT OF 1241 MILLION AT THE GERMAN PARENT COMPANY FOR THE CURRENT QUARTER INDIVIDUALS CLOSE TO THE AUTO MAKER SAID BONDS LEHMAN BROTHERS TREASURY INDEX 556179 OFF 1338 COMMODITIES OIL 1812 A BARREL UP 42 CENTS DOW JONES FUTURES INDEX 12668 OFF 021 SPOT INDEX 11996 OFF 073 DOLLAR 10625 YEN UP 157 16400 MARKS UP 00288 9309220010 930922 WHAT'S NEWS WORLDWIDE YELTSIN DISSOLVED RUSSIA'S PARLIAMENT AFTER A YEARLONG POWER STRUGGLE THE RUSSIAN PRESIDENT IN A TELEVISED SPEECH THAT STUNNED THE COUNTRY SAID HE WAS DISMISSING THE RECALCITRANT LEGISLATURE TO PULL THE COUNTRY OUT OF ITS POLITICAL AND ECONOMIC CRISIS PARLIAMENT HAS LOST THE RIGHT TO REMAIN AT THE KEY LEVERS OF STATE POWER HE SAID HE ANNOUNCED THE FORMATION OF A NEW BICAMERAL FEDERAL ASSEMBLY AND SET LEGISLATIVE ELECTIONS FOR DECEMBER PARLIAMENTARY DELEGATES DECLARED THAT YELTSIN'S MOVES WERE UNCONSTITUTIONAL AND AMOUNTED TO A COUP D'ETAT THEY VOTED OVERWHELMINGLY TO STRIP HIM OF HIS POWERS AND NAMED VICE PRESIDENT RUTSKOI A YELTSIN RIVAL AS PRESIDENT EARLY TODAY RUSSIA'S CONSTITUTIONAL COURT RULED THAT YELTSIN HAD VIOLATED THE CONSTITUTION AND COULD BE IMPEACHED CLINTON TELEPHONED YELTSIN TO OFFER SUPPORT AND SAID THE PLAN FOR A NEWLY ELECTED RUSSIAN LEGISLATURE IS ULTIMATELY CONSISTENT WITH THE DEMOCRATIC AND REFORM COURSE YELTSIN IS PURSUING ISRAELI LAWMAKERS DEBATED A PEACE ACCORD AND A PLO OFFICIAL WAS SLAIN PRIME MINISTER RABIN PUT THE ISRAELIPLO AGREEMENT AND THE FUTURE OF HIS GOVERNMENT TO THE TEST IN PARLIAMENT AS TENSIONS ROSE BETWEEN JEWS AND PALESTINIANS OVER THE PEACE PACT IN A SHORT SPEECH INTERRUPTED BY HECKLING FROM OPPOSITION MEMBERS RABIN CALLED FOR AN END TO TEARS AND BLOOD BUT IN THE ISRAELIOCCUPIED GAZA STRIP PALESTINIAN GUNMEN ASSASSINATED MOHAMMED HASHEM ABU SHAABAN A SENIOR PLO FIGURE AND LEADING ADVOCATE OF THE ACCORD WITH ISRAEL SYRIA SAID ISRAEL HAD MOVED TO A NEW STATE OF IMPLICIT AND EXPLICIT THREATS AGAINST DAMASCUS FOLLOWING THE SIGNING OF THE ISRAELIPLO ACCORD THE CLINTONS SIGNALED A WILLINGNESS TO NEGOTIATE MOST ASPECTS OF THEIR HEALTHCARE PROPOSAL EXCEPT THE GOAL OF OFFERING UNIVERSAL COVERAGE AS SOON AS POSSIBLE THEY ALSO DEFENDED THEIR PLAN TO REQUIRE THAT EMPLOYERS CONTRIBUTE TO WORKERS' COVERAGE JOHN DEMJANJUK WAS RELEASED FROM AN ISRAELI PRISON AND FLEW TO THE US THE RETIRED OHIO AUTO WORKER ACQUITTED OF BEING A NOTORIOUS NAZI DEATH CAMP GUARD WAGED A SEVENANDAHALFYEAR LEGAL BATTLE TO PROVE HE WASN'T IVAN THE TERRIBLE ELITE US ARMY TROOPS CAPTURED THE CHIEF FINANCIAL BACKER OF FUGITIVE SOMALI CLAN LEADER AIDID IN WHAT A UN MILITARY SPOKESMAN CALLED A SIGNIFICANT MILESTONE IN EFFORTS TO DISMANTLE AIDID'S MILITIA BOSNIA'S MUSLIM PRESIDENT VOICED PESSIMISM ABOUT EFFORTS TO END FIGHTING THERE SAYING HE COULDN'T RECOMMEND ACCEPTANCE OF A NEW PEACE PLAN MEANWHILE INTERNATIONAL MEDIATORS SAID MUSLIMS CROATS AND SERBS APPEARED TO BE CLOSER THAN EVER TO PEACE FOLLOWING TALKS ON MONDAY CLINTON SIGNED LEGISLATION ALLOWING STUDENTS TO RECEIVE COLLEGE TUITION MONEY BY PERFORMING COMMUNITY SERVICE THE LAW A WATEREDDOWN VERSION OF THE PRESIDENT'S INITIAL PLAN WILL ASSIST 100000 YOUTHS A STUDY AT A MAJOR HMO FOUND THAT A NEW TECHNIQUE FOR GALL BLADDER SURGERY TOUTED FOR ITS ABILITY TO CUT HEALTH COSTS HAS LED INSTEAD TO HIGHER COSTS THE STUDY FOUND THAT THE PROCEDURE WAS 25 CHEAPER THAN TRADITIONAL SURGERY BUT THAT THE NUMBER OF PATIENTS UNDERGOING THE PROCEDURE ROSE 60 FROM 1988 TO 1992 POPE JOHN PAUL II MET WITH ISRAEL'S CHIEF RABBI NEAR ROME RABBI YISRAEL LAU LATER TOLD REPORTERS THAT THE PONTIFF HOPED TO VISIT JERUSALEM SOON THE MEETING WAS THE FIRST BETWEEN THE RELIGIOUS LEADER OF ISRAEL AND THE LEADER OF THE WORLD'S ROMAN CATHOLICS HAITI'S EXILED LEADER ARISTIDE URGED THE UN SECURITY COUNCIL TO REINSTATE SANCTIONS AGAINST THE HAITIAN GOVERNMENT AS A WAY OF FORCING THE MILITARY TO HALT AN OUTBREAK OF POLITICALLY MOTIVATED VIOLENCE UKRAINE'S PARLIAMENT ACCEPTED THE RESIGNATION OF PRIME MINISTER KUCHMA AND ASKED PRESIDENT KRAVCHUK TO FORM A NEW GOVERNMENT THOUSANDS OF DEMONSTRATORS MANY SHOUTING ANTIRUSSIAN SLOGANS MASSED OUTSIDE PARLIAMENT WHOSE WORK HAS BEEN STYMIED BY A FOURMONTHLONG POWER STRUGGLE ANGOLA CHARGED THAT UNITA GUERRILLAS WERE IGNORING THEIR CEASEFIRE DECLARATION AND WERE BATTLING TO TAKE CONTROL OF THE BESIEGED CITY OF CUITO A RADIO CORRESPONDENT DESCRIBED CUITO AS AN INFERNO