MADRID WHEN BORIS YELTSIN CAME TO SPAIN ON AN OFFICIAL VISIT LAST WEEK
ONE OF THE FIRST THINGS HE DID WAS TOUR A HAM AND SAUSAGE FACTORY

THERE SURROUNDED BY SOME 400000 HAMS HANGING OUT TO CURE A TIREDLOOKING
MR YELTSIN EXPRESSED HIS GRATITUDE TO PEDRO BALLVE THE CHAIRMAN AND OWNER
OF CONSERVERA CAMPOFRIO SA FOR HAVING STUCK IT OUT DURING THE LAST FOUR
TURBULENT YEARS IN RUSSIA IN MOSCOW SPAIN'S LEADING PRODUCER OF PROCESSED
MEATS OWNS 80 OF A HAM AND SAUSAGE FACTORY ITS RUSSIAN PARTNER
MOSMIASOPROM THE MEAT SUPPLIER FOR HAMBURGERS AT RUSSIAN MCDONALD'S CORP
RESTAURANTS OWNS THE REMAINDER

THE VISIT WAS IN RECOGNITION OF OUR DECISION TO BET ON RUSSIA MR BALLVE
SAID THE DIFFICULTIES AREN'T BIG ENOUGH TO KEEP US FROM CONTINUING TO
WAGER IN FACT WE MUST SUPPORT THE ECONOMIC REFORMS IN RUSSIA WITH PROJECTS
LIKE THIS BECAUSE IF RUSSIA SUFFERS WIDESPREAD INSTABILITY ALL OF THE WEST
WILL SUFFER THE CONSEQUENCES

RUSSIA HAS HARDLY BEEN MOTIVATED BY ALTRUISM FACED WITH A SATURATED MARKET
AT HOME FOR ITS PROCESSED MEATS CAMPOFRIO SET OUT FIVE YEARS AGO TO TACKLE
NEW MARKETS AND DIVERSIFY ITS PRODUCTS BECAUSE OF THEIR HIGHGROWTH
POTENTIAL THE HISPANIC MARKET IN THE US LATIN AMERICA AND EASTERN EUROPE
BECAME TOP TARGETS FOR THE MEAT PRODUCER

WHILE A COMMON LANGUAGE HELPED CLEAR THE WAY IN LATIN AMERICA WHERE
CAMPOFRIO OPERATES IN THE DOMINICAN REPUBLIC AND MEXICO AND IS SCHEDULED TO
BEGIN PRODUCTION IN ARGENTINA THIS YEAR LOCAL NECESSITY HELPED SMOOTH THE
WAY IN RUSSIA TO BOLSTER SALES CAMPOFRIO ADAPTS SEASONING AND MEAT CONTENT
TO THE CONSUMER PREFERENCES OF EACH COUNTRY

BY THE END OF THIS YEAR CAMPOFRIO EXPECTS ITS SALES OF ALMOST 70 BILLION
PESETAS OR 503 MILLION WITH 20 BILLION PESETAS GENERATED OVERSEAS
EXPANSION HOWEVER HAS HAD ITS COSTS THE COMPANY'S DEBT SURGED 36 TO 134
BILLION PESETAS IN 1993 WHILE PRETAX PROFIT AT THE PARENT COMPANY FELL 28
LAST YEAR TO 257 BILLION PESETAS FROM 358 BILLION PESETAS

MOST OF THE DROP IS ATTRIBUTED TO A SLUMP IN DOMESTIC DEMAND WHICH WAS HURT
BY SPAIN'S DEEP RECESSION AND AN INCREASE IN INVESTMENT IN ADVERTISING NEW
PRODUCTS AND STARTUP VENTURES OVERSEAS FURTHERMORE A PRECOOKED DINNER
PROJECT NEVER TOOK HOLD AMONG CONSERVATIVE SPANISH CONSUMERS

BUT MR BALLVE SAID THE COMPANY IS LAYING THE BASE FOR GROWTH ANALYSTS
AGREE

I DON'T SEE PROFIT RISING MUCH IN THE SHORT TERM SAID FERNANDO GUGEL
FOOD ANALYST AT MADRID BROKERAGE FG INVERSIONES BURSATILES BUT IN THE LONG
TERM THE COMPANY SHOULD DO VERY WELL IT'S WELLMANAGED AND ITS BUSINESS IS
VERY INTERESTING

HE SAID SPAIN'S MARKET FOR PRECOOKED FOOD IS STILL UNDERDEVELOPED HE
EXPECTS THAT MARKET TO DEVELOP MUCH THE WAY IT HAS IN OTHER PARTS OF EUROPE
SIMILARLY PROFIT FROM FOREIGN VENTURES IS NOW MARGINAL BUT SHOULD INCREASE
IN TIME

IN MOSCOW FOR EXAMPLE THE COMPANY EXPECTS TO OPEN ITS SECOND FACTORY LATER
THIS MONTH FOLLOWING THE SUCCESS OF THE MEAT PLANT THAT IT OPENED IN EARLY
1991 ONLY MONTHS BEFORE THE ABORTED COUP ATTEMPT BY MILITARY OFFICERS IN
RUSSIA SINCE THEN BOTH EXPORTS TO RUSSIA AND LOCAL PRODUCTION THERE HAVE
SOARED AS FOOD HAS BECOME ONE OF THE COUNTRY'S BIGGEST GROWTH MARKETS

CAMPOFRIO WON'T SAY HOW MUCH IT'S EARNING ON ITS RUSSIAN VENTURE BUT MR
BALLVE SAID WE'RE MAKING ENOUGH PROFIT TO CONTINUE BETTING ON RUSSIA AND
WE HOPE MORE BUSINESSMEN WILL FOLLOW OUR EXAMPLE

OF THE ALMOST 100000 TONS OF MEAT PRODUCED ANNUALLY BY CAMPOFRIO ALMOST
8000 TONS ARE PRODUCED IN RUSSIA WITH 22000 TONS MORE CHURNED OUT ABROAD
WITH THE NEW MOSCOW FACTORY ALMOST READY BRINGING CAMPOFRIO'S TOTAL
INVESTMENT IN RUSSIA TO 10 MILLION COMPANY OFFICIALS EXPECT PRODUCTION
IN RUSSIA TO RISE TO 12000 TONS IN AUGUST AND TO 14000 TONS BY THE END OF
THE YEAR NOW CAMPOFRIO IS TRYING TO DETERMINE WHICH OF THE FORMER SOVIET
REPUBLICS WOULD BE A GOOD CANDIDATE FOR ANOTHER NEW FACTORY

EXPORTS FROM SPAIN TO RUSSIA HAVE ALSO BEEN ON THE RISE IN 1992 CAMPOFRIO
SHIPPED AND SOLD 200 TONS OF MEAT PRODUCTS TO RUSSIA BY 1993 THE FIGURE
HAD RISEN TO 3000 TONS THE AMOUNT EXPORTED IN THE FIRST THREE MONTHS OF
THIS YEAR

MR YELTSIN WAS EAGER TO VISIT THE MADRID FACTORY NOT ONLY TO SHOW HIS
GRATITUDE BUT TO STUDY ITS FACILITIES WHICH WERE USED TO MAKE MATCHES
BEFORE CAMPOFRIO CONVERTED THEM TO MEAT PROCESSING

CONVERTING PLANTS IS ONE OF THE MAIN CHALLENGES FACING RUSSIA THE
41YEAROLD MR BALLVE SAID THE FOOD SECTOR HAS BEEN GIVEN PRIORITY AND
THE AUTHORITIES WANT TO LEARN HOW TO CONVERT SAY FIGHTER JET FACTORIES TO
PRODUCE FOOD

MOREOVER THE RUSSIANS HAVE APPROACHED CAMPOFRIO WITH A PROJECT TO CREATE AN
INTEGRATED MEAT PROCESSING FACILITY WHICH WOULD COVER EVERYTHING FROM HOG
FEED TO MEAT PROCESSING STORAGE AND DISTRIBUTION MR BALLVE SAID HE'S
TEMPTED

INDEED THE RUSSIANS HAVE A LOT TO LEARN FROM MR BALLVE WHEN SPAIN JOINED
THE EUROPEAN UNION IN 1986 AND OPENED UP ITS PROTECTED MARKET MANY SMALL
FAMILYOWNED COMPANIES SUCH AS CAMPOFRIO FOUND IT EASIER TO SELL OUT TO BIG
FOREIGN CONCERNS THAN TO COMPETE THIS PROVED PARTICULARLY TRUE IN THE FOOD
INDUSTRY WHERE FOREIGNERS ARE ESTIMATED TO OWN MORE THAN 50 OF THE SECTOR

THE SPANISH MEAT PRODUCER HOWEVER BUCKED THE TREND INSTEAD OF SELLING
OUT MR BALLVE AND HIS BROTHER FERNANDO REPURCHASED FOR 90 MILLION THE 50
OF CAMPOFRIO'S SHARES HELD BY TLC GROUP LP A US INVESTMENT CONCERN THAT
HAD ACQUIRED THE STAKE FROM KOHLBERG KRAVIS ROBERTS & CO ORIGINALLY THE
BALLVE'S FATHER WHO LEFT THE COMPANY TO HIS SONS UPON HIS DEATH NINE YEARS
AGO SOLD THE SHARES TO BEATRICE INTERNATIONAL FOOD CO OF THE US IN 1978

AFTER BUYING BACK CONTROL OF THE COMPANY THE BALLVES WHO STILL HAVE A
CONTROLLING MAJORITY STAKE TOOK CAMPOFRIO PUBLIC TODAY ABOUT 25 OF THE
COMPANY'S SHARES LIST ON THE STOCK EXCHANGE 9404180021 940418 BUSINESS
BRIEF EMC CORP FIRSTQUARTER NET TRIPLED ON STRENGTH OF NEW PRODUCT

EMC CORP HOPKINTON MASS SAID FISCAL FIRSTQUARTER EARNINGS MORE THAN
TRIPLED REFLECTING STRONG MARKET ACCEPTANCE OF ITS NEW COMPUTER
DATASTORAGE PRODUCT LINE

NET INCOME ROSE TO 488 MILLION OR 22 CENTS A SHARE FROM 149 MILLION
OR EIGHT CENTS A SHARE A YEAR EARLIER

EMC WHICH MAKES MAINFRAME AND MINICOMPUTER DATASTORAGE DEVICES THAT WORK
WITH INTERNATIONAL BUSINESS MACHINES CORP COMPUTERS SAID SALES FOR THE
QUARTER ENDED APRIL 2 JUMPED 92 TO 2671 MILLION FROM 1388 MILLION
FUELING THAT GROWTH WAS AN 80 INCREASE IN SALES OF THE COMPANY'S SYMMETRIX
LINE OF DATASTORAGE DEVICES

AS A RESULT OF STRONG SALES OF SOME OF ITS PRODUCTS EMC'S GROSS PROFIT
MARGINS STEADILY EDGED UPWARD TO 534 IN THE FIRST QUARTER FROM ABOUT 47
A SPOKESWOMAN SAID PRICE BREAKS FROM SUPPLIERS STEMMING FROM AN INCREASE IN
THE VOLUME OF EMC PURCHASES ALSO HELPED MARGINS THE SPOKESWOMAN SAID

IN TRADING FRIDAY ON THE NEW YORK STOCK EXCHANGE EMC SHARES CLOSED AT
1850 UP 50 CENTS 9404180020 940418 OLYMPIA'S UNIT IN US ATTRACTS 
INVESTOR INTEREST  ZUCKERMAN AND OTHERS SAID TO HAVE ACCESS TO DATA
 ON COMPANY'S FINANCES  BY LARRY M GREENBERG AND MITCHELL PACELLE
 STAFF REPORTERS OF THE WALL STREET JOURNAL

MORTIMER ZUCKERMAN KOHLBERG KRAVIS ROBERTS & CO GE CAPITAL CORP AND
GENERAL MOTORS CORP'S PENSION FUND ARE AMONG THE POTENTIAL INVESTORS
LOOKING AT OLYMPIA & YORK'S US SUBSIDIARY REFLECTING THE EXPECTATION THAT
ITS PORTFOLIO OF NEW YORK OFFICE TOWERS HAS LONGTERM VALUE

THESE INVESTORS HAVE SIGNED CONFIDENTIALITY AGREEMENTS WITH THE SUBSIDIARY
OLYMPIA & YORK COS USA GIVING THEM ACCESS TO SENSITIVE FINANCIAL
INFORMATION ABOUT THE DEVELOPER PEOPLE FAMILIAR WITH THE SITUATION SAID
WITH NEW YORK'S COMMERCIAL REALESTATE MARKET BEGINNING TO SHOW SIGNS OF A
GRADUAL RECOVERY O&Y USA THE CITY'S BIGGEST COMMERCIAL LANDLORD IS
ATTRACTING WIDE INVESTOR INTEREST

O&Y USA IS IN PLAY THE ADMINISTRATOR TO THE COMPANY'S CANADIAN
PARENT SAID IN A COURT FILING LAST WEEK THE PARENT OLYMPIA & YORK
DEVELOPMENTS LTD REORGANIZED UNDER CANADIAN BANKRUPTCY LAW LAST YEAR THAT
PROCESS DIDN'T INCLUDE THE US SUBSIDIARY WHICH IS CURRENTLY ATTEMPTING TO
RESTRUCTURE ABOUT 5 BILLION OF DEBT WITHOUT RESORTING TO A BANKRUPTCYLAW
FILING

THE INVESTORS ARE LOOKING AT O&Y USA'S UNSECURED DEBT AS A WAY TO BUY A
STAKE IN THE COMPANY CHEAPLY AFTER THE COMPANY RESTRUCTURES ITS SENIOR
OBLIGATIONS WHICH ARE SECURED BY SPECIFIC PROPERTIES IT MUST THEN SATISFY
ITS UNSECURED DEBTHOLDERS MAINLY WITH ITS REMAINING OWNERSHIP STAKE IN ITS
PROPERTIES

DESPITE THE POTENTIAL INVESTORS' PROMINENCE THEY COULD HAVE A HARD TIME
ACQUIRING ENOUGH OF O&Y USA'S DEBT TO DISPLACE FINANCIER LEON BLACK
MR BLACK THROUGH HIS APOLLO REAL ESTATE INVESTMENTS FUND ALREADY HAS
ACCUMULATED KEY PIECES OF THE COMPANY'S DEBT NOW MR BLACK IS NEGOTIATING
WITH SALOMON BROTHERS TO ACQUIRE ANOTHER UNSECURED CLAIM AGAINST O&Y
USA THAT IS VALUED AT ABOUT 65 MILLION PEOPLE FAMILIAR WITH THE
SITUATION SAID THE CLAIM STEMS FROM O&Y USA'S UNPROFITABLE SWAP
AGREEMENT THAT HEDGED ITS FLOATINGRATE INTEREST EXPENSE ON PART OF A 920
MILLION MORTGAGEBOND ISSUE

WE ARE ALL TRYING TO ASSESS THE ROLE OF APOLLO HERE SAID MR ZUCKERMAN
CHAIRMAN OF BOSTON PROPERTIES WHICH OWNS COMMERCIAL REAL ESTATE IN NEW YORK
AND BOSTON MR ZUCKERMAN SAID HE HAD DISCUSSED WORKING TOGETHER WITH
KOHLBERG KRAVIS ROBERTS THE LEVERAGEDBUYOUT CONCERN ON A BID FOR O&Y
USA DEBT KKR OFFICIALS DECLINED TO COMMENT

GENERAL ELECTRIC CO'S GE CAPITAL UNIT ONE OF THE EARLIEST AND LARGEST
BUYERS OF DISTRESSED REALESTATE ASSETS ALSO DECLINED TO COMMENT AS DID
APOLLO GM PENSION FUND OFFICIALS COULDN'T BE REACHED

LAST NOVEMBER MR BLACK BOUGHT FROM SALOMON ABOUT A THIRD OF THE 920
MILLION MORTGAGEBOND ISSUE WHICH IS SECURED BY THREE MANHATTAN OFFICE
TOWERS HE ALSO ACQUIRED THIS MONTH A 31 STAKE OF A 140 MILLION LOAN MADE
TO O&Y USA BY A BANK GROUP LED BY JP MORGAN UNLIKE OTHER POTENTIAL
INVESTORS MR BLACK HASN'T SIGNED A CONFIDENTIALITY AGREEMENT WITH O&Y
USA SUCH AN AGREEMENT PREVENTS AN INVESTOR FROM BUYING A CLAIM AGAINST
THE COMPANY WITHOUT THE APPROVAL OF ITS BOARD PEOPLE FAMILIAR WITH THE
SITUATION SAID

O&Y USA CONTINUES TO MAKE PROGRESS IN ITS DEBT RESTRUCTURING ITS BOARD
LAST WEEK APPROVED A PROPOSAL TO RESTRUCTURE THE 920 MILLION OF MORTGAGE
BONDS THE PLAN AMONG OTHER THINGS CALLS FOR THE SALE OF THE COMPANY'S
MOSTLY VACANT OFFICE BUILDING AT 2 BROADWAY IN LOWER MANHATTAN THE COMPANY
PREVIOUSLY HAS SOLD OR TURNED OVER TO CREDITORS OTHER OFFICE TOWERS THAT
DRAINED CASH LEAVING A PORTFOLIO THAT INCLUDES THE WORLD FINANCIAL CENTER
AND PROMINENT NEW YORK OFFICE BUILDINGS ON PARK AVENUE

MEANWHILE OLYMPIA & YORK'S CANADIAN ADMINISTRATOR FILED A MOTION IN AN
ONTARIO COURT LAST WEEK CLAIMING THAT CREDITORS OF THE CANADIAN PARENT DON'T
HAVE ACCESS TO INFORMATION THAT POTENTIAL US INVESTORS HAVE RECEIVED AND
SEEKING A MECHANISM FOR DISPENSING THE INFORMATION HOWEVER CORINNE BALL A
LAWYER WITH WEIL GOTSHAL & MANGES IN NEW YORK WHICH REPRESENTS O&Y
USA SAID CREDITORS CAN OBTAIN SENSITIVE INFORMATION BY SIGNING
CONFIDENTIALITY AGREEMENTS 9404180019 940418 FIGGIE AUDITOR ISSUES A
QUALIFICATION ON RESULTS DUE TO DELAY ON DEBT ACCORD  BY GABRIELLA
STERN STAFF REPORTER OF THE WALL STREET JOURNAL

FIGGIE INTERNATIONAL INC'S OUTSIDE AUDITOR ISSUED A QUALIFIED OPINION OF
THE COMPANY'S 1993 FINANCIAL STATEMENTS SAYING THEY RAISE SUBSTANTIAL
DOUBT ABOUT THE COMPANY'S ABILITY TO CONTINUE AS A GOING CONCERN

ARTHUR ANDERSEN & CO IN A STATEMENT ACCOMPANYING FIGGIE'S ANNUAL REPORT
SAID THE COMPANY'S 1993 LOSS AND DECREASE IN NET WORTH RESULTED IN
VIOLATIONS OF CERTAIN COVENANTS OF CERTAIN OF ITS DEBT AGREEMENTS WHICH
PERMIT ITS LENDERS TO ACCELERATE THE DUE DATE ON ITS DEBT

THE WILLOUGHBY OHIO COMPANY WHICH MAKES FIRE TRUCKS AND SPORTING GOODS
AMONG OTHER THINGS SAID THE COMPANY HAS NOT YET REACHED AN AGREEMENT WITH
ITS BANKERS ON A NEW LONGTERM FINANCING PACKAGE AND THUS ARTHUR ANDERSEN
ISSUED THE QUALIFICATION HOWEVER KEITH MABEE A SPOKESMAN FOR THE COMPANY
SAID IT EXPECTS TO REACH AN AGREEMENT IN PRINCIPLE WITHIN TWO WEEKS

MR MABEE SAID THE TALKS ARE BEING SLOWED BY ONE OR TWO BANKERS WHO ARE
HOLDING OUT FOR MORE FAVORABLE TERMS IT'S BASICALLY DOWN TO DOLLARS HE
SAID THE DISAGREEMENT AMONG CREDITORS IS OVER PAYMENT SCHEDULES AND
PROPORTIONAL PARTICIPATION WE'RE DOWN TO A COUPLE OF BANKS WHO ARE OUT OF
SYNC WITH THE 38BANK SYNDICATE

THE COMPANY SAID IT HAS 60 MILLION IN CASH AND THUS HAS AMPLE LIQUIDITY TO
MEET ITS OPERATIONAL NEEDS HOWEVER UNTIL FIGGIE REACHES AN AGREEMENT WITH
LENDERS ACCOUNTING RULES DICTATE THAT 270 MILLION OF LONGTERM DEBT BE
CLASSIFIED AS CURRENT MEANING THE DEBT WOULD HAVE TO BE REPAID WITHIN 12
MONTHS WITHOUT LONGTERM FINANCING THAT'S A LOT OF DEBT TO BE LOOKING AT
GIVEN LAST YEAR'S LOSS AND THE FACT THAT WE EXPECT TWO QUARTERS OF
UNPROFITABILITY SAID MR MABEE

THE AUDITOR'S STATEMENT WAS ONE MORE BLOW FOR THE COMPANY FOR THE FULL YEAR
1993 THE COMPANY REPORTED ITS FIRSTEVER ANNUAL LOSS 1798 MILLION OR
1011 A SHARE INCLUDING A 58 MILLION GAIN FROM A CHANGE IN ACCOUNTING
FOR INCOME TAXES FOR THE FOURTH QUARTER IT HAD A LOSS OF 1809 MILLION
OR 1007 A SHARE AND TOOK PRETAX CHARGES OF 112 MILLION FOR AN ACCOUNTING
CHANGE TO COVER AN ILLFATED FACTORY AUTOMATION PROJECT AND FOR
RESTRUCTURING AND CONSOLIDATION OF ITS FACILITIES

HARRY E FIGGIE JR CHAIRMAN AND CHIEF EXECUTIVE OFFICER SAID WE ARE
DISAPPOINTED THAT WE WERE NOT ABLE TO CONCLUDE OUR LENDER NEGOTIATIONS PRIOR
TO ISSUING OUR AUDITED YEAREND RESULTS ONCE OUR LONGTERM FINANCING
PACKAGE IS IN PLACE WE BELIEVE THAT THE COMPANY'S AUDITORS WILL REMOVE
THEIR GOING CONCERN QUALIFICATION

FIGGIE'S RESTRUCTURING INCLUDES SHEDDING BUSINESSES WHICH REPRESENT
ANNUAL SALES OF 379 MILLION OR ABOUT ONETHIRD OF ITS 11 BILLION IN 1993
SALES TO PROVIDE LIQUIDITY AND PAY DOWN DEBT FIGGIE IS CONTINUING TO
CONSIDER SELLING OR SPINNING OFF ITS RAWLINGS SPORTING GOODS UNIT WHICH HAS
SALES OF ABOUT 125 MILLION THE COMPANY SAID IT INTENDS TO FILE A
REGISTRATION STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION THIS WEEK
FOR A POTENTIAL PUBLIC OFFERING OF THE UNIT MR MABEE SAID A NUMBER OF
POTENTIAL BUYERS HAVE EXPRESSED STRONG INTEREST IN RAWLINGS HOWEVER A
PERSON CLOSE TO THE SITUATION SAID THE COMPANY BELIEVES THE PUBLIC MARKET
MIGHT VALUE THE UNIT HIGHER

FIGGIE SAID IT IS IN DISCUSSIONS TO DIVEST OTHER UNITS INCLUDING WAITE HILL
HOLDINGS INSURANCE SHERWOODDROLET CORP A MAKER OF HOCKEY EQUIPMENT
SAFETY SUPPLY AMERICA SAFETY PRODUCTS AMERICAN LAFRANCE FIRE TRUCK PARTS
AND ESSICK/MAYCO PUMPS AND MIXERS THE COMPANY SOLD ITS ADVANCE SECURITY
UNIT IN FEBRUARY

THE COMPANY FILED ITS ANNUAL REPORT WITH THE SEC AFTER THE CLOSE OF TRADING
FRIDAY BUT IN TRADING ON THE NASDAQ STOCK EXCHANGE FIGGIE CLASS B SHARES
FELL 1 TO 9 9404180018 940418 BUSINESS BRIEF QUADRA LOGIC
TECHNOLOGIES INC COMPANY CLEARED TO MARKET CANCER DRUG IN NETHERLANDS

QUADRA LOGIC TECHNOLOGIES INC SAID IT RECEIVED APPROVAL TO MARKET
PHOTOFRIN ITS LIGHTACTIVATED CANCER DRUG IN THE NETHERLANDS FOR THE
TREATMENT OF CERTAIN LUNG AND ESOPHAGEAL CANCERS

THE VANCOUVER BRITISH COLUMBIA COMPANY CURRENTLY HAS MARKETING APPROVAL
FOR PHOTOFRIN ONLY IN CANADA WHERE THE DRUG CAN BE USED TO TREAT CERTAIN
BLADDER CANCERS QUADRA LOGIC APPLIED TO THE US FOOD AND DRUG
ADMINISTRATION EARLIER THIS MONTH TO MARKET THE DRUG FOR TREATMENT OF
CERTAIN THROAT CANCERS

PHOTOFRIN INJECTED INTRAVENOUSLY INTO THE PATIENT IS THEN ACTIVATED BY
LIGHT FROM A MEDICAL LASER THIS PRODUCES A FORM OF OXYGEN THAT ACTS TO
DESTROY TUMORS QUADRA LOGIC SAID 9404180017 940418 COMPANIES SETTLE FTC
CASE OVER RECYCLING CLAIMS

WASHINGTON TWO PLASTICS COMPANIES AGREED TO SETTLE FEDERAL TRADE
COMMISSION CHARGES THAT THEY MISLED CUSTOMERS WITH CLAIMS THAT THEIR
PRODUCTS ARE RECYCLABLE

IN BOTH CASES THE FTC SAID THE PRODUCTS TECHNICALLY COULD BE RECYCLED BUT
IN PRACTICE IT SAID THE VAST MAJORITY OF CONSUMERS COULDN'T RECYCLE THEM
BECAUSE FEW COLLECTION AGENCIES WOULD ACCEPT THEM

THE COMPANIES ARE OAK HILL INDUSTRIES CORP NEW YORK AND LEPAGE'S INC
PITTSBURGH OAK HILL MAKES PLASTIC PLATES BOWLS AND UTENSILS FROM NONFOAM
POLYSTYRENE AND PACKAGES THE PRODUCTS IN THIN PLASTIC FILM MADE FROM
POLYPROPYLENE OR LOWDENSITY POLYETHYLENE LEPAGE SELLS CELLOPHANE TAPE IN
NONFOAM POLYSTYRENE DISPENSERS ATTACHED TO NONCORRUGATED PAPERBOARD FEW
RECYCLING FACILITIES ACCEPT SUCH PRODUCTS ACCORDING TO THE FTC

BOTH COMPANIES AGREED IF THEY CONTINUE TO LABEL THEIR PRODUCTS RECYCLABLE
THEY WILL INFORM CONSUMERS THAT THERE ARE FEW ADEQUATE RECYCLING CENTERS
LEPAGE ALSO AGREED TO A PROHIBITION AGAINST MAKING ANY UNSUBSTANTIATED
CLAIMS THAT ITS PRODUCTS OFFER ENVIRONMENTAL BENEFIT 9404180016 940418
LEISURE & ARTS BOOKSHELF THE SMOKE SCREEN OF SINGLEISSUE POLITICS 
 BY MARK MILLER

THE FAMILY EDUCATION HOMOSEXUALITY ABORTION CAN AMERICANS EVER REACH
AGREEMENT ON THE ISSUES THAT DIVIDE US MOST WILL WE EVER RETRIEVE A VISION
OF THE COMMON GOOD OR ARE THE CULTURE WARS TOO FAR GONE

UNIVERSITY OF VIRGINIA SOCIOLOGIST JAMES DAVISON HUNTER HAS THOUGHT LONG AND
HARD ON THESE MATTERS AND IN BEFORE THE SHOOTING BEGINS SEARCHING FOR
DEMOCRACY IN AMERICA'S CULTURE WAR FREE PRESS 310 PAGES 2295 HE
ADDRESSES THE OBSTACLES STANDING IN THE WAY OF CONSENSUS ON THE MOST
HARDFOUGHT ISSUE OF ALL ABORTION DISPENSING WITH SOCIOLOGY'S PENCHANT FOR
ASSERTING THE OBVIOUS MR HUNTER HAS WRITTEN A FASCINATING BOOK ABOUT THE
PROSPECTS FOR OUR DEMOCRACY

IN HIS PREVIOUS BOOK CULTURE WARS MR HUNTER TRACED THE EXTREME
DIVISIVENESS OF CONTEMPORARY DEBATE TO A REALIGNMENT OF AMERICAN PUBLIC
CULTURE DENOMINATIONAL TIES HE ARGUED HAVE GIVEN WAY TO COMPETING VIEWS
ABOUT MORAL TRUTH THE ORTHODOX AND THE PROGRESSIVE WHICH CUT ACROSS
LINES OF FAITH THUS WE FIND ORTHODOX JEWS AND EVANGELICAL CHRISTIANS FOR
INSTANCE WORKING TOWARD SIMILAR GOALS ON ABORTION EDUCATION FAMILY
VALUES AGAINST MORE PROGRESSIVE CORELIGIONISTS

SPECIALINTEREST ORGANIZATIONS SUCH AS NARAL OR OPERATION RESCUE HAVE
ASSIMILATED ONE OR THE OTHER OF THOSE OPPOSING VIEWS AS THEY VIE FOR PUBLIC
OPINION BUT THE RESULTING MORAL CHASM BETWEEN THEM MEANS THAT INSTEAD OF
GRAPPLING TOWARD CONSENSUS THE INTEREST GROUPS CAN ONLY FIGHT FOR TOTAL
VICTORY

IN HIS NEW BOOK MR HUNTER CONSIDERS THAT MORAL GAP BRIDGEABLE CLOSING IT
HOWEVER WILL REQUIRE BOTH EXPOSING THE WILLFUL DISTORTIONS AND OCCASIONAL
OUTRIGHT MENDACITY OF THE INTEREST GROUPS AND REVERSING THE ASTONISHING
AMBIVALENCE OF THE VOTERS

THERE ARE MANY THINGS ADVOCACY GROUPS WOULD RATHER KEEP QUIET ABOUT ONE OF
THESE IS HOW LARGE A ROLE FINANCES PLAY IN THEIR OPERATIONS NOTFORPROFIT
ORGANIZATIONS SHARE MANY OF THE SAME ECONOMIC INCENTIVES OF FORPROFIT
CORPORATIONS FIRST AMONG THEM THE DESIRE TO STAY IN BUSINESS BUT IN THEIR
CASE THE KEY IS NOT MARKETING A BETTER PRODUCT BUT SUCCESSFUL FUNDRAISING
WHICH INVARIABLY DEPENDS ON EMOTIONAL RHETORIC DEMONIZING THE OTHER SIDE

JUST AS SOME ORGANIZATIONS WOULD RATHER NOT TALK ABOUT THEIR FINANCIAL STAKE
IN THE CULTURE WARS MR HUNTER ARGUES OTHERS WOULD RATHER NOT TALK ABOUT
THEIR WIDER GOALS SUCH AS THE DESIRE TO REMAKE SOCIETY IN THEIR OWN IMAGE

CAREFULLY STRUCTURED PUBLIC OPINION RESEARCH TURNS UP FURTHER DISTORTIONS IN
INTERESTGROUP RHETORIC MR HUNTER REPORTS FIRST AS MANY OF US HAVE LONG
SUSPECTED THE BATTLE LINES IN THE ABORTION CONTROVERSY ARE AS FUZZY AS
MEDIA STEREOTYPES OF PROLIFERS AND PROCHOICERS ARE RIGID FOR INSTANCE
PROCHOICERS ARE BY A SMALL MARGIN MORE LIKELY TO SUPPORT THE DEATH PENALTY
WHICH IS SURPRISING SINCE THE PROLIFE MOVEMENT IS CONSISTENTLY IDENTIFIED
WITH CONSERVATIVE POLITICS

ACTIVIST GROUPS MAY BE RESPONSIBLE FOR DISTORTING OUR PERCEPTIONS ON
ABORTION BUT AND THIS IS THE MOST DISTRESSING OF MR HUNTER'S FINDS 
THE BLAME FOR ALLOWING THEM TO SET THE TERMS OF DEBATE IS OURS IN MIDDLE
AMERICA MR HUNTER SAYS THE DEBATE ABOUT ABORTION IS CARRIED ON IN A
CONTEXT OF COLOSSAL IGNORANCE

SIXTY PERCENT OF AMERICANS HE REPORTS SAY THEY WANT TO KEEP INTACT THE
SUPREME COURT'S RULING IN ROE VS WADE YET IN IGNORANCE OF ITS PROVISIONS
FAVOR RESTRICTIONS ON WHAT IT CURRENTLY ALLOWS ONLY ONE IN TEN AMERICANS
KNOWS THAT AFTER THE RECENT WEBSTER DECISION ABORTIONS LEGAL IN ONE STATE
COULD BE ILLEGAL IN ANOTHER ALMOST HALF OF ALL AMERICANS MR HUNTER
REPORTS STILL ADMIT TO HAVING NO KNOWLEDGE OF WHAT ROE ACCOMPLISHED AND
MOST OF THE REST GET IT WRONG

MR HUNTER CONCLUDES THAT PEOPLE ARE ARGUING WITH PHANTOMS NOT WITH EACH
OTHER AND CERTAINLY NOT OVER THE FACTS OF THE CASE WITHOUT A GRASP OF THE
FACTS OR A COMMON MORAL VOCABULARY AMERICANS FALL BACK ON SENTIMENT AND THE
ABSOLUTIST LANGUAGE OF RIGHTS NEITHER OF WHICH IS SUSCEPTIBLE TO REASONED
ARGUMENT AND DEBATE

WHERE THEN IS A SOLUTION TO BE FOUND NOT IN NATIONAL POLITICS FOR
POLITICS MR HUNTER ARGUES IS NOT ABLE TO DEAL WITH THE COLLECTIVE SEARCH
FOR SHARED MEANINGS HE SUGGESTS THAT WE LOOK TO THE VAST REALM OF SOCIAL
LIFE THAT LIES BETWEEN OUR NATIONAL CULTURE AND THE INDIVIDUAL AND LEARN TO
FRAME ISSUES ON A LOCAL SCALE

THE OTHER PART OF MR HUNTER'S SOLUTION ESTABLISHING A SET OF QUEENSBURY
RULES FOR MODERATING CULTURAL DEBATE CAN ONLY EXIST IN THE REALM OF
FANTASY EVERYTHING HE ARGUES IN THIS BOOK SUGGESTS THE FUTILITY OF COUNTING
ON SPECIALINTEREST GROUPS TO EXERCISE SELFRESTRAINT IF THE INTEREST
GROUPS HAVE NO GREATER INCENTIVE TO TEMPER THEIR RHETORIC THAN A VISION OF
MODESTY THAT BUBBLES UP OUT OF NOWHERE THEN WE ARE UNLIKELY TO SEE MR
HUNTER'S ENLARGED AND DEEPENED DEBATE OR SUBSTANTIVE DEMOCRACY ANYTIME
SOON

NEVERTHELESS IN POINTING OUT WHAT IS INVOLVED IN GETTING THERE MR HUNTER
HAS AT LEAST TAKEN US THE FIRST STEP OF THE WAY

MR MILLER IS ASSISTANT BOOK EDITOR OF THE WASHINGTON TIMES 9404180015
940418 BUSINESS BRIEF EQUITY AU INC DEADLINE FOR REPORT IS MISSED 
BECAUSE OF ACCOUNTING ISSUE

EQUITY AU INC DALLAS SAID IT FAILED TO MEET A FRIDAY DEADLINE FOR FILING
ITS 1993 10K REPORT BECAUSE OF AN ACCOUNTING DISPUTE RAISED BY ITS AUDITOR
WHOSE RELATIONS WITH THE GOLDMINING COMPANY HAVE CEASED

EQUITY AU SAID THE DISPUTE CENTERED ON ACCOUNTING FOR ITS INVESTMENTS IN
PRIVATE LIMITED PARTNERSHIP UNITS WHERE THE COMPANY SERVES AS A MANAGING
GENERAL PARTNER ACCOUNTING FOR THE INVESTMENTS UNDER A CONSOLIDATION METHOD
WOULD REQUIRE AUDITED FINANCIAL STATEMENTS OF THE PARTNERSHIPS WHICH HAVE
NEVER BEEN PERFORMED AND WOULD CAUSE ELIMINATION OF INTERCOMPANY
TRANSACTIONS EQUITY AU SAID

THE COMPANY SAID IT HASN'T HAD TIME TO DETERMINE WHETHER IT AGREES OR
DISAGREES WITH THE AUDITOR 9404180014 940418 HEALTH CARE RUNNING ON
EMPTY  BY DAVID LITTMANN

THE COMING OF SPRING HAS HELPED TO REVERSE JANUARY'S CRUDE OIL PRICE
INCREASES AND THESE PLEASANT PRICE REDUCTIONS WILL AGAIN BE FELT AT THE
PUMP BY CONSUMERS HOWEVER NO SUCH RELIEF FROM HIGHER STATE AND FEDERAL
TAXES WILL OCCUR GASOLINE TAXES ARE A ONEWAY STREET EVER UP

THIS DICHOTOMY BETWEEN WHAT MARKET FORCES OFFER THE CONSUMER AND WHAT
LEGISLATIVE FORCES IMPOSE SHOULD BE AN EYEOPENER FOR ANYONE COMPARING A
MARKETBASED HEALTH CARE SYSTEM AND THE MANAGED CARE PROPOSED IN THE
CLINTON PLAN AS ODD AS IT MAY SEEM GASOLINE PRICES OFFER A CAUTIONARY TALE
FOR HEALTH CARE ANALYSTS

FOR THREE CONSECUTIVE YEARS THE AVERAGE PRICE OF GASOLINE HAS BEEN
DECLINING DESPITE EVER HIGHER TAXES AND INFLATION THE SAME TREND IS
VISIBLE FROM A TWODECADE PERSPECTIVE ALTHOUGH TAXES AND INFLATION HAVE
OBSCURED IT

THE AVERAGE PRICE PER GALLON OF GASOLINE IN 1973 WAS 388 CENTS IN 1993
THE AVERAGE PRICE OF UNLEADED WAS 1109 CENTS REMOVE TAXES AND THE PRICE IN
1973 DROPS TO 269 CENTS IN 1993 733 CENTS BUT REMOVE INFLATION AS WELL
 FACTORING IN THE 33FOLD INCREASE IN THE CONSUMER PRICE INDEX BETWEEN
1973 AND 1993 AND GAS PRICES SHOW THEMSELVES TO BE 44 CENTS LOWER TODAY
THAN THEY WERE 20 YEARS AGO

TO PUT IT ANOTHER WAY FROM THE PERSPECTIVE OF TODAY'S PRICE LEVEL UNTAXED
GASOLINE FROM 1973 WOULD COST 875 CENTS TODAY WHICH IS 138 CENTS MORE
THAN THE ACTUAL TAXFREE PRICE OF 737 CENTS THIS CONSTITUTES A SIGNIFICANT
INCREASE IN MOTORISTS' PURCHASING POWER

WHAT IS THE LESSON OF THIS COMPARATIVE PRICING EXERCISE ALTHOUGH AN
UNDERLYING PRICE MAY BE DROPPING THE COST TO THE CONSUMER MAY GO UP 
THANKS TO GOVERNMENT

BOTH INFLATION AND TAXES ARE GOVERNMENTMADE PHENOMENA GASOLINE TAXES COME
FROM LEGISLATIVE BODIES IN WASHINGTON STATEHOUSES AND LOCAL GOVERNMENTS
INFLATION TO PARAPHRASE MILTON FRIEDMAN IS AT ALL TIMES AND IN ALL
PLACES A MONETARY PHENOMENON CONTROLLED BY THE CENTRAL BANK BY CONTRAST
GASOLINE AND ITS PRODUCTION TRANSPORTATION REFINING AND FINAL DELIVERY TO
CONSUMERS ESSENTIALLY REFLECT THE HANDIWORK OF COMPETITIVE MARKETS

IT IS OBVIOUS WHICH PROCESS GOVERNMENT OR THE MARKETPLACE WORKS HARDER
TO PROTECT THE POCKETBOOKS OF CONSUMERS AND RAISE LIVING STANDARDS FEDERAL
AND STATE TAXES ON GASOLINE SINCE 1973 HAVE RISEN TO 372 CENTS FROM 119
CENTS OR 213 THIS CONSTITUTES A 31FOLD INCREASE WHICH IS CLOSE TO THE
33FOLD INFLATION FACTOR

IS THE GASOLINE MARKET A PREVIEW OF THE HEALTH CARE MARKET IN PARTICULAR
WILL WE FACE RISING TAX BURDENS TO FINANCE NATIONALIZED HEALTH CARE AND
EXPERIENCE RISING INFLATION IN HEALTH CARE COSTS EVEN THOUGH THE
FUNDAMENTAL COST OF PROVIDING QUALITY HEALTH CARE IS FALLING THE BRITISH
AND CANADIAN EXPERIENCES WITH SOCIALIZED MEDICINE SUGGEST THIS IS A DISTINCT
POSSIBILITY ALREADY THE 40 OF HEALTH CARE SPENDING THAT UNCLE SAM CONTROLS
 MEDICAID AND MEDICARE IS THE PORTION EXPERIENCING THE GREATEST
INFLATION

THE BOTTOM LINE SEEMS CLEAR ENOUGH TAXES ALREADY ABSORB 404 OF THE
AVERAGE AMERICAN FAMILY'S PERSONAL INCOME THIS IS MORE THAN THE TOTAL
SPENT ON FOOD CLOTHING SHELTER AND MEDICAL CARE WITH A CLINTONSTYLE
HEALTH PLAN TAXES ARE LIKELY TO ABSORB EVEN MORE

TO THE EXTENT THAT GOVERNMENT ACTIONS TODAY HAVE BECOME THE LARGEST
DISINCENTIVE TO SAVINGS LEAVING LESS AND LESS AFTERTAX INCOME AND THE
SOURCE OF BOTH INFLATION AND HIGHER COSTS WE SHOULD BE EXTREMELY SKEPTICAL
OF NEW PROGRAMS THAT PROMISE TO IMPROVE THE PRICE STRUCTURE AND EFFICIENCY
OF ANY PART OF THE AMERICAN ECONOMY THAT GOES FOR HOSPITAL BEDS AS WELL AS
FILLING STATIONS

MR LITTMANN IS FIRST VICE PRESIDENT AND SENIOR ECONOMIST AT COMERICA BANK
IN DETROIT 9404180013 940418 HEARD ON THE STREET ASIAN FUND
ILLUSTRATES CLOSEDEND PERILS  BY ROBERT MCGOUGH STAFF REPORTER OF
THE WALL STREET JOURNAL

THE SEESAWING RESULTS OF A TOP MONEY MANAGER IN ASIA SHOW HOW HAZARDOUS IT
IS FOR INVESTORS TO GRAB ONE OF THOSE GLAMOROUS CLOSEDEND FUNDS AT A
PREMIUM PRICE

WITH DAVID BRENNAN AT THE HELM THE 273 MILLION ASIA PACIFIC FUND WOWED
INVESTORS WITH A 106 TOTAL RETURN LAST YEAR INVESTORS PILED INTO THE FUND
BARELY NOTICING THAT ITS SHARES HAD SOARED ON THE NEW YORK STOCK EXCHANGE TO
TRADE FAR ABOVE THE VALUE OF ITS ACTUAL PORTFOLIO THEY CAME TO REGRET IT
INVESTORS ARE 23 POORER SINCE YEAREND A STEEPER DIVE THAN THAT TAKEN BY
THE ASIAN MARKETS IN WHICH THE FUND INVESTS

ASIA PACIFIC'S PLUNGE REINFORCES THE TIMEHONORED ADVICE AGAINST BUYING A
HOT CLOSEDEND FUND WHEN HEAVY BUYING HAS PUSHED ITS OWN SHARES FAR ABOVE
THE VALUE OF THE STOCKS AND BONDS IT HOLDS NOR IS THE FUND DRAWING RAVES
FROM CLOSEDEND EXPERTS EVEN NOW SOME EXPECT A TURNAROUND IN ASIAN MARKETS
BUT THEY SEE CHEAPER WAYS TO PLAY IT

ASIA PACIFIC WOULD BE ON MY SHOPPING LIST IT JUST ISN'T CHEAP ENOUGH YET
SAYS THOMAS HERZFELD A CLOSEDENDFUND TRADER IN MIAMI INSTEAD HE'S
BUYING A MUCH NEWER FUND ASIA TIGERS WHICH SELLS FOR A DISCOUNT OF 95 TO
THE VALUE OF ITS PORTFOLIO

AS PLUNGING ASIAN MARKETS WHIPLASHED INVESTORS EARLIER THIS YEAR MR
BRENNAN WHO IS BASED IN HONG KONG QUICKLY PAID OFF THE 40 MILLION THAT HE
HAD BORROWED TO LEVERAGE HIS INVESTMENTS IN THE SMALLER ASIAN MARKETS BY
CHARTER THE FUND CAN'T INVEST IN JAPAN THE BIGGEST ASIAN MARKET AND ABOUT
THE ONLY BRIGHT SPOT FOR WORLD STOCKS THIS YEAR

THERE ARE SIGNS THAT THE WORST MAY BE OVER FOR ASIA WHOSE MARKETS BOUNCED
BACK LAST WEEK I'M CONFIDENT FOR THE REST OF THE YEAR SAYS MR BRENNAN
WHO HAS RUN THE FUND SINCE 1988 WE EXPECT TO SEE POSITIVE RETURNS IN
ASIA PERHAPS IN THE RANGE OF 20 FOR ALL OF 1994 WITH AN EVEN BIGGER GAIN
FROM TODAY'S DEPRESSED STOCK PRICES

ASIA PACIFIC'S SHARES EDGED HIGHER LAST WEEK CLOSING FRIDAY AT 19 5/8 UP
1/4 ON THE DAY OTHER ASIAN CLOSEDEND FUNDS HAD STRONG WEEKS TOO
MOREOVER AFTER WEEKS OF YANKING MONEY OUT OF REGULAR OPENEND
EMERGINGMARKET MUTUAL FUNDS INVESTORS BEGAN FUNNELING MONEY BACK IN DURING
THE SEVEN DAYS THROUGH WEDNESDAY ACCORDING TO AMG DATA SERVICES INC AN
ARCATA CALIF FIRM THAT TRACKS FUND INFLOWS AND OUTFLOWS

THERE SEEMS TO BE A TREND OF SMALL INVESTORS COMING BACK SAYS MARTIN S
FRIDSON DIRECTOR OF GLOBAL HIGHYIELD RESEARCH AT MERRILL LYNCH

CLOSEDEND FUNDS SUCH AS ASIA PACIFIC FUNCTION MUCH LIKE MUTUAL FUNDS THEY
POOL SMALL INVESTORS' MONEY TO INVEST IN STOCKS AND BONDS BUT UNLIKE MUTUAL
FUNDS WHOSE SHARES ARE BOUGHT AND SOLD BY THE FUND COMPANIES THEMSELVES
CLOSEDEND FUNDS' SHARES TRADE IN THE PUBLIC MARKET WHERE THEIR PRICE IS
SET BY SUPPLY AND DEMAND

HEAVY DEMAND CAN PUSH THE PRICE OF THE SHARES TO A PREMIUM ABOVE THE VALUE
OF THE FUND'S PORTFOLIO HEAVY SELLING CAN PUSH THE PRICE TO A DISCOUNT

AT THE END OF 1993 WITH ASIAN MARKETS BOILING HOT ASIA PACIFIC STOCK SOLD
FOR 20 MORE THAN THE FUND'S UNDERLYING PORTFOLIO SINCE THEN ASIA
PACIFIC'S STOCK PRICE HAS RETREATED A BIT MORE THAN THE STOCKS IN ITS
PORTFOLIO WHICH DECLINED A STILLSHARP 18 THE FUND'S SHARES STILL TRADE
AT A PREMIUM OF 13

MARK HEADLEY DIRECTOR OF INTERNATIONAL INVESTING AT MONEY MANAGER
LITMAN/GREGORY IN SAN FRANCISCO ADVISES DOLLARCOST AVERAGING INTO THE
FUND THAT IS BUYING THE FUND IN INSTALLMENTS OVER TIME TO REDUCE THE
RISK OF INVESTING EVERYTHING RIGHT BEFORE ANOTHER DECLINE THE FUND WILL
PROBABLY BE A PROFITABLE PLACE TO INVEST BUT THAT DOESN'T MEAN I WOULD
ROLL MY WHOLE IRA INTO AN ASIA FUND TODAY MR HEADLEY SAYS HE ALSO THINKS
THAT JAPANESE STOCKS WHICH ASIA PACIFIC DOESN'T BUY ARE A GOOD INVESTMENT
NOW

WHY IS MR BRENNAN OPTIMISTIC ABOUT ASIA THIS YEAR IN A WORD EARNINGS IN
MOST MARKETS THERE ARE POSITIVE EARNINGS SURPRISES BEING REPORTED BY
COMPANIES MUCH OF THE OPTIMISM THERE WAS LAST YEAR HAS IN REALITY BEEN
EXCEEDED BY COMPANIES' EARNINGS THAT'S WHY I'M CONFIDENT THAT FOR THE
REST OF THE YEAR WE EXPECT TO SEE POSITIVE RETURNS IN ASIA

EIGHT OF THE FUND'S 10 LARGEST HOLDINGS ARE IN HONG KONG INCLUDING CHEUNG
KONG HOLDINGS GREAT EAGLE HOLDINGS HUTCHISON WHAMPOA AND NEW WORLD
DEVELOPMENT DIVERSIFIED COMPANIES WITH BIG INTERESTS IN REAL ESTATE OTHER
HONG KONG STOCKS ARE HANG SENG BANK HONG KONG LAND AND HSBC HOLDINGS THE
HOLDING COMPANY FOR HONGKONG & SHANGHAI BANKING CORP OUTSIDE HONG KONG ARE
KEPPEL A SINGAPORE FIRM WITH INTERESTS IN SHIP BUILDING AND OILRIG
CONSTRUCTION POHANG IRON & STEEL IN KOREA AND SIAM CEMENT IN THAILAND

MANY OF MR BRENNAN'S INVESTMENTS ARE CHINA PLAYS INCLUDING NEW WORLD
DEVELOPMENT WHICH HAS PROJECTS UNDER CONSTRUCTION IN CHINA BUT IN
SINGAPORE HE'S INTERESTED IN OFFICE PROPERTY ONE WAY OF PLAYING THAT IS
STRAITS STEAMSHIP LAND WHICH OWNS OFFICE BUILDINGS IN THE CENTRAL BUSINESS
DISTRICT OF SINGAPORE

POHANG IRON & STEEL ILLUSTRATES THE DIFFICULTIES OF UNDERSTANDING MANIFOLD
ACCOUNTING PRACTICES THE COMPANY LOOKS EXPENSIVE WITH THE STOCK TRADING AT
ABOUT 25 TIMES EARNINGS BUT ACCOUNTANTS AT POSCO AS IT'S CALLED
DEPRECIATE ITS PLANT AND EQUIPMENT OVER FIVE YEARS COMPARED WITH 25 YEARS
AT MANY WESTERN STEEL COMPANIES THAT FASTER DEPRECIATION ARTIFICIALLY
DEPRESSES POSCO'S REPORTED EARNINGS MR BRENNAN SAYS AT ONLY TWO TIMES
CASH FLOW A MEASURE UNDISTORTED BY DEPRECIATION POHANG IS EXCEPTIONALLY
ATTRACTIVE HE SAYS

MR BRENNAN HAS 40 OF THE FUND'S ASSETS IN HONG KONG NOW SINGAPORE GETS
20 AND THAILAND KOREA AND MALAYSIA EACH ACCOUNT FOR ABOUT 10

ASIA PACIFIC IS THE ONLY PUBLICLY TRADED FUND RUN BY MR BRENNAN A MANAGING
DIRECTOR AT BARING INTERNATIONAL INVESTMENT THE FUND'S ADVISER IN HONG
KONG IN THE FIVE YEARS THROUGH THE END OF MARCH THE FUND'S PORTFOLIO HAS
HAD TOTAL RETURNS AVERAGING 22 A YEAR ACCORDING TO MORNINGSTAR A CHICAGO
FUND RESEARCHER THE TOTALRETURN FIGURE INCLUDES CHANGES IN THE PORTFOLIO'S
VALUE AND REINVESTED DIVIDENDS FACTORING IN SHARES SOLD IN RIGHTS
OFFERINGS

MR BRENNAN BORN IN DONCASTER IN THE NORTH OF ENGLAND 36 YEARS AGO SAYS HE
HAD A SIMPLE REASON FOR WANTING TO GO OVERSEAS CANDIDLY BECAUSE OF THE
TAX RATES IN THE UNITED KINGDOM WHEN HE WAS FIRST POSTED BY BANKERS TRUST
TO HONG KONG A DOZEN YEARS AGO IT WAS FAR FROM A GLAMOROUS POST MORE OF
A BACKWATER HE SAYS IN LIFE'S RICHEST TAPESTRY IT TURNED OUT TO BE ONE
OF THE GREATEST THINGS THAT COULD HAVE HAPPENED TO ME 9404180012 940418
TECHNOLOGY BELLSOUTH ASKS COURT TO CLEAR IT TO PROVIDE LONGDISTANCE
CALLS

WASHINGTON BELLSOUTH CORP ASKED FEDERAL JUDGE HAROLD H GREENE FOR
PERMISSION TO PROVIDE LONGDISTANCE SERVICES IN CONNECTION WITH WIRELESS
CALLS SAYING IT WAS TIRED OF WAITING FOR THE JUSTICE DEPARTMENT TO MAKE A
DECISION ON THE SAME REQUEST

WE'VE BEEN WAITING SIXANDAHALF YEARS FOR THE JUSTICE DEPARTMENT TO MAKE
A DECISION SAID WALTER ALFORD BELLSOUTH EXECUTIVE VICE PRESIDENT AND
GENERAL COUNSEL IT LOOKED LIKE THE ONLY WAY TO GET IT OFF DEAD CENTER WAS
TO GO DIRECTLY TO THE COURT

BELLSOUTH ONE OF THE SEVEN REGIONAL BELL TELEPHONE COMPANIES IS PROHIBITED
FROM PROVIDING LONGDISTANCE SERVICES UNDER TERMS OF THE CONSENT DECREE THAT
BROKE UP THE PHONE MONOPOLY A DECADE AGO THAT FORCES THE COMPANY TO HAND
OFF CALLS TO A LONGDISTANCE PROVIDER WHEN THE TRAFFIC GOES FROM ONE CITY IN
BELLSOUTH'S SERVICE AREA A NINESTATE REGION IN THE SOUTHEAST TO ANOTHER
RIVALS CAN HANDLE SUCH CALLS WITHOUT HAVING TO HAND THEM OFF TO A
LONGDISTANCE COMPANY

BELLSOUTH ARGUES IT NEEDS A REPRIEVE FROM THE RESTRICTION TO PUT IT ON EQUAL
FOOTING WITH ITS WIRELESS RIVALS INCLUDING AMERICAN TELEPHONE & TELEGRAPH
CO WHICH IS IN THE PROCESS OF BUYING MCCAW CELLULAR COMMUNICATIONS INC
THE NATION'S LARGEST WIRELESS OPERATOR

AT&T HAS CONTINUED TO OPPOSE THE ENTRY OF ANY OF THE BELLS INTO
LONGDISTANCE CONTENDING THE BELLS' LOCK ON THE LOCAL TELEPHONE MARKET
GIVES THEM AN UNFAIR ADVANTAGE

THE BABY BELLS USUALLY SEEK APPROVAL FOR SUCH REQUESTS FROM THE JUSTICE
DEPARTMENT BEFORE TURNING TO THE COURT BUT MR ALFORD SAID BELLSOUTH HAD NO
CHOICE BUT TO GO OVER THE HEADS OF DEPARTMENT OFFICIALS BECAUSE TIME'S A
WASTING WE'VE GOT TO BE ABLE TO MEET THE COMPETITION 9404180011 940418
TECHNOLOGY & ENVIRONMENT GATES TO USE SPEECH TO OUTLINE HIS VIEW OF
EMAIL'S FUTURE

WILLIAM GATES SEEKING TO EXPAND THE DEFINITION OF ONE OF THE
FASTESTGROWING SOFTWARE MARKETS IS EXPECTED TOMORROW TO OUTLINE MICROSOFT
CORP'S AMBITIOUS AGENDA FOR ELECTRONIC MAIL AND WHAT HE CALLS INFORMATION
EXCHANGE

MR GATES IN A SPEECH SLATED TO KICK OFF A MEETING OF AN EMAIL ASSOCIATION
IN ANAHEIM CALIF WILL PROVIDE THE FIRST PUBLIC GLIMPSE OF MICROSOFT'S
APPROACH TO INTEGRATING EMAIL MESSAGES WITH OTHER KINDS OF SHARED
INFORMATION SUCH AS FORMS AND SCHEDULES

THE PRESENTATION AIMS TO LEND MOMENTUM TO MICROSOFT'S BID TO UNSEAT THE
MARKET'S LEADER LOTUS DEVELOPMENT CORP AND TO SHOW THAT SIMPLE EMAIL
ISN'T BY ITSELF GOING TO MEET THE COMMUNICATION NEEDS OF MOST PEOPLE
SAID TOM EVSLIN MICROSOFT'S GENERAL MANAGER OF SERVER APPLICATIONS

MICROSOFT THE WORLD'S BIGGEST SOFTWARE COMPANY HAS SAID IT EXPECTS TO
OFFER EMAIL AS A PART OF THE NEXT RELEASE OF WINDOWS ITS OPERATING SYSTEM
FOR PERSONAL COMPUTERS

IN THE PAST EMAIL USUALLY REFERRED TO SHORT MESSAGES SENT FROM ONE
PERSON TO ANOTHER VIA COMPUTER IN HIS SPEECH MR GATES IS EXPECTED OUTLINE
A MORE EXPANSIVE DEFINITION WHICH UNDERPINS A PRODUCT CODENAMED TOUCHDOWN
THAT MICROSOFT HAS SAID IT WILL RELEASE IN THIS YEAR'S SECOND HALF HE IS
ALSO EXPECTED TO SAY THAT HIS EMAIL WILL HELP BIG COMPANIES IN
REVITALIZATION EFFORTS WHICH OFTEN DEPEND ON SHARING INFORMATION AMONG
WORKERS IN NEW WAYS

IN PUSHING A BROADENED FORM OF EMAIL MR GATES ALSO IS RESPONDING TO
LOTUS'S NOTES PRODUCT WHICH IS INCREASINGLY POPULAR WITH BIG CORPORATE
USERS BECAUSE IT ALLOWS DIVERSE INFORMATIONSHARING 9404180010 940418
TECHNOLOGY & ENVIRONMENT MEDIA VISION TO DELAY SEC EARNINGS REPORT 
FOR FOURTH QUARTER

FREMONT CALIF MEDIA VISION TECHNOLOGY INC SAID IT WOULD DELAY FILING
ITS FOURTHQUARTER FINANCIAL STATEMENTS WITH THE SECURITIES AND EXCHANGE
COMMISSION BECAUSE IT IS EVALUATING WHETHER CHANGES HAVE TO BE MADE

IN FEBRUARY MEDIA VISION A MAKER OF VIDEO AND SOUND ACCESSORIES FOR
COMPUTERS SAID EARNINGS FOR ITS FOURTH QUARTER HAD A SHARP INCREASE BECAUSE
OF STRONG SALES AT THE TIME MEDIA VISION SAID ITS PROFIT FOR THE QUARTER
ENDED DEC 31 WAS 85 MILLION OR 53 CENTS A SHARE COMPARED TO 2
MILLION OR 18 CENTS A SHARE A YEAR EARLIER REVENUE NEARLY TRIPLED TO 95
MILLION FROM 33 MILLION

HOWEVER A SPOKESMAN SAID THE COMPANY IS NOT COMFORTABLE FILING THOSE
RESULTS TO THE SEC AND IS CONSULTING WITH ITS ACCOUNTANTS WHETHER
ADJUSTMENTS HAVE TO BE MADE

AS PREVIOULSY REPORTED MEDIA VISION HAS HAD PROBLEMS RECENTLY FEARING A
PARTS SHORTAGE THE COMPANY BUILT A NUMBER OF PRODUCTS IN THE FOURTH QUARTER
THAT IT NORMALLY WOULD HAVE DELAYED LEAVING IT WITH 809 MILLION IN UNSOLD
INVENTORY NEARLY DOUBLING THE PREVIOUS QUARTER ACCOUNTS RECEIVABLE WHICH
REFLECT GOODS SHIPPED FOR WHICH PAYMENT HASN'T YET BEEN RECEIVED ALSO
NEARLY DOUBLED FROM THE PRIOR QUARTER TO 122 MILLION

IN MARCH SHARES FELL 488 IN A DAY AFTER MEDIA VISION SAID PRICECUTTING
BY ITS COMPETITION FORCED IT TO SLASH PRICES AND PREDICTED A SUBSTANTIAL
FIRSTQUARTER LOSS SHORTLY AFTER IT WAS HIT WITH SEVERAL LAWSUITS RELATED
TO THE STOCK'S DECLINE

MEDIA VISION SHARES CLOSED UNCHANGED FRIDAY AT 750 A SHARE IN NASDAQ
NATIONAL MARKET TRADING THE STOCK TRADED AS HIGH AS 4325 IN FEBRUARY

BY DELAYING ITS REPORT THE COMPANY IS IN VIOLATION OF TIMELY FILING
REQUIREMENTS OF THE SEC THE MEDIA VISION SPOKESMAN SAID AND AS A RESULT
CERTAIN TYPES OF STOCK HELD BY INITIAL INVESTORS BEFORE THE COMPANY WENT
PUBLIC CAN'T BE TRADED THERE AREN'T ANY PENALTIES THAT AFFECT THE COMPANY
OR ITS PUBLIC STOCKHOLDERS HE SAID 9404180009 940418 CITIC TO USE SHARE
PLACEMENT PROCEEDS FOR PROPERTY INFRASTRUCTURE INVESTMENT  BY
CRAIG S SMITH STAFF REPORTER OF THE WALL STREET JOURNAL

HONG KONG CITIC PACIFIC LTD IS PURSUING ITS HEADLONG GROWTH IN
INFRASTRUCTURE AND PROPERTY INVESTMENT WITH THE PROCEEDS OF A PRIVATE SHARE
PLACEMENT OF 38 BILLION HONG KONG DOLLARS US4918 MILLION

THE PLACEMENT ANNOUNCED FRIDAY WILL FINANCE THE PURCHASE OF ASSETS FROM
ITS PARENT CHINA'S STATEOWNED CHINA INTERNATIONAL TRUST & INVESTMENT CORP

THE COMPLEX DEAL FOLLOWS THE PATTERN SET IN 1990 SHORTLY AFTER THE PARENT
COMPANY BOUGHT A SHELL COMPANY LISTED IN HONG KONG THAT IT RENAMED CITIC
PACIFIC THE LISTED COMPANY RAISES CASH BY ISSUING NEW SHARES TO FINANCE ITS
PURCHASE OF ASSETS FROM THE STATEOWNED PARENT

THAT STRATEGY WHEN PURSUED BY OTHERS HAS DRAWN CRITICISM FROM BEIJING AND
HONG KONG REGULATORS ALIKE WHO WORRY THAT CHINA'S STATE ASSETS ARE BEING
SOLD OFF TOO CHEAPLY TO INVESTORS ABROAD BUT CITIC'S POWERFUL PATRONAGE IN
CHINA HAS ALLOWED IT TO PROCEED UNHINDERED

THEY'RE VERY OPEN ABOUT THEIR STRATEGY SAYS JANICE WALLACE EXECUTIVE
DIRECTOR AT GOLDMAN SACHS ASIA LTD NOTING THAT THE SALE OF THE PARENT'S
ASSETS AT LITTLE MORE THAN COST IS BUILDING A LOYAL SHAREHOLDER BASE THAT
CAN BE TAPPED TIME AND AGAIN FOR FUNDS THIS IS A VERY GOOD WAY FOR CHINA
TO OBTAIN FUNDING FOR THEIR PROJECTS

IN FRIDAY'S TRANSACTION CITIC PACIFIC SOLD 1663 MILLION NEW SHARES 663
MILLION OF WHICH WERE BOUGHT BY CHINA INTERNATIONAL IN RETURN CHINA
INTERNATIONAL SOLD CITIC PACIFIC STAKES IN THREE INFRASTRUCTURE PROJECTS AND
TWO PROPERTY PROJECTS VALUED AT ABOUT HK15 BILLION THE REMAINING 100
MILLION SHARES WERE SOLD TO INSTITUTIONAL INVESTORS FOR HK23 EACH OR A
TOTAL OF HK23 BILLION CITIC PACIFIC SAID IT WILL USE HK900 MILLION OF
THAT CASH TO PAY DOWN SOME OF THE ROUGHLY HK5 BILLION WORTH OF DEBT ON ITS
BALANCE SHEET THE REST OF THE PROCEEDS FROM THE PLACEMENT UNDERWRITTEN BY
PEREGRINE CAPITAL LTD WILL GO TO FINANCE THE INFRASTRUCTURE PROJECTS

THOSE PROJECTS INCLUDE THE WESTERN HARBOR CROSSING A TUNNEL FROM KOWLOON TO
HONG KONG'S CENTRAL BUSINESS DISTRICT THE TUNNEL WILL EVENTUALLY HELP LINK
HONG KONG ISLAND TO CHEK LAP KOK THE ISLAND ON WHICH THE HONG KONG
GOVERNMENT HAS BEGUN CONSTRUCTION OF A NEW AIRPORT CITIC PACIFIC WILL BUY
ITS PARENT'S 25 INTEREST IN WESTERN HARBOR TUNNEL CO RAISING ITS STAKE TO
35

CITIC PACIFIC WILL ALSO BUY ITS PARENT'S 285 STAKE IN THE COMPANY THAT
OPERATES THE EASTERN HARBOR TUNNEL AND ANOTHER 10 STAKE IN THE COMPANY THAT
OPERATES THE RAIL WORKS IN THE TUNNEL IN ADDITION CITIC PACIFIC WILL BUY
ITS PARENT'S 50 INTEREST IN A TUNNEL PROJECT THAT WILL LINK SHANGHAI TO THE
PUDONG INDUSTRIAL DEVELOPMENT ZONE

ARCHIE HART DIRECTOR OF RESEARCH AT CROSBY SECURITIES HK LTD SAYS
INVESTORS WILL LIKELY HERALD CITIC PACIFIC'S DEEPENING COMMITMENT TO
MONEYSPINNING INFRASTRUCTURE PROJECTS SUCH AS THE TUNNELS THE PREDICTABLE
EARNINGS STREAMS FROM SUCH INVESTMENTS REDUCE CITIC PACIFIC'S EXPOSURE TO
MORE CYCLICAL INDUSTRIES SUCH AS THE CAR DEALERSHIPS OPERATED BY ITS DA
CHONG HONG HOLDINGS LTD SUBSIDIARY CITIC PACIFIC SAID SUNDAY THAT IT HAS
PUT ON HOLD ITS EARLIER ANNOUNCED PLANS TO SPIN OFF DA CHONG HONG AS A
SEPARATELY LISTED COMPANY

THE TWO PROPERTY INVESTMENTS THAT CITIC PACIFIC WILL BUY FROM ITS PARENT ARE
THE WYLER CENTER AN INDUSTRIAL BUILDING IN HONG KONG'S KWAI CHUNG DISTRICT
OF KOWLOON AND SEVEN LUXURY APARTMENTS ON THE SOUTH SIDE OF HONG KONG
ISLAND THE PARENT COMPANY WILL SELL CITIC PACIFIC THE PROPERTY PROJECTS AT
A 10 DISCOUNT TO THEIR INDEPENDENTLY APPRAISED VALUE

THIS IS CITIC PACIFIC'S SECOND MAJOR PROPERTY INVESTMENT IN THE TERRITORY IN
RECENT MONTHS EARLIER THIS YEAR CITIC PACIFIC PAID HK34 BILLION FOR A
50 STAKE IN HKR INTERNATIONAL LTD'S DISCOVERY BAY RESIDENTIAL COMPLEX ON
LANTAU ISLAND

THE FREQUENT ASSET INJECTIONS AT LOW PRICES HAVE HELPED CITIC PACIFIC
SUSTAIN ITS POSITIVE EARNINGS GROWTH EVEN WHEN PROFIT FROM SOME OF ITS
INVESTMENTS HAS SLOWED LAST YEAR FOR EXAMPLE EARNINGS CONTRIBUTIONS FROM
NEWLY ACQUIRED STAKES IN MANHATTAN CARD CO AND HONG KONG TELECOMMUNICATIONS
LTD OVERWHELMED THE IMPACT OF AN EARNINGS SLUMP AT CATHAY PACIFIC AIRWAYS
OF WHICH CITIC PACIFIC OWNS 125 9404180008 940418 SANTA FE PACIFIC
CORP TO SELL SHARES IN UNIT MAY SPIN OFF THE REST

SCHAUMBURG ILL SANTA FE PACIFIC CORP SAID IT WILL OFFER SHARES IN ITS
SANTA FE PACIFIC GOLD CORP SUBSIDIARY AS A FIRST STEP TOWARD POSSIBLY
SPINNING OFF THE MINING CONCERN

IN A REGISTRATION STATEMENT FILED FRIDAY WITH THE SECURITIES AND EXCHANGE
COMMISSION THE RAIL AND PIPELINE TRANSPORTATION COMPANY SAID IT WILL OFFER
NEARLY 15 OF THE ALBUQUERQUE NM SUBSIDIARY TO THE PUBLIC FOLLOWING A
SUCCESSFUL COMPLETION OF THE OFFERING THE COMPANY SAID ITS MANAGEMENT AND
BOARD WOULD REVIEW DISTRIBUTING THE REMAINING SHARES IN THE GOLD SUBSIDIARY
TO THE PARENT COMPANY'S SHAREHOLDERS

SANTA FE SAID IT HAS RECEIVED A RULING FROM THE INTERNAL REVENUE SERVICE
THAT SUCH A DISTRIBUTION WOULDN'T HAVE TO BE RECOGNIZED AS INCOME BY THE
COMPANY OR BY ITS SHAREHOLDERS

THE OFFERING OF 18 MILLION SHARES 12 MILLION IN THE US AND SIX MILLION
OUTSIDE THIS COUNTRY WILL BE PRICED BETWEEN 1350 AND 1550 A SHARE
PROCEEDS WILL BE USED TO PAY DOWN THE GOLD SUBSIDIARY'S BANK DEBT ANY
PROCEEDS RAISED IN EXCESS OF THAT AMOUNT WILL BE USED FOR WORKING CAPITAL OR
TO PAY DOWN OTHER DEBTS

AFTER THE OFFERING SANTA FE PACIFIC CORP WILL OWN ABOUT 862 OR 1122
MILLION SHARES OF THE MINING AND PROCESSING COMPANY

SANTA FE RECEIVED THE MINING OPERATIONS LAST JUNE AFTER SWAPPING ITS COAL
ASSETS FOR THE GOLD ASSETS OF HANSON NATURAL RESOURCES CO FOLLOWING THE
EXCHANGE SANTA FE RENAMED THE MINERALS SUBSIDIARY SANTA FE GOLD CORP THE
MINING SUBSIDIARY HAD REVENUE OF 2986 MILLION LAST YEAR OF WHICH 2287
MILLION OR 76 CAME FROM GOLD MINING OPERATING PROFIT WAS 865 MILLION
9404180007 940418 TECHNOLOGY MTC STOCK PLUNGES ON REPORT OF TROUBLE 
IN CHINA OPERATIONS

RICHMOND BRITISH COLUMBIA MTC ELECTRONIC TECHNOLOGIES CO'S STOCK
PLUNGED TO A 52WEEK LOW ON THE NASDAQ STOCK EXCHANGE FRIDAY AFTER THE
COMPANY DISCLOSED A LITANY OF TROUBLES THAT HAVE AFFLICTED ITS OPERATIONS IN
CHINA

AFTER TRADING AS LOW AS 194 A SHARE EARLIER IN THE DAY MTC'S STOCK CLOSED
AT 238 A SHARE DOWN 113 ON VOLUME OF 24 MILLION SHARES

THE CONSUMER ELECTRONICS MANUFACTURING AND TRADING COMPANY WHICH RECENTLY
FIRED ITS CHIEF EXECUTIVE AND CORPORATE SECRETARY FOR ALLEGED FINANCIAL
IMPROPRIETIES SAID IT EXPECTS TO REPORT A SUBSTANTIAL LOSS FOR ITS YEAR
ENDED JAN 31 1994 REFLECTING LARGE WRITEOFFS AND CHARGES FROM ITS
CHINESE OPERATIONS

THE COMPANY REVEALED THAT ITS DONGUGANG PAGING SYSTEM IS HAVING SOFTWARE
BILLING AND MARKETING PROBLEMS IT SAID THE SYSTEM MAY BE OVERBUILT HURTING
ITS SHORTTERM PROFITABILITY PROSPECTS AND THE COMPANY SAID ITS HUBEI
CELLULAR TELEPHONE SYSTEM CAN'T BE ACTIVATED BECAUSE IT LACKS HANDSETS

MTC NAMED A CHINESE ECONOMIC CONSULTANT AS NONEXECUTIVE CHAIRMAN
SUCCEEDING FIRED CHAIRMAN AND CHIEF EXECUTIVE MIKO LEUNG ITS NEW CHAIRMAN
LI KAM CHUNG IS EXPECTED TO MANAGE ACTIVITIES AIMED AT ENABLING MTC TO
CONDUCT ITS JOINT VENTURE IN CHINA AND TO STRENGTHEN ITS GOVERNMENT
RELATIONSHIPS THERE

MTC ALSO SAID IT STARTED LEGAL PROCEEDINGS IN HONG KONG AGAINST SEVERAL
INDIVIDUALS INCLUDING ITS FORMER CHIEF EXECUTIVE AND ITS FORMER CORPORATE
SECRETARY IT SAID IT IS SEEKING TO RECOVER OVER 10 MILLION

THE COMPANY SAID THAT THE EXECUTIVES HAVE BEEN COMPLETELY ELIMINATED FROM
ALL MANAGEMENT FUNCTIONS AND THAT AN EXECUTIVE COMMITTEE IS IN FULL
CONTROL OF THE COMPANY  AND IS REORGANIZING IT 9404180006 940418
LETTERS TO THE EDITOR SCIENTIFIC TESTIMONY SUPPORTED DDT USE

WILLIAM D RUCKELSHAUS'S SELFSERVING MARCH 21 LETTER TO THE EDITOR
DEFENDING HIS JUNE 1972 BAN ON DDT OMITS THE ONE FACT THAT INVALIDATES HIS
ARGUMENT DURING 1972 THE ENVIRONMENTAL PROTECTION AGENCY HELD OFFICIAL
HEARINGS ON THE SCIENTIFIC EVIDENCE CONCERNING DDT AFTER SEVEN MONTHS AND
9000 PAGES OF TESTIMONY EPA HEARING EXAMINER EDMON SWEENEY DECIDED ON THE
BASIS OF THE EVIDENCE THAT DDT SHOULD NOT BE BANNED

IN HIS FINAL DECISION APRIL 26 1972 MR SWEENEY STATED DDT IS NOT A
CARCINOGENIC  MUTAGENIC OR TERATOGENIC HAZARD TO MAN THE USES OF DDT
UNDER THE REGULATIONS INVOLVED HERE DO NOT HAVE A DELETERIOUS EFFECT ON
FRESHWATER FISH ESTUARINE ORGANISMS WILD BIRDS OR OTHER WILDLIFE  
THE EVIDENCE IN THIS PROCEEDING SUPPORTS THE CONCLUSION THAT THERE IS A
PRESENT NEED FOR THE ESSENTIAL USES OF DDT

MR SWEENEY'S RULING WAS IN AGREEMENT WITH THE ASSESSMENT OF THE WORLD'S
MAJOR SCIENTIFIC ORGANIZATIONS WHICH HAD TESTIFIED ON BEHALF OF DDT DURING
THE HEARINGS

EPA ADMINISTRATOR RUCKELSHAUS DID NOT ATTEND ANY OF THESE HEARINGS AND IT
SEEMS DID NOT EVEN READ THE SCIENTIFIC TESTIMONY INSTEAD SIX WEEKS LATER
HE OVERRULED MR SWEENEY'S DECISION AND BANNED DDT BASED ON THE POLITICAL
PROPAGANDA OF ENVIRONMENTAL GROUPS THAT HAD USED THE DDT SCARE STORIES TO
GAIN MEMBERS AND FUNDS

MR RUCKELSHAUS NOW CALLS FOR A RATIONAL APPROACH TO ENVIRONMENTAL
REGULATION BUT HOW IS THIS POSSIBLE WHEN HE AND OTHER ENVIRONMENTAL
DECISIONMAKERS CHOOSE TO IGNORE SCIENTIFIC EVIDENCE AND REWRITE HISTORY
9404180005 940418 CORRECTIONS & AMPLIFICATIONS

CASES INVOLVING THE US POSTAL SERVICE MAKE UP ABOUT 7 OF ALL UNFAIR LABOR
PRACTICE COMPLAINTS FILED WITH THE NATIONAL LABOR RELATIONS BOARD BASED ON
ERRONEOUS INFORMATION FROM THE NLRB TUESDAY'S LABOR LETTER COLUMN
OVERSTATED THE FIGURE IN THE SAME ITEM NLRB CHAIRMAN WILLIAM GOULD IV WAS
MISIDENTIFIED

JP MORGAN & CO REPORTED A 17 INCREASE IN FIRSTQUARTER EARNINGS TO 345
MILLION BUT A 20 DROP IN PROFIT WHEN A YEAREARLIER ACCOUNTING CHARGE IS
EXCLUDED AN ARTICLE FRIDAY INCORRECTLY SAID THE DROP WAS 25

LONE STAR INDUSTRIES INC'S SETTLEMENT WITH THE PENSION BENEFIT GUARANTY
CORP IS SECURED IN PART BY THE COMPANY'S CEMENT PLANT IN OGLESBY ILL AND
A 25 INTEREST IN A PLANT IN KOSMOSDALE KY IN AN ARTICLE FRIDAY ABOUT THE
SETTLEMENT IT WAS INCORRECTLY STATED THAT LONE STAR AGREED TO GIVE THESE
ASSETS TO THE PENSION AGENCY

DEVELOPED IN COLLABORATION WITH DANVILLE ENGINEERING INC SUNRISE
TECHNOLOGIES INTERNATIONAL INC'S MICROPREP CAVITYPREPARATION SYSTEM
COMBINES SMALL PARTICLES WITH A HIGHSPEED AIR FLOW THE PARTICLE STREAM IS
DIRECTED TO TOOTH SURFACES AND BY AN ABRASIVE ACTION CAN REMOVE ENAMEL AND
DENTIN THUS PREPARING A CAVITY FOR THE APPLICATION OF RESTORATIVE
MATERIALS IN AN ARTICLE FRIDAY THE MICROPREP SYSTEM WAS INCORRECTLY
CHARACTERIZED AS A DENTAL LASER 9404180004 940418 AIRLINE SQUEEZE PLAY
MORE SEATS LESS LEGROOM  BY MICHAEL J MCCARTHY STAFF REPORTER OF
THE WALL STREET JOURNAL

SARDINE SEATING ON AIRPLANES IS BACK

IN RECENT YEARS A HANDFUL OF AIRLINES HAVE TRIED TO REMEDY A TOP COMPLAINT
OF FLIERS CRAMPED QUARTERS MOST NOTABLY TRANS WORLD AIRLINES LAST YEAR
REMOVED FIVE TO 40 SEATS FROM ITS PLANES AND BEGAN TRUMPETING ITSELF AS THE
MOST COMFORTABLE WAY TO FLY AND FLIERS SURVEYED BY MARKET RESEARCH FIRM OF
JD POWER & ASSOCIATES RESPONDED BY NAMING TWA THE TOP CARRIER FOR LONG
DOMESTIC FLIGHTS AND THE NO 2 FOR SHORTER FLIGHTS

BUT ON FRIDAY TWA CONFIRMED THAT IT HAS BEGUN REINSTALLING THE 34 COACH
SEATS IT HAD PULLED FROM 10 747 JUMBO JETS TWA WILL ONCE AGAIN CRAM 425
PASSENGERS ONTO FLIGHTS TO TOURIST HOT SPOTS LIKE HONOLULU ROME AND TEL
AVIV A SPOKESMAN SAID TWA REMAINS COMMITTED TO COMFORT CLASS ON ITS OTHER
176 PLANES BUT STRONG SUMMER DEMAND NECESSITATED THE EXTRA SEATING

PEOPLE CLOSE TO THE COMPANY BELIEVE THE COMFORT CLASS PROGRAM HASN'T
PROVED PROFITABLE ENOUGH AND IS GOING TO BE PHASED OUT THEY NOTE THAT ONE
OF THE CHIEF PROPONENTS OF THE CONCEPT ROBERT COZZI A TWA SENIOR VICE
PRESIDENT RESIGNED LAST WEEK PARTLY BECAUSE HE OPPOSED SQUEEZING IN MORE
SEATS

AIRLINES OF COURSE MAKE MORE MONEY WHEN THEIR PLANES ARE FULL TRAVELERS
WHO FLY ON UNDERBOOKED FLIGHTS OFTEN WONDER WHY AIRLINES DON'T JUST REMOVE
SEATS AND GIVE TICKET HOLDERS THE EXTRA LEGROOM

WHILE IT'S TRUE THAT THE MAJOR AIRLINES' LOAD FACTOR OR PROPORTION OF SEATS
FILLED RUNS AROUND 66 THESE DAYS THAT NUMBER IS AN AVERAGE OF NEARLY
EMPTY FLIGHTS AND JAMPACKED ONES BY SOME INDUSTRY ESTIMATES MORE THAN
HALF OF FLIERS STILL END UP ON FLIGHTS THAT ARE AT LEAST 80 FULL MOREOVER
CARRIERS WANT TO RESERVE THE RIGHT TO CANCEL CONSISTENTLY UNDERBOOKED
FLIGHTS OR ASSIGN THEM TO SMALLER PLANES

WITH HIGH FIXED COSTS FOR EVERYTHING FROM LABOR AND GATE RENTALS TO FUEL AND
MAINTENANCE EVERY SEAT COUNTS HOW MUCH ONE INDUSTRY STUDY INDICATED THAT
YANKING JUST FOUR OF THE 141 SEATS FROM ONE MD80 JET WOULD MEAN AN 87603
ANNUAL REVENUE LOSS FOR AN AIRLINE REMOVING ONLY TWO OF 127 SEATS IN A
DIFFERENT AIRCRAFT WOULD SACRIFICE ANNUAL REVENUE OF 51903

AS A RESULT AIRLINES HAVE BEEN STUFFING MORE AND MORE SEATS INTO WHAT
AIRCRAFT MAKERS CALL THE TUBE GIANT 747S ONCE CONFIGURED WITH NINE SEATS
ACROSS NOW FREQUENTLY HAVE 10 USAIR GROUP INC HAS PACKED 163 SEATS INTO
727200 NARROWBODY JETS THAT 10 YEARS AGO SEATED ONLY 145 UNITED AIRLINES
ADDED FIVE ROWS OF SEATS TO ITS BIG DC1030 PLANES IN THE PAST DECADE
RAISING THE NUMBER OF SEATS TO NEARLY 300 FROM 232 AIRCRAFT SEATS REST ON
RAILS MAKING IT RELATIVELY EASY FOR CREWS TO LOOSEN BOLTS AND SIMPLY SLIDE
ROWS CLOSER TOGETHER TO ADD MORE SEATS

IN THE PROCESS SEAT WIDTHS AND LEGROOM HAVE BEEN CRUNCHED OVER THE PAST
DECADE OR SO IN MANY COACH SEATS TODAY THE PITCH OR SPACING FRONT TO
BACK HAS SHRUNK TO A CRAMPED 31 INCHES FROM A COMFORTABLE 34 INCHES
COACHSEAT WIDTHS TYPICALLY 22 INCHES YEARS AGO RUN ABOUT 19 INCHES NOW

MOST SEATS ARE DESIGNED FOR PEOPLE WHO STAND BETWEEN 5 FEET 8 INCHES AND 5
FEET 10 INCHES TALL AND WEIGH BETWEEN 160 AND 180 POUNDS

OVERCROWDING COULD WORSEN BOEING CO JUST INTRODUCED ITS SHINY NEW 777
JETLINER BUILT TO ALLOW AIRLINES TO SQUEEZE IN AS MANY AS 440 PASSENGERS A
LARGER POPULATION THAN THAT OF SOME TOWNS WITH THEIR OWN ZIP CODE AND POST
OFFICE

ASIDE FROM TWA'S EFFORTS RELIEF HAS BEEN SPORADIC MIDWAY AIRLINES A SMALL
UPSTART IN CHICAGO RECENTLY INTRODUCED EXTRASPACIOUS ALLLEATHER SEATS
ULTRAIR ANOTHER NEW CARRIER OFFERING UNUSUALLY GENEROUS LEGROOM ADVERTISES
ITSELF AS THE LEAST ANNOYING AIRLINE FOR YEARS MIDWEST EXPRESS AIRLINES
OWNED BY KIMBERLYCLARK CORP HAS WON A FOLLOWING BY FLYING JETS WITH LARGE
SEATS ARRANGED IN TWOS SO THERE ARE NO MIDDLE SEATS

STILL MOST OF THE RECENT IMPROVEMENTS IN ACCOMMODATIONS HAVE BEEN FOR THE
BENEFIT OF FIRSTCLASS AND BUSINESSCLASS TRAVELERS AND MOSTLY ON
INTERNATIONAL FLIGHTS NORTHWEST AIRLINES RECENTLY UNVEILED ITS WORLD
BUSINESS CLASS OFFERING A CAVERNOUS SEAT PITCH OF 47 INCHES JAPAN AIR
LINES HAS JUST INSTALLED A FIRSTCLASS MASSAGE SEAT ON TRANSOCEANIC
FLIGHTS THAT USES AUTOMATED ROTATING DISKS AND WHEELS TO SOOTHE TRAVEL
DISCOMFORT AWAY

BUT NOW WITH COMPANIES BARRING MANAGERS AND OFFICERS FROM FIRST CLASS MORE
BUSINESS TRAVELERS ARE TRUDGING BACK TO COACH AND STRUGGLING WITH TIGHTER
QUARTERS JANET MCGRATH AN ADVERTISING EXECUTIVE IN MINNEAPOLIS CAN'T USE
HER LAPTOP COMPUTER WITH THE SEAT IN FRONT OF HER RECLINED FRUSTRATED SHE
HAS BEEN TRYING TO PERFECT THE HIGHALTITUDE ART OF BALANCING THE LAPTOP ON
HER KNEES NOTING THAT IT HAS SLID OFF AND BROKEN TWICE SHE SAYS OUR
COMPUTER GUY KEEPS YELLING AND SCREAMING AT ME

YOU CAN SERVE BETTER FOOD AND HAVE FRIENDLIER SERVICE SAYS ROBERT
CHARLES PRESIDENT OF AIRCRAFT INTERIOR DESIGN INC IN MIAMI BUT IF YOU
CAN'T OVERCOME THE SEAT PROBLEM IT'S LIKE WEARING A PAIR OF SHOES THAT ARE
TOO SMALL YOU WON'T WALK RIGHT

MANY FREQUENT FLIERS SEEK HOT TIPS ON THE BEST SEATS FOR THE PAST FEW
YEARS CONSUMER REPORTS TRAVEL LETTER HAS RATED THE COMFORT OF ECONOMY SEATS
ON MORE THAN 200 PLANE MODELS FLOWN BY SOME 60 AIRLINES IN TERMS OF PITCH
THE BEST ULTRAIR AND USAIR'S SHUTTLE BOTH WITH A VAST 37 INCHES THE
WORST PRIVATE JET'S CORSETEVOKING 29 INCHES THE NEWSLETTER RATED SEATS ON
MOST MAJOR AIRLINES AS NOTICEABLY CRAMPED

SOME 11000 HARDCORE SEAT JUNKIES RELY ON THE AIRLINE SEATING GUIDE THE
BOOKLET OFFERS 159 PAGES OF DETAILED SCHEMATICS BY AIRLINE AND AIRCRAFT
TYPE SIMILAR TO THE SEATING CHARTS COMMONLY USED FOR THEATERS AND BASEBALL
STADIUMS ON DELTA 727200S FOR EXAMPLE IT SHOWS THE ROWS WITH THE MOST
LEGROOM ARE 15 17 AND 27 THE GUIDE DEPICTS PROXIMITY TO LAVATORIES AND
NOTES THAT SEATS 14A 16A 14F AND 16F DON'T RECLINE AT ALL

THE DIFFERENCE BETWEEN A 30INCH AND A 31INCH PITCH IS VERY NOTICEABLE
SAYS MONTY STANFORD MANAGING EDITOR OF THE SEATING GUIDE IN COACH HE
SAYS AIRLINES OFTEN TRY TO SQUEEZE SEATING AS FAR AS POSSIBLE WITHOUT
KNEECAPPING THE INDUSTRY LINGO FOR WHEN PASSENGER KNEES CONTACT THE
FORWARD SEAT PEOPLE JUST WON'T TOLERATE THAT MR STANFORD SAYS

SHELLEY MONGILLO AN AGENT AT WORLDTEK TRAVEL IN NEW HAVEN CONN AGREES
SHE BOOKS LASTMINUTE RESERVATIONS FOR NATIONAL COLLEGIATE ATHLETIC
ASSOCIATION TEAMS INCLUDING BASKETBALL PLAYERS IF SHE IS UNABLE TO SECURE
AISLE SEATS SHE SOMETIMES PERSUADES A SYMPATHETIC GATE AGENT TO MAKE AN
ANNOUNCEMENT ASKING FOR VOLUNTEERS TO GIVE UP THEIR CHOICE SEATS FOR THE
TOWERING PLAYERS WITH THESE TALL BOYS EVERY BOOKING IS A CHALLENGE SAYS
MS MONGILLO 9404180003 940418 CREE INDIAN CHIEF IS AMONG WINNERS OF
GOLDMAN PRIZE  BY CHARLES MCCOY STAFF REPORTER OF THE WALL STREET
JOURNAL

SAN FRANCISCO A CREE INDIAN LEADING THE FIGHT AGAINST A HUGE CANADIAN DAM
PROJECT AND A GERMAN RAINFOREST ACTIVIST ARE AMONG THIS YEAR'S WINNERS OF
THE PRESTIGIOUS GOLDMAN ENVIRONMENTAL PRIZE

THE PRIZES AWARDED ANNUALLY BY A FOUNDATION SET UP BY WEALTHY SAN FRANCISCO
INSURANCE EXECUTIVE RICHARD GOLDMAN AND HIS WIFE RHODA RECOGNIZE
GRASSROOTS EFFORTS TO SAVE THE GLOBAL ENVIRONMENT EACH WINNER RECEIVES A
60000 CASH AWARD MAKING THE GOLDMAN PRIZE THE WORLD'S RICHEST FOR
ENVIRONMENTAL EFFORTS

THE GOLDMAN FOUNDATION IS EXPECTED TO FORMALLY ANNOUNCE THE SIX WINNERS
TODAY HOWEVER ENVIRONMENTALISTS FAMILIAR WITH THE SELECTION PROCESS SAID
THE WINNERS INCLUDE MATTHEW COON COME THE 38YEAROLD GRAND CHIEF OF THE
CREE WHO IS LEADING THE BATTLE AGAINST THE JAMES BAY HYDROELECTRICDAM
PROJECT IN QUEBEC THE PROJECT WOULD FLOOD THOUSANDS OF SQUARE MILES OF
PRISTINE CREE LAND AND WIPE OUT RICH WILDLIFE HABITAT

MR COON COME'S PROTESTS AND LEGAL CHALLENGES HAVE RESULTED IN NUMEROUS
SETBACKS FOR THE PROJECT INCLUDING ADVERSE COURT RULINGS HE ALSO HELPED TO
PROD UTILITY REGULATORS IN VARIOUS STATES INCLUDING NEW YORK TO CANCEL
CONTRACTS TO BUY POWER FROM THE PROJECT

ILDIKO SCHUCKING A GERMAN PRIMATOLOGIST WON FOR HER EFFORT TO GET GERMANY
AND OTHER COUNTRIES AS WELL AS THE WORLD BANK TO TAKE INTO ACCOUNT
ENVIRONMENTAL CONCERNS IN THEIR FOREIGNAID AND TRADE POLICIES SHE ALSO IS
KNOWN FOR PUBLICAWARENESS CAMPAIGNS THAT HAVE SHARPLY REDUCED GERMANY'S USE
OF TROPICAL TIMBER

OTHER WINNERS INCLUDE LUIS MACAS AN ECUADORIAN QUICHUA INDIAN WHO HAS LED
EFFORTS TO HALT ENVIRONMENTAL DAMAGE ASSOCIATED WITH OIL EXPLORATION IN
ECUADOR'S RAIN FORESTS ANDREW SIMMONS WHO HAS BATTLED FOR THE PRESERVATION
OF THE LAST FORESTS ON THE ISLAND OF ST VINCENT LAILA KAMEL AN EGYPTIAN
WHO HAS WORKED WITH CAIRO'S IMPOVERISHED GARBAGE COLLECTORS ON RECYCLING
PROGRAMS AND TUENJAI DEETES A THAI WHO HAS WORKED WITH HILL TRIBES ON
SUSTAINABLE DEVELOPMENT PROGRAMS IN THAILAND'S HEAVILY LOGGED NORTHERN
REGION

NOT ALL OF THE WINNERS COULD BE REACHED FOR COMMENT BUT THOSE WHO WERE SAID
THEY INTEND TO USE THE MONEY TO CONTINUE THEIR WORK THE FIGHTS ARE FAR
FROM OVER MR COON COME SAID ALL OF US KNOW THAT BUSINESS AS USUAL WILL
NOT ENSURE THE PROTECTION OF THE LAND OF OUR CHILDREN YET UNBORN
9404180002 940418 OFF THE WATERFRONT ONE DOCK OWNER TRIES TO BREAK
ILA'S HOLD AT PORT OF PHILADELPHIA  LONGSHOREMEN'S WORK RULES 
PROMPT HOLT TO EMPLOY OUTSIDERS TO MOVE CARGO  A CLOSELY WATCHED
CONFLICT  BY DANIEL MACHALABA STAFF REPORTER OF THE WALL STREET
JOURNAL

GLOUCESTER CITY NJ WHEN STRIKING LONGSHOREMEN WALKED OFF A CARGO SHIP
LAST DECEMBER DOCK OWNER THOMAS J HOLT DONNED WORK BOOTS AND HARD HAT
JOINING HIS SONS AND 30 COMPANY MANAGERS TO DO WORK THAT LONG HAS BEEN UNDER
THE CONTROL OF THE INTERNATIONAL LONGSHOREMEN'S ASSOCIATION WHILE HIS SON
TOM JR DROVE A FORKLIFT AND SON LEO DIRECTED THE CRANE OPERATOR MR HOLT
WAS DEEP IN THE HOLD OF THE KAI HANG TAI HOOKING LOADS OF STEEL TO THE
CARGOHANDLING CABLES

WE UNLOADED THE SHIP WITH MANAGEMENT AND THAT WAS THE END OF THE ILA IN
GLOUCESTER CITY SAYS MR HOLT

THE STRIKEBREAKING INCIDENT ACROSS THE DELAWARE RIVER FROM PHILADELPHIA IS
PART OF MR HOLT'S HEADON ASSAULT ON ONE OF THE STRONGEST UNIONS IN THE
COUNTRY OVER ONE OF THE MOST CONTENTIOUS UNIONMANAGEMENT ISSUES WORK
RULES HIS CHALLENGE IS BEING WATCHED CLOSELY BY PORT OPERATORS SHIP LINES
AND LABOR LEADERS BECAUSE THE OUTCOME COULD HELP DETERMINE WHETHER WORK
RULES SURVIVE IN OTHER INDUSTRIES AS WELL AS ON THE DOCKS

IRONICALLY SOME MEMBERS OF ANOTHER UNION CURRENTLY INVOLVED IN A BITTER
LABOR WRANGLE THE TEAMSTERS HAVE CROSSED ILA PICKET LINES AND HELPED
MR HOLT IN HIS CHALLENGE

THE ILA IS ONE OF THE LAST AND BESTFORTIFIED BASTIONS OF UNION WORK RULES
EVEN THOUGH ITS PHILADELPHIA MEMBERS DID AGREE TO LIMITED CONCESSIONS LAST
FALL OVER THE PAST FIVE YEARS RAILROADS HAVE PHASED OUT SOME OF THEIR MOST
COSTLY RULES SUCH AS THOSE REQUIRING FOUR CREW MEMBERS ON FREIGHT TRAINS
NEEDING ONLY TWO UNIONS IN THE TRUCKING AIRLINE AUTO AND OTHER INDUSTRIES
HAVE HAD TO GIVE UP HARDWON CONTRACT CLAUSES THAT HELPED KEEP MANY MEMBERS
WORKING IN THE FACE OF TECHNOLOGICAL CHANGE RENDERING THEM SURPLUS

BUT LONGSHOREMEN WHO BITTERLY REMEMBER WHEN CONTAINERIZATION OF SHIP
CARGOES IN THE 1960S COST TENS OF THOUSANDS OF JOBS HAVE UNTIL NOW MANAGED
TO STAVE OFF FURTHER EROSION OF THEIR VALUED WORK RULES WE WERE ABLE TO
WEATHER THE STORM LONGER THAN MOST BUT NOW IT HAS HIT US SAYS BENNY
HOLLAND WHO HEADS THE ILA'S SOUTH ATLANTIC AND GULF COAST DISTRICT ILA
JURISDICTION EXTENDS FROM MAINE TO TEXAS

MR HOLT IS SUCCESSFULLY BREAKING FREE OF ILA CONTRACTS THAT HE SAYS
REQUIRE 11 WORKERS IN THREE OR FOUR DIFFERENT CRAFTS TO LOAD TRUCKS ON THE
DOCKS SO FAR HE HAS CEASED STEVEDORING OPERATIONS AT HIS FOUR GLOUCESTER
CITY PIERS THAT WERE LOCKED INTO AN ILA CONTRACT INSTEAD HE HAS LEASED A
CHUNK OF THE FACILITY TO A FLORIDA OPERATOR THAT USES NONILA LABOR AND HE
HAS HALVED LABOR COSTS BY LEASING THE REST OF HIS TERMINAL TO NONILA
OPERATORS

THE ILA HAS HURLED PICKETS WALKOUTS AND CHARGES OF UNION BASHING AGAINST
MR HOLT WHOSE GLOUCESTER CITY TERMINAL LIES BELOW THE TOWERING WALT
WHITMAN BRIDGE ITS DOCK SCENES REMINISCENT OF THOSE IN THE MOVIE ON THE
WATERFRONT THE TERMINAL SPECIALIZES IN NONCONTAINER CARGO SHIPMENTS OF
FRUIT LUMBER AND STEEL

SOME PORTS ARE TRYING TO AVOID MR HOLT'S FRONTAL ATTACK ON THE ILA WE
KNOW THERE NEEDS TO BE CHANGE AND WE WOULD LIKE TO MANAGE CHANGE IN A
POSITIVE WAY SAYS JAMES CAPO PRESIDENT OF THE NEW YORK SHIPPING
ASSOCIATION WHICH REPRESENTS EMPLOYERS IN THE PORT OF NEW YORK AND NEW
JERSEY

BUT MR HOLT'S APPROACH HAS SUPPORTERS A LOT OF PEOPLE ARE ON THE
SIDELINES CHEERING HIM ON SAYS CONRAD EVERHARD CHAIRMAN OF CHO YANG
AMERICA INC A SOUTH KOREAN SHIP COMPANY MR HOLT'S STAND HE SAYS IS
A WAKEUP CALL FOR LABOR AND MANAGEMENT

FOR DECADES THE ILA HAS WON IMPROVED WAGES BENEFITS AND WORKING CONDITIONS
OFTEN THROUGH STRIKES MANY MEMBERS ADHERE TO RIGID JOB CLASSIFICATIONS AND
ARE PROTECTED BY GUARANTEES FOR EXAMPLE ABOUT 500 DOCKWORKERS AT THE PORT
OF NEW YORK AND NEW JERSEY STILL RECEIVE GUARANTEED ANNUAL INCOME OF AS
MUCH AS 40000

MOST CONTAINERHANDLING GANGS STILL HAVE 20 OR MORE MEMBERS A THIRD MORE
THAN MANY STEVEDORING COMPANIES THINK NECESSARY FOR LOADING OR UNLOADING
CONTAINERS EACH EARNS 21 AN HOUR AND IS ENTITLED TO GENEROUS BENEFITS
NONILA WORKERS GET FAR LESS IN THE GULF OF MEXICO FOR EXAMPLE SOME
STEVEDORING COMPANIES PAY 6 TO 9 AN HOUR WITHOUT BENEFITS TO CASUAL
WORKERS HIRED TO WORK BULK CARGO VESSELS

ILA LEADERS SAY THEY CAN'T BETRAY THEIR MEMBERS BY AGREEING TO SUCH
CONDITIONS WE CAN'T GO TO NONUNION WAGES OR THERE IS NO POINT IN BEING A
UNION SAYS MR HOLLAND THE ILA LEADER IN THE GULF

THEY HAD IT TOO GOOD TOO LONG AND OTHER PEOPLE ARE WILLING TO DO THAT JOB
FOR LESS MONEY ESPECIALLY IN THIS ECONOMY CONTENDS HENRY MARCUS A
MARINESYSTEMS PROFESSOR AT MASSACHUSETTS INSTITUTE OF TECHNOLOGY ADDS MR
HOLT THE ILA WILL CONTINUE TO LOSE MORE AND MORE BUSINESS

THE ILA STILL HAS A LOCK ON CONTAINERSHIP LINES WHICH SIGN A COASTWIDE
MASTER CONTRACT MANDATING ILA LABOR BUT THERE ARE SIGNS THAT THE UNION'S
LEADERSHIP IS MODERATING ITS RESISTANCE TO CHANGE AFTER FIGHTING NONILA
OPERATORS IN THE GULF OF MEXICO WITH PICKETS AND PROTESTS THE ILA
EVENTUALLY CUT GANG SIZES WAGES AND BENEFITS AND WON BACK SOME OF THE WORK
THIS SATISFIED ONLY PART OF THE OPERATORS

IF THAT'S WHAT IT TAKES TO SURVIVE THAT'S WHAT WE'LL DO SAYS JOHN
BOWERS ILA PRESIDENT HE ADDS THAT HIS FEISTY PREDECESSOR LONGTIME UNION
BOSS THOMAS GLEASON NEVER GAVE ANYTHING BACK BUT THESE ARE DIFFERENT
TIMES

THAT PROSPECT IS DISTURBING TO MANY PHILADELPHIA DOCKWORKERS ACCUSTOMED TO
A MONOPOLY ON DOCK WORK EXTENDING BACK THREE GENERATIONS YOU MAKE TOP
BUCK BECAUSE IT IS A DANGEROUS JOB SAYS MICHAEL BILLUPS A LONGSHOREMAN
YOU'RE OUT THERE IN FREEZING COLD AND 35 MPH WIND AND YOUR LIFE IS ON THE
LINE EVERY MINUTE YOU'RE ON THAT SHIP

SOME DOCKWORKERS WORRY ABOUT THE EFFECT OF MR HOLT'S ACTIONS I SEE MY
LIVELIHOOD GOING DOWN THE DRAIN SAYS THOMAS ZOLANE PEERING OVER THE MURKY
DELAWARE RIVER TOWARD MR HOLT'S SPRAWLING NONILA TERMINAL

GEORGE HOPPER ANOTHER LONGSHOREMAN IS BITTER THAT THE PHILADELPHIA RANK
AND FILE AGREED LAST FALL TO CUTS IN WAGES OVERTIME PAY AND WORK RULES FOR
CERTAIN NONCONTAINER CARGOES SUCH AS FRUIT AND LUMBER THE CONCESSIONS THEY
HOPED WOULD LURE FRUIT AND OTHER NONCONTAINERIZED CARGO BACK TO THE PORT
BUT THEY WATCHED THEIR WORK HOURS DWINDLE WHEN MR HOLT'S GLOUCESTER CITY
TERMINAL WENT NONILA

MEANWHILE MR HOLT CONTINUES HIS BATTLE TO RID HIMSELF OF THE WORK RULES
OUR PROBLEM WITH THE ILA STARTED MANY YEARS AGO WHEN THEY WANTED US TO HIRE
MORE MEN THAN WE NEEDED SAYS MR HOLT

A TRUCKER TURNED TERMINAL OPERATOR MR HOLT HAS SPENT NEARLY 200 MILLION
TO TURN HIS GLOUCESTER CITY PROPERTY INTO A MODERN OCEAN TERMINAL BUT THE
DEPOT BEGAN TO LOSE CARGO TO PUBLICLY OWNED AND SUBSIDIZED RIVALS INCLUDING
SOME USING WAREHOUSE WORKERS WHO HAVE FEWER WORK RULES AND LOWER COSTS THAN
ILA LABOR

OTHERS SAY THE CLASH REFLECTS THE PERSONALITY OF THE REDHAIRED 57YEAROLD
MAVERICK WHO IS IMPATIENT WITH UNION OR BUREAUCRATIC RESTRICTIONS IF HE
CAN'T CONVINCE ANYONE TO GO WITH HIM HE WILL TAKE THE RISK AND GO IT
ALONE SAYS EUGENE MCCAFFREY FORMER EXECUTIVE DIRECTOR OF THE DELAWARE
RIVER PORT AUTHORITY

MR HOLT HAS THE FINANCIAL WHEREWITHAL TO BATTLE THE POWERFUL UNION THROUGH
MORE THAN 20 FAMILYRELATED AND OTHER BUSINESSES HE OVERSEES ASSETS OF AS
MUCH AS 500 MILLION IN WAREHOUSES DOCKS CAR WASHES PARKING LOTS AND
OWNERSHIP POSITIONS IN OCEAN SHIPS AND CASINOS

FAMILY MEMBERS SHARE UNUSUAL SOLIDARITY LIVING IN A KIND OF HOLT COMPOUND
IN NORTHEAST PHILADELPHIA MR HOLT LOOKS OUT HIS WINDOW AT THE HOMES OF TWO
SONS A DAUGHTER AND HIS SISTER EDNA WHITE SON MICHAEL A COLLEGE STUDENT
LIVES WITH MR HOLT AND HIS WIFE AND THEIR OTHER DAUGHTER PLANS TO MOVE TO
THE NEIGHBORHOOD SOON MY FATHER LIKES TO HAVE EVERYONE WHERE HE CAN SEE
THEM AND BE SEEN BY THEM SAYS LEO

THE SEPARATE CORPORATIONS SOME OWNED BY HIM FAMILY MEMBERS OR HIGHRANKING
EMPLOYEES HELPED MR HOLT SIDESTEP THE ILA HE CONVINCED AN ARBITRATOR THAT
HOLT HAULING & WAREHOUSING INC WHICH OWNS THE GLOUCESTER MARINE TERMINAL
HAD THE RIGHT TO RENT OUT THE FACILITY TO A FLORIDA COMPANY NOT LOCKED INTO
AN ILACONTRACT PREVIOUSLY HOLT CARGO SYSTEMS INC A STEVEDORING COMPANY
OWNED BY MR HOLT HAD DONE THE WORK UNDER CONTRACT WITH THE ILA BUT PROVED
TOO EXPENSIVE TO ATTRACT CARGO TO THE TERMINAL SAYS MR HOLT

TRANS OCEAN MARITIME SERVICES INC A NEWLY FORMED FORT LAUDERDALE FLA
COMPANY THAT LEASED THE PIERS HIRED TEAMSTERS UNLIKE IN THE TRUCKING
INDUSTRY WHERE THE TEAMSTERS ARE ON STRIKE AGAINST COMPANIES SEEKING
AUTHORIZATION TO MAKE MORE USE OF PARTTIME LABOR AND RAIL TRANSPORT ON
THE DOCKS THE TEAMSTERS GENERALLY COME WITHOUT THE RESTRICTIVE WORK RULES OF
THE ILA MR HOLT ALSO LEASED HIS BIG REFRIGERATED WAREHOUSE TO NEWLY FORMED
GLOUCESTER REFRIGERATED WAREHOUSE WHICH IS OWNED BY HIS SISTER AND WHICH
HIRES TEAMSTERS

MR HOLT DIDN'T JUST GET STRIKEBREAKERS ILA PRESIDENT BOWERS SAYS
ANGRILY HE GOT ANOTHER MAJOR UNION GOING THROUGH OUR PICKET LINES WHEN
THE ILA HIGH COMMAND PERSUADED THE AFLCIO TO STOP THE TEAMSTERS FROM
SUPPLYING WORKERS TO THE GLOUCESTER TERMINAL TEAMSTERS CONTINUED TO DO THE
WORK BUT SAID THEY WERE NOW MEMBERS OF THE NEWLY FORMED INDEPENDENT
DOCKWORKERS UNION LOCAL 1

JOHN MORRIS A TEAMSTERS INTERNATIONAL VICE PRESIDENT SAYS HE UNDERSTANDS
THAT THE ILA IS FRUSTRATED BY MR HOLT'S MANEUVERS BUT DENIES THE NEW UNION
IS A FRONT FOR THE TEAMSTERS MR HOLT IS LIKE AN OCTOPUS SAYS MR
MORRIS WHEN YOU FIGHT HIM YOU FIGHT ALL HIS ARMS AND THE LONGSHOREMEN ARE
MAD AT HIM ALL THE TIME BECAUSE THEY CAN'T FIGHT ALL HIS ARMS

MR HOLT SAYS HE WANTED ILA DOCKWORKERS TO CONTINUE TO UNLOAD SHIPS AT TWO
GLOUCESTER CITY DOCKS WHILE A CHEAPER BUT UNIONIZED WORK FORCE MANNED THE
WAREHOUSE BUT WHEN THE DOCKWORKERS REFUSED TO CROSS ILA PICKET LINES TO GET
TO THE KAI HANG TAI LAST DECEMBER MR HOLT HIS TWO SONS AND MANAGERS
UNLOADED THE SHIP

THINGS CERTAINLY CHANGED AFTER ILA WORKERS WERE REPLACED AT GLOUCESTER
ALTHOUGH THE ILA REQUIRED THAT 16 UNION MEMBERS BE ASSIGNED TO EACH HATCH ON
A FRUITCARRYING SHIP TRANS OCEAN MARITIME IS DOING THE JOB WITH 12 WE
CAN DO THE SAME WORK FOR LESS MONEY SAYS HOLLY GLAZE A CASUAL LABORER WHO
EARNS 1120 AN HOUR TO HELP UNLOAD A FRUIT SHIP FROM CHILE HOPEFULLY
BENEFITS WILL COME ALONG SOON

IN THE FRUIT WAREHOUSE WORKERS NOW DO A MULTITUDE OF JOBS WHICH UNDER THE
ILA WERE ASSIGNED TO DIFFERENT CRAFTS INCLUDING THE CLERKS COOPERS AND
CARLOADERS IF WE'RE WAITING FOR A TRUCK TO ARRIVE WE JUST GRAB A BROOM
AND CLEAN UP SAYS JAMES RENSHAW A FORKLIFT DRIVER THE ILA HAD SEPARATE
WORKERS TO DO THAT JOB MR RENSHAW POINTS HIS SCANNER GUN AT BARCODE
LABELS ON PALLETS OF FRUIT WHEN THE INFRARED BEAM HITS THE BAR CODE
FREIGHT ROUTING INFORMATION ENTERS A COMPUTER DIRECTLY DOING THE JOB OF
UNION CHECKERS WITH CLIPBOARDS AND PENCILS

A FEW HUNDRED YARDS NORTH ILA WORKERS STILL UNLOAD FRUIT AT THE DEL MONTE
FRESH PRODUCE NA SHIP TERMINAL DEL MONTE IS REQUIRED TO PAY FOR 16MEMBER
GANGS BUT ON A RECENT MORNING ONLY 10 MEMBERS OF THE NESMITH GANG COULD
BE SEEN WORKING TWO LONGSHOREMEN WERE SLEEPING IN A DOCKSIDE SHED THEY
HAVE TIME FOR A BREAK SAID FOREMAN NESMITH ROOSEVELT WHO ACKNOWLEDGED
THAT FOUR OTHERS WERE WALKING AROUND OR GOING TO THE BATHROOM

THE ILA HAS FOUGHT BACK AGAINST MR HOLT SINCE NOVEMBER FOUR LARGE SHIPS
TURNED AWAY FROM MR HOLT'S DOCKS ON BOTH SIDES OF THE DELAWARE RIVER RATHER
THAN INCUR THE WRATH OF ILA STRIKERS AND SOME SHIP LINES ARE AVOIDING MR
HOLT'S GLOUCESTER CITY TERMINAL FOR FEAR OF RETRIBUTION IF WE USE NONILA
LABOR HERE THERE IS SOME CHANCE FOR ILA LABOR TO REFUSE TO UNLOAD AND LOAD
OUR SHIPS IN OTHER PORTS SAYS YEON OH PORT CAPTAIN OF HYUNDAI MERCHANT
MARINE OF SOUTH KOREA

CRITICS ALSO SAY REPLACEMENT WORKERS TAKE LONGER TO HANDLE CARGO THAN
EXPERIENCED LONGSHOREMEN FOR INSTANCE WHEN TRANS OCEAN LOADED BUTTER
ABOARD A SHIP TO RUSSIA LAST FALL NONILA WORKERS STOWED THE CARGO TOO FAR
FROM THE BULKHEADS CAUSING A COSTLY DELAY TO RELOAD THE HATCH LEST THE
CARGO SHIFT IN TRANSIT

NEVERTHELESS MR HOLT ISN'T DONE WITH HIS DRIVE FOR CHANGE IN WORK RULES
AND CRAFT DIVISIONS AT THE BIG PACKER AVENUE MARINE TERMINAL IN
PHILADELPHIA WHICH MR HOLT OPERATES UNDER A LEASE FROM PENNSYLVANIA THE
ILA HAS A LOCK ON THE WORK BUT THAT MAY CHANGE WHEN MR HOLT'S CONTRACT
WITH THE UNION THERE EXPIRES IN OCTOBER SAYS WALTER CURRAN DIRECTOR OF
STEVEDORING OF HOLT CARGO SYSTEMS FOR EVERY 10 GUYS I HAVE WORKING AT
PACKER AVENUE I COULD ELIMINATE AT LEAST THREE WITHOUT SKIPPING A BEAT

OTHER DOCK OPERATORS ARE WATCHING CLOSELY WE WANT TO STAY ILA SAYS ROGER
YOUNGREN PORT MANAGER OF DEL MONTE BUT IF OUR COMPETITORS SEEK AND GAIN
COST ADVANTAGES WE HAVE TO SEEK WAYS OF GETTING IT DONE CHEAPER AS WELL
9404180151 940317 FOR SARAJEVO'S JEWS HOPE IS DELIVERED IN VANS FROM
VIENNA  VOLUNTEERS KEEP FOOD DRUGS FLOWING MUSLIMS SERBS AND
CROATS ALSO BENEFIT  BY GERALDINE BROOKS STAFF REPORTER OF THE
WALL STREET JOURNAL

SPLIT CROATIA DWARFED BY ARMORED PERSONNEL CARRIERS AND 18WHEEL UNITED
NATIONS TRUCKS THE LITTLE MITSUBISHI VAN SEEMS OUT OF PLACE ON THE FERRY
STEAMING INTO THIS PORT

SO DO ITS DRIVERS AS 55YEAROLD LEENA TEITTENEN CHASES A STRAY HAIR BACK
INTO HER PRIM BUN HUNGOVER BRITISH SOLDIERS STAGGER AROUND IN SEARCH OF THE
WASHROOM

ON DECK MRS TEITTENEN'S HUSBAND TEUVO TAKES IN THE EARLY MORNING
SCENERY BEAUTIFUL COAST ISN'T IT HE EXCLAIMS

THE SOLDIERS ALONGSIDE HIM EYE EACH OTHER INCREDULOUSLY WHAT'S BEAUTIFUL
MUTTERS ONE ALL I CAN SEE ARE A BUNCH OF MOUNTAINS WITH GUYS RUNNING
AROUND ON THEM WAITING TO SHOOT ME

BRINGING SUPPLIES TO THE BESIEGED CITY OF SARAJEVO ISN'T SUPPOSED TO BE A
PLEASURE CRUISE BUT NOBODY HAS TOLD MR TEITTENEN

THE RETIRED FINNISH SHEETMETAL WORKER AND HIS WIFE ARE PART OF AN ODD AID
PIPELINE THAT BEGINS WITH AN AMERICAN FRENCHHORN PLAYER IN THE VIENNA
SYMPHONY AND ENDS WITH A HANDFUL OF JEWS RUNNING A SOUP KITCHEN AND
PHARMACIES IN SARAJEVO

OFTEN THIS WINTER WHEN THE HUGE UN AID CONVOYS HAVE BEEN HALTED BY
SNIPERS MINED ROADS AND THE WARRING FACTIONS' INTRANSIGENCE THIS
FREELANCE AID EFFORT HAS KEPT GOING BOX BY BOX OF ANTIBIOTICS AND CAN BY
CAN OF TUNA

ITS SUCCESS RELIES ON THE SPECIAL STATUS OF SARAJEVO'S 500 OR SO REMAINING
JEWS AS NONCOMBATANTS IN BOSNIA'S ETHNIC WAR THE JEWS CAN BRING SUPPLIES
THROUGH FRONT LINES THAT OTHERS CAN'T CROSS THEIR THREE DISPENSARIES
ORGANIZED BY A MUSLIM PHARMACIST DISTRIBUTE AN ESTIMATED 40 OF THE
MEDICINE REACHING SARAJEVO'S POPULATION THEIR SOUP KITCHEN SERVES ABOUT 350
HOT MEALS A DAY TO MUSLIMS SERBS AND CROATS AS WELL AS JEWS

BUT SOMEONE HAS TO GET THEM THE DRUGS AND FOOD ONE OF SEVERAL SUPPLY CHAINS
STARTS WITH A SMALL WOMAN SEARCHING FOR BARGAINS IN THE LOWRENT SHOPPING
DISTRICTS OF VIENNA GETTING A DISCOUNT IS TOUGH HERE SAYS 48YEAROLD
EEVA HUBER PROUDLY DISPLAYING A CARTON OF BABY FOOD NEARING ITS SELL DATE
THAT SHE CAJOLED FROM A MERCHANT

MRS HUBER A CHRISTIAN HAS BEEN AN ACTIVIST FOR A VARIETY OF JEWISH CAUSES
EVER SINCE SHE MOVED TO AUSTRIA FROM FINLAND IN 1968 WHEN MY SON WHOSE
NAME IS SAMUEL APPLIED FOR A JOB HIS BOSS SCRATCHED OUT HIS NAME AND WROTE
STEFAN' SAYING THAT NOBODY WHO WORKED FOR THAT FIRM COULD HAVE A
JEWISHSOUNDING NAME MRS HUBER SAYS THE SENSE OF WHAT HAPPENED TO JEWS
IN THE WAR HERE IS STILL VERY REAL I KNOW I CAN'T TURN BACK THE CLOCK AND
UNDO ANY OF THAT BUT WHAT I CAN DO IS HELP JEWS WHO ARE IN TROUBLE NOW

THAT HAS INCLUDED DELIVERING VANLOADS OF FOOD TO AGED IMPOVERISHED JEWS IN
ROMANIA AND SMUGGLING BANNED HEBREW LITERATURE INTO THE SOVIET UNION

WHEN WAR BROKE OUT IN BOSNIA SHE HEARD OF JEWISH REFUGEES LIVING IN
HARDSHIP IN BELGRADE PACKING HER VAN WITH CLOTHING SHE DROVE TO THE
BELGRADE SYNAGOGUE JEWS THERE TOLD HER OF RELATIVES WHO HAD STAYED BEHIND
IN SARAJEVO AND MRS HUBER DETERMINED TO HELP THEM

AT FIRST SHE RAISED THE FUNDS AND MADE THE LONG DRIVES ALONE BUT SLOWLY A
SMALL BAND OF VOLUNTEERS GATHERED TO HELP ONE WAS ERIC KUSHNER A
LOUISIANABORN MUSICIAN IN THE VIENNA SYMPHONY

WHEN THE STORIES ABOUT ETHNIC CLEANSING STARTED COMING OUT OF BOSNIA IT
JUST SEEMED IMPORTANT TO DO SOMETHING SAYS MR KUSHNER WHO IS JEWISH BUT
HE WASN'T SURE EXACTLY WHAT A FRENCHHORN PLAYER COULD DO UNTIL HE MET MRS
HUBER NOW HE AND HIS IRISH WIFE HELP RAISE THE 3000 IT COSTS TO FILL THE
VAN EACH TRIP

MRS HUBER ALSO RECEIVES MONEY FROM CHRISTIAN CHURCHES IN FINLAND WHERE SHE
TRAVELS TO SPEAK ABOUT HER WORK

THE VAN DRIVERS MR TEITTENEN AND HIS WIFE READ ABOUT MRS HUBER IN A
CHRISTIAN MAGAZINE IN FINLAND ARTHRITIS HAD CAUSED MR TEITTENEN 56 TO
RETIRE EARLY AND MRS TEITTENEN HAD BEEN LAID OFF FROM HER JOB IN A NURSING
HOME THEY WROTE TO MRS HUBER AND OFFERED TO HELP WITH THE DRIVING

AT 630 AM ON A RECENT WINTRY MORNING THE TEITTENENS CRAM A LAST FEW BAGS
OF CLOTHES INTO THE OVERLOADED VAN AND FLICKING A TAPE OF FINNISH HYMNS
INTO THE CASSETTE PLAYER NOSE THEIR WAY INTO VIENNA'S EARLY RUSH HOUR

IN THE NEXT 12 HOURS THEY CROSS TWO BORDERS DRIVING THROUGH SLOVENIA TO THE
CROATIAN SEAPORT OF RIJEKA FROM THERE AN OVERNIGHT FERRY CARRIES THEM DOWN
THE CROATIAN COAST AVOIDING THE CHANCY ROAD TO THE CITY OF SPLIT WHICH
SERVES AS THE JUMPING OFF POINT TO SARAJEVO IN SPLIT THE SARAJEVAN JEWS
ACCEPT THE GOODS AND CARRY THEM THROUGH THE FRONT LINES INTO THE CITY IN
CURRENT CONDITIONS A TWODAY DRIVE AWAY

CROSSING THE SLOVENIAN FRONTIER IS SIMPLE ENOUGH LONG OUT OF THE WAR
ITSELF SLOVENIA FACILITATES THE MOVEMENT OF AID TO THE OTHER FORMER
YUGOSLAV REPUBLICS BUT ON ROADS MUCH BUMPIER THAN AUSTRIA'S SMOOTH
AUTOBAHNS THE OLD VAN'S ENGINE WHINES IN COMPLAINT

BY MIDAFTERNOON THE CROATIAN BORDER LOOMS THE FIRST TIME WE MADE THE
TRIP WE DIDN'T EVEN REALIZE WHERE THE BORDER WAS MR TEITTENEN ADMITS
CHEERILY SUDDENLY THERE WE WERE WITH AN ARMY SEARCHING ALL THE TRUCKS FOR
WEAPONS

THE MOOD AT THE CROATIAN BORDER IS UNPREDICTABLE AS MR TEITTENEN WAITS IN
LINE TO SEE THE SEVENTH IN A SEEMINGLY ENDLESS SEQUENCE OF OFFICIALS A
TRUCK DRIVER IN FRONT IS TURNED BACK BECAUSE HIS PAPERWORK IS PHOTOCOPIED
NOT ORIGINAL MR TEITTENEN ANXIOUSLY EYES THE BLURRED FAX HE IS CARRYING
FROM THE SARAJEVO JEWS THE CROATIANS CAN BE UNHELPFUL TO AID GROUPS TOO
CLOSELY IDENTIFIED AS ASSISTING SERBS OR MUSLIMS RATHER THAN BOSNIAN CROATS
FINALLY THE VAN IS ALLOWED THROUGH

THE DELAY LOOKS AS IF IT MAY HAVE COST THE TEITTENENS A PLACE ON THE FERRY
RUMORS OF TROUBLE ON THE ROAD AND A SHIPMENT OF VEHICLES BOUND FOR BRITISH
PEACEKEEPERS HAVE COMBINED TO FILL THE AVAILABLE SPACES THE ALTERNATIVE IS
A PERILOUS 10HOUR DRIVE THROUGH THE DARK DOWN A COAST ROAD CLOSE TO SERBIAN
LINES

AT THE LAST MINUTE THE FERRY MASTER RUNS OUT WITH A TAPE MEASURE AND CHECKS
THE LENGTH OF THE VAN THERE IS SPACE AFTER ALL WITH FOUR INCHES TO
SPARE BUT THERE ARE NO VACANT CABINS THE TEITTENENS SPEND THE NIGHT
SLUMPED ON A BENCH IN THE FERRY'S BAR AS RAUCOUS BRITISH SOLDIERS SWILL
BEER AND PLAY CARDS AROUND THEM

IN THE MORNING THE FINNS NURSE THE VAN TO ITS RENDEZVOUS WITH THE SARAJEVO
JEWS IN A CLOTHESLINEDRAPED COURTYARD OF SPLIT'S OLD CITY THE JEWS'
MAKESHIFT OFFICE IS FRAGRANT WITH BAGS OF COFFEE A LUXURY IN SARAJEVO 
AND PILED HIGH WITH GOODS SUCH AS SURGICAL GLOVES THAT ALSO ARE IN SHORT
SUPPLY IN THE CITY CORNERS BULGE WITH BAGS OF MAIL FROM ISRAEL SWEDEN
HUNGARY AND THE US ALL AWAITING DELIVERY TO SARAJEVANS OF ALL ETHNIC
GROUPS

CROATS MUSLIMS AND EVEN SERBS STOP BY TO DROP OFF GOODS FOR RELATIVES OR TO
ARRANGE TO USE THE JEWS' RADIO WHICH IS OPEN TO ALL GROUPS AND IS ONE OF
THE FEW WAYS FOR EXILED SARAJEVANS TO KEEP IN TOUCH WITH RELATIVES IN THE
CITY

JESUA ABINUN A 74YEAROLD SARAJEVAN GREETS THE TEITTENENS WARMLY MR
ABINUN USED TO MANAGE 24 HAIR SALONS IN SARAJEVO NOW HE WAITS OUT THE WAR
IN A SPLIT HOTEL IN WORLD WAR II HE WAS AMONG SOME 13000 SARAJEVAN JEWS
DEPORTED TO CONCENTRATION CAMPS MANY WERE SHOT OR BURIED ALIVE IN MASS
GRAVES AFTER THE WAR SOME OF THE BODIES WERE REINTERRED IN SARAJEVO'S
JEWISH CEMETERY ON THE SOUTHERN SLOPE OF SARAJEVO'S VALLEY NOW ONE OF THE
PRINCIPAL BATTLEGROUNDS OF THE CURRENT FIGHTING

IT'S A RIDICULOUS WAR SAYS MR ABINUN WHO IS MARRIED TO A CROAT HIS
STEPDAUGHTER IS WED TO A MUSLIM WHILE HIS OWN DAUGHTER WHO REMAINS IN
SARAJEVO IS MARRIED TO A SERB IT'S NORMAL HE SAYS LOVE FINDS A WAY
IT'S WANTING TO SEPARATE EVERYONE THAT ISN'T NORMAL

BACK IN VIENNA MRS HUBER TELLS HER OWN HOPEFUL STORY OF UNITY RECENTLY
SHE OPENED THE DOOR TO A BOSNIAN MUSLIM CLUTCHING A DONATION LARGE ENOUGH TO
FUND TWO VANLOADS OF AID I EXPLAINED THAT OUR GOODS WERE DELIVERED TO THE
JEWS BUT HE DIDN'T CARE SAYS MRS HUBER HE TOLD HER THAT MUSLIMS AND
JEWS HAD ALWAYS LIVED TOGETHER IN PEACE IN BOSNIAHERZEGOVINA 9404180129
940318 A FARAWAY WAR AMERICANS' INACTION ON BOSNIA STIRS CRITICS TO
DEBATE AND DESPAIR  BLAMING BOTH RIGHT AND LEFT THEY MOUNT A
CAMPAIGN TO DEMAND INTERVENTION  ONE CHARGE IS RELIGIOUS BIAS 
 BY CARLA ANNE ROBBINS STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON IT IS A RARE SUNNY SUNDAY AFTERNOON IN MARCH BUT 85 PEOPLE
HAVE ENTERED THE GLOOM OF GEORGETOWN'S BIOGRAPH THEATRE FOR A VIDEO REALITY
TOUR OF BOSNIA THE STORIES ARE FAMILIAR FROM THE EVENING NEWS BUT EVEN
MORE HORRIFYING WHEN PROJECTED ONTO THE BIG SCREEN A SYMBOLIC WEDDING
BETWEEN A YOUNG WOMAN AND THE CORPSE OF HER FALLEN LOVER ANOTHER WOMAN
BEATEN AND REPEATEDLY RAPED AT A SERB DETENTION CAMP A EUROPEAN CAPITAL
SMASHED TO RUBBLE AN OLYMPIC STADIUM DUG UP FOR FRESH GRAVES

WHEN THE LIGHTS FINALLY COME UP STEPHEN WALKER A YOUNG MAN DRESSED MORE
FOR A DIPLOMATIC RECEPTION EXPLAINS WHY AMERICA'S FAILURE TO ACT IN BOSNIA
LED HIM TO QUIT HIS STATE DEPARTMENT JOB LAST SUMMER AND WHY OTHERS SHOULD
BE JUST AS OUTRAGED HE WILL REPEAT HIS TALK THREE MORE TIMES THAT WEEK

AMERICANS DO CARE ABOUT BOSNIA THEY JUST FEEL POWERLESS MR WALKER SAYS
I'M JUST TELLING THEM THAT WE'RE NOT

DESPITE TWO YEARS OF WATCHING BOSNIA'S AGONY ON TV AMERICANS SEEM
REMARKABLY DISENGAGED THERE HAVE BEEN FEW MASS DEMONSTRATIONS NO
WIDESPREAD DISSENT TO RIVAL EVEN THE CENTRAL AMERICA PROTESTS OF THE 1980S
IT'S AS IF THE CAMERA CREWS WERE INSIDE THE WARSAW GHETTO AND PEOPLE  
SAID OH THAT'S JUST AGEOLD EUROPEAN ANTISEMITISM WHAT CAN WE DO'
WRITER SUSAN SONTAG SAYS

WHY BOSNIA HAS FAILED TO MOVE AMERICANS MORE STIRS CONSIDERABLE DEBATE AND
DESPAIR AMONG THE SMALL CIRCLE OF INTELLECTUALS ARTISTS AND ACTIVISTS WHO
HAVE TAKEN UP THE BOSNIAN CAUSE THEY ALSO WORRY ABOUT THE FUTURE IF
AMERICANS DON'T CARE ABOUT WHAT'S HAPPENING IN BOSNIA WHAT WILL THEY EVER
CARE ABOUT ASKS ARYEH NEIER A LONGTIME HUMANRIGHTS ACTIVIST AND
PRESIDENT OF THE OPEN SOCIETY FUND

THEY AGREE ON CERTAIN EXPLANATIONS THEY BLAME PRESIDENTS BUSH AND CLINTON
FOR FAILING TO LEAD IN BOSNIA AND FOR PERSUADING AMERICANS THAT THE PROBLEM
IS FAR TOO DIFFICULT TO SOLVE THEY BLAME THE MEDIA ESPECIALLY TELEVISION
FOR BUYING THAT LINE THEY DEPLORE THE PARALYSIS OF AMERICAN LIBERALS WHO
HAVE BEEN UNABLE TO SHAKE OFF THEIR FEAR OF US MILITARY ACTION AND THE
GROWING ISOLATIONISM AMONG CONSERVATIVES THEY WONDER WHETHER AMERICANS
WOULD HAVE RESPONDED DIFFERENTLY IF CHRISTIANS OR JEWS RATHER THAN MUSLIMS
WERE UNDER SIEGE

THESE ARE QUESTIONS THE CLINTON ADMINISTRATION WILL HAVE TO FACE IF THE
CURRENT USBROKERED PEACE NEGOTIATIONS SUCCEED MR CLINTON HAS PLEDGED TO
SEND THOUSANDS OF AMERICAN PEACEKEEPERS TO BOSNIA TO HELP IMPLEMENT AN
ACCORD AND AFTER MONTHS OF TALKING ABOUT BOSNIA AS THE PROBLEM FROM HELL
HE WILL HAVE TO EXPLAIN WHY IT IS IMPORTANT ENOUGH AND SOLVABLE ENOUGH TO
RISK SENDING IN AMERICANS

AMONG MANY THINGS THE BALKAN TRAGEDY IS A STORY OF DISCONNECT A CRISIS
THAT STRUCK AMERICANS AS DISTRESSING BUT DIDN'T MOTIVATE THEM TO TAKE ANY
ACTION ROBERT DEVECCHI OF THE INTERNATIONAL RESCUE COMMITTEE SAYS THAT
WHENEVER IT RUNS A BOSNIA FUNDRAISING AD SOMEDAY YOUR CHILDREN WILL
ASK WHAT DID YOU DO CONTRIBUTIONS ARE REMARKABLE A MEASURE OF
AMERICANS' PERSONAL ANGUISH

BOSNIANS HOPING THE WEST WOULD SAVE THEM HAVE TRIED TO TAP INTO THAT
ANGUISH IN THE EARLY SUMMER OF 1992 A BOSNIAN FILMMAKER ADEMIR KENOVIC
ASSEMBLED A SMALL GROUP OF MUSICIANS IN SARAJEVO'S SHATTERED OLYMPIC
STADIUM HIS MUSIC VIDEO WITH ITS ENGLISH REFRAIN OF HELP BOSNIA NOW SAVE
BOSNIAN PEOPLE WAS SUPPOSED TO ESTABLISH AN EMOTIONAL CONNECTION BETWEEN
SARAJEVO'S CITIZENS AND THE WEST IT WAS OUR WAY OF SAYING WE'RE LIKE YOU
  WHAT'S HAPPENING TO US IS HAPPENING TO THE WORLD MR KENOVIC SAYS
BUT FOR A LONG TIME THE VIDEO DIDN'T REACH THE MASS AUDIENCE IT WAS COMPOSED
FOR

FROM THE START BOSNIA DID HAVE SOME POWERFUL CHAMPIONS FOR A WHILE IN
FACT IT LOOKED AS IF ITS PROBLEMS MIGHT EVEN PRODUCE THE FIRST
POSTCOLDWAR ALLIANCE BETWEEN CONSERVATIVES SUCH AS JEANE KIRKPATRICK AND
LIBERALS SUCH AS NEW YORK TIMES COLUMNIST ANTHONY LEWIS BUT BEYOND SIGNING
NEWSPAPER ADVERTISEMENTS THE TWO GROUPS WITH LITTLE ELSE IN COMMON
HAVEN'T TRIED TO POOL THEIR CLOUT

UNTIL RECENTLY THE ONLY CONSISTENT EFFORT TO INFLUENCE BOSNIA POLICY WAS
MADE BY A FEW WISE MEN ADVISING FINANCIERPHILANTHROPIST GEORGE SOROS WHO
HAS SPENT MORE THAN 50 MILLION ON HUMANITARIAN ASSISTANCE IN BOSNIA AND A
TINY FRACTION OF THAT RALLYING THE CAUSE IN THE US MR WALKER'S AMERICAN
COMMITTEE TO SAVE BOSNIA HAS BEEN FUNDED BY MR SOROS AS WELL AS A NEW
INSIDETHEBELTWAY LOBBYING GROUP HEADED BY MARSHALL FREEMAN HARRIS ANOTHER
STATE DEPARTMENT OFFICER WHO QUIT OVER THE POLICY

STARTING IN DECEMBER 1992 THE GROUP AMONG ITS MEMBERS ARE MR NEIER
CARNEGIE ENDOWMENT PRESIDENT MORTON ABRAMOWITZ AND FORMER UN HIGH
COMMISSIONER FOR REFUGEES PRINCE SADRUDDIN AGA KHAN BEGAN AN INTENSE
PRIVATE LOBBYING CAMPAIGN TO PERSUADE WESTERN LEADERS TO LIFT THE ARMS
EMBARGO ON BOSNIA AND USE AIR POWER TO BREAK THE SIEGE OF SARAJEVO MR
SOROS A BIG DEMOCRATIC CAMPAIGN CONTRIBUTOR PRESSED THE CASE PERSONALLY
WITH PRESIDENT CLINTON AT THE WHITE HOUSE HIS EYES GLAZED OVER WHEN I
TALKED ABOUT THE NEED FOR US FOREIGNPOLICY LEADERSHIP MR SOROS SAYS

HOWEVER EACH TIME MR CLINTON INCHED TOWARD ACTION IN BOSNIA HE
ENCOUNTERED TOUGH RESISTANCE FROM BOTH EUROPEAN ALLIES AND HIS OWN MILITARY
BRASS

BUT UNTIL MR WALKER'S EFFORTS BEGAN IN DECEMBER THE GROUP NEVER TRIED TO
RALLY BROADER PUBLIC SUPPORT MR NEIER CALLS THAT DECISION A HUGE MISTAKE
PROBABLY THE WORST WE MADE AT THE SAME TIME HE SAYS SELLING BOSNIA TO
AMERICAN POLITICAL ACTIVISTS ON THE LEFT OR THE RIGHT INEVITABLY WAS
DIFFICULT

IN THE EARLY DAYS OF YUGOSLAVIA'S BREAKUP WHEN THE CONFLICT WAS STILL
RELATIVELY MANAGEABLE THE US BELIEVED THAT EUROPE WOULD SOLVE THE
PROBLEM IT DIDN'T THE US MEANWHILE WAS GROPING TO DEFINE ITS OWN
RESPONSIBILITIES AFTER THE COLD WAR

FOR AMERICAN LIBERALS BOSNIA COMPOUNDED THEIR WORST CONFUSIONS OF THE NEW
ERA WHILE APPALLED BY SERBIAN ETHNIC CLEANSING MASS RAPES AND DETENTION
CAMPS MOST OF THE AMERICAN LEFT REMAINS FUNDAMENTALLY ANTAGONISTIC TO THE
IDEA OF US MILITARY INTERVENTION MR NEIER SAYS

CONSERVATIVES WHO CHAMPIONED THE CAUSE OF FREEDOM FIGHTERS FROM NICARAGUA
TO ANGOLA TO AFGHANISTAN ARE IF ANYTHING EVEN MORE DIVIDED ON ONE SIDE
ARE IDEALISTS SUCH AS MRS KIRKPATRICK AND MARGARET THATCHER WHO THINK
THAT IF THE WEST FAILS TO STAND UP TO AGGRESSION ITS POWER WILL BE SEVERELY
DIMINISHED ON THE OTHER SIDE ARE REALISTS SUCH AS PATRICK BUCHANAN WHO
CONTENDS THAT IN THE ABSENCE OF A DIRECT THREAT TO AMERICAN SECURITY THERE
IS NO NEED TO WASTE AMERICAN LIVES AND RESOURCES ABROAD

FOR MANY SIMILAR REASONS OTHER NATURAL CONSTITUENCIES FROM HOLLYWOOD'S
GLITTERATI TO NEW YORK INTELLECTUAL CIRCLES TO RELIGIOUS COMMUNITIES ALSO
HAVE BEEN SLOW TO JOIN THE CAUSE MS SONTAG WHO DIRECTED A PRODUCTION OF
WAITING FOR GODOT IN SARAJEVO LAST SUMMER SAYS SHE HAS ASKED MORE THAN
100 WRITERS AND THEATER PEOPLE TO GO TO BOSNIA TO TEACH WORKSHOPS OR DO
SOMETHING TO KEEP CULTURAL LIFE THERE ALIVE ONLY TO BE REBUFFED SHE
WORRIES THAT AMERICAN INTELLECTUALS HAVE BECOME TOO COMFORTABLE TO TAKE
RISKS

MS SONTAG RAISES A DARKER EXPLANATION AS WELL ONE THAT MOST BOSNIA
ADVOCATES EVENTUALLY GET AROUND TO ALBEIT RELUCTANTLY SHE SUSPECTS THAT NO
MATTER HOW MANY TIMES THEY HEAR THAT SARAJEVO IS A MULTIETHNIC CITY AND THAT
ITS MUSLIM LEADERS ARE SECULAR THE VERY LABEL OF MUSLIM TURNS AMERICANS
OFF IMAGINE IF SARAJEVO WERE A CHRISTIANLED' CITY AND THE FORCES DOING
THE RAPING AND SHELLING WERE MUSLIM SHE SAYS IT WOULD HAVE BEEN STOPPED
IN A MONTH COUNTLESS MUSLIMS AROUND THE WORLD SEE THIS AS THE TRUE
EXPLANATION FOR WESTERN INACTION

DIRECTOR AND SCREENWRITER PHIL ALDEN ROBINSON ONE OF HOLLYWOOD'S FEW BOSNIA
ACTIVISTS HAS A SIMPLER EXPLANATION MOST AMERICANS TUNED OUT OF BOSNIA
EARLY ON BECAUSE IT LOOKED TOO COMPLICATED AND NO ONE EVER GAVE THEM A
SOLUTION

THERE IS LITTLE DOUBT THAT THE BOSNIAN WAR IS HARDER TO UNDERSTAND THAN
OTHER DISTANT CALAMITIES SUCH AS SADDAM HUSSEIN'S TANKS ROLLING INTO
KUWAIT EVEN WITH ONE CLEAR VICTIM THE WAR IS STILL A THREESIDED CONFLICT
INVOLVING LITTLEKNOWN ETHNIC AND RELIGIOUS GROUPS IN ADDITION AMERICANS
ARE SKITTISH AFTER THE TROUBLED INTERVENTION IN SOMALIA

CRITICS CHARGE THAT PRESIDENT CLINTON'S ONAGAIN OFFAGAIN ENGAGEMENT ON
BOSNIA AS WELL AS HIS FREQUENT REDEFINITION OF AMERICAN INTERESTS THERE
 HAS MADE BOTH THE PROBLEM AND ITS SOLUTION APPEAR EVEN MORE COMPLICATED
THAN IT MAY REALLY BE THEY NOTE THAT THE WEST DIDN'T EVEN HAVE TO LAUNCH
AIR STRIKES TO STOP THE SERB SHELLING OF SARAJEVO MR CLINTON'S ORIGINAL
CAMPAIGN PLEDGE IT ONLY HAD TO THREATEN THEM UNFORTUNATELY THEY SAY IT
TOOK THE WEST TWO YEARS TO FIGURE THAT OUT

MESSRS WALKER AND HARRIS GO EVEN FURTHER CHARGING THAT THE ADMINISTRATION
INTENTIONALLY EXAGGERATED THE COMPLEXITIES TO EXCUSE ITS INACTION THEY'VE
TALKED ABOUT ANCIENT ETHNIC FEUDS' AND CIVIL WARS' WHEN WHAT'S REALLY
HAPPENING IS A CLEAR CASE OF AGGRESSION SAYS MR HARRIS ONE OF THE STATE
DEPARTMENT RENEGADES

STATE DEPARTMENT SPOKESMAN MICHAEL MCCURRY IN TURN SAYS MR HARRIS AND
OTHERS TRY TO MAKE BOSNIA FAR SIMPLER THAN IT REALLY IS AND THAT NO COST 
FREE OR LIMITED INTERVENTION COULD HAVE ENDED THE WAR WHAT THEY WANTED US
TO DO IS USE THE TACTICS OF WAR MOBILIZATION OF PROPAGANDA TO SAY THIS IS
AS SIMPLE AS SADDAM HUSSEIN INVADING KUWAIT WHEN IT NEVER HAS BEEN  
WHAT THEY WANTED IS FOR US TO DECLARE WAR ON SERBIA WITH ALL THAT MEANS FOR
LOSS OF AMERICAN LIVES

MEANWHILE THE ACTIVISTS CONTINUE TO PUSH TO MAKE BOSNIA'S SUFFERING MORE
THAN A CAUSE FOR DISTRESS IN THE US ON A FEBRUARY AFTERNOON IN WASHINGTON
ABOUT A WEEK AND A HALF AFTER A MORTAR SMASHED INTO A SARAJEVO MARKET AND
KILLED 68 PEOPLE 250 JEWISH PROTESTERS GATHERED IN LAFAYETTE PARK ACROSS
FROM THE WHITE HOUSE TO DEMAND AN END TO THE BOSNIAN HOLOCAUST WE JEWS
KNOW TOO WELL THAT SILENCE COSTS LIVES RABBI JACK LUXEMBURG PRESIDENT OF
THE WASHINGTON BOARD OF RABBIS TOLD THE GROUP

BUT HENRY SIEGMAN EXECUTIVE DIRECTOR OF THE AMERICAN JEWISH CONGRESS SAYS
THAT AMERICAN CHURCHES AND SYNAGOGUES HAVE BEEN STYMIED BY IDEOLOGICAL
DIVISIONS AND INSULARITY THE POWERFUL NATIONAL COUNCIL OF THE CHURCHES OF
CHRIST HAS REPEATEDLY CONDEMNED ATROCITIES BUT HAS OPPOSED MILITARY ACTION
THE DAY AFTER THE MARKET SHELLING THE COUNCIL'S GENERAL SECRETARY THE REV
JOAN CAMPBELL WROTE A LETTER TO PRESIDENT CLINTON COMMENDING HIM FOR HIS
RESTRAINT IN DECISIONS REGARDING THE USE OF MILITARY POWER

DO I THINK THAT CHRISTIANS PRAY FOR BOSNIA MS CAMPBELL ASKS I GO INTO
CHURCH AFTER CHURCH AND BOSNIA IS ALWAYS RAISED AT THE SAME TIME SHE
ADMITS HER MEMBERS ARE HESITANT ABOUT ADVOCATING AMERICAN FORCE AND THEY
ARE FAR MORE ENGAGED IN DOMESTIC ISSUES SUCH AS VIOLENCE IN AMERICA'S
STREETS SHE SAYS THAT WHILE FOR AMERICAN JEWS BECAUSE OF THEIR OWN
PARTICULAR EXPERIENCE THIS KIND OF HORROR IS A VERY PRIMARY CONCERN IT IS
POSSIBLE THAT FOR OTHERS WHO HAVEN'T LIVED THAT EXPERIENCE IT IS LESS REAL

MR SIEGMAN SAYS ANGRILY THAT THE REV CAMPBELL'S POSITION HAS GIVEN THE
WHITE HOUSE A CONVENIENT WAY OUT BUT HE ALSO CRITICIZES HIS OWN GROUP
WE COULD HAVE SPONSORED MORE PUBLIC RALLIES WE HAVEN'T STORMED CAPITOL
HILL THE WAY WE DO WHEN IT COMES TO AID FOR ISRAEL HE SAYS

AFTER MONTHS OF TELLING AMERICANS WHY THE US COULDN'T DO MORE IN BOSNIA
MR CLINTON HAS BEGUN TO SHIFT GEARS WITH ITS PLEDGE TO SEND PEACEKEEPING
TROOPS THE ADMINISTRATION NOW IS OUT AHEAD OF WHAT THE AMERICAN PUBLIC
WANTS MR MCCURRY SAYS AND EVEN WITH A RELATIVELY SAFER MISSION SUCH AS
PEACEKEEPING HE ACKNOWLEDGES THEY WILL STILL HAVE A DIFFICULT TIME MAKING
THE CASE FOR WHY SOMEONE'S SON HAS TO DIE IN BOSNIA

WHEN THAT TIME COMES THE ADMINISTRATION CAN'T DEPEND ON MR WALKER OR MR
HARRIS TO HELP RALLY POPULAR SUPPORT BOTH HAVE CRITICIZED THE CURRENT
DIPLOMATIC EFFORTS TO PARTITION BOSNIA INTO A MUSLIMCROAT ENTITY AND A
SERBIAN ENTITY AS APPEASEMENT OF SERBIAN AGGRESSION AND INTRINSICALLY
UNSTABLE THEY SAY THEY WILL OPPOSE SENDING AMERICAN PEACEKEEPERS NOT ONLY
BECAUSE THE DEAL IS UNJUST MR WALKER CALLS THEM APARTHEID POLICE 
BUT ALSO DANGEROUS THAT'S MY SCENARIO FOR A QUAGMIRE HE SAYS

AT THE LEAST MR KENOVIC'S MUSIC VIDEO APPEAL IS GETTING ITS LONGDELAYED
HEARING LATE LAST MONTH ROCK SINGER ANNIE LENNOX SAW THE SAVE BOSNIA NOW
VIDEO AND WAS SO MOVED THAT SHE PHONED TOM FRESTON CHAIRMAN OF MTV
NETWORKS AND ASKED HIM TO PUT IT ON THE AIR

I JUST IMAGINED MY CONTEMPORARIES  BRUCE SPRINGSTEEN AND ELTON JOHN
STANDING INSIDE A BURNEDOUT MADISON SQUARE GARDEN SINGING SAVE MANHATTAN
NOW IT'S JUST SO ABSURD SO POIGNANT SHE SAYS

MR FRESTON WHO HAS AGREED TO RUN THE VIDEO ON MTV'S NEWS SEGMENT SAYS HE
DOESN'T KNOW WHY IT DIDN'T COME TO HIS ATTENTION SOONER MTV HAS DONE POLLS
HE SAYS THAT SHOW THAT OUR AUDIENCE HAS A HIGH INTEREST IN WHAT'S GOING ON
THERE  OF COURSE FOR OTHER PEOPLE IT'S JUST ANOTHER DISTANT
CONFLICT BUT WILL IT MAKE AMERICANS CARE MR FRESTON SAYS THAT IS
PROBABLY TOO MUCH TO ASK OF ONE ROCK VIDEO SEE RELATED LETTER LETTERS TO
THE EDITOR INACTION AND SILENCE IN THE FACE OF GENOCIDE WSJ MARCH 24
1994 SEE RELATED LETTER LETTERS TO THE EDITOR PLEASE NOT AGAIN WSJ
APRIL 18 1994 9403180056 9403240144 YY94 MM03 YY94 MM04 9404180125
940328 IMMIGRATION DOESN'T DISPLACE NATIVES  BY RICHARD VEDDER

DESPITE RELATIVELY ROBUST ECONOMIC EXPANSION UNEMPLOYMENT REMAINS AT OR
NEAR THE TOP OF AMERICANS' CONCERNS IN PARTS OF THE COUNTRY INCLUDING OUR
MOST POPULOUS STATE CALIFORNIA UNEMPLOYMENT RATES ARE AT OR ABOVE 8 IN
THIS ENVIRONMENT THERE IS GROWING CRITICISM ABOUT THE IMPACT THAT
IMMIGRATION HAS ON THE JOB SECURITY OF AMERICANS SOME POLITICIANS NOTABLY
GOV PETE WILSON OF CALIFORNIA HAVE FOUND THEIR POPULARITY SURGE AS THEIR
ANTIIMMIGRANT RHETORIC INCREASES

THE CURRENT WAVE OF IMMIGRANTBASHING RHETORIC RECALLS SIMILAR EXPERIENCES
EARLIER IN AMERICAN HISTORY FOR EXAMPLE IN THE LAST DECADE BEFORE WORLD
WAR I WHEN IMMIGRANT FLOWS WERE AT A PEAK SOCIAL SCIENTISTS ARGUED
BITTERLY WHETHER IMMIGRANTS WERE AS INDUSTRIOUS AS PREDECESSORS WHO CAME IN
THE MID19TH CENTURY MODERN ECONOMETRIC INVESTIGATION HAS SHOWN THAT THOSE
IMMIGRANTS RESPONDED MIGHTILY TO ECONOMIC STIMULI MOVING TO AREAS OF THE
NATION WHERE LABOR PRODUCTIVITY AND WAGES WERE THE HIGHEST SIMILARLY
STATISTICAL EVIDENCE SUGGESTS THAT MODERN IMMIGRANTS GO WHERE ECONOMIC
OPPORTUNITIES ARE THE GREATEST

DO IMMIGRANTS DISPLACE NATIVEBORN AMERICANS FROM JOBS PROPONENTS OF
IMMIGRATION RESTRICTION ARGUE THAT NEWLY ARRIVED IMMIGRANTS TAKE JOBS THAT
OTHERWISE WOULD GO TO NATIVES SUPPORTERS OF THIS VIEW POINT OUT THAT THE
STATE WITH THE LARGEST IMMIGRANT PRESENCE BY FAR CALIFORNIA ALSO HAS THE
HIGHEST UNEMPLOYMENT RATE OF ANY LARGE AMERICAN STATE THEY NEGLECT TO TELL
YOU HOWEVER THAT SOME OTHER STATES WITH RELATIVELY HIGH IMMIGRANT
POPULATIONS HAVE RELATIVELY LOW RATES OF UNEMPLOYMENT FLORIDA FOR EXAMPLE
IN FEBRUARY HAD AN UNEMPLOYMENT RATE OF 57 WELL BELOW THE NATIONAL
AVERAGE OF 65 DESPITE HAVING THE NATION'S THIRDLARGEST IMMIGRANT
POPULATION ABOUT 13 OF THE STATE POPULATION IN 1990

WITH LOWELL GALLAWAY AND STEPHEN MOORE I HAVE RECENTLY LOOKED AT THE
HISTORICAL AND CONTEMPORARY EVIDENCE IN A STUDY FOR THE ALEXIS DE
TOCQUEVILLE INSTITUTION USING SEVERAL DIFFERENT PERIODS AND APPROACHES WE
CONSISTENTLY FOUND NO STATISTICALLY MEANINGFUL RELATIONSHIP BETWEEN
IMMIGRATION AND UNEMPLOYMENT HOWEVER IF THERE IS ANY CORRELATION IT WOULD
APPEAR TO BE NEGATIVE HIGHER IMMIGRATION IS ASSOCIATED WITH LOWER
UNEMPLOYMENT FOR EXAMPLE IMMIGRATION REACHED ITS HIGHEST LEVEL RELATIVE
TO POPULATION IN THE FIRST 25 YEARS OF THIS CENTURY THE AVERAGE ANNUAL
US UNEMPLOYMENT RATE WAS 505 IN THE NEXT 69 YEARS OF RELATIVELY SMALLER
IMMIGRANT FLOWS THE AVERAGE UNEMPLOYMENT RATE WAS 738

IN OUR 1993 BOOK OUT OF WORK UNEMPLOYMENT AND GOVERNMENT IN
TWENTIETHCENTURY AMERICA HOLMES & MEIER MR GALLAWAY AND I USED A
POWERFUL REGRESSION MODEL TO EXPLAIN US UNEMPLOYMENT THAT EMPHASIZES LABOR
COSTS IN OUR RECENT STUDY WE FOUND NO STATISTICALLY RELIABLE CORRELATION
BETWEEN THE PERCENTAGE OF THE POPULATION THAT WAS FOREIGNBORN AND THE
NATIONAL UNEMPLOYMENT RATE OVER THE PERIOD 190089 OR FOR JUST THE POSTWAR
ERA 194789

ANOTHER APPROACH IS CROSSSECTIONAL COMPARING THE 50 STATES MESSRS
GALLAWAY MOORE AND I TOOK THE 10 STATES WITH THE HIGHEST AVERAGE PERCENTAGE
OF IMMIGRANT POPULATION IN THE 196090 PERIOD AND COMPARED THEM WITH THE 10
STATES WITH THE SMALLEST RELATIVE IMMIGRANT PRESENCE IN THE 10
HIGHIMMIGRANT STATES THE MEDIAN UNEMPLOYMENT RATE IN THE 196091 PERIOD
WAS ABOUT 59 COMPARED WITH 66 IN THE 10 LOWIMMIGRANT STATES

CLASSIFYING THE STATES ACCORDING TO UNEMPLOYMENT RATES AND CONFINING OUR
ANALYSIS TO THE 1980S LEADS TO EVEN MORE STARTLING RESULTS AS SHOWN IN THE
ACCOMPANYING CHART SEE ACCOMPANYING ILLUSTRATION WSJ MARCH 28 1994 WE
COMPARED THE 10 STATES WITH THE LOWEST AVERAGE ANNUAL UNEMPLOYMENT RATES IN
THE YEARS 198090 WITH THE 10 STATES WITH THE HIGHEST AVERAGE ANNUAL
UNEMPLOYMENT RATES THE MEDIAN PROPORTION OF THE POPULATION THAT WAS
FOREIGNBORN WAS 156 IN THE HIGHUNEMPLOYMENT STATES COMPARED WITH 384
IN THE LOWUNEMPLOYMENT STATES MORE IMMIGRANTS LOWER UNEMPLOYMENT

WHY DOESN'T IMMIGRATION CAUSE UNEMPLOYMENT IMMIGRANTS EXPAND TOTAL OUTPUT
AND THE DEMAND FOR LABOR OFFSETTING THE NEGATIVE EFFECTS THAT A GREATER
LABOR SUPPLY MIGHT HAVE IMMIGRANTS TEND TO BE HIGHLY PRODUCTIVE AND PROMOTE
CAPITAL FORMATION THROUGH HIGH SAVINGS RATES THEY FILL VITAL NICHES AT THE
ENDS OF THE SKILL SPECTRUM DOING LOWSKILLED JOBS THAT NATIVE AMERICANS
REBUFF AT PREVAILING WAGES AS WELL AS SOPHISTICATED HIGHSKILL JOBS
INDEED THE WILLINGNESS OF IMMIGRANTS TO WORK HARD PROBABLY EXPLAINS WHY
PERCAPITA INCOME OF THE FOREIGNBORN POPULATION IN THE 1990 CENSUS ACTUALLY
SLIGHTLY EXCEEDED THAT OF THE NATIVEBORN

IN LIGHT OF ALL THIS EVIDENCE WHY DO SOME AMERICANS BLAME IMMIGRANTS FOR
JOBLESSNESS FIRST THERE IS THE VISIBILITY PROBLEM AMERICANS LITERALLY CAN
SEE JOBS THAT IMMIGRANTS HAVE FILLED BY CONTRAST THE JOBS THAT ARE CREATED
BY HIGH IMMIGRANT PRODUCTIVITY CAPITAL FORMATION AND DEMAND FOR GOODS ARE
FAR LESS VISIBLE SECOND POLITICIANS AND LABOR UNION LEADERS OFTEN NEED A
SCAPEGOAT SOMEONE TO TAKE THE BLAME OFF THEMSELVES AND THEIR ACTIONS THAT
RAISE LABOR COSTS AND THUS UNEMPLOYMENT POLITICAL ENTREPRENEURS HAVE
LEARNED THAT THEY CAN WIN VOTES ATTACKING IMMIGRANTS MANY OF WHOM CANNOT
VOTE SO THEY DO SO NEVER MIND THE FACTS

THE MOST IMPORTANT ECONOMIC LESSON OF THE PAST GENERATION IS THAT NATIONS
THAT LET RESOURCES FLOW FREELY ACCORDING TO MARKET FORCES TEND TO FLOURISH
RELATIVE TO ONES THAT CONTROL SUCH RESOURCE MOVEMENT THROUGH CENTRAL
PLANNING TRADE AND PROPERTYRIGHTS RESTRICTIONS HIGH TAXATION OR
OPPRESSIVE REGULATION IMMIGRATION REFLECTS THE MOVEMENT OF THE MOST
IMPORTANT OF ALL ECONOMIC RESOURCES OUR NATION OF IMMIGRANTS HAS PROSPERED
FROM THE INFLOW OF NEW HUMAN CAPITAL RESOURCES FROM ABROAD IMMIGRANTS ARE
PART OF THE SOLUTION TO AMERICA'S ECONOMIC WOES NOT THE PROBLEM

MR VEDDER TEACHES ECONOMICS AT OHIO UNIVERSITY LOWELL GALLAWAY OF THE
SAME DEPARTMENT CONTRIBUTED TO THIS ARTICLE ALONG WITH STEPHEN MOORE THEY
ARE THE AUTHORS OF A NEW STUDY IMMIGRATION AND UNEMPLOYMENT NEW EVIDENCE
FOR THE ALEXIS DE TOCQUEVILLE INSTITUTION SEE RELATED LETTERS LETTERS TO
THE EDITOR IMMIGRATION ASK THE NATIVES IF IT HURTS WSJ APRIL 18 1994
9403280043 YY94 MM04 9404180001 940321 LETTERS TO THE EDITOR DDT BAN
WAS BASED ON SOLID SCIENCE

LIKE DDT ITSELF MISCONCEPTIONS ABOUT THE 1972 DECISION TO CANCEL CERTAIN
USES OF THE CHEMICAL ARE REMARKABLY PERSISTENT DR FREDRIC M STEINBERG'S
MARCH 7 LETTER TO THE EDITOR ABOUT THE RAVAGES OF MALARIA IN GHANA EMBODIES
MOST OF THEM LET ME ADDRESS THEM ONE MORE TIME

 THE BAN ON DDT APPLIED ONLY TO ITS USE IN THE US NOT TO ANY OTHER
COUNTRY THE ADMINISTRATOR OF EPA HAS NO AUTHORITY TO RESTRICT THE USE OF
PESTICIDES OUTSIDE OF THE US IN FACT DDT WAS USED FOR YEARS AFTER THE
1972 DECISION IN SRI LANKA THEN CEYLON TO EFFECTIVELY DEAL WITH THE EXACT
SAME PROBLEM THAT EXISTS IN GHANA THE DDT DECISION MADE PROVISION FOR ITS
EMERGENCY USE IN THE US IT WAS USED SUBSEQUENTLY IN OREGON ON A TUSSOCK
MOTH INFESTATION

 THE SCIENTIFIC BASIS FOR THE BAN WAS SOLID THEN AND STILL STANDS DDT IS
A HIGHLY PERSISTENT CHEMICAL THAT MOVES UP THE FOOD CHAIN AND IT
ACCUMULATES IN THE FATTY TISSUE OF HUMANS THE DIRECT ECOLOGICAL EFFECT AND
THE BASIS FOR THE DECISION WAS ITS PROVEN IMPACT ON THE THICKNESS OF EGG
SHELLS OF RAPTORS BIRDS SUCH AS THE BROWN PELICAN AND THE PEREGRINE FALCON
THE DECISION WAS NOT BASED ON ANY CLAIM OF HUMAN CARCINOGENICITY DR
STEINBERG IS SIMPLY WRONG ON THIS POINT

 I PLEAD GUILTY TO MAKING A POLITICAL DECISION  SMALL P
POLITICAL THE EPA ADMINISTRATOR IS CHARGED BY STATUTE WITH WEIGHING THE
BENEFITS AGAINST THE RISKS OF THE USE OF PESTICIDES THAT IS A POLITICAL
DECISION IN THE CLASSIC SENSE THE ONLY CONTEXT IN WHICH POLITICS PLAYED A
ROLE

IN THIS COUNTRY IN 1972 THE RISKS TO OUR ENVIRONMENT IN MY OPINION
OUTWEIGHED THE BENEFITS OF CONTINUED USE OF DDT PRIMARILY ON COTTON WERE
THIS STATUTE THE LAW OF THE LAND IN GHANA MY DECISION AS APPLIED THERE
WOULD HAVE BEEN DIFFERENT DR STEINBERG SHOULD KNOW THAT AND MAKING WILD
ACCUSATIONS ADDS NOTHING TO THE NECESSARY DEBATE ABOUT A MORE RATIONAL
APPROACH TO ENVIRONMENTAL REGULATION SEE RELATED LETTER LETTERS TO THE
EDITOR SCIENTIFIC TESTIMONY SUPPORTED DDT USE WSJ APRIL 18 1994
9403210140 YY94 MM04 9404150200 940415 AMERICAN HEALTH CHANGES NAME

BOSTON AMERICAN HEALTH SERVICES INC CHANGED ITS NAME TO AGES HEALTH
SERVICES INC EFFECTIVE MARCH 21

IN A NEWS RELEASE THE COMPANY SAID ITS TICKER SYMBOL REMAINS AHSI THE
COMPANY'S STOCK IS TRADED ON THE NASDAQ STOCK MARKET 9404150199 940415
FORD DECLARES STOCK SPLIT LIFTS DIVIDEND 125  RISE IN
FIRSTQUARTER NET IS SEEN DESPITE A CHARGE PLANNED ON SALE OF UNIT 
 BY JACQUELINE MITCHELL STAFF REPORTER OF THE WALL STREET JOURNAL

DEARBORN MICH FORD MOTOR CO SIGNALING ITS OPTIMISM FOR A SUSTAINED
RECOVERY RAISED ITS DIVIDEND 125 AND DECLARED A 2FOR1 STOCK SPLIT FORD
ALSO SAID IT WILL SELL ITS UNPROFITABLE FIRST NATIONWIDE THRIFT UNIT TO
FIRST MADISON BANK OF DALLAS TEXAS FOR 11 BILLION

FORD SAID IT WOULD TAKE A CHARGE OF 440 MILLION AGAINST FIRSTQUARTER
EARNINGS IN CONNECTION WITH THE SALE OF FIRST NATIONWIDE BUT ANALYSTS
EXPECT FORD TO BE SOLIDLY PROFITABLE IN THE QUARTER NONETHELESS EXCLUDING
THE CHARGE ANALYSTS ANTICIPATE FORD WILL EARN SIGNIFICANTLY MORE THAN
YEARAGO NET INCOME OF 572 MILLION OR 102 A SHARE

IN ADDITION FORD WHICH ALREADY OWNED 54 OF HERTZ CORP PURCHASED THE
REMAINING 46 STAKE OF THE CARRENTAL AGENCY FROM AB VOLVO AND A HERTZ
MANAGEMENT GROUP AS ANTICIPATED FORD ALSO MOVED TO EXPAND TRUCK CAPACITY
IN THE US BY CONTINUING PRODUCTION OF ITS AEROSTAR MINIVAN

THE STOCK SPLIT AND THE DIVIDEND INCREASE TO 45 CENTS A PRESPLIT SHARE FROM
40 CENTS A SHARE CAUGHT SOME ANALYSTS BY SURPRISE AND SENT FORD STOCK
SURGING 1375 TO CLOSE AT 5850 IN COMPOSITE NEW YORK STOCK EXCHANGE
TRADING FORD LAST RAISED ITS DIVIDEND IN 1989 THE ANNOUNCEMENTS FOLLOWED
FORD'S REGULARLY SCHEDULED DIRECTORS MEETING YESTERDAY

LATER ANALYSTS SAID THEY HAD ANTICIPATED THAT FORD MIGHT BOOST ITS DIVIDEND
BUT LATER IN THE YEAR THE HIGHER DIVIDEND IS PAYABLE JUNE 1 TO STOCK OF
RECORD MAY 2 FORD SAID IT WILL ASK STOCKHOLDERS TO APPROVE THE ISSUANCE OF
ADDITIONAL SHARES TO ALLOW FOR THE 2FOR1 SPLIT AT THE MAY 12 ANNUAL
MEETING IN CLEVELAND IF APPROVED THE SPLIT WILL BE DISTRIBUTED ON JULY 5
TO STOCK OF RECORD ON JUNE 6

WALL STREET APPLAUDED FORD'S MOVES

IT'S A SIGN OF CONFIDENCE IN THE UNDERLYING ENVIRONMENT FOR THE CORPORATION
AND IT'S ALSO A SIGN THAT MANAGEMENT BELIEVES THAT THE WORST IS OVER IN
EUROPE SAID JACK KIRNAN SALOMON BROTHERS AUTO ANALYST

FORD'S ACTION COULD ALSO PUT PRESSURE ON GENERAL MOTORS CORP AND CHRYSLER
CORP TO SHARE MORE WEALTH WITH STOCKHOLDERS AS THE US AUTO MARKET
RECOVERY STARTS PUMPING UP THEIR PROFITS

IN DECEMBER CHRYSLER RAISED ITS QUARTERLY DIVIDEND 33 TO 20 CENTS A SHARE
GM'S DIVIDEND ALSO STANDS AT 20 CENTS A SHARE

STEVEN GIRSKY PAINEWEBBER INC'S AUTO ANALYST PREDICTED THAT BOTH CHRYSLER
AND GM WILL NOW DECLARE A STOCK SPLIT SIMILAR TO THE ONE DECLARED BY FORD

THE INDUSTRY IS TURNING FROM THE CASHUSING TO THE CASHGENERATING STAGE
MR GIRSKY SAID HOWEVER HE ADDED THAT GM'S SEVERELY UNDERFUNDED PENSION
PLAN MAY MAKE IT DIFFICULT FOR THE NO 1 AUTO MAKER TO INCREASE ITS CASH
DIVIDEND SOON

SEPARATELY FORD YESTERDAY FILED ITS PRELIMINARY PROXY STATEMENT WHICH
DISCLOSED THAT ITS BONUSLEVEL EXECUTIVES WILL DIVIDE A POOL OF 794
MILLION THE FIRST BONUS PAYMENTS SINCE 1990 FORD EARNED 25 BILLION IN
1993 COMPARED WITH A LOSS OF 502 MILLION IN 1992

FORD CHAIRMAN ALEXANDER TROTMAN RECEIVED TOTAL COMPENSATION FOR 1993 OF
208 MILLION INCLUDING SALARY OF 852709 A 1 MILLION BONUS AND
RESTRICTED STOCK VALUED AT 229462 MR TROTMAN ALSO EXERCISED STOCK
OPTIONS GRANTED IN PRIOR YEARS EARNING 185 MILLION

MR TROTMAN WHO ASSUMED THE DUTIES OF CHAIRMAN CHIEF EXECUTIVE OFFICER AND
PRESIDENT LAST NOVEMBER WILL RECEIVE A SALARY FOR 1994 OF 15 MILLION
ACCORDING TO THE STATEMENT

HAROLD A POLING WHO RETIRED EFFECTIVE JAN 1 WAS PAID 16 MILLION IN
ANNUAL COMPENSATION AND RECEIVED A 11 MILLION BONUS AND RESTRICTED STOCK
TOTALING 923755 MR POLING ALSO EXERCISED PRIORYEAR STOCK OPTIONS
TOTALING 813 MILLION

THE COMPENSATION COMMITTEE SAID IN THE PROXY THAT IT CONSIDERED AMONG OTHER
THINGS THE KEY LEADERSHIP ROLES OF MR POLING AND MR TROTMAN IN THE
DRAMATICALLY IMPROVED PROFITABILITY ACHIEVED BY THE COMPANY IN DETERMINING
THEIR BONUSES

VICE CHAIRMAN ALLAN D GILMOUR EARNED 760088 IN ANNUAL COMPENSATION AND
RECEIVED A 700000 BONUS AND RESTRICTED STOCK VALUED AT 313069 HE
EXERCISED OPTIONS TOTALING 19 MILLION

LOUIS R ROSS FORD'S VICE CHAIRMAN AND CHIEF TECHNICAL OFFICER WAS PAID
740366 IN ANNUAL COMPENSATION AND RECEIVED A 450000 BONUS AND RESTRICTED
STOCK TOTALING 208953 HE EXERCISED STOCK OPTIONS TOTALING 11 MILLION

THE WHOLE COLLECTION OF ANNOUNCEMENTS SHOULD BE VIEWED AS GOOD NEWS SAID
DAVID MCCAMMON FORD'S VICE PRESIDENTFINANCE AND TREASURER MR MCCAMMON
SAID THE DIVIDEND INCREASE SHOWS WE'RE CONFIDENT AND WE'RE LOOKING FORWARD
TO THE FUTURE HE SAID A TURNAROUND IN VEHICLE SALES IS GRADUALLY TAKING
PLACE IN EUROPE BUT THE REAL STORY IS IN THE US CAR AND TRUCK BUSINESS

MR MCCAMMON SAID FORD IS PAYING 145 MILLION TO PURCHASE A 26 HOLDING IN
HERTZ FROM VOLVO HE DECLINED TO SAY HOW MUCH FORD PAID FOR THE ADDITIONAL
20 STAKE IT IS BUYING FROM HERTZ MANAGEMENT HERTZ IS AN EXCEPTIONALLY
WELLMANAGED COMPANY MR MCCAMMON SAID THEY EARNED OVER 100 MILLION
BEFORE TAX LAST YEAR IT'S A GREAT BUSINESS TO DISPLAY OUR PRODUCTS

A FORD SPOKESMAN SAID THE COMPANY WILL SPEND AN ADDITIONAL 275 MILLION TO
READY THE ST LOUIS ASSEMBLY PLANT AND RETOOL OTHER FACILITIES TO CONTINUE
BUILDING THE AEROSTAR MINIVAN

FORD HAD PREVIOUSLY ANNOUNCED THAT IT WOULD SPEND 400 MILLION TO RETOOL THE
ST LOUIS FACILITY TO EXPAND PRODUCTION CAPACITY OF ITS EXPLORER
SPORTUTILITY VEHICLE BUT STRONG SALES IN RECENT MONTHS OF THE AEROSTAR
PROMPTED FORD TO SCRAP PLANS TO DISCONTINUE BUILDING THE REARWHEEL DRIVE
MINIVAN NOW THE AEROSTAR AND EXPLORER WILL BE BUILT IN THE SAME FACILITY
KEEPING THE AEROSTAR SHOULD RESULT IN A PRETAX PROFIT OF 300 MILLION OR 50
CENTS A SHARE FOR FORD IN THE NEXT YEAR OR SO SAID AUTO ANALYST MR
GIRSKY 9404150198 940415 THURSDAY'S MARKETS STOCKS FINISH SESSION
MIXED BOND PRICES SLIP  BY STEVEN E LEVINGSTON AND MICHAEL R
SESIT STAFF REPORTERS OF THE WALL STREET JOURNAL

STOCK PRICES WERE MIXED AS AN EARLY REBOUND IN TECHNOLOGY ISSUES FALTERED
AND BOND PRICES SANK THE DOLLAR WAS MOSTLY HIGHER

THE DOW JONES INDUSTRIAL AVERAGE GAINED 178 POINTS TO 366325 STANDARD &
POOR'S 500STOCK INDEX INCHED UP 012 TO 44638 AND THE NASDAQ COMPOSITE
INDEX EASED 007 TO 72731

A HEALTHY RECOVERY IN TECHNOLOGY STOCKS HELPED LIFT THE MAJOR INDEXES
ESPECIALLY THE TECHNOLOGYWEIGHTED NASDAQ COMPOSITE FOR PART OF THE DAY
BUT INVESTORS USED THE BOUNCE AS AN OPPORTUNITY TO SELL UNDERCUTTING THE
RECOVERY

WEAKNESS IN THE BOND MARKET PRESSURED STOCKS THROUGHOUT THE SESSION AS
NERVOUS BOND TRADERS AWAITED TODAY'S READING ON INDUSTRIAL PRODUCTION AND
FACTORY OPERATING LEVELS DATA SHOWING A HIGH OPERATING RATE WOULD INDICATE
FUTURE INFLATIONARY PRESSURES AND COULD SPARK FURTHER SELLING OF BONDS
ANALYSTS SAID

OVERSEAS NEARLY ALL EUROPEAN STOCK AND BOND MARKETS FELL DESPITE A SURPRISE
QUARTER OF A PERCENTAGE POINT CUT IN KEY GERMAN INTEREST RATES THE MOVE WAS
FOLLOWED BY SIMILAR ACTION IN AUSTRIA BELGIUM DENMARK HOLLAND AND
SWITZERLAND

NICHOLAS STEVENSON A EUROPEAN EQUITY STRATEGIST AT SG WARBURG IN LONDON
SAID INVESTORS WERE DISAPPOINTED THE RATE CUTS WEREN'T LARGER

WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX LOST 031 TO 11316

IN MAJOR MARKET ACTION

STOCK PRICES WERE MIXED VOLUME TOTALED 2746 MILLION SHARES ON THE NEW YORK
STOCK EXCHANGE WHERE 1224 ISSUES FELL AND 932 ROSE

BOND PRICES FELL THE TREASURY'S BENCHMARK 30YEAR ISSUE LOST MORE THAN 1/4
POINT OR MORE THAN 250 FOR EACH 1000 FACE AMOUNT TO YIELD 728

THE DOLLAR WAS MOSTLY HIGHER IN LATE NEW YORK TRADING THE DOLLAR WAS QUOTED
AT 17095 MARKS AND 10415 YEN COMPARED WITH 17095 MARKS AND 10340 YEN
WEDNESDAY 9404150197 940415 MUTUAL FUNDS ABIGAIL JOHNSON STEPS UP TO
FIDELITY OTC  BY ROBERT MCGOUGH STAFF REPORTER OF THE WALL STREET
JOURNAL

AT FIDELITY INVESTMENTS THE BOSS'S DAUGHTER IS RAPIDLY MOVING UP THE RANKS

ABIGAIL P JOHNSON DAUGHTER OF EDWARD C JOHNSON III CHAIRMAN AND CHIEF
EXECUTIVE OFFICER OF FIDELITY TOOK OVER MANAGING FIDELITY OTC FUND WITH
13 BILLION IN ASSETS ON MONDAY PREVIOUSLY MS JOHNSON HAD RUN THE TINY
FIDELITY DIVIDEND GROWTH FUND WITH ABOUT 80 MILLION IN ASSETS FROM ITS
INCEPTION IN APRIL 1993 MS JOHNSON IS 32 YEARS OLD

FIDELITY OTC WAS ONE OF THE FEW FIDELITY FUNDS THAT FAILED TO BEAT THE
STANDARD & POOR'S 500STOCK INDEX IN 1993 ITS TOTAL RETURN OF 833
INCLUDING PRICE CHANGE AND REINVESTED DIVIDENDS PLACED IT 78TH OF 85
FIDELITY FUNDS FOR THE YEAR ACCORDING TO LIPPER ANALYTICAL SERVICES INC

ALAN RADLO THE FUND'S MANAGER SINCE 1990 WILL WORK ON A NEW FUND STILL
IN DEVELOPMENT THAT WILL BE SOLD TO CANADIAN INVESTORS SAID JANE
JAMIESON A SENIOR VICE PRESIDENT AT FIDELITY

MS JOHNSON'S QUICK ASCENSION TO THE OTC FUND IS PROBABLY A LITTLE SHORTER
THAN USUAL MS JAMIESON SAID BUT SHE INSISTED THE MOVE IS PART OF A
NORMAL CAREER PATH WHERE FIDELITY MONEY MANAGERS MOVE FROM SMALL TO LARGE
FUNDS

THE MANAGER RESHUFFLING WAS FUELED BY THE FACT THAT OUR BUSINESS IN CANADA
HAS GROWN MS JAMIESON SAID ALAN HAS MANAGED FUNDS BEFORE FOR THE
CANADIAN MARKET

MS JOHNSON BEGAN WORKING AT FIDELITY AS AN ANALYST IN 1988 AS AN ANALYST
SHE RAN THREE OF FIDELITY'S INDUSTRYSECTOR FUNDS SELECT INDUSTRIAL
EQUIPMENT SELECT TELECOMMUNICATIONS AND SELECT DEVELOPING COMMUNICATIONS

DIVIDEND GROWTH INVESTS PRIMARILY IN STOCKS WHOSE DIVIDENDS ARE EXPECTED TO
GROW

IN THE ROUGHLY 11 MONTHS FROM THE START OF DIVIDEND GROWTH THROUGH APRIL 7
THE FUND'S TOTAL RETURN WAS 1825 ACCORDING TO LIPPER THAT WAS ABOUT
DOUBLE THE 963 RETURN FOR GROWTH FUNDS IN GENERAL BUT THE FUND RAN INTO
SOME TROUBLE IN 1994 TUMBLING 217 THROUGH LAST THURSDAY THAT IS SLIGHTLY
MORE THAN THE 173 DECLINE FOR GROWTH FUNDS ON AVERAGE

MS JOHNSON WILL BE SUCCEEDED AS MANAGER OF DIVIDEND GROWTH BY FERGUS SHIEL
AN ASSISTANT MANAGER AT MAGELLAN AND MANAGER OF SELECT TELECOMMUNICATIONS
HE WILL CONTINUE IN THOSE JOBS IN ADDITION TO RUNNING DIVIDEND GROWTH
9404150196 940415 DELTA REDUCES FIRSTCLASS FARES

ATLANTA DELTA AIR LINES SAID IT WAS OFFERING REDUCED FIRSTCLASS FARES
FOR TRAVEL BETWEEN THE US AND MORE THAN A DOZEN EUROPEAN CITIES FROM MAY 1
TO THE END OF AUGUST

THE AIRLINE SAID IT IS PRICING THE SEATS FOR ONEWAY FARES FROM 99 TO 199
ABOVE BUSINESSCLASS TICKETS FOR INSTANCE A NORMAL FIRSTCLASS FARE FROM
ATLANTA TO MADRID WOULD BE 2761 THE PROMOTIONAL FARE IS 1825 DELTA
SAID 9404150195 940415 HEALTH SMOKING STUDY SPARKS DEBATE ON RACE
ISSUES  BY MARILYN CHASE STAFF REPORTER OF THE WALL STREET JOURNAL

WHEN RESEARCHERS UNVEILED A PROVOCATIVE NEW HYPOTHESIS ABOUT WHY BLACK
SMOKERS SUFFER MORE LUNG CANCER THAN WHITES THIS WEEK THEY ALSO PRODDED
SENSITIVE NERVES SURROUNDING THE ISSUE OF CANCER AND RACE

IN AN EARLY GLIMPSE OF A STUDYINPROGRESS STEPHEN S HECHT AND JOHN P
RICHIE JR PROPOSED THAT BLACK SMOKERS MAY BE LESS ABLE THAN WHITES TO
DETOXIFY THE POTENT CANCERCAUSING CHEMICAL NNK WHICH IS FOUND EXCLUSIVELY
IN TOBACCO AND TOBACCO SMOKE DRS HECHT AND RICHIE SAID URINE TESTS
INDICATED THAT WHITES METABOLIZE NNK INTO A HARMLESS BYPRODUCT WHILE IN
BLACKS THE CHEMICAL OFTEN STAYS IN A DANGEROUS FORM THAT MAY DAMAGE DNA AND
CAUSE TUMORS

RESEARCH INTO THE ASSOCIATIONS BETWEEN CANCER AND RACE REMAIN CONTROVERSIAL
SOME MEDICAL EXPERTS CONTEND THAT ANY APPARENT RACIAL DIFFERENCES IN CANCER
ARE NOT BIOLOGICAL BUT SIMPLY THE LEGACY OF POVERTY POOR NUTRITION AND
LIMITED ACCESS TO MEDICAL TREATMENT AND PUBLIC HEALTH SPECIALISTS SAY
SCIENTIFIC DISCOVERIES LIKE THIS THREATEN TO DIVERT ATTENTION FROM THE FACT
THAT TOBACCO CAUSES CANCER IN PEOPLE OF ALL RACES

THE HECHTRICHIE STUDY IS SMALL PRELIMINARY AND FAR FROM HAVING
STATISTICAL POWER SAID HAROLD FREEMAN CHIEF OF SURGERY AT HARLEM
HOSPITAL PAST PRESIDENT OF THE AMERICAN CANCER SOCIETY AND CHAIRMAN OF THE
PRESIDENT'S CANCER PANEL EVEN IF IT LOOKS VALID WITH LARGER NUMBERS OF
VOLUNTEERS HE SAID YOU HAVE TO LOOK BEYOND RACE AND NOT JUST AT RACE

RACE MAY BE A SURROGATE FOR PEOPLE LIVING IN A DIFFERENT ENVIRONMENT WITH
A DIFFERENT DIET DIFFERENT VITAMINS AND DIFFERENT ENVIRONMENTAL EXPOSURES
HE SAID PEOPLE LIVING IN POVERTY RECEIVE POORER MEDICAL CARE THAN OTHERS
INCLUDING LATER DIAGNOSIS AND LESS AGGRESSIVE TREATMENT OF COURSE THERE'S
SENSITIVITY DR FREEMAN ADDED THROUGHOUT HISTORY YOU'VE HAD
PSEUDOSCIENTISTS MAKE STATEMENTS ABOUT RACE AND INTELLIGENCE

THE RESEARCH TEAM BEGAN LOOKING AT THE RACIAL DIFFERENCES IN THE METABOLIC
PROCESS BECAUSE DIFFERENCES IN SMOKING BEHAVIOR ALONE DIDN'T EXPLAIN THE
DISPARITY IN MORTALITY RATES DR RICHIE EXPLAINED THERE ARE STRIKING
RACIAL DIFFERENCES IN THE MORTALITY OF DIFFERENT CANCERS DR RICHIE SAID
IN MALES THE INCIDENCE OF LUNG CANCER IS 50 HIGHER IN BLACKS THAN WHITES
AMONG BLACK AND WHITE WOMEN DEATH RATES ARE SIMILAR

TO HELP AVOID ANY ACCUSATIONS OF RACISM DR RICHIE SAID HE ENLISTED THE
HELP OF COMMUNITY LEADERS LIKE THE REV BARBARA EVANS A NURSE AND MINISTER
AT GRACE BAPTIST CHURCH IN MT VERNON NY

THERE IS SOME ELEMENT OF DOUBT THAT OCCURS WHENEVER STUDIES ARE DONE
BECAUSE OF THE TUSKEGEE EXPERIMENT THE REV EVANS SAID ALLUDING TO THE
INFAMOUS FEDERAL STUDY IN WHICH DOCTORS LEFT BLACK SYPHYLIS PATIENTS
UNTREATED BUT SHE SAID SHE SUPPORTS THE HECHTRICHIE STUDY AS A TOOL OF
HEALTH EDUCATION IN HER PARISH

THE ANNOUNCEMENT BY DRS HECHT AND RICHIE LEFT A WAKE OF SCIENTIFIC
FASCINATION AS WELL AS POLITICAL WARINESS STEVEN TANNENBAUM A PROFESSOR OF
CHEMISTRY AND TOXICOLOGY AT THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY SAID
OF THE STUDY IT'S VERY IMPRESSIVE THEY'RE A HIGHQUALITY GROUP OF
INVESTIGATORS

SUCH STUDIES SHOULD SHINE A SPOTLIGHT ON NOT ONLY WHAT WE'RE GIVEN BY OUR
PARENTS IN GENETIC MAKEUP BUT WHAT WE DO WITH IT DR TANNENBAUM SAID
YOU MAY NOT BE ABLE TO DO ANYTHING ABOUT YOUR ENZYMES BUT YOU CAN AVOID
SMOKING ENZYMES WORK IN THE METABOLIC PROCESS TO BREAK DOWN CHEMICALS

AT MIT DR TANNENBAUM DOES WORK ON CANCER VULNERABILITY AND RACE BUT
WITH THE POPULATION AT RISK REVERSED FOR THE SAME AMOUNT OF SMOKING
WHITES GET MORE BLADDER CANCER THAN BLACKS HE SAID NOTING THAT BLADDER
CANCER IS FAR LESS FATAL THAN LUNG CANCER THE HIGHER RATE IN WHITES STEMS
FROM THEIR SLOWER RATE OF METABOLIZING ANOTHER GROUP OF CARCINOGENS IN
TOBACCO CALLED AROMATIC AMINES WHITES ARE SLOWEST AT DISARMING THESE
CHEMICALS ASIANS ARE FASTEST AND BLACKS ARE SOMEWHERE IN THE MIDDLE HE
SAID

BUT IF YOU LOOK AT THIS THING GLOBALLY EVERY GROUP HAS SUSCEPTIBILITIES
BLACKS GET SICKLE CELL ANEMIA JEWS GET TAYSACHS DISEASE HE ADDED THE
THING TO EMPHASIZE IS THAT EVERY GROUP HAS ITS WEAKNESSES

FOR STILL OTHERS ENGAGED IN THE BATTLE AGAINST SMOKING STUDYING RACIAL
DIFFERENCES IS ON THE MARGINS OF A GREAT PUBLICHEALTH WAR AGAINST ONE MAIN
ENEMY TOBACCO SHOULD YOU SPEND MILLIONS MORE RESEARCH DOLLARS ON RACIAL
DIFFERENCES IN THE BIOLOGICAL RESPONSE TO SMOKING ASKED DONALD SHOPLAND
COORDINATOR OF SMOKING AND TOBACCO CONTROL AT THE NATIONAL CANCER INSTITUTE
OR SHOULD YOU ACT ON WHAT YOU KNOW

STATISTICS DATING BACK TO 1900 SHOW MORE BLACK AMERICANS SMOKE AND FOR A
LONGER PERIOD AND THEY SMOKE HIGHER TAR AND NICOTINE CIGARETTES THAN DO
WHITES MR SHOPLAND SAID

MOREOVER MOST TAR AND NICOTINE RESIDE IN THE LAST THIRD OF THE CIGARETTE
SO HE REASONED IT'S POSSIBLE THAT POOR PEOPLE WHO PUFF DOWN TO THE END MAY
BE INHALING MORE POISONS THAN DO AFFLUENT SMOKERS WHO TOSS AWAY THE LAST
THIRD OF THEIR SMOKES

I'M NOT DISCOUNTING THAT WHAT HECHT AND RICHIE ARE FINDING MAY BE REAL
SAID NCI'S MR SHOPLAND BUT HE WONDERED IF IT'S RELEVANT MOST OF THE
DIFFERENCES WE SEE ARE DUE TO BLACKS' OVERALL HIGHER EXPOSURE TO CIGARETTE
SMOKE

ADDED DR FREEMAN WHEN WE STUDIED RACE POVERTY AND CANCER IN THE 1980'S
WE FOUND MOST OF THE DIFFERENCES COULD BE EXPLAINED BY SOCIOECONOMIC STATUS

WE FOUND A LOT OF SIMILARITIES BETWEEN POOR WHITE AMERICANS IN APPALACHIA
AND POOR BLACK AMERICANS IN HARLEM BOTH HAVE A HIGH INCIDENCE OF CERVICAL
CANCER AND TOBACCORELATED CANCERS HE SAID SO WE HAVE TO BE CAREFUL OF
WHAT WE'RE IMPLYING HERE

IN THE FUTURE ENZYMES THAT HELP METABOLIZE CARCINOGENS MAY BE USED TO
CREATE SCREENING TESTS FOR SUSCEPTIBILITY OR EVEN PREVENTIVE DRUGS AGAINST
CANCER FOR NOW DR RICHIE CAUTIONED PRACTICAL USES OF THE TECHNOLOGY ARE
QUITE A WAYS OFF THE RESEARCH TEAM BASED AT THE AMERICAN HEALTH
FOUNDATION IN VALHALLA NY PRESENTED THEIR REPORT AT THE AMERICAN
ASSOCIATION FOR CANCER RESEARCH MEETING IN SAN FRANCISCO

DR RICHIE FOR HIS PART INSISTED THAT AN UNFLINCHING LOOK AT RACIAL
DIVERSITY IS A VALID PART OF CANCER PREVENTION THE FACT THAT WE'RE
FOCUSING ON BLACKS HE SAID IS THAT WE ARE ONLY TRYING TO HELP
9404150194 940415 ECONOMY INVENTORIES POST INCREASE OF 05 FOR
FEBRUARY  BEST GAIN SINCE NOVEMBER MAY GIVE THE ECONOMY AN
UNANTICIPATED BOOST  BY PAULETTE THOMAS STAFF REPORTER OF THE WALL
STREET JOURNAL

WASHINGTON BUSINESS INVENTORIES WHICH HAVE REMAINED UNUSUALLY LOW IN
THIS ECONOMIC RECOVERY ROSE 05 IN FEBRUARY THE BIGGEST INCREASE SINCE
NOVEMBER

THE ADVANCE TO 87143 BILLION COULD PROVIDE AN UNANTICIPATED KICK TO
ALREADY STRONG FIRSTQUARTER GROWTH

AT THE SAME TIME THE COMMERCE DEPARTMENT SAID SALES WERE GOING UP AS WELL
TOTAL BUSINESS SALES JUMPED 12 FROM JANUARY TO 61728 BILLION IT WAS
ALSO THE BIGGEST INCREASE SINCE NOVEMBER

ROBERT RUBIN CHAIRMAN OF THE PRESIDENT'S NATIONAL ECONOMIC COUNCIL SAID HE
BELIEVES THAT THE CURRENT EXPANSION MAY EXCEED THE 3 GROWTH THAT THE
ADMINISTRATION HAS FORECAST FOR THE YEAR MY INSTINCT IS THAT 3 IS LESS
THAN I WOULD FORECAST AT THIS MOMENT HE SAID

SPEAKING BEFORE AN ECONOMIC GROUP YESTERDAY MR RUBIN NOTED THAT THE ROLE
OF INVENTORIES IN ECONOMIC FORECASTING IS NOW A TWOEDGED SWORD IN EARLIER
BUSINESS CYCLES STOCKPILES OF GOODS EXPANDED AS DEMAND FELL WHILE SMALL
INVENTORIES FORETOLD FUTURE GROWTH IN MANUFACTURING AND EMPLOYMENT IN THIS
RECOVERY THROUGH THE USE OF COMPUTERS COMPANIES ARE BETTER ABLE TO KEEP
COSTS LOW BY MAINTAINING LEANER AND MORE STABLE INVENTORIES THERE'S BEEN A
WHOLE CHANGE IN HOW BUSINESSES DEAL WITH THEM HE SAID

IN THAT SETTING MR RUBIN SAID IF BUSINESSES ANTICIPATE A PICKUP IN DEMAND
AND SUDDENLY ADD TO THEIR STOCKPILES THEN IN THE SHORT TERM YOU CAN HAVE
KIND OF A STIMULUS EFFECT ON THE ECONOMY

THE MEASURE OF INVENTORIES COMPARED WITH SALES FELL SLIGHTLY TO 141 FROM
142 WHICH MEANS THAT AT CONSUMERS' CURRENT BUYING PACE PRESENT INVENTORIES
WOULD LAST 141 MONTHS THESE NUMBERS ARE CONSISTENT WITH STABLE GROWTH
SAID GORDON RICHARDS ECONOMIST WITH THE NATIONAL ASSOCIATION OF
MANUFACTURERS I READ THIS AS INDICATING THAT BUSINESS IS REMAINING
CAUTIOUS ABOUT THE LIKELIHOOD OF FUTURE INCREASES IN CONSUMPTION SPENDING

DECEMBER AND JANUARY INVENTORY INVESTMENT WERE BOTH REVISED UPWARD TO A
01 DECLINE IN DECEMBER FROM A PREVIOUSLY ESTIMATED 02 DECLINE AND TO A
02 ADVANCE IN JANUARY FROM A PREVIOUS ESTIMATE OF NO CHANGE FEBRUARY'S
RISE REPRESENTS THE SIXTH INCREASE IN SEVEN MONTHS

INVENTORIES ADVANCED FASTEST AT DEPARTMENT STORES CLIMBING 22 FURNITURE
STORES INCREASED THEIR STOCKS 08 INVENTORIES AT APPAREL AND ACCESSORY
STORES FELL 12

IN ANOTHER REPORT EMPLOYMENT LOOKED WEAKER IN APRIL FOLLOWING THE STRONG
IMPROVEMENT IN MARCH FIRSTTIME CLAIMS FOR UNEMPLOYMENT BENEFITS ROSE
12000 LAST WEEK TO 348000 THE LABOR DEPARTMENT SAID THE FOURWEEK MOVING
AVERAGE OF NEW CLAIMS INCREASED SLIGHTLY TO 338750 FROM 338000 THE
PREVIOUS WEEK

BOTH REPORTS ARE ADJUSTED FOR NORMAL SEASONAL VARIATIONS

HERE IS A SUMMARY OF THE COMMERCE DEPARTMENT'S REPORT ON BUSINESS
INVENTORIES AND SALES IN FEBRUARY 9404150193 940415 BEVERAGE MAKERS 
EXPECTED TO POST STRONG EARNINGS  FIRSTQUARTER PROFITS GREW ON
ECONOMIC REBOUND NEW WAVE OF PRODUCTS  BY ELEENA DE LISSER 
STAFF REPORTER OF THE WALL STREET JOURNAL

THE BEVERAGE COMPANIES ARE EXPECTED TO REPORT SOLID FIRSTQUARTER EARNINGS
HELPED IN PART BY NEW PRODUCTS AND A RECOVERING ECONOMY

COCACOLA CO IS EXPECTED TO REPORT AN INCREASE IN NET INCOME GAIN OF ALMOST
21 ANALYSTS SAID WHILE PEPSICO INC IS EXPECTED TO POST A 9 RISE
ANHEUSERBUSCH COS IS TO REPORT ITS STRONGEST QUARTER IN MORE THAN A YEAR
WHILE DR PEPPER/SEVENUP COS AND SNAPPLE BEVERAGE CORP ALSO ARE EXPECTED
TO REPORT HIGHER FIRSTQUARTER RESULTS

ANALYSTS EXPECT ATLANTABASED COCACOLA TO REPORT FIRSTQUARTER PROFIT OF 41
CENTS A SHARE UP FROM 34 CENTS A YEAR EARLIER FIRSTQUARTER VOLUME
INCREASED ABOUT 5 IN THE US AND INTERNATIONALLY STRONG GROWTH CONTINUED
TO COME FROM EMERGING MARKETS IN EASTERN EUROPE COCACOLA'S VOLUME ROSE AN
ESTIMATED 7 TO 8 IN THE UK AND 10 IN FRANCE BUT CONTINUED ECONOMIC
WEAKNESS IN GERMANY ITALY AND SPAIN IS EXPECTED TO CAUSE COCACOLA TO
REPORT FLAT VOLUME THERE

IN THE PACIFIC RIM COCACOLA'S VOLUME WAS UP ABOUT 8 TO 9 ANALYSTS SAID
WITH ONLY A 2 INCREASE IN JAPAN ONE OF COCACOLA'S MAJOR INTERNATIONAL
MARKETS

DOMESTICALLY COCACOLA'S FOUNTAIN BUSINESS CONTINUED TO GROW WITH ABOUT A
7 GAIN AND A 3 INCREASE IN ITS BOTTLE AND CAN BUSINESS ANALYSTS SAID

FOR PEPSI EARNINGS AT THE PURCHASE NY COMPANY ARE ESTIMATED AT 34 CENTS
TO 35 CENTS A SHARE COMPARED WITH 32 CENTS A SHARE A YEAR EARLIER DOMESTIC
RESULTS PROBABLY HURT THE COMPANY'S OVERALL PERFORMANCE BECAUSE OF A SHORTER
QUARTER THAN THE OTHER BEVERAGE COMPANIES BAD WEATHER AND INCREASED
COMPETITION FOR ITS PIZZA HUT SUBSIDIARY LAST YEAR'S FIRST QUARTER GOT A
BIG BOOST FROM CRYSTAL PEPSI A CLEAR COLA LAUNCHED AMID GREAT FANFARE

PEPSI WILL FEEL THE HIT FROM THE DEMISE OF CRYSTAL PEPSI SAID EMANUEL
GOLDMAN A PAINEWEBBER INC ANALYST DURING THE BIG ROLLOUT LAST YEAR THEY
GOT A LOT OF REPEAT BUSINESS BUT NOT ENOUGH NOW CRYSTAL PEPSI IS HARDLY
AROUND

AT PIZZA HUT COMPETITION FROM CHAINS LIKE LITTLE CAESAR'S HAS CUT INTO THE
RESTAURANT'S EARNINGS GROWTH BUT THE LAUNCH OF ROTISSERIE CHICKEN AT KFC
APPEARS TO BE RAISING SAMESTORE SALES MR GOLDMAN ESTIMATES A JUMP OF 6
TO 7 IN KFC'S DOMESTIC SALES AT STORES OPEN A YEAR OR MORE FOR THE QUARTER

IT LOOKS LIKE ROTISSERIE GOLD WILL DO FOR KFC WHAT THE PAN PIZZA DID FOR
PIZZA HUT IN THE EARLY '80S HE SAID

AT THE FRITOLAY SNACK DIVISION VOLUME INCREASE IS ESTIMATED AT ABOUT 7
THANKS TO THE GROWING POPULARITY OF PRETZELS AND NEW PRODUCTS LIKE WAVY
LAY'S

PEPSI'S BUSINESS OVERSEAS IS EXPECTED TO SHOW DOUBLEDIGIT GROWTH IN ITS
BEVERAGE AND SNACKFOOD BUSINESSES AND STRONG INCREASES IN ITS RESTAURANTS
ANALYSTS SAID IN PRICESENSITIVE AUSTRALIA A LARGE MARKET FOR KFC AND
PIZZA HUT THE TWO CHAINS HAVE STRUGGLED IN PAST QUARTERS BUT WITH A NEW
VALUE MENU AND THE INTRODUCTION OF A LOWER PRICED CHICKEN ROTISSERIE
PRODUCT KFC HAS MADE SOME GAINS ANALYSTS SAID

PIZZA HUT IS GETTING BETTER BUT IS NOT AS FAR ALONG ON THE ROAD TO RECOVERY
AS KFC SAID LAWRENCE ADELMAN OF DEAN WITTER INC ICE BEER BOOST FOR ST
LOUISBASED ANHEUSERBUSCH ANALYSTS ARE ESTIMATING NET INCOME OF 76 CENTS
TO 78 CENTS A SHARE UP FROM 69 CENTS A SHARE YEAR EARLIER INCREASE IN
VOLUME IS ESTIMATED AROUND 4 REFLECTING INCREASED SHIPMENTS TO
WHOLESALERS THE BEER COMPANY BENEFITED FROM THE NATIONAL DEBUT OF ITS ICE
BEER PRODUCT AND THE LOWER PRICE IT'S BEEN CHARGING FOR A SIXPACK IN
CALIFORNIA MR ADELMAN SAID THE COMPANY ALSO HAS STARTED TO SEE THE RESULTS
OF A RESTRUCTURING CHARGE TAKEN LAST YEAR

FOR DALLASBASED DR PEPPER/SEVENUP ANALYSTS ARE ESTIMATING NET INCOME 23
CENTS A SHARE COMPARED WITH 18 CENTS A SHARE A YEAR EARLIER THE COMPANY
SHOULD REPORT A 5 INCREASE IN VOLUME WITH DR PEPPER AS ITS FASTESTGROWING
BEVERAGE MR GOLDMAN ESTIMATES DR PEPPER'S FOUNTAIN BUSINESS INCREASED
ABOUT 7 IN THE QUARTER

FOR SNAPPLE BASED IN VALLEY STREAM NY EARNINGS ESTIMATES RANGE FROM
EIGHT CENTS TO 11 CENTS A SHARE MR GOLDMAN SAID THAT DESPITE THE BAD
WINTER WEATHER SNAPPLE PULLED UP BIG SALES IN MARCH WHEN THE WEATHER
IMPROVED HE ESTIMATES SNAPPLE'S VOLUME ROSE TO 144 MILLION CASES FROM 72
MILLION A YEAR EARLIER

BUT IN THE SECOND QUARTER SNAPPLE IS IN FOR SOME TOUGH COMPETITION SAID
ALLAN KAPLAN A MERRILL LYNCH ANALYST PEPSI IS STARTING A SIXWEEK
BEVERAGEPACK PROMOTION TODAY EACH PACK PRICED AT 99 CENTS CONTAINS A
BOTTLE OF LIPTON OCEAN SPRAY LEMONADE AND ALL SPORT DRINKS THE PACKS
INCLUDE A DOLLAR COUPON AND EACH BOTTLE IS 16 OUNCES 9404150192 940415
EAGLE AUTOMOTIVE SHIFTS NAME

LAS VEGAS EAGLE AUTOMOTIVE ENTERPRISES INC CHANGED ITS NAME TO CHARIOT
ENTERTAINMENT INC

THE COMPANY SAID ITS STOCK WILL TRADE UNDER THE NEW SYMBOL GLAD
9404150191 940415 INTERNATIONAL ZIL GAMBLES THAT SHUTTERING HUGE PLANT
 WILL ALERT RUSSIA TO TRUCK MAKER'S WOES  BY ADI IGNATIUS STAFF
REPORTER OF THE WALL STREET JOURNAL

MOSCOW IT IS THE MIDDLE OF THE WORKDAY BUT SERGEI GERASIMENKO IS
VIRTUALLY ALONE AT MOSCOW'S SPRAWLING ZIL FACTORY THE MAKER OF TRUCKS AND
RUSSIA'S FAMED LIMOUSINES

FOR TWO WEEKS THE FACTORY AND ITS AFFILIATES HAVE BEEN SHUT DOWN THEIR
80000 WORKERS SENT HOME UNTIL FURTHER NOTICE WE DON'T HAVE ANY MONEY
SHRUGS MR GERASIMENKO A ZIL TRADE UNION OFFICIAL

AT FIRST GLANCE ZIL WOULD APPEAR TO BE YET ANOTHER CASUALTY OF RUSSIA'S
ECONOMIC CRISIS BUT IT STANDS OUT IN ONE IMPORTANT RESPECT ZIL ACTUALLY
MAKES A PRODUCT RUSSIAN CONSUMERS WANT BUT AS DEBTS AMONG ENTERPRISES PILE
UP IN RUSSIA'S CHAOTIC HALFREFORMED ECONOMY FEW HAVE THE CASH TO PAY WITH
LITTLE INCOME ZIL LACKS THE RESOURCES TO PURCHASE EVEN TIRES FROM ITS
SUPPLIERS

THE SHUTDOWN AT ZIL ALSO HAS A POLITICAL AIM TO ALERT THE GOVERNMENT TO THE
SERIOUSNESS OF THE FACTORY'S ECONOMIC PROBLEMS IN THAT IT REPRESENTS A
CHALLENGING TEST CASE FOR PRIME MINISTER VIKTOR CHERNOMYRDIN

WE WANT TO EXPOSE THE PROBLEM SAYS MR GERASIMENKO THE GOVERNMENT IS
HELPING SMALL FACTORIES BUT LEAVING THE GIANTS TO ROT

ZIL IS AMONG RUSSIA'S PRESTIGE ENTERPRISES IN ITS PRIME THE FACTORY TURNED
OUT 210000 TRUCKS A YEAR MOREOVER IT MAKES THE 300000 BLACK LIMOUSINES
KNOWN AS ZILS THAT HAVE TRANSPORTED MOSCOW LEADERS INCLUDING RUSSIAN
PRESIDENT BORIS YELTSIN AROUND THE CAPITAL FOR DECADES

LAST YEAR ZIL BECAME A QUASIPRIVATE COMPANY TRANSFERRING 80 OF ITS
SHARES TO WORKERS AND THE GENERAL PUBLIC SO HOW DOES THE NEWLY PRIVATIZED
FACTORY HANDLE ITS FIRST MAJOR CRISIS A LOT LIKE IT DID IN THE OLD DAYS
APPEALING TO THE STATE FOR BIG SUBSIDIES

ZIL IS DEMANDING 30 BILLION RUBLES 17 MILLION IN OPERATING CAPITAL TO GET
OVER ITS CRISIS ABOUT EQUAL TO WHAT ITS BUYERS OWE THE FACTORY IT'S A
ONETIME THING MR GERASIMENKO SAYS AFTER THIS WE'LL NEVER ASK FOR
ANOTHER KOPECK

ZIL'S WOES HE SAYS REFLECT BROADER PROBLEMS IN THE ECONOMY THE FACTORY'S
PRIMARY CUSTOMERS FOR TRUCKS THE MILITARY AND AGRICULTURAL SECTORS 
RECEIVE ONLY A FRACTION OF FORMER LEVELS OF STATE SUPPORT NEITHER CAN NOW
AFFORD TO CARRY OUT STANDING ORDERS TO ZIL FOR TENS OF THOUSANDS OF TRUCKS
MR GERASIMENKO SAYS ZIL ONCE SOLD 30000 TRUCKS A YEAR TO RUSSIA'S
COLLECTIVE FARMS LAST YEAR IT SOLD JUST 250

WHILE THE REST OF THE FACTORY STANDS IDLE MR GERASIMENKO SITS AT HIS DESK
IN THE TRADE UNION OFFICE PREPARING STRATEGIES FOR GETTING ZIL BACK ON ITS
FEET AS DEPUTY TRADE UNION DIRECTOR HE HAS GRIPES AGAINST THE FACTORY'S
DIRECTORS BUT FOR NOW THE COMPLAINTS HAVE BEEN PUSHED ASIDE AS MANAGEMENT
AND LABOR JOIN FORCES TO PRESSURE THE GOVERNMENT FOR HELP

ON MR GERASIMENKO'S DESK ARE SEVERAL NEWLY PAINTED POSTERS WHICH WILL BE
HOISTED DURING A PLANNED PROTEST MARCH NEXT WEDNESDAY AT THE GOVERNMENT'S
HEADQUARTERS IN MOSCOW

CHERNOMYRDIN DON'T KILL ZIL READS ONE ANOTHER TOUTING THE DURABILITY OF
ZIL'S CLUNKY TRUCKS SAYS FORDS AND MERCEDES DON'T WORK ON RUSSIA'S
ROADS IT SHOWS A MERCEDES SINKING ON A MUDDY RUSSIAN STREET

BUT THE RUSSIAN GOVERNMENT ISN'T LIKELY TO BE A PUSHOVER EVEN FOR SUCH A
PRIZED FACTORY RUSSIA'S ECONOMIC POLICY MAY BE MURKY BUT THE GOVERNMENT 
WITH INCREASING HELP OF LATE FROM THE CENTRAL BANK HAS CLEARLY PUT A
PREMIUM ON CONTROLLING INFLATION LARGELY BY SAYING NO TO REQUESTS LIKE
ZIL'S THE MONTHLY INFLATION RATE IN MARCH WAS DOWN TO 87 COMPARED WITH
RATES OF 30 A MONTH LAST YEAR

INDEED IF THE GOVERNMENT WERE TO BAIL OUT ZIL IT WOULD BE HARDPRESSED TO
REFUSE RUSSIA'S COUNTLESS OTHER TROUBLED FORMER STATE ENTERPRISES IN FACT
IMMEDIATELY AFTER ZIL'S PLANNED RALLY THERE WILL BE ANOTHER PROTEST MARCH
THIS TIME BY TEXTILE WORKERS

THE ONLY TIME RUSSIANS STILL HAVE TO STAND IN LINE IS TO STAGE PROTEST
RALLIES SAYS MR GERASIMENKO WITH A WEARY SMILE

AS ZIL'S MANAGEMENT GAMBLES THE FUTURE OF THE FACTORY ITS WORKERS MUST
SIMPLY SIT AND WAIT I HAVE A FEELING WE'RE GOING TO BE CLOSED A LOT LONGER
THAN JUST TWO WEEKS SAYS ALEXANDER SMIRNOV A 35YEAROLD WELDER SMOKING
A CIGARETTE ON A BENCH OUTSIDE THE SHUTTERED FACTORY'S GATES

ON APRIL 1 MR SMIRNOV REPORTED TO WORK AS USUAL ON THE BODYASSEMBLY LINE
HE WAS TOLD THAT THE FACTORY WOULD SHUT DOWN PERHAPS FOR THE REST OF THE
MONTH HE WAS CALLED BACK TO WORK FOR ONE DAY APRIL 11 BUT HASN'T WORKED
SINCE

DURING THE CLOSURE MR SMIRNOV IS RECEIVING ONLY TWOTHIRDS OF HIS NORMAL
SALARY WHICH ALREADY WAS BARELY ENOUGH TO GET BY ON HE MAKES 100000
RUBLES A MONTH OR ABOUT 56 TO SUPPORT A FAMILY OF THREE HE HUSTLES FOR
EXTRA WORK REPAIRING CARS

MR SMIRNOV SUSPECTS THE FACTORY'S DIRECTORS ARE TO BLAME FOR ZIL'S PLIGHT
NOT THE GOVERNMENT NONETHELESS HE WILL TAKE PART IN THE PROTEST MARCH
WHY NOT HE SAYS MY FRIENDS WILL BE THERE

THE SHUTDOWN IS COSTING THE FACTORY AS WELL AT LEAST ON PAPER ZIL ONCE
MADE AND SOLD ABOUT 575 TRUCKS A DAY WHEN TRUCKS BROKE DOWN CUSTOMERS
OFTEN USED THEIR FAT STATE SUBSIDIES TO BUY NEW ONES FORGOING REPAIRS
TODAY THE FACTORY PRODUCES ONLY 180 TRUCKS DAILY WHEN IT'S OPERATING
THAT WORKS OUT TO LOST REVENUE OF 80 BILLION RUBLES A WEEK ASSUMING
CLIENTS HAVE THE MONEY TO PAY

AS HE GATHERS HIS PAPERS TO LEAVE THE OMINOUSLY SILENT FACTORY GROUNDS MR
GERASIMENKO SHOWS OFF ONE MORE PROTEST POSTER LIKE ZIL'S EFFORT TO ADAPT TO
RUSSIA'S MARKET ECONOMY HOWEVER THE POSTER'S MESSAGE SEEMS A BIT LAME A
COUNTRY WITHOUT CARS IT DECLARES IS LIKE A FIELD WITHOUT FLOWERS
9404150190 940415 TOBACCO EXECUTIVES TELL PANEL NICOTINE IS NOT
ADDICTIVE  BY EBEN SHAPIRO STAFF REPORTER OF THE WALL STREET
JOURNAL

WASHINGTON THE TOP EXECUTIVES OF THE NATION'S SEVEN LARGEST TOBACCO
COMPANIES TOLD A HOUSE SUBCOMMITTEE THAT NICOTINE ISN'T ADDICTIVE AND DENIED
ALLEGATIONS THAT THEY MANIPULATE THE NICOTINE CONTENT OF CIGARETTES TO TRY
TO KEEP SMOKERS ADDICTED

THE EXECUTIVES ALSO AGREED TO A DEMAND FROM THE HOUSE ENERGY AND COMMERCE
HEALTH SUBCOMMITTEE THAT THEY TURN OVER ALL STUDIES RESEARCH NOTES AND
INTERNAL MEMOS ABOUT THEIR EXAMINATION OF NICOTINE

IN AN UNPRECEDENTED JOINT APPEARANCE BEFORE A CONGRESSIONAL SUBCOMMITTEE
THE TOBACCO EXECUTIVES SAID THEY AREN'T USING ANY PATENTED TECHNOLOGY TO
INCREASE NICOTINE LEVELS CHARGES THAT THE INDUSTRY MANIPULATES NICOTINE
LEVELS ARE AT THE CENTER OF A FOOD AND DRUG ADMINISTRATION INVESTIGATION
INTO WHETHER CIGARETTES SHOULD BE REGULATED AS A DRUG

THE EXECUTIVES ALSO DENIED THERE IS PROOF THAT SMOKING CAUSES LUNG CANCER
AND HEART DISEASE THOSE ASSERTIONS WHICH REJECT THE FINDINGS OF THE
AMERICAN MEDICAL ASSOCIATION AND THE SURGEON GENERAL DREW AN INCREDULOUS
RESPONSE FROM CONGRESSMEN AND SET THE TONE FOR MUCH OF THE
SIXANDAHALFHOUR HEARING ON FEDERAL OVERSIGHT OF TOBACCO PRODUCTS

WHILE TOBACCO EXECUTIVES DESCRIBED SMOKING AS A PLEASURABLE EXPERIENCE AND
FREQUENTLY COMPARED NICOTINE IN CIGARETTES TO CAFFEINE IN COFFEE
CONGRESSMEN RESPONDED BY CHIDING THE COMPANY OFFICIALS FOR A BASIC LACK OF
MORALITY AND RECOUNTED STORIES OF RELATIVES WHO HAD DIED FROM SMOKING

THIS WAS THEATER BORDERING ON CIRCUS JAMES W JOHNSTON CHAIRMAN AND
CHIEF EXECUTIVE OF RJ REYNOLDS THE TOBACCO UNIT OF RJR NABISCO HOLDINGS
CORP SAID AFTER THE HEARING

MR JOHNSTON TOLD THE SUBCOMMITTEE THE GOAL OF THE ANTISMOKING INDUSTRY IS
TO BRING BACK PROHIBITION THE ALLEGATION THAT SMOKING CIGARETTES IS
ADDICTIVE IS PART OF A GROWING AND DISTURBING TREND THAT HAS DESTROYED THE
MEANING OF THE TERM BY CHARACTERIZING VIRTUALLY ANY ENJOYABLE ACTIVITY AS
ADDICTIVE WHETHER IT IS EATING SWEETS DRINKING COFFEE PLAYING VIDEO GAMES
OR WATCHING TV 9404150189 940415 ELEKTRIM SEEKS YET ANOTHER LINE OF WORK
  TRADING COMPANY IN POLAND TURNS TO MANUFACTURING  BY
DANIEL MICHAELS SPECIAL TO THE WALL STREET JOURNAL

WARSAW ELEKTRIM SA IS AT A CROSSROADS HAVING SUCCESSFULLY MADE THE
TRANSITION FROM POLISH STATEOWNED TRADING COMPANY TO AGGRESSIVE PRIVATE
FIRM IT NOW FACES THE CHALLENGE OF REINVENTING ITSELF AS A MANUFACTURING
COMPANY

ELEKTRIM WAS CREATED FIVE DECADES AGO AS AN ORGAN OF POLAND'S CENTRALLY
PLANNED ECONOMY TO HANDLE INTERNATIONAL TRADE IN BIGTICKET ELECTRICAL
EQUIPMENT TODAY ELEKTRIM RANKS AS POLAND'S LARGEST PRIVATE COMPANY THE
MOST ACTIVELY TRADED LISTING ON THE WARSAW STOCK EXCHANGE AND ONE OF THE
COUNTRY'S MOST AGGRESSIVE BUSINESSES

ALTHOUGH A MODEL OF ECONOMIC TRANSFORMATION ELEKTRIM FACES SEVERAL
CHALLENGES IN BECOMING THE CONGLOMERATE ITS MANAGERS WANT IT TO BE WHICH
WOULD INCLUDE NOT ONLY TRADING BUT ALSO PRODUCTION AND FINANCIAL
BUSINESSES COMPETITION HAS DEVELOPED SINCE THE COLLAPSE OF THE CENTRALLY
PLANNED ECONOMY AND ENTERPRISES THAT ELEKTRIM ONCE REPRESENTED NOW ARE
OPERATING INDEPENDENTLY

WE'RE CHANGING EVERY DAY SAYS COMMERCIAL DIRECTOR NIKODEM MUSZYNSKI
ACKNOWLEDGING THE COMPANY'S CONTINUED NEED FOR REORIENTATION

STILL PEOPLE ARE BETTING ON ELEKTRIM'S ABILITY TO ADAPT EARLY ON
ELEKTRIM'S MANAGERS REALIZED THE NEED TO MIGRATE FROM TRADING TO
MANUFACTURING NOTES MARK SEASHOLES EASTERN EUROPEAN ANALYST FOR BARING
SECURITIES LTD IN LONDON THEY SEEM TO BE A STEP AHEAD OF THE GAME

TO ADAPT TO POLAND'S NEW MARKET ECONOMY ELEKTRIM DEVELOPED A STRATEGY OF
DIVERSIFICATION CORE BUSINESS EXPANSION AND INTERNAL IMPROVEMENT FOLLOWING
PRIVATIZATION IN 1990 AND ITS LISTING ON THE WARSAW STOCK EXCHANGE IN EARLY
1992 ELEKTRIM WENT ON A BUYING SPREE BY THE END OF LAST YEAR IT HELD FULL
OR PARTIAL OWNERSHIP OF 87 COMPANIES DOING EVERYTHING FROM POWER GENERATION
AND CONSTRUCTION TO MANAGEMENT CONSULTING AND FOOD PROCESSING

ANALYSTS CAUTION THAT IN ITS ENTHUSIASM ELEKTRIM OVERBOUGHT TWO YEARS AGO
AND NEEDS TO THIN OUT ITS PORTFOLIO BUT THE MAIN FOCUS OF ACQUISITION HAS
BEEN ON ELEKTRIM'S STRENGTHS IN FIVE AREAS IT SEES AS ITS CORE BUSINESSES
POWERGENERATION EQUIPMENT ELECTRICAL MACHINERY AND APPARATUS CABLES
LIGHTING EQUIPMENT AND TELECOMMUNICATIONS EQUIPMENT

OUR STRATEGY IS TO USE PRIVATIZATION TO INTEGRATE VERTICALLY SAYS PIOTR
MROCZKOWSKI THE COMPANY'S DEPUTY CHIEF FINANCE OFFICER WHO SEES ELEKTRIM
AS A VEHICLE FOR ACQUISITION OF CORE BUSINESS SUPPLIERS STAYING CLOSE TO
HOME ELEKTRIM HAS BOUGHT INTO MANY MANUFACTURERS WHOSE PRODUCTS IT HAS LONG
SOLD OR TO WHOM IT HAS SOLD SUPPLIES AFTER AN ACQUISITION ELEKTRIM
MANAGERS TAKE A HANDSON APPROACH IN RESTRUCTURING THE NEW SUBSIDIARY FOR
INCREASED EFFICIENCY AND PROFIT ALTHOUGH IN MOST CASES IT'S TOO EARLY TO
EVALUATE SUCCESS

ELEKTRIM HAS SUCCEEDED IN ITS TRANSFORMATION LARGELY BECAUSE IT HAS
MAINTAINED WHAT MANY POLISH ENTERPRISES LOST CASH FLOW ITS
WELLESTABLISHED INTERNATIONAL DISTRIBUTION SYSTEM ENSURES A MARKET FOR
ELEKTRIM'S PRODUCTS AMONG THESE MARKETS ARE THE FORMER SOVIET REPUBLICS
WHICH MANY CENTRAL EUROPEAN TRADERS HAVE ABANDONED SINCE 1989 ELEKTRIM HAS
EXPANDED THESE CHANNELS BUT IT HAS AVOIDED DEBT PROBLEMS WITH FORMER SOVIET
CLIENTS BY TAKING ONLY CASH PAYMENTS

AND WITH HARD CURRENCY POURING IN FROM SUCH SOURCES AS COMMISSIONS ON
INTERNATIONAL SALES IT BROKERS FOR POLISH MANUFACTURERS AN
ELECTRICITYSUPPLY DEAL WITH AUSTRIA AND LONGTERM FOREIGN CONSTRUCTION
CONTRACTS INCLUDING POWER PLANTS IN TURKEY AND INDIA ELEKTRIM HAS BEEN
ABLE TO FINANCE ITS EXPANSION AT HOME AND ESTABLISH JOINT VENTURES AROUND
THE WORLD WESTERN EUROPE'S RECESSION HAS LIMITED ELEKTRIM'S EARNINGS
POTENTIAL RECENTLY BUT ELEKTRIM IS POSITIONED FOR REBOUNDS IN KEY MARKETS
SUCH AS GERMANY

MEANWHILE ELEKTRIM AIMS TO TAP ANOTHER CASH SOURCE THE WARSAW STOCK
EXCHANGE THIS SPRING IT WILL ISSUE 690000 NEW SHARES PROCEEDS ARE TO
SUPPORT THE COMPANY'S INVESTMENT PROGRAM

LAST SEPTEMBER IN A CONSORTIUM WITH POLAND'S PRIVATIZED EXPORT DEVELOPMENT
BANK ELEKTRIM BEAT OUT GERMANY'S SIEMENS AG TO BUY 80 OF A LEADING CABLE
FACTORY IN THE NORTHWESTERN CITY OF BYDGOSZCZ FOR 168 MILLION AND AN
INVESTMENT COMMITMENT OF 45 MILLION OVER FIVE YEARS ANALYSTS ARE KEEPING
AN EYE ON THE HEFTY INVESTMENT COMMITMENT BUT GENERALLY APPLAUD THE
ACQUISITION

ANOTHER COMMENDED MOVE WAS BUYING 65 OF METAL CONSTRUCTION FIRM MOSTOSTAL
WARSZAWA SA FROM THE MINISTRY OF PRIVATIZATION LAST OCTOBER ELEKTRIM TURNED
AROUND AND FLOATED 15 OF IT ON THE WARSAW STOCK EXCHANGE FOR 37 BILLION
ZLOTYS 16 MILLION BASED ON WEDNESDAY'S NEW YORK EXCHANGE RATE ABOUT 36
MORE IN DOLLAR TERMS THAN WHAT IT HAD PAID THE MINISTRY TWO YEARS EARLIER
MANY ANALYSTS SUGGEST MOSTOSTAL WARSZAWA'S MANAGEMENT WILL NEED AN OVERHAUL
BUT THE SUBSIDIARY'S FLOTATION HAS OFFERED A BIG CASH BOOST WHICH ELEKTRIM
WILL USE TO FINANCE NEW ACQUISITIONS MR MROCZKOWSKI SAYS ELEKTRIM PLANS TO
FLOAT 30 OF BYDGOSZCZ CABLE THIS SPRING AND ALSO A CHUNK OF POLAND'S
SECONDLARGEST INSURANCE COMPANY WARTA SA IN WHICH IT OWNS 153

THE LIST OF ELEKTRIM'S OTHER ACTIVITIES KEEPS EXPANDING WITH FREQUENT
ANNOUNCEMENTS OF VENTURES BECAUSE THEY'RE A MARKET LEADER THEY GET BETTER
OPPORTUNITIES MR SEASHOLES AT BARING SAYS OF ELEKTRIM'S DIVERSE AND
EXPANDING OPERATIONS

HOLDING ELEKTRIM TOGETHER IS A STAFF OF ROUGHLY 650 THAT IS COMPENSATED
UNDER ONE OF POLAND'S FIRST PERFORMANCEBASED PAY SYSTEMS TO CHANGE
ELEKTRIM WE HAD TO CHANGE OURSELVES SAYS MR MUSZYNSKI OF THE SALARY
SYSTEM ALSO ONE OF THE FIRST TO KEEP PAY LEVELS SECRET IT'S A VERY GOOD
MOTIVATIONAL SYSTEM HE SAYS CALLING IT ONE PART OF OUR GLOBAL STRATEGY

WITH STRONG REVENUE AND A STABLE OF MARKETDOMINATING SUBSIDIARIES
ELEKTRIM'S MEDIUMTERM PROSPECTS LOOK VERY GOOD MR SEASHOLES SAYS WE
BELIEVE THEY'VE BOUGHT INTO THE RIGHT PRODUCTION COMPANIES HE ADDS THE
QUESTION IS WILL THEY MAKE THE COMPANIES BETTER

IF ELEKTRIM CAN IMPROVE PROFITS AND OPERATIONS AT ITS KEY SUBSIDIARIES WHILE
REORGANIZING AWAY FROM ITS TRADITIONAL PREOCCUPATION WITH TRADING IT COULD
BE WELL POSITIONED FOR YEARS

THE TRAIN IS MOVING MR MUSZYNSKI WARNS OF POLAND'S ECONOMIC
TRANSFORMATION IF YOU DON'T JUMP ON YOU WILL BE A LOSER 9404150188
940415 ACCORD SET TO TEST BANK EMPLOYEES WHO SELL SECURITIES  BY
CHRISTI HARLAN STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON BANK EMPLOYEES WHO SELL MUTUAL FUNDS AND OTHER SECURITIES MAY
SOON BE SUBJECT TO THE SAME TESTS AS BROKERAGE EMPLOYEES ACCORDING TO A
PRELIMINARY AGREEMENT REACHED YESTERDAY

THE ARRANGEMENT BETWEEN THE COMPTROLLER OF THE CURRENCY AND THE NATIONAL
ASSOCIATION OF SECURITIES DEALERS WOULD GIVE NATIONALLY CHARTERED BANKS
ACCESS TO A QUALIFICATION PROGRAM FOR THEIR EMPLOYEES WHO SELL SECURITIES
SAID AN NASD OFFICIAL

EVEN WITH THE TESTING HOWEVER BANK EMPLOYEES WOULDN'T BE SUBJECT TO NASD
DISCIPLINE FOR VIOLATING SECURITIES RULES AN NASD SPOKESMAN SAID

NEVERTHELESS THE AGREEMENT STRUCK BETWEEN COMPTROLLER EUGENE LUDWIG AND
NASD PRESIDENT JOSEPH HARDIMAN REPRESENTS A SMALL BREAKTHROUGH IN THE
STANDOFF BETWEEN BANK REGULATORS AND THEIR SECURITIES COUNTERPARTS OVER
BANKS' INCREASING ACTIVISM IN THE SECURITIES BUSINESS THE AGREEMENT COVERS
NATIONALLY CHARTERED BANKS WHICH ARE REGULATED BY THE COMPTROLLER

THE TWO MEN REACHED THEIR PACT DURING A BREAK IN A HOUSE SUBCOMMITTEE
HEARING ON LEGISLATION THAT WOULD PLACE BANKS' SECURITIES OPERATIONS UNDER
THE PURVIEW OF THE SECURITIES AND EXCHANGE COMMISSION DURING THE HEARING
ITSELF MR LUDWIG TOLD REP EDWARD MARKEY D MASS CHAIRMAN OF THE
FINANCE SUBCOMMITTEE THAT HE OPPOSES THE BILL MR HARDIMAN SAID HE FAVORS
IT

DESPITE THOSE DIFFERENCES THE TWO MEN SAID THEY WILL MEET SOON TO FORMALIZE
PLANS FOR BANK EMPLOYEES TO TAKE THE SAME NASD TEST ADMINISTERED TO
REGISTERED REPRESENTATIVES OF BROKERAGE FIRMS MR HARDIMAN WANTS
ASSURANCES HOWEVER THAT BANK EMPLOYEES WON'T SELL SECURITIES BEFORE THEY
PASS THE TESTS AND THAT BANK EMPLOYEES WHO FAIL WILL BE BARRED FROM SELLING
SECURITIES

AN AIDE TO REP MARKEY CALLED THE AGREEMENT A SIGNIFICANT DEVELOPMENT MR
MARKEY AND HIS COSPONSORS HAVE FAILED IN TWO PREVIOUS LEGISLATIVE EFFORTS
TO GIVE THE SEC OVERSIGHT OF BANKS' SECURITIES ACTIVITIES

A SPOKESWOMAN FOR MR LUDWIG SAID THE COMPTROLLER HAS WANTED THIS TESTING
ALL ALONG IT MEANS THAT BANK EMPLOYEES WOULD BE HELD TO THE SAME STANDARDS
AS REGISTERED BROKERDEALERS

THE SPOKESWOMAN SAID THE TESTING WOULD APPLY TO BANKS THAT DIRECTLY SELL
SECURITIES SHE SAID THE COMPTROLLER WILL SPEAK WITH OTHER BANK REGULATORS
ABOUT JOINING THE TESTING AGREEMENT THE ONLY WAY THIS WOULD MAKE SENSE
WOULD BE IF IT APPLIED TO ALL BANKS SHE SAID

OF THE 3000 BANKS IN THE US THAT OFFER SECURITIES ABOUT 85 DO SO
THROUGH AFFILIATED BROKERAGE FIRMS THAT ARE ALREADY SUBJECT TO NASD
OVERSIGHT THE REMAINING 15 MOSTLY SMALLER BANKS SELL SECURITIES DIRECTLY
TO THE PUBLIC 9404150187 940415 LEISURE & ARTS BOOKSHELF AN
UNMITIGATED MITI LOVER  BY RUSSELL ROBERTS

REMEMBER HOW THE US WOMEN'S OLYMPIC SWIM TEAM ONCE DOMINATED THE MEDAL
COUNT THEN THOSE BRUTISH EAST GERMAN WOMEN STARTED USING STEROIDS AND
ADVANCED TRAINING TECHNIQUES THE NEXT THING YOU KNEW WE WERE LISTENING TO
FOREIGN ANTHEMS

JAMES FALLOWS IN HIS NEW BOOK LOOKING AT THE SUN THE RISE OF THE NEW
EAST ASIAN ECONOMIC AND POLITICAL SYSTEM PANTHEON 517 PAGES 25
DESCRIBES A SIMILAR OVERNIGHT SENSATION IN THE STRUGGLE FOR SEMICONDUCTOR
MARKET SHARE SUDDENLY JAPANESE COMPANIES HAVE ATTAINED AND SURPASSED THE
HARDEARNED EXPERTISE OF AMERICAN COMPANIES ACCORDING TO MR FALLOWS THE
MAGICAL KEY TO JAPAN'S OVERNIGHT ECONOMIC SUCCESS IS JAPAN'S UNIQUE BRAND OF
INDUSTRIAL POLICY ADMINISTERED BY THE MINISTRY OF INTERNATIONAL TRADE AND
INDUSTRY MITI

MR FALLOWS THE WASHINGTON EDITOR OF THE ATLANTIC MONTHLY FINDS THE
SUDDENNESS OF THIS SUCCESS FASCINATING AND THREATENING HE LOOKS ACROSS THE
PACIFIC AND SEES A RELENTLESS JAPAN PURSUING THE OVERARCHING GOAL OF
NATIONAL SUCCESS IN HIS EYES JAPAN REFUSES TO PLAY THE HAND DEALT BY
FORTUNE BY DIRECTING CAPITAL TO CRITICAL HIGHTECH INDUSTRIES AND THROUGH
OTHER CENTRALIZED ECONOMIC STRATEGIES THE JAPANESE MAKE THEIR OWN LUCK

AMERICA MEANWHILE IS STUCK WITH THE CARDS DEALT BY THE INVISIBLE HAND OF
THE MARKETPLACE MR FALLOWS SEES THE AMERICAN DISTASTE FOR GOVERNMENT
INTERVENTION AS A NAIVE WORSHIP OF INDIVIDUAL FREEDOM AS A RESULT CRUCIAL
INDUSTRIES MAULED BY THE JAPANESE ONSLAUGHT ARE LEFT TO ROT OR DIE HE
WOULD LIKE TO BRING INDUSTRIAL POLICY OUT OF THE CLOSET SO WE CAN FIGHT THE
JAPANESE ON EQUAL TERMS

IN THIS LONG SMOOTH BOOK WHICH TAKES THE READER NOT ONLY TO JAPAN BUT ALSO
TO BURMA THE PHILIPPINES KOREA THAILAND AND MALAYSIA THE WELLTRAVELED
MR FALLOWS'S CULTURAL OBSERVATIONS ARE BETTER THAN HIS ECONOMICS HE GIVES
A MEMORABLE DESCRIPTION FOR INSTANCE OF HIS STRANGE VISIT TO HIROSHIMA'S
ATOMIC BOMB MUSEUM WHERE THERE IS NOT A SINGLE MENTION OF PEARL HARBOR
OKINAWA THE JAPANESE INVASION OF CHINA OR ANY EVENTS BEFORE 1945 VISITING
THIS SHRINE TO THE VICTIMS ONE CAN ONLY CONCLUDE THAT THE ATOMIC BOMB WAS
EITHER AN EVENT OF PURE UNPROVOKED MALICE THE COUNTERPART TO THE NAZI
HOLOCAUST OR AN INEXPLICABLE CATASTROPHE SUCH SELECTIVE MEMORY SEEN AS
WELL IN JAPANESE TEXTBOOKS CREATES A VICTIM MENTALITY HAMPERING JAPAN'S
RELATIONSHIP WITH THE REST OF THE WORLD

THIS HISTORICAL DISCUSSION OF JAPANESEAMERICAN PERCEPTIONS AND
MISPERCEPTIONS INCLUDES AMONG OTHER MILESTONES A 1964 LIFE MAGAZINE STORY
DECLARING THAT JAPAN'S TRANSITION TO A CONSUMER ECONOMY IS IN FULL SWING
WITH THE COUNTRY INCREASINGLY OPEN TO IMPORTS THE WEST HE THINKS SO
FREQUENTLY MISJUDGES JAPAN BECAUSE IT CANNOT BELIEVE THAT A WORLD DOMINATED
BY WESTERN CULTURE IS ANYTHING BUT INEVITABLE

LESS ENLIGHTENING ARE MR FALLOWS'S FORAYS INTO ECONOMIC POLICY JUST AS
STEROIDS CAN HAVE UNPLEASANT SIDEEFFECTS ECONOMIC VICTORY CAN COME AT TOO
HIGH A PRICE LET'S NOT EVEN WORRY ABOUT THE DEPARTMENT OF COMMERCE'S
ABILITY TO PICK FUTURE SUPERSTAR INDUSTRIES WITHOUT REGARD TO POLITICAL
CONSIDERATIONS WHY WOULD YOU THINK THAT THE NEW JOBS CREATED BY PICKING
WINNERS WOULD PAY BETTER THAN THOSE THAT ARE LOST IN INDUSTRIES WITHOUT
GOVERNMENT SUPPORT THESE LOST JOBS AND OPPORTUNITIES ARE THE HIDDEN COST OF
INDUSTRIAL POLICY

MR FALLOWS LIKES TO BASH ECONOMICS AND ITS PRACTITIONERS BUT EVEN A
HALFWITTED ECONOMIST USING PROTECTIONISM AND SUBSIDIES COULD REESTABLISH
THE DOMINANCE OF AMERICAN SEMICONDUCTORS OR REVIVE THE AMERICAN TELEVISION
INDUSTRY BUT THESE SUCCESSES WOULD MAKE US POORER AS A NATION TAKING
JOBS AND RESOURCES AWAY FROM OTHER SUCCESSFUL INDUSTRIES THE GOAL OF
ECONOMIC POLICY ISN'T TO WIN IT'S TO MAKE LIFE SWEETER AND RICHER

ACCORDING TO MR FALLOWS JAPAN USES THE DIFFERENT YARDSTICK OF NATIONAL
INTEREST TO MEASURE SUCCESS A YARDSTICK UNDISTORTED BY WESTERN ECONOMICS
AND ITS RESPECT FOR CONSUMER WELLBEING IT'S A STANDARD HE SPEAKS OF WITH
RESPECT AND AT TIMES ADMIRATION ESPECIALLY WHEN HE TURNS TO AN OBSCURE
EARLY 19TH CENTURY GERMAN ECONOMIST NAMED FRIEDRICH LIST WHOSE BOOKS HE
SAYS HELPED SHAPE THE JAPANESE VIEW OF ECONOMIC POLICY LIST SAW NATIONAL
DEVELOPMENT AS AN ORGANIC PROCESS FEARING THE IMPACT OF FREE TRADE ON THE
NASCENT GERMAN STATES HE BECAME AN EARLY ADVOCATE OF THE INFANT INDUSTRY
ARGUMENT FOR PROTECTIONISM AND EVENTUALLY A HERO TO THE ECONOMISTS IN
OSAKA OR TOKYO WHO TREASURE THEIR COPIES OF HIS THE NATIONAL SYSTEM OF
POLITICAL ECONOMY

LIST EMPHASIZED THE IMPORTANCE OF PRODUCERS OVER CONSUMERS WHEN BUILDING A
NATIONAL ECONOMY BUT KEEPING OUT PRODUCTS TO BOOST DOMESTIC PRODUCERS FOR
EXAMPLE DOESN'T HARM ONLY CONSUMERS IT HURTS PRODUCERS AND WORKERS IN
EXPORTING INDUSTRIES WHO DEPEND ON FOREIGN DEMAND FOR THEIR LIVELIHOOD MR
FALLOWS IGNORES THIS COST OF PURSUING THE SOCALLED NATIONAL INTEREST

PERHAPS THE JAPANESE CONSUMER IN THE NAME OF THE NATIONAL INTEREST DOESN'T
MIND PAYING A PRICE FOR RICE THAT IS FOUR TO SEVEN TIMES THE PRICE PAID BY
CONSUMERS ELSEWHERE AND PERHAPS LEE IACOCCA REALLY BELIEVED THAT QUOTAS ON
JAPANESE CARS WERE GOOD FOR AMERICA AS A WHOLE AND NOT JUST HIS OWN
COMPANY'S BOTTOM LINE BUT RAISING THE WAGES AND PROFITS OF ONE INDUSTRY
RATHER THAN ANOTHER BY PUNISHING CONSUMERS SEEMS A STRANGE WAY TO ADVANCE
THE NATIONAL INTEREST THE RECENT DIFFICULTIES OF JAPAN'S ANTICONSUMER
LIBERAL DEMOCRATIC PARTY SUGGEST THAT THE JAPANESE PEOPLE ARE STARTING TO
FEEL THE SAME WAY MAYBE IN THE END THE JAPANESE PEOPLE AREN'T SO DIFFERENT
FROM US AFTER ALL

MR ROBERTS AUTHOR OF THE CHOICE A FABLE OF FREE TRADE AND PROTECTIONISM
PRENTICE HALL IS DIRECTOR OF THE MANAGEMENT CENTER AT THE JOHN M OLIN
SCHOOL OF BUSINESS AT WASHINGTON UNIVERSITY IN ST LOUIS 9404150186
940415 VARIAN MAKES SALE TO SAMSUNG

PALO ALTO CALIF VARIAN ASSOCIATES INC SAID IT SOLD 40 MILLION OF
SEMICONDUCTOR MANUFACTURING EQUIPMENT TO SAMSUNG ELECTRONICS CO OF SOUTH
KOREA VARIAN IS A SUPPLIER OF SEMICONDUCTORMAKING EQUIPMENT 9404150185
940415 WHO'S NEWS TODAY'S MAN INC

TODAY'S MAN INC MOORESTOWN NJ ZEEV SHENKMAN 42 YEARS OLD WAS
NAMED EXECUTIVE VICE PRESIDENT WITH EXPANDED DUTIES HE HAS SERVED AS
SENIOR VICE PRESIDENT CHIEF FINANCIAL OFFICER TREASURER AND DIRECTOR OF
THE MENSWEAR RETAIL CHAIN 9404150184 940415 INTERNATIONAL RANSOM
LETTER FOR BANKER LIFTS HOPES IN MEXICO  BY PAUL B CARROLL 
STAFF REPORTER OF THE WALL STREET JOURNAL

MEXICO CITY THE KIDNAPPERS WHO LAST MONTH SEIZED THE PRESIDENT OF GRUPO
FINANCIERO BANAMEXACCIVAL SA THREATENED TO KILL HIM UNLESS THE BANKING
GROUP INCREASES ITS RANSOM OFFER

DESPITE THE OMINOUS TONE OF THE KIDNAPPERS' LETTER PUBLISHED IN MEXICAN
NEWSPAPERS YESTERDAY SECURITY EXPERTS SAID THEY ACTUALLY WELCOMED THE
COMMUNICATION AS THE BEST SIGN YET THAT ALFREDO HARP HELU IS HEALTHY AND HAS
A GOOD CHANCE OF BEING RELEASED

FOR ONE THING RUMORS HAD CIRCULATED THAT THE PROMINENT BILLIONAIRE WAS
DEAD BUT THE MATERIAL APPEARING IN THE NEWSPAPERS INCLUDED A PICTURE OF A
GAUNT BEARDED MR HARP HOLDING A NEWSPAPER DATED TUESDAY IN ADDITION
THERE WAS A LETTER APPARENTLY HANDWRITTEN BY MR HARP PLEADING FOR THE
BANK TO ACT QUICKLY TO SECURE HIS RELEASE

THERE HAD ALSO BEEN SPECULATION HERE THAT MR HARP'S KIDNAPPING WAS
POLITICALLY MOTIVATED SOMEHOW RELATED EITHER TO THE UPRISING IN THE STATE
OF CHIAPAS JAN 1 OR TO THE ASSASSINATION OF RULINGPARTY PRESIDENTIAL
CANDIDATE LUIS DONALDO COLOSIO LAST MONTH ANY CONFIRMATION OF A POLITICAL
CONNECTION WOULD FURTHER ROCK A COUNTRY SHAKEN BY THE UNEXPECTED VIOLENCE

BUT SECURITY EXPERTS SAID THE LETTER FROM THE KIDNAPPERS MAKES IT MUCH MORE
LIKELY THAT THE KIDNAPPERS ARE NONPOLITICAL AND ARE JUST TRYING TO GET AS
MUCH MONEY AS POSSIBLE FROM BANACCI MEXICO'S LARGEST BANKING GROUP WHILE
ANY POLITICAL GROUP WOULD PRESUMABLY WANT TO ANNOUNCE ITS AGENDA AND
POSSIBLY SCARE THE WHOLE COUNTRY THE LETTER MERELY TRIED TO APPEAL TO
PEOPLE'S SYMPATHY FOR MR HARP IT CHASTISED THE BANK FOR HIRING INSURERS TO
COLDLY NEGOTIATE  WITHOUT REGARD FOR THE LIFE OF THE KIDNAPPED PERSON
OR THE PAIN THE TACTICS CAUSE HIS FAMILY

ONE EXPERT SAID THE KIDNAPPERS HAVE APPARENTLY ASKED FOR RANSOM OF 100
MILLION EVEN IF THEY WERE OFFERED FAR LESS THAN THAT THE ODDS ARE THAT A
GROUP OF PROFESSIONAL NONPOLITICAL KIDNAPPERS WOULDN'T KILL MR HARP AND
END THEIR CHANCES OF RECEIVING TENS OF MILLIONS OF DOLLARS

THE EXPERT DID SAY THE CASE COULD DRAG ON FOR SOME TIME THE TWO SIDES NEED
TO ARGUE OVER THE RANSOM SIZE IN ADDITION THE LOGISTICS OF MOVING TENS OF
MILLIONS OF DOLLARS IN CASH ARE COMPLICATED 9404150183 940415 BRITS FAVOR
AUTOS MADE IN JAPAN SAYS JD POWER SURVEY  EUROPE'S BIG SIX CAR
MAKERS AREN'T ON TOP IN 1ST POLL IN EUROPE BY US FIRM  BY
ROBERT L SIMISON STAFF REPORTER OF THE WALL STREET JOURNAL

JD POWER & ASSOCIATES THE CARQUALITY GURUS HAVE TAKEN THEIR INFLUENTIAL
CUSTOMERSATISFACTION SURVEY TO BRITAIN WHERE THEY FOUND THAT JAPANESE
MODELS DOMINATE THE RANKINGS JUST AS IN THE US

THE SURVEY INCLUDED VEHICLES MANUFACTURED BY 24 CAR MAKERS HOWEVER NONE OF
EUROPE'S BIG SIX CAR MAKERS INCLUDING THE EUROPEAN UNITS OF GENERAL
MOTORS CORP AND FORD MOTOR CO RANK IN THE TOP HALF OF THE INDUSTRY
ACCORDING TO THE FIRST JD POWER SURVEY IN BRITAIN THAT FINDING CERTAIN
TO COME AS A BIG BLOW TO THE PRIDE OF EUROPEAN AUTO MAKERS COULD STIR MORE
THAN A LITTLE CONTROVERSY LITTLE INDEPENDENT DATA ON AUTO QUALITY OR
CUSTOMER SATISFACTION WERE PREVIOUSLY AVAILABLE IN EUROPE

JD POWER A MARKETRESEARCH FIRM IN AGOURA HILLS CALIF SAID ITS SURVEY
RANKED TOYOTA MOTOR CORP VEHICLES NO 1 IN CUSTOMER SATISFACTION IN
BRITAIN

THE SURVEY CONSISTED OF A SIXPAGE QUESTIONNAIRE ASKING CAR OWNERS TO RATE
THEIR SATISFACTION WITH VEHICLE PERFORMANCE SERVICE COSTS PROBLEM
INCIDENCE AND RESOLUTION WARRANTY COVERAGE AND WORK AND THEIR TREATMENT BY
DEALERS IT'S A BROADER SURVEY THAN THE NARROWER YET CLOSELY WATCHED POLL
OF VEHICLE QUALITY DURING THE FIRST FEW MONTHS OF OWNERSHIP WHICH THE FIRM
CONDUCTS ANNUALLY IN THE US

RANKING BEHIND TOYOTA JD POWER SAID WERE MAZDA MOTOR CORP JAPAN
HONDA MOTOR CO JAPAN MERCEDESBENZ AG GERMANY PROTON MALAYSIA
DAIHATSU MOTOR CO JAPAN FUJI HEAVY INDUSTRIES LTD'S SUBARU JAPAN SAAB
50OWNED BY GM SWEDEN SKODA A VOLKSWAGEN AG UNIT CZECH REPUBLIC
MITSUBISHI MOTORS CORP JAPAN BAYERISCHE MOTOREN WERKE GERMANY HYUNDAI
MOTOR CO KOREA AND NISSAN MOTOR CORP JAPAN

JD POWER DIDN'T DISCLOSE THE RANKINGS OF THE REMAINING 11 AUTO MAKERS
INCLUDED IN THE SURVEY NOTABLY ABSENT FROM THE TOP GROUP HOWEVER WERE
GERMANY'S VW EUROPE'S NO 1 AUTO MAKER ITALY'S FIAT SPA AND FRANCE'S
RENAULT AND PSA PEUGEOT CITROEN

THE SURVEY WAS CONDUCTED WITH THE COLLABORATION OF THE BRITISH BROADCASTING
CO AND ITS TV PROGRAM TOP GEAR JD POWER SAID IT PLANS EVENTUALLY TO
EXPAND THE SURVEYS IN EUROPE 9404150182 940415 BUSINESS BRIEF SOME
FORESTPRODUCTS CONCERNS REPORT DEPRESSED RESULTS FOR FIRST QUARTER

SEVERAL FORESTPRODUCTS COMPANIES REPORTED DEPRESSED FIRSTQUARTER RESULTS
AS LINGERING WEAKNESS IN PAPER AND PULP MARKETS AND BAD WEATHER HAMPERED
PROFITS

BOISE CASCADE CORP REPORTED A WIDENED LOSS OF 376 MILLION OR 135 A
SHARE COMPARED WITH 121 MILLION OR 56 CENTS A SHARE A YEAR EARLIER
REVENUE EDGED UP 3 TO 101 BILLION FROM 984 MILLION BOISE CASCADE BASED
IN BOISE IDAHO SAID THAT CONTRARY TO EXPECTATIONS PRICES FOR CERTAIN
PAPER PRODUCTS FELL AS MUCH AS 5 IN THE QUARTER

MEANWHILE FRIGID WINTER WEATHER BOOSTED OPERATING COSTS AT MANY MILLS AS
HEATING BILLS WENT UP AND EMPLOYEES SOMETIMES COULDN'T MAKE IT TO WORK THE
LOUSY WEATHER ALSO SLOWED CONSTRUCTION ACTIVITY DAMPENING PROFITS IN THE
COMPANY'S BUILDINGPRODUCTS SEGMENT

POTLATCH CORP SAN FRANCISCO HAD NET INCOME OF 53 MILLION OR 18 CENTS A
SHARE COMPARED WITH A YEARAGO LOSS OF 95 MILLION OR 33 CENTS A SHARE
HOWEVER EXCLUDING THE EFFECT OF CHARGES FOR ACCOUNTING CHANGES POTLATCH'S
OPERATING PROFIT PLUNGED 76 TO 53 MILLION FROM 226 MILLION SALES ROSE
1 TO 3653 MILLION FROM 3615 MILLION POTLATCH CITED ICE STORMS AND
POWER OUTAGES THAT CUT PRODUCTION AT SEVERAL MILLS AND POOR PULP AND PAPER
MARKETS AMONG OTHER THINGS

POPE & TALBOT INC REPORTED THAT FIRSTQUARTER NET INCOME SLIPPED 18 TO
86 MILLION OR 70 CENTS A SHARE FROM 105 MILLION OR 90 CENTS A SHARE
SALES WERE ESSENTIALLY FLAT AT 1687 MILLION THE COMPANY BASED IN
PORTLAND ORE SAID ITS LUMBERPRODUCTS RESULTS WERE STRONG BUT AN
OPERATING LOSS OF 54 MILLION IN ITS PULP AND PAPER SECTOR DRAGGED DOWN
OVERALL EARNINGS

MEANWHILE FEDERAL PAPER BOARD CO A MONTVALE NJ MAKER OF BLEACHED
PAPERBOARD AND PULP SAID ITS FIRSTQUARTER EARNINGS PLUNGED TO 31
MILLION OR FOUR CENTS A SHARE FROM 91 MILLION OR 18 CENTS A SHARE A
YEAR AGO SALES FOR THE QUARTER WERE 3195 MILLION

FEDERAL PAPER ATTRIBUTED THE POORER RESULTS TO BAD WEATHER WEAKNESS IN
PARTS OF THE PAPERBOARD MARKET AND OPERATING PROBLEMS THAT RESULTED IN LOST
PRODUCTION AND HIGHER COSTS

FIBREBOARD CORP FARED BETTER REPORTING RECORD EARNINGS OF 75 MILLION OR
166 A SHARE UP 17 FROM YEARAGO PROFIT OF 64 MILLION OR 149 A
SHARE HOWEVER MUCH OF THAT IMPROVEMENT CAME FROM BOOMING PROFITS IN ITS
SKIRESORT DIVISION WHICH WERE BOUYED BY THE RECENT ACQUISITION OF ITS
SECOND CALIFORNIA SKI AREA OPERATING PROFIT IN THE COMPANY'S WOOD PRODUCTS
SECTOR DECLINED TO 49 MILLION FROM 64 MILLION LAST YEAR

FIBREBOARD'S TOTAL SALES INCREASED 15 TO 863 MILLION FROM 749 MILLION

MOST OF THE COMPANIES SAID THEY EXPECT PULP AND PAPER MARKETS TO REMAIN
TROUBLESOME IN COMING QUARTERS WHICH COULD PINCH RESULTS LUMBER PRICES ARE
EXPECTED TO REMAIN RELATIVELY HIGH BECAUSE OF TIGHT TIMBER SUPPLIES PARTLY
AS A RESULT OF OWLRELATED LOGGING RESTRICTIONS IN THE NORTHWEST THE
CLINTON ADMINISTRATION YESTERDAY UNVEILED A PLAN IT HOPES WILL FREE UP SOME
TIMBER IN THE REGION BUT THE PLAN ISN'T LIKELY TO HAVE MUCH IMPACT ON LOG
PRICES UNTIL LATER IN THE YEAR AT THE EARLIEST

IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY BOISE CASCADE CLOSED
AT 2325 DOWN 25 CENTS POTLATCH CLOSED AT 40375 DOWN 1 POPE & TALBOT
CLOSED AT 25375 UP 625 CENTS WHILE FEDERAL PAPER'S SHARES FINISHED AT
22625 UP 375 CENTS IN AMERICAN STOCK EXCHANGE TRADING FIBREBOARD
CLOSED AT 38 UP 50 CENTS

ADDITIONALLY LOUISIANAPACIFIC CORP SAID ITS FIRSTQUARTER EARNINGS FELL
3 TO 852 MILLION OR 77 CENTS A SHARE FROM 877 MILLION OR 80 CENTS A
SHARE A YEAR AGO THE PORTLAND OREBASED COMPANY SAID SALES ROSE 8 TO
698 MILLION FROM 649 MILLION THE COMPANY SAID ITS BUILDINGPRODUCTS
BUSINESS WAS STRONG DESPITE WEATHERRELATED SLOWDOWNS THE COMPANY SAW SOME
IMPROVEMENT IN THE PULP MARKET REDUCING ITS LOSS IN THAT BUSINESS TO 10
MILLION IN THE QUARTER FROM 17 MILLION A YEAR AGO IN NEW YORK STOCK
EXCHANGE COMPOSITE TRADING THE COMPANY'S SHARES CLOSED AT 34625 UP 1
9404150181 940415 MUSTANG OWNERS GATHER TO SALUTE RUSTY UNDERSIDES AND
LEAKY ROOFS  BY ROBERT FRANK STAFF REPORTER OF THE WALL STREET
JOURNAL

NOT EVERY FORD MUSTANG ON THE FACE OF THE EARTH WILL BE IN CHARLOTTE NC
THIS WEEKEND IT WILL JUST SEEM THAT WAY

SOME 3000 OF THE POPULAR ROADSTERS ACCOMPANIED BY 10000 OWNERS AND 50000
SPECTATORS WILL CROWD INTO THE CITY'S MOTOR SPEEDWAY FOR WHAT'S BEING
BILLED AS THE LARGEST GATHERING EVER OF MUSTANG FANS THE REASON A
CELEBRATION OF THE 30TH BIRTHDAY OF THE VEHICLE UNVEILED AT THE WORLD'S
FAIR IN NEW YORK ON THE SAME APRIL WEEKEND IN 1964

CAR BUFFS OF COURSE ARE KNOWN FOR THEIR DEVOTION TO THEIR RESPECTIVE
AUTOS BUT THIS PARTICULAR GATHERING ACCORDING TO SOME IS PUSHING THE
DEFINITION OF THE WORD LOYALTY INTO UNCHARTED TERRITORIES

THESE GUYS WOULD GIVE UP THEIR WIFE AND KIDS BEFORE THEIR MUSTANG SAYS
BILL DILLARD PRESIDENT OF THE MUSTANG CLUB OF AMERICA OWNER 1989
CONVERTIBLE

START WITH THE DISTANCES SOME OF THE PARTICIPANTS ARE TRAVELING A CARAVAN
OF 500 VINTAGE MODELS IS WINDING ITS WAY TO THE PARTY FROM SACRAMENTO
CALIF CARS ARE ALSO BEING SHIPPED FROM AUSTRALIA EUROPE AND JAPAN SOME
OWNERS STARTED OVERHAULING THEIR CARS WHEN GEORGE BUSH WAS STILL PRESIDENT
JUST TO GET READY FOR THIS WEEKEND

BOB DEALE OWNER 1991 FIVELITER AND 1964 1/2 CONVERTIBLE A VICE
PRESIDENT AT MERRILL LYNCH IN ATLANTA SAYS HE WAS UP TO MY ELBOWS IN
GREASE TO DETAIL HIS ENGINE FOR THE SHOW HE STARTED WORK ON THE CAR THREE
YEARS AGO TO PREPARE FOR THE EVENT LYNN PERRY OF DALLAS GA OWNER 1973
RED CONVERTIBLE 1973 YELLOW CONVERTIBLE AND 1991 COUPE HAS BEEN RESTORING
HER CARS FOR A YEAR AND A HALF

ONCE THERE THEY WILL DRINK BEER OGLE RESTORATION JOBS AND TALK TUBULAR
EXHAUST HEADERS AND OVERSIZED THROTTLE BODIES THEY WILL SWAP HORROR STORIES
OF LOOSE ENGINE PARTS RUSTY UNDERSIDES TRUNKS THE SIZE OF A SHOEBOX AND
CONVERTIBLE ROOFS THAT WOULD NEVER BE MISTAKEN FOR UMBRELLAS THEY LEAK
LIKE SIEVES SAYS MR DEALE AND THEY WILL DINE ON A BIRTHDAY CAKE
COVERING AN ORIGINAL FULLSIZED 1964 1/2 MODEL MUSTANG

AS PART OF THE SHOW FORD WILL ROLL OUT ITS TOP MUSTANG FANATIC CHAIRMAN
ALEX TROTMAN TO THANK THE FANS AND HYPE FORD'S NEW MUSTANG ONE SPECIAL
GUEST SCHEDULED TO ATTEND PRESIDENT BILL CLINTON OWNER 1968 CONVERTIBLE
HIS MUSTANG HOWEVER WILL REMAIN IN A MUSEUM IN LITTLE ROCK ARK
9404150180 940415 CANADA SETS AUCTION OF 8 BONDS

OTTAWA THE CANADIAN GOVERNMENT SAID IT WILL AUCTION WEDNESDAY 12 BILLION
CANADIAN DOLLARS US873 MILLION OF NONCALLABLE 8 BONDS DUE JUNE 1 2023

PROCEEDS OF THE ISSUE WILL BE USED FOR GENERAL GOVERNMENT PURPOSES
9404150179 940415 SINGAPORE AIR IN BEIJING VENTURE

SINGAPORE SINGAPORE AIRLINES LTD SAID IT FORMED A JOINT COMPANY WITH
BEIJING CAPITAL INTERNATIONAL AIRPORT TO HANDLE GROUND SERVICES AT THE
AIRPORT

THE COMPANY'S SINGAPORE AIRPORT TERMINAL SERVICES WILL OWN 40 OF THE NEW
VENTURE BEIJING AVIATION GROUND SERVICES LTD 9404150178 940415 RISE IN
SPAIN'S CPI

MADRID SPAIN'S CONSUMER PRICE INDEX CPI WAS UP 03 IN MARCH FROM
FEBRUARY LEAVING THE YEARTOYEAR RATE FLAT AT 50 THE NATIONAL
STATISTICS INSTITUTE SAID THURSDAY

UNDERLYING INFLATION A MEASURE OF CONSUMER PRICES EXCLUDING THOSE FOR
FRESH FOOD AND ENERGY ROSE 05 IN MARCH LEAVING THE YEARTOYEAR RATE
UNCHANGED FROM FEBRUARY AT 49 9404150177 940415 BEST PRODUCTS PLANS
SHOWROOMS

RICHMOND VA CATALOG SHOWROOM RETAILER BEST PRODUCTS CO SAID IT EXPECTS
TO OPEN 10 NEW SHOWROOMS DURING 1994 INCLUDING LOCATIONS IN AUSTIN TEXAS
WALDORF MD AND SEATTLE

THE COMPANY OPERATES 157 BEST SHOWROOMS AND 12 BEST JEWELRY STORES IN 22
STATES IT EXPECTS TO EMERGE FROM CHAPTER 11 BANKRUPTCYLAW PROCEEDINGS
DURING THE SPRING 9404150176 940415 CITY HOLDING PLANS BUYBACK

CHARLESTON WVA CITY HOLDING CO SAID ITS BOARD ALLOCATED 5 MILLION TO
BE USED FOR A STOCKBUYBACK PROGRAM OVER THE NEXT TWO YEARS

THE BANK HOLDING COMPANY SAID THE PURPOSE OF THE PROGRAM WILL BE TO
ACCUMULATE SHARES FOR ITS PROFITSHARING 401K AND DIVIDENDREINVESTMENT
PLANS

CITY HOLDING CURRENTLY HAS 29 MILLION COMMON SHARES OUTSTANDING
9404150175 940415 WHO'S NEWS EXABYTE CORP

EXABYTE CORP BOULDER COLO MARK W PERRY VICE CHAIRMAN OF SILICON
GRAPHICS INC WAS NAMED A DIRECTOR OF THIS MAKER OF DATASTORAGE DEVICES
MR PERRY 50 YEARS OLD SUCCEEDS KEN NAKAO AN EXECUTIVE AT KUBOTA CORP IN
OSAKA JAPAN EXABYTE SAID MR NAKAO DIDN'T STAND FOR REELECTION BECAUSE
EXABYTE AND KUBOTA ENDED THEIR MANUFACTURING PARTNERSHIP LAST YEAR
9404150174 940415 SUNRISE TECHNOLOGIES SEES 1STQUARTER LOSS BUT
PROFIT FOR YEAR  SPECIAL TO THE WALL STREET JOURNAL

FREMONT CALIF AFTER REPORTING TWO YEARS OF LOSSES MAINLY DUE TO A
FAILED MARKETING AGREEMENT SUNRISE TECHNOLOGIES INTERNATIONAL INC EXPECTS
TO BE PROFITABLE IN 1994 AND TO ALMOST DOUBLE REVENUE FROM THE YEAREARLIER
PERIOD

CHAIRMAN AND CHIEF EXECUTIVE ARTHUR VASSILIADIS SAID HE IS COMFORTABLE
WITH ANALYSTS' EARNINGS ESTIMATES OF 18 CENTS A SHARE ON REVENUE OF 20
MILLION IN 1993 THE COMPANY POSTED A LOSS OF 74 CENTS A SHARE ON REVENUE
OF 118 MILLION THE PREVIOUS YEAR SUNRISE TECHNOLOGIES HAD A LOSS OF
144 A SHARE SUNRISE TECHNOLOGIES DEVELOPS LASER SYSTEMS FOR OPHTHALMIC
AND DENTAL USES

MR VASSILIADIS SAID 1994 FIRSTQUARTER RESULTS WILL BE IN LINE WITH
PROJECTIONS OF SALES OF ABOUT 25 MILLION AND A LOSS OF NINE CENTS A SHARE
WE WILL HAVE A LOSS HE SAID THE QUARTER WILL BE DISAPPOINTING BECAUSE
THE APPROVAL FOR THE MICROPREP DENTAL LASER DIDN'T COME THROUGH

SUNRISE TECHNOLOGIES REPORTED REVENUE OF 3 MILLION AND A LOSS OF SEVEN
CENTS A SHARE IN THE 1993 QUARTER

SUNRISE TECHNOLOGIES IS SEEKING FOOD AND DRUG ADMINISTRATION APPROVAL FOR A
NEW DENTAL LASER THAT REMOVES ENAMEL AND DECAY FROM TEETH WITHOUT VIBRATION
AND LESS PAINFULLY THAN THE TRADITIONAL AIR DRILL

MR VASSILIADIS SAID HIS COMPANY HAS RECEIVED 100 ORDERS IN THE US AND
EUROPE FOR THIS DENTAL SYSTEM AND SAID THERE ARE INDICATIONS THE FDA WILL
APPROVE THE PRODUCT SHORTLY THE MICROPREP DENTAL LASER IS PRICED AT ABOUT
10000

ON THE OPHTHALMIC SIDE OF THE BUSINESS SUNRISE TECHNOLOGIES IS HAVING
SUCCESS OVERSEAS WITH ITS LASER THERMAL KERATOPLASTY SYSTEM WHICH USES
LASER ENERGY TO CHANGE THE CURVATURE OF THE CORNEA AND TREATS
FARSIGHTEDNESS

THE COMPANY IS EXPECTED TO REPORT FIRSTQUARTER RESULTS IN THE NEXT TWO
WEEKS

DEVELOPED IN COLLABORATION WITH DANVILLE ENGINEERING INC SUNRISE
TECHNOLOGIES INTERNATIONAL INC'S MICROPREP CAVITYPREPARATION SYSTEM
COMBINES SMALL PARTICLES WITH A HIGHSPEED AIR FLOW THE PARTICLE STREAM IS
DIRECTED TO TOOTH SURFACES AND BY AN ABRASIVE ACTION CAN REMOVE ENAMEL AND
DENTIN THUS PREPARING A CAVITY FOR THE APPLICATION OF RESTORATIVE
MATERIALS IN AN ARTICLE FRIDAY THE MICROPREP SYSTEM WAS INCORRECTLY
CHARACTERIZED AS A DENTAL LASER 9404150173 940415 WARHOL ESTATE'S ART 
TOTALS 3909 MILLION NEW YORK COURT SAYS

NEW YORK A NEW YORK STATE COURT HAS RULED THAT THE VALUE OF THE ART IN
POP ARTIST ANDY WARHOL'S ESTATE IS 3909 MILLION ALMOST FOUR TIMES THE
VALUE CLAIMED BY THE ARTIST'S CHARITABLE FOUNDATION

THE VALUE OF THE ESTATE HAS BEEN THE SUBJECT OF A BITTER BATTLE BETWEEN THE
ANDY WARHOL FOUNDATION AND THE ESTATE'S FORMER ATTORNEY EDWARD HAYES MR
HAYES STANDS TO GAIN 2 OF THE VALUE IF A CONTRACT HE MADE WITH THE
EXECUTOR MR WARHOL'S MANAGER FRED HUGHES IS UPHELD IN A SECOND PART OF
THE TRIAL SET TO COMMENCE SHORTLY IN NEW YORK STATE SURROGATE'S COURT

IN A DECISION SHARPLY CRITICAL OF AUCTION HOUSE CHRISTIES INTERNATIONAL PLC
WHICH APPRAISED THE ESTATE JUDGE EVE PREMINGER RULED THAT ALL THE EXPERTS
FOR THE FOUNDATION PRESENTED A NEGATIVE VIEW AS TO THE MARKETABILITY OF
WARHOL'S ART THIS VIEW IS NOT SUPPORTED BY THE EMPIRICAL EVIDENCE THE
JUDGE NOTED THAT MR WARHOL IS WIDELY RECOGNIZED AS ONE OF THE WORLD'S MOST
IMPORTANT AND INFLUENTIAL ARTISTS SHE FURTHER STATED THAT CHRISTIES
APPEARED TO HAVE A CONFLICT IN THAT IT BOTH APPRAISED THE ART AND SOUGHT
EVENTUALLY TO AUCTION IT ON BEHALF OF THE FOUNDATION

SHE RULED THAT THE VALUE OF THE TOTAL ESTATE INCLUDING REAL ESTATE AND
OTHER ASSETS IS 5099 MILLION NOT THE 220 MILLION CLAIMED BY THE
WARHOL FOUNDATION MR HAYES HAD SOUGHT A VALUE OF 827 MILLION FOR THE ART
ALONE THE FOUNDATION CLAIMED A VALUATION OF ABOUT 100 MILLION MR HAYES
CLAIMED A FAIR MARKET VALUE OF 708 MILLION

IT WAS IN THE WARHOL FOUNDATION'S INTEREST TO UNDERSTATE THE VALUE OF THE
ESTATE SINCE IT LIMITS BOTH MR HAYES'S POTENTIAL FEE AND THE AMOUNT BY
LAW THAT THE FOUNDATION MUST DISTRIBUTE ANNUALLY TO REMAIN A CHARITY

MR HAYES REACHED AT HIS NEW YORK TOWNHOUSE SAID I'M VERY HAPPY AT THE
JUDGE'S DECISION

THE DECISION STANDS TO NET HIM AN ADDITIONAL 53 MILLION IN FEES ABOVE THE
49 MILLION HE'S ALREADY BEEN PAID BUT ONLY IF HIS CONTRACT IS UPHELD IN
COURT

ARCHIBALD GILLIES THE FOUNDATION'S PRESIDENT COULDN'T BE REACHED FOR
COMMENT 9404150172 940415 HOLIDAY INN TO OPEN BUDGET HOTEL CHAIN 
THROUGHOUT EUROPE  A WALL STREET JOURNAL NEWS ROUNDUP

HOLIDAY INN WORLDWIDE PLANS TO OPEN MORE THAN 100 BUDGET HOTELS ACROSS
EUROPE IN THE NEXT FIVE YEARS AS PART OF A MAJOR EFFORT TO INTRODUCE A NEW
BRAND TO THE EUROPEAN MARKET

THE BIG HOTEL GROUP OWNED BY BASS PLC SAID IT WILL INTRODUCE THE HOLIDAY
INN EXPRESS HOTEL TO EUROPE AS PART OF AN AGGRESSIVE DRIVE TO PLANT THE
ECONOMY HOTELS THROUGHOUT THE WORLD THE HOTELS WILL BE BUILT BY VARIOUS
PROPERTY DEVELOPERS UNDER FRANCHISE AGREEMENTS WITH HOLIDAY INN ALTHOUGH IN
SOME CASES THE HOTEL CHAIN WILL TAKE AN EQUITY STAKE OF ITS OWN

TARGETED AT TRAVELING SALESMEN JUNIOR EXECUTIVES AND FAMILIES THE HOTELS
USUALLY WILL HAVE NO RESTAURANTS AND WILL OFFER ONLY BASIC BUSINESS SERVICES
AND BREAKFAST A ROOM IS EXPECTED TO COST ABOUT 55 A NIGHT

OUR RESEARCH SHOWS THAT WHAT GUESTS WANT IS A GOOD CLEAN ROOM WITH
FRIENDLY EFFICIENT SERVICE FOR A GOOD PRICE SAID HOLIDAY INN CHAIRMAN
BRYAN LANGTON

WHILE BUDGET AND ROADSIDE HOTELS HAVE LONG SINCE BEEN DOMINATED BY BRAND
NAMES IN THE US THE SECTOR IN EUROPE CONSISTS LARGELY OF REGIONAL OR
NATIONAL CHAINS THE INFLUENCE OF THE REGIONAL COMPANIES HAS PREVENTED
INTERNATIONAL CHAINS FROM WINNING MANY LOYALTIES BUT LIKE EUROPEAN HOTEL
GROUPS ACCOR SA AND FORTE PLC HOLIDAY INN IS BETTING THAT IT CAN PUT ITS
MARKETING SKILLS TO USE IN THE SECTOR

HOLIDAY INN SAYS IT WILL TARGET GERMANY CENTRAL EUROPE THE UK SPAIN AND
FRANCE IN ITS EXPANSION EFFORT THE FIRST EXPRESS HOTEL IS PLANNED TO OPEN
IN COTTBUS GERMANY AND IS PART OF A JOINT VENTURE WITH INSTAG AG A
COLOGNE PROPERTY DEVELOPMENT FIRM

HOLIDAY INN EXECUTIVE VICE PRESIDENT FOR EUROPE TIM CLARKE DECLINED TO SAY
HOW MUCH OF THE COMPANY'S OWN MONEY WOULD BE INVESTED IN THE EXPRESS HOTELS
BUT SAID IT IS SAFE TO SAY WE WILL BE PUTTING A SIGNIFICANT INVESTMENT INTO
THE PRODUCT 9404150171 940415 CONSORTIUM SEEKS TO LINE UP FINANCING 
FOR BIG POWER PLANT IN CZECH REPUBLIC  BY SHAILAGH MURRAY SPECIAL
TO THE WALL STREET JOURNAL

PRAGUE AN AMERICANCZECH CONSORTIUM THAT INCLUDES GENERAL ELECTRIC CO
AND A UNIT OF TEXACO INC HOPES TO BRING CUTTINGEDGE ENERGY TECHNOLOGY TO
THE CZECH REPUBLIC IN THE FORM OF A 1 BILLION POWER PLANT NEAR THE GERMAN
BORDER

IF THE PROJECT IS REALIZED IT WOULD REPRESENT ONE OF THE BIGGEST
INVESTMENTS EVER IN EASTERN EUROPE

PLANS CALL FOR THE PLANT TO BE BUILT ADJACENT TO THE LITVINOV CRUDE OIL
REFINERY NORTHWEST OF PRAGUE AND TO PROCESS COAL AND CRUDE OIL RESIDUALS
USING A COMPLICATED TECHNOLOGY CALLED IGCC OR INTEGRATED GASIFICATION
COMBINED CYCLE

BEFORE CONSTRUCTION STARTS THE CONSORTIUM MUST RESOLVE SEVERAL MAJOR
ISSUES MOST OF THEM RELATED TO FUNDING EQUITY FINANCING BY THE GROUP'S
SEVEN PARTNERS WILL PROVIDE 30 OF THE ESTIMATED 1 BILLION CONSTRUCTION
COST THE REMAINDER WILL BE BORROWED THE PARTNERS ARE NEGOTIATING WITH
VARIOUS INTERNATIONAL BANKS AND OTHER FINANCIAL INSTITUTIONS AND HOPE TO
HAVE COMMITMENTS IN PLACE BY MIDSUMMER

CONSORTIUM PARTNERS ALSO MAY ASK THE CZECH GOVERNMENT FOR LOAN GUARANTEES TO
COVER AN UNSPECIFIED PORTION OF THE BORROWED CASH THE GUARANTEES WILL BE
SOUGHT IN CASE POTENTIAL LENDERS REQUIRE THEM

AMERICAN MEMBERS OF THE CONSORTIUM ARE GE TEXACO DEVELOPMENT CORP AIR
PRODUCTS & CHEMICALS INC MISSION ENERGY A SUBSIDIARY OF SCECORP AND
NYKOMB SYNERGETICS THE CZECH PARTNERS ARE CHEMOPETROL WHICH OWNS THE
LITVINOV REFINERY AND MOSTECKA UHELNA SPOL A MAJOR CZECH MINING COMPANY

THE PLANT WHICH THE PARTNERS HOPE TO START BUILDING IN EARLY 1995 IS
EXPECTED TO GENERATE 350 MEGAWATTS OF ELECTRICITY AND ROUGHLY THE
EQUIVALENT IN STEAM AND HEAT THE REFINERY WILL CONSUME 130 MEGAWATTS OF THE
ELECTRICITY PRODUCED ALONG WITH MOST OF THE STEAM AND HEAT

BUT IN ORDER TO MAKE THE PROJECT PROFITABLE THE 220 MEGAWATTS OF EXCESS
ELECTRICITY MUST BE SOLD THUS CONSORTIUM MEMBERS ARE TRYING TO CONVINCE
THE LOCAL ENERGY DISTRIBUTOR SEZ DECIN AND THE LEADING CZECH UTILITY CEZ
TO COMMIT TO BUYING THE EXTRA ELECTRICITY

THESE TAKEOFF AGREEMENTS MUST BE FINALIZED BEFORE CONSTRUCTION CAN BEGIN
SAYS BOHUMIL STUDYNKA GE'S DIRECTOR FOR THE CZECH REPUBLIC AND SLOVAKIA

THE MONEY INVOLVED IS A PHENOMENAL SUM FOR THE CZECH REPUBLIC IF EVERYTHING
COMES TOGETHER THE 1 BILLION PRICE TAG WOULD MAKE THE PLANT THE REPUBLIC'S
COSTLIEST POSTCOMMUNIST DEAL SURPASSING THE HIGHPROFILE INVESTMENT IN THE
SKODA AUTO WORKS BY GERMANY'S VOLKSWAGEN AG AND IN THE REPUBLIC'S CIGARETTE
MONOPOLY TABAK BY PHILIP MORRIS COS OF THE US

THE CZECH MINISTRY OF TRADE AND INDUSTRY WHICH IS REVIEWING THE PROJECT
DIDN'T RESPOND TO REQUESTS FOR COMMENTS TEXACO AND MISSION ENERGY OFFICIALS
DIDN'T RETURN PHONE CALLS MR STUDYNKA SAID IF CONSTRUCTION BEGINS IN EARLY
1995 THE PLANT COULD BEGIN OPERATING BY JANUARY 1998

THE SIZE OF THE INVESTMENT ISN'T THE ONLY ASPECT OF THE PROJECT SAID TO HAVE
CAUGHT THE EYE OF GOVERNMENT OFFICIALS THE IGCC TECHNOLOGY ITSELF COULD
HELP THE CZECH REPUBLIC SOLVE A SLEW OF ENVIRONMENTAL AND ECONOMIC PROBLEMS

THE TECHNOLOGY IS A COMBINATION OF THE TEXACOINSPIRED INTEGRATED
GASIFICATION PROCESS AND GE'S COMBINEDCYCLE POWER GENERATION SYSTEM DURING
INTEGRATED GASIFICATION COAL AND CRUDE OIL RESIDUALS ARE BROKEN DOWN INTO A
SYNTHETIC GAS SUBSTANCE HOWEVER UNLIKE TRADITIONAL FOSSILFUEL PROCESSING
THE PROCEDURE PRACTICALLY ELIMINATES TOXIC EMISSIONS SUCH AS SULFUR
DIOXIDE IT ALSO CONTROLS SOLID PARTICLES THAT ARE PRODUCED ALONG THE WAY
INSTEAD OF FLOATING INTO THE AIR THESE PARTICLES ARE COLLECTED AND CAN BE
USED LATER TO PAVE ROADS FOR INSTANCE

AFTER BECOMING SYNTHETIC GAS THE FUEL IS SENT THROUGH THE COMBINED CYCLE A
THREEPART PROCESS THAT GE'S MR STUDYNKA SAYS PRODUCES POWER UP TO 60 MORE
EFFICIENTLY THAN COMPETING SYSTEMS

THAT THE CZECH REPUBLIC COULD BENEFIT FROM THE TECHNOLOGY SEEMS OBVIOUS THE
REPUBLIC NOW RECEIVES MOST OF ITS ELECTRICITY FROM A SERIES OF DECREPIT
COALFIRED PLANTS THAT HAVE TURNED LARGE SECTIONS OF THE COUNTRY'S NORTHWEST
REGION INTO A WASTELAND OF DEAD TREES AND HAVE CONTRIBUTED TO HIGH ASTHMA
RATES AMONG CHILDREN NEW ENVIRONMENTAL LAWS WILL REQUIRE MOST OF THE PLANTS
TO EITHER CLOSE OR SHARPLY REDUCE EMISSIONS BY 1998

AT THE SAME TIME COAL IS THE COUNTRY'S ONLY DOMESTIC FUEL SOURCE MINES
ALONG THE REPUBLIC'S NORTHERN RIM HAVE FOR DECADES FORMED AN ECONOMIC
BACKBONE ACCORDING TO PLANECON INC A WASHINGTONBASED THINK TANK AS OF
MID1993 THE CZECH REPUBLIC WAS EASTERN EUROPE'S LEADING PRODUCER AND
CONSUMER OF SOFT COAL

ALTHOUGH THE REPUBLIC INCREASINGLY IS TURNING TO ATOMIC ENERGY A SECOND
NUCLEARPOWER PLANT NOW IS UNDER CONSTRUCTION COAL IS EXPECTED TO REMAIN
ITS LEADING ENERGY SOURCE FOR YEARS TO COME

COAL IS WHAT'S AVAILABLE SAYS GE'S MR STUDYNKA BUT IT CAN'T BE USED AS
IT HAS BEEN HIGHER ENVIRONMENTAL STANDARDS MUST BE MET IGCC TECHNOLOGY
HE ADDS CUTS POLLUTION 10 TO 15 TIMES BETTER THAN ANYTHING ELSE
9404150170 940415 OREGON JUDGE TO REVIEW CLINTON ENVIRONMENT PLAN

WASHINGTON THE CLINTON ADMINISTRATION FORMALLY SUBMITTED TO A FEDERAL
JUDGE IN OREGON ITS PLAN FOR BALANCING ENVIRONMENTAL PROTECTION AND LOGGING
IN THE PACIFIC NORTHWEST

THE FINAL VERSION OF THE PLAN DIFFERS FROM PREVIOUS VERSIONS ONLY IN A FEW
TECHNICAL RESPECTS THE CHANGES AREN'T EXPECTED TO AFFECT THE AMOUNT OF
TIMBER CUT AND WOULD AFFECT WILDLIFE ONLY MARGINALLY THE INTERIOR
DEPARTMENT SAID

IF ACCEPTED BY JUDGE WILLIAM DWYER THE PLAN COULD LEAD TO RESUMPTION OF
TIMBER SALES IN THE AREA WHICH WERE BLOCKED BY A 1991 INJUNCTION THE
INTERIOR DEPARTMENT PLANS TO BEGIN IMPLEMENTING THE PLAN WITHIN 30 DAYS
ASSUMING IT IS APPROVED THE DEPARTMENT SAYS TIMBER SALES COULD RESUME BY
AUGUST ENVIRONMENTALISTS AND INDUSTRY ARE BOTH EXPECTED TO FIGHT THE NEW
PLAN IN COURT 9404150169 940415 INTERNATIONAL L'OREAL TO ACQUIRE 
CONTROLLING INTEREST IN ITS US LICENSEE

PARIS IN A BID TO STRENGTHEN ITS PRESENCE IN THE US COSMETICS MARKET
L'OREAL SA IS BUYING DIRECT CONTROL OF ITS US LICENSEE COSMAIR INC USA
COSMAIR IS OWNED BY L'OREAL'S TWO LEADING SHAREHOLDERS SWISS FOOD MAKER
NESTLE SA AND FRANCE'S BETTENCOURT FAMILY

THE BIG FRENCH PRODUCER OF HAIR COLORINGS CREAMS LOTIONS AND OTHER BEAUTY
PRODUCTS ALSO POSTED A 13 NET PROFIT INCREASE TO 294 BILLION FRANCS
5027 MILLION FOR 1993 ON SALES OF 4016 BILLION FRENCH FRANCS A 69
INCREASE COSMAIR'S US SALES TOTALED 132 BILLION WHICH WEREN'T INCLUDED
IN L'OREAL'S 1993 TOTAL

L'OREAL ONE OF THE WORLD'S BIGGEST COSMETICS MAKERS REFUSED TO VALUE THE
COSMAIR ACQUISITION SAYING THAT COSMAIR ISN'T PUBLICLY TRADED AND THAT THE
VALUATION WILL TAKE WEEKS TO COMPLETE L'OREAL SAID NESTLE AND LILIANE
BETTENCOURT THE ONLY CHILD OF L'OREAL'S FOUNDER WOULD RECEIVE L'OREAL
SHARES IN EXCHANGE FOR THEIR COSMAIR SHARES IN A THREESTEP PROCESS DURING
WHICH NESTLE ALSO WILL RECEIVE A CASH PAYMENT FROM L'OREAL

NESTLE AND MRS BETTENCOURT TOGETHER OWN 51 OF L'OREAL'S SHARES THROUGH A
HOLDING COMPANY CALLED GESPARAL WHICH IS HELD 51 BY MRS BETTENCOURT AND
49 BY NESTLE THEIR JOINT HOLDING IN L'OREAL WILL GROW SOMEWHAT AS A RESULT
OF THIS TRANSACTION

SPECULATION HAD APPEARED IN THE FRENCH PRESS THAT THE COSMAIR ACQUISITION
COULD BE A FIRST STEP TOWARD NESTLE'S ACQUIRING MRS BETTENCOURT'S STAKE
BUT L'OREAL AND NESTLE SAID THE 5149 SHAREHOLDING SPLIT IN GESPARAL WILL
CONTINUE LEAVING NESTLE STILL IN THE MINORITY

ON THE STOCK EXCHANGE IN PARIS L'OREAL SLIPPED TO 1187 FRANCS 203 A
SHARE FROM 1225 FRANCS A DAY EARLIER

ANALYSTS GENERALLY AGREED THAT THE MOVE WOULD BENEFIT L'OREAL'S US
OPERATIONS IT'S AN EASE OF COMMUNICATION SAID JACK SALZMAN AN ANALYST
WITH GOLDMAN SACHS CO IN NEW YORK FOR THE LAST FEW YEARS THEY HAD THIS
OVERHANG OF THREE DIFFERENT PARTIES WITH A SIZABLE STAKE WHOM THEY HAD TO
CONSULT FOR EVERY MAJOR DECISION

IT IS A CONSIDERABLE SIMPLIFICATION AND A MAJOR OPPORTUNITY TO DEVELOP OUR
BUSINESS IN THE US SAID LINDSAY OWENJONES THE CHAIRMAN OF L'OREAL
WHOSE BRANDS INCLUDE LANCOME BIOTHERM HELENA RUBINSTEIN AS WELL AS
FRAGRANCES UNDER THE CACHAREL GUY LAROCHE AND RALPH LAUREN LABELS

AS PART OF THE SAME TRANSACTION L'OREAL ALSO IS ACQUIRING CONTROL OF ITS
CANADIAN AGENT COSMAIR CANADA INC ITS SWISS AGENT LORSAFAGEL AND A 49
STAKE IN ITS SPANISH AGENT PROCASA 9404150168 940415 HUD SEEKS BROADER
POWER TO ENFORCE LOAN BIAS LAWS

WASHINGTON THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT IS SEEKING
BROADER AUTHORITY TO FINE LENDERS WHO DON'T COMPLY WITH LAWS REQUIRING THE
REPORTING OF THE RACE GENDER AND INCOME OF MORTGAGE APPLICANTS

HUD CURRENTLY CAN IMPOSE CIVIL PENALTIES ENFORCING THIS REQUIREMENT ONLY
AGAINST LENDERS WHO DO BUSINESS WITH THE DEPARTMENT PARTIES THAT DON'T DO
BUSINESS WITH THE DEPARTMENT ARE FREE TO IGNORE THE REQUIREMENTS  
WITHOUT ANY REMEDIAL ACTION AVAILABLE TO THE DEPARTMENT ASSISTANT HUD
SECRETARY ROBERTA ACHTENBERG TOLD A HOUSE BANKING SUBCOMMITTEE

THE REPORTS ARE USED TO IDENTIFY LENDING DISCRIMINATION EXTENDING HUD'S
AUTHORITY TO IMPOSE MONETARY PENALTIES WILL HELP ENSURE CONSISTENT AND
EFFECTIVE ENFORCEMENT THE HUD OFFICIAL SAID

THE SUBCOMMITTEE IS CONSIDERING HUD LEGISLATION THAT COULD AUTHORIZE SUCH
FINES 9404150167 940415 SKYWEST PASSENGER MILES INCREASE

ST GEORGE UTAH SKYWEST INC REPORTED REVENUE PASSENGER MILES FOR THE
MONTH OF MARCH ROSE ALMOST 34 TO 353 MILLION FROM 264 MILLION A YEAR
EARLIER

A REVENUE PASSENGER MILE IS ONE PAYING PASSENGER FLOWN ONE MILE

LOAD FACTOR THE PERCENTAGE OF SEATS OCCUPIED BY PAYING PASSENGERS ROSE TO
511 FROM 448 A YEAR EARLIER

FOR THE YEAR TO DATE THE AIRLINE SAID IT FLEW 935 MILLION PASSENGER MILES
AN INCREASE OF ALMOST 30 FROM THE 72 MILLION MILES FLOWN IN THE
YEAREARLIER PERIOD 9404150166 940415 FINANCING BUSINESS ECHO BAY
MINES LTD

ECHO BAY MINES LTD EDMONTON ALBERTA SAID IT REGISTERED WITH REGULATORS
IN THE US AND CANADA TO RAISE AS MUCH AS 200 MILLION FROM DEBT AND EQUITY
ISSUES THE GOLD PRODUCER SAID IT IS AGGRESSIVELY PURSUING NEW GROWTH
OPPORTUNITIES IN NORTH AMERICA SOUTH AMERICA AND ELSEWHERE AROUND THE
WORLD IT ADDED AT SOME POINT WE MAY WANT TO MOVE QUICKLY TO FINANCE ONE
OR MORE OF THOSE OPPORTUNITIES A SPOKESMAN FOR THE COMPANY SAID NO
FINANCINGS ARE PLANNED FOR THE NEAR FUTURE 9404150165 940415 PACKAGE
MACHINERY DIVISION SALE

SOMERSVILLE CONN PACKAGE MACHINERY CO SIGNED A LETTER OF INTENT TO
SELL ITS EAGLE DIVISION TO DOBOY PACKAGING MACHINGER INC FOR 45 MILLION

PACKAGING MACHINERY SAID THE PURCHASE PRICE IS SUBJECT TO ADJUSTMENT FOR
CHANGES IN THE DIVISION'S CASH FLOW AND BOOK VALUE FROM DEC 31 1993 TO
THE DATE OF CLOSING

THE COMPANY SAID IT WILL RECEIVE A ROYALTY FOR A FIVEYEAR PERIOD SHOULD
MACHINERY SALES EXCEED A MINIMUM AMOUNT EACH YEAR 9404150164 940415 LONG
ISLAND BANCORP OFFERING

MELVILLE NY LONG ISLAND BANCORP INC SAID IT COMPLETED A COMMON STOCK
OFFERING AS PART OF ITS CONVERSION FROM A FEDERAL MUTUAL SAVINGS BANK TO A
FEDERAL STOCK SAVINGS BANK

LONG ISLAND SOLD 259 MILLION SHARES AT 1150 A SHARE RAISING 2976
MILLION IN GROSS PROCEEDS THE SHARES WILL TRADE ON THE NASDAQ STOCK MARKET
UNDER THE SYMBOL LISB

THE BANK HAD ASSETS OF 43 BILLION AT DEC 31 IT OPERATES 37 BRANCHES IN
QUEENS NASSAU AND SUFFOLK COUNTIES OF NEW YORK 9404150163 940415
MCDONNELL DOUGLAS CONTRACT

MCDONNELL DOUGLAS CORP AS EXPECTED SIGNED A CONTRACT OF MORE THAN 400
MILLION TO LAUNCH 40 COMMUNICATIONS SATELLITES FOR THE IRIDIUM MOBILEPHONE
PROJECT BEING LED BY MOTOROLA INC

THE ST LOUISBASED AEROSPACE CONCERN WILL USE EIGHT DELTA II LAUNCH
VEHICLES TO PUT THE SATELLITES IN LOW ORBIT FROM CALIFORNIA'S VANDENBERG AIR
FORCE BASE WITH THE FIRST LAUNCH TAKING PLACE IN 1996 MCDONNELL DOUGLAS
SAID 9404150162 940415 NEXTEL TO GET 20 STAKE IN SABER

RUTHERFORD NJ NEXTEL COMMUNICATIONS INC SAID IT WILL INVEST 5
MILLION FOR A 20 STAKE IN SABER COMMUNICATIONS INC A SPECIALIZED MOBILE
RADIO OPERATOR IN LOUISIANA ALABAMA MISSISSIPPI AND FLORIDA

NEXTEL ALSO WILL PROVIDE 30 MILLION OF FINANCING THAT UNDER CERTAIN
CIRCUMSTANCES COULD BE CONVERTED INTO ADDITIONAL EQUITY BOOSTING NEXTEL'S
EQUITY TO AN 80 INTEREST

NEXTEL IS A PROVIDER OF WIRELESS COMMUNICATIONS SERVICES 9404150161
940415 TEXAS INDUSTRIES DEBENTURES

DALLAS TEXAS INDUSTRIES INC REPORTED THE RESULTS OF MONDAY'S REDEMPTION
OF ITS 9 CONVERTIBLE SUBORDINATED DEBENTURES DUE JAN

THE COMPANY SAID THAT OF THE 475 MILLION BALANCE OUTSTANDING HOLDERS
CONVERTED 466 MILLION OF THE DEBENTURES INTO 1420000 SHARES OF COMMON
STOCK THE REMAINING BONDS WERE RETIRED AT PAR VALUE TEXAS INDUSTRIES SAID

THE PRODUCER OF STEEL CEMENT CONCRETE AND AGGREGATES SAID IT NOW HAS ABOUT
125 COMMON SHARES OUTSTANDING 9404150160 940415 AMERIHEALTH INC

ATLANTA AMERIHEALTH INC SAID IT RETAINED GOLDMAN SACHS & CO TO HELP
THE COMPANY PURSUE VARIOUS STRATEGIC ALTERNATIVES INCLUDING A MERGER SALE
OR RESTRUCTURING

AMERIHEALTH WHICH RUNS SEVERAL HOSPITALS AND HEALTHCARE FACILITIES SAID
IT IS CONTINUING NEGOTIATIONS WITH BANKS TO REDUCE ITS DEBT LOAD BUT THE
COMPANY SAID IT HAS NO COMMITMENTS OR ASSURANCES THE RESOLUTION TRUST CORP
RECENTLY DECLINED TO OFFER THE COMPANY A ONEYEAR EXTENSION ON ITS 192
MILLION NOTE 9404150159 940415 ENTERPRISE FRAUD IN SBA LENDING PROGRAM
MAY BE WIDESPREAD  LAWSUIT BY MECHANICS NATIONAL BANK DESCRIBES
ALLEGED DECEPTIVE PRACTICES  BY JOHN R EMSHWILLER STAFF REPORTER
OF THE WALL STREET JOURNAL

LOS ANGELES SUSPECTED FRAUD IN A SMALL BUSINESS ADMINISTRATION LENDING
PROGRAM MAY BE MORE WIDESPREAD THAN PREVIOUSLY BELIEVED

THE ALLEGED FRAUD COULD INVOLVE TENS OF MILLIONS OF DOLLARS IN LOANS TO
SMALL BUSINESSES ACCORDING TO STATEMENTS OF KNOWLEDGEABLE INDIVIDUALS AND
CHARGES IN A LAWSUIT FILED RECENTLY IN A CALIFORNIA STATE COURT HERE
MECHANICS NATIONAL BANK BROUGHT THE SUIT AGAINST A FORMER SENIOR BANK
OFFICIAL GEROLD Y MORITA ALLEGING THAT HE PLAYED A MAJOR ROLE IN THE
PURPORTED FRAUD

FEDERAL REGULATORS SEIZED MECHANICS BASED IN NEARBY PARAMOUNT EARLIER THIS
MONTH AFTER THEY CONCLUDED THAT THE BANK'S UNSOUND LENDING PRACTICES HAD
LEFT THE INSTITUTION INSOLVENT AMONG THE PROBLEMS CITED BY REGULATORS WERE
LOANS MECHANICS MADE UNDER THE POPULAR SBA LENDING PROGRAM THE BANK ONCE
WAS AMONG THE MOST ACTIVE PARTICIPANTS IN THE PROGRAM WHICH ACCOUNTED FOR
ABOUT 64 BILLION OF LOANS DURING FISCAL 1993 ENDED SEPT 30

UNDER THE PROGRAM THE SBA PARTIALLY GUARANTEES REPAYMENT OF LOANS MADE BY
PRIVATE BANKS ACROSS THE COUNTRY THE AGENCY'S GUARANTEE RANGES FROM 70 TO
90 OF THE FACE AMOUNT OF A LOAN BUT RECENTLY THE PROGRAM HAS BEEN HIT BY
EVIDENCE OF APPARENT FRAUD AND SLOPPY LENDING PRACTICES PARTICULARLY IN
CALIFORNIA THE PROGRAM'S BIGGEST MARKET

THE SUIT AGAINST MR MORITA GIVES THE MOST DETAILED LOOK YET INTO HOW THE
SUSPECTED FRAUD ALLEGEDLY WORKED AMONG OTHER THINGS MECHANICS CHARGES THAT
MR MORITA AND MICHAEL SAEI AN INDEPENDENT LOCAL LOAN BROKER CONSPIRED TO
WIN THE BANK'S APPROVAL OF NUMEROUS SMALLBUSINESS LOAN APPLICATIONS THAT
CONTAINED FICTITIOUS FINANCIAL INFORMATION SUCH AS TAX RETURNS SHOWING
INFLATED INCOME LEVELS AS PREVIOUSLY REPORTED FEDERAL INVESTIGATORS HAVE
BEEN ESPECIALLY INTERESTED IN THE ROLE OF LOAN BROKERS ALSO KNOWN AS LOAN
PACKAGERS IN THE SUSPECTED FRAUD

MR MORITA AND MR SAEI HAVE DENIED ANY WRONGDOING

SMALL COMPANIES FLOCKED TO THE SBA PROGRAM IN RECENT YEARS WHEN CONVENTIONAL
BANK LOANS BECAME MORE DIFFICULT TO OBTAIN BUT AS THE LOAN PROGRAM GREW SO
DID EVIDENCE THAT SOME SMALL BUSINESSES WERE TRYING TO ILLEGALLY OBTAIN
LOANS FOR WHICH THEY DIDN'T QUALIFY

FEDERAL INVESTIGATORS ARE STUDYING DOZENS OF SUSPECT LOAN APPLICATIONS FOR
POSSIBLE CIVIL OR CRIMINAL VIOLATIONS AT MECHANICS ALONE ABOUT 50 MILLION
OF ITS SBAGUARANTEED LOANS HAVE GONE INTO DEFAULT ACCORDING TO PEOPLE
FAMILIAR WITH THE BANK'S LOAN PORTFOLIO SINCE JOINING THE SBA PROGRAM IN
1980 MECHANICS HAS MADE MORE THAN 225 MILLION IN GUARANTEED LOANS MUCH OF
THAT LENDING OCCURRED IN THE LAST SEVERAL YEARS

IN ITS SUIT MECHANICS LAID MUCH OF THE BLAME FOR THOSE LOAN PROBLEMS ON MR
MORITA A SENIOR VICE PRESIDENT WHO HEADED THE BANK'S SBA LOAN DEPARTMENT
FROM 1985 UNTIL HE DEPARTED LAST YEAR THOUGH MR MORITA WORKED FOR THE
BANK THE SUIT CONTENDS HE HAD HIDDEN BUSINESS TIES WITH MR SAEI THE
LOAN BROKER

THE SUIT SAYS THE BANK DIDN'T KNOW THAT THE PAIR HAD JOINT BUSINESS VENTURES
IN WHICH THEY WERE OFFICERS AND OWNERS MR SAEI ALSO ALLEGEDLY SERVED FOR A
TIME AS MR MORITA'S ATTORNEY BECAUSE OF SUCH TIES THE SUIT CHARGES MR
MORITA GAVE MR SAEI FAVORED STATUS AS A LOAN BROKER AND THE BANK
SUBJECTED HIS SMALLBUSINESS APPLICANTS TO LESS VIGILANCE THAN WAS
REQUIRED

BETWEEN 1989 AND MID1993 MECHANICS FUNDED ABOUT 60 MILLION IN
SBAGUARANTEED AND OTHER LOANS BROUGHT TO IT BY MR SAEI ACCORDING TO THE
SUIT A SUBSTANTIAL NUMBER OF SUCH LOANS WERE MADE BASED ON FALSE OR
FRAUDULENT FINANCIAL INFORMATION THE SUIT CONTINUES THE SUIT ESTIMATES
THAT THE RESULTING DEFAULTS AND FORECLOSURES RESULTED IN MILLIONS OF
DOLLARS OF LOSSES TO THE BANK

DURING THIS TIME MESSRS MORITA AND SAEI REAPED FAT FEES TIED TO THE VOLUME
OF SBAGUARANTEED LOANS MADE BY MECHANICS ACCORDING TO THE SUIT THE BANK
CLAIMS THAT MR MORITA RECEIVED MORE THAN 2 MILLION OF SUCH FEES AS AN
INCENTIVE BONUS WHILE MR SAEI REAPED OVER 700000 IN COMMISSIONS FROM
MECHANICS BETWEEN 1989 AND 1993

BESIDES MILLIONS OF DOLLARS OF LOSSES TIED TO THE UNGUARANTEED PORTIONS OF
DEFAULTED SBABACKED LOANS MECHANICS CLAIMS THAT IT LOST UNSPECIFIED
ADDITIONAL SUMS ON LOANS ON WHICH THE FEDERAL AGENCY REFUSED TO HONOR ITS
GUARANTEE THE SBA RESERVES THE RIGHT TO VOID THE LOAN GUARANTEE IF THE
AGENCY BELIEVES A BANK FAILED TO FOLLOW THE PROGRAM'S LENDING GUIDELINES AN
SBA OFFICIAL SAID THE AGENCY DIDN'T HAVE ANY IMMEDIATE COMMENT ON THE
MATTER

AN ATTORNEY FOR MR SAEI SAYS HIS CLIENT DENIES ANY WRONGDOING HE SAYS HIS
CLIENT IS STILL OPERATING AS A LOAN BROKER BUT WOULDN'T ELABORATE MR
MORITA'S ATTORNEY DIDN'T RETURN PHONE CALLS IN A COURT FILING HOWEVER THE
FORMER MECHANICS OFFICER ALSO DENIED WRONGDOING 9404150158 940415
PEPPERAND SALT

BUT FOR ME IT IS IMPOSSIBLE

THAN CERTAIN DEATH AND TAXES

THAT SEMIANNUAL VISIT FOR MY DENTAL PROPHYLAXIS

MY OPENED MOUTH EVINCES

MY DENTIST IS IMPLAQUEABLE 9404150157 940415 FOR HUGO BOSS IT'S TIME TO
LEAVE HOME  MENSWEAR MAKER MOVES PRODUCTION TO EASTERN EUROPE 
 BY CACILIE ROHWEDDER STAFF REPORTER OF THE WALL STREET JOURNAL

METZINGEN GERMANY THE LONG ROWS OF RATTLING SEWING MACHINES BUSY
SEAMSTRESSES AND FABRIC SCRAPS ON THE FACTORY FLOOR ARE DECEIVING THE
TEXTILE PLANT IN THIS SLEEPY SOUTHERN GERMAN TOWN IS PART OF A DYING
SPECIES

LIKE MANY GERMAN CLOTHING COMPANIES HUGO BOSS AG IS MOVING ITS PRODUCTION
TO EASTERN EUROPE WITHIN A YEAR THE MENSWEAR MAKER CUT ITS GERMAN
MANUFACTURING BASE TO 20 FROM 40 IN EARLY 1993 A MAJORITY OF BOSS'S
SUITS JACKETS AND SHIRTS NOW COME FROM ROMANIA SLOVENIA AND TWO NEW JOINT
VENTURES IN SLOVAKIA AND THE CZECH REPUBLIC IT REALLY MAKES ME SAD BECAUSE
WE'RE NOT THE ONLY ONES DOING THIS SAID PETER LITTMANN BOSS'S CZECHBORN
CHAIRMAN IN AN INTERVIEW AT THE COMPANY'S HEADQUARTERS NEAR STUTTGART BUT
FROM AN ENTREPRENEURIAL STANDPOINT I DON'T HAVE A CHOICE

THE COMPANY SAYS EASTERN EUROPE'S SKILLED BUT CHEAP WORKERS ARE LOWERING ITS
LABOR COSTS BY 30 AND IN LAST YEAR'S DIFFICULT ENVIRONMENT WE LOOKED AT
COST VERY CLOSELY MR LITTMANN SAID

WITH GOOD RESULTS IN 1993 NET PROFIT SURGED 73 TO 765 MILLION MARKS
448 MILLION AND BOSS PLEASED SHAREHOLDERS WITH A DIVIDEND BOOST AND A
SPECIAL PERSHARE BONUS DIVIDEND BUT DESPITE LAST YEAR'S RECORD PROFIT
SALES DROPPED 78 AND CONSUMER SPENDING ON STYLISH SUITS IS UNLIKELY TO
RISE IN 1994 AS A RESULT BOSS EXPECTS THIS YEAR'S EARNINGS TO FALL TO 1992
LEVELS IN THE FIRST QUARTER ALREADY GROUP SALES WERE 10 BELOW PLAN

BOSS IS BATTLING TOUGH TIMES NOT ONLY WITH ITS EXODUS TO EASTERN EUROPE BUT
A RADICALLY NEW MARKETING STRATEGY RECOGNIZING THAT THE BOSS BRAND OUTLIVED
ITS IMAGE AS A YUPPIE UNIFORM OF THE 1980S THE COMPANY SPLIT THE BRAND INTO
THREE LABELS TO CATER TO THE MORE INDIVIDUALISTIC AND SEGMENTED MARKETPLACE
OF THE 1990S TO ADD YOUNGER BUYERS TO ITS TRADITIONAL TARGET GROUP BOSS IS
LAUNCHING A TRENDIER MORE CASUAL LINE IT BAPTIZED HUGO THE COMPANY IS ALSO
TRYING TO ATTRACT A MORE AFFLUENT CLIENTELE WITH BALDESSARINI A PREMIUM
COLLECTION OF EXPENSIVE FABRICS AND ITALIANSTYLE CUTS

THERE IS NO MORE MACHO BEHAVIOR NO MORE PRETENTIOUSNESS SAID MR
LITTMANN THE MESSAGE USED TO BE I'M WEARING BOSS SO I'M THE BOSS' THAT
IMAGE WOULD BE DANGEROUS NOWADAYS

THE BOSS AT BOSS HIMSELF CLAD IN A HAZELCOLORED BALDESSARINI JACKET AND
BOSS PANTS INSISTS THAT THE IDEA BEHIND THE NEW STRATEGY ISN'T ONE OF
PRICE SEGMENTATION INSTEAD THE GOAL IS TO REFRESH AN OLD BRAND WITH A
TRENDY TOUCH AND LINK THE NEW BRANDS TO BOSS'S WELLESTABLISHED REPUTATION
HUGO'S COLORFUL OUTFITS COST ALMOST AS MUCH AS BOSS'S CLEANCUT CLOTHING A
BOSS SUIT COSTS 700 MARKS TO 1000 MARKS 409 TO 585 WHILE HUGO SUITS
COST AT LEAST 700 MARKS BUT NO MORE THAN 800 MARKS 468 BALDESSARINI IS
UP TO 30 MORE EXPENSIVE THAN BOSS

INDUSTRY ANALYSTS SAY IT'S TOO EARLY TO JUDGE THE SUCCESS OF THE NEW
COLLECTIONS WHICH ARRIVED IN CLOTHES STORES JUST THIS SPRING BUT MOST ARE
WELCOMING THE COMPANY'S TURN AWAY FROM THE MASSBRANDING APPROACH OF THE
1980S THEY SAW THAT THERE WAS A PROBLEM WHEN SONS REFUSED TO WEAR THE SAME
BRAND AS THEIR FATHERS SAID ALEXANDER VOLLET AN ANALYST WITH ENSKILDA
RESEARCH IN FRANKFURT BUT HE WARNS THAT BOSS'S FOCUS ON THE HUGO BRAND'S
IMAGE WILL MAKE THE CLOTHES UNAFFORDABLE TO THEIR TARGET GROUP IT'S
POSSIBLE THAT THEY HAVE TO DROP PRICES ON HUGO AND THAT COULD PUT PRESSURE
ON MARGINS FOR THE WHOLE COMPANY SAYS MR VOLLET

ANOTHER RISK OF THE NEW STRATEGY IS A DILUTION OF THE POWERFUL BOSS
BRANDNAME IN 1993 THE COMPANY'S MARKETING BUDGET TOTALED 50 MILLION MARKS
AN AMOUNT SET TO RISE AROUND 10 THIS YEAR THE BRITISH ADVERTISING AGENCY
BARTLE BOGLE HEGARTY IS REPLACING BOSS'S TRADITIONAL PRINT ADS TYPICALLY
SHOWING A GROUP OF STONEFACED MODELS WITH BROAD SHOULDERS WITH A SERIES
OF INDIVIDUAL MEN OF DIFFERENT STYLES IN A VARIETY OF ENVIRONMENTS ALL ADS
CARRY THE GROUP'S NEWLY CREATED UMBRELLA BRAND HUGO BOSS ALONG WITH
SMALLER LABELS FOR THE SUBBRAND THE PROBLEM WITH THE CAMPAIGN IS THAT ONE
CAN'T DIFFERENTIATE THE THREE BRANDS VERY WELL SAID INGBERT FAUST WHO
FOLLOWS BOSS AT UBS LTD IN FRANKFURT

BUT THE COMPANY CLAIMS THE SPLIT WILL GIVE MEN A CLEARER IMAGE OF THE BOSS
BRAND AND FASHION EXPERTS SAY THE NEW LOOKS ARE SUFFICIENTLY DIFFERENT FROM
THE ORIGINAL BRAND THEY'VE DONE A VERY GOOD JOB SAID PETER HOWARTH
STYLE EDITOR AT GQ MAGAZINE IN LONDON IF THEY HAD PRODUCED A COLLECTION
THAT LOOKED REMOTELY LIKE BOSS IT WOULD HAVE BEEN A WASTE OF TIME THE
HUGO BRAND HE SAID RESPONDS TO A EUROPEAN TREND TOWARD MORE CASUAL WORK
CLOTHES AND MORE DARING FASHION DURING FREETIME A DEVELOPMENT BOSS'S MR
LITTMANN IS BETTING ON AS WELL WITHIN FIVE YEARS HE WANTS HUGO TO GENERATE
20 OF GROUP INCOME WITH UPSCALE BALDESSARINI ACCOUNTING FOR ANOTHER 5

IN THE NEAR FUTURE HOWEVER THE COMPANY MUST RECOVER FROM ITS TURBULENT
PAST IN 1989 THE FOUNDER'S GRANDSONS JOCHEN AND UWE HOLY BOUGHT THE
AILING US CLOTHESMAKER JOSEPH & FEISS CO A YEAR LATER THE BROTHERS SOLD
THEIR 63 STAKE IN BOSS TO A JAPANESE SPECULATOR WHO WAS SUBSEQUENTLY
ARRESTED IN 1991 HIS STAKE WAS BOUGHT FOR 165 MILLION BY ITALIAN TEXTILE
GIANT MARZOTTO SPA WHICH TODAY CONTROLS ANOTHER 14 OF THE HOLY FAMILY'S
COMMON STOCK IN 1993 THE HOLY FAMILY LEFT THE COMPANY AND THE NEWLY
ARRIVED MR LITTMANN EMBARKED ON HIS BOLD CAMPAIGN TO REVAMP THE BUSINESS

DESPITE INITIAL RESERVATIONS IN THE SUPERVISORY BOARD MARZOTTO HAS SO FAR
GONE ALONG WITH MR LITTMANN'S PRESCRIPTIONS FOR BOSS BOSS BUYS ROUGHLY 5
OF ITS TEXTILES FROM MARZOTTO BUT BESIDES SOME JOINT RAWMATERIAL PURCHASES
AND OCCASIONAL STAFF EXCHANGES THERE ARE FEW SYNERGIES BETWEEN THE TWO
COMPANIES THE LEASH IS LONG AND I'M VERY GLAD ABOUT IT IT WOULDN'T WORK
ANY OTHER WAY SAID MR LITTMANN

THE NEW CHAIRMAN CUT TOTAL STAFF BY 940 EMPLOYEES TO 2132 CLOSED TWO
FACTORIES IN GERMANY AND RESTRUCTURED CLEVELANDBASED JOSEPH & FEISS BOSS
ALSO SOLD TWO SPECIALTYRETAIL CHAINS OWNED BY THE US COMPANY A MOVE THAT
CONTRIBUTED TO LAST YEAR'S SALES DROP IN YOUR FIRST YEAR YOU CAN TAKE
UNPOPULAR DECISIONS MUCH BETTER THAN IN YOUR THIRD YEAR SMILES THE
47YEAROLD CHAIRMAN WHO HAD NO PREVIOUS EXPERIENCE IN THE FASHION BUSINESS

FOR 1994 THE PLAN IS TO EXPAND THE COMPANY'S LICENSING NETWORK AND ITS
CHAIN OF 115 BOSS SHOPS WORLDWIDE WITH MOST STORES LOCATED IN THE US AND
SOUTH AMERICA BOSS IS NOW OPENING A SECOND BOUTIQUE IN GERMANY AND ITS
FIRST OUTLET IN CHINA

LIKE MOST CONSUMERGOODS MAKERS BOSS IS SETTING ITS SIGHTS ON THE VAST
CHINESE MARKET WE'RE SEEING NICE GROWTH IN SOUTHEAST ASIA HONG KONG AND
EVEN THOUGH THERE'S A RECESSION IN JAPAN BUT THE REAL BREAKTHROUGH IS
CHINA SAID MR LITTMANN ALONG WITH ITS SHOP IN SHANGHAI BOSS IS OPENING
TWO CONCESSIONARY CORNERS IN OTHER CHINESE CITIES

CONCERNS ABOUT PRODUCT QUALITY ARE KEEPING BOSS FROM PRODUCING IN ASIA
ALREADY MR LITTMANN HAS MIXED FEELINGS ABOUT THE MOVE OF GERMAN
MANUFACTURERS' TO EASTERN EUROPE LAST JULY HE WAS OUTRAGED WHEN SHORTLY
BEFORE THE FIRST PRESENTATION OF THE HUGO AND BALDESSARINI COLLECTIONS THE
LOCAL PRODUCTION PLANT SHUT DOWN FOR A FOURDAY STRIKE I COULDN'T EXPLAIN
TO MY SHAREHOLDERS NOT MOVING TO EASTERN EUROPE HE SAID BUT IT
DEFINITELY HAS AN EFFECT ON PURCHASING POWER HERE WITH NO NEW INDUSTRIES
GROWING TO ABSORB THE UNEMPLOYED WHO WILL BUY OUR PRODUCTS IN THIS
COUNTRY 9404150156 940415 US JOBINJURY DEATHS HAVE DECLINED SAYS
NEW CDC STUDY BUT NOT ENOUGH  BY HELENE COOPER STAFF REPORTER OF
THE WALL STREET JOURNAL

ATLANTA WHILE THE NUMBER OF OCCUPATIONALINJURY DEATHS ARE DROPPING THE
1980S SAW AN AVERAGE OF 17 WORKERS KILLED ON THE JOB EACH DAY ACCORDING TO
A REPORT BY THE US CENTERS FOR DISEASE CONTROL AND PREVENTION

IN A STUDY IT CALLED THE MOST COMPREHENSIVE ANALYSIS OF OCCUPATIONAL INJURY
DEATHS IN THE US THE CDC REPORTED THAT 63589 WORKERS DIED FROM
OCCUPATIONAL INJURIES FROM 1980 TO 1989 THE NUMBERS DID IMPROVE HOWEVER
AS THE DECADE PROGRESSED FROM 20 WORKERS A DAY IN 1980 TO 16 A DAY IN
1989 BUT FEDERAL HEALTH OFFICIALS SAID 16 IS STILL TOO HIGH

DYING ON THE JOB SHOULDN'T BE CONSIDERED PART OF DOING BUSINESS SAID DR
LINDA ROSENSTOCK DIRECTOR OF THE NATIONAL INSTITUTE FOR OCCUPATIONAL SAFETY
AND HEALTH WHO WORKED ON THE STUDY SHE SAID WORKPLACE DEATHS ARE AMONG THE
MOST PREVENTABLE MANY WORKRELATED INJURIES CAN BE AVOIDED BY SIMPLY TAKING
MORE SAFETY PRECAUTIONS

MOTOR VEHICLE ACCIDENTS ACCOUNTED FOR THE MOST DEATHS AT 23 FOLLOWED BY
MACHINERELATED INJURIES AT 14 AND HOMICIDES AT 12

HIGHRISK INDUSTRIES THE CDC SAID INCLUDE MINING CONSTRUCTION
TRANSPORTATION AND PUBLIC UTILITIES AS WELL AS AGRICULTURAL FORESTRY AND
FISHING WORK RETAIL AND SERVICES REPORTED LOWER NUMBERS OF ONTHEJOB
INJURIES ALTHOUGH THE RETAIL INDUSTRY DID REPORT A HIGH NUMBER OF
HOMICIDES

OCCUPATIONAL HOMICIDE NOW ACCOUNTS FOR 5 OF ALL HOMICIDES IN THE US THE
CDC SAID THESE MAY BE MORE PREVENTABLE THAN OTHER HOMICIDES DR
ROSENSTOCK SAID IF YOU REDUCE THE AMOUNT OF CASH AVAILABLE FOR A ROBBERY
FOR INSTANCE BY PUTTING CASH IN A SAFEBOX THAT'S LIKELY TO REDUCE THE RISK
TO THE CASHIER FAST FOOD RESTAURANTS AND CONVENIENCE STORES WERE A PRIME
TARGET FOR RETAIL HOMICIDES ACCORDING TO LYNN JENKINS ACTING CHIEF OF THE
CDC'S INJURY SURVEILLANCE SECTION

MS JENKINS ATTRIBUTED THE DECLINE IN WORKRELATED DEATHS DURING THE 1980S
TO A NUMBER OF FACTORS INCLUDING A SOCIETAL SHIFT AWAY FROM HIGHRISK WORK
SUCH AS AGRICULTURE AND MINING AS WE MOVE TO INCREASED EMPLOYMENT IN OTHER
INDUSTRIES OUR OVERALL RATES CAN BE EXPECTED TO COME DOWN SHE SAID

CONTRIBUTING FACTORS TO THE DECLINE ALSO INCLUDED CHANGES IN WORK PRACTICE
AND A MORE SAFETYCONSCIOUS ENVIRONMENT POWER COMPANIES FOR INSTANCE NOW
PUT WORKERS THROUGH EXTENSIVE SAFETY COURSES ON THE DANGERS OF DOWNED POWER
LINES AND ELECTRICAL SHOCK

THE CDC AND THE NATIONAL INSTITUTE OF OCCUPATIONAL SAFETY AND HEALTH ARE
RECOMMENDING THAT STATES EXAMINE THE DATA WITH AN EYE TOWARD PREVENTING
WORKRELATED DEATHS 9404150155 940415 INTERNATIONAL SCHNEIDER FIRM
ARE UNDER INVESTIGATION AFTER DEUTSCHE BANK FRAUD COMPLAINT  BY
TERENCE ROTH STAFF REPORTER OF THE WALL STREET JOURNAL

FRANKFURT THE PROSECUTOR'S OFFICE HERE ACTING ON A FRAUD COMPLAINT FILED
BY DEUTSCHE BANK AG LAUNCHED A FORMAL INVESTIGATION INTO THE BUSINESS
DEALINGS OF MISSING PROPERTY DEVELOPER JUERGEN SCHNEIDER

MEANTIME THE 40 CREDITOR BANKS OF MR SCHNEIDER'S COMPANY JUERGEN
SCHNEIDER AG SAID AFTER MEETING WITH ITS MANAGEMENT THAT THEY HAD AGREED TO
FORM A GROUP TO SEEK SOLUTIONS TO ITS DEBT CRISIS THEY SAID THE HIGHLY
LEVERAGED FIRM WAS ON THE VERGE OF FAILING

THE BANKS PEGGED SCHNEIDER'S TOTAL BANK DEBT ON 75 PROPERTIES THROUGHOUT
GERMANY AT ROUGHLY FIVE BILLION DEUTSCHE MARKS 292 BILLION THEY
CONFIRMED THAT MOST OF THE LOANS WERE SECURED AGAINST SCHNEIDER PROPERTY
HOLDINGS THEY ALSO ESTIMATED SCHNEIDER'S DEBT TO SUPPLIERS AND BUILDING
CONTRACTORS AT 250 MILLION MARKS SIGNIFICANTLY LESS THAN PREVIOUS ESTIMATES
RUNNING INTO BILLIONS OF MARKS

STILL THE BANKS DETERMINED THAT SCHNEIDER WOULD BE UNABLE TO CONTINUE
OPERATIONS OVER THE LONG TERM THE FINANCIAL DIFFICULTIES CAME FROM
BUSINESS MISTAKES AND DEFICITS IN THE GROUP WHICH ARE IN NO WAY
REPRESENTATIVE FOR THE CURRENT CONDITION OF GERMANY'S PROPERTY MARKET THE
BANKS SAID REFERRING TO DEPRESSED VALUES OF COMMERCIAL PROPERTIES IN
GERMANY

MOST OF THE BANKS SAID THEY WANTED TO AVOID DISTURBING REGIONAL REALESTATE
MARKETS AN INDICATION THAT THEY WOULD HOLD OFF CALLING IN LOANS BANKERS
AND SCHNEIDER MANAGERS DECLINED TO COMMENT ON WHETHER A SOLUTION WOULD
INVOLVE SELLING SCHNEIDER PROPERTIES OR INSTITUTING COURTDIRECTED
INSOLVENCY PROCEEDINGS

WHAT THE CREDITORS SESSION DID APPEAR TO CONFIRM WAS THAT MR SCHNEIDER THE
GROUP'S OWNERCHAIRMAN WHO DISAPPEARED EARLIER THIS MONTH LEFT BEHIND AN
INSOLVENT COMPANY AND A MOUNTAIN OF DEBT AFTER A 13YEAR CAREER OF RAPID
EXPANSION WITH THE HELP OF GERMAN BANKS AT LEAST ONE BANK IS ACCUSING HIM
OF FRAUD

DEUTSCHE BANK OFFICIALS PORING OVER THEIR SCHNEIDER ACCOUNTS DISCOVERED A
MAJOR DISCREPENCY IN THE LAST FEW DAYS SAID A BANK SPOKESMAN

ACCORDING TO PROSECUTORS DEUTSCHE BANK'S COMPLAINT ALLEGES THAT MR
SCHNEIDER IN 1992 MANIPULATED DOCUMENTS AND PROVIDED FALSE INFORMATION
RELATING TO A 415 MILLIONMARK LOAN TO HIM FOR THE DEVELOPMENT OF A SHOPPING
ARCADE IN FRANKFURT'S CITY CENTER

INSTEAD OF RENTABLE FLOOR SPACE OF 20000 SQUARE METERS AND AN ANTICIPATED
RENTAL INCOME OF 57 MILLION MARKS PER YEAR THE RENTABLE AREA WAS ONLY 9000
SQUARE METERS THE ACTUAL REVENUES AMOUNTED TO ONLY EIGHT MILLION MARKS PER
YEAR THE PROSECUTOR'S OFFICE SAID IN DETAILING THE BANK'S COMPLAINT

PROSECUTORS SAID THE CASE RELATED ONLY TO A PART OF DEUTSCHE BANK'S CREDIT
EXPOSURE TO THE SCHNEIDER GROUP

MR SCHNEIDER'S COMPANY CONTINUES TO SAY HIS WHEREABOUTS ARE UNKNOWN AND
GERMAN POLICE ARE EQUALLY IN THE DARK 9404150154 940415 HOTTEST COMMODITY
IN ASIA'S SECURITIES MARKETS JUST MIGHT BE TOPFLIGHT HIGHPROFILE
BROKERS  BY ROBERT STEINER STAFF REPORTER OF THE WALL STREET
JOURNAL

HONG KONG HOWARD POLLACK SPENT THE AFTERNOON OF LAST AUG 31 PROUDLY
TELLING LOCAL JOURNALISTS THAT LEHMAN BROTHERS ASIA LTD WOULD DO WHAT NO
US FIRM HAD DONE BEFORE BECOME A LEADING MERCHANT OF ASIAN SECURITIES TO
BOTH WESTERN AND ASIAN INVESTORS

THE ASIAN TEAM LEHMAN HAD ASSEMBLED WAS IMPRESSIVE ITS BOND EXPERTS WERE
AMONG THE PIONEERS OF ASIA'S REGIONAL BOND MARKETS ITS STOCKBROKERS HAD
SOME OF THE WORLD'S LARGEST INVESTORS AS CLIENTS AND ALMOST ALL OF THEM HAD
BEEN IN ASIA FOR YEARS

THE TEAM WAS SO HOT IN FACT THAT BY LAST MONTH IT WAS DECIMATED
COMPETITORS HAD POACHED ABOUT A DOZEN OF ITS TOP MEMBERS

LEHMAN IS THE MOST RECENT FIRM TO FALL VICTIM TO COMPETITION FOR FINANCIAL
PROFESSIONALS BARING SECURITIES HONG KONG LTD HAS HAD IN EXCESS OF 100
TURNOVER IN ITS EQUITY RESEARCH STAFF SINCE MID1992 SAYS MANAGING
DIRECTOR CARL STRUTT AND MORGAN GRENFELL ASIA HOLDINGS PTE THE
SINGAPOREBASED REGIONAL UNIT OF LONDON'S MORGAN GRENFELL & CO WAS
PUMMELED WHEN FOUR TOP EXECUTIVES INCLUDING ITS GROUP MANAGING DIRECTOR
AND NONEXECUTIVE CHAIRMAN ANNOUNCED IN MAY THAT THEY WOULD JUMP SHIP

MOST DEFECTORS JOINED OTHER FIRMS RACING TO BUILD ASIAN OPERATIONS A FEW
KEY EMPLOYEES CAN MAKE OR BREAK WHOLE OPERATIONS HEADHUNTERS IN HONG KONG
SAY BECAUSE WORLDCLASS INVESTMENT BANKS ARE POURING INTO A REGION WHERE
RELATIVELY FEW WORLDCLASS PROFESSIONALS WORK IF A FIRM BECOMES A MARKET
LEADER IN ASIA THEN IT'S AN AUTOMATIC TARGET FOR POACHERS SAYS STANFORD
MILLER MANAGING DIRECTOR OF KPMG PEAT MARWICK MANAGEMENT CONSULTANTS LTD

THE RESULT CAN BE EXHILARATING FOR TOP STAFF WHO SUDDENLY FIND THEMSELVES
HOTTER COMMODITIES THAN THE SECURITIES THEY SELL ONE BOND DEALER TELLS OF
GETTING JOB OFFERS BY PHONE IN HIS HOTEL ROOM THE DAY AFTER HE WAS
TRANSFERRED TO HONG KONG FROM HIS FIRM'S NEW YORK HEADQUARTERS HIGHPROFILE
STOCK ANALYSTS EXPERTS IN SUCH DERIVATIVE PRODUCTS AS STOCK OPTIONS AND
FUTURES AND BOND SPECIALISTS VIRTUALLY CAN PICK THEIR JOBS HEADHUNTERS
SAY

BUT THE SAME CONDITIONS MAKE BUILDING AN ASIAN OPERATION EXASPERATING THE
MANAGEMENT OF EXPECTATIONS OF BRIGHT YOUNG MEN AND WOMEN IS NOT AN EASY
TASK SAYS WILLIAM PHILLIPS MANAGING DIRECTOR OF SALOMON BROTHERS ASIA
LTD THE 43YEAROLD MR PHILLIPS HIMSELF QUIT AS MANAGING DIRECTOR OF
BARING SECURITIES HONG KONG LTD IN LATE 1992 I WAS BASICALLY BORED HE
SAYS

PROBLEMS AT LEHMAN BROTHERS AND BARING SECURITIES ILLUSTRATE HOW QUICKLY A
WINNING TEAM CAN BE PICKED APART IN ASIAPARTICULARLY ONCE TENSION BUILDS
BETWEEN A FIRM'S MANAGEMENT AND STAFF

LEHMAN'S TROUBLES BEGAN SHORTLY AFTER IT STARTED RESTRUCTURING ITS BOOMING
BUT FRAGMENTED ASIAN OPERATION IN 1992 THE FIRM ATTRACTED ATTENTION IN 1991
WITH A BOND ISSUE FOR THE ASIAN DEVELOPMENT BANK THE ISSUE WAS ONE OF THE
FIRST AIMED PRIMARILY AT ASIAN INVESTORS BUT LEHMAN'S ASIAN STAFF WORKED
UNDER NEW YORK MANAGERS WE WERE SORT OF A HEADLESS HORSEMAN SAYS ONE
FORMER EMPLOYEE BY 1992 LEHMAN DECIDED THE ASIAN OPERATION NEEDED ONSITE
MANAGERS

FRICTION BETWEEN THE NEW MANAGERS OF THE ASIAN OPERATION AND LEHMAN'S
CLOSELY KNIT HONG KONG STAFF MAY HAVE BEEN INEVITABLE PROFESSIONALS WHO'VE
LEFT THE FIRM SAY THE ATMOSPHERE IN THE HONG KONG OFFICE WAS COLLEGIAL AND
MOST OF ITS SENIOR STAFF HAD WORKED TOGETHER FOR YEARS THAT CONTRASTED WITH
WHAT ONE FORMER LEHMAN EXECUTIVE CALLS THE CONFRONTATIONAL STYLE OF MR
POLLACK THE NEW MANAGING DIRECTOR THAT LEHMAN SENT FROM ITS NEW YORK
HEADQUARTERS TO RUN THE HONG KONG BRANCH AND DONALD MCLEOD WHO WAS HIRED
FROM CS FIRST BOSTON JAPAN LTD TO HEAD THE FIRM'S ASIAN EQUITIES
OPERATIONS FROM TOKYO MR POLLACK COULDN'T BE REACHED IMMEDIATELY FOR
COMMENT MR MCLEOD AND LEHMAN BROTHERS DECLINED TO COMMENT

PERSONALITIES CLASHED MR POLLACK WHO CARRIED A PLASTIC BASEBALL BAT ON
THE TRADING FLOOR ENGAGED IN SHOUTING MATCHES WITH STAFF FORMER LEHMAN
EXECUTIVES SAY BEFORE LONG SOME MEMBERS OF THE OLD TEAM NICKNAMED THEIR
NEW MANAGERS SURF NAZIS AFTER THE VILLAINS IN A LOWBUDGET US HORROR
MOVIE

LAST MONTH MR POLLACK LEFT HIS POST AND RETURNED TO THE US FOR WHAT
LEHMAN CALLS PERSONAL REASONS HE REMAINS WITH THE FIRM ONE LEHMAN
OFFICIAL IN NEW YORK SAYS MR POLLACK'S RETURN WAS SPARKED PARTLY BY
COMPLAINTS ABOUT HIS RELATIONS WITH THE HONG KONG STAFF WELL BEFORE THEN
THOUGH RIVAL FIRMS HAD TUNED INTO THE TENSION AT LEHMAN THROUGH THE BAMBOO
WIRELESS AS PEOPLE THERE CALL HONG KONG'S RUMOR MILL OTHER FIRMS SAW THE
TENSION AS A CHANCE TO RECRUIT RECALLS ONE FORMER LEHMAN BOND SPECIALIST
EVENTUALLY HE ADDS YOU CANNOT DISCOUNT ALL THE OTHER FIRMS CALLING YOU
DAY IN AND DAY OUT PERSUADING YOU TO LEAVE

THE PEREGRINE MERCHANTBANKING GROUP WAS AMONG THE MOST AGGRESSIVE COURTERS
THE HONG KONGBASED CONCERN ANNOUNCED RECENTLY THAT ANDRE LEE FORMERLY A
LEADING BOND SPECIALIST AT LEHMAN WOULD HEAD PEREGRINE'S NEW DEBT TEAM OF
AS MANY AS 20 PEOPLE AND A SECRETARY AT PEREGRINE IS TAKING MESSAGES FOR
ANOTHER OF LEHMAN'S FORMER LEADING BOND SPECIALISTS WARREN ALLDERIGE THEIR
FORMER COLLEAGUES AT LEHMAN EXPECT SOME OF LEHMAN'S OTHER BOND TRADERS ALSO
TO HEAD TO PEREGRINE IN COMING MONTHS OTHER LOSSES FROM LEHMAN'S HONG
KONGBASED BOND TEAM INCLUDE BOND TRADER STEVEN KIM WHO SIGNED ON WITH BEAR
STEARNS ASIA LTD ALBERT COBETTO A SENIOR MEMBER OF THE TEAM WHO LEFT FOR
SALOMON BROTHERS HONG KONG ANOTHER FORMER MEMBER OF THAT GROUP RICHARD
GILMARTIN WHO IS MANAGING DIRECTOR OF DEVELOPING MARKETS FOR CHEMICAL BANK
IN NEW YORK AND KEVIN ARNOLD A SEASONED GOVERNMENT BOND TRADER RECRUITED
BY NATIONAL WESTMINSTER BANK IN LONDON

SOME OF THE MOST SENIOR DEFECTORS SPEAKING ON CONDITION OF ANONYMITY
INSIST THEIR DEPARTURES HAD LITTLE TO DO WITH PAY AND SENIOR STAFF OFTEN
ARE INTERESTED MORE IN THE CHALLENGE OF RIVALS' INVITATIONS TO BUILD AN
OPERATION FOR THE LONG TERM

BUT HEADHUNTERS SAY BULGING PAY PACKAGES LURE STAFF FINANCIAL PROFESSIONALS
CAN RAISE THEIR BASE SALARIES BY AS MUCH AS 20 BY MOVING TO NEW JOB THIS
COMPARES WITH THE ROUGHLY 14 ANNUAL RAISE MOST EXPECT FROM PRESENT
EMPLOYERS SAYS KPMG PEAT MARWICK'S MR MILLER SOME HONG KONG MANAGERS SAY
MOVING CAN BE EVEN MORE PROFITABLE FIRMS REGULARLY GUARANTEE RECRUITS
SALARIES AND BONUSES TWICE THEIR PREVIOUS COMPENSATION

THE BIDDING WAR FOR STAFF FAVORS FIRMS THAT MAKE BIG FEES FROM CORPORATE
FINANCE SOME ESTABLISHED FIRMS WITH EARNINGS LARGELY FROM SLIM BROKERAGE
COMMISSIONS CAN'T AFFORD THE BATTLE FOR THEIR STAFF AND RISK REELING A LONG
TIME AFTER AN EXODUS

ONE SUCH BROKERAGE FIRM IS BARING SECURITIES HIT BY A WAVE OF SENIOR
DEFECTIONS IN LATE 1992 THE FIRM ONCE RENOWNED IN ASIA FOR EQUITIES
RESEARCH PACKED WITH FINANCIAL DATA NOW EMPLOYS ABOUT HALF THE RESEARCH
ANALYSTS IT HAD BEFORE THE DEFECTIONS ITS GENERAL HONG KONG RESEARCH WAS
RATED THIRDBEST BY INSTITUTIONAL INVESTORS POLLED LAST YEAR FOR ASIAMONEY
MAGAZINE DOWN FROM NO 1 FROM 1990 TO 1992

BARING IS STILL BLEEDING ITS HEAD OF INDONESIAN RESEARCH STANLEY LEUNG
QUIT LAST MONTH TO JOIN GOLDMAN SACHS ASIA LTD AS A STOCKBROKER ITS MOST
SENIOR HONG KONG ANALYST YK FU WAS HIRED BY MERRILL LYNCH & CO ABOUT
THEN

BARING HASN'T TAKEN ALL THE DEFECTIONS WITHOUT A FIGHT IT'S SUING THE
HEADHUNTER IT ONCE RETAINED TO RECRUIT ANALYSTS AFTER THAT COMPANY HELPED
COMPETITOR GOLDMAN SACHS HIRE AWAY SENIOR ANALYST JANICE WALLACE IN
MID1992 ACCORDING TO DOCUMENTS FILED IN HONG KONG'S SUPREME COURT BARING
CHARGES THAT CONSULTING GROUP LTD VIOLATED AN AGREEMENT NOT TO APPROACH
BARING STAFF FOR AT LEAST A YEAR AFTER ITS RETAINER EXPIRED LAWYERS FOR THE
CONSULTING GROUP DIDN'T RESPOND TO A REQUEST FOR COMMENT

BARING SAID IN THE COURT DOCUMENTS THAT LOSING MS WALLACE COST THE FIRM
HK1472 MILLION US19 MILLION BASED ON WEDNESDAY'S NEW YORK EXCHANGE
RATE IN PROFIT DURING THE LAST SIX MONTHS OF 1992 RESEARCH PEOPLE ARE
WORTH THEIR WEIGHT IN GOLD IF THEY CAN ESTABLISH A NAME FOR THEMSELVES
AMONG POWERFUL INSTITUTIONAL INVESTORS SAYS KPMG'S MR MILLER

BARING ACTUALLY LOST A LOT MORE MS WALLACE'S DEFECTION WAS FOLLOWED SOON
BY THAT OF HONG KONG MANAGING DIRECTOR WILLIAM PHILLIPS WHO NOW HEADS
SALOMON BROTHERS IN HONG KONG MR PHILLIPS HAD REFUSED TO TAKE A JOB IN
BARING'S LONDON OFFICE AS PART OF A RESTRUCTURING AND ALSO WAS EAGER TO JOIN
A LARGER AMERICAN FIRM

BOTH DEPARTURES APPARENTLY ENCOURAGED OTHER ANALYSTS TO ACT ON FRUSTRATION
THEY SAY THEY FELT FOR MONTHS TABULATING THE FIRM'S DATAHEAVY RESEARCH
OFTEN WITHOUT THE HELP OF COMPUTERS MADE FOR A TERRIBLY BORING WORK
ENVIRONMENT SAYS ONE FORMER BARING ANALYST SOME FORMER ANALYSTS ADD THAT
THEY FELT ALIENATED FROM SENIOR MANAGERS AFTER MR PHILLIPS LEFT AND WERE
DISAPPOINTED WITH THE BONUSES BARING OFFERED IN 1992 ONCE THERE'S A SENSE
OF BREAKUP THEN THE HEADHUNTERS SWARM IN AND THAT'S WHAT YOU DON'T WANT
TO HAPPEN A FORMER BARING EXECUTIVE SAYS 9404150153 940415 IN THE BEST
INTERESTS OF BASEBALL'S OWNERS  BY JOHN HELYAREND

THE JOB OF BASEBALL COMMISSIONER HAS BEEN AN ANOMALY SINCE 1921 WHEN
KENESAW MOUNTAIN LANDIS FIRST TOOK THE OFFICE BASEBALL WAS REELING FROM THE
FIXING OF THE 1919 WORLD SERIES KNOWN AS THE BLACK SOX SCANDAL THE POST
OF COMMISSIONER WAS INVENTED TO CREATE AND SUSTAIN THE APPEARANCE THAT
BASEBALL WAS ON THE UPANDUP

AND MR LANDIS'S APPEARANCE WAS VERY CONVINCING HE WAS A FEDERAL JUDGE
WHO LOOKED LIKE GOD OR AT LEAST HIS COUSIN WITH A JUTTING JAW A HIGH
FOREHEAD SHAGGY WHITE HAIR AND A STERN COUNTENANCE HE PROMPTLY BANISHED
THE EIGHT ACCUSED BLACK SOX PLAYERS FROM BASEBALL EVEN THOUGH THEY WERE
ACQUITTED IN COURT AND LATER EXPELLED 11 MORE PLAYERS FOR
GAMBLINGRELATED OFFENSES

APPEARANCES HAVE BEEN IMPORTANT TO THE POST EVER SINCE DESPITE HIS IMAGE AS
AN IMPARTIAL RULER MR LANDIS WAS ASSUREDLY THE OWNERS' MAN AMONG OTHER
THINGS HE STAUNCHLY DEFENDED THEIR BELOVED RESERVE CLAUSE WHICH BOUND
PLAYERS TO ONE TEAM IN PERPETUITY WHEN A YOUNG BASEBALL MAN NAMED BILL
VEECK PROTESTED THAT THIS SYSTEM WAS MORALLY AND LEGALLY INDEFENSIBLE MR
LANDIS CONDESCENDINGLY REPLIED SOMEBODY ONCE SAID A LITTLE KNOWLEDGE IS A
DANGEROUS THING AND YOUR LETTER PROVES HIM TO BE A WIZARD

MR LANDIS HAD AFTER ALL GOTTEN THE JOB BECAUSE HE WAS THE OWNERS'
FAVORITE SITTING JUDGE WHEN THE UPSTART FEDERAL LEAGUE BROUGHT AN ANTITRUST
SUIT IN HIS COURT AGAINST THE EXISTING PRO BASEBALL LEAGUES MR LANDIS
SIMPLY SAT ON THE CASE FOR 11 MONTHS THE NEW LEAGUE FOLDED

OUT OF THAT CASE ALSO CAME AN ANTITRUST EXEMPTION FOR BASEBALL A LEGAL
IMMUNIZATION THAT ALLOWED THE SPORT'S ADMINISTRATORS TO DO PRETTY MUCH WHAT
THEY PLEASED THE EXEMPTION WOULD BE CHALLENGED PERIODICALLY IN OTHER COURT
CASES AND OCCASIONALLY IN CONGRESSIONAL HEARINGS BUT IT WAS NEVER
OVERTURNED THANKS IN PART TO THE COMMISSIONER'S EXISTENCE THE POST
BOLSTERED BASEBALL'S CONTENTION THAT IT WAS A MARVELOUSLY SELFREGULATED
INDUSTRY

THERE WAS HOWEVER A DOWN SIDE FOR THE OWNERS IN HAVING A COMMISSIONER OF
BASEBALL IF HE REALLY BELIEVED IN THE CZAR MYTHOLOGY AS THE AUTOCRATIC
MR LANDIS DID HE COULD HINDER THE COURSE OF FREE ENTERPRISE WHEN THE
JUDGE DIED IN 1944 THE OWNERS WEAKENED THE OFFICE AND LOOKED FOR A
COMMISSIONER THEY THOUGHT THEY COULD CONTROL

THEY SETTLED ON AB HAPPY CHANDLER A KENTUCKY SENATOR WHO WAS THOUGHT TO
BE A HARMLESS POLITICAL FIXER BUT HE TURNED OUT TO BE SUSPICIOUSLY
SYMPATHETIC TO THE PLAYERS' INTERESTS HE AGREED TO TURN OVER TO THE
PLAYERS' PENSION FUND 80 OF THE PROCEEDS FROM EARLY WORLD SERIES TV RIGHTS
HE WAS FIRED IN 1950

THE OWNERS HAD BETTER LUCK FROM THE '50S THROUGH THE '70S LED BY THE
ACCOMPLISHED PUPPETEER WALTER O'MALLEY THE DODGERS' OWNER INSTALLED BOWIE
KUHN AS COMMISSIONER IN 1969 AND RAN BASEBALL THROUGH HIM BEFORE SUCCUMBING
TO CANCER IN THE LATE 1970S

MR KUHN HIMSELF SEEMED BLITHELY UNAWARE OF THIS MAINTAINING IN HIS STARCHY
FASHION THAT HE WAS EVERYBODY'S COMMISSIONER A CHAMPION OF PLAYERS' AND
FANS' INTERESTS AS WELL AS THE OWNERS' IN REALITY THE MORE STRENGTH THE
PLAYERS ACCRUED THROUGH THEIR UNION THE MORE IRRELEVANT MR KUHN BECAME TO
THEM UNION CHIEF MARVIN MILLER SUCCESSFULLY INSISTED FOR INSTANCE THAT
INDEPENDENT ARBITRATORS NOT THE COMMISSIONER RULE ON PLAYER GRIEVANCES
THE MYTHS AND MYSTIQUE OF THE OFFICE BECAME BADLY FRAYED

IT WAS LEFT TO MR KUHN'S SUCCESSOR PETER UEBERROTH TO SHOW WHAT COULD
STILL BE DONE WITH THE OFFICE HE HAD A SAYING AUTHORITY IS 20 PERCENT
GRANTED 80 PERCENT TAKEN HE TOOK IT ALL BROWBEATING THE OWNERS INTO
UTTER SUBSERVIENCE MR UEBERROTH MOST OF ALL TRAINED AN UNSPARING SPOTLIGHT
ON THEIR SLOPPY BUSINESS PRACTICES HUMILIATING OWNERS BEFORE THEIR PEERS
AND LAUNCHING A THREEYEAR FREEZE ON THE FREEAGENT MARKET

HE WAS A THROWBACK TO JUDGE LANDIS IN TERMS OF RULING BY SHEER FORCE OF
PERSONALITY BUT HE WAS ULTIMATELY IN THE SAME BOX AS EVERY OTHER MODERNDAY
COMMISSIONER SUBJECT TO AN ARBITRATOR'S REVIEW AND TO THE FICKLE OWNERS'
APPROVAL SURE ENOUGH AN ARBITRATOR EXMINED THE FREEAGENT FREEZE AND FOUND
THE OWNERS GUILTY OF COLLUDING TO HOLD DOWN PLAYER SALARIES A FINDING THAT
ULTIMATELY COST THE OWNERS 280 MILLION IN DAMAGES THE OWNERS VOTED MR
UEBERROTH OUT AFTER ONE TERM

HE WAS GLAD TO BE RID OF THE 26 IDIOTS AS HE CALLED THE OWNERS AND GET
ON WITH OTHER INTERESTS YET THE COMMISSIONER'S JOB STILL BECKONED
POWERFULLY TO A CERTAIN KIND OF AMERICAN MALE WHO LOVED WATCHING THE GAME
BASKING IN THE LIMELIGHT AND LOOKING NOT TOO CLOSELY AT THE REALITIES THIS
IS THE BEST JOB IN WESTERN CIVILIZATION ONE OF THEM ONCE SAID AND NOBODY
SITS IN FRONT OF YOU AT THE GAMES

THAT WAS FAY VINCENT 9404150152 940415 STORMS SLOW EARNINGS GAINS IN
RAIL GROUP  SANTA FE AND UNION PACIFIC EXPECT SLIGHT GROWTH FOR
1STQUARTER PROFIT  BY DANIEL MACHALABA STAFF REPORTER OF THE WALL
STREET JOURNAL

THE WINTER SNOW AND ICE STORMS THAT DISRUPTED SOME RAILROADS IN THE FIRST
QUARTER ALSO DROVE UP COSTS OFFSET STRONG FREIGHT GAINS AND HELD DOWN
EARNINGS GROWTH FOR THE RAIL GROUP

EXCLUDING NONRECURRING CHARGES AND GAINS EARNINGS FOR THE MAJOR RAILROADS
ROSE ABOUT 5 IN THE FIRST QUARTER SAID SCOTT FLOWER AN ANALYST AT KIDDER
PEABODY & CO AND MICHAEL LLOYD AN ANALYST AT NATWEST SECURITIES CORP
ESTIMATES THAT RAILROADS AS A GROUP WILL REPORT FIRSTQUARTER EARNINGS
LITTLE CHANGED FROM LAST YEAR'S FIRST QUARTER

THE ECONOMY IS STRONG AND HELPING THE RAIL GROUP OVERALL BUT THE SEVERE
WINTER WEATHER IN EARLY 1994 JUST DECIMATED OPERATING RESULTS SAID MR
LLOYD

HURT THE MOST WAS CONRAIL INC SOME ANALYSTS ESTIMATE THAT CONRAIL'S
FIRSTQUARTER EARNINGS EXCLUDING A SPECIAL CHARGE FOR A VOLUNTARY
RETIREMENT PROGRAM WILL DROP TO ABOUT 25 CENTS A SHARE FROM 49 CENTS A
SHARE IN THE YEAREARLIER QUARTER A CONRAIL SPOKESMAN DECLINED TO COMMENT
ON THE ANALYSTS' ESTIMATES BUT SAID THAT THE COMPANY'S FIRSTQUARTER RESULTS
WERE ADVERSELY AFFECTED BY ONE OF THE WORST WINTERS WHICH MADE IT MORE
COSTLY TO HANDLE A SURGE IN TRAFFIC

THE WEATHER HAS FORESTALLED WHAT WOULD HAVE BEEN A GANGBUSTERS QUARTER
FOR RAILROADS SAID GRAEME ANNE LIDGERWOOD AN ANALYST AT CS FIRST BOSTON
CORP

INDEED RAIL TRAFFIC FINISHED THE QUARTER WITH MAJOR GAINS IN MOST
COMMODITIES THE MOST NOTABLE EXCEPTION BEING GRAIN ACCORDING TO THE
ASSOCIATION OF AMERICAN RAILROADS RAIL CARLOADINGS ROSE 33 IN THE
QUARTER ALTHOUGH GRAIN TRAFFIC FELL 16 AND PAPER AND LUMBER SHIPMENTS
POSTED SLIGHT DECLINES INDUSTRIAL SHIPMENTS IMPROVED WITH METALS INCREASING
15 MOTOR VEHICLES 11 AND CHEMICALS 55

INTERMODAL TRAFFIC WHICH CONSISTS OF HIGHWAY TRUCK TRAILERS AND CONTAINERS
ON FLATCARS ROSE 10 REFLECTING THE IMPROVED ECONOMY AND MORE USE OF THE
RAILS BY MOTOR CARRIERS TRYING TO CUT COSTS COAL TRAFFIC WHICH HAD SHOWN
DISAPPOINTING RESULTS LAST YEAR INCREASED 5 IN THE FIRST QUARTER AS
ELECTRIC UTILITIES TRIED TO REPLENISH THEIR COAL STOCKPILES

WHAT'S MORE SOME MAJOR RAILROADS ARE BOOSTING CAPACITY AND ELIMINATING
BOTTLENECKS TO HANDLE TRAFFIC GROWTH AHEAD UNION PACIFIC CORP IS ADDING
TRACKS TO ITS BUSY MAINLINES IN OREGON AND NEBRASKA SANTA FE PACIFIC CORP
RECENTLY OPENED A 575 ACRE FREIGHT YARD OUTSIDE DALLAS

CONRAIL RESPONDING TO SHIPPER COMPLAINTS THAT ITS SERVICE DETERIORATED
DURING THE FIRSTQUARTER STORMS AND TRAFFIC SURGE IS ORDERING 80 MORE
LOCOMOTIVES AND INCREASING TRAIN CREW EMPLOYEES BY SEVERAL HUNDRED THIS
YEAR SAID A CONRAIL SPOKESMAN

AMONG WESTERN RAILROADS SANTA FE ESTIMATES ITS FIRSTQUARTER EARNINGS
EXCLUSIVE OF EXTRAORDINARY CHARGES IMPROVED FROM YEARAGO EARNINGS OF 20
CENTS A SHARE SAID A SPOKESWOMAN ANALYSTS' ESTIMATES FOR SANTA FE'S
FIRSTQUARTER EARNINGS RANGE FROM 20 CENTS TO 26 CENTS A SHARE RAIL TRAFFIC
ROSE IN THE QUARTER BUT SO DID COSTS WEATHER HURT US INDIRECTLY BECAUSE
SOME OF OUR RAIL CONNECTIONS FROM THE EAST WERE AFFECTED BY THE SEVERE
WINTER SAID THE SANTA FE SPOKESWOMAN

A UNION PACIFIC EXECUTIVE ESTIMATED THE COMPANY WILL REPORT FIRSTQUARTER
EARNINGS BEFORE EXTRAORDINARY ITEMS SLIGHTLY BETTER THAN EARNINGS OF
164 MILLION OR 80 CENTS A SHARE A YEAR AGO ALTHOUGH THE COMPANY'S RAIL
UNIT WILL POST A DOUBLE DIGIT EARNINGS GAIN IN THE QUARTER UNION
PACIFIC'S RESOURCES UNIT WILL HAVE LOWER EARNINGS ALONG WITH STEEP DECLINES
IN OIL AND NATURAL GAS LIQUIDS PRICES THE COMPANY'S TRUCKING UNIT WILL
REPORT FLAT EARNINGS DUE TO DIFFICULT WEATHER SAID THE UNION PACIFIC
EXECUTIVE

FOR BURLINGTON NORTHERN INC THE ROUGH WINTER BOOSTED COSTS TO CLEAR TRACKS
AND OPERATE TRAINS HOWEVER A SPOKESMAN SAID MARCH WAS THE HEAVIEST
COALLOADING MONTH BURLINGTON NORTHERN EVER HAD HOWEVER SHIPMENTS OF
GRAIN DECLINED IN THE QUARTER

THE BURLINGTON NORTHERN SPOKESMAN WOULDN'T COMMENT ON ANALYSTS' ESTIMATES
THAT THE COMPANY WOULD POST FIRSTQUARTER EARNINGS BETWEEN 80 CENTS AND 90
CENTS A SHARE BURLINGTON NORTHERN HAD EARNINGS OF 86 CENTS A SHARE IN THE
YEAR AGO FIRST QUARTER

AMONG EASTERN RAILROADS CSX CORP IS COMFORTABLE WITH ANALYSTS' ESTIMATES
THAT ITS FIRSTQUARTER EARNINGS ROSE TO BETWEEN 65 CENTS AND 75 CENTS A
SHARE VS 50 CENTS A SHARE BEFORE A RESTRUCTURING CHARGE IN THE YEAR AGO
QUARTER SAID A CSX SPOKEWOMAN SHE SAID AN ONGOING COST CONTROL PROGRAM
HELPED THE RAILROAD RUN MORE EFFICIENTLY BUT SEVERE WINTER WEATHER IN THE
EAST DISRUPTED SOME SHIPPING EARLY IN THE QUARTER ALTHOUGH THE COMPANY'S
BARGE UNIT WILL HAVE LOWER EARNINGS IN THE QUARTER DUE PARTLY TO LOWER GRAIN
TRAFFIC CSX'S OCEAN SHIP UNIT WILL HAVE IMPROVED EARNINGS THAT REFLECT
HIGHER CARGO LOADINGS ON SOME ROUTES AND TIGHTER COST CONTROLS

SOME ANALYSTS ESTIMATE THAT NORFOLK SOUTHERN CORP WILL POST SLIGHTLY LOWER
FIRST QUARTER EARNINGS BURTON STRAUSS JR AN ANALYST AT LEHMAN BROTHERS
INC ESTIMATES THE COMPANY WILL EARN 95 CENTS A SHARE COMPARED WITH YEAR
AGO EARNINGS OF 99 CENTS A SHARE DESPITE A BIG DECLINE IN COAL TRAFFIC IN
THE FIRST SIX WEEKS OF THE QUARTER NORFOLK SOUTHERN'S COAL TRAFFIC HAS
IMPROVED SUBSTANTIALLY MR STRAUSS NOTED 9404150151 940415 WINSTAR UNIT
INCREASES STAKE

NEW YORK WINSTAR COMMUNICATIONS INC SAID ITS WINSTAR WIRELESS INC
SUBSIDIARY HAS EXERCISED ITS OPTION TO BUY AN ADDITIONAL 33 INTEREST IN
AVANTGARDE TELECOMMUNICATIONS INC FOR 33 MILLION

WINSTAR COMMUNICATIONS SAID IT NOW OWNS A TOTAL OF 49 OF AVANTGARDE
THROUGH ITS SUBSIDIARY WINSTAR WIRELESS ALSO OWNS AN OPTION TO ACQUIRE UP
TO AN ADDITIONAL 31 OF AVANTGARDE SUBJECT TO FEDERAL COMMUNICATIONS
COMMISSION APPROVAL

AVANTGARDE A CLOSELY HELD COMPANY BASED IN WASHINGTON DC HOLDS 30
MICROWAVE RADIO LICENSES 9404150150 940415 ASPEN MARINE ACQUIRES MARCOM

CORAL GABLES FLA ASPEN MARINE GROUP INC SAID IT ACQUIRED MARCOM
TECHNOLOGIES INC FOR APPROXIMATELY 20 MILLION

MARCOM A NEW COMPANY FOUNDED BY FORMER EMPLOYEES OF INTERNATIONAL BUSINESS
MACHINES CORP OWNS THE RIGHTS TO IBM'S PORTABLECOMPUTERRADIO TECHNOLOGY
ASPEN A BOAT MANUFACTURER MARINA OPERATOR AND CASINOHOTEL DEVELOPER SAID
IT PURCHASED THE BUSINESS TO BOOST CASH FLOW A SPOKESMAN SAID THE COMPANY
WILL SELL OFF THE BOATMANUFACTURING BUSINESS AND MARINAS TO FUND THE
ACQUISITION

ASPEN CONTROLLED BY CLOSELY HELD BERTRIX CORP IN GREENBACK TENN WILL
RETAIN A CASINO AND HOTEL UNDER CONSTRUCTION IN THE DOMINICAN REPUBLIC
9404150149 940415 FOR FIRST TIME IN 5 YEARS NORTHWEST AIR SEES A
FIRSTQUARTER OPERATING PROFIT  BY CARL QUINTANILLA STAFF REPORTER
OF THE WALL STREET JOURNAL

NORTHWEST AIRLINES EXPECTS FOR THE FIRST TIME IN FIVE YEARS TO POST A
FIRSTQUARTER OPERATING PROFIT DESPITE HARSH WINTER WEATHER THAT STUNG THE
AIRLINE INDUSTRY THIS YEAR

CHIEF FINANCIAL OFFICER MICKEY FORET SAID THAT NORTHWEST HAS A GOOD CHANCE
AT MAKING A PROFIT ON AN OPERATING BASIS ALTHOUGH HE WOULDN'T PROJECT A
SPECIFIC FIGURE THE COMPANY BASED IN ST PAUL MINN RECORDED A LOSS OF
992 MILLION A YEAR EARLIER IT LAST REGISTERED A FIRSTQUARTER PROFIT IN
1989

NORTHWEST EMERGED FROM THE ROUGH WINTER SEASON RELATIVELY UNHARMED BECAUSE
ITS ROUTE STRUCTURE ISN'T CONCENTRATED IN THE NORTHEAST WHERE MUCH OF THE
SNOW HIT THE YEAR IS STARTING OUT VERY STRONG MR FORET SAID ALL OF
OUR PERMANENT STRATEGIC IMPROVEMENTS ARE PAYING OFF

AS A RESULT HE SAID NORTHWEST'S 1994 OPERATING PROFIT COULD BE AS HIGH AS
450 MILLION IN 1993 THE COMPANY POSTED AN OPERATING PROFIT OF 2924
MILLION ALTHOUGH NONRECURRING SPECIAL CHARGES TRIGGERED A 1153 MILLION
NET LOSS

NORTHWEST HAS UNDERTAKEN RESTRUCTURING RECENTLY IN THE PAST TWO YEARS THE
CARRIER HAS ELIMINATED 19 UNPROFITABLE ROUTES AND ADDED 31 NEW ROUTES TO 12
NEW CITIES THIS YEAR THE AIRLINE INCREASED SERVICE TO ITS WEST COAST
MARKETS THROUGH CODESHARING AGREEMENTS WITH SMALLER CARRIERS

NORTHWEST ALSO HAS RESTRUCTURED ITS BALANCE SHEET LAST SUMMER IT DEFERRED
A 129 BILLION LOAN UNTIL 1997 AND IT HAS SIGNED A THREEYEAR LABOR
AGREEMENT CONTAINING 886 MILLION IN UNION WAGEANDBENEFIT CONCESSIONS THE
CONTRACT HELPED THE NATION'S FOURTHLARGEST AIRLINE AVERT FILING FOR
BANKRUPTCY PROTECTION

DESPITE THE REORGANIZATION NORTHWEST'S FIRST QUARTER WASN'T PERFECT THE
CARRIER WHICH HAS STRUGGLED UNDER A HEAVY DEBT LOAD SINCE ITS 36 BILLION
LEVERAGED BUYOUT IN 1989 WAS FORCED TO LOWER ITS INITIAL PUBLIC OFFERING
PRICE LAST MONTH TO 13 A SHARE FROM ABOUT 20 AFTER FACING POOR INVESTOR
RESPONSE IT ALSO POSTPONED A PLANNED 350 MILLION DEBT OFFERING DUE TO
MARKET CONDITIONS

MR FORET SAID THE TROUBLE SURROUNDING THE OFFERINGS HAD NOTHING TO DO WITH
NORTHWEST BY THE TIME THE OFFERINGS WERE PLANNED HE SAID THE MARKET HAD
TURNED CONSIDERABLY THERE WAS CONCERN ABOUT INFLATION OVERHEATING IN
RETROSPECT WE WISH WE COULD HAVE GOTTEN IN SOONER

NORTHWEST HAD PLANNED TO USE THE PROCEEDS TO PAY DOWN DEBT AND UPGRADE ITS
FLEET IN ADDITION THE AIRLINE MUST RAISE 500 MILLION BY JUNE 1996 AS PART
OF ITS RESTRUCTURING AGREEMENT MR FORET SAID THE COMPANY HAS 1 BILLION IN
CASH AND ADDED WE HAVE LOTS OF TIME WE WON'T RUSH INTO IT HE SAID THE
COMPANY IS CONSIDERING OTHER WAYS TO FINANCE THE CREDIT AGREEMENT BUT
DECLINED TO ELABORATE

MEANWHILE NORTHWEST'S NEGATIVE NET WORTH ABOUT 16 BILLION AFTER THE
IPO HAS SOME INVESTORS WORRIED CLEARLY SOME PEOPLE HAVE CONCERNS ABOUT
THAT MR FORET SAID BUT EVEN THOUGH OUR BALANCE SHEET IS NOT TOO
ATTRACTIVE WE'RE GOING TO SEE VERY GENEROUS CASH FLOW IF WE PERFORM AS
ANALYSTS THINK WE SHOULD

ANALYSTS HAVE ESTIMATED THAT NORTHWEST WILL EARN NEARLY 300 MILLION FOR THE
YEAR IN PART BECAUSE THE CARRIER HAS BEEN UNSCATHED BY LOWCOST SHORTHAUL
CARRIERS LIKE SOUTHWEST THE MARKETS WE SERVE ARE LESS SUITED TO LOWCOST
COMPETITION MR FORET SAID INDEED NORTHWEST IS IN ONLY 10 OF THE TOP 100
SHORTHAUL MARKETS ACCOUNTING FOR LESS THAN 6 OF REVENUE WE SEE 1994 AS
A RELATIVELY STABLE YEAR HE SAID

MR FORET ADDED THAT WITH THE RECENT IPO THE AIRLINE SHOULD COMMAND MORE
RESPECT FROM INDUSTRY OBSERVERS WHO HAVE DISCOUNTED IT IN THE PAST OUR
ORGANIZATION EFFORTS HAVEN'T BEEN RECOGNIZED HE SAID RESPECT HAS TO BE
EARNED AND WE THINK THE COMPANY DESERVES IT 9404150148 940415 US AUTO
MAKERS OPERATED OVERTIME AT PLANTS THIS WEEK

DETROIT GENERAL MOTORS CORP FORD MOTOR CO AND CHRYSLER CORP ALL
REPORTED THAT THEY HAVE OPERATED OVERTIME THIS WEEK AT MANY OF THEIR US
AND CANADIAN ASSEMBLY PLANTS

ALTOGETHER THE AUTO MAKERS SAID THEY PLAN TO BUILD 262406 CARS AND TRUCKS
THIS WEEK UP 419 FROM THE 184959 VEHICLES BUILT IN THE YEAREARLIER
WEEK WHICH INCLUDED THE EASTER BREAK

IN MARCH THE AUTO MAKERS BUILT 1159543 CARS AND TRUCKS UP 105 FROM
1049133 VEHICLES BUILT A YEAR EARLIER 9404150147 940415 ECONOMY 
GERMAN CENTRAL BANK CUTS KEY RATE IN SURPRISE MOVE OTHERS FOLLOW SUIT 
 BY TERENCE ROTH STAFF REPORTER OF THE WALL STREET JOURNAL

FRANKFURT GERMANY'S CENTRAL BANK UNEXPECTEDLY CUT ITS DISCOUNT RATE
TRIGGERING RATE REDUCTIONS ELSEWHERE IN EUROPE

THE BUNDESBANK LOWERED THE LENDING FEE TO 5 FROM 525 THE SIZE OF THE
REDUCTION WAS MODERATE BUT ECONOMISTS SAID THE SIGNIFICANCE WAS THAT THE
CENTRAL BANK HAD DECIDED TO REDUCE THE RATE AT ALL THE BUNDESBANK IS ALWAYS
CAUTIOUS ABOUT INFLATION AND THE BROADLY DEFINED GERMAN MONEY SUPPLY HAS
BEEN GROWING AT A RATE THAT IS WELL ABOVE THE BANK'S TARGETS BUT THE
BUNDESBANK'S PRESIDENT HANS TIETMEYER SAID THE MONEY SUPPLY HAS BEEN
INFLATED BY NEW GERMAN TAXES

THE CUT WAS FOLLOWED BY INTERESTRATE REDUCTIONS BY THE CENTRAL BANKS OF
SWITZERLAND AUSTRIA BELGIUM AND THE NETHERLANDS THE CENTRAL BANKS USUALLY
CUT RATES IN STEP WITH THE BUNDESBANK TO AVOID PUTTING PRESSURE ON THEIR
CURRENCIES

YESTERDAY'S MONETARY EASINGS SHOULD PROVIDE SOME STIMULUS TO EUROPE'S
SLUGGISH ECONOMIES SUCH STIMULUS IS WELCOMED IN THE US BECAUSE OFFICIALS
BELIEVE THAT AS THE ECONOMIES OF EUROPE STRENGTHEN EUROPEANS' APPETITE FOR
US GOODS SHOULD RISE

IN WASHINGTON US TREASURY SECRETARY LLOYD BENTSEN PRAISED THE
BUNDESBANK'S DECISION I THINK THIS WILL FURTHER SPEED THE ECONOMY OF
GERMANY HE SAID ADDING THAT IT WILL ALSO HELP STIMULATE ECONOMIES
ELSEWHERE IN EUROPE

THE BUNDESBANK ACTION LEFT FINANCIAL MARKETS WEIGHING THE BENEFIT OF FALLING
INTEREST RATES AGAINST CONCERNS ABOUT THE BUNDESBANK'S POLICY CREDIBILITY
AND THE POSSIBILITY OF THE CENTRAL BANK MAKING A STRONG PUSH AGAINST
INFLATION IN THE FUTURE THE RATE CUT WAS ANNOUNCED AFTER THE GERMAN STOCK
MARKET HAD CLOSED BUT STOCK MARKETS IN LONDON AND PARIS SHRUGGED OFF THE
NEWS AND CLOSED LOWER IN LATE NEW YORK TRADING THE MARK WAS UNCHANGED
AGAINST THE DOLLAR

IN ADDITION TO CUTTING ITS DISCOUNT RATE THE BUNDESBANK'S POLICYSETTING
CENTRAL BANK COUNCIL LOWERED ITS LOMBARD RATE WHICH IS CONSIDERED LESS
IMPORTANT TO 65 FROM 675 MONETARY ANALYSTS WERE CAUGHT OFF GUARD
BECAUSE THEY HAD EXPECTED THE BUNDESBANK TO REDUCE ONLY THE LOMBARD RATE

THE LOMBARD FACILITY OFFERS UNLIMITED FUNDS TO BANKS AT A PENALTY RATE AND
THUS ACTS AS THE EFFECTIVE CEILING FOR GERMAN MONEYMARKET RATES THE
LESSEXPENSIVE DISCOUNT RATE UNDER WHICH BANKS CAN BORROW ONLY LIMITED
FUNDS IS MORE IMPORTANT DURING A PERIOD OF FALLING SHORTTERM RATES BECAUSE
IT SETS THE FLOOR IN THE MONEY MARKET

FOLLOWING THE RATE CUT MR TIETMEYER THE BUNDESBANK PRESIDENT REITERATED
THE CENTRAL BANK'S EXPLANATION THAT THE GERMAN MONEY SUPPLY HAS BEEN
INFLATED BY NEW TAXES ON GERMAN HOLDINGS IN FOREIGN INVESTMENT FUNDS THAT
HE SAID HAS GENERATED A LIQUIDITY LOGJAM THAT IS TAKING LONGER TO
DISSOLVE THAN EXPECTED

THE M3 NUMBERS ARE SO FAR AWAY FROM REALITY BECAUSE OF THE PORTFOLIO SHIFTS
OUT OF LONGTERM INVESTMENTS AND INTO CASH ACCOUNTS SAID ULRICH BECKMANN
AN ECONOMIST AT DEUTSCHE BANK RESEARCH IN FRANKFURT

GERMANY'S BROADLY DEFINED M3 MONEY SUPPLY EXPANDED AT RATES OF 212 IN
JANUARY AND 175 IN FEBRUARY WELL ABOVE THE BUNDESBANK'S TARGET FOR 1994
GROWTH OF BETWEEN 4 AND 6 MR TIETMEYER SAID THE BUNDESBANK HAD TO BE
PRAGMATIC ABOUT ITS MONEYSUPPLY TARGETS BUT INFLATION POTENTIAL COULD BUILD
UP IF IT WERE IGNORED AT THE SAME TIME THOUGH HE PREDICTED SUCCESSIVE
DECLINES IN MONEYSUPPLY GROWTH AS THE YEAR PROGRESSES HE SAID THE ANNUAL
INFLATION RATE IN WESTERN GERMANY WILL SLOW TO LESS THAN 3 FROM THE CURRENT
32 BY THE SECOND HALF

INDEED THE INTERNATIONAL MONETARY FUND SAID IN A REPORT THAT RAPID GROWTH
OF GERMANY'S MONEY SUPPLY DOESN'T SEEM TO INDICATE A THREAT TO MEDIUMTERM
PRICE STABILITY GIVEN THE SLACK IN THE GERMAN ECONOMY

MR TIETMEYER ALSO SAID THE RATE CUTS WERE AIMED AT CALMING NERVOUS CAPITAL
MARKETS WHERE GERMAN LONGTERM YIELDS HAD RISEN 04 PERCENTAGE POINT SINCE
JANUARY AS THE INFLATION FEARS GRIPPING US MARKETS SWEPT OVER TO EUROPE

BUT HE ACKNOWLEDGED THAT THE BUNDESBANK COULDN'T PRESS ITS CREDIBILITY TOO
FAR HE SAID THE BUNDESBANK WAS DUTYBOUND TO MAINTAIN CONFIDENCE IN THE
MARK AND IN GERMAN INVESTMENTS FOR THIS REASON WE ARE SINKING INTEREST
RATES ONLY CAUTIOUSLY HE SAID 9404150146 940415 MARKETING & MEDIA 
GRAND MET TO LOSE US MARKET RIGHTS TO GRAND MARNIER  BY SUEIN
L HWANG STAFF REPORTER OF THE WALL STREET JOURNAL

GRAND METROPOLITAN PLC WILL LOSE THE US DISTRIBUTION RIGHTS TO GRAND
MARNIER THE FRENCH LIQUEUR IT HAD SOLD SINCE THE 1940S JUST SIX MONTHS
AFTER ITS DEVASTATING LOSS OF THE US RIGHTS TO THE HIGHLY SUCCESSFUL
ABSOLUT VODKA

THE WINNER OF THE GRAND MARNIER BUSINESS IS SCHIEFFELIN & SOMERSET CO THE
JOINT VENTURE OF GUINNESS PLC AND LVMH MOET HENNESSY LOUIS VUITTON THAT
MARKETS SUCH LUXURY SPIRITS AS JOHNNIE WALKER SCOTCH MOET & CHANDON
CHAMPAGNES AND TANQUERAY GIN MARNIERLAPOSTOLLE THE FAMILYOWNED FRENCH
CONCERN THAT OWNS THE GRAND MARNIER BRAND NAME WILL REASSIGN GRAND
MARNIER'S DISTRIBUTION RIGHTS TO SCHIEFFELIN WHEN GRAND MET'S 10YEAR
CONTRACT EXPIRES AT THE END OF THIS YEAR

INDUSTRY EXECUTIVES SAY THE ADDITION OF GRAND MARNIER NICELY COMPLEMENTS
SCHIEFFELIN'S UPSCALE LINE IT BEAUTIFULLY FILLS A VOID IN OUR PORTFOLIO
BETTER THAN ANY OTHER BRAND SAYS CLINT RODENBERG SENIOR VICE PRESIDENT OF
MARKETING FOR SCHIEFFELIN NOTING THAT THE MARKETER PREVIOUSLY HAD NO
LIQUEUR PRODUCTS

THE LOSS OF GRAND MARNIER COUPLED WITH ABSOLUT'S MOVE TO SEAGRAM CO LATE
LAST YEAR IS VIEWED AS A SERIOUS BLOW TO CARILLON IMPORTERS INC THE
US SPIRITS ARM OF GRAND MET WITH SALES ESTIMATED AT 400000 CASES
ANNUALLY GRAND MARNIER AN ORANGEFLAVORED LIQUEUR REPRESENTED 22 OF
CARILLON'S TOTAL VOLUME SELLING FOR AS MUCH AS 30 A BOTTLE GRAND MARNIER
IS ALSO BELIEVED TO BE HIGHLY PROFITABLE

MARNIERLAPOSTOLLE WANTED CERTAIN THINGS THAT WEREN'T IN THE INTEREST OF
GRAND MET SAYS MICHEL ROUX THE CARILLON EXECUTIVE WIDELY CREDITED WITH
TURNING THE SWEDISH VODKA ABSOLUT INTO A HOUSEHOLD NAME HE DECLINED TO
ELABORATE

OTHER EXECUTIVES FAMILIAR WITH THE SITUATION BELIEVE THE RELATIONSHIP
BETWEEN GRAND MET AND MARNIERLAPOSTOLLE GREW STRAINED AS ABSOLUT GREW MORE
SUCCESSFUL UP TO ABOUT 1984 GRAND MARNIER WAS GRAND MET'S MAIN BRAND
SAYS ONE EXECUTIVE SUDDENLY THEY WERE SECOND FIDDLE UNDER CARILLON
ABSOLUT GREW FROM AN UNKNOWN NAME TO THE NINTH MOST POPULAR LIQUOR BRAND IN
THE US WITH SALES OF 27 MILLION CASES LAST YEAR

MARNIERLAPOSTOLLE EXECUTIVES COULDN'T BE REACHED FOR COMMENT

WHILE MR ROUX SAYS MARNIERLAPOSTOLLE WAS SATISFIED WITH GRAND MET'S
MARKETING EFFORTS SALES OF THE COMPANY'S FLAGSHIP BRAND HAVE BEEN
LACKLUSTER ACCORDING TO FRANK WALTERS RESEARCHERS AT THE BEVERAGE
CONSULTING FIRM IMPACT SALES OF GRAND MARNIER WERE DOWN BETWEEN 1 TO 2
LAST YEAR ADVERTISING SPENDING ALSO HAS BEEN SHRINKING TO MORE THAN 4
MILLION IN 1993 VS 6 MILLION IN 1991 MR ROUX SAYS MORE MARKETING MONEY
HAS RECENTLY BEEN SPENT IN OTHER WAYS SUCH AS SPECIAL EVENTS

IN RECENT YEARS GRAND MET HAS BEEN PUTTING MORE OF ITS GRAND MARNIER
ADVERTISING IN MAGAZINES TARGETED TO A YOUNGER HIPPER AUDIENCE BUT SOME
INDUSTRY ANALYSTS BELIEVE IT MIGHT NOT HAVE BEEN ENOUGH SOME PRODUCTS ARE
SO WELLKNOWN AND ACCEPTED THAT THEY DON'T HAVE ENOUGH EXCITEMENT SAYS TOM
PIRKO BEVERAGE INDUSTRY ANALYST

THE SWITCH ALSO PUTS GRAND MARNIER'S RELATIONSHIP WITH ADVERTISING AGENCY
TBWA ADVERTISING IN JEOPARDY TBWA'S WORK FOR RIVAL SEAGRAM SEEMS TO BE A
PROBLEM SAYS SCHIEFFELIN'S MR RODENBERG IT'S SOMETHING WE HAVE TO
INVESTIGATE

GRAND MET SAID ITS SEPARATE DISTRIBUTION AGREEMENTS FOR GRAND MARNIER IN
AUSTRALIA PORTUGAL GREECE SPAIN AND ITALY WILL CONTINUE 9404150145
940415 BUSINESS BRIEF PARKER HANNIFIN PLANS 527 MILLION CHARGE IN
ITS THIRD QUARTER

CLEVELAND PARKER HANNIFIN CORP CITING DOMESTIC MILITARY DOWNSIZING AND
ECONOMIC DIFFICULTIES OUTSIDE THE US SAID IT WILL TAKE A CHARGE OF 527
MILLION OR 108 A SHARE IN ITS THIRD QUARTER TO WRITE DOWN ASSETS AND
DOWNSIZE

THE MAKER OF INDUSTRIAL AND AEROSPACE SYSTEMS AND MOTIONCONTROL COMPONENTS
SAID IT HAS BEEN HURT BY CHANGES IN THE AEROSPACE INDUSTRY AND ECONOMIC
PROBLEMS IN EUROPE AND SOUTH AMERICA

THE COMPANY WHICH HAS ANNUAL SALES OF ABOUT 249 BILLION SAID IT WILL
POST A LOSS IN THE MARCH 31 QUARTER IN THE YEAREARLIER PERIOD NET INCOME
WAS 149 MILLION OR 31 CENTS A SHARE INCLUDING PRETAX CHARGES OF 56
MILLION SALES WERE 6072 MILLION THE MOVES ARE EXPECTED TO GENERATE
SAVINGS OF 10 CENTS A SHARE IN FISCAL 1995 AND 15 CENTS A SHARE IN FISCAL
1996

THE ANNOUNCEMENT WAS MADE AFTER THE MARKET CLOSE IN COMPOSITE TRADING ON
THE NEW YORK STOCK EXCHANGE PARKER HANNIFIN CLOSED AT 38875 UNCHANGED

THE BIGGEST CHUNK OF THE CHARGE 388 MILLION OR 80 CENTS A SHARE 
AFFECTS THE AEROSPACE UNIT PARKER HANNIFIN SAID ITS AEROSPACE HEATTRANSFER
COMPONENT BUSINESS HAS BEEN DETERMINED TO BE WITHOUT VALUE IN THE CURRENT
ENVIRONMENT MOREOVER THE AEROSPACE UNIT CONTINUES TO CUT JOBS AND CLOSE
PLANTS IT HAS GONE TO NINE DIVISIONS FROM 14 IN THE PAST 18 MONTHS THE
CHARGE ALSO REFLECTS THE SALE OF ITS METAL BELLOWS UNIT RESULTING IN A LOSS
OF 800000 THE COMPLETION OF THIS RESTRUCTURING WILL POSITION PARKER TO
MAINTAIN ITS LEADERSHIP ROLE IN ITS CORE FLIGHTCONTROL AND FUELSYSTEMS
BUSINESSES THE COMPANY SAID

PARKER HANNIFIN'S INDUSTRIAL UNIT WHICH ACCOUNTS FOR 75 OF ANNUAL SALES
 WILL RECORD CHARGES OF 114 MILLION TO RECOGNIZE WEAK MARKETS FOR ITS
PRODUCT LINES OUTSIDE THE US AS WELL AS FOR JOB CUTS THE 527 MILLION
PROVISION INCLUDES A CHARGE OF 25 MILLION FOR VARIOUS INVESTMENT
IMPAIRMENT AND LITIGATION MATTERS 9404150144 940415 REVIEW & OUTLOOK
EDITORIAL ASIDES VOTING RETURNS

IT'S APRIL 15 WELCOME TO THE CLINTON TAX INCREASE HERE'S SOMETHING TO
PONDER ON THE WAY TO YOUR BANK OR COMMODITIES BROKER TO COVER THE
PAYMENTDUE BALLOON CONGRESSMAN JON KYL AN ARIZONA REPUBLICAN HAS
INTRODUCED A BILL TO ALIGN THE DEADLINE FOR FILING INCOME TAXES WITH
BIANNUAL CONGRESSIONAL ELECTIONS IN HIS DRAFT REP KYL NOTES THAT IN 1992
ABOUT 161 MILLION INDIVIDUALS FILED TAX RETURNS WHILE ONLY 104 MILLION
TURNED OUT TO VOTE REP KYL SAYS THAT ALIGNING TAX DAY AND ELECTION DAY MAY
REMIND VOTERS THAT THEIR VOTES HAVE CONSEQUENCES 9404150143 940415
INTERNATIONAL ASEA BROWN'S ORDERS RISE

ZURICH ABB ASEA BROWN BOVERI LTD A SWISSBASED ELECTRICAL ENGINEERING
GROUP ANNOUNCED THAT ITS ORDERS RECEIVED IN THE FIRST QUARTER ROSE AROUND
8 TO 82 BILLION FROM 755 BILLION A YEAR EARLIER

ABB ALSO ANNOUNCED THAT IT SIGNED A CONTRACT VALUED AT AROUND 1 BILLION TO
BUILD A TURNKEY 1300MEGAWATT GASFIRED COMBINEDCYCLE POWER PLANT AT
LUMUT IN THE MALAYSIAN PROVINCE OF PERAK

ABB ASEA BROWN BOVERI IS OWNED JOINTLY BY ASEA AB OF SWEDEN AND BBC BROWN
BOVERI AG OF SWITZERLAND 9404150142 940415 INTERNATIONAL BMW MULLS
FACILITY IN MEXICO

MUNICH GERMANY GERMAN LUXURY AUTO MAKER BAYERISCHE MOTOREN WERKE AG
CONFIRMED THAT IT WAS WEIGHING THE CONSTRUCTION OF A LARGE AUTOASSEMBLY
PLANT IN MEXICO EXCLUSIVELY TO SUPPLY THE MEXICAN MARKET

BMW SPOKESMAN UWE MAHLA CONFIRMED A REPORT IN THE FRANKFURTER ALLGEMEINE
ZEITUNG THAT AN ASSEMBLY PLANT IN MEXICO IS CONSIDERED DESIRABLE BECAUSE
DOMESTICCONTENT REGULATIONS MAKE IT VERY DIFFICULT TO SELL CARS THERE
OTHERWISE HE SAID A DECISION WOULD BE MADE AT THE END OF JUNE DEPENDING ON
THE CONDITIONS OFFERED BY MEXICO 9404150141 940415 BUSINESS BRIEF 
GOLDEN WEST FINANCIAL CORP FIRSTQUARTER EARNINGS FELL 9 ON WEAK LOAN
DEMAND

GOLDEN WEST FINANCIAL CORP SAID FIRSTQUARTER EARNINGS FELL 9 TO 65
MILLION OR 102 A SHARE REFLECTING WEAK LOAN DEMAND AND HIGHER LOANLOSS
AND OPERATING EXPENSES

THE THRIFT IN OAKLAND CALIF EARNED 72 MILLION OR 112 A SHARE A YEAR
EARLIER

GOLDEN WEST'S PROFIT HAS BEEN DRIFTING DOWNWARD DURING THE PAST YEAR BECAUSE
OF LOWER NETINTEREST MARGINS AND RECESSIONARY EFFECTS IN CALIFORNIA
RECENTLY IT MADE ATTEMPTS TO PURCHASE TWO BIG CALIFORNIA THRIFTS
CALIFORNIA FEDERAL BANK AND FIRST NATIONWIDE BANK BUT THE BIDS FAILED
9404150140 940415 BUSINESS BRIEF CONNER PERIPHERALS INC COMPUTER
DISKDRIVE MAKER REPORTS FIRSTQUARTER PROFIT

BOOSTED BY STRONG DEMAND FOR DISK AND TAPE PRODUCTS CONNER PERIPHERALS INC
POSTED A FIRSTQUARTER PROFIT

FOR THE QUARTER ENDED MARCH 31 CONNER POSTED EARNINGS OF 238 MILLION OR
46 CENTS A SHARE ON SALES OF 564 MILLION

IN THE YEAREARLIER PERIOD THE SAN JOSE CALIFBASED MAKER OF COMPUTER
DATA STORAGE PRODUCTS POSTED A NET LOSS OF 225 MILLION OR 46 CENTS A
SHARE ON SALES OF 5583 MILLION THE YEARAGO PERIOD INCLUDES 284
MILLION IN ONETIME CHARGES

CONNER SAID IT WAS HELPED BY THE INTRODUCTION OF NEW DISKDRIVE PRODUCTS AND
COSTCUTTING EFFORTS 9404150139 940415 BUSINESS BRIEFS

SHAREHOLDERS OF PEOPLES FINANCIAL SERVICES INC COOKEVILLE TENN APPROVED
THE PREVIOUSLY ANNOUNCED MERGER OF PEOPLES FINANCIAL INTO TRANS FINANCIAL
BANCORP INC PEOPLES FINANCIAL SHAREHOLDERS WILL RECEIVE 55 SHARES OF TRANS
FINANCIAL COMMON STOCK FOR EACH OF THEIR SHARES

MORNINGSTAR GROUP INC COMPLETED ITS PREVIOUSLY ANNOUNCED 48 MILLION SALE
OF VELDA FARMS INC TO ENGLES MANAGEMENT CORP A PRIVATELY HELD DALLAS
COMPANY

ELECTRONIC DATA SYSTEMS CORP ACQUIRED EUROSEPT A FRENCH CONSULTING FIRM
AND FC CONSULTORIA A BRAZILIAN CONSULTING FIRM TERMS WEREN'T DISCLOSED
9404150138 940415 BUSINESS BRIEF MAPCO INC COMPANY WILL POST
INCREASE IN FIRSTQUARTER NET INCOME

MAPCO INC SAID IT WOULD POST FIRSTQUARTER RESULTS ABOVE YEAREARLIER
LEVELS BECAUSE OF STRONG OIL REFINING AND MARKETING MARGINS INCREASED
PIPELINE VOLUMES AND COSTCUTTING

THE TULSA OKLA COAL AND OIL CONCERN HAD 1993 FIRSTQUARTER NET INCOME OF
339 MILLION OR 113 A SHARE ON REVENUE OF 6917 MILLION

THE DISCLOSURE WAS MADE BY MAPCO CHAIRMAN JAMES E BARNES AT A
SECURITIESANALYSTS MEETING IN NEW YORK MR BARNES SAID FIRSTQUARTER
RESULTS WOULD BE RELEASED IN ABOUT TWO WEEKS

IN LATE TRADING ON THE NEW YORK STOCK EXCHANGE MAPCO SHARES WERE QUOTED AT
6175 UP 150 9404150137 940415 THE MERC'S IMM SEAT SALE

CHICAG0 A SEAT ON THE INTERNATIONAL MONETARY MARKET OF THE CHICAGO
MERCANTILE EXCHANGE SOLD FOR 640000 TOPPING THE PREVIOUS RECORD OF
620000 SET MARCH 4 THE MERC SAID THE NEW BID AND OFFER FOR AN IMM
MEMBERSHIP ARE 600000 AND 750000 RESPECTIVELY

IMM MEMBERS HOLD THE RIGHT TO TRADE ANY CURRENCY INTERESTRATE OR
EQUITYINDEX FUTURES CONTRACT OR OPTION TRADED ON THE MERC 9404150136
940415 WHO'S NEWS AMERICAN TELEPHONE & TELEGRAPH CO

AMERICAN TELEPHONE & TELEGRAPH CO NEW YORK RAY M ROBINSON 46 YEARS
OLD CHIEF EXECUTIVE OFFICER OF AT&T TRIDOM AT&T'S SATELLITECOMMUNICATIONS
BUSINESS WAS NAMED VICE PRESIDENT CORPORATE RELATIONS IN THE NEW
POSITION MR ROBINSON WILL DEVELOP A STRATEGY FOR AT&T'S COMMUNITY
INVOLVEMENT WORKING WITH THE AT&T FOUNDATION AND MANAGING VOLUNTEER
ACTIVITIES 9404150135 940415 BUSINESS BRIEF RAYTHEON ENGINEERS &
CONSTRUCTORS COMPANY RECEIVES CONTRACT FOR COGENERATION FACILITY

RAYTHEON ENGINEERS & CONSTRUCTORS INC A UNIT OF RAYTHEON CO SAID IT
RECEIVED A 115 MILLION FIXEDPRICE CONTRACT FROM PANDA BRANDYWINE LP FOR
TURNKEY ENGINEERING AND CONSTRUCTION OF A COGENERATION FACILITY IN PRINCE
GEORGES COUNTY MD

RAYTHEON BASED IN LEXINGTON MASS SAID WORK IS UNDER WAY ON THE PROJECT
WITH THE FACILITY SCHEDULED FOR COMMERCIAL OPERATION IN MID1996 THE
FACILITY WILL HAVE POWER OF 230 MEGAWATTS AND WILL BE FUELED BY NATURAL GAS

PANDA BRANDYWINE IS A UNIT OF PRIVATELY HELD PANDA ENERGY INC OF DALLAS
9404150134 940415 INTERNATIONAL WORLD WIRE  COMPILED BY RICHARD
L HOLMAN

THE SOUTH KOREAN GOVERNMENT SAID IT WOULD SPEND 5529 BILLION THROUGH THE
YEAR 2015 TO CREATE HIGHSPEED INFORMATION AND TELECOMMUNICATIONS NETWORKS

THE GOVERNMENT DECIDED TO INVEST SUCH BIG MONEY IN THE PROJECT ON THE
BELIEF THAT THE LEVEL OF INFORMATION AND COMMUNICATIONS WILL DECIDE THE
INTERNATIONAL COMPETITIVENESS OF A COUNTRY IN THE 21ST CENTURY THE
PREMIER'S SPOKESMAN SAID

THE GOVERNMENT INTENDS TO MAKE A DIRECT OUTLAY OF 136 BILLION WITH OTHER
FUNDING TO COME FROM PROCEEDS OF PLANNED PRIVATIZATIONS OF STATERUN
COMPANIES

THE PLAN INCLUDES SETTING UP PUBLIC INFORMATION NETWORKS THAT CAN TRANSMIT
ONE BILLION BITS OF DATA PER SECOND THE EQUIVALENT OF 4000 NEWSPAPER
PAGES A 111 BILLION STATE NETWORK WOULD SERVE PRIVATE AND STATEOWNED
COMPANIES AND RESEARCH INSTITUTES BY THE YEAR 2010

THE RUSSIAN CENTRAL BANK REVOKED THE LICENSE OF A COMMERCIAL BANK THE FIFTH
SHUT DOWN THIS YEAR THE LATEST CASUALTY MMMBANK WAS CITED FOR REGULATORY
VIOLATIONS INCLUDING LONGSTANDING RED INK IN AN ACCOUNT WITH THE CENTRAL
BANK BANKING HAS BEEN ONE OF RUSSIA'S FASTESTGROWING SECTORS BUT UNTIL
RECENTLY CAPITAL REQUIREMENTS WERE LOOSE AND REGULATION WEAK LAST YEAR
THE CENTRAL BANK REVOKED THE LICENSES OF 19 BANKS INCLUDING EIGHT IN
MOSCOW FOR VIOLATING RULES RUSSIA NOW HAS ABOUT 2000 COMMERCIAL BANKS A
FOURTH OF WHICH ARE BASED IN THE CAPITAL

AUTO SALES LAST MONTH IN WESTERN EUROPE ROSE 55 FROM DEPRESSED LEVELS A
YEAR EARLIER THE EUROPEAN AUTOMOBILE MANUFACTURER'S ASSOCIATION SAID
REVISING A PRELIMINARY FINDING OF A 42 INCREASE THE RISE SUSTAINED A
MODERATE REBOUND FOR THE REGION THAT BEGAN AT THE START OF 1994 IN THE
FIRST QUARTER NEWCAR REGISTRATIONS ROSE 5 BUT THE INDUSTRY GROUP EXPECTS
THE TREND TO FIZZLE AND PREDICTS GROWTH OF 11 TO 2 FOR THIS YEAR IN THE
LATEST MONTH EUROPEAN NAMEPLATES SOLD BRISKLY BUOYED BY NEW MODELS WHILE
JAPANESE AUTO MAKERS' OVERALL SALES IN THE 17 EUROPEAN COUNTRIES CONTINUED
TO FALL

CONSTRUCTION BEGAN ON THE HANOI HORIZON A 36 MILLION LUXURY HOTEL IN
VIETNAM BRINGING THE TOTAL VALUE OF HOSTELRY PROJECTS THERE TO 384
MILLION THE VIETNAMESE CAPITAL HAS A SHORTAGE OF WORLDCLASS LODGINGS THE
200ROOM HANOI HORIZON IS AN INDONESIANVIETNAMESE JOINT VENTURE THAT IS TO
BE COMPLETED BY LATE 1996 AMONG OTHER HOTELS BEING BUILT WORK BEGAN IN
JANUARY ON A 325ROOM PROPERTY IN A SINGAPOREAN JOINT VENTURE PLANNING IS
UNDER WAY FOR THREE HOTELS FINANCED BY PARTNERS FROM JAPAN HONG KONG AND
SINGAPORE SEPARATELY VIETNAM IS SENDING ITS FIRST POSTEMBARGO SHIPMENT OF
RICE TO THE US WHERE IT HOPES TO BUILD AN EXPORT MARKET

PEOPLE LIVING IN MOUNTAINOUS AREAS BECOME SENILE LATER IN LIFE THAN CITY
DWELLERS CHINESE RESEARCHERS SAID AFTER A THREEYEAR STUDY OF 600
INDIVIDUALS RANGING FROM THEIR 60S TO OVER 100 AND RURAL RESIDENTS LIVE
LONGER BECAUSE THEY ARE MORE PHYSICALLY ACTIVE IN A MORE FAVORABLE
ENVIRONMENT AMONG THE FINDINGS BY CHINESE AND WORLD HEALTH ORGANIZATION
GERIATRIC SPECIALISTS NEWLY RETIRED URBANITES IN THEIR 60S WHO WERE IN GOOD
PHYSICAL SHAPE GRADUALLY LOST THEIR EDGE TO MOUNTAIN RESIDENTS WHOSE
CONTINUITY IN METABOLIC BALANCE RETARDED AGING

AS PART OF A DEREGULATION PACKAGE INDONESIA'S INVESTMENT MINISTER SAID THE
GOVERNMENT WILL RELAX AN UNPOPULAR RULE THAT REQUIRES FOREIGN COMPANIES TO
HAND OVER 51 OWNERSHIP TO DOMESTIC INTERESTS WITHIN 10 TO 20 YEARS OF
STARTING UP

THE DEREGULATION MEASURES WHICH AREN'T COMPLETE WILL BE AIMED AT FORMING A
UNIFIED REGULATORY FRAMEWORK FOR BOTH DOMESTIC AND FOREIGN INVESTMENT
SANYOTO SASTROWARDYO THE INVESTMENT CHIEF SAID

HE ACKNOWLEDGED THE NEED TO CORRECT THE DIVESTITURE RULE WHICH US
TREASURY SECRETARY LLOYD BENTSEN CRITICIZED WHEN HE VISITED JAKARTA IN
JANUARY AND WHICH IS WIDELY CONSIDERED A DETERRENT TO FOREIGN INVESTMENT
MR SANYOTO ALSO SAID THE GOVERNMENT WILL DECENTRALIZE ITS CUMBERSOME
INVESTMENT LICENSING PROCEDURES

SEPARATELY ABOUT 20000 WORKERS PROTESTED IN MEDAN CAPITAL OF NORTH
SUMATRA DEMANDING A HIGHER MINIMUM WAGE

A JEWISH ELEMENTARY SCHOOL THE FIRST IN POLAND IN A QUARTERCENTURY WILL
OPEN IN WARSAW ON SEPT 1 THE LAST JEWISH SCHOOL IN THE COUNTRY WAS CLOSED
BY COMMUNIST AUTHORITIES IN A 1968 ANTISEMITIC CAMPAIGN  BANGLADESH
MARKED THE ADVENT OF THE 15TH CENTURY ON THE BENGALI CALENDAR FESTIVITIES
WERE HELD NATIONWIDE TO CELEBRATE THE FIRST DAY OF THE YEAR 1401  A
DUTCH RESEARCHER AFTER FIVE YEARS OF STUDY DISCOVERED THE BEST WAY TO SWAT
A FLY WEAR RED A DIFFICULT COLOR FOR THE INSECTS TO DETECT THEY SEE GREEN
AND VIOLET BEST AND USE A RED SWATTER IN THE LATE AFTERNOON WHEN FLIES ARE
DROWSY AS THEY USE 75 OF THEIR BRAINPOWER FOR SIGHT 9404150133 940415
INTERNATIONAL MEDIATION BID COMES APART IN SOUTH AFRICA  RIFT
BETWEEN PARTIES ENDS KISSINGERLED EFFORT FEARS OF BLOODSHED RISE 
 BY THOMAS KAMM STAFF REPORTER OF THE WALL STREET JOURNAL

JOHANNESBURG THE CONFLICT THAT THREATENS SOUTH AFRICA'S ORDERLY
TRANSITION TO BLACK MAJORITY RULE WORSENED WITH THE COLLAPSE OF AN
INTERNATIONAL MEDIATION EFFORT

A TEAM HEADED BY FORMER US SECRETARY OF STATE HENRY KISSINGER SAID IT WAS
HEADING HOME LESS THAN TWO DAYS AFTER ARRIVING BECAUSE INKATHA FREEDOM PARTY
LEADER MANGOSUTHU BUTHELEZI DISAGREED WITH THE GOVERNMENT AND THE AFRICAN
NATIONAL CONGRESS OVER THE MEDIATION'S AGENDA

THERE WAS A GAP BETWEEN THE PARTIES THAT COULDN'T BE BRIDGED DESPITE
STRENUOUS EFFORTS SAID INDIA'S CHIEF JUSTICE PN BHAGAVATHI ONE OF THE
SEVEN MEDIATORS

THE MEDIATION'S COLLAPSE LESS THAN TWO WEEKS BEFORE SOUTH AFRICA'S FIRST
ALLRACE ELECTIONS HEIGHTENS FEARS THAT THE HISTORIC TRANSITION WILL BE
MARRED BY INCREASED BLOODSHED IN THE NATALKWAZULU REGION MR BUTHELEZI'S
POWER BASE THIS RAISES DOUBTS OVER HOW FREE AND FAIR THE APRIL 26 TO 28
ELECTIONS WILL BE AND FURTHER DAMPS SOUTH AFRICA'S HOPES OF ATTRACTING
LARGESCALE FOREIGN INVESTMENT IN THE POSTAPARTHEID ERA

THINGS LOOK BAD AND ARE LOOKING WORSE EVERY DAY SAYS GAVIN WOODS
EXECUTIVE DIRECTOR OF THE INKATHA INSTITUTE FOR SOUTH AFRICA A DURBANBASED
THINK TANK THAT IS CLOSE TO MR BUTHELEZI'S PARTY A LOT OF PEOPLE ON THE
GROUND ARE SAYING WE'VE DRAWN THE LINE IN THE SAND WE'RE READY TO FIGHT'
THE TYPE OF INSTABILITY WE COULD SEE WOULD BE MORE THAN ENOUGH TO DISCOURAGE
BUSINESS CONFIDENCE AND INVESTOR CONFIDENCE

NATALKWAZULU WHICH ENCOMPASSES THE SELFGOVERNING KWAZULU HOMELAND OF
WHICH MR BUTHELEZI IS CHIEF MINISTER WAS PLACED UNDER A STATE OF EMERGENCY
LAST MONTH BY PRESIDENT FW DE KLERK BUT DESPITE THE PRESENCE OF ABOUT
2000 SOLDIERS FIGHTING BETWEEN SUPPORTERS OF THE ANC AND INKATHA HAS LED
TO MORE THAN 200 DEATHS IN THE PAST TWO WEEKS

MR BUTHELEZI HAS URGED HIS FOLLOWERS TO BOYCOTT THE ELECTIONS CONTENDING
THE ANC AND THE GOVERNMENT HAVE CONSPIRED TO ENACT AN INTERIM CONSTITUTION
THAT WILL MARGINALIZE HIM BY PROVIDING FOR A STRONG CENTRAL GOVERNMENT HE
WANTS A CONSTITUTION GIVING WIDE POWERS TO REGIONS AND HAS THE SUPPORT OF
ZULU KING GOODWILL ZWELITHINI WHO HAS THREATENED TO FORM AN INDEPENDENT
KINGDOM UNLESS INKATHA'S DEMANDS ARE MET

MONTHS OF TALKS INCLUDING A SUMMIT MEETING LAST WEEK AMONG MR DE KLERK
ANC LEADER NELSON MANDELA MR BUTHELEZI AND KING ZWELITHINI FAILED TO BREAK
THE IMPASSE AND INTERNATIONAL MEDIATION WAS SEEN AS THE LAST CHANCE TO
BRING MR BUTHELEZI INTO THE FOLD

BUT THE PARTIES NEVER EVEN GOT DOWN TO DISCUSSING THE SUBSTANTIVE ISSUES
MR BUTHELEZI SAID INKATHA WOULDN'T SIT DOWN TO THE TALKS UNLESS THE DATE OF
THE ELECTIONS WAS NEGOTIABLE AS PART OF A SETTLEMENT THE ANC REFUSED
SAYING WE WILL NOT POSTPONE OUR FREEDOM

THE MEDIATORS SAID THEY CAME TO SOUTH AFRICA ON THE BASIS OF AN AGENDA FOR
THE TALKS THAT DIDN'T INCLUDE THE ELECTION DATE BUT SAID MR KISSINGER
WHEN WE CAME HERE WE FOUND THE TERMS OF REFERENCE HAD EITHER BEEN REOPENED
OR HADN'T BEEN AS FULLY AGREED AS WE'D BELIEVED RENDERING THE MEDIATORS'
TASK IMPOSSIBLE

THE ANC AND INKATHA BLAMED EACH OTHER FOR THE BREAKDOWN IT'S QUITE CLEAR
TO US THAT THEY WERE ENTERING THE MEDIATION WITH THE SOLE OBJECTIVE OF
MAKING SURE THE ELECTIONS WERE POSTPONED SAID CYRIL RAMAPHOSA THE ANC'S
SECRETARYGENERAL FROM THE WORD GO BOTH THE ANC AND THE GOVERNMENT WERE
AGAINST MEDIATION RETORTED MR BUTHELEZI THE SOUTH AFRICAN GOVERNMENT
AND THE ANC HAVE RUINED ANOTHER OPPORTUNITY

IN A TELEVISED DEBATE LAST NIGHT PRESIDENT DE KLERK AND MR MANDELA HIS
LIKELY SUCCESSOR SAID THEY WOULD CONTINUE TO SEEK A SOLUTION BUT ANALYSTS
ARE DOUBTFUL THERE WILL BE AGREEMENT

WITH THE KWAZULU HOMELAND LIKELY TO BE DISMANTLED AFTER THE ELECTIONS AND
MR BUTHELEZI IN EXTRAPARLIAMENTARY OPPOSITION SOME FEAR HE WILL BE
TEMPTED TO RESORT TO ARMED INSURGENCY BUT AT A NEWS CONFERENCE MR
BUTHELEZI SAID I'VE NEVER BEEN ATTRACTED BY THE ARMED STRUGGLE SUCH A
THING WOULD BE DISASTROUS MANY PEOPLE WANT US TO MOVE IN THAT DIRECTION
BUT I'D BE VERY SAD IF THAT HAPPENED 9404150132 940415 YOUR MONEY
MATTERS WEEKEND REPORT HOW TO GAUGE WITHHOLDING TO MEET TAX LIABILITY
  BY DEBORAH LOHSE STAFF REPORTER OF THE WALL STREET JOURNAL

IT'S APRIL 15 AND IF THE PAST IS ANY GUIDE A LOT OF THE PEOPLE READING
THIS ARTICLE WILL BE WRITING SOME PRETTY BIG CHECKS TO THE INTERNAL REVENUE
SERVICE TODAY A LOT OF OTHERS ARE WAITING FOR LARGE REFUNDS

EACH YEAR HORDES OF TAXPAYERS END UP PAYING MORE THAN 10 OF THEIR FEDERAL
INCOMETAX LIABILITY WHEN THEY FILE THEIR RETURNS SUBJECTING THEMSELVES TO
UNDERPAYMENT PENALTIES ON THE SHORTFALL MILLIONS OF OTHER TAXPAYERS GET
REFUNDS THAT AVERAGE AROUND 1000 APIECE

PART OF THE PROBLEM IS THAT THESE PEOPLE NEVER MANAGE TO GET THEIR
WITHHOLDING OR ESTIMATED TAX PAYMENTS RIGHT AND SMALL WONDER

TRYING TO GET YOUR WITHHOLDING TO COME OUT JUST RIGHT IS LIKE TRYING TO
PICK UP A RAW EGG WITH A FORK SAYS NORA DALY A SENIOR ANALYST FOR PAYROLL
TAXES AT PACIFIC TELESIS GROUP'S PACIFIC BELL SUBSIDIARY IN SAN RAMON
CALIF

FILLING OUT THE SEVENLINE WORKSHEET ON THE FORM W4 THAT TELLS EMPLOYERS
HOW MUCH TAX TO WITHHOLD FROM ONE'S EARNINGS DOES WORK FOR SOME PEOPLE OF
COURSE WHEN THEY FILL OUT THEIR TAX RETURNS THE AMOUNT WITHHELD ROUGHLY
EQUALS THE AMOUNT THEY OWE

BUT FOR MANY OTHER TAXPAYERS READJUSTING W4S HAS BECOME A PERENNIAL
FRUSTRATION THAT'S ESPECIALLY TRUE FOR PEOPLE WHO HAVE INCOME IN ADDITION
TO A SINGLE SALARY DUALINCOME COUPLES PEOPLE WITH SUBSTANTIAL OUTSIDE
EARNINGS AND THOSE WITH SIGNIFICANT INVESTMENT INCOME PEOPLE WHO'VE GOTTEN
MARRIED HAD CHILDREN GOTTEN A NEW JOB OR HAD A SUBSTANTIAL INCREASE OR
DECREASE IN PAY ARE ALSO APT TO FIND THAT THEY PAID TOO LITTLE TAX DURING
THE COURSE OF THE YEAR OR WAY TOO MUCH

EITHER CAN BE A COSTLY MISTAKE TAXPAYERS ARE GENERALLY REQUIRED TO PAY 90
OF THEIR FEDERAL TAX LIABILITY DURING THE COURSE OF THE YEAR THROUGH
WITHHOLDING FROM THEIR PAYCHECKS OR QUARTERLY ESTIMATED PAYMENTS THOSE WHO
COME UP SHORT MAY BE SUBJECT TO AN IRS UNDERPAYMENT PENALTY WHICH CURRENTLY
IS ASSESSED AT AN ANNUAL RATE OF 7 OF THE TAX DUE

PLAYING IT ULTRASAFE AND BEING OVERWITHHELD ISN'T THE ANSWER EITHER TAX
ADVISERS SAY WHILE MANY PEOPLE VIEW A TAX REFUND AS A SORT OF SPRING BONUS
IN REALITY YOU ARE ONLY GIVING THE GOVERNMENT AN INTERESTFREE LOAN IF YOU
REDUCED YOUR WITHHOLDING DURING THE YEAR YOU'D GET MONTHS OF USE OF THAT
MONEY SAYS MICHAEL J GOLDBERG A SENIOR TAX MANAGER AT ACCOUNTANTS GRANT
THORNTON IN NEW YORK INSTEAD OF LOANING IT TO THE GOVERNMENT YOU COULD PUT
IT TO WORK IN AN INVESTMENT PROGRAM OF YOUR CHOICE

IF YOUR 1993 WITHHOLDING AND ESTIMATED PAYMENTS WERE WIDE OF THE MARK THIS
IS A GOOD TIME TO REVIEW YOUR TAX SITUATION AND FILE A NEW W4 WITH YOUR
EMPLOYER

DUTIFULLY FILLING OUT AND FILING AN UPTODATE FORM W4 IS YOUR FIRST STEP
ADVISERS SAY BUT IT IS ONLY A FIRST STEP IF YOU LIMIT YOURSELF TO THE
FORM YOU MIGHT NOT GET AN ACCURATE READ ON WHETHER YOU'VE HAD ENOUGH TAX
WITHHELD SAYS STEVEN WEINSTEIN NATIONAL DIRECTOR OF PERSONAL FINANCIAL
PLANNING AT ACCOUNTANTS ARTHUR ANDERSEN IN CHICAGO

WORKING COUPLES ESPECIALLY THOSE WHO CAME UP FAR SHORT IN 1993 SHOULD BE
SURE TO COMPLETE THE TWOEARNER/TWOJOB WORKSHEET ON THE BACK OF THE W4
IN MOST CASES ADVISERS SAY BOTH SPOUSES WILL HAVE TO TAKE ZERO WITHHOLDING
ALLOWANCES AND MAYBE ASK THAT AN ADDITIONAL AMOUNT BE WITHHELD THAT'S
BECAUSE THE WITHHOLDING TABLES THAT TRANSLATE THE ALLOWANCES ON THE W4 INTO
A DOLLAR AMOUNT TO BE WITHHELD WERE MADE EXPECTING MARRIED COUPLES TO HAVE
ONLY ONE BREADWINNER

ONCE YOU'VE TAKEN YOUR BEST STAB AT THE W4 AND SEEN WHAT EFFECT IT HAS ON
YOUR PAYCHECK YOUR NEXT STEP IS TO FIGURE OUT HOW YOUR REVISED WITHHOLDING
COMPARES WITH YOUR PROJECTED TAX LIABILITY FOR 1994 WORKING COUPLES SHOULD
PROJECT THE TAX THEY'LL OWE ON THEIR COMBINED INCOMES AND SEE IF BOTH SETS
OF WITHHOLDING WILL COVER THEIR LIABILITY IRS PUBLICATION 919 IS MY
WITHHOLDING CORRECT FOR 1994 CAN HELP MOST TAXPAYERS PROJECT WHAT THEIR
1994 TAX WILL BE

WHILE THE BASIC GOAL IS TO PAY 90 OF THE TAX YOU WILL ACTUALLY OWE
TAXPAYERS WITH ADJUSTED GROSS INCOMES OF 150000 OR LESS IN 1994 CAN AVOID
HAVING TO PAY A PENALTY BY ENSURING THAT THIS YEAR'S WITHHOLDING AND
ESTIMATED PAYMENTS EQUAL 100 OF THEIR 1993 TAX LIABILITY FOR HIGHERINCOME
TAXPAYERS THIS YEAR'S WITHHOLDING AND ESTIMATED PAYMENTS MUST EQUAL AT
LEAST 110 OF LAST YEAR'S TAX LIABILITY TO QUALIFY FOR THIS SAFEHARBOR
RULE

TAXPAYERS WHO FIND THEY ARE BEING UNDERWITHHELD CAN SIMPLY HAVE THEIR
PAYROLL DEPARTMENTS WITHHOLD AN ADDITIONAL AMOUNT EQUAL TO THE PROJECTED
SHORTFALL FOR INSTANCE IF YOU WILL BE 1000 UNDERWITHHELD AND YOU EXPECT
TO GET 17 MORE SEMIMONTHLY PAYCHECKS YOU COULD FILL OUT ANOTHER NEW W4
THAT INSTRUCTS YOUR COMPANY TO WITHHOLD AN EXTRA 59 PER PAYCHECK

IF ON THE OTHER HAND YOU FIND YOU ARE BEING OVERWITHHELD BY 1000 THE
SIMPLEST STRATEGY IS TO ASK YOUR PAYROLL DEPARTMENT HOW MANY ALLOWANCES YOU
SHOULD ADD TO DECREASE THE AMOUNT OF TAX TAKEN OUT EACH PAYCHECK TO TOTAL
1000 BY THE END OF THE YEAR YOU HAVE TO BE CAREFUL THAT YOU CAN PROVE YOU
ARE ENTITLED TO THE NUMBER OF ALLOWANCES YOU ARE TAKING ADVISERS CAUTION

TAXPAYERS WHO HAVE INCOME FROM INVESTMENTS ON WHICH TAX ISN'T WITHHELD
SHOULD DECIDE IF THEY WANT TO INCREASE THE WITHHOLDING ON THEIR SALARY OR
IF THEY WANT TO PAY THE TAX THEY WILL OWE THROUGH QUARTERLY ESTIMATEDTAX
PAYMENTS ESTIMATED PAYMENTS ARE DUE APRIL 15 JUNE 15 SEPT 15 AND JAN 15
OF THE NEXT YEAR

ALL THINGS BEING EQUAL WITHHOLDING IS FREQUENTLY A BETTER WAY TO PAY SUCH
TAXES SAYS MR WEINSTEIN THE REASON YOU CAN MEET YOUR TAX OBLIGATION
THROUGH WITHHOLDING ANY TIME DURING THE YEAR GENERALLY SPEAKING QUARTERLY
PAYMENTS COVER ONLY TAX OWED ON INCOME YOU GOT IN THE SAME QUARTER OR LATER
IN THE YEAR

SAY YOU RECEIVED A 5000 CAPITAL GAIN IN JANUARY 1993 AND DECIDED AT THE
END OF THE YEAR TO PAY THE 1400 CAPITALGAIN TAX THROUGH A QUARTERLY
PAYMENT WHICH YOU SENT IN BY JAN 17 OF THIS YEAR WRONG MOVE SAYS THE
IRS UNDER ITS RULES THE FIRST PAYMENT SHOULD HAVE BEEN MADE BY APRIL 15
1993 AND YOU COULD BE PENALIZED FOR UNDERPAYING

BUT IF YOU HAD ASKED YOUR EMPLOYER TO WITHHOLD AN EXTRA 1400 FROM YOUR
DECEMBER 1993 PAY THE IRS WOULD TREAT THE MONEY AS THOUGH IT HAD BEEN PAID
IN EVENLY OVER THE COURSE OF 1993

CAROL R CARUTHERS PARTNER IN CHARGE OF PERSONAL FINANCIAL SERVICES AT
ACCOUNTANTS PRICE WATERHOUSE IN ST LOUIS SAYS MANY OF HER CLIENTS WITHHOLD
HEAVILY FROM THEIR YEAREND BONUSES TO COVER TAX SHORTFALLS WITHHOLDING ON
BONUSES IS ALSO CONSIDERED PAID IN PRORATA OVER THE YEAR SHE NOTES BUT
YOU HAVE TO RECEIVE THE MONEY BEFORE THE END OF THE YEAR YOU ALSO HAVE TO
TELL YOUR COMPANY'S PAYROLL DEPARTMENT AHEAD OF TIME TO BOOST THE
WITHHOLDING OTHERWISE THE AMOUNT WITHHELD IS APT TO BE A FLAT 28 PLUS ANY
STATE WITHHOLDING

SOME OF THE SAME TAX SOFTWARE PROGRAMS YOU MIGHT HAVE USED FOR YOUR TAX
RETURN ALSO INCLUDE FEATURES TO HELP TAXPAYERS FIGURE THEIR WITHHOLDING WITH
A BIT LESS HASSLE FOR EXAMPLE TURBOTAX BY CHIPSOFT INC INCLUDES AN
EXPANDED W4 WORKSHEET IN THE PROGRAM'S PLANNING SECTION THAT CAN MAKE IT
EASIER TO ADJUST THE FORM SO THAT YOU WITHHOLD ONLY ENOUGH TO AVOID A
PENALTY 9404150131 940415 ASIANS PACIFIC ISLANDERS SEEN RISING IN
CALIFORNIA

WASHINGTON THE NUMBER OF ASIANS AND PACIFIC ISLANDERS LIVING IN
CALIFORNIA IS EXPECTED TO DOUBLE BY THE YEAR 2020 TO 97 MILLION ACCORDING
TO A NEW CENSUS BUREAU REPORT

THE REPORT IS THE FIRST SET OF STATEPOPULATION PROJECTIONS FOR THE BUREAU
TO PRESENT INFORMATION ON FIVE ETHNIC AND RACIAL GROUPS BLACK WHITE
ASIAN HISPANIC AND AMERICAN INDIAN IT COVERS THE PERIOD FROM 1993 TO 2020
IT FOUND THAT THE SOUTH AND WEST REGIONS OF THE COUNTRY WILL CONTINUE TO
GROW SUBSTANTIALLY MORE THAN THE MIDWEST AND NORTHEAST WITH DIFFERENT
ETHNIC GROUPS HEADING FOR DIFFERENT SPOTS

WHILE NEW YORK AND CALIFORNIA WILL HAVE THE LARGEST SHARE OF THE
AFRICANAMERICAN POPULATION BETWEEN 1993 AND 2020 FLORIDA IS EXPECTED TO
HAVE THE LARGEST NET POPULATION CHANGE OF AFRICAN AMERICANS WITH AN
INCREASE OF 15 MILLION

THE REPORT ALSO PREDICTED THAT AFTER THE YEAR 2000 ARIZONA IS EXPECTED TO
BE THE MOST POPULOUS STATE FOR THE CATEGORY COMPRISING AMERICAN INDIANS
ESKIMOS AND ALEUTS FOLLOWED BY OKLAHOMA AND CALIFORNIA

BETWEEN 1993 AND 2020 WHITES ARE PROJECTED TO ACCOUNT FOR MORE THAN HALF
THE ABSOLUTE INCREASE IN THE WEST AND SOUTH PEOPLE OF HISPANIC ORIGIN WHO
CAN BE OF ANY RACE COULD COMPRISE A SUBSTANTIALLY LARGER SHARE OF THE TOTAL
POPULATION IN ALL REGIONS BY 2020 THE REPORT SAID IN CALIFORNIA THE 175
MILLION HISPANICS PROJECTED COULD ACCOUNT FOR ONETHIRD OF THE COUNTRY'S
HISPANICS 9404150130 940415 SMALL STOCK FOCUS RUSSELL 2000 INDEX
CLIMBS 046 POINT WORKING AGAINST A WEAK BOND MARKET  BY MARY
ROMANO SPECIAL TO THE WALL STREET JOURNAL

NEW YORK SMALLCOMPANY STOCKS STRUGGLED TO RISE AGAINST A WEAK BOND
MARKET AND CONFUSING NEWS OF US JETS SHOOTING DOWN TWO OF THEIR OWN
HELICOPTERS OVER IRAQ

THE RUSSELL 2000 INDEX OF SMALLCAP STOCKS SQUEAKED OUT A SLIM GAIN OF 046
OR 018 TO 25008

THE NASDAQ COMPOSITE INDEX FELL 007 TO 72731 A LOW FOR THE YEAR THE
PREVIOUS LOW WAS SET WEDNESDAY WHEN THE INDEX CLOSED AT 72738 IT ALSO WAS
THE THIRD STRAIGHT DAY THE NASDAQ COMPOSITE ENDED WITH A LOSS

ON THE NASDAQ DECLINERS SLIGHTLY BEAT OUT ADVANCING ISSUES 1555 TO 1527
OVERALL VOLUME WAS 313 MILLION SHARES DOWN FROM WEDNESDAY'S 343 MILLION
SHARES

STOCKS OPENED LOWER FOLLOWING FALLING BOND PRICES AND UNFOUNDED REPORTS THAT
IRAQ WAS RESPONSIBLE FOR SHOOTING DOWN TWO US HELICOPTERS IN NORTHERN
IRAQ REPORTS LATER CLARIFIED THAT TWO US FIGHTER JETS MISTAKENLY SHOT
DOWN TWO US ARMY HELICOPTERS KILLING 26 PEOPLE

A SLIGHTLY IMPROVING BOND MARKET HELPED SMALL STOCKS RECOVER THEIR LOSSES
BUT THEY SLIPPED AGAIN IN THE AFTERNOON

EARLY IN THE SESSION THE LONG BOND WAS DOWN 1/2 POINT SENDING ITS YIELD UP
TO 730 IT FINISHED DOWN MORE THAN 1/4 POINT WITH ITS YIELD UP TO 728

AFTER PLUNGING WEDNESDAY SEVERAL LARGECAP NASDAQLISTED TECHNOLOGY ISSUES
ENDED MIXED YESTERDAY

ADOBE SYSTEMS GAINED 2 1/8 TO 24 AFTER SOUNDVIEW FINANCIAL GROUP RAISED ITS
RATING ON ADOBE TO SHORTTERM BUY FROM SHORTTERM HOLD SOUNDVIEW CITED
ADOBE'S STRONG FUNDAMENTALS

INTEL PLUNGED 3 7/8 TO 59 7/8 FOLLOWING THE ANNOUNCEMENT OF A CHIP PACT
BETWEEN CYRIX AND INTERNATIONAL BUSINESS MACHINES CISCO SYSTEMS GAINED 3/8
TO 30 1/4

TWO TECHNOLOGY COMPANIES CLIMBED ON EARNINGS NEWS STATRACOM JUMPED 2 TO 20
1/4 LATE WEDNESDAY THE HIGHSPEED NETWORKINGPRODUCTS COMPANY SAID ITS
FIRSTQUARTER EARNINGS WERE 15 CENTS A SHARE UP FROM 10 CENTS LAST YEAR AND
ANALYSTS' VIEWS OF 12 CENTS

XYPLEX CLIMBED 1 7/8 TO 16 1/4 THE DESIGNER AND MANUFACTURER OF DATA
NETWORKS REPORTED FIRSTQUARTER EARNINGS OF 34 CENTS A SHARE VERSUS 37 CENTS
LAST YEAR

MICROPROBE THE BIOTECHNOLOGY RESEARCH AND DEVELOPMENT FIRM GAINED 3/4 TO 5
AFTER REPORTING THAT ITS SCIENTISTS AND THOSE AT THE YALE UNIVERSITY SCHOOL
OF MEDICINE FOUND A NEW CLASS OF ANTICANCER AGENTS THE COMPANY SAID STUDIES
HAVE SHOWN THE COMPOUNDS KILL CERTAIN TYPES OF HUMAN CANCER CELLS
PARTICULARLY COLON AND LIVERCANCER CELLS

SEVERAL STOCKS GAINED AFTER BROKERAGE FIRMS UPGRADED INVESTMENT RATINGS
AMERICA ONLINE GAINED 6 TO 64 3/4 AFTER WHEAT FIRST BUTCHER & SINGER RAISED
IT TO BUY FROM HOLD ON WEAKNESS WHEAT FIRST CITED THE STOCK'S RECENT
WEAKNESS AS A BUYING OPPORTUNITY AND ITS TREMENDOUS EARNINGS GROWTH
POTENTIAL

MANUGISTICS GROUP WHICH PRODUCES BUSINESS SOFTWARE LOST 3 1/2 TO 8 AFTER
ALEX BROWN & SONS LOWERED ITS RATING TO BUY FROM STRONG BUY

CROWN RESOURCES GAINED 5/8 TO 6 1/2 KEMPER SECURITIES UPGRADED ITS RATING
TO STRONG BUY FROM HOLD KEMPER SAID CROWN WAS ONE OF THE
PRECIOUSMETALS EXPLORERS WITH VARYING DEGREES OF EXPOSURE TO A POTENTIALLY
SIGNIFICANT NEW GOLD FIND IN PERU

WICKES LUMBER A RETAILER AND DISTRIBUTOR OF BUILDING MATERIALS PLUNGED 2
TO 17 2/8 AFTER REPORTING A FIRSTQUARTER LOSS OF 143 A SHARE COMPARED
WITH A PRO FORMA LOSS OF 111 LAST YEAR

THE FRIENDLY FIRE NEWS MADE PEOPLE NERVOUS AND THAT PULLED THE MARKET
DOWN SAID GEORGE JENNISON COMANAGER OF NASDAQ TRADING AT WHEAT FIRST
BUTCHER & SINGER BUT THEN THE BOND MARKET CAME BACK AND THAT BROUGHT
EQUITIES UP BUT THEN BONDS AND STOCKS SLIPPED IT WAS A ROLLER COASTER
DAY

TRADERS HAVE MIXED FEELINGS AS TO WHERE THE MARKET IS HEADED HEDI REYNOLDS
MANAGING DIRECTOR OF NASDAQ TRADING AT MORGAN KEEGAN & CO SAID SHE SEES
SOME RALLYING IN INDIVIDUAL STOCKS THAT REPORT DECENT EARNINGS BUT THERE
WILL ALSO BE SOME SELLING IN THAT RALLY

TONY CECIN DIRECTOR OF EQUITY TRADING AT PIPER JAFFRAY SAID HE SEES A
MARKET THAT IS TREADING WATER

IT'S STRUGGLING TO FIND SOME STABILITY HE SAID IT HAS A DOWNWARD BIAS
IT'S TRYING TO SHAKE OFF

WHEAT FIRST'S MR JENNISON EXPECTS FURTHER WEAKNESS IN THE MARKET I'M NOT
PAINTING A VERY PRETTY PICTURE HE SAID 9404150129 940415 FOREIGN
EXCHANGE DOLLAR IS CAST ADRIFT AGAINST THE MARK AFTER GERMAN RATE CUTS
FAIL TO SATISFY  BY GARY ROSENBERGER SPECIAL TO THE WALL STREET
JOURNAL

NEW YORK KEY INTERESTRATE CUTS BY GERMANY YESTERDAY SATISFIED NEITHER
DOLLAR BULLS NOR BEARS LEAVING THE DOLLAR ADRIFT IN RELATIVELY CALM WATERS

THE DOLLAR CLIMBED INITIALLY ON THE GERMAN CENTRAL BANK'S DECISION TO CUT
ITS CEILING LOMBARD AND FLOOR DISCOUNT RATES BY 25 BASIS POINTS EACH BUT
HAVING FAILED TO REACH PSYCHOLOGICAL RESISTANCE AT 17200 MARKS THE MARKET
ABRUPTLY TURNED AGAINST THE DOLLAR PUSHING IT TOWARD CRITICAL SUPPORT AT
17060 MARKS FROM WHERE IT MADE A PLODDING RECOVERY

AGAINST THE YEN HOWEVER THE DOLLAR MADE SHARP GAINS ON REPORTS OF
INTERVENTION BY EUROPEAN CENTRAL BANKS APPARENTLY ON BEHALF OF THE BANK OF
JAPAN THE PERCEPTION OF COORDINATED CENTRAL BANK SUPPORT WAS ENOUGH TO
DISSUADE INVESTORS FROM SELLING OFF THE DOLLAR EVEN AFTER JAPANESE FOREIGN
MINISTER TSUTOMU HATA MADE A BLISTERING PUBLIC ATTACK ON NATIONS THAT ABUSE
ANTIDUMPING MEASURES

MR HATA WHO IS SEEN AS THE FRONTRUNNER TO SUCCEED DISGRACED PRIME
MINISTER MORIHIRO HOSOKAWA DIDN'T IDENTIFY THE US IN HIS SPEECH TO A
MEETING OF THE GENERAL AGREEMENT ON TARIFFS AND TRADE OR GATT IN MOROCCO
BUT TRADERS EASILY ASSUMED HIS REMARKS SIGNIFIED A TURN FOR THE WORST ABOUT
POSSIBLE JAPANESE CONCESSIONS IN ITS TRADE DISPUTE WITH THE US

LATE IN NEW YORK THE DOLLAR WAS QUOTED AT 17095 MARKS UNCHANGED FROM LATE
WEDNESDAY IN NEW YORK THE US CURRENCY ALSO WAS CHANGING HANDS AT 10415
YEN UP FROM 10340 YEN STERLING WAS TRADING AT 14770 UP A BIT FROM
14755

ABOUT NOON FRIDAY IN TOKYO THE DOLLAR WAS TRADING AT 10425 YEN AND AT
17125 MARKS

I WAS SURPRISED AT THE MUTED REACTION TO THE INTERESTRATE CUTS SAID
ALDEN BENTLEY SENIOR CORPORATE ADVISER AT HARRIS TRUST & SAVINGS BANK IN
NEW YORK HE NOTED THAT THERE WAS PLENTY IN THE RATE CUTS TO FEED DOLLAR
BULLS AND BEARS BUT THAT SOMEHOW THE SIGNALS MAY HAVE CANCELED EACH OTHER
OUT

MR BENTLEY SAID THAT WHILE THE LOMBARD RATE CUT TO 65 WAS BELOW
EXPECTATIONS OF A 50BASISPOINT CUT MUCH OF THE MARKET WAS TAKEN BY
SURPRISE THAT THE BUNDESBANK ALSO MOVED TO CUT THE DISCOUNT RATE TO 5

THE MARKET MIGHT HAVE BEEN FURTHER CONFUSED OVER WHICH CURRENCY WOULD
ACTUALLY BENEFIT FROM THE BUNDESBANK'S ACTION SAID DEBRA LARSEN ASSISTANT
VICE PRESIDENT AT COMMERZBANK IN NEW YORK

WHILE RISING INTEREST RATES IN THE US WOULD SEEM TO BENEFIT THE DOLLAR
RELATIVE TO DECLINING RATES IN GERMANY THE DECLINING GERMAN RATES COULD BE
SEEN AS GOOD FOR THE GERMAN ECONOMY SHE NOTED HIGH INTEREST RATES MEAN
HIGH PROBLEMS WITH THE ECONOMY AND HIGH PROBLEMS WITH THE CURRENCY LOWER
RATES CAN THEREFORE BE SEEN AS BETTER FOR THE CURRENCY SHE ADDED

AND THERE WAS ANOTHER REASON WHY THE MARKET MIGHT HAVE BEEN PARALYZED BY
UNCERTAINTY ACCORDING TO JOHN LIPSKY CHIEF ECONOMIST AT SALOMON BROTHERS
INC THE MARKET WAS CONFUSED BECAUSE THE OBVIOUS PRECONDITIONS FOR A RATE
CUT SEEM TO BE ABSENT HE SAID

HE NOTED THAT HIGH MONEYSUPPLY GROWTH IN GERMANY CONTINUES TO WORRY THE
CENTRAL BANK AND YET IT CUT RATES ON THE HOPE THAT SUCH GROWTH IN GERMANY
WOULD SLOW DOWN 9404150128 940415 INTERNATIONAL BRIEF BSKYB LTD 
BANK FINANCING PAYMENTS TO 2 FIRMS ARE ANNOUNCED

UK SATELLITE CONCERN BSKYB LTD SAID IT WILL RAISE 500 MILLION 7388
MILLION OF NONRECOURSE BANK FINANCE AND THAT IT WILL PAY PEARSON PLC 81
MILLION AND GRANADA GROUP PLC 64 MILLION

IN A BRIEF STATEMENT BSKYB SAID THE FUNDS WILL BE USED TO REPAY SECURITIES
HELD DIRECTLY BY PEARSON GRANADA AND ALSO THOSE HELD THROUGH BSB HOLDINGS
LTD

BSKYB IS 50 HELD BY RUPERT MURDOCH'S NEWS CORP WHILE PEARSON GRANADA AND
FRANCE'S CHARGEURS SA HOLD A 175 135 AND 175 STAKE RESPECTIVELY
THROUGH A DIRECT HOLDING AND THROUGH A HOLDING IN BSB

SINCE PEARSON AND GRANADA ARE ALSO SHAREHOLDERS IN BSB THEY WILL RECEIVE
MONEY BOTH FROM BSKYB DIRECTLY AND ALSO THROUGH BSB

OF THE 100 MILLION THAT BSKYB HAS ALREADY PAID TO SHAREHOLDERS SINCE
DECEMBER 1993 PEARSON HAS RECEIVED 19 MILLION IN ACCRUED INTEREST ON AND
CAPITAL REPAYMENT OF LOAN STOCK 9404150127 940415 FALCON HOLDING SCRAPS
IPO PLAN

LOS ANGELES FALCON HOLDING GROUP LP SAID IT DISCONTINUED PLANS FOR A
100 MILLION INITIAL PUBLIC OFFERING OF COMMON STOCK CITING THE FEDERAL
COMMUNICATIONS COMMISSION'S RECENTLY AMENDED RATE REGULATION RULES

IT IS EVIDENT FROM A PRELIMINARY REVIEW THAT THE AMENDED RULES WILL HAVE A
SIGNIFICANT NEGATIVE EFFECT ON FALCON'S BUSINESS THE CABLE TELEVISION
OPERATOR SAID IN VIEW OF THIS DEVELOPMENT AS WELL AS THE GENERAL
DETERIORATION OF MARKET CONDITIONS FOR ALL ISSUERS FALCON DETERMINED THAT
IT IS NOT AT THIS TIME IN A POSITION TO EFFECT THE PUBLIC OFFERING ON TERMS
ACCEPTABLE TO THE COMPANY FALCON FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION FOR THE OFFERING IN DECEMBER 9404150126 940415 EXCHANGE RATES

SPECIAL DRAWING RIGHTS SDR ARE BASED ON EXCHANGE RATES FOR THE US
GERMAN BRITISH FRENCH AND JAPANESE CURRENCIES SOURCE INTERNATIONAL
MONETARY FUND

EUROPEAN CURRENCY UNIT ECU IS BASED ON A BASKET OF COMMUNITY CURRENCIES
9404150125 940415 TRANSPORTATION ALCOHOL PLAYS A PART IN MANY BIKE
ACCIDENTS  BY RACHEL ENGLEHART STAFF REPORTER OF THE WALL STREET
JOURNAL

PEOPLE WHO DRINK AND BIKE ARE PEDALING TOWARD DISASTER

IN THE FIRST NATIONAL STUDY ON BIKING AND DRINKING DONE BY JOHNS HOPKINS
INJURY PREVENTION CENTER IN BALTIMORE RESEARCHERS FOUND THAT NEARLY A THIRD
OF PEOPLE WHO DIED IN BICYCLE CRASHES HAD ALCOHOL IN THEIR BLOOD NEARLY
HALF OF MALES AGED 2534 WHO DIED IN BIKE CRASHES BETWEEN 1987 AND 1991 HAD
BEEN DRINKING OF CYCLISTS UNDER THE DRINKING AGE 14 HAD ALCOHOL IN THEIR
BLOOD

THE STUDY ALSO FOUND THAT WHILE THE NUMBER OF PEOPLE WHO DRINK AND DRIVE
CARS HAS DECLINED THE NUMBER OF PEOPLE WHO DRINK AND BIKE HAS REMAINED
STABLE OVER THE PAST FIVE YEARS BUT THE PROBLEM OF ALCOHOL AND BIKING HAS
GOTTEN LITTLE ATTENTION RESEARCHERS SAY

THE LONGER ONE IS IN THIS FIELD THE MORE YOU REALIZE THE IMPORTANCE OF
ALCOHOL IN JUST ABOUT EVERYTHING SAYS SUSAN BAKER WHO WAS THE COAUTHOR
OF THE STUDY WITH GUOHUA LI

NINE HUNDRED AMERICANS DIE EVERY YEAR IN BIKE CRASHES MANY THOUSANDS MORE
ARE INJURED OF 1711 BICYCLISTS WHO DIED AND WERE TESTED FOR ALCOHOL FOR
THE FIVEYEAR PERIOD IN THE JOHNS HOPKINS STUDY 32 HAD BEEN DRINKING

SOMETIMES PEOPLE WHO HAVE BEEN ARRESTED FOR DRINKING AND DRIVING CARS TURN
TO BIKES FOR WHEELS SAYS JOHN OVERSTREET A SERVERNA PARK MD RETIREE WHO
IS KNOWN AS THE HOLY SAINT OF BICYCLE SAFETY BECAUSE HE TEACHES BICYCLE
SAFETY TO CHILDREN AND COLLEGE STUDENTS HE ALSO COMPILES STATISTICS FROM
THE STATE POLICE ON BIKE INJURIES

THAT WAS THE CASE WITH RONALD BEUCHERT OF COLUMBUS OHIO HE ALREADY HAD
THREE AUTOMOBILE DRUNKDRIVING CHARGES WHEN HE WAS PEDALING HOME RECENTLY ON
HIS BIKE WITH A 40OUNCE BOTTLE OF KING COBRA MALT LIQUOR HIS BIKE SLIPPED
AND HE CATAPULTED ONTO A CAR'S WINDSHIELD

MR BEUCHERT WHO ATTENDS ALCOHOLICS ANONYMOUS MEETINGS TWICE A WEEK WAS
CHARGED WITH RUNNING A RED LIGHT AND WITH DRINKING AND DRIVING AT FIRST
PEOPLE AROUND ME WERE LAUGHING AND I LAUGHED IT OFF HE SAYS BUT I
STOPPED LAUGHING WHEN I SAW THE TICKET SAID DRIVING VEHICLE WHILE UNDER THE
INFLUENCE' I HAD NO IDEA A BIKE WAS A VEHICLE

MANY BIKERS UNDERESTIMATE THE IMPACT OF MIXING ALCOHOL WITH BIKING SAYS
BILL KELLY A WASHINGTON DC FIREMAN AND AN AVID BIKER IF YOU'VE BEEN
DRINKING YOUR EQUILIBRIUM WOULD BE A LITTLE IMPAIRED HE SAYS AND SINCE
YOU ONLY HAVE TWO WHEELS YOU NEED ALL THE HELP YOU CAN GET

MANY BIKE ACCIDENTS INVOLVING DRINKING AREN'T REPORTED SAYS LARRY BLACK
WHO OWNS TWO BIKE SHOPS IN MARYLAND MANY OF THE ACCIDENTS THAT OCCUR ARE
SINGLE VICTIMS SO IT HAS A LITTLE LESS IMPACT ON THE PUBLIC THAN MANY
DRUNKDRIVING AUTO ACCIDENTS HE SAYS BUT BIKERS ARE OUT THERE IN THE SAME
TRAFFIC AS CARS ARE HE ADDS AND WITH FAR LESS PROTECTION

STATE LAWS ON BIKING AND DRINKING VARY AS MR BEUCHERT DISCOVERED OHIO
COURTS HAVE RULED THAT BIKES MAY BE CONSIDERED MOTOR VEHICLES AND THEREFORE
BIKERS CAN BE CHARGED WITH DRINKING AND DRIVING IN PENNSYLVANIA DRUNK
BIKING IS A MISDEMEANOR AND A BIKER'S AUTODRIVING LICENSE IS REVOKED ON
THE FIRST OFFENSE IN BOSTON IT'S ALSO A MISDEMEANOR BUT A DRUNKEN BIKER
WHO HITS SOMEONE CAN BE CHARGED WITH ASSAULT AND BATTERY BY MEANS OF A
DANGEROUS WEAPON IN SOME PLACES SUCH AS OKLAHOMA BIKERS AREN'T CHARGED
WITH DRIVING WHILE INTOXICATED BUT THEY CAN BE CHARGED WITH DRINKING IN
PUBLIC

IN DAVIS CALIF DRINKING AND BIKING IS A MISDEMEANOR PUNISHABLE BY A FINE
OF UP TO 250 TOM CORDOVA IS A BIKE OFFICER FOR THE CITY'S POLICE
DEPARTMENT MR CORDOVA WHO RIDES A BIKE AND IS ARMED SAYS THE POLICE
OFTEN FIND OUT A PERSON IS DRUNK AFTER PULLING THE BIKER OVER FOR A TRAFFIC
VIOLATION LIKE WEAVING THROUGH TRAFFIC OR RUNNING A RED LIGHT

ONCE A BIKER IS SUSPECTED OF DRINKING HE IS PUT THROUGH THE SAME
COORDINATION AND BALANCING TESTS AS A DRUNK AUTOMOBILE DRIVER HE COULD BE
PUT IN JAIL SAYS MR CORDOVA BUT HE PROBABLY WON'T THE DRUNK BIKERS IN
CALIFORNIA HE SAYS USUALLY ARE ISSUED CITATIONS AND RELEASED 9404150124
940415 CREDIT MARKETS PRICE OF BENCHMARK TREASURY AGAIN DECLINES IN
ANTICIPATION OF TODAY'S RELEASE OF FED DATA  BY GENE COLTER AND
LAUREN YOUNG SPECIAL TO THE WALL STREET JOURNAL

NEW YORK THE BOND MARKET OVERCAME A CASE OF POLITICAL JITTERS EARLY
YESTERDAY BUT PRICES AGAIN DROPPED AS THE MARKET COULDN'T SHAKE THE BEARISH
SENTIMENT PLAGUING IT FOR THE PAST TWO MONTHS

THE PRICE OF THE BENCHMARK 30YEAR TREASURY BOND DROPPED MORE THAN 1/4
POINT OR MORE THAN 250 FOR A BOND WITH 1000 FACE VALUE TO 87 14/32 TO
YIELD 728 COMPARED WITH 725 ON WEDNESDAY

THERE IS STILL A DARK CLOUD HANGING OVER THE MARKET AND THAT DARK CLOUD IS
A FEAR THAT WE ARE GOING TO SEE AN ACCELERATION OF INFLATION SAID WARD
MCCARTHY MANAGING DIRECTOR OF STONE & MCCARTHY RESEARCH ASSOCIATES IN
PRINCETON NJ

BOND INVESTORS FEAR INFLATION BECAUSE IT REDUCES THE VALUE OF INVESTMENTS
WITH A FIXED RATE OF RETURN

MR MCCARTHY AND TREASURY TRADERS SAID THERE WAS TOO MUCH WORRY IN
YESTERDAY'S SESSIONS OVER DATA DUE TODAY FROM THE FEDERAL RESERVE FOR
BONDS TO POST GAINS THE MOST IMPORTANT NUMBER FROM THE FED WILL TELL BOND
PLAYERS HOW MUCH OF THEIR AVAILABLE RESOURCES THE NATION'S FACTORIES WERE
USING IN MARCH THEY FEAR THE CAPACITYUTILIZATION DATA WILL SUGGEST THAT
THE ECONOMY IS BEGINNING TO RUN OUT OF SLACK AND THAT INFLATION MAY THEN
BEGIN TO BUILD

BUT PRICES WERE KNOCKED DOWN AS MUCH AS 5/8 POINT IN THE EARLY GOING
YESTERDAY BEFORE MOST TRADERS OR INVESTORS HAD TIME TO TALK ABOUT THE FED
REPORTS THE QUICK LOSSES STEMMED FROM ERRONEOUS REPORTS THAT IRAQ HAD SHOT
DOWN TWO US HELICOPTERS OVER NORTHERN IRAQ IT TURNED OUT THE AIRCRAFT
WHICH CARRIED UN OFFICIALS WERE ACTUALLY DOWNED BY US FRIENDLY FIRE

THE THINKING BEHIND THE MARKET'S EARLY FREE FALL WAS THIS IF IRAQ WAS AGAIN
INVOLVED IN HOSTILITIES WITH THE US OR ITS ALLIES IT MIGHT DISRUPT OIL
SUPPLIES FROM THE MIDDLE EAST THAT WOULD CAUSE THE PRICE OF THAT COMMODITY
TO RISE THUS BOOSTING INFLATIONARY PRESSURES

RISING PRICES ARE BAD FOR TREASURYS BECAUSE THEY MEAN THAT FIXEDRATE
SECURITIES WILL BE WORTH LESS IN THE FUTURE SO RIGHT AFTER THE FIRST
REPORTS OF IRAQ'S INVOLVEMENT HIT THE NEWS DEALERS SOLD LONGERTERM
TREASURYS ON A BET THAT BOND PRICES WOULD FALL AND RATES RISE

WHEN CLARIFICATIONS WERE MADE DEALERS BEGAN REVERSING THOSE BETS THEY DID
THAT BY SHORT COVERING A SHORT POSITION ENTAILS SELLING A BORROWED
SECURITY IN THE HOPES THAT THE MARKET WILL DROP AND THE ISSUE CAN BE
REPLACED AT A LOWER COST DEALERS COVERED BY BUYING BONDS TO REPLACE THE
ONES THEY BORROWED

WILLIAM SULLIVAN DIRECTOR OF MONEYMARKET RESERACH AT DEAN WITTER REYNOLDS
INC CALLED THE SELLOFF ON INITIAL REPORTS FROM IRAQ A CLASSIC TEXTBOOK
EXAMPLE OF HOW THE WORLD'S BIGGEST FIXEDINCOME MARKET REACTS

BUT THE MALAISE THAT HAS BEEN BUILDING AROUND BONDS IN THE WEEKS SINCE THE
FED RAISED INTEREST RATES IN FEBRUARY MIGHT BE HARDER TO UNDERSTAND
VIRTUALLY NO NEWS DEEMED BULLISH FOR BONDS SEEMS TO SUPPORT PRICES FOR VERY
LONG

THURSDAY FOR EXAMPLE NEWS THAT INITIAL JOBLESS CLAIMS ROSE 12000 IN THE
WEEK ENDED APRIL 9 DIDN'T DO A THING FOR PRICES AND CUTS IN KEY LENDING
RATES IN GERMANY BY THE DEUTSCHE BUNDESBANK MOVES THAT MIGHT NORMALLY
MAKE US DEBT SECURITIES LOOK MORE ATTRACTIVE WENT ALMOST UNNOTICED

ECONOMISTS SURVEYED BY CAPITAL MARKETS REPORT EXPECT INDUSTRIAL PRODUCTION
FOR MARCH TO RISE 06 IN MARCH AFTER GAINING 04 IN FEBRUARY ECONOMISTS
BELIEVE THAT THIS IN TURN WILL PUSH THE CAPACITYUTILIZATION RATE TO 837
FOR THE MONTH UP FROM 834 IN FEBRUARY

IF THE CAPACITYUTILIZATION RATE RISES IT IS A SIGN THAT PRODUCTION IS
BUILDING AND INVENTORIES ARE BEING DEPLETED IF SO THEN MANUFACTURERS
PROBABLY WOULD RAISE PRICES TO MEET DEMAND

THERE'S AN OLD SCHOOL OF THOUGHT DISCOUNTED BY SOME BUT CITED BY SOME
FEDERAL RESERVE OFFICIALS THAT SAYS ONCE CAPACITY UTILIZATION REACHES 83
TO 84 OR ABOVE AND STAYS THERE INFLATION HAS GAINED A FOOTHOLD IN THE
ECONOMY

SO WHILE PRICES TODAY MAY SEEM UNDER CONTROL THE THEORY GOES INFLATION MAY
BE LURKING JUST AROUND THE CORNER EVEN BOND PLAYERS WHO DON'T USE THE RULE
OF THUMB ANYMORE SUCH AS DEAN WITTER'S MR SULLIVAN AGREE WITH ITS GENERAL
SENTIMENT

EVERYONE VIRTUALLY AGREES THAT AT THIS POINT INFLATION NUMBERS HAVE ALL
BEEN PRETTY FAVORABLE MR SULLIVAN SAID THE CONCERN IS THAT THE ECONOMY
IS GROWING CONSISTENTLY FAST ENOUGH TO MAKE PRICES HEAT UP DOWN THE ROAD

SO BEARISH IS THE MARKET OVER PRICE PROSPECTS THAT EVEN RUMORS OF
UNANNOUNCED PURCHASES BY THE FED OF NOTES IN THE OPEN MARKET ON BEHALF OF
OTHER CENTRAL BANKS FAILED TO OFFER ANY SUPPORT TO TREASURYS

TRADERS ALSO CITED SOME TREASURY SELLING BY INVESTORS WHO ORIGINALLY BOUGHT
THE BONDS TO HEDGE POSITIONS IN THE MORTGAGEBACKEDSECURITIES MARKET

AFTER CHANGING THE TERMS OF THEIR DEALS AND SEVERAL WEEKS OF WAITING
THRIFTY PAYLESS INC AND HUNTSMAN CORP FINALLY TAPPED THE JUNKBOND MARKET
YESTERDAY

THE THRIFTY PAYLESS DEAL SHOWED THE LENGTHS THE COMPANY WAS WILLING TO GO TO
COMPLETE A DEAL THRIFTY PAYLESS A UNIT OF THRIFTY PAYLESS HOLDINGS INC
SOLD 550 MILLION OF DEBT IN TWO PARTS THROUGH LEAD MANAGER DONALDSON
LUFKIN & JENRETTE SECURITIES CORP THE TWOPART DEBT OFFERING WAS COMPLETED
AFTER THE COMPANY WAS FORCED TO GIVE INVESTORS A HIGHER YIELD AND ADD A
COMMONSTOCK COMPONENT

THE FIRST TRANCHE 250 MILLION OF NINEYEAR SENIOR NOTES WAS PRICED AT PAR
TO YIELD 1175 THE SENIOR NOTES ARE RATED SINGLEB2 BY MOODY'S INVESTORS
SERVICE INC AND SINGLEB BY STANDARD & POOR'S RATINGS GROUP

THE COMPANY ALSO SOLD 300 MILLION OF UNITS CONSISTING OF SENIOR
SUBORDINATED NOTES AND 57 MILLION CLASS C COMMON SHARES FOR 49 OF THE
EQUITY IN THE PARENT COMPANY THE 300 MILLION OF 10YEAR SENIOR
SUBORDINATED NOTES WERE PRICED AT PAR TO YIELD 1225 THE NOTES ARE RATED
SINGLEB3 BY MOODY'S AND SINGLEBMINUS BY S&P

THE DEAL WHICH HAD BEEN EXPECTED TO BE COMPLETED IN LATE MARCH FUNDS IN
PART THE ACQUISITION BY THRIFTY PAYLESS HOLDINGS OF PAYLESS DRUG STORES
NORTHWEST INC FROM KMART CORP GREEN EQUITY INVESTORS OWNS 53 OF THE
VOTING SHARES IN THRIFTY PAYLESS HOLDINGS AND KMART OWNS THE REMAINING 47
ACCORDING TO THE PROSPECTUS FOR THE OFFERING

BECAUSE THE ACQUISITION IS CONTINGENT ON THE DEBT OFFERING INVESTORS KNEW
THEY WERE IN A STRONG NEGOTIATING POSITION MARKET SOURCES SAID EQUITY WAS
ADDED THIS WEEK TO SWEETEN THE DEAL AND THE SIZE OF BOTH TRANCHES WAS
CHANGED SEVERAL TIMES DURING THE MARKETING OF THE ISSUE

BUT JUST WHEN THE BONDS WERE SLATED TO PRICE THE JUNKBOND MARKET TUMBLED
IN REACTION TO RISING INTEREST RATES AND A HEAVY CALENDAR THE DROP IN THE
MARKET ONLY ENHANCED INVESTORS' ABILITY TO NEGOTIATE FOR HIGHER YIELDS AND
TIGHER COVENANTS MARKET SOURCES SAID

DEALERS SAID KMART HAD TO BUY 50 MILLION OF THE JUNIOR TRANCHE IN ORDER TO
CONVINCE OTHER INVESTORS THAT THERE WAS STRONG DEMAND FOR THE ISSUE AS PART
OF THEIR AGREEMENT TO BUY THE BONDS AND HELP COMPLETE THE DEAL KMART CANNOT
SELL THE BONDS FOR SIX MONTHS WHICH WILL HELP TO KEEP THEIR PRICES
STABLE

ACCORDING TO A DONALDSON OFFICIAL THE CHANGES WERE MADE EARLIER THIS WEEK
TO UNDERSCORE THE COMMITMENT OF GREEN EQUITY PARTNERS AND KMART TO PAYLESS
DRUGSTORES NORTHWEST INC

SEPARATELY RJR NABISCO HOLDINGS CORP AMENDED THE STRUCTURE OF ITS EXPECTED
2 BILLION PREFERREDSTOCK OFFERING TO RETAIN AN INTEREST IN THE COMPANY'S
TOBACCO AND FOOD BUSINESSES IF THE TWO ARE SPLIT

MEANWHILE DEALS FROM DIAL CALL COMMUNICATIONS INC A UNIT OF DIAL PAGE
INC AND BERRY PLASTICS CORP A UNIT OF BPC HOLDING CORP REMAIN
SIDELINED IN THE JUNKBOND MARKET BUT SYNDICATE OFFICIALS NOTE THAT THESE
ISSUERS CANNOT DELAY PRICING MUCH LONGER

THEY NEED THE MONEY NOW SO THEY ARE COMING TO MARKET AND PAYING THE PIPER
FOR IT A SYNDICATE OFFICIAL SAID ADDING THAT THE PROCEEDS FOR MANY
UPCOMING JUNKBOND ISSUES ARE BEING USED FOR NEARTERM ACQUISITIONS AND
DIVIDEND PAYMENTS

THE FACT THAT TWO LARGE JUNK DEALS WERE PRICED DURING THE SESSION BROUGHT
RENEWED HOPE TO MARKET PARTICIPANTS THE LOGJAM HAS BEEN BROKEN SAID MAX
HOLMES HIGH YIELD STRATEGIST AT SALOMON BROTHERS INC

TRADING IN THE INVESTMENTGRADE MARKET WAS LIGHT WITH SPREADS UNCHANGED AND
PRICES FOLLOWING TREASURYS LOWER JUNKBOND DEALINGS WERE MODERATE WITH
PRICES ENDING DOWN ONE POINT

MEANWHILE DEBT OF THE MESA CAPITAL CORP UNIT OF MESA INC ROSE ON REPORTS
OF AN EQUITY OFFERING NOW BEING MARKETED DURING A ROAD SHOW ONE TRADER
SAID PROCEEDS FROM THE OFFERING ARE EXPECTED TO BE USED TO RETIRE SOME OF
THE PETROLEUM COMPANY'S DEBT OUTSTANDING INCLUDING MESA'S 12 COUPON
SUBORDINATED NOTES MATURING 1996

MESA'S 12 COUPON NOTES ROSE 15 POINTS OR 15 FOR A BOND WITH A 1000
FACE VALUE TO 86 THE YIELD DROPPED TO 1263 FROM 1379 THE TRADER SAID

MUNICIPAL BONDS DECLINED AFTER BEING BATTERED BY SELLERS AMID WORRIES ABOUT
THE POSSIBILITY OF FURTHER FED INTERESTRATE TIGHTENING IN THE NEAR FUTURE

THE LATEST SALES UNDERCUT ISSUES INCLUDING THE HARRIS COUNTY TEXAS 6125
OF 2020 BONDS THOSE SECURITIES WERE QUOTED 3/8 POINT LOWER AT 97 IN LATE
DEALINGS YIELDING 632

MUNIS HAVE BEEN WEAK FOR MUCH OF THE YEAR LARGELY DUE TO THE FED'S
TIGHTENING EVEN THOUGH MANY INVESTORS WERE EXPECTED TO SNAP UP TAXEXEMPT
ISSUES AS THEY FRETTED ABOUT HIGHER FEDERAL INCOMETAX PAYMENTS WITH AN
APRIL 15 DEADLINE

IN LATE TRADING PRICES OF MORTGAGE SECURITIES WERE LOWER AFTER A SESSION
DESCRIBED BY TRADERS AS HEAVY THIS IS ONE OF THE BUSIEST DAYS I'VE HAD ALL
WEEK ONE TRADER SAID WE'VE SEEN A COUPLE OF BIG DEALS GO DOWN AND
THERE'S GENERALLY GOOD INTEREST

IN LATE TRADING THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 8S FOR MAY WAS
DOWN 7/32 AT 100 4/32 THE FEDERAL HOME LOAN MORTGAGE ASSOCIATION GOLD 8S
FOR MAY WAS DOWN 7/32 AT 100 11/32 AND THE FEDERAL NATIONAL MORTGAGE
ASSOCIATION 8S FOR MAY WAS DOWN 7/32 AT 100 7/32 THE TREASURY 5 7/8
10YEAR NOTE A BENCHMARK FOR MORTGAGE SECURITIES WAS DOWN 10/32 AT 92
10/32 9404150123 940415 DRUGS MAY SLOW FRACTURES IN ELDERLY WOMENS'
BONES

NEW YORK DAILY DOSES OF A SLOWRELEASE FLUORIDE AND CALCIUM MAY REDUCE
BONE FRACTURES IN ELDERLY WOMEN WITH THINNING BONES RESEARCHERS SAID

IN AN INTERIM REPORT OF AN ONGOING EXPERIMENT THE RESEARCHERS SAID THAT 48
WOMEN WITH THE BONETHINNING CONDITION OSTEOPOROSIS HAD BEEN TAKING AN
EXPERIMENTAL SLOWRELEASE FLUORIDE TWICE A DAY FOR 2 1/2 YEARS THE
FLUORIDE MADE BY MISSION PHARMACAL CO OF SAN ANTONIO WAS TAKEN WITH
CALCIUM CITRATE AN EASILYABSORBED FORM OF CALCIUM

SO FAR ONLY 10 NEW FRACTURES HAVE OCCURRED IN THE 48 WOMEN COMPARED WITH 26
NEW FRACTURES IN A GROUP OF 51 WOMEN WHO TOOK AN INERT PLACEBO

TESTS ALSO SHOWED THERE MAY BE SOME BONE REBUILDING IN WOMEN WHO TOOK
FLUORIDE EARLIER STUDIES WHICH DIDN'T USE THE SLOWRELEASE FORM OF
FLUORIDE FOUND EVIDENCE OF BONE REBUILDING IN OSTEOPOROSIS BUT DIDN'T FIND
EVIDENCE THAT FLUORIDE REDUCED THE RISK OF FRACTURES

THE INTERIM RESULTS WERE REPORTED IN THE CURRENT ANNALS OF INTERNAL MEDICINE
BY RESEARCHERS FROM THE UNIVERSITY OF TEXAS MEDICAL CENTER IN DALLAS AND THE
SCOTT & WHITE CLINIC IN TEMPLE TEX 9404150122 940415 BURLINGTON COAT
FACTORY SALES

BURLINGTON NJ BURLINGTON COAT FACTORY WAREHOUSE CORP SAID SALES FOR
ITS THIRD QUARTER ENDED APRIL 2 ROSE 27 TO 327 MILLION FROM 257 MILLION A
YEAR AGO

THE RECENT QUARTER INCLUDED 7 MILLION IN SALES FROM DECELLE INC IN
DECEMBER SAME STORE SALES ROSE ABOUT 10 9404150121 940415 PENULTIMATE
INC GETS ORDER

IRVINE CALIF PENULTIMATE INC GOT AN ORDER FOR ITS SALESFORCE SOFTWARE
FROM SENCO PRODUCTS INC OF CINCINNATI

THE VALUE OF THE ORDER WASN'T DISCLOSED

PRIVATELY HELD SENCO MANUFACTURES TOOLS AND FASTENER SYSTEMS PENULTIMATE
SAID THE SOFTWARE WILL BE USED FOR AUTOMATING AND INTEGRATING SENCO'S
NATIONAL SALES ORGANIZATION 9404150120 940415 LOSSES RELATED TO
DERIVATIVES CAN BE MASKED  MATERIALITY' TEST ALLOWS SOME BAD
TRADES TO GO UNDISCLOSED SOME SAY  BY LEE BERTON STAFF REPORTER
OF THE WALL STREET JOURNAL

INVESTORS MAY HAVE A HARD TIME FINDING OUT JUST HOW MUCH MONEY US
CORPORATIONS ARE LOSING FROM SOURED DERIVATIVES TRADES

MANY COMPANIES CAN HIDE LOSSES FROM SUCH TRADES BY CLAIMING THAT THEY AREN'T
MATERIAL MEANING THE LOSSES WON'T REDUCE PROFITS OR ASSETS BY 5 OR MORE
ACCOUNTANTS SAID YESTERDAY THE FINANCIAL ACCOUNTING STANDARDS BOARD
PROPOSED RULES THAT WOULD REQUIRE COMPANIES TO DISCLOSE MORE INFORMATION
ABOUT THEIR DERIVATIVES BUT THE PROPOSED RULE WHICH WOULD TAKE EFFECT WITH
1994 FINANCIAL STATEMENTS STILL WOULDN'T REQUIRE COMPANIES TO DISCLOSE
LOSSES THAT AREN'T MATERIAL

EARLIER THIS WEEK PROCTER & GAMBLE CO ANNOUNCED THAT IT WILL TAKE A
ONETIME PRETAX CHARGE OF 157 MILLION TO CLOSE OUT SOME DERIVATIVE
POSITIONS TWO INTERESTRATE SWAP CONTRACTS IT HAD MADE IN THE US AND
GERMANY A P&G SPOKESWOMAN SAID THE COMPANY DISCLOSED THE LOSS BECAUSE IT
WAS MATERIAL

ACCOUNTANTS SAY MANY OTHER COMPANIES WITH OVERSEAS OPERATIONS ARE ENGAGED IN
SIMILAR LEVERAGED INTERESTRATE SWAPS NO ONE DOUBTS THE RISKS INVOLVED IN
TRADING DERIVATIVES WHICH ARE HYBRID SECURITIES WHOSE VALUE IS DERIVED FROM
CHANGES IN SOME OTHER MARKET TO WHICH THEY ARE LINKED BUT BECAUSE COMPANIES
ONLY HAVE TO REPORT DERIVATIVETRADING LOSSES WHEN THEY ARE CONSIDERED
MATERIAL ACCOUNTANTS SAY MANY SMALLER LOSSES WILL GO UNDETECTED AND
BUSINESSES DON'T HAVE TO DISCLOSE POTENTIALLY RISKY DERIVATIVE
TRANSACTIONS UNLESS THEY ARE MATERIAL SAYS HALSEY BULLEN A PROJECT MANAGER
OF THE FINANCIAL ACCOUNTING STANDARDS BOARD THE CHIEF RULEMAKING BODY FOR
ACCOUNTANTS

AS A RESULT SOME COMPANIES TRY TO HIDE LOSS TRANSACTIONS THROUGH THE
MATERIALITY TEST NOTES HOWARD SCHILIT AN ASSOCIATE PROFESSOR OF
ACCOUNTING AT AMERICAN UNIVERSITY IN WASHINGTON DC AND AN AUTHOR OF A
RECENT BOOK ON ACCOUNTING SHENANINGANS

IN LIGHT OF RECENT PROBLEMS WITH DERIVATIVES MR BULLEN SAYS HE HOPES THAT
COMPANIES WOULD DISCLOSE THE RISKS IF THE SWAPS HAVE THE POTENTIAL TO
SHARPLY REDUCE PROFITS OR ASSETS

FASB'S PROPOSAL WOULD REQUIRE MORE SPECIFIC DETAILS ABOUT A COMPANY'S
OBJECTIVES FOR HOLDING OR SELLING DERIVATIVES THEIR RISKS TRADING
STRATEGIES AND HOW AND WHERE THESE TRANSACTIONS ARE DESCRIBED IN THE ANNUAL
REPORT FASB WILL ACCEPT COMMENTS ABOUT THE PROPOSAL FOR THREE MONTHS

YET EVEN IF THE ACCOUNTING BOARD ISSUES THE NEW DISCLOSURE RULES FOR
DERIVATIVES BUSINESSES WOULD STILL BE ABLE TO HIDE THESE TRANSACTIONS BY
CLAIMING THEY AREN'T MATERIAL ACCOUNTANTS SAY EVERY DISCLOSURE IN
ACCOUNTING IS GIVEN THE MATERIALITY TEST SAYS NORMAN STRAUSS NATIONAL
DIRECTOR OF ACCOUNTING STANDARDS FOR ERNST & YOUNG AND CHAIRMAN OF THE
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS' ACCOUNTING STANDARDS
EXECUTIVE COMMITTEE WITHOUT THE MATERIALITY RULE OTHER ACCOUNTANTS
MAINTAIN AN ANNUAL REPORT WOULD BE SO FULL OF DATA THAT IT WOULD BE
UNREADABLE

LAST DECEMBER FASB INFORMALLY ADVISED ALL COMPANIES TO DISCLOSE MORE
INFORMATION ABOUT THEIR DERIVATIVE TRANSACTIONS THE ACCOUNTING BOARD
RECOMMENDED THAT COMPANIES MORE FULLY EXPLAIN EXACTLY WHAT THEY'RE DOING
PUT THE INFORMATION IN ONE PLACE IN THEIR FINANCIAL STATEMENTS RELATE THE
TRANSACTION'S CURRENT VALUE TO THE ENTIRE BALANCE SHEET GROUP SIMILAR
FINANCIAL INSTRUMENTS AND GO BEYOND MINIMUM COMPLIANCE WITH EXISTING RULES

UNDER CURRENT FASB RULES COMPANIES MUST DISCLOSE AS FOOTNOTES TO THEIR
FINANCIAL STATEMENTS THE AMOUNTS INVOLVED IN SWAP CONTRACTS SINCE 1992 BIG
COMPANIES ALSO HAVE HAD TO DISCLOSE THE CURRENT VALUE OF SUCH TRANSACTIONS
SMALL COMPANIES MUST BEGIN DOING SO NEXT YEAR

BUT THIS INCREASED DISCLOSURE MAY NOT GO FAR ENOUGH FOR SOME INVESTORS 
ESPECIALLY FOR THOSE P&G SHAREHOLDERS CAUGHT BY SURPRISE BY THE COMPANY'S
ANNOUNCEMENT TUESDAY IT'S OBVIOUS THAT DISCLOSURE CAN BE IMPROVED AND THAT
MORE INFORMATION IS NEEDED BY FINANCIALSTATEMENT USERS OR FASB WOULDN'T BE
MOVING AHEAD IN THIS AREA AGAIN SAYS MR STRAUSS OF ERNST & YOUNG
9404150119 940415 COMMODITIES WORLD OIL PRICES RISE ON REPORTS THAT
PRODUCERS IN THE NORTH SEA WILL EXPORT LESS CRUDE IN MAY  BY JAMES
TANNER STAFF REPORTER OF THE WALL STREET JOURNAL

WORLD OIL PRICES CLIMBED ON REPORTS THAT NORTH SEA PRODUCERS WILL EXPORT
LESS OIL THAN EXPECTED IN MAY

ON THE NEW YORK MERCANTILE EXCHANGE CRUDE OIL FOR MAY DELIVERY BROKE
THROUGH THE PSYCHOLOGICALLY IMPORTANT LEVEL OF 16 A BARREL TO SETTLE AT
1623 THAT WAS UP 26 CENTS FOR THE DAY AND THE HIGHEST SETTLEMENT PRICE
FOR THE NEARMONTH FUTURES CONTRACT SINCE NOV 24

ON LONDON'S INTERNATIONAL PETROLEUM EXCHANGE THE MAY CRUDE CONTRACT WHICH
EXPIRED YESTERDAY ALSO WAS UP SHARPLY IT JUMPED 31 CENTS TO SETTLE AT
1501 A BARREL

OTHER EVENTS HELPED TO FIRM UP WORLD OIL MARKETS YESTERDAY INCLUDING NEWS
OF THE DOWNING OF TWO UNITED NATIONS HELICOPTERS OVER NORTHERN IRAQ EARLY
BUT INCORRECT REPORTS WERE THAT IRAQI FORCES HAD SHOT DOWN THE HELICOPTERS
IN THE UNIMPOSED NOFLY ZONE OF NORTHERN IRAQ BUT THE US LATER TOOK
RESPONSIBILITY FOR SHOOTING DOWN ITS OWN AIRCRAFT

ALSO THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES REVISED UPWARD BY
16000 BARRELS A DAY THE ANTICIPATED DEMAND FOR ITS OIL IN THIS YEAR'S
FOURTH QUARTER THAT ALSO INCREASED THE AVERAGE AMOUNT OF OIL THAT IS
EXPECTED TO BE NEEDED FROM OPEC FOR THE YEAR

BUT DOMINATING YESTERDAY'S OILMARKET ACTIVITY WAS THE NEWS OF A POSSIBLE
TIGHTENING IN NORTH SEA OIL SUPPLIES THAT TRIGGERED A RUNUP IN CRUDE OIL
PRICES IN LONDON TRADING WHICH THEN SPILLED OVER INTO THE US FUTURES
MARKET

IT STARTED WITH STRENGTH IN THE NORTH SEA MARKET AND ENDED WITH STRENGTH IN
THE NORTH SEA SAID PETER BEUTEL PRESIDENT OF CAMERON HANOVER INC AN OIL
RESEARCH AND BROKERAGE FIRM

THE INITIAL BOOST TO THE OIL MARKETS FROM NORTH SEA SUPPLIES CAME IN A
REPORT THAT 45 BRENT BLEND CRUDE CARGOES WERE TO BE LOADED IN MAY FOUR
CARGOES FEWER THAN IN THE APRIL PROGRAM ALSO HELPING TO FIRM PRICES
ACCORDING TO DOW JONES INTERNATIONAL PETROLEUM REPORT WAS THE WORD THAT
PRODUCTION OF THE SHELLESSO 40000BARRELADAY BRENT A PLATFORM WAS
SUSPENDED BECAUSE OF A MECHANICAL PROBLEM

THESE DEVELOPMENTS ON THE BRITISH SIDE OF THE NORTH SEA WERE FOLLOWED BY
REPORTS THAT THERE WOULD ALSO BE FEWER CARGOES LOADED IN THE NORWEGIAN
SECTOR OF MAY

IT WOULD BE PREMATURE TO USE THE WORD TIGHT' TO DESCRIBE IT NORTH SEA
SUPPLIES BUT IT DOES APPEAR THAT THE MARKETS AREN'T AS SLOPPY AS THEY
APPEARED TO BE AFTER THE OPEC MEETING IN MARCH SAID MR BEUTEL OF CAMERON
HANOVER

IN OTHER COMMODITY MARKETS YESTERDAY

COTTON COTTON FUTURES SET NEW CONTRACT HIGHS WITH THE WIDELY WATCHED JULY
CONTRACT ENDING AT 8125 CENTS A POUND ON NEW YORK'S COTTON EXCHANGE UP
183 CENTS THE MAY CONTRACT WHICH REMAINS THE MOST ACTIVE ENDED 143
CENTS HIGHER ON THE DAY AT 8127 CENTS BUT ANALYSTS WARN THAT FUNDAMENTAL
AND TECHNICAL FACTORS COULD COMBINE TO PUSH PRICES LOWER JUDITH GANES
SENIOR ANALYST AT MERRILL LYNCH & CO IN NEW YORK NOTED THAT WIDELY RUMORED
LARGE CHINESE PURCHASES OF COTTON WEREN'T INCLUDED IN A WEEKLY EXPORT SALES
TALLY RELEASED AFTER THE MARKET CLOSED FOR THE DAY IN ADDITION SHE NOTED
THAT CONCERN ABOUT AN INCREASE IN AVAILABLE SUPPLY OF THE COMMODITY IS
BEGINNING TO MOUNT WHILE WEATHER CONCERNS MAY BE PREMATURE AND EXAGGERATED
THEY HAVE THE CROP IN WEST TEXAS KILLED OFF BECAUSE OF DRY WEATHER BEFORE
IT'S EVEN PLANTED SHE SAYS SCOTT MEYERS SENIOR TECHNICAL ANALYST AT
REDEL TRADING CO IN NEW YORK SAID THAT COTTON FUTURES APPEAR TO HAVE
ADVANCED TOO FAR TOO FAST AND ARE RIPE FOR PROFITTAKING AND A CORRECTION
BELOW THE 80 CENT SUPPORT LEVEL

PRECIOUS METALS GOLD AND SILVER PRICES STALLED AFTER AN ATTEMPT EARLY IN
THE DAY TO RALLY ON REPORTS THAT TWO US HELICOPTERS HAD BEEN SHOT DOWN
OVER IRAQ BUT PRICES FELL BACK WHEN IT BECAME CLEAR THAT THE HELICOPTERS
WERE SHOT DOWN BY US FORCES AT NEW YORK'S COMMODITY EXCHANGE GOLD FOR
JUNE DELIVERY ENDED SLIGHTLY HIGHER AT 38030 AN OUNCE UP 30 CENTS WHILE
SILVER FOR MAY DELIVERY CLOSED AT 5315 UNCHANGED PLATINUM POSTED THE
BIGGEST MOVE FOR THE DAY OF THE METALS GROUP DROPPING 3 AN OUNCE TO END AT
39770 AN OUNCE AS CONCERNS ABOUT THE SOUTH AFRICAN POLITICAL SITUATION
AMONG TRADERS APPEARED TO EASE THE METALS MARKET APPEARS TO BE LOOKING FOR
SOME DIRECTION WITH BARGAINHUNTING AND INFLATIONARY FEARS PROVIDING SOME
SUPPORT SAID FRED DEMLER METALS ECONOMIST AT E D & F MAN A COMMODITY
BROKERAGE FIRM 9404150118 940415 STORMS CAUSE SOME MIDWEST FLOODING 
BUT TRADERS PUT BETS ON DRIER FORECAST  BY SCOTT KILMAN STAFF
REPORTER OF THE WALL STREET JOURNAL

CHICAGO A WAVE OF STORMS ACROSS THE MIDWEST SIGNAL THAT THE FARM BELT IS
UNUSUALLY VULNERABLE TO SPRING FLOODING

CITIES FROM MISSOURI TO INDIANA WERE DELUGED THIS WEEK WITH AS MUCH AS FIVE
INCHES OF RAIN WHICH IS WHAT THEY NORMALLY RECEIVE DURING THE ENTIRE MONTH
OF APRIL A DOZEN ILLINOIS STREAMS ROSE TO RECORD FLOOD LEVELS

THE FLOODING CAUSED RELATIVELY LITTLE DAMAGE TO AGRICULTURE BECAUSE THE
PLANTING SEASON HAS JUST BEGUN INDEED GRAIN PRICES SANK YESTERDAY AT THE
CHICAGO BOARD OF TRADE ON SPECULATION THAT DRY WEATHER NEXT WEEK IN STATES
SUCH AS IOWA WILL ALLOW FARMERS TO PLANT MUCH OF THEIR FIELDS THE CORN
CONTRACT FOR JULY DELIVERY DROPPED SIX CENTS A BUSHEL TO SETTLE AT 26775 A
BUSHEL

AFTER THE CLOSE OF TRADING THE NATIONAL WEATHER SERVICE RELEASED A 30DAY
FORECAST CALLING FOR NORMAL PRECIPITATION ACROSS THE MIDWEST

BUT ECONOMISTS AND METEOROLOGISTS ARE CONCERNED THAT EVEN NORMAL SPRING
RAINS WILL TRIGGER EXTENSIVE FLOODING THIS SPRING MUCH OF THE MIDWEST'S
SOIL IS STILL SATURATED FROM LAST YEAR'S RECORD RAINFALL AND MANY OF THE
LEVEES THAT WERE DAMAGED LAST YEAR HAVE YET TO BE REPAIRED MAKING HUNDREDS
OF THOUSANDS OF AGRICULTURAL ACRES VULNERABLE TO HIGH WATER

A PARTLY REPAIRED LEVEE ON THE MISSISSIPPI RIVER NEAR FAYVILLE ILL BROKE
LATE YESTERDAY FORCING THE EVACUATION OF THE SURROUNDING AREA

MISSOURI IS THE STATE MOST VULNERABLE TO FLOODING THIS SPRING EVEN THOUGH
FLOOD WATERS ON MOST RIVERS ARE BELOW LAST YEAR'S LEVEL THE MISSISSIPPI
RIVER WAS FORECAST TO CREST AT 365 FEET YESTERDAY AT ST LOUIS FAR BELOW
THE 496 FOOT RECORD SET DURING THE LAST YEAR'S FLOODING

STATE ECONOMISTS ARE SPECULATING THAT FARMERS ALONG THE MISSOURI RIVER
PROBABLY WILL IDLE MUCH OF THEIR LOWLYING LAND THIS SPRING EITHER BECAUSE
PROTECTIVE LEVEES ARE STILL DAMAGED OR BECAUSE LAST YEAR'S FLOODS SCOURED
THE SOIL ABOUT 60000 ACRES OF LAND IS COVERED WITH MORE THAN 24 INCHES OF
SAND AND WON'T BE FIT FOR FARMING AGAIN IN THE FORESEEABLE FUTURE

WE'VE GOT BIG PROBLEMS HERE SAID DANIEL CASSIDY AN ECONOMIST AT THE
UNIVERSITY OF MISSOURI'S FOOD AND AGRICULTURAL POLICY RESEARCH INSTITUTE
IT'S CRITICAL FOR A LOT OF FARMERS TO GET A GOOD CROP THIS YEAR OR THE
HANDWRITING IS ON THE WALL FOR THEM

THE 50 LEVEES IN SALINE COUNTY WHICH BORDERS THE MISSOURI RIVER HAVE YET
TO BE REBUILT AS A RESULT STAN HINNAH WHO FARMS NEAR SLATER MO IS
LEAVING 290 ACRES OF HIS FARM UNPLANTED I LOST THE CROP ON THAT LAND TO
THE RIVER LAST YEAR AND I DON'T WANT TO DO THAT AGAIN SAID MR HINNAH

MOST OF THE 1000 OR SO DAMAGED LEVEES IN THE MIDWEST ARE SMALL LOCALLY
OWNED STRUCTURES DESIGNED TO PROTECT FARMLAND THE ARMY CORPS OF ENGINEERS
HAS YET TO MAKE REPAIRS TO ABOUT HALF OF THE 200 LEVEES THAT ARE PART OF ITS
FEDERAL FLOOD PROGRAM THE CORPS WHICH HAS A 218 MILLION BUDGET FOR MAKING
THE REPAIRS EXPECTS TO COMPLETE ITS WORK BY THE END OF THIS YEAR

ALTHOUGH THE WEATHER PATTERN FOR THIS SPRING IS FAR FROM CLEAR YET ONE
CHANGE FROM LAST YEAR IS THAT THE LOWER MISSISSIPPI RIVER MIGHT POSE MORE OF
A PROBLEM

THE LOWER SECTION BEGINS IN CAIRO ILL WHERE IT IS JOINED BY THE OHIO
RIVER AND SWELLS IN SIZE IT WAS SPARED FROM FLOODING LAST YEAR BECAUSE THE
OHIO RIVER STAYED NEAR NORMAL LEVELS THANKS TO THE HARSH WINTER IN THE
NORTHEAST AS WELL AS A WET SPRING THE OHIO RIVER IS UNUSUALLY HIGH FOR
THIS TIME OF YEAR THE RIVER LEVEL AT CAIRO IS EXPECTED TO HIT 54 FEET ON
SUNDAY ABOUT 10 FEET ABOVE THE MEAN FOR APRIL

THAT IS STILL ABOUT 10 FEET BELOW FLOOD STAGE IN CAIRO ALTHOUGH SOME
LOWLYING FARM LAND FARTHER DOWN THE LOWER MISSISSIPPI RIVER MIGHT FLOOD
LATER THIS MONTH

DESPITE THE NATIONAL WEATHER SERVICE FORECAST FOR NORMAL PERCEPITATION
THROUGH MIDMAY WEATHER IS NOTORIOUSLY DIFFICULT TO PREDICT THIS TIME OF
YEAR INDEED MANY FORECASTERS HAVE BEEN FLIPFLOPPING THIS SPRING IN PART
BECAUSE THE JET STREAM THE HIGHSPEED AIR FLOW THAT GUIDES STORMS THROUGH
THE ATMOSPHERE IS FLUCTUATING BROADLY ACROSS THE NATION

BEFORE THIS WEEK'S STORMS MANY FARMERS IN SOUTHERN MISSOURI AND SOUTHERN
ILLINOIS HAD MANAGED TO COMPLETE MUCH OF THEIR FIELD WORK AHEAD OF SCHEDULE
BECAUSE MARCH WAS THE FOURTHDRIEST ON RECORD 9404150117 940415 MAKING
INROADS JAPAN'S IMPORTS RISE AND US COMPANIES ARE GAINING NEW
SALES  THE STRONG YEN AND A SURGE IN COMPETITIVENESS PRY OPEN THE
MARKET A BIT  BARGAIN BEER AND CHEAP PCS  BY WALL STREET
JOURNAL STAFF REPORTERS MICHAEL WILLIAMS JENNIFER CODY AND DAVID P
HAMILTON

TOKYO IT'S APRIL AND AS JAPANESE HAVE DONE FOR CENTURIES MASAHIRO
NAKAJIMA IS VIEWING CHERRY BLOSSOMS NEAR THE IMPERIAL PALACE AND GUZZLING A
COLD BUDWEISER

AN AMERICAN BEER I NEVER NOTICED SAYS THE CITY PLANNER LOOKING AT THE
RED WHITE AND BLUE CAN BUD HE SAYS IS VERY POPULAR HERE

SURPRISING AS IT MIGHT SEEM JAPAN THESE DAYS IS SUCKING IN IMPORTS AND
SOME US SUPPLIERS ARE AMONG THE BIG WINNERS COMPANIES RANGING FROM
GENERAL MOTORS CORP TO SUN MICROSYSTEMS INC TO TOWER RECORDS INC ARE
GAINING MARKET SHARE ON JAPAN INC'S HOME TURF

EXPORTING TO THIS NOTORIOUSLY TOUGH MARKET STILL IS FRAUGHT WITH
DIFFICULTIES OF COURSE AND JAPAN'S TRADE SURPLUS AGAINST THE US REMAINS
VAST BUT IN IMPORTANT AREAS THE US IS GAINING MOMENTUM SELLING TO JAPAN
PRODUCTS RANGING FROM HOUSEHOLD GOODS TO GIANT POWER GENERATORS THOSE
INCREASED SALES MAY PORTEND A SHIFTING ECONOMIC RELATIONSHIP BETWEEN THE
COUNTRIES

AFTER DIPPING SLIGHTLY IN 1992 ALONG WITH THE JAPANESE ECONOMY THE UNIT
VOLUME OF US EXPORTS TO JAPAN BEGAN RISING LAST SPRING AND HAS ACCELERATED
SINCE THEN IT IS RUNNING ABOUT 60 GREATER THAN IN THE MID1980S ACCORDING
TO DATA FROM JAPAN'S ECONOMIC PLANNING AGENCY IN FEBRUARY IT WAS UP 10
FROM A YEAR EARLIER AND THE TREND SHOWS NO SIGNS OF ABATING IN DOLLAR
TERMS JAPAN SAYS ITS US IMPORTS ROSE 57 LAST YEAR TO 552 BILLION 
SECOND ONLY TO CANADA AMONG US CUSTOMERS

US GOVERNMENT PRESSURE IS HELPING BY GETTING JAPAN TO LOWER BARRIERS TO
SUCH US GOODS AS BEEF AND CELLULAR PHONES AND BY PRODDING JAPANESE
MULTINATIONALS LIKE TOYOTA MOTOR CORP TO BUY AMERICAN THE MARKETOPENING
PUSH HAS INTENSIFIED WITH THE CLINTON ADMINISTRATION IN FACT ITS TOUGH
LINE MAY HAVE HASTENED THE FALL OF PRIME MINISTER MORIHIRO HOSOKAWA

BUT MANY JAPANESE ECONOMISTS BUSINESSMEN AND CONSUMERS ATTRIBUTE THE
CHANGES MAINLY TO ECONOMICS RATHER THAN POLITICS THEY CITE THE INCREASED
COMPETITIVENESS OF US INDUSTRY AND THE HELP FROM A STRONG YEN WHICH MAKES
AMERICAN PRODUCTS CHEAPER IN ECONOMICALLY SLUGGISH AND NEWLY PRICECONSCIOUS
JAPAN THE CLINTON ADMINISTRATION'S PUNCH IN THE MOUTH TO HOSOKAWA CAME TOO
LATE ARGUES PAUL SUMMERVILLE ASIAN RESEARCH DIRECTOR AT LEHMAN BROTHERS
IN TOKYO THE MARKETS HAVE ALREADY TAKEN OVER

TO BE SURE JAPAN'S TRADE SURPLUS WITH THE US MEASURED IN DOLLARS IS
STILL RISING IT TOTALED 59 BILLION LAST YEAR BY AMERICA'S COUNT THE MAIN
REASON THE SAME STRONG YEN THAT HELPS US EXPORTS TO JAPAN ALSO INFLATES
THE DOLLAR VALUE OF JAPAN'S SURPLUS IN ADDITION IT DISCOURAGES DIRECT
INVESTMENT IN JAPAN WHICH EVENTUALLY COULD NARROW THE GAP

MOREOVER JAPAN STILL MAINTAINS MANY TRADE BARRIERS SUCH AS REGULATIONS AND
INFORMAL CARTELS THAT FRUSTRATE FOREIGN COMPANIES BY ONE ESTIMATE REMOVING
ALL OF THE BARRIERS COULD INCREASE US GOODS EXPORTS TO JAPAN BY 9 BILLION
TO 18 BILLION ANNUALLY IF THE ISSUE IS WHETHER JAPAN IS BUYING MORE FROM
THE WORLD AND THE US CERTAINLY THE ANSWER IS YES SAYS A US EMBASSY
OFFICIAL IN TOKYO THERE HAS BEEN MODEST PROGRESS IN MAKING MARKETS MORE
OPEN BUT THERE'S STILL A LONG WAY TO GO

EVEN SO MANY OBSERVERS CONTEND THAT THE US MAY HAVE A SIZABLE TRADE
DEFICIT WITH JAPAN FOR THE INDEFINITE FUTURE BECAUSE OF THE TWO NATIONS'
DIFFERING SAVINGS RATES AND INDUSTRIAL STRUCTURES THE IMBALANCE IN FACT
MAY LARGELY REFLECT US DEPENDENCE ON JAPANESE CAPITAL TO FINANCE ITS
INVESTMENTS AND GOVERNMENT DEFICITS

HOWEVER THE INCREASE IN US EXPORTS EVEN AT A TIME WHEN JAPAN'S ECONOMY
IS WEAK OFFERS THE TANTALIZING PROSPECT OF DENTING THE DEFICIT JAPAN'S
NOMURA RESEARCH INSTITUTE EXPECTS THE BILATERAL MERCHANDISETRADE GAP TO
CONTRACT 5 IN THE JAPANESE FISCAL YEAR ENDING NEXT MARCH

SENSING OPPORTUNITY US COMPANIES LARGE AND SMALL ARE ATTACKING THE
JAPANESE MARKET WITH NEW GUSTO WE DON'T SEE ANY BARRIERS TO ALLOWING US TO
SELL SAYS VINCENT NAIMOLI CHAIRMAN OF HARVARD INDUSTRIES INC A
FARMINGTON HILLS MICH COMPANY THAT EXPORTS SOPHISTICATED MAGNESIUM ENGINE
PARTS TO TOYOTA HE EXPECTS SIGNIFICANT GROWTH FOR HIS BUSINESS IN JAPAN
IN COMING YEARS

TWOTHIRDS OF THE BILATERAL GAP IS IN AUTOS AND AUTO PARTS LAST YEAR THE
US BIG THREE SOLD JUST 19335 VEHICLES IN JAPAN WHILE JAPANESE CAR AND
LIGHTTRUCK EXPORTS TO THE US TOTALED 172 MILLION TOTAL IMPORTS OF AUTOS
MADE IN THE US ROSE 38 LAST YEAR BUT STILL AMOUNTED TO A RELATIVELY
MODEST 11 BILLION

CHRYSLER CORP HAS BEGUN RACKING UP TRIPLEDIGIT SALES INCREASES FOR ITS
LOWERPRICED JEEP CHEROKEE ALBEIT FROM A TINY BASE IT SOLD 4000 IN JAPAN
LAST YEAR IT EXPECTS ITS SALES OF CHEROKEES AND OTHER JEEPS TO ABOUT DOUBLE
THIS YEAR TO 10000

SUCH SALES ARE PACING AN INCREASE IN MARKET SHARE HERE FOR CARS MADE IN THE
US BY BOTH JAPANESE AND AMERICAN MANUFACTURERS IN ADDITION GM HAS BEGUN
EXPORTING DELCO RADIOS TO THE LAND OF THE TRANSISTOR THE RADIOS ARE
INSTALLED ON SOME TOYOTAS AIMED AT THE US MARKET

IN SOPHISTICATED ITEMS SUCH AS AIRLINERS WHICH JAPAN DOESN'T MAKE AND
CHEMICALS WHERE THE US IS MUCH MORE COMPETITIVE THE US HAS LONG RUN
LARGE SURPLUSES HOWEVER IN AREAS SUCH AS HEAVY POWER EQUIPMENT AND
SEMICONDUCTORS EVIDENCE THAT THE US IS BEGINNING TO CLOSE THE NOTORIOUS
MANUFACTURING GAP IS INCREASING AND IN SERVICES SUCH AS TRAVEL AND PATENT
ROYALTIES WHICH DON'T SHOW UP IN MERCHANDISETRADE NUMBERS JAPAN REPORTS A
19 BILLION BILATERAL DEFICIT

THE STAUNCHEST ALLIES OF AMERICAN EXPORTERS ARE THE PRESSURES RESHAPING
JAPAN'S DOMESTIC ECONOMY SLOW GROWTH AND HIGH COSTS ARE PUSHING CONSUMERS
AND COMPANIES TO HUNT FOR CHEAPER PRODUCTS AND ARE OPENING UP NEW
DISTRIBUTION ROUTES FOR IMPORTS THE STRONG YEN TOO HAS MADE MANY US
GOODS AN IRRESISTIBLE BARGAIN ECONOMISTS SAY US GAINS WOULD CONTINUE
THOUGH MORE SLOWLY EVEN IF THE YEN WEAKENED 20

BUT AMERICAN BUSINESSES ARE ALSO EMPLOYING TACTICS LEARNED FROM JAPAN'S
SUCCESS IN THE US AMERICAN PERSONALCOMPUTER MAKERS FOR EXAMPLE HAVE
FLOODED THE MARKET WITH CUTRATE PCS DEMONSTRATING THAT FOREIGNERS CAN MAKE
INROADS AGAINST ENTRENCHED COMPETITORS EVEN IN MARKETS CONSIDERED STRATEGIC
BY THE JAPANESE AND WITHOUT HELP FROM UNCLE SAM

NOW THE JAPANESE PRESS IS WARNING OF AN AMERICAN IMPORT INVASION IN LAST
WEEK'S NIKKEI BUSINESS MAGAZINE A BIRD'SEYE PHOTO OF TOKYO IS DOCTORED TO
SHOW A GREEN IRON TRIANGLE AROUND THE IMPERIAL PALACE THE CORNERS ARE
THREE AREAS STUDDED WITH OFFICES OF US MULTINATIONALS LITTLE DETROIT
SILICON TOWN AND INTERNATIONAL FINANCE CENTER

AMERICAN SOFTWARE POWERHOUSES SUCH AS MICROSOFT CORP LOTUS DEVELOPMENT
CORP AND BORLAND INTERNATIONAL INC HAVE SEIZED MORE THAN 50 OF JAPAN'S
PCSOFTWARE MARKET WITHOUT A TRACE OF IRONY SOME JAPANESE COMPANIES NOW
HOWL ABOUT UNFAIR COMPETITION MAJOR US SOFTWARE MAKERS GIVE MORE
IMPORTANCE TO GAINING MARKET SHARE THAN PROFITS COMPLAINS TAKASHI INAGAKI
A SPOKESMAN FOR JUSTSYSTEM CORP JAPAN'S LARGEST PCSOFTWARE SUPPLIER

THE PRESSURE IS INCREASING EVEN IN SUCH JAPANESE BASTIONS AS AUTO PARTS IN
A SQUEAKYCLEAN GARAGE OUTSIDE TOKYO PHILIP AUSTIN GM JAPAN'S AUTOPARTS
VICE PRESIDENT SHOWS OFF TOYOTA VEHICLES THAT HIS MECHANICS HAVE EQUIPPED
WITH GM PARTS A CAR WITH GM SEAT COVERS A SPORTS TRUCK RETROFITTED WITH GM
WIRE

THESE DEMO CARS HEADED FOR TOYOTA HEADQUARTERS ARE THE TROJAN HORSES IN
MR AUSTIN'S CAMPAIGN TO BREACH JAPAN'S TIGHTKNIT SUPPLIER NETWORKS GM
RECENTLY JOINED A TOYOTA SUPPLIER ASSOCIATION AND NAMED A FULLTIME TOYOTA
CUSTOMER MANAGER WHOSE JOB INCLUDES PLAYING GOLF WITH TOYOTA ENGINEERS

GM'S TACTICS SUGGEST THAT MANY US COMPANIES ARE BECOMING SERIOUS ABOUT
SELLING IN JAPAN AND PARTLY REBUT JAPANESE CRITICISM THAT THE AMERICANS
DON'T TRY HARD ENOUGH LAST YEAR GM EXPORTED 250 MILLION OF SUCH PARTS AS
SHOCK ABSORBERS AND RADIATORS TO JAPAN UP 25 FROM 1992 BY 1998 GM HOPES
TO SELL 2 BILLION OF PARTS TO JAPANESE ASSEMBLERS WORLDWIDE INCLUDING
450 MILLION IN JAPAN IT HAS BEEN A LONG SLOG THOUGH MR AUSTIN SET UP
GM'S PARTS OPERATION HERE 11 YEARS AGO US PARTS STILL HAVE JUST AN
ESTIMATED 1 SHARE

HELPING HIM IS TADAYOSHI IIMURA WHO SPEARHEADED THE DELCO SALE TO TOYOTA A
FORMER TOYOTA ENGINEER MR IIMURA KNEW THE JAPANESE AUTO MAKER IS OBSESSED
WITH ITS STANDING IN THE JD POWER & ASSOCIATES QUALITY RATINGS HE ALSO
KNEW THAT GM'S DELCO RADIOS OUTSCORED TOYOTA'S IN THOSE SURVEYS AND USED
THAT TO WIN ORDERS THERE IS AND THERE WILL BE A SHIFT OF PROCUREMENT TO GM
PARTS SAYS KOICHIRO NOGUCHI TOYOTA'S GENERAL MANAGER FOR INTERNATIONAL
PURCHASING

CERTAIN US MAKERS OF CONSUMER PRODUCTS HEAR CASH REGISTERS RINGING TOO
DETROITBASED STROH BREWERY CO SAYS IT SHIPPED ONE MILLION CASES OF BEER TO
JAPAN IN THE YEAR ENDED MARCH 31 UP FROM 350000 CASES A YEAR EARLIER AND
VIRTUALLY NONE THREE YEARS AGO IT EXPECTS ITS JAPAN SALES TO RISE 50 TO
100 THIS FISCAL YEAR

SOME IN THE BEER INDUSTRY SAY FOREIGN BREWERS COULD EVENTUALLY GRAB A 10
SHARE OF JAPAN'S BEER MARKET UP FROM LESS THAN 2 TODAY DAVID JENSEN A
SMITH BARNEY SHEARSON ANALYST ESTIMATES THAT US BREWERS SHIP BEER TO
JAPAN PRICED AS LOW AS 19 CENTS PER 12OUNCE CAN VS THE 71 CENTS CHARGED BY
JAPANESE MAKERS HE BELIEVES THAT THE AMERICANS COULD UNDERCUT THE JAPANESE
EVEN IF THE DOLLAR STRENGTHENED TO 200 YEN FROM ABOUT 103 YEN TODAY

SOME JAPANESE ARE BUYING AMERICAN BECAUSE IT'S CHEAP NOT CHIC IN HIS TINY
TOKYO LIQUOR SHOP NORIO SUZUKI SELLS SUCH STROH BRANDS AS SCHLITZ AND OLD
MILWAUKEE FOR 932 A SIXPACK 28 LESS THAN DOMESTIC BEER HE GETS HIS
CUTPRICE SUDS FROM SHIGEMATSU & CO AN OSAKA IMPORTER THAT OPENED JAPAN
FOR STROH IN A GUERRILLA MARKETING CAMPAIGN IN TURN THE IMPORTER'S
MANAGING DIRECTOR KEISABURO SHIGEMATSU CHOPS OUT LAYERS OF MIDDLEMEN BY
FAXING FLIERS DIRECTLY TO RETAILERS AND BY SELLING IN LOTS OF 50 CASES
TURNING DOWN COSTLY SINGLECASE ORDERS

SOME CONSUMERS ARE CUTTING OUT THE GOBETWEENS ALTOGETHER IN HER CRAMPED
TOKYO APARTMENT NORIKO TAKAHASHI PORES OVER A CATALOG FROM OREGONBASED
HANNA ANDERSSON CORP WHILE HER TWOYEAROLD DAUGHTER NAPS IN THE NEXT ROOM

THIS PAGE HAS BEEN VERY POPULAR WITH MY FRIENDS SHE SAYS POINTING TO A
PHOTO OF BLOND BABIES NATTILY DECKED OUT IN PURPLE AND GOLD OUTFITS YOU
CAN'T FIND THESE STYLES AND COLORS IN JAPAN

GUN DENHART HANNA ANDERSSON'S CHIEF EXECUTIVE SAYS HER COMPANY SHIPPED
MORE THAN 1 MILLION OF CLOTHING TO JAPAN LAST YEAR AND EXPECTS TO DOUBLE
THAT THIS YEAR ONE CUSTOMER WROTE TO TELL ME THEY SAY JAPANESE COMPANIES
ARE INVADING THE US MARKET BUT I SAY HANNA IS INVADING MY WARDROBE' SHE
SAYS WITH A LAUGH

THOSE CLOSETS ARE GETTING CROWDED PATAGONIA EDDIE BAUER AND LANDS' END ARE
BEEFING UP OPERATIONS HERE LL BEAN HAD 27 MILLION IN JAPANESE MAILORDER
SALES IN 1992 AND PLANS TO OPEN A THIRD STORE HERE THIS FALL ALL OF OUR
US COMPETITORS ARE RIGHT ON OUR TAILS SAYS RICHARD LESLIE BEAN'S
INTERNATIONAL DIRECTOR OVERALL US EXPORTS OF CLOTHING AND ACCESSORIES TO
JAPAN THE MINISTRY OF FINANCE SAYS ROSE 52 LAST YEAR TO 860 MILLION

CANNY AMERICAN RETAILERS SUCH AS TOWER RECORDS OF SACRAMENTO CALIF ARE
SELLING THE JAPANESE NOT ONLY US GOODS BUT ALSO A WHOLE NEW SHOPPING
CULTURE THE CLOSELY HELD COMPANY'S THREESTORY STORE IN TOKYO'S TRENDY
SHIBUYA DISTRICT IS BLOWING AWAY THE NOTION THAT SUCCESS HERE REQUIRES
COPYING JAPANESE HABITS AND TASTES

TOWER'S AMERICANMADE COMPACT DISKS ARE MORE POPULAR THAN MANY JAPANESE
IMPRINTS OF THE SAME ALBUMS THE IMPORTS ARE 20 CHEAPER A BARGAIN THAT
MORE THAN MAKES UP FOR THE ABSENCE OF JAPANESELANGUAGE COVER NOTES AND
PACKAGING TOWER DISPLAYS ALBUMS FACEOUT IN CONTRAST TO SMALLER STORES
THAT CRAM IN DISKS LIKE BOOKS ON A SHELF ENTHUSIASTIC STAFF HELP BY
ANSWERING QUESTIONS

SUCH DETAILS PLEASE RIE ISHIDA AN 18YEAROLD WHO BUYS UP TO FOUR CDS A
MONTH AT TOWER THE FEELING IS GOOD HERE SHE SHOUTS OVER A THROBBING
DANCE TUNE

OTHER US COMPANIES HAVE PARLAYED THEIR TECHNOLOGICAL STRENGTH INTO BIG
SALES IN THE EARLY 1980S FOR INSTANCE GENERAL ELECTRIC CO FINALLY WON AN
ORDER FOR ADVANCED GENERATORS FROM TOKYO ELECTRIC POWER CO ONE OF THE
WORLD'S LARGEST UTILITIES NOW GE IS THE LARGEST SUPPLIER OF SUCH GENERATORS
IN JAPAN BEATING OUT COMPANIES SUCH AS TOSHIBA CORP AND HITACHI LTD
TEPCO IS ITS BIGGEST CUSTOMER

JAPANESE COMPANIES JUST CAN'T MAKE THOSE GENERATORS SAYS AKIRA ARAI A
TEPCO EXECUTIVE GENERAL MANAGER GE HAS A VERY JAPANESESTYLE COMPETITIVE
ADVANTAGE LEVERAGING SKILLS HONED IN ITS JETENGINE OPERATIONS AND APPLYING
THEM TO POWER TURBINES MUCH LIKE A JAPANESE KEIRETSU INDUSTRIAL GROUP

THE GOING WASN'T ALWAYS SMOOTH ONCE MR ARAI RECALLS A GE GENERATOR BROKE
DOWN AND A STANDOFF DEVELOPED WHEN GE ENGINEERS WANTED TO TAKE ONLY THE
DEFECTIVE PART BACK TO THE FACTORY FOR REPAIR INSTEAD OF REMOVING THE ENTIRE
MACHINE FOR TESTS AS IS CUSTOMARY HERE BUT AFTER DAYS OF TALKS GE AGREED
TO TAKE BACK THE ENTIRE GENERATOR WE NOW UNDERSTAND ONE ANOTHER MR ARAI
SAYS

AS SIGNIFICANT AS IMPORTS OF PRODUCTS ARE IMPORTS OF AMERICAN IDEAS JAPAN'S
MAJOR CONSUMERELECTRONICS AND SEMICONDUCTOR MAKERS HAVE STAKED THEIR BEST
HOPES FOR FUTURE HIT PRODUCTS ON US DESIGNS AND TECHNOLOGY SO PERVASIVE
IS JAPANESE DEPENDENCE ON US IDEAS RANGING FROM MICROPROCESSOR DESIGNS
TO APPLE COMPUTER INC'S NEWTON POCKET COMPUTER THAT SOME JAPANESE
EXECUTIVES ARE WARNING THAT THEIR COMPANIES RISK BECOMING SUBCONTRACTORS
TO US RIVALS

IN THE PAST WIDESPREAD LICENSING OF US TECHNOLOGY HAS TENDED TO BUILD UP
JAPANESE COMPETITORS AND ELIMINATE THE US TECHNOLOGICAL LEAD THESE
DAYS HOWEVER MOST US COMPANIES ARE KEEPING A MUCH TIGHTER GRIP ON THEIR
IDEAS MAKING IT HARDER FOR THE JAPANESE TO CATCH UP BY COPYING
USBASED BIOTECH COMPANIES FOR EXAMPLE HAVE RETAINED RIGHTS TO THE
BESTSELLING BIOTECH DRUGS IN JAPAN

OTHERS SUCH AS SUN MICROSYSTEMS HAVE LICENSED THEIR TECHNOLOGY WIDELY 
AND STILL REAP HUGE REWARDS SUN BROUGHT ITS COMPUTER WORKSTATIONS IN THE
MID1980S TO JAPAN AND SIGNED UP FUJITSU LTD AS A KEY PARTNER FUJITSU NOT
ONLY MADE CHIPS FOR THE COMPUTERS BUT ALSO SLAPPED ITS BRAND ON SUN MACHINES
AND DISTRIBUTED THEM AS ITS OWN A TACTIC USED BY AMERICAN COMPANIES IN
THE 1970S DURING THE JAPANESE ELECTRONICS ONSLAUGHT

YET SUN HAS EMERGED TRIUMPHANT AND IS UNWORRIED BY FUJITSU'S RECENT
INTRODUCTION OF ITS OWN SUN CLONES IN 1993 SUN CAPTURED A 27 SHARE OF THE
ROUGHLY 5 BILLION WORKSTATION MARKET IN JAPAN UP FROM 24 THE YEAR BEFORE
ACCORDING TO INTERNATIONAL DATA CORP FUJITSU'S SHARE MEANWHILE SLIPPED TO
14 FROM 15

WHAT PROBABLY ENSURES THAT THE US EXPORT GROWTH WILL CONTINUE IS THAT
PLENTY OF JAPANESE ARE GETTING RICH BY RIDING IT FURNITURE MERCHANT
KATSUHISA OTSUKA IS ONE OF THEM

AT A RECENT INDUCTION CEREMONY FOR NEW EMPLOYEES OF OTSUKA KAGU LTD HE
WELCOMED THREE RUDDYFACED AMERICANS REPRESENTATIVES OF THE FURNITURE
MAKERS THAT HE CHOSE TO HELP HIM SUPPLY JAPAN'S LARGEST FURNITURE STORE A
US DIPLOMAT PRAISED MR OTSUKA FOR IMPORTING CHAIRS AND TABLES FROM NORTH
CAROLINA PLEASE IMPORT MORE HE SAID

MR OTSUKA AIMS TO PLEASE JAPANESE CONSUMERS WANT FOREIGN PRODUCTS HE
SAYS THIS IS A COMPANY OF THE FUTURE 9404150116 940415 RECENT SEC
FILINGS

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

AMERICAN LASER GAMES INC A PROPOSED INITIAL OFFERING OF 21 MILLION COMMON
SHARES AT 10 TO 12 A SHARE VIA COWEN & CO AND NEEDHAM & CO

ECHO BAY MINES LTD A SHELF OFFERING OF UP TO 200 MILLION OF DEBT
SECURITIES GUARANTEES OF DEBT SECURITIES AND COMMON SHARES VIA GOLDMAN
SACHS & CO AND BURNS FRY LTD

GOLDEN WEST HOMES AN INITIAL OFFERING OF 1835000 COMMON SHARES AT 7 TO
9 A SHARE WITH AN OVERALLOTMENT OPTION FOR 275250 ADDITIONAL SHARES VIA
WEDBUSH MORGAN SECURITIES

OHIO POWER CO A UNIT OF AMERICAN ELECTRIC POWER CO A SHELF OFFERING OF
70 MILLION OF PREFERRED STOCK

QUALITY SEMICONDUCTOR INC AN AMENDED PROPOSED OFFERING OF 18 MILLION
COMMON SHARES AT AN EXPECTED 850 TO 950 A SHARE VIA ROBERTSON
STEPHENS & CO AND NEEDHAM & CO

ROHR INC AN OFFERING OF 100 MILLION OF SENIOR NOTES AND 50 MILLION OF
CONVERTIBLE SUBORDINATED NOTES WITH AN OVERALLOTMENT OPTION TO BUY AN
ADDITIONAL 75 MILLION OF CONVERTIBLE NOTES VIA SALOMON BROTHERS INC

ULTRATECH STEPPER INC A PROPOSED OFFERING OF 26 MILLION COMMON SHARES
WITH AN OVERALLOTMENT OPTION FOR AN ADDITIONAL 390000 SHARES VIA
MONTGOMERY SECURITIES ROBERTSON STEPHENS & CO AND SMITH BARNEY SHEARSON
INC

WESTPOINT STEVENS INC AN OFFERING OF FIVE MILLION CLASS A COMMON SHARES
WITH AN OVERALLOTMENT OPTION FOR 700879 ADDITIONAL CLASS A SHARES VIA
MERRILL LYNCH & CO AND GOLDMAN SACHS 9404150115 940415 POLITICS &
POLICY LUCRATIVE LECTURE CIRCUIT LURES MANY JOURNALISTS IN WASHINGTON
BUT ALSO RAISES CONFLICT ISSUES  BY JAMES M PERRY STAFF REPORTER
OF THE WALL STREET JOURNAL

WASHINGTON PRESIDENT AND MRS CLINTON WANTED TO HAVE IT ALL WROTE
COLUMNIST ROBERT NOVAK BOTH POLITICAL POWER AND PERSONAL WEALTH SO THEY
CASHED IN ON COMMODITY TRADING 15 YEARS AGO

BUT MR NOVAK DOESN'T DO BADLY HIMSELF ACCUMULATING PERSONAL WEALTH NOT
ONLY THROUGH HIS SYNDICATED COLUMN BUT ALSO BY APPEARING REGULARLY ON HIS
OWN TELEVISION SHOW AND TRAVELING AROUND THE COUNTRY DELIVERING SPEECHES

HE'S NOT ALONE DOZENS OF WASHINGTON JOURNALISTS ARE PICKING UP BIG CHECKS
BY MOONLIGHTING ON TV AND THE LECTURE CIRCUIT THE FINANCIAL REWARDS AREN'T
EXACTLY PEANUTS ABC'S SAM DONALDSON REPORTEDLY GETS AS MUCH AS 30000 A
SPEECH HIS COLLEAGUE COKIE ROBERTS 20000 WHITE HOUSE COUNSELOR DAVID
GERGEN WHEN HE WAS EDITORATLARGE AT US NEWS & WORLD REPORT MADE
466625 FOR GIVING 121 SPEECHES IN 1992 HIS FINANCIALDISCLOSURE STATEMENT
REVEALS EVEN INKSTAINED NEWSPAPER REPORTERS PULL DOWN A FEW THOUSAND HERE
AND THERE

IT'S HARD TO IMAGINE BEING PAID 20000 FOR A SPEECH SAYS PAUL EMERSON
MANAGING EDITOR OF THE LEWISTON IDAHO TRIBUNE THAT'S MORE THAN SOME OF
OUR REPORTERS MAKE IN A YEAR

WHAT WE SEE HERE SAYS REESE CLEGHORN DEAN OF THE UNIVERSITY OF
MARYLAND'S JOURNALISM SCHOOL IS THE MAKING OF A JOURNALISTIC ELITE THESE
ARE BIG BUCKS AND THE GAP BETWEEN THE HIGHESTPAID AND THE LOWESTPAID IN
THE BUSINESS HAS BEEN WIDENING STEADILY THE LAST FEW YEARS

THE OPPORTUNITIES HAVE SPAWNED A NEW CAREER LADDER FOR WASHINGTON
JOURNALISTS COVER THE WHITE HOUSE OR CONGRESS FOR A NEWS MAGAZINE OR A
MAJOR NEWS BUREAU GET YOUR BASIC TV TRAINING ON CSPAN TALK SHOWS WHERE
THE ONLY PAYMENT IS A GLASS COFFEE MUG AND THEN WORK YOUR WAY UP TO ONE OF
THE NETWORK PANEL SHOWS AFTER YOU ARRIVE AT THAT PINNACLE YOU CAN EXPECT
TO GET AN OFFER TO SIGN UP WITH ONE OF THE MAJOR SPEAKERS' BUREAUS

IN ADDITION WHEN YOU BECOME A PANEL REGULAR YOU NEGOTIATE CONTRACTS SO
YOU NEED A LAWYERAGENT SOMEONE LIKE ROBERT BARNETT WHO REPRESENTS DOZENS
OF WASHINGTON JOURNALISTS INCLUDING THIS NEWSPAPER'S ALAN MURRAY THE
WASHINGTON BUREAU CHIEF AND A FREQUENT PANELIST ON PBS'S WASHINGTON WEEK IN
REVIEW MR BARNETT ALSO ACTS AS A LITERARY AGENT FOR JOURNALISTS PEDDLING
BOOK PROPOSALS INCLUDING JOURNAL WHITE HOUSE CORRESPONDENT JEFFREY
BIRNBAUM MR BARNETT ALSO IS CURRENTLY NEGOTIATING A BOOK CONTRACT FOR THE
NEWSPAPER

OTHER JOURNAL TV REGULARS AND SPEAKERS INCLUDE ALBERT R HUNT THE EXECUTIVE
WASHINGTON EDITOR AND A REGULAR ON CNN'S CAPITAL GANG AND ON NBC AND PAUL
GIGOT A WASHINGTONBASED COLUMNIST FOR THE EDITORIAL PAGE WHO RECENTLY TOOK
MR GERGEN'S PLACE ON THE MACNEIL/LEHRER NEWSHOUR SHOW ON PBS

PAYMENTS FOR TV APPEARANCES CAN RANGE FROM 100 FOR A SINGLE APPEARANCE ON
SOME CNN SHOWS TO THOUSANDS OF DOLLARS FOR A REGULAR ROLE ON ONE OF THE TALK
SHOWS MR GERGEN REPORTED INCOME OF 60300 FOR 17 MONTHS OF MACNEIL/LEHRER
APPEARANCES BUT THE REAL VALUE OF TV EXPOSURE IS THE DEMAND THAT IT
GENERATES ON THE LECTURE CIRCUIT

MARK FRENCH PRESIDENT OF LEADING AUTHORITIES INC A SPEAKERS' BUREAU SAYS
AS A RULE OF THUMB A PANELIST ON ONE OF THE TALK SHOWS WILL GET UP TO
5000 FOR A SPEECH THE MODERATOR WILL GET 10000 AND SOMEBODY WHO'S
REALLY PROMINENT WILL GET ANYWHERE FROM 10000 TO 30000 SOME
JOURNALISTS ON THE LECTURE CIRCUIT GIVE ONLY A HANDFUL OF SPEECHES A YEAR
OTHERS GIVE 35 OR MORE

COMPANIES AND TRADE ASSOCIATIONS DISCOVERED THE VALUE OF JOURNALISTSPEAKERS
BACK IN THE LATE 1970S SAYS DON WALKER PRESIDENT OF NEW YORK'S HARRY
WALKER AGENCY WHICH CAN SUPPLY SUCH JOURNALISTS AS MIKE WALLACE BILL
MOYERS AM ROSENTHAL WOLF BLITZER AND PETER ARNETT THEY USED TO GO FOR
RETIRED QUARTERBACKS SPEAKING ABOUT MOTIVATION MR WALKER SAYS AND THEN
THEY WERE HIT BY THE OIL SHOCKS IN THE MID1970S AND THEY REALIZED THAT WHAT
HAPPENS AROUND THE WORLD AND IN WASHINGTON IS CRITICAL TO WHAT HAPPENS TO
THEM PERSONALLY

TO BE SUCCESSFUL ON THE LECTURE CIRCUIT SAYS LEADING AUTHORITIES' MR
FRENCH YOU HAVE TO BE ABLE TO SPEAK ON A SUBJECT IN SOME DEMAND AND
YOU'VE GOT TO BE ARTICULATE IT ALL HAS TO BE DONE IN AN ENTERTAINING
STYLE WHICH HE ADMITS ELIMINATES A NUMBER OF QUALIFIED JOURNALISTS WITH
TREMENDOUS CREDENTIALS BUT NOT MUCH PIZAZZ UP THERE ON THE PODIUM

THE OTHER BIG AGENCY HANDLING JOURNALISTS ON THE LECTURE CIRCUIT IS THE
WASHINGTON SPEAKERS BUREAU WHOSE STABLE INCLUDES DAN RATHER PETER
JENNINGS KATIE COURIC DIANE SAWYER AND JUDY WOODRUFF BUT BERNIE SWAIN A
PARTNER IN THE FIRM REFUSES TO DISCUSS HIS AGENCY'S WORK OR THE PEOPLE IT
REPRESENTS I'M NOT INTERESTED IN BEING IN THE NEWSPAPERS HE SAYS

A FEW YEARS AGO NEWS ORGANIZATIONS DISCOURAGED THEIR REPORTERS FROM
MOONLIGHTING ON TV AND THE LECTURE CIRCUIT THE LAST HOLDOUT PROBABLY WAS
THE NEW YORK TIMES BUT NOT LONG AGO IT HIRED A PUBLICRELATIONS FIRM ON AN
EXPERIMENTAL BASIS TO HELP REPORTERS BREAK THROUGH ON TV PANELS AND
PROGRAMS

NEWSWEEK ACTUALLY PAYS REPORTERS A MODEST BONUS FOR PARTICIPATING IN RADIO
INTERVIEWS AND FOR GIVING SPEECHES WE WANT TO GET THE NEWSWEEK NAME OUT
THERE SAYS EVAN THOMAS THE MAGAZINE'S WASHINGTON BUREAU CHIEF ONE OF HIS
REPORTERS HOWARD FINEMAN WILL BE SPREADING NEWSWEEK'S NAME ON THE HIGH
SEAS IN JULY WHEN HE WILL LECTURE A GROUP OF AMERICAN LAWYERS DURING A
12DAY CRUISE FROM AMSTERDAM TO SCANDINAVIA AND RUSSIA

FOR WORKING JOURNALISTS AND THE PEOPLE WHO PAY THEIR SALARIES THE NEW
OPPORTUNITIES SOMETIMES RAISE QUESTIONS ABOUT HOW MODERNDAY REPORTERS FOR
BIGCITY MAGAZINES AND NEWSPAPERS ALMOST ALL OF THEM LIVING IN UPSCALE
NEIGHBORHOODS MANAGE TO STAY IN TOUCH WITH ORDINARY AMERICANS

THE NEW OPPORTUNITIES ALSO RAISE DISTURBING ETHICAL QUESTIONS THE MOST
OBVIOUS ONE IF YOU TAKE MONEY TO SPEAK TO A GROUP THAT ACTIVELY TAKES A
POSITION ON MATTERS YOU COVER FOR YOUR MAIN EMPLOYER ISN'T THAT A CONFLICT
OF INTEREST

EARLIER THIS YEAR FOR EXAMPLE ABC'S COKIE ROBERTS WHO ROUTINELY DISCUSSES
HEALTHCARE ISSUES ON THE AIR ADDRESSED THE GROUP HEALTH ASSOCIATION OF
AMERICA FOR HER STANDARD WALKER AGENCY FEE BELIEVED TO BE 20000 AFTER
QUESTIONS WERE RAISED ABOUT THE SPEECH MS ROBERTS DECIDED TO CONTRIBUTE
THE FEE TO A MEDICAL FACILITY NAMED FOR HER LATE SISTER

MEANWHILE ABC'S PRIMETIME LIVE HAS TWICE IN THE LAST YEAR ACKNOWLEDGED ON
THE AIR THAT ITS COANCHOR MR DONALDSON HAS TAKEN BIG SPEAKING FEES FROM
INDUSTRY GROUPS THE FIRST TIME WAS LAST SPRING WHEN THE SHOW TOOK A
CRITICAL LOOK AT A CONGRESSIONAL JUNKET PAID FOR BY THE ELECTRONIC
INDUSTRIES ASSOCIATION THE SHOW SAID MR DONALDSON HAD PREVIOUSLY ACCEPTED
A SPEAKING FEE REPORTEDLY 25000 FROM THE ASSOCIATION

THEN EARLIER THIS YEAR THE PROGRAM POINTED OUT MR DONALDSON TOOK A
SPEAKING FEE FROM GROUPS ASSOCIATED WITH THE TARGET OF A SECOND JUNKET
EXPOSE THE INDEPENDENT INSURANCE AGENTS OF AMERICA PAUL EQUALE SENIOR
VICE PRESIDENT OF THE INSURANCE ORGANIZATION SAYS HE DOESN'T TAKE KINDLY TO
BEING ABUSED BY SOMEONE WHO TOOK 30000 IN CASH FOR AN HOUR'S WORK AND RAN
WITH IT

MR DONALDSON SAYS HE DIDN'T KNOW WHEN HE GAVE THOSE SPEECHES THAT HIS OWN
SHOW WOULD BE ATTACKING THE SPONSORING ORGANIZATIONS LATER I GUESS THE
LESSON IS PAY SAM DONALDSON A LOT OF MONEY AND GET YOURSELF INVESTIGATED

IT ISN'T JUST TV CELEBRITIES WHO SOMETIMES GET EMBARRASSED THE WASHINGTON
POST'S DISTINGUISHED POLITICAL WRITER DAVID BRODER WAS CRITICIZED YEARS AGO
FOR ALLOWING HIMSELF TO BE LISTED AS A CONSULTANT FOR A WALL STREET
FINANCIAL FIRM AFTER HE AND A COLLEAGUE HAD BECOME REGULAR SPEAKERS AT A
COMPANYRUN FORUM MR BRODER SAYS HE HAS INCORPORATED HIMSELF AS DAVID
BRODER AND ASSOCIATES INC HE'S THE PRESIDENT TREASURER SECRETARY AND
DIRECTOR TO SEGREGATE HIS POST INCOME FROM HIS OUTSIDE INCOME

BUT PRINT REPORTERS RARELY GET PAID AS MUCH AS THEIR NETWORK COLLEAGUES
THE NETWORK STARS REPRESENT TREMENDOUS VALUE SAYS LEADING AUTHORITIES'
MR FRENCH THEY SUPPLY ENTERTAINMENT AS WELL AS INFORMATION PRINT
REPORTERS HE SAYS CAN EXPECT TO SEE THEIR INCOMES RISE AS THEY APPEAR MORE
FREQUENTLY ON TV

EACH NEWS ORGANIZATION HAS ITS OWN GROUND RULES FOR MOONLIGHTING REPORTERS
THIS NEWSPAPER REQUIRES REPORTERS TO SEEK PRIOR APPROVAL FROM NEW YORK
MANAGERS BEFORE ACCEPTING PAID SPEAKING ENGAGEMENTS IT WON'T PERMIT
REPORTERS TO GIVE SPEECHES TO PROFITMAKING ENTITIES OR TO SPEAK BEFORE
GROUPS OR INSTITUTIONS THEY COVER IT ENCOURAGES QUALIFIED REPORTERS TO MAKE
TELEVISION APPEARANCES

THE REFORM EVERYONE TALKS ABOUT BUT NO ONE DOES VERY MUCH ABOUT IS
DISCLOSURE OF OUTSIDE INCOME HERE IN WASHINGTON IT COULD BE BUT ISN'T
 A REQUIREMENT FOR BEING CREDENTIALED BY THE STANDING COMMITTEES OF
CORRESPONDENTS THAT SET THE RULES FOR COVERING CAPITOL HILL WHY NOT ASKS
PHILIP MEYER A JOURNALISM PROFESSOR AT THE UNIVERSITY OF NORTH CAROLINA
REPORTERS ARE CONSTANTLY ASKING OPENNESS FROM EVERYONE ELSE I THINK WE'VE
GOT TO DO IT OURSELVES

BUT MANY REPORTERS ESPECIALLY THOSE WITH SUBSTANTIAL OUTSIDE INCOME AREN'T
EXCITED AT THE PROSPECT BERNARD KALB MODERATOR OF CNN'S RELIABLE
SOURCES DEMANDED LATE LAST YEAR THAT MR NOVAK REVEAL HIS OUTSIDE INCOME
IT'S NONE OF YOUR BUSINESS ROARED MR NOVAK IT'S NONE OF THE PUBLIC'S
BUSINESS I'M A PRIVATE CITIZEN

WHY DOESN'T THE PUBLIC HAVE A RIGHT TO KNOW SOME OF THOSE DETAILS ABOUT 
 YOUR PROFESSIONAL LIFE MR KALB PRESSED ON TO NO AVAIL

BUT WHAT ABOUT MR KALB HIMSELF HE HAS BEEN A REPORTER FOR CBS NBC AND THE
NEW YORK TIMES AND HE'S A VETERAN OF 20 YEARS ON THE LECTURE CIRCUIT SO
HOW MUCH DOES HE GET PAID FOR A SPEECH

MY ANSWER WOULD BE I DON'T LISTEN TO MY OWN QUESTIONS HE REPLIES
9404150114 940415 PHILIP MORRIS MULLS SPLITTING FOOD TOBACCO  
BUT ANALYSTS SAY DIVIDING COMPANY ISN'T IN CARDS BUYBACK SEEMS LIKELIER
  BY EBEN SHAPIRO AND GAUTAM NAIK STAFF REPORTERS OF THE WALL
STREET JOURNAL

FACING A DEPRESSED SHARE PRICE AND INTENSE ANTITOBACCO SENTIMENT PHILIP
MORRIS COS DISCLOSED THAT ITS BOARD IS STUDYING A PROPOSAL TO SPLIT THE
COMPANY INTO SEPARATE FOOD AND TOBACCO BUSINESSES

IN A STATEMENT RELEASED LAST NIGHT AFTER THE MARKET CLOSED PHILIP MORRIS
SAID WE PERIODICALLY REVIEW AND DISCUSS WITH THE PHILIP MORRIS BOARD OF
DIRECTORS STRUCTURAL ALTERNATIVES TO ENHANCE OUR BUSINESS PROSPECTS
INCLUDING SEPARATING OUR TOBACCO AND NONTOBACCO BUSINESSES WE ARE
CURRENTLY STUDYING SUCH A SEPARATION

THE STATEMENT RELEASED IN RESPONSE TO THE MENTION OF A POSSIBLE SPLIT IN AN
ARTICLE IN THE FINANCIAL TIMES CAME AS A SURPRISE TO ANALYSTS WHO SAID
SUCH A MOVE WAS UNLIKELY IT'S NOT IN THE CARDS SAID GARY BLACK AN
ANALYST AT SANFORD C BERNSTEIN MR BLACK SAYS PHILIP MORRIS ROUTINELY
STUDIES DIFFERENT PLANS AND SAID THAT A LARGE SHARE REPURCHASE WAS FAR MORE
LIKELY

OTHER ANALYSTS WERE ALSO DOUBTFUL ABOUT A PHILIP MORRIS SPLIT I HAVEN'T
KNOWN MANAGEMENT TO BE THAT AGGRESSIVE SAID HOWARD PENNEY AN ANALYST AT
MORGAN STANLEY & CO PHILIP MORRIS HAS BEEN PUTTING ITS HUGE TOBACCO CASH
FLOW TO WORK AND AGGRESSIVELY BUYING UP INTERNATIONAL CANDY AND BEER
COMPANIES INDICATING THAT IT IS CONVINCED THE COMPANY IS STRONGER IN ONE
PIECE MR PENNEY NOTED

STILL THE DISCLOSURE THAT SUCH A PLAN WAS UNDER CONSIDERATION IS A PAINFUL
INDICATOR OF THE PRESSURES BESETTING THE 60 BILLION PACKAGEDGOODS GIANT
LAST YEAR ITS SHARES WERE BATTERED BY A COSTLY CIGARETTE PRICE WAR AND
EVEN THOUGH THE COMPANY'S MARKET SHARE HAS IMPROVED IN RECENT MONTHS AN
UNPRECEDENTED WAVE OF ANTITOBACCO SENTIMENT FROM THE FEDERAL GOVERNMENT HAS
DEPRESSED PHILIP MORRIS'S ONCE HIGHFLYING STOCK PRICE IN COMPOSITE TRADING
ON THE NEW YORK STOCK EXCHANGE PHILIP MORRIS SHARES CLOSED AT 49625
YESTERDAY UP 1 IN JANUARY 1993 THE COMPANY'S SHARES TRADED AS HIGH AS
77625

A SPLITUP OF PHILIP MORRIS WOULD ALSO CALL INTO QUESTION THE WISDOM OF THE
1980S MERGERS OF FOOD AND TOBACCO COMPANIES RJR NABISCO HOLDINGS CORP IS
ALSO CONSIDERING SEPARATING ITS FOOD AND TOBACCO BUSINESSES SUCH AN ATTEMPT
BY RJR LAST YEAR WAS UNSUCCESSFUL THE LOGIC IN THE MEGAMERGERS WAS TO USE
THE TREMENDOUS CASH FLOW OF TOBACCO COMPANIES TO BUILD UP THE SLOWERGROWING
FOOD COMPANIES INSTEAD THE PRESSURE ON THE TOBACCO STOCKS HAS ENDED UP
DEPRESSING THE PRICE OF THE COMBINED COMPANIES AND NOW MANY ANALYSTS BELIEVE
THAT FOOD BUSINESSES WOULD TRADE AT A HIGHER STOCK PRICE IF SET FREE FROM
TOBACCO THE '80S THEORY ISN'T WORKING IN THE '90S SAID MR PENNEY

PHILIP MORRIS REFUSED TO ELABORATE ON ITS STATEMENT OTHER THEN ADDING
WHEN AND IF ANY DISCLOSURE IS WARRANTED WE WILL MAKE AN APPROPRIATE
ANNOUNCEMENT

SEPARATELY RJR TOOK STEPS THAT INCREASED THE LIKELIHOOD THAT IT WOULD
PROCEED WITH ANOTHER SEPARATION ATTEMPT FACING A TOUGH SELL OF ITS 300
MILLIONSHARE STOCK OFFERING RJR AMENDED ITS OFFER TO MAKE IT MORE
PALATABLE TO INVESTORS WARY OF THE TOBACCO INDUSTRY'S FUTURE

RJR SAID INVESTORS IN THE OFFERING WOULD NOW RETAIN AN INTEREST IN THE FOOD
AND TOBACCO BUSINESSES IF THE TWO ARE SPLIT UNDER A CONTEMPLATED PLAN
ACCORDING TO AN AMENDMENT TO THE OFFERING FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION THE INITIAL PREFERRED STOCK OFFERING TO RAISE 2
BILLION WAS TIED ONLY TO RJR'S LESS ALLURING TOBACCO BUSINESS THE OFFERING
IS LARGELY TO PAY OFF BURDENSOME HIGHINTEREST DEBT FROM RJR'S 25 BILLION
LEVERAGED BUYOUT BY KOHLBERG KRAVIS ROBERTS & CO FIVE YEARS AGO

ACKNOWLEDGING INVESTOR DISCOMFORT WITH THE ORIGINAL OFFERING AN RJR
SPOKESMAN SAID WE'VE BEEN TALKING TO OUR BANKERS AND READING THE MARKET
AND WE SEE SOME MARKET INTEREST IN A SECURITY THAT POTENTIALLY ALLOWS
PARTICIPATION IN BOTH BUSINESSES

INVESTORS AND ANALYSTS APPLAUDED THE CHANGE THIS CERTAINLY MAKES THE DEAL
MORE ATTRACTIVE FOR INVESTORS AND IT'S CLEARLY AN INDICATION TO ME THAT RJR
IS MORE WILLING TO MEET THE BUYING PUBLIC'S INTEREST IN THE DEAL SAID GARY
LANGBAUM DIRECTOR OF EQUITY RESEARCH FOR KEMPER FINANCIAL SERVICES INC AN
INVESTMENT COMPANY IN CHICAGO BEFORE THIS IT WAS TAKE IT OR LEAVE IT

INVESTORS HAVE BEEN LEERY ABOUT PURE TOBACCO STOCKS LARGELY BECAUSE THE
INDUSTRY IS UNDER SIEGE FROM A WAVE OF ANTISMOKING FERVOR IN THE NATION MR
LANGBAUM SAID THAT ATTACKS AGAINST THE TOBACCO LOBBY AND INCREASING INTEREST
RATES COULD RAISE THE POTENTIAL YIELD PAID ON RJR'S PREFERRED SHARES THE
LEAD UNDERWRITER FOR THE OFFERING MORGAN STANLEY & CO INDICATED THAT THE
POTENTIAL YIELD COULD BE RAISED TO A RANGE OF 875 TO 975 FROM A RANGE
OF 825 TO 875 MR LANGBAUM SAID

BUT SOME INVESTORS CONTINUED TO EXPRESS UNCERTAINTY ABOUT THE OFFERING IF
THEY DO SPLIT THE COMPANY ARE INVESTORS GETTING A TOBACCO COMPANY WITH A
LOT OF DEBT A FOOD COMPANY WITH LITTLE DEBT OR CROSS OWNERSHIP ASKS
MICHAEL JAMISON A MANAGING DIRECTOR OF BRANDYWINE ASSET MANAGEMENT A
PENSIONFUND MANAGEMENT COMPANY THAT OWNS RJR STOCK 9404150113 940415 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

FEDERAL FARM CREDIT BANKS FUNDING CORP 100 MILLION OF MEDIUMTERM NOTES
DUE APRIL 22 1996 PRICED AT PAR TO YIELD 564 ACCORDING TO MCM
CORPORATEWATCH THE ISSUE IS NONCALLABLE FOR ONE YEAR AND WAS PRICED AT A
SPREAD OF 18 BASIS POINTS ABOVE TREASURYS THE ISSUE WILL BE SOLD THROUGH
UNDERWRITERS LED BY PAINEWEBBER INC

FEDERAL NATIONAL MORTGAGE ASSOCIATION 200 MILLION OF MEDIUMTERM NOTES
DUE APRIL 23 2004 PRICED INITIALLY AT PAR TO YIELD 752 ACCORDING TO MCM
CORPORATEWATCH THE NOTES NONCALLABLE FOR FIVE YEARS WERE PRICED AT A
SPREAD OF 55 BASIS POINTS ABOVE TREASURYS AND WILL BE SOLD THROUGH
UNDERWRITERS LED BY GOLDMAN SACHS & CO AND PRYOR MCLENDON & CO

THRIFTY PAYLESS INC 550 MILLION OF DEBT PRICED IN TWO PARTS THROUGH
LEAD MANAGER DONALDSON LUFKIN & JENRETTE SECURITIES CORP ACCORDING TO MCM
CORPORATEWATCH THE FIRST TRANCHE 250 MILLION OF SENIOR NOTES DUE APRIL
15 2003 WAS PRICED AT PAR TO YIELD 1175 THE SENIOR NOTES ARE RATED
SINGLEB2 BY MOODY'S INVESTORS SERVICE INC AND SINGLEB BY STANDARD &
POOR'S RATINGS GROUP THE COMPANY ALSO SOLD 300 MILLION OF UNITS CONSISTING
OF SENIOR SUBORDINATED NOTES AND 57 MILLION CLASS C COMMON SHARES FOR 49
OF THE EQUITY IN THRIFTY PAYLESS HOLDINGS INC THE PARENT COMPANY THE 300
MILLION OF SENIOR SUBORDINATED NOTES DUE APRIL 15 2004 WERE PRICED AT PAR
TO YIELD 1225 THE NOTES ARE RATED SINGLEB3 BY MOODY'S AND
SINGLEBMINUS BY S&P BOTH TRANCHES ARE NONCALLABLE FOR FIVE YEARS

DT INDUSTRIES INC INITIAL OFFERING OF 45 MILLION COMMON SHARES PRICED
AT 1350 EACH THROUGH UNDERWRITERS LED BY CS FIRST BOSTON INC

MILLS CORP INITIAL OFFERING OF 144 MILLION COMMON SHARES PRICED AT
2350 EACH THROUGH UNDERWRITERS LED BY MERRILL LYNCH & CO AND CS FIRST
BOSTON INC

NUMAR CORP INITIAL OFFERING OF 18 MILLION COMMON SHARES PRICED AT
1250 EACH THROUGH UNDERWRITERS LED BY WERTHEIM SCHRODER & CO

WHOLESALE CELLULAR USA INC INITIAL PUBLIC OFFERING OF TWO MILLION COMMON
SHARES PRICED AT 625 EACH THROUGH SANDS BROTHERS & CO ACCORDING TO THE
COMPANY

XCELLENET INC INITIAL OFFERING OF TWO MILLION COMMON SHARES PRICED AT
11 EACH THROUGH UNDERWRITERS LED BY ALEX BROWN & SONS INC

CAMDEN PROPERTY TRUST THREE MILLION COMMON SHARES PRICED AT 24 EACH
THROUGH UNDERWRITERS LED BY KIDDER PEABODY & CO

DEBARTOLO REALTY CORP INITIAL OFFERING OF 38 MILLION COMMON SHARES
PRICED AT 1475 EACH THROUGH UNDERWRITERS LED BY MORGAN STANLEY & CO

VIRGINIA HOUSING DEVELOPMENT AUTHORITY 108 MILLION OF MORTGAGEREVENUE
BONDS APPARENTLY WON BY A GOLDMAN SACHS & CO GROUP THE ISSUE IS A
REMARKETING OF 1992 SERIES C SECURITIES THE 65 MILLION OF SUBSERIES C8
BONDS YIELD FROM 43 IN 1996 TO 64 IN 2015 THE 43 MILLION OF SUBSERIES
C9 BONDS YIELDS FROM 435 IN 1996 TO 645 IN 2015 MOODY'S HAS RATED THE
BONDS DOUBLEA AND S&P HAS ASSIGNED A DOUBLEAPLUS RATING

FEDERAL HOME LOAN MORTGAGE CORP 8365 MILLION REALESTATE
MORTGAGEINVESTMENT CONDUIT SECURITIES OFFERED BY KIDDER PEABODY & CO THE
OFFERING SERIES 1727 IS BACKED BY THE AGENCY'S 30YEAR 65 MORTGAGE
SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE COUPON RATE OF 71 AND
WEIGHTED AVERAGE MATURITY OF 356 MONTHS

FEDERAL HOME LOAN MORTGAGE CORP 325 MILLION OF STRIPPED
MORTGAGEBACKED SECURITIES STRIPS TRUST 166 IS BACKED BY THE AGENCY'S
SERIES 1728 MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED AVERAGE
COUPON RATE OF 85 AND WEIGHTED AVERAGE REMAINING TERM TO MATURITY OF 337
MONTHS THE UNDERWRITER IS KIDDER PEABODY & CO

FEDERAL HOME LOAN MORTGAGE CORP 325 MILLION OF REMIC SECURITIES OFFERED
BY KIDDER PEABODY & CO THE OFFERING SERIES 1728 IS BACKED BY THE
AGENCY'S 30YEAR 8 MORTGAGE SECURITIES THE COLLATERAL HAS A WEIGHTED
AVERAGE COUPON RATE OF 85 AND WEIGHTED AVERAGE MATURITY OF 337 MONTHS

FEDERAL NATIONAL MORTGAGE ASSOCIATION 500 MILLION OF REMIC SECURITIES
OFFERED BY LEHMAN BROTHERS INC DETAILS ON THE COLLATERAL BACKING THE
OFFERING SERIES 199481 WEREN'T PROVIDED

ABBEY NATIONAL TREASURY SERVICES PLC UK PARENT 10 BILLION GREEK
DRACHMAS OF 1575 EUROBONDS DUE MAY 16 1997 AT ISSUE PRICE 100625 VIA
BANKERS TRUST INTERNATIONAL PLC BONDS YIELD 1608 AFTER FULL FEES OF 1375
POINTS GUARANTOR ABBEY NATIONAL PLC

GENERAL ELECTRIC CAPITAL CORP US PARENT 100 MILLION SWISS FRANCS OF
45 PRIVATELY PLACED NOTES DUE MAY 5 1999 PRICED AT 101875 VIA MERRILL
LYNCH CAPITAL MARKETS AG FEES 15

NOVA SCOTIA CANADIAN PROVINCE 500 MILLION OF FLOATINGRATE EURONOTES
DUE MAY 1999 AT ISSUE AND REOFFER PRICE 996 VIA UBS LTD PAYABLE QUARTERLY
AT 01875 POINT OVER THREEMONTH DOLLAR LIBOR MINIMUM 50 MILLION OF BONDS
CALLABLE AT PAR QUARTERLY FROM MAY 1995 FEES 02

PRAGUE MUNICIPALITY 250 MILLION OF 775 EUROBONDS DUE MAY 10 1999
AT ISSUE PRICE 10113 VIA NOMURA INTERNATIONAL PLC REOFFERED AT 9963 TO
YIELD 778 MARGIN OF 120 BASIS POINTS OVER COMPARABLE US TREASURY FEES
1875

RABOBANK NEDERLAND NETHERLANDS 150 BILLION ITALIAN LIRE OF 925
EUROBONDS DUE MAY 20 2004 AT ISSUE PRICE 1005 VIA BANCA NAZIONALE DEL
LAVORO AND CREDITO ITALIANO BONDS YIELD 949 AFTER FEES OF TWO CALLABLE
MAY 1996 AT PAR AND ANNUALLY THEREAFTER 9404150112 940415 TEAMSTERS
STRUCK TRUCKERS TO RESUME TALKS MONDAY

WASHINGTON TRUCKING COMPANIES AND THE TEAMSTERS UNION AGREED TO HOLD
CONTRACT TALKS FOR THE FIRST TIME SINCE THE UNION STRUCK EARLY LAST WEEK
FORMAL TALKS ARE SET TO RESUME HERE MONDAY

ALTHOUGH THE TEAMSTERS SAID ITS STRIKE AGAINST THE 20 TRUCKING COMPANIES
WOULD CONTINUE THE TWO SIDES WERE SEARCHING FOR A COMPROMISE YESTERDAY ON
THE WALKOUT'S BIGGEST ISSUE THE TRUCKERS' WISH TO USE PARTTIME EMPLOYEES
AT LOADING DOCKS TO CUT COSTS

THIS I BELIEVE IS A VERY GOOD FIRST STEP RON CAREY TEAMSTER UNION
PRESIDENT SAID AT A NEWS CONFERENCE ALMOST 70000 TEAMSTERS ARE ON STRIKE
AT THE LESSTHANTRUCKLOAD HAULERS WHICH CONSOLIDATE SHIPMENTS FROM A
NUMBER OF CUSTOMERS INTO SINGLE LOADS

TALKS FOR A NEW CONTRACT COLLAPSED MARCH 31 AND EACH SIDE ACCUSED THE OTHER
OF BEING UNWILLING TO RESUME THEM THE TRUCKERS REPRESENTED BY TRUCKING
MANAGEMENT INC HAVE INSISTED THAT NEGOTIATIONS INCLUDE THE PARTTIMERS
ISSUE AS WELL AS THE COMPANIES' PROPOSALS TO INCREASE THEIR USE OF RAIL
SERVICE AND TO USE ARBITRATION TO RESOLVE GRIEVANCES

BUT BY YESTERDAY REPRESENTATIVES OF THE TRUCK LINES WERE TRYING TO TALK
AROUND THE PARTTIME ISSUE BY PROPOSING ALTERNATIVE WAYS TO CUT COSTS SUCH
AS REDUCED BENEFITS A SMALLER WAGE RAISE AND MORE FLEXIBLE WORK RULES
9404150111 940415 HEARD ON THE STREET SOARING ANNTAYLOR MAY NEED SOME
CAUTION AS ACCESSORY AS MERRILL PLANS TO PARE STAKE  BY WILLIAM
POWER AND TERI AGINS STAFF REPORTERS OF THE WALL STREET JOURNAL

NEW YORK NOW THAT THE STOCK OF ANNTAYLOR STORES HAS SOARED TO TRADE AT
MORE THAN 50 TIMES THE COMPANY'S EARNINGS BEFORE SPECIAL ITEMS SOME
ANALYSTS THINK THEY SEE A CAUTION FLAG

MERRILL LYNCH WHICH TOOK ANNTAYLOR STORES PUBLIC IN 1991 IS SELLING A BIG
CHUNK OF ITS HOLDINGS IN THE MIDST OF WHAT SEEMS TO BE A STRONG TURNAROUND
AT THE RETAILER OF CLASSIC WOMEN'S APPAREL

MERRILL LYNCH CAPITAL PARTNERS AND OTHER AFFILIATES CURRENTLY OWN 52 OF THE
231STORE RETAILER BUT THE COMPANY RECENTLY FILED A PLAN IN WHICH THE
MERRILL INTERESTS WOULD CUT THEIR STAKE TO AS LITTLE AS 293 BY SELLING
AROUND FOUR MILLION SHARES WHILE ANNTAYLOR ITSELF SELLS ONE MILLION IN A
PUBLIC OFFERING EXPECTED WITHIN THREE WEEKS OR SO WALL STREET EXPECTS TO
SEE THE MERRILL STAKE REDUCED EVEN FURTHER LATER

WALL STREET OFTEN APPLAUDS HIGHFLYING STOCKS INCLUDING ANNTAYLOR BUT IT'S
INTERESTING TO WATCH WHAT A FIRM DOES WHEN ITS OWN MONEY IS AT RISK RIGHT
NOW A NEW MANAGEMENT TEAM LED BY SALLY FRAME KASAKS IS PULLING ANNTAYLOR OUT
OF THE DOLDRUMS ANNTAYLOR SHARES AT YESTERDAY'S 35 1/2 UP 1/2 ARE NEAR A
52WEEK HIGH THE STOCK IS UP 41 SINCE IT AND OTHER APPARELRETAILING
STOCKS WERE FAVORABLY MENTIONED IN THIS COLUMN IN FEBRUARY

THE MERRILL SELLING DOESN'T MEAN ANNTAYLOR STOCK WILL NECESSARILY TUMBLE
BUT IT REMOVES A SUPPORT FOR THE STOCK THAT HAD BEEN IN PLACE DURING THE
COMPANY'S TOUGH TIMES

DAVID DIAMOND A PORTFOLIO MANAGER AT BOSTON CO ASSET MANAGEMENT SAYS TO
THE EXTENT THAT MERRILL HAS BEEN AN OWNER NEXT TO YOU ALL THIS TIME IT MAY
HAVE PROVIDED OWNERS SOME COMFORT LEVEL THAT MERRILL IS AT LEAST BETTING
WITH YOU BUT NOW THAT THE MERRILL CAMP IS SELLING SOME OF ITS STAKE IT
COULD RAISE A RED FLAG IT'S NOT NECESSARILY A NEGATIVE BUT IT WARRANTS
QUESTION

ANNTAYLOR WILL USE ITS PART OF THE OFFERING PROCEEDS TO CUT DEBT THE
RETAILER AND MERRILL SAY THEY CAN'T COMMENT BECAUSE THE OFFERING IS IN
REGISTRATION BUT IT ISN'T UNUSUAL FOR A FIRM SUCH AS MERRILL TO SELL OUT OF
SUCH DIRECT MERCHANT BANKING INVESTMENTS MERRILL HAS SAID IT USUALLY
BEGINS SELLING AFTER FOUR OR FIVE YEARS THE ANNTAYLOR STAKE IS MORE THAN
FIVE YEARS OLD BUT GERALD ARMSTRONG ONE OF TWO MERRILL EXECUTIVES ON
ANNTAYLOR'S BOARD TOOK A DIFFERENT TONE IN A DECEMBER INTERVIEW IN WORKING
WOMAN MAGAZINE SAYING WE'RE PATIENT WE HAVE ONE INVESTMENT THAT WE'VE
HELD FOR 10 YEARS HE COULDN'T BE REACHED

THE DYNAMIC MS KASAKS HAS IMPROVED THE LOOK AND QUALITY OF THE CHAIN'S
SUITS AND SILK BLOUSES ADDED PETITE SIZES AND BROADENED ITS SELECTION OF
WEEKEND CLOTHES SALES AT STORES OPEN AT LEAST A YEAR GREW A SOLID 136 IN
MARCH MORE SHOPPERS HAVE EMBRACED THE CHAIN'S WARDROBING APPROACH OF
MARKETING OUTFITS NOT SINGLE ITEMS

JEFFREY EDELMAN OF CJ LAWRENCE LIKES ANNTAYLOR'S AGGRESSIVE PLAN TO
ROUGHLY DOUBLE ITS SELLING SPACE IN THE FUTURE INCLUDING FACTORY OUTLETS
AND EXPANSIONS OF EXISTING STORES ANNTAYLOR SEEMS TO BE CLICKING ON ALL
CYLINDERS MR EDELMAN SAYS I THINK THIS IS A BILLIONDOLLAR COMPANY IN
ANNUAL SALES WITHIN THE NEXT FOUR TO FIVE YEARS

YET MARK GOLDSTEIN MANAGER OF NEUBERGER & BERMAN MANHATTAN FUND WHICH HAS
ASSETS OF 500 MILLION SAYS HE UNDERSTANDS WHY MERRILL IS SELLING THE
STOCK HAS RECOVERED A GOOD PART OF THE WAY TOWARD ITS POSTIPO HEIGHTS MR
GOLDSTEIN HIMSELF SAYS HE HAS TRIMMED HIS FUND'S ANNTAYLOR POSITION

FOURTH QUARTER JAN 29 1994

DON'T BLAME TAXRELATED SELLING FOR THE LATE MARCH AND EARLY APRIL DROP IN
THE STOCK MARKET SUGGESTS A SURVEY OF 507 INVESTORS BY BROKERAGE HOUSE
QUICK & REILLY

ONLY 7 OF THE SURVEYED INVESTORS SAID THEY HAD LIQUIDATED ANY INVESTMENTS
TO PAY 1993 TAXES MOREOVER FEWER THAN 5 SAID THEY HAD SOLD STOCKS

WHAT'S NEXT COMPARED WITH THIS TIME LAST YEAR 51 OF THE INVESTORS SAID
THEY WERE LESS OPTIMISTIC ABOUT THE INVESTMENT CLIMATE ONLY 16 SAID THEY
WERE MORE OPTIMISTIC ABOUT 30 FELT THE RECENT DOWNTURN HAD RUN ITS COURSE
BUT 57 EXPECTED MORE DECLINES

APPARENTLY THE QUICK & REILLY CUSTOMERS HOPE TO BUY ON A MARKET DROP SOME
43 SAID THEY EXPECTED TO BUY STOCKS IN THE NEXT THREE MONTHS ONLY 10 SAID
THEY PLANNED TO SELL THE SURVEY WAS CONDUCTED APRIL 911 BY TELEPHONE
9404150110 940415 CORPORATE FOCUS PERELMAN WINS BIDDING FOR FORD'S
STRUGGLING THRIFT  FIRST NATIONWIDE IS FAIRLY CLEAN AS SELLER
KEEPS BIG CHUNK OF BAD LOANS  BY GREG STEINMETZ AND RALPH T KING
JR STAFF REPORTERS OF THE WALL STREET JOURNAL

RONALD PERELMAN IS BACK IN THE SAVINGSANDLOAN BUSINESS BUT THIS TIME THE
NEW YORK FINANCIER SWEARS TAX BREAKS AREN'T THE MOTIVATION

YESTERDAY A UNIT OF MR PERELMAN'S MACANDREWS & FORBES HOLDINGS INC
EMERGED AS THE WINNING BIDDER FOR FORD MOTOR CO'S STRUGGLING THRIFT UNIT
FIRST NATIONWIDE BANK

FIRST MADISON BANK THE MACANDREWS UNIT BID 11 BILLION FOR THE
INSTITUTION WHICH HAS 181 BRANCHES IN EIGHT STATES AND 155 BILLION IN
ASSETS ALTHOUGH FIRST NATIONWIDE THE NATION'S FIFTHLARGEST THRIFT HAD
NUMEROUS PROBLEMS UNDER FORD MR PERELMAN WILL BE GETTING A RELATIVELY
CLEAN BANK FORD AGREED TO RETAIN 12 BILLION OF THE INSTITUTION'S BAD
REALESTATE LOANS AND BUY UP TO 500 MILLION MORE IF ANY MORE GO SOUR

THE DEAL IS EXPECTED TO CLOSE IN ABOUT SIX MONTHS AFTER WHICH MACANDREWS
WILL TRY TO BUILD THE COMPANY BY MAKING LOANS FOR SINGLEFAMILY HOMES IN THE
WESTERN US

WE HAVE A STRONG BELIEF IN THE VIBRANCY OF THAT REGION MACANDREWS VICE
CHAIRMAN HOWARD GITTIS SAID ADDING THAT ACQUISITIONS ARE ALSO A
POSSIBILITY WE LIKE CONSOLIDATING BUSINESSES AND WE HAVE SOME TALENT AT
DOING THAT WE ARE GOING TO BE A BUYER THERE THERE ARE NO IMMEDIATE PLANS
TO LAY OFF ANY OF THE BANK'S 3500 EMPLOYEES

THE PURCHASE REPRESENTS MR PERELMAN'S SECOND FORAY INTO THE S&L BUSINESS
IN 1988 HE BOUGHT DALLASBASED FIRST GIBRALTAR BANK THROUGH THE FEDERAL
GOVERNMENT'S CONTROVERSIAL SOUTHWEST PLAN TO CLEAN UP THE TEXAS SAVINGS
AND LOAN MESS TO INDUCE BUYERS TO COME TO TEXAS THE GOVERNMENT AWARDED
HEAVY SUBSIDIES IN ADDITION TO LUCRATIVE TAX BREAKS

MR PERELMAN IS THOUGHT TO HAVE RECEIVED MORE INCENTIVES THAN ANYONE ELSE
WHEN HE BOUGHT FIRST GIBRALTAR MACANDREWS GOT 51 BILLION IN GOVERNMENT
AID AND NEARLY 900 MILLION IN TAX BREAKS THE DEAL CAME UNDER HEAVY
CRITICISM IN CONGRESS BUT EFFORTS TO UNDO THE ARRANGEMENT CAME TO NOTHING

LAST YEAR MACANDREWS SOLD FIRST GIBRALTAR TO BANKAMERICA CORP SAN
FRANCISCO FOR 110 MILLION IF TAX BENEFITS AND SUBSIDIES ARE INCLUDED ITS
ULTIMATE GAIN WOULD BE BETWEEN AN ESTIMATED 600 MILLION AND 1 BILLION ON
ITS INVESTMENT OF 360 MILLION

THE TAX BREAKS ALLOW MACANDREWS & FORBES TO SHELTER INCOME FROM ITS OTHER
BUSINESSES INCLUDING THE REVLON COSMETICS COMPANY WITH LOSSES BUILT UP BY
FIRST GIBRALTAR OVER THE YEARS THE VALUE OF THE BENEFIT HAS DWINDLED AS
OLD LOSSES HAVE BEEN APPLIED AGAINST MACANDREWS'S INCOME BUT HUNDREDS OF
MILLIONS WORTH OF BENEFITS REMAIN ACCORDING TO A PERSON FAMILIAR WITH THE
SITUATION

ALTHOUGH MACANDREWS SOLD FIRST GIBRALTAR THOSE BENEFITS STAYED WITH
MACANDREWS BY BUYING FIRST NATIONWIDE MACANDREWS WILL HAVE EVEN MORE
INCOME TO SHELTER

MR GITTIS SAID TAX MOTIVATIONS PLAYED NO ROLE IN THE FIRST NATIONWIDE
PURCHASE WE DID THE FIRST NATIONWIDE DEAL AS IF TAXES PLAYED NO PART HE
SAID IF A DEAL DOESN'T STAND ON ITS FEET ABSENT TAX CONSIDERATIONS WE
WON'T DO IT

BUT IF NOTHING ELSE THEY ARE AN ADDED INDUCEMENT CLOSELY HELD MACANDREWS
HAS INCOME FROM A VARIETY OF SOURCES IN ADDITION TO OWNING REVLON IT
CONTROLS COLEMAN CO A CAMPINGGEAR MAKER NEW WORLD COMMUNICATIONS A
TELEVISION AND PRODUCTION COMPANY MARVEL ENTERTAINMENT GROUP A COMICBOOK
COMPANY AND CONSOLIDATED CIGAR

IN THE FIRST NATIONWIDE PURCHASE MR PERELMAN AGAIN TEAMS UP WITH GERALD J
FORD THE DALLAS BANKER WHO MANAGED FIRST GIBRALTAR MR FORD 49 YEARS OLD
STEPS INTO FIRST NATIONWIDE AFTER SELLING FIRST UNITED BANK GROUP INC OF
ALBUQUERQUE NM TO NORWEST CORP FOR 495 MILLION LAST YEAR

FIRST UNITED HAD BEEN MR FORD'S FLAGSHIP OPERATION BEFORE HE BECAME
INVOLVED WITH FIRST GIBRALTAR WHICH HE AND MACANDREWS OWNED THROUGH FIRST
MADISON MR FORD HAS ABOUT 5 TO 6 OWNERSHIP IN FIRST MADISON WITH
MACANDREWS OWNING THE REST

ALTHOUGH MR FORD'S STAKE IN FIRST MADISON WILL INCREASE TO AN UNDISCLOSED
AMOUNT AFTER THE FIRST NATIONWIDE PURCHASE IT WON'T BE GREATER THAN 20
MACANDREWS MUST OWN MORE THAN 80 OF AN ENTITY TO CONSOLIDATE FOR TAX
PURPOSES

MR FORD BOUGHT HIS FIRST BANK WHEN HE WAS 31 HE THEN BEGAN A BUYING SPREE
AND UNITED HIS ACQUISITIONS INTO FORD BANK GROUP BASED IN LUBBOCK TEXAS
HE HAS BEEN PUTTING TOGETHER THE FIRST NATIONWIDE DEAL FOR SEVERAL MONTHS
WORKING WITH A VARIETY OF INVESTMENT BANKS TO RAISE THE MONEY

QUESTIONS REMAIN ABOUT HOW MR FORD MANAGED THE OPERATIONS OF FIRST
GIBRALTAR THE OFFICE OF THRIFT SUPERVISION CHALLENGED CERTAIN THRIFT
EXPENSES SUCH AS A HUNTING LODGE IN SOUTH TEXAS A NEW YORK CONDOMINIUM AND
A PRIVATE JET WHICH WERE AVAILABLE FOR MR FORD'S USE THOSE EXPENSES
SUBSEQUENTLY WERE PAID BY A PRIVATE FIRST GIBRALTAR HOLDING COMPANY IN 1989
OR 1990 WHICH SATISFIED THRIFT REGULATORS MR GITTIS SAID

FOR FORD MOTOR THE SALE CLOSES THE BOOK ON A DISASTROUS EXPERIENCE IN THE
SAVINGSANDLOAN BUSINESS THE COMPANY INVESTED 13 BILLION IN THE THRIFT
AFTER TAXES ITS TOTAL LOSS ON THE INVESTMENT IS AS MUCH AS 400 MILLION
FORD REMAINS IN THE FINANCIAL SERVICES BUSINESS THROUGH FORD FINANCIAL
SERVICES GROUP WHICH INCLUDES ASSOCIATES CORP A CONSUMERFINANCE COMPANY
WITH 28 BILLION IN ASSETS

ALTHOUGH MR GITTIS SAID MR PERELMAN WANTS TO BUILD UP THE INSTITUTION
ANALYSTS SAY HE MIGHT BE BETTER SERVED BREAKING IT UP THE PRICE THE GROUP
PAID ABOUT 13 TIMES THE THRIFT'S 1993 EARNINGS IS ABOUT THE AVERAGE PRICE
PAID FOR THRIFTS RECENTLY SAID JOSEPH JOLSON AN ANALYST WITH MONTGOMERY
SECURITIES HE SAID THAT IF MACANDREWS CAN DOUBLE THE THRIFT'S CURRENT LEVEL
OF PROFITABILITY AND THEN DISMEMBER IT IT STANDS TO REAP A SIZABLE GAIN ON
ITS INVESTMENT LAST YEAR FIRST NATIONWIDE RETURNED TO PROFITABILITY AFTER
THREE YEARS OF LOSSES EARNING 83 MILLION FOR AN 049 RETURN ON ASSETS
OR ABOUT HALF THE LEVEL CONSIDERED HEALTHY

FIRST NATIONWIDE ENJOYED MANY YEARS OF PROSPERITY BEFORE FORD TOOK IT OVER
ANTHONY FRANK THE FORMER POSTMASTER GENERAL HELD THE CHAIRMAN'S POST FOR
17 YEARS AND CONCENTRATED ON HOME LENDING IN THE LUCRATIVE CALIFORNIA
MARKET MOST IF NOT ALL OF THE COMPANY'S TROUBLES DATE FROM 1988 AND 1989
AFTER MR FRANK'S DEPARTURE WHEN IT DOUBLED IN SIZE AND EXPANDED BEYOND
CALIFORNIA UNDER CHAIRMAN JOHN DEVINE WHO WILL BE SUCCEEDED BY MR FORD

STEVEN LIPIN CONTRIBUTED TO THIS ARTICLE 9404150109 940415 BUSINESS BRIEF
 NATIONSBANK CORP FACTORING UNIT IS PLANNING VENTURE WITH MEXICAN
BANK

NATIONSBANK CORP IS EXPECTED TO ANNOUNCE A JOINT VENTURE BETWEEN ITS
FACTORING UNIT AND GRUPO FINANCIERO BANCOMER SA MEXICO CITY

UNDER TERMS OF THE DEAL NATIONSBANK OF CHARLOTTE NC PLANS TO PURCHASE
A 10 STAKE IN THE MEXICAN BANK'S FACTORING SUBSIDIARY ACCORDING TO AN
INDIVIDUAL FAMILIAR WITH THE TRANSACTION FACTORING INVOLVES FINANCING AND
MANAGING OTHER COMPANIES' ACCOUNTS RECEIVABLE

THE AGREEMENT WITH BANCOMER REPRESENTS ONE OF SEVERAL STEPS NATIONSBANK IS
TAKING TO POSITION ITSELF TO CAPITALIZE ON THE OPENING OF TRADING BORDERS BY
THE NORTH AMERICAN FREE TRADE AGREEMENT NATIONSBANK RECENTLY COMPLETED A
SIMILAR ARRANGEMENT WITH ACCORD FINANCIAL CORP TORONTO A LARGE CANADIAN
FACTOR 9404150107 940415 POLITICS & POLICY US FIGHTERS ACCIDENTALLY
SHOOT DOWN TWO AMERICAN HELICOPTERS OVER IRAQ  BY THOMAS E RICKS
 STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON TWO US JET FIGHTERS SHOT DOWN TWO US HELICOPTERS IN THE
NOFLY ZONE OVER NORTHERN IRAQ KILLING 26 PEOPLE IN A BIZARRE INCIDENT
THAT STUNNED PENTAGON OFFICIALS AND DAMAGED THE IMAGE OF THE US MILITARY

THE PILOTS OF THE US AIR FORCE F15S FIRED MISSILES AT THE US UH60
BLACK HAWK HELICOPTERS AFTER MISTAKENLY IDENTIFYING THEM AS RUSSIANMADE
HIND HELICOPTERS BELONGING TO IRAQ DEFENSE SECRETARY WILLIAM PERRY SAID

DEFENSE OFFICIALS WERE ESPECIALLY PUZZLED BY THE ACCIDENTAL DOWNING BECAUSE
IT OCCURRED DURING DAYLIGHT AND IN GOOD WEATHER AND BECAUSE IT INVOLVED
US PILOTS ON BOTH SIDES WHO WERE WORKING IN THE SAME LONGRUNNING
OPERATION MOREOVER THE HELICOPTERS WERE EQUIPPED WITH IDENTIFICATION
FRIEND OR FOE SYSTEMS THAT AUTOMATICALLY TRANSMIT CRAFTS' IDENTITY TO
FRIENDLY FORCES

MOST NOTABLY AIR TRAFFIC IN THE REGION WAS BEING MONITORED BY A US AIR
FORCE AWACS OR AIRBORNE WARNING AND CONTROL SYSTEM AIRCRAFT ONE
PERSON FAMILIAR WITH THE AIR FORCE'S EARLY REPORTING ON THE EVENT SAID THE
AWACS PLANE WAS IN CONTACT WITH BOTH THE FIGHTERS AND THE HELICOPTERS

WHERE THOSE PROCEDURES FAILED I DON'T KNOW SAID ARMY LT GEN RICHARD
KELLER CHIEF OF STAFF FOR THE US EUROPEAN COMMAND WHICH OVERSEES THE
THREEYEAROLD OPERATION TO PROVIDE RELIEF TO THE KURDS OF NORTHERN IRAQ

THE INCIDENT FOLLOWS SEVERAL OTHER RECENT US MILITARY BLUNDERS ON MONDAY
TWO US MARINE CORPS F/A18 ATTACK JETS FLYING FOR THE NORTH ATLANTIC
TREATY ORGANIZATION OVER BOSNIA ATTEMPTED TO DROP FOUR BOMBS ON SERBIAN
MILITARY POSITIONS NEAR THE BESIEGED CITY OF GORAZDE ONLY TO HAVE TWO BOMBS
FAIL TO EXPLODE AND A THIRD MALFUNCTION BEFORE BEING RELEASED ALSO LAST
MONTH AN F16 FIGHTER WAS IN A MIDAIR COLLISION AND THEN PLOWED INTO A
TROOP TRANSPORT AIRCRAFT AT POPE AIR FORCE BASE IN NORTH CAROLINA KILLING
23 SOLDIERS AND WOUNDING 100

FIFTEEN AMERICANS THREE TURKISH CITIZENS TWO BRITISH OFFICERS A FRENCH
OFFICER AND FIVE KURDS WHERE KILLED IN YESTERDAY'S INCIDENT SAID LT GEN
KELLER

WHAT ACTUALLY WENT WRONG MAY NEVER BE KNOWN BUT THE KEY ERROR SEEMS TO HAVE
BEEN THE VISUAL MISIDENTIFICATION OF THE HELICOPTERS BY THE F15 PILOTS WHO
HAD BEEN FLYING IN THE AREA SINCE MIDFEBRUARY

THE TWO BLACK HAWKS WERE FERRYING A GROUP OF MILITARY OFFICERS TO MEET WITH
HIGHRANKING KURDISH OFFICIALS SAID THE PERSON FAMILIAR WITH THE AIR
FORCE'S REPORTS THE BLACK HAWKS INITIALLY WERE IN CONTACT WITH THE AIR
FORCE AWACS PLANE MONITORING THE AREA BUT WERE FLYING SO LOW THAT THE AWACS
RADAR LOST CONTACT WITH THEM WHEN THEY REAPPEARED ON THE RADAR ANOTHER AIR
CONTROLLER ABOARD THE AWACS DIDN'T RECOGNIZE THEM AND SUMMONED THE F15S TO
INVESTIGATE THE FIGHTERS IDENTIFIED THEM AS IRAQI HINDS THE CONTROLLER
ASKED THEM TO MAKE ADDITIONAL PASSES TO CONFIRM THE IDENTIFICATION WHICH
THEY DID AFTER SEVERAL MORE PASSES THE F15S WERE TOLD TO FIRE ON THE
HELICOPTERS THIS PERSON SAID

THE US FORCES MAY HAVE ACTED WITH SUCH URGENCY THIS PERSON SAID BECAUSE
THEY FEARED THE IRAQIS HAD SENT HELICOPTERS TO ATTACK THE KURDISH LEADERS
WHO WERE AWAITING THE US OFFICERS

IRAQI AIRCRAFT HAVEN'T VIOLATED THE UNITED NATIONSIMPOSED NOFLY ZONE
ABOVE IRAQ'S 36TH PARALLEL SINCE JANUARY 1993 WHEN AN IRAQI MIG23 WAS SHOT
DOWN BY A US F16 BUT LT GEN KELLER SAID THERE HAVE BEEN SEVERAL OTHER
IRAQI ACTIONS TESTING THE ZONE SINCE THEN SUCH AS THE ILLUMINATION OF
ALLIED AIRCRAFT BY IRAQI ANTIAIRCRAFT RADAR 9404150104 940415 TECHNOLOGY
& HEALTH IBM SIGNS PRODUCTION PACT WITH CYRIX FOR CHIPS IN A CHALLENGE
TO INTEL CORP  BY BART ZIEGLER STAFF REPORTER OF THE WALL STREET
JOURNAL

NEW YORK INTERNATIONAL BUSINESS MACHINES CORP TOOK AIM AT INTEL CORP'S
LUCRATIVE PENTIUM CHIP MARKET YESTERDAY SIGNING A MAJOR PRODUCTION PACT
WITH UPSTART CHIP MAKER CYRIX CORP

THE PACT COULD OFFER THE FIRST UNLICENSED ALTERNATIVE TO INTEL'S
TOPOFTHELINE PENTIUM AT A TIME WHEN INTEL HAS FOUGHT AGGRESSIVELY IN
COURT AND IN THE MARKET TO RETAIN ITS CONTROL OVER NEWERGENERATION CHIPS
ONLY TWO MONTHS AGO IBM PASSED UP THE RIGHT TO LICENSE THE PENTIUM DESIGN
FROM INTEL BUT NOW HAS EMBRACED A SCRAPPY RIVAL THAT INTEL IS SUING FOR
PATENT INFRINGEMENT

UNDER THE FIVEYEAR AGREEMENT IBM AND CYRIX BOTH WILL SELL THE
CYRIXDESIGNED CHIPS WHICH ACT AS THE BRAINS OF PERSONAL COMPUTERS UNDER
THEIR RESPECTIVE LABELS TO OTHER PC MAKERS IBM ALSO CAN USE THE CHIPS IN
ITS OWN PCS RATHER THAN RELY SOLELY ON INTEL FOR ITS PENTIUM SUPPLY

THE CYRIX CHIPS WHICH IBM WON'T BEGIN PRODUCING UNTIL YEAR END MIMICK
INTEL'S PENTIUM WORKINGS WITHOUT ILLEGALLY COPYING THE CHIP'S PRECISE
CIRCUITRY THE COMPANY MAINTAINS INTEL IN SUITS AGAINST OTHER CLONE
MAKERS HAS COUNTERED THAT A RIVAL CHIP CAN VIOLATE INTEL PATENTS EVEN
WITHOUT DIRECTLY COPYING INTEL DESIGNS

INDEED IBM MAY YET BE PULLED INTO THE CYRIX SUIT IN THAT INTEL CASE A
FEDERAL JUDGE IN TEXAS IS EXPECTED TO RULE THIS SUMMER ON WHETHER A COMPANY
THAT HOLDS AN INTEL LICENSE SUCH AS IBM CAN ALSO MAKE UNAUTHORIZED
INTELLIKE CHIPS FOR CYRIX AN INTEL SPOKESMAN SAID YESTERDAY THE COMPANY
HASN'T RULED OUT TAKING SEPARATE LEGAL ACTION AGAINST IBM

WITH THE CYRIX PACT IBM IN EFFECT WILL BECOME A MAKER OF CLONE CHIPS
JUST AS SCORES OF RIVAL COMPANIES BUILD CLONES OF IBM'S ORIGINAL PC THE
DEAL WILL GIVE CUSTOMERS A VIABLE CHOICE IN THE MARKETPLACE SAID MICHAEL
J ATTARDO GENERAL MANAGER OF IBM MICROELECTRONICS THE COMPANY'S CHIP
DIVISION

TECHNICALLY THE CYRIX CHIP WON'T BE AN EXACT CLONE OF PENTIUM BECAUSE IT
WON'T BE INTERCHANGEABLE WITH THE INTEL VERSION AND ABLE TO FIT INTO THE
PENTIUM SOCKET INSIDE A PC BUT IT WILL RUN THE SAME SOFTWARE AS PENTIUM AND
AT SIMILAR SPEEDS THE COMPANY CONTENDS

IBM ALSO HAS BEEN IN DISCUSSIONS TO MAKE A PENTIUMLIKE CHIP DESIGNED BY
NEXGEN MICROPRODUCTS INC A MILPITAS CALIF COMPANY BACKED BY COMPAQ
COMPUTER CORP AN IBM SPOKESMAN SAID THOSE TALKS CONTINUE

MICHAEL SLATER EDITOR OF THE NEWSLETTER MICROPROCESSOR REPORT SAID THE
CYRIX PACT POINTS OUT THE STRAINED NATURE OF THE IBMINTEL RELATIONSHIP
ONE PART OF THE COMPANY IS INTEL'S BIGGEST CUSTOMER HE SAID REFERRING TO
IBM PERSONAL COMPUTER CO THE OTHER SIDE IS THEIR WORST NIGHTMARE

BUT WHILE PC CLONE MAKERS CUT DEEPLY INTO IBM'S PC MARKET SHARE THE
IBMCYRIX TEAM MAY NOT FARE AS WELL FOR ONE THING UNDER THE PACT IBM CAN
ONLY MAKE THE NUMBER OF CHIPS FOR ITSELF THAT IT MAKES FOR CYRIX CYRIX A
MINOR FACTOR IN THE MICROPROCESSOR MARKET HAS NO PRODUCTION FACILITIES OF
ITS OWN AND CONTRACTS OUT ITS PRODUCTION THESE FACTORS COULD SHARPLY LIMIT
IBM'S ROLE

INTEL MOREOVER HAS WEATHERED ATTACKS BY OTHER CLONE CHIP MAKERS INCLUDING
ADVANCED MICRO DEVICES INC THROUGH TOUGH MARKETING AND LEGAL MANEUVERING
BECAUSE INTEL SELLS A MUCH HIGHER VOLUME OF CHIPS IT CAN CUT PRICES SHARPLY
TO MEET COMPETITORS

SINCE LAST SEPTEMBER IBM HAS BEEN MAKING MICROPROCESSORS FOR CYRIX UNDER AN
EARLIER AGREEMENT WITH THE RICHARDSON TEXAS COMPANY BUT HASN'T BEEN
ALLOWED TO SELL THEM ON ITS OWN THESE CHIPS MIMIC INTEL'S 486
MICROPROCESSORS WHICH ARE USED IN MOST NEW PCS

WHEN IBM WHICH CONTINUES TO PRODUCE 486 CHIPS UNDER INTEL LICENSE TURNED
DOWN INTEL'S OFFER TO PRODUCE AUTHORIZED PENTIUM CHIPS FOR ITS OWN USE IT
CITED THE HIGH COST OF NEW EQUIPMENT THAT WOULD BE REQUIRED CYRIX'S
PENTIUMTYPE CHIP BY CONTRAST USES THE SAME CHIPMAKING TECHNOLOGY AS
IBM'S POWERPC MICROPROCESSOR WHICH IBM PLANS TO USE IN MUCH OF ITS PRODUCT
LINE

THE IBM DEAL SHOULD ASSURE A STEADY SUPPLY OF CHIPS FOR CYRIX WHICH BLAMED
A SHORTAGE FOR A 71 DROP IN FOURTHQUARTER PROFIT IBM IS ONE OF THE
WORLD'S LARGEST CHIP MAKERS BUT TRADITIONALLY USED ALMOST ALL ITS SUPPLY
INTERNALLY IN THE LAST FEW YEARS IT STEPPED UP CHIP SALES TO OTHERS IN
PART TO TAKE UP THE SLACK AS ITS CHIPMANUFACTURING NEEDS DIMINISHED

UNDER THE CYRIX AGREEMENT IBM CAN USE PIECES OF CYRIX'S TECHNOLOGY IN OTHER
PRODUCTS BUT CAN'T MAKE DERIVATIVES OF CYRIX'S MICROPROCESSORS AS IT DOES
WITH INTEL'S CHIPS AN IBM SPOKESMAN SAID

IN LATE COMPOSITE TRADING ON THE NEW YORK STOCK EXCHANGE IBM SHARES WERE UP
150 AT 53875 IN NASDAQ STOCK MARKET TRADING CYRIX SHARES JUMPED
26875 TO 291875 9404150103 940415 CANADA'S STEEL PRODUCTION RISES

OTTAWA CANADIAN STEEL PRODUCTION TOTALED 275484 METRIC TONS IN THE WEEK
ENDED APRIL 9 UP 3 FROM 267488 TONS IN THE PRECEDING WEEK AND DOWN 51
FROM 290208 TONS A YEAR EARLIER SAID STATISTICS CANADA A GOVERNMENT
AGENCY

A METRIC TON IS EQUAL TO ABOUT 220462 POUNDS THE CUMULATIVE TOTAL FOR
1994 AT APRIL 9 WAS 3651598 TONS DOWN 56 FROM 3868660 TONS A YEAR
EARLIER 9404150102 940415 WHO'S NEWS CBS ENTERTAINMENT PRESIDENT
RESIGNS SAGANSKY LED NETWORK TO NO 1 POSITION  BY KEVIN GOLDMAN
 STAFF REPORTER OF THE WALL STREET JOURNAL

JEFF SAGANSKY WHO AS PRESIDENT OF CBS INC'S ENTERTAINMENT DIVISION HELPED
GUIDE THE NETWORK FROM THIRD PLACE TO FIRST IN PRIME TIME IS RESIGNING

THE MOVE WASN'T UNEXPECTED MR SAGANSKY WHO JOINED CBS IN JANUARY 1990
AFTER FIVE YEARS WITH SONY CORP'S TRISTAR PICTURES INC WAS SAID TO BE
RESTLESS WITH THE TASK OF REVIEWING SCRIPTS ORDERING PILOTS AND SCHEDULING
SHOWS EVEN THOUGH IT MADE HIM VERY WEALTHY THAT JOB WILL NOW FALL TO HIS
NO 2 PETER TORTORICI WHO HAD BEEN VIEWED AS THE CLEAR SUCCESSOR

IT IS UNCLEAR WHAT MR SAGANSKY 42 YEARS OLD WILL DO NEXT ALTHOUGH THERE
WAS SPECULATION THAT HE WILL HEAD A HOLLYWOOD STUDIO PERHAPS REJOINING
SONY'S ENTERTAINMENT OPERATIONS MR SAGANSKY HAS ALSO REPORTEDLY BEEN WOOED
BY SAVOY PICTURES INC THE STARTUP MOVIE STUDIO RUN BY VICTOR KAUFMAN WHO
HEADED THE COLUMBIA AND TRISTAR OPERATIONS BEFORE THEY WERE SOLD TO SONY

SAVOY DECLINED COMMENT AND MR SAGANSKY WAS UNAVAILABLE TO COMMENT ON HIS
PLANS INDUSTRY EXECUTIVES SAID THERE ALSO IS A POSSIBILITY THAT SAVOY OR
SOME OTHER FILM COMPANY MAY FINANCE MR SAGANSKY IN STARTING UP HIS OWN
PRODUCTION COMPANY

MR SAGANSKY'S ASSOCIATES SAY HE DIDN'T LEAVE FOR A SPECIFIC JOB ELSEWHERE
THIS ISN'T ABOUT MONEY THIS ISN'T ABOUT POWER SAID HOWARD STRINGER
PRESIDENT OF THE CBS BROADCAST GROUP HE FELT IT WAS TIME FOR PETER TO RUN
THINGS AND WE WERE LOOKING FOR SOMETHING ELSE FOR MR SAGANSKY TO DO HERE
THERE WASN'T A SATISFACTORY OPTION AVAILABLE HOWEVER TO FIT MR SAGANSKY'S
INTERESTS INDUSTRY OBSERVERS SAY

MR SAGANSKY WILL LEAVE CBS IN JUNE AFTER HE HAS MADE RECOMMENDATIONS ABOUT
THE NETWORK'S 199495 PRIME TIME SCHEDULE HE IS LEAVING CBS WITH THE
NETWORK ON TOP THOUGH THE NETWORK IS VULNERABLE BECAUSE IT HAS AGING SHOWS
AND FEW NEW HITS THAT IS SIMILAR TO THE POSITION IN WHICH BRANDON TARTIKOFF
LEFT GENERAL ELECTRIC CO'S NBC UNIT WHEN HE RESIGNED AS HEAD OF ITS
ENTERTAINMENT DIVISION IN 1991

STILL CBS WILL FINISH NO 1 WHEN THE 199394 SEASON ENDS THIS SUNDAY THE
NETWORK WOULD HAVE FINISHED ON TOP EVEN WITHOUT THE SPECTACULAR RATINGS FROM
THE WINTER OLYMPICS FROM LILLEHAMMER NORWAY ACCORDING TO SEASONTODATE
RATINGS FOR REGULAR PROGRAMMING EXCLUDING THE OLYMPICS CBS IS WATCHED BY
133 OF US HOMES WITH TELEVISION SETS DOWN SLIGHTLY FROM 134 A YEAR
EARLIER CAPITAL CITIES/ABC INC'S ABC UNIT HAS 126 COMPARED WITH 124 A
YEAR AGO NBC IS THIRD WITH 111 UP FROM 11 THE RATINGS ARE FROM AC
NIELSEN CO

BUT INDUSTRY OBSERVERS BELIEVE IT IS ABC THAT HAS THE MOMENTUM IN PLANNING
ITS 199495 SEASON ABC FOR INSTANCE IS EXPECTED TO INTRODUCE THE LEAST
NUMBER OF NEW SHOWS IT HAS THE MOST HITS THIS SEASON INCLUDING NYPD
BLUE GRACE UNDER FIRE THESE FRIENDS OF MINE AND THE NEWS MAGAZINE
TURNING POINT

CBS UNDER MR SAGANSKY INTRODUCED HITS INCLUDING CHRISTY A ONEHOUR
DRAMA WITH A RELIGIOUS THEME DR QUINN MEDICINE WOMAN AND DAVE'S
WORLD

IN ADDITION MR SAGANSKY AND MR TORTORICI 43 HAVE FIXED SEVERAL PROBLEM
NIGHTS MONDAY IS NOW BACK ON TRACK WITH RATINGS AND STRONG SCRIPTS FOR
SHOWS SUCH AS MURPHY BROWN AND NORTHERN EXPOSURE FRIDAY HAS BEEN
REVITALIZED BECAUSE OF MYSTERIES THAT LIKE MURDER SHE WROTE APPEALS TO
AN OLDER AUDIENCE

HELPING GUIDE CBS TO NO 1 HAS PAID OFF HANDSOMELY FOR MR SAGANSKY
ACCORDING TO THE CBS PROXY STATEMENT FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION EARLIER THIS WEEK MR SAGANSKY WAS PAID A BONUS OF 732
MILLION WHICH INCLUDED A 1 MILLION AWARD BECAUSE CBS LANDED IN FIRST
PLACE IN ADDITION MR SAGANSKY WILL GET ANOTHER FINANCIAL AWARD FOR CBS'S
FOURTH FIRSTPLACE FINISH

MR TORTORICI WILL BE SUCCEEDED AS EXECUTIVE VICE PRESIDENT OF CBS
ENTERTAINMENT BY LARRY SANITSKY WHO JOINS FROM KONIGSBERG/SANITSKY CO
WHICH PRODUCES MADEFORTELEVISION MOVIES AND MINISERIES

SEPARATELY DAVID KENIN WAS NAMED PRESIDENT OF CBS INC'S SPORTS DIVISION
HE HAD BEEN EXECUTIVE VICE PRESIDENT OF PROGRAMMING AT USA NETWORKS IN PART
RESPONSIBLE FOR USA NETWORK SPORTS INCLUDING US OPEN TENNIS BOXING AND
OTHER SPORTS HE SUCCEEDS NEAL PILSON WHO WAS RECENTLY NAMED SENIOR VICE
PRESIDENT OF THE CBS BROADCAST GROUP 9404150101 940415 WINDMERE UNIT'S
SALE

MIAMI LAKES FLA DURABLE ELECTRICAL METAL FACTORY LTD AN 80OWNED
UNIT OF WINDMERE CORP COMPLETED THE SALE OF 60000 SQUARE FEET OF OFFICE
SPACE IN HONG KONG FOR 95 MILLION

WINDMERE EXPECTS TO RECORD A GAIN FROM THE SALE OF 62 MILLION OR ABOUT 38
CENTS A SHARE IN THE SECOND QUARTER

WINDMERE EARNED 12 MILLION OR EIGHT CENTS A SHARE ON SALES OF 40
MILLION IN THE YEARAGO SECOND QUARTER ENDED JUNE 30 1993 9404150100
940415 LAWYERS & CLIENTS  SUIT OVER SUICIDE RAISES ISSUE DO
ASSOCIATES WORK TOO HARD  BY AMY STEVENS STAFF REPORTER OF THE
WALL STREET JOURNAL

LAWYERS HAVE COMPLAINED FOR YEARS ABOUT THE LONG HOURS THEY PUT IN NOW THE
FAMILY OF A YOUNG ATTORNEY WHO COMMITTED SUICIDE IS CLAIMING HIS LAW FIRM
LITERALLY WORKED HIM TO DEATH

IN A LAWSUIT FILED IN NEW YORK CITY THE FATHER OF A YALE LAW SCHOOL
GRADUATE WHO JUMPED OFF A BUILDING TWO YEARS AGO CLAIMS THAT STRESS FROM
20HOUR DAYS AT THE OFFICE AND INAPPROPRIATE WORKLOADS WITH UNREALISTIC
DEADLINES PUSHED THE YOUNG MAN OVER THE EDGE

A TRIAL JUDGE DISMISSED THE CASE LAST WEEK ON THE GROUND THAT IT DIDN'T
DESCRIBE CONDUCT BY THE LAW FIRM THAT WAS ATROCIOUS AND INTOLERABLE IN A
CIVILIZED SOCIETY NEW YORK'S TOUGH LEGAL STANDARD FOR CASES THAT ALLEGE
EMOTIONAL HARM AT THE WORKPLACE BUT THE LAWYER'S FATHER SAYS HE WILL
APPEAL THEY GAVE MY SON A LOT OF WORK THEY HUMILIATED HIM AND THEN HE
SNAPPED SAYS GENE MCKENZIE OF MEMPHIS TENN

THE CIRCUMSTANCES OF THE SUICIDE AS WITH MANY SUCH TRAGEDIES MAY NEVER BE
FULLY UNDERSTOOD WHATEVER ITS MERITS THOUGH THE CASE RESONATES DEEPLY AT
A TIME WHEN LAW FIRMS ARE FACING INCREASING COMPETITIVE PRESSURE AND SOME
ARE RAISING THEIR HOURLY BILLING REQUIREMENTS THE BURDEN HAS FALLEN MOST
HEAVILY ON JUNIOR ATTORNEYS WHO ARE USUALLY TOLD THEY MUST EXCEED CERTAIN
ANNUAL LEVELS IF THEY ARE TO BE CONSIDERED FOR PARTNERSHIP

AT SOME LARGE NEW YORK LAW FIRMS ASSOCIATES SAY THEY ARE EXPECTED TO WORK
AT A RATE OF UP TO 3000 BILLABLE HOURS A YEAR THIS TRANSLATES TO EVEN
MORE HOURS OFTEN AS MANY AS 1000 MORE ACTUALLY SPENT WORKING SINCE
NOT ALL ATTORNEY TIME IS CHARGED TO CLIENTS

THE NUMBERS APPEAR TO HAVE RISEN DURING THE LAST DECADE ACCORDING TO A
REPORT BY THE AMERICAN BAR ASSOCIATION 13 OF LAWYERS IN PRIVATE PRACTICE
SAID THEY WORKED MORE THAN 240 HOURS A MONTH IN 1990 COMPARED WITH 4 IN
1984 SAYS NEW YORK LEGAL HEADHUNTER LYNN MESTEL ASSOCIATES COME TO ME ALL
THE TIME SAYING THE HOURS ARE KILLING THEM

DEMANDS LIKE THIS ARE INHUMANE SAYS ROBERT CURTIS THE NEW YORK LAWYER
WHO REPRESENTED MR MCKENZIE IN HIS CASE AGAINST 450LAWYER CLEARY
GOTTLIEB STEEN & HAMILTON THERE ISN'T SOMETHING WRONG WITH OCCASIONALLY
WORKING 80 HOURS A WEEK BUT THERE IS SOMETHING WRONG WITH SETTING IT UP AS
A STANDARD AND EXPECTING IT WEEK AFTER WEEK MR CURTIS SAYS

CLEARY GOTTLIEB ISN'T CONSIDERED TO BE ANY TOUGHER ON ITS JUNIOR LAWYERS
THAN OTHER ELITE COMMERCIAL LAW FIRMS LIKE MANY BIG FIRMS IT DOESN'T HAVE
A WRITTEN POLICY REQUIRING A MINIMUM NUMBER OF HOURS BILLED AND LIKE
VIRTUALLY ALL LAW FIRMS IT SETS NO UPPER LIMIT MANAGING PARTNER NED STILES
SAYS ASSOCIATES AT THE FIRM BILL AN AVERAGE OF ABOUT 2000 HOURS A YEAR
THERE ARE INDIVIDUAL CASES IN WHICH PEOPLE HAVE WORKED MAYBE OVER 300 HOURS
A MONTH FOR A PERIOD OF TIME BUT USUALLY IN EVERY CASE SOMEBODY TALKS TO
THEM AND SAYS THIS IS CRAZY' HE SAYS

MR STILES SAYS THE SUICIDE OF 27YEAROLD CHARLES MCKENZIE A FIRSTYEAR
ASSOCIATE AT THE FIRM WAS A PROFOUNDLY DISTURBING AND VERY SAD EVENT BUT
IT WAS SOMETHING THAT I THINK QUITE CLEARLY HAD ABSOLUTELY NOTHING TO DO
WITH HIS LIFE AT CLEARY GOTTLIEB

IN ITS COURT PAPERS CLEARY GOTTLIEB CLAIMS IT REPEATEDLY SPURRED MCKENZIE
TO SEEK PSYCHIATRIC CARE GAVE HIM A LEAVE OF ABSENCE AND OFFERED OTHER
SUPPORT PRIOR TO HIS DEATH CLEARY GOTTLIEB ALSO DEFENDS ITS CONDUCT IN
LIGHT OF THE DEMANDS TYPICALLY PLACED UPON ATTORNEYS IN THE HIGHPOWERED AND
STRESSFUL PRACTICE OF LAW AND THE HIGHPAYING NATURE OF THEIR JOBS

MR STILES SAYS MR MCKENZIE WASN'T EVEN AMONG THE HARDESTWORKING ATTORNEYS
AT THE FIRM HE ONLY WORKED AVERAGE HOURS THIS WASN'T A CASE OF BURNOUT

LABORLAW EXPERTS SAY THERE IS LITTLE CASE LAW IN THE US ACCEPTING THE
POSSIBILITY THAT AN EMPLOYEE DIED AS A RESULT OF TOILING TOO HARD BUT ABOUT
30 SUCH CASES HAVE WON RECOGNITION FOR VICTIMS IN JAPAN WHERE THERE IS A
WORD KAROSHI THAT LITERALLY MEANS DEATH FROM OVERWORK A JAPANESE
GOVERNMENT STUDY FOUND THAT IN THE PAST FISCAL YEAR ONE IN EVERY SIX MEN
WORKED AT LEAST 3100 HOURS A LEVEL THAT PHYSICIANS SAID CAN LEAD TO
KAROSHI ABOUT 600 KAROSHI CLAIMS WERE FILED IN 1992 ACCORDING TO NEWS
REPORTS IN ENGLAND THE BRITISH MEDICAL ASSOCIATION PROVOKED A NATIONWIDE
OUTCRY WHEN IT SAID ON MONDAY THAT IT WAS INVESTIGATING REPORTS THAT A YOUNG
DOCTOR DIED AFTER SPENDING 86 HOURS ON THE JOB

JUDITH VLADECK A PLAINTIFFS' EMPLOYMENT LAWYER IN NEW YORK SAYS US
EMPLOYERS CAN USUALLY SHIELD THEMSELVES WITH THE WORKERS' COMPENSATION LAWS
WHICH ESSENTIALLY GUARANTEE EMPLOYEES COMPENSATION BUT BAR LAWSUITS OVER
WORKPLACE INJURIES SUCH A DEFENSE STRATEGY WAS AMONG THOSE USED
SUCCESSFULLY BY CLEARY GOTTLIEB IN THE MCKENZIE CASE

PROFESSIONALS AND OTHER WHITECOLLAR WORKERS ARE GENERALLY EXEMPT FROM
FEDERAL AND STATE LABOR LAWS THAT LIMIT HOURS AND REQUIRE OVERTIME PAY SUCH
LAWS WERE ENACTED PRIMARILY TO SAFEGUARD LOWPAID LABORERS ALTHOUGH SOME
STATES HAVE TAKEN STEPS TO PUT A CAP ON SKILLED WORKERS' TIME SUCH MEASURES
ARE TYPICALLY DESIGNED TO PROTECT THE PUBLIC MORE THAN THE PROFESSIONALS
FOR EXAMPLE IN 1989 NEW YORK STATE PLACED STRICT 80HOUR WEEKLY LIMITS ON
MEDICAL RESIDENTS IN THE WAKE OF A LAWSUIT THAT BLAMED THE DEATH OF A YOUNG
WOMAN LIBBY ZION ON OVERTIRED AND UNSUPERVISED MEDICAL RESIDENTS A STATE
APPEALS COURT CLEARED THE DOCTORS OF WRONGDOING

MR CURTIS SAYS THE SITUATION FACED BY MEDICAL RESIDENTS IS A PERFECT
PARALLEL WITH THAT ENCOUNTERED BY YOUNG LAWYERS HE ALSO DRAWS ANALOGIES TO
SUCH WORKPLACEPROTECTION SCHEMES AS THE OCCUPATIONAL HEALTH AND SAFETY ACT
WHICH GOVERNS ENVIRONMENTAL HAZARDS ON THE JOB AND LAWS THAT RESTRICT
AIRTRAFFIC CONTROLLERS' HOURS THERE IS PROTECTION FOR EMPLOYEES IN OTHER
WORKPLACES BUT THE LARGE LAW FIRM GOES COMPLETELY UNREGULATED MR CURTIS
SAYS HE NO LONGER REPRESENTS MR MCKENZIE WHO SAYS HE COULDN'T AFFORD TO
KEEP PAYING AN ATTORNEY AND IS LOOKING FOR A LAWYER TO TAKE THE CASE ON A
CONTINGENCYFEE BASIS

MR CURTIS ALSO CLAIMS THAT THE LONG HOURS AT LAW FIRMS POSE POTENTIAL
HAZARDS TO CLIENTS IT'S NOT QUITE THE SAME AS THE OPERATING ROOM BUT
ENORMOUS CHANGES IN ONE'S LIFE ARE EFFECTED BY WHAT HAPPENS INSIDE A LAW
FIRM HE SAYS ONE DAY SOME OTHER ASSOCIATE WILL CRACK UNDER THE
PRESSURE AND IT WILL HURT A CLIENT  MAYBE THEN THERE WILL BE
STANDARDS SET HE SAYS HE ISN'T AWARE OF ANY CASES YET IN WHICH CLIENTS
HAVE ALLEGED THEIR INTERESTS WERE HARMED BY A LAWYER'S FATIGUEINDUCED
ERRORS

LAWYERS ARE NEAR THE TOP OF THE LIST OF WORKERS WHO LOG LONG HOURS
ACCORDING TO THE BUREAU OF LABOR STATISTICS 53 OF FULLTIME LAWYERS PUT IN
MORE THAN 50 HOURS A WEEK IN 1992 COMPARED WITH 72 OF PHYSICIANS WHILE
SOME ATTORNEYS MAY BE DRIVEN PURELY BY SELFINTEREST AND EVEN SHEER LOVE OF
THE EFFORT OTHERS ARE COMPELLED BY THE PARTICULAR EXIGENCIES OF LAWFIRM
ECONOMICS

AT MOST LAW FIRMS PARTNERS HAVE AN INCENTIVE TO DRIVE UP ASSOCIATES' HOURS
BECAUSE PARTNERSHIP INCOME CORRELATES DIRECTLY WITH THE AMOUNT OF TIME
ASSOCIATES BILL AFTER A FIRM PAYS AN ASSOCIATE'S SALARY AND RELATED
OVERHEAD COSTS WHAT'S LEFT IS PURE PROFIT

FIRMS OF CLEARY GOTTLIEB'S CALIBER IN NEW YORK CURRENTLY PAY FIRSTYEAR
ASSOCIATES ABOUT 83000 A YEAR THE FIGURE RISES TO ABOUT 150000 AFTER
ROUGHLY FIVE YEARS

IN A 1990 STUDY SUSAN SAMUELSON A PROFESSOR AT THE BOSTON UNIVERSITY
SCHOOL OF MANAGEMENT DETERMINED THAT ON AVERAGE A PARTNER AT A FIRM WHERE
ASSOCIATES BILL 2100 HOURS A YEAR WILL EARN 84000 MORE THAN A PARTNER AT
A FIRM WHERE ASSOCIATES BILL 1500 HOURS A YEAR NO WONDER PARTNERS SMILE
WHEN THEY SEE ASSOCIATES BURNING THE MIDNIGHT OIL SHE SAYS 9404150099
940415 LEISURE & ARTS ON SPORTS LETTER OF INDENTURE FOR STUDENT JOCKS
  BY FREDERICK C KLEIN

WHEN YOUR CHILD OR MINE PREPARES TO GO TO COLLEGE WE FOLLOW THE USUAL
STEPS WE COMPARE THE KID'S ACADEMIC CREDENTIALS TO THE ADMISSIONS
REQUIREMENTS OF VARIOUS INSTITUTIONS INQUIRE ABOUT COSTS AND FINANCING
ALTERNATIVES AND CHECK OUT SUCH OTHER VITAL MATTERS AS CLIMATE PROXIMITY
TO BEACHES OR SKI SLOPES LOCAL DRINKING AGES AND PARTY SCENES THEN WE FILL
OUT THE APPLICATIONS AND AWAIT THE RETURNS

WITH PROSPECTIVE BIGTIMECOLLEGE ATHLETES THE PROCEDURE IS QUITE
DIFFERENT THE KIDS ARE WOOED AND WHEN WON SIGNED TO AN HONESTTOGOSH
CONTRACT SOMETIMES UNDER TELEVISION LIGHTS AMID THE WHIRR OF CAMERA DRIVES
THE PROCEDURE'S RESEMBLANCE TO THE SIGNING OF A PROFESSIONAL CONTRACT IS
ANYTHING BUT COINCIDENTAL

THE FOURPAGE DOCUMENT IN QUESTION IS CALLED THE NATIONAL LETTER OF INTENT
IT'S IN THE NEWS THIS WEEK BECAUSE THE LATE SIGNING PERIOD FOR BASKETBALL
AND OTHER SPORTS BESIDES FOOTBALL BEGAN ON WEDNESDAY THERE WAS AN EARLY
SIGNING PERIOD IN NOVEMBER THE FOOTBALL PLAYERS WERE LOGGED ON BETWEEN
FEB 2 AND APRIL 1

THIS DOCUMENT IS WORTH EXAMINING BECAUSE IT BEGINS THE RELATIONSHIP BETWEEN
ATHLETE AND UNIVERSITY AND PRESAGES ITS FUTURE COURSE ALMOST ALL OF ITS
OBLIGATIONS AND ALL OF ITS POSSIBLE PENALTIES FALL UPON THE YOUNGSTER A
MORE ONESIDED AGREEMENT CAN HARDLY BE IMAGINED

THE LETTER WAS INTRODUCED IN 1964 TO SERVE THE COLLEGES' DESIRE TO REDUCE
THE TIME AND MONEY THEY WERE PUTTING INTO ATHLETIC RECRUITING THAT'S
BECAUSE COACHES WERE PURSUING OTHERS' ENLISTEES UNTIL AND SOMETIMES PAST
THE POINT WHERE THEY'D REGISTERED FOR THEIR FIRST CLASSES IN THE FALL EVEN
A COLLEGE DORMITORY ROOM WASN'T SACRED FOR THE AGGRESSIVE RECRUITER READS
THE LETTER'S PUBLISHED HISTORY MORE THAN ONE YOUNG MAN LEFT A CLOSET
FILLED WITH CLOTHES TO SNEAK OUT OF A DORM ROOM INTO A WAITING AUTO HEADED
IN THE DIRECTION OF ANOTHER CAMPUS

THE BENEFIT TO THE RECRUIT IS THAT ONCE HE OR SHE SIGNS SUCH PESTERING
MERCIFULLY ENDS

THE PRICE OF PEACE CAN BE STEEP THOUGH ONCE A YOUNG MAN OR WOMAN AFFIXES
HIS NAME TO THE LETTER HE CAN CHANGE HIS MIND SOMETHING TEENAGERS ARE
WONT TO DO ONLY ON PAIN OF LOSING TWO OF HIS FOUR YEARS OF ATHLETIC
ELIGIBILITY EVEN IF HE'S RELEASED FROM THE COMMITMENT BY THE SCHOOL HE
CHOOSES INITIALLY HE MUST FORFEIT A YEAR OF ELIGIBILITY WHEN HE ENROLLS
ELSEWHERE

IN ITS TURN THE COLLEGE PROMISES ONLY TO AWARD OR RECOMMEND THE AWARD OF
ATHLETICSBASED FINANCIAL AID TO THE STUDENT FOR ONE YEAR BUT WITHOUT
GUARANTEEING HIM OR HER A PLACE IN ITS FRESHMAN CLASS BECAUSE THE SIGNINGS
USUALLY PRECEDE THE FINAL GRADING PERIOD AT MOST HIGH SCHOOLS AND OFTEN
THE TAKING OF REQUIRED NATIONAL ENTRANCE EXAMS SOME OF THOSE WHO INK THE
PACTS WILL WIND UP BEING DENIED ADMISSION OR AID THE LETTER IS NULL AND
VOID IF THAT HAPPENS BUT BY THAT TIME THE KIDS MAY FIND THEMSELVES OUT IN
THE COLD

IT'S IMPORTANT TO NOTE THAT ALTHOUGH THE LETTER IS MENTIONED IN VARIOUS
RULES OF THE NATIONAL COLLEGIATE ATHLETIC ASSOCIATION COLLEGE SPORTS' MAIN
GOVERNING BODY THE LETTER IS ADMINISTERED NOT BY THE NCAA BUT BY THE
COLLEGIATE COMMISSIONERS ASSOCIATION A GROUP THAT OTHERWISE OCCUPIES ITSELF
MOSTLY IN THE PRODUCTION OF MANUALS FOR GAME OFFICIALS LEGISLATION TO MAKE
THE LETTER COMPULSORY AND PUT IT UNDER THE NCAA'S OFFICIAL WING HAS BEEN
INTRODUCED IN THE BODY THRICE SINCE 1961 AND DEFEATED EACH TIME THE LAST
ABOUT 10 YEARS AGO

THE SYSTEM'S BEEN WORKING SO THERE'S NO URGENCY TO FIX SOMETHING THAT
ISN'T BROKEN BUT I THINK THERE'S ALSO BEEN A FEAR OF THE LEGAL IMPLICATIONS
OF ADOPTION SAYS FRED JACOBY CHAIRMAN OF THE CCA'S LETTER OF INTENT
STEERING COMMITTEE

IT'S ALSO WORTH SAYING THAT WHILE THE LETTER IS EMPLOYED BY JUST ABOUT
EVERY MAJOR SPORTS SCHOOL SUBSCRIPTION ISN'T UNANIMOUS THE IVY LEAGUE
REMAINS OUTSIDE THE FOLD AS DO DELAWARE OF THE YANKEE CONFERENCE AND
MEMBERS OF THE PATRIOT LEAGUE ARMY NAVY BUCKNELL COLGATE HOLY CROSS
LAFAYETTE AND LEHIGH EXCEPT FOR FORDHAM

PATRIOT LEAGUE MEMBERS BASE ATHLETIC GRANTS ON NEED BUT MOST ALSO THINK
THE LETTER IS A RESTRICTIVE DOCUMENT DESIGNED TO PROTECT THE INSTITUTION
WITHOUT RECIPROCAL COMMITMENTS TO THE KIDS SAYS COMMISSIONER CONNIE
HURLBURT

THE LETTER IS CONTRARY TO WHAT WE THINK ATHLETICS AND EDUCATION SHOULD BE
ABOUT DECLARES EDGAR JOHNSON DELAWARE'S ATHLETICS DIRECTOR IT'S TOO
HEAVILY WEIGHTED IN THE INSTITUTION'S FAVOR AND PUTS ATHLETES IN A GROUP
APART FROM THE REST OF THE STUDENT BODY WE WANT OUR STUDENTS TO BE HAPPY
WITH THEIR DECISIONS TO COME HERE THAT INCLUDES BEING FREE TO CHANGE THEIR
MINDS ABOUT US WITHOUT PENALTY

NO NCAA MEMBER MAKES THE RECEIPT OF ATHLETICSBASED FINANCIAL AID CONTINGENT
ON THE SIGNING OF THE LETTER BUT AS A PRACTICAL MATTER IT IS SCHOOLS HAVE
SCHOLARSHIP LIMITS AND RECRUITING CLASSES FILL UP SO SIGN OR ELSE IS THE
RULE THE SOCALLED EARLY SIGNING PERIOD BEGUN SEVERAL YEARS AGO MOVES UP
THE PROCESS AND THE PRESSURE TO HURRY BY FIVE MONTHS

A LOT CAN CHANGE IN THAT TIME BUT THAT'S THE RECRUIT'S PROBLEM THE LETTER
IS CANCELLED IF THE KID'S SCHOOL VIOLATED NCAA OR CONFERENCE RULES IN
RECRUITING HIM BUT HE'S STUCK IF THE VIOLATIONS AND PENALTIES THAT CAN
INCLUDE TEAM PROHIBITIONS AGAINST BOWL GAMES OR NATIONALCHAMPIONSHIP
TOURNAMENTS INVOLVE OTHERS HE'S ALSO STUCK IF THE COACH WHO RECRUITED
HIM LEAVES THIS HAPPENS SO FREQUENTLY THAT THE PERTINENT CLAUSE IS BOXED
AND PLACED JUST ABOVE THE RECRUIT'S SIGNATURE

AND IF A FOOTBALL OR BASKETBALL PLAYER GUTS IT OUT AND FULFILLS HIS
OBLIGATION BY ATTENDING THE INSTITUTION FOR A FULL ACADEMIC YEAR HE MUST
SIT OUT OF SPORTS FOR A YEAR IF HE TRANSFERS

ABOUT THE BEST THAT CAN BE SAID FOR THE LETTER IS THAT IT'S PRACTICE FOR THE
REAL WORLD YOU KNOW THAT ONE IT'S THE ONE PEOPLE ARE ALWAYS
COMPLAINING ABOUT 9404150098 940415 FLEET FINANCIAL WANTS TO SEE OUTCOME
 OF COST CUTTING BEFORE SEEKING MERGER  BY SUZANNE ALEXANDER RYAN 
STAFF REPORTER OF THE WALL STREET JOURNAL

FLEET FINANCIAL GROUP INC SIGNALED THAT A MERGER WITH ANOTHER BIG BANK
ISN'T IMMINENT TELLING INDUSTRY ANALYSTS THAT IT WOULD LIKE TO SEE THE
RESULTS OF ITS COSTCUTTING PROGRAM FIRST

THE COMMENTS WHICH CAME IN A CONFERENCE CALL WITH ANALYSTS YESTERDAY
INDICATE EXECUTIVES DON'T EXPECT THAT FLEET WILL MERGE SOON WITH BANK OF NEW
YORK CO

FLEET HAS HELD PRELIMINARY AND EXPLORATORY DISCUSSIONS ABOUT A POSSIBLE
MERGER WITH BANK OF NEW YORK RECENTLY BOTH BANKS HAVE DECLINED TO COMMENT
PEOPLE FAMILIAR WITH THE TALKS SAID THE TWO COMPANIES ARE FAR FROM AN
AGREEMENT

IN A CONFERENCE CALL TO ANALYSTS FLEET SAID IT WANTS TO SEE THE BULK OF THE
RESULTS OF ITS COSTCUTTING PLAN BEFORE AGREEING TO TAKE ON ANOTHER MAJOR
EFFORT ANALYSTS SAID HOWEVER FLEET TOLD ANALYSTS THAT A MERGER WITH A
SIMILARSIZE INSTITUTION OUTSIDE OF NEW ENGLAND IS POSSIBLE THIS YEAR OR
NEXT

LAST MONTH FLEET ANNOUNCED THAT ITS COSTCUTTING INITIATIVE WILL SHRINK ITS
ROSTER OF 21000 BANK EMPLOYEES BY 5500 POSITIONS BY MARCH 31 1995 AT THE
END OF BUSINESS TODAY FLEET WILL HAVE NOTIFIED MOST OF 3000 EMPLOYEES OF
COMING LAYOFFS AN ADDITIONAL 2500 POSITIONS WILL BE ELIMINATED THROUGH
ATTRITION AND A HIRING FREEZE THAT WILL BE IN PLACE

FLEET WHICH BEGAN PLANNING FOR THE CUTS LAST JULY HAS SAID THE
COSTREDUCTION PROGRAM CALLED FLEET FOCUS WILL REDUCE ANNUAL OPERATING
EXPENSES BY 300 MILLION WHILE INCREASING ANNUAL REVENUE BY 50 MILLION

FLEET WHICH HAS ASSETS OF 464 BILLION TOLD ANALYSTS THAT IT WILL SOON
EXTEND ITS COSTCUTTING INITIATIVE TO ITS NONBANK UNITS FLEET FINANCE INC
IN ATLANTA AND FLEET MORTGAGE GROUP INC ITS PUBLICLY TRADED UNIT BASED IN
COLUMBIA SC THE COMPANY SAID THERE WILL BE CUTS IN PERSONNEL BUT IT
DIDN'T DISCLOSE THE NUMBER OF PEOPLE WHO MIGHT BE AFFECTED THE TIMING ON
THE CUTS OR WHAT THE COST SAVINGS ARE EXPECTED TO BE

IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE FLEET
FINANCIAL CLOSED AT 38125 A SHARE DOWN 125 CENTS 9404150097 940415
US STOPS SALE OF FEDERAL TIMBER AT SUBSIDIZED PRICE  BY
CHARLES MCCOY STAFF REPORTER OF THE WALL STREET JOURNAL

THE US FOREST SERVICE CANCELED A TIMBER CONTRACT THAT PROVIDED LARGE
AMOUNTS OF SUBSIDIZED FEDERAL TIMBER TO ALASKA PULP CO

THE MOVE IS A VICTORY FOR ENVIRONMENTALISTS WHO HAVE WAGED A BITTER BATTLE
AGAINST THE UNUSUAL 50YEAR CONTRACT UNDER WHICH ALASKA PULP WAS GUARANTEED
TIMBER FROM THE TONGASS NATIONAL FOREST IN SOUTHEAST ALASKA AT HEAVILY
SUBSIDIZED PRICES ENVIRONMENTALISTS AND SEVERAL FEDERAL TIMBER MANAGERS
HAVE ARGUED THAT THE CONTRACT PROMOTED ECOLOGICALLY DESTRUCTIVE AND
UNSUSTAINABLE LOGGING IN THE TONGASS A 17 MILLION ACRE SEA OF TREES THAT
INCLUDES THE LAST LARGE REMNANT OF ANCIENT TEMPERATE RAIN FOREST IN THE
COUNTRY ALASKA PULP DEFENDS ITS LOGGING PRACTICES AS ECOLOGICALLY SOUND

IN JANUARY THE FOREST SERVICE DISCLOSED THAT IT WAS CONSIDERING TERMINATING
THE CONTRACT BECAUSE ALASKA PULP HAD CLOSED ITS PULP MILL WHICH THE FOREST
SERVICE CONSIDERED A BREACH OF THE PACT THE FOREST SERVICE MOVE TRIGGERED A
FLURRY OF COUNTER PROPOSALS FROM ALASKA PULP AND A LOBBYING BLITZ BY ALASKA
TIMBER INTERESTS AND ALASKA'S CONGRESSIONAL DELEGATION WHICH MET WITH US
SECRETARY OF AGRICULTURE MIKE ESPY LAST WEEK TO TRY TO SALVAGE THE CONTRACT

HOWEVER IN A SIXPAGE LETTER SENT TO ALASKA PULP YESTERDAY MIKE BARTON
HEAD OF THE FOREST SERVICE'S OPERATIONS IN THE TONGASS DECLARED THAT I
HEREBY TERMINATE THE CONTRACT AND IN ESSENCE INFORMED ALASKA PULP THAT IT
WOULD SOON HAVE TO TRY TO OBTAIN TONGASS TIMBER THROUGH THE NORMAL
COMPETITIVE BIDDING PROCEDURE THAT GOVERNS MOST OTHER COMPANIES INTERESTED
IN FEDERAL LOGS

ALASKA PULP BASED IN SITKA ALASKA IS OWNED PRIMARILY BY INDUSTRIAL BANK
OF JAPAN ITS PULP MILL CONVERTED TONGASS LOGS INTO DISSOLVABLE PULP WHICH
IS USED TO MAKE TOOTHBRUSH BRISTLES AND NUMEROUS OTHER PRODUCTS THE
DISSOLVABLE PULP MARKET IS SUFFERING FROM SEVERE GLOBAL OVERCAPACITY THAT
ADDED TO CRITICISM OF THE CONTRACT SINCE THE PULP PRODUCED FROM THE
TONGASS'S TOWERING TREES WAS IN LITTLE DEMAND AND NOT WORTH MUCH THE
COMPANY ALSO OPERATES A SAWMILL WHICH PRODUCES HIGHERVALUE LUMBER
PRODUCTS

ALASKA PULP DECRIED THE FOREST SERVICE DECISION WHICH IT SAYS WILL COST
JOBS IN SOUTHEAST ALASKA THE COMPANY HAD PROPOSED RETAINING THE CONTRACT BY
CONVERTING THE IDLED PULP MILL INTO A FACILITY FOR PRODUCING A HIGHERVALUE
LUMBER PRODUCT KNOWN AS MEDIUM DENSITY FIBREBOARD WHOSE MANUFACTURER
USUALLY CAUSES FEWER ENVIRONMENTAL PROBLEMS THAN MAKING PULP THE FOREST
SERVICE APPARENTLY REJECTED THAT PROPOSAL WE ARE PROFOUNDLY DISAPPOINTED
SAID JOHN HOUGH AN ALASKA PULP DIRECTOR HE SAID THE COMPANY WILL EXPLORE
ANY AND ALL ALTERNATIVES INDEED ALASKA PULP IS ALMOST CERTAIN TO
CHALLENGE THE CANCELLATION IN COURT

ENVIRONMENTALISTS CHEERED THE ACTION AND SAID THEY WILL INTENSIFY THEIR
ATTACK ON A SECOND SIMILAR 50YEAR CONTRACT FOR TONGASS TIMBER HELD BY
KETCHIKAN PULP CO KETCHIKAN ALASKA KETCHIKAN PULP IS OWNED BY LOUISIANA
PACIFIC CORP WHICH RECENTLY PUT A MAJORITY INTEREST IN THE KETCHIKAN
OPERATIONS UP FOR SALE 9404150096 940415 INTERNATIONAL WORLD ECONOMY
 NEXT GLOBAL TRADE TALKS MAY COVER LABOR ISSUES BUT CRITICS ASSAIL
LINKAGE  BY ROBERT KEATLEY STAFF REPORTER OF THE WALL STREET
JOURNAL

A GOOD QUESTION BUT MISDIRECTED ACCORDING TO AN ARRAY OF BUSINESSMEN
DIPLOMATS AND ECONOMISTS WHO DON'T LIKE THE CLINTON ADMINISTRATION RESPONSE
TO THAT QUERY BY A MUCH EARLIER PRESIDENT WOODROW WILSON THEY'RE DISMAYED
BECAUSE THE WHITE HOUSE IS TRYING TO INJECT LABOR ISSUES INTO THE NEXT ROUND
OF GLOBAL TRADE TALKS

LABOR MATTERS DON'T BELONG THERE THEY INSIST TRADE NEGOTIATIONS AREN'T THE
PROPER PLACE FOR DEALING WITH SUCH ADMITTEDLY SERIOUS ISSUES AS CHILD LABOR
PRISON LABOR OR WORKER RIGHTS IN THEIR VIEW INCLUDING THEM WOULD NOT ONLY
MUDDLE THE TALKS BUT COULD BECOME A PRETEXT FOR NEW PROTECTIONISM ESPECIALLY
HARMFUL TO DEVELOPING COUNTRIES IN TEXTILES FOR STARTERS

WE SHOULD NOT COUNTENANCE ANY MOVES TO PUT THESE CONCERNS ON THE TRADE
AGENDA WITH THE THINLY VEILED INTENTION TO NULLIFY THE COMPARATIVE
ADVANTAGE OF DEVELOPING COUNTRIES SAYS PV NARASIMHA RAO THE PRIME
MINISTER OF INDIA

BUT THEY COULD WIND UP THERE ANYWAY FOR A COUPLE OF REASONS ONE IS THAT IT
HAS BECOME POLITICALLY DIFFICULT FOR THE US AND THE EUROPEAN UNION IN
PARTICULAR TO AVOID TRYING THE SECOND IS THAT TRADE NEGOTIATIONS COULD BE
A USEFUL PLACE FOR ADDRESSING SOME SERIOUS PROBLEMS PROVIDED THE RICHER
STATES DON'T GET CARRIED AWAY WITH THEMSELVES TRADE AND LABOR HAVE BEEN
LINKED INTERMITTENTLY FOR 100 YEARS OR MORE SO THE CURRENT EFFORT ISN'T
ENTIRELY NEW

THE INDUSTRIAL NATIONS HAVE MODEST GOALS SO FAR THEY WANT LABOR ISSUES
ACCEPTED AS A LEGITIMATE TOPIC FOR DISCUSSION INSIDE THE NEW WORLD TRADE
ORGANIZATION WHICH REPLACES THE WEAKER GENERAL AGREEMENT ON TARIFFS AND
TRADE AS OVERSEER OF INTERNATIONAL TRADING RULES EVENTUALLY THAT COULD
LEAD TO AGREEMENTS AGAINST TRADE IN GOODS MADE BY CHILDREN FORCED LABOR OR
MORE CONTROVERSIALLY BY WORKERS DENIED THE RIGHT TO ORGANIZE SETTING A
GLOBAL MINIMUM WAGE THE OPPONENTS' GREATEST FEAR AND THE VISIONARIES'
FONDEST HOPE ISN'T ON ANY OFFICIAL AGENDA

THERE IS NO INTENTION OF FORCING STANDARDS OF ADVANCED NATIONS ON THE
WORLD INSISTS AN AMERICAN TRADE OFFICIAL

BUT POSSIBLE FORCE IS PRECISELY WHAT ROUSES THE OPPOSITION THEY FEAR
WESTERN NATIONS WILL APPLY THEIR RULES BY THREATENING TRADE REPRISALS
AGAINST THOSE WHO DISOBEY MANY WESTERN BUSINESSMEN WORRY THIS COULD BECOME
A PRETEXT FOR PROTECTIONISM BY THOSE INDUSTRIES THAT CAN'T MEET LOWWAGE
COMPETITION SO DO DEVELOPING NATIONS WHO ALSO SEE AN ELEMENT OF ARROGANT
SOCIAL ENGINEERING BY THE RICH THAT'S WHY NONE OF THEM SUPPORT THE EFFORT

YET THERE'S NO INHERENT REASON WHY LABOR MATTERS CAN'T BE PART OF TRADE
DISCUSSSIONS THE GATT AGENDA HAS EXPANDED MANY TIMES MOVING FROM TARIFFS
TO NONTARIFF BARRIERS AND FROM TANGIBLE GOODS TO SERVICES THE URUGUAY
ROUND BEING SIGNED TODAY IN MOROCCO ADDS SOMETHING CALLED TRIPS
TRADERELATED INTELLECTUAL PROPERTY RIGHTS TO PROVIDE BETTER PROTECTION
FOR PATENTS AND COPYRIGHTS IT'S THERE BECAUSE AMERICAN CORPORATIONS
INSISTED AND WASHINGTON COMPLIED BUT TRIPS ISN'T AN OBVIOUS GLOBAL TRADE
MATTER NOTES ONE BUSINESS LOBBYIST CANDIDLY SO WHY CAN'T UNIONS ADD
SOMETHING THEY WANT

AND THERE ARE PRECEDENTS FOR LINKING LABOR TO TRADE THE US BANNED IMPORTS
OF CONVICTMADE GOODS IN 1890 AND OTHER NATIONS FOLLOWED A CONFERENCE IN
BERN SWITZERLAND IN 1906 OUTLAWED TRADE IN WHITE PHOSPHOROUS MATCHES
BECAUSE THEIR MANUFACTURE ROTTED JAWBONES OF THE WORKERS INVOLVED THE
TREATY OF VERSAILLES DRAFTED BY STATESMEN WORRIED ABOUT THE BOLSHEVIKS
CALLED FOR FAIR AND HUMANE CONDITIONS OF LABOR INTERNATIONAL AGREEMENTS
ON TIN RUBBER COCOA AND SUGAR CALL FOR FAIR LABOR STANDARDS AS DOES A
1955 USJAPAN TARIFF AGREEMENT THAT LED TO JAPAN'S FIRST MINIMUMWAGE LAW

THE CLINTON TEAM CLAIMS ALL THIS GOOD WORK CAN BE DONE WITHOUT SLIPPING INTO
DISGUISED PROTECTIONISM IF SO THEY'LL HAVE TO HOLD OFF OPPORTUNISTS WHO SO
OFTEN SEEK A LITTLE EXTRA PROTECTION WHENEVER THE CHANCE ARISES
9404150095 940415 CARKILLER POTHOLES HAVE A NEW ENEMY THIS YEAR
ROBOPLOP  THE VEHICLE SCANS AND FILLS THE MOST PESKY CRATERS 
WHEN IT ACTUALLY WORKS  BY DANIEL PEARL STAFF REPORTER OF THE WALL
STREET JOURNAL

THIS COUNTRY HAS SOMETHING LIKE 50 MILLION POTHOLES AND AS CHICAGO TAXI
DRIVER CHARLIE MATTHEWS KNOWS IT TAKES JUST ONE TO RUIN YOUR DAY OR YOUR
CAR LIKE THE ONE THAT ATE THE FRONT END OF HIS CHEVROLET CAPRICE A FEW
YEARS BACK OR THE ONE HE SWEARS HAS REAPPEARED AT THE SAME SPOT ON
LAKESHORE DRIVE EVER SINCE HE STARTED DRIVING A CAB 34 YEARS AGO

IT'S LIKE DRIVING AN OBSTACLE COURSE HE SAYS THEY NEED TO DO SOMETHING
BECAUSE WHAT THEY'RE DOING RIGHT NOW AIN'T GOOD ENOUGH

WHAT CHICAGO DOES RIGHT NOW TO ATTACK POTHOLES IS WHAT MOST OTHER CITIES DO
A SEVENMAN CREW WALKS BEHIND A DUMP TRUCK SCOOPING GRIMY PATCHING MATERIAL
INTO CRATERS AND STOMPING IT WITH THEIR BOOTS WITHIN AN HOUR A CREW CAN
PATCH 100 HOLES WITHIN MONTHS THE PATCHES WILL BE HOLES AGAIN

BUT IN A BASEMENT LABORATORY AT NEARBY NORTHWESTERN UNIVERSITY THERE SITS A
MACHINE THAT WOULD REPLACE THE WORKERS THE 20TON AUTOMATED PAVEMENT REPAIR
VEHICLE IT CARRIES JUST TWO PEOPLE BUT SPORTS 400000 OF HIGHTECHNOLOGY
GEAR INCLUDING A 3D INFRAREDLASERVISION SYSTEM TO SCAN POTHOLES TWO
COMPUTERS TO GENERATE A FILLING ALGORITHM A HOSE TO SCOOP OUT DEBRIS A
HOTAIR LANCE TO HEAT THE HOLE AND A ROBOTIC ARM THAT PLOPS PRECISELY MIXED
ROCK AND GOO AGGREGATE AND EMULSION TO THOSE IN THE TRADE INTO THE
HOLE AT A FORCE OF 60 MPH

UNLIKE CREWS WHO PATCH HOLES ONLY IN REASONABLY HUMANE CONDITIONS AS THE
GOVERNMENT'S CLASSIC POTHOLE PRIMER PUTS IT NORTHWESTERN'S ROBOPLOP CAN
RUN AT NIGHT IN RAIN SLEET SNOW AND FREEZING COLD AND THE SCIENTISTS WHO
BUILT IT SAY IT WILL PLUG HOLES FASTER BETTER CHEAPER AND MORE
CONSISTENTLY THAN HUMANS

THAT IS IF IT EVER WORKS

THE POTHOLE PLUGGER ACTUALLY A CONVERTED GARBAGE TRUCK HAS HAD ITS
SHARE OF TEETHING PROBLEMS AS RICHARD JOHNSON LEADER OF THE NORTHWESTERN
TEAM PUTS IT DURING A RECENT DEMONSTRATION FOR A POTENTIAL MANUFACTURER
IT GURGLED TO A STOP MIDWAY THROUGH THE FIRST HOLE LAST MONTH THE TEAM
FOUGHT TO PREPARE THE POTHOLE FILLER FOR ANOTHER IMPORTANT SHOWING BUT IT
SAT INERT FOR TWO WEEKS FOUR TONS OF ROCK STUCK IN ITS CRAW THIS WEEK AN
EXHIBITION WENT OFF SMOOTHLY MR JOHNSON SAYS THOUGH THE VEHICLE'S
COMPUTERGUIDANCE SYSTEM ISN'T ROADREADY YET

THE MACHINE'S HUMAN COMPETITORS SHOWN A DRAWING WHILE THEY PATCH CHICAGO'S
NARROW NORTH DELPHIA STREET ONE RECENT MORNING ARE LESS THAN IMPRESSED CAN
A MACHINE WORK AROUND MANHOLES THEY ASKED CAN IT REPORT A CRUMBLING STORM
DRAIN OR PLUG A POTHOLE BETWEEN TWO PARKED CARS CAN IT STOP TO TALK TO A
HOMEOWNER AS SUPERVISOR RICHARD NOREEN DOES WALKING BEHIND HIS 19ANHOUR
REPAIR WORKERS MR NOREEN SAYS POTHOLES ARE NOT EASY

THAT'S CERTAINLY TRUE THIS YEAR AS DRIVERS AND THEIR CHIROPRACTORS ALREADY
KNOW FICKLE WEATHER HAS MADE THIS SPRING A PARTICULARLY PROLIFIC POTHOLE
PERIOD WATER THAT SEEPED THROUGH CRACKS IN ASPHALT HAS FROZEN AND THAWED
REPEATEDLY FORCING THE ROAD ABOVE TO BUCKLE EVEN IN A NORMAL YEAR
POTHOLES POSE PUBLICPOLICY PROBLEMS SCORES OF HIGHWAY WORKERS ARE KILLED
EACH YEAR WHILE TRYING TO PATCH THE HOLES AND EXPERTS SAY THE HOLES FORCE
THE AVERAGE DRIVER TO SHAKE LOOSE 10112 A YEAR FOR EXTRA FUEL TIRE WEAR
AND REPAIRS

IN 1989 THE FEDERAL GOVERNMENT OFFERED 12 MILLION TO ANYONE WHO COULD
FIND A BETTER WAY TO PATCH ROADS AND NORTHWESTERN'S INDUSTRIAL RESEARCH
LAB CALLED BIRL WON THE BID WE KNEW NOTHING ABOUT REPAIRING HOLES SAYS
HERBERT UNDERWOOD AN ENGINEER WHOSE EXPERIENCE WAS DESIGNING TRANSMISSIONS

THEY LEARNED ONE PROBLEM THEY ENCOUNTERED IS THAT POTHOLES COME IN ALL
SHAPES AND SIZES A HUMAN CAN TELL A MANHOLE FROM A POTHOLE AND CAN MAKE
ADJUSTMENTS WHILE FILLING THE LATTER BUT THE MACHINE WOULD GET ONLY ONE
LOOK AT THE DEPRESSION AND PATCH IT OUT OF VIEW OF THE MACHINE'S OPERATOR

PATCHING MATERIALS ARE UNPREDICTABLE TOO THE POTHOLE PLUGGER APPARENTLY
CHOKED ON AN OVERSIZED STONE DURING ONE TEST RUN ROCK STOPPED COMING OUT
BUT BLACK EMULSION FLUID KEPT FLOWING TURNING A POTHOLE INTO A SOUP BOWL

EVEN FINDING HOLES FOR TESTS HAS BEEN A CHALLENGE OUR BUILDING ENGINEER
DIDN'T WANT US TO GOUGE OUT THE FLOOR SAYS BIRL SCIENTIST JOHN FILDES AT
FIRST THEY TESTED THE MACHINE'S ROCKSPRAYING GIZMO IN AN ALLEY BEHIND THE
LAB THE PATCHES SEEM TO HAVE HELD UP BUT IT IS HARD TO FIGURE OUT WHICH
PATCHES ARE BIRL'S AND WHICH ARE THE CITY'S NOW COMPUTER SPECIALIST SCOTT
CHOI CARVES TEST HOLES OUT OF POLYSTYRENE FOAM INCLUDING A HEARTSHAPED
POTHOLE FOR VALENTINE'S DAY AND PLACES THEM UNDER THE ROBOT ARM AT THE BACK
OF THE TRUCK

IN THE REAL WORLD THOUGH POTHOLES CAN CROP UP IN LESS CONVENIENT PLACES
FOR THE EIGHTFOOTWIDE TRUCK NEAR CURBS FOR INSTANCE THE BIRL TEAM
CONSIDERED INSTALLING A SIDE DOOR TO LET THE ROBOT ARM SNAKE OUT TOWARD
TOUGHTOREACH POTHOLES BUT DROPPED THE IDEA BECAUSE THE DRIVER WOULDN'T
BE ABLE TO SEE WHETHER THE PATCHING MATERIAL WAS STRIKING A PEDESTRIAN OR
HITTING A CAR SAYS JAMES BLAHA WHO LEFT THE PROJECT LAST FALL

MR BLAHA SAYS HE WAS DISCOURAGED BY THE EXPENSE OF AUTOMATING POTHOLE
PLUGGING HE NOW SELLS 20000 HUMANOPERATED PATCHING KITS THAT FIT IN A
PICKUP TRUCK THE REMAINING BIRL RESEARCHERS INSIST THEY CAN KEEP THEIR
MACHINE'S PRICE UNDER 250000 AND SAY THEY HAVE HAD INTEREST FROM AS FAR
AWAY AS JAPAN ARGENTINA AND POLAND BUT THEY SAY THEY NEED MORE MONEY TO
WORK OUT THE REMAINING KINKS

MORE FEDERAL FUNDING IS UNCERTAIN ON ONE HAND TRANSPORTATION SECRETARY
FEDERICO PENA TOOK AN INTEREST IN THE MACHINE AFTER A POTHOLE JOLTED HIS CAR
ON A ROAD THAT RUNS UNDER THE 14TH STREET BRIDGE IN WASHINGTON BUT OTHERS
WORRY THAT THE PROJECT COULD BE A BOTTOMLESS PIT JAMES SORENSON A FEDERAL
HIGHWAY ADMINISTRATION PAVEMENTREPAIR SPECIALIST RECALLS THE INVENTOR WHO
SPENT MORE THAN 30 MILLION IN VAIN ON A MACHINE THAT WOULD MAP OUT ASPHALT
CRACKS WHILE DRIVING AT HIGHWAY SPEED

SOME ASPHALT CONTRACTORS SUCH AS HG DUKE MCCRACKEN OF BERNALILLO NM
SAY NORTHWESTERN SHOULDN'T HAVE SENT COMPUTERS INTO THE BATTLE AGAINST
POTHOLES IN THE FIRST PLACE MR MCCRACKEN'S LOWERTECH SOLUTION IS A GREEN
TRUCK CALLED PUFF WITH A DRAGON PAINTED ON THE SIDE ITS SNOUT
CONTROLLED WITH A JOYSTICK CAN VACUUM TORCH AND SCARIFY A POTHOLE BEFORE
POURING ASPHALT INTO IT HE SAYS

MR MCCRACKEN SAYS THE 500ODD POTHOLES HE PLUGGED FOR THE CITY OF
ALBUQUERQUE THREE YEARS AGO ARE STILL FILLED WHAT'S MORE PUFF WON SECOND
PRIZE IN A LOCAL PARADE BUT IT IS STILL JUST A PROTOTYPE THE POTHOLE
BUSINESS IS TOUGH TO REVOLUTIONIZE MR MCCRACKEN SAYS BECAUSE PEOPLE HAVE
BEEN DOING IT THE SAME WAY FOR YEARS AND YEARS AND YEARS AND YEARS

THIRTYONE YEARS IN THE CASE OF RUSSELL SALETTA CHICAGO'S PAVEMENT
SUPERVISOR HE SAYS HIS CITY WHICH RECEIVES 100 POTHOLE COMPLAINTS EACH
DAY HAS LOOKED AT SEMIAUTOMATIC DEVICES SUCH AS PUFF BUT THEY ALL COST
TWO OR THREE TIMES MORE THAN THE OLDFASHIONED METHOD COMMONLY KNOWN AS
THROW AND GO AND SOME OF THESE MAGIC WAND PATCHING MACHINES THAT ARE
SUPPOSED TO REPLACE HUMAN CREWS HAVE BROKEN DOWN RIGHT IN FRONT OF THEIR
DEMONSTRATORS HE SAYS I FELT SORRY FOR SOME OF THE PEOPLE 9404150094
940415 CREDIT RATINGS

SUMMIT BANCORP CHATHAM NJ STANDARD & POOR'S RATINGS GROUP SAID IT
RAISED ITS RATING ON SENIOR DEBT OF THIS BANKING COMPANY TO TRIPLEB FROM
TRIPLEBMINUS ABOUT 207 MILLION OF DEBT IS AFFECTED S&P SAID THE UPGRADE
REFLECTS IMPROVED ASSET QUALITY AND PROFITABILITY 9404150093 940415 SEN
MITCHELL DO YOU REALLY WANT THIS JOB  BY JOHN HELYAR

THIS ARTICLE IS ADAPTED FROM THE BOOK LORDS OF THE REALM THE REAL HISTORY
OF BASEBALL BY JOHN HELYAR BEING PUBLISHED THIS MONTH BY VILLARD BOOKS
COPYRIGHT 1994 BY JOHN HELYAR

AT 920 ON THE MORNING OF JULY 1 1992 BUCK SHOWALTER MANAGER OF THE NEW
YORK YANKEES WAS PREPARING FOR A ONEO'CLOCK HOME GAME AGAINST THE KANSAS
CITY ROYALS WHEN THE TELEPHONE RANG IN HIS OFFICE A WOMAN'S VOICE SAID
ONE MOMENT PLEASE FOR MR VINCENT

THE FLAT VOICE OF FAY VINCENT THE BASEBALL COMMISSIONER CAME ON THE LINE

WE HAVE A PROBLEM WITH YOUR TESTIMONY YESTERDAY MR VINCENT SAID I WANT
TO SEE YOU IN MY OFFICE AT ELEVEN IF YOUR SCHEDULE ALLOWS

I'VE GOT A ONEO'CLOCK GAME MR SHOWALTER SAID I DON'T THINK I CAN DO
IT

BE HERE MR VINCENT SAID

MR SHOWALTER WAS STUNNED HE WAS NEW IN THE BIG LEAGUES AND THERE WAS NO
QUESTION OF DISOBEYING THE COMMISSIONER BUT HE COULDN'T IMAGINE WHAT THE
PROBLEM WAS

THE DAY BEFORE HE HAD BEEN CALLED TO TESTIFY AS A CHARACTER WITNESS IN A
HEARING INVOLVING STEVE HOWE THE YANKEE PITCHER WHOSE CHRONIC COCAINE
PROBLEM HAD ONCE AGAIN GOTTEN HIM KICKED OUT OF THE GAME MR HOWE HAD
BEEN A ROOKIE OF THE YEAR WITH THE 1980 DODGERS BUT HAD FLAMED OUT AND
DRIFTED IN AND OUT OF BASEBALL OVER THE COURSE OF A DECADE HE HAD PITCHED
WELL DURING HIS MOST RECENT COMEBACK WITH THE YANKEES 31 WITH A 168
EARNEDRUN AVERAGE BUT THEN HE HAD BEEN ARRESTED IN MONTANA IN DECEMBER
1991 IN THE PROCESS OF BUYING COCAINE AFTER THAT HIS SEVENTH DRUG
VIOLATION FAY VINCENT HAD SAID ENOUGH WAS ENOUGH AND KICKED HIM OUT OF
BASEBALL FOR LIFE

THE PLAYERS' UNION HAD FILED A GRIEVANCE YES MR HOWE WAS GUILTY BUT ONLY
OF ATTEMPTING TO POSSESS COCAINE HE'D BEEN CLEAN IN REPEATED DRUG TESTS
DURING THE SEASON MR VINCENT HAD GONE TOO FAR THE UNION ARGUED

DICK MOSS MR HOWE'S AGENT HAD BUILT THE UNION'S CASE ON THE CONTENTION
THAT HIS CLIENT HAD A MEDICAL PROBLEM ADULT ATTENTION DEFICIT DISORDER
IT WAS A NEW THEORY FOR EXPLAINING COCAINE ADDICTION IN SOME PEOPLE TRACING
IT BACK TO CHILDHOOD HYPERACTIVITY MR MOSS HAD ALSO ASKED THREE MEMBERS OF
YANKEES MANAGEMENT TO TESTIFY AS CHARACTER WITNESSES MR SHOWALTER GENERAL
MANAGER GENE MICHAEL AND A VICE PRESIDENT NAMED JACK LAWN

THE HEARING HAD SEEMED ROUTINE WITH MR MOSS TOSSING THE CHARACTER
WITNESSES GENTLE QUESTIONS ABOUT HIS CLIENT AND THE WITNESSES TOSSING THEM
GENTLY BACK THE ONLY POSSIBLY CONTROVERSIAL TESTIMONY HAD COME DURING THE
CROSSEXAMINATION THE LAWYER REPRESENTING THE COMMISSIONER'S OFFICE BILL
CAVANAUGH HAD ASKED EACH OF THE WITNESSES THE SAME QUESTION WHAT DID THEY
THINK OF BASEBALL'S DRUG POLICY HE GOT VARIATIONS ON THE SAME ANSWER FROM
ALL THREE MEN LIFETIME SUSPENSIONS FOR A CIRCUMSTANCE LIKE MR HOWE'S
WEREN'T ALWAYS APPROPRIATE

NOW MR SHOWALTER ALARMED WENT LOOKING FOR SOMEBODY TO TALK TO ABOUT HIS
ABRUPT TELEPHONE SUMMONS FROM THE BASEBALL COMMISSIONER THE FIRST PERSON HE
SAW WAS YANKEES PR MAN JEFF IDELSON MR SHOWALTER STAMMERED OUT HIS
EXCHANGE WITH MR VINCENT WHAT THE HELL SHOULD HE DO

MR IDELSON CALLED GENE MICHAEL AT HIS NEW JERSEY HOME RECOUNTING WHAT MR
SHOWALTER HAD TOLD HIM

THAT'S CRAZY MR MICHAEL SAID LET ME CALL AND STRAIGHTEN THIS GUY OUT
HE MUST NOT KNOW WE'VE GOT A GAME

HE CALLED THE COMMISSIONER'S OFFICE AND GOT RIGHT THROUGH TO MR VINCENT
WHAT'S GOING ON WITH SHOWALTER HE ASKED

I'VE GOT SERIOUS PROBLEMS WITH HIS TESTIMONY YESTERDAY AND YOURS AND
LAWN'S TOO SAID MR VINCENT I WANT TO SEE YOU ALL IN MY OFFICE AT
ELEVEN

MR MICHAEL LOOKED AT THE CLOCK IT WAS ALREADY 935

BUT WE HAVE A GAME AT ONE MR MICHAEL SAID BUCK NEEDS TO PREPARE FOR
IT

I TOLD YOU TO BE HERE AT ELEVEN

LOOK IT'S ALMOST QUARTER OF TEN MR MICHAEL SAID HIS VOICE RISING I
DON'T KNOW IF I CAN BE THERE AT ELEVEN

YOU'LL BOTH BE HERE AT ELEVEN

BASEBALL BEGINS ITS NEW SEASON THIS MONTH IN THE SAME OLD GOVERNANCE LIMBO
SINCE MR VINCENT'S RESIGNATION UNDER FIRE IN SEPTEMBER 1992 THE SPORT HAS
HAD NO COMMISSIONER OPERATING INSTEAD UNDER AN OWNERSHIP JUNTA LED BY
MILWAUKEE BREWERS PRESIDENT ALLAN H BUD SELIG

OVER THAT YEAR AND A HALF OTHER SPORTS HAVE TAKEN BOLD STEPS FORWARD THE
NATIONAL FOOTBALL LEAGUE WITH A NEW ERA OF LABOR PEACE THE NATIONAL
BASKETBALL ASSOCIATION WITH NEW GLOBAL FORAYS THE NATIONAL HOCKEY LEAGUE
WITH NEW LEADERSHIP FROM NBA ALUMNUS GARY BETTMAN

MEANWHILE IN BASEBALL THE BOTTOM HAS FALLEN OUT OF THE NETWORK TV DEAL
THE OWNERS HAVE FOUGHT BITTERLY SMALLMARKET VS BIGMARKET OVER
REVENUESHARING AND HAVING FINALLY REACHED ACCORD ON THAT NOW FACE A NEW
WAR WITH THE UNION THE PLAYERS MAY WELL STRIKE LATER THIS SEASON RATHER
THAN ACCEPT A SALARY CAP THE INDUSTRY IS IN SIMULTANEOUS GRIDLOCK AND
CHAOS IN THE WORDS OF ONE BASEBALL EXECUTIVE THOUGH MR SELIG SEES IT
DIFFERENTLY WE HAVE SPENT THE LAST 19 MONTHS ADDRESSING PROBLEMS WHICH
HADN'T BEEN DEALT WITH FOR DECADES HE SAYS

ONLY ONE THING IS CERTAIN THE CONTINUED ABSENCE OF A COMMISSIONER SENATE
MAJORITY LEADER GEORGE MITCHELL DID EMERGE THIS WEEK AS A PRIME CANDIDATE TO
FILL THE JOB AND END THE 19MONTH HIATUS HAVING REMOVED HIMSELF FROM
CONSIDERATION FOR A SUPREME COURT POST THIS WEEK HE NOW APPEARS TO BE
ENGAGED IN A MATING DANCE WITH THE LORDS OF BASEBALL

BUT THE JOB IS STILL LIKELY TO REMAIN OPEN FOR SOME TIME SINCE MOST OWNERS
DON'T WANT A COMMISSIONER UNTIL THEY'VE RESOLVED THE LABOR CONTRACT THAT'S
HOW MUCH THEY FEAR BEING UNDERMINED BY THEIR PUTATIVE LEADER IN BARGAINING
AS THEY HAVE BEEN REPEATEDLY IN THE PAST THAT'S ALSO WHY THEY'VE AGREED TO
REIN IN FUTURE COMMISSIONERS' POWER CURTAILING THE TRADITIONAL AUTHORITY OF
THE COMMISSIONER TO MAKE SWEEPING DECISIONS IN THE BEST INTERESTS OF
BASEBALL THE OWNERS WANT TO STAMP OUT A DISEASE THAT SOME CALL
COMMISSIONERITIS WHOSE SYMPTOMS EXHIBITED FREQUENTLY BY PAST
OFFICEHOLDERS INCLUDE TENDENCIES TOWARD ACTING DESPOTIC AND FORGETTING WHOM
THEY WORK FOR THE OWNERS

THAT CERTAINLY DESCRIBES FRANCIS T VINCENT JR WHO WAS ON A MISSION TO
PURIFY BASEBALL PURSUE LABOR DETENTE AND GET GREAT PRESS

AFTER NEARLY THREE YEARS IN OFFICE MR VINCENT WAS SO CAUGHT UP IN HIS
VARIOUS JIHADS THAT HE HAD IN THE WORDS OF ONE ASSOCIATE STOPPED LEADING
AND STARTED RULING IN ONE SHORT STRETCH OF 1992 HE REARRANGED THE
NATIONAL LEAGUE'S DIVISIONS REBUFFED EFFORTS TO GET HIM OUT OF LABOR
MATTERS SLID JAPANESE OWNERSHIP INTO SEATTLE TO THE SCREAMS OF BASEBALL'S
XENOPHOBES AND TRIED TO RUN DRUG ABUSER STEVE HOWE OUT OF BASEBALL

THE HEAVYHANDED TREATMENT OF MR HOWE AND HIS DEFENDERS MARKED THE
BEGINNING OF THE END FOR MR VINCENT HIS OUSTER IN TURN MAY HAVE FOREVER
ENDED THE QUAINT OLD NOTION OF BASEBALL COMMISSIONER AS CZAR HERE IS HOW IT
HAPPENED

GENE MICHAEL TORE OUT OF HIS HOUSE AND INTO HIS BLUE CHRYSLER NEW YORKER AS
HE SCREECHED OUT OF HIS DRIVEWAY AND TOWARD THE CITY HE PICKED UP HIS CAR
PHONE AND CALLED DAVID SUSSMAN THE YANKEES' GENERAL COUNSEL HE TOLD MR
SUSSMAN WHAT WAS HAPPENING AND SAID HE WAS ON THE WAY TO THE STADIUM TO PICK
UP MESSRS SHOWALTER AND LAWN HE ASKED MR SUSSMAN TO TRY TO FIND OUT IN
THE MEANTIME WHAT THE HELL WAS HAPPENING AND COULD HE BRING A LAWYER

MR MICHAEL ARRIVED AT THE STADIUM PICKED UP THE OTHERS AND HEADED FOR THE
COMMISSIONER'S OFFICE AT 350 PARK AVENUE TO UNDERSTAND HOW MR MICHAEL
COULD MAKE HIS WAY OVER THE GEORGE WASHINGTON BRIDGE ALONG THE CROSS BRONX
EXPRESSWAY OFF TO THE STADIUM AND INTO MIDTOWN MANHATTAN IN AN HOUR AND A
QUARTER IT HELPS TO KNOW SOMETHING ABOUT HIS DRIVING STYLE HE SCARES NEW
YORK TAXI DRIVERS

AS HE CAREENED ALONG WITH MR LAWN AND MR SHOWALTER HANGING ON FOR DEAR
LIFE MR MICHAEL CALLED BOB COSTELLO A LAWYER WHO HAD REPRESENTED HIM IN
THE PAST AND EXPLAINED THAT HE MIGHT NEED HIS SERVICES

LET ME CALL YOU BACK MR COSTELLO SAID LET ME CALL THE UNION OFFICE AND
FIND OUT IF THERE'S A TRANSCRIPT I'LL TRY TO GET ONE RIGHT AWAY AND MEET
YOU AT THE COMMISSIONER'S OFFICE

MR COSTELLO FOUND THAT THERE WAS NO TRANSCRIPT AND TOLD MR MICHAEL THAT HE
AND THE OTHERS SHOULDN'T GO IN WITHOUT A LAWYER MR MICHAEL PROTESTED
THEY'D DONE NOTHING WRONG AND HE DIDN'T WANT TO MAKE IT A BIGGER DEAL THAT
IT WAS ALREADY

YOU'RE CRAZY TO GO IN THERE WITHOUT A LAWYER MR COSTELLO SAID BUT IF
YOU CHOOSE TO DO SO BE ADVISED THERE IS NO TRANSCRIPT SO DON'T MAKE ANY
COMMENTS ABOUT YOUR TESTIMONY SIMPLY TELL THE COMMISSIONER YOU'LL BE HAPPY
TO ANSWER ANY QUESTIONS AFTER YOU SEE THE TRANSCRIPT

I GUARANTEE YOU THAT WHEN YOU TAKE THAT POSITION HE'S GOING TO GET VERY
IRRITATED HE'S GOING TO THREATEN YOU WITH DISCIPLINE  THE BOTTOM LINE
IS HE WANTS YOU TO CHANGE YOUR TESTIMONY HE WILL NOT ASK YOU DIRECTLY TO
DO THAT HE'S NOT THAT FOOLISH BUT HE WILL DO THINGS THAT WILL CAUSE THIS
IDEA TO ENTER YOUR OWN MIND AND I'M TELLING YOU WHEN YOU DECIDE NOT TO
TALK ABOUT WHAT YOUR TESTIMONY WAS HE'S GOING TO THREATEN YOU WITH
DISCIPLINE

MR COSTELLO TOLD THE SAME THING TO ALL THREE MEN IN THE CAR THEY HANDED
THE PHONE AROUND AND HEARD THE SAME SPEECH AND THEY ALL HAD THE SAME
REACTION

OH THAT'S CRAZY SAID MR LAWN HE'LL NEVER DO THAT

MARK MY WORDS MR COSTELLO WARNED

MR VINCENT ASCENDED TO THE JOB OF BASEBALL COMMISSIONER AFTER THE SUDDEN
DEATH OF HIS CLOSE FRIEND A BARTLETT GIAMATTI THEY HAD MET WHEN MR
VINCENT WAS PRESIDENT OF COLUMBIA PICTURES AND MR GIAMATTI WAS PRESIDENT OF
YALE UNIVERSITY THEY WERE DRAWN TOGETHER BY THEIR COMMON LOVE OF BASEBALL
OF LITERATURE AND OF YALE WHERE MR VINCENT HAD ATTENDED LAW SCHOOL EVERY
SO OFTEN THEY TALKED ABOUT WORKING TOGETHER ONE DAY THEY MADE A
HALFSERIOUS PACT IF MR VINCENT WERE EVER IN A POSITION TO HIRE MR
GIAMATTI HE WOULD AND VICE VERSA

WHEN MR GIAMATTI WAS ELECTED TO SUCCEED PETER UEBERROTH AS BASEBALL
COMMISSIONER HE GOT HIS CHANCE HE KNEW HE HAD A WEAKNESS AS COMMISSIONER
 HE KNEW HE HAD TO TEAM UP WITH A BETTER BUSINESS HEAD MR VINCENT WAS
AVAILABLE WILLING AND SOON HIS DEPUTY COMMISSIONER THE TWO MEN BECAME
INSEPARABLE ATTENDING ALMOST EVERY MEETING TOGETHER TAKING BREAKFAST AND
LUNCH TOGETHER GOING TO GAMES TOGETHER MR GIAMATTI LEANED OVER TO MR
VINCENT IN ONE SUNSPLASHED BALLPARK AND MURMURED DON'T FORGET THIS IS
WORK

YET MR VINCENT BECAME LESS MR GIAMATTI'S BUSINESS GURU THAN HIS SOULMATE
MAJOR LEAGUE BASEBALL WAS JUST EMERGING FROM THE DISTRESSING ERA OF
COLLUSION WHEN OWNERS HAD SCHEMED TO HOLD DOWN PLAYER SALARIES MR
VINCENT LIKE MR GIAMATTI WAS MORE CONCERNED WITH BASEBALL'S PURIFICATION
THAN WITH ITS EFFECTIVE COMMERCIALIZATION

THE NEW CAST OF CHARACTERS WAS FAR MORE INTERESTED IN THE SOCIOLOGICAL
VALUE OF BASEBALL THAN THE BUSINESS OF BASEBALL SAID ROGER WERNER WHO AS
PRESIDENT OF ESPN NEGOTIATED A TV DEAL WITH THE COMMISSIONER'S OFFICE THE
NEW REGIME FELT THAT TO MIX COMMERCE AND THE CHURCH OF BASEBALL WAS UNHOLY
THOSE WERE THE PROBLEMS OF THE MONEY CHANGERS

AND SO THE MAIN PREOCCUPATION OF THE COMMISSIONER'S OFFICE DURING MR
GIAMATTI'S BRIEF TENURE WAS THE BANISHMENT OF PETE ROSE FOR THE SIN OF
GAMBLING AFTER MR GIAMATTI DIED OF A HEART ATTACK ON SEPT 1 1989 MR
VINCENT PLEDGED TO BEAR THE SAME STANDARD BART'S AGENDA IS MY AGENDA HE
TOLD THE TEAM OWNERS THEY ELECTED HIM BY ACCLAIM TO BE THEIR NEXT
COMMISSIONER

MR SHOWALTER WAS THE FIRST TO BE SHOWN INTO MR VINCENT'S OFFICE THE
COMMISSIONER WAS SITTING AT HIS DESK SMOKING A CIGAR AND LOOKING GRIM MR
SHOWALTER TOOK A SEAT IN FRONT OF HIS DESK SURROUNDED LIKE A PITCHER WITH
THE BASES LOADED TO MR VINCENT'S RIGHT SAT DEPUTY COMMISSIONER STEVE
GREENBERG LOOKING GRIM BEHIND MR SHOWALTER SAT HAROLD TYLER AND TOM
OSTERTAG TWO OF MR VINCENT'S LAWYERS

WE HAVE SOME REAL PROBLEMS WITH YOUR TESTIMONY MR VINCENT BEGAN I WANT
TO GO OVER WHAT HAPPENED

HE REVIEWED THE QUESTIONS MR SHOWALTER WAS ASKED ABOUT THE HOWE BANISHMENT
AND BASEBALL'S DRUG POLICY CONCLUDING HOW DID YOU RESPOND

MR SHOWALTER'S ANXIETY MOUNTING FAST FORCED MR COSTELLO'S ADVICE FROM
HIS MIND HE RECOUNTED HIS ANSWERS AS BEST HE COULD REMEMBER WHEN HE WAS
THROUGH MR VINCENT LET HIM HAVE IT

WELL YOU EFFECTIVELY RESIGNED FROM BASEBALL WHEN YOU TESTIFIED MR
VINCENT SAID

MR SHOWALTER SPENT THE REST OF THE MEETING IN A DAZE SHOCKED BY MR
VINCENT'S PRONOUNCEMENT AND SICKENED BY HIS CIGAR SMOKE HE WOULD LATER
REMEMBER ONLY A JUMBLE OF OTHER STATEMENTS BY MR VINCENT DICK MOSS SET A
TRAP FOR YOU FELLOWS AND YOU FELL RIGHT INTO IT  YOU WORK FOR
BASEBALL YOU WORK FOR THIS OFFICE WHEN YOU SIGN A CONTRACT  WE CANNOT
HAVE PEOPLE WHO DISAGREE WITH OUR DRUG POLICY  YOUR TESTIMONY WAS A
KICK IN THE B TO THE COMMISSIONER'S OFFICE

BUT MR VINCENT FINISHED BY TELLING MR SHOWALTER THAT HE'D HOLD OFF AND
OFFICIALLY TAKE ACTION IN A FEW DAYS YOU WILL HAVE TO SWEAT IT OUT UNTIL
MONDAY HE SAID

GENE MICHAEL WAS NEXT

I HAVE SERIOUS PROBLEMS WITH THE TESTIMONY OF YOU THREE YANKEE PEOPLE
SAID MR VINCENT WHEN YOU SIGNED YOUR CONTRACT YOU BECAME BOUND BY THE
POLICIES OF THE COMMISSIONER BY YOUR TESTIFYING FOR DICK MOSS YOU
EFFECTIVELY RESIGNED

I DIDN'T TESTIFY FOR DICK MOSS MR MICHAEL PROTESTED I TESTIFIED FOR
STEVE HOWE

BY SPEAKING AGAINST BASEBALL YOU HAVE EFFECTIVELY RESIGNED FROM BASEBALL
YOU JUST QUIT YOUR BASEBALL JOB

MR VINCENT BEGAN FIRING QUESTIONS ABOUT THE PREVIOUS DAY'S TESTIMONY BUT
MR MICHAEL HEWED TO MR COSTELLO'S LINE HE DIDN'T REMEMBER EXACTLY AND
WANTED TO SEE THE TRANSCRIPT BEFORE ANSWERING HE TOLD MR VINCENT HE WOULD
SAY ONE THING ABOUT HIS TESTIMONY AND HIS VIEW OF DRUG ADDICTION I SAID
WHAT I BELIEVED I HAVE COMPASSION FOR PEOPLE I'VE LEARNED THEY HAVE LITTLE
RESISTANCE THEY FALL OFF THE WAGON WITHOUT A GOOD SUPPORT SYSTEM

MR VINCENT WAS VISIBLY ANNOYED HE BEGAN TELLING MR MICHAEL AGAIN THAT HE
HAD QUIT RESIGNED

I HAVEN'T QUIT MR MICHAEL SHOT BACK I DIDN'T RESIGN

IT WAS 1230 MESSRS MICHAEL AND SHOWALTER DASHED FOR THE STADIUM IT WAS
JACK LAWN'S TURN

MR VINCENT'S DEBUT AS THE PUBLIC FACE OF BASEBALL WAS A MODEL OF GRACE AMID
TURMOIL ON THE DAY FOLLOWING THE EARTHQUAKE THAT SHOOK SAN FRANCISCO AND
STOPPED THE 1989 WORLD SERIES AT A PACKED NEWS CONFERENCE IN A HOTEL
BALLROOM LIT ONLY BY CANDLES MR VINCENT SAID

IT HAS BECOME VERY CLEAR TO ALL OF US IN MAJOR LEAGUE BASEBALL THAT OUR
CONCERNS OUR ISSUE IS A MODEST ONE IN THIS TRAGEDY HE SAID BASEBALL IS
NOT THE HIGHEST PRIORITY TO BE DEALT WITH WE WANT TO BE VERY SENSITIVE AS
TO THE STATE OF LIFE IN THIS COMMUNITY THE GREAT TRAGEDY IS IT COINCIDES
WITH OUR MODEST LITTLE SPORTING EVENT  

OF COURSE WE WANT TO DO EVERYTHING IN OUR POWER TO FINISH THIS WORLD
SERIES BUT WE WILL NOT INTRUDE ON THE DIGNITY OF THIS COMMUNITY

MR VINCENT'S CLASSY BEHAVIOR WAS WELL RECEIVED AND HIS EARLY REPUTATION
WAS MADE IN A CASCADE OF FAVORABLE PRESS NOTICES

BUT LABOR RELATIONS IN BASEBALL WERE IN THEIR CUSTOMARY STATE OF CHAOS AND
ONCE THE WORLD SERIES WAS RESUMED AND CONCLUDED THE CONTESTS OFF THE FIELD
TURNED ACRIMONIOUS TEAM OWNERS BID UP PLAYER SALARIES INTO THE MILLIONS
THEN HOWLED IN HORROR AT WHAT THEY THEMSELVES HAD DONE PLAYERS WERE DEAD
SET AGAINST ACCEPTING A SALARY CAP TO STABILIZE BASEBALL'S ECONOMICS AFTER
ALL THEIR EMPLOYERS HAD JUST RECENTLY COLLUDED TO HOLD DOWN THEIR PAY
OWNERS VOTED TO SET A DEADLINE IF THE PLAYERS DIDN'T COME TO TERMS ON A
SALARY CAP BY FEB 15 THEY WOULD BE LOCKED OUT OF SPRING TRAINING

BUT THE OWNERS WERE HARDLY A UNITED BLOC OWNERS OF SMALLMARKET FRANCHISES
WHICH GENERATED RELATIVELY LITTLE REVENUE FROM TELEVISION CONTRACTS WERE IN
WORSE SHAPE FINANCIALLY THAN OWNERS OF BIGMARKET TEAMS THEY TENDED TO TAKE
A HARDER LINE IN NEGOTIATIONS WITH THE PLAYERS' UNION OWNERS OF BIGMARKET
TEAMS WANTED A CAP TOO BUT NOT SO MUCH THAT THEY WERE WILLING TO RISK THE
LOSS OF REVENUE ON MISSED GAMES THAT A LOCKOUT WOULD ENTAIL

MR VINCENT WATCHED THE NEGOTIATIONS BETWEEN THE PLAYERS' UNION AND THE
OWNERS' REPRESENTATIVES WITH GROWING DISMAY AFTER BACKCHANNEL MEETINGS
WITH PLAYERS' UNION OFFICIALS HE BECAME CONVINCED THAT A SALARY CAP JUST
WOULDN'T FLY SO HE PULLED THE OWNERS' DEMANDS OFF THE TABLE AND SUBSTITUTED
A NINEPOINT PLAN OF HIS OWN

THE OWNERS WERE APPALLED FRED KUHLMANN PRESIDENT OF THE ST LOUIS
CARDINALS WAS ENRAGED SO WAS JERRY REINSDORF WHO'D ALREADY BEEN MYSTIFIED
BY MR VINCENT'S MODUS OPERANDI THE COMMISSIONER KEPT CITING THE OPINIONS
OF GEORGE WILL THE WASHINGTON COLUMNIST WHO HAD WRITTEN A BASEBALL BOOK AND
WHO SAT ON THE ORIOLES BOARD MR REINSDORF ADMIRED MR WILL AS A POLITICAL
PUNDIT BUT HE SERIOUSLY DOUBTED HIS CREDENTIALS IN BASEBALL'S PLAYER
RELATIONS

WHO THE F IS GEORGE WILL MR REINSDORF FINALLY EXPLODED I LIKE TO
WATCH GEORGE WILL ON SUNDAY MORNINGS BUT WHO CARES WHAT GEORGE WILL
THINKS

MR REINSDORF KNEW WHAT HE THOUGHT IN THE WAKE OF MR VINCENT'S UNILATERAL
ACTION WE WERE FIGHTING OVER NOTHING BY THE TIME THE LOCKOUT ENDED IN
MIDMARCH THAT'S ABOUT WHAT THE OWNERS HAD ACCOMPLISHED

JACK LAWN TOOK THE CHAIR OPPOSITE MR VINCENT I HAVE GREAT CONCERN THAT
YOU THREE WOULD TESTIFY WITHOUT GETTING CLEARANCE FROM ANYONE THE BASEBALL
COMMISSIONER SAID

WELL I DID SAID MR LAWN FROM JOE MOLLOY AND DAVID SUSSMAN YANKEES
EXECUTIVES

NO YOU SHOULD HAVE GOTTEN IT FROM ME MR VINCENT SAID

HE LOOKED AT MR LAWN COLDLY AND DELIVERED THE SAME MESSAGE HE HAD GIVEN TO
THE OTHERS YOU EFFECTIVELY RESIGNED WHEN YOU AGREED TO APPEAR AT THE
HEARING

I WAS SWORN TO TELL THE TRUTH SAID MR LAWN I ONLY TESTIFIED IN
ACCORDANCE WITH MY CONSCIENCE AND MY PRINCIPLES

YOU SHOULD HAVE LEFT YOUR CONSCIENCE AND YOUR PRINCIPLES OUTSIDE THE ROOM
MR VINCENT SAID

MR LAWN STUNNED FUMBLED IN HIS SHIRT POCKET FOR SOMETHING TO WRITE ON HE
WANTED TO REMEMBER MR VINCENT'S WORDS PRECISELY HE WAS NO BABE IN THE
WOODS HE WAS A FORMER HEAD OF THE DRUG ENFORCEMENT ADMINISTRATION MR LAWN
FOUND AN INDEX CARD AND STARTED WRITING HE USED THE TIME TO REGROUP
MENTALLY AND WENT ON THE OFFENSIVE

I SUPPORTED THE DRUG POLICY WHEN ASKED AND I ALSO ACKNOWLEDGED THE POWER
OF THE COMMISSIONER TO SUSPEND HE SAID WHAT'S THE PROBLEM

YOUR INTERPRETATION MEANS NOTHING TO ME MR LAWN INTERRUPTED

WHAT YOU DID WAS STUPID MR VINCENT SAID YOU WERE STUPID YOU WERE LED
INTO A TRAP BY DICK MOSS AND YOU WERE ALL A BUNCH OF LAMBS FOLLOWING HIM
YOU SHOULD NOT HAVE TESTIFIED FOR THE OTHER TEAM

IT WAS NO ACT OF DISLOYALTY TO TESTIFY MR LAWN ARGUED I COULD HAVE BEEN
SUBPOENAED HE SAID I TESTIFIED IN THE NORIEGA TRIAL BECAUSE I WAS
SUBPOENAED BY THE DEFENSE

YOU SHOULD NOT HAVE TESTIFIED ON BEHALF OF THE PLAYERS ASSOCIATION SAID
MR VINCENT

IT WAS NOT THE PLAYERS ASSOCIATION I TESTIFIED FOR STEVE HOWE

I COULD NOT BELIEVE THAT YOU ALL WOULD TESTIFY BECAUSE OF YOUR INTEREST IN
SEEING STEVE HOWE IN A YANKEE UNIFORM

THAT'S NOT WHY WE TESTIFIED WE TESTIFIED TO TELL THE TRUTH

BUT WHY THEN WOULD YOU WANT TO TESTIFY ASKED MR VINCENT

IF A MONTH FROM NOW I PICK UP A PAPER AND SEE THAT STEVE HOWE KILLED
HIMSELF AT LEAST I WOULD HAVE KNOWN I TRIED TO HELP

MR VINCENT HAD HAD ENOUGH OF THE DEBATE HE SIGNALED IT WAS OVER AS WELL
AS JACK LAWN'S SHORT CAREER WITH THE YANKEES

WHILE YOU MIGHT THINK YOU WORK FOR THE YANKEES YOU ALL WORK FOR MAJOR
LEAGUE BASEBALL HE SAID AND YOU HAVE EFFECTIVELY RESIGNED FROM
BASEBALL

MR GREENBERG WASN'T QUITE READY TO LET IT GO

WHY DID YOU CONTINUE TO TALK ABOUT ADDICTION BEING A DISEASE HE ASKED
WHY DID YOU DO THIS FOR STEVE HOWE

MR LAWN LOOKED AT HIM

WELL AS I LEARNED IN THE MARINE CORPS YOU DON'T ABANDON THE WOUNDED

MR COSTELLO DEBRIEFED MESSRS SHOWALTER AND MICHAEL ON THE CAR PHONE AS
THEY DROVE BACK TO YANKEE STADIUM MR SHOWALTER WONDERED COULD HE EVEN
SUIT UP FOR THE GAME MR MICHAEL DROVE IN A GRIM FURY SCREECHING INTO THE
STADIUM LOT FOUR MINUTES BEFORE GAMETIME

MR COSTELLO WAS DUMBFOUNDED BY THEIR ACCOUNT OF MR VINCENT'S BEHAVIOR BUT
NOT ALL THAT WORRIED FOR HIS CLIENTS THIS GUY HE TOLD AN ASSOCIATE HAS
FINALLY COOKED HIS OWN GOOSE

HIS GOOSE WAS COOKED NEWS FLIES AT MACH SPEED AROUND BASEBALL AND MR
VINCENT'S IMPERIOUS HANDLING OF THE STEVE HOWE THREE AND REBUKE FOR SAME BY
ARBITRATOR GEORGE NICOLAU WERE QUICKLY KNOWN MR VINCENT BACKED OFF BUT
THE DAMAGE WAS DONE THE INCIDENT HAD BROUGHT MORE OWNERS INTO A GROWING
OUSTVINCENT MOVEMENT INDEED BROUGHT IT TO CRITICAL MASS

THIS GROUP SAW IN MR VINCENT AN ACTIVIST RUN AMOK SHORTLY BEFORE THE HOWE
AFFAIR DISSIDENT OWNERS HAD BEGUN FAXING DECLARATIONS OF NO CONFIDENCE IN
MR VINCENT TO THE OFFICE OF BUD SELIG BASEBALL'S MOST INFLUENTIAL OWNER
IT WAS THE PRICE OF ADMISSION TO A WEEKLY CONFERENCE CALL WITH ONE FOCUS
HOW TO GET RID OF THE COMMISSIONER THE MOVEMENT STEMMED FROM A SERIES OF
CLASHES THAT HAD ROCKED THE BASEBALL BUSINESS IN MID1992

THE FIRST WAS SET OFF BY THE OWNERS' NEW LABOR NEGOTIATOR RICHARD RAVITCH
HE'D STUDIED THE HISTORY OF PAST NEGOTIATIONS WITH PLAYERS AND SAW THE
PATTERN COMMISSIONERS CONSTANTLY INTERVENING TO THE UNION'S ADVANTAGE HE
PRESSED MR SELIG TO GET BASEBALL'S CONSTITUTION THE MAJOR LEAGUE
AGREEMENT AMENDED SO THAT THE COMMISSIONER WOULDN'T HAVE AUTHORITY OVER
LABOR MATTERS MR SELIG IN AGREEMENT PRESSED MR VINCENT

THIS IS BULL  THE COMMISSIONER REPLIED IN A MIDMAY MEETING THAT WAS
ABOUT AS WARM AS AN OCTOBER NIGHT GAME

MESSRS RAVITCH AND SELIG NONETHELESS PUT THE AMENDMENTS BEFORE THE PLAYER
RELATIONS COMMITTEE THE OWNERS' LABOR ARM IT VOTED 62 TO ADOPT THEM THIS
MEANT NOTHING SINCE MR VINCENT SIMPLY INVOKED A STATUTORY GUARANTEE OF THE
OFFICE NO DIMINUNITION OF A COMMISSIONER'S POWERS  DURING HIS TERM
BUT IT TOUCHED OFF A STORMY OWNERS MEETING IN EARLY JUNE

IT'S WRONG TO TRY DOING THIS TO A COMMISSIONER IN THE MIDDLE OF HIS TERM
SAID NELSON DOUBLEDAY THE CHAIRMAN OF THE NEW YORK METS AND A CHIEF
DEFENDER OF MR VINCENT HE ACCUSED MR RAVITCH OF WANTING TO BE
COMMISSIONER HE ATTACKED MR SELIG FOR HAVING SET THIS IN MOTION HE WENT
AFTER JERRY REINSDORF AS THE SUPPOSED LEAK FOR A NEW YORK TIMES STORY ON THE
RIFT

MR VINCENT'S OPPONENTS BELIEVED THE COMMISSIONER HIMSELF THE SOURCE MR
REINSDORF HAD COMPILED A LONG LIST OF COMPLAINTS ENTITLED BAD THINGS FAY
HAS DONE AND HIGH AMONG THEM WAS COMPULSIVE LEAKING

MR VINCENT ALIENATED OWNERS FURTHER WHEN HE TRIED TO STRONGARM THE CHICAGO
CUBS INTO MOVING INTO THE NATIONAL LEAGUE'S WESTERN DIVISION AS PART OF A
REORGANIZATION INTENDED TO BRING GEOGRAPHIC SENSE TO LEAGUE PLAY TRIBUNE
CO WHICH OWNED THE CUBS VETOED THE REORGANIZATION ON THE GROUND THAT IT
WOULD PUT CUBS GAMES IN A LESS DESIRABLE TELEVISION TIME SLOT REDUCING THE
GAMES' VALUE AS PROGRAMMING FOR THE COMPANY'S SUPERSTATION

MR VINCENT IMPOSED THE REALIGNMENT ANYWAY INVOKING HIS BEST INTERESTS
POWERS FOR TRIBUNE CO THIS WAS WAR THE COMPANY BOTH SUED MR VINCENT AND
JOINED THE DISSIDENT MOVEMENT ITS LAWYERS DREW UP ARTICLES OF IMPEACHMENT

OTHER BRUSHFIRES BROKE OUT AND SINGED MR VINCENT THERE WAS THE PURCHASE OF
THE SEATTLE MARINERS BY JAPANESE INTERESTS OPPOSED BY XENOPHOBIC OWNERS AND
BACKED BY MR VINCENT THERE WAS ALSO THE RAPID DETERIORATION OF THE
BASEBALL ECONOMY WHICH LEFT MR VINCENT PLAYING THE LIGHTNING ROD FOR
THUNDERBOLTS OF DISCONTENT THE HAVENOT CLUBS FEARED HE WAS DOING NOTHING
TO KEEP THEM FROM GOING UNDER THE HAVES FEARED HE'D TAKE HIS BELOVED BEST
INTERESTS POWERS AND IMPOSE REVENUESHARING THEY WERE UNITED ONLY BY THEIR
ILL WILL TOWARD MR VINCENT WHICH CREATED AN ODD TEMPORARY YET FORMIDABLE
ALLIANCE

STILL MR VINCENT MAINTAINED THE SERENE SELFCONFIDENCE OF A MAN ABOUT TO
GET BLINDSIDED YOU'LL SEE HE SAID TO ALLIES WARNING OF TROUBLE THERE
AREN'T A HALFDOZEN OWNERS WHO CARE ABOUT THIS

HIS COUNT WAS WAY OFF BY THE TIME OF THE STEVE HOWE AFFAIR THE DISSIDENTS'
WEEKLY CONFERENCE CALL HAD SWOLLEN TO A DOZEN PEOPLE MR VINCENT'S
MANHANDLING OF MESSRS SHOWALTER MICHAEL AND LAWN BROUGHT A WHOLE NEW
CLUTCH OF OWNERS INTO THE ACTIVE DISSIDENT CAMP MORE NOCONFIDENCE MEMOS
CRAWLED OUT OF MR SELIG'S FAX MACHINE THE MOVEMENT'S LEADERS CLOSED IN ON
A SURE 18 ANTIVINCENT VOTES TWOTHIRDS OF THE OWNERS ENOUGH THEY
THOUGHT TO UNSEAT HIM

MR VINCENT FINALLY RETURNED FIRE SENDING THE OWNERS A DEFIANT LETTER THAT
WARNED HE'D FIGHT AN OUSTER ATTEMPT TO THE HIGHEST COURT OF THIS LAND AND
ANNOUNCING HE'D HIRED AS COUNSEL ONE BRENDAN SULLIVAN OLLIE NORTH'S OLD
BULLDOG LAWYER

MR VINCENT'S HARDCORE SUPPORT DWINDLED TO THE OWNERS OF THE NEW YORK METS
BALTIMORE ORIOLES AND TEXAS RANGERS THOUGH SOME OF THEM MADE UP FOR THEIR
SLIM NUMBERS WITH THEIR VEHEMENCE WHEN MR VINCENT REFUSED TO CALL A
MEETING TO CONSIDER HIS JOB STATUS THE DISSIDENT OWNERS SIMPLY TURNED TO
LEAGUE PRESIDENTS BILL WHITE AND BOBBY BROWN TO DO SO THEY GLADLY OBLIGED

THE METS' MR DOUBLEDAY FUMING AT BEING OUTFLANKED BY MESSRS REINSDORF AND
SELIG TURNED ON MR WHITE IN THE UPPER ECHELONS OF BASEBALL'S GENTRY WORD
SOON SPREAD OF THE FURIOUS MEETING BETWEEN THE TWO MEN PARTICULARLY OF
MR DOUBLEDAY'S BITTER ACCUSATION WELL I GUESS THE JEWBOYS HAVE GOTTEN
TO YOU MR DOUBLEDAY HAS DENIED THAT HE USED THIS LANGUAGE

ON SEPT 3 BY A VOTE OF 189 THE OWNERS PASSED A RESOLUTION OF NO
CONFIDENCE IN THE COMMISSIONER FOUR DAYS LATER MR VINCENT RESIGNED
9404150092 940415 MONEY FUND ASSETS ROSE IN LATEST WEEK

WASHINGTON MONEY MARKET MUTUAL FUND ASSETS ROSE BY 634 BILLION TO
60736 BILLION FOR THE WEEK ENDED WEDNESDAY APRIL 13 FROM A REVISED FIGURE
OF 60102 BILLION THE INVESTMENT COMPANY INSTITUTE SAID

ASSETS OF 665 RETAIL MONEY MARKET MUTUAL FUNDS GREW 22 BILLION TO 42576
BILLION THE TRADE GROUP REPORTED AMONG RETAIL FUNDS ASSETS OF 412 TAXABLE
MONEY MARKET FUNDS ROSE BY 171 BILLION TO 32955 BILLION WHILE ASSETS OF
253 TAXEXEMPT FUNDS INCREASED 4925 MILLION TO 9622 BILLION

ASSETS OF 283 INSTITUTIONAL FUNDS INCREASED BY 413 BILLION TO 1816
BILLION AMONG INSTITUTIONAL FUNDS THE ASSETS OF 228 TAXABLE MONEY MARKET
FUND ASSETS ROSE BY 455 BILLION TO 15807 BILLION THE ASSETS OF 55
TAXEXEMPT FUNDS DECLINED BY 4137 MILLION TO 2353 BILLION 9404150091
940415 INTERNATIONAL SIEMENS GETS TAIWAN POWER PACT

MUNICH GERMANY GERMAN ELECTRONICS GIANT SIEMENS AG ANNOUNCED THAT ITS
KWU POWERPLANT ENGINEERING DIVISION HAS SECURED A CONTRACT FROM THE TAIWAN
POWER CO TO EQUIP A 2364MEGAWATT NATURALGASFIRED COMBINEDCYCLE POWER
PLANT SIEMENS VALUED THE CONTRACT AT NEARLY 1 BILLION MARKS 5851
MILLION

THE PLANT TO BE BUILT NEAR TAINAN ON TAIWAN'S SOUTHERN COAST IS SCHEDULED
FOR COMPLETION IN 1998

THE ORDER COVERS THE SUPPLY OF 15 GAS AND FIVE STEAM TURBINES 20
GENERATORS 15 HEATRECOVERY STEAM GENERATORS AND THE ASSOCIATED ELECTRICAL
AND POWER PLANT INSTRUMENTATION AND CONTROL EQUIPMENT ALONG WITH THE
SUPERVISION OF POWER PLANT ERECTION AND COMMISSIONING 9404150090 940415
BUSINESS BRIEF BORDEN INC DISCUSSION TO SELL DIVISION TO HJ HEINZ
IS CONFIRMED

BORDEN INC CONFIRMED IT IS NEGOTIATING THE SALE OF ITS FOODSERVICE
BUSINESS TO PITTSBURGHBASED HJ HEINZ CO AND SAID THE UNIT WAS SLATED TO
BE SOLD UNDER ITS LATEST RESTRUCTURING PROGRAM

THE NEW YORK FOOD AND CHEMICAL COMPANY WAS RESPONDING TO REPORTS FIRST
PUBLISHED IN THE WALL STREET JOURNAL APRIL 13 THE GROUP WHICH MAKES
SINGLESERVE CONDIMENTS PACKETS AND BULK OILBASED PRODUCTS GENERATED AN
ESTIMATED 270 MILLION IN SALES IN 1993 BUT HAS BEEN UNPROFITABLE IN RECENT
YEARS

IN COMPOSITE NEW YORK STOCK EXCHANGE TRADING YESTERDAY BORDEN SHARES FELL
25 CENTS TO 12625 AND HEINZ ROSE 625 CENTS TO 3350 9404150089 940415
BUSINESS BRIEF RJR NABISCO INC FOUNDERS SELL 70 OF FIRM BIG
ARGENTINA COOKIE MAKER

NABISCO INTERNATIONAL SAID IT ACQUIRED 70 OF ESTABLECIMIENTO MODELO
TERRABUSI SA ARGENTINA'S SECONDLARGEST COOKIE AND CRACKER MANUFACTURER
FROM MEMBERS OF THE FOUNDING FAMILY

NABISCO INTERNATIONAL IS AN OPERATING COMPANY OF NABISCO FOODS GROUP THE
FOOD ORGANIZATION OF RJR NABISCO INC

TERMS WEREN'T DISCLOSED THE BALANCE OF TERRABUSI'S SHARES WILL CONTINUE TO
BE TRADED ON THE BUENOS AIRES STOCK EXCHANGE TERRABUSI WHICH HAD 1993
SALES OF 250 MILLION HAS ABOUT ONEQUARTER OF ARGENTINA'S COOKIE AND
CRACKER MARKET NABISCO SAID IT ALSO PRODUCES A LEADING PASTA BRAND AND
MARKETS CHOCOLATES IMPORTED FROM ITALY 9404150088 940415 LEISURE & ARTS
 TELEVISION THE NAME'S THE SAME BUT NOT THE FAMILY  BY CANDACE
CUMBERBATCH

TAKE IT FROM ME THE CUMBERBATCH FAMILY FROM QUEENS NY IN THE NEW SHOW
704 HAUSER MONDAYS 8309 PM EDT ON CBS IS IN NO WAY THE REAL THING
I OUGHT TO KNOW SINCE I'M SOMEWHAT OF AN EXPERT I AM A MEMBER OF A TIGHTLY
KNIT CUMBERBATCH FAMILY THAT HAS LIVED IN QUEENS FOR MORE THAN 20 YEARS AND
I CAN TELL IMPOSTORS FROM A MILE OFF

MY PARENTS BROTHER AND I WERE INITIALLY THRILLED AND AMUSED WHEN WE FOUND
OUT THAT OUR UNCOMMON LAST NAME WAS GOING TO GO UP IN LIGHTS THIS YEAR WHEN
704 HAUSER PREMIERED BUT AS SOON AS WE GOT A SNEAK PREVIEW OF THE SHOW
WE REALIZED THAT OUR TV COUNTERPARTS ARE WAY OFF TARGET IN SEVERAL CRUCIAL
AREAS I GUESS I SHOULD HAVE SUSPECTED SOME SURPRISES SINCE 704 HAUSER ST
IS WHERE THE INFAMOUS BIGOT ARCHIE BUNKER LIVED IN THE LONGRUNNING SHOW
ALL IN THE FAMILY

FOR STARTERS THE TV CUMBERBATCHES DON'T HAVE A DAUGHTER THERE'S ERNEST
CUMBERBATCH JOHN AMOS HIS WIFE ROSE LYNNIE GODFREY THEIR SON
THURGOOD GOODIE MARSHALL TE RUSSELL AND HIS GIRLFRIEND CHERLYN
MARKOWITZ MAURA TIERNEY BUT THERE'S NO DAUGHTER NOT EVEN A
LONGDISTANCE DAUGHTER WHO'S AWAY AT SCHOOL STUDYING THIS IS HARDLY THE
FAMILY'S BIGGEST FLAW BUT IT'S ONE THAT I FIND PARTICULARLY HARDHITTING
AFTER ALL I KNOW THE BALANCE HUMOR AND GRACE THAT ONLY A DAUGHTER CAN ADD
TO A CUMBERBATCH HOUSEHOLD BESIDES BY OMITTING A DAUGHTER FROM THE CAST
THE PRODUCERS HAVE ROBBED ME OF MY CHANCE TO SEE THE HOLLYWOOD VERSION OF
MYSELF

AS IF THAT WEREN'T BAD ENOUGH THE TV CUMBERBATCHES AREN'T OF WEST INDIAN
HERITAGE THIS IS A SEVERE FLAW THAT RUFFLED MY OWN CUMBERBATCH FAMILY AND
WILL CERTAINLY RAISE THE EYEBROWS OF OTHER GENUINE CUMBERBATCHES MY FATHER
IS FROM BARBADOS AND I HAVE NEVER MET ANY CUMBERBATCHES WHO DIDN'T COME
FROM THE CARIBBEAN IN FACT WHENEVER I HAPPEN TO MEET A NEW CUMBERBATCH WE
INEVITABLY END UP TALKING ABOUT EXACTLY WHERE IN THE WEST INDIES OUR
RELATIVES RESIDE SO THAT WE CAN COMPARE OUR FAMILY TREES

BECAUSE THE TV CUMBERBATCHES AREN'T FROM THE CARIBBEAN THERE'S NO MELODY OF
WEST INDIAN ACCENTS TO SOFTEN THE RUMBLE OF THEIR CONSTANT BICKERING OR AT
LEAST ADD A LITTLE EXTRA HUMOR TO THEIR LIVES A CUMBERBATCH HOME WITHOUT
WEST INDIAN ACCENTS SEEMS LIKE A VIRTUAL IMPOSSIBILITY TO ME MY FATHER HAS
LIVED IN NEW YORK CITY SINCE THE 1960S AND IF ANYTHING HIS INFECTIOUS
ACCENT SEEMS TO BE THICKENING NOT FADING

IN THE PREMIERE EPISODE ROSE CUMBERBATCH SERVED CORNISH HENS AND RAVIOLI
BUT THERE WASN'T A BOWL OF PEAS AND RICE ANYWHERE IN SIGHT ANY CUMBERBATCH
EXPERT KNOWS THAT THIS IS ANOTHER VIRTUAL IMPOSSIBILITY I MYSELF KNOW HOW
TO MAKE ONLY ONE DISH PEAS AND RICE A CUMBERBATCH HOME WITHOUT PEAS AND
RICE IS ABOUT AS LIKELY AS A PIZZA HUT WITHOUT PIZZA

WHILE THERE ARE GLARING DIFFERENCES IN THE STRUCTURE AND HERITAGE OF THE
FICTIONAL CUMBERBATCHES AND MY OWN FAMILY THE PIVOTAL CONTRAST INVOLVES THE
IMPACT OF RELIGION ON THE HOUSEHOLDS CHRISTIANITY FOR THE 704 HAUSER ST
CUMBERBATCHES IS SIMPLY ANOTHER SOURCE OF CONFLICT AMONG OTHER ONGOING
ARGUMENTS ABOUT RACE MR CUMBERBATCH'S LIBERAL VIEWS AND GOODIE'S
CONSERVATIVE BELIEFS ROSE IS THE ONLY ONE WHO IS A DEDICATED CHURCHGOER
AND HER HUSBAND MOCKS HER PASTOR ENDLESSLY

IN MY FAMILY CHRISTIANITY IS NEITHER A POINT OF CONFLICT NOR A LAUGHING
MATTER IT'S THE TIE THAT KEEPS US CLOSE FOSTERS HARMONY IN OUR HOUSEHOLD
AND HELPS US APPRECIATE OTHER CULTURES ON THIS POINT MORE THAN ANY OTHER
THE TV CUMBERBATCHES AND MY FAMILY ARE LIKE NIGHT AND DAY

WE ALL ATTEND CHURCH TOGETHER AND USE WHAT WE LEARN TO GET ALONG NOT ARGUE
WITH ONE ANOTHER MY OWN FATHER AND BROTHER SEE EYE TO EYE ON MOST THINGS
AND WHEN THEY DO DISAGREE THEY TREAT EACH OTHER WITH GREAT RESPECT THERE'S
NO NAME CALLING AT OUR HOUSE MY MOTHER AND I CAN EASILY FINISH EACH OTHER'S
SENTENCES AND DECIPHER EACH OTHER'S THOUGHTS WE SOMETIMES DRESS IN MATCHING
OUTFITS

WHEN IT COMES TO RACE WE DON'T SEE EVERYTHING IN TERMS OF BLACKS AND
WHITES THE WAY THE FICTIONAL CUMBERBATCHES OFTEN SEEM TO DO WE RELISH
STUDYING ABOUT DIFFERENT PEOPLES AND WAYS OF LIFE OCCASIONALLY DINNERTIME
CONVERSATIONS AT OUR HOUSE MIGHT CONCERN ANYTHING FROM SINGAPORE'S STRICT
LAWS TO THE MASAI PEOPLE OF KENYA IF YOU DROPPED BY ON A WEEKEND YOU MIGHT
FIND US DRINKING TURKISH APPLE TEA OR CATCH MY BROTHER STUDYING ASIA

THE 704 HAUSER ST CUMBERBATCHES ACT AS IF THEY'VE NEVER BEEN ON THE SAME
WAVELENGTH A DAY IN THEIR LIVES OR HAD MUCH APPRECIATION FOR THE ARRAY OF
CULTURES JUST BEYOND THEIR DOOR IT'S VERY CLEAR THAT THEY'RE CUT FROM THE
SAME CLOTH AS ARCHIE BUNKER AND HIS FAMILY

IT'S TOO BAD THAT THE TV CUMBERBATCHES ARE FICTIONAL I'D LIKE TO INVITE
THEM OVER FOR SOME PEAS AND RICE A LONG TALK AND A TASTE OF WHAT GENUINE
CUMBERBATCH FAMILY LIFE IS REALLY LIKE

MS CUMBERBATCH IS A MUNICIPAL BOND REPORTER WITH THE DOW JONES CAPITAL
MARKETS REPORT 9404150087 940415 LONE STAR TO ADD FUNDS TO 9 PLANS 
FOR ITS PENSIONS  BY ALBERT R KARR STAFF REPORTER OF THE WALL
STREET JOURNAL

WASHINGTON LONE STAR INDUSTRIES INC AGREED TO CONTRIBUTE ADDITIONAL
FUNDS OF AT LEAST 47 MILLION TO NARROW UNDERFUNDING OF ITS NINE PENSION
PLANS THE PENSION BENEFIT GUARANTY CORP SAID

THE PBGC A FEDERAL AGENCY THAT INSURES MANY PRIVATE PENSION PLANS SAID THE
LONE STAR SETTLEMENT WILL KEEP THE COMPANY'S PLANS GOING AND PROVIDE BETTER
PROTECTION FOR THEIR PROMISED BENEFITS LONE STAR A CEMENT AND CONSTRUCTION
PRODUCTS COMPANY IN STAMFORD CONN EMERGED FROM REORGANIZATION UNDER
FEDERAL BANKRUPTCY LAW YESTERDAY AFTER MORE THAN THREE YEARS IN BANKRUPTCY
PROCEEDINGS

IN ANNOUNCING THAT ITS REORGANIZATION WAS TAKING EFFECT LONE STAR SAID THAT
NEW COMMON STOCK WARRANTS AND SENIOR NOTES ARE TO BEGIN TRADING ON THE NEW
YORK STOCK EXCHANGE TODAY ON A WHEN ISSUED BASIS UNDERFUNDED BY 73
MILLION THE LONE STAR PLANS COVERING ABOUT 5900 WORKERS AND RETIREES ARE
UNDERFUNDED BY ABOUT 73 MILLION THE PBGC SAID THE PBGC HAS BEEN PUSHING
COMPANIES WITH UNDERFUNDED PLANS TO BOLSTER THEIR FUNDING CONTRIBUTIONS TO
SHORE UP BENEFITS AND LESSEN THE NEED FOR THE FEDERAL INSURER TO ASSUME
BENEFIT PAYMENTS

IN FISCAL 1993 THE PBGC ACHIEVED SETTLEMENTS THAT ADDED 140 MILLION TO
UNDERFUNDED PLANS THE AGENCY SAID

UNDER THE SETTLEMENT LONE STAR WILL PAY ABOUT 12 MILLION TO THE PLANS IN
ADDITION TO ITS NORMAL ANNUAL CONTRIBUTIONS THE PBGC SAID LONE STAR ALSO
AGREED TO GIVE THE PBGC THE COMPANY'S CEMENT PLANT IN OGLESBY ILL AND A
25 INTEREST IN THE KOSMOS CEMENT CO PARTNERSHIP IN KOSMOSDALE KY THOSE
INTERESTS HAVE A TOTAL CURRENT VALUE OF AT LEAST 35 MILLION THE PBGC SAID

SEPARATELY THE PBGC ISSUED ITS ANNUAL REPORT FOR FISCAL 1993 WHICH ENDED
SEPT 30 SHOWING THAT THE DEFICIT IN ITS INSURANCE PROGRAM FOR SINGLE
EMPLOYERS INCREASED BY 160 MILLION TO NEARLY 29 BILLION AT THE END OF THE
YEAR IN THIS PROGRAM THE AGENCY HAD ASSETS OF 84 BILLION AND LIABILITIES
OF 113 BILLION

LABOR SECRETARY ROBERT REICH WHO SERVES AS THE PBGC CHAIRMAN REITERATED
THAT THE AGENCY HAS AMPLE FUNDS TO PAY COVERED PENSION BENEFITS FOR MANY
YEARS BUT HE REPEATED HIS CALL FOR ENACTMENT OF LEGISLATION PROPOSED BY THE
CLINTON ADMINISTRATION THAT WOULD FORCE EMPLOYERS TO REDUCE UNDERFUNDING IN
THE PENSION PLANS AND BOOST INSURANCE PREMIUMS FOR THE MOST DEEPLY
UNDERFUNDED PLANS

THE PBGC REPORTED THAT UNDERFUNDING IN PRIVATE PLANS IT INSURES ROSE TO 53
BILLION AT THE END OF FISCAL 1992 FROM 38 BILLION AT THE END OF 1991

LAST YEAR IT PAID A RECORD 722 MILLION IN PENSION BENEFITS FOR TERMINATED
PLANS A 14 INCREASE OVER THE FISCAL 1992 PAYOUT THE PBGC IS DIRECTLY
RESPONSIBLE FOR THE BENEFITS OF 346000 WORKERS AND RETIREES IN 1858
PENSION PLANS

LONE STAR INDUSTRIES INC'S SETTLEMENT WITH THE PENSION BENEFIT GUARANTY
CORP IS SECURED IN PART BY THE COMPANY'S CEMENT PLANT IN OGLESBY ILL AND
A 25 INTEREST IN A PLANT IN KOSMOSDALE KY IN AN ARTICLE FRIDAY ABOUT THE
SETTLEMENT IT WAS INCORRECTLY STATED THAT LONE STAR AGREED TO GIVE THESE
ASSETS TO THE PENSION AGENCY 9404150086 940415 LETTERS TO THE EDITOR A
CALCULATING WOMAN

I READ WITH INTEREST YOUR RECENT ARTICLE MARCH 16 ON HOW GENDER AFFECTS
COMPUTER USERS YOU TELL US THAT THE DEFENSE DEPARTMENT'S COMPUTER LANGUAGE
IS NAMED ADA AFTER AUGUSTA ADA LOVELACE AND REFERS TO HER SIMPLY AS A
19THCENTURY TECHNOLOGY BUFF

ADA LOVELACE WAS THE ONLY LEGITIMATE DAUGHTER OF THE ROMANTIC POET LORD
BYRON SHE WAS A TALENTED MATHEMATICIAN AND AN ASSOCIATE OF CHARLES BABBAGE
WHO INVENTED WHAT IS CONSIDERED THE EARLIEST COMPUTER HER OWN WRITINGS SHOW
THAT SHE FULLY UNDERSTOOD THE PRINCIPLES OF A PROGRAMMED COMPUTER A CENTURY
BEFORE ITS TIME

THE STORY OF HER INTELLECTUAL AND MATHEMATICAL ACHIEVEMENTS IS OF GREAT
INTEREST REGARDLESS OF WHICH HEMISPHERE OF THE BRAIN MIGHT BE DOMINANT A
BOOK THAT FOCUSES ON THIS TOPIC IS ENTITLED THE CALCULATING PASSION OF ADA
BYRON BY JOAN BAUM 9404150084 940415 PEOPLE PATTERNS  BY ALAN L
OTTEN

THE WAGE GAP BETWEEN MEN AND WOMEN NARROWED DURING THE 1980S FOR COMPLEX
SOCIAL AND ECONOMIC REASONS

AFTER TWO DECADES OF COMPARATIVELY LITTLE CHANGE ANNUAL EARNINGS OF
FULLTIME YEARROUND WOMEN WORKERS HAD RISEN BY 1992 TO 71 OF COMPARABLE
MALE EARNINGS FROM 60 IN 1979 CENSUS BUREAU DEMOGRAPHER SUZANNE BIANCHI
STRESSES HOW EACH SUCCESSIVE WAVE OF WOMEN ENTERING THE WORK FORCE FROM THE
MID1950S ON HAS DIFFERED FROM THE WOMEN LEAVING THE WORK FORCE FAR BETTER
EDUCATED FAR MORE ATTACHED TO CONTINUOUS FULLTIME WORK AND GRADUALLY FAR
MORE EXPERIENCED

FOR EXAMPLE THE COLLEGE COMPLETION RATE FOR WOMEN BORN BETWEEN 1936 AND
1945 AND ENTERING THE JOB MARKET FROM THE MID1950S TO THE MID1960S WAS 64
THAT OF MEN BORN IN THOSE YEARS FOR THE EARLY BABYBOOM CROP STARTING WORK
BETWEEN THE MID1960S AND THE MID1970S THE RATE WAS 80 FOR THE LATER
BOOMERS HITTING THE LABOR FORCE AFTER THE MID1970S IT WAS UP TO 95

EACH SUCCEEDING COHORT ALSO HAD A GREATER PROPORTION OF WOMEN REMAINING
UNMARRIED CHILDLESS AND WORKING THROUGHOUT THEIR 20S AND EARLY 30S
OCCUPATIONAL SEGREGATION BY GENDER GRADUALLY DIMINISHED AS WELL WITH MORE
WOMEN MOVING INTO HIGHERPAYING JOBS THAT WERE PREVIOUSLY EXCLUSIVELY MALE

PART OF THE STORY HOWEVER IS THAT WHILE WOMEN WERE DOING BETTER MANY MEN
 ESPECIALLY THE LESS EDUCATED WEREN'T WHILE EACH SUCCESSIVE WAVE OF
WOMEN EARNED MORE THAN THE PREVIOUS WAVE HAD EARNED AT THE SAME AGE MANY OF
THEIR MALE COUNTERPARTS WERE MAKING LESS THAN EARLIER GROUPS OF MEN HAD MADE
AT THE SAME AGE

MOREOVER THE PATTERN WAS DIFFERENT ACROSS THE EDUCATION LADDER DR BIANCHI
NOTES WOMEN CAUGHT UP TO MEN AT ALL LEVELS OF SCHOOLING BUT AT THE BOTTOM
AMONG THOSE WITH ONLY HIGH SCHOOL DEGREES OR LESS THE CATCHUP WAS LARGELY
BECAUSE AVERAGE REAL EARNINGS OF MEN DETERIORATED FAR MORE THAN WOMEN'S
DURING THE DOWNTURN IN THE EARLY 1980S AMONG THE COLLEGEEDUCATED EARNINGS
ROSE FOR MEN IN EACH COHORT BUT EARNINGS FOR COMPARABLE WOMEN ROSE THREE
TIMES AS FAST

DR BIANCHI SUGGESTS THAT THE NARROWING PROCESS WILL LIKELY SLOW DURING THE
1990S BUT SHE IS CONFIDENT SOME NARROWING WILL CONTINUE

YOUNG ADULTS HOLD MANY JOBS BEFORE THEIR 30TH BIRTHDAY THE BUREAU OF LABOR
STATISTICS REPORTS

BETWEEN THE AGES OF 18 AND 30 THEY HAVE AVERAGED 75 JOBS AND 86 YEARS OF
WORK EXPERIENCE THE BUREAU SAYS NATURALLY THE AVERAGES MASK A WIDE RANGE
OF EXPERIENCES BLACKS AND FEMALE HIGH SCHOOL DROPOUTS TEND TO HAVE THE
LEAST NUMBER OF JOBS AND THE LEAST TENURE

THE BUREAU'S ANALYSIS IS FROM A LARGE NATIONAL SAMPLE OF MEN AND WOMEN WHO
WERE BETWEEN 14 AND 22 YEARS OLD WHEN FIRST INTERVIEWED IN 1979 AND HAVE
BEEN INTERVIEWED ANNUALLY SINCE

ALMOST 27 OF THE GROUP HELD 10 OR MORE JOBS BEFORE REACHING 30 WHILE ABOUT
19 HELD THREE OR LESS COLLEGE GRADUATES AND PEOPLE WITH SOME COLLEGE
TENDED TO HAVE PARTICULARLY LARGE NUMBERS OF JOBS PRESUMABLY TO HELP PAY
TUITION

AVERAGE TIME SPENT AT THE LONGEST JOB HELD WAS FIVE YEARS OVER 30 HELD A
JOB FOR MORE THAN SIX YEARS WHILE 15 HADN'T HELD ANY JOB LONGER THAN TWO
ALMOST ONE IN FIVE HIGH SCHOOL DROPOUTS HAD NEVER HELD A JOB FOR MORE THAN A
YEAR BY THE TIME THEY WERE 30

ETHNIC DATA UNDERLINE THE DIVERSITY OF THE US POPULATION

THE CENSUS BUREAU HAS RELEASED DEMOGRAPHIC DETAILS ON 110 RACIAL AND ETHNIC
GROUPS GATHERED FROM ANSWERS TO THE 1990 CENSUS MANY RESULTS BEAR OUT
CONVENTIONAL IMPRESSIONS OTHERS OFFER SURPRISES

NATURALLY SOME GROUPS ARE VERY SMALL ONLY 7218 MELANESIANS OR 30085
INDONESIANS FOR EXAMPLE WHILE OTHERS ARE HUGE MORE THAN 45 MILLION
CLAIMING GERMAN ANCESTRY AND MORE THAN 22 MILLION EACH FOR ENGLISH AND IRISH
FOREBEARS

MEN AND WOMEN OF EGYPTIAN LINEAGE COMPRISE THE MOST HIGHLY EDUCATED GROUP
OVER 25 HAVE GRADUATE DEGREES AND ANOTHER 35 COLLEGE DEGREES OTHER GROUPS
HAVING AT LEAST HALF THEIR US RESIDENTS WITH COLLEGE DEGREES OR BETTER ARE
IRANIANS NIGERIANS TAIWANESE AND PAKISTANIS THOUGH THEIR TOTAL NUMBERS
ARE COMPARATIVELY SMALL AMONG LARGER POPULATION GROUPS THOSE OF RUSSIAN
ANCESTRY RANK FIRST FOLLOWED BY ASIAN INDIANS

RANKINGS FOR MEDIAN FAMILY INCOME ARE STRONGLY RELATED TO EDUCATION THOSE
OF RUSSIAN ANCESTRY LEAD WITH A MEDIAN FAMILY INCOME OF 58826 FOLLOWED BY
JAPANESE 51550 AND LATVIANS 51209 OTHER ETHNIC GROUPS HIGH IN THIS
RANKING ARE AUSTRIANS ESTONIANS ASIAN INDIANS ISRAELIS AND TAIWANESE

HIGHEST PERCENTAGES OF FAMILIES IN POVERTY ARE FOR THE MOST PART
REGISTERED BY GROUPS WITH LARGE NUMBERS OF MORE RECENT IMMIGRANTS 
SOUTHEAST ASIANS PUERTO RICANS AND OTHERS HAILING FROM THE CARIBBEAN AND
MEXICANS AND CENTRAL AMERICANS 9404150083 940415 LOTUS SHAREHOLDERS TO
WEIGH EXPANDING STOCK FOR ACQUISITIONS

CAMBRIDGE MASS LOTUS DEVELOPMENT CORP INDICATED IN A PROXY STATEMENT
THAT SHAREHOLDERS WILL CONSIDER A PROPOSAL TO DOUBLE THE NUMBER OF
AUTHORIZED COMMON SHARES TO 200 MILLION FOR POSSIBLE ACQUISITIONS OR STOCK
SPLITS

THE PERSONALCOMPUTER SOFTWARE FIRM SAID THE PROPOSAL TO BE VOTED ON AT ITS
UPCOMING ANNUAL MEETING WOULD ALLOW IT TO ACT MORE QUICKLY TO PURSUE A
POSSIBLE TRANSACTION LOTUS SAID IT IS CONSIDERING THE DECLARATION OF A
STOCK DIVIDEND BUT ADDED THAT IT DOESN'T HAVE ANY AGREEMENTS TO ISSUE
ADDITIONAL SHARES OF COMMON STOCK

ASKED WHETHER LOTUS IS ENGAGED IN TAKEOVER DISCUSSIONS WITH ANYONE A
SPOKESMAN SAID THE COMPANY GENERALLY DOESN'T COMMENT ON SUCH MATTERS

LOTUS HAS ABOUT 455 MILLION SHARES OUTSTANDING PLUS 133 MILLION SHARES
UNDER EMPLOYEE STOCKPURCHASE PLANS

THE LOTUS PROXY ALSO NOTED THAT THREE DIRECTORS LAWRENCE G GRAEV ALDO
PAPONE AND CHESTER A SIUDA HAVE DECIDED NOT TO STAND FOR REELECTION IN
1994 THEIR DEPARTURES WOULD REDUCE MEMBERSHIP ON THE BOARD TO FIVE BUT
PEOPLE INSIDE THE COMPANY SAID IT IS ACTIVELY SEEKING AN ADDITIONAL
DIRECTOR WHICH WOULD INCREASE THE SIZE OF THE BOARD TO SIX

MR GRAEV IS A PARTNER AT THE LAW FIRM OF O'SULLIVAN GRAEV & KARABELL OF
NEW YORK MR PAPONE IS A SENIOR ADVISER AT AMERICAN EXPRESS CO AND MR
SIUDA IS A GENERAL PARTNER AT CROWN ASSOCIATES A NEW YORK INVESTMENT FIRM
9404150082 940415 WASHINGTON WIRE A WEEKLY REPORT FROM THE WALL
STREET JOURNAL'S CAPITAL BUREAU  BY RICH JAROSLOVSKY

CLINTON'S LIST OF POTENTIAL SUPREME COURT NOMINEES GROWS LONGER

FORMER VIRGINIA GOV BALILES'S NAME SURFACES GIVEN THE PRESIDENT'S DESIRE
FOR A BIG PERSON WITH PUBLIC EXPERIENCE ANOTHER POSSIBLE CANDIDATE IS
FORMER ABA PRESIDENT TALBOT D'ALEMBERTE CLINTON AIDES ALSO ARE LOOKING AT
STATE SUPREME COURT JUSTICE SHIRLEY ABRAHAMSON OF WISCONSIN

HOPING TO REFUTE CHARGES THAT SOLICITOR GENERAL DAYS IS TOO LIBERAL HIS
BACKERS POINT OUT THAT HE HAS TAKEN FLAK IN CIVILRIGHTS CIRCLES FOR
EXPRESSING SKEPTICISM ABOUT SOME MINORITY SETASIDE PROGRAMS HISPANIC
GROUPS PUSH HARD FOR ONE OF THEIR OWN BUT NOT NECESSARILY MODERATE FEDERAL
JUDGE CABRANES THE LATINO ISSUES FORUM URGES CLINTON TO APPOINT CIVIL
RIGHTS COMMISSION MEMBER CRUZ REYNOSO

DESPITE HIS RELUCTANCE LAST TIME AROUND EDUCATION SECRETARY RILEY A FORMER
GOVERNOR IS SERIOUSLY CONSIDERED

THE US LOOKS TO RUSSIA TO BRING THE SERBS BACK TO THE TABLE

CURRENTLY THE SERBS WILL TALK ONLY TO MOSCOW'S ENVOY IN SARAJEVO US
SPECIAL EMISSARY REDMAN AND HIS RUSSIAN COUNTERPART ARE COORDINATING THEIR
ACTIVITIES EVERY COUPLE OF HOURS TO MOLLIFY YELTSIN WHO WAS UPSET THAT HE
WASN'T WARNED OF THE GORAZDE AIRSTRIKES THE US HAS TOLD UN OFFICIALS TO
DO A BETTER JOB OF COMMUNICATING WITH MEMBER STATES

AS THE SERBS GROW MORE AGGRESSIVE FOLLOWING THE NATO AIRSTRIKES OVER
GORAZDE WESTERN OFFICIALS GET INCREASINGLY EDGY ABOUT NONTRADITIONAL
MILITARY RESPONSES SUCH AS TAKING HOSTAGES OR AMBUSHING FOOD CONVOYS A
NUMBER OF UN PEACEKEEPERS ARE ALREADY BEING DETAINED

LOBBYISTS LINE UP TO DO BATTLE OVER THE GATT ACCORD

TEXTILE MOGUL ROGER MILLIKEN HIRES ECONOMIST PAT CHOATE AND FORMER LABOR
DEPARTMENT OFFICIAL STEVE HOFMAN TO BATTLE THE TRADE PACT'S PROVISIONS FOR A
NEW WORLD TRADE ORGANIZATION HOFMAN HIRES THE LAW FIRM GIBSON DUNN &
CRUTCHER TO ANALYZE THE WTO'S DISPUTESETTLEMENT MECHANISMS

MICRON TECHNOLOGY WITH INTEL CHRYSLER AND OTHERS SEEKS LEGISLATION
TOUGHENING US ANTIDUMPING POLICIES AND USES FORMER COMMERCE DEPARTMENT
OFFICIAL GILBERT KAPLAN OTHERS JOINING THE CAUSE INCLUDE FORMER US TRADE
NEGOTIATORS ALAN WOLFF AND ROBERT LIGHTHIZER

BUT COMPANIES INCLUDING CATERPILLAR IBM AND CARGILL USE FORMER COMMERCE
OFFICIAL GARY HORLICK TO FIGHT THE EFFORT

SASSER EMERGES AS THE PREFERRED CANDIDATE OF SOME SOUTHERNERS AND SENIOR
LAWMAKERS TO SUCCEED SENATE DEMOCRATIC LEADER MITCHELL THEY BELIEVE
DASCHLE THE ONLY DECLARED CANDIDATE SO FAR IS MOVING TOO FAST HE WAS
FIRST ELECTED ONLY IN 1986 BUT DASCHLE CONTINUES TO GAIN SUPPORTERS
INCLUDING A COUPLE WHO PRIVATELY JOINED AFTER THEIR FIRST CHOICE FORD
ANNOUNCED YESTERDAY HE WON'T SEEK THE POST

CLINTON ECONOMIST ALAN BLINDER PULLS OUT OF ADMINISTRATION DEALINGS WITH THE
FED WHILE HE WAITS FOR HIS LONGPROMISED NOMINATION TO THE CENTRAL BANK TO
CLEAR THE SLUGGISH WHITE HOUSE PERSONNEL MACHINERY ECONOMIC ADVISERS
INTERVIEW FOUR FINALISTS FOR THE OTHER FED VACANCY BUT BENTSEN HAS YET TO
MEET WITH THE STAFF CHOICE

CHANCES DIM FOR PASSAGE OF SUPERFUND LEGISLATION THIS YEAR REP SWIFT
CONCLUDES THAT NEGOTIATIONS BETWEEN INDUSTRY AND ENVIRONMENTALISTS ARE
DEADLOCKED OVER THE BILL'S CLEANUP STANDARDS GENERAL ELECTRIC IS SAID TO BE
PARTICULARLY BALKY EPA'S BROWNER TRIES TO BROKER A SOLUTION BUT IF SHE
CAN'T DELIVER QUICKLY THE BILL WILL PROBABLY DIE

TAX RECORDS RELEASED BY THE WHITE HOUSE SHOW THAT HILLARY RODHAM CLINTON
INVESTED 473 IN SOUTH AFRICA'S DE BEERS CONSOLIDATED MINES LTD IN 1979 AT
A TIME WHEN CIVILRIGHTS AND STUDENT GROUPS WERE CALLING FOR A BOYCOTT OF
SOUTH AFRICAN STOCKS BECAUSE OF APARTHEID SHE SOLD THE SHARES IN JANUARY
1980 FOR ABOUT 770

COMPROMISES ARE SOUGHT ON UNIVERSAL COVERAGE FOR HEALTH CARE

THERE IS A GROWING UNDERSTANDING THAT AT SOME POINT WE MAY NEED AN EMPLOYER
MANDATE SEN LIEBERMAN TELLS A FORUM OF MODERATE AND CONSERVATIVE
DEMOCRATS SOME LAWMAKERS DISCUSS A TRIGGER OR DEFAULT MANDATE THAT WOULD
GO INTO EFFECT AT A DESIGNATED TIME IF UNIVERSAL COVERAGE ISN'T ACHIEVED
BUT OTHERS SAY SUCH A SCHEME WOULD BE TOO CUMBERSOME

SEN PACKWOOD THE TOP FINANCE COMMITTEE REPUBLICAN MAKES A DISTINCTION
BETWEEN REQUIRING EMPLOYERS TO PROVIDE INSURANCE AND REQUIRING THEM TO PAY
FOR PART OF THE INSURANCE THEIR WORKERS BUY BENTSEN SUGGESTS LENGTHENING
THE PHASEIN PERIOD OR SCALING BACK THE BENEFITS PACKAGE TO HELP KEEP COSTS
DOWN

AS SENATE DEMOCRATS GATHER FOR THEIR WEEKEND ISSUESRETREAT MITCHELL'S
FOREGOING A SUPREME COURT SEAT ENHANCES HIS STATURE AS A REAL BROKER OF
HEALTH REFORM SAYS SEN DASCHLE

MINOR MEMOS FOR A 100000 CONTRIBUTION TO THE PARTY GOP FAT CATS MEETING
IN NEW YORK LATER THIS MONTH WILL GET A BRIEFING AND PHOTO OPPORTUNITY WITH
SPECIAL GUEST RICHARD NIXON  THE IOWA CITY OFFICE OF GOP REP LEACH
THE FIRST COUPLE'S CHIEF WHITEWATER TORMENTOR IS LOCATED ON SOUTH CLINTON
STREET  JUSTICE DEPARTMENT AUDITORS SAY THE US MARSHALS SERVICE
IMPROPERLY DONATED 51000 IN SEIZED FURS TO A THRIFT SHOP INCLUDING A
SHABBY JAGUAR COAT THAT SOLD FOR 50 IN VIOLATION OF THE ENDANGERED SPECIES
ACT 9404150081 940415 NATIONAL MEDICAL SEES FRAUD SETTLEMENT ULTIMATELY
COSTING ABOUT 375 MILLION  BY RHONDA L RUNDLE STAFF REPORTER OF
THE WALL STREET JOURNAL

SANTA MONICA CALIF NATIONAL MEDICAL ENTERPRISES INC SAID IT REACHED A
PRELIMINARY AGREEMENT WITH THE US GOVERNMENT AND EXPECTS TO SETTLE ALL
FEDERAL AND STATE FRAUD INVESTIGATIONS FOR A TOTAL OF ABOUT 375 MILLION

IN ANNOUNCING A FISCAL THIRDQUARTER CHARGE TO COVER WHAT WOULD BE THE
LARGEST SETTLEMENT OF FRAUD ALLEGATIONS IN EITHER THE HEALTHCARE OR DEFENSE
INDUSTRIES THE COMPANY SOUGHT TO PUT BEHIND IT THE SWEEPING THREEYEAR
GOVERNMENT PROBE INTO ALLEGED PATIENT ABUSE AND KICKBACKS AT ITS PSYCHIATRIC
HOSPITALS

INVESTORS WERE ELATED SENDING NATIONAL MEDICAL SHARES UP 1125 OR 71
TO 16875 IN HEAVY NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY BUT
WALL STREET'S ENTHUSIASM WAS PARTLY THE RESULT OF TAKEOVER SPECULATION
SEVERAL ANALYSTS NOTED THAT A SETTLEMENT WOULD MAKE NATIONAL MEDICAL AN
ATTRACTIVE TAKEOVER TARGET IN THE RAPIDLY CONSOLIDATING HEALTHCARE
INDUSTRY

THE 375 MILLION PRETAX CHARGE AMOUNTED TO 255 MILLION AFTER TAXES
RESULTING IN A NET LOSS OF 1643 MILLION OR 99 CENTS A SHARE FOR THE
FISCAL THIRD QUARTER ENDED FEB 28 NATIONAL MEDICAL REPORTED YESTERDAY
WHILE THE EXPECTED SETTLEMENT COST EXCEEDED MOST ESTIMATES A 120 MILLION
TAX DEDUCTION SOFTENED THE BLOW CRIMINAL FINES AREN'T DEDUCTIBLE SO IT
APPEARS THAT A LARGE PART OF THE PROPOSED SETTLEMENT IS IN THE FORM OF CIVIL
PENALTIES

CHRISTI SULZBACH A NATIONAL MEDICAL SENIOR VICE PRESIDENT SAID THE CHARGE
REFLECTS ANTICIPATED COSTS TO SETTLE WITH THE CRIMINAL AND CIVIL DIVISIONS
OF THE JUSTICE DEPARTMENT THE DEPARTMENT OF HEALTH AND HUMAN SERVICES AND
MEDICAID FRAUD AGENCIES IN ABOUT TWO DOZEN STATES WHERE THE COMPANY OPERATES
PSYCHIATRIC HOSPITALS SHE REFUSED TO DISCUSS DETAILS OF THE PROPOSED
SETTLEMENT EXCEPT TO EXPRESS HOPE THAT A FINAL AGREEMENT COULD BE REACHED BY
MIDJUNE

THE COMPANY SAID THE SETTLEMENT WOULDN'T COVER ANY CURRENT OR PAST
EMPLOYEES ATTORNEYS CLOSE TO THE SITUATION SAID THE JUSTICE DEPARTMENT WILL
LIKELY PROSECUTE SOME INDIVIDUALS THAT THE ATTORNEYS DIDN'T IDENTIFY
NATIONAL MEDICAL'S PROBLEMS WITH INVESTIGATORS REFLECT PRACTICES UNDER THE
LEADERSHIP OF COFOUNDERS RICHARD K EAMER AND LEONARD COHEN WHO LEFT THE
COMPANY LAST YEAR

SPOKESMEN AT THE JUSTICE DEPARTMENT'S CRIMINAL AND CIVIL DIVISIONS AND AT
THE DEPARTMENT OF HEALTH AND HUMAN SERVICES' OFFICE OF THE INSPECTOR GENERAL
DECLINED TO COMMENT

ANALYSTS HAILED CHAIRMAN JEFFREY C BARBAKOW COMPARING HIS 11MONTH TENURE
AT NATIONAL MEDICAL TO INVESTOR WARREN BUFFETT'S STINT AT SALOMON BROTHERS
INC TWO YEARS AGO WHEN HE GUIDED THE NEW YORK INVESTMENT FIRM TO A 290
MILLION CIVIL SETTLEMENT OF ITS TREASURY BIDDING SCANDAL BOTH MEN STEERED
THEIR COMPANIES TO HUGE BUT RELATIVELY QUICK GOVERNMENT SETTLEMENTS
AFTER PREVIOUS MANAGEMENTS HAD MOVED SLOWLY

I'M REALLY PROUD OF WHAT HAS BEEN ACCOMPLISHED IN A SHORT PERIOD OF TIME BY
AN EXTREMELY DEDICATED GROUP OF PEOPLE SAID MR BARBAKOW WHO TOOK OVER
THE REINS AT NATIONAL MEDICAL ON JUNE 1 SINCE THEN THE COMPANY HAS
ANNOUNCED A STRING OF LEGAL SETTLEMENTS AND ASSET SALES NECESSARY FOR THE
COMPANY'S SURVIVAL JUST LAST MONTH THE COMPANY AGREED TO SELL ITS
PSYCHIATRIC DIVISION TO CHARTER MEDICAL CORP FOR 152 MILLION

AS NATIONAL MEDICAL MOVES BEYOND ITS LEGAL PROBLEMS OTHER THREATS LOOM
SEVERAL ANALYSTS SAID THAT RESOLUTION OF THE INVESTIGATIONS WILL MAKE
NATIONAL MEDICAL A PRIME TAKEOVER TARGET FOR HOSPITAL COMPANIES LOOKING TO
BUILD THEIR OPERATIONS ESPECIALLY IN NATIONAL MEDICAL'S CORE CALIFORNIA
MARKET A SHORT LIST OF POSSIBLE BUYERS WOULD INCLUDE AMERICAN MEDICAL
HOLDINGS INC COLUMBIA/HCA HEALTHCARE CORP AND HEALTHTRUST INC ANALYSTS
SAID

MR BARBAKOW JOKED THAT THE FEDERAL PROBE HAS INDEED BEEN A GREAT TAKEOVER
DEFENSE HE SAID THE COMPANY ULTIMATELY WILL DO WHAT'S RIGHT FOR THE
SHAREHOLDERS ADDING QUICKLY THAT IF WE HAD OUR DRUTHERS WE WOULD LIKE TO
BE A REMAINING MAJOR PLAYER IN THE HEALTHCARE BUSINESS

NATIONAL MEDICAL'S FINANCIAL CONDITION BELIEVE IT OR NOT IS THAT OF AN
UNDERLEVERAGED HOSPITALMANAGEMENT COMPANY SAID EDWIN H GORDON OF MORGAN
STANLEY & CO HE PREDICTED THAT NATIONAL MEDICAL WILL QUICKLY TRY TO GROW
AGAIN BY TAKING ON DEBT TO BUY BACK STOCK OR BY MAKING ACQUISITIONS BUT HE
SAID IF THEY DON'T GET THE STOCK PRICE UP IT WOULD APPEAR LOGICAL FOR
SOMEONE TO MAKE AN OFFER

THE COMPANY ANNOUNCED YESTERDAY THAT IT REPLACED ITS CREDIT FACILITIES WITH
A NEW 4647 MILLION REVOLVING LINE OF CREDIT AND LETTER OF CREDIT WITH FOUR
MAJOR US BANKS THE PACT APPARENTLY ENABLED IT TO TAKE THE SETTLEMENT
CHARGE WITHOUT VIOLATING ANY BANK COVENANTS

AFTER MORE THAN 600 FEDERAL AGENTS RAIDED COMPANY HEADQUARTERS AND MORE THAN
20 OTHER FACILITIES LAST AUGUST IT APPEARED THAT THE COMPANY'S BANKS MIGHT
PUT IT OUT OF BUSINESS EVEN IF THE GOVERNMENT DIDN'T THOSE THREATS RECEDED
IN RECENT MONTHS BUT THE POSSIBILITY THAT THE GOVERNMENT MIGHT PRONOUNCE A
CORPORATE DEATH SENTENCE COULDN'T BE DISMISSED BECAUSE OF THE SERIOUSNESS
OF THE CHARGES

IN LAST YEAR'S THIRD QUARTER NATIONAL MEDICAL HAD NET INCOME OF 542
MILLION OR 31 CENTS A SHARE IN THE LATEST PERIOD REVENUE SLIPPED 94 TO
7203 MILLION FROM 7947 MILLION RESTATED TO REFLECT THE PLANNED SALE OF
THE PSYCHIATRIC HOSPITAL BUSINESS 9404150080 940415 MARKETING & MEDIA 
JAFFE EXPARAMOUNT PRESIDENT SUES VIACOM FOR 20 MILLION OVER OPTIONS 
 BY LAURA LANDRO STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK STANLEY JAFFE WHO WAS FIRED AS PRESIDENT OF PARAMOUNT
COMMUNICATIONS INC AFTER VIACOM INC ACQUIRED IT IS SUING VIACOM FOR MORE
THAN 20 MILLION SAYING THE COMPANY WRONGFULLY BLOCKED HIS EFFORTS TO
EXERCISE OPTIONS DUE HIM UNDER HIS EMPLOYMENT CONTRACT

COMPENSATION EXPERTS SAY MR JAFFE'S SUIT RAISES SOME THORNY LEGAL QUESTIONS
FOR VIACOM WHICH IS EXPECTED TO DISMISS A NUMBER OF PARAMOUNT MANAGERS AND
EXECUTIVES AS IT CONSOLIDATES THE TWO COMPANIES VIACOM OFFICIALS SAID THE
COMPANY'S BOARD HAS ALREADY APPROVED GENEROUS MODIFICATIONS TO OPTION
PLANS FOR PARAMOUNT EXECUTIVES THAT STAY ON AT THE COMPANY BUT IS UNDER NO
OBLIGATION TO COVER EMPLOYEES WITH UNVESTED STOCK OPTIONS WHO ARE FIRED

AT THE CENTER OF THE LEGAL ISSUE IS THE TWOSTEP NATURE OF THE VIACOM
PURCHASE OF PARAMOUNT VIACOM PAID 107 A SHARE IN CASH FOR 501 OF THE
SHARES OF PARAMOUNT THAT WERE TENDERED BY A MARCH 1 DEADLINE IT IS PAYING
FOR THE BALANCE OF THE SHARES WITH VIACOM SECURITIES CURRENTLY VALUED AT
ABOUT 43 EMPLOYEES WITH OPTIONS THAT WERE VESTED INCLUDING PARAMOUNT'S
FORMER CHIEF EXECUTIVE OFFICER MARTIN DAVIS WERE ABLE TO TENDER INTO THE
107 CASH PORTION OF THE DEAL BUT MR JAFFE AND OTHERS WITHOUT VESTED
OPTIONS WEREN'T ABLE TO AND THE MARKET VALUE OF VIACOM'S SECURITIES HAS
BEEN STEADILY DECLINING

IN HIS SUIT FILED IN STATE SUPREME COURT IN NEW YORK MR JAFFE SAYS THAT AT
THE TIME OF THE MERGER HE HAD 466668 OPTIONS TO BUY STOCK AT 42125 THAT
HADN'T YET VESTED UNDER THE TERMS OF HIS EMPLOYMENT CONTRACT ACCORDING TO
THE SUIT THOSE OPTIONS ACCELERATE AND BECOME VESTED IN THE EVENT OF A
CHANGE OF CONTROL A DIMUNITION OF HIS DUTIES OR HIS FIRING WITHOUT CAUSE
MR JAFFE CONTENDS HE HAD THE RIGHT TO BUY THE SHARES AT 42125 AND TENDER
INTO THE FRONT END OF VIACOM'S OFFER AND RECEIVE AS MUCH AS 107 A SHARE

MR JAFFE CONTENDS THAT ON FEB 28 HE WAS TOLD BY MR DAVIS THAT HIS
EMPLOYMENT WAS BEING TERMINATED MR JAFFE THEN ATTEMPTED TO EXERCISE THE
OPTIONS BUT CHARGES THAT PARAMOUNT REFUSED TO PERMIT HIM TO DO SO PRIOR TO
THE MARCH 1 MIDNIGHT DEADLINE FOR THE CASH PORTION OF THE OFFER INSTEAD HE
CHARGES HE WAS TOLD TO HAVE HIS ATTORNEY DISCUSS THE MATTER WITH VIACOM'S
GENERAL COUNSEL WHO REMAINED UNAVAILABLE UNTIL AFTER MARCH 1

AFTER THAT THE SUIT SAYS PARAMOUNT REFUSED TO ADJUST THE TERMS OF THE
OPTIONS AS REQUIRED BY THE COMPANY'S OPTION PLAN TO PRESERVE HIS RIGHTS SO
THEY WOULD BE PROPORTIONATE TO THE RIGHTS THAT EXISTED BEFORE THE MERGER BY
MISSING OUT ON THE CASH PORTION MR JAFFE SAYS HE IS LOSING MORE THAN 20
MILLION

VIACOM CONTENDS THAT IT DIDN'T OFFICIALLY TERMINATE MR JAFFE UNTIL APRIL 6
WHEN IT SENT A LETTER TO HIM BY THAT TIME THE CASH PORTION OF THE OFFER
WAS CLOSED MR JAFFE STILL HAS THE RIGHT TO BUY THE 466668 SHARES AT THE
42125 EXERCISE PRICE BUT CAN ONLY SELL SHARES FOR THE SECURITIES IN THE
BACK END OF THE VIACOM OFFER

VIACOM SAID WE BELIEVE OUR HANDLING OF HIS AGREEMENT IS ENTIRELY PROPER
AND WE ARE COMPLYING WITH ALL PROVISIONS OF HIS CONTRACT THE COMPANY
ADDED WE BELIEVE HIS CLAIMS ARE WITHOUT MERIT AND WE ARE CONFIDENT THAT WE
WILL PREVAIL

IN VIACOM'S VIEW MR JAFFE IS SEEKING PREFERENTIAL TREATMENT AND DISPUTES
THAT HE WAS FIRED ON FEB 28 VIACOM SAYS IT DIDN'T MAKE THE DECISION TO
FIRE HIM UNTIL AFTER THE MERGER BUT IN HIS SUIT MR JAFFE CITES EVIDENCE
THAT VIACOM HAD DETERMINED NO LATER THAN MIDFEBRUARY AND PERHAPS MANY
MONTHS EARLIER THAT HE WOULD BE FIRED EVEN THOUGH NO ONE TOLD HIM UNTIL
FEB 28

MR JAFFE WAS AT THE COMPANY FOR ONLY TWO YEARS DURING WHICH ITS EARNINGS
PERFORMANCE WAS VIEWED AS POOR VIACOM'S POSITION IS THAT MR JAFFE HAS BEEN
AWARDED A VERY GENEROUS PACKAGE THE COMPANY WILL PAY HIM HIS MORE THAN 3
MILLION ANNUAL SALARY AND BONUS THROUGH 1997 HE WAS ALSO AWARDED 100000
RESTRICTED SHARES WHEN HE JOINED PARAMOUNT AND HAS EXERCISED 232000 OPTIONS
THAT HAD VESTED PRIOR TO THE MERGER AS A RESULT OF THOSE TWO GRANTS HE HAS
POCKETED A PROFIT OF ABOUT 15 MILLION

STILL COMPENSATION CONSULTANT ALAN JOHNSON SAID THAT VIACOM FACES A
DIFFICULT TEST ON THE OPTIONS ISSUE TYPICALLY HE ADDED COMPENSATION
AGREEMENTS ARE NOW DESIGNED TO AVOID SUCH PROBLEMS WITH TWOSTEP OFFERS BY
SUCH MEANS AS GIVING A TERMINATED EXECUTIVE THE RIGHT TO SELL HIS SHARES AT
THE HIGHEST PRICE THEY TRADED IN THE SIX MONTHS BEFORE A CHANGE IN CONTROL

IN THE CASE OF PARAMOUNT MR JOHNSON ADDED ONE SOLUTION MIGHT BE TO GIVE
MR JAFFE OR OTHERS WHO LEAVE THE RIGHT TO SELL SHARES UNDER OPTION AT THE
BLENDED RATE OF THE CASH AND SECURITIES OFFER OR ABOUT 75 TO 80 PER
SHARE BUT VIACOM MAINTAINS IT HAS NO LEGAL OBLIGATION TO MAKE ANY
ADJUSTMENTS FOR THOSE WHO LEAVE THE COMPANY WITH UNVESTED STOCK OPTIONS
9404150079 940415 RTC INSPECTOR GENERAL LOOKS INTO CONTRACTS VALUED AT
121 MILLION

WASHINGTON THE RESOLUTION TRUST CORP SAID ITS INSPECTOR GENERAL IS
LOOKING INTO THE MANNER IN WHICH 121 MILLION OF ACCOUNTING CONTRACTS WERE
AWARDED

JACK RYAN THE AGENCY'S ACTING CHIEF EXECUTIVE OFFICER ASKED RTC INSPECTOR
GENERAL JOHN ADAIR TO LOOK INTO THE MATTER AND TO REPORT TO HIM AFTER HOUSE
BANKING COMMITTEE CHAIRMAN HENRY GONZALEZ D TEXAS COMPLAINED ABOUT HOW
THE CONTRACTS WERE AWARDED AN RTC SPOKESMAN SAID

REP GONZALEZ IN A STATEMENT ATTACKED THE RTC'S AWARDING OF THE THREE
CONTRACTS AS WASTEFUL INCONSISTENT ARBITRARY AND A FLAGRANT ABUSE OF
DISCRETION HE SAID A REVIEW OF THE CONTRACTS BY HIS COMMITTEE SHOWS THE
FIRSTRANKED BIDDER WAS CHOSEN IN ONLY ONE CASE

THE TEXAS DEMOCRAT SAID HIS PANEL CONDUCTED A REVIEW OF THREE RTC FINANCIAL
SERVICE CENTER CONTRACTS FOR THE DALLAS DENVER AND KANSAS CITY OFFICES
AFTER RECEIVING COMPLAINTS ABOUT THE FAIRNESS OF THE RTC'S CONTRACTING
PROCESS HE SAID THE CONTRACTS WERE VALUED AT 41 MILLION 57 MILLION AND
23 MILLION RESPECTIVELY 9404150078 940415 WHO'S NEWS MCFALL QUITS
TOP JOBS AT HAMBURGER HAMLET TO AVOID PROXY FIGHT

SHERMAN OAKS CALIF HAMBURGER HAMLET RESTAURANTS INC'S CHAIRMAN
PRESIDENT AND CHIEF EXECUTIVE OFFICER THOMAS A MCFALL 40 YEARS OLD
RESIGNED AS PART OF AN AGREEMENT DESIGNED TO AVOID A PROXY BATTLE WITH AN
INVESTOR GROUP

ASSUMING MR MCFALL'S EXECUTIVE POSTS ARE TWO RECENTLY ELECTED DIRECTORS OF
THE RESTAURANT COMPANY JAMES J GAFFNEY 53 WHO BECOMES CHAIRMAN AND JACK
A LAVINE 52 WHO WILL SERVE AS ACTING PRESIDENT AND CHIEF EXECUTIVE
PENDING THE HIRING OF A PERMANENT CEO AS PART OF THE AGREEMENT EH
ARNOLD ONE OF THE MEMBERS OF THE HAMB INVESTORS GROUP AND OWNER OF ABOUT A
15 STAKE IN HAMBURGER HAMLET WAS ELECTED A DIRECTOR INCREASING THE BOARD
SIZE TO SIX

MR MCFALL WHO REMAINS A DIRECTOR SAID THAT WITH THE POSSIBILITY OF THE
EXPENSE AND DISRUPTION TO THE COMPANY IN THE EVENT OF A PROXY FIGHT I
CONCLUDED THAT IT WAS IN THE BEST INTERESTS OF THE SHAREHOLDERS FOR ME TO
STEP ASIDE SO THAT THE COMPANY COULD DEVOTE ALL ITS EFFORTS TO RESTORING ITS
PROFITABILITY FOR THE YEAR ENDED DEC 26 THE COMPANY'S NET INCOME FELL
84 TO 458000 OR 11 CENTS A SHARE FROM 29 MILLION OR 70 CENTS A
SHARE A YEAR EARLIER ON A 79 INCREASE IN REVENUE TO 685 MILLION FROM
635 MILLION 9404150077 940415 POTOMAC WATCH  TAXING TALE THE
FACTS ARE WOEBEGONE  BY PAUL A GIGOT

GARRISON KEILLOR THE PRESIDENT'S WITTIEST WHITEWATER DEFENDER EXHORTS US
RUNNING DOGS OF THE MEDIA TO STICK TO FACTS I AGREE WHICH IS WHY THE
HISTORY OF PRESIDENT AND MRS CLINTON'S 1978 AND 1979 TAX RETURNS IS SO
TROUBLING

THIS WEEK THE FIRST COUPLE AMENDED THEIR 1980 TAX RETURN TO COVER A 6498
PROFIT IN COMMODITIES TRADING UNREPORTED AT THE TIME BY ITSELF THIS IS
SMALL BEER EVEN ON APRIL 15 BUT ADD IT TO THEIR ANSWERS AND NONANSWERS
GOING BACK TO THE 1992 CAMPAIGN AND THE TOTAL IMPACT IS MORE REVEALING IT
BECOMES A CHRONOLOGY OF INCREDIBILITY WHAT DOES IT SAY ABOUT OUR LEADERS
THAT IT TOOK YEARS OF PRODDING TO LEARN EVEN BASIC FACTS ABOUT THEIR
PERSONAL FINANCES

THE TAX TALE BEGINS BACK IN ARKANSAS IN 1990 DURING THE PRESIDENT'S LAST
CAMPAIGN FOR GOVERNOR UNDER FIRE FROM HIS OPPONENT MR CLINTON RELEASES
HIS TAX RETURNS FOR THE PREVIOUS 10 YEARS THIS DRAWS THE LINE AT 1980 EVEN
THOUGH HE'D BEEN GOVERNOR IN 197879

THE ISSUE GOES NATIONAL SORT OF AMID THE HURLYBURLY OF THE 1992
PRIMARIES JEFF GERTH OF THE NEW YORK TIMES STARTS ASKING HOW THE CLINTONS
COULD AFFORD A 60000 DOWN PAYMENT ON A HOUSE IN 1980 WHEN THEY'D BOTH BEEN
EARNING ONLY PEANUTS THE CLINTON CAMPAIGN WON'T RELEASE THE 197879
RETURNS BUT QUOTES MRS CLINTON SAYING THE MONEY CAME FROM SAVINGS AND A
GIFT FROM OUR PARENTS

KEEP IN MIND THAT TAX RETURNS ARE THE STUFF OF POLITICAL DISCLOSURE 101
MOST CANDIDATES RELEASE THEM FOR THEIR YEARS IN PUBLIC LIFE TAKING WHATEVER
POLITICAL HIT ENSUES DAN QUAYLE WAS RIDICULED FOR HIS TRUST FUND WHILE
RONALD REAGAN WAS SKEWERED FOR NOT GIVING AS MUCH OF HIS INCOME TO CHARITY
AS HE'D ADVERTISED YET SOMEHOW WE MEDIA PIT BULLS BECAME SCHNAUZERS
REGARDING THE CLINTON TAX RECORDS IN 1992

FLASH TO EARLY MARCH 1994 THE REDOUBTABLE MR GERTH NOW HAS THE GOODS ON
MRS CLINTON'S 100000 CATTLE KILLING WHICH OCCURRED IN 1978 AND 1979 THE
WHITE HOUSE CLAIMS SHE'D INVESTED HER OWN MONEY BUT WON'T SAY HOW MUCH IT
DOES FINALLY ADMIT NOW TWO YEARS LATER THAT THE WINDFALL HELPED FINANCE
THAT 60000 DOWN PAYMENT

BUT WHEN REPORTERS FOR KNIGHTRIDDER ASK MR CLINTON ABOUT HIS 197879
TAXES HE GROWS ANGRY ABRUPTLY ENDS AN INTERVIEW AND DECLINES TO SHAKE
HANDS SPINMEISTER PAUL BEGALA TELLS LARRY KING THAT BOTH CLINTONS THEY
JUST MISSED THE '80S  THESE PEOPLE ARE JUST NOT MOTIVATED BY MONEY

PRESSURE NONETHELESS BUILDS FOR MORE DISCLOSURE AND ON MARCH 25 THE
PRESIDENT'S ATTORNEY DAVID KENDALL RELEASES THE 197879 RETURNS IN WHAT HE
CALLS A SPIRIT OF FULL COOPERATION AND OPENNESS THE RETURNS SHOW MRS
CLINTON'S WINDFALL BUT INCLUDE NO SUPPORTING RECORDS NEWSWEEK THEN REPORTS
ERRONEOUSLY THAT MRS CLINTON HAD INVESTED NONE OF HER OWN MONEY

THIS PROMPTS THE WHITE HOUSE ON MARCH 29 TO DECLARE THAT SHE HAD INVESTED
ALL OF 1000 HER RESULTING 10000 PROFIT IS DUE SAY WHITE HOUSE AIDES
TO HER HAVING READ THE WALL STREET JOURNAL AND LISTENED TO FRIENDS
INCLUDING TYSON FOODS' LAWYER JAMES BLAIR SHE PLACED THE TRADES HERSELF
THE AIDES SAY AND STOPPED SOON AFTER CHELSEA WAS BORN THE ACCOUNT WAS
CLOSED IN MARCH 1980 THE TRADING HAD BEEN TOO NERVEWRACKING FOR A
PREGNANT WOMAN

BUT THIS LINE DOESN'T HOLD EITHER DAVID LETTERMAN MOCKS HILLARY'S TOP 10
FINANCIAL TIPS REPORTERS RUDELY LOOKING FOR FACTS INTERVIEW EXPERTS WHO
SAY THE RECORDS RELEASED BY THE WHITE HOUSE ARE INCOMPLETE AND COULD MASK
SPECIAL TREATMENT DEFENDING HIS WIFE MR CLINTON SAYS ON APRIL 5 THAT SHE
SHOWED REPORTERS ALL OF HER TRADING RECORDS AS SOON AS THEY ASKED ABOUT
THEM

A FEW DAYS LATER THE WHITE HOUSE ADMITS THAT MR BLAIR NOT MRS CLINTON
HAD PLACED MOST TRADE ORDERS A WHITE HOUSE OFFICIAL ALSO CALLS NO LONGER
OPERATIVE AN APRIL 5 COMMENT FROM MR CLINTON THAT HIS WIFE HAD RECEIVED A
MARGIN CALL WHICH IS A REQUEST TO DEPOSIT MORE MONEY TO COVER LOSSES ON
APRIL 10 CBS'S 60 MINUTES GIVES LESLEY STAHL 5000 AND UNLEASHES HER ON
THE CATTLE PITS THE NATION SEES HOW HARD IT IS FOR AN AMATEUR TO MAKE A
KILLING

THE NEXT DAY THIS PAST MONDAY THE WHITE HOUSE RELEASES EVEN MORE TRADING
RECORDS IT ALSO SAYS MRS CLINTON DIDN'T CLOSE HER LAST ACCOUNT IN MARCH
1980 AFTER ALL BUT RAN INTO MAY THE NEW RECORDS SHOW THAT MARCH CLOSE TO
THE TIME OF CHELSEA'S BIRTH WAS IN FACT ONE OF HER BUSIEST TRADING MONTHS
ONE IRONY IS THAT THESE LATEST RECORDS TEND TO REBUT THE WORST SUSPICIONS
THAT PROFITS WERE SOMEHOW STEERED TO MRS CLINTON'S ACCOUNT ALTHOUGH WE
CAN'T BE SURE WITHOUT ALSO SEEING MR BLAIR'S RECORDS

NOW THESE ARE ALL FACTS PERHAPS EVEN BY MR KEILLOR'S STANDARDS THEY SHOW
A FIRST COUPLE WHO HAVE EVADED DISSEMBLED AND STONEWALLED TO AVOID
DISCLOSING THEIR FINANCIAL PAST HAVING TRIED TO SUPPRESS MANY OF THESE
FACTS THEY NOW QUOTE DEFENDERS WHO SAY THERE ARE NONE HAVING STONEWALLED
IN 1990 IN 1992 AND LATER THE CLINTONS NOW CRY FOUL AT A SKEPTICAL PRESS

MAYBE THEY JUST WANTED TO AVOID THE EMBARRASSMENT OF BEING ACCUSED OF
HYPOCRISY AND MAYBE THE DISCLOSURE OF MRS CLINTON'S CATTLE KILLING WOULD
HAVE HURT IN THE ELECTION OR AT LEAST IN THE TAX FIGHT OF 1993 BUT THEIR
COVERUP THEN HAS ONLY MADE IT MORE ESSENTIAL FOR THE PRESS TO GET TO THE
BOTTOM OF IT ALL NOW

THE ISSUE NOW IS CREDIBILITY WHICH IS EVERY PRESIDENT'S ESSENTIAL CAPITAL
WITHOUT IT HE CAN'T GOVERN CAN'T RALLY THE COUNTRY IF HE REALLY NEEDS TO
AS HE MIGHT YET IN BOSNIA OR KOREA IF AMERICANS CAN'T TRUST A PRESIDENT
ON THE MOST BASIC FACTS OF HIS PERSONAL FINANCES WHAT CAN THEY TRUST HIM
ON 9404150075 940415 REVIEW & OUTLOOK EDITORIAL SPOTTED DEMOCRATS

NO WORD YET ON WHETHER THE NEW DEMOCRATS WILL BE NAMED SOON AS DESERVING
PROTECTION UNDER THE ENDANGERED SPECIES ACT WE NOTE FOR INSTANCE THAT NEW
DEMOCRAT JOHN BREAUX WAS SPOTTED RECENTLY SCAMPERING AWAY FROM THE PROSPECT
OF REPLACING THE HORNRIMMED MITCHELL LIBERAL AS SENATE MAJORITY LEADER
NOW REPORTS FROM THIS PAST TUESDAY'S DEMOCRATIC PRIMARIES IN TEXAS SUGGEST
THAT WHILE A RICH MAN CAN SURVIVE GETTING SQUASHED BY THE PARTY'S CORE
INTEREST GROUPS A CENTRIST MINORITY CANDIDATE PROBABLY CAN'T

FIRST TAKE THE CASE OF RICHARD FISHER THE FORMER WALL STREET FINANCIER WHO
THIS WEEK EASILY WON THE DEMOCRATIC US SENATE NOMINATION IN TEXAS MR
FISHER HAS ALWAYS BEEN A DEMOCRAT SERVED IN JIMMY CARTER'S TREASURY
DEPARTMENT AND HELPED BILL CLINTON FOUND THE MODERATE DEMOCRATIC LEADERSHIP
COUNCIL NONETHELESS MR FISHER WAS ATTACKED BY TEXAS LIBERALS FOR HAVING
SOMETIMES GIVEN MONEY TO REPUBLICANS AND EVEN FOR HAVING MARRIED ONE IN
1992 HE SUPPORTED ROSS PEROT ALONG WITH MANY OTHER TEXAS DEMOCRATS WHO HAD
DOUBTS ABOUT MR CLINTON

HE WON 54 OF THE VOTE AGAINST JIM MATTOX A VETERAN POLITICAL BRAWLER WHO
WAS BACKED BY PARTY LIBERALS SIGNIFICANTLY MR FISHER WON THE HISPANIC
VOTE IN THE RIO GRANDE VALLEY 56 TO 44 AIDED BY HIS FLUENCY IN SPANISH
AND PRONAFTA VIEWS HE NOW FACES AN UPHILL BATTLE WITH GOP SENATOR KAY
BAILEY HUTCHISON

MR FISHER PREVAILED BECAUSE HE COULD SPEND 2 MILLION OF HIS OWN MONEY
GETTING HIS MODERATE MESSAGE OUT NEW DEMOCRATS WITHOUT SUCH PERSONAL
FINANCIAL CLOUT FIND THEMSELVES ISOLATED AND OSTRACIZED BEVERLEY CLARK IS A
BUSINESSWOMAN AND FORMER HOUSTON CITY COUNCIL MEMBER THIS YEAR SHE RAN FOR
A VACANT CONGRESSIONAL SEAT IN HOUSTON THAT WAS 27 BLACK BUT HAD NEVER
BEFORE BEEN HELD BY AN AFRICANAMERICAN

HOWEVER MS CLARK WASN'T WELCOMED BY THE PARTY ESTABLISHMENT SHE FAVORS
SCHOOL VOUCHERS AND TERM LIMITS AND OPPOSES ABORTION AND GUN CONTROL POLLS
SHOW MANY ORDINARY MINORITY VOTERS AGREE WITH HER AND EVEN THOUGH SHE SPENT
ONLY 9000 IN THE MARCH PRIMARY HER ARMY OF GRASSROOTS VOLUNTEERS HELPED
HER WIN 37 OF THE VOTE AND PLACE FIRST MS CLARK WON IN BLACK AREAS BUT
ALSO EASILY CARRIED SUBURBAN FORT BEND COUNTY

DEMOCRATIC LEADERS STRUCK BACK FOR THE RUNOFF THEY RALLIED AROUND KEN
BENTSEN WHO TOOK SECOND PLACE WITH 26 MR BENTSEN A NEPHEW OF TREASURY
SECRETARY LLOYD BENTSEN RAISED BUCKETS OF MONEY FROM BUSINESS INTERESTS AND
FROM LIBERAL GROUPS TERRIFIED AT THE PROSPECT OF MS CLARK JOINING THE
UNIFIED CONGRESSIONAL BLACK CAUCUS

THEY DID EVERYTHING TO DEFEAT ME SHE SAYS POLITICALLY CONNECTED BLACK
MINISTERS HELPED MR BENTSEN A FLOOD OF STREET MONEY TURNED OUT LIBERAL
VOTERS MR BENTSEN SPENT 250000 TO MS CLARK'S 25000 RAIN AND THE
TRADITIONAL LOWER TURNOUT FOR RUNOFFS LED TO A THIRD FEWER VOTES CAST MR
BENTSEN WON WITH 64 OF THE VOTE

MS CLARK SAYS SHE'S FED UP WITH THE STRANGLEHOLD THAT LIBERALS EXERCISE
OVER THE DEMOCRATIC PARTY THEY PREACH DIVERSITY BUT THEY PRACTICE
PHILOSOPHICAL CONFORMITY SHE TOLD US IN THE FALL SHE WILL SUPPORT GENE
FONTENOT A PHYSICIAN WHO WON THE REPUBLICAN NOMINATION SHE MAY FIND IT A
LESS HOSTILE ENVIRONMENT 9404150074 940415 REVIEW & OUTLOOK EDITORIAL
 COMPREHENDING RWANDA

WHY ARE THEY KILLING IN RWANDA A NATION'S LEADER GETS ASSASSINATED AND
WITHIN A WEEK TENS OF THOUSANDS OF YOUNG MEN PICK UP THEIR GUNS AND START
SLAUGHTERING SOME 20000 PEOPLE REPORTEDLY LIE DEAD IN THE STREETS

NOMINALLY TWO ARMIES ARE FIGHTING OVER CONTROL OF A GOVERNMENT BUT THE
RELATIONSHIP BETWEEN MOST OF THIS KILLING AND THE CIVIL WAR OF A
QUASINATION CALLED RWANDA IS AT BEST TENUOUS WOMEN ARE BEING DRAGGED
FROM THEIR HOMES AND HACKED TO DEATH YOUNG MEN ARE GOING INTO HOSPITALS AND
SHOOTING PATIENTS IN THEIR COTS THESE ARE APPARENTLY NOT SUBSIDIARY
ATROCITIES BUT THE MAIN ACTION

SOMETIMES THE WORD TRIBALISM OR THE PHRASE ETHNIC FEUDING IS USED TO
EXPLAIN THIS SORT OF CONFLICT THAT'S ONLY PART OF THE EXPLANATION BELGIUM
HAS ETHNIC RIVALRY BUT WALLOONS AND FLEMINGS DON'T GO KILLING EACH OTHER
IN BELGIUM THERE IS AN EFFECTIVE STATE AND A HISTORY OF ADHERING TO
PRINCIPLES OF CIVIL AND SOCIAL BEHAVIOR THAT ENABLE PEOPLE TO GET ALONG AS
A RESULT MOST BELGIANS DON'T WAKE UP IN THE MORNING AND WORRY ABOUT WHETHER
THEY WILL FALL VICTIM TO AN ETHNIC POGROM

IN PLACES LIKE RWANDA WHERE EVERY DAY IS A SCRAMBLE FOR EXISTENCE IN THE
BEST OF TIMES THERE ISN'T THAT ASSURANCE IF WHAT LITTLE ORDER THE STATE
CAN PROVIDE SUDDENLY BREAKS DOWN THE PARANOIA OF USAGAINSTTHEM FILLS THE
VOID NO DOUBT THE YOUNG MEN DOING THE KILLING TODAY BELIEVE THE OTHER GUY
WOULD JUST AS READILY DO THE SAME TO THEM WHETHER THAT SUSPICION IS TRUE AT
THE BEGINNING IT'S CERTAINLY TRUE BY THE END

BLOODLUST OR A CARNAL PLEASURE IN MAYHEM IS NOT A SIDE OF HUMAN NATURE
THAT PEOPLE LIKE TO DISCUSS IN A REUTERS DISPATCH FROM RWANDA A FEW DAYS
AGO WE READ ABOUT YOUNG MEN WITH MACHETES STANDING AMONG PILES OF BODIES
AND GRINNING THE BEHAVIOR OF THE VARIOUS ETHNIC MILITIA IN SERBIA HAS
HARDLY BEEN BETTER REMINDING US THAT THIS KIND OF BARBARISM DOESN'T HAPPEN
ONLY IN AFRICA

IN A WIDELY DISCUSSED ESSAY IN THE ATLANTIC MONTHLY ROBERT D KAPLAN
RECENTLY WROTE ABOUT WHAT HE CALLED THE COMING ANARCHY HE DESCRIBED A
PLANET IN WHICH CIVIC ORDER DECAYS AND COLLAPSES WITH THE EXCEPTION OF THE
INDUSTRIALIZED NATIONS WHICH MR KAPLAN LIKENS TO A LIMOUSINE DRIVING
THOUGH A WAR ZONE THOUGH EXAGGERATED THESE FEARS DO CAPTURE THE CHALLENGE
FACING CERTAIN PARTS OF THE WORLD THE NATION STATE HASN'T TAKEN ROOT IN
THESE PLACES AND ANY ATTEMPT BY OUTSIDERS TO PROVIDE ORDER WOULD BE DEEMED
IMPERIALISM OR A MISAPPREHENSION OF THE LOCAL CULTURE

WHERE THERE IS NO STATE TO EXERCISE A RESPONSIBLE MONOPOLY ON VIOLENCE AND
THEREBY CURB PRIVATE VIOLENCE SOMETHING LIKE A WAR OF ALL AGAINST ALL IS
THE DEFAULT MODE FOR YOUNG MEN LIVING LIVES OF IDLENESS AND INSECURITY WITH
NO OPPORTUNITIES BEING PART OF AN ARMED BAND OFFERS AN ESCAPE FROM TEDIUM
THE PLEASURES OF COMRADESHIP AND OPPORTUNITIES FOR ENRICHMENT MOST OF ALL
IT OFFERS ALLIES AND A MODICUM OF SECURITY IN A WORLD WITHOUT LAW

NOW THAT A REBEL ARMY REPRESENTING THE TUTSI ETHNIC GROUP IS POISED TO
OCCUPY THE CAPITAL KIGALI RWANDA MAY SUBSIDE INTO AN UNEASY TRUCE BETWEEN
THE TUTSIS AND HUTUS SUCH AS HAS EXISTED IN THE INTERVALS BETWEEN PREVIOUS
OUTBREAKS OF SLAUGHTER SINCE THE END OF BELGIAN COLONIALISM ANOTHER
POSSIBILITY IS THAT THE TUTSI OCCUPIERS MAY UNLEASH A NEW WAVE OF BLOODSHED
IN REPRISAL FOR WHAT HAS BEEN HAPPENING TO THEIR ETHNIC KIN INSIDE THE CITY
THESE PAST COUPLE OF WEEKS

THE PICTURE OF BELGIAN AND FRENCH PARATROOPERS SENT TO ESCORT THEIR
NATIONALS TO SAFETY STANDING BACK WHILE THE SLAUGHTER HAS UNFOLDED ISN'T
VERY INSPIRING BUT WE DON'T LIVE IN A WORLD THAT RECOGNIZES A
RESPONSIBILITY TO PROVIDE ORDER FOR THOSE PEOPLE STUCK IN PLACES WHERE
HISTORY OR THE INTIMIDATIONS OF CULTURAL POLITICS HAVE MADE IT HARD FOR THEM
TO GOVERN THEMSELVES

WE MIGHT NOTE THAT THE WEST AS IT IS KNOWN WAS BUILT OUT OF CENTURIES OF
STRIFE HOWEVER ITS BEST POLITICAL AND INTELLECTUAL LEADERS NEVER CEASED
WORKING TO ESTABLISH PRINCIPLES OF LAW GOVERNANCE COMMERCE AND PERSONAL
BEHAVIOR THAT WOULD MINIMIZE THE INCENTIVES TO VIOLENCE THEY SUCCEEDED
EVENTUALLY AND WESTERN CIVILIZATION FLOURISHED AMID CHAOS AND KILLING IN
MANY PLACES NOW THOSE PRINCIPLES DESERVE REDISCOVERY 9404150073 940415
LOST ART OF PENMANSHIP  BY MICHELE MCCORMICK

CRITICS OF NEWTON AND OTHER NOTEPAD COMPUTERS HAVE COMPLAINED THEY CAN'T
READ VERY WELL BUT THE WRITERS NOT THE READERS ARE THE PROBLEM TOO MANY
OF US HAVE STOPPED TAKING THE TIME TO WRITE ATTRACTIVELY AND LEGIBLY
WORSE YET WE HAVEN'T EVEN NOTICED THAT IT MATTERS

HISTORICALLY FEW SKILLS HAVE BEEN MORE SIGNIFICANT THAN CLEAR PENMANSHIP
THE MAGNA CARTA AND THE DECLARATION OF INDEPENDENCE ARE JUST TWO OF THE
IMPORTANT DOCUMENTS BEAUTIFULLY WRITTEN BY HAND THERE IS NO QUESTION AS TO
WHETHER JEFFERSON ACTUALLY MEANT TO SAY WHEN IN THY CURSE OF HORMONE
ERRORS OR WHERE ON THE COURSE OF LEARNED FERRETS OR WHEN IN THE COURSE
OF HUMAN EVENTS  THE ANSWER IS INDISPUTABLE BECAUSE IT WAS SO
CLEARLY WRITTEN

SUCH SKILL SEEMS NEAR EXTINCTION ASK ANY EXPERIENCED SECRETARY OR
PHARMACIST AND SHE WILL TELL YOU THAT HANDWRITING HAS BEEN IN DECLINE FOR
AGES EVEN AMONG OUR MOST LEARNED PROFESSIONALS WHEN I WAS IN GRADE SCHOOL
AN A IN HANDWRITING WAS A COVETED GOAL WE SPENT HOURS PRACTICING OUR A'S
AND O'S AND TOOK GREAT CARE THAT OUR G'S SHOULD CURL BELOW THE LINE
PRECISELY I ADMIRED THE LOOPY HANDWRITING OF MY FRIENDS WHO ATTENDED
CATHOLIC SCHOOL I DON'T KNOW WHAT EXERCISES THEY USED BUT THE RESULT WAS
AN ABUNDANTLY CURVACEOUS STYLE WITH A SURPRISINGLY LUSTY FLAIR FOR A SKILL
TAUGHT IN A RELIGIOUS ENVIRONMENT

DURING MY COLLEGE YEARS MY FATHER OFTEN RESPONDED TO MY SCRAWLED
CORRESPONDENCE WITH ADMONITIONS TO STUDY PALMER MR PALMER WAS THE
SCRIPTMEISTER A TEACHER FOR PEOPLE WHO CARED ABOUT THE DETAILS OF SHAPING
THE WRITTEN WORD EXACTLY HIS METHOD WHATEVER IT WAS HAD MIGHTILY
IMPRESSED DEAR OLD DAD

MY HANDWRITING NEVER WON PRIZES BUT UNTIL I OWNED A COMPUTER IT WAS
REASONABLY LEGIBLE NOW NOT EVEN I CAN READ IT THE MAIN PROBLEM IS SPEED
ON THE COMPUTER IT'S EASY TO WHIZ ALONG AT 80 OR 100 WORDS A MINUTE I CAN
INPUT ALMOST AS FAST AS I CAN THINK EVERY IDEA MAKES IT EASILY ONTO THE
SCREEN

THAT IS NOT NECESSARILY A GOOD THING WHEN WORDS ARE CAREFULLY WRITTEN BY
HAND THERE'S SIMPLY NO WAY TO KEEP UP WITH THE THOUGHT PROCESS DEAR
SENATOR YOUR VOTE HAS OUTRAGED ME FOR THREE REASONS HERE'S ONE I'LL
CONVEY THE OTHER TWO WHEN I'M BACK AT MY COMPUTER THE MORE FRUSTRATED I
BECOME WITH THE SLOWNESS OF THE PROCESS THE MORE MY PENMANSHIP
DETERIORATES INCREASINGLY MY PENNED LINES RESEMBLE AN EKG READING

WHEN I WAS EMPLOYED AS PUBLIC RELATIONS DIRECTOR AT A SMALL AD AGENCY MY
ANNUAL REVIEW INCLUDED THE EVALUATION CATEGORY HANDWRITING MY BOSS SAID
WE SHOULD ALL WRITE CLEARLY SO MESSAGES WOULD BE EASILY UNDERSTOOD GOOD
HANDWRITING CAN ACCOMPLISH COMMUNICATION

ACCORDING TO EMILY POST FINE HANDWRITING IS ESSENTIAL CERTAIN WEDDING
INVITATIONS NOTES OF CONGRATULATION OR CONDOLENCE AND THOSE OF SPECIAL
THANKS ABSOLUTELY MUST BE COMPOSED IN LONGHAND ONE MAY ALWAYS EMPLOY A
CALLIGRAPHER TO HANDLE DINNERPARTY PLACE CARDS OR SPECIAL INVITATIONS BUT
THE USE OF SUCH A SERVICE FOR DAILY CORRESPONDENCE IS IMPRACTICAL AND
SCRIPT FONTS ON THE COMPUTER WELL THEY SIMPLY WILL NOT DO

THERE'S SOMETHING EXTRAORDINARILY PERSONAL ABOUT A NOTE THAT SOMEONE HAS
TAKEN THE TIME TO DRAFT WITH PEN AND INK IT IMPLIES THE SENDER CARES IT'S
VERY NICE TO RECEIVE AND NICER YET IF IT CAN ACTUALLY BE READ

MS MCCORMICK HEADS HER OWN PUBLIC RELATIONS FIRM IN SACRAMENTO CALIF
9404150072 940415 DIVIDED LOBBY CHAMBER OF COMMERCE IS ROILED BY A
REVOLT WITHIN RANK AND FILE  STANDS TAKEN IN WASHINGTON ON ISSUES
SUCH AS HEALTH IRK SOME SMALLER FIRMS  NO 2 OFFICIAL GETS THE AX 
 BY JEANNE SADDLER AND RICK WARTZMAN STAFF REPORTERS OF THE WALL
STREET JOURNAL

LANCASTER PA CLEO WEAVER'S COMPANY HERE TRIANGLE REFRIGERATION CO
SELLS SUPERMARKET FREEZERS BUT IT IS MR WEAVER WHO FELT FROZEN OUT

THE US CHAMBER OF COMMERCE MEMBER WAS JOLTED RECENTLY WHEN HE HEARD THAT
THE NATIONAL ORGANIZATION WAS CONSIDERING BACKING THE KIND OF EMPLOYER
MANDATE PROPOSED IN PRESIDENT CLINTON'S HEALTHCARE REFORM BILL I WAS REAL
UPSET I CALLED AND SAID WHAT'S GOING ON HERE' SAYS MR WEAVER WHO
THREATENED TO QUIT AS A SMALLBUSINESS OWNER EVERY DOLLAR COUNTS AND
DUES ARE A TERRIBLE INVESTMENT IF THEY DON'T REPRESENT ME

LOCAL COMPANY OWNERS LIKE MR WEAVER ARE THE BACKBONE OF THE SELFPROCLAIMED
VOICE OF BUSINESS BUT A GROWING NUMBER OF LOCAL MEMBERS NO LONGER LIKE
WHAT THEY ARE HEARING FROM THE NATIONAL CHAMBER OFFICE IN WASHINGTON

WHEN THE CHAMBER SUPPORTED MANDATORY EMPLOYER HEALTH COVERAGE RECENTLY
SCORES OF MEMBERS COMPLAINED TO THE NATIONAL HEADQUARTERS SOME MEMBERS AND
CONGRESSIONAL REPUBLICANS ACCUSE THE CHAMBER OF BEING TOO COZY WITH THE
CLINTON ADMINISTRATION IN RESPONSE THE CHAMBER REVERSED ITS STANCE ON
EMPLOYER MANDATES ORDERED A POLL OF ITS MEMBERS ON HEALTHCARE REFORM AND
JUST LAST WEEK FIRED ITS TOP LOBBYIST IN A MAJOR STAFF SHAKEUP

FOR SOME THE ACTION COMES TOO LATE IN PHOENIX KIVA CONTAINER CORP WAS A
PROUD MEMBER OF THE NATIONAL CHAMBER FOR TWO DECADES UNTIL IT QUIT EARLIER
THIS YEAR THE CHAMBER'S LEADERSHIP IS TOTALLY OUT OF TOUCH WITH REALITY
SAYS RUTH STAFFORD CHIEF FINANCIAL OFFICER AT THE COMPANY WHICH MAKES
CORRUGATED PACKAGING

OTHERS LIKE JUDSON MOTSENBOCKER OWNER OF A MUNCIE IND CONSTRUCTION
COMPANY AREN'T QUITTING THE CHAMBER DETERMINED INSTEAD TO TRY TO PROD ITS
OFFICIALS TO CHANGE COURSE SURE THEY HAVE LOST THEIR WAY MR MOTSENBOCKER
SAYS AFTER ALL THEY'RE IN WASHINGTON DC THAT'S DISNEY WORLD EAST

THE NATIONAL CHAMBER WHOSE MEMBERSHIP RANGES FROM GENERAL MOTORS CORP TO
LOCAL MUFFLER SHOPS STILL HAS PLENTY OF DEFENDERS BUT CRITICS SAY THE
CURRENT UPHEAVAL IS AN ILLUSTRATION OF HOW A WASHINGTON LOBBYING GROUP CAN
FAIL TO GAUGE JUST WHAT ITS MEMBERS WANT

THOUGH THE CHAMBER SAYS IT HAS LOST ONLY A COUPLE OF DOZEN OF ITS NEARLY
220000 MEMBERS IN RECENT MONTHS MANY HAVE THREATENED TO QUIT THAT HAS
SENT A CHILL THROUGH A GROUP WHOSE 600STRONG SALES FORCE HAD DIFFICULTY
PEDDLING MEMBERSHIPS IN THIS WINTER'S HARSH WEATHER

THE CHAMBER SAYS IT IS FINANCIALLY SOUND AND EXPECTS TO SEE ITS REVENUE RISE
THIS YEAR TO ABOUT 80 MILLION FROM 78 MILLION YET THE GROUP IS FEELING
ENOUGH OF A SQUEEZE THAT IT RECENTLY ISSUED A HIRING FREEZE THE CHAMBER
ALSO WORRIES THAT SOME SMALLBUSINESS MEMBERS MIGHT DEFECT TO THE RIVAL
NATIONAL FEDERATION OF INDEPENDENT BUSINESS WHICH HAS TAKEN THE LEAD IN
OPPOSING THE CLINTON HEALTHCARE PROGRAM ON BEHALF OF SMALLER FIRMS

PUBLICLY CHAMBER OFFICIALS PLAY DOWN THE PROBLEMS RICHARD LESHER THE
CHAMBER'S PRESIDENT FOR 19 YEARS BLAMES ALL THE CRITICISM ON ONE THING
BEING ONE OF THE WORLD'S LARGEST BUSINESS FEDERATIONS WE GET THE FLAK
BECAUSE WE ARE THE BIG GORILLA HE SAYS FROM HIS OFFICE IN THE CHAMBER'S
OPULENT HEADQUARTERS WHICH SITS ON THE SITE OF 19THCENTURY STATESMAN
DANIEL WEBSTER'S HOME ACROSS LAFAYETTE PARK FROM THE WHITE HOUSE

SOMETIMES THOUGH THE OFFICIAL RESPONSE ONLY REINFORCES THE NOTION THAT THE
CHAMBER IS OUT OF TOUCH ASK MR LESHER ABOUT THIS MONTH'S RESTRUCTURING AND
HE TALKS ABOUT HOW WE'RE ASPIRING TO BE A TOTAL QUALITY MANAGEMENT
ORGANIZATION ASK WHY THE MEMBERSHIP IS IN AN UPROAR AND HE PREFERS TO
LEAD A TOUR OF THE CHAMBER'S TELEVISION STUDIO WHERE HE BOASTS THAT HE HAS
APPEARED IN 760 CONSECUTIVE EPISODES OF IT'S YOUR BUSINESS A SYNDICATED
SHOW CARRIED ON MORE THAN 150 STATIONS BASICALLY WE ARE A BIG FAT AND
HEALTHY ORGANIZATION DECLARES MR LESHER WHO ACCORDING TO TAX RECORDS
EARNED 434068 IN 1992

IN MANY RESPECTS HOWEVER THE CHAMBER NOW FINDS ITSELF IN THE WORST OF BOTH
WORLDS MANY DEMOCRATS SEE IT AS INEPT REPUBLICANS SEE IT AS A STOOGE AND A
TRAITOR THEY'VE BEEN ALL OVER THE PLACE SAYS RICHARD RAHN WHO LEFT AS
CHIEF ECONOMIST OF THE CHAMBER IN 1991 TO FORM HIS OWN COMPANY THAT'S VERY
DIFFERENT FROM THE CHAMBER I KNEW

FOUNDED IN 1912 AT THE RECOMMENDATION OF PRESIDENT TAFT THE CHAMBER HAS
PLAYED A LEADING ROLE IN FOSTERING ECONOMIC DEVELOPMENT PROMOTING OPEN
TRADE AND ABOVE ALL FIGHTING GOVERNMENT INVOLVEMENT IN THE MARKETPLACE

THE CHAMBER HAS ALWAYS HAD A TOUGH JOB MAKING POLICIES THAT SUIT ITS DIVERSE
MEMBERSHIP COUNTED AMONG ITS 215000 INDIVIDUAL COMPANY MEMBERS ARE MOST OF
THE NATION'S 1000 LARGEST CORPORATIONS SOME OF WHICH PAY AS MUCH AS
100000 A YEAR IN DUES BUT 95 OF THE CHAMBER'S RANKS ARE FIRMS WITH 100
OR FEWER EMPLOYEES WHICH PAY AS LITTLE AS 150 THE NATIONAL GROUP ALSO
INCLUDES SOME 3000 STATE AND LOCAL CHAMBERS OF COMMERCE AND 1200 TRADE AND
PROFESSIONAL ASSOCIATIONS

THOUGH PEOPLE TEND TO THINK OF LOCAL CHAMBERS SIMPLY AS SHAMELESS
CHEERLEADERS MANY OF THEM ARE QUITE SOPHISTICATED WE DON'T DO PARADES IN
LANCASTER SAYS KATHLEEN BAILEY HEAD OF A HOMENURSINGCARE COMPANY AND A
LOCAL CHAMBER MEMBER WITH ITS OWN HEALTHCAREREFORM COMMITTEE AND SEMINARS
ON EVERYTHING FROM MANAGEMENT TO INTERNATIONAL TRADE THE GROUP FOLLOWS MANY
OF THE SAME ISSUES AS THE NATIONAL CHAMBER

CARRYING THE FLAG FOR BUSINESS WAS ONE THING WHEN THE WHITE HOUSE WAS
OCCUPIED BY REPUBLICANS RONALD REAGAN AND GEORGE BUSH STRUGGLING TO ADJUST
TO A DEMOCRATIC ADMINISTRATION THE NATIONAL CHAMBER HAS TRIED TO WORK WITH
PRESIDENT CLINTON'S TEAM ONLY TO BE HIT WITH A BACKLASH FROM ITS MEMBERS ON
MAIN STREET AND LONGTIME GOP ALLIES IN CONGRESS

IN FEBRUARY 1993 THE CHAMBER'S 63MEMBER BOARD OF DIRECTORS APPLAUDED
PRESIDENT CLINTON'S GOALS OF REDUCING THE DEFICIT CUTTING SPENDING
CREATING JOBS AND STIMULATING THE ECONOMY THAT DIDN'T SIT WELL WITH THE
WHOLESALE GROCERS/FOODSERVICE DISTRIBUTORS ASSOCIATION WHICH OPPOSED
PROVISIONS OF THE CLINTON BUDGET AND HAS SINCE QUIT THE CHAMBER IF WE'RE
GOING TO PAY DUES TO THEM WE SHOULD BE ABLE TO RELY ON THEM TO FIGHT FOR
WHAT THE MEMBERS WANT SAYS JOHN BLOCK PRESIDENT OF THE WHOLESALE GROCERS
GROUP

THE CHAMBER'S LARGELY POSITIVE TONE ON THE CLINTON BUDGET ALSO INFURIATED
THE HOUSE GOP LEADERSHIP WHICH THOUGHT IT COULD COUNT ON THE CHAMBER TO
ASSAIL THE PRESIDENT'S AGENDA THE REPUBLICAN PIQUE GREW WHEN MR CLINTON
CAME TO THE CHAMBER FOR A TELEVISED QUESTIONANDANSWER SESSION ON
EDUCATION WHERE HE MENTIONED IN PASSING HIS SUMMER JOBS PROGRAM ONCE A
FOOT SOLDIER IN THE BATTLE AGAINST BIG GOVERNMENT THE CHAMBER APPEARS NOW
TO BE A LAP DOG OF THE ADMINISTRATION COMPLAINED OHIO REP JOHN BOEHNER
CHAIRMAN OF THE CONSERVATIVE OPPORTUNITY SOCIETY A GROUP OF MORE THAN 60
HOUSE REPUBLICANS

IN TRUTH THE CHAMBER HAD NEVER EMBRACED THE CLINTON ECONOMIC PLAN OPPOSING
MANY ASPECTS OF IT WHILE ADVOCATING OTHERS BUT IT WASN'T UNTIL MAY 27 
THE DAY THE CLINTON BUDGET WAS TO COME TO A VOTE IN THE HOUSE THAT THE
CHAMBER CALLED ON CONGRESS TO REJECT THE PACKAGE THAT STILL WASN'T ENOUGH
TO MOLLIFY THE REPUBLICANS IN JULY SOME IN THE GOP CIRCULATED A LETTER
URGING THEIR COLLEAGUES TO BOYCOTT A CHAMBER AWARDS DINNER AND ONLY ABOUT A
THIRD OF THE INVITEES ATTENDED

THE BIGGEST BATTLE HOWEVER HAS BEEN OVER HEALTH CARE IN EARLY 1993 THE
CHAMBER BOARD ANNOUNCED ITS SUPPORT FOR UNIVERSAL HEALTHCARE COVERAGE AND
SAID THE BEST WAY TO PAY FOR IT WAS THROUGH A SYSTEM OF SHARED
RESPONSIBILITY AMONG THE GOVERNMENT INDIVIDUALS AND EMPLOYERS AN
ARRANGEMENT SIMILAR TO THE CLINTON PLAN'S EMPLOYER MANDATE THE BOARD
REAFFIRMED THAT POSITION IN JUNE AND NOVEMBER

AT THE TIME CHAMBER OFFICIALS SAY THEY WERE TAKING THE TACK THEY THOUGHT
THEIR MEMBERS WANTED I WAS DOING SPEECHES TALKING ABOUT HEALTH CARE AND
SHARED RESPONSIBILITY AND HELL I DIDN'T HAVE ANYBODY COMING UP TO ME
OPPOSING THOSE CONCEPTS SAYS WILLIAM MARCIL THE CHAMBER'S CHAIRMAN AND
CHIEF EXECUTIVE OFFICER OF FORUM COMMUNICATIONS CO A NORTH DAKOTA
NEWSPAPER PUBLISHER

OTHER BUSINESS GROUPS INCLUDING THE NFIB WERE TRUMPETING MEMBERS'
OPPOSITION TO A MANDATE BUT THE CHAMBER REPLETE WITH SATELLITE HOOKUPS
AND A COMPUTER NETWORK LINKING THOSE IN WASHINGTON WITH THE GRASS ROOTS 
SAYS IT WASN'T GETTING THE SAME SIGNAL MAYBE THE NFIB JUST HAD A LUCKY
GUESS SAYS MR MARCIL

REGARDLESS BY LATE FEBRUARY IT HAD BECOME CLEAR TO CHAMBER OFFICIALS THEY
WERE OUT OF STEP WITH MANY OF THE GROUP'S MEMBERS ESPECIALLY THE
SMALLBUSINESS OWNERS ANGRY FAXES BEGAN POURING INTO THE CHAMBER'S
HEADQUARTERS FROM HUNDREDS OF BUSINESS OWNERS AND LOCAL AFFILIATES FURIOUS
OVER THE IDEA THAT THE CHAMBER WAS GOING TO BACK A MANDATE IT IS
UNCONSCIONABLE THAT THE US CHAMBER OF COMMERCE IS EVEN CONSIDERING TO
SUPPORT SUCH A PROPOSAL WROTE ROY CARLSON THE PRESIDENT OF THE TROY
OHIO CHAMBER

JEFF LOUDON WHO OWNS A CHAIN OF GAS STATIONS AND CONVENIENCE STORES IN
SEATTLE SAYS HE CANNED THE CHAMBER BECAUSE OF ITS STANCE ON THE
EMPLOYERMANDATE PROPOSAL THAT WAS A RED FLAG THAT THEY REALLY AREN'T
REPRESENTING ME HE SAYS

ADDING TO THE FURY WAS A MIXUP IN CONGRESSIONAL TESTIMONY SCHEDULED TO BE
DELIVERED BY ROBERT PATRICELLI CHAIRMAN OF A MANAGEDCARE COMPANY AND HEAD
OF THE CHAMBER'S HEALTH AND EMPLOYEEBENEFITS PANEL ALTHOUGH CHAMBER
OFFICIALS HAD DECIDED TO BACK AWAY FROM THE MANDATE A LOWERLEVEL STAFFER
ACCIDENTALLY SENT FAR MORE CONCILIATORY TESTIMONY TO THE HILL

STIRRING THE POT AGAIN WERE HOUSE REPUBLICANS INCLUDING REP BOEHNER AND
GEORGIA'S NEWT GINGRICH WHO URGED COLLEAGUES TO CALL CHAMBER BOARD MEMBERS
AND LOCAL CHAMBERS THE NATIONAL RETAIL FEDERATION WHOSE MEMBERS INCLUDE
STORES WITH PARTTIMERS ALSO ORGANIZED A FAX CAMPAIGN WROTE WILLIAM LAVIN
CHAIRMAN OF WOOLWORTH CORP THE CHAMBER'S POSITION THREATENS TO WEAKEN ITS
EFFECTIVENESS BY MAKING IT LOOK FOOLISH IN THE EYES OF CONGRESS AND THE
CLINTON ADMINISTRATION

BY THE TIME THE CHAMBER BOARD MET ON FEB 28 THERE WASN'T MUCH DOUBT ABOUT
WHAT IT WOULD DO ALTHOUGH THE HEALTH COMMITTEE WAS STILL URGING THE CHAMBER
TO PROMOTE SHARED RESPONSIBILITY MORE THAN 50 DIRECTORS VOTED TO OPPOSE ANY
EMPLOYER MANDATE ONLY FOUR DISSENTED THE CHAMBER ALSO SUSPENDED ITS
SUPPORT OF UNIVERSAL HEALTHCARE COVERAGE UNTIL IT RECEIVES THE RESULTS OF A
COMPREHENSIVE POLL OF ITS MEMBERS THAT SURVEY IS EXPECTED TO BE MADE PUBLIC
IN A COUPLE OF WEEKS

AMID THE TURMOIL CRITICS ACCUSED THE CHAMBER'S STAFF OF TRYING TO BE
PLAYERS IN WASHINGTON AT THE EXPENSE OF THE GROUP'S MEMBERS OUTSIDE THE
BELTWAY MOST OF ALL THEY BLAMED WILLIAM ARCHEY AN EIGHTYEAR CHAMBER
VETERAN WHO TOOK OVER AS TOP LOBBYIST AND POLICY MAKER IN 1991 WHAT IS
GOOD FOR THE CHAMBER STAFF IS NOT NECESSARILY GOOD FOR THE CHAMBER MR
RAHN THE FORMER CHAMBER ECONOMIST AND THREE OTHER FORMER TOP CHAMBER
OFFICIALS CAUTIONED THE GROUP'S BOARD IN A LETTER LAST FEBRUARY THE FOUR
SUGGESTED THAT TOPLEVEL STAFF CHANGES WERE IN ORDER

THINGS CAME TO A HEAD LAST WEEK THE CHAMBER FIRED MR ARCHEY AND ANNOUNCED
IT WAS RESTRUCTURING ITS OPERATIONS SO THAT ITS MEMBERSHIP AND POLICYMAKING
ARMS ARE MORE IN SYNC

WITHOUT A DOUBT HAVING A DEMOCRAT IN THE OVAL OFFICE HAS COMPLICATED
MATTERS FOR THE CHAMBER MANY BUSINESSES ESPECIALLY THE SMALL MOMANDPOP
FIRMS THAT MAKE UP THE BULK OF THE CHAMBER'S ROSTER TEND AUTOMATICALLY TO
DISLIKE DEMOCRATS AND THAT CAN LEAVE A GROUP LIKE THE CHAMBER IN A TERRIBLE
QUANDARY WHAT SHOULD IT DO IF ITS STAFF OF EXPERTS THINKS A DEMOCRATIC
ADMINISTRATION'S POLICY IS IN ITS MEMBERS' BEST INTEREST BUT THE MEMBERS
HAVE BASIC IDEOLOGICAL OBJECTIONS

I THINK ANY NATIONAL ORGANIZATION HAS TO TREAD LIGHTLY BETWEEN BEING
DIRECTED BY YOUR MEMBERS AND THE REQUIREMENT THAT YOU BE AHEAD OF THE CURVE
WITH RESPECT TO ISSUES SAYS JOHN POLK PRESIDENT OF THE GREATER CLEVELAND
GROWTH ASSOCIATION PART OF THAT CITY'S LOCAL CHAMBER

MR ARCHEY WHO NOTES THAT ALL OF HIS ACTIONS WERE BASED ON POLICIES ADOPTED
BY THE CHAMBER'S BOARD SAYS HE SAW THE CLINTON HEALTHCARE PLAN WITH ITS
ASSUMPTION OF EARLYRETIREE MEDICAL COSTS FOR BIG CORPORATIONS AND ITS
SUBSIDIES TO HELP SMALL FIRMS PAY FOR THEIR EMPLOYEES' HEALTH COVERAGE AS
AT LEAST A GOOD STARTING POINT FOR DISCUSSION I HAVE A STRONG SENSE HE
SAYS THAT THE INSTITUTION WANTS TO GO BACK TO ESSENTIALLY KNEEJERK
REACTIONS TO WHAT'S GOING ON IN WASHINGTON

THE CHAMBER'S RECENT SHAKEUP HAS ENCOURAGED SOME FORMERLY DISGRUNTLED
MEMBERS SUCH AS EDWARD BRUSKE PRESIDENT OF THE TOPEKA KAN CHAMBER
IT'S EASY TO SEE HOW YOU COULD BE SUCKED INTO THE MANDATE CONCEPT  
THEY'RE SITTING IN THE RIGHT POSITION NOW HE SAYS

HERE IN LANCASTER WHERE ABOUT 15 COMPANIES THREATENED TO CANCEL THEIR
MEMBERSHIPS WHEN ANGER AT THE NATIONAL CHAMBER WAS AT ITS PEAK OVER THE
HEALTHCARE ISSUE BUSINESS OWNERS ARE WAITING TO SEE IF THE LOCAL VIEWS
WILL PREVAIL AFTER ALL THIS IS WHERE THE RUBBER MEETS THE ROAD SAYS
LAWRENCE GEMMELL PRESIDENT OF A LOCAL HAZARDOUSWASTE DISPOSAL FIRM
9404150071 940415 TECHNOLOGY & HEALTH MICROSOFT COFOUNDER ALLEN
NAMES RABURN CEO OF NEW COMPANY

PAUL G ALLEN THE BILLIONAIRE COFOUNDER OF MICROSOFT CORP HAS STARTED A
COMPANY AND NAMED LONGTIME FRIEND VERN RABURN ITS PRESIDENT AND CHIEF
EXECUTIVE OFFICER

THE COMPANY TO BE CALLED PAUL ALLEN GROUP WILL BE BASED IN BELLEVUE
WASH AND WILL COORDINATE THE OVERALL STRATEGY FOR THE GROUP OF HIGHTECH
COMPANIES THAT MR ALLEN OWNS OR HOLDS A SIGNIFICANT STAKE IN THE
MULTIMEDIA AND COMMUNICATIONS COMPANIES INCLUDE ASYMETRIX CORP AND STARWAVE
CORP BOTH OF BELLEVUE WASH AND INTERVAL RESEARCH CORP IN PALO ALTO
CALIF

IN 1979 MR RABURN JOINED REDMOND WASHBASED MICROSOFT WHERE HE WAS
PRESIDENT OF THE CONSUMERPRODUCTS DIVISION BEFORE PAUL ALLEN GROUP HE
WORKED AT LOTUS DEVELOPMENT CORP CAMBRIDGE MASS AS EXECUTIVE VICE
PRESIDENT AND AT CUPERTINO CALIFBASED SYMANTEC CORP AS CHAIRMAN HE
FOUNDED SLATE CORP A SCOTTSDALE ARIZ SOFTWARE COMPANY THAT MAKES
PENBASED APPLICATIONS 9404150070 940415 LETTERS TO THE EDITOR GIVING
BIRTH HERE AND THERE

AS TWO PHYSICIANS INVOLVED IN THE CARE OF MOTHERS AND INFANTS IN ONTARIO 
ONE A FAMILY PRACTITIONER WITH A LARGE OBSTETRIC PRACTICE IN TORONTO THE
OTHER A SPECIALIST IN NEONATAL INTENSIVE CARE IN HAMILTON WE WERE
APPALLED BY THE DISTORTIONS ABOUT HEALTH CARE IN CANADA IN A MARCH 31
EDITORIALPAGE ARTICLE BY DANIELLE CRITTENDEN DON'T GIVE BIRTH UP HERE

CANADA HAS ONE OF THE FINEST RECORDS FOR MATERNAL AND INFANT CARE IN THE
WORLD EPIDURALS FOR PAIN DURING LABOR ARE ROUTINELY GIVEN CONTRARY TO
MS CRITTENDEN'S CLAIMS AS THEY ARE IN THE US HOWEVER US STATISTICS
ON PRENATAL CARE INFANT MORTALITY AND MATERNAL MORTALITY ARE THE WORST OF
ANY DEVELOPED NATION OTHER THAN SOUTH AFRICA WHOSE SYSTEM IS PRIMITIVE

WE ARE HAPPY TO HEAR THAT ONE AMERICAN WRITER HAD PRIVATE INSURANCE THAT
PAID FOR HER DELIVERY AND EPIDURAL MILLIONS OF WOMEN OF REPRODUCTIVE AGE IN
THE US HAVE PRIVATE INSURANCE THAT SPECIFICALLY EXCLUDES MATERNITY CARE
MANY MORE HAVE THREADBARE POLICIES THAT EXCLUDE COVERAGE OF NEWBORNS
PUTTING A FAMILY AT RISK OF BANKRUPTCY IN THE EVENT OF A PROBLEM

IN ONTARIO EVERY WOMAN IS COVERED FOR COMPREHENSIVE MEDICAL CARE DURING
PREGNANCY AND DELIVERY ALL INFANT CARE FROM THE MOST HIGHLY SPECIALIZED
INTENSIVE CARE TO ROUTINE IMMUNIZATIONS IS ALSO COVERED

THE EXPANSION OF MIDWIFERY AND BIRTHING CENTERS STRONGLY CRITICIZED IN THE
ARTICLE IS AIMED AT IMPROVING OUR ALREADY ENVIABLE RECORD IN DELIVERING
OUTSTANDING MEDICAL CARE DURING PREGNANCY AND DELIVERY RECENT COSTCONTROL
MEASURES HAVE NOT AFFECTED THE AVAILABILITY OF PROVEN BENEFICIAL MEASURES
THE SAME CANNOT BE SAID OF THE US WHERE THE TRAGICALLY HIGH INCIDENCE OF
LOWBIRTHWEIGHT BABIES IS DIRECTLY LINKED TO THE LACK OF EARLY PRENATAL
CARE

WE COMMEND MS CRITTENDEN FOR DESCRIBING THE POTENTIALLY PAINFUL
CONSEQUENCES TO PREGNANT WOMEN IN LABOR IN A HEALTH CARE SYSTEM WHERE
FUNDING FOR PAIN RELIEF IE EPIDURAL ANALGESIA IS LIMITED CERTAINLY THE
SAFETY AND EFFICACY OF EPIDURAL ANALGESIA IS WELL ESTABLISHED AND A WOMAN'S
RIGHT TO CHOSE THIS METHOD OF PAIN RELIEF IF SHE SO DESIRES SHOULD NOT BE
INFRINGED UPON TO DO OTHERWISE WOULD BE A GIANT STEP BACKWARD TOWARD
BARBARISM IN WOMEN'S HEALTH CARE

WE WISH TO ADD ONE IMPORTANT POINT ALTHOUGH THE PRIMARY GOAL OF EPIDURAL
ANALGESIA IS PAIN RELIEF IT SHOULD BE NOTED THAT WOMEN WHO RECEIVE
EPIDURALS ARE FAR LESS LIKELY TO RECEIVE SEDATIVE DRUGS OR GENERAL
ANESTHESIA FOR EITHER NORMAL OR CAESAREAN DELIVERY THE LEADING CAUSE OF
ANESTHETICRELATED MORTALITY IN OBSTETRICS IS COMPLICATIONS RESULTING FROM
GENERAL ANESTHESIA THE WIDESPREAD USE OF EPIDURAL ANALGESIA HAS IN MANY
INSTITUTIONS INCLUDING OURS REDUCED THE REQUIREMENT FOR GENERAL ANESTHESIA
TO NOT MUCH MORE THAN THE MOST DIRE OF EMERGENCY SITUATIONS THIS
POTENTIALLY LIFESAVING BENEFIT OF EPIDURAL ANALGESIA IE THE AVOIDANCE
OF GENERAL ANESTHESIA MUST BE CONSIDERED WITHIN THE CONTEXT OF ANY HEALTH
PLAN WHICH PROPOSES A REDUCTION IN THE UTILIZATION OF THIS MOST EFFECTIVE
FORM OF PAIN RELIEF DURING CHILDBIRTH

MS CRITTENDEN'S WARNING AGAINST GIVING BIRTH IN CANADA WRONGLY ASSUMES THAT
EPIDURALS ARE READILY AVAILABLE IN THE US THEY AREN'T WHEN I BECAME
PREGNANT WITH MY OLDEST SON OUR BIRTHING INSTRUCTOR TOLD US THAT WE WERE
LUCKY TO BE IN A LARGE METROPOLITAN AREA BECAUSE MANY SMALLER CITIES AND
TOWNS DON'T HAVE ANESTHESIOLOGISTS ON STAFF 24 HOURS A DAY AND IN SMALL
TOWNS WHERE THERE MAY BE ONLY ONE OR TWO DOCTORS WITH THIS SPECIALTY THEY
AREN'T ABOUT TO COME OUT IN THE MIDDLE OF THE NIGHT TO TEND TO A PREGNANT
WOMAN THUS ONLY IN BIG CITIES ARE EPIDURALS WIDELY AVAILABLE

BUT EVEN LIVING IN A BIG CITY AND GIVING BIRTH AT ONE OF THE MOST HIGHLY
RESPECTED OBSTETRIC HOSPITALS DIDN'T MAKE ME A SHOOIN FOR A SPEEDY
EPIDURAL I ARRIVED AT THE HOSPITAL FAR ENOUGH ALONG IN MY LABOR TO GET AN
EPIDURAL IMMEDIATELY BUT THE LAB WAS BACKED UP AND A REQUIRED BLOOD TEST
TOOK HOURS TO PROCESS SO LIKE MS CRITTENDEN'S FRIEND IN TORONTO I WAITED
AND WAITED EVEN THOUGH I WAS COVERED BY TWO PRIVATE INSURERS I FINALLY DID
GET MY PAIN RELIEF AND IT VASTLY IMPROVED MY BIRTHING EXPERIENCE BUT I KNOW
SCORES OF WOMEN WHO HAVE GIVEN BIRTH WITHOUT IT AND I KNOW THAT MANY
HOSPITALS CAN'T OFFER IT ROUTINELY SO IT'S SIMPLY NOT FAIR TO ASSIGN BLAME
FOR THE LACK OF EPIDURALS ON CANADA'S HEALTH CARE SYSTEM OR ON MANAGED CARE

MS CRITTENDEN DOES NOT UNDERSTAND THAT EVEN IF THE AMERICAN HEALTH CARE
SYSTEM PAID FOR EPIDURALS FOR ALL EVERY WOMAN IN THE US WOULD NOT HAVE A
BIRTH LIKE HERS WHERE SHE PLAYED SCRABBLE UNTIL IT WAS TIME TO PUSH

ALL LABORS ARE NATURAL BY THAT I MEAN THEY ARE UNPREDICTABLE VARIABLE AND
INEVITABLE FOR A PREGNANT WOMAN THERE ARE MANY OTHER SAFE EFFECTIVE AND
LESSCOSTLY METHODS OF PAIN CONTROL BESIDES EPIDURALS WE HAVE SEEN PREPARED
CHILDBIRTH BECOME INSTITUTIONALIZED SO THAT COUPLES EXPECT TO COME TO CLASS
NOT TO LEARN PAIN MANAGEMENT SKILLS BUT TO LEARN ABOUT AN EPIDURAL AND GO
HOME THE PAINMANAGEMENT SKILLS TAUGHT IN CHILDBIRTH CLASSES ARE
LIFECOPING SKILLS THAT ARE EFFECTIVE IN DECREASING THE PAIN OF CANCER OR
AIDS OR BIRTH THESE SKILLS DO TAKE TRAINING AND PRACTICE BY THE PATIENT
BUT ARE SAFE AND COST MUCH LESS THAN A CONTINUOUS EPIDURAL

IT SEEMS TO ME THAT WOMEN AND MEDICINE WILL ALWAYS BE TRYING TO IMPROVE
BIRTH BASED ON THEIR MOST RECENT EXPERIENCE EPIDURALS ARE THE '90S ATTEMPT
TO REMOVE PAIN FROM BIRTH

CONSIDER THE PARACERVICAL BLOCK WHICH TOOK AWAY LABOR AND BIRTH PAIN IN THE
'60S AND '70S IT WAS THE BEST MEDICINE OF THAT TIME BUT AFTER FETAL
MONITORS HELPED US DISCOVER THAT PARACERVICAL ANESTHESIA WENT DIRECTLY TO
THE FETUS AND SERIOUSLY DEPRESSED THE BABY'S HEART RATE IT'S THE RARE
PERSON WHO GETS A PARACERVICAL TODAY

AND IN THE '40S AND '50S SCOPALOMINE WAS THE WONDER DRUG GIVEN TO OUR MOMS
AND GRANDMOMS THIS AMNESIC DRUG RENDERED THE MOTHER DELIRIOUS SHE WAS WILD
BUT DIDN'T REMEMBER HER PAIN WHAT SHE DID IN LABOR LEAD TO STRAPS ON THE
DELIVERY TABLE AND BARS ON THE WINDOWS OF MATERNITY UNITS AND OF COURSE NO
FATHER OR OTHER RELATIVE WAS ALLOWED TO BE PRESENT FOR BIRTH BECAUSE IT WAS
SO BIZARRE AND TOO FRIGHTENING TO WATCH SCOPE WAS GIVEN TO TAKE AWAY THE
PAIN OF CHILDBIRTH IT ALSO TOOK AWAY A WOMAN'S DIGNITY

I'M NO MARTYR FOR MOTHERHOOD NOR DO I WISH ANYONE UNNECESSARY PAIN BUT
SOME PAIN IN LABOR IS VERY USEFUL IT CAUSES THE WOMAN TO MOVE AND GET THE
BABY IN AN ADVANTAGEOUS BIRTH POSITION IT TELLS HER WHEN AND HOW TO PUSH
EPIDURALS TAKE THAT AWAY AND IN SOME CASES CAUSE THE NEED FOR MORE
INTERVENTION SOMETIMES PROLONGING LABOR SOMETIMES DECELERATING FETAL HEART
TONES SOMETIME CAUSING INEFFECTIVE PUSHING THAT REQUIRES FORCEPS VACUUM
EXTRACTORS AND MORE

THERE IS NO PANACEA FOR ALL WOMEN AND ALL BIRTHS I AGREE THAT CHOICE SHOULD
NOT BE REMOVED FROM OUR HEALTH CARE WOMEN WEALTHY OR NOT SHOULD HAVE
CHOICE AND QUALITY CARE 9404150069 940415 MARKETING & MEDIA 
ADVERTISING OGILVY BETS AN EXECUTIVE SHUFFLE WILL REVERSE SHOP'S LOSING
STREAK  BY KEVIN GOLDMAN

OGILVY & MATHER CONCERNED ABOUT RECENT ACCOUNT LOSSES AND UNSUCCESSFUL
NEWBUSINESS PITCHES IS EXPECTED TO ANNOUNCE TODAY A MAJOR EXECUTIVE
SHUFFLE

OGILVY A UNIT OF WPP GROUP IS EXPECTED TO NAME ROCHELLE SHELLY LAZARUS
PRESIDENT OF OGILVY'S NEW YORK OFFICE TO THE NEW POSITION OF HEAD OF NORTH
AMERICA OPERATIONS IT IS PREDICTED THAT TRO PILIGUIAN CHAIRMAN AND CHIEF
EXECUTIVE OFFICER OF OGILVY & MATHER TORONTO AND PARTNER PRESIDENT AND
CHIEF EXECUTIVE OF ACADEMIEOGILVY COMMUNICATIONS IN MONTREAL WILL SUCCEED
MS LAZARUS

THE COMPANY DECLINED TO COMMENT

A REORGANIZATION WAS EXPECTED BECAUSE OGILVY HAS BEEN RIDING A LOSING STREAK
LATELY SOME ADVERTISING INDUSTRY EXECUTIVES SAY THAT CHARLOTTE BEERS
CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF OGILVY & MATHER WORLDWIDE WHO IS
WILDLY POPULAR WITH CLIENTS NEEDS MORE SUPPORT STAFF BECAUSE SHE IS SPREAD
TOO THIN

MS LAZARUS IS AS WELL LIKED AMONG EXISTING OGILVY CLIENTS AS IS MS BEERS
IN PARTICULAR THE TWO ALONG WITH BILL HAMILTON EXECUTIVE VICE PRESIDENT
AND CREATIVE HEAD OF THE AGENCY'S NEW YORK OPERATION ARE CREDITED WITH
WINNING BACK THE AMERICAN EXPRESS CREDITCARD BUSINESS WHICH HAD BEEN LOST
TO CHIAT/DAY

OGILVY ISN'T DESPERATE HOWEVER ITS WORLDWIDE BILLINGS LAST YEAR TOTALED
57 BILLION UP 56 FROM 54 BILLION A YEAR EARLIER

BUT THIS MONTH OGILVY LOST IN A PITCH FOR THE 12 MILLION KEDS SNEAKERS
ACCOUNT RECENTLY IT ALSO LOST TWO EXISITING CLIENTS HARDEE'S FOOD SYSTEMS
AND KRAFT GENERAL FOODS' CRYSTAL LIGHT THE AGENCY IS ON THE LOSING END OF
TOO MANY PITCHES SAYS ONE PERSON CLOSE TO THE AGENCY WHO DOESN'T WANT TO
BE IDENTIFIED

WITH A NEW TEAM FIRMLY IN PLACE AND CLEARLY ONE FORMED BY MS BEERS 
THE AGENCY HOPES TO END SPECULATION IN THE TRADE PRESS THAT SHE WOULD LEAVE
TO HEADSAATCHI & SAATCHI'S NEWBUSINESS DIVISION IN A RECENT TELEPHONE
INTERVIEW MS BEERS SAID THERE IS NO TRUTH TO THE REPORTS ABOUT SAATCHI

MS LAZARUS'S PROMOTION ISN'T A TOTAL SURPRISE BUT MR PILIGUIAN ALMOST
DIDN'T MAKE IT SOUTH TO THE US OGILVY WAS INTERESTED IN HIRING STEVE
DWORIN FORMER PRESIDENT OF THENDEUTSCH/DWORIN NOW DEUTSCH TO HEAD THE
NEW YORK OFFICE BUT YESTERDAY MR DWORIN WAS NAMED CHIEF EXECUTIVE OFFICER
AT AYER

IN A TELEPHONE INTERVIEW MR DWORIN SAID HE DIDN'T HAVE A LEADING SECOND
CHOICE AFTER AYER HE SAID I LUMPED THE REST OF THE AGENCIES TOGETHER
THEY EACH HAVE TALENT PROBLEMS CLIENT PROBLEMS AND ORGANIZATIONAL
PROBLEMS OTHERS THAT VIED FOR MR DWORIN'S SERVICES INCLUDED ANOTHER WPP
GROUP UNIT J WALTER THOMPSON ALSO SAATCHI & SAATCHI AND INTERPUBLIC
GROUP'S LINTASNEW YORK TALKED WITH MR DWORIN

ONE PERSON CLOSE TO OGILVY SAID THE FACT THAT MR DWORIN IS AN OUTSIDER
WORKED AGAINST HIM

US ADVERTISING AGENCIES EXPERIENCED THEIR BIGGEST YEARTOYEAR DROP IN
OVERSEAS GROSS INCOME IN 1993 REVERSING YEARS OF STRONG GROWTH SAID
ADVERTISING AGE'S ANNUAL AGENCY REPORT

INTERNATIONAL GROSS INCOME FELL 57 TO 6 BILLION FROM A YEAR EARLIER ON
BILLINGS OF 422 BILLION US GROSS INCOME GREW A MODEST 38 TO 85
BILLION ON BILLINGS OF 651 BILLION TOTAL GROSS INCOME WORLDWIDE DROPPED
04 TO 145 BILLION ON BILLINGS OF 1073 BILLION THE REPORT SAID

LEO BURNETT REMAINED THE LARGEST US AGENCY BRAND DESPITE A 28 DROP IN
ANNUAL GROSS INCOME TO 3048 MILLION ON BILLINGS OF 211 BILLION J
WALTER THOMPSON WHICH RANKED SECOND CONTINUED TO CLOSE THE GAP WITH AN
85 INCREASE IN GROSS INCOME TO 2916 MILLION ON BILLINGS OF 2 BILLION
THE BRAND RANKING INCLUDES JUST THE CORE AD AGENCY NOT RELATED BUSINESSES
SUCH AS PUBLIC RELATIONS

ON A GLOBAL BASIS DENTSU REMAINED NO 1 WITH 13 BILLION IN WORLDWIDE
GROSS INCOME ON BILLINGS OF 98 BILLION

STEVE DWORIN WAS NAMED CHIEF EXECUTIVE OFFICER OF AYER MAKING THE
40YEAROLD EXECUTIVE THE FIRST OUTSIDER TO COME TO THE AGENCY IN ITS
125YEAROLD HISTORY

RICHARD HUMPHREYS ONE OF FOUR INDIVIDUALS WHO INVESTED IN AYER IN MARCH
1993 AND WHO WAS INSTRUMENTAL IN BRINGING MR DWORIN ABOARD SAID AYER
NEEDS SOME NEW BLOOD HE IS FACING THE CHALLENGE OF RELEASING THE TALENT OF
AYER IT IS AN AGENCY THAT IS UNDERRECOGNIZED FOR SOME OF ITS TALENT

MR HUMPHREYS SAID MR DWORIN WOULDN'T INVOLVE HIMSELF WITH ACQUISITIONS OR
MERGERS MR DWORIN'S PREDECESSOR JERRY SIANO 59 TRIED TO ORCHESTRATE TWO
ACQUISITIONS KETCHUM COMMUNICATIONS AND HAL RINEY & PARTNERS BUT BOTH FELL
THROUGH AFTER PROTRACTED NEGOTIATIONS

MR DWORIN RECEIVED A WELCOME PRESENT YESTERDAY LECHTERS AWARDED ITS 5
MILLION ACCOUNT TO AYER BASED ON MR DWORIN'S JOINING THE AGENCY THIS IS
AN AGENCY THAT HAS BUILT BRANDS AND DONE GREAT WORK SAID MR DWORIN MY
JOB IS TO LEAD IT INTO THE FUTURE

NBC WHICH HAS BEEN AGGRESSIVELY SEARCHING FOR NEW MARKETING METHODS WILL
ADVERTISE ON AN ONLINE NETWORK NEXT MONTH

IN A TIEIN WITH RESTAURANT CHAIN TGI FRIDAY'S NBC WILL OFFER AMERICA
ONLINE'S 750000 SUBSCRIBERS THE CHANCE TO WIN A FIVEDAY TRIP TO LONDON
INCLUDING A VISIT TO A FRIDAY'S RESTAURANT NBC WILL ALSO PROMOTE ITS
PROGRAMS IN FRIDAY'S RESTAURANTS WHILE FRIDAY'S COMMERCIALS RUN ON NBC

STAFF CUT YOUNG & RUBICAM'S NEW YORK OFFICE CUT 4 OF ITS 1250 CORPORATE
AND ADVERTISING STAFFERS EFFECTIVE IMMEDIATELY THE CUT WHICH AFFECTED
MOSTLY STAFFERS IN ADMINISTRATIVE AND SUPPORT FUNCTIONS IS THE RESULT OF
LOST BUSINESS AS WELL AS AN ATTEMPT TO INCREASE EFFICIENCY

WHO'S NEWS JOHN J SARSEN JR WAS NAMED PRESIDENT AND CHIEF EXECUTIVE
OFFICER OF THE ASSOCIATION OF NATIONAL ADVERTISERS MR SARSEN 52 YEARS
OLD WAS FORMERLY HEAD OF SARSEN & CO A MARKETING CONSULTING FIRM IN
GREENWICH CONN 9404150068 940415 BOEING OPENS DRIVE FOR UP TO 9 BILLION
 IN US ORDERS FOR 747'S MILITARY VERSION  BY JEFF COLE STAFF
REPORTER OF THE WALL STREET JOURNAL

BOEING CO WHICH SORELY NEEDS TO KEEP ITS 747 PRODUCTION LINE BUSY HAS
BEGUN AN INTENSE CAMPAIGN AIMED AT WINNING AS MUCH AS 9 BILLION IN US
MILITARY PURCHASES OF FREIGHTER VERSIONS OF THE JUMBO JET

THE SEATTLEBASED COMPANY WHICH PREVIOUSLY HAD PROPOSED SELLING THE AIR
FORCE 33 OF THE FOURENGINE CARGO JETS FOR ABOUT 5 BILLION IS NOW
PROPOSING TO THE PENTAGON AND CONGRESSIONAL LEADERS THAT AS MANY 61 OF THE
AIRCRAFT BE BOUGHT

AT THE HEART OF BOEING'S PROPOSAL IS ITS SUGGESTION WHICH DEFENSE
DEPARTMENT OFFICIALS ARE SAID TO BE SERIOUSLY CONSIDERING THAT THE
PENTAGON ABANDON ITS PLAN TO WAIT UNTIL NOVEMBER 1995 TO DECIDE WHETHER TO
BUY NEW OR USED COMMERCIAL FREIGHTERS FROM BOEING OR OTHER AIRCRAFT MAKERS

CURRENTLY THE GOVERNMENT PLANS TO DECIDE IN LATE 1995 WHETHER TO BUY MORE
THAN 40 OF MCDONNELL DOUGLAS CORP'S ADVANCED C17 TRANSPORTS THE HIGHLY
FLEXIBLE C17 CAN CARRY AWKWARD LOADS SUCH AS TANKS AND CAN LAND ON SHORT
REMOTE RUNWAYS FEATS THE COMMERCIAL JETS ARE UNABLE TO PERFORM BUT
EXTENSIVE DEVELOPMENT PROBLEMS PROMPTED THE GOVERNMENT TO LIMIT ITS C17
PURCHASES FOR NOW INSTEAD OF COMMITING TO BUYING THE 120 AIRCRAFT INITIALLY
ENVISIONED

DURING THE PAST YEAR HOWEVER THE MILITARY HAS BEGUN A COMPETITION TO
DECIDE WHETHER TO SUBSTITUTE COMMERCIAL AIRLINERS OR OTHER AIRCRAFT FOR
THOSE C17S THAT WOULD SIMPLY END UP HAULING TROOPS OR CARGO TO IMPROVED
AIRPORTS ANYWAY

VERY CLEARLY MORE THAN HALF OF THAT JOB CAN BE DONE BY A COMMERICAL
FREIGHTER SAID MIKE BOYCE A SENIOR BOEING MILITARYAIRPLANE MANAGER AND
PART OF A COMPANY TEAM THAT BRIEFED SEN SAM NUNN THE GEORGIA DEMOCRAT WHO
IS CHAIRMAN OF THE SENATE ARMED SERVICES COMMITTEE AND OTHERS IN WASHINGTON
YESTERDAY THAT FACT IS GOING TO REMAIN NO MATTER WHAT DECISION IS MADE ON
THE C17 MR BOYCE ADDED

IN THEIR PRESENTATIONS BOEING MANAGERS HAVE CONCENTRATED ON THE MESSAGE
THAT THE US IS DEVELOPING A SERIOUS SHORTAGE OF ADEQUATE MILITARY AIRLIFT
FOR TRANSPORTING TROOPS WEAPONS AND SUPPLIES

A SPOKESMAN AT THE AIR MOBILITY COMMAND AT SCOTT AIR FORCE BASE IN SOUTHERN
ILLINOIS CONFIRMED THAT SENIOR OFFICERS THERE HAD BEEN BRIEFED ON BOEING'S
PROPOSAL A SPOKESMAN FOR REP NORM DICKS A WASHINGTON STATE DEMOCRAT WITH
DEFENSE APPROPRIATIONS DUTIES SAID THE BOEING BRIEFING SEEMS TO BE
CONVINCING TO SOME SENIOR CONGRESSIONAL AIDES ALTHOUGH THE PROPOSAL'S
APPEAL TO THE PENTAGON IS LESS CLEAR

OTHER JETS VYING TO REPLACE SOME OF THE PURCHASES OF FOURENGINE C17S
INCLUDE MCDONNELL DOUGLAS'S OWN THREEENGINE MD11S LOCKHEED CORP'S C5
MILITARY TRANSPORTS AND USED MCDONNELL DOUGLAS DC10S BEING OFFERED BY A
GROUP OF COMPANIES THAT INCLUDES FEDERAL EXPRESS CORP

A MCDONNELL DOUGLAS SPOKESMAN HADN'T ANY COMMENT ON THE BOEING INITIATIVE
WE BELIEVE THERE IS A REQUIREMENT FOR 120 C17S HE SAID

A C17 IS PRICED AT ABOUT 325 MILLION DEPENDING ON HOW COSTS ARE
ALLOCATED A BOEING 747 FREIGHTER TYPICALLY CAN COST 130 MILLION TO 160
MILLION BOEING SAYS THAT BUYING 61 OF THE 747S INSTEAD OF 80 MORE C17S
WOULD SAVE THE US ABOUT 10 BILLION

BOEING HAS SHARPLY PARED PRODUCTION RATES FOR THE 747 AND OTHER JETLINERS
CAUSING WIDESPREAD LAYOFFS AT ITS PLANTS FRANK SHRONTZ BOEING'S CHAIRMAN
HAS SAID THAT IF THE GOVERNMENT ORDERED THE 747 FREIGHTERS IT REALLY WOULD
HELP THE LAYOFF SITUATION 9404150067 940415 BUSINESS BRIEF NEWS
CORP FOX BROADCASTING WILL ADD FOUR AFFILIATES TO NETWORK

FOX BROADCASTING CO SAID IT WILL ADD FOUR PRIMARY AFFILIATES INCLUDING TWO
FULL AFFILIATION SWITCHES TO ITS NETWORK LINEUP OF TELEVISION STATIONS

THE UNIT OF MEDIA COMPANY NEWS CORP SAID THREE PRIMARY AFFILIATES WHICH
ARE CURRENTLY CBS AFFILIATES ARE JOINING IT WJKATV IN WILMINGTON NC
KECYTV IN YUMAEL CENTRO CALIF AND KDBATV IN PALM SPRINGS CALIF
KDBATV HAS BEEN OPERATING AS A SATELLITE OF KECYTV

IN ADDITION WFAYTV AN INDEPENDENT STATION IN FAYETTEVILLE NC ALSO
JOINED FOX ALL FOUR STATIONS WILL CARRY FOX'S PROGRAMMING LINEUP INCLUDING
THE NATIONAL FOOTBALL LEAGUE AND FOX CHILDREN'S NETWORK

FOX OF BEVERLY HILLS CALIF SAID THE ADDITIONS BRING THE NUMBER OF
PRIMARY AFFILIATES TO 149 STATIONS 9404150066 940415 THE AMERICAS PERU
ATTEMPTS TO REGULATE ITS WAY TO A FREER MARKET  BY JOSE LUIS SARDON

LIMA FOR NEARLY 30 YEARS FROM 1963 TO 1990 PERU HAD STATIST
GOVERNMENTS THEY ALL BELIEVED THAT THEIR OWN WISDOM IN DECIDING WHAT HOW
AND FOR WHOM TO PRODUCE FAR EXCEEDED THE WISDOM OF THE MARKET PRESIDENT
ALBERTO FUJIMORI'S GOVERNMENT SIGNIFICANTLY ALTERED THIS COURSE THE
MACROECONOMIC STABILIZATION AND AUSTERITY MEASURES APPLIED BETWEEN 1990 AND
1992 WERE ACCOMPANIED BY STRUCTURAL REFORMS THAT INCLUDED PRIVATIZATION OF
STATE COMPANIES AND ECONOMIC DEREGULATION

HOWEVER THE FUJIMORI GOVERNMENT NOW REALIZES THAT TO REVERSE THE STATIST
POLICIES OF THE PAST IT IS NOT ENOUGH TO PRIVATIZE AND DEREGULATE THE
ECONOMY TO ENSURE AN OPEN COMPETITIVE ENVIRONMENT IN WHICH RESOURCES ARE
ALLOCATED EFFICIENTLY THE GOVERNMENT MUST PROVIDE A LEGAL FRAMEWORK FOR THE
PROTECTION OF OWNERSHIP RIGHTS BUT TO WHAT EXTENT DO SUCH PROTECTIONS
INTERFERE IN MARKET TRANSACTIONS AND DISRUPT THE REEMERGENCE OF A MARKET
ECONOMY THIS IS THE QUESTION NOW FACING PERUVIAN LAWMAKERS

AT THE HEART OF THE CONTROVERSY IS A GOVERNMENTAL AGENCY SET UP BY THE
FUJIMORI GOVERNMENT CALLED THE NATIONAL INSTITUTE FOR THE DEFENSE OF
COMPETITION AND INTELLECTUAL OWNERSHIP INDECOPI THIS AGENCY WAS CREATED
AT THE END OF 1992 TO OVERSEE WHAT ACADEMICS NOW CALL THE NEW ECONOMIC
REGULATION INDECOPI'S WORK COVERS THREE SEPARATE AREAS DEFENSE OF
INTELLECTUAL OWNERSHIP PROMOTION OF FREE COMPETITION AND REORGANIZATION OF
INSOLVENT COMPANIES

IN THE PAST INTELLECTUAL OWNERSHIP RIGHTS WHICH INCLUDE INDUSTRIAL
PROPERTY BRANDS AND PATENTS AS WELL AS COPYRIGHT LACKED ADEQUATE
PROTECTION IN PERU ACCORDING TO A RECENT US GOVERNMENT SURVEY PERU WAS
AMONG THE GROUP OF LATIN AMERICAN COUNTRIES WITH THE HIGHEST NUMBER OF
PIRATED FILMS CABLE TRANSMISSIONS TAPE RECORDINGS COMPUTER SOFTWARE AND
PUBLISHED MATERIAL

AS A CONSEQUENCE OF THESE FINDINGS US TRADE REPRESENTATIVE MICKEY KANTOR
ANNOUNCED A YEAR AGO THAT PERU WAS ON THE WATCH LIST ONE OF 16
COUNTRIES WHOSE INTELLECTUAL OWNERSHIP PRACTICES WILL BE CLOSELY MONITORED
TO ENSURE THEIR OBSERVANCE OF THE SPECIAL 301 PROVISIONS OF THE 1974 TRADE
ACT THE CLINTON ADMINISTRATION HAS MADE THE PROTECTION OF INTELLECTUAL
OWNERSHIP ONE OF THE CENTRAL TENETS OF ITS TRADE POLICIES WITH PERU

INDECOPI REACTED QUICKLY THE HEAD OF THE INTELLECTUAL OWNERSHIP OFFICE
RUBEN VILLACORTA UGARTECHE BEGAN A CAMPAIGN AGAINST PIRATING AS THOUGH HE
WERE LEADING A CRUSADE IT WAS NOT ENOUGH FOR HIM THAT THOUSANDS OF PIRATED
VIDEOTAPES AND COMPUTER PROGRAMS WERE CONFISCATED HE EVEN WENT SO FAR AS TO
APPEAR ON TELEVISION DRIVING AN ENORMOUS STEAMROLLER OVER THE OFFENDING
MATERIAL

SUCH HIGHPROFILE ACTIVITIES MANAGED TO PROVOKE THE ANIMOSITY OF WIDE
SECTORS OF THE POPULATION THAT HAD BECOME ACCUSTOMED TO REAPING THE BENEFITS
OF PIRATED PRODUCTS STILL THE CAMPAIGN WAS A SUCCESSFUL DISSUADER ONE
YEAR AGO IT WAS COMMON TO FIND THE SUNDAY EDITIONS OF EL COMERCIO PERU'S
PRINCIPAL DAILY NEWSPAPER PUBLISHING ADVERTISEMENTS FOR PIRATED SOFTWARE ON
ITS CLASSIFIED PAGES AS A RESULT OF INDECOPI'S ACTION THIS STOPPED

ALTHOUGH INDECOPI HAS HAD CONSIDERABLE SUCCESS IN THE PROTECTION OF
INTELLECTUAL PROPERTY RIGHTS ACADEMICS AND ANALYSTS HAVE QUESTIONED TO WHAT
POINT THE STATE CAN REGULATE COMPETITIVE BEHAVIOR WITHOUT THE COSTS
EXCEEDING THE GAINS THIS IS NOT AN EASY QUESTION TO ANSWER AS INDECOPI'S
COMMISSIONS FOR THE DEFENSE OF FREE TRADE REPRESSION OF DISLOYAL
COMPETITION ANTIDUMPING AND SUBSIDY CONTROL ADVERTISING STANDARDS
AND CONSUMER RIGHTS HAVE DISCOVERED

SEEING THE PROTECTIONIST POTENTIAL EMBODIED IN THESE COMMISSIONS FORMER
ECONOMIC MINISTER CARLOS BOLONA SAID IN A RECENT TV APPEARANCE THAT HE
REGRETTED HAVING CREATED SUCH A FRANKENSTEIN'S MONSTER MR BOLONA IS NOT
THE ONLY WARY ONE SIMILAR CONCERNS ARE SHARED AMONG INDECOPI'S OWN LEADERS
WHO INSIST THAT THE COMMISSIONS MUST NOT BECOME THE TOOLS OF PROTECTIONIST
INTERVENTIONISM WE SIMPLY WANT THE MARKET TO FUNCTION SAYS JORGE
FERNANDEZBACA PRESIDENT OF THE FREE TRADE TRIBUNAL THE DIVISION OF
INDECOPI THAT HAS THE POWER TO REVIEW THE DECISIONS OF ALL OTHER OFFICES
WITHIN THE AGENCY

INDECOPI'S THIRD FUNCTION THE RESTRUCTURING OF INSOLVENT COMPANIES HAS
ALSO RAISED SOME HEAT PERU'S RECESSION BROUGHT ON BY ECONOMIC AUSTERITY
MEASURES HAS BEEN VERY DEEP BETWEEN 1990 AND 1992 GROSS DOMESTIC PRODUCT
SLUMPED A NET 59 CAUSING A NUMBER OF COMPANIES TO GO BANKRUPT MANY OF
THESE COMPANIES OR THEIR CREDITORS LEFT IT TO INDECOPI TO PUT THEIR
BANKRUPTCY PROCEEDINGS IN ORDER

INDECOPI ACTUALLY HAS THE POWER TO DECLARE COMPANIES INSOLVENT AS WELL AS
TO RESTRUCTURE COMPANIES AND ARRANGE FOR BASIC AGREEMENTS WITH THOSE
COMPANIES' CREDITORS OF COURSE NOT EVERYONE IS CONTENT WITH INDECOPI'S
JUDICIALLIKE POWERS OR ITS DECISIONS MANY BUSINESSMEN HAVE TAKEN THE
AGENCY'S OFFICIALS TO COURT IN THE CASE OF THE FINANCIALLY TROUBLED
AMERICANA AIRLINE FOR EXAMPLE INDECOPI PLAYED THE ROLE OF INTERMEDIARY AND
RULED THAT COMPANY STOCK HAD TO BE ISSUED TO A CREDITOR HOWEVER THE
ORIGINAL STOCKHOLDERS WERE FURIOUS WITH THE DECISION AND TOOK INDECOPI TO
COURT USUALLY SUCH PROCEEDINGS HAVE FIZZLED BUT EVEN WHEN THE COMPLAINTS
ARE DECLARED GROUNDLESS THIS SORT OF SITUATION LEAVES INDECOPI OFFICIALS
FEELING UNEASY

MORE THAN A YEAR AFTER ITS 1992 INAUGURATION INDECOPI IS IN THE EYE OF THE
STORM OF PERUVIAN ECONOMIC LIFE CRITICS CHARGE IT HAS TAKEN ON TOO MUCH AND
HAS ASSUMED CERTAIN POWERS THAT WOULD HAVE BEEN BETTER LEFT TO THE
JUDICIARY THE PROBLEM IS THAT THE JUDICIARY'S ABILITY TO DEAL WITH SUCH
ISSUES IS ALSO FAIRLY SUSPECT

IN 1990 A BRAZEN PERUVIAN MANUFACTURER TRIED TO REGISTER THE REEBOK
SNEAKERS BRAND AS HIS OWN EVEN INCLUDING ITS CLASSIC BRITISH FLAG LOGO
INDECOPI'S FORERUNNER IN INDUSTRIAL PROPERTY DEFENSE TURNED THE MANUFACTURER
DOWN HOWEVER THE MATTER WAS THEN TAKEN TO THE COURTS AND TO PERU'S
CHAGRIN THE COURTS RULED IN FAVOR OF THE BRAND'S REGISTRATION

WHAT WOULD BE THE CONSEQUENCES FOR PERU IF THIS SORT OF PRACTICE WERE TO
BECOME PAR FOR THE COURSE IN THE CONTEXT OF A GLOBAL MARKET PERU'S ABILITY
TO SECURE SOLID INVESTMENT WOULD BE SEVERELY COMPROMISED WITH THIS IN MIND
INDECOPI WHICH ALREADY IS LOOKING TO REVISIT THE REEBOK AFFAIR WILL
NOT ONLY BE NECESSARY BUT INDISPENSABLE WHILE PERU IS BANKING ON THE FREE
MARKET MODEL AS ITS BEST BET THE MARKET CAN BE FREE ONLY IF THE RULES OF
FAIR PLAY ARE ENFORCED

MR SARDON IS A PROFESSOR OF CIVIL AND BUSINESS LAW AT THE UNIVERSIDAD DEL
PACIFICO IN LIMA 9404150065 940415 BUSINESS BRIEF NATIONAL WESTMINSTER
BANK PLC SUBSIDIARY POSTS SLIGHT RISE IN FIRSTQUARTER NET INCOME

NATIONAL WESTMINSTER BANCORP SAID NET INCOME ROSE SLIGHTLY IN THE QUARTER
BUT EXCLUDING CERTAIN NONRECURRING ITEMS CORE PERFORMANCE INCREASED 40

NET INCOME ROSE 31 TO 626 MILLION FROM 607 MILLION A YEAR EARLIER THE
LATEST QUARTER INCLUDED A 10 MILLION RESTRUCTURING CHARGE IN CONNECTION
WITH ESTABLISHING A SERVICING FACILITY IN SCRANTON PA AND OTHER STEPS
YEAREARLIER RESULTS INCLUDED A 95 MILLION RECOGNITION OF PREVIOUSLY
UNRECORDED FEDERAL TAX BENEFITS

NET INTEREST INCOME ROSE TO 2213 MILLION FROM 1923 MILLION WHILE
NONINTEREST INCOME DECLINED TO 798 MILLION FROM 965 MILLION BECAUSE OF
AN 82 MILLION DECLINE IN SECURITIES GAINS IN THE QUARTER AND A
YEAREARLIER RECOGNITION OF AN 87 MILLION GAIN FROM A LOAN RESTRUCTURING

THE PROVISION FOR LOAN LOSSES FELL TO 20 MILLION FROM 30 MILLION A YEAR
EARLIER

NATWEST A 25 BILLION HOLDING COMPANY BASED IN JERSEY CITY NJ IS A
WHOLLY OWNED SUBSIDIARY OF NATIONAL WESTMINSTER BANK PLC LONDON
9404150064 940415 BUSINESS BRIEF BETHLEHEM STEEL CORP STEELPLATE
PRODUCTS' PRICES TO INCREASE 4 IN EARLY JULY

BETHLEHEM STEEL CORP BETHLEHEM PA SAID IT WILL INCREASE THE PRICE ON
MOST OF ITS STEELPLATE PRODUCTS ABOUT 4 FOR SHIPMENTS BEGINNING JULY 3
MARKING THE THIRD INCREASE THIS YEAR

THE PLANNED INCREASE OFFERS ANOTHER SIGN OF THE SURGING STEEL MARKET IT
ALSO SHOWS THAT DEMAND IS CLIMBING FOR STEEL PRODUCTS BEYOND FLATROLLED
STEEL WHICH IS USED IN CARS AND APPLIANCES AMONG OTHER GOODS STEEL PLATE
IS USED IN BRIDGES POLLUTIONCONTROL SYSTEMS PRESSURE VESSELS SHIPS AND
CONSTRUCTION EQUIPMENT

MOST US PLATE MAKERS BOOSTED PRICES EARLIER THIS MONTH AND IN JANUARY
AMONG OTHER PLATE PRODUCERS OREGON STEEL MILLS INC SAID IT WOULD SUPPORT
THE PRICE INCREASE IN MARKETS WHERE WE COMPETE WITH BETHLEHEM USX CORP'S
US STEEL GROUP SAID IT WAS STUDYING BETHLEHEM'S ACTION WHILE LUKENS INC
SAID IT WAS REVIEWING THE MOVE 9404150063 940415 BUSINESS BRIEF 
TRIARC COS SOUTHEASTERN PS HOLDERS CLEAR ACQUISITION BY TRIARC

TRIARC COS SAID SOUTHEASTERN PUBLIC SERVICE CO SHAREHOLDERS AGREED TO THE
ACQUISITION OF THE COMPANY BY TRIARC FOR ABOUT 562 MILLION IN STOCK

TRIARC WHICH ALREADY OWNED 71 OF SOUTHEASTERN PS SAID IT EXCHANGED 08
CLASS A COMMON TRIARC SHARES FOR EACH SOUTHEASTERN SHARE NOT HELD BY TRIARC
SOUTHEASTERN WEST PALM BEACH FLA HAS A COLDSTORAGE BUSINESS AND SOME
ENERGY INTERESTS

TRIARC OWNS ROYAL CROWN COLA ARBY'S FASTFOOD RESTAURANTS NATIONAL PROPANE
FUEL COMPANY AND FABRIC MAKER GRANITEVILLE CO

THE MERGER AGREEMENT STEMS FROM THE SETTLEMENT OF A DERIVATIVE LAWSUIT
BROUGHT ON BEHALF OF SOUTHEASTERN AGAINST DWG CORP NOW KNOWN AS TRIARC
CERTAIN CURRENT AND FORMER DIRECTORS OF DWG AND CERTAIN FORMER OFFICERS AND
DIRECTORS OF SOUTHEASTERN 9404150062 940415 INTERNATIONAL BRIEF LAURA
ASHLEY HOLDINGS PLC FISCALYEAR PRETAX PROFIT SOARS 70 AS SALES RISE
21

UK CLOTHING GROUP LAURA ASHLEY HOLDINGS PLC SAID PRETAX PROFIT FOR THE
YEAR ENDED JAN 29 1994 ROSE 70 TO 3 MILLION 44 MILLION FROM 18
MILLION ON THE BACK OF AN EXCELLENT PERFORMANCE IN THE UK

SALES ROSE 21 TO 3004 MILLION FROM 2478 MILLION

THE COMPANY REPORTED THAT IMPROVEMENTS IN SUPPLY MANAGEMENT AND CAPITAL
INVESTMENTS OF 165 MILLION A 63 INCREASE CONTRIBUTED TO THE RISE IN
SALES

THE LARGEST CAPITAL INVESTMENTS OF THE YEAR INCLUDED EIGHT NEW SHOPS IN
CONTINENTAL EUROPE AND SIX OUTLET STORES OPENED IN NORTH AMERICA DURING THE
SECOND HALF LAURA ASHLEY ALSO SPENT ABOUT 2 MILLION IN REESTABLISHING ITS
MAILORDER BUSINESS IN NORTH AMERICA 9404150061 940415 BUSINESS BRIEF 
SYLVAN LEARNING SYSTEMS INC ETS CONTRACT IS EXPANDED TO COVER OVER 170
COUNTRIES

SYLVAN LEARNING SYSTEMS INC SAID IT SIGNED A CONTRACT WITH EDUCATIONAL
TESTING SERVICE CORP TO EXPAND ITS COMPUTERBASED TESTS INTO MORE THAN 170
COUNTRIES WITHIN FIVE YEARS

THE AGREEMENT WITH ETS A NONPROFIT EDUCATIONAL TESTING CONCERN EXPANDS
THEIR EXISTING DOMESTIC ARRANGEMENT ETS ALSO AGREED TO BUY 15 MILLION OF
RESTRICTED TREASURY STOCK FROM SYLVAN WITH AN OPTION TO BUY AN ADDITIONAL
4 MILLION OF STOCK OVER THE NEXT THREE YEARS THE INITIAL PURCHASE GIVES
ETS ABOUT A 1 STAKE IN SYLVAN

UNDER THE CONTRACT SYLVAN A COLUMBIA MD EDUCATIONAL SERVICES COMPANY
WILL OPEN TESTING CENTERS IN 38 CITIES WITHIN 20 COUNTRIES THIS YEAR TO
OFFER COMPUTERBASED VERSIONS OF THE GRADUATE RECORD EXAMINATION AND
AMERICAN PRODUCTION AND INVENTORY CONTROL SPECIALISTS TEST WITH MORE TESTS
LATER 9404150060 940415 BUSINESS BRIEF CONTINENTAL CORP PRETAX
CHARGE OF 45 MILLION 680 JOBS CUTS ARE PLANNED

CONTINENTAL CORP NEW YORK SAID IT EXPECTS TO TAKE A 45 MILLION PRETAX
CHARGE FOR THE FIRST QUARTER TO CONSOLIDATE FIELD CLAIMS OPERATIONS
ELIMINATING 680 JOBS

THE COMPANY ALSO ANNOUNCED THAT IT INTENDS TO SELL TWO OPERATIONS A
CANADIAN PROPERTY AND CASUALTY INSURER AND AN ILLINOIS WORKERS' COMPENSATION
DIVISION THE SALES ARE EXPECTED TO RESULT IN AN EARNINGS GAIN LATER SAID
JOHN P MASCOTTE CHAIRMAN AND CHIEF EXECUTIVE OFFICER HE SAID THE TWO
UNITS ARE HIGHLY MARKETABLE AND WOULD PROVIDE ADDITIONAL CAPITAL FOR OUR
PLANNED CONTINUED GROWTH IN OUR STRATEGIC LINES OF BUSINESS

CONTINENTAL WHICH CURRENTLY HAS 12255 EMPLOYEES EARNED 234 MILLION OR
43 CENTS A SHARE IN THE FIRST QUARTER OF 1993 ON 123 BILLION IN REVENUE
CONTINENTAL IS ONE OF MANY PROPERTY AND CASUALTY INSURERS SEEKING TO
STREAMLINE OPERATIONS TO IMPROVE PROFITABILITY IN THE FACE OF TOUGH PRICE
COMPETITION

IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY CONTINENTAL SHARES
CLOSED AT 2325 UNCHANGED 9404150059 940415 FEDERATED STORES IS
ALLOWED TO MEET CREDITORS OF MACY  BY PATRICK M REILLY STAFF
REPORTER OF THE WALL STREET JOURNAL

NEW YORK THE COURTAPPOINTED MEDIATOR IN THE RH MACY & CO BANKRUPTCY
CASE GAVE THE GREEN LIGHT TO FEDERATED DEPARTMENT STORES INC TO DRUM UP
SUPPORT OF MACY CREDITORS FOR ITS OWN PLAN TO REORGANIZE THE DEPARTMENT
STORE COMPANY

AFTER MEETING WITH FEDERATED EXECUTIVES YESTERDAY MEDIATOR CYRUS R VANCE
SAID THE CINCINNATIBASED RETAILER COULD HAVE ITS FIRST OPEN DISCUSSIONS
WITH CREDITORS ON THE DETAILS OF ITS PLAN FEDERATED WHICH CONTROLS A
4493 MILLION STAKE OF MACY DEBT AND WANTS TO MERGE WITH THE RETAILER HAS
BEEN PRECLUDED BY THE FEDERAL BANKRUPTCY CODE FROM PROPOSING A PLAN TO MACY
CREDITORS

MR VANCE HAS SPENT THE WEEK MEETING WITH MACY CREDITORS AND HAS SET A
TIMETABLE FOR THE NEXT STAGE OF MEDIATION MEANT TO SPEED THE MORE THAN
TWOYEAROLD BANKRUPTCY PROCEEDING FEDERATED CAN GIVE CREDITORS ITS
DETAILED PROPOSED PLAN ON APRIL 29 A STATEMENT FROM MR VANCE SAID

DETAILS OF THE FEDERATED PLAN ARE UNCLEAR AND THE COMPANY HAD NO COMMENT
INDUSTRY ANALYSTS BELIEVE FEDERATED HAS PLACED A VALUE OF 33 BILLION ON
MACY WITH COST SAVINGS FROM THE MERGED COMPANIES HOWEVER ANALYSTS SAID
MACY COULD BE WORTH AS MUCH AS 37 BILLION IN A MERGER PEOPLE CLOSE TO
THE SITUATION BELIEVE FEDERATED WOULD SELL SOME MACY STORES AND WOULD MERGE
SOME FEDERATED UNITS WITH MACY STORE GROUPS

ANALYSTS SAID FEDERATED'S PLAN COULD FIND FAVOR WITH CREDITORS BECAUSE IT
WOULD BE BACKED BY FEDERATED STOCK WHICH HAS RISEN SINCE THE COMPANY
EMERGED FROM BANKRUPTCY PROCEEDINGS IN 1992 IN COMPOSITE TRADING ON THE NEW
YORK STOCK EXCHANGE YESTERDAY FEDERATED SHARES CLOSED UP 125 CENTS AT
23625 NEAR A 52WEEK HIGH OF 2525

MR VANCE ALSO REQUESTED AFTER A SECOND ROUND OF MEETINGS WITH MACY
CREDITORS THAT MACY REVISE THE PLAN IT SHOWED CREDITORS ON MARCH 23 IN
THAT PLAN MACY WOULD GIVE CREDITORS 36 BILLION IN SECURITIES WITH AN
ADDITIONAL 500 MILLION IF THE RETAILER ROSE IN VALUE

THE REVISED MACY PLAN COULD INCORPORATE ELEMENTS OF A PROPOSAL FLOATED
EARLIER THIS WEEK FROM SECURED CREDITORS INCLUDING FIDELITY INVESTMENTS IN
WHICH MACY IS VALUED AT 34 BILLION FIDELITY CONTROLS A 490 MILLION STAKE
IN THREE CLASSES OF BANK DEBT ENOUGH TO BLOCK ANY PLAN IT DOESN'T LIKE MR
VANCE ASKED MACY TO DISTRIBUTE ITS REVISED PLAN ON APRIL 29 9404150058
940415 NET LOOKS SOLID FOR AEROSPACE DEFENSE FIRMS  BUT SOME
ANALYSTS WONDER HOW MUCH LONGER RUN OF FOUR YEARS CAN LAST  BY
JEFF COLE STAFF REPORTER OF THE WALL STREET JOURNAL

AEROSPACE AND DEFENSE COMPANIES WILL AGAIN REPORT STRONG EARNINGS OVERALL
FOR THE FIRST QUARTER EXTENDING THEIR FOURYEAR RUN OF PROFITABILITY A
LITTLE FURTHER

SOME ANALYSTS HAVE BEGUN TO WONDER JUST HOW MUCH LONGER THE STREAK CAN
CONTINUE ALTHOUGH THEY SAY IT ISN'T OVER YET

LOCKHEED CORP WILL PROBABLY TOP 135 A SHARE COMPARED WITH 122 A SHARE
A YEAR AGO AS IT REELS IN PROFITS ON A VARIETY OF WEAPONS AND SPACE
PROGRAMS INCLUDING ITS NEWLY ACQUIRED TACTICALAIRCRAFT BUSINESS MCDONNELL
DOUGLAS CORP WHILE HOBBLED BY ESPECIALLY SLOW DELIVERIES IN ITS
COMMERCIALAIRPLANE UNIT IS NONETHELESS EXPECTED TO RECORD AT LEAST A 10
INCREASE OVER ITS LAST YEAR'S 241ASHARE EARNINGS GIVEN HEAVY
COSTCUTTING AND GREATER STABILITY IN SOME MILITARY PROGRAMS

NORTHROP CORP WILL PROBABLY IMPROVE AT LEAST SLIGHTLY ON ITS 109 A SHARE
REPORTED A YEAR AGO DESPITE SOME EXPENSES FROM ITS FIGHT TO WIN GRUMMAN
CORP AS WILL GENERAL DYNAMICS CORP WHICH TURNED IN 130 A SHARE LAST
YEAR SOME ANALYSTS EXPECT GENERAL DYNAMICS TO EARN 160 A SHARE OR BETTER
PARTLY BECAUSE OF THE REPUTATION THE MAKER OF TANKS AND SUBMARINES HAS FOR
SQUEEZING BETTER PERFORMANCE FROM ITS SHRINKING OPERATIONS

GRUMMAN ON THE EVE OF ITS ACQUISITION BY NORTHROP FOR 217 BILLION WILL
PROBABLY HAVE ITS EARNINGS SLIP BY 10 OR MORE FROM 1 A SHARE A YEAR AGO

BUT ANALYSTS ANTICIPATE MARTIN MARIETTA THE LOSING BIDDER FOR GRUMMAN WILL
DRUM UP BETWEEN 95 CENTS AND 102 CENTS IN EARNINGS A SHARE COMPARED WITH
81 CENTS A YEAR EARLIER AS IT CASHES IN ON BIG ACQUISITIONS IN THE RECENT
PAST

LORAL CORP'S EXPECTED 97 CENTS A SHARE FOR ITS FOURTH QUARTER ENDING MARCH
31 WOULD BE SLIGHTLY ABOVE THE YEAREARLIER PERIOD

OVERALL THE INDUSTRY'S CORE OF BIG DEFENSE COMPANIES WILL DO PRETTY WELL
SAID FIRST BOSTON ANALYST PETER ASERITIS ALTHOUGH THEY'LL NEED HEAVY
COSTCUTTING IN THE YEAR AHEAD TO SUSTAIN PROFITS AS REVENUES FROM DEFENSE
PROGRAMS FALL AND 1996 COULD BE PRETTY TOUGH

THE QUESTION IS WHEN DOES THIS THING START TO FLATTEN OUT SAYS ANALYST
JACK MODZELEWSKI OF PAINEWEBBER ALTHOUGH HE ADDS THAT IT WILL STILL BE SOME
TIME BEFORE THE PERFORMANCE OF THE OVERALL INDUSTRY COOLS CERTAINLY HE
SAYS THIS ISN'T GOING TO BE A QUARTER WHERE YOU START TO SEE THE LEVELING
EFFECT

BOEING CO WHICH HAS BEEN STRUGGLING MIGHTILY AGAINST SOFT DEMAND AMONG
AIRLINES FOR ITS JETLINERS WILL PROBABLY REPORT LOWER QUARTERLY EARNINGS
THAN LAST YEAR'S 96 CENTS A SHARE BUT THE DECLINE MAY BE LESS THAN
EXPECTED BECAUSE BOEING DELIVERED MORE AIRPLANES THAN ANALYSTS HAD
ANTICIPATED THE DELIVERY OF 82 JETLINERS IN THE FIRST QUARTER INCLUDING 15
OF THE COMPANY'S 747400 JUMBO JETS COULD PRODUCE AT LEAST 80 CENTS A SHARE
FOR THE PERIOD SAYS ANALYST WOLFGANG DEMISCH OF BT SECURITIES IN NEW YORK

HOWEVER DECREASING DELIVERY RATES AND HIGHDEVELOPMENT EXPENSES STILL ARE
EXPECTED TO DAMP BOEING'S EARNINGS IN LATER QUARTERS THIS YEAR AND NEXT
9404150057 940415 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 1/4 THE BASE RATE ON CORPORATE LOANS POSTED BY AT LEAST 75
OF THE NATION'S 30 LARGEST BANKS

FEDERAL FUNDS 3 3/4 HIGH 3 7/16 LOW 3 7/16 NEAR CLOSING BID 3 1/2
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 1/4 THE CHARGE ON LOANS TO BROKERS ON STOCK EXCHANGE
COLLATERAL SOURCE DOW JONES TELERATE INC

COMMERCIAL PAPER PLACED DIRECTLY BY GENERAL ELECTRIC CAPITAL CORP 360 30
TO 59 DAYS 373 60 TO 89 DAYS 385 90 TO 119 DAYS 398 120 TO 149
DAYS 405 150 TO 179 DAYS 418 180 TO 239 DAYS 430 240 TO 270 DAYS

COMMERCIAL PAPER HIGHGRADE UNSECURED NOTES SOLD THROUGH DEALERS BY MAJOR
CORPORATIONS 370 30 DAYS 382 60 DAYS 396 90 DAYS

CERTIFICATES OF DEPOSIT 310 ONE MONTH 324 TWO MONTHS 338 THREE
MONTHS 377 SIX MONTHS 428 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 365 ONE MONTH 390 THREE MONTHS 425 SIX MONTHS

BANKERS ACCEPTANCES 363 30 DAYS 372 60 DAYS 382 90 DAYS 392 120
DAYS 405 150 DAYS 405 180 DAYS OFFERED RATES OF NEGOTIABLE
BANKBACKED BUSINESS CREDIT INSTRUMENTS TYPICALLY FINANCING AN IMPORT ORDER

LONDON LATE EURODOLLARS 3 3/4 3 5/8 ONE MONTH 3 7/8 3 3/4 TWO
MONTHS 4 3 7/8 THREE MONTHS 4 1/8 4 FOUR MONTHS 4 1/4 4 1/8
FIVE MONTHS 4 3/8 4 1/4 SIX MONTHS

LONDON INTERBANK OFFERED RATES LIBOR 3 3/4 ONE MONTH 4 THREE MONTHS 4
7/16 SIX MONTHS 5 1/16 ONE YEAR THE AVERAGE OF INTERBANK OFFERED RATES
FOR DOLLAR DEPOSITS IN THE LONDON MARKET BASED ON QUOTATIONS AT FIVE MAJOR
BANKS EFFECTIVE RATE FOR CONTRACTS ENTERED INTO TWO DAYS FROM DATE
APPEARING AT TOP OF THIS COLUMN

FOREIGN PRIME RATES CANADA 675 GERMANY 565 JAPAN 3 SWITZERLAND
750 BRITAIN 525 THESE RATE INDICATIONS AREN'T DIRECTLY COMPARABLE
LENDING PRACTICES VARY WIDELY BY LOCATION

TREASURY BILLS RESULTS OF THE MONDAY APRIL 11 1994 AUCTION OF SHORTTERM
US GOVERNMENT BILLS SOLD AT A DISCOUNT FROM FACE VALUE IN UNITS OF
10000 TO 1 MILLION 363 13 WEEKS 403 26 WEEKS

FEDERAL HOME LOAN MORTGAGE CORP FREDDIE MAC POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS DELIVERY WITHIN 30 DAYS 830 60 DAYS 837 STANDARD
CONVENTIONAL FIXEDRATE MORTGAGES 4875 2 RATE CAPPED ONEYEAR
ADJUSTABLERATE MORTGAGES SOURCE DOW JONES TELERATE INC

FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE POSTED YIELDS ON 30YEAR
MORTGAGE COMMITMENTS PRICED AT PAR FOR DELIVERY WITHIN 30 DAYS 823 60
DAYS 832 STANDARD CONVENTIONAL FIXEDRATE MORTGAGES 615 6/2 RATE
CAPPED ONEYEAR ADJUSTABLERATE MORTGAGES SOURCE DOW JONES TELERATE INC

MERRILL LYNCH READY ASSETS TRUST 293 ANNUALIZED AVERAGE RATE OF RETURN
AFTER EXPENSES FOR THE PAST 30 DAYS NOT A FORECAST OF FUTURE RETURNS
9404150056 940415 INTERNATIONAL BRIEF AXA SA CONSOLIDATED PROFIT
INCREASED 32 IN 1993 AT FRENCH INSURER

FRENCH INSURANCE GROUP AXA SA SAID ITS CONSOLIDATED NET INCOME AFTER
PAYMENTS TO MINORITY INTERESTS ROSE BY 32 IN 1993 TO 204 BILLION FRANCS
3488 MILLION FROM 155 BILLION FRANCS A YEAR EARLIER

THE COMPANY SAID IT PLANS TO INCREASE ITS NET DIVIDEND TO 25 FRANCS 428
A SHARE FROM 23 FRANCS AND TO CARRY OUT A 5FOR1 SHARE SPLIT IN A MOVE TO
INCREASE THE LIQUIDITY OF ITS LISTED SHARES

AXA ATTRIBUTED THE SURGE IN NET LAST YEAR TO IMPROVED PROFITABILITY OF ITS
FRENCH INSURANCE OPERATIONS AND THE RECOVERY OF THE INSURANCE BUSINESS OF
ITS US UNIT EQUITABLE CO AS REPORTED EQUITABLE EARNED 2345 MILLION IN
1993 COMPARED WITH A LOSS OF 1286 MILLION A YEAR EARLIER 9404150055
940415 ECONOMY TRADING RESULTS SLOWED JP MORGAN IN 1ST QUARTER 4
OTHER BANKS DID WELL  BY EMORY THOMAS JR AND STEVEN LIPIN STAFF
REPORTERS OF THE WALL STREET JOURNAL

JP MORGAN & CO HURT BY A BIG DROP IN REVENUE FROM TRADING SECURITIES FOR
ITSELF AND ITS CLIENTS REPORTED A 17 INCREASE IN FIRSTQUARTER EARNINGS
BUT A 25 DROP IN PROFIT WHEN A YEAREARLIER ACCOUNTING CHARGE IS EXCLUDED

FOUR OTHER BANKS BOLSTERED MAINLY BY LOAN GROWTH AND IMPROVING CREDIT
QUALITY REPORTED EARNINGS INCREASES FIRST UNION CORP'S NET INCOME JUMPED
11 NORWEST CORP'S PROFIT SURGED 20 WACHOVIA CORP'S NET INCOME GREW A
MODEST 3 AND FIRST FIDELITY BANCORP'S EARNINGS ROSE 15

IN COMPOSITE TRADING YESTERDAY ON THE NEW YORK STOCK EXCHANGE SHARES OF
MORGAN FELL 25 CENTS A SHARE TO CLOSE AT 6250 FIRST UNION STOCK ROSE 625
CENTS TO 44875 NORWEST'S SHARES ROSE 50 CENTS TO 26375 WACHOVIA'S FELL
25 CENTS TO 33 AND FIRST FIDELITY'S ROSE 375 CENTS TO 47

MORGAN'S NET INCOME OF 169 A SHARE WAS BELOW ANALYSTS' ESTIMATES OF ABOUT
179 A SHARE MORGAN'S REVENUE FROM TRADING AND SELLING SECURITIES AND
DERIVATIVES TOTALED 356 MILLION DOWN SHARPLY FROM THE 606 MILLION
RECORDED IN THE FOURTH QUARTER OF 1993 AND ALSO DOWN FROM THE 469 MILLION
IN THAT YEAR'S FIRST QUARTER NONETHELESS THAT FIGURE CALMED SOME ON WALL
STREET WHO FEARED THAT MOST BIG BANKS WOULD SUSTAIN HEAVY TRADING LOSSES IN
THE WORLD FINANCIAL MARKETS

LEADING UP TO THE QUARTER'S RESULTS PEOPLE WERE NERVOUS SAID JUDAH
KRAUSHAAR OF MERRILL LYNCH & CO BUT THE COMPANY BEAT MR KRAUSHAAR'S
TRADINGREVENUE FORECAST OF ABOUT 300 MILLION AS A RESULT OF A BASE OF
STEADY CUSTOMER BUSINESS HE SAID

NONPERFORMING ASSETS AT FIRST UNION BASED IN CHARLOTTE NC FELL TO 796
MILLION FROM 13 BILLION DURING THE YEAREARLIER PERIOD NONINTEREST
EXPENSE MEANWHILE DROPPED 48 MILLION TO 6398 MILLION FROM THE FOURTH
QUARTER OF 1993

LOAN VOLUME AT 467 BILLION WAS FLAT COMPARED WITH THE FOURTH QUARTER OF
1993 BUT THE COMPANY SAID THE FIGURES WERE AFFECTED BY AN EXPECTED RUNOFF
OF NONPERFORMING ASSETS THROUGHOUT THE COMPANY EXCLUDING THAT RUNOFF LOAN
VOLUME GREW IN THE LOW SINGLE DIGITS FOR MOST OF THE QUARTER ACCORDING TO
MALCOLM T MURRAY JR EXECUTIVE VICE PRESIDENT AND CHIEF CREDIT OFFICER

NORWEST'S FIRSTQUARTER PROFIT SURGED ON STRONG GROWTH IN LOANS AND
MORTGAGEORIGINATION FEES DESPITE THE RECENT INCREASE IN INTEREST RATES
NORWEST'S NET INTEREST MARGIN THE DIFFERENCE BETWEEN WHAT IT COLLECTS IN
INTEREST ON LOANS AND WHAT IT PAYS IN INTEREST ON DEPOSITS REMAINED A WIDE
548 DURING THE QUARTER COMPARED WITH 563 A YEAR EARLIER

NORWEST'S RETURN ON ASSETS A KEY BENCHMARK OF BANK PROFITABILITY HIT A
RECORD 145 FOR THE QUARTER UP FROM 133 A YEAR EARLIER

LOAN PROBLEMS AT THE MINNEAPOLISBASED BANKING CONCERN REMAIN MODEST
NONPERFORMING ASSETS FELL TO 2319 MILLION AT MARCH 31 WHILE NORWEST'S
RESERVE FOR LOAN LOSSES WAS 7932 MILLION A YEAR EARLIER NONPERFORMING
ASSETS WERE 3698 MILLION AND THE RESERVE WAS 7747 MILLION

WACHOVIA'S EARNINGS FELL ON THE LOW SIDE OF ANALYSTS' PROJECTIONS WITH NET
INTEREST INCOME INCREASING A MODEST 1 TO 3178 MILLION FROM THE
YEAREARLIER PERIOD

STEADILY IMPROVING LOAN QUALITY CONTRIBUTED TO WACHOVIA'S BOTTOM LINE AS
THE BANK'S PROVISION FOR LOAN LOSSES WAS CUT TO 177 MILLION FROM 251
MILLION IN THE YEAREARLIER QUARTER LOANS AT WACHOVIA BASED JOINTLY IN
ATLANTA AND WINSTONSALEM NC GREW TO 23 BILLION A 91 RISE FROM THE
1993 QUARTER AND A 845 MILLION JUMP FROM THE FOURTH QUARTER OF 1993

FIRST FIDELITY LAWRENCEVILLE NJ SAID RESULTS WERE ABOUT AS EXPECTED
DESPITE POOR WEATHER THE INCREASINGLY STRONG ECONOMY IS BEGINNING TO
GENERATE CORE REVENUE GROWTH SAID TONY TERRACCIANO CHAIRMAN AND CHIEF
EXECUTIVE OFFICER

NET INTEREST INCOME ON A TAXABLEEQUIVALENT BASIS ROSE TO 3576 MILLION
FROM 3346 MILLION A YEAR EARLIER WHILE THE NET INTEREST MARGIN DECLINED
TO 475 FROM 484 MAINLY BECAUSE OF THE ACQUISITION OF THE FORMER PEOPLES
WESTCHESTER SAVINGS BANK WHICH HAD BEEN OPERATING WITH A NET INTEREST
MARGIN OF ABOUT 385

JP MORGAN & CO REPORTED A 17 INCREASE IN FIRSTQUARTER EARNINGS TO 345
MILLION BUT A 20 DROP IN PROFIT WHEN A YEAREARLIER ACCOUNTING CHARGE IS
EXCLUDED AN ARTICLE FRIDAY INCORRECTLY SAID THE DROP WAS 25 9404150054
940415 BUSINESS BRIEF MIDLANTIC CORP FIRSTPERIOD PROFIT SOARED AS
RATE SPREADS IMPROVED

MIDLANTIC CORP SAID FIRSTQUARTER NET INCOME ROUGHLY DOUBLED AIDED BY
IMPROVED INTERESTRATE SPREADS AND LOWER LOANLOSS PROVISIONS

NET INCOME AT THE EDISON NJ BANKING COMPANY ROSE TO 458 MILLION OR 83
CENTS A SHARE FROM 235 MILLION OR 48 CENTS A SHARE THE LATEST FIGURES
INCLUDE A ONETIME CHARGE OF 75 MILLION FOR AN ACCOUNTING CHANGE

THE COMPANY WHICH OPERATES IN NEW JERSEY AND PENNSYLVANIA SAID ITS
OPERATING MARGIN BEFORE CREDITRELATED COSTS AND NONRECURRING ITEMS WAS 68
MILLION A 63 IMPROVEMENT FROM A YEAR EARLIER

NET INTEREST INCOME FOR THE QUARTER WAS 135 MILLION UP 15 FROM A YEAR
EARLIER

THE COMPANY HAD A SHARPLY LOWER PROVISION FOR LOAN LOSSES OF 7 MILLION IN
THE QUARTER DOWN FROM 20 MILLION A YEAR EARLIER THE RESERVE TOTALED 381
MILLION AT MARCH 31 DOWN FROM 576 MILLION A YEAR EARLIER

ON THE NASDAQ STOCK MARKET MIDLANTIC CLOSED AT 30375 UP 375 CENTS
9404150053 940415 BUSINESS BRIEF PRUDENTIAL INSURANCE CO OF AMERICA 
AM BEST LOWERS ITS RATING TO ONE STEP BELOW HIGHEST

AM BEST CO SAID IT LOWERED ITS RATING ON PRUDENTIAL INSURANCE CO OF
AMERICA TO APLUS ONE NOTCH BELOW THE HIGHEST POSSIBLE RATING OF
ADOUBLEPLUS

THE DOWNGRADE REFLECTS THE ADVERSE INFLUENCE ON THE COMPANY'S COMPETITIVE
POSITION OF LEGAL WOES RELATED TO LIMITEDPARTNERSHIP SALES BY THE COMPANY'S
SECURITIES UNIT AND ALLEGED IMPROPER APPRAISAL METHODS USED IN AN INVESTMENT
FUND

BEST ALSO CITED THE COMPANY'S MANAGEABLE YET SIGNIFICANT EXPOSURE TO
UNDERPERFORMING REAL ESTATE INVESTMENTS NONETHELESS THE COMPANY RETAINS A
SUPERIOR DESIGNATION BECAUSE OF ITS FINANCIAL FLEXIBILITY DIVERSITY OF
EARNINGS AND THE LEADERSHIP POSITIONS MAINTAINED IN ITS CORE BUSINESSES
BEST SAID

MARTIN PFINSGRAFF PRUDENTIAL'S TREASURER SAID THE COMPANY WAS DISAPPOINTED
BY BEST'S COMMENTS ON ITS PRUDENTIAL SECURITIES UNIT BECAUSE THE COMPANY
UNDERSTANDS THE ESTIMATED EXTENT OF ITS EXPOSURE AND BELIEVES IT HAS
ADEQUATE RESERVES ON HAND FOR CLAIMS

BEST'S ACTION FOLLOWS SIMILAR ACTIONS TAKEN BY OTHER MAJOR RATING SERVICES
9404150052 940415 BUSINESS BRIEF PECO ENERGY CO PHILADELPHIA
UTILITY TO CUT WORK FORCE TAKE A CHARGE

PECO ENERGY CO'S BOARD APPROVED A COSTCUTTING PROGRAM THAT WILL TRIM ITS
WORK FORCE THROUGH EARLY RETIREMENT AND VOLUNTARY SEPARATION PLANS

THE PHILADELPHIA ELECTRIC UTILITY SAID THE PROGRAMS WOULD REQUIRE A
SIGNIFICANT CHARGE BUT DIDN'T ESTIMATE THE AMOUNT THE COMPANY ALSO SAID IT
HAD NO ESTIMATE OF HOW MANY OF ITS 9330 EMPLOYEES IT EXPECTS TO PARTICIPATE
IN THE PROGRAM

LAST YEAR PECO EARNED 5906 MILLION OR 245 A SHARE ON REVENUE OF
ALMOST 4 BILLION

ALSO STOCKHOLDERS DEFEATED A SHAREHOLDERSPONSORED PROPOSAL BARRING PECO
FROM USING LAWYERS THAT SAT ON THE COMPANY'S BOARD

THE COMPANY SAID A BOARD MEMBER'S LAW FIRM RECEIVED 953000 IN 1993 TO
DEFEND PECO AGAINST TWO RACIALDISCRIMINATION SUITS THAT PECO WON
9404150051 940415 TECHNOLOGY DIGITAL VCR STANDARDS ARE AGREED TO BY
50 FIRMS

TOKYO AP FIFTY AMERICAN EUROPEAN AND ASIAN COMPANIES AGREED ON
TECHNICAL STANDARDS FOR HOME DIGITAL VIDEOCASSETTE RECORDERS WHICH PROVIDE
BETTER PICTURE QUALITY AND CLEANER COPIES OF TAPES

THE AGREEMENT MEANS CONSUMERS COULD BE ABLE TO BUY A DIGITAL VCR AS SOON AS
EARLY NEXT YEAR INDUSTRY OFFICIALS SAID

A CONFERENCE IN TOKYO THAT INCLUDED THE MAJOR JAPANESE VCR MAKERS ANNOUNCED
STANDARDS FOR VCRS USED WITH CONVENTIONAL TELEVISIONS AND FOR THOSE USED
WITH JAPAN'S HIGHDEFINITION TV SYSTEM A STATEMENT SAID STANDARDS FOR A
FUTURE HDTV SYSTEM NOW BEING CREATED IN THE US SHOULD BE READY BY THE END
OF THE YEAR

DIGITAL VCRS HAVE BEEN USED BY PROFESSIONALS FOR SOME TIME BUT UNTIL RECENT
ADVANCES IN DATA COMPRESSION THEY WERE BELIEVED TO BE TOO BIG FOR HOMES

DIGITAL TECHNOLOGY HANDLES SIGNALS IN COMPUTERLIKE ELECTRONIC PULSES THAT
ARE LESS SUSCEPTIBLE TO DEGRADATION THAN THE WAVELIKE ANALOG SIGNALS USED
IN CONVENTIONAL VCRS AND BROADCASTING 9404150049 940415 TREASURY TO FIGHT
RULING ON TAXING FOREIGN INCOME

WASHINGTON THE TREASURY PUT US COMPANIES ON NOTICE THAT IT INTENDS TO
FIGHT A COURT RULING THAT ALLOWED A US COMPANY TO AVOID TAXES ON FOREIGN
INCOME BY DIVERTING THE INCOME TO A NEWLYCREATED PARTNERSHIP

IN A DECISION ANNOUNCED TUESDAY THE US TAX COURT RULED THAT BROWN GROUP
INC A NEW YORK SHOE AND FASHION WHOLESALER AND RETAILER COULD CREATE A
PARTNERSHIP TO RECEIVE INCOME FROM FOREIGNBASED SALES THE JUDGE RULED THAT
ABOUT 1 MILLION IN PARTNERSHIP INCOME WASN'T SOCALLED SUBPART F INCOME
WHICH WOULD MAKE IT TAXABLE UNDER US LAW BROWN GROUP OFFICIALS OWN 98 OF
THE PARTNERSHIP A COMPANY OFFICIAL COULDN'T BE REACHED FOR COMMENT

A TREASURY OFFICIAL SAID THE DEPARTMENT WAS CONCERNED THAT ATTORNEYS WILL
COUNSEL THEIR CLIENT CORPORATIONS WITH FOREIGN AFFILIATES THAT SUCH
PARTNERSHIPS ARE A PERMISSABLE WAY TO DEFER TAXES

ALTHOUGH IT COULDN'T PROVIDE SPECIFIC NUMBERS THE TREASURY SAID THAT
BILLIONS OF DOLLARS IN FOREIGNAFFILIATE INCOME IS POTENTIALLY AFFECTED BY
THE DECISION 9404150048 940415 BUSINESS BRIEF SCOTT PAPER CO 
ANNUAL MEETING POSTPONED IN SEARCH FOR NEW CHAIRMAN

SCOTT PAPER CO SAID DIRECTORS DECIDED TO POSTPONE THE COMPANY'S ANNUAL
MEETING SCHEDULED FOR TUESDAY TO COMPLETE ITS SEARCH FOR A NEW CHAIRMAN

PHILADELPHIABASED SCOTT SAID THE BOARD'S SELECTION PROCEDURE IS NEARING AN
END AND DIRECTORS WANT SHAREHOLDERS TO HAVE AN OPPORTUNITY TO MEET THE NEW
CHAIRMAN AND CHIEF EXECUTIVE OFFICER

IN NEW YORK STOCK EXCHANGE COMPOSITE TRADING YESTERDAY SCOTT SHARES CLOSED
AT 38 OFF 1375

PHILIP E LIPPINCOTT SCOTT'S CHAIRMAN LAST FALL ANNOUNCED HIS INTENTION TO
RETIRE APRIL 1 BUT WILL STAY ON UNTIL A SUCCESSOR IS NAMED THE COMPANY SAID
THE NEW DATE FOR THE RESCHEDULED MEETING WILL BE ANNOUNCED AS SOON AS
POSSIBLE 9404150047 940415 BUSINESS BRIEF TYCO INTERNATIONAL LTD 
CONTRACT NEGOTIATIONS HALT WITH UNION AT GRINNELL UNIT

TYCO INTERNATIONAL LTD EXETER NH SAID CONTRACTRENEWAL DISCUSSIONS
WITH LOCAL 669 OF THE UNITED ASSOCIATION OF THE SPRINKLER FITTERS UNION
HAVE BROKEN OFF WITHOUT AN AGREEMENT

THE CONTRACT EXPIRED MARCH 31

OFFICERS OF THE UNION REPRESENTING ABOUT 1300 EMPLOYEES AT TYCO'S GRINNELL
CORP UNIT WEREN'T AVAILABLE IMMEDIATELY FOR COMMENT

IT COULDN'T BE DETERMINED IF A STRIKE WAS IMMINENT BUT A TYCO SPOKESMAN
SAID THE COMPANY'S FIREPROTECTION DIVISION WOULD CONTINUE TO OPERATE WITH
SUPERVISORY PERSONNEL AND REPLACEMENT WORKERS IN THE EVENT OF A WORK
STOPPAGE

IN ADDITION TO SPRINKLERS TYCO MAKES FLOWCONTROL PRODUCTS ELECTRONIC
COMPONENTS AND PACKAGING MATERIALS 9404150046 940415 BUSINESS BRIEF 
BIRTCHER MEDICAL SYSTEMS INC POSSIBLE SALE OF COMPANY OR SOME ASSETS
IS CONSIDERED

BIRTCHER MEDICAL SYSTEMS INC SAID IT IS EVALUATING A POSSIBLE SALE OF THE
COMPANY OR VARIOUS OPERATING ASSETS AS WELL AS OTHER STRATEGIC
ALTERNATIVES

THE IRVINE CALIF MAKER OF ADVANCED SURGICAL PRODUCTS AND RELATED
ACCESSORIES SAID IT RECEIVED AN OFFER TO PURCHASE ITS SOLOS ENDOSCOPY
DIVISION WHICH HAS BEEN HURT BY DECLINING SALES AND MARGINS AS WELL AS
PROPOSALS FROM SEVERAL DIFFERENT GROUPS TO BUY ITS HYFRECATOR
PHYSICIANOFFICEPRODUCT LINE

IN ADDITION TO THE POSSIBLE SALES BIRTCHER SAID IT IS CONSIDERING SELLING
EQUITY SECURITIES IN A FOREIGN OFFERING OR A LOAN FROM OTHER SOURCES THE
COMPANY SAID IT HASN'T YET DECIDED WHICH ALTERNATIVE IT WILL PURSUE BUT
THAT IT HOPES TO REACH A DECISION IN THE NEXT SEVERAL WEEKS

FOR THE SIX MONTHS ENDED DEC 31 BIRTCHER HAD A NET LOSS OF 13 MILLION
OR 16 CENTS A SHARE ON REVENUE OF 202 MILLION COMPARED WITH NET INCOME
OF 11 MILLION OR 12 CENTS A SHARE ON REVENUE OF 233 MILLION A YEAR
EARLIER 9404150045 940415 BUSINESS BRIEF CANANDAIGUA WINE CO 
PRODUCTION IS TO BE SHIFTED FROM HAMMONDSPORT PLANT

CANANDAIGUA WINE CO SAID IT HASN'T RENEWED ITS LEASE AT ITS WINERY NEAR
HAMMONDSPORT NY AND WILL BE SHIFTING PRODUCTION TO TWO OTHER FACILITIES

CANANDAIGUA BASED IN CANANDAIGUA NY SAID THAT OVER THE NEXT 12 MONTHS
THE WINEMAKING AND BOTTLING ACTIVITIES PERFORMED AT HAMMONDSPORT WILL BE
RELOCATED TO WIDMER'S WINE CELLARS IN NAPLES NY AND ITS WINERY IN
CANANDAIGUA LYNN FETTERMAN CHIEF FINANCIAL OFFICER SAID THE APPROXIMATELY
170 HAMMONDSPORT EMPLOYEES WILL BE GIVEN FIRST OPPORTUNITIES TO APPLY FOR
THE 40 TO 60 NEW JOBS AT THE WIDMER'S AND CANANDAIGUA WINERIES

THE COMPANY ALSO SAID THE HAMMONDSPORT WORKERS WHO DON'T TRANSFER TO THE
OTHER FACILITIES WILL BE OFFERED SEVERANCE BENEFITS CANANDAIGUA HAS ABOUT
1600 EMPLOYEES THE COMPANY SAID 9404150044 940415 THE BUSINESS OF LAW
 ABN AMRO FOUND LIABLE FOR ROLE IN AN ASSET SALE

NEW YORK A FEDERAL JURY FOUND ABN AMRO BANK NV LIABLE FOR 221 MILLION
STEMMING FROM ITS ROLE IN THE 1981 ASSET SALE OF A REMINGTON RAND CORP UNIT
TO A GROUP OF ARAB INVESTORS

THE JURY CONCLUDED THAT ABN AMRO HAD CONSPIRED WITH THE INVESTORS FOR
WHOM ABN AMRO WAS PRINCIPAL BANKERTO MISAPPROPRIATE TRADE SECRETS

ABN AMRO A UNIT OF ABN AMRO HOLDING NV OF THE NETHERLANDS CALLED THE
VERDICT UNJUSTIFIED AND INCORRECT AND SAID IT WILL APPEAL THE VERDICT
WON'T HAVE ANY MATERIAL EFFECT ON THE BANK'S OPERATIONS OR FINANCIAL
RESULT IT SAID ATTORNEYS FOR THE PLAINTIFFS AND THE OTHER DEFENDANTS
DECLINED TO COMMENT OR DIDN'T RETURN PHONE CALLS

SPECIFICALLY THE JURY FOUND THAT THE BANK WAS BOUND BY A PREVIOUS NEW
JERSEY DECISION THAT HAD FOUND THE ARAB INVESTORS AND THEIR COMPANY
BUSINESS SYSTEMS INC LIABLE FOR WRONGFULLY TAKING REMINGTON RAND'S
TECHNOLOGY FOR MANUFACTURING SINGLEELEMENT ELECTRIC TYPEWRITERS BUSINESS
SYSTEMS INC WHICH FILED FOR BANKRUPTCY PROCEEDINGS IN THE NETHERLANDS HAS
BEEN UNABLE TO PAY THE PRIOR JUDGMENT LEAVING ABN AMRO VULNERABLE AS A
DEEPPOCKET DEFENDANT

JOHN WARDEN AN ATTORNEY WITH SULLIVAN & CROMWELL IN NEW YORK WHICH
REPRESENTED THE BANK AND ITS MERCHANTBANKING ARM SAID HIS CLIENTS HAD DONE
NOTHING IMPROPER 9404150043 940415 BUSINESS BRIEF DAIMLERBENZ AG 
UNIONS GOVERNMENT AGREE TO RESTRUCTURING AT FOKKER

GERMAN/DUTCH AEROSPACE COMPANY FOKKER NV SAID IT REACHED AGREEMENTS WITH
LABOR UNIONS AND THE GOVERNMENT OVER RESTRUCTURING PLANS THAT INCLUDE 750
LAYOFFS THIS YEAR

A SPOKESMAN FOR AMSTERDAMBASED FOKKER SAID AN AGREEMENT HAS ALSO BEEN
REACHED OVER TEMPORARY AND LONGERTERM WORK WEEK REDUCTIONS

IN FEBRUARY FOKKER WHICH IS 51 OWNED BY GERMANY'S DEUTSCHE AEROSPACE AG
A SUBSIDIARY OF DAIMLERBENZ AG ANNOUNCED PLANS TO CUT ROUGHLY 1900 JOBS
 FAR MORE THAN EXPECTED THROUGH 1996

THOSE CUTS WILL CONSIST OF A VARIETY OF MEASURES RANGING FROM JOBSHARING
AND SHORTENED WORK WEEKS TO EARLY RETIREMENT INCENTIVES

FOKKER AIMS TO SAVE AROUND 150 MILLION GUILDERS 782 MILLION A YEAR
THROUGH THE MEASURES BEGINNING NEXT YEAR

THE GOVERNMENT MUST APPROVE MEASURES SUCH AS SHORTENED WORK WEEKS BECAUSE IT
EFFECTIVELY PICKS UP THE TAB FOR THE REDUCTION THROUGH PARTIAL UNEMPLOYMENT
BENEFITS PAYED TO AFFECTED WORKERS 9404150042 940415 MARKETING & MEDIA 
ONTARIO CONSORTIUM EXPECTED TO LAUNCH MULTIMEDIA FIELD TRIAL

TORONTO AN ONTARIO CONSORTIUM OF UNIVERSITY GOVERNMENT AND CORPORATE
INSTITUTIONS IS EXPECTED TO ANNOUNCE ON MONDAY A FIELD TRIAL OF MULTIMEDIA
SERVICES AND SMART HOMES IN THE TORONTO AREA

THE PROJECT SPONSORED BY THE INTERCOM ONTARIO CONSORTIUM WILL CONNECT
ABOUT 1000 LOCATIONS INCLUDING HOMES UNIVERSITY CAMPUSES AND GOVERNMENT
OFFICES THROUGH A NETWORK OFFERING AN UNUSUALLY BROAD RANGE OF INTERACTIVE
USES FROM HOME BANKING TO SECURITY SURVEILLANCE ACCORDING TO PEOPLE
INVOLVED IN THE INITIATIVE

INTERCOM ONTARIO INCLUDES MEMBERS FROM THE ONTARIO DIVISION OF BELL CANADA
CANADA'S BIGGEST TELEPHONE COMPANY AND THE CANADIAN UNIT OF INTERNATIONAL
BUSINESS MACHINES CORP

TOM HEALEY GENERAL MANAGER OF THE ELECTRONICHIGHWAY DIVISION OF ANDERSEN
CONSULTING CANADA SAID THE EXPERIMENT WILL DIFFER FROM VARIOUS FIELD TESTS
RUN BY COMPANIES IN THE US AND CANADA IN THAT IT WILL INVOLVE A
COOPERATIVE NONCOMPETITIVE EFFORT TO FIGURE OUT HOW THE PUBLIC REACTS TO
NEW SERVICES MR HEALEY A CONSULTANT TO THE PROJECT SAID APPLE COMPUTER
INC'S CANADIAN UNIT WILL PARTICIPATE ALONG WITH IBM'S

OTHER PARTICIPANTS WILL INCLUDE COMPANIES FROM THE ENTERTAINMENT INDUSTRY
GOVERNMENT MUSEUMS AND GALLERIES AND THE POST OFFICE ACCORDING TO
CONSORTIUM OFFICIALS 9404150041 940415 MARKETING & MEDIA VIACOM CEO
HINTS DEAL FOR BLOCKBUSTER IN DOUBT

NEW YORK IN ANOTHER SIGN THAT VIACOM INC'S ACQUISITION OF BLOCKBUSTER
ENTERTAINMENT CORP IS IN TROUBLE VIACOM CHIEF EXECUTIVE FRANK BIONDI SAID
THERE MAY BE DIFFICULTY IN CLOSING THE DEAL BASED ON THE DECLINE IN BOTH
COMPANIES' STOCK PRICES

MR BIONDI MADE THE COMMENTS TO REPORTERS AFTER A SPEECH IN BEVERLY HILLS
CALIF TO THE HOLLYWOOD RADIO AND TELEVISION SOCIETY MR BIONDI ALSO
STATED THAT VIACOM IS PREPARED TO HANDLE THE PLANNED ACQUISITION OF
PARAMOUNT COMMUNICATIONS INC ALONE VIACOM HAD PLANNED TO USE BLOCKBUSTER'S
RICH CASH FLOW TO OFFSET THE DEBT FROM VIACOM'S 96 BILLION PARAMOUNT
ACQUISITION

THE VIACOMBLOCKBUSTER DEAL CALLS FOR VIACOM TO ACQUIRE BLOCKBUSTER FOR
STOCK WHICH WAS VALUED AT ABOUT 40 A SHARE WHEN THE DEAL WAS ANNOUNCED IN
NEW YORK STOCK EXCHANGE TRADING YESTERDAY VIACOM SHARES CLOSED AT 2675
UP 875 CENTS A RECENT REPORT BY SG WARBURG ANALYST LISBETH BARRON
FORECAST THE CLASS B SHARES WILL DROP IN VALUE TO 1850 A SHARE

BLOCKBUSTER WHOSE STOCK WAS HALTED BRIEFLY IN LATE TRADING ON THE NEW YORK
STOCK EXCHANGE CLOSED AT 25625 UP 125 CENTS BLOCKBUSTER HAD NO COMMENT
ON MR BIONDI'S STATEMENTS 9404150040 940415 CORRECTIONS & AMPLIFICATIONS

COCACOLA CO HAS BEEN SELLING ITS COKE BRAND IN INDIA SINCE OCTOBER 1993
BUT DOESN'T YET MARKET THE BRAND IN BOMBAY AN ARTICLE TUESDAY INCORRECTLY
STATED THAT COKE ISN'T YET MARKETED IN INDIA

WOMEN HELD 5855 MANAGEMENT JOBS IN 1992 AT NYNEX CORP 37 OF ALL
MANAGEMENT POSITIONS THERE AREN'T COMPARABLE NUMBERS FOR 1982 BECAUSE NYNEX
DIDN'T EXIST THEN AT PACIFIC TELESIS GROUP WOMEN HELD 4190 MANAGEMENT
JOBS IN 1992 486 OF ALL MANAGEMENT JOBS FIGURES FOR THE TWO COMPANIES IN
A CHART ACCOMPANYING A MARCH 29 PAGEONE ARTICLE ON WOMEN MANAGERS WERE
ERRONEOUS BECAUSE OF INCORRECT INFORMATION PROVIDED BY THE OFFICE OF FEDERAL
CONTRACT COMPLIANCE PROGRAMS

A TABLE OF CONSUMERPRICE INDEXES APPEARS IN TODAY'S PAPER THE TABLE WAS
OMITTED FROM YESTERDAY'S EDITION 9404150039 940415 PROGRAM TRADING

NEW YORK PROGRAM TRADING IN THE WEEK ENDED APRIL 8 ACCOUNTED FOR 137
OR AN AVERAGE 429 MILLION DAILY SHARES OF NEW YORK STOCK EXCHANGE VOLUME

BROKERAGE FIRMS EXECUTED AN ADDITIONAL 295 MILLION DAILY SHARES OF PROGRAM
TRADING AWAY FROM THE BIG BOARD MOSTLY ON FOREIGN MARKETS PROGRAM TRADING
IS THE SIMULTANEOUS PURCHASE OR SALE OF AT LEAST 15 DIFFERENT STOCKS WITH A
TOTAL VALUE OF 1 MILLION OR MORE

OF THE PROGRAM TOTAL ON THE BIG BOARD 501 INVOLVED STOCKINDEX ARBITRAGE
UP FROM 475 THE PRIOR WEEK IN THIS STRATEGY TRADERS DART BETWEEN STOCKS
AND STOCKINDEX OPTIONS AND FUTURES TO CAPTURE FLEETING PRICE DIFFERENCES

SOME 553 OF PROGRAM TRADING WAS EXECUTED BY FIRMS FOR THEIR OWN ACCOUNTS
OR PRINCIPAL TRADING AND 415 FOR THEIR CUSTOMERS ANOTHER 32 WAS
CUSTOMER FACILITATION IN WHICH FIRMS USE PRINCIPAL POSITIONS TO FACILITATE
CUSTOMER TRADES

OF THE FIVE MOSTACTIVE FIRMS NOMURA SECURITIES SUSQUEHANNA UBS
SECURITIES AND KIDDER PEABODY EXECUTED MOST OR ALL OF THEIR PROGRAM TRADING
FOR THEIR OWN ACCOUNTS WHILE MORGAN STANLEY DID MOST OF ITS TRADING FOR ITS
CUSTOMERS

THE BIG BOARD RELEASES SPECIAL PROFILES FOR PERIODS IN WHICH THE DOW JONES
INDUSTRIAL AVERAGE MOVES 50 POINTS WITHIN AN HOUR ON APRIL 4 WHEN THE DOW
FELL NEARLY 76 POINTS IN THE FIRST HOUR THE BUSIEST PROGRAM TRADER WAS UBS
IT TRADED 15 MILLION SHARES NEARLY ALL OF IT INDEXARBITRAGE SELLING ON
APRIL 5 WHEN THE DOW ROSE 54 POINTS IN THE FIRST HOUR THE MOSTACTIVE
TRADERS WERE SUSQUEHANNA AND NOMURA WITH NEARLY ALL ARBITRAGE SELLING FOR
BOTH 9404150037 940415 BUSINESS BRIEF AUTOTOTE CORP VIDEO GAMBLING
COMPANY TO BUILD MEXICAN NETWORK

AUTOTOTE CORP SAID IT SIGNED CONTRACTS THAT IT VALUED AT 100 MILLION OVER
THE NEXT FIVE YEARS TO INSTALL AND OPERATE A MEXICAN VIDEO GAMING RACE AND
SPORTS NETWORK

THE NEWARK DEL MAKER OF COMPUTERIZED GAMBLING EQUIPMENT SAID THE
VALUATION WAS BASED ON AN INITIAL COMMITMENT FROM 10 LICENSEES AFFILIATED
WITH ITS MEXICAN DISTRIBUTOR AND IS SUBJECT TO GUIDELINES ESTABLISHED BY THE
MEXICAN GOVERNMENT

MARTIN SCHLOSS AUTOTOTE'S GENERAL COUNSEL SAID THE REVENUE ESTIMATES ARE
BASED ON HOW QUICKLY WE GET THE VIDEO TERMINALS IN SO IT MIGHT TAKE
SLIGHTLY MORE THAN FIVE YEARS

IN NASDAQ STOCK MARKET TRADING AUTOTOTE ROSE 1625 A SHARE TO CLOSE AT
20125 9404150036 940415 BUSINESS BRIEF KIMBERLYCLARK CORP 
COMPANY AGREES TO SELL TISSUE MILL IN TENNESSEE

KIMBERLYCLARK CORP CONTINUING TO SELL NONCORE ASSETS SAID IT AGREED TO
SELL ITS TISSUE MILL IN MEMPHIS TENN TO SHEPHERD TISSUE INC A UNIT OF
CLOSELY HELD JOMAR MANAGEMENT CORP MEMPHIS TENN TERMS WERE NOT
DISCLOSED

KIMBERLYCLARK BASED IN DALLAS SAID IT EXPECTS THE SALE TO CLOSE DURING
THE THIRD QUARTER AND THAT THE SALE WILL HAVE NO MATERIAL EFFECT ON ITS
EARNINGS

THE PLANT WHICH EMPLOYS 650 MAINLY PRODUCES PRIVATELABEL FACIAL AND
BATHROOM TISSUE AND PAPER TOWELS AS A RESULT OF THE SALE KIMBERLYCLARK
WILL MAKE PRIVATELABEL FACIAL TISSUE IN OTHER PLANTS WILL NO LONGER MAKE
PRIVATELABEL BATHROOM TISSUE AND WILL GREATLY REDUCE PRODUCTION OF
PRIVATELABEL PAPER TOWELS THE COMPANY SAID IT IS REDUCING PRIVATE
PRODUCTION BECAUSE IT WANTS TO FOCUS ON ITS BIGNAME BRANDS SUCH AS KLEENEX
KOTEX AND HUGGIES DISPOSABLE DIAPERS 9404150035 940415 WHO'S NEWS 
OFFICIAL AT TREASURY IS NAMED TO NEW POST FOR LAW ENFORCEMENT

WASHINGTON ASSISTANT TREASURY SECRETARY RONALD NOBLE WHO HELPED PREPARE
THE INTERNAL EXAMINATION OF THE GOVERNMENT'S HANDLING OF THE BRANCH DAVIDIAN
EPISODE IN WACO TEXAS WAS NOMINATED FOR THE NEWLY CREATED POST OF TREASURY
UNDERSECRETARY FOR ENFORCEMENT

THE POSITION WAS CREATED THIS YEAR BY CONGRESS TO COORDINATE THE
DEPARTMENT'S LAWENFORCEMENT FUNCTIONS INCLUDING THE BUREAU OF ALCOHOL
TOBACCO AND FIREARMS THE CUSTOMS SERVICE THE SECRET SERVICE AND THE
CRIMINAL INVESTIGATIVE DIVISION OF THE INTERNAL REVENUE SERVICE THE
37YEAROLD MR NOBLE CURRENTLY HEADS THE ATF THE NEW POSITION WILL BE ON A
PAR WITH THE UNDERSECRETARIES FOR INTERNATIONAL AFFAIRS AND DOMESTIC
FINANCE

THE CREATION OF THE NEW POSITION OF UNDERSECRETARY AND THE DECISION TO
ELEVATE RON NOBLE TO THIS CRITICAL POST UNDERSCORE THE IMPORTANCE THE
PRESIDENT AND I ATTACH TO LAW ENFORCEMENT AND OUR FIGHT AGAINST CRIME
TREASURY SECRETARY LLOYD BENTSEN SAID

THE NOMINATION REQUIRES SENATE APPROVAL 9404150034 940415 BUSINESS BRIEF
 GENERAL INSTRUMENT CORP CABLE TV PRODUCT SUPPLIER POSTS HIGHER
EARNINGS SALES

GENERAL INSTRUMENT CORP SHARES ROSE ON SHARPLY HIGHER FIRSTQUARTER
EARNINGS AFTER A SURGE IN CABLE TELEVISION PRODUCT SALES

NET INCOME ROSE TO 51 MILLION OR 83 CENTS A SHARE FROM 11 MILLION OR 19
CENTS A SHARE THE LATEST QUARTER INCLUDES A CHARGE OF 2 MILLION OR 3
CENTS A SHARE FOR AN ACCOUNTING CHANGE SALES ROSE 43 TO 433 MILLION FROM
303 MILLION

DANIEL F AKERSON CHAIRMAN AND CHIEF EXECUTIVE OF THE CHICAGOBASED CABLE
TELEVISION PRODUCTS SUPPLIER SAID SALES CONTINUED TO REFLECT INCREASING
GLOBAL INVESTMENT IN CABLE TELEVISION INFRASTRUCTURE

THE COMPANY'S INTEREST EXPENSE IN THE QUARTER FELL TO 129 MILLION FROM
234 MILLION DUE TO A 1993 DEBT RESTRUCTURING

IN LATE TRADING GENERAL INSTRUMENT SHARES ROSE 1125 TO 45875 A SHARE ON
THE NEW YORK STOCK EXCHANGE 9404150033 940415 HYDROQUEBEC SIGNS PACT
TO PAY INUITS IN ELECTRICITY PLAN

MONTREAL HYDROQUEBEC AND REPRESENTATIVES OF INUIT NATIVES SIGNED AN
AGREEMENTINPRINCIPLE PROVIDING FOR PAYMENTS TO THE INUIT BY HYDROQUEBEC
IF IT BUILDS THE MASSIVE GREAT WHALE HYDROELECTRIC PROJECT IN NORTHERN
QUEBEC

THE PAYMENTS WOULD BE SPREAD OVER 50 YEARS AND WOULD INCLUDE 30 MILLION
CANADIAN DOLLARS US218 MILLION AS SOON AS THE UTILITY DECIDES TO PROCEED
WITH CONSTRUCTION AN ADDITIONAL C21 MILLION OVER THE SEVENYEAR
CONSTRUCTION PERIOD AND AN ANNUAL AMOUNT OF C12 MILLION INDEXED ACCORDING
TO A PREDETERMINED FORMULA FOR THE NEXT 42 YEARS

HYDROQUEBEC WHICH IS OWNED BY THE QUEBEC GOVERNMENT SAID THE TOTAL
PRESENT VALUE OF THESE PAYMENTS IS C100 MILLION IN 1993 DOLLARS
HYDROQUEBEC AND INUIT REPRESENTATIVES SAID THE ACCORD ESTABLISHES A
FRAMEWORK TO NEGOTIATE A FINAL AGREEMENT WITHIN 18 MONTHS

NORTHERN QUEBEC'S CREE NATIVES HAVE CONTINUED TO OPPOSE GREAT WHALE ARGUING
THAT FLOODING FROM THE PROJECT WILL ENDANGER THEIR TRADITIONAL WAY OF LIFE
9404150032 940415 BUSINESS BRIEF PERSTORP AB PROFIT MORE THAN
DOUBLED FOR 6 MONTHS ENDED FEB 28

PERSTORP AB A STOCKHOLM SPECIALTY CHEMICAL GROUP REPORTED THAT PRETAX
PROFIT AFTER FINANCIAL ITEMS FOR THE SIX MONTHS ENDED FEB 28 MORE THAN
DOUBLED AND PREDICTED A SIGNIFICANT IMPROVEMENT IN FULL YEAR EARNINGS

PERSTORP ATTRIBUTED THE EARNINGS IMPROVEMENT TO THE GROUP'S EMPHASIS ON NEW
PRODUCTS AND MARKETS IN COMBINATION WITH INTERNAL COSTCUTTING MEASURES AND
THE DEPRECIATION OF THE SWEDISH KRONA

IN THE SIXMONTH PERIOD PRETAX PROFIT WAS 270 MILLION KRONOR 342
MILLION FROM 114 MILLION KRONOR IN THE SAME PERIOD 12 MONTHS EARLIER SALES
ROSE 24 TO 499 BILLION KNONOR FROM 402 BILLION KRONOR

PERSTORP SAID EVERYTHING POINTS TO A SIGNIFICANT INCREASE IN PRETAX PROFIT
DURING THE CURRENT FISCAL YEAR FROM THE 331 MILLION KRONOR REPORTED LAST
YEAR 9404150031 940415 CREF PULLS RESOLUTIONS AFTER TALKS WITH FIRMS

NEW YORK COLLEGE RETIREMENT EQUITIES FUND SAID NEGOTIATIONS WITH
COMPANIES IN ITS PORTFOLIO LED IT TO WITHDRAW 14 OF 18 RESOLUTIONS IT
SUBMITTED FOR THE 1994 PROXY SEASON

THE NEGOTIATIONS LED TO FAVORABLE ACTIONS ON THE PART OF THE COMPANIES
THAT SATISFACTORILY ADDRESSED OR RESOLVED THE ISSUES IT WAS CONCERNED ABOUT
SAID A SPOKESMAN FOR CREF THE 64 BILLION VARIABLEANNUITY COMPONENT OF
TIAACREF THE NATION'S LARGEST PENSION SYSTEM

THE FIRST ISSUE ADDRESSED ISSUANCE OF SOCALLED BLANKCHECK PREFERRED STOCK
A SPECIAL CLASS OF STOCK WHOSE VOTING DIVIDEND OR OTHER PROVISIONS ARE
DETERMINED WITHOUT SHAREHOLDER APPROVAL

THE SECOND ISSUE ADDRESSED THE ADOPTION OF A SECRET BALLOT FOR PROXY VOTING

THE THIRD ISSUE ADDRESSED ADOPTING AN ACTIVE POLICY FOR SEEKING QUALIFIED
WOMEN AND MINORITY CANDIDATES FOR NOMINATION TO THE BOARD TO CREATE BOARD
DIVERSITY IN TERMS OF RACE AGE GENDER AND EXPERIENCE 9404150030 940415
BUSINESS BRIEF ASK GROUP INC CHARGE LED TO WIDENED LOSS IN THE
FISCAL THIRD QUARTER

CITING A RESTRUCTURING CHARGE ASK GROUP INC REPORTED A WIDENED FISCAL
THIRDQUARTER NET LOSS OF 689 MILLION OR 295 A SHARE ON REVENUE OF
868 MILLION

IN THE YEAREARLIER QUARTER THE SANTA CLARA CALIF SOFTWARE MAKER HAD A
LOSS OF 674000 OR THREE CENTS A SHARE ON REVENUE OF 1005 MILLION

THE MOST RECENT QUARTER ENDED MARCH 31 INCLUDED A RESTRUCTURING CHARGE OF
45 MILLION TO COVER COSTS ASSOCIATED WITH CLOSING CERTAIN FACILITIES
REDUCING WORK FORCE AND TAKING WRITEOFFS

A SPOKESWOMAN SAID THE COMPANY HAS ABOUT 2100 EMPLOYEES COMPARED WITH
2535 AT THE END OF DECEMBER THE CUTBACKS CAME FROM LAYOFFS AND ATTRITION
SHE SAID

BEFORE THE CHARGE ASK HAD A LOSS FROM OPERATIONS OF 193 MILLION
INCLUDING A ONETIME CHARGE OF 45 MILLION FOR A BAD DEBT ASK SAID HIGHER
COSTS IN THE EARLY PART OF THE QUARTER AND LOWERTHANANTICIPATED REVENUE
CAUSED THE OPERATING LOSS 9404150029 940415 WHAT'S NEWS  WORLDWIDE

TWO US JETS SHOT DOWN TWO US HELICOPTERS OVER NORTHERN IRAQ KILLING 26

THE F15 PILOTS FIRED MISSILES AT THE US UH60 BLACK HAWK HELICOPTERS
AFTER MISTAKENLY IDENTIFYING THEM AS HELICOPTERS BELONGING TO IRAQ THE
PENTAGON WAS PUZZLED BY THE DOWNING BECAUSE IT OCCURRED DURING DAYLIGHT IN
GOOD WEATHER AND THE HELICOPTERS WERE EQUIPPED WITH SYSTEMS THAT
AUTOMATICALLY TRANSMIT CRAFTS' IDENTITY TO FRIENDLY FORCES FURTHERMORE AIR
TRAFFIC WAS BEING MONITORED BY A US AIR FORCE AWACS AIRCRAFT

KILLED IN THE INCIDENT IN THE NOFLY ZONE WERE 15 AMERICANS THREE TURKISH
CITIZENS TWO BRITISH OFFICERS A FRENCH OFFICER AND FIVE KURDS

PEACE MEDIATORS HEADED HOME FROM SOUTH AFRICA AS THEIR EFFORT COLLAPSED

THE CONFLICT THAT THREATENS THE NATION'S TRANSITION TO BLACK MAJORITY RULE
DEEPENED WITH THE COLLAPSE OF A MEDIATION EFFORT LED BY FORMER US
SECRETARY OF STATE KISSINGER THE SEVEN MEDIATORS SAID THEY FAILED TO
RESOLVE A POLITICAL IMPASSE OVER THE AUTONOMY DEMANDS OF THE ZULUDOMINATED
INKATHA PARTY WHICH IS BOYCOTTING APRIL 2628 ELECTIONS THE MEDIATION'S
COLLAPSE HEIGHTENED FEARS OF MORE VIOLENCE IN THE NATALKWAZULU REGION

PRESIDENT DE KLERK AND AFRICAN NATIONAL CONGRESS LEADER MANDELA SAID DURING
A DEBATE THAT THEY WOULD CONTINUE TO SEEK A RESOLUTION TO THE CRISIS

SERBS MOVED TO TAKE BACK SOME WEAPONS UNDER UN CONTROL NEAR SARAJEVO

BOSNIAN SERB FORCES SEALED OFF TWO UN COMPOUNDS DESPITE CLINTON'S
WARNINGS NOT TO TREAT UN OR NATO PERSONNEL AS COMBATANTS THE SERBS MOVED
ON THE COMPOUNDS IN AN ATTEMPT TO GRAB BACK HEAVY WEAPONS GIVEN UP IN
FEBRUARY THE UN SAID UN SOLDIERS IN THE COMPOUNDS WERE PREPARED TO
RESIST ANY ATTACK AND NATO PLANES WERE CIRCLING OVERHEAD THE INCIDENTS
FLARED JUST HOURS AFTER OTHER SERB TROOPS DETAINED UN SOLDIERS AT ANOTHER
WEAPONS DEPOT

IN BELGRADE A RUSSIAN ENVOY SAID HE NEGOTIATED A BOSNIAN CEASEFIRE ACCORD
WITH SERB LEADERS AND WOULD MEET WITH BOSNIA'S MUSLIMLED GOVERNMENT TODAY

TOBACCO COMPANY EXECUTIVES TOLD A HOUSE PANEL THAT NICOTINE ISN'T ADDICTIVE
AND DENIED ALLEGATIONS THAT THEY MANIPULATE THE NICOTINE CONTENT OF
CIGARETTES THE EXECUTIVES AGREED TO TURN OVER ALL STUDIES RESEARCH NOTES
AND MEMOS ABOUT THEIR EXAMINATION OF NICOTINE

MORTAR BOMBS EXPLODED AT THE AIRPORT IN RWANDA'S CAPITAL THREATENING THE
ATTEMPTS OF FOREIGNERS TO ESCAPE THE COUNTRY AS TRIBAL MASSACRES RAGED AND
ARMED CIVILIAN GANGS SLAUGHTERED MANY KIGALI RESIDENTS BELGIUM ANNOUNCED IT
WAS PULLING ITS TROOPS OUT OF THE UN MISSION THERE THREATENING THE ENTIRE
PEACEKEEPING OPERATION

A GROUP OF LARGE COMPANIES SOUGHT TO DISPEL THE NOTION THAT BUSINESS IS
UNIFORMLY OPPOSED TO THE IDEA OF REQUIRING EMPLOYERS TO PAY FOR THEIR
WORKERS' HEALTH INSURANCE THE GROUP JOINED SEVERAL UNIONS AND MEDICAL
PROVIDER GROUPS TO WRITE LETTERS ON THE SUBJECT TO THE CHAIRMEN OF THREE
HOUSE COMMITTEES

THE NAVY'S TOP OFFICER SHOULD RETIRE AS A FULL ADMIRAL DESPITE THE 1991
TAILHOOK SEXABUSE SCANDAL THAT OCCURRED ON KELSO'S WATCH AS CHIEF OF NAVAL
OPERATIONS THE SENATE ARMED SERVICES COMMITTEE SAID IN A 202 VOTE THE
PANEL RECOMMENDED TO THE FULL SENATE THAT KELSO RETIRE AT FOURSTAR RANK AS
SUGGESTED BY PRESIDENT CLINTON

A PALESTINIAN GROUP WARNED IT WAS PLANNING THREE MORE ATTACKS AGAINST ISRAEL
AND TOLD ARABS TO AVOID CROWDED AREAS THE FUNDAMENTALIST GROUP HAMAS ALSO
SCORNED THE PLO'S ARAFAT FOR CONDEMNING WEDNESDAY'S BUS BOMBING THAT KILLED
FIVE ISRAELIS AND A SIMILAR BOMBING LAST WEEK

A ROADSIDE BOMB KILLED EIGHT PEOPLE IN SOUTHERN LEBANON IN RETALIATION FOR
THE APPARENT HEZBOLLAH GUERRILLA ATTACK AN ISRAELIALLIED MILITIA SHELLED
THE LEBANESE PORT CITY OF SIDON KILLING FOUR PEOPLE

A HOUSE PANEL CHAIRMAN CALLED FOR A US INVASION OF HAITI TO JAIL ITS
MILITARY LEADERS OBEY WHO HEADS THE APPROPRIATIONS PANEL HAS OPPOSED
UNILATERAL US INTERVENTION OVERSEAS BUT HE SAID HAITI ISN'T A COUNTRY
ANYMORE IT'S A CONDITION

POSTAL AUTHORITIES ARE HOPING TO REVAMP THE WAY MAIL IS CLASSIFIED SO THAT
PRICES CAN BE BASED ON SPEED AND SERVICE INSTEAD OF WHAT IS SENT WHAT'S
NEEDED IS A COMPLETE OVERHAUL OF OUR CLASSIFICATION SYSTEM POSTMASTER
GENERAL RUNYON SAID 9404150028 940415 PROCASINO GOVERNOR POSTS 
308000 IN '93 WINNINGS

BATON ROUGE LA GOVERNOR EDWIN EDWARDS ONE OF THE BIGGEST PROPONENTS OF
BRINGING LEGALIZED CASINO GAMBLING TO LOUISIANA HAD ANOTHER GOOD GAMING
YEAR HIMSELF

THE GOVERNOR DIDN'T DISCLOSE THE SOURCE OF HIS WINNINGS IN PAST YEARS HE
HAS BOASTED OF HOSTING HIGHSTAKES POKER GAMES AT THE GOVERNOR'S MANSION
WITH POTS REPORTEDLY AS HIGH AS 10000 MR EDWARDS HAS ALSO BEEN A VISITOR
TO LAS VEGAS WHERE IN 1992 HE WON 182000 ON ONE TRIP

ABOUT SIX CASINO BOATS OPERATE IN LOUISIANA A STATE CASINO BOARD IS
NEGOTIATING THE FINAL LICENSING OF A LANDBASED CASINO IN NEW ORLEANS THAT
PROMOTERS SAY WILL BE THE LARGEST IN THE WORLD 9404150027 940415 BUSINESS
BRIEF CELESTIAL SEASONINGS INC SALES OF 2 NEW TEAS BOOST FISCAL
2NDPERIOD EARNINGS

HERBALTEA MAKER CELESTIAL SEASONINGS INC POSTED HIGHERTHANEXPECTED
FISCAL SECONDQUARTER EARNINGS HELPED BY STRONG SALES OF NEW PRODUCTS

IN THE PERIOD WHICH ENDED MARCH 31 THE BOULDER COLO COMPANY EARNED 31
MILLION OR 75 CENTS A SHARE UP FROM 15 MILLION OR 37 CENTS A SHARE
SALES SURGED 94 TO 229 MILLION TAX BENEFITS ADDED TO EARNINGS IN BOTH
PERIODS BUT MORE SO IN THE LATEST PERIOD

PHILIP B LIVINGSTON THE COMPANY'S CHIEF FINANCIAL OFFICER SAID TWO NEW
TEA FLAVORS WILD BERRY ZINGER AND HARVEST SPICE WERE RESPONSIBLE FOR SOME
OF THE GROWTH IN SALES HE SAID A NEW LINE OF RICHER AFTERDINNER TEAS WAS
ALSO DOING WELL IN ADDITION CELESTIAL SEASONINGS BOOSTED SALES TO
INTERNATIONAL MARKETS AND TO RESTAURANTS AND NATURALFOOD STORES

SEPARATELY CELESTIAL SEASONINGS AGREED TO LICENSE ITS NAME TO
WARNERLAMBERT CO FOR A LINE OF HERBAL PRODUCTS MR LIVINGSTON SAID THE
ROYALTIES FROM THAT AGREEMENT WOULD HAVE NO SIGNIFICANT IMPACT ON CELESTIAL
SEASONINGS' EARNINGS IN THE CURRENT FISCAL YEAR 9404150026 940415
BUSINESS BRIEF ADAC LABORATORIES INC IMPROVED NET OF 55 MILLION 
IS SEEN FOR FISCAL 2ND PERIOD

ADAC LABORATORIES INC SAID IT EXPECTS TO REPORT HIGHER EARNINGS FOR ITS
FISCAL SECOND QUARTER ENDED APRIL 3 BUT IS SEEING A SLOWDOWN IN ORDERS

THE MILPITAS CALIF MAKER OF MEDICAL IMAGING EQUIPMENT SAID NET INCOME FOR
THE QUARTER WAS 55 MILLION OR 33 CENTS A SHARE UP 25 FROM YEAREARLIER
NET INCOME OF 44 MILLION OR 27 CENTS A SHARE REVENUE WAS 473 MILLION
UP 26 FROM A YEAREARLIER 376 MILLION ADAC SAID THE NUMBERS ARE
PRELIMINARY

BECAUSE OF A DECLINE IN US ORDERS FOR NUCLEAR MEDICINE IMAGING EQUIPMENT
ADAC SAID IT EXPECTS THAT REVENUE AND EARNINGS IN THE NEAR FUTURE WILL BE
LOWER THAN THOSE OF ITS SECOND QUARTER AT THIS TIME IT IS DIFFICULT FOR
US TO DETERMINE WHEN THE MARKET WILL RETURN TO THE BUYING LEVELS OF 1993
THE COMPANY SAID 9404150025 940415 WHO'S NEWS STONE & WEBSTER INC

STONE & WEBSTER INC NEW YORK RAYMOND F RUGG 50 YEARS OLD WAS NAMED
CHAIRMAN AT THE STONE & WEBSTER DEVELOPMENT CORP SUBSIDIARY OF THIS
ENGINEERING AND CONSTRUCTION COMPANY A POSITION VACANT SINCE 1989 MR RUGG
WAS A VICE PRESIDENT AT THE PARENT 9404150024 940415 WHAT'S NEWS 
BUSINESS AND FINANCE

FORD RAISED ITS DIVIDEND 125 AND DECLARED A 2FOR1 STOCK SPLIT SIGNALING
ITS OPTIMISM FOR A SUSTAINED RECOVERY THE CAR MAKER PLANS TO SELL ITS
UNPROFITABLE THRIFT UNIT TO FIRST MADISON FOR 11 BILLION AND WILL TAKE A
FIRSTQUARTER CHARGE OF 440 MILLION IN CONNECTION WITH THE SALE BUT
ANALYSTS EXPECT THE CAR MAKER TO BE PROFITABLE IN THE QUARTER NONETHELESS
FORD ALSO BOUGHT THE 46 STAKE IN CAR RENTER HERTZ THAT IT DIDN'T ALREADY
OWN

THE WINNING BIDDER FOR FORD'S THRIFT IS A UNIT OF RONALD PERELMAN'S
MACANDREWS & FORBES WHICH WILL GET A RELATIVELY CLEAN BANK AFTER FORD
AGREED TO KEEP 12 BILLION IN BAD LOANS AND BUY UP TO 500 MILLION MORE

NATIONAL MEDICAL TOOK A PRETAX CHARGE OF 375 MILLION IN ITS THIRD QUARTER
TO COVER THE COSTS OF AN EXPECTED PACT WITH REGULATORS TO SETTLE ALL FEDERAL
AND STATE FRAUD INVESTIGATIONS

PHILIP MORRIS IS STUDYING A PLAN TO SEPARATE ITS FOOD AND TOBACCO
BUSINESSES AMID ANTITOBACCO SENTIMENT SEPARATELY RJR AMENDED ITS STOCK
OFFERING INCREASING THE LIKELIHOOD THAT IT WILL TRY TO SEPARATE ITS
BUSINESSES

BUSINESS INVENTORIES ROSE 05 IN FEBRUARY THE BIGGEST CLIMB SINCE
NOVEMBER THE INCREASE COULD PROVIDE A BOOST TO FIRSTQUARTER GROWTH

FLEET FINANCIAL SIGNALED THAT A MERGER WITH ANOTHER BIG BANK ISN'T IMMINENT
SAYING IT WOULD LIKE TO SEE RESULTS OF ITS COSTCUTTING PROGRAM FIRST

CBS'S ENTERTAINMENT PRESIDENT IS RESIGNING AFTER GUIDING CBS TO FIRST PLACE
FROM THIRD IN PRIME TIME

FIRED PARAMOUNT PRESIDENT STANLEY JAFFE IS SUING VIACOM FOR MORE THAN 20
MILLION SAYING THE COMPANY WRONGFULLY BLOCKED HIS EFFORTS TO EXERCISE
OPTIONS DUE HIM UNDER HIS CONTRACT AFTER IT ACQUIRED PARAMOUNT

IBM SIGNED A PRODUCTION PACT WITH UPSTART CHIP MAKER CYRIX TAKING AIM AT
INTEL'S PENTIUM CHIP MARKET

GERMANY'S CENTRAL BANK CUT ITS DISCOUNT RATE TO 5 FROM 525 TRIGGERING
RATE REDUCTIONS ELSEWHERE IN EUROPE

JP MORGAN'S EARNINGS ROSE 17 IN THE FIRST QUARTER BUT PROFIT FELL 25
WHEN A YEARAGO CHARGE IS EXCLUDED

DAYTON HUDSON ANNOUNCED THE UNEXPECTED RETIREMENT OF KENNETH MACKE ITS
CHAIRMAN AND CEO HE WILL BE SUCCEEDED BY ROBERT ULRICH WHO LEADS THE
RETAILER'S LARGEST DIVISION

A 1 BILLION DEAL BY MEXICAN BUSINESSMAN CARLOS CABAL PENICHE TO PURCHASE
DEL MONTE FOODS FELL THROUGH

SEVERAL EXWENDY'S RESTAURANT WORKERS FILED A DISCRIMINATION SUIT ALLEGING
WENDY'S IMPOSED A POLICY TO REDUCE ITS NUMBER OF BLACK WORKERS IN MOSTLY
WHITE SOUTHEAST COMMUNITIES

BOEING BEGAN AN INTENSE CAMPAIGN AIMED AT WINNING UP TO 9 BILLION IN US
MILITARY PURCHASES OF FREIGHTER VERSIONS OF ITS 747 JUMBO JET

SEVERAL FORESTPRODUCTS COMPANIES POSTED DEPRESSED FIRSTQUARTER RESULTS
REFLECTING LINGERING WEAKNESS IN PAPER AND PULP MARKETS AND BAD WEATHER
BOISE CASCADE'S LOSS WIDENED AND POTLATCH'S OPERATING PROFIT FELL 76

BONDS LEHMAN BROTHERS TREASURY INDEX 510761 OFF 1383

COMMODITIES OIL 1623 A BARREL UP 26 CENTS DOW JONES FUTURES INDEX
13756 OFF 042 SPOT INDEX 13119 UP 004

DOLLAR 10415 YEN UP 075 17095 MARKS UNCHANGED 9404150023 940415
DERIVATIVES ROIL CALIFORNIA POLITICAL RACE  BY EARL C GOTTSCHALK
JR STAFF REPORTER OF THE WALL STREET JOURNAL

LOS ANGELES THE USE OF DERIVATIVE INVESTMENTS AND OTHER AGGRESSIVE
FINANCIAL STRATEGIES TO ENHANCE RETURNS IS COMING UNDER INTENSE SCRUTINY IN
A HOT POLITICAL CONTEST IN CALIFORNIA'S ORANGE COUNTY

BY PLACING HIGHLY LEVERAGED INVESTMENT BETS ROBERT L CITRON THE COUNTY'S
VETERAN TREASURER HAS GENERATED RETURNS THAT HE SAYS ARE SOME OF THE
NATION'S HIGHEST FOR COUNTY MONEY MANAGERS IN 1993 HE SAYS THE MONEY HE
MANAGES FOR ORANGE COUNTY AND 186 OTHER CALIFORNIA MUNICIPALITIES SCHOOL
DISTRICTS AND GOVERNMENTAL UNITS EARNED 85

BUT MORE RECENTLY HE CONCEDES THE VALUE OF HIS PORTFOLIO HAS BEEN HIT BY
RISING INTEREST RATES FORCING HIM TO COME UP WITH 140 MILLION TO MEET
COLLATERAL CALLS FROM BROKERS WHO LENT HIM MONEY

MR CITRON INSISTS THAT HE ISN'T TAKING ANY UNDUE CHANCES WITH TAXPAYERS'
MONEY WE DO HAVE A DIFFERENT STRATEGY FROM MOST COUNTIES THE 68YEAROLD
MR CITRON SAYS BUT WE ARE AGGRESSIVE WITHIN PRUDENT LIMITS

POLITICAL OPPONENTS SEE IT DIFFERENTLY LED BY HIS CHALLENGER FOR THE
TREASURER'S JOB IN A JUNE ELECTION THEY CHARGE THAT MR CITRON'S STRATEGIES
ARE WAY TOO RISKY AND THAT THE RECENT RISE IN INTEREST RATES HAS LOST
TAXPAYERS A BUNDLE

LEVERAGING PUBLIC MONEY MAKES ME NERVOUS SAYS JOHN MOORLACH A CERTIFIED
PUBLIC ACCOUNTANT AND FINANCIAL PLANNER FROM COSTA MESA CALIF WHO IS MR
CITRON'S FIRST CHALLENGER FOR THE NONPARTISAN JOB IN MANY YEARS WHEN YOU
WIN YOU WIN BIG MR MOORLACH SAYS WHEN YOU LOSE YOU ALSO CAN LOSE
BIG

MR CITRON SAYS HE HAS BEEN USING REVERSE REPURCHASE AGREEMENTS TO
LEVERAGE THE 75 BILLION OF FUNDS HE MANAGES FOR ORANGE COUNTY AND THE
VARIOUS MUNICIPALITIES INTO A TOTAL INVESTMENT PORTFOLIO OF 195 BILLION

IN A REVERSEREPURCHASE AGREEMENT A BORROWER DELIVERS SECURITIES TO
FINANCIAL INSTITUTIONS IN RETURN FOR CASH WITH THE UNDERSTANDING HE LATER
WILL BUY THEM BACK AT A HIGHER PRICE MEANTIME THE BORROWER INVESTS THE
CASH HOPING TO GET A HIGHER RATE THAN HE HAS TO PAY UNDER THE TERMS OF THE
REVERSEREPURCHASE AGREEMENT IN EFFECT IT IS A WAY TO PUMP UP THE INCOME
GENERATED BY A BOND PORTFOLIO BY PURCHASING ADDITIONAL SECURITIES WITH
BORROWED FUNDS

MR CITRON SAYS HE HAS BEEN INVESTING PART OF THIS 195 BILLION POOL IN
TWOYEAR TO FIVEYEAR GOVERNMENT AGENCY SECURITIES ISSUED BY THE FEDERAL
NATIONAL MORTGAGE ASSOCIATION AND FEDERAL HOME LOAN BANK SYSTEM WHICH PAY
HIGHER YIELDS THAN COMPARABLE TREASURY SECURITIES

IN ADDITION MR CITRON SAYS SOME 20 OF THE 195 BILLION IS INVESTED IN
DERIVATIVES FINANCIAL AGREEMENTS WHOSE RETURNS ARE LINKED TO OR DERIVED
FROM THE PERFORMANCE OF SOME UNDERLYING ASSET SUCH AS BONDS CURRENCIES OR
COMMODITIES

BECAUSE THEY ENABLE INVESTORS TO TAKE POSITIONS WITH LITTLE OR NO MONEY
DOWN DERIVATIVES CAN GENERATE HANDSOME RETURNS WHEN THINGS GO WELL THEY
CAN ALSO CAUSE BIG LOSSES AND EVEN THE SOPHISTICATED FINANCIAL
PROFESSIONALS WHO DESIGN THEM CAN HAVE DIFFICULTY UNDERSTANDING HOW THESE
INVESTMENTS WILL BEHAVE IN UNEXPECTED MARKET CONDITIONS

IN A PERIOD OF RAPID REVERSAL OF INTEREST RATES INDIVIDUALS WHO HAVE
HIGHLY LEVERAGED THEIR POSITION AND ARE USING DERIVATIVE SECURITIES CAN'T
ACCURATELY ASCERTAIN THEIR DURATION OR SENSITIVITY TO INTERESTRATE RISK
SAYS MARSHALL B FRONT SENIOR EXECUTIVE VICE PRESIDENT AT STEIN ROE &
FARNHAM INC A CHICAGO MUTUALFUND AND MONEYMANAGEMENT FIRM MANY OF
THOSE STRATEGIES HAVE BEEN PROVEN TO HAVE BEEN FAR MORE RISKY THAN THEY SEEM
ON THE SURFACE

IT HAS BEEN DIFFICULT FOR BOND PROFESSIONALS AND OTHER MUNICIPAL TREASURERS
TO COMMENT DIRECTLY ON MR CITRON'S APPROACH BECAUSE HE DOESN'T MAKE HIS
INVESTMENT PORTFOLIO PUBLIC HOWEVER MR CITRON PROMISES TO DISCLOSE THE
DETAILS TO MR MOORLACH ON MONDAY

MEANTIME MR CITRON INSISTS THE DERIVATIVES HE USES ARE CONSERVATIVE WE
DON'T USE ANY EXOTIC STUFF HE SAYS

LIKE OTHER FIXEDINCOME INVESTORS BETTING ON INTEREST RATES MR CITRON'S
PORTFOLIO WAS HURT WHEN RATES ROSE SHARPLY THIS YEAR HE SAYS THAT LAST
MONTH HE HAD TO GIVE BROKERS AN ADDITIONAL 140 MILLION OF COLLATERAL
AGAINST LOSSES IN THE VALUE OF HIS PORTFOLIO

HE SAYS HE HAS 15 BILLION IN CASH AND IS RAISING ANOTHER 1 BILLION

UNLIKE MUTUAL FUNDS PENSION FUNDS HEDGE FUNDS AND MOST OTHER MONEY
MANAGERS WHO HAVE TO RECOGNIZE LOSSES AND GAINS IN THEIR PORTFOLIOS AS
MARKET PRICES MOVE MR CITRON SAYS HE DOESN'T HAVE TO MARK HIS PORTFOLIO TO
MARKET VALUES

I CAN HOLD TO MATURITY MR CITRON SAYS WE DON'T BELIEVE IN TAKING PAPER
LOSSES AND PAPER PROFITS HEDGE FUNDS ARE UNREGULATED PRIVATE INVESTMENT
PARTNERSHIPS THAT WAGER HUGE SUMS IN GLOBAL CURRENCY STOCK AND BOND MARKETS
IN SEARCH OF QUICK PROFITS

MR MOORLACH SAYS HE ISN'T IMPRESSED BY MR CITRON'S COMMENT MUTUAL FUNDS
AND EVERYONE ELSE MARKS TO MARKET AND IF I'M COUNTY TREASURER I WILL MARK
INVESTMENTS TO MARKET MR MOORLACH SAYS NOT MARKING TO MARKET IS JUST A
WAY OF CONCEALING LOSSES HE CHARGES

STATE LAWS VARY BUT MANY COUNTIES AND OTHER MUNICIPAL UNITS ARE PREVENTED
FROM USING THE STRATEGIES MR CITRON HAS EMPLOYED IN CALIFORNIA SUCH
APPROACHES ARE LEGAL THANKS TO A LEGAL REVISION THAT MR CITRON SAYS HE
HELPED WRITE

IN THE PAST SOME CITIES AND COUNTIES IN VARIOUS PARTS OF THE US HAVE RUN
INTO TROUBLE BY USING REVERSEREPURCHASE STRATEGIES SIMILAR STRATEGIES
CAUSED THE COLLAPSE OF NUMEROUS SAVINGSANDLOAN INSTITUTIONS IN THE 1980S

WHATEVER MR CITRON'S PORTFOLIO REVEALS OR DOESN'T REVEAL THE CAMPAIGN
IS LIKELY TO BE FIERCE ALL THE WAY TO THE JUNE 6 ELECTION ALTHOUGH THE
TREASURER'S POSITION IS NONPARTISAN MR CITRON IS A DEMOCRAT THE ONLY
ELECTED DEMOCRAT IN CONSERVATIVE ORANGE COUNTY GOVERNMENT MR MOORLACH 38
A REPUBLICAN IS ASSISTANT TREASURER FOR THE ORANGE COUNTY REPUBLICAN
CENTRAL COMMITTEE

THE CONTROVERSY PICKED UP MOMENTUM ON WEDNESDAY WHEN THE CITY OF TUSTIN
CALIF ONE OF THE 187 MUNICIPALITIES IN THE ORANGE COUNTY INVESTMENT POOL
SAID IT WITHDREW 4 MILLION BECAUSE IT CONSIDERED MR CITRON'S POLICIES TOO
RISKY WE MADE THE CHANGE BECAUSE WE WEREN'T COMFORTABLE WITH THE RISKS THE
COUNTY WAS TAKING SAID TUSTIN CITY COUNCILMAN JEFFREY THOMAS

MR CITRON CHARGES THAT THE MOVE WAS PURE PARTISAN POLITICS SINCE MR
THOMAS IS A MEMBER OF THE CAMPAIGN FINANCE COMMITTEE OF MR MOORLACH

MR CITRON CONTENDS THAT HIS CHALLENGER IS SUPPORTED BY A GROUP OF ORANGE
COUNTY BOND BROKERS WHO ARE UNHAPPY THAT HE HASN'T GIVEN THEM ANY BUSINESS
THROUGH THE YEARS AND ARE OUT TO SMEAR HIS APPROACH HE SAYS HE COULDN'T USE
LOCAL BROKERS BECAUSE I CAN'T CALL UP SOME LOCAL BROKER AND TELL HIM TO
PLACE A 100 MILLION TRADE

MR MOORLACH SAYS HE WANTS TO STUDY THE BROKERS WITH WHOM MR CITRON DEALS
9404150022 940415 I CAN'T AFFORD YOUR HEALTH PLAN MR CLINTON

LAST WEEK PRESIDENT CLINTON GOT INTO A SPARRING MATCH WITH HERMAN CAIN
PRESIDENT AND CEO OF GODFATHER'S PIZZA OVER THE IMPACT ON BUSINESS AND JOBS
OF THE CLINTON HEALTH CARE PLAN'S EMPLOYER MANDATE WHY WOULDN'T YOU BE
ABLE TO RAISE THE PRICE OF PIZZA 2 THE PRESIDENT ASKED AT ONE POINT I'M
A SATISFIED CUSTOMER I'D KEEP BUYING FROM YOU ON TUESDAY MR CAIN SENT
THE FOLLOWING LETTER TO THE PRESIDENT THE TABLE IS BASED ON ONE THAT
ACCOMPANIED THE LETTER

DURING YOUR APRIL 7 1994 TOWN HALL TELECAST FROM KANSAS CITY YOU ASKED ME
TO SEND YOU MY CALCULATIONS OF THE IMPACT ON OUR BUSINESS OF YOUR HEALTH
CARE PROPOSAL I AM HAPPY TO DO SO IN THIS LETTER

AS A REMINDER THE GODFATHER'S PIZZA SYSTEM HAS 525 RESTAURANTS WITH OVER
10000 EMPLOYEES TWOTHIRDS OF THESE RESTAURANTS ARE OWNED AND OPERATED BY
FRANCHISEES OF OUR COMPANY WHOSE OPERATING FINANCIALS ARE ALMOST IDENTICAL
TO OUR CORPORATEOWNED OPERATIONS OF 141 RESTAURANTS THEREFORE IN ORDER TO
BE AS SPECIFIC AS POSSIBLE IN OUR CALCULATIONS I WILL FOCUS ON JUST OUR
CORPORATEOWNED OPERATIONS WITH 3418 EMPLOYEES

UNDER YOUR PROPOSED HEALTH CARE PLAN THE COST TO COVER ALL 3418 EMPLOYEES
WOULD BE NEARLY 22 MILLION ANNUALLY THIS AMOUNT OF 22 MILLION IS A 17
MILLION INCREASE IN OUR INSURANCE WHICH IS APPROXIMATELY 3 1/2 TIMES OUR
PRIORYEAR INSURANCE COST LAST YEAR WE PAID 540000 IN INSURANCE PREMIUMS
TO COVER AN 80 EMPLOYER PORTION FOR ALL PARTICIPATING FULLTIME EMPLOYEES

YOU MENTIONED DURING THE TELECAST THAT RESTAURANTS WITH APPROXIMATELY 30
LABOR NEED ONLY INCREASE PRICES 25 THIS PRICE INCREASE APPEARS TO BE
ARRIVED AT BY TAKING 79 TIMES 30 QUITE FRANKLY WE CANNOT JUST LOOK AT A
PERCENT OF A PERCENT BUT INSTEAD WE MUST LOOK AT THE ACTUAL DOLLARS
INVOLVED A 17 MILLION COST INCREASE WOULD DIRECTLY DECREASE BOTTOM LINE
PROFIT IN ORDER TO PRODUCE THE SAME BOTTOM LINE AS WE ARE GENERATING
TODAY A 1620 INCREASE IN TOP LINE SALES WOULD BE REQUIRED DUE TO
VARIABLE COSTS SUCH AS LABOR FOOD COSTS OPERATING EXPENSES MARKETING AND
TAXES THUS IT IS INCORRECT TO ASSUME WE CAN JUST ADD 17 MILLION TO THE
TOP LINE AND EXPECT IT TO FLOW DIRECTLY TO THE BOTTOM LINE

AS A SYSTEM OF SMALL BUSINESSES WE ARE CONCERNED ABOUT THE IMPACT OF ANY
PRICE INCREASE FOR THE FOLLOWING REASONS

TO SUMMARIZE GODFATHER'S PIZZA INC EMPLOYS A LARGE PERCENT 67 OF
YOUNGER INEXPERIENCED AND MINIMUMEDUCATED WORKERS WITH A VERY HIGH
TURNOVER RATE OF OVER 100 ANNUALLY THIS IS TYPICAL OF ALL QUICK SERVICE
RESTAURANTS WHICH ACCOUNT FOR 47 OF ALL EATING PLACE SALES I WISH WE
COULD COVER THIS GROUP OF WORKERS BUT THE INCREMENTAL COST UNDER YOUR PLAN
CAUSES A SIGNIFICANT NEGATIVE IMPACT ON OUR BOTTOM LINE WHICH CANNOT BE
EASILY RECTIFIED WE WOULD THEN BE PUT IN A POSITION TO ELIMINATE JOBS WHICH
WOULD IMPACT PRODUCTIVITY AND ULTIMATELY PROFITABILITY OR TO INCREASE
PRICES TO THE POINT OF BEING AT A COMPETITIVE DISADVANTAGE

MR PRESIDENT I BELIEVE YOUR OBJECTIVE OF COVERAGE FOR EVERYONE CAN BE
ACHIEVED WITHOUT A MANDATE USING AN ALTERNATE APPROACH TO HEALTH CARE
REFORM  BUT THIS IS WHAT THE DEBATE IS ALL ABOUT I WILL NOT IMPOSE ON
THE COURTESY YOU HAVE EXTENDED TO ME TO PERSONALLY REVIEW MY CALCULATIONS
BUT I WILL BE MORE THAN HAPPY TO SHARE SOME IDEAS WITH YOU PERSONALLY ON
ALTERNATE APPROACHES WHICH ARE MORE BUSINESS FRIENDLY AND PUBLIC FRIENDLY

THANK YOU FOR YOUR VERY VALUABLE TIME AND ATTENTION I LOOK FORWARD TO YOUR
RESPONSE 9404150021 940415 BUSINESS BRIEF EDMONTON TELEPHONES CORP 
COMPANY RETAINS ADVISERS ON PUBLICOFFERING PROPOSAL

EDMONTON TELEPHONES CORP IN EDMONTON ALBERTA SAID IT RETAINED SECURITIES
FIRMS NESBITT THOMSON INC AND GOLDMAN SACHS & CO AS ADVISERS FOR A
PROPOSED INITIAL PUBLIC OFFERING TO RAISE MONEY FOR A ONE BILLION CANADIAN
DOLLAR 7275 MILLION CAPITALSPENDING PROGRAM

THE EDMONTON TELEPHONE UTILITY WHICH IS 100OWNED BY THE CITY OF EDMONTON
SAID NESBITT HAS ADVISED IT THAT A SHARE OFFERING TO RAISE BETWEEN 395
MILLION AND 475 MILLION CANADIAN DOLLARS WOULD BE APPROPRIATE IT SAID IT
HASN'T DECIDED WHETHER THE POTENTIAL OFFERING WOULD BE REGISTERED IN THE
US AS WELL AS IN CANADA

EDTEL SAID THE CITY OF EDMONTON HAS INDEPENDENTLY RETAINED TORONTO
SECURITIES FIRM LANCASTER FINANCIAL INC TO ADVISE IT ON THE PROPOSED SHARE
ISSUE IT SAID EDTEL AND LANCASTER WILL BOTH MAKE RECOMMENDATIONS TO THE
CITY MAY 4 ON WHETHER TO PROCEED WITH THE ISSUE AND THAT DEPENDING ON THESE
RECOMMENDATIONS THE PUBLIC OFFERING COULD BE LAUNCHED IN MID TO LATE
SUMMER

GRAHAM DEACON EDTEL'S DIRECTOR OF MARKETING INTEGRATED SERVICES AND
CORPORATE COMMUNICATIONS SAID THE COMPANY EXPECTS TO SPEND C500 MILLION
OVER EIGHT YEARS DEVELOPING A BROADBAND TELECOMMUNICATIONS NETWORK FOR
MULTIMEDIA SERVICES HE SAID A FURTHER C500 MILLION WILL BE NEEDED FOR
MAINTENANCE AND EXPANSION OF THE COMPANY'S EXISTING ALBERTA TELEPHONE SYSTEM
DURING THIS PERIOD 9404150020 940414 EARNINGS SURPRISES

COMPANIES LISTED BELOW REPORTED QUARTERLY PROFIT SUBSTANTIALLY DIFFERENT
FROM THE AVERAGE OF ANALYSTS' ESTIMATES THE COMPANIES ARE FOLLOWED BY AT
LEAST THREE ANALYSTS RESULTS IN PARENTHESES ARE LOSSES

THE PERCENT DIFFERENCE COMPARES ACTUAL PROFIT WITH THE 30DAY ESTIMATE WHERE
AT LEAST THREE ANALYSTS HAVE ISSUES FORECASTS IN THE PAST 30 DAYS
OTHERWISE ACTUAL PROFIT IS COMPARED WITH THE 120DAY ESTIMATE 9404150019
940415 TECHNOLOGY & HEALTH CIBAGEIGY TO TRIM UP TO 98 OF JOBS AT
US DRUG UNIT

SUMMIT NJ CIBAGEIGY CORP'S US PHARMACEUTICAL DIVISION SAID IT WILL
REDUCE ITS WORK FORCE BY AS MUCH AS 450 PEOPLE OR 98 MOSTLY IN ITS SALES
FORCE

CIBAGEIGY'S DOWNSIZING ANNOUNCEMENT THE SECOND IN A YEAR FOLLOWS A RECENT
TREND OF PHARMACEUTICAL COMPANIES MAKING SECOND ROUNDS AND THIRD ROUNDS OF
JOB CUTS BRISTOLMYERS SQUIBB CO WARNERLAMBERT CO AND UPJOHN CO EACH
HAVE ANNOUNCED TWO OR MORE ROUNDS OF EMPLOYEE REDUCTIONS IN RECENT YEARS
THE LATEST CIBA ANNOUNCEMENT BRINGS TOTAL INDUSTRYWIDE JOB LOSSES ANNOUNCED
SINCE OCTOBER 1992 TO MORE THAN 31000 ACCORDING TO THE PHARMACEUTICAL
MANUFACTURERS ASSOCIATION

MORE DOWNSIZING IS EXPECTED IN THE INDUSTRY SAID HEMANT SHAH AN
INDEPENDENT ANALYST MERCK & CO IS RUMORED TO BE PREPARING FOR A MAJOR JOB
REDUCTION ITS SECOND IN A YEAR HE ADDED THE INDUSTRY'S INITIAL
COSTCUTTING EFFORTS WERE TOO TIMID GIVEN THE DETERIORATION OF THEIR
BUSINESSES MR SHAH SAID

MOST OF CIBA'S 350 TO 450 JOB CUTS WILL OCCUR IN THE SALES FORCE OF 1550
PEOPLE THE COMPANY SAID THE COMPANY EMPLOYS ABOUT 4600 PEOPLE IN THE US
PHARMACEUTICAL DIVISION

THE COMPANY SAID THE DECISION TO REDUCE ITS WORK FORCE WAS PROMPTED BY THE
RAPIDLY CHANGING PHARMACEUTICAL MARKETPLACE THE LOSS OF KEY PRODUCT SALES
TO GENERIC COMPETITION AND DELAYS IN NEW PRODUCT INTRODUCTIONS

THE ACTION WILL RESULT IN A ONETIME 30 MILLION TO 40 MILLION
RESTRUCTURING CHARGE THIS YEAR ACCORDING TO A CIBA SPOKESWOMAN BUT THE
COMPANY SAID IT EXPECTS TO SAVE 30 MILLION TO 40 MILLION A YEAR IN
EXPENSES THAT WILL BE IN ADDITION TO THE MORE THAN 100 MILLION SAVED BY
ITS COSTCUTTING LAST YEAR WHICH INCLUDED 850 JOB CUTS 9404150018 940415
TECHNOLOGY & HEALTH MAJOR COMPANIES JOIN TO SHOW SUPPORT FOR EMPLOYER
MANDATE' IN HEALTH PLAN  BY HILARY STOUT AND DAVID ROGERS STAFF
REPORTERS OF THE WALL STREET JOURNAL

WASHINGTON A GROUP OF LARGE CORPORATIONS MOVED TO DISPEL THE NOTION THAT
BUSINESS IS UNIFORMLY OPPOSED TO THE IDEA OF REQUIRING EMPLOYERS TO PAY FOR
THEIR WORKERS' HEALTH INSURANCE

THE GROUP WHICH INCLUDES AMR CORP ARCHERDANIELSMIDLAND CO AND SAFEWAY
INC JOINED SEVERAL UNIONS AND MEDICALPROVIDER GROUPS TO WRITE A LETTER
FAVORING THE SOCALLED EMPLOYER MANDATE TO THE CHAIRMEN OF THREE HOUSE
COMMITTEES

AN EMPLOYMENTBASED SYSTEM IN WHICH THERE IS BOTH EMPLOYER AND EMPLOYEE
FINANCIAL PARTICIPATION OFFERS THE MOST PRACTICAL AND REALISTIC APPROACH TO
ACHIEVING UNIVERSAL HEALTH COVERAGE THEY WROTE

THE LETTER WAS RELEASED AS THE NATIONAL FEDERATION OF INDEPENDENT BUSINESS
WHICH REPRESENTS 600000 SMALL COMPANIES STEPPED UP ITS CAMPAIGN AGAINST AN
EMPLOYER MANDATE IT RELEASED A STUDY CONDUCTED BY CONSAD RESEARCH CORP
THAT CONCLUDED 850000 JOBS WOULD BE LOST UNDER PRESIDENT CLINTON'S PROPOSAL
TO REQUIRE EMPLOYERS TO PAY 80 OF THE AVERAGE PRICE OF A STANDARD
HEALTHBENEFITS PACKAGE FOR EACH FULLTIME WORKER MOREOVER THE REPORT SAID
23 MILLION WORKERS WOULD HAVE A 1200 YEARLY REDUCTION IN WAGES AS A RESULT
OF THE PROPOSED CLINTON PLAN

OTHER BUSINESSES THAT SIGNED THE LETTER INCLUDED BETHLEHEM STEEL CO
CHRYSLER CORP FOOD 4 LESS INC FORD MOTOR CO GUESS INC HECHINGER CO
MEAD CORP MARANGOS CONSTRUCTION CORP NYNEX CORP POLYCRETE INC
SOUTHERN CALIFORNIA EDISON CO SUN CO USX CORP WESTINGHOUSE ELECTRIC
CORP AND ZENITH ELECTRONICS CORP

MEANWHILE THE DIRECTOR OF THE CONGRESSIONAL BUDGET OFFICE DISPUTED A
PUBLISHED REPORT CONCERNING HIS OFFICE'S PENDING ESTIMATE OF THE COST OF A
LEADING CONSERVATIVE ALTERNATIVE TO THE CLINTON HEALTH PLAN THE WASHINGTON
POST REPORTED THAT A PRELIMINARY ANALYSIS BY THE BUDGET OFFICE INDICATES THE
ALTERNATIVE SPONSORED BY REP JIM COOPER D TENN WOULD COST 150
BILLION MORE THAN THE CONGRESSMAN FIGURES OVER SIX YEARS THEY ARE NOT OUR
NUMBERS SAID CBO DIRECTOR ROBERT REISCHAUER THAT JUDGMENT IS PREMATURE

FOR MONTHS COOPER FORCES HAVE BEEN GIRDING THEMSELVES FOR A CRITICAL BUDGET
OFFICE REPORT WHICH NOW IS SLATED TO BE RELEASED NEXT WEEK THERE HAS BEEN
A RUNNING WAR OF WORDS AND ECONOMIC THEORIES OVER HOW BEST TO ESTIMATE THE
IMPACT OF THE PLAN WHICH PROMISES TO BRING DOWN COSTS BY INDUCING MORE
COMPETITION IN THE MEDICAL INDUSTRY

A KEY VARIABLE IS THE BASIC BENEFIT PACKAGE IN THE COOPER PLAN THE
CONGRESSMAN HIMSELF HASN'T DEFINED ONE WITHOUT SPECIFICS TO WORK FROM THE
BUDGET OFFICE HAS ASSUMED IN ITS CALCULATIONS THE SAME GENEROUS BENEFITS
PROPOSED IN THE PRESIDENT'S PLAN TO GIVE POLICY MAKERS ADDITIONAL GUIDANCE
THE BUDGET OFFICE ALSO WILL MAKE CALCULATIONS BASED ON MORE SPARTAN
ALTERNATIVES WHEN THE REPORT IS PRESENTED THESE ASSUMPTIONS WILL BE
CRUCIAL TO UNDERSTANDING WHAT IS LIKELY TO BE A RANGE OF COST ESTIMATES
RATHER THAN A SINGLE FIGURE

BESIDES REPORTING ON THE COOPER PLAN THE CBO STILL MUST COMPLETE AN
ANALYSIS OF A SEPARATE ALTERNATIVE BACKED BY INFLUENTIAL MODERATE
REPUBLICANS ON THE SENATE FINANCE COMMITTEE THE COMMITTEE'S CHAIRMAN
DANIEL PATRICK MOYNIHAN D NY IN RECENT DAYS CONSOLIDATED HIS HEARING
SCHEDULE SO THE COMMITTEE COULD BEGIN WRITING A HEALTH BILL IN MAY BUT
GIVEN THE IMMENSE WORKLOAD FACING THE BUDGET OFFICE THE SCHEDULE IS LIKELY
TO SLIP INTO JUNE ANYWAY 9404150017 940415 ABREAST OF THE MARKET 
STOCKS CLOSE MIXED AS WEAKNESS IN BONDS DETERS WARY INVESTORS  BY
CAITLIN MOLLISON SPECIAL TO THE WALL STREET JOURNAL

NEW YORK DAZED AND CONFUSED INVESTORS HELD BACK AMID MORE WEAKNESS IN
BOND PRICES LEAVING STOCKS MIXED

THE DOW JONES INDUSTRIAL AVERAGE BOBBED AND WEAVED THROUGHOUT THE SESSION IN
CHOPPINESS BROUGHT ON BY WAVES OF LIGHT PROGRAM TRADING THE INDEX FINISHED
UP 178 AT 366325 AFTER FALLING 20 AT THE OPEN

BOND PRICES WERE WEAKER ALL SESSION WITH THE LONG BOND FINISHING DOWN MORE
THAN 1/4 POINT DRIVING ITS YIELD UP TO 728

THE STANDARD & POOR'S 500STOCK INDEX ROSE 012 TO 44638 AND THE NEW YORK
STOCK EXCHANGE COMPOSITE INDEX ADDED 010 TO 24756

BUT DECLINERS RAN AHEAD OF ADVANCERS 1224 TO 932 ON THE BIG BOARD WHERE
VOLUME WAS 274558000 SHARES COMPARED WITH 278034000 WEDNESDAY

ON THE NASDAQ STOCK MARKET THE COMPOSITE INDEX FELL 007 TO 72731 ITS
SECOND STRAIGHT LOW FOR THE YEAR TO DATE

TRADERS SAID VOLATILITY YESTERDAY AND WEDNESDAY WAS RELATED AT LEAST PARTLY
TO TODAY'S MONTHLY OPTIONS EXPIRATIONS KNOWN AS DOUBLE WITCHING THE
OPTIONSRELATED SQUARINGOFF OF POSITIONS IS EXPECTED TO CONTINUE TODAY

BUT CORPORATE PROFIT REPORTS FOR THE MOST PART THUS FAR LARGELY ARE BEING
IGNORED

OIL STOCKS SURGED YESTERDAY AS MAY CRUDE FUTURES ROSE 26 CENTS A BARREL TO
1623 AMERADA HESS GAINED 1 1/4 TO 46 5/8 KERRMCGEE 1 1/8 TO 44 7/8
ANADARKO PETROLEUM 2 7/8 TO 50 3/4 BURLINGTON RESOURCES 1 5/8 TO 43 3/8
LOUISIANA LAND & EXPLORATION 2 TO 38 3/8 AND PENNZOIL 1 1/2 TO 48 3/4

SALOMON ANALYST WILLIAM RANDOL IS SAID TO HAVE RAISED HIS CHEVRON RATING
BECAUSE THE STOCK LOOKS INEXPENSIVE COMPARED WITH OTHER MAJOR INTERNATIONAL
OIL COMPANIES THOMAS DRISCOLL UPGRADED OCCIDENTAL MAINLY ON EXPECTATIONS
THAT PARTS OF THE COMPANY'S LARGE CHEMICALS DIVISION WILL START AN UPTURN
THIS YEAR

AMONG OTHER BLUE CHIPS FORD MOTOR GAINED 1 3/8 TO 58 1/2 THE AUTO MAKER
BOOSTED ITS QUARTERLY CASH DIVIDEND TO 45 CENTS A SHARE FROM 40 CENTS THE
COMPANY ALSO DECLARED A 2FOR1 STOCK SPLIT

SOME TECHNOLOGY STOCKS BOUNCED BACK AFTER RECENT WEAKNESS BUT INTEL DOWN 3
7/8 TO 59 7/8 DIDN'T JOIN IN THE RALLY THE STOCK FELL ON NEWS THAT CYRIX
AND INTERNATIONAL BUSINESS MACHINES HAVE ENTERED INTO A CHIP PACT INTEL LED
THE NASDAQ MOST ACTIVES LIST WITH VOLUME OF 122 MILLION SHARES UP FROM
AVERAGE DAILY TURNOVER OF FIVE MILLION

UNDER THE PRODUCTION AGREEMENT IBM'S MICROELECTRONICS DIVISION WILL BECOME
A PRIMARY MANUFACTURER OF CYRIXDESIGNED 486COMPATIBLE MICROPROCESSORS IBM
ALSO RESERVED THE RIGHT TO USE THE CHIPS IBM ROSE 1 1/2 TO 53 7/8 WHILE
NASDAQTRADED CYRIX BASED IN RICHARDSON TEXAS JUMPED 2 11/16 TO 29 3/16

ADOBE SYSTEMS MOUNTAIN VIEW CALIF RECEIVED A 2 1/8 BOOST TO 24 ON NASDAQ
AFTER SOUNDVIEW FINANCIAL GROUP RAISED ITS RATING TO SHORTTERM BUY FROM
HOLD THE BROKERAGE FIRM CITED THE STOCK'S VALUATION AND ITS BELIEF THAT
COMPANY FUNDAMENTALS ARE STRONG

LOTUS DEVELOPMENT CAMBRIDGE MASS LEAPED 2 5/8 TO 65 5/8 IN NASDAQ
TRADING THE SOFTWARE COMPANY SAID IN A PROXY STATEMENT THAT IT WILL ASK
SHAREHOLDERS TO APPROVE A PROPOSAL TO INCREASE THE NUMBER OF AUTHORIZED
COMMON SHARES TO 200 MILLION FROM 100 MILLION WITH THE ADDITIONAL SHARES
USED FOR POSSIBLE ACQUISITIONS OR STOCK SPLITS

PARAMETRIC TECHNOLOGY GAINED 1 1/4 TO 26 3/4 ON NASDAQ THE WALTHAM MASS
SOFTWARE CONCERN REPORTED IMPROVED FISCAL SECONDQUARTER EARNINGS OF 27
CENTS A SHARE UP FROM 17 CENTS A YEAR EARLIER

IN OTHER EARNINGS NEWS TELLABS SOARED 7 1/4 TO 60 ON NASDAQ THE LISLE
ILL COMMUNICATIONS FIRM SAID ITS FIRSTQUARTER NET INCOME JUMPED TO 50
CENTS A SHARE FROM 19 CENTS A YEAR EARLIER

BUT DOLE FOOD SLIPPED 1 TO 29 1/4 AFTER REPORTING THAT FIRSTQUARTER
EARNINGS FELL TO 50 CENTS A SHARE FROM 89 CENTS A SHARE THE YEAR BEFORE

TWO SHOTS OF GOOD NEWS SENT NATIONAL MEDICAL ENTERPRISES UP 1 1/8 TO 16 7/8
AND PUT IT ATOP THE BIG BOARD'S MOST ACTIVES LIST WITH VOLUME OF 79
MILLION SHARES MORE THAN 11 TIMES THE DAILY AVERAGE

NATIONAL MEDICAL REPORTED FISCAL THIRDQUARTER NET INCOME FROM CONTINUING
OPERATIONS OF 55 CENTS A SHARE UP FROM 39 CENTS A SHARE A YEAR EARLIER
ALSO THE COMPANY SAID IT HAS REACHED AN AGREEMENT IN PRINCIPLE TO SETTLE
THE GOVERNMENT'S CRIMINAL AND CIVIL INVESTIGATION OF SUSPECTED FRAUD

AMERICAN DEPOSITARY RECEIPTS OF ITALIAN COMPANIES ROSE AFTER SG WARBURG
REITERATED A BUY RATING ON THE GROUP SAYING THE MILAN MARKET COULD RISE
15 TO 40 IN THE NEXT 12 MONTHS ISTITUTO MOBILIARE ITALIANO ROSE 1 1/8 TO
25 3/8 BENETTON GROUP 1 TO 34 1/4 AND FIAT TO 19 5/8

BONDS STARTED THE DAY WEAK AND OVERSEAS MARKETS WERE SOFT SAID SCOTT
MARSH HEAD OF EQUITY TRADING AT DEAN WITTER REYNOLDS INC ALL THIS
UNCERTAINTY LED TO CONCERN

MR MARSH SAID NEWS THAT 26 PEOPLE WERE KILLED EARLY YESTERDAY WHEN TWO US
FIGHTER JETS MISTAKENLY SHOT DOWN TWO US ARMY HELICOPTERS OVER NORTHERN
IRAQ ALSO ALARMED THE STOCK MARKET INITIAL REPORTS SAID IRAQI JETS HAD
DOWNED THE HELICOPTERS

THAT NEWS JUST HIGHLIGHTS THE MESSINESS OF THE WORLD SAID DAVID SHULMAN
A MARKET STRATEGIST AT SALOMON BROTHERS INC

MR SHULMAN SAID MARKET PLAYERS ARE WAITING FOR TODAY'S RELEASE OF MARCH
INDUSTRIAL PRODUCTION NUMBERS AND HOW BONDS REACT TO THE DATA

THE SURPRISING THING IS THAT PEOPLE AREN'T RESPONDING TO THE EARNINGS
NUMBERS WHICH HAVE BEEN PRETTY IMPRESSIVE SALOMON'S MR SHULMAN ADDED
THE EARLY SIGNS AREN'T GOOD BECAUSE I'M IN THE CORRECTION CAMP AND NOT THE
BEAR MARKET CAMP THIS MAKES IT HARDER TO TELL THE CORRECTION STORY
9404150016 940415 BALLY'S FITNESS UNIT AGREES TO REFUNDS IN FTC
SETTLEMENT

WASHINGTON BALLY'S HEALTH & TENNIS CORP AGREED TO REFUND MEMBERSHIP FEES
TO THOUSANDS OF CUSTOMERS AND PAY AN ADDITIONAL 120000 FINE ACCORDING TO
A PROPOSED FEDERAL TRADE COMMISSION SETTLEMENT

THE FITNESS CHAIN WHICH RUNS MORE THAN 300 CENTERS AROUND THE COUNTRY UNDER
SEVERAL NAMES CAME UNDER SCRUTINY BECAUSE OF THE COMPANY'S BILLING
CANCELLATION AND DEBTCOLLECTION PRACTICES THE FTC SAID THE COMPANY IS A
LOS ANGELESBASED SUBSIDIARY OF BALLY MANUFACTURING CORP CHICAGO

THE SETTLEMENT CHARGES THAT THE COMPANY IMPROPERLY BILLED CONSUMERS'
CREDITCARD AND BANK ACCOUNTS FAILED TO HONOR MEMBERSHIP PROVISIONS IN ITS
CONTRACTS AND USED HARASSMENT OR DECEPTIVE MEANS TO COLLECT MEMBERSHIP
FEES UNDER THE SETTLEMENT BALLY'S NEITHER ADMITTED NOR DENIED WRONGDOING

A BALLY SPOKESMAN SAID THAT THESE PRACTICES CEASED SEVERAL YEARS AGO AFTER
NEW MANAGEMENT TOOK OVER HE ADDED THAT THE NUMBER OF MEMBERS POTENTIALLY
SUBJECTED TO THE ALLEGED ABUSES WAS LESS THAN 1 OF THE COMPANY'S FOUR
MILLION MEMBERS

ONCE A FEDERAL DISTRICT COURT APPROVES THE SETTLEMENT BALLY'S WILL HAVE TO
PAY THE 120000 CIVIL PENALTY WITHIN 15 DAYS AND CORRECT THE ALLEGED
PRACTICES

CONSUMERS ELIGIBLE FOR REFUNDS ARE THOSE WHO HAD REQUESTED SUCH IN WRITING
BETWEEN MARCH 1 1990 AND THE DATE THE COURT APPROVES THE SETTLEMENT THE
SETTLEMENT STATES THESE CONSUMERS WOULD RECEIVE THEIR CHECKS WITHIN FOUR
MONTHS OF COMPLETING CLAIM FORMS THAT BALLY'S PREVIOUSLY MAILED TO THEM THE
FTC HAS SET UP A CONSUMER HOT LINE FOR SPECIFICS ON THE SETTLEMENT 202
3263341 9404150015 940415 LETTERS TO THE EDITOR THE SCOTTSBORO BOYS

IN YOUR MARCH 15 PAGEONE ARTICLE ON THE FINAL RESTING PLACE OF LOST AIRLINE
LUGGAGE YOU REFER TO SCOTTSBORO ALA AS THIS ANONYMOUS RIVER TOWN HAVE
YOU NOT HEARD OF THE SCOTTSBORO BOYS CASE FROM THE 1930S ONE OF THE MOST
FAMOUS PROSECUTIONS IN AMERICAN HISTORY THIS TRUMPEDUP GANGRAPE CAPITAL
CHARGE AGAINST A BUNCH OF INNOCENT BLACK YOUTHS LED TO TWO IMPORTANT SUPREME
COURT PRECEDENTS AND IMMEASURABLE CHANGES IN ATTITUDE AND AWARENESS TOWARD
CRIMINAL JUSTICE IN THE SOUTH AND ELSEWHERE 9404150014 940415 WHO'S NEWS
 DAYTON HUDSON'S CHAIRMAN RETIRES HEAD OF TARGET UNIT NAMED SUCCESSOR 
 BY GREGORY A PATTERSON STAFF REPORTER OF THE WALL STREET JOURNAL

DAYTON HUDSON CORP ANNOUNCED THE UNEXPECTED RETIREMENT OF KENNETH A MACKE
ITS CHAIRMAN AND CHIEF EXECUTIVE AND NAMED ROBERT J ULRICH WHO LEADS THE
RETAILER'S LARGEST DIVISION TO SUCCEED HIM

MR MACKE 55 YEARS OLD SAID IN A STATEMENT THAT AFTER 11 YEARS AS CEO AND
10 YEARS AS CHAIRMAN IT IS TIME FOR ME TO STEP ASIDE THE 33YEAR DAYTON
HUDSON VETERAN DECLINED TO COMMENT BUT THE COMPANY SAID HE INSTIGATED THE
DECISION TO RETIRE

THE LEADERSHIP TRANSITION ISN'T EXPECTED TO TRIGGER ANY SIGNIFICANT
STRATEGIC CHANGES AT THE MINNEAPOLISBASED OPERATOR OF DEPARTMENT STORES AND
TARGET DISCOUNT STORES

THE 50YEAROLD MR ULRICH CHAIRMAN AND CHIEF EXECUTIVE OF THE RAPIDLY
GROWING TARGET DISCOUNT CHAIN WILL TAKE OVER FROM MR MACKE IMMEDIATELY AS
CEO AND WILL BECOME CHAIRMAN IN JULY A SUCCESSOR TO HIM AT TARGET WASN'T
NAMED

THOUGH MR MACKE LEAVES DAYTON HUDSON IN SOLID FINANCIAL AND COMPETITIVE
SHAPE THE COMPANY'S MERVYN'S CHAIN OF MODERATELY PRICED DEPARTMENT STORES
HAS ONLY RECENTLY FLASHED SIGNS OF EMERGING FROM A TWOYEAR SLUMP

IN FACT MR MACKE'S TOP PRIORITY IN RECENT MONTHS HAS BEEN OVERSEEING
MERVYN'S REVAMPING WHERE OPERATING PROFITS FELL 37 LAST YEAR AS SALES
DECLINED 6 INDUSTRY WATCHERS SAY MERVYN'S WHICH LAST WEEK REPORTED ITS
FIRST MONTHLY SALES GAIN IN A YEAR IS POISED TO REGISTER SUBSTANTIAL
IMPROVEMENT THIS YEAR

IN THE WAKE OF MERVYN'S DISAPPOINTING RESULTS LAST YEAR DAYTON HUDSON'S
EARNINGS SLIPPED 2 TO 375 MILLION OR 499 A SHARE FROM 383 MILLION OR
502 A SHARE A YEAR EARLIER FOR THE FISCAL YEAR ENDING JAN 29

I DON'T SEE ANY NEGATIVE CONNOTATIONS IN THE LEADERSHIP CHANGE SAID SAUL
YAARI A RETAIL ANALYST WITH PIPER JAFFRAY INC IN MINNEAPOLIS I DON'T
THINK THERE WAS ANY PRESSURE FROM THE BOARD HE ADDED

THE ANNOUNCEMENT HAD LITTLE EFFECT ON THE COMPANY'S STOCK DAYTON HUDSON
COMMON SHARES YESTERDAY CLOSED AT 75 A SHARE UP 25 CENTS IN COMPOSITE
TRADING ON THE NEW YORK STOCK EXCHANGE

MR MACKE'S DEPARTURE WAS PUZZLING TO MANY INSIDERS WHO NOTED HE IS ONLY IN
HIS MIDFIFTIES AND WHO HAD EXPECTED THE AFFABLE EXECUTIVE TO STAY AWHILE
LONGER UNTIL IT WAS CLEAR MERVYN'S PROBLEMS HAD BEEN FIXED

WHEN MR ULRICH WAS NAMED A DIRECTOR LAST SEPTEMBER ANALYSTS BEGAN VIEWING
HIM AS THE ODDSON FAVORITE TO SUCCEED MR MACKE HIS CHIEF COMPETITOR WAS
STEPHEN WATSON 49 DAYTON HUDSON'S PRESIDENT CHAIRMAN OF ITS DEPARTMENT
STORE DIVISION AND ALSO A DIRECTOR BOTH MEN ARE CONSIDERED HIGHLY SKILLED
RETAIL EXECUTIVES

TARGET'S IMPORTANCE TO DAYTON HUDSON'S BOTTOM LINE WAS SEEN YESTERDAY AS
GIVING MR ULRICH THE EDGE BETWEEN THE TWO MEN THE 553STORE TARGET
DIVISION PRODUCED 61 OF DAYTON HUDSON'S SALES LAST YEAR AND 60 OF ITS
OPERATING PROFITS WHILE THE 63UNIT DEPARTMENT STORE DIVISION ACCOUNTED FOR
16 OF SALES AND 24 OF OPERATING PROFITS

UNDER MR ULRICH TARGET EMERGED AS AN UPSCALE DISCOUNTSTORE CHAIN THAT
SUCCESSFULLY DISTINGUISHES ITSELF FROM ARCHRIVALS WALMART STORES INC AND
KMART CORP AN IMPORTANT INGREDIENT HAS BEEN TARGET'S GREATLAND STORE
FORMAT DEVELOPED ON MR ULRICH'S WATCH THAT FEATURES STORES 25 LARGER
THAN TARGET'S NORMAL STORE MORE APPAREL AND A FLASHIER SHOPPING
ENVIRONMENT

MR MACKE GUIDED DAYTON HUDSON THROUGH SOME DIFFICULT TIMES IN 1987 HE
FENDED OFF A PROTRACTED HOSTILE TAKEOVER BID FROM THE HAFT FAMILY'S DART
GROUP CORP AND ORCHESTRATED THE COMPANY'S 1990 11 BILLION ACQUISITION OF
THE MARSHALL FIELD'S DEPARTMENT STORE CHAIN

IN 1983 WHEN MR MACKE BECAME CHIEF EXECUTIVE OFFICER THE COMPANY HAD 350
STORES THAT PRODUCED 36 BILLION IN REVENUE IN 1993 DAYTON HUDSON
OPERATED 909 STORES AND REPORTED REVENUE OF 192 BILLION 9404150013
940415 THE BUSINESS OF LAW LEGAL BEAT WENDY'S IS ACCUSED OF RACIAL
BIAS IN SUIT BROUGHT BY EXEMPLOYEES  BY GABRIELLA STERN STAFF
REPORTER OF THE WALL STREET JOURNAL

SEVERAL FORMER WENDY'S INTERNATIONAL INC RESTAURANT EMPLOYEES FILED A
DISCRIMINATION LAWSUIT ALLEGING THAT THE COMPANY IMPOSED A LIGHTEN UP
POLICY TO REDUCE ITS NUMBER OF BLACK WORKERS IN MOSTLY WHITE COMMUNITIES IN
THE SOUTHEAST

A SPOKESMAN FOR WENDY'S SAID THE SUIT HAS NO MERIT THE FASTFOOD CHAIN
BASED IN DUBLIN OHIO SAID IT HAS CLEARCUT POLICIES PROHIBITING
DISCRIMINATION OF ALL KINDS AND IS VERY DILIGENT IN THE TRAINING OF OUR
MANAGEMENT ALL THE WAY DOWN TO THE RESTAURANT LEVEL THE COMPANY ADDED
THAT IN SEVERAL SOUTHEAST STATES A MAJORITY OF ITS RESTAURANT WORKERS ARE
NONWHITES

THE SPOKESMAN DECLINED TO DISCUSS THE SUIT'S SPECIFIC ALLEGATIONS SAYING
WE AREN'T GOING TO TRY THIS CASE IN THE PUBLIC THIS IS THE FIRST SUCH
COMPLAINT AGAINST WENDY'S WHICH HAS TAKEN GREAT PAINS TO MAINTAIN A
SQUEAKYCLEAN REPUTATION

THE LAWSUIT SEEKS TO BE MADE A CLASS ACTION FOR BLACK WORKERS WHO ALLEGEDLY
WERE DISCRIMINATED AGAINST AND FOR BLACK AND WHITE MANAGERS WHO SAY THEY
WERE PENALIZED FOR NOT ENGAGING IN DISCRIMINATORY HIRING PRACTICES THE SUIT
WAS FILED IN FEDERAL COURT IN ATLANTA

IN THE SUIT SEVERAL WHITE AND BLACK FORMER RESTAURANT MANAGERS SAID THEY
WERE REQUIRED TO HIRE MORE WHITES THAN BLACKS AND TO FIRE BLACK EMPLOYEES IF
THERE WERE TOO FEW WHITES MICHAEL HAYES A FORMER MANAGER IN GEORGIA WHO IS
BLACK SAID IN THE SUIT THAT HE WAS TOLD BY A WHITE BOSS THAT THE FACE OF
THE STORE OUT FRONT NEEDS TO CHANGE AND THAT HE SHOULD LIGHTEN UP HIS
WORK FORCE BY FIRING SEVERAL BLACK WORKERS MR HAYES SAID HE RESIGNED LAST
AUGUST

ANOTHER PLAINTIFF RICHARD JOHNSON III A FORMER FRANCHISE AREA DIRECTOR WHO
IS WHITE ALLEGED THAT HE WAS FIRED IN JANUARY BECAUSE HE DIDN'T FOLLOW
INSTRUCTIONS FROM HIS SUPERIORS TO PRESSURE FRANCHISEES TO DISCRIMINATE
AGAINST BLACKS MR JOHNSON SAID IN THE SUIT THAT A WHITE SENIOR VICE
PRESIDENT TOLD HIM THAT CERTAIN WENDY'S RESTAURANTS HAVE TOO MANY BLACK
EMPLOYEES

THE SUIT ALSO ALLEGED THAT THE COMPANY SLOWED THE CAREER PROGRESS OF BLACK
MANAGERS BY ASSIGNING THEM TO LOWVOLUME STORES AND UNDERPAID BLACK WORKERS
IN COMPARISON WITH LESSQUALIFIED WHITES

THE SUIT NAMES WENDY'S SEVERAL MANAGERS IN ATLANTA AND A FRANCHISEE BASED
IN KNOXVILLE TENN AS DEFENDANTS THE SUIT SEEKS REINSTATEMENT BACK PAY
AND COMPENSATORY AND PUNITIVE DAMAGES FOR THE FORMER EMPLOYEES

A NEW YORK FEDERAL APPEALS COURT HAS RULED THAT JURIES CAN'T BE TOLD IN
ADVANCE THAT DAMAGES THEY AWARD IN FEDERAL RACKETEERING CASES ARE
AUTOMATICALLY TRIPLED

THE DEFENDANT IN THE CASE HAD TRIED TO TELL THE JURY ABOUT THE
TRIPLEDAMAGES PROVISION IN THE RACKETEER INFLUENCED AND CORRUPT
ORGANIZATIONS LAW A FEDERAL STATUTE THAT IS INVOKED IN A WIDE VARIETY OF
ORGANIZEDCRIME AND BUSINESSFRAUD CASES

BUT THE SECOND US CIRCUIT COURT OF APPEALS FOLLOWING THE DIRECTION OF
MOST OTHER COURTS THAT HAVE RULED ON THE ISSUE REFUSED TO ALLOW ANY MENTION
OF THE RICO PROVISION THE COURT SAID THE PROVISION IS IRRELEVANT TO THE
JURY IN MOST CASES AND MAY PREJUDICE A JURY INTO REDUCING ITS EVENTUAL
AWARD THUS FRUSTRATING CONGRESS'S GOAL OF DETERRING IMPROPER CONDUCT BY
ASSESSING TREBLE DAMAGES

THE CASE INVOLVED AN ALLEGED SCHEME BY COMMERCIAL EGG FARMERS TO DEFRAUD
SEVERAL LEASING COMPANIES A JURY FOUND THAT THE LEASING FIRMS HAD VIOLATED
THE RICO LAW AND AWARDED THEM ABOUT 65 MILLION BEFORE THE TRIPLING
PROVISION KICKED IN

HBE LEASING CORP VS FRANK 2ND CIRCUIT NY NO 937085

PAN AMERICAN WORLD AIRWAYS COMMITTED MISCONDUCT RELATED TO THE 1986
HIJACKING OF A FLIGHT IN KARACHI PAKISTAN BUT ITS ACTIONS DIDN'T CAUSE THE
DISASTER A FEDERAL JURY HAS FOUND

THE DECISION IN NEW YORK MEANS THAT LIABILITY INSURERS FOR THE AIRLINE 
WHICH WENT OUT OF BUSINESS IN 1991 AFTER OPERATING UNDER BANKRUPTCY COURT
PROTECTION WON'T BE REQUIRED TO PAY MORE THAN 75000 EACH TO PASSENGERS

UNDER AN INTERNATIONAL TREATY KNOWN AS THE WARSAW CONVENTION PASSENGERS ON
INTERNATIONAL FLIGHTS ARE LIMITED TO THAT AMOUNT IN COMPENSATION FOR DEATH
OR INJURIES UNLESS WILLFUL MISCONDUCT CAUSED THE ACCIDENT AN APPELLATE
COURT PREVIOUSLY RULED THAT THE PASSENGERS COULDN'T COLLECT PUNITIVE DAMAGES
UNDER THE TREATY

TWENTYONE PASSENGERS WERE KILLED AND MORE THAN 100 INJURED IN THE TERRORIST
ATTACK THE JURY FOUND THAT AIRLINE SECURITY WAS LAX AN ATTORNEY FOR THE
VICTIMS SAID THEY WOULD APPEAL

THE US SENATE CONFIRMED PRESIDENT CLINTON'S MOST CONTROVERSIAL JUDICIAL
NOMINEE TO DATE ROSEMARY BARKETT OF FLORIDA

BY A 6137 VOTE THE SENATE APPROVED JUDGE BARKETT'S ELEVATION FROM
FLORIDA'S STATE SUPREME COURT TO THE FEDERAL APPEALS COURT BASED IN ATLANTA
THE VICTORY WAS SIGNIFICANT FOR THE ADMINISTRATION BECAUSE CONSERVATIVE
SENATORS AND OUTSIDE ACTIVISTS HAD SELECTED JUDGE BARKETT AS THE TARGET OF
THEIR FIRST SERIOUS EFFORT TO DERAIL A CLINTON JUDICIAL NOMINEE

THE BARKETT OPPONENTS LED BY SEN ORRIN HATCH R UTAH SAID THE NOMINEE
HAS AN INAPPROPRIATELY EXPANSIVE VIEW OF JUDICIAL AUTHORITY AS ILLUSTRATED
BY HER LIBERAL POSITIONS ON THE DEATH PENALTY OBSCENITY RESTRICTIONS AND
OTHER ISSUES ADMINISTRATION ALLIES DEFENDED THE NOMINEE FOR THE 11TH US
CIRCUIT COURT OF APPEALS AS A CAPABLE COMPASSIONATE JURIST WHO ENJOYS WIDE
SUPPORT IN HER HOME STATE

EDWARD FELSENTHAL AND MARGARET A JACOBS CONTRIBUTED TO THIS ARTICLE
9404150012 940415 WORLD MARKETS EUROPEAN BOURSES SHRUG OFF GERMAN RATE
CUTS AS MILITARY INCIDENT IN IRAQ DISTRACTS INVESTORS  A WALL
STREET JOURNAL NEWS ROUNDUP

AS MANY EUROPEAN INVESTORS WERE DISTRACTED BY REPORTS OF HOSTILITIES IN
IRAQ WHICH PROVED INACCURATE LONDON SHARES FELL IN DEALINGS DRIVEN BY THE
BRITISH GOVERNMENTBOND MARKET IGNORING REDUCTIONS IN TWO KEY INTEREST
RATES BY GERMANY'S BUNDESBANK FRANKFURT STOCKS DECLINED AS INVESTORS
AWAITED THE CENTRAL BANK ACTION WHICH CAME AFTER THE GERMAN MARKET CLOSED

TOKYO EQUITIES FINISHED MIXED THURSDAY DESPITE A LATE WAVE OF INDEXLINKED
BUYING

WORLDWIDE STOCK PRICES FELL IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX WAS AT 11316 DOWN 031 REFLECTING LOWER EUROPEAN AND ASIA/PACIFIC
MARKETS AND HIGHER AMERICAN MARKETS

POLLUTION STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY
GROUPS CLOSING AT 7179 UP 102 OR 14 WITH CLASS A SHARES OF CHAMBERS
DEVELOPMENT OF THE US POSTING AN 11 GAIN IN ITS LOCAL CURRENCY
SEMICONDUCTOR STOCKS TRAILED AT 20472 DOWN 473 OR 23 WITH INTEL OF
THE US SLIDING 61 IN LOCAL CURRENCY

IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX FELL 141
POINTS TO 31317 OFF THE DAY'S HIGH OF 31415 AS THE GAUGE NEVER DID MAKE
IT INTO POSITIVE TERRITORY THE FT 30STOCK INDEX DROPPED 60 POINTS TO
24777 VOLUME WAS 6285 MILLION SHARES DOWN FROM 8857 MILLION SHARES A
DAY EARLIER

THE MARKET SEEMED INURED TO THE POSITIVE NEWS THAT GERMANY'S BUNDESBANK
WHICH SETS THE MONETARY PACE FOR EUROPE TRIMMED BOTH ITS DISCOUNT RATE TO
5 FROM 525 AND LOMBARD RATE TO 65 FROM 675 AS LONDON INVESTORS HAD
EXPECTED REDUCTIONS SOON IF NOT YESTERDAY THE DISCOUNT RATE IS THAT
CHARGED ON BUNDESBANK LOANS TO BANKS AND THE LOMBARD SERVES AS A CEILING
FOR SHORTTERM MONEYMARKET RATES NEWS REPORTS THAT TWO US HELICOPTERS
WERE SHOT DOWN IN IRAQ SHOOK THE MARKET BUT STOCKS STILL ENDED UP FROM
THEIR LOWS THE 100STOCK INDEX'S INTRADAY TROUGH WAS 31132 OFF 326
POINTS THE US LATER CONFIRMED THAT ITS OWN JETS ACCIDENTALLY DOWNED THE
HELICOPTERS

IN FRANKFURT THE DAX 30STOCK INDEX FELL 1048 POINTS TO 219871 BARELY
ABOVE THE SESSION LOW OF 219720 DEALINGS WERE THIN AS THE SESSION ENDED
WITH INVESTORS AWAITING THE RESULT OF THE BUNDESBANK'S POLICYMAKING COUNCIL
MEETING ITS FIRST IN FOUR WEEKS EUROPEAN MARKETS HAD BEEN HOPING FOR
GERMAN RATE CUTS TO ALLOW OTHER NATIONS TO FOLLOW SUIT IN EFFORTS TO HELP
RECOVER FROM RECESSION

BUT IN PARIS THE MARKET SHRUGGED OFF THE GOOD NEWS OF LOWER GERMAN RATES
AND STOCKS CLOSED BROADLY LOWER AFTER A LACKLUSTER SESSION WITH RELATIVELY
LIGHT VOLUME THE BUNDESBANK ACTION ALLOWS POLICY EASINGS IN COUNTRIES THAT
ALIGN THEIR CURRENCIES WITH THE GERMAN MARK AND REDUCTIONS IN THESE
COUNTRIES' COST OF CREDIT COULD MAKE EQUITY INVESTMENTS MORE ATTRACTIVE IN
AMSTERDAM STOCKS WERE MIXED IN BUSY TURNOVER AND PRICES WERE TOSSED AROUND
BY NEWS RANGING FROM CORPORATE EARNINGS AND ACQUISITIONS TO INTERESTRATE
CUTS BY GERMANY AND THE NETHERLANDS

IN MILAN SHARES JUMPED 16 IN EXTREMELY HEAVY TRADING AS INTERNATIONAL
INSTITUTIONS AND RETAIL INVESTORS RETURNED TO THE MARKET AFTER WEDNESDAY'S
SELLOFF STOCKS WERE FURTHER SUPPORTED BY THE BUNDESBANK'S RATE REDUCTIONS
AS PARTICIPANTS EXPECTED THE ITALIAN CENTRAL BANK TO ACT LIKEWISE SOON
INVESTORS ALSO WERE FINDING RETURNS ON EQUITIES BETTER THAN THOSE FROM BONDS
AND WERE SWITCHING FUELING THE RECENT BULL RUN

IN MADRID EQUITIES EASED FOLLOWING DATA THAT SHOWED SPANISH CONSUMER
PRICES IN MARCH INCREASED A BIT MORE THAN HOPED THE GERMAN RATE CUTS
BOOSTED STOCKS BUT PANIC SELLING DRAGGED THEM DOWN IN RESPONSE TO THE
REPORTS ON THE HELICOPTER DOWNINGS IN IRAQ IN BRUSSELS STOCKS FELL AS THAT
BOURSE TOO DISCOUNTED THE GERMAN RATE CUTS IN THE WAKE OF THE NEWS OF
MILITARY ACTION OVER IRAQ THOUGH THE BELGIAN CENTRAL BANK EASED MONETARY
POLICY

IN STOCKHOLM PRICES THUDDED 17 AS RISING SWEDISH INTEREST RATES SET OFF
A WAVE OF PROFITTAKING PRICE SWINGS WIDENED AND DECLINES ACCELERATED
DESPITE NEWS OF GERMANY'S INTERESTRATE CUTS AND IN ZURICH EQUITIES
RETREATED 12 DESPITE RATE CUTS BY BOTH THE GERMAN AND THE SWISS CENTRAL
BANKS

IN TOKYO THE NIKKEI 225STOCK INDEX WHICH RALLIED 41208 POINTS WEDNESDAY
LOST 7321 TO 1998720 IN TRADING FRIDAY THE NIKKEI INDEX ROSE 20574
POINTS TO CLOSE THE MORNING SESSION AT 2019294 THURSDAY'S FIRSTSECTION
VOLUME WAS ESTIMATED AT 370 MILLION SHARES UP FROM 3399 MILLION SHARES A
DAY EARLIER THOUGH THE NIKKEI FELL THURSDAY GAINERS TOPPED LOSERS 529457
THE TOKYO STOCK PRICE INDEX OR TOPIX OF ALL FIRSTSECTION ISSUES WHICH
CLIMBED 1817 POINTS WEDNESDAY ROSE 459 TO 162348

IN MORNING DEALINGS THE NIKKEI LOST GROUND BECAUSE OF PROFITTAKING AFTER
WEDNESDAY'S SURGE IN PRICES THE INDEX ALSO WAS PUMMELED BY INDEXLINKED
ARBITRAGE SELLING IT BOUNCED UP FROM ITS LOWS IN THE AFTERNOON AS DEALERS
PICKED UP FUTURES ON RUMORS THAT PUBLIC FUND MONEY WOULD BE DISTRIBUTED TO
TRUST BANKS FRIDAY FOR POSSIBLE INVESTMENT IN JAPANESE STOCKS BUT
PARTICIPANTS SAID ALLOCATION OF THE PUBLIC MONEY WAS IMPOSSIBLE UNTIL THE
DIET OR PARLIAMENT PASSES ITS BUDGET FOR THE CURRENT FISCAL YEAR AND THE
NIKKEI HEADED BACK DOWN TOWARD THE CLOSE MEANWHILE FEARS ABOUT JAPAN'S
POLITICAL SITUATION WERE DIMINISHING WITH A CONSENSUS THAT FOREIGN MINISTER
TSUTOMU HATA WILL WIN THE BACKING OF THE RULING COALITION PARTIES TO SUCCEED
PRIME MINISTER MORIHIRO HOSOKAWA

IN SYDNEY FOLLOWING TWO DAYS OF GAINS SHARES DROPPED INFLUENCED BY A
SOFTER AUSTRALIAN BOND MARKET AND THE PREVIOUS DAY'S DECLINE ON WALL STREET
IN HONG KONG STOCKS SLID 16 ON PROFITTAKING IN QUIET TRADING DOMINATED
BY TURNOVER IN BLUE CHIPS INTEREST BY JAPANESE INVESTORS WHO HAD BEEN
BUYERS IN RECENT DAYS APPEARED TO PETER OUT IN SINGAPORE PRICES CLOSED
MIXED THE MAIN INDEX ROSE ON BUYING OF BLUE CHIPS BUT THE BROADER MARKET
DROPPED ON MODERATE PROFITTAKING IN KUALA LUMPUR EQUITIES WEAKENED IN
LIGHT DEALINGS ON PROFITTAKING AFTER THE PAST TWO DAYS' GAINS WITH
SENTIMENT DAMPED BY PROSPECTS FOR HIGHER US INTEREST RATES IN WELLINGTON
STOCKS LOST 1 REACTING TO WEAKNESS IN OTHER BOURSES

IN SEOUL PRICES EDGED UP ON EXPECTATIONS OF A LEGAL REVISION THAT WOULD
ALLOW LISTED FIRMS TO BUY BACK THEIR OWN EQUITY IN TAIPEI SHARES ROSE IN
THIN TRADING AS FINANCIAL ISSUES STAGED A TECHNICAL REBOUND SOME INVESTORS
WERE HEARTENED BY RUMORS THAT TAIWAN MAY BE TAKEN OFF THE US GOVERNMENT'S
PRIORITY LIST FOR POTENTIAL TRADE SANCTIONS AND BE PUT INSTEAD ON A LESS
SEVERE LIST IN MANILA THE MARKET JUMPED 24 ITS SECOND GAIN IN A ROW IN
BRISK TRADING BUOYED BY PHILIPPINE AND FOREIGN BUYING OF BLUE CHIPS

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
9404150011 940415 WHO'S NEWS TENNECO INC

TENNECO INC HOUSTON JAMES G IVEY 42 YEARS OLD WAS NAMED TO THE NEW
POSITION OF TREASURER AND DIRECTOR STRATEGIC FINANCING OF THIS INDUSTRIAL
COMPANY'S NATURALGAS PIPELINE UNIT TENNECO GAS MR IVEY WAS FORMERLY
CORPORATE TREASURER OF ARKLA INC A HOUSTONBASED NATURALGAS DISTRIBUTION
COMPANY 9404150010 940415 WHO'S NEWS PORT AUTHORITY OF NEW YORK & NEW
JERSEY

PORT AUTHORITY OF NEW YORK & NEW JERSEY NEW YORK THE COMMISSIONERS OF
THIS BISTATE AGENCY ELECTED KATHLEEN A DONOVAN AS CHAIRWOMAN SUCCEEDING
RICHARD C LEONE MS DONOVAN 42 YEARS OLD IS CLERK OF BERGEN COUNTY
NJ AND A FORMER MEMBER OF THE NEW JERSEY ASSEMBLY SHE WAS APPOINTED AS
COMMISSIONER BY NEW JERSEY GOV CHRISTINE TODD WHITMAN EARLIER THIS YEAR
MR LEONE 53 IS PRESIDENT OF THE 20TH CENTURY FUND A FOUNDATION WITH A
FOCUS ON PUBLIC POLICY AN APPOINTEE OF FORMER NEW JERSEY GOV JIM FLORIO
MR LEONE RESIGNED ON MARCH 21 THE PORT AUTHORITY OWNS AND OPERATES THREE
NEW YORK CITY AREA AIRPORTS TUNNELS BRIDGES THE NEW YORK WORLD TRADE
CENTER AND A SUBWAY LINE

RICHARD C LEONE WAS APPOINTED TO THE BOARD OF THE PORT AUTHORITY OF NEW
YORK & NEW JERSEY BY NEW JERSEY GOV THOMAS KEAN IN 1988 AN ITEM IN
FRIDAY'S WHO'S NEWS COLUMN INCORRECTLY SAID THAT MR LEONE WAS APPOINTED BY
GOV JIM FLORIO 9404150009 940415 WHO'S NEWS BIOVASCULAR INC

BIOVASCULAR INC ST PAUL MINN JOHN T KARCANES 47 YEARS OLD A
FORMER PRESIDENT AND CHIEF EXECUTIVE OFFICER OF CROSFIELD LIGHTSPEED INC
AND MORE RECENTLY A CONSULTANT TO EARLYSTAGE TECHNOLOGY COMPANIES WAS
NAMED PRESIDENT AND CHIEF OPERATING OFFICER OF THIS SURGICAL PRODUCTS MAKER
THE COMPANY FORMED AN OFFICE OF THE PRESIDENT IN JANUARY 1993 WHEN ITS
PREVIOUS PRESIDENT JOHN H DARNALL JR RESIGNED THAT OFFICE EXISTED UNTIL
SEPTEMBER 1993 WHEN THE COMPANY NAMED ITS CHAIRMAN JAMES F LYONS TO THE
ADDITIONAL POST OF CHIEF EXECUTIVE OFFICER 9404150008 940415 BUSINESS
BRIEF GENERAL MOTORS CORP YPSILANTI PLANT TO EXPAND AS PART OF
LEGAL SETTLEMENT

GENERAL MOTORS CORP SAID IT HAD AGREED TO INVEST 80 MILLION TO EXPAND
CAPACITY IN ITS YPSILANTI MICH TRANSMISSION PLANT AS PART OF AN AGREEMENT
TO SETTLE A LAWSUIT STEMMING FROM ITS CLOSURE OF ITS WILLOW RUN ASSEMBLY
PLANT

IN ADDITION GM PLEDGED TO PURSUE REDEVELOPMENT OR SALE OF THE ASSEMBLY
PLANT SITE AND IT PROMISED TO CLEAN UP ANY ENVIRONMENTAL PROBLEMS THERE FOR
THEIR PART THE TOWNSHIP OF YPSILANTI AND WASHTENAW COUNTY AGREED TO
ESTABLISH NEW 12YEAR TAX ABATEMENTS FOR GM'S INVESTMENT

THE LAWSUIT WAS FILED BY LOCAL COMMUNITIES IN AN EFFORT TO BLOCK THE CLOSURE
LAST YEAR OF THE ASSEMBLY PLANT WHICH PREVIOUSLY HAD EMPLOYED 4500 PEOPLE
VIRTUALLY ALL OF THE IDLED WILLOW RUN EMPLOYEES HAVE FOUND WORK AT OTHER GM
PLANTS OR RETIRED A COMPANY SPOKESWOMAN SAID 9404150007 940415 TRIMAS
HAD GROWTH IN FIRSTPERIOD PROFIT ON KEY BUSINESS GAINS

ANN ARBOR MICH TRIMAS CORP SAID IT WILL REPORT RECORD FIRSTQUARTER
EARNINGS CITING GROWTH IN ITS SPECIALTYFASTENER AND TOWINGSYSTEM
BUSINESSES

PRESIDENT BRIAN P CAMPBELL SAID EARNINGS ROSE TO 276 CENTS TO 285 CENTS A
SHARE UP 20 TO 24 FROM 23 CENTS A SHARE A YEAR EARLIER RESULTS ARE TO BE
RELEASED IN TWO WEEKS

IN THE YEAREARLIER QUARTER THE COMPANY EARNED 67 MILLION ON SALES OF
1069 MILLION THE LATEST PERIOD'S RESULTS WERE BOOSTED MODERATELY BY THE
ACQUISITION LAST YEAR OF LAMONS METAL GASKET CO FROM MASCOTECH INC BUT THE
ACQUISITION WAS MORE THAN OFFSET BY AN INCREASE IN SHARES OUTSTANDING MR
CAMPBELL SAID

EVEN WITHOUT THE ACQUISITION TRIMAS'S EARNINGS MIGHT HAVE EXCEEDED 27 CENTS
A SHARE OR AN INCREASE OF 20 FOR THE QUARTER MR CAMPBELL SAID

PERSHARE EARNINGS GREW DESPITE AN INCREASE IN SHARES OUTSTANDING TO 37
MILLION FROM 291 MILLION HE SAID THE COMPANY'S YEAREARLIER PERSHARE
EARNINGS AND SHARES OUTSTANDING HAVE BEEN ADJUSTED FOR A 2FOR1 STOCK SPLIT
IN JULY 1993

MR CAMPBELL ALSO PREDICTED A RECORD SECOND QUARTER AND YEAR AND SAID THE
COMPANY MAY MAKE ONE OR TWO ACQUISITIONS OF METALWORKING OR
INDUSTRIALCOMPONENT COMPANIES IN 1994

TRIMAS'S STRONGEST GROWTH IN THE FIRST QUARTER CAME FROM ITS
SPECIALTYFASTENER BUSINESSES AND ITS VEHICLE TOWINGSYSTEM OPERATION MR
CAMPBELL SAID ITS WORSTPERFORMING UNIT WAS ITS CORPORATE GROUP BUT THAT
GROUP ALSO WILL SHOW GAINS

TRIMAS'S SPECIALTYCONTAINERPRODUCT GROUP WHICH INCLUDES METALCONTAINER
AND PLASTICCONTAINER MANUFACTURING PERFORMED ALMOST AS WELL AS THE
TOPPERFORMING UNITS 9404150006 940415 INTERNATIONAL MEXICAN BID FOR
DEL MONTE FALLS THROUGH  BY CRAIG TORRES STAFF REPORTER OF THE
WALL STREET JOURNAL

MEXICO CITY A 1 BILLION DEAL BY MEXICAN BUSINESSMAN CARLOS CABAL PENICHE
TO PURCHASE DEL MONTE FOODS CORP FELL THROUGH YESTERDAY ACCORDING TO
PEOPLE FAMILIAR WITH THE NEGOTIATIONS

MR CABAL'S GROUP HAD BEEN NEGOTIATING WITH MERRILL LYNCH & CO TO BUY DEL
MONTE IN A CASH AND DEBT TRANSACTION TALKS BROKE DOWN LATE YESTERDAY BUT
INDIVIDUALS INVOLVED IN THE DEAL DECLINED TO SAY WHY

THE TRANSACTION IS GOING TO BE OFF SAID STEPHEN E KAUFMAN MR CABAL'S
PERSONAL ATTORNEY REACHED IN A CONFERENCE ROOM AT MORGAN STANLEY & CO
WHICH WAS MR CABAL'S ADVISER IN THE DEAL

DEL MONTE A FORMER UNIT OF RJR NABISCO INC WAS ACQUIRED IN A 14 BILLION
LEVERAGED BUYOUT LED BY MERRILL IN 1990 THE INVESTOR GROUP THAT BOUGHT THE
SAN FRANCISCO FOOD COMPANY BORROWED MORE THAN 80 OF THE PURCHASE PRICE
INVESTING JUST 220 MILLION TO OWN ALL OF THE COMMON AND PREFERRED STOCK IN
DEL MONTE SINCE THEN DEL MONTE HAS SOLD OFF ASSETS INCLUDING ITS EUROPEAN
CANNEDFOOD UNIT AND ITS HAWAIIAN PUNCH BEVERAGE UNIT

YESTERDAY'S DEVELOPMENT COULD RAISE SPECULATION THAT THE COLLAPSE OF THE
DEAL WAS SOMEHOW TIED TO A REPORT THAT SUGGESTED MR CABAL WAS THE TARGET OF
A BANKFRAUD INVESTIGATION RELATED TO BANK OF CREDIT & COMMERCE
INTERNATIONAL BUT MR KAUFMAN SAID THE DEL MONTE DEAL DID NOT IN ANY WAY
CRATER BECAUSE OF THE ALLEGATIONS

MR CABAL'S ATTORNEY ACKNOWLEDGED THAT THERE IS AN INQUIRY BY THE NEW YORK
DISTRICT ATTORNEY'S OFFICE CENTERING ON AN ORGANIZATION CALLED EASTBROOK
WHICH AT ONE TIME WAS INVOLVED IN THE AFFAIRS OF MR CABAL'S BUSINESSES BUT
MR KAUFMAN SAID THE COMMERCIAL RELATIONSHIP ENDED MORE THAN TWO YEARS AGO
HE ALSO SAID IN A STATEMENT ISSUED YESTERDAY THROUGH MORGAN STANLEY THAT
BASED ON A MEETING WITH THE DISTRICT ATTORNEY'S OFFICE IT IS MY
UNDERSTANDING THAT MR CABAL IS NOT A TARGET OF THE INVESTIGATION

MERRILL LYNCH DECLINED TO COMMENT AS DID MORGAN STANLEY MR CABAL COULDN'T
BE REACHED TO COMMENT

MR CABAL HAS BEEN A CLOSELY WATCHED AND CONTROVERSIAL EMPIRE BUILDER IN
MEXICO FOR SEVERAL YEARS LEADING AN INVESTOR GROUP NAMED GRUPO DEL SURESTE
MR CABAL BOUGHT BANCO BCH A LARGE MEXICAN REGIONAL BANK FOR ABOUT 300
MILLION IN NOVEMBER 1991 LAST FALL HE EXPANDED HIS BANKING INTERESTS BY
ESTABLISHING A STRATEGIC ALLIANCE WITH BANCO CREMI ANOTHER MEXICAN REGIONAL
BANK MAKING HIM ONE OF MEXICO'S TOP 10 BANKERS

A PROFILE IN THE MEXICAN MAGAZINE PROCESO INDICATES THAT MR CABAL CONTROLS
SOME 20 BUSINESSES WITH OFFICES IN ZURICH HONG KONG LONDON BUENOS AIRES
NEW YORK LOS ANGELES AND SANTIAGO CHILE HE IS KNOWN TO BE A CLOSE FRIEND
AND BUSINESS ASSOCIATE OF THE FAMILY OF FORMER MEXICAN PRESIDENT MIGUEL DE
LA MADRID AND SEVERAL OTHER FORMER MEXICAN POLITICIANS

IN 1992 MR CABAL ALSO LED A GROUP THAT BOUGHT A UNIT OF DEL MONTE DEL
MONTE FRESH PRODUCE INC OUT OF UNITED KINGDOM BANKRUPTCY PROCEEDINGS FROM
POLLY PECK INTERNATIONAL FOR 536 MILLION DEL MONTE FRESH PRODUCE WITH
1992 SALES OF 936 MILLION IS THE LARGEST PRODUCER AND MARKETER OF FRESH
PINEAPPLE IN THE WORLD AND THIRD LARGEST IN BANANAS DEL MONTE FOODS HAD
1993 SALES OF 16 BILLION ITS MAIN BUSINESS IS CANNING FRESH FRUIT

MR CABAL'S FAMILY WAS RUINED FINANCIALLY IN THE 1970S ACCORDING TO THE
PROCESO PROFILE BUT MR CABAL REESTABLISHED THE FAMILY FORTUNE THROUGH
BANANA CULTIVATION IN MEXICO'S SOUTHEASTERN STATES AND HAS BECOME THE
SUBJECT OF MUCH GOSSIP IN MEXICO CITY

WHAT DOESN'T CLICK IS HOW A BANANA GROWER COULD BE BUYING UP EVERYTHING IN
SIGHT ONE INVESTMENT BANKER IN MEXICO CITY SAYS 9404150005 940415
MARKETING & MEDIA AFRICANAMERICAN INVESTORS MAY SEEK TO BUY OAKLAND
A'S BASEBALL TEAM  BY CARRIE DOLAN STAFF REPORTER OF THE WALL
STREET JOURNAL

OAKLAND CALIF LOCAL OFFICIALS AND AFRICANAMERICAN LEADERS ARE TRYING
TO ASSEMBLE ENOUGH INVESTORS TO MAKE THE OAKLAND ATHLETICS THE FIRST
MINORITYOWNED TEAM IN PROFESSIONAL SPORTS

LAST WEEK THE HAAS FAMILY OF SAN FRANCISCO UNEXPECTEDLY SAID IT WOULD PUT
THE A'S UP FOR SALE AFTER YEARS OF LOSING MONEY ON THE TEAM A NUMBER OF
CITIES LACKING A BIG LEAGUE FRANCHISE ARE SAID TO BE INTERESTED IN GIVING
THE A'S A NEW HOME LOCAL BOOSTERS NATURALLY WANT TO KEEP THEM IN OAKLAND
AND THIS RACIALLY DIVERSE CITY SAYS IT WOULD LIKE THE NEW OWNERS TO BE
MEMBERS OF A MINORITY GROUP

OAKLAND WOULD BE THRILLED TO HAVE A MINORITYOWNED PROFESSIONAL SPORTS
FRANCHISE SAYS MAYOR ELIHU HARRIS SUCH OWNERSHIP IS AN EXCITING
POSSIBILITY THAT IS DEFINITELY BEING CONSIDERED

THIS WEEK JESSE JACKSON'S RAINBOW COALITION SAID IT WOULD HELP IN EFFORTS
TO PUT TOGETHER A GROUP OF BLACK INVESTORS TO BUY THE TEAM

OAKLAND IS THE IDEAL LOCATION FOR THE FIRST MINORITY OWNED TEAM SAYS
CHARLES FARRELL DIRECTOR OF THE RAINBOW COALITION'S COMMISSION FOR FAIRNESS
IN ATHLETICS BECAUSE OF THE RACIAL DIVERSITY OF THE CITY AND OF CALIFORNIA
OAKLAND HAS BEEN A PIONEER IN MINORITY OWNERSHIP OF SOME OTHER TRADITIONALLY
WHITERUN INSTITUTIONS THE CITY WAS HOME TO THE NATION'S ONLY BLACKOWNED
NEWSPAPER THE OAKLAND TRIBUNE WHICH WAS PURCHASED AND RUN BY THE LATE
ROBERT MAYNARD

THE MOVE COMES AMID GROWING CRITICISM OVER THE FACT THAT WHILE PRO SPORTS
DEPEND HEAVILY ON BLACKS AS PLAYERS THEY HAVE MADE LITTLE PROGRESS IN
INCREASING MINORITY MANAGEMENT AND LESS STILL INTO PROMOTING MINORITY
OWNERSHIP IN THE MINORITY COMMUNITY SPORTS HAVE TAKEN ON ALL TOO MUCH
IMPORTANCE SAYS MR FARRELL YOUNG PEOPLE NEED TO SEE YOU DON'T HAVE TO
BE MICHAEL JORDAN OR BARRY BONDS AND PLAY FOR THE BULLS OR THE GIANTS YOU
CAN OWN THE BULLS OR THE GIANTS

THE HAAS FAMILY WHICH CONTROLS CLOSELY HELD LEVI STRAUSS ASSOCIATES INC
BASED IN SAN FRANCISCO HAS DECLINED TO COMMENT ON EFFORTS TO FIND MINORITY
OWNERS FOR THE A'S IN A STATEMENT THE FAMILY HAS SAID IT WILL FULLY
COOPERATE IN A SALE IF THE CITY COUNTY AND COLISEUM BOARD FIND A BUYER

GEORGE VUKASIN PRESIDENT OF THE OAKLANDALAMEDA COUNTY COLISEUM SAID NEXT
WEEK A SPECIAL TASK FORCE WOULD PUT TO GETHER A LIST OF POTENTIAL OWNERS TO
PRESENT TO THE HAAS FAMILY EFFORTS TO BRING A MINORITYOWNED SPORTS
FRANCHISE TO OAKLAND AREN'T NEW HE SAYS IN THE MID80S THE COLISEUM
PARTICIPATED IN A THWARTED ATTEMPT TO BRING A MINORITYOWNED NATIONAL
FOOTBALL LEAGUE FRANCHISE TO OAKLAND

ESTIMATES OF WHAT PRICE THE A'S MIGHT FETCH HAVE RANGED FROM 100 MILLION TO
125 MILLION SAYS ALAMEDA COUNTY SUPERVISOR DON PERATA WITH THE
SUGGESTION THAT BUYERS WILL PAY A PREMIUM TO MOVE THE TEAM TO ANOTHER CITY
BUT OAKLAND CAN ILL AFFORD TO LOSE ANOTHER SPORTS TEAM HE SAYS WE LOST A
FOOTBALL TEAM ONCE AND WE STILL HAVEN'T RECOVERED HE SAID REFERRING TO
THE FORMER OAKLAND RAIDERS WHO NOW PLAY IN LOS ANGELES IN ADDITION TO
REVENUE OF ABOUT 100 MILLION A YEAR HE ESTIMATES THE A'S GENERATE ANOTHER
50 MILLION TO 75 MILLION ANNUALLY FOR AREA BUSINESSES

THERE'S A LOT OF ACTIVITY TAKING PLACE IN CONTACTING POTENTIAL MINORITY
INVESTORS HE SAID BUT WOULDN'T BE SPECIFIC HE SAID IT WOULD HELP THE
EFFORT IF OFFICIALS OF THE AMERICAN LEAGUE WOULD EXPRESS SUPPORT FOR THE
IDEA AND SAID REPRESENTATIVES FROM OAKLAND WOULD SEEK THAT SUPPORT SOON

WE ENCOURAGE MINORITY PARTICIPATION AT ALL LEVELS SAID A SPOKESWOMAN FOR
THE AMERICAN LEAGUE IN NEW YORK BUT DECLINED TO COMMENT SPECIFICALLY ON THE
A'S SHE SAID AMERICAN LEAGUE OFFICIALS HADN'T YET BEEN CONTACTED BY
OAKLAND 9404150004 940415 COURT DENIES APPROVAL FOR INTERPOWER PLANT 
AFTER EMISSIONS SUIT

ALBANY NY A STATE APPEALS COURT REVOKED THE CERTIFICATION OF A PLANNED
COALBURNING PLANT IN UPSTATE NEW YORK AFTER ENVIRONMENTALISTS SUED OVER
POSSIBLE HARMFUL EMISSIONS

THE ENVIRONMENTALISTS WHICH HAD THE SUPPORT OF THE MASSACHUSETTS ATTORNEY
GENERAL'S OFFICE SAID EMISSIONS WOULD HARM DOWNWIND AREAS IN THE NEW
ENGLAND REGION AND POSSIBLY INCREASE ACID RAIN

THE NEW YORK PUBLIC SERVICE COMMISSION SAID IT NEEDED TO STUDY THE DECISION
BEFORE IT DECIDED WHETHER TO APPEAL THE DECISION AT LEAST TEMPORARILY
PREVENTS THE START OF CONSTRUCTION

INTERPOWER OF NEW YORK INC THE COMPANY THAT PROPOSED TO BUILD THE PLANT
IN SARATOGA COUNTY NY ALSO IS LOCKED IN A STRUGGLE WITH CUSTOMER NIAGARA
MOHAWK POWER CORP SYRACUSE NY THE ELECTRICANDGAS UTILITY CANCELED ITS
POWERPURCHASE AGREEMENT WITH INTERPOWER WHEN THE INDEPENDENT POWER
PRODUCER FAILED TO MEET CONTRACTUAL DEADLINES THE TWO COMPANIES ARE
LITIGATING OVER THE CONTRACT

AN INTERPOWER SPOKESMAN SAID THE COMPANY BELIEVES IT WILL BUILD THE PLANT
DESPITE THE COURT'S DECISION THE PROJECT IS NOT DEAD BY ANY MEANS HE
SAID 9404150002 940415 REVIEW & OUTLOOK EDITORIAL ASIDES TAX
FREEDOM DAYS

THE TAX FOUNDATION'S ANNUAL REPORT ON TAX FREEDOM DAY HAS THE AVERAGE
AMERICAN TAXPAYER WORKING UNTIL MAY 5 OR 125 DAYS TO PAY OFF FEDERAL
STATE AND LOCAL TAXES OF THAT SOME 41 DAYS WILL BE FOR INCOME TAXES AND 38
FOR PAYROLL TAXES SMALL SOLACE THAT THEY'LL HAVE TO WORK LONGEST UNTIL MAY
28 IN THE DISTRICT OF COLUMBIA IN A VIRTUAL DEAD HEAT WITH NEW YORK STATE
FOR MOST TOTAL TAXES AS A PERCENTAGE OF INCOME THE PEOPLE WHO GET TO KEEP
THEIR MONEY FIRST LIVE IN ALABAMA APRIL 22 IT COULD BE WORSE THE FRENCH
WORK FOR THE GOVERNMENT UNTIL JUNE 28 MAYBE THAT ACCOUNTS FOR THEIR LONG
SUMMER VACATIONS 9404150001 940415 TECHNOLOGY & HEALTH FDA CLEARS
TAXOL FROM BRISTOLMYERS FOR BREAST CANCER  BY ELYSE TANOUYE 
STAFF REPORTER OF THE WALL STREET JOURNAL

BRISTOLMYERS SQUIBB CO SAID ITS CANCER DRUG TAXOL HAS RECEIVED FOOD AND
DRUG ADMINISTRATION CLEARANCE FOR USE IN BREAST CANCER TREATMENT IF INITIAL
CHEMOTHERAPY FAILS

THE DRUG IS CURRENTLY APPROVED FOR USE AGAINST OVARIAN CANCER ALSO AFTER
OTHER TREATMENTS FAIL INTRODUCED LAST YEAR TAXOL SALES WERE 150 MILLION
IN 1993 AND ARE EXPECTED TO GROW TO AS MUCH AS 250 MILLION THIS YEAR
ESTIMATED JACK LAMBERTON A NATWEST SECURITIES ANALYST

DONALD HAYDEN VICE PRESIDENT AND GENERAL MANAGER OF BRISTOLMYERS'S
ONCOLOGY DIVISION SAID TAXOL WOULD BE USED IN WOMEN WHO HAVE LIMITED
TREATMENT OPTIONS FOR THEIR BREAST CANCER STUDIES HAVE FOUND TAXOL
SIGNIFICANTLY SHRINKS OR ELIMINATES 30 TO 60 OF TUMORS IN THESE SEVERELY
ILL PATIENTS MR HAYDEN SAID STANDARD THERAPY PRODUCES A RESPONSE RATE OF
ABOUT 20 IN THESE PATIENTS HE ADDED DRUG COMPANIES TYPICALLY TEST NEW
DRUGS FIRST ON THE MOST SERIOUSLY ILL PATIENTS FOR WHOM EXISTING THERAPIES
DON'T WORK

THE COMPANY IS STUDYING WHETHER THE DRUG PROLONGS PATIENTS' LIVES MR
HAYDEN SAID IN PATIENTS WITH ADVANCED OVARIAN CANCER SURVIVAL IS IMPROVED
ONLY MODERATELY BY TAXOL HE SAID BUT IN STUDIES OF TAXOL AS A FIRSTLINE
THERAPY IN PATIENTS WITH EARLIERSTAGE OVARIAN CANCER PRELIMINARY
INDICATIONS ARE THAT THE IMPACT ON SURVIVAL APPEARS TO BE QUITE
SUBSTANTIAL HE SAID SIMILAR STUDIES ARE ALSO BEING CONDUCTED ON TAXOL AS
A FIRSTLINE THERAPY IN BREAST CANCER HE SAID BUT IT IS TOO EARLY FOR
RESULTS

BREAST CANCER WILL BE DIAGNOSED IN 182000 US WOMEN THIS YEAR AND 46000
WILL DIE OF THE DISEASE ACCORDING TO THE AMERICAN CANCER SOCIETY ONLY A
SMALL PORTION OF THOSE WOMEN WOULD BE CANDIDATES FOR TAXOL TREATMENT
CURRENTLY BUT APPROVAL AS A FIRSTLINE THERAPY WOULD SIGNIFICANTLY EXPAND
THE DRUG'S MARKET OVARIAN CANCER WILL BE DIAGNOSED IN 24000 WOMEN THIS
YEAR AND 13500 WILL DIE OF THE DISEASE THE CANCER GROUP ESTIMATES

THE MOST COMMON SIDE EFFECTS OF TAXOL ARE A REDUCTION IN WHITE BLOOD CELL
COUNT AND HAIR LOSS

TAXOL IS DERIVED FROM THE BARK OF THE RARE PACIFIC YEW TREE UNDER PRESSURE
FROM ENVIRONMENTALISTS THE COMPANY HAS BEEN SEEKING ALTERNATIVE SOURCES OF
THE DRUG BRISTOLMYERS SAID IT ENDED HARVESTING OPERATIONS OF THE YEW BARK
LAST YEAR AND HAS ASKED THE FDA FOR APPROVAL TO MAKE THE DRUG USING
SEMISYNTHETIC METHODS BUT THE COMPANY SAID IT HAS ADEQUATE SUPPLIES TO
MEET PATIENT DEMAND AND RESEARCH NEEDS

THE FDA CLEARANCE WAS ANNOUNCED AFTER THE CLOSE OF TRADING YESTERDAY IN
COMPOSITE NEW YORK STOCK EXCHANGE TRADING BRISTOLMYERS FELL 50 CENTS TO
51125 9404150108 940331 HEALTH CARE REPORT FROM THE TRENCHES  
DON'T GIVE BIRTH UP HERE  BY DANIELLE CRITTENDEN

TORONTO RECENTLY I SPOKE TO A FRIEND WHO HAD GIVEN BIRTH TO HER SECOND
CHILD A WEEK AFTER I DID LAST NOVEMBER MY CHILD'S BIRTH WAS COVERED BY
PRIVATE INSURANCE IN NEW YORK MY FRIEND GAVE BIRTH HERE UNDER CANADA'S
MUCHLAUDED STATEFUNDED UNIVERSAL HEALTH CARE PLAN

DID YOU HAVE AN EPIDURAL SHE ASKED SUSPICIOUSLY REFERRING TO THE LOCAL
ANESTHETIC INJECTED INTO THE LOWER SPINE A COMMON PAINKILLER FOR
CHILDBIRTH

OF COURSE I SAID NEITHER OF US ROMANTICIZE THE PAIN OF NATURAL LABOR
IT WAS WONDERFUL MY HUSBAND AND I PLAYED SCRABBLE IN THE BIRTHING ROOM
RIGHT UP UNTIL I HAD TO PUSH I WON I ADDED

A COLD SILENCE

HOW DID YOURS GO I ASKED

IT WAS AWFUL SHE SAID BITTERLY WHEN I GOT TO THE HOSPITAL I ASKED FOR
AN EPIDURAL THE NURSE SAID I HAD TO WAIT THERE WERE THREE PEOPLE AHEAD
OF ME SOON I WAS FEELING SICK WITH PAIN THE NURSE TOLD ME TO TAKE A HOT
SHOWER I COULDN'T STAND IT ANYMORE AND BEGGED FOR THE ANESTHETIC IT STILL
WASN'T MY TURN I WAS ROCKING BACK AND FORTH IN AGONY THEN THE DOCTOR
ARRIVED AND SAID THE BABY WAS COMING OUT AND IT WAS TOO LATE FOR ANYTHING
AFTERWARD HE APOLOGIZED TO ME HE SAID I LOOKED IN TERRIBLE PAIN AND IT
WAS HORRIBLE TO WATCH

IT SEEMED ASTONISHING TO ME LISTENING TO MY FRIEND'S STORY THAT IN LATE
20TH CENTURY NORTH AMERICA A WOMAN WOULD HAVE TO GIVE BIRTH THE
OLDFASHIONED WAY IN PAIN IT'S TRUE THAT INCIDENTS LIKE THIS DO
SOMETIMES OCCUR IN THE US YET IN ONTARIO CANADA'S RICHEST AND MOST
POPULOUS PROVINCE GOVERNMENT CONTROL OF MEDICINE HAS MADE THE EXCEPTIONAL
THE NORM

MY FRIEND WHO IS AN EDITOR AT A NATIONAL MAGAZINE AND MARRIED TO A PARTNER
IN A MAJOR LAW FIRM GAVE BIRTH AT ST MICHAEL'S A BUSTLING CENTRAL TORONTO
HOSPITAL THE HOSPITAL'S HEAD OF ANESTHESIA CONFIRMS THAT FROM 4 PM TO 8
AM AS WELL AS ON WEEKENDS AND HOLIDAYS THERE IS ONLY ONE ANESTHETIST ON
DUTY FOR THE ENTIRE HOSPITAL FOR TRAFFICACCIDENT AND BURN VICTIMS
EVERYONE IF HE'S BUSY TOUGH LUCK

ST MICHAEL'S ISN'T UNIQUE EITHER I CHECKED WITH OTHER LARGE HOSPITALS IN
THE CITY FEW HAD MORE THAN A SINGLE ANESTHETIST ON DUTY OFFHOURS AT NORTH
YORK GENERAL IN THE MIDST OF SOME OF TORONTO'S MOST AFFLUENT SUBURBS 3500
BABIES ARE BORN A YEAR 60 OF THEM TO WOMEN WHO REQUEST EPIDURALS AND
THERE IS STILL ONLY ONE ANESTHETIST ON DUTY OFFHOURS

OUTSIDE OF TORONTO THE SITUATION IS EVEN WORSE ONTARIO'S SOCIALIST
GOVERNMENT DESPERATELY SEEKING TO CONTROL ITS RUNAWAY HEALTH BUDGET HAS
ANNOUNCED THAT EPIDURALS WILL NO LONGER BE AVAILABLE TO WOMEN IN THUNDER
BAY A COMMUNITY OF 125000 IN THE NORTHWEST OF THE PROVINCE THUNDER BAY
WOMEN NEEDN'T FEEL PICKED ON ACCORDING TO RICHARD JOHNSTON A SPOKESMAN FOR
THE ONTARIO MEDICAL ASSOCIATION THE AVAILABILITY OF EPIDURALS IS SPORADIC
EVERYWHERE OUTSIDE TORONTO BECAUSE FEW SMALL HOSPITALS HAVE THE BUDGET FOR
ANESTHETISTS TRAINED TO GIVE EPIDURALS ESPECIALLY DURING OFFHOURS MANY
WOMEN END UP GOING TO THEIR GENERAL PRACTITIONERS FOR DELIVERY AND DOING IT
NATURALLY WHETHER THEY LIKE IT OR NOT

APOLOGISTS FOR THE CANADIAN HEALTH SYSTEM BLAME GREEDY DOCTORS FOR ITS
CHRONIC SHORTAGES AND QUEUES BUT AN ONTARIO DOCTOR RECEIVES ONLY 100 IN
US DOLLARS TO ADMINISTER AN EPIDURAL HIS US COUNTERPART USUALLY
COLLECTS ABOUT 1000 A FIGURE THAT UNLIKE THE CANADIAN TAKES INTO
ACCOUNT OVERHEAD AND EQUIPMENT EPIDURALS ARE VANISHING FROM ONTARIO NOT
BECAUSE DOCTORS ARE OVERPAYED BUT BECAUSE HOSPITALS' FEES PER BIRTH ARE
CAPPED AT VERY LOW RATES BY A DEBTBURDENED GOVERNMENT AND AS MANY ARGUE
WOULD HAPPEN UNDER THE CLINTON HEALTH PLAN IT IS ILLEGAL FOR EITHER THE
DOCTOR OR THE HOSPITAL TO CHARGE EVEN WILLING PATIENTS MORE THAN THE
STATEPRESCRIBED FEE

THE RESULT AS DR JOHNSTON SAYS IN THE CASE OF AN ANESTHETIST TRAINED TO
GIVE EPIDURALS IT IS NOT LUCRATIVE FOR HIM TO OFFER HIS SERVICES ALL NIGHT
WHY BOTHER STAYING UP IF YOU DON'T GET PAID EXTRA FOR IT

SOME AMERICAN WOMEN HAVE ALREADY GOTTEN A WHIFF OF THE CRUELTIES OF CANADIAN
MEDICINE IN CALIFORNIA THE MIDWEST AND FLORIDA ACCORDING TO NANCY ORIOL
DIRECTOR OF OBSTETRIC ANESTHESIA AT BETH ISRAEL HOSPITAL IN BOSTON SOME
LARGE HMOS REFUSE TO PAY FOR EPIDURALS UNLESS A PATIENT HAS A MEDICAL
CONDITION THOUGHT TO WARRANT IT SUCH AS A HISTORY OF HEART DISEASE AND OF
COURSE IT IS THE INTENTION OF THE CLINTON PLAN TO DRIVE EVER LARGER NUMBERS
OF AMERICANS INTO HMOS

MY FRIEND DID HAVE ONE CHOICE THAT USERS OF HMOS DO NOT THE FREEDOM TO
CHOOSE HER OWN DOCTOR BUT HER CHOICE WAS AN EMPTY ONE FOR WHILE SHE MIGHT
PICK AN OBSTETRICIAN SHE HAD NO WAY TO BE SURE THAT HE WOULD IN THE END
DELIVER HER BABY MOST CANADIAN OBSTETRICIANS NOW WORK IN GROUPS AND A
PATIENT GETS WHICHEVER OF THEM HAPPENS TO BE ON CALL AT THE TIME SHE GOES
INTO LABOR OR THE INTERN ON DUTY AT THE HOSPITAL AGAIN WHY BOTHER TO WORK
LATE  FURTHER FEW CANADIAN DOCTORS CAN AFFORD TO HAVE ULTRASOUND
MACHINES OR OTHER SOPHISTICATED MACHINERY IN THEIR OFFICES THOSE TESTS HAVE
TO BE BOOKED WEEKS IN ADVANCE

MY NEW YORK DOCTOR ON THE OTHER HAND WAS THERE FOR ME AT ANY HOUR EVEN
FOR A FALSE LABOR AT 2 AM BECAUSE HE IS AN OLDSTYLE FEEFORSERVICE MAN
HE ALSO HAD AN ULTRASOUND IN HIS EXAMINING ROOM IN THE END MY FRIEND'S
BABY WAS DELIVERED BY HER FAMILY GP BECAUSE HE PROMISED TO BE PRESENT

PREGNANT WOMEN OF COURSE ARE NOT THE ONLY CANADIANS SUFFERING AS PROVINCES
ACROSS THE COUNTRY SEEK TO HOLD DOWN HEALTH CARE COSTS AMERICANS ARE BY NOW
FAMILIAR WITH TALES OF CANADIANS QUEUING FOR HEART BYPASSES AND
CHEMOTHERAPY OR CROSSING THE BORDER FOR SURGERY BUT WHAT MY FRIEND'S NASTY
EXPERIENCE REVEALS IS THAT THE SYSTEM CAN NO LONGER COPE WITH AN EVENT AS
STRAIGHTFORWARD AS BIRTH IT IS AS IF MEDICAL PRACTICE IN CANADA IS REELING
BACKWARD IN TIME IN THE CASE OF BIRTH AS MUCH AS A CENTURY

AS PART OF THIS DRIVE TOWARD EVER MORE PRIMITIVE MEDICINE THE ONTARIO
GOVERNMENT HAS SET UP THREE FREESTANDING BIRTH CENTERS STAFFED BY
MIDWIVES IT IS HOPED THAT THESE CENTERS SO MUCH LESS COSTLY TO RUN THAN
HIGHTECH MATERNITY WARDS WILL ATTRACT LOWRISK PREGNANT WOMEN AWAY FROM
HOSPITALS MIDWIFERY BECAME A LICENSED PROFESSION IN ONTARIO LAST YEAR
THESE GRADUATES OF A THREEYEAR COMMUNITY COLLEGE PROGRAM WILL EARN ON
AVERAGE AS MUCH AS 300 MORE PER BIRTH THAN OBSTETRICIANS WHO ARE PAID
250 PER DELIVERY AND 18 PER PRE AND POSTNATAL OFFICE VISIT THE
GOVERNMENT HAS COMMITTED 8 MILLION TO THE PROGRAM THIS YEAR

THE MINISTRY OF HEALTH CLAIMS THAT ITS SUDDEN MUNIFICENCE TOWARD MIDWIVES IS
ALL IN THE SPIRIT OF PROMOTING CHOICE FOR WOMEN BUT GIVEN THE DIFFICULTY
WOMEN WHO DO NOT WANT TO SUFFER PAIN IN CHILDBIRTH FACE IN EXERCISING THEIR
RIGHT OF CHOICE THE GESTURE SMACKS OF CYNICISM IT IS HEALTH BUREAUCRATS
WHO ARE MAKING THE REAL CHOICES THEY HAVE DECIDED THAT EPIDURALS ARE AN
ELECTIVE EVEN AN EXTRAVAGANCE AND THAT WOMEN WHO ANTICIPATE NORMAL
LABORS SHOULD HAVE THEIR BABIES WITHOUT ANESTHESIA AND BETTER STILL IN
SOMEPLACE OTHER THAN A COSTLY HOSPITAL WARD

YOU MIGHT EXPECT THAT ONTARIO'S ANTIANESTHETIC POLICY WOULD FACE CHARGES OF
SEXISM NO ONE IS SUGGESTING FOR INSTANCE THAT MEN SHOULD HAVE HERNIA
SURGERY WITHOUT PAINKILLERS UNDER THE KNIFE OF A CARING PROFESSIONAL WHO
DID NOT GRADUATE FROM MED SCHOOL WHEN THE AMERICAN COLLEGE OF OBSTETRICIANS
AND GYNECOLOGISTS LAST YEAR FOUND OUT THAT SOME US INSURERS WERE REFUSING
TO PAY FOR EPIDURALS THEY ISSUED A REPORT POINTING OUT THAT THERE IS NO
OTHER CIRCUMSTANCE WHERE IT IS CONSIDERED ACCEPTABLE FOR A PERSON TO
EXPERIENCE SEVERE PAIN AMENABLE TO SAFE INTERVENTION WHILE UNDER A
PHYSICIAN'S CARE

BUT IN CANADA THE VERY FEMINIST GROUPS WHO OUGHT TO BE OUTRAGED BY THE
POLICY HAVE IN FACT LOBBIED FOR IT THESE ORGANIZATIONS HAVE LONG
COMPLAINED ABOUT THE MALEDOMINATED MEDICAL PROFESSION ITS INSISTENCE ON
DELIVERING BABIES IN STERILE HOSPITAL FACILITIES ITS ENTHUSIASM FOR
TECHNOLOGY ONE OF THE MOST IMPORTANT LOCAL ADVOCACY GROUPS IS EVEN
PROPOSING THAT FIVE MATERNITY WARDS IN TORONTO BE SHUT DOWN ONCE THE MIDWIFE
PROGRAM IS UP AND RUNNING

A FREEMARKET HEALTH SYSTEM INCLUDING ONE WITH HMOS MIGHT NOT INCLUDE
INSURED EPIDURALS BUT IT MIGHT CREATE A RELATIVELY UNDISTORTED MARKET IN
WHICH PEOPLE WERE FREE TO PURCHASE THIS PROCEDURE THEMSELVES A HEALTH
SYSTEM THAT IS RUN BY POLITICIANS IS HOWEVER SUBJECT TO POLITICAL
PRESSURE THIS IS ESPECIALLY TRUE WHEN A GROUP'S IDEOLOGICAL AGENDA
COINCIDES WITH THE GOVERNMENT'S NEED TO SAVE MONEY IN THIS INSTANCE IT
ACTUALLY PUTS WOMEN AND THEIR BABIES IN THE SORT OF DANGER AND PAIN THEY
HAVE NOT KNOWN SINCE THEIR GREATGRANDMOTHERS' DAY

AS PRESIDENT CLINTON'S HEALTH PLAN RUNS INTO POLITICAL TROUBLE SOME OF HIS
ALLIES IN CONGRESS ARE REVERTING TO THEIR FIRST LOVE A CANADIANSTYLE
SINGLEPAYER PROGRAM BUT EVEN THE ALLEGEDLY MORE MODERATE CLINTON PLAN
CONTAINS MOST OF THE ELEMENTS THAT HAVE BANISHED ANESTHESIA FROM CANADA'S
AFTERHOURS DELIVERY ROOMS SUCH AS PRICE CONTROLS AND BANS ON DIRECT
BILLING OF PATIENTS MANY AMERICANS APPARENTLY HAVE TROUBLE KNOWING WHAT TO
THINK OF THE COMPLEXITIES OF HEALTH CARE IT'S QUITE SIMPLE JUST THINK OF
MY FRIEND IN TORONTO WRITHING IN THE LABOR ROOM

MS CRITTENDEN RECENTLY MOVED BACK TO HER NATIVE TORONTO SEE RELATED
LETTERS LETTERS TO THE EDITOR GIVING BIRTH HERE AND THERE WSJ APRIL
15 1994 9403310070 YY94 MM04 9404150106 940316 COMPUTERS THE GENDER
DIVIDE A TOOL FOR WOMEN A TOY FOR MEN  GENDER AFFECTS HOW USER
SEES THE COMPUTER  BY WILLIAM M BULKELEY STAFF REPORTER OF THE
WALL STREET JOURNAL

JOAN AND JIM WRIGHT HAVE A LOT IN COMMON BOTH RESTORE ART AND BOTH ARE
EXPERTS IN ART HISTORY CHEMISTRY AND MATERIALS SCIENCE BOTH ARE ALSO
DEEPLY INVOLVED IN FIXING UP THEIR 1870 MANSARDROOFED HOUSE IN SOMERVILLE
MASS

BUT WHEN IT COMES TO THEIR COMPUTER THE TWO ARE VERY DIFFERENT MRS WRIGHT
WRITES REPORTS AND ARTICLES USING AN OLDFASHIONED VERSION OF WORDPERFECT
I GET DONE WHAT I HAVE TO AND GET OUT SHE SAYS I DON'T FIND IT
RELAXING

HER HUSBAND HOWEVER ENJOYS BUYING NEW SOFTWARE PLAYS GAMES WITH THEIR
SEVENYEAROLD SON AND EXPERIMENTS WITH OPTICAL CHARACTER RECOGNITION A
TECHNOLOGY THAT ALLOWS A COMPUTER TO TURN A SCANNED DOCUMENT INTO
COMPUTERREADABLE TEXT I ENJOY THE CHALLENGE OF LEARNING THE NEXT
TECHNOLOGY HE SAYS I'VE FOUND THAT THOUGH I DON'T USE THE COMPUTER THAT
MUCH I HAVE A THEORETICAL BASE I KNOW THE JARGON JOAN COULD CARE LESS
SHE WANTS IT TO WORK SHE WANTS TO TYPE IT AND BE DONE WITH IT

COMPUTERS MAY SEEM NEUTER BUT MEN AND WOMEN RELATE TO THEM IN VERY
DIFFERENT WAYS WHILE WOMEN USE COMPUTERS MEN LOVE THEM JUST AS MEN ARE
MORE LIKELY THAN WOMEN TO BE ENRAPTURED BY STEREO SYSTEMS MEN SEEM MORE
LIKELY TO BE CAPTIVATED WITH THE COMPUTING MACHINE ITSELF OF COURSE MANY
MEN NEVER BECOME COMPUTER SAVANTS AND SOME WOMEN DO BUT THE BROAD PATTERNS
ARE THE REVERSE

NOTING THE DIFFERENCES SOME PEOPLE HAVE LOOKED FOR A GENETIC BASIS SOME
THEORISTS CONTEND THAT THE LEFT HEMISPHERE OF THE BRAIN WHICH IS LOGICAL
AND ANALYTICAL TENDS TO DOMINATE IN MEN MAKING IT EASIER FOR THEM TO
RELATE TO COMPUTERS GIRLS AND WOMEN THEY SAY TEND TO HAVE DOMINANT RIGHT
BRAINS WHERE EMOTIONS RULE WHICH COULD HELP EXPLAIN WHY MANY WOMEN PREFER
COOPERATIVE WORK WITH OTHER PEOPLE TO SOLITARY COMPUTER WORK

BUT MOST PEOPLE WHO ARE CONCERNED ABOUT THE GENDER GAP IN COMPUTING SAY THAT
SOCIAL PRESSURE TEACHING BIAS AND CHILD REARING ARE THE KEY FACTORS IN
LEAVING WOMEN BEHIND MEN I'VE NEVER HEARD OF A COMPUTER GENE SAYS JO
SANDERS WHO WORKS ON COMPUTER EQUITY AT THE CITY UNIVERSITY OF NEW YORK
IT'S SCIENTIFICALLY IRRESPONSIBLE TO SAY THERE ARE GENETIC DIFFERENCES

THOUGH WOMEN MAY NOT LIKE THEIR COMPUTERS AS MUCH AS MEN DO WOMEN MAY
ACTUALLY BE BETTER AT GETTING THEIR WORK DONE ON THEM A SURVEY BY
MOUSEMAKER LOGITECH INC OF FREMONT CALIF FOUND THAT 82 OF WOMEN
THOUGHT COMPUTERS HAD MADE THEIR JOBS MUCH EASIER WHILE ONLY 67 OF MEN
FELT THAT WAY SOME 84 OF WOMEN AND 74 OF MEN THINK COMPUTERS ARE FUN
BUT MEN SEEM TO WANT COMPUTERS TO BE THEIR FRIENDS SIXTY PERCENT OF MEN BUT
ONLY 46 OF WOMEN SAY I WANT A PC THAT CAN TALK HEAR AND SEE JUST LIKE
ME

MEN ALSO SPEND MORE OF THEIR SPARE TIME ON THEIR COMPUTERS ZIFFDAVIS THE
COMPUTER MAGAZINE GIANT SAYS THE READERSHIP OF ITS BIGGEST MAGAZINES SUCH
AS PC MAGAZINE COMPUTER SHOPPER AND PC WEEK IS 80 MALE AND 20 FEMALE
USER GROUPS LIKE THE BOSTON COMPUTER SOCIETY ARE TWOTHIRDS OR MORE MALE
AND COMPUSERVE SAYS JUST 20 OF ITS ONLINE SUBSCRIBERS ARE WOMEN PRODIGY
SERVICES' FEMALE MEMBERSHIP HAS GROWN FROM 20 TO 40 IN THE PAST THREE
YEARS BUT HALF ITS USERS ARE MEN 10 ARE CHILDREN

WOMEN CONSIDER COMPUTERS THE WAY THEY CONSIDER CUISINARTS THEY'RE THERE
FOR A PURPOSE SAYS KATIE PAYNE PRESIDENT OF DELAHAYE GROUP INC A MARKET
RESEARCH CONCERN IN PORTSMOUTH NH IN HER OFFICE SHE SAYS WHEN WOMEN'S
COMPUTERS CRASH THEY ARE QUICK TO GET HELP SO THEY CAN GET BACK TO WORK
THE GUYS WANT TO SOLVE THE PROBLEM

INDEED A SURVEY BY SBT ACCOUNTING SAUSALITO CALIF FOUND WOMEN WERE MORE
LIKELY TO ASK FOR HELP WHILE MEN FLOUNDERED AROUND WITHOUT ASKING
DIRECTIONS

SOME PEOPLE MIGHT ARGUE THAT GENDER DIFFERENCES IN THE USE OF COMPUTERS ARE
IRRELEVANT AFTER ALL A COMPUTER IS A TOOL IT ISN'T AN END IN ITSELF AS
COMPUTERS AND THEIR OPERATING SYSTEMS BECOME SIMPLER UNDERSTANDING HOW THEY
WORK BECOMES LESS IMPORTANT

BUT MANY EDUCATORS AND USERS SAY COMPUTERS ARE SO FLEXIBLE THAT
UNDERSTANDING AND ENJOYING THEM IS LIKELY TO BENEFIT THE USER THE GREATEST
PREDICTOR OF SUCCESS WITH COMPUTERS IS EXPERIENCEMUCKING AROUND SAYS
SHELLY HELLER A COMPUTER SCIENCE PROFESSOR AT GEORGE WASHINGTON UNIVERSITY
IN WASHINGTON DC WHO HAS DEVELOPED A SUCCESSFUL PROGRAM FOR TEACHING
INNER CITY GIRLS ABOUT COMPUTERS

HISTORICALLY WOMEN HAVE PLAYED KEY ROLES IN THE DEVELOPMENT OF COMPUTERS
THE DEFENSE DEPARTMENT'S COMPUTER LANGUAGE IS NAMED ADA AFTER AUGUSTA ADA
LOVELACE A 19TH CENTURY TECHNOLOGY BUFF WHO WAS AMONG THE INDUSTRY'S
PIONEERS AND A CADRE OF 100 WOMEN PROGRAMMERS OPERATED ENIAC ONE OF THE
FIRST MODERNDAY COMPUTERS DURING WORLD WAR II

BUT THESE DAYS MANY GIRLS SEE COMPUTERS AS A BOY'S THING WHILE GIRLS START
FALLING BEHIND BOYS IN MATH AND SCIENCE IN JUNIOR HIGH SCHOOL THEY START
FALLING BEHIND IN COMPUTER SKILLS EVEN EARLIER MANY ELEMENTARY SCHOOLS
EQUIP EACH CLASSROOM WITH A FEW COMPUTERS AND USE THEM FOR TEAM PROJECTS
INVARIABLY THE LITTLE BOYS PUSH THEIR WAY ONTO THE KEYBOARD EDUCATORS SAY
WHILE THE LITTLE GIRLS STAY IN THE BACK

IT'S GOOD THAT GIRLS TEND TO USE COMPUTERS TO GET THINGS DONE SAYS MS
SANDERS OF THE GENDER EQUITY PROJECT IN NEW YORK THEY DON'T WASTE TIME
JUST MESSING AROUND OR GLUING THEMSELVES TO THE SCREEN AND USING THE
COMPUTER AS A SUBSTITUTE FOR INTERACTION WITH PEOPLE BUT SHE SAYS WHEN
BOYS MESS AROUND JUST TO SEE WHAT IT WILL DO THAT LEADS TO A SENSE OF
CONFIDENCE AND MASTERY THAT YOU DON'T GET IF YOU JUST TRY TO GET SOMETHING
DONE

EVEN WOMEN WHO ARE COMPUTER EXPERTS OFTEN HAVE DIFFERENT ATTITUDES TOWARD
THEIR PCS ROBIN JEFFRIES AN INTERFACE DESIGNER WITH SUN MICROSYSTEMS INC
IN SUNNYVALE CALIF IS MARRIED TO A PHYSICIST WHO KNOWS LITTLE ABOUT
COMPUTERS I AM THE ONE IN THE FAMILY WHO SOLVES THE OPERATING SYSTEM
PROBLEMS SHE SAYS BUT HER HUSBAND AND SONS ARE THE ONES WHO GO TO THE
COMPUTER FOR 15 MINUTES AND FIND THEY'RE ENGROSSED FOR HOURS

MANY WOMEN WHO LOVE COMPUTING HAVE DECIDED AGAINST LETTING IT OVERWHELM
THEM MELINDA LEBARON A PRODUCT MANAGER WITH 3COM CORP A COMPUTER
NETWORKING COMPANY IN SANTA CLARA CALIF HAS A BACKGROUND AS A PROGRAMMER
AND A COMPUTER REPAIR PERSON

AT ONE POINT SHE SAYS COMPUTER SCIENCE AND ELECTRICAL ENGINEERING WERE
SUCH AN INTELLECTUAL CHALLENGE THAT I GOT SUCKED INTO A BLACK HOLE AND
DIDN'T HAVE A LIFE NOW SHE SAYS SHE WORKS IN MARKETING WHERE SHE MIXES
HER TECHNICAL BACKGROUND WITH INTERFACING WITH PEOPLE USING HER COMPUTING
SKILL AS A TOOL TO BE MORE PRODUCTIVE SHE SAYS SHE DOESN'T EVEN HAVE A
COMPUTER AT HOME SEE RELATED ARTICLE VIDEO GAMES HELP BOYS GET A HEAD
START WSJ MARCH 16 1994 SEE RELATED LETTER LETTERS TO THE EDITOR A
CALCULATING WOMAN WSJ APRIL 15 1994 9403160018 YY94 MM04 9404150105
940315 YOUR LOST LUGGAGE MAY HAVE A HOME IN SCOTTSBORO ALA  BIG
UNCLAIMEDBAGGAGE SELLER BUYS FROM THE AIRLINES AND SELLS NICE STUFF
CHEAP  BY ROBERT FRANK STAFF REPORTER OF THE WALL STREET JOURNAL

SCOTTSBORO ALA NEAR THE GATES OF CEDAR HILL CEMETERY IN THIS SMALL TOWN
IS A RESTING PLACE OF A MORE TEMPORAL SORT ONE THAT THE AIRLINES WOULD
PREFER YOU NEVER DISCOVER

CALLED THE UNCLAIMED BAGGAGE CENTER IT IS BETTER KNOWN AS THE LAND OF LOST
LUGGAGE

EACH DAY HUNDREDS OF BAGS FROM ACROSS THE COUNTRY MAKE THE JOURNEY HERE FOR
THEIR FINAL CHECKIN SOME WERE MISROUTED SOME FORGOTTEN AND MANY WERE
ABANDONED BUT ALL WERE SNAPPED UP FROM THE MAJOR AIR CARRIERS BY UNCLAIMED
BAGGAGE UPON ARRIVAL LUGGAGE IS OPENED CLEANED UP CHECKED FOR CASH 
AND THEN SOLD CONTENTS SEPARATELY TO THE PUBLIC

THE PUBLIC CAN'T GET ENOUGH OF IT WHAT BEGAN AS A FEW PIECES OF LUGGAGE
SOLD FROM CARD TABLES 24 YEARS AGO IS NOW A SPRAWLING GLASS AND GRANITE
COMPLEX THAT TAKES UP MORE THAN A CITY BLOCK UNCLAIMED BAGGAGE HAS ADDED
THREE SATELLITE STORES IN TOWN AND HAS OPENED A CLEARANCE CENTER TO KEEP
THE GOODS MOVING

DESPITE THE RELUCTANCE OF THE AIRLINES AND THE COMPANY'S MANAGEMENT TO
DISCUSS THE BUSINESS WHY DO YOU HAVE TO DO THIS STORY SNAPS MARK
OWENS THE COMPANY'S PRESIDENT WORD OF THIS BAZAAR HAS SPREAD FAR AND
WIDE

ON A RECENT FRIGID SATURDAY MORNING JUST BEFORE DAWN CARS WERE STREAMING
INTO UNCLAIMED BAGGAGE'S PARKING LOT FROM AS FAR AWAY AS TEXAS A CROWD
HUDDLED BY THE ENTRANCE PEERING THROUGH THE DOORS TO SPOT FRESH OFFERINGS

IT'S ALWAYS A MAD DASH SAYS RHONDA MCALPIN A STUDENT FROM CHATTANOOGA
TENN WHO MAKES THE ONEHOUR TRIP WITH HER HUSBAND AT LEAST ONCE A WEEK
BUT IT'S WORTH IT EVERYTHING WE'RE WEARING IS UNCLAIMED BAGGAGE EXCEPT
OUR UNDERWEAR

NOT THAT THE COMPANY DOESN'T SELL THAT TOO INDEED ONE LOOK INSIDE
UNCLAIMED BAGGAGE IS ENOUGH TO CONVERT EVEN THE MOST TRUSTING AIR TRAVELER
TO STICK TO CARRYON FOUR MAMMOTH SALES FLOORS FEATURE EVERYTHING FROM FUR
COATS AND FISHING RODS TO TSHIRTS AND CAMERAS TWO PLUSH ROOMS ARE FILLED
WITH MEN'S AND WOMEN'S CLOTHES ARMANI SUITS AT 50 TALBOT'S SKIRTS AT
30 LONDON FOG RAINCOATS 30 AND SLINKY BLACK PARTYDRESSES 20 ALL
NEATLY DISPLAYED BY SIZE YOU ALSO CAN FIND TOASTERS COSMETICS MOOSE
ANTLERS HUNGARIAN FOLK TAPES EVEN A CASKET

IT'S AN AMAZING PLACE SAYS JERRY KING WHO PICKED UP A TUBE OF JAPANESE
TOOTHPASTE THERE'S SO MUCH STUFF IN THERE YOU START TO WONDER WHAT KIND
OF JOB THE AIRLINES ARE DOING

THE AIRLINES SAY THEY ARE DOING A BETTER JOB THAN EVER OF SAFEGUARDING
PASSENGERS' LUGGAGE AS REPORTED TO THE DEPARTMENT OF TRANSPORTATION
CARRIERS SAY THEY MISROUTE OR MISPLACE BETWEEN 05 AND 1 OF THE ROUGHLY 2
MILLION BAGS MOVED EACH DAY THAT WORKS OUT TO BETWEEN 10000 AND 20000
MISLAID ITEMS AND OF THOSE FEWER THAN 200 AREN'T REUNITED WITH THEIR
OWNERS EITHER BECAUSE THE BAGS ARE NEVER CLAIMED OR THE PASSENGERS CAN'T BE
FOUND

DISPOSSESSED TRAVELERS HAVE THREE MONTHS IN WHICH TO CLAIM LOST BAGS AFTER
THAT THE STUFF IS SHIPPED OFF TO SCOTTSBORO

YOU NEVER SEE ALL THE BAGS THAT DO MAKE IT TO THEIR DESTINATION SAYS A
UNITED AIRLINES SPOKESMAN

BUT PASSENGERS WHO THINK THE AIRLINES GO THAT EXTRA MILE TO REUNITE LOST
BAGS AND BELONGINGS WITH THEIR OWNERS MIGHT WANT TO CONSIDER THE CASE OF ROY
HALL A PRESBYTERIAN MINISTER HERE

A FEW YEARS BACK THE REV HALL BOUGHT A JACKET AT UNCLAIMED BAGGAGE THEN
ONE DAY HE HAPPENED TO FIND A NAME WRITTEN ON THE LAPEL WHITEY FORD AN
AVID BASEBALL FAN MR HALL RECOGNIZED THE MONIKER OF THE GREAT YANKEES
PITCHER AND HALLOFFAMER HE WROTE MR FORD A LETTER DESCRIBING THE COAT
MR FORD REPLIED ON A HALL OF FAME POSTCARD THAT YES HE ONCE OWNED A
COAT LIKE THAT AND WOULD LIKE TO HAVE IT BACK

MR HALL DECIDED TO KEEP THE COAT JUST THE SAME

I WOUND UP WITH WHITEY FORD'S JACKET AND A SIGNED HALL OF FAME POSTCARD
SAYS THE PASTOR BEAMING MR FORD CONTACTED YESTERDAY AT THE YANKEES'
SPRING TRAINING CAMP IN FLORIDA ISN'T HOLDING ANY GRUDGES HE DOESN'T EVEN
RECALL EVER LOSING HIS LUGGAGE I'VE BEEN PRETTY LUCKY THAT WAY HE SAYS

MANY OTHERS HAVE COME UPON THEIR OWN BELONGINGS AT UNCLAIMED BAGGAGE A
CLERK RECALLS A WOMAN WHO PASSED THROUGH RECENTLY AND BOUGHT BACK HER
SISTER'S FAVORITE DRESS A CALIFORNIAN SHOWED UP AND FOUND HIS PRIZED
SURFBOARD

IN FACT WHILE THE AIRLINES SAY THEY CAN'T FIND THE OWNERS OF ITEMS SENT TO
SCOTTSBORO CLERKS THERE SAY THEY SPEND HOURS PEELING AND SCRAPING NAMES AND
ADDRESSES FROM MERCHANDISE BEFORE PUTTING IT UP FOR SALE SEVERAL VIDEOTAPES
ON THE SALES FLOOR CLEARLY HAVE NAMES AND ADDRESSES BLACKED OUT

MR OWENS THE PRESIDENT OF UNCLAIMED BAGGAGE SAYS IT ISN'T HIS JOB TO FIND
THE TRUE OWNERS OF THE STUFF HE SELLS ONCE HE BUYS THE BAGS SIGHT UNSEEN
THEY ARE HIS

LOOK WE'RE A RETAILER HE BARKS WE AREN'T SET UP TO FIND YOUR AUNT
JANE'S BLUE SAMSONITE

THAT'S HOW IT HAS BEEN SINCE 1970 WHEN AN ENTERPRISING INSURANCE SALESMAN
NAMED H DOYLE OWENS FOUNDED UNCLAIMED BAGGAGE AND TURNED THIS ANONYMOUS
RIVER TOWN INTO A RETAILING MECCA MR OWENS LEARNED FROM A FRIEND THAT
GREYHOUND WAS SADDLED WITH A GROWING PILE OF LUGGAGE LEFT ON ITS BUSES MR
OWENS BOUGHT THE BAGS AND SOLD THE WARES FOR 25 CENTS

SPOTTING AN EVEN BIGGER MARKET MR OWENS APPROACHED THE AIRLINES AND SOON
HAD EXCLUSIVE CONTRACTS WITH ALL THE MAJOR CARRIERS UNCLAIMED BAGGAGE NOW
HAS A FLEET OF TRUCKS TO FETCH BAGS TO ITS FIVE STORES AND ITS OWN LAUNDRY
FOR WASHING USED TRAVEL WEAR

THE BUSINESS OF LOST LUGGAGE HASN'T ALWAYS BEEN SO ORDERLY IN THE EARLY
DAYS MOST AIRLINES SOLD UNCLAIMED BAGS TO VARIOUS BIDDERS AUCTIONED THEM
OFF OR GAVE THEM TO EMPLOYEES AMERICAN AIRLINES TRIED USING A CHICAGO
VENDOR BUT SAYS THE HAULERS DID A LOT OF PILFERING THEN IT TRIED DONATING
THE LUGGAGE TO CHARITY BUT ONCE AGAIN BAGS WERE STOLEN EN ROUTE OR SWIPED
BY CHARITY WORKERS THE AIRLINE SAYS IT WAS A MESS AN AMERICAN SPOKESMAN
SAYS OWENS HAS WORKED OUT WELL

TOWNSPEOPLE ARE GRATEFUL FOR THE THRONGS OF WEEKEND VISITORS AND SOMETIMES
FIND BARGAINS HERE THEMSELVES

TIMOTHY LOVETT OF SCOTTSBORO SAYS HE BOUGHT A 300 PAIR OF GOLDFRAME
GLASSES FOR 15 LARRY LINGERFELT A TEACHER BOUGHT SOME PERSIAN RUGS AND A
COLLECTOR'S COPY OF THE KAMASUTRA SOME HAVE EVEN FOUND WADS OF CASH AS
MUCH AS 500 IN SUIT POCKETS AND SHAVING KITS

I'M ALWAYS AFRAID I'LL BE OUT AND SOMEONE WILL SAY HEY THAT'S MY
BRACELET' SHE SAYS IT'S KIND OF STRANGE

FOR MOST HOWEVER FINDERS KEEPERS IS STILL THE RULE THEY HAD THEIR
CHANCE TO CLAIM IT SAYS JAMES MEEKS A BURLY SCOTTSBORO ROOFER

THERE ARE OTHER BENEFITS TO LIVING NEAR THE LAND OF LOST LUGGAGE HAL WORD
OF WORD CHEVROLET HERE IN TOWN JUST LOST HIS LUGGAGE ON AN AMERICAN
AIRLINES FLIGHT FROM MIAMI BUT HIS FRIENDS AT UNCLAIMED BAGGAGE ARE KEEPING
AN EYE OUT FOR IT

WE DON'T WORRY ABOUT LOSING OUR BAGS IN SCOTTSBORO HE SAYS WE KNOW IT
ALL COMES BACK HERE SEE RELATED LETTER LETTERS TO THE EDITOR THE
SCOTTSBORO BOYS WSJ APRIL 15 1994 9403150072 YY94 MM04 9404150038
940329 THE WAITING GAME WOMEN MAKE STRIDES BUT MEN STAY FIRMLY IN
TOP COMPANY JOBS  FEMALE MANAGEMENT GAINS ARE IMPEDED BY CULTURE 
STILL DOMINATED BY MALES  FROM FORD MOTOR TO SARA LEE  BY
ROCHELLE SHARPE STAFF REPORTER OF THE WALL STREET JOURNAL

THIRTY YEARS AFTER THE CIVIL RIGHTS ACT BARRED SEX DISCRIMINATION IN THE
WORKPLACE THE DEBATE OVER WOMEN'S PROGRESS IN CORPORATE AMERICA BOILS DOWN
TO THIS

YOU'VE COME A LONG WAY MAYBE

WOMEN HAVE MOVED INTO NONCLERICAL WHITECOLLAR JOBS IN DROVES THEY HELD
46 OF ALL SUCH POSITIONS AT THE COMPANIES REPORTING TO THE US EQUAL
EMPLOYMENT OPPORTUNITY COMMISSION IN 1992 UP FROM 22 IN THE LATE 1960S

BUT WOMEN AREN'T MATCHING THESE GAINS IN MANAGEMENT A WALL STREET JOURNAL
ANALYSIS SHOWS THAT WOMEN STILL HELD LESS THAN A THIRD OF THE MANAGERIAL
JOBS IN THE 38059 COMPANIES THAT REPORTED TO THE EEOC IN 1992 THE LATEST
YEAR FOR WHICH DATA IS AVAILABLE AND AMONG 200 OF THE NATION'S BIGGEST
COMPANIES ANALYZED BY THE JOURNAL THEY HELD JUST ONEFOURTH OF THE JOBS
CLASSIFIED BY THE EEOC AS OFFICIALS AND MANAGERS A BROAD CATEGORY THAT
INCLUDES A WIDE VARIETY OF SUPERVISORY POSTS FROM THE MANAGER OF THE
JANITORIAL SERVICE TO THE CEO OF THE COMPANY

AT THE VICE PRESIDENTIAL LEVEL WOMEN MAKE UP AN EVEN SMALLER PERCENTAGE 
LESS THAN 5 IN 1990 ACCORDING TO CATALYST A NONPROFIT RESEARCH GROUP IN
NEW YORK THAT STUDIES WOMEN IN BUSINESS

THE ISSUE OF WOMEN'S PROGRESS IN MANAGEMENT IS ESPECIALLY SENSITIVE IN THESE
DAYS OF CORPORATE STREAMLINING WHEN MANY MEN IN PARTICULAR ARE LOSING
JOBS BETWEEN 1982 AND 1992 MEN LOST A NET 93000 MANAGEMENT JOBS AND WOMEN
GAINED A NET 520000 ACCORDING TO THE JOURNAL STUDY SOME MEN FACING
UNEMPLOYMENT OR REDUCED STATUS AND POWER FEEL BELEAGUERED BY WHAT SEEMS
LIKE THE CONSTANT PUSH OF WOMEN BEHIND THEM ASKING FOR MORE AND MORE AS A
PROPORTION OF THE MANAGERIAL WORKFORCE WOMEN HAVE GAINED FAIRLY
CONSIDERABLY SAYS HOWARD HAYGHE ECONOMIST AT THE US BUREAU OF LABOR
STATISTICS THE JOURNAL'S ANALYSIS SHOWS THAT WOMEN HELD 305 OF MANAGERIAL
JOBS IN L992 UP FROM 217 IN L982 IN 1992 AT DOW JONES & CO PUBLISHER
OF THE JOURNAL 260 OF MANAGERS WERE WOMEN

YET IN SPITE OF THE MEN'S LOSSES AND WOMEN'S GAINS MEN CONTINUE TO HOLD THE
BULK OF MANAGEMENT JOBS AND UNLESS GROWTH RATES CHANGE CONSIDERABLY WILL
HOLD THEM FOR A LONG TIME AT THE CURRENT PACE WOMEN WILL NOT ACHIEVE
PARITY WITH MALE MANAGERS FOR ANOTHER 20 TO 30 YEARS

THIS WASN'T SUPPOSED TO BE THE PATH OF WOMEN'S PROGRESS FOR YEARS THE
ARGUMENT HAS BEEN THAT ONCE MORE WOMEN ENTERED THE PIPELINE AND EARNED SOLID
BUSINESS CREDENTIALS THEIR NUMBERS IN THE MANAGEMENT RANKS WOULD RISE
RAPIDLY WOMEN ARE IN THE PIPELINE THEY HAVE EARNED CREDENTIALS THEIR
EDUCATIONAL LEVELS ARE ALMOST ON A PAR WITH MEN BUT THEY AREN'T EVEN CLOSE
TO CLOSING THE MANAGERIAL GAP

MANY WOMEN SAY THAT THE CATCH22 TO GREATER REPRESENTATION LIES IN THE
SIMPLE FACT THAT 151 OF ALL MALE EMPLOYEES IN THE WORK FORCE ARE MANAGERS
AND ONLY 75 OF ALL WOMEN ARE MANAGERS AS LONG AS THE PERCENTAGES OF MALE
MANAGERS REMAIN HIGH THE CULTURE REMAINS MOSTLY MALE AND WOMEN SAY
INDIFFERENT OR HOSTILE TO THEIR ADVANCEMENT WOMEN SAY THEY ARE IGNORED NOT
TAKEN SERIOUSLY AND SHUNTED INTO SUPPORT JOBS FAR FROM THE COMPANY'S CORE
BUSINESS WHERE THERE IS LITTLE CHANCE OF BREAKING THROUGH THE GLASS
CEILING

MANY COMPANIES JUST SHRUG THEIR CORPORATE SHOULDERS WONDERING WHAT THEY
SHOULD DO ABOUT WOMEN IF ANYTHING BUT EVEN THOSE THAT MAKE EXTRAORDINARY
EFFORTS TO RECRUIT AND PROMOTE WOMEN OR INSTITUTE FAMILYFRIENDLY POLICIES
OFTEN FAIL TO MAKE THE CULTURE HOSPITABLE TO WOMEN

THE CULTURE IS MORE IMPORTANT THAN POLICY SAYS ROSE JONAS A CONSULTANT
WHO FORMERLY WORKED AS A PERSONNEL MANAGER FOR MONSANTO CO IF THE CULTURE
DOESN'T CHANGE NOTHING WILL CHANGE FOR WOMEN

CONSIDER FORD MOTOR CO WHICH HAS A MALE/FEMALE MANAGEMENT RATIO OF 22 TO
1 44 OF ITS OFFICIALS AND MANAGERS ARE WOMEN ACCORDING TO THE JOURNAL'S
ANALYSIS JACK HALL VICE PRESIDENT OF EMPLOYEE RELATIONS SAYS THAT FORD'S
CHALLENGES ARE MUCH GREATER THAN OTHER FIRMS BECAUSE OF ITS HISTORY AS A
BLUECOLLAR MALEDOMINATED COMPANY IN THE MIDWEST THIS MAKES IT DIFFICULT
TO COMPETE WITH NEWER MORE GLAMOROUS COMPANIES FOR THE HIGHLY SOUGHTAFTER
WOMEN WITH TECHNICAL DEGREES WE'RE NOT MICROSOFT WE'RE NOT THE HIGHTECH
SILICON VALLEY HE SAYS

BUT FORD ISN'T GENERAL MOTORS CORP EITHER GM JUST ACROSS TOWN HAD 117
FEMALE MANAGERS IN 1992 ACCORDING TO THE JOURNAL ANALYSIS AND CHRYSLER
CORP HAD 78 FORD QUESTIONS WHETHER IT IS FAIR TO COMPARE THE THREE
COMPANIES SINCE EACH MAY REPORT DIFFERENTLY TO THE EEOC BUT LOOKING ONLY
AT THEIR MANUFACTURING UNITS FORD COMES OUT AT 40 GM AT 99 AND
CHRYSLER AT 59

AT FORD WHERE UNTIL LAST SUMMER THE WOMEN'S BATHROOM DOORS WERE PAINTED
PINK SOME MALE EXECUTIVES STILL TREAT WOMEN AS THOUGH THEY ARE INVISIBLE
SAYS 46YEAROLD RENEE LERCHE MANAGER OF EMPLOYEE AND EDUCATION PLANNING
MS LERCHE WASN'T INITIALLY INCLUDED IN THE COMPANY'S NEW COMMITTEE TO
REVIEW THEIR RECRUITING STRATEGY SHE SAYS EVEN THOUGH SHE IS IN CHARGE OF
ALL DIVERSITY WORK

I USED TO WORRY THAT THEY DIDN'T LIKE ME OR THEY FELT COMPETITIVE MS
LERCHE SAYS BUT NOW I'VE REACHED THE CONCLUSION THAT THEY WOULDN'T EVEN
SEE IT AS COMPETITION RATHER THAN BE OFFENDED BY SUCH OVERSIGHTS SHE SAYS
SHE NOW ASKS TO BE INCLUDED IN IMPORTANT MEETINGS AND HER COLLEAGUES ARE
HAPPY TO OBLIGE

MANY WOMEN WHO SUCCEED AT COMPANIES DISCOVER THEY CAN'T SIMPLY WAIT FOR THE
CULTURE TO ACCEPT THEM WOMEN NEED TO CHANGE THEMSELVES TO FIT THE
CORPORATION AND THEN FIGURE OUT HOW TO CHANGE THE CORPORATE CULTURE SAYS
MS JONAS THE CONSULTANT

LINDA MILLER 43 WHO BECAME FORD'S FIRST FEMALE PLANT MANAGER LAST
NOVEMBER IS A GOOD EXAMPLE OF THE KIND OF WOMAN THAT GETS AHEAD AT THE
COMPANY SHE SHARES WITH HER MALE COLLEAGUES A FANATICISM ABOUT CARS EVEN
DISMANTLING ENGINES IN HER SPARE BEDROOM

NOW MANAGER OF FORD'S ENGINE AND FUELTANK PLANT IN DEARBORN MICH AND
MARRIED TO A FORD PLANT MANAGER IN CLEVELAND MS MILLER HAS LIVED IN A
DIFFERENT CITY FROM HER HUSBAND FOR HALF OF THEIR 10YEAR MARRIAGE 
SOMETIMES IN A DIFFERENT COUNTRY SHE SPEAKS OF HER NEED TO BE FLEXIBLE TO
PURSUE HER CAREER IF BEING IN THE SAME HOUSE WITH YOUR HUSBAND IS
CRITICAL THAT'S A BARRIER

MS MILLER BELIEVES FORD HAS FEWER WOMEN MANAGERS THAN GM AND CHRYSLER
BECAUSE OF THE COMPANY'S HIRING FREEZE IN THE EARLY 1980S WHICH SHE CALLS
ONE OF OUR BIGGEST MISTAKES IT WAS A TIME SHE SAYS WHEN MANY WOMEN WERE
GETTING JOBS AT CAR COMPANIES YET AT FORD TWO OF HER FEMALE SUPERVISORS
WERE LAID OFF

LATELY THE AUTO MAKER HAS LAUNCHED AN AGGRESSIVE RECRUITMENT CAMPAIGN FOR
WOMEN AND IS DEVELOPING A CORPORATE STRATEGY THAT WILL FOCUS ON TRAINING AS
WELL AS CHANGING THE COMPANY CULTURE TO ACCOMMODATE WOMEN IF WE DON'T
CHANGE THE CULTURE WE'RE NOT GOING TO SURVIVE SAYS JACK HALL

DUPONT CO ON THE OTHER HAND IS OFTEN CITED AS BEING ONE OF THE NATION'S
FRIENDLIEST COMPANIES FOR FEMALE WORKERS WITH FAMILIES AND ONE THAT HAS MADE
REAL EFFORTS ON THE POLICY LEVEL TO RECRUIT WOMEN THE COMPANY SET STIFF
RECRUITING GOALS IN 1979 WHICH IT HAS MET OR EXCEEDED EVERY YEAR SINCE IT
LAUNCHED A DIVERSITY SENSITIVITY TRAINING PROGRAM IN 1982 SO FAR AHEAD OF
OTHER COMPANIES THAT IT BECAME A NATIONAL MODEL IT STARTED A SPECIAL
SUCCESSION PLANNING PROGRAM WHERE INDIVIDUAL WOMEN'S CAREERS ARE ANALYZED
FOR GAPS IN EXPERIENCE IT HAS A SEXUALHARASSMENT POLICY A RAPEPREVENTION
PROGRAM A DAYCARE CENTER FLEXTIME FLEXPLACE EVEN AN EXECUTIVE WHOSE JOB
TITLE IS DIRECTOR OF UPWARD MOBILITY

STILL IN 1992 WOMEN MADE UP ONLY 93 OF MANAGERS AT DUPONT OR 925 OF THE
9975 MANAGEMENT JOBS THOUGH THE PERCENTAGE HAS INCREASED FROM 45 IN
1982 DUPONT HAS ONE OF THE LOWEST PERCENTAGES OF FEMALE MANAGERS IN THE
BASICMATERIALS INDUSTRY ACCORDING TO THE JOURNAL'S ANALYSIS

PARTLY THE COMPANY SAYS THIS IS DUE TO CUTBACKS DUPONT SLASHED ITS SENIOR
MANAGEMENT BY 50 SINCE 1985 SEVEN LAYERS OF MANAGEMENT HAVE BEEN
ELIMINATED BETWEEN THE CEO AND THE PLANT THIS OFTEN MEANS THAT AS WOMEN GET
MORE AND MORE ELIGIBLE FOR PROMOTION THERE IS SIMPLY NO JOB FOR THEM IN
MANY WAYS THE TRACK HAS DISAPPEARED FOR WOMEN SAYS FAITH WOHL WHO UNTIL
RECENTLY WAS DUPONT DIRECTOR OF HUMANRESOURCE INITIATIVES IT IS A PAINFUL
IRONY THAT WE GOT EVERYBODY ALL DRESSED UP BUT WE HAVE NOWHERE TO GO

DUPONT'S FAMILYFRIENDLY POLICIES CLEARLY HAVEN'T MADE HUGE INROADS INTO
BRINGING WOMEN INTO MANAGEMENT OR CHANGING THE CULTURE SOME AMBITIOUS WOMEN
DON'T USE THEM FEELING THAT IT PUTS THEM ON THE MOMMY TRACK OTHERS DON'T
NEED THEM AND MANY FEMALE DUPONT EMPLOYEES BELIEVE THAT WHILE CHAIRMAN
EDGAR WOOLARD JR IS FIRMLY COMMITTED TO DIVERSITY THERE IS A WHOLE LEVEL
OF MANAGERS BENEATH HIM WHO AREN'T COMFORTABLE WORKING WITH WOMEN

MARY LOU AREY LEFT DUPONT TWO YEARS AGO AND LAUNCHED A DIVERSITY CONSULTING
FIRM CALLED RESPECT INC AFTER SHE BECAME CONVINCED SHE WOULD NEVER MOVE
HIGHER IN THE COMPANY MS AREY 53 WHO DEVISED THE SENSITIVITY TRAINING
PROGRAMS THAT BROUGHT DUPONT ACCLAIM SAYS SHE WAS PERCEIVED AS TOO VOCAL ON
WOMEN'S ISSUES SHE NOTICED THAT MALE COLLEAGUES HAD A HARD TIME ADJUSTING
TO HER EXPRESSIVE PERSONAL STYLE WHICH SHE CHARACTERIZES AS THE OPPOSITE OF
THE UNEMOTIONAL DEMEANOR OF MOST DUPONT MEN

MS WOHL 57 WHO NOW WORKS FOR THE FEDERAL GOVERNMENT AGREES THAT THE
SUBTLE CULTURAL ATTITUDES THAT PERVADE DUPONT CAN DERAIL CAREERS WE'VE
BEEN THE ULTIMATE EXAMPLE OF A HIERARCHICAL MALEDOMINATED CORPORATE
CULTURE SHE SAYS BY INSTITUTING PROGRESSIVE WOMENFRIENDLY PROGRAMS SHE
SAYS WE RULED OUT EVERYTHING EXCEPT SOMETHING WHICH IS THE MOST ELUSIVE OF
ALL CULTURE

THE UPSIDE TO BRIGHT AGGRESSIVE WOMEN LEAVING CORPORATIONS IS THAT THEY ARE
STARTING THEIR OWN BUSINESSES AND CREATING ENVIRONMENTS THAT REFLECT THEIR
OWN MANAGEMENT STYLES WOMEN OWNED 322 OF ALL SOLE PROPRIETORSHIPS AS OF
1990 COMPARED WITH 23 IN 1977 ACCORDING TO THE SMALL BUSINESS
ADMINISTRATION IN FACT SOME WOMEN NOW LOOK UPON CORPORATIONS AS A PLACE TO
GET EXPERIENCE BEFORE MOVING ON

BUT WHILE THIS MAY BE GOOD FOR SOME WOMEN IT DOESN'T HELP COMPANIES THAT
WANT TO INCREASE THEIR FEMALE RANKS AND IT HELPS PERPETUATE THE
MALEDOMINATED CULTURE THAT MANY WOMEN FIND DAUNTING

RATHER THAN WAIT FOR WOMEN TO CLIMB THE RUNGS OF POWER THE TRICKLEUP
APPROACH SARA LEE CORP STARTED HIRING WOMEN INTO HIGHLEVEL JOBS DURING
THE 1980S AND WATCHED THE CULTURAL CHANGES TRICKLE DOWN THE MORE WOMEN IN
TOP MANAGEMENT JOBS THE MORE WOMEN ARE ATTRACTED TO THEM SAYS GARY GROM
SENIOR VICE PRESIDENT OF HUMAN RESOURCES

WHEN EXECUTIVES WANT TO HIRE MORE FEMALE MANAGERS THEY CAN TURN TO THEIR
TOP FEMALES WHO HAVE WIDE NETWORKS OF QUALIFIED CANDIDATES AT 362 THE
COMPANY HAS ONE OF THE HIGHEST PERCENTAGES OF WOMEN IN THE CONSUMER
NONCYCLICAL INDUSTRY GROUP ACCORDING TO THE JOURNAL'S ANALYSIS

THESE CHANGES TOOK A SOLID COMMITMENT FROM CHAIRMAN JOHN BRYAN A FORMER
CIVILRIGHTS ACTIVIST WHO BECAME SARA LEE'S CEO IN 1976 WE DECIDED TO
APPLY THE SAME TECHNIQUES WE DO WITH EVERYTHING ELSE WE SET TARGETS SAYS
MR BRYAN

SOME SARA LEE TARGETS FOR THE YEAR 2000 20 OF THE COMPANY'S 55 DIVISION
PRESIDENTS WILL BE FEMALE UP FROM 11 LAST YEAR AND 30 OF ITS TOP 500
MANAGERS WILL BE WOMEN UP FROM 1993'S 17 THE CEO TIED EXECUTIVES' BONUSES
TO THE PLAN TOO GIVING MANAGERS A CHANCE TO EARN AS MUCH AS 7 AT LEAST
7000 OF THEIR BASE SALARIES FOR REACHING THE OBJECTIVES

WE ARE THE LARGEST COMPANY IN THE WORLD NAMED FOR A WOMAN A DISTINCTION WE
ARE PROUD OF SAYS MR BRYAN IT GIVES US A LITTLE BIT OF RESPONSIBILITY
TO BE AHEAD OF THE CURVE ON WOMEN'S ISSUES SINCE MANY OF SARA LEE'S
PRODUCTS SUCH AS ITS HANES PANTY HOSE ARE DESIGNED FOR WOMEN MR BRYAN
SAYS IT DIDN'T MAKE SENSE TO HAVE A BUNCH OF OLD MEN SITTING AROUND TRYING
TO FIGURE OUT THE BUSINESS

MR BRYAN THINKS DIVERSE MANAGEMENT IMPROVES A COMPANY'S CREATIVITY A VIEW
HE SUSPECTS OTHER CEOS MAY NOT SHARE THERE'S A SECRET BELIEF THIS IS NOT
WORTH THE EFFORT HE SAYS AND THIS HE BELIEVES IS THE MAIN REASON THE
COMPANIES HAVE SO FEW FEMALE EXECUTIVES THEY THINK IT'S SORT OF DANGEROUS
FOR THE BUSINESS

DAVID MULHOLLAND CONTRIBUTED TO THIS ARTICLE

MORE THAN 17 MILLION REPORTS WERE ANALYZED THESE INCLUDED REPORTS FROM
38059 COMPANIES IN 1992 COVERING MORE THAN 42 MILLION WORKERS OR ABOUT A
THIRD OF THE CIVILIAN LABOR FORCE

BUSINESSES WITH 100 OR MORE EMPLOYEES MUST TELL THE EEOC YEARLY THE NUMBER
OF WORKERS THEY EMPLOY BY GENDER RACE AND TYPE OF JOB COMPANIES WITH 50 OR
MORE EMPLOYEES AND A US GOVERNMENT CONTRACT OF AT LEAST 50000 ALSO FILE

THE JOURNAL OBTAINED COMPUTER TAPES OF ALL EEOC REPORTS BUT WITH THE
COMPANY NAMES DELETED TO COMPARE INDIVIDUAL COMPANIES THE JOURNAL USED THE
FREEDOM OF INFORMATION ACT TO OBTAIN CONSOLIDATED EMPLOYMENT FILINGS FOR
ABOUT 400 FEDERAL CONTRACTORS FROM THE LABOR DEPARTMENT

THIS GROUP WAS SELECTED ON THE BASIS OF THEIR MARKET CAPITALIZATION THE
TOTAL VALUE OF THEIR STOCK IN THE PUBLIC MARKETPLACE THE 200 CONTRACTORS
WITH THE LARGEST MARKET CAPITALIZATIONS THAT REPORTED IN 1992 ARE LISTED IN
THE ACCOMPANYING TABLE

WOMEN HELD 5855 MANAGEMENT JOBS IN 1992 AT NYNEX CORP 37 OF ALL
MANAGEMENT POSITIONS THERE AREN'T COMPARABLE NUMBERS FOR 1982 BECAUSE NYNEX
DIDN'T EXIST THEN AT PACIFIC TELESIS GROUP WOMEN HELD 4190 MANAGEMENT
JOBS IN 1992 486 OF ALL MANAGEMENT JOBS FIGURES FOR THE TWO COMPANIES IN
A CHART ACCOMPANYING A MARCH 29 PAGEONE ARTICLE ON WOMEN MANAGERS WERE
ERRONEOUS BECAUSE OF INCORRECT INFORMATION PROVIDED BY THE OFFICE OF FEDERAL
CONTRACT COMPLIANCE PROGRAMS 9404140155 940414 INTERNATIONAL CHINA
VOWS TO FIGHT COUNTERFEITING AS SIGN OF PROGRESS ON TRADE

HONG KONG IN AN EFFORT TO AVERT TRADE FRICTIONS WITH THE US CHINA IS
TAKING A TOUGH PUBLIC STAND AGAINST PRODUCT COUNTERFEITING

FOR THE SECOND DAY IN A ROW YESTERDAY CHINESE OFFICIALS PLEDGED STRONG
PROTECTION OF PATENTS TRADEMARKS AND COPYRIGHTS BEIJING SAID ITS
INTELLECTUALPROPERTY LAWS WERE IN LINE WITH INTERNATIONAL STANDARDS BUT
WOULD BE STRENGTHENED FURTHER

DIPLOMATS SAID CHINA'S DECLARATIONS OF GOOD FAITH ARE INTENDED TO DEFLECT
POSSIBLE RETALIATORY ACTIONS BY THE US AND OTHER WESTERN COUNTRIES IN AN
UNRELATED TRADE DISPUTE THIS WEEK WASHINGTON IMPOSED 25 MILLION IN
SANCTIONS ON TAIWAN FOR TRADING IN ENDANGERED SPECIES CHINA WAS SPARED
BECAUSE OF WHAT THE US SAID WERE SERIOUS EFFORTS TO COMBAT SUCH TRADE

BEIJING WANTS TO SHOW PROGRESS FOR SEVERAL REASONS THE US THIS MONTH
DRAWS UP ITS LIST OF COUNTRIES THAT MIGHT BE TARGETED FOR TRADEENFORCEMENT
ACTIONS IN ADDITION PRESIDENT CLINTON WILL TAKE INTELLECTUALPROPERTY
RIGHTS ENFORCEMENT INTO ACCOUNT IN DECIDING BY JUNE 3 WHETHER TO RENEW
CHINA'S LOWTARIFF MOST FAVORED NATION TRADING STATUS

MORE CRITICALLY CHINA IS EAGER TO BECOME A FOUNDING MEMBER OF THE WORLD
TRADE ORGANIZATION WHICH WILL SUCCEED THE GENERAL AGREEMENT ON TARIFFS AND
TRADE IN JANUARY IT ISN'T NOW A GATT MEMBER ALTHOUGH ITS TRADE IS SURGING

MEETING US AND GLOBAL STANDARDS ON INTELLECTUALPROPERTY RIGHTS PROTECTION
WILL BE A BIG CHALLENGE FOR CHINA IT IS THE WORLD'S BIGGEST PRODUCER OF
COUNTERFEIT COMPACT AND LASER DISKS AND ITS FACTORIES CHURN OUT COPIES OF
COMPUTER SOFTWARE LUXURY GOODS AND CONSUMER ELECTRONICS

EVEN IF BEIJING WANTS TO CONTROL THE ILLICIT INDUSTRIES ENFORCEMENT OF NEW
REGULATIONS IN CHINA'S ECONOMIC BOOM AREAS CAN BE NEARLY IMPOSSIBLE
DIPLOMATS AND CHINESE OFFICIALS SAY 9404140154 940414 LETTERS TO THE
EDITOR RATTLING SABERS NEVER UNSHEATHED

JD FOSTER'S MARCH 24 EDITORIALPAGE PIECE TAXING TEST FOR CALIFORNIA
CONTAINS TWO MISREPRESENTATIONS

FIRST THE THREAT OF RETALIATION BY FOREIGN GOVERNMENTS SHOULD CALIFORNIA
WIN THE BARCLAYS CASE HAS EVAPORATED WHILE THERE WAS SOME SABER RATTLING
EMANATING FROM FOREIGN BUSINESS AND GOVERNMENT QUARTERS LAST SUMMER MOST
CONCERNS PARTICULARLY THOSE OF THE BRITISH GOVERNMENT WERE PUT TO REST BY
THE ACTION OF THE CALIFORNIA STATE LEADERSHIP IN ENACTING THE UNITARY TAX
REFORM MR FOSTER MENTIONED IN PASSING MR FOSTER DID DISCUSS EARLIER
COMMUNICATIONS FROM UK OFFICIALS BUT HE APPARENTLY OVERLOOKED THE FACT
THAT THE ISSUE HAD BEEN SUBSTANTIALLY RESOLVED TO THE UK'S SATISFACTION

IN A LETTER TO SECRETARY OF THE TREASURY LLOYD BENTSEN DATED SHORTLY AFTER
THE PASSAGE OF THE CALIFORNIA LEGISLATION SEPT 14 1993 CHANCELLOR
CLARKE STATED THAT THE UK GOVERNMENT WILL DEFER THE IMPLEMENTATION OF
RETALIATORY MEASURES  THE UK WILL RETALIATE ONLY IF IT BECOMES
CLEAR THAT THE LEGISLATION IS BEING APPLIED IN A WAY THAT DAMAGES UK
COMPANIES BY IMPOSING TAX IN VIOLATION OF THE ARM'S LENGTH PRINCIPLE AS
ONE OF CALIFORNIA'S LEADING TAX OFFICIALS I CAN ASSURE THE BUSINESS
COMMUNITY THAT THIS STATUTE WILL BE ADMINISTERED EQUITABLY AND IN THE SPIRIT
IN WHICH IT WAS ENACTED

THE CHANCELLOR'S LETTER ALSO STATED THAT THE UK CONTINUED TO STRONGLY
SUPPORT BARCLAYS IN ITS CASE BEFORE THE SUPREME COURT HE STATES THAT IF
BARCLAYS IS NOT SUCCESSFUL IN ITS LITIGATION THE UK WILL HAVE TO RETAIN
ITS RETALIATORY POWER IN RESERVE AGAINST THE POSSIBILITY THAT STATES MIGHT
REINTRODUCE UNITARY TAXATION AT SOME TIME IN THE FUTURE EMPHASIS ADDED
THERE IS NO THREAT THAT IF BARCLAYS LOSES BRITAIN WILL RETALIATE ONLY A
PRESERVATION OF OPTIONS NOTHING MORE

SECOND I MUST OBJECT TO MR FOSTER'S CHARACTERIZATION OF THENGOV
CLINTON'S 1992 LETTER TO ME AS A CAMPAIGN PROMISE IT SEEMS TO ME THAT A
CAMPAIGN PROMISE SHOULD AT A MINIMUM ACHIEVE ONE OF TWO OBJECTIVES 1
WIN SUPPORT FROM PARTICULAR INDIVIDUALS OR 2 WIN VOTES FROM THE PUBLIC AT
LARGE GOV CLINTON'S LETTER DID NEITHER AS TO THE FIRST I WAS ALREADY A
PUBLIC SUPPORTER OF MR CLINTON'S CAMPAIGN FOR PRESIDENT AS TO THE SECOND
THE LETTER DID NOT BECOME PUBLICLY KNOWN UNTIL WELL AFTER THE ELECTION GOV
CLINTON DID NOT SEEK A SINGLE VOTE OR ENDORSEMENT BY DECIDING IN 1992 THAT
CALIFORNIA DESERVED TO WIN THE BARCLAYS CASE 9404140153 940414
INTERNATIONAL JERICHO'S QUALMS SOLDIERS' EAGERNESS MOUNT DURING WAIT
FOR PLO'S ARRIVAL  BY AMY DOCKSER MARCUS STAFF REPORTER OF THE
WALL STREET JOURNAL

JERICHO WEST BANK LIKE MANY JERICHO RESIDENTS RAJAI ABDO EXPECTED HIS
FAMILY'S HISHAM PALACE HOTEL TO BE TRANSFORMED INTO PALESTINE LIBERATION
ORGANIZATION CHAIRMAN YASSER ARAFAT'S NEW HEADQUARTERS INSTEAD ON THE DAY
THE PLO WAS SUPPOSED TO ARRIVE MR ABDO SITS BY HIMSELF IN THE LOBBY OF THE
EMPTY HOTEL

HE HASN'T HEARD BACK FROM THE PLO ON THE RENOVATION PLANS HE FAXED TO THEM
THE MULTIMILLIONDOLLAR PROJECT WHICH THE SPANISH GOVERNMENT AGREED TO
FUND IS STALLED IN FACT AFTER SIX MONTHS OF NEGOTIATIONS MR ABDO AND
THE PLO HAVE YET TO SIGN A CONTRACT

THE PLO IS OFFERING US AN UNFAIR DEAL THEY INSIST THAT THEY SHOULD HAVE
THE RIGHT TO BUY THE HOTEL WHENEVER THEY HAVE THE FINANCIAL MEANS TO DO SO
WE WANT TO MAKE SURE WE GET THE HOTEL BACK WHEN THEY LEAVE SAID MR ABDO
WHO SERVES AS THE HOTEL'S GENERAL MANAGER

IT STILL ISN'T CLEAR WHERE MR ARAFAT AND HIS FOLLOWERS ARE GOING TO LIVE
AND WORK THE ISRAELI PULLOUT FROM THIS WEST BANK CITY ORIGINALLY WAS
SCHEDULED TO END YESTERDAY UNDER THE TERMS OF THE SEPTEMBER ISRAELPLO
ACCORD BUT THE SLOW PACE OF THE NEGOTIATIONS ON HOW TO IMPLEMENT THE
AGREEMENT HAVE CAUSED A DELAY THAT COULD LAST AS LONG AS A MONTH

WHAT WAS SUPPOSED TO BE THE FIRST DAY OF PALESTINIAN SELFRULE WAS INSTEAD
ANOTHER DAY OF VIOLENCE SIX ISRAELIS WERE KILLED AND 25 OTHERS INJURED WHEN
A BOMB SET BY THE ISLAMIC FUNDAMENTALIST HAMAS GROUP EXPLODED IN A CROWDED
BUS IN THE NORTHERN TOWN OF HADERA THE SECOND SUCH ATTACK IN AN ISRAELI
CITY IN LESS THAN A WEEK IN JERICHO FIVE PALESTINIANS WERE INJURED BY
GUNFIRE WHEN AN ISRAELI TRUCK DRIVER OPENED FIRE AFTER A STONING ATTACK

AT THE HISHAM PALACE HOTEL MR ABDO COUNTS UP HIS OWN LOSSES HE ALREADY
HAS SOLD OFF MOST OF THE HOTEL FURNITURE BECAUSE THE PLO TOLD HIM IT WANTED
TO REDECORATE HE HAS NO CUSTOMERS HE STOPPED TAKING RESERVATIONS ASSUMING
THAT BY NOW THE HOTEL WOULD BE FILLED WITH PLO OFFICIALS AND THEIR FAMILIES
HE REGRETS TURNING AWAY SEVERAL OTHER PROSPECTIVE INVESTORS WHO HAD
EXPRESSED INTEREST IN THE HOTEL

DOES HIS EXPERIENCE MAKE HIM NERVOUS ABOUT THE PLO'S ABILITY TO MANAGE ITS
AFFAIRS WHEN THEY ARRIVE IN JERICHO I'M NOT IN A POSITION TO JUDGE HE
SAID BUT THIS HAS NOT BEEN A GOOD EXPERIENCE

UNDERNEATH JERICHO'S SLEEPY EXTERIOR THERE ARE GROWING SIGNS OF DISCORD
THE TOWN'S LEADING FAMILIES HAVE STRONGLY OPPOSED MR ARAFAT'S DECISION TO
APPOINT A NONJERICHO RESIDENT AS THE NEW MAYOR THEY WANT OPEN MAYORAL
ELECTIONS ALL FOUR PLO OFFICES IN THE CITY HAVE BEEN SHUT DOWN ON MR
ARAFAT'S ORDERS AFTER MONTHS OF INFIGHTING BETWEEN THE VARIOUS FACTIONS
ABDUL SIDR A SENIOR REPRESENTATIVE OF MR ARAFAT'S ELFATAH FACTION SAYS
THE OFFICES WERE CLOSED AFTER THE ISRAELIS INSISTED THAT THE PLO STOP
VIOLENT DEMONSTRATIONS BY RESIDENTS AND THE PLO REFUSED

MR SIDR NOW MANAGES PLO AFFAIRS OUT OF HIS BAKERY THE 32YEAROLD HAS A
COLLEGE DEGREE IN BUSINESS ADMINISTRATION AND SERVED FOUR TIMES IN ISRAELI
PRISONS FOR HIS ACTIVITIES DURING THE PALESTINIAN INTIFADA OR UPRISING BUT
DESPITE HIS NATIONALIST CREDENTIALS MR SIDR SAID HE PLANS TO GET OUT OF
POLITICS AS SOON AS THE PLO ARRIVES AT LEAST FOR THE FIRST FEW YEARS AS HE
HANDED A BAG OF BREAD TO A CUSTOMER HE SAID I WANT TO WAIT AND SEE HOW
THINGS GO FIRST

THE ISRAELI SOLDIERS SERVING AT THE ARMY BASE THAT OVERLOOKS THE TEEMING
PALESTINIAN REFUGEE CAMP IN THIS GAZA STRIP CITY LIKE TO CALL THEMSELVES
THE LAST ISRAELIS IN KHAN YUNIS

ONCE A NERVE CENTER FOR THE ISRAELI ARMY WHERE HUNDREDS OF SOLDIERS WORKED
THE BASE HAS BEEN STRIPPED BARE THE COMMANDER'S ROOM IS EMPTY EXCEPT FOR
THREE COTS THE MAKESHIFT SLEEPING QUARTERS OF SOME OF THE SOLDIERS LEFT
BEHIND TO PAINT CLEAN AND GUARD THE BASE UNTIL THE PALESTINIAN POLICE FORCE
ARRIVES TO TAKE OVER DARK OUTLINES ARE EVIDENT ON EVERY DOORPOST WHERE
ONCE HUNG MEZZUZOT THE SMALL CASES CONTAINING PARCHMENT WITH A JEWISH
PRAYER AFFIXED TO JEWISH BUILDINGS

MOST OF THE BASES IN THE GAZA STRIP ARE NOW MINIATURE GHOST TOWNS OCCUPIED
ONLY BY SOLDIERS WAITING FOR THE GREEN LIGHT SAID LT OFER AS HE KICKS
PACKING CARTONS OUT OF HIS WAY WAITING FOR THE SIGNAL TO LEAVE GAZA

TECHNICALLY THE ISRAELIS AREN'T EXACTLY LEAVING GAZA THEY ARE WITHDRAWING
THEIR TROOPS FROM THE MAIN PALESTINIAN POPULATION CENTERS AND REDEPLOYING
INSIDE GUSH KATIF THE CLUSTER OF JEWISH SETTLEMENTS IN THE GAZA STRIP THE
KEY POINT THE SOLDIERS SAY IS THAT THEY WON'T BE IN CHARGE OF KEEPING
ORDER IN THE REFUGEE CAMPS OR RUNNING THE PALESTINIANS' DAILY LIVES ANYMORE
THEY MAY STILL BE SERVING INSIDE THE GAZA STRIP BUT THEY ALREADY FEEL THE
DIFFERENCE

KHAN YUNIS IS NOT MY COUNTRY SAYS LT NADAV WHO SERVED THERE 15 MONTHS
AND IS NOW POSTED AT THE UNIT'S NEW BASE IN GUSH KATIF HERE I AM
SURROUNDED BY JEWISH SETTLERS NO ONE SHOOTS AT ME OR THROWS ROCKS AND
MOLOTOV COCKTAILS AT ME

IT IS HARD TO IMAGINE THESE SOLDIERS DOING JOINT PATROLS WITH PALESTINIAN
POLICEMEN MEN ONCE UNDER OCCUPATION NOW THEIR PARTNERS IN PEACE ON ONE
BASE AN OFFICER DIRECTING THE TRUCKS CARTING AWAY 27 YEARS OF ISRAELI
OCCUPATION IS DOUBTFUL THE PALESTINIANS CAN RUN THEIR OWN AFFAIRS WE GAVE
THE PALESTINIANS EVERYTHING WE BUILT THEM SCHOOLS AND HOSPITALS WE GAVE
THEM JOBS IN ISRAEL THE OFFICER SAYS ONE DAY THEY WILL APPRECIATE US

IN THE MEANTIME A GROUP OF PALESTINIAN CHILDREN ARE WAITING OUTSIDE THE
KHAN YUNIS BASE SUDDENLY A JEEP FILLED WITH SOLDIERS GUNS POINTED OUT THE
WINDOW PULLS OUT OF THE BASE THE CHILDREN FORM A LINE THEY RAISE TINY
CLENCHED FISTS AND BEGIN CHANTING IN UNISON THEY DON'T LET UP UNTIL THE
LAST ISRAELIS IN KHAN YUNIS ARE OUT OF SIGHT 9404140152 940414 POLITICS &
POLICY FISKE FOCUSES ON NUMEROUS BUSINESSES OF MCDOUGAL THAT LENT TO
WHITEWATER  BY VIVECA NOVAK AND BRUCE INGERSOLL STAFF REPORTERS OF
THE WALL STREET JOURNAL

LITTLE ROCK ARK SPECIAL COUNSEL ROBERT FISKE IS INVESTIGATING A RAFT OF
BUSINESSES UNDER JAMES MCDOUGAL'S CONTROL THAT LENT MORE THAN 113000 TO
HIS WHITEWATER DEVELOPMENT CORP VENTURE WITH BILL AND HILLARY RODHAM
CLINTON

MUCH OF THE MONEY WENT TO WHITEWATER DURING THENGOV CLINTON'S 1984
CAMPAIGN FOR REELECTION ACCORDING TO AN UNRELEASED DRAFT REPORT ON THE
COMPANY'S TANGLED FINANCES MORE THAN 80000 IN LOANS WERE NEVER REPAID BY
WHITEWATER AN ARKANSAS VACATIONHOME DEVELOPMENT THAT WAS 50OWNED BY THE
CLINTONS

MR FISKE IS TRYING TO DETERMINE WHETHER FUNDS FROM MADISON GUARANTY SAVINGS
& LOAN A THRIFT OWNED BY MR MCDOUGAL UNTIL 1989 WERE FUNNELED INTO
WHITEWATER OR INTO CLINTON GUBERNATORIAL CAMPAIGNS HE HAS ISSUED SUBPOENAS
SEEKING INFORMATION ABOUT NUMEROUS MCDOUGAL ENTERPRISES INCLUDING AT LEAST
SEVEN THAT LENT MONEY TO WHITEWATER BETWEEN 1979 AND 1986 MANY OF THOSE
COMPANIES BANKED AT MADISON GUARANTY

TRANSFERS TOTALING ABOUT 68000 OCCURRED DURING A 12MONTH SPAN THAT ENDED
MAY 31 1985 WHEN MR CLINTON WAS SEEKING REELECTION AND THEN TRYING TO
PAY OFF A 50000 PERSONAL LOAN USED FOR HIS CAMPAIGN THE FIGURES COME FROM
A DRAFT REPORT THAT WAS PREPARED FOR THE 1992 CLINTON PRESIDENTIAL CAMPAIGN
BY CLINTON FRIEND AND ATTORNEY JAMES LYONS AND AN ACCOUNTING FIRM MR LYONS
HIRED

CAMPAIGN OFFICIALS DECIDED AGAINST IDENTIFYING ANY OF THE MCDOUGAL ENTITIES
AND GIVING DETAILS OF ANY OF THE TRANSACTIONS IN THE FINAL LYONS REPORT
INSTEAD THEY USED THE FINAL REPORT RELEASED IN MARCH 1992 SIMPLY TO
BUTTRESS THE CLINTONS' CLAIMS THAT WHITEWATER WAS A MONEYLOSER AND THAT THEY
WERE MERELY PASSIVE INVESTORS

WHITE HOUSE PRESS SECRETARY DEE DEE MYERS SAID YESTERDAY THAT THE
PRESIDENTIAL CAMPAIGN WAS AWARE THAT MCDOUGALRELATED COMPANIES PASSED MONEY
TO WHITEWATER BUT SHE SAID THE CAMPAIGN DIDN'T DETAIL IT IN THE FINAL
REPORT BECAUSE IT WAS REPORTING ON THE CLINTONS' INVOLVEMENT NOT MR
MCDOUGAL'S SHE INSISTED THAT THE CAMPAIGN HAD NO EVIDENCE THAT MADISON
GUARANTY IMPROPERLY DIVERTED ANY MONEY INTO WHITEWATER

IN AN INTERVIEW TUESDAY MR MCDOUGAL SAID THE LOANS WERE USED TO COVER
WHITEWATER OPERATING EXPENSES

MR MCDOUGAL'S ATTORNEY SAM HEUER DESCRIBED THE TRANSACTIONS AS
SHORTTERM LOANS AND REJECTED ANY SUGGESTION THAT MADISON GUARANTY FUNDS
WERE IMPROPERLY DIVERTED THROUGH MCDOUGAL BUSINESSES INTO WHITEWATER OR THE
1984 CAMPAIGN I HAVE YET TO SEE ANY FACTUAL DATA TO BACK IT UP HE SAID
IN AN INTERVIEW YESTERDAY I DON'T BELIEVE THAT TO BE TRUE

INVESTIGATORS FOR THE RESOLUTION TRUST CORP THE SAVINGSANDLOAN CLEANUP
AGENCY HAVE UNCOVERED INDICATIONS OF A POSSIBLE MASSIVE CHECKKITE SCHEME
INVOLVING PURPORTED LOANS TO NUMEROUS MCDOUGAL ENTERPRISES AS WELL AS
WHITEWATER ACCORDING TO AN RTC DOCUMENT RELEASED RECENTLY BY REP JAMES
LEACH R IOWA

THE DRAFT REPORT SHOWS LARGE SUMS OF MONEY FLOWING FROM MCDOUGAL ENTERPRISES
INTO WHITEWATER A REALESTATE COMPANY CALLED FLOWERWOOD FARMS INC FOR
ONE PUMPED IN MORE THAN 40000 IN 198486 MEANWHILE GREAT SOUTHERN LAND
CO LENT WHITEWATER 35000 ONLY 11000 OF WHICH HAS BEEN REPAID THE
DRAFT SHOWS

A PARTNERSHIP AMONG MR MCDOUGAL CLINTON FRIEND STEPHEN SMITH AND JIM GUY
TUCKER THE CURRENT GOVERNOR OF ARKANSAS LENT WHITEWATER 11950 IN THE
YEAR ENDED MAY 31 1985 ONLY 1000 OF WHICH HAS BEEN REPAID ACCORDING TO
THE DRAFT JOHN HALEY MR TUCKER'S ATTORNEY SAID THE GOVERNOR DOESN'T KNOW
OF ANY SUCH LOANS

SPEAKING ABOUT WHITEWATER YESTERDAY MR CLINTON SAID HE HAS DONE HIS BEST
TO ANSWER QUESTIONS ON THE ISSUE MAYBE YOU HAVE TOTAL AND COMPLETE
RECOLLECTION OF EVERY QUESTION THAT MIGHT  BE ASKED OF YOU AT ANY
MOMENT OF THINGS THAT HAPPENED TO YOU 12 13 14 YEARS AGO HE TOLD A
QUESTIONER AT A WASHINGTON GATHERING OF THE AMERICAN SOCIETY OF NEWSPAPER
EDITORS YOU THINK I SHOULD HAVE SHUT THE WHOLE FEDERAL GOVERNMENT DOWN AND
DONE NOTHING BUT STUDY THESE THINGS FOR THE LAST TWO MONTHS

ELLEN JOAN POLLOCK CONTRIBUTED TO THIS ARTICLE 9404140151 940414 FORD
NARROWS BIDS FOR ITS THRIFT UNIT CHOICE SEEN TODAY  BY RALPH T
KING JR STAFF REPORTER OF THE WALL STREET JOURNAL

SAN FRANCISCO FORD MOTOR CO HAS ELIMINATED GOLDEN WEST FINANCIAL CORP
AS A BIDDER FOR ITS FIRST NATIONWIDE FINANCIAL CORP UNIT AND WILL ANNOUNCE
ITS CHOICE TODAY BETWEEN THE REMAINING TWO OFFERS BOTH OF WHICH ARE IN
EXCESS OF 11 BILLION PEOPLE FAMILIAR WITH THE SITUATION SAY

GOLDEN WEST'S BID FOR THE UNPROFITABLE THRIFT IS BELIEVED TO HAVE BEEN BELOW
THAT OF DALLASBASED MADISON FINANCIAL INC BACKED BY NEW YORK INVESTOR
RONALD O PERELMAN AND A JOINT BID OF LOS ANGELESBASED GREAT WESTERN
FINANCIAL CORP AND LEHMAN BROTHERS INC NEW YORK FORD IS EXPECTED TO
ANNOUNCE THE WINNING PROPOSAL FOLLOWING A BOARD MEETING TODAY

MADISON'S BID WHICH IS LED BY TEXAS INVESTOR GERALD J FORD IS SAID TO
REFLECT CERTAIN TAX BENEFITS RETAINED BY MR PERELMAN'S MACANDREWS & FORBES
HOLDINGS INC AFTER IT SOLD FIRST GIBRALTAR BANK TO BANKAMERICA CORP LAST
YEAR MR PERELMAN IS INVESTING ABOUT 450 MILLION IN THE DEAL PEOPLE CLOSE
TO THE TRANSACTION SAY

GREAT WESTERN'S PLAN IS TO KEEP FIRST NATIONWIDE'S SINGLEFAMILY MORTGAGES
AND ITS BRANCHES IN CALIFORNIA AND FLORIDA LEHMAN A UNIT OF AMERICAN
EXPRESS CO WILL GET ABOUT 5 BILLION IN OTHER MORTGAGES SOME OF WHICH ARE
NONPERFORMING

GREAT WESTERN'S PLAN ALSO CALLS FOR HOUSEHOLD INTERNATIONAL INC BASED IN
PROSPECT HEIGHTS ILL TO BUY FIRST NATIONWIDE'S MIDWEST BRANCHES AND
ASTORIA FEDERAL SAVINGS ASTORIA NY TO ACQUIRE THOSE BRANCHES IN NEW
YORK AND NEW JERSEY PEOPLE WITH KNOWLEDGE OF THE BID SAY

FORD BOUGHT FIRST NATIONWIDE IN 1985 AND HAS INVESTED ROUGHLY 13 BILLION
IN THE OPERATION WHICH HAS BEEN PLAGUED BY BAD LOANS AND OTHER PROBLEMS
FORD FINALLY PUT THE THRIFT UP FOR SALE LAST NOVEMBER IN THE PAST THREE
YEARS IT POSTED MORE THAN 200 MILLION IN LOSSES

GOLDEN WEST BASED IN OAKLAND CALIF EMERGED AS A SERIOUS BIDDER LATE IN
THE PROCESS ITS COCHAIRMEN HERBERT AND MARION SANDLER ARE COSTCONSCIOUS
MANAGERS WHO TEND TO AVOID HEATED BIDDING CONTESTS

STEVEN LIPIN IN NEW YORK CONTRIBUTED TO THIS ARTICLE 9404140150 940414
CODED COMMUNICATIONS' ORDER

CARLSBAD CALIF CODED COMMUNICATIONS RECEIVED AN INITIAL ORDER FROM
HARRIS CORP'S INFORMATION SYSTEMS DIVISION FOR A MOBILE COMPUTER TERMINAL
PLATFORM

THE VALUE OF THE ORDER WASN'T DISCLOSED

CODED COMMUNICATIONS SAID THE NCIC2000 PLATFORM WILL BE USED FOR HARRIS'S
CONTRACT WITH THE FEDERAL BUREAU OF INVESTIGATION TO MODERNIZE THE NATIONAL
CRIME INFORMATION CENTER 9404140148 940414 WHO'S NEWS AMRE INC

AMRE INC DALLAS V JAMES SARDO WAS NAMED PRESIDENT AND CHIEF EXECUTIVE
OFFICER OF THIS DIRECT MARKETER OF HOMEIMPROVEMENT PRODUCTS RONALD I
WAGNER 47 YEARS OLD WHO REMAINS CHAIRMAN HAD HELD THE ADDITIONAL TITLES
SINCE 1991 MR SARDO 50 WAS PRESIDENT AND CHIEF EXECUTIVE OF SNE
ENTERPRISES INC A SUBSIDIARY OF PLYGEM INDUSTRIES INC 9404140147
940414 TECHNOLOGY QUADRA LOGIC APPLIES FOR PERMISSION TO SELL ITS
CANCER TREATMENT

VANCOUVER BRITISH COLUMBIA QUADRA LOGIC TECHNOLOGIES INC SAID IT
APPLIED TO THE US FOOD AND DRUG ADMINISTRATION FOR APPROVAL TO MARKET A
LIGHTACTIVATED DRUG AND TECHNOLOGY FOR ADMINISTERING THE DRUG AS A
TREATMENT FOR CERTAIN THROAT CANCERS

THE VANCOUVER BIOTECHNOLOGY COMPANY SAID ITS SUBMISSION CONTAINS ONE NEW
DRUG APPLICATION AND THREE PREMARKETING APPLICATIONS FOR LASER AND
FIBEROPTIC TECHNOLOGY USED TO ACTIVATE THE INITIALLY INERT DRUG INSIDE THE
BODY IT SAID THE APPLICATION IS THE FIRST COMBINED DRUGDEVICE SUBMISSION
EVER FILED IN THE US FOR PHOTODYNAMIC THERAPY THE LIGHTACTIVATED
TREATMENT SYSTEM THE COMPANY HAS DEVELOPED TO COMBAT CANCERS AND CERTAIN
OTHER MEDICAL DISORDERS

A QUADRA SPOKESMAN SAID THAT DUE TO THE UNIQUE NATURE OF THE REGULATORY
SUBMISSION THE COMPANY CAN'T ESTIMATE HOW LONG THE FDA WILL TAKE TO REACH A
DECISION HE SAID THAT IN THE PAST THE REGULATORY AGENCY HAS USUALLY TAKEN
12 TO 18 MONTHS TO RULE ON MARKETING APPLICATIONS FOR NEW PRODUCTS TO TREAT
CANCER

A FAVORABLE FDA DECISION WOULD GIVE QUADRA A FOOT IN THE DOOR OF THE US
HEALTHCARE MARKET THE SPOKESMAN ADDED AT PRESENT QUADRA ONLY HAS
MARKETING APPROVAL FOR ITS DRUG IN CANADA WHERE IT MAY BE USED TO TREAT
CERTAIN BLADDER CANCERS 9404140146 940414 HEARD ON THE STREET SOME
ANALYSTS SEE SHORTTERM RISE IN STOCKS THEN TUMBLE SIMILAR TO THAT IN
KENNEDY ERA  BY JOHN R DORFMAN STAFF REPORTER OF THE WALL STREET
JOURNAL

THE UNCANNY PARALLEL BETWEEN THE STOCK MARKET'S PERFORMANCE UNDER PRESIDENTS
KENNEDY AND CLINTON HAS HYPNOTIZED MARKET ANALYSTS FOR A YEAR AND A HALF
BUT THE TRACKING PATTERN MAY SOON BE BROKEN AT LEAST TEMPORARILY

SO SAYS MONEY MANAGER MARK TOLEDO A MANAGING DIRECTOR AT HAHN HOLLAND &
GROSSMAN IN CHICAGO HE THINKS A TEMPORARY RALLY TO ABOUT 3800 ON THE DOW
JONES INDUSTRIAL AVERAGE IS IMMINENT AT THIS POINT IN THE KENNEDY
ADMINISTRATION STOCKS SLID STEADILY FROM MARCH TO JUNE STOCKS PROBABLY
WILL BOUNCE IN APRIL AND MAY ON VERY POSITIVE EARNINGS REPORTS HE SAYS
ALSO THE VERY OVERSOLD BOND MARKET SHOULD RALLY HELPING STOCKS

BUT LATER THIS YEAR MR TOLEDO PREDICTS STOCKS WILL FALL UNDER MANY OF THE
SAME PRESSURES THAT AFFLICTED THEM IN PRESIDENT KENNEDY'S SOPHOMORE YEAR
EXTREMELY HIGH STOCK VALUATIONS RISING INTEREST RATES AND CONFRONTATION
BETWEEN THE PRESIDENT AND KEY INDUSTRIES STEEL FOR MR KENNEDY HEALTH CARE
FOR MR CLINTON

WE'RE TALKING A 20 TO 30 DECLINE FROM PEAK TO TROUGH HE SAYS IN 1962
THE PEAKTOTROUGH DAMAGE WAS 27 THOUGH THE DOW JONES INDUSTRIAL AVERAGE
FELL ONLY 108 FOR THE FULL YEAR

UP TO THIS POINT THE PARALLELS BETWEEN THE TWO PERIODS ARE STAGGERING
SAYS HUGH JOHNSON CHIEF INVESTMENT OFFICER AT FIRST ALBANY IN BOTH ERAS
STOCKS SLID DURING MOST OF THE PRESIDENTIAL CAMPAIGN AS INVESTORS BRACED
FOR A YOUNG UNTESTED DEMOCRAT TO UNSEAT AN OLDER REPUBLICAN IN EACH CASE
STOCKS PULLED OUT OF THE DECLINE SHORTLY BEFORE THE ELECTION AND ROSE
THROUGH MOST OF THE NEW PRESIDENT'S FIRST YEAR ON DEC 6 LAST YEAR WHEN
THE STOCK MARKET WAS RIDING HIGH THIS NEWSPAPER REPORTED ON THE PARALLEL
AND SAID THAT IF THE REPLAY PATTERN CONTINUED TO HOLD A DROP WOULD COME
NEXT SURE ENOUGH ONE DID STOCKS FELL 97 FROM THEIR JAN 31 PEAK
BEFORE STAGING A MILD RECOVERY

MR JOHNSON SEES OTHER SIMILARITIES THE ECONOMY WAS IMPROVING FOLLOWING A
RECESSION THE STOCK MARKET HAD JUST HAD A STRONG DECADE THE 1950S WERE
THE MARKET'S BEST DECADE OF THIS CENTURY THE 1980S SECONDBEST THE
FEDERAL RESERVE WAS LEANING TOWARDS RESTRAINT PEOPLE FOUND IT PUZZLING
THAT THE STOCK MARKET STARTED TO DECLINE EVEN AS CORPORATE PROFITS IMPROVED
MR JOHNSON NOTES THAT THE 1962 STOCK SLIDE HELPED MOTIVATE PRESIDENT
KENNEDY TO PROPOSE A BROAD INCOMETAX CUT HE SPECULATES MR CLINTON MAY DO
THE SAME

NED DAVIS THE NOKOMIS FLA MARKET RESEARCHER WHO PIONEERED IN REMARKING
ON THE KENNEDYCLINTON PARALLEL THINKS IT WILL CONTINUE STOCKS WILL SHOW A
LITTLE STRENGTH ON FIRSTQUARTER EARNINGS HE SAYS BUT I'M JUST GIVING IT
ABOUT A WEEK AFTER THAT I EXPECT IT TO HEAD DOWN AGAIN IN 1962 HE
RECALLS WE HAD ABOUT A FOURTOSIXDAY RALLY SIMILAR TO WHAT WE'RE HAVING
HERE AND THEN THE WORST PART OF THE WATERFALL IN FACT MR DAVIS EXPECTS
A 1994 DECLINE EVEN WORSE THAN THE 1962 BEAR MARKET WHY BECAUSE PEAK
VALUATIONS WERE A BIT HIGHER THIS TIME THE DOW JONES INDUSTRIAL AVERAGE AT
ITS PEAK THIS YEAR HIT 27 TIMES REPORTED EARNINGS COMPARED WITH 25 UNDER
PRESIDENT KENNEDY AND 38 TIMES DIVIDENDS INSTEAD OF 34 AVERAGE VALUES OVER
THE PAST EIGHT DECADES HAVE BEEN ABOUT 14 TIMES EARNINGS AND 23 TIMES
DIVIDENDS MR DAVIS SAYS A DECLINE TO NORMAL HE SAYS WOULD PUT THE DOW
JONES AVERAGE AROUND 2500 EVEN ALLOWING FOR A MODERATE RISE IN EARNINGS AND
DIVIDENDS THIS YEAR

MARKET LEADERSHIP TODAY OVERLAPS WITH THAT IN 1962 MR DAVIS NOTES THEN
IT WAS TECHNOLOGY STOCKS INCLUDING TEXAS INSTRUMENTS AND MOTOROLA TODAY
IT'S TELECOMMUNICATIONS SUPERHIGHWAY STOCKS INCLUDING TEXAS INSTRUMENTS AND
MOTOROLA

DAVID BOSTIAN ECONOMIST AT HERZOG HEINE GEDULD ALSO FINDS THE 1962
PARALLEL EERILY RELEVANT HE THINKS IT WOULD BE A MIRACLE IF THE RECENT
97 CORRECTION IS THE FULL EXTENT OF THE DAMAGE FOR ONE THING HEALTH
CARE IS A BIGGER CHUNK OF GROSS DOMESTIC PRODUCT THAN STEEL EVER WAS LIKE
MR TOLEDO HE EXPECTS A RALLY BEFORE MORE BAD NEWS SETS IN HE SEES THE
ODDS AS HIGH FOR A GEOPOLITICAL CRISIS LATER THIS YEAR THAT WILL TEST MR
CLINTON'S NERVE IN THE WORLD ARENA MUCH AS THE CUBAN MISSILE CRISIS
CHALLENGED PRESIDENT KENNEDY IN 1962

BUT EVEN IF WE GO DOWN 27 AS IN 1962 THE YEAR 1995 SHOULD BE A GOOD ONE
UNLESS THE FEDERAL RESERVE REALLY GOES FOR THE JUGULAR MR BOSTIAN SAYS
HE EXPECTS CORPORATE PROFITS TO SURGE AND INFLATION TO STAY UNDER CONTROL
AS IT HAPPENS 1963 WAS ALSO A GOOD YEAR FOR STOCKS THE DOW JONES
INDUSTRIALS ROSE 17 9404140145 940414 S&P SPANISH ACQUISITION

LONDON STANDARD & POOR'S RATINGS GROUP SAID IT ACQUIRED ALL THE SHARES
OUTSTANDING OF IBERATING SA A MADRIDBASED RATING AGENCY IN WHICH S&P
PREVIOUSLY HELD A 25 INTEREST TERMS WEREN'T GIVEN

S&P A DEBTRATING AGENCY IS A UNIT OF MCGRAWHILL INC

IBERATING WAS FORMED IN APRIL 1992 BY S&P AND FIVE LOCAL PARTNERS
9404140144 940414 ASYST RECEIVES ZILOG CONTRACT

MILPITAS CALIF ASYST TECHNOLOGIES INC SAID IT RECEIVED A
MULTIMILLION DOLLAR ORDER FROM ZILOG INC

ASYST SAID THE ORDER IS FOR ITS PARTICLECONTROL AND AUTOMATION PRODUCTS
WHICH WILL BE INSTALLED IN ZILOG'S OPERATION IN NAMPA IDAHO TO OBTAIN
CLEANLINESS DURING THE CHIPFABRICATION PROCESS

ASYST SAID THE SMIF SYSTEM HELPS INTEGRATEDCIRCUIT MAKERS MEET RIGOROUS
CLEANLINESS SPECIFICATIONS BY COMBINING MINIENVIRONMENTS WITH ROBOTIC
HANDLING ASYST SAID INSTALLATION IS SCHEDULED FOR THE FALL OF THIS YEAR
9404140143 940414 UNITED TECHNOLOGIES BUYBACK

HARTFORD CONN UNITED TECHNOLOGIES CORP'S DIRECTORS AUTHORIZED
REPURCHASE OF UP TO 45 MILLION OF THE COMPANY'S COMMON SHARES

PURCHASES WOULD OFFSET DILUTION FROM ISSUANCE OF SHARES UNDER COMPENSATION
AND BENEFIT PROGRAMS DURING THE PAST TWO YEARS ABOUT TWO MILLION SHARES
ANNUALLY HAVE BEEN ISSUED UNDER SUCH PROGRAMS

THE COMPANY WHICH PROVIDES HIGH TECHNOLOGY PRODUCTS AND SYSTEMS TO THE
AEROSPACE BUILDING SYSTEMS AND AUTOMOTIVE INDUSTRIES HAS ABOUT 126 MILLION
SHARES OUTSTANDING 9404140142 940414 POLITICS & POLICY WHITE HOUSE
MAINTAINS ITS HARDLINE APPROACH TO JAPAN DESPITE ONGOING POLITICAL
TURMOIL  BY BOB DAVIS STAFF REPORTER OF THE WALL STREET JOURNAL

WASHINGTON WHEN BORIS YELTSIN ORDERED TANKS TO BLOW UP THE RUSSIAN
PARLIAMENT US OFFICIALS PATTED HIM ON THE BACK BUT WHEN MORIHIRO
HOSOKAWA VOWED TO BLOW APART THE CORRUPT JAPANESE POLITICAL SYSTEM US
OFFICIALS STILL BEAT HIM UP OVER TRADE ISSUES

THE CONTRAST SHOWS HOW READY THE US IS TO CONFRONT ITS POLITICAL FRIENDS
IN TOKYO AND HOW LITTLE POWER THE US BELIEVES THOSE POLITICIANS HAVE
SELFDECLARED REFORMERS COME AND GO IN TOKYO US OFFICIALS ARGUE BUT REAL
POWER RESIDES WITH BUREAUCRATS WHO RESPOND ONLY TO PRESSURE

CLINTONITES SAY THEY LEARNED THAT LESSON IN BUSINESS DEALINGS WITH JAPAN
BEFORE THEY JOINED THE ADMINISTRATION AND THEY FIND CONFIRMATION OF THEIR
VIEW IN THE WRITINGS OF A GROUP OF JAPANHANDS KNOWN AS REVISIONISTS

AS MANY OF YOU KNOW I HAD A LOT OF BUSINESS DEALINGS WITH JAPAN WHITE
HOUSE ECONOMIC OFFICIAL ROBERT RUBIN A FORMER COCHAIRMAN OF GOLDMAN SACHS
& CO TOLD A MEETING OF CABINET OFFICIALS EARLY THIS YEAR WE BETTER BE
TOUGH ON JAPAN HE SAID RAPPING THE TABLE FOR EMPHASIS ACCORDING TO
PARTICIPANTS WE BETTER NOT BLINK

THIS TOUGHGUY VIEW HAS SHAPED US POLICY WARPED IT IN THE VIEW OF
CRITICS IT'S ALMOST A RELIGIOUS THING SAYS FRANK MCNEIL A JAPAN EXPERT
AT THE NAVAL WAR COLLEGE THE TRADE PEOPLE MISREAD THE CHANGE IN JAPAN HE
SAYS THE CLINTON ADMINISTRATION SHOULD HAVE PUT TOP PRIORITY ON MR
HOSOKAWA'S EFFORTS TO STIMULATE THE ECONOMY INSTEAD US INSISTENCE ON
IMPORT TARGETS ENABLED THE JAPANESE FINANCE MINISTRY TO CLOAK ITS RESISTANCE
TO CHANGE AS OPPOSITION TO US PRESSURE

FEW BLAME THE CLINTON STANCE FOR MR HOSOKAWA'S DOWNFALL AFTER BEING
IMPLICATED IN A FINANCIAL SCANDAL BUT IT'S CLEAR THE US DIDN'T LIFT A
FINGER TO HELP THE JAPANESE PRIME MINISTER EVEN THOUGH HIS POTENTIAL
REPLACEMENTS ARE PROBABLY LESS SYMPATHETIC TO THE US

JAPANESE DEPUTY PRIME MINISTER TSUTOMU HATA IS SEEN AS INDECISIVE AND WOODEN
IN WASHINGTON WHILE OPPOSITION POLITICIAN MICHIO WATANABE IS SEEN AS A
RETREAD US OFFICIALS PRAISE ICHIRO OZAWA A POWER BROKER BEHIND THE
HOSOKAWA COALITION WHO HAS CUT TRADE DEALS WITH THE US BUT MR OZAWA
ISN'T CONSIDERED PRIME MINISTER MATERIAL BECAUSE HE IS VULNERABLE TO THE
SAME KINDS OF CHARGES THAT LED TO MR HOSOKAWA'S RESIGNATION

WELL BEFORE MR HOSOKAWA'S LATEST TROUBLES CLINTON ADMINISTRATION OFFICIALS
HAD SIZED HIM UP AS WELLMEANING BUT INEFFECTUAL POINTING TO HIS TROUBLES
WITH THE MINISTRY OF FINANCE AND OTHER BUREAUCRACIES THE MOST POSITIVE
DEVELOPMENTS ARE OCCURRING OUTSIDE GOVERNMENT THEY SAY WITH BUSINESS
LEADERS PRESSURING ALLIES IN THE BUREAUCRACY TO MAKE TRADE CONCESSIONS THE
TURMOIL IN JAPAN MAY AFFECT THE TIMING OF US ACTIONS SAY SENIOR US
OFFICIALS BUT IT WON'T MAKE A DIFFERENCE IN STRATEGY

DEPUTY TREASURY SECRETARY ROGER ALTMAN COMPARES MR HOSOKAWA TO FORMER
SOVIET LEADER MIKHAIL GORBACHEV WHO LAUNCHED REFORM BUT DIDN'T POLITICALLY
SURVIVE IT WE'RE IN THE VERY EARLY STAGES OF VERY MAJOR CHANGE IN JAPAN
HE SAYS THERE MAY BE SEVERAL LEADERSHIP CHANGES

THE CLINTON TEAM'S STRATEGY TOWARD JAPAN HAS VARIED REMARKABLY LITTLE SINCE
IT WAS FORMULATED LAST SPRING EVEN THOUGH THE JAPANESE GOVERNMENT HAS
FALLEN TWICE DURING THAT TIME AND TRADE TALKS BROKE DOWN IN FEBRUARY THE
US STILL IS INSISTING THAT JAPAN SET IMPORT TARGETS FOR A VARIETY OF GOODS
AND SERVICES WHICH TOKYO JUST AS REGULARLY DISMISSES AS GOVERNMENT
MANAGEMENT OF TRADE INDEED JAPAN IS ONE OF ONLY A HANDFUL OF NATIONS
TOWARD WHICH THE CLINTON ADMINISTRATION HAS TAKEN A CONSISTENTLY HARD LINE

US POLICY FOLLOWS THE REVISIONIST SCHOOL OF THOUGHT THAT TREATS JAPANESE
POLITICIANS AS MERE SHADOW FIGURES AND FINDS THE LOCUS OF POWER IN THE
INTERPLAY BETWEEN JAPAN'S MINISTRIES THE CLINTON STRATEGY OF PRESSURING
THOSE POLITICIANS TO ASSERT CONTROL OVER THE MINISTRIES SO FAR HAS LARGELY
FLOPPED

NEVERTHELESS US OFFICIALS SAY TALKS WITH JAPAN FOLLOW PREDICTABLE
PATTERNS THEY PASS AROUND A 17YEAROLD ARTICLE ON JAPANESE NEGOTIATING
TACTICS WRITTEN BY MICHAEL BLAKER NOW A HARVARD UNIVERSITY RESEARCHER
RHETORIC ASIDE JAPANESE NEGOTIATORS IN PRACTICE STICK DOGGEDLY TO ORIGINAL
POSITIONS MR BLAKER ARGUES IT'S THE SIMPLEST SORT OF STRATEGY KNOW
WHAT YOU WANT AND PUSH UNTIL YOU GET IT

THIS TIME CLINTON OFFICIALS SAY THE US WILL BE JUST AS DOGGED EVEN IF
THAT LEADS TO A STALEMATE CLYDE PRESTOWITZ A LEADING REVISIONIST WRITER
WHO ADVISES THE CLINTON TRADE TEAM SAYS OBDURACY IS A MUST WHEN A NEW
PRIME MINISTER COMES IN THERE'S ALWAYS AN ARGUMENT THAT THIS IS OUR GUY
AND THE US SHOULD CUT HIM SOME SLACK MR PRESTOWITZ SAYS BUT THEY
CHANGE PRIME MINISTER EVERY YEAR SO YOU'RE ALWAYS BACKING OFF

IN OFFICES AROUND THE CAPITAL TRADE OFFICIALS ARE ALSO LEAFING THROUGH A
NEW BOOK BY ANOTHER PROMINENT REVISIONIST WRITER JAMES FALLOWS HE ARGUES
IN LOOKING AT THE SUN THAT THE US SHOULDN'T UNDERESTIMATE JAPANESE
POWER EVEN THOUGH THE ECONOMY THERE IS STAGNANT OVER THE PAST CENTURY
WHEN OUTSIDERS HAVE MISJUDGED THE STRENGTH OF THE JAPANESE SYSTEM THEY HAD
USUALLY GUESSED TOO LOW HE WRITES

EVEN CRITICS OF THE HARDLINE APPROACH SAY IT MAY YIELD SOME BENEFITS
BECAUSE A NEW JAPANESE GOVERNMENT WILL WANT TO GET OFF TO A GOOD START WITH
WASHINGTON THE TRADE FIGHT HAS CONTRIBUTED TO THE RUNUP IN THE VALUE OF
THE YEN WHICH MAKES JAPANESE EXPORTS MORE EXPENSIVE AND THEREFORE LESS
COMPETITIVE IF THEY WANT TO GET THE AMERICANS OFF THEIR BACK THEY MAY DO
MORE IN THE ECONOMIC PACKAGE TO CUT TAXES OR INCREASE SPENDING SAYS BARRY
BOSWORTH A BROOKINGS INSTITUTION ECONOMIST WHO SIGNED A LETTER CRITICIZING
THE CLINTON JAPAN POLICY

BUT MR BOSWORTH AND OTHERS ARGUE THAT MR HOSOKAWA'S RESIGNATION GIVES THE
US A CHANCE TO REEVALUATE ITS STRATEGY WHICH THE ADMINISTRATION BILLS AS
RESULTSORIENTED BUT SO FAR HAS FAILED TO PRODUCE ANY RESULTS PAULA
STERN A CLINTON TRADE ADVISER WHO NOW IS A SENIOR FELLOW AT THE PROGRESSIVE
POLICY INSTITUTE A DEMOCRATIC PARTY THINK TANK ARGUES FOR SHIFTING
PRIORITIES THE US SHOULD EMPHASIZE BROAD DEREGULATION AND TAX CUTS SHE
SAYS INSTEAD OF INDIVIDUAL TRADE DISPUTES

M DESTLER A JAPAN EXPERT AT THE UNIVERSITY OF MARYLAND SAYS THE US
SHOULD RETHINK ITS DEMAND FOR QUANTITATIVE INDICATORS WHICH THE JAPANESE
CAN PORTRAY AS MARKET SETASIDES TACTICALLY THAT WASN'T PRODUCTIVE HE
SAYS IT TENDED TO UNITE JAPANESE PROTECTIONISTS WITH LIBERALIZERS AGAINST
US

FOR THEIR PART ADMINISTRATION TRADE OFFICIALS SAY THEY ARE FINETUNING
THEIR POLICY NOT CHANGING IT GREATLY THEY WILL HOLD OFF FOR NOW
CHALLENGING A JAPANESE OLIGOPOLY THAT DOMINATES THE FLAT GLASS MARKET EVEN
THOUGH US VIEWS THAT MARKET AS SYMPTOMATIC OF THE PROBLEMS FACING US
COMPANIES BUT ON APRIL 30 THE US FACES A CONGRESSIONAL DEADLINE TO NAME
UNFAIR GOVERNMENT PURCHASING PRACTICES JAPAN WHATEVER THE SHAPE OF ITS
GOVERNMENT THEN IS BOUND TO BE INCLUDED 9404140141 940414 INFINITY
BROADCASTING BUYBACK

NEW YORK INFINITY BROADCASTING CORP SAID ITS BOARD AUTHORIZED THE
REPURCHASE OF AS MUCH AS 15 MILLION OF ITS CLASS A COMMON STOCK FROM TIME
TO TIME

THE RADIO BROADCASTING COMPANY HAS ABOUT 284 MILLION SHARES OF CLASS A
COMMON STOCK FOUR MILLION SHARES OF CLASS B COMMON STOCK AND 500000 SHARES
OF CLASS C COMMON STOCK OUTSTANDING

IN NASDAQ MARKET TRADING INFINITY CLASS A SHARES CLOSED AT 2375 UP 1
9404140140 940414 WHO'S NEWS BANK OF NEW YORK CO

BANK OF NEW YORK CO NEW YORK NEWTON PS MERRILL 54 YEARS OLD
REJOINED BANK OF NEW YORK THE HOLDING COMPANY'S PRINCIPAL SUBSIDIARY AS
SENIOR EXECUTIVE VICE PRESIDENT A NEW POSITION HE WILL OVERSEE THE BANK'S
TRUST AND INVESTMENTMANAGEMENT ACTIVITIES MR MERRILL A LONGTIME BANK OF
NEW YORK EXECUTIVE HAS BEEN AT BANK OF BOSTON FOR THE LAST THREE YEARS
9404140139 940414 MONEY FUND ASSETS ROSE OVER 4 BILLION DURING LATEST
WEEK

NEW YORK INDIVIDUAL INVESTORS FACED WITH CONTINUED GYRATIONS IN THE
STOCK AND BOND MARKETS POURED MORE THAN 4 BILLION INTO TAXABLE
MONEYMARKET FUNDS IN THE LATEST WEEK

YIELDS ON TAXABLE FUNDS ROSE IBC/DONOGHUE'S AVERAGE SEVENDAY COMPOUND
YIELD ON TAXABLE FUNDS INCHED UP TO 305 FROM 302 IN THE WEEK ENDED
TUESDAY ACCORDING TO MONEY FUND REPORT AN ASHLAND MASS NEWSLETTER
COMPOUND YIELDS ASSUME REINVESTMENT OF DIVIDENDS

WHEN ADDED TO THE MORE THAN 7 BILLION THAT WENT INTO TAXABLE FUNDS OPEN TO
INDIVIDUALS DURING THE PREVIOUS WEEK THE LATEST INFLOW BRINGS THE TOTAL TO
NEARLY 12 BILLION IN JUST TWO WEEKS THAT'S JUST SLIGHTLY LESS THAN WHAT
INDIVIDUAL INVESTORS PUT INTO MONEY FUNDS DURING THE ENTIRE FIRST QUARTER

IN THE LATEST WEEK INSTITUTIONAL INVESTORS ADDED 542 BILLION TO TAXABLE
FUNDS BRINGING THE TOTAL INFLOW FOR THE SEVEN DAYS TO 978 BILLION AND
ASSETS OF 649 FUNDS TRACKED BY MONEY FUND REPORT TO 48828 BILLION

THE SEVENDAY SIMPLE YIELD ON TAXABLE FUNDS ROSE TO 3 FROM 297 ACCORDING
TO MONEY FUND REPORT WHILE THE 30DAY SIMPLE YIELD INCREASED TO 294 FROM
290 THE 30DAY COMPOUND YIELD ROSE TO 298 FROM 293

AVERAGE MATURITY OF THE TAXABLE FUNDS' INVESTMENTS WHICH INCLUDE COMMERCIAL
PAPER SHORTTERM CORPORATE IOUS AND TREASURY BILLS REMAINED AT 47 DAYS

ASSETS OF TAXFREE MONEY FUNDS ALSO ROSE IN THE LATEST WEEK WHILE YIELDS
FELL THE AVERAGE SEVENDAY COMPOUND YIELD FOR INSTANCE DROPPED TO 182
FROM 194 THE NEWSLETTER SAID

THE LATEST TAXFREE YIELD IS EQUIVALENT TO A TAXABLE 284 FOR INVESTORS
PAYING 36 IN TAXES AND TO 301 FOR THOSE IN THE 396 BRACKET

ASSETS OF 352 TAXEXEMPT FUNDS INCREASED BY 256 BILLION TO 11882
BILLION ACCORDING TO THE NEWSLETTER THE TAXFREE FUNDS' AVERAGE PORTFOLIO
MATURITY WAS SHORTENED BY TWO DAYS TO 48 DAYS

MONEY FUND REPORT IS PUBLISHED BY IBC/DONOGHUE INC A SUBSIDIARY OF IBC USA
PUBLICATIONS INC 9404140138 940414 ECONOMY CONSUMER PRICES 
INCREASED 03 DURING MARCH  TRANSPORTATION AND HOUSING BOLSTERED
RISE INDEX KEPT UP FEBRUARY PACE  BY LUCINDA HARPER AND NEELA
BANERJEE STAFF REPORTERS OF THE WALL STREET JOURNAL

WASHINGTON CONSUMER PRICES ROSE A MODEST 03 IN MARCH THE SAME AS IN
FEBRUARY ACCORDING TO THE LABOR DEPARTMENT LOW ENOUGH TO DISPEL THE
WORST INFLATION FEARS BUT TOO HIGH TO DISMISS SUCH WORRIES ALTOGETHER

ON THE SURFACE THE REPORT SUPPORTED THE VIEW OF MANY ECONOMISTS THAT
INFLATION ISN'T A BIG PROBLEM BUT THERE WAS SOME DEVILMENT IN THE DETAILS
TRANSPORTATION AND HOMEOWNER COSTS ADVANCED FOR THE SECOND MONTH IN A ROW
AND APPAREL COSTS ROSE BRISKLY AS WELL

BUT OVERALL ANALYSTS ARE STILL SITTING TIGHT ON THEIR FORECASTS THAT
INFLATION WILL REMAIN MODEST THIS YEAR AND NEXT ECONOMISTS WHO PARTICIPATED
IN THE BLUE CHIP CONSENSUS SURVEY PREDICTED THAT THE CONSUMER PRICE INDEX
WILL RISE 28 THIS YEAR AND 33 THE YEAR AFTER

WE'RE NOT LOOKING AT ANY ACCELERATION OF INFLATION AT THIS POINT AND NOT
HIGH INFLATION EITHER SAID KURT KARL HEAD OF MACROECONOMIC FORECASTING AT
THE WEFA GROUP INC

SEPARATELY THE COMMERCE DEPARTMENT SAID RETAIL SALES ROSE 04 IN MARCH TO
18227 BILLION FAR MORE SLOWLY THAN HAD BEEN EXPECTED SALES OF AUTOS AND
FURNITURE INCREASED BUT AT A SLOWER PACE THAN IN FEBRUARY WHILE SALES OF
NONDURABLE GOODS WERE FLAT BUILDING MATERIALS BOUNCED BACK FROM
WEATHERRELATED WEAKNESS SURGING 41 DURING THE MONTH

THE MODEST INFLATION DATA COUPLED WITH SLOW RETAIL SALES AT FIRST SEEMED
TO EASE CONCERNS IN THE MARKETS THAT THE ECONOMY IS GROWING TOO QUICKLY BUT
NERVOUSNESS SEEMED TO TAKE OVER THE DOW JONES INDUSTRIAL AVERAGE SANK 2022
POINTS TO 366147 AND THE PRICE OF THE BENCHMARK 30YEAR TREASURY BOND FELL
MORE THAN HALF A POINT TO YIELD 725

THE CONSUMERPRICE REPORT SHOWS SOME ECONOMISTS THAT WHILE THERE IS NO
MARKED ACCELERATION THE STEADY GROWTH IN INFLATION IS SIGNIFICANT AND
CERTAINLY ENOUGH TO JUSTIFY THE RECENT RATE INCREASES BY THE FEDERAL
RESERVE JOHN LIPSKY OF SALOMON BROS SAID WE DON'T EXPECT TO SEE A SHARP
ACCELERATION BUT THESE NUMBERS SHOW THAT INFLATION IS MORE OF A PROBLEM
THAN PEOPLE THOUGHT BEFORE

THE 04 RISE IN HOMEOWNER COSTS AFTER A 05 JUMP IN FEBRUARY WAS TROUBLING
TO SOME ECONOMISTS HOUSING COSTS ARE TRENDING UPWARD AND IT LOOKS LIKE
NOTHING IS GOING TO RESTRAIN IT SAID DONALD RATAJCZAK DIRECTOR OF THE
ECONOMIC FORECASTING CENTER AT GEORGIA STATE UNIVERSITY MR RATAJCZAK SAID
THAT RISING COSTS OF LUMBER PLUS INCREASED DEMAND HAVE HELPED RAISE PRICES
BECAUSE HOUSING COSTS MAKE UP ABOUT A QUARTER OF THE CONSUMER PRICE INDEX
COST INCREASES IN THIS SECTOR CAN PUSH THE INDEX UP CONSIDERABLY

TRANSPORTATION COSTS JUMPED 06 IN MARCH MAINLY BECAUSE OF RISING AIR
FARES THAT ISN'T LIKELY TO CONTINUE IN APRIL BECAUSE MANY CARRIERS ARE
OFFERING DISCOUNTS ONE PARTICULARLY GOOD PIECE OF NEWS IN THE REPORT WAS
THAT HEALTHCARE COSTS CONTINUED TO MODERATE RISING ONLY 02

THE PRICE RISES IN YESTERDAY'S REPORT DIDN'T LEAD ANY OF THE ECONOMISTS
CONTACTED BY THE WALL STREET JOURNAL TO PREDICT A SHARP INCREASE IN
INFLATION THIS YEAR OR NEXT KEVIN LOGAN CHIEF US ECONOMIST OF SWISS BANK
CORP EXPECTS THIS YEAR'S CONSUMER PRICE INDEX TO SHOW PRICES INCREASING
ABOUT 25 IN 1994 AND 33 IN 1995 HE SAID THAT WHILE THE ECONOMY IS
GROWING FASTER THAN MOST PEOPLE ANTICIPATED THERE ISN'T THE EXCESS DEMAND
IN THE ECONOMY YET THAT COULD LEAD TO ACCELERATING INFLATION INFLATION IS
LIKE A TREADMILL IN THAT WHEN IT HITS A CERTAIN SPEED IT WILL STAY THERE
UNLESS THERE ARE CERTAIN SHOCKS

GRADUALLY ECONOMISTS SAY VARIOUS SECTORS WILL BEGIN TO TIGHTEN AS CAPACITY
UTILIZATION INCREASES BUT EVEN HIGHER UTILIZATION MAY NOT BE ENOUGH TO
UNLEASH HIGH INFLATION MR KARL SAID HE PREDICTED THAT CONSUMER PRICES
WILL INCREASE AN AVERAGE OF 22 IN 1994 LOW OIL PRICES WILL WORK TO HOLD A
CAP ON CONSUMER PRICES IN 1995 HE ADDED FOR 1995 HE FORECAST THAT THE
RATE WILL INCREASE TO 26

THE ECONOMISTS ALSO POINT TO ANOTHER MARKER OF INFLATION THE LABOR MARKET
 WHICH INDICATES THAT PRICING PRESSURES AREN'T IMMINENT JOBS WERE CREATED
AT A VERY QUICK PACE IN MARCH BUT BY MOST STANDARDS JOBS ARE STILL
DIFFICULT TO FIND

EMPLOYMENT STILL HAS PLENTY OF SLACK AND EVEN BY THE END OF THE YEAR IT
WILL STILL BE LOWER THAN WHAT IT WAS BEFORE THE RECESSION I DON'T SEE ANY
TIGHTENING ON THE WAGE SIDE MR KARL SAID

YOU WON'T GET A VICIOUS WAGEPRICE SPIRAL SAID GOLDMAN SACHS & CO
SENIOR ECONOMIST EDWARD MCKELVEY COSTS ARE RISING VERY LITTLE ON THE LABOR
SIDE AND THAT'S TWOTHIRDS OF ALL COSTS

AVERAGE WEEKLY EARNINGS ROSE 09 IN MARCH COMPARED WITH A 15 DROP IN
FEBRUARY THE LABOR DEPARTMENT SAID THE INCREASE STEMMED MAINLY FROM A 12
INCREASE IN HOURS

ALL FIGURES HAVE BEEN ADJUSTED FOR NORMAL SEASONAL VARIATIONS 9404140137
940414 BUSINESS BRIEFS

CITICORP SIGNED AN AGREEMENT TO SELL DEANZA BANK AND DEANZA HOLDING CORP OF
SUNNYVALE CALIF TO ARIZONA MORTGAGEBANKING COMPANY SUPERIOR HOLDINGS
INC

ROY F WESTON INC WEST CHESTER PA RECEIVED A 14 MILLION CONTRACT FROM
THE NEW YORK CITY DEPARTMENT OF SANITATION TO REVIEW MONITOR AND MAKE
RECOMMENDATIONS ON MEETING REQUIRED ENVIRONMENTAL STANDARDS AT NEW YORK'S
FRESH KILLS LANDFILL

GTE CORP'S GTE AIRFONE UNIT SAID AEROMEXICO AND MEXICANA AIRLINES WILL
INSTALL ITS GENSTAR DIGITAL TELECOMMUNICATIONS SYSTEM IN THEIR FLEETS

ROYAL GRIP INC COMPLETED ITS ACQUISITION OF ROXXI INC AN OKLAHOMA
CITYBASED MAKER OF HATS AND CAPS 9404140136 940414 FIRST CHICAGO FLEET
FINANCIAL BARNETT POST HIGHER EARNINGS FOR FIRST QUARTER  BY G
BRUCE KNECHT STAFF REPORTER OF THE WALL STREET JOURNAL

FIRST CHICAGO CORP FLEET FINANCIAL GROUP INC AND BARNETT BANKS INC ALL
REPORTED HIGHER EARNINGS HELPED BY INCREASED LENDING

FIRST CHICAGO'S EARNINGS INCREASED 8 WHILE FLEET'S SURGED 25 AND
BARNETT'S BY ABOUT 28

FIRST CHICAGO SAID ITS FIRSTQUARTER GAIN IN NET INCOME INCLUDED ESPECIALLY
STRONG RESULTS FROM CREDITCARD AND VENTURECAPITAL OPERATIONS OTHER
SEGMENTS PERFORMED WELL EXCEPT FOR THE EMERGINGMARKETS TRADING UNIT WHICH
HAD A 54 MILLION LOSS IN THE QUARTER

COMBINED TRADING ACTIVITIES HAD A LOSS OF 25 MILLION LEADING DIANE
GLOSSMAN A BANK ANALYST WITH SALOMON BROTHERS INC TO SAY WE KNEW
TRADING RESULTS WOULD BE NOTHING TO WRITE HOME ABOUT BUT HAVING AN ACTUAL
LOSS SETS THE MARKET UP FOR A SERIES OF WORSETHANEXPECTED TRADING NUMBERS
FROM OTHER BANKING CONCERNS

THE BOTTOM LINE WAS STRONGER THAN WE EXPECTED MS GLOSSMAN CONTINUED
BUT THE EARNINGS CAME FROM A NUMBER OF AREAS THAT ARE DIFFICULT TO PREDICT
AND THAT DAMPENS WHAT INVESTORS ARE WILLING TO PAY FOR THE COMPANY'S STOCK

THE BANKING COMPANY SAID ITS CREDITCARD RECEIVABLES ROSE 22 IN THE QUARTER
FROM YEAREARLIER LEVELS TO 104 BILLION FIRST CHICAGO CUT ITS PROVISION
FOR LOAN LOSSES 23 IN THE QUARTER FROM A YEAR EARLIER TO 502 MILLION
THE LOWEST LEVEL IN FIVE YEARS NONPERFORMING ASSETS 280 MILLION WERE
ESSENTIALLY UNCHANGED FROM YEAREND LEVELS AND DOWN 26 FROM A YEAR EARLIER

THE QUARTER INCLUDED A NONRECURRING CHARGE OF 42 MILLION INCLUDING 24
MILLION FOR A CHANGE IN ACCOUNTING TREATMENT FOR PERSONALCOMPUTER
EQUIPMENT AND 18 MILLION OF LITIGATION AND OTHER CORPORATE EXPENSES

FLEET WHICH IS SAID TO HAVE ENGAGED IN MERGER DISCUSSIONS WITH BANK OF NEW
YORK CO RECENTLY SAID ITS BANKING OPERATIONS HAVE CONTINUED TO IMPROVE
REFLECTING A STRONGER ECONOMY AND A SIGNIFICANT REDUCTION IN ITS PROVISION
FOR CREDIT LOSSES THE BANKING GROUP CONTRIBUTED 127 MILLION TO
FIRSTQUARTER EARNINGS COMPARED WITH 102 MILLION IN THE YEARAGO PERIOD

FLEET'S FINANCIALSERVICES GROUP HOWEVER RECORDED A 19 DROP IN PROFIT IN
PART BECAUSE RISING INTEREST RATES AFFECTED FLEET'S MORTGAGEPRODUCTION
REVENUE PRIMARILY GAINS ON SALES OF LOANS FOR THE QUARTER THE GROUP
RECORDED 25 MILLION IN PROFIT COMPARED WITH 31 MILLION LAST YEAR

FLEET REPORTED A 148 MILLION RESTRUCTURING CHARGE RELATED TO ITS
PREVIOUSLY ANNOUNCED PLAN TO CUT STAFF FROM BANKING OPERATIONS ANALYSTS
SAID ONCE THE COMPANY COMPLETES ITS COSTCUTTING PROGRAM ANNUAL EXPENSES
WILL BE REDUCED BY 300 MILLION AND THE COMPANY WILL REPORT STRONGER
EARNINGS

BARNETT SAID ITS EARNINGS GAIN REFLECTED TIGHTER COST CONTROLS IMPROVED
CREDIT QUALITY AND INCREASED LENDING

THE JACKSONVILLE FLA COMPANY SAID CREDIT COSTS FELL SUBSTANTIALLY
REFLECTING SHARP DROPS IN NET CHARGEOFFS AND NONPERFORMING ASSETS

MEANWHILE LOANS GREW AT A 4 ANNUAL RATE DURING THE QUARTER AND NET
INTEREST INCOME DECLINED 5 TO 415 MILLION CONSUMER LOANS ROSE 6 AND NOW
REPRESENT 71 OF THE BANK'S PORTFOLIO

NONINTEREST EXPENSES FELL 14 FROM A YEAR EARLIER BECAUSE OF CONTINUED
EMPHASIS ON CONTAINING COSTS AND SAVINGS FROM THE CONSOLIDATION OF THE
COMPANY'S RECENTLY ACQUIRED FIRST FLORIDA BANKS 9404140135 940414
PERSONAL TECHNOLOGY  BY WALTER S MOSSBERG

TWO TRENDS ARE SHAPING THE FUTURE OF PORTABLE COMPUTERS THE GRADUAL
REPLACEMENT OF MONOCHROME SCREENS WITH COLOR DISPLAYS AND THE CONTINUING
EFFORT TO SHRINK THE SIZE AND WEIGHT OF THE MACHINES TO TURN NOTEBOOKSIZED
COMPUTERS INTO SOCALLED SUBNOTEBOOKS SO FAR BOTH INNOVATIONS HAVE TENDED
TO YIELD HIGHER PRICES AND TO REQUIRE TRADEOFFS EITHER IN BATTERY LIFE OR
FEATURES AND THEY HAVE RARELY BEEN FOUND IN THE SAME PRODUCT

NOW HOWEVER TWO OF THE LEADING PORTABLE PC MAKERS COMPAQ AND TOSHIBA
HAVE INTRODUCED SUBNOTEBOOKS WITH A RICH SET OF FEATURES AND DECENT BATTERY
LIFE COLOR SCREENS ARE AVAILABLE IN TOPOFTHELINE CONFIGURATIONS OF EACH
BUT THEY ARE MACHINES WITH VERY DIFFERENT PERSONALITIES

TOSHIBA'S ENTRY THE PORTEGE T3400 SERIES IS A NOCOMPROMISE PRODUCT WITH
A BRILLIANT DISPLAY AND NEARLY EVERY BELL AND WHISTLE IMAGINABLE IT'S THE
BEST ALLAROUND SUBNOTEBOOK I'VE EVER SEEN BUT IT'S EXPENSIVE RANGING FROM
2200 TO 3400 FOR THE COLOR MODEL AT CURRENT DISCOUNT PRICES

COMPAQ'S CONTURA AERO SERIES HAS SOME FEATURE COMPROMISES AND A LESS
IMAGINATIVE DESIGN BUT COMPAQ HAS ALSO SET A NEW STANDARD AT THE CASH
REGISTER IT HAS PRICED THE AERO SO LOW AS TO BE IRRESISTIBLE TO MANY
BUYERS YOU CAN GET A STRIPPEDDOWN MONOCHROME AERO FOR 1400 AND FOR
ROUGHLY COMPARABLE CONFIGURATIONS AN AERO IS ANYWHERE FROM 300 TO 1000
CHEAPER THAN A PORTEGE AT CURRENT DISCOUNT PRICES

THE HANDSOME GRAY TOSHIBA WEIGHS 44 POUNDS 41 POUNDS FOR THE MONOCHROME
VERSION ABOUT A THIRD LESS THAN THE TYPICAL 65 POUNDS OF A FULLSIZED
NOTEBOOK IT'S LESS THAN TWO INCHES THICK AND TAKES UP LESS SURFACE AREA
THAN A SHEET OF LETTERSIZED PAPER

THE 3400 PORTEGE T3400CT MODEL I TESTED IS DOMINATED BY A DAZZLING
ACTIVEMATRIX COLOR SCREEN THAT MEASURES ABOUT 78 INCHES DIAGONALLY TO MY
EYE IT LOOKS AS GOOD AS THE LEAGUELEADING COLOR DISPLAY ON THE IBM
THINKPAD

LIKE ALL SUBNOTEBOOKS THE PORTEGE HAS A SOMEWHAT SHRUNKEN KEYBOARD BUT THE
KEYS SEEMED TO HAVE NEARLY FULL TRAVEL UPANDDOWN MOTION ALSO TOSHIBA
HAS RESISTED THE SUBNOTEBOOK PRACTICE OF DOUBLING UP IMPORTANT FUNCTIONS ON
THE SAME KEY IT HAS A FULL SET OF 12 DEDICATED FUNCTION KEYS AS WELL AS
DEDICATED KEYS FOR HOME END PAGE UP AND PAGE DOWN

TO REPLACE A MOUSE TOSHIBA HAS BUILT IN AN IBMSTYLE POINTING STICK A
SOFTTIPPED LEVER PROTRUDING FROM THE MIDDLE OF THE KEYBOARD IT'S A GOOD
DESIGN BUT A BIT STIFFER AND LESS RESPONSIVE THAN IBM'S THE MOUSE BUTTONS
ARE LARGE CURVED AND PLACED IN A PALMREST AREA BELOW THE KEYBOARD THERE
ARE OTHER NICE TOUCHES INCLUDING INFORMATIVE INDICATOR LIGHTS AND LITTLE
LEGS TO TILT THE MACHINE FOR COMFORTABLE TYPING

ANOTHER COMMON SUBNOTEBOOK COMPROMISE IS THAT THE MACHINES LACK INTERNAL
FLOPPYDISK DRIVES BUT TOSHIBA HAS DESIGNED AN EXTRAORDINARILY SMALL AND
LIGHT EXTERNAL DRIVE AND INCLUDED IT IN THE PORTEGE'S PRICE LIKE MOST OTHER
SUBNOTEBOOKS INCLUDING THE AEROTHE PORTEGE FEATURES A PCMCIA SLOT THAT
ACCEPTS CREDITCARDSIZED ADDIN CARDS MOST SUBNOTEBOOKS USE THIS SLOT FOR
ADDING A MODEM WHICH IN TOSHIBA'S CASE COSTS FROM 300 TO 500

THE PORTEGE USES AN INNOVATIVE NEW LITHIUMION BATTERY THAT CLAIMS FOUR TO
EIGHT HOURS OF LIFE BUT COSTS AROUND 300 TO REPLACE I GOT BETWEEN THREE
AND FOUR HOURS ON MY TEST PORTEGE THE PORTEGE USES A LOWPOWER VERSION OF
INTEL'S 486/33 PROCESSOR CHIP WHICH IS ADEQUATE AND A 120MEGABYTE HARD
DISK WHICH MIGHT BE A BIT SMALL FOR SOME USERS

THE COLOR COMPAQ AERO THAT I TESTED SELLS FOR AROUND 2200 PLUS 200 FOR
THE EXTERNAL FLOPPY DRIVE THAT TOSHIBA MAKES STANDARD FOR A PRICE OF ABOUT
24001000 LESS THAN THE PORTEGE ITS PROCESSOR HAS ABOUT THE SAME POWER
AND SPEED AS THE ONE ON THE TOSHIBA BUT IT HAD A SOMEWHAT LARGER
170MEGABYTE HARD DISK CHEAPER AERO MODELS HAVE SLOWER PROCESSORS AND
SMALLER HARD DISKS DOWN TO AN INADEQUATE 84 MEGABYTES IT'S A BIT SMALLER
AND LIGHTER THAN THE TOSHIBA 35 POUNDS FOR THE MONOCHROME MODEL 42
POUNDS FOR THE COLOR VERSION

IN MOST OTHER RESPECTS HOWEVER THE 1000 PRICE DIFFERENCE SHOWS IN A MORE
CONVENTIONAL AND COMPROMISED DESIGN FOR INSTANCE THE COLOR SCREEN IS ABOUT
THE SAME SIZE AS THE PORTEGE'S BUT IT'S A MORE PALLID PASSIVEMATRIX MODEL
THAT'S HARDER TO VIEW FROM AN ANGLE

THE AERO'S KEYBOARD SEEMED CRAMPED WITH KEYS THAT FELT STIFFER IT HAS ONLY
10 INSTEAD OF 12 DEDICATED FUNCTION KEYS AND LACKS SEPARATE KEYS FOR
HOME END PAGE UP AND PAGE DOWN THE SUBSTITUTE MOUSE IS A SMALL
TRACKBALL IN THE LOWERRIGHT CORNER WITH MOUSE BUTTONS ON THE SIDE OF THE
COMPUTER I FOUND THE COMBINATION TO BE A BIT CLUMSY BUT THAT'S A MATTER OF
TASTE

LIKE THE PORTEGE THE AERO FEATURES AN UNUSUAL NEW TYPE OF BATTERY IT'S A
NICKELMETAL HYDRIDE TYPE IN TWO NEW STANDARD SIZES MADE BY DURACELL THAT
WILL SUPPOSEDLY BE MUCH MORE WIDELY AVAILABLE AND CHEAPER THAN EARLIER
CUSTOMDESIGNED COMPUTER BATTERIES COMPAQ AND DURACELL SAY THE BATTERIES
CAN YIELD UP TO SIX HOURS OF POWER FOR THE LARGER SIZE BATTERY AND COST
99 AND 169 TO REPLACE RESPECTIVELY I GOT ABOUT THREE HOURS OF BATTERY
LIFE FROM MY COLOR AERO

DESPITE ITS COMPROMISES THE COLOR COMPAQ AERO IS A TERRIFIC VALUE AT 2400
 A POWERFUL COLOR COMPUTER THAT'S SMALL ENOUGH TO ALMOST FORGET ABOUT WHEN
TRAVELING IT'S NOT THE NEARPERFECT MACHINE TOSHIBA BUILT BUT FOR 1000
LESS IT MAY BE CLOSE ENOUGH IN THE EYES OF MANY BUYERS 9404140134 940414
MODERATE RISK TOBACCO'S TROUBLES JEOPARDIZE THE JOBS OF SURPRISINGLY
FEW  THE INDUSTRY'S EARLIER MOVES TO LIFT EFFICIENCY SOFTEN BLOWS
EVEN IN SOUTHEAST  DURHAM'S CHANGE OF HEART  BY HELENE COOPER
 STAFF REPORTER OF THE WALL STREET JOURNAL

COATS NC TOBACCO FARMING TURNED DUDLEY LANGDON'S GRANDFATHER FROM A
STRUGGLING TENANT FARMER INTO A LANDOWNER WITH 400 ACRES OF RICH RED SOIL
AND TENANTS OF HIS OWN

UNTIL HIS DEATH IN 1955 DESTER LANGDON WAS A PILLAR OF THIS SMALL COMMUNITY
JUST SOUTH OF THE RALEIGHDURHAM AREA HE FED LABORERS SUFFERING THROUGH THE
DEPRESSION THOUGH LACKING MUCH FORMAL SCHOOLING HE SERVED ON THE SCHOOL
BOARD AFTER ALL HE WAS A TOBACCO FARMER AND TOBACCO WAS KING IN NORTH
CAROLINA

THAT SAYS A LOT ABOUT WHAT HAS HAPPENED TO TOBACCO WITH THE INDUSTRY UNDER
SIEGE AS PRESIDENT CLINTON PROPOSES A 75CENT SIN TAX ON CIGARETTES
FASTFOOD CHAINS BAN SMOKING AND A HOUSE SUBCOMMITTEE DEMANDS THAT
TOBACCOCOMPANY EXECUTIVES TESTIFY ABOUT WHETHER CIGARETTES SHOULD BE
CLASSIFIED AS NARCOTICS THE TOBACCO LOBBY IS ARGUING THAT THE INDUSTRY IS
TOO BIG AND TOO IMPORTANT TO LOSE PLOWING UNDER TOBACCO ADVOCATES SAY
WOULD DEVASTATE NORTH CAROLINA AND OTHER TOBACCO STATES WIPING OUT MANY
THOUSANDS OF JOBS AND OPENING A GAPING HOLE IN THE ECONOMY TOBACCO SAYS
CHARLES HARVEY PRESIDENT OF THE TOBACCO GROWERS ASSOCIATION OF NORTH
CAROLINA IS ABSOLUTELY BASIC TO NORTH CAROLINA

BUT EVEN IN THE SOUTHEAST TOBACCO THOUGH STILL HIGHLY PROFITABLE IS A
WISP OF ITS FORMER SELF AND IN NORTH CAROLINA HOME OF TOBACCO ROAD AND
PRODUCER OF 52 OF ALL US TOBACCO THINGS HAVE CHANGED YOU'D BE
SURPRISED AT HOW SMALL THE TOBACCO INDUSTRY REALLY IS SAYS MARK VITNER AN
ECONOMIST AT FIRST UNION BANK IN CHARLOTTE NC

TOBACCOPRODUCT MANUFACTURING ACCOUNTED FOR ONLY 43 OF NORTH CAROLINA'S
GROSS STATE PRODUCT IN 1990 DOWN FROM 116 IN 1977 ACCORDING TO THE US
COMMERCE DEPARTMENT TOBACCO NOW PRODUCES ONLY 20 OF ITS TOTAL FARM INCOME
TRAILING THE 29 FROM POULTRY AND EGGS THE STATE AGRICULTURE DEPARTMENT
SAYS

TOBACCO IS EVEN LESS IMPORTANT IN OTHER MAJOR TOBACCOPRODUCING STATES IN
VIRGINIA TOBACCOPRODUCT MANUFACTURING CONTRIBUTED 21 OF THE GROSS STATE
PRODUCT IN 1990 DOWN FROM 59 IN 1977 IN KENTUCKY ITS ROLE SLID TO 177
FROM 7 IN THAT PERIOD THE COMMERCE DEPARTMENT SAYS SOUTH CAROLINA AND
TENNESSEE THE OTHER BIG TOBACCO STATES SHOW SIMILAR TRENDS NATIONWIDE
MEANWHILE TOBACCO'S PERCENTAGE OF GROSS DOMESTIC PRODUCT THE TOTAL
OUTPUT OF GOODS AND SERVICES FELL TO 020 FROM 054 THE DEPARTMENT
SAYS

PERHAPS EVEN MORE STRIKING IS TOBACCO'S DWINDLING EMPLOYMENT IN THE 1950S
TOBACCO EMPLOYED MORE THAN TWICE THE NUMBER OF NORTH CAROLINIANS AS A
PROPORTION OF THE POPULATION THAN IT DOES TODAY ACCORDING TO THOMAS
FAISON A SENIOR ASSOCIATE AT MDC INC AN ECONOMICDEVELOPMENT FIRM IN
CHAPEL HILL NC TODAY THE TOBACCO GROWERS ASSOCIATION SAYS 275000
WORKERS IN NORTH CAROLINA ARE STILL INVOLVED IN HARVESTING TOBACCO
STEMMING CUTTING AND DRYING THE LEAVES AND ROLLING THEM INTO CIGARETTES OR
CRUSHING THEM INTO CHEWING TOBACCO BUT THE ASSOCIATION CAN'T CITE A SOURCE
FOR THAT NUMBER SOME OF THOSE PEOPLE ECONOMISTS SAY MAY BE SEASONAL
WORKERS HIRED FOR THE SUMMER HARVEST

ACCORDING TO PATRICIA NIELSEN A LABOR DEPARTMENT ECONOMIST IN ATLANTA ONLY
18600 NORTH CAROLINIANS WORK IN MANUFACTURING TOBACCO PRODUCTS A
NEGLIGIBLE SLICE OF THE STATE'S EMPLOYMENT AND A DROP OF MORE THAN 30
SINCE 1972 BY CONTRAST ABOUT 500000 ARE EMPLOYED IN THE RETAIL SECTOR
SOME 480000 IN SERVICES AND 450000 IN GOVERNMENT JOBS KENTUCKY AND
VIRGINIA ALSO HAVE POSTED DECLINES IN TOBACCOMANUFACTURING JOBS IN
ADDITION 13000 TOBACCO FARMERS ARE LEFT IN NORTH CAROLINA ACCORDING TO A
BLAKE BROWN AN ECONOMIST AT NORTH CAROLINA STATE UNIVERSITY

THE SIGNS OF TOBACCO'S WANING ECONOMIC INFLUENCE ARE EVERYWHERE IN DURHAM
THE CITY BUILT BY TOBACCO MAGNATE JAMES BUCHANAN BUCK DUKE ONLY ONE
TOBACCO FACTORY REMAINS FROM THE MANY THAT EARLIER THIS CENTURY CHURNED
OUT AS MUCH AS 20 OF ALL US CIGARETTES ABOUT 650 PEOPLE NOW WORK AT THAT
PLANT WHICH IS OWNED BY THE LIGGETT GROUP SUBSIDIARY OF BROOKE GROUP LTD
OF NEW YORK THAT'S DOWN FROM 3000 25 YEARS AGO ACCORDING TO THE DURHAM
CHAMBER OF COMMERCE A FEW BLOCKS AWAY AT BRIGHTLEAF SQUARE ANOTHER OLD
TOBACCO FACTORY HAS BEEN TURNED INTO A SHOPPING CENTER WITH GOURMETFOOD
STORES ANTIQUE DEALERS AND EUROPEANSTYLE BEAUTY SALONS

TOBACCO IS ONLY FOURTH OR FIFTH AMONG NORTH CAROLINA'S INDUSTRIES AND
NORTH CAROLINA IS THE TOBACCO STATE SAYS DONALD RATAJCZAK DIRECTOR OF THE
ECONOMIC FORECASTING DIVISION AT GEORGIA STATE UNIVERSITY

WHAT HAPPENED THE ANTITOBACCO MOVEMENT AND A DROP IN CONSUMPTION HAVE
HURT ALTHOUGH US CIGARETTE EXPORTS ROSE TO ABOUT 200 BILLION IN 1992 FROM
ABOUT 60 BILLION IN 1983 THAT INCREASE WAS PARTLY OFFSET BY THE DECLINE IN
US CONSUMPTION TO 495 BILLION CIGARETTES FROM 598 BILLION

ECONOMISTS CITE OTHER FACTORS AS WELL THE SOUTH ESPECIALLY THE CAROLINAS
 HAS SPENT THE PAST 20 YEARS DIVERSIFYING AWAY FROM AN AGRARIAN ECONOMY
AND PURSUING HIGHTECH AND FOREIGN INVESTMENT

TODAY IN DURHAM COUNTY LOCAL LEADERS AREN'T VERY CONCERNED ABOUT PRESIDENT
CLINTON'S 75CENT TAX PROPOSAL THEY ARE MORE WORRIED ABOUT HOW HEALTHCARE
REFORM MIGHT AFFECT THE 25 OF COUNTY RESIDENTS IN HEALTHRELATED JOBS EVEN
IN WINSTONSALEM FOR WHICH TWO MAJOR CIGARETTE BRANDS WERE NAMED MUNICIPAL
LEADERS BRAG ABOUT HOW IT HAS DIVERSIFIED ITS ECONOMY AWAY FROM THE
PATERNALISTIC UMBRELLA OF THE RJ REYNOLDS TOBACCO CO SUBSIDIARY OF RJR
NABISCO HOLDINGS CORP

IRONICALLY THE TOBACCO INDUSTRY'S OWN EFFORTS TO BECOME MORE EFFICIENT MAY
HAVE ROBBED IT OF ONE OF THE BIGGEST ECONOMIC BATS AN INDUSTRY CAN WIELD
JOBS TURNING A LEAF OF TOBACCO INTO A CIGARETTE HAS BECOME INCREASINGLY
MECHANIZED MANY OF THE JOBS HARVESTING AND CURING TOBACCO AND MAKING
CIGARETTES NOW ARE DONE BY MACHINES AND WITH A SMALLER PROPORTION OF NORTH
CAROLINA'S POPULATION THUS EMPLOYED THE INDUSTRY HAS LOST SOME OF ITS
CLOUT

IN THE PURSUIT OF ALTOGETHER LOGICAL INDUSTRY AIMS THE INDUSTRY
INCREASED ITS VULNERABILITY TO ATTACKS FROM ANTISMOKING FORCES MDC'S MR
FAISON SAYS THE ONCE UNTHINKABLE LOSS OF THE INDUSTRY IS NOW BECOMING
QUITE THINKABLEEVEN IN NORTH CAROLINA WHERE YEARS AGO AN ATTACK ON
TOBACCO WOULD HAVE BEEN DEEMED TANTAMOUNT TO TREASON

AS IN A LOT OF AGRICULTURE TOBACCO FARMING HAS UNDERGONE A TREMENDOUS
CONSOLIDATION TO STAY COMPETITIVE FARMS GOT BIGGER IN THE PAST FOUR
ACRES COULD SUPPORT A FAMILY TODAY A TOBACCO FARMER NEEDS AT LEAST 40 MR
LANGDON SAYS

SO THE NUMBER OF TOBACCO FARMS HAS BEEN DECLINING IN SOUTH CAROLINA THE
TOTAL IN ONCEAPTLYNAMED CHESTERFIELD COUNTY HAS DROPPED TO 50 FROM 601 IN
1954 NEARBY MARLBORO COUNTY HAS ONLY 76 TOBACCO FARMS DOWN FROM 754 BACK
THEN

IN 1985 THE INDUSTRY AFRAID THAT ITS FOES WOULD GET TOBACCO SUBSIDIES
ABOLISHED TOOK OVER THE PRICESUPPORT PROGRAM WHICH HAD BEEN FEDERALLY
FUNDED NOW FARMERS AND MANUFACTURERS THEMSELVES PUT UP THE MONEY TO KEEP
PRICES FROM FALLING TOO LOW

NOT THAT TOBACCO ISN'T STILL LUCRATIVE IT IS BY FAR THE MOST PROFITABLE
FARM ENTERPRISE IN NORTH CAROLINA SAYS DR BROWN AT NORTH CAROLINA STATE
ACCOUNTING FOR 1 BILLION IN FARM REVENUE PLUS 125 BILLION IN
MANUFACTURING REVENUE MOREOVER THE DROUGHTRESISTANT TOBACCO LEAF IS ONE
OF THE MOST RELIABLE CROPS IN FARMING

TODAY HOWEVER TOBACCO FARMERS FIND THEMSELVES BEREFT OF MUCH OF THEIR
LONGTIME RESPECT INFLUENCE AND POWER AND THAT'S A FAR CRY FROM THE OLD
DAYS WHEN NORTH CAROLINA'S SOCIETY AND CULTURE REVOLVED AROUND ITS HUGE
FARMS AND THE MOST PROFITABLE FARMS RAISED TOBACCO

TO BE SOMEBODY IN THE FARMING COMMUNITY YOU HAD TO GROW TOBACCO SAYS MR
HARVEY OF THE GROWERS' ASSOCIATION TOBACCO YIELDED SO MUCH MONEY HE SAYS
THAT GROWING IT PROVED A FARMING FAMILY WAS NOT JUST EKING OUT A LIVING
TOBACCO FARMERS HE SAYS FORMED A FRATERNITY THAT EVOLVED FROM PRIDE IN
THEIR KNOWLEDGE OF WHEN TO CURE IT WHEN TO HARVEST IT THEY SERVED ON
COMMUNITY BOARDS THEY WERE THE REASON MUCH OF SMALLTOWN NORTH CAROLINA
EXISTED AND THEY PACKED THE FARM BUREAU WHICH LOBBIED WASHINGTON ON BEHALF
OF AGRICULTURE

BUT NOW DUDLEY LANGDON DECRIES THE CHANGE OF DESTER LANGDON'S 28
GRANDCHILDREN ONLY DUDLEY FARMS TOBACCO FOR A LIVING THE OTHERS ARE
SCHOOLTEACHERS AND PHARMACISTS AND NUTRITIONISTS

THE FUTURE DOESN'T LOOK BRIGHT EITHER I DON'T SEE A LOT OF YOUNGER PEOPLE
GETTING INTO TOBACCO FARMING NOW MR LANGDON SAYS WHEN MY GENERATION
STOPS I DON'T KNOW WHAT WILL HAPPEN HE SADLY RECOUNTS TALKING TO HIS
DAUGHTER'S KINDERGARTEN CLASS RECENTLY ABOUT TOBACCO FARMING WHEN HE
ATTENDED THE SAME SCHOOL 30 YEARS AGO 75 OF THE STUDENTS WERE CHILDREN OF
TOBACCO FARMERS HE SAYS TODAY HIS DAUGHTER IS THE ONLY ONE IN HER CLASS

ALSO INFURIATING THE FARMERS IS THE INFLUX OF AFFLUENT YUPPIES WHO MOVE OUT
TO THE COUNTRY AND THEN GRIPE ABOUT FARM ODORS CAN YOU BELIEVE THAT SAYS
KEITH PARRISH A HARNETT COUNTY FARMER THEY COMPLAIN THAT WE'RE TRYING TO
KILL THEM WITH OUR PESTICIDES OR THAT THEY DON'T LIKE THE SMELL OF TOBACCO

COMMUNITIES THAT ONCE IDOLIZED TOBACCO ARE TRYING TO DISTANCE THEMSELVES
FROM THE INDUSTRY IN DURHAM TOBACCO HAS BEEN UPSTAGED BY RESEARCH TRIANGLE
PARK A HIGHTECH RESEARCH AREA THAT BEGAN AS A JOINT VENTURE OF THREE MAJOR
UNIVERSITIES AND TOOK OFF IN THE 1980S ATTRACTING DRUG COMPANIES AND
SCIENTIFIC RESEARCH ENTITIES IN 1987 AMERICAN TOBACCO CO FOUNDED BY
BUCK DUKE ALMOST 100 YEARS EARLIERCLOSED ITS LAST PLANT IN DURHAM THE
AMERICAN BRANDS INC SUBSIDIARY TRANSFERRED THE OPERATIONS TO REIDSVILLE 61
MILES AWAY AT ONE TIME SUCH A MOVE WOULD HAVE NEARLY SNUFFED OUT DURHAM'S
ECONOMY

BUT BY 1987 ONLY 5 OF DURHAM'S WORKERS WERE IN TOBACCO MANUFACTURING MANY
MORE WERE IN RESEARCH AT DUKE UNIVERSITY OR DISCOVERING THE AIDS DRUG AZT
AT BURROUGHS WELLCOME CO OR CARING FOR MEDICAL PATIENTS THE CITY HAS A
PHYSICIANTOPOPULATION RATIO FIVE TIMES THE NATIONAL AVERAGE MANY BUSINESS
LEADERS WERE HAPPY TO SEE THE PLANT GO DURHAM WAS READY FOR A NEW IMAGE
SAYS ROBERT BOOTH WHO HEADS THE CHAMBER OF COMMERCE WE WERE TIRED OF
BEING REFERRED TO AS A TOBACCO TOWN OR BULL CITY REFERRING TO THE
CHEWING TOBACCO AND WE DIDN'T WANT TO BE LINKED TO A DYING INDUSTRY

SO THE CITY LAUNCHED A CAMPAIGN TO CHANGE ITS IMAGE TO CAPITALIZE ON THE
PRESTIGE OF THE DUKE UNIVERSITY MEDICAL CENTER AND RESEARCH TRIANGLE PARK
DURHAM RENAMED ITSELF THE CITY OF MEDICINE AND BEGAN HANDING OUT 5000
CITY OF MEDICINE AWARDS ANNUALLY ONE SUCH AWARD WENT TO C EVERETT KOOP
THE FORMER US SURGEON GENERAL WHO WHEN ACCEPTING IT ATTACKED TOBACCO
EXPORTS AS RATHER IMMORAL  EXPORTING DEATH DISEASE AND DISABILITY TO
THE THIRD WORLD

NEVERTHELESS DURHAM'S ONE REMAINING CIGARETTE FACTORY WITH ITS TOWERING
SMOKESTACKS AND MASSIVE BRICK FACADE LOOMS OVER ITS DOWNTOWN WHEN THE WIND
BLOWS RIGHT THE LIGGETTOWNED FACTORY WAFTS A SWEET PUNGENT ODOR BUT
THERE ITS INFLUENCE ENDS SAYS THE CHAMBER'S MR BOOTH REALISTICALLY HOW
IMPORTANT IS A COMPANY THAT EMPLOYS 650 PEOPLE IN A WORK FORCE OF 42000

LAST YEAR DURHAM PASSED AN ANTISMOKING ORDINANCE BANNING SMOKING FROM
SHOPPING MALLS GROCERY STORES AND POORLY VENTILATED WORK AREAS THERE WAS
BARELY A PEEP OF OPPOSITION SAYS ELLEN RECKHOW A DURHAM COUNTY
COMMISSIONER RATHER RESIDENTS ASKED AT PUBLIC HEARINGS THAT THE BAN BE
STRENGTHENED WE HAD ORIGINALLY SAID WE'D ALLOW SMOKING IN 50 OF A FOOD
COURT AT A SHOPPING MALL MS RECKHOW SAYS BUT MALL OWNERS CAME TO US AND
SAID NO WE'D RATHER GO COLD TURKEY' NOW NO SMOKING IS ALLOWED ANYWHERE
IN SHOPPING MALLS

AND IN HARNETT COUNTY THE REMAINING FARMERS FEEL BETRAYED IT'S HARD FOR
ME TO BELIEVE THAT TOBACCO IS THE KILLER THEY TRY TO MAKE IT OUT TO BE MR
PARRISH SAYS PEOPLE SHOULD LOOK AT WHAT'S HAPPENING TO A WAY OF LIFE HERE
I FEEL A LITTLE DISAPPOINTED THAT SOCIETY HAS FORGOTTEN WHAT TOBACCO HAS
DONE OVER THE YEARS 9404140133 940414 NEW ENGLAND ELECTRIC PACTS

WESTBOROUGH MASS NEW ENGLAND ELECTRIC SYSTEM COMPANIES ENTERED INTO A
SERIES OF AGREEMENTS WITH NANTUCKET ELECTRIC CO FOR THE CONSTRUCTION OF AN
UNDERSEA CABLE FROM CAPE COD TO NANTUCKET MASS AND FOR LONGTERM ELECTRIC
POWER SUPPLY TO THE ISLAND

TERMS WEREN'T DISCLOSED

NEW ENGLAND ELECTRIC SAID A NEW COMPANY NANTUCKET CABLE ELECTRIC COMPANY
INC WAS INCORPORATED TO PERMIT CONSTRUCT OPERATE AND MAINTAIN THE
UNDERSEA CABLE WHICH WILL EXTEND ABOUT 26 MILES THE NEW COMPANY WILL BE
JOINTLY OWNED BY NEW ENGLAND ELECTRIC AND NANTUCKET ELECTRIC

NEW ENGLAND ELECTRIC SAID ITS NEW ENGLAND POWER UNIT WILL PROVIDE NANTUCKET
WITH ELECTRIC POWER FOR 20 YEARS AFTER THE CABLE FACILITIES ARE INSTALLED
9404140132 940414 POLL SAYS OPTIMISM OF MANUFACTURERS IS DOWN SLIGHTLY
  BY TIMOTHY L O'BRIEN STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK OPTIMISM AMONG THE NATION'S MANUFACTURERS IN MIDMARCH FELL
SLIGHTLY FROM FEBRUARY'S RECORD HIGH ACCORDING TO DUN & BRADSTREET CORP'S
LATEST SURVEY

WHILE MANUFACTURERS' OPTIMISM HAS MODERATED SLIGHTLY RESULTS ARE STILL
STRONG SUGGESTING THAT THE RECENT SPURT OF GROWTH HAS LEVELED OFF AND
MANUFACTURERS ARE SETTLING IN FOR A PERIOD OF SUSTAINED HEALTHY GROWTH
SAID DOUGLAS HANDLER D&B'S MANAGER OF ECONOMETRIC ANALYSIS

THE SURVEY'S INDUSTRIALSENTIMENT INDEX FOR THE COMING THREE MONTHS A
COMPOSITE MEASUREMENT OF PRODUCTION NEW ORDERS UNFULFILLED ORDERS
EXPORTS AND FINISHED GOODS INVENTORIES FELL THREE POINTS IN MARCH TO 25
FROM FEBRUARY'S RECORD 28

THE FIGURES ARE CALCULATED BY SUBTRACTING THE PERCENTAGE OF RESPONDENTS
EXPECTING A DECREASE FROM THE PERCENTAGE EXPECTING AN INCREASE

THE PRODUCTIONOUTLOOK INDEX FOR THE NEXT THREE MONTHS FELL FIVE POINTS TO
54 WHILE THE NEWORDERS INDEX FELL FIVE POINTS TO 57 EXPECTATIONS FOR
UNFILLED ORDERS FELL TO 14 FROM 17 AND THE FINISHEDGOODS INVENTORIES INDEX
FELL ONE POINT TO 14

AMONG ALL INDUSTRY SECTORS MANUFACTURERS OF BASIC METALS MACHINERY AND
EQUIPMENT WERE THE LEAST OPTIMISTIC

THE SURVEY'S SELLINGPRICE INDEX A MEASURE OF PRICES MANUFACTURERS EXPECT
TO CHARGE FOR THEIR PRODUCTS WAS DOWN SHARPLY FOR THE SECOND CONSECUTIVE
MONTH AFTER RISING IN DECEMBER AND JANUARY D&B SAID THIS DECLINE INDICATES
THAT INFLATION REMAINS UNDER CONTROL THE INDEX FELL FOUR POINTS TO 14
9404140131 940414 ECONOMY REGULATORS BELIEVE HEDGEFUND ACTIVITY 
WASN'T MAJOR CAUSE OF MARKET VOLATILITY  BY CHRISTI HARLAN STAFF
REPORTER OF THE WALL STREET JOURNAL

WASHINGTON RECENT VOLATILITY IN THE STOCK AND BOND MARKETS APPEARS TO
HAVE HAD LITTLE TO DO WITH THE ACTIVITIES OF HEDGE FUNDS ACCORDING TO THE
FEDERAL REGULATORS WHO OVERSEE SECURITIES AND BANKING

THE SHARP MARKET DROPS WERE PROBABLY MORE A RESULT OF A CONFLUENCE OF A
NUMBER OF FACTORS ARTHUR LEVITT CHAIRMAN OF THE SECURITIES AND EXCHANGE
COMMISSION TOLD THE HOUSE BANKING COMMITTEE MR LEVITT SPECIFICALLY CITED
THE FEDERAL RESERVE BOARD'S RAISING OF INTEREST RATES AND INTERNATIONAL
DEVELOPMENTS INCLUDING THE USJAPAN STANDOFF ON TRADE ISSUES

BUT MR LEVITT SAID I CAN'T ANSWER WITH ANY CONCLUSIVENESS THE DEGREE TO
WHICH HEDGE FUNDS CAUSED RECENT MARKET VOLATILITY

HOUSE BANKING COMMITTEE CHAIRMAN HENRY GONZALEZ D TEXAS SUMMONED MR
LEVITT AND THREE OF HIS FELLOW REGULATORS TO DISCUSS THE RISK THAT HEDGE
FUNDS POSE FOR BANKS BUT THE 3 1/2HOUR HEARING RANGED FAR AFIELD
ENCOMPASSING THE RECENT MARKET MOVEMENTS AND DEBATES OVER WHETHER HEDGE
FUNDS ARE A FORM OF DERIVATIVE SECURITIES THEY'RE NOT THE REGULATORS
AGREED

HEDGE FUNDS ARE UNREGULATED PRIVATE INVESTMENT PARTNERSHIPS THAT WAGER HUGE
SUMS IN GLOBAL CURRENCY BOND AND STOCK MARKETS IN SEARCH OF QUICK PROFITS

EARLY IN THE HEARING COMPTROLLER OF THE CURRENCY EUGENE LUDWIG TOLD THE
COMMITTEE THAT HEDGE FUNDS DO NOT POSE A SIGNIFICANT RISK TO THE NATIONAL
BANKING SYSTEM AT THIS TIME HE NOTED THAT ONLY EIGHT NATIONAL BANKS WERE
INVESTED IN HEDGE FUNDS AS OF MARCH 31 THE BANKS' HOLDING TOTALED 104
BILLION OR 002 OF TOTAL ASSETS MR LUDWIG SAID

AS FOR BANKS' LENDING TO HEDGE FUNDS FEDERAL RESERVE GOV JOHN LAWARE SAID
IT SEEMS CLEAR THAT THE RUMORS THAT HEDGE FUNDS WERE SELLING IN RESPONSE TO
MARGIN CALLS FROM BANKS WERE EXAGGERATED SOME MARKET OBSERVER BLAMED THE
SHARP DROPS IN STOCK AND BOND PRICES TO SELLING BY HEDGE FUNDS THAT HAD
BORROWED FROM BANKS AND ELSEWHERE AND SECURED THOSE LOANS WITH THEIR
PORTFOLIOS

MR LAWARE SAID THE FED'S INTERVIEWS WITH MARKET PARTICIPANTS SHOWED THAT
HEDGE FUNDS MAY HAVE BEEN RESPONDING TO INTERNAL MARGIN GUIDELINES THAT MAY
HAVE PROMPTED THEM TO SELL AT THEIR OWN INITIATIVE

OF THE FOUR REGULATORY AGENCIES REPRESENTED AT THE HEARING THE ONLY ONE
WITH MUCH INSIGHT INTO HEDGEFUND ACTIVITIES IS THE COMMODITY FUTURES
TRADING COMMISSION WHICH MONITORS LARGE TRADERS' POSITIONS IN THE FUTURES
MARKETS

DURING THE RECENT MARKET TURMOIL THE CFTC DETECTED NO HEDGEFUND
ACTIVITIES IN FUTURES THAT DIFFERED FROM THOSE OF OTHER LARGE TRADERS SAID
THE CFTC'S ACTING CHAIRWOMAN BARBARA HOLUM

MS HOLUM SAID HER AGENCY DOES NEED FURTHER COMPREHENSIVE INFORMATION
ABOUT HEDGEFUNDS' ACTIVITIES IN MARKETS OTHER THAN FUTURES A CALL ECHOED
BY MR LEVITT

THE SEC CHAIRMAN SAID HE HAS SENT LETTERS TO THE MANAGERS OF THE LARGEST
HEDGE FUNDS ASKING THEM TO VOLUNTARILY PROVIDE THE COMMISSION WITH
INFORMATION ABOUT THEIR MARKET POSITIONS AND TRADING STRATEGIES
9404140130 940414 NUMEREX UNIT WINS SUPPLY JOB

MEDIA PA NUMEREX CORP SAID ITS VERSUS TECHNOLOGY LTD UNIT RECEIVED A
12MONTH SUPPLY CONTRACT FROM BRITISH TELECOMMUNICATIONS PLC OF THE UK

IN A NEWS RELEASE NUMEREX SAID THAT UNDER THE CONTRACT BRITISH
TELECOMMUNICATIONS CAN ORDER AS MUCH AS 133 MILLION OF NETWORK EQUIPMENT
AND SOFTWARE

BRITISH TELECOMMUNICATIONS ALSO HAS AN OPTION TO INCREASE THE CONTRACT VALUE
BY 50 SUBJECT TO NEGOTIATION 9404140129 940414 INTERNATIONAL SIEMENS
TO RECEIVE EU SUBSIDY

BRUSSELS THE EUROPEAN UNION COMMISSION CLEARED A FIVEYEAR AD HOC SUBSIDY
OF 450 MILLION MARKS 2618 MILLION TO GERMAN ELECTRONICS GROUP SIEMENS AG
TO HELP FINANCE A NEW PLANT DEVELOPING AND PRODUCING DYNAMIC RANDOM ACCESS
MEMORIES OR DRAMS FOR THE MICROELECTRONIC INDUSTRY

THE SUBSIDY WILL BE PAID IN ANNUAL GRANTS BETWEEN 1995 AND 1999

IN A STATEMENT THE COMMISSION SAID IT CLEARED THE SUBSIDY BECAUSE OUTPUT
FROM THE PLANT WILL HELP REDUCE THE EUROPEAN UNION'S DRAM PRODUCTION
DEFICIT

THE COST OF THE NEW PLANT IS ESTIMATED AT 270 BILLION MARKS 157
BILLION 9404140128 940414 WORLD STOCK MARKETS AMERICANS POUR MONEY
INTO FOREIGN MARKETS  BY MICHAEL R SESIT STAFF REPORTER OF THE
WALL STREET JOURNAL

LONDON WONDER WHY FOUR ASIAN STOCK MARKETS SOARED AT RATES RANGING FROM
71 TO 116 LAST YEAR OR WHY EIGHT EUROPEAN MARKETS CATAPULTED 43 TO 93

BARING SECURITIES LTD HAS ONE ANSWER OTHER PEOPLE'S MONEY MOST ESPECIALLY
AMERICANS' MONEY

IN 1993 INVESTORS AROUND THE WORLD PURCHASED A RECORD NET 1592 BILLION OF
STOCKS IN OTHER COUNTRIES TRIPLE THE AMOUNT OF CROSSBORDER EQUITY
INVESTMENT OF 1992 AND WELL ABOVE THE PREVIOUS RECORD OF 1006 BILLION SET
IN 1991

US INVESTORS LED THE PARADE PARTLY BECAUSE MANY WERE LOOKING FOR
ALTERNATIVES TO A US MARKET THEY BELIEVED TO BE RICHLY PRICED IF NOT
OVERVALUED

US INVESTORS ACCOUNTED FOR AN ESTIMATED 664 BILLION OR 42 OF THE NET
NEW FUNDS THAT FOREIGN INVESTORS POURED INTO THE WORLD'S EQUITY MARKETS LAST
YEAR SAYS LONDONBASED BARING THEY WERE FOLLOWED BY BRITISH INVESTORS
WITH 242 BILLION CONTINENTAL EUROPEANS WITH 21 BILLION AND JAPANESE
WITH 153 BILLION

THIS WALL OF MONEY HELPED PUSH UP STOCK PRICES IN SOME DEVELOPING NATIONS
SUCH AS MALAYSIA AND THAILAND BASED ON THEIR TORRID ECONOMIC GROWTH RATES
BUT THAT WALL MAY CRUMBLE BECAUSE SOME OF THE SAME EMERGING MARKETS HAVE
ALREADY EXPERIENCED PRICE DECLINES OF 20 OR MORE FROM THEIR PEAKS EARLIER
THIS YEAR

BARING ANALYSTS SAY THE PACE OF CROSSBORDER EQUITY INVESTING IS TAPERING
OFF AND WILL CONTINUE TO SLOW THROUGH THE FIRST HALF OF 1994 AS RISING US
INTEREST RATES PROMPT US INVESTORS TO BECOME NET SELLERS OF OVERSEAS
STOCKS BUT THEY SEE THE CROSSBORDER TIDE TURNING POSITIVE AGAIN IN THE
SECOND HALF

ANGELA COZZINI A BARING STRATEGIST NOTES THAT US PENSION FUNDS HAVE
ROUGHLY 6 TO 7 OF THEIR ASSETS IN FOREIGN STOCKS AND THAT CONSULTANTS ARE
RECOMMENDING THAT FIGURE RISE TO 15 OVER TIME THUS SHE SAYS THERE IS A
GEOGRAPHIC DIVERSIFICATION OF ASSETS GOING ON AND THOSE INVESTORS SEEKING
TO BUILD CORE INTERNATIONAL EQUITY PORTFOLIOS WILL CONTINUE TO SEND MONEY
OVERSEAS

OF ALL THE NEW INTERNATIONAL EQUITY INVESTMENTS LAST YEAR ROUGHLY 35 WENT
INTO EUROPEAN STOCK MARKETS INCLUDING BRITAIN 18 INTO US AND CANADIAN
SHARES 13 INTO JAPANESE STOCKS AND A HUGE 33 WENT INTO EMERGING STOCK
MARKETS OF THE PACIFIC RIM LATIN AMERICA EASTERN EUROPE THE MIDEAST AND
AFRICA

CROSSBORDER INVESTORS HAVE BECOME THE MARGINAL EQUITY PURCHASERS IN AN
INCREASING NUMBER OF THE WORLD'S STOCK MARKETS AND MARGINAL BUYERS OFTEN
DETERMINE A STOCK'S PRICE SAYS MICHAEL HOWELL CHIEF GLOBAL STRATEGIST FOR
BARING

FOR INSTANCE HE POINTS OUT THAT FROM 1985 TO 1994 EACH NEW 1 BILLION
INVESTED IN DEVELOPED STOCK MARKETS SUCH AS JAPAN BRITAIN GERMANY AND
FRANCE DROVE PRICES UP AN AVERAGE 03 FOR EMERGING MARKETS THE INFLUENCE
OF FOREIGN CASH IS EVEN MORE POTENT EACH NET NEW 1 BILLION INVESTED
GENERATED A 14 INCREASE IN SHARE PRICES

INVESTORS' APPETITES FOR FOREIGN SECURITIES HAVE GROWN SO MUCH THAT MR
HOWELL CONTENDS THAT ONE OUT OF EVERY FOUR STOCK TRANSACTIONS IN THE WORLD
CURRENTLY INVOLVES EITHER AN OVERSEAS BUYER OR SELLER OR A FOREIGN STOCK

WHAT'S MORE GLOBAL INVESTORS TEND TO BE MUCH MORE AGGRESSIVE THAN THEIR
DOMESTIC COUNTERPARTS MR HOWELL SAYS THAT ON AVERAGE AN OVERSEAS INVESTOR
WILL HOLD A FOREIGN STOCK FOR ONLY 130 DAYS COMPARED WITH 281 DAYS FOR
SOMEONE INVESTING IN THEIR OWN STOCK MARKET

BARING'S MS COZZINI ATTRIBUTES THE HIGH TURNOVER TO MANY INVESTORS JUST
BEGINNING TO LEARN ABOUT FOREIGN COMPANIES AND FOREIGN STOCK MARKETS AND
THEIR UNCERTAINTY ABOUT INVESTING IN OVERSEAS SHARES WHEN THINGS BEGIN TO
GO WRONG INVESTORS ARE MORE LIKELY TO SLASH THEIR FOREIGN EQUITY HOLDINGS
THAN DOMESTIC ONES SHE SAYS

RELATIVE LATECOMERS TO INTERNATIONAL INVESTING COMPARED WITH THE BRITISH
DUTCH AND JAPANESE AMERICANS ARE BECOMING A DOMINANT FORCE IN GLOBAL
SECURITIES MARKETS THE 664 BILLION OF FOREIGN STOCKS THEY ADDED TO THEIR
PORTFOLIOS LAST YEAR WAS UP 58 FROM THE YEAR BEFORE

SINCE 1987 FOREIGN SECURITIES HELD BY US PENSION FUNDS HAVE MORE THAN
QUADRUPLED TO MORE THAN 262 BILLION OR 72 OF US PENSION ASSETS
ACCORDING TO INTERSEC RESEARCH CORP A STAMFORD CONN INVESTMENT ADVISER
BY THE END OF 1998 INTERSEC PROJECTS THAT FIGURE WILL GROW TO 630 BILLION
OR 115 OF PENSION ASSETS

US INVESTORS ARE MORE AGGRESSIVELY DIVERSIFYING INTERNATIONALLY BECAUSE
THEY HAVE BECOME AWARE OF THE YAWNING GAP BETWEEN THE FUNDS THEY HAVE
INVESTED ABROAD AND THE 40 OF WORLD STOCK AND BOND MARKETS THAT US
SECURITIES MARKETS ACCOUNT FOR SAYS MALCOLM MITCHELL A SENIOR CONSULTANT
AT INTERSEC THEY SIMPLY NOW BELIEVE THAT THEIR PENSION ASSETS AREN'T
PROPERLY DIVERSIFIED OVER GLOBAL SECURITIES MARKETS

WILLIAM G FERRELL CHIEF EXECUTIVE OF FERRELL CAPITAL MANAGEMENT IN
GREENWICH CONN SAYS THE PENSION COMMUNITY IN THE US HAS MADE A VERY
BOLD EFFORT TO DIVERSIFY TO COMPLY WITH THE TENETS OF MODERN PORTFOLIO
THEORY BASICALLY THEY ARE LOOKING FOR INVESTMENTS WHICH AREN'T CORRELATED
TO THEIR CURRENT HOLDINGS

AND WHILE US AND OTHER INVESTORS STILL CONCENTRATE THE LION'S SHARE OF
THEIR FOREIGN STOCK BUYING IN EUROPE AND OTHER MAJOR MARKETS EMERGING STOCK
MARKETS ARE RECEIVING A GROWING SHARE

AT THE END OF 1993 BARING'S MR HOWELL ESTIMATES OVERSEAS INVESTORS HAD
1864 BILLION OR 15 OF THEIR TOTAL FOREIGN EQUITY HOLDINGS INVESTED IN
MARKETS SUCH AS MALAYSIA HONG KONG THAILAND MEXICO AND ARGENTINA UP FROM
24 BILLION SEVEN YEARS EARLIER

MR HOWELL FIGURES THAT CLOSE TO 30 OF US INVESTORS' FOREIGN STOCK
PURCHASES IN 1993 WERE IN EMERGING MARKETS WITH SLIGHTLY MORE GOING TO ASIA
THAN LATIN AMERICA MR FERRELL CONSIDERS THE TREND TO BE IRREVERSIBLE BUT
HE ACKNOWLEDGES THE SETBACKS IN THOSE MARKETS HAVE DEMONSTRATED THAT THE
LIQUIDITY  IS NOTHING LIKE AMERICAN INVESTORS ARE USED TO

OF THE NET 52 BILLION THAT FOREIGNERS INVESTED IN EMERGING MARKETS LAST
YEAR 115 BILLION WAS INVESTED IN HONG KONG AND SINGAPORE WHICH MONEY
MANAGERS REGARD AS MATURE BUT ARE INCLUDED AS A WAY TO CASH IN ON CHINA'S
BURGEONING ECONOMIC GROWTH THE STARTLING TREND IS THAT 405 BILLION WAS
INVESTED IN THE WORLD'S SMALLER STOCK MARKETS INCLUDING 13 BILLION IN
THREE SOUTH KOREA TAIWAN AND INDIA THAT STILL RESTRICT FOREIGN
PARTICIPATION SAYS MR HOWELL

OVERALL BARING ESTIMATES THAT ASIA'S EMERGING MARKETS CAPTURED ROUGHLY 30
BILLION OF THE NET NEW FOREIGN INVESTMENT LAST YEAR LATIN AMERICA 20
BILLION AND TINY MARKETS IN EASTERN EUROPE THE MIDDLE EAST AND AFRICA A
SMALL 2 BILLION

STOCKS SURGED 21 WEDNESDAY IN TOKYO ON BROADBASED BUYING AMID GROWING
EXPECTATIONS THAT JAPAN'S GOVERNING COALITION WILL STAY GLUED AND NAME A NEW
PRIME MINISTER LONDON SHARES FELL BECAUSE OF WORRIES ABOUT BRITAIN'S BUDGET
DEFICIT AND WEAKNESS ON SOME OTHER WORLD MARKETS

WORLDWIDE STOCK PRICES ROSE IN DOLLAR TERMS THE DOW JONES WORLD STOCK
INDEX WAS AT 11347 UP 023 REFLECTING HIGHER ASIA/PACIFIC MARKETS AND
LOWER AMERICAN AND EUROPEAN MARKETS

AIR FREIGHT STOCKS WERE THE TOP GAINERS IN THE DOW JONES WORLD INDUSTRY
GROUPS CLOSING AT 14684 UP 446 OR 31 WITH FEDERAL EXPRESS OF THE
US POSTING A 64 GAIN IN ITS LOCAL CURRENCY SOFTWARE STOCKS TRAILED AT
11519 DOWN 269 OR 23 WITH PARAMETRIC TECHNOLOGY OF THE US SLIDING
97 IN LOCAL CURRENCY

IN TOKYO THE NIKKEI 225STOCK INDEX WHICH SLUMPED 24975 POINTS TUESDAY
SOARED 41208 TO 2006041 ITS FIRST FINISH ABOVE 20000 SINCE MARCH 24 IN
TRADING THURSDAY THE NIKKEI INDEX FELL 18754 POINTS TO CLOSE THE MORNING
SESSION AT 1987287 WEDNESDAY'S FIRSTSECTION VOLUME WAS ESTIMATED AT 320
MILLION SHARES UP FROM 2637 MILLION SHARES A DAY EARLIER GAINERS SWAMPED
LOSERS 850180 THE TOKYO STOCK PRICE INDEX OR TOPIX OF ALL FIRSTSECTION
ISSUES WHICH FELL 1333 POINTS TUESDAY GAINED 1817 OR 11 TO 161889

SIGNS THAT JAPAN COULD SELECT A NEW PRIME MINISTER THIS WEEK WERE A PLUS FOR
THE MARKET WHICH FAVORS A QUICK POLITICAL RESOLUTION TO ALLOW CONTINUED
PURSUIT OF ECONOMIC RECOVERY YET INVESTORS HARBORED UNCERTAINTIES ABOUT THE
DIVERSE RULING COALITION'S STABILITY AND ITS ABILITY TO MOVE SWIFTLY ON
REFORM POLICIES AND TRADE WITH THE US THE MARKET SURGED IN THE FINAL HOUR
AS A BROAD RANGE OF JAPANESE AND OVERSEAS INVESTORS BOUGHT SHARES ALSO
PUSHED HIGHER BY ARBITRAGERS' PURCHASES OF NIKKEIINDEX BASKETS OF STOCKS
STILL THE SIZE OF THE JUMP IN PRICES WAS EXAGGERATED BY THE RELATIVELY THIN
TURNOVER

IN LONDON THE FINANCIAL TIMESSTOCK EXCHANGE 100SHARE INDEX DECLINED 133
POINTS TO 31458 JUST ONE POINT ABOVE THE INTRADAY LOW THOUGH THE OVERALL
MARKET WAS MIXED WITH RISING AND FALLING ISSUES ABOUT EVENLY DIVIDED THE
FT 30STOCK INDEX FELL 70 POINTS TO 24837 VOLUME WAS 8857 MILLION
SHARES COMPARED WITH 9062 MILLION SHARES A DAY EARLIER

PRICES FELL LATE IN THE SESSION ON WORRIES ABOUT THE BRITISH BUDGET DEFICIT
WEAKNESS OF THE GOVERNMENT BOND MARKET AND POOR SENTIMENT IN OTHER WORLD
BOURSES CHANCELLOR OF THE EXCHEQUER KENNETH CLARKE'S REMARKS SIX WEEKS AGO
DISCLOSED YESTERDAY WERE INTEREPRETED BY SOME ANALYSTS AS MEANING HE IS
CONCERNED THAT TAX INCREASES THAT TOOK EFFECT THIS MONTH MIGHT SLOW BRITISH
ECONOMIC GROWTH

IN FRANKFURT STOCKS INITIALLY FELL BUT REBOUNDED TO FINISH WITH MODERATE
LOSSES THE DAX 30STOCK INDEX SLIPPED 141 POINTS TO 220919 TRADING WAS
QUIET WITH MOST INVESTORS ON THE SIDELINES AHEAD OF TODAY'S GERMAN
BUNDESBANK MEETING ON MONETARY POLICY THE CENTRAL BANK YESTERDAY REDUCED
THE MINIMUM ACCEPTED RATE ON SECURITIES REPURCHASE AGREEMENTS ONLY
MARGINALLY TO 57 FROM 573 BELIEVED TO BE TOO SMALL TO SIGNAL A
SIGNIFICANT CUT IN KEY RATES

IN MILAN SHARES INCLUDING THOSE TRADED ELECTRONICALLY PLUMMETED 29 THE
FIRST LOSING SESSION SINCE APRIL 5 ON PROFITTAKING ONCE AGAIN EXTREMELY
HIGH VOLUME DELAYED STOCK ORDERS IN STOCKHOLM PRICES ENDED FLAT TO LOWER
ON PROFITTAKING FOLLOWING SIX CONSECUTIVE WINNING SESSIONS

IN SYDNEY SHARES CLIMBED SOLIDLY AMID IMPROVED SENTIMENT PARTICULARLY
AMONG OVERSEAS INVESTORS ARBITRAGERS TRADING BETWEEN STOCKPRICE PRICE
INDEX FUTURES AND SHARES HELPED PUSH PRICES UP IN HONG KONG STOCKS GAINED
EXTENDING THE MARKET'S BULLISH RUN TO SIX SESSIONS AS FOREIGN PARTICIPANTS
CONTINUED TO BUY

IN SINGAPORE FOLLOWING TWO SESSIONS OF SHARP INCREASES BROAD PROFITTAKING
LEFT THE MAIN INDEX WITH A SLIGHT LOSS IN SEOUL PRICES POSTED SMALL GAINS
FOLLOWING WILD SWINGS CAUSED BY CONFUSION ABOUT THE MARKET'S DIRECTION
THOUGH BIG BLUE CHIPS MAINTAINED STRENGTH ON RENEWED RUMORS THAT SOUTH KOREA
MIGHT INCREASE LIMITS ON FOREIGN OWNERSHIP OF STOCKS IN MANILA THE MARKET
SURGED 23 IN BUSY TRADING BUOYED BY FAVORABLE CORPORATE DEVELOPMENTS BUT
IN TAIPEI SHARES CONTINUED TO SLIDE AMID REPORTS OF WEAK ECONOMIC
PERFORMANCE AND RESTRICTIONS ON FOREIGN FUNDS FLOWING INTO TAIWAN

IN MEXICO CITY STOCKS SLUMPED 19 IN A TECHNICAL ADJUSTMENT AFTER THE
MEXICAN GOVERNMENT DENIED RUMORS IT WAS TO UNVEIL AN ECONOMIC STIMULUS
PACKAGE INCLUDING TAX CUTS THE MARKET ALSO IS UNDER PRESSURE PARTLY
BECAUSE OF A POOR OUTLOOK FOR FIRSTQUARTER CORPORATE EARNINGS

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
9404140127 940414 INTERNATIONAL SPAIN'S JOBLESS RATE INCHES DOWN

MADRID SPAIN'S ASTRONOMIC UNEMPLOYMENT RATE DROPPED SLIGHTLY IN MARCH
THE FIRST DECLINE SINCE LAST SUMMER AND A SIGN THAT THE GRIM ECONOMIC
SITUATION IS BEGINNING TO IMPROVE THE LABOR MINISTRY SAID

IN MARCH 1792 OF THE WORK FORCE REGISTERED AS UNEMPLOYED WITH THE
NATIONAL EMPLOYMENT INSTITUTE DOWN FROM 1801 A MONTH EARLIER

THE LAST TIME THE UNEMPLOYMENT CLAIMS HAD DROPPED WAS IN AUGUST A MONTH
WHEN JOBLESSNESS OFTEN FALLS BECAUSE OF A SEASONAL BOOM IN THE TOURISM
INDUSTRY 9404140126 940407 QUARTERLY MUTUAL FUNDS REVIEW FIRSTQUARTER
AND 12MONTH WINNERS AND LOSERS

BEST AND WORSTPERFORMING STOCK FUNDS FOR THE PERIODS ENDED MARCH 31 1994
ASSETS ARE FIGURED AS OF DEC 31 1993 PERFORMANCE DATA ARE TOTAL RETURNS
WHICH INCLUDE BOTH SHARE PRICE CHANGES AND REINVESTED DIVIDENDS

BEST AND WORSTPERFORMING STOCK FUNDS FOR THE PERIODS ENDED MARCH 31 1994
ASSETS ARE FIGURED AS OF DEC 31 1993 PERFORMANCE DATA ARE TOTAL RETURNS
WHICH INCLUDE BOTH SHARE PRICES AND REINVESTED DIVIDENDS 9404140125
940414 DAMES & MOORE GETS CONTRACT

LOS ANGELES DAMES & MOORE INC RECEIVED A THREEYEAR CONTRACT FROM
WESTINGHOUSE ELECTRIC CORP'S WEST VALLEY NUCLEAR SERVICES CO UNIT

DAMES & MOORE SAID IT WILL PROVIDE SAFETY AND ENVIRONMENTAL ASSESSMENT
SERVICES FOR WEST VALLEY'S WEST VALLEY DEMONSTRATION PROJECT THE COMPANY
SAID IT WILL RECEIVE 94 MILLION FOR THE CURRENT FEDERAL FISCAL YEAR
ENDING SEPT 30 THE FIRST YEAR OF THE CONTRACT

A SPOKESMAN SAID THE FINANCIAL TERMS OF THE NEXT TWO YEARS OF THE CONTRACT
HAVEN'T BEEN FINALIZED 9404140124 940414 XEROX EXPANDS RECYCLING ROLE

STAMFORD CONN XEROX CORP SAID IT HAS BEGUN MAKING COPIER TONER
CONTAINERS FROM COMPLETELY RECYCLED RAW MATERIALS SUCH AS DISCARDED MILK
AND WATER JUGS

XEROX ALSO SAID IT IS PROVIDING PLASTICS RECYCLERS WITH ENGINEERING AND
TECHNICAL ADVICE ON HOW TO RECYCLE THE TONER CONTAINERS WHICH ARE DIFFICULT
TO RECYCLE BECAUSE OF METAL PARTS MIXED PLASTICS AND RESIDUAL TONER DUST

CURRENTLY FOUR RECYCLING COMPANIES ACCEPT THE TONER CONTAINERS FROM XEROX
CUSTOMERS 9404140123 940414 INTERNATIONAL SOUTH KOREANS ASK 4 US
FIRMS TO JOIN PHONE NETWORK  BY STEVE GLAIN STAFF REPORTER OF
THE WALL STREET JOURNAL

SEOUL SOUTH KOREA CAPPING A TWOYEAR BIDDING BATTLE AMONG SOME OF THE
WORLD'S TELECOMMUNICATIONS GIANTS KOREAN INDUSTRIALISTS HAVE ASKED FOUR
US COMPANIES TO JOIN A CONSORTIUM TO ESTABLISH KOREA'S SECOND
CELLULARPHONE NETWORK

KIM JONG IL A SPOKESMAN FOR GROUP COLEADER KOLON INDUSTRIES SAID PACTEL
CORP SOUTHWESTERN BELL CORP QUALCOMM INC AND GTE CORP HAVE BEEN
INVITED TO PARTICIPATE IN THE PROJECT KIM ALSO SUGGESTED NYNEX CORP WOULD
BE INVITED TO PARTICIPATE ALTHOUGH LOCAL NEWSPAPERS OFFERED CONTRADICTORY
REPORTS ON WHETHER THE COMPANY WAS INCLUDED AMONG THE CANDIDATES A NYNEX
SPOKESMAN IN SEOUL SAID HE WAS NOT NOTIFIED OF ANY DECISION

THE IDENTIFICATION OF FOREIGN PARTNERS IN THE GROUP REPRESENTS THE LATEST
STEP FORWARD IN SOUTH KOREA'S SKITTISH QUEST TO ISSUE A SECOND MOBILEPHONE
LICENSE WHICH HAS BEEN MARRED BY CHARGES OF FAVORITISM AND BACKROOM
DEALING ANALYSTS ESTIMATE THE VALUE OF THE PROPOSED SYSTEM AT 2 BILLION TO
5 BILLION ONCE IT IS UP AND RUNNING BY THE LATTER PART OF THE DECADE WHICH
WOULD MAKE IT ONE OF THE WORLD'S MOST LUCRATIVE MOBILEPHONE NETWORKS

THE STRUCTURE OF THE CONSORTIUM WHICH WAS CONTESTED BY DOZENS OF FOREIGN
AND LOCAL COMPANIES HAD BEEN HAMMERED OUT IN A SERIES OF CLOSEDDOOR
MEETINGS BETWEEN OFFICERS OF THE FEDERATION OF KOREAN INDUSTRIES A
SPECIALINTEREST GROUP MADE UP OF TOP INDUSTRIALISTS THE FEDERATION ASSUMED
RESPONSIBILITY FOR THE SELECTION PROCESS FROM THE GOVERNMENT LATE LAST YEAR
AND THE FURTIVE WAY IN WHICH THE MEMBERS WERE CHOSEN DREW CRITICISM FROM
BOTH BIDDERS AND US TRADE OFFICIALS

A FORMAL ANNOUNCEMENT LISTING THE FOREIGN PARTICIPANTS IS EXPECTED BY MONDAY
AND THE LICENSE COULD BE AWARDED BY EARLY JUNE PEOPLE CLOSE TO THE BIDDING
SAID

UNTIL THEN KEY QUESTIONS REMAIN IT IS UNKNOWN FOR EXAMPLE HOW THE
FOREIGNCONTROLLED EQUITY WILL BE DISTRIBUTED AMONG THE FOUR US
PARTICIPANTS ALTHOUGH PACTEL AND SOUTHWESTERN BELL ARE EXPECTED TO GET THE
BULK OF THE 202 SLICE ALLOTTED TO FOREIGNERS

IT IS ALSO NOT CLEAR WHETHER THE FOREIGN PARTICIPANTS WILL BE ENTITLED TO
BOARD REPRESENTATION ACCORDING TO US EXECUTIVES CLOSE TO BIDDING
OFFICIALS AT THE POHANG IRON & STEEL CO KNOWN AS POSCO KOLON'S PARTNER
IN THE CONSORTIUM HAVE DISCUSSED REDUCING THE STATUS OF THE FOREIGN
COMPANIES TO TECHNICAL ADVISERS RATHER THAN MINORITY PARTNERS WHICH
WOULD DEPRIVE THEM OF VOTING RIGHTS

NOR IS IT KNOWN WHETHER GTE WILL ACCEPT WHAT IS LIKELY TO BE A MARGINAL
EQUITY STAKE OF BETWEEN 3 AND 5 9404140122 940414 DIVIDEND NEWS 
CENTER BANKS INC

CENTER BANKS INC SKANEATELES NY DECLARED A QUARTERLY DIVIDEND ITS
FIRST IN MORE THAN THREE YEARS OF FOUR CENTS A SHARE PAYABLE MAY 6 TO
STOCK OF RECORD APRIL 27 REGULATORS HAD ORDERED THE BANKING COMPANY TO OMIT
ITS DIVIDEND IN 1991 BECAUSE OF HEAVY LOSSES PRIMARILY FROM COMMERCIAL
LENDING THE COMPANY EARNED 803000 IN 1993 AFTER IT HAD LOSSES TOTALING
43 MILLION IN 1990 AND 1991 AND A PROFIT OF 348000 IN 1992
FIRSTQUARTER NET INCOME WAS 275000 OR 30 CENTS A SHARE UP FROM 74000
OR EIGHT CENTS A SHARE A YEAR EARLIER THE FIRSTQUARTER PROVISION FOR LOAN
LOSSES WAS 90000 DOWN 40 FROM A YEAR EARLIER AS OF MARCH 31 CENTER
BANKS HAD 924702 SHARES OUTSTANDING 9404140121 940414 INTERNATIONAL 
FIAT FORMS JOINT VENTURE

MILAN FIAT SPA SAID ITS IVECO COMMERICAL VEHICLE UNIT HAS AGREED TO FORM
A HEAVY TRUCK JOINT VENTURE WITH TWO RUSSIAN COMPANIES URALAZ AND GAZPROM

THE JOINT VENTURE WILL REQUIRE INITIAL CAPITAL OF 33 MILLION TO WHICH EACH
COMPANY WILL CONTRIBUTE EQUALLY

FIAT THE ITALIAN AUTO MAKER SAID ANNUAL PRODUCTION OF THE JOINT VENTURE IS
ENVISIONED TO BE 600 ARCTIC COMMERCIAL VEHICLES 2500 HEAVY TRUCKS AND
9000 VEHICLE CABS AND COMPONENTS

THE VEHICLES WILL BE SOLD THROUGH A SALES NETWORK THAT WILL COVER ALL OF THE
COMMONWEALTH OF INDEPENDENT STATES 9404140120 940414 INTERNATIONAL 
TURKISH PREMIER LOOKS TO WIN SUPPORT OF WEST  CILLER HOPES US
TRIP YIELDS HELP TO SPUR ECONOMY AND DEFEND SECULARISM  BY JAMES
M DORSEY STAFF REPORTER OF THE WALL STREET JOURNAL

ANKARA TURKEY PRIME MINISTER TANSU CILLER PORTRAYS HER EFFORTS TO
SALVAGE TURKEY'S AILING ECONOMY AS A BATTLE TO PRESERVE THE NATION'S
SECULARISM AND DEMOCRACY

THREE WEEKS AFTER MILITANT ISLAM FLEXED ITS MUSCLES IN TURKEY'S MUNICIPAL
ELECTIONS AND A WEEK AFTER ANNOUNCING TOUGH AUSTERITY MEASURES DESIGNED TO
REDUCE TURKEY'S 43 BILLION BUDGET DEFICIT MRS CILLER ARGUES THAT THE
TIME HAS COME FOR THE WEST TO PUT ITS MONEY WHERE ITS MOUTH IS

SPEAKING IN AN INTERVIEW AT HER OFFICIAL RESIDENCE ON THE EVE OF A VISIT TO
THE US FOR TALKS WITH PRESIDENT CLINTON AND THE INTERNATIONAL MONETARY
FUND SHE SAYS I NEED TO SUCCEED FOR SECULARISM  IN TURKEY  THE
WEST NEEDS TO MAKE A PREFERENCE WHICH LINE IT WANTS TO SEE THE TURKISH
MODEL OR THE IRANIAN ONE

SHE WARNS THAT LAST MONTH'S MUNICIPAL ELECTIONS SIGNAL WHAT COULD HAPPEN IF
TURKEY FAILS TO GET ITS ECONOMIC HOUSE IN ORDER THE PROISLAMIC REFAH PARTY
CASHED IN ON WIDESPREAD DISCONTENT TO WIN NEARLY 20 OF THE VOTE IT WON
CONTROL IN TURKEY'S TWO MOST IMPORTANT CITIES ISTANBUL AND ANKARA

PEOPLE REACTED TO THE ECONOMY MRS CILLER SAYS ADDING THAT BY VOTING FOR
REFAH VOTERS WERE WARNING THAT THIS IS WHAT I WILL DO IF YOU DON'T DO
SOMETHING  THAT'S WHY I NEED TO BE SUCCESSFUL

LESS THAN TWO WEEKS AFTER THE ELECTION SHE ANNOUNCED A TOUGH ECONOMIC
RECOVERY PACKAGE INVOLVING THE CLOSURE OF UNPROFITABLE STATEOWNED
ENTERPRISES MASS LAYOFFS LARGESCALE PRIVATIZATION THE FREEZING OF WAGES
DRASTIC PRICE INCREASES ONETIME TAXES AND MEASURES TO CUT DOWN THE FUNDING
OF PUBLIC DEFICITS

MRS CILLER HOPES THAT HER SHOCK THERAPY WILL LOWER INFLATION WHICH THIS
MONTH REACHED A FIVEYEAR HIGH AT 74 STABILIZE THE BATTERED TURKISH LIRA
AND BOOST EXPORTS

DETERIORATION IN FISCAL BALANCES DURING THE PAST SIX YEARS HAS BROUGHT
TURKEY TO THE BRINK OF BANKRUPTCY TOTAL FOREIGN DEBTS REACHED 66 BILLION
LAST YEAR AND THE 1993 CURRENTACCOUNT DEFICIT WIDENED TO AN ALLTIME HIGH
OF 63 BILLION A SHARP RISE IN IMPORTS AND THE SLOW PACE OF EXPORTS
PRODUCED A RECORD FOREIGN TRADE GAP OF 14 BILLION LAST YEAR

APPARENTLY CONSCIOUS OF WIDESPREAD CRITICISM THAT HER ECONOMIC POLICIES OVER
THE PAST NINE MONTHS HAVE EXACERBATED TURKEY'S ECONOMIC PROBLEMS MRS
CILLER INDICATED SHE WOULD DO WHAT IS NEEDED TO RESTORE INTERNATIONAL AND
DOMESTIC CONFIDENCE IN HER ECONOMIC POLICIES

TO BOOST CONFIDENCE IN HER ABILITY TO GUIDE TURKEY OUT OF ITS ECONOMIC
CRISIS FOREIGN AND DOMESTIC BANKERS HOPE MRS CILLER WILL RETURN FROM
WASHINGTON WITH A 3 BILLION TO 5 BILLION IMF STANDBY CREDIT THEY ALSO
INSIST THAT MRS CILLER DEMONSTRATE SWIFT MOVEMENT ON PRIVATIZATION MRS
CILLER HAS PREDICTED PRIVATIZATION REVENUE THIS YEAR OF 35 BILLION

BANKERS SAY AN IMF CREDIT WOULD ALMOST IMMEDIATELY REESTABLISH TURKEY'S
ACCESS TO FOREIGN CREDIT WHICH HAS DRIED UP WITH HER ACCESS TO DOMESTIC
CREDIT VIRTUALLY EXHAUSTED MRS CILLER HAS FEW OTHER PLACES TO GO HER
GOVERNMENT HAS ALREADY USED UP ALL BUT SOME 120 MILLION IT CAN BORROW FROM
THE CENTRAL BANK THIS YEAR

THE NEXT FEW MONTHS WILL BE VERY CRITICAL IN THE GOVERNMENT'S ATTEMPTS TO
ENSURE THAT IT CAN MEET OUTLAYS WITH THE EXISTING CASH FLOW SAYS KHOSROW
ZAMANI ISTANBUL REPRESENTATIVE OF THE INTERNATIONAL FINANCE CORP THE
COMMERCIAL ARM OF THE WORLD BANK

PRIVATELY IMF OFFICIALS QUESTION WHETHER MRS CILLER'S ECONOMIC RECOVERY
PROGRAM GOES FAR ENOUGH IN ONE EARLY INDICATION THE LIRA CONTINUED TO
SLIDE AFTER IT WAS ANNOUNCED THE OFFICIALS ARE PARTICULARLY SKEPTICAL OF
HER ATTEMPTS TO REDUCE THE BUDGET DEFICIT NOTING THAT MUCH OF THE REVENUE
EARNED THROUGH PRICE INCREASES AND TAXATION IS LIKELY TO BE ERODED BY
INFLATION

MRS CILLER LAST YEAR REJECTED THE NOTION OF AN IMF CREDIT BECAUSE OF THE
DISCIPLINE THAT THE FUND WOULD IMPOSE ON HER IMPLEMENTATION OF AUSTERITY
MEASURES HAD SHE DONE IT THEN THE TURKISH LIRA WOULD HAVE STABILIZED AT
33000 TO THE DOLLAR WITHOUT OVERNIGHT INTEREST RATES OF 300 SAYS EMRE
YIGIT HEAD OF RESEARCH AT GLOBAL SECURITIES INC ONE OF TURKEY'S FOREMOST
BROKERAGE HOUSES

THE DOLLAR LAST WEEK SHOT UP TO 42000 LIRA WHEN THE CENTRAL BANK TESTED THE
WATERS BY LOWERING OVERNIGHT INTEREST RATES TO 75 OVERNIGHT RATES HOVER
BETWEEN 200 AND 450 DOWN FROM LAST MONTH'S PEAK TO 1000

SENSITIVE TO THE THREAT OF WIDESPREAD SOCIAL UNREST AS A RESULT OF THE MASS
LAYOFFS AND SKEPTICISM IN THE BUSINESS COMMUNITY MRS CILLER STRESSED THE
NEED TO BUILD A CONSENSUS BEHIND HER ECONOMIC RECOVERY PLAN WE DO NOT HAVE
A CONSENSUS AS YET THE PRIME MINISTER ACKNOWLEDGED

BUT MRS CILLER REJECTED SUGGESTIONS SHE HAD PUT HER POLITICAL CAREER ON THE
LINE BY PROMISING A REVIEW OF HER RECOVERY PLAN IN THREE MONTHS' TIME
OTHERS DISAGREE CILLER MADE A MISTAKE SHE SET A DEADLINE FOR HERSELF
WARNED AN INFLUENTIAL FOREIGN BANKER

DESCRIBING MRS CILLER'S PACKAGE AS INCOMPLETE SAKIP SABANCI ONE OF
TURKEY'S WEALTHIEST AND MOST POWERFUL BUSINESSMEN SAID LAST WEEK THAT HE
WOULD EVALUATE THE GOVERNMENT'S PERFORMANCE THREE MONTHS FROM NOW

MRS CILLER NEEDS A SIGNAL OF WESTERN SUPPORT MORE THAN EVER TURKEY IS NOT
A COUNTRY TO BE NEGLECTED OR REJECTED THE WEST MUST RECOGNIZE THAT TURKEY
IS THE ISLAMIC WORLD'S ONLY SECULAR DEMOCRACY MRS CILLER SAYS
9404140119 940414 INTERNATIONAL DUTCH RETAIL SALES INCH UP

AMSTERDAM RETAIL SALES IN THE NETHERLANDS ROSE A NOMINAL 18 DURING
FEBRUARY FROM A YEAR EARLIER THE DUTCH GOVERNMENT SAID

BUT DATA FROM THE HAGUEBASED CENTRAL BUREAU FOR STATISTICS SHOW THAT
INFLATIONADJUSTED SALES WERE UP JUST 08 IN FEBRUARY FROM A YEAR EARLIER

FEBRUARY'S MODEST RISE REVERSED JANUARY'S YEARONYEAR 14 REAL DECLINE IN
RETAIL SALES THE STRENGTH SEEMED LARGELY DUE TO HIGHER SALES IN THE FOOD
SECTOR 9404140118 940414 WESTBRIDGE CAPITAL'S PREFERRED

FORT WORTH TEXAS WESTBRIDGE CAPITAL CORP AN INSURANCE CONCERN SAID IT
ISSUED 20 MILLION OF NONVOTING SERIES A CUMULATIVE CONVERTIBLE PREFERRED
STOCK PAYING A DIVIDEND OF 825 IN A PRIVATE PLACEMENT WITH INSTITUTIONAL
INVESTORS

PROCEEDS WERE USED TO FINANCE THE PREVIOUSLY ANNOUNCED ACQUISITION OF
NATIONAL FINANCIAL INSURANCE CO 9404140117 940414 LASMO ANNOUNCES RIGHTS
ISSUE

LONDON LASMO PLC ANNOUNCED A RIGHTS ISSUE TO RAISE 219 MILLION 3231
MILLION FOR NEW INVESTMENTS

THE OIL COMPANY WILL OFFER SHAREHOLDERS THE RIGHT TO BUY TWO NEW SHARES FOR
EACH SEVEN ALREADY HELD AT 105 PENCE A SHARE LASMO SHARES CLOSED YESTERDAY
AT 127 1/2 PENCE

LASMO SAID THE ISSUE WILL RAISE FUNDING FOR LOWCOST DEVELOPMENTS THAT ARE
EXPECTED TO BE PROFITABLE AT LOW OIL PRICES

THE RIGHTS ISSUE WILL BE MADE AVAILABLE TO US INVESTORS WHO REPRESENT
ABOUT 20 OF THE SHARE REGISTER 9404140116 940414 WHO'S NEWS GIBSON
GREETINGS INC

GIBSON GREETINGS INC CINCINNATI NELSON J ROHRBACH 53 YEARS OLD WAS
NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE COMPANY'S CLEO INC UNIT
BASED IN MEMPHIS TENN THE APPOINTMENT IS EFFECTIVE IMMEDIATELY HE
SUCCEEDS MICHAEL A PIETRANGELO WHO RESIGNED IN FEBRUARY TO PURSUE A LAW
PRACTICE MR ROHRBACH CONTINUES AS CHIEF EXECUTIVE OFFICER OF THE PAPER
FACTORY ANOTHER OF THE COMPANY'S UNITS GIBSON GREETINGS DESIGNS AND MAKES
CARDS GIFT WRAPPING PAPER AND RELATED SPECIALTY PRODUCTS 9404140115
940414 PORTFOLIO POKER JUST WHAT FIRMS DO WITH DERIVATIVES' IS 
SUDDENLY A HOT ISSUE  P&G'S LOSS SHOWS PITFALLS IN GETTING INTO THE
GAME OF OPTIONS AND SWAPS  SOME HEDGE SOME SPECULATE  BY
WALL STREET JOURNAL STAFF REPORTERS STEVEN LIPIN FRED R BLEAKLEY AND
BARBARA DONNELLY GRANITO

WHAT'S GOING ON HERE

CORPORATE TREASURERS HAVE LONG BEEN REGARDED AS MODELS OF CAUTION PAID TO
MANAGE THEIR COMPANIES' FINANCES PRUDENTLY AND CONSERVATIVELY

THAT WAS BEFORE PROCTER & GAMBLE CO'S ANNOUNCEMENT THIS WEEK THE COMPANY
DISCLOSED TUESDAY THAT WITH THE HELP OF BANKERS TRUST NEW YORK CORP IT
HAD MADE A BIG BET THAT INTEREST RATES HERE AND IN GERMANY WOULD FALL WHEN
INSTEAD THOSE RATES ROSE THE BETS BLEW UP P&G SAID IT WILL TAKE A ONETIME
PRETAX CHARGE OF 157 MILLION TO CLOSE OUT THE TWO INTERESTRATE SWAP
CONTRACTS IT HAD MADE

IT ADDED THAT THE COMPANY'S TREASURER RAYMOND D MAINS WHO WAS IN CHARGE
OF P&G'S PORTFOLIO IN SUCH DERIVATIVES WAS PUT ON SPECIAL ASSIGNMENT AND
SUCCEEDED BY THE COMPANY'S COMPTROLLER AND IT THREATENED TO SUE BANKERS
TRUST

YESTERDAY ALL OVER AMERICA CORPORATE CHIEFTAINS WERE TAKING A NEW LOOK AT
THEIR TREASURERS CALLING THEM UP AND DEMANDING TO KNOW WHAT SIMILAR
EXPOSURE IF ANY THEY HAD TO DERIVATIVES THE FINANCIAL CONTRACTS OFTEN
EXOTIC WHOSE VALUES DERIVE FROM CHANGES IN SOME OTHER MARKET TO WHICH THEY
ARE LINKED

AT COLGATEPALMOLIVE CO CHAIRMAN REUBEN MARK AND TREASURER BRIAN HEIDTKE
WERE ON THE PHONE TO EACH OTHER AS SOON AS WE GOT IN SAYS MR HEIDTKE
THE COMPANY ISSUED A STATEMENT THAT IT HAS A FIRM POLICY TO REDUCE
FINANCIAL RISK RATHER THAN TRADE FINANCIAL INSTRUMENTS FOR PROFIT AT
DUPONT CO TREASURER JOHN SARGENT REASSURED TOP BRASS THAT THE COMPANY'S
POSITIONS IN DERIVATIVES WERE IN KEEPING WITH DUPONT'S POLICY OF USING
PLAINVANILLA INSTRUMENTS THAT AREN'T AIMED AT MAKING A PROFIT

THAT GETS AT A KEY ISSUE THE PURPOSE TO WHICH A CORPORATION IS PUTTING
THESE HYBRID SECURITIES NOBODY KNOWS JUST HOW EXTENSIVELY CORPORATIONS ARE
USING THEM TO ENHANCE THEIR BOTTOM LINE RATHER THAN MERELY TO TRY TO PROTECT
IT BUT A RECENT SURVEY OF MAJOR COMPANIES BY TREASURY AND RISK MANAGEMENT
MAGAZINE SHOWED THAT 20 VIEW THEIR TREASURER'S OFFICE AS A PROFIT CENTER
RATHER THAN AS A MERE VEHICLE FOR FINANCING THE COMPANY'S OPERATIONS

OF COURSE DERIVATIVES HAVE BEEN AROUND FOR YEARS AND ARE NOW A STANDARD WAY
OF MANAGING THE RISKS OF FLUCTUATING INTEREST RATES AND CURRENCIES INDEED
THEY HAVE BECOME INCREASINGLY POPULAR IN THE PAST FEW YEARS BECAUSE THEY CAN
BE POWERFUL TOOLS TO HELP COMPANIES MANAGE ANY NUMBER OF RISKS SUCH AS
ENERGY OR RAWMATERIALS PRICES

BUT THEY CAN ALSO BECOME DANGEROUS WEAPONS WHEN WIELDED BY PEOPLE WHO USE
THEM RECKLESSLY OR DON'T FULLY UNDERSTAND THEM GIVEN THE ABRUPT TURN IN
INTEREST RATES THAT OCCURRED IN FEBRUARY EXPERTS PREDICT THAT P&G WON'T BE
THE LAST COMPANY TO DISCOVER ITS DERIVATIVES BETS HAVE GONE BAD VOLATILE
MARKETS CAN MAKE DERIVATIVES ESPECIALLY UNPREDICTABLE SOMETHING THAT TRIPS
UP EVEN THE MOST SOPHISTICATED PLAYERS OCCASIONALLY

THE RISK IN THESE DERIVATIVES FOR CORPORATIONS IS THAT THEY MOVE FROM
HEDGING THEIR RISKS TO TAKING RISKS SAYS STEVEN KOHLHAGEN SENIOR VICE
PRESIDENT AT FIRST UNION CORP IN CHARGE OF DERIVATIVES MARKETING ANYONE
WHO'S USING THESE INSTRUMENTS TO TAKE RISK NEEDS TO UNDERSTAND THEY'RE
GETTING INTO THE BUSINESS OF TRADING DERIVATIVES FOR PROFIT AND THAT'S A
VERY VOLATILE BUSINESS

A CONSULTANT WHO HELPS COMPANIES MANAGE THEIR DERIVATIVES RISKS BELIEVES
THAT A LOT MORE COMPANIES WILL SUSTAIN SOME LOSSES ON DERIVATIVES BUT THAT
MANY CASES WON'T BE PUBLICIZED IF IT'S ONLY A 10 OR 12 MILLION BLIP
YOU'RE NOT GOING TO READ ABOUT IT HE SAYS

CERTAINLY P&G IS SWEARING OFF THE RISKIER DERIVATIVES DERIVATIVES LIKE
THESE ARE DANGEROUS AND WE WERE BADLY BURNED ACKNOWLEDGES EDWIN L ARTZT
P&G'S 64YEAROLD CHAIRMAN WE WON'T LET THIS HAPPEN AGAIN

P&G'S CASE WASN'T THE FIRST MG CORP A UNIT OF GERMANY'S BIG
METALLGESELLSCHAFT AG PUSHED THE PARENT COMPANY TO THE EDGE OF BANKRUPTCY
EARLY THIS YEAR WHEN IT RACKED UP MORE THAN 1 BILLION OF LOSSES IN ENERGY
DERIVATIVES IN A FAILED ATTEMPT TO LOWER THE RISKS OF ITS OILDISTRIBUTION
BUSINESS A MONTH AGO CINCINNATIBASED GIBSON GREETINGS INC TOOK A 3
MILLION BATH ON AN UNAUTHORIZED SWAP THAT WENT BAD

AND WHILE CORPORATE TREASURERS NATURALLY TRY TO PUT IDLE CASH TO WORK AS
PROFITABLY AS POSSIBLE EVEN THE MUNDANE BUSINESS OF MANAGING CORPORATE CASH
HAS ITS RISKS IF A COMPANY PUSHES TOO HARD MARION MERRELL DOW INC THOUGHT
IT WAS A SMART MOVE TO GET A HIGHER YIELD ON ITS IDLE CASH BY GIVING SOME OF
IT TO DAVID ASKIN A NEW YORK HEDGEFUND MANAGER WHO WAS RUNNING WHAT HE
DESCRIBED AS A SAFE MARKETNEUTRAL STRATEGY INVOLVING RISKY MORTGAGE
DERIVATIVES MR ASKIN'S HEDGE FUNDS COLLAPSED LAST MONTH WHEN HIS STRATEGY
TURNED OUT TO HAVE BIG INTERESTRATE BETS AFTER ALL MARION'S MONEY WAS IN A
SEGREGATED ACCOUNT AND IT SAYS IT TOOK BACK THE INVESTMENT AS LOSSES BEGAN
TO MOUNT

BUT SUCH INSTITUTIONS NOT ONLY HAVE DIVERSIFIED PORTFOLIOS THEY HAVE ARMIES
OF BRAINY QUANTITATIVE ANALYSTS WITH SOPHISTICATED COMPUTER SYSTEMS TO TRACK
AND MANAGE FINANCIAL RISK THE INSTITUTIONS ARE ACCUSTOMED TO THE UPS AND
DOWNS OF A TRADING GAME IN WHICH THEY REGULARLY RAKE IN BILLIONS AT THE
COST OF OCCASIONAL STUNNING LOSSES

IT'S ONE THING IF YOU SEE GAINS AND LOSSES AT DEALERS WHO ARE IN THE
DERIVATIVES BUSINESS NOTES THE HEAD OF DERIVATIVES AT ONE NEW YORK BANK
BUT THE FACT THAT A COMPANY COULD DROP 100 TO 200 MILLION  IN
SOMETHING THAT IS NOT THEIR LINE OF BUSINESS THAT'S PRETTY INCREDIBLE EVEN
IN TODAY'S WORLD

CORPORATE FINANCE EXECUTIVES ALSO WORRY THAT P&G'S CASE MIGHT PROMPT
CONGRESS OR REGULATORS TO LIMIT THE USE OF DERIVATIVES IT'S VERY
UNFORTUNATE THIS HAPPENED SAYS BASIL ANDERSON CFO AT SCOTT PAPER CO IT
MAY TAINT THE LEGITIMATE USE OF DERIVATIVES HE SAYS SCOTT USES SWAPS ONLY
TO PROTECT ITSELF AND WE HAVE A COMPUTER SYSTEM THAT KEEPS TRACK OF OUR
ENTIRE PORTFOLIO ON A MINUTETOMINUTE BASIS

THE FINANCIAL ACCOUNTING STANDARDS BOARD IS ISSUING A PROPOSAL THIS FRIDAY
TO REQUIRE INCREASED DISCLOSURE OF DERIVATIVE RISK IN FINANCIAL REPORTS
THIS WOULD INCLUDE THE COMPANY'S OBJECTIVES DESCRIPTION OF THE RISKS
INVOLVING ASSETS AND THE STRATEGIES FOR SUCH TRANSACTIONS SAYS JEFFREY
MAHONEY AN ASSISTANT PROJECT MANAGER FOR FASB THE CHIEF RULEMAKING BODY
FOR ACCOUNTANTS COMPANIES WOULD HAVE TO SAY HOW AND WHERE IN THEIR
FINANCIAL REPORTS DERIVATIVE TRANSACTIONS ARE DESCRIBED THESE
OFFBALANCESHEET RISKS AREN'T ALWAYS FULLY DISCLOSED TODAY MR MAHONEY
NOTES

HOW COMPANIES USE DERIVATIVES DEPENDS TO A LARGE EXTENT ON HOW THEY VIEW THE
ROLE OF THEIR TREASURER HISTORICALLY CORPORATE TREASURERS HAVE BEEN THE
GUARDIANS OF THE CORPORATE ASSETS THEY RAISE FUNDS IN THE SHORT AND
LONGTERM DEBT MARKETS SUPPORT THE COMPANY'S INTERNATIONAL TRADE BY
ARRANGING FOREIGNCURRENCY DRAFTS AND LETTERS OF CREDIT SUPERVISE THE
MANAGERS OF THE CORPORATE PENSION FUND AND MONITOR A HOST OF BANK SERVICES
RANGING FROM CASH MANAGEMENT TO CHECKING ACCOUNTS DERIVATIVES CAN BE USEFUL
IN MEETING MANY OF THESE TRADITIONAL GOALS ESPECIALLY HEDGING INTERESTRATE
AND CURRENCY EXPOSURES

BUT IN A TIME OF CORPORATE CUTBACKS WHEN CHIEF EXECUTIVES ARE LOOKING FOR
EVERY DOLLAR THEY CAN FIND THE TREASURER'S OFFICE IS INCREASINGLY BECOMING
MORE AGGRESSIVE ABOUT MAKING MONEY TREASURERS ARE UNDER TREMENDOUS
PRESSURE TO PROVE THEIR WORTH IN AN ERA OF DOWNSIZING SAYS MAILE HULIHAN
EDITOR OF TREASURY AND RISK MANAGEMENT MAGAZINE

CERTAINLY THE INVESTMENT BANKERS WANT TO HELP THEM PROVE IT LEGIONS OF
SAVVY YOUNG MEN AND WOMEN AT PLACES LIKE BANKERS TRUST MERRILL LYNCH & CO
AND SALOMON INC ARE CONTINUALLY DREAMING UP NEW DERIVATIVES STRATEGIES TO
PITCH TO COMPANIES

WE'RE FINDING THAT SOME COMPANIES HAVE PURCHASED DERIVATIVES WITH ADDED
COMPLEXITY AND THAT THEY WERE NOT TOTALLY AWARE OF WHAT WOULD HAPPEN TO
THOSE INSTRUMENTS IN HIGHLY VOLATILE MARKETS SAYS FRED L COHEN A
DIRECTOR OF CORPORATE TREASURY CONSULTING FOR PRICE WATERHOUSE

IF TREASURERS DON'T ALWAYS COMPREHEND WHAT THEY'RE DOING THEIR BOSSES OFTEN
UNDERSTAND EVEN LESS ONLY 53 OF BIG USERS OF DERIVATIVES SAID THEIR BOARD
MEMBERS HAD SUFFICIENT UNDERSTANDING RELATIVE TO THE USE OF DERIVATIVES AT
THEIR ORGANIZATIONS ACCORDING TO A SURVEY SPONSORED BY THE GROUP OF 30 A
WASHINGTONBASED THINK TANK FULLY 29 SAID BOARD MEMBERS HAD LITTLE
UNDERSTANDING OF THE CONCEPTS AND RISKS OF DERIVATIVES INDEED THERE IS A
BOOMING BUSINESS FOR FORMER WALL STREET DERIVATIVES PROS WHO CAN HELP
COMPANIES UNDERSTAND THEIR DERIVATIVES POSITIONS

ARTHUR W BURGESS TREASURER OF BRITISH GAS PLC IN LONDON A LARGE
SOPHISTICATED USER OF DERIVATIVES BELIEVES BANKS PITCHING DERIVATIVE
STRATEGIES ARE NOT ALWAYS AS CAREFUL AS THEY MIGHT BE IN EXPLAINING ALL THE
CONSEQUENCES OF A DERIVATIVES TRADE THEY'LL POINT OUT THE ADVANTAGES TO YOU
AND THE CIRCUMSTANCES IN WHICH YOU'LL PROFIT BUT THEY WON'T NECESSARILY BE
AS CAREFUL IN POINTING OUT THE RISKS AND THE DOWNSIDE

LAST YEAR THE OFFICE OF THE COMPTROLLER OF THE CURRENCY IN EFFECT AGREED
THE OCC SAID IT WILL HOLD BANKS ACCOUNTABLE FOR MAKING CERTAIN THAT THE
DERIVATIVES THEY SELL TO COMPANIES ARE SUITABLE AND THAT THE COMPANIES
UNDERSTAND THE RISKS

A LOOK AT HOW P&G GOT INTO ITS COSTLY ENCOUNTER WITH RISKY DERIVATIVES
DEMONSTRATES HOW TEMPTING IT CAN BE FOR A COMPANY TO MAGNIFY ITS REWARDS AND
HOW DIFFICULT IT IS TO PREDICT THE RISKS IT ALSO RAISES QUESTIONS ABOUT THE
LEGAL LIABILITY OF THE BANKERS WHO PEDDLE THESE PRODUCTS AND THE CORPORATE
CONTROL THAT GOVERNS HOW MUCH RISK A COMPANY WILL TAKE

ACCORDING TO PEOPLE CLOSE TO BANKERS TRUST P&G APPROACHED THE BANK LATE
LAST YEAR WANTING TO TAKE A CERTAIN POSITION ON BOTH GERMAN AND US
INTEREST RATES ACCORDING TO THEM P&G HAD PROFITED HANDSOMELY LAST YEAR ON
OTHER EXOTIC INSTRUMENTS AS US INTEREST RATES FELL BUT A P&G SPOKESWOMAN
SUE HALE SAYS THAT THE PREVIOUS TRANSACTIONS WE WERE INVOLVED IN WITH
BANKERS TRUST WERE TOTALLY DIFFERENT FROM THE SWAPS THAT LED TO THE LOSSES

BANKERS TRUST PERHAPS THE MOSTAGGRESSIVE DEALER IN THE EXOTIC PART OF THE
DERIVATIVES MARKET GAVE THE COMPANY THREE CHOICES OF INSTRUMENTS THAT WOULD
SATISFY THE COMPANY'S NEEDS A PERSON CLOSE TO THE BANK SAYS ADDING THAT
P&G CHOSE THE MOST AGGRESSIVE OPTION THE SWAP IT CHOSE WAS DESIGNED TO
AMPLIFY THE RETURNS THAT MIGHT BE REALIZED BUT IT ALSO WOULD AMPLIFY THE
RISKS BOTH THE RISKS AND THE REWARDS WERE CLEARLY LAID OUT THE PERSON
SAYS

P&G SELECTED AMONG THOSE THREE THE OPTION THAT PROVIDED THE HIGHEST
POTENTIAL REWARD AND HIGHEST POTENTIAL RISK CONTENDS THE INDIVIDUAL
FAMILIAR WITH THE TRANSACTIONS

THE TRANSACTIONS WERE TWO COMPLEX SWAP AGREEMENTS THAT GAVE P&G
FLOATINGRATE DEBT PLUS A GENEROUS KICKER BUT THERE WAS A CATCH P&G HAD
TO GIVE BANKERS TRUST A SERIES OF PUT OPTIONS WHICH GAVE THE BANK THE
RIGHT TO SELL P&G TREASURY BONDS IN ONE DEAL AND GERMAN GOVERNMENT BONDS
IN THE OTHER AT A FIXED PRICE BY SOME FUTURE DATE IF INTEREST RATES 
ALREADY LOW BY HISTORICAL STANDARDS LATE LAST YEAR CONTINUED TO FALL
THERE WOULD BE NO PROBLEM THAT'S BECAUSE THE BONDS WOULD GAIN IN VALUE AND
BANKERS TRUST'S RIGHT TO FORCE P&G TO PURCHASE THEM WOULD BE WORTHLESS
APPARENTLY THAT SEEMED LIKE A SAFE BET TO P&G

BUT WHEN RATES BEGAN CLIMBING RAPIDLY IN FEBRUARY AND BOND PRICES PLUNGED
P&G WAS FACED WITH HAVING TO BUY BONDS FROM BANKERS TRUST AT PRICES ABOVE
PREVAILING MARKET LEVELS BANKERS TRUST SAYS IT ADVISED P&G TO CUT ITS
LOSSES AND GET OUT OF THE SWAPS OTHERWISE THE BANK WOULD BE IN THE
POSITION OF HAVING TO FORCE P&G TO MAKE GOOD ON ITS OBLIGATIONS

BUT P&G WOULDN'T BUDGE INDIVIDUALS CLOSE TO THE DEAL SAY

P&G DIDN'T ACTUALLY CLOSE OUT THE POSITIONS UNTIL LATE MARCH BY THEN
INTEREST RATES HAD RISEN EVEN HIGHER AND THE DAMAGE WAS MOUNTING

P&G CONTINUES TO PORTRAY ITSELF AS AN INNOCENT CAUGHT IN THE GREAT
DERIVATIVES FAD IT CONTENDS BANKERS TRUST DIDN'T SPELL OUT ALL THE RISKS
SAYS MS HALE THESE WERE INTENDED TO BE HEDGES WE USE SWAPS TO MANAGE AND
REDUCE OUR BORROWING COSTS NOT TO MAKE MONEY THE SWAPS TURNED OUT TO BE
SPECULATIVE TRANSACTIONS THAT WERE HIGHLY LEVERAGED AND DEPENDED ON
MULTIPLES OF FUTURE INTEREST RATES AND CLEARLY DID NOT FIT OUR POLICY

YET SHE ALSO STATES FIRMLY THAT IT IS THE JOB OF THE CORPORATE TREASURER TO
ADMINISTER AND IMPLEMENT P&G'S DERIVATIVES POLICY AND THAT THAT PERSON KNEW
ABOUT THE LEVERAGED SWAPS WHICH VIOLATED THE POLICY

COLLEAGUES DESCRIBE MR MAINS THE COMPANY'S 55YEAROLD TREASURER AS A
LOYAL CONSERVATIVE EMPLOYEE BUT SOMEONE WHOSE UNDERSTANDING OF COMPLEX
DERIVATIVES IS LIMITED THERE IS NO WAY THAT HE WOULD HAVE GOTTEN INTO A
GENUINELY SPECULATIVE SITUATION IF HE'D REALLY UNDERSTOOD SAYS A FORMER
P&G MANAGER WHO KNOWS MR MAINS MR MAINS COULDN'T BE REACHED

THE FORMER MANAGER ADDS THAT RAY IS CONSERVATIVE EXACTLY WHAT YOU'D
EXPECT OF A PROCTER & GAMBLE TREASURER I WOULD HAVE FELT COMFORTABLE
INVESTING MY 401K WITH HIM THERE'S NOTHING TO BE GAINED FOR SOMEBODY LIKE A
RAY MAINS TO GET INTO A SPECULATIVE SITUATION AND EVERYTHING TO LOSE IF IT
HAD BEEN A WONDERFUL SUCCESS THE MOST HE MAY HAVE EVER GOTTEN WOULD HAVE
BEEN A PAT ON THE HEAD

NOT EVERYONE BUYS THAT THOUGH AN INVESTMENT BANKER NOT FROM BANKERS
TRUST WHO HAS WORKED WITH P&G'S TREASURY DEPARTMENT SAYS IT'S ALWAYS
BEEN PRETTY SOPHISTICATED AND ACTIVE IN DERIVATIVE KINDS OF BUSINESSES WHAT
THE HELL ARE THEY DOING TALKING ABOUT SUING THEY KNOW THE RULES OF THE
GAME

GABRIELLA STERN AND MICHAEL R SESIT CONTRIBUTED TO THIS ARTICLE
9404140114 940414 WHO'S NEWS UPJOHN CO

UPJOHN CO KALAMAZOO MICH ANTHONY J TARASZKA 59 YEARS OLD VICE
PRESIDENT FOR PHARMACEUTICAL CONTROL WILL RETIRE APRIL 15 NO SUCCESSOR HAS
BEEN NAMED 9404140113 940414 WHO'S NEWS COLTEC INDUSTRIES INC

COLTEC INDUSTRIES INC NEW YORK PAUL G SCHOEN AN EXECUTIVE VICE
PRESIDENT CHIEF FINANCIAL OFFICER AND TREASURER OF THIS AEROSPACE
AUTOMOTIVE AND INDUSTRIAL MANUFACTURING COMPANY WAS ELECTED A DIRECTOR
INCREASING THE BOARD TO 10 MEMBERS 9404140112 940414 INTERNATIONAL 
TURMOIL AT GERMANY'S SCHNEIDER TAKES TOLL ON BANKS CONTRACTORS AND OTHERS
  BY TERENCE ROTH STAFF REPORTER OF THE WALL STREET JOURNAL

FRANKFURT AS GERMAN BANKS WERE FRETTING ABOUT THEIR MULTIBILLIONDOLLAR
EXPOSURE TO A TEETERING GERMAN PROPERTY CONCERN MORGAN STANLEY GROUP INC
WAS WORRYING ABOUT LOSING ITS DOORS

WHEN THE US INVESTMENT FIRM'S FRANKFURT STAFFERS ARRIVED FOR WORK TUESDAY
THEY DISCOVERED THAT UNPAID CONTRACTORS HAD SLIPPED IN WITH THE PREDAWN
CLEANING TEAM AND WERE TAKING DOORS OFF HINGES AND CARTING THEM OUT OF THE
BUILDING THEY HAD RECENTLY RENOVATED FOR PROPERTY DEVELOPER JUERGEN
SCHNEIDER

THE FLAMBOYANT REALESTATE MAGNATE WHO ACQUAINTANCES SAID RARELY TRAVELED
WITHOUT BODYGUARDS OR A PERSONAL SIDEARM LAST WEEK VANISHED ALONG WITH HIS
HEIRESS WIFE MR SCHNEIDER LEFT HIS HEAVILY INDEBTED PROPERTY EMPIRE
WITHOUT FUNDS AND HIS CONTRACTORS WITHOUT PAYMENT

SIMILAR SCENES HAVE BEEN APPEARING ALL OVER GERMANY AS BANKS AND CONTRACTORS
TRY TO FIGURE OUT HOW TO GET BACK AN ESTIMATED EIGHT BILLION TO NINE BILLION
MARKS 465 BILLION TO 523 BILLION IN CREDITS AND UNPAID BILLS FROM DR
JUERGEN SCHNEIDER AG ONE OF THE COUNTRY'S LARGEST REALESTATE COMPANIES IF
THE DEBT ESTIMATES ARE EVEN CLOSE THE SCHNEIDER CASE COULD BECOME THE
BIGGEST BANKRUPTCY IN GERMANY'S POSTWAR HISTORY CASTING A NEW CLOUD OVER
GERMAN BANKS AND ROILING THE COUNTRY'S WEAKENED PROPERTY MARKET

BANKERS WHO PUT SCHNEIDER'S TOTAL BANK DEBT AT ROUGHLY FIVE BILLION MARKS
ARE TO MEET IN FRANKFURT TODAY TO SEE WHAT CAN BE SALVAGED FROM GERMANY'S
LATEST SUCCESS STORY GONE BUST MR SCHNEIDER'S DISAPPEARANCE ABRUPTLY ENDED
A METEORIC 13YEAR CAREER AS A PRIVATE DEVELOPER SHOCKING BANKS MORE THAN
MANY OF HIS BUSINESS ASSOCIATES WHO HAD LONG COMPLAINED OF HIS BUSINESS
PRACTICES AND AGGRESSIVE EXPANSION

IT COULD BE A MESSY CLEANUP MR SCHNEIDER'S BUSINESS PARTNERS SAID HE RULED
HIS COMPANY LIKE A FEUDAL CHIEFTAIN COMPLICATING ATTEMPTS TO CONDUCT A
FINANCIAL POSTMORTEM AND TO TRACK ASSETS IN MR SCHNEIDER'S NAME IF THAT
ISN'T BAD ENOUGH THE DEBACLE PUTS ANOTHER BLEMISH ON GERMANY'S FINANCIAL
ESTABLISHMENT AGAIN RAISING QUESTIONS ABOUT BANKS' LARGESS WITH BUSINESSES
THAT AREN'T OVERLY SCRUTINIZED BY SUPERVISORY BOARDS INDUSTRY REGULATORS OR
POLITICIANS IN GERMANY'S CLOSEKNIT BUSINESS COMMUNITY

THE COMPANY CLAIMS THAT IT WAS SURPRISED TO LEARN THAT MR SCHNEIDER WAS
ABANDONING HIS FIRM FOR UNSPECIFIED HEALTH REASONS THE FIRM SAID IT DOESN'T
KNOW WHERE HE IS AND ADDED THAT ALL ASSETS HAVE BEEN BLOCKED WITH
BANKRUPTCY PROCEEDINGS LOOMING AS A DISTINCT POSSIBILITY HUNDREDS OF
CONTRACTORS KNOW THEY WOULD BE LAST IN LINE FOR DEBTS TO BE PAID AND ARE
POCKETING THEIR TOOLS AND WHAT COLLATERAL THEY CAN GET THEIR HANDS ON

WHAT'S LEFT IN THE TILL BANKERS SAID THEY DON'T KNOW AND CAN'T CONFIRM
REPORTS THAT MR SCHNEIDER'S ASSETS TOTALED AS MUCH AS FIVE BILLION MARKS
BUT SAID ONE BANK OFFICIAL THE DEBT IS PROBABLY MORE THAN THE ASSETS

THE SCHNEIDER AFFAIR HAS PUT GERMANY'S BUSINESS ESTABLISHMENT BACK ON DAMAGE
CONTROL AFTER THE NEARBANKRUPTCY IN JANUARY OF THE METALLGESELLSCHAFT AG
METALS AND ENGINEERING CONCERN FOLLOWING SIZABLE OILTRADING LOSSES

THE BANKS WOULD BE HARDPRESSED TO REPEAT A METALLGESELLSCHAFTSTYLE RESCUE
FOR THE SCHNEIDER GROUP THOUGH IN JANUARY 120 BANKS AGREED TO A 34
BILLIONMARK RESCUE PLAN FOR METALLGESELLSCHAFT WHICH HAD NINE BILLION
MARKS IN DEBT WHAT MAKES SCHNEIDER DIFFERENT IS THAT IT IS A PROPERTY
DEVELOPER WITH ONLY A FEW HUNDRED FULLTIME EMPLOYEES THAT REPORTEDLY IS
CARRYING THE SAME DEBT LOAD AS GERMANY'S 14THLARGEST INDUSTRIAL GROUP AS
WITH METALLGESELLSCHAFT DEUTSCHE BANK TOPS THE LIST OF CREDITORS

FRANKFURT'S BLEMISHED IMAGE ASIDE FINANCIAL ANALYSTS DON'T SEE GERMAN BANKS
AS BEING IN ANY IMMEDIATE DANGER BECAUSE MOST OF THEIR EXPOSURE IS IN
MORTGAGEBACKED CREDITS THE STOCK MARKET IS OFF BECAUSE EVERYBODY IS
ASKING WHO'S OWED WHAT AND WHICH PROPERTY COMPANY IS THE NEXT IN LINE BUT
THE ASSUMPTION IS THAT GERMAN BANKS CAN COPE WITH THIS SAID ALISON
COTTRELL A GERMAN ANALYST AT MIDLAND GLOBAL MARKETS RESEARCH IN LONDON

BUT SHOCK WAVES ARE RIPPLING THROUGH GERMANY'S OVEREXTENDED COMMERCIAL
REALESTATE MARKET WHERE RENTS HAVE BEEN FALLING ALONGSIDE OCCUPANCY RATES
IN A WEAK ECONOMY EVERY ONE HAS WOKEN UP SOMEWHAT SAID LUDWIG GLATZEL
DIRECTOR OF THE HESSE STATE BUILDERS ASSOCIATION THE DIMENSIONS OF THIS
CASE WOULD GIVE ANYONE PAUSE

BUILDERS WORRY THAT BANKS ACROSS THE COUNTRY COULD NOW TAKE A CLOSER LOOK AT
FALLING RENTS FOR PRIME COMMERCIAL PROPERTIES WHICH HAVE TUMBLED BY AS MUCH
AS A THIRD ALREADY THE SECTOR IS TALKING ABOUT A SMALLER GERMAN VERSION OF
THE TROUBLES THAT CAUGHT UP WITH DONALD TRUMP'S US PROPERTY EMPIRE AND THE
REICHMANN BROTHERS' CANADIANBASED OLYMPIA & YORK DEVELOPMENTS LTD PROPERTY
COMPANY DURING THE US AND BRITISH RECESSIONS

PEOPLE IN THE BUILDING BUSINESS SAID MR SCHNEIDER A FORMER EMPLOYEE OF THE
PHILLIP HOLZMANN AG BUILDING GROUP PILED UP BILLIONS IN DEBT FROM ONE
PROJECT TO THE NEXT SINCE BEGINNING HIS OWN DEVELOPMENT BUSINESS IN 1981

I AM NOT ESPECIALLY SURPRISED SAID PROF GLATZEL WE'VE HAD RESERVATIONS
ABOUT HIM FOR 10 YEARS HE SAID THAT MR SCHNEIDER WOULD OFTEN DELAY
PAYMENT TO CONTRACTORS

OTHER PROPERTY DEVELOPERS HAD QUESTIONED MR SCHNEIDER'S UNUSUAL PRACTICE OF
BUYING PRIME COMMERCIAL PROPERTIES RENOVATING THEM AND THEN RETAINING
OWNERSHIP TO PULL IN HIGHER RENTS THAT RUNS CONTRARY TO THE USUAL PATTERN
OF SELLING RENOVATED BUILDINGS AT A HANDSOME PROFIT AND THEN MOVING ON TO
THE NEXT PROJECT

INSTEAD MR SCHNEIDER'S PRACTICE WAS TO TAKE OUT A HEFTY MORTGAGE ON HIS
RESTORED BUILDINGS TO FINANCE THE NEXT PROJECT THE CIRCLE NEVER CLOSED HE
WAS MOVING TOO FAST PROF GLATZEL SAID

MR SCHNEIDER JUMPED INTO EASTERN GERMANY AFTER UNIFICATION BUYING A
LEIPZIG CONSTRUCTION COMPANY AND TAKING ON SEVERAL MAJOR PROJECTS THERE
MEANTIME HE WAS ALSO MOVING QUICKLY INTO GERMANY'S HIGHER PROFESSIONAL AND
SOCIAL CIRCLES AS SUCCESS FOLLOWED SUCCESS HE MOVED INTO A CAVERNOUS CASTLE
IN KOENIGSTEIN AN AREA NESTLED IN THE TAUNUS FOOTHILLS AND POPULAR WITH
FRANKFURT'S OLDMONEY CLASS OLD BUILDINGS IN MUNICH FRANKFURT AND
WIESBADEN BECAME GLITTERING SHOPPING ARCADES AND GRAND HOTELS HE FOCUSED ON
THE BEST ADDRESSES IN THE BEST LOCATIONS OF GERMANY'S BEST CITIES EVEN HIS
CRITICS CONCEDE THAT HIS PROJECTS CAME OUT IN GRAND STYLE

HE BECAME A KIND OF GERMAN DONALD TRUMP CULTIVATING POLITICIANS THE
CHARITIES ANYTHING TO GET INTO THE LIMELIGHT SAID A FRANKFURT AREA
DEVELOPER AND FORMER ASSOCIATE OF MR SCHNEIDER

INDUSTRY SOURCES CLAIM THAT EARLY SIGNS OF TROUBLE SHOULD HAVE BEEN DETECTED
IN 1992 WHEN HE BROKE WITH HIS BUSINESS STRATEGY AND SOLD A MAJOR PROPERTY
THE FORMER FUERSTENHOF HOTEL IN FRANKFURT TO KOWA REAL ESTATE INVESTMENT
CO OF JAPAN FOR A REPORTED 450 MILLION MARKS THE HUGE CLASSICAL BUILDING
IS NOW RENTED OUT TO DRESDNER BANK AG

HE TRIED TO SWING THE TIDE BY SELLING THE FUERSTENHOF BUT HIS MIDAS TOUCH
HAD LEFT HIM SAID THE FRANKFURT DEVELOPER

INDUSTRY INSIDERS CLAIM THAT MR SCHNEIDER'S TROUBLES BEGAN AS HE CONTINUED
EXPANDING DESPITE GERMANY'S RECESSION BUT RECONSTRUCTING THE EVENTS THAT
LED TO HIS SUDDEN DISAPPEARANCE COULD TAKE WEEKS A GOVERNMENT INVESTIGATION
HAS BEEN CALLED AT THE SPECIAL REQUEST OF CHANCELLOR HELMUT KOHL

MEANTIME CITY HALLS FROM WIESBADEN TO LEIPZIG ARE FRETTING ABOUT
HALFFINISHED PROJECTS FUTURE OWNERSHIP OF GLITTERING URBAN PROPERTIES AND
THE JOBS OF HUNDREDS OF CONTRACTORS WORKING FOR THE SCHNEIDER GROUP IN
LEIPZIG ALONE UNION OFFICIALS WORRY THAT AS MANY AS 4000 WORKERS COULD
LOSE THEIR JOBS

WE'RE ALL SHOCKED AT HOW QUICKLY THE COLLAPSE HAPPENED SAID GERD ULRICH
MUELLER AN OFFICIAL AT THE FRANKFURT CONTRACTORS CHAMBER HE OBVIOUSLY
TOOK IT TO THE LIMIT GOT VERY BIG VERY FAST MAYBE IT ALL CAUGHT UP WITH
HIM 9404140110 940414 LAW LEGAL BEAT FILINGS ABOUT BROKERS'
DEPARTURES MADE BY FIRMS SPARK LIBEL SUITS  BY EDWARD FELSENTHAL 
STAFF REPORTER OF THE WALL STREET JOURNAL

MICHAEL SHEELEY SAYS HE CAN'T GET A JOB BECAUSE HIS LAST EMPLOYER MALIGNED
HIM ON A GOVERNMENT FORM THAT HAD TO BE FILED WHEN THE STOCKBROKER WAS
FIRED

LIKE SCORES OF OTHER DISCHARGED BROKERS MR SHEELEY HAS STRUCK BACK BY
ACCUSING HIS FORMER EMPLOYER OF LIBEL IN THE WORDING OF THE TERMINATION
NOTICE REQUIRED BY THE SECURITIES AND EXCHANGE COMMISSION THE FORM WHICH
EXPLAINS THE REASONS FOR A BROKER'S DEPARTURE MUST BE FILLED OUT WHENEVER A
BROKER LEAVES HIS JOB IT IS INTENDED TO PROTECT INVESTORS BY MAKING IT EASY
FOR THEM TO GET INFORMATION ABOUT THEIR BROKER'S WORK HISTORY STATE
LICENSING AUTHORITIES AND BROKERAGE HOUSES ALSO USE THE FORM TO SCREEN JOB
APPLICANTS

BUT SOME LAWYERS SAY THE TERMINATION NOTICE IS PUTTING BROKERS AT THE MERCY
OF SECURITIES FIRMS WHICH CAN USE THE THREAT OF AN UNFAVORABLE WRITEUP TO
KEEP A DEPARTING EMPLOYEE FROM DEMANDING SEVERANCE MONEY OR TAKING ALONG
CLIENTS MEANWHILE THE BROKERAGE INDUSTRY IS SEEKING LEGAL PROTECTIONS THAT
WOULD GIVE IT EVEN GREATER FREEDOM TO FILL OUT THE FORM KNOWN AS A U5
WITHOUT THE RISK OF BEING HELD LIABLE FOR DEFAMING INDIVIDUAL BROKERS

WITH THE FILLING OUT OF THAT SIMPLE TWOPAGE FORM FIRMS CAN EFFECTIVELY
BLACKBALL AN EMPLOYEE FROM WORKING IN THE SECURITIES INDUSTRY SAYS HAYWARD
PRESSMAN A NEW YORK LAWYER WHO REPRESENTS MR SHEELEY IT'S LIKE THE JUDGE
AND JURY ALL WRAPPED UP IN ONE

IN MR SHEELEY'S CASE HIS EMPLOYER GNA SECURITIES INC STATED IN THE FORM
THAT HE WAS FIRED AFTER HE REPEATEDLY FORGED THE SIGNATURE OF THE BRANCH
MANAGER AT THE BANK WHERE HE SOLD SECURITIES ON BEHALF OF GNA MR SHEELEY
CONTENDS THAT HE AND OTHER EMPLOYEES HAD BEEN AUTHORIZED TO SIGN THE
MANAGER'S NAME ON A VARIETY OF DOCUMENTS AND THAT HE BECAME A SCAPEGOAT
WHEN THE PRACTICE WAS DISCOVERED

SINCE LEAVING GNA MR SHEELEY SAYS HE HAS HAD SEVERAL UNSUCCESSFUL JOB
NEGOTIATIONS WITH OTHER FIRMS EACH TIME THIS TOPIC HAS BEEN THE KILLER
HE SAYS PEOPLE WERE VERY UNDERSTANDING BUT ALMOST HAD THEIR HANDS TIED
BECAUSE OF THEIR OWN POTENTIAL LIABILITY FOR HIRING SOMEONE WITH A RED FLAG
ON HIS SEC FORM HE SAYS

MR SHEELEY HAS REQUESTED AN ARBITRATION HEARING IN WHICH HE SEEKS TO
REQUIRE GNA TO AMEND THE FORM AND AWARD MONETARY DAMAGES THE FINANCIAL
EXCHANGES WHICH ARE COMPOSED OF MEMBER BROKERAGE FIRMS REQUIRE MOST
EMPLOYMENT DISPUTES TO BE ARBITRATED RATHER THAN TRIED IN COURT

GNA SECURITIES A UNIT OF SEATTLEBASED GNA CORP DECLINED TO COMMENT ON
THE CASE

INDUSTRY OFFICIALS ACKNOWLEDGE THAT GUARDING INVESTORS FROM UNSCRUPULOUS
BROKERS IS A DELICATE REGULATORY BALANCING ACT THERE ARE MANY
COUNTERVAILING RIGHTS OBSERVES DEBORAH MASUCCI DIRECTOR OF ARBITRATION AT
THE NATIONAL ASSOCIATION OF SECURITIES DEALERS IN NEW YORK IN ADDITION TO
INVESTORS' RIGHTS SHE SAYS FIRMS HAVE THE RIGHT TO PROTECTION FROM
LIABILITY WHEN THE FORM IS THOROUGH AND ACCURATE YOU ALSO WANT TO BE ABLE
TO PROTECT THE EMPLOYEE SHE ADDS

TO ADDRESS SUCH CONCERNS THE EXCHANGES AND VARIOUS INDUSTRY GROUPS ARE
DISCUSSING A POSSIBLE REDESIGN OF THE FORM THAT WOULD STANDARDIZE FIRMS'
RESPONSES REDUCING THE OPPORTUNITY FOR EXPLANATIONS THAT ARE FREEFORM AND
POTENTIALLY LIBELOUS BROKERAGE HOUSES ALSO ARE URGING THE EXCHANGES TO
RECOMMEND THAT THE SEC SHIELD FIRMS FROM LIABILITY WHEN ENTRIES ON THE FORM
ARE MADE IN GOOD FAITH

ALTHOUGH NO ONE OFFICIALLY TRACKS SUCH CASES MS MASUCCI AND OTHER
SECURITIES LAWYERS SAY A GROWING NUMBER OF BROKERS ARE REQUESTING
ARBITRATION HEARINGS IN PART THAT'S BECAUSE HEAVY EMPLOYEE TURNOVER IN THE
INDUSTRY HAS INCREASED THE USE OF THE SEC FORM LAWYERS SAY IN ADDITION
THE LURE OF BIG DAMAGE AWARDS IN SOME RECENT CASES MAY BE ENCOURAGING MORE
DISCHARGED BROKERS TO REQUEST ARBITRATION PROCEEDINGS

IN A CASE LAST FALL FOR EXAMPLE AN ARBITRATION PANEL ORDERED DEAN WITTER
DISCOVER & CO TO PAY 15 MILLION TO A FORMER BRANCH MANAGER WHO SAID HE
WAS DEFAMED ON HIS TERMINATION NOTICE THE PREVIOUS YEAR A FORMER
PAINEWEBBER GROUP INC EXECUTIVE WAS AWARDED 1 MILLION AFTER AN ARBITRATION
PANEL FOUND THAT THE FIRM HAD DEFAMED HIM

SOME BROKERS ALSO HAVE WON CHANGES IN THE WORDING OF THEIR TERMINATION
NOTICES IN A RECENT CASE AGAINST RAYMOND JAMES & ASSOCIATES INC A PANEL
ORDERED THAT THE EXPLANATION FOR A BROKER'S DISCHARGE BE CHANGED TO
PERSONALITY CONFLICT FROM UNPROFESSIONAL CONDUCT/VERBAL AND PHYSICAL
ABUSE OF A FELLOW EMPLOYEE

TWO LEGAL RULINGS IN LONDON HAVE GIVEN A MAJOR BOOST TO INVESTORS IN THE
LLOYD'S OF LONDON INSURANCE MARKET WHO ARE SUING THEIR AGENTS OVER LOSSES
RUNNING INTO BILLIONS OF DOLLARS

IN ONE CASE TWO INDIVIDUAL INVESTORS WON A HIGH COURT SUIT FOR DAMAGES
AGAINST THE MEMBERS' AGENTS WHO REPRESENTED THEM IN THE MARKET FOR
IMPROPERLY PLACING THEM ON HIGHRISK INSURANCE SYNDICATES

SEPARATELY BRITAIN'S HIGHEST APPEALS COURT THE HOUSE OF LORDS UPHELD A
LOWER APPEALS COURT RULING TO THE EFFECT THAT MEMBERS' AGENTS ARE
CONTRACTUALLY LIABLE FOR NEGLIGENT UNDERWRITING BY THE MANAGING AGENTS WHO
RUN LLOYD'S OF LONDON'S INSURANCE SYNDICATES

UNDER LLOYD'S COMPLEX MARKET STRUCTURE MEMBERS' AGENTS REPRESENT INDIVIDUAL
MEMBERS OR NAMES IN DEALINGS WITH MANAGING AGENTS WHO RUN THE SYNDICATES
THAT MAKE UP THE MARKET BY UNDERWRITING INSURANCE BUSINESS

THE HOUSE OF LORDS RULING PAVES THE WAY FOR A SERIES OF SUITS BY GROUPS
REPRESENTING DISGRUNTLED LLOYD'S NAMES AGAINST BOTH MEMBERS' AND MANAGING
AGENTS THE HIGH COURT RULING MEANWHILE SEEMS LIKELY TO OPEN THE
FLOODGATES TO A DELUGE OF SUITS BY INDIVIDUAL NAMES AGAINST MEMBERS' AGENTS
ON THE GROUNDS OF IMPROPER PORTFOLIO SELECTION

IN THE PAST SIX YEARS DISASTERS INCLUDING THE PIPER ALPHA OILRIG WRECK
HURRICANE HUGO AND THE EXXON VALDEZ OIL SPILL HAVE CAUSED LOSSES OF BILLIONS
OF DOLLARS PROMPTING SUITS BY THOUSANDS OF NAMES INCLUDING HUNDREDS IN THE
US WHO CLAIMED THEY DID NOT KNOW THEY WOULD BE INCURRING SUCH RISKS

NOTED LAWRENCE GIBBS FORMER US COMMISSIONER OF INTERNAL REVENUE AND NAME
PARTNER OF THE DALLAS LAW FIRM JOHNSON & GIBBS WILL JOIN THE WASHINGTON LAW
FIRM MILLER & CHEVALIER RICHARD STARK FORMER ASSISTANT TO THE
COMMISSIONER WILL ALSO LEAVE JOHNSON & GIBBS TO JOIN MILLER & CHEVALIER A
SPOKESWOMAN FOR JOHNSON & GIBBS SAID THE FIRM HASN'T DECIDED UPON A NEW
NAME

NICHOLAS BRAY CONTRIBUTED TO THIS ARTICLE 9404140109 940414 LETTERS TO
THE EDITOR ST PATRICK BELONGS' TO THE ROMAN CHURCH

ROBERT LESLIE HOLMES OF PITTSBURGH ERRS IN HIS CRITICISM LETTERS APRIL 5
OF GEORGE MELLOAN'S MARCH 17 EDITORIALPAGE ESSAY ABOUT ST PATRICK THE
CHURCH OF ROME DID NOT ACKNOWLEDGE ITSELF AS ROMAN CATHOLIC IN THE FIFTH
CENTURY NOR IN THE 20TH CENTURY BUT THE CELTIC CATHOLIC CHURCH CALLED THE
CHURCH OF ROME ROMISH CATHOLIC AND THE CHURCH OF ROME CALLED THE CELTIC
CATHOLIC CHURCH NONCATHOLIC SO MR MELLOAN IS ON SOLID GROUND WHEN HE SAID
ST PATRICK HIMSELF ONCE WANDERED THEREABOUTS CONVERTING THE HEATHEN IRISH
TO ROMAN CATHOLICISM

AFTER BISHOP CELESTINE SENT PALLADIUS TO IRELAND AND PALLADIUS MET WITH
FAILURE AND HOSTILITY PATRICK WAS COMMISSIONED BY THE BISHOP OF ROME TO
REPLACE PALLADIUS WHO HAD LEFT THIS WAS IN 432 PATRICK DID NOT CELEBRATE
IN THE GAELIC LITURGY OF HIS GRANDFATHER BUT CELEBRATED THE MASS IN THE
LATIN LITURGY OF THE ROMAN CHURCH WHEN HE WAS ORDAINED HE TOOK THE VOW OF
CELIBACY A PRACTICE OF THE ROMAN CHURCH BUT NOT OF THE CELTIC CATHOLIC
CHURCH OR ELSE PATRICK WOULD NOT HAVE BEEN THERE AND WHEN HE WAS A
MISSIONARY IN IRELAND HE TAUGHT HIS CONVERTS TO CELEBRATE EASTER ON THE DAY
THAT THE CHURCH OF ROME DID NOT ON THE WRONG DAY OF THE CELTIC CATHOLIC
CHURCH

MR HOLMES'S LETTER IS INACCURATE IN THE FIFTH CENTURY THE AUTHORITY OF
THE POPE WAS NOT FULLY ACCEPTED IN THE EAST AND BY THE TIME THE BOOK OF
ARMAGH WAS WRITTEN IN THE NINTH CENTURY THE GREAT SCHISM HAD OCCURRED AND
CHRISTENDOM WAS SPLIT INTO THE ROMAN CATHOLIC AND GREEK ORTHODOX CHURCHES
THAT NEITHER GROUP RECOGNIZED THE OTHER DOES NOT MAKE THIS ANY LESS TRUE
ALTHOUGH MANY IRISH FOLLOWED A DRUIDIC RELIGION THERE WERE ALSO MANY
CHRISTIANS IN IRELAND AT THE TIME OF ST PATRICK WHO WERE NOT IN COMMUNION
WITH ROME

MR HOLMES ALSO SUGGESTS THAT HAD ST PATRICK LIVED AT THE TIME OF THE
REFORMATION HE WOULD HAVE BEEN IN SYMPATHY WITH THEIR CAUSE IN A BIZARRE
ATTEMPT TO MAKE ST PATRICK INTO A PROTOPROTESTANT I SUBMIT THAT THIS
CANNOT BE KNOWN THE REMOVE OF OVER A MILLENNIUM AND THE QUITE DIFFERENT
TENOR OF THE TIMES MAKES IT IMPOSSIBLE TO MAKE SUCH AN ASSERTION I MIGHT
ALSO POINT OUT THAT NO PROTESTANT GROUP ACCEPTS THE SAINTHOOD OF PATRICK
THEREFORE ST PATRICK BELONGS TO THE ROMAN CATHOLIC CHURCH AND WHILE HE
MAY BE HONORED BY ALL CHRISTIANS AS THE MAN WHO BROUGHT CHRISTIANITY TO ALL
OF IRELAND HE MUST BE SEEN PRIMARILY AS A SAINT IN COMMUNION WITH ROME
9404140108 940414 PRICE/COSTCO POSTS GAINS

KIRKLAND WASH PRICE/COSTCO INC SAID IT POSTED SALES OF 118 BILLION
FOR THE FOUR WEEKS ENDED SUNDAY AN INCREASE OF 5 FROM 112 BILLION A YEAR
AGO

FOR THE LATEST 32 WEEKS THE COMPANY HAD SALES OF 994 BILLION UP 6 FROM
YEAREARLIER SALES OF 934 BILLION COMPARABLESTORE SALES IN BOTH PERIODS
FELL 3

PRICE/COSTCO CURRENTLY OPERATES 214 WAREHOUSE STORES IN THE US AND CANADA
ONE IN THE UNITED KINGDOM AND FIVE IN MEXICO THE MEXICAN STORES ARE WITH A
JOINTVENTURE PARTNER 9404140107 940414 ON TV TALK SHOWS LIBLICK'S ALL
THE RAGE  MOST OF IT ANYWAY  A STUDIOAUDIENCE REGULAR HE
STARTLES GUESTS PLEASES PRODUCERS WITH TIRADES  BY MITCHELL
PACELLE STAFF REPORTER OF THE WALL STREET JOURNAL

NEW YORK IN THE ROGUE'S GALLERY OF DAYTIME TELEVISION TALKSHOW GUESTS
TIM IS ONLY MODERATELY DETESTABLE HE IS APPEARING WITH HIS OVERWEIGHT WIFE
ON THE RICKI LAKE SHOW TO RIDICULE HER FOR NOT KEEPING SLIM

BUT TO AUDIENCE MEMBER BILL LIBLICK THE MAN MIGHT AS WELL BE A
NARCOTERRORIST WHEN MS LAKE THRUSTS THE MICROPHONE IN FRONT OF MR
LIBLICK HE LAUNCHES INTO A TWOMINUTE RANT

YOU BE QUIET AND LISTEN TO ME HE SCREAMS EYES BULGING FINGER JABBING
THE AIR WHY DON'T YOU SIT IN A LITTLE ROOM AND LICK THE WALL BECAUSE
THAT'S WHAT YOU'RE GOOD FOR AND WEAR A LONG THIN DUNCE CAP BECAUSE YOU'RE
A LITTLE CHILD THE AUDIENCE STAMPS ITS FEET AND WHOOPS IN APPROVAL

IN A VAIN ATTEMPT TO FEND OFF HIS ASSAILANT THE FORMERLY COCKSURE YOUNG
GUEST COUNTERS YOU'RE BABBLING SIT DOWN I SAW YOU TWO WEEKS AGO

INDEED MR LIBLICK HAS MADE FOR HIMSELF A CURIOUS VOCATION AS A SERIALLY
ENRAGED AUDIENCE MEMBER ON DAYTIME TV TALK SHOWS SINCE QUITTING HIS JOB IN
MID1992 THE 36YEAROLD BRONX NATIVE HAS ATTENDED MORE THAN 200 TAPINGS OF
JANE WHITNEY SALLY JESSY RAPHAEL GERALDO JOAN RIVERS MONTEL
WILLIAMS RICKI LAKE AND OTHERS OFTEN KNOCKING OFF TWO OR THREE A DAY
HIS TRADEMARK TIRADES HAVE EARNED HIM CELEBRITY AMONG REGULAR VIEWERS AND
VIP TREATMENT FROM PRODUCERS

TO THE UNINITIATED HIS RAGES CAN BE DOWNRIGHT PERPLEXING AFTER MR LIBLICK
RAILED ABOUT TONYA HARDING ON THE JANE WHITNEY SHOW A DUMBFOUNDED
AUDIENCE MEMBER LEANED ACROSS THE AISLE AND ASKED ARE YOU SOME KIND OF A
PLANT ASSURED THAT HE WAS NOT THE YOUNG MAN PERSISTED ARE YOU A
JOURNALIST OR SOMETHING

NO I'M JUST A TYPICAL NEW YORKER RETORTED MR LIBLICK

WITH HIS BRONX ACCENT MEDIUM BUILD AND NEAT BUT PEDESTRIAN WARDROBE THAT
ISN'T HARD TO BELIEVE BUT EVEN IN A CITY KNOWN FOR FULL AND FRANK EXCHANGES
OF VIEWS MR LIBLICK HAS LONG STOOD OUT BEFORE DISCOVERING HIS CURRENT
MEDIA NICHE MR LIBLICK SPENT NEARLY TWO DECADES VENTING HIS SPLEEN TO
FRIENDS AND COWORKERS AS A BOARD MEMBER OF VARIOUS CIVIC GROUPS AND IN THE
BAREKNUCKLE WORLD OF LOCAL POLITICS

HE'S QUINTESSENTIAL BRONX SAYS BOROUGH PRESIDENT FERNANDO FERRER WHO HAS
KNOWN MR LIBLICK FOR 15 YEARS HE'S BEYOND PUSHY HE'S INYOURFACE
AFTER MR FERRER WON HIS FIRST BOROUGH PRESIDENCY IN 1987 MR LIBLICK
ATTENDED HIS VICTORY PARTY I WAS TALKING TO SOMEONE AND I HEARD THIS
SCUFFLE MR FERRER SAYS I TURNED AROUND AND HE WAS TAKING A SWING AT
US REP ELIOT ENGEL MR LIBLICK DENIES THAT FISTS FLEW BUT ADMITS THAT
SEVERAL JUDGES HAD TO STEP BETWEEN HIM AND THE CONGRESSMAN

MR LIBLICK CHEERFULLY ADMITS HE HAS A BIG MOUTH AND A WEAKNESS FOR POKING
HIS NOSE INTO OTHER PEOPLES' BUSINESS AT BOARD MEETINGS OF THE YMCA THE
BRONX COUNCIL ON THE ARTS AND THE SPECIAL OLYMPICS WHICH NAMED HIM
HUMANITARIAN OF THE YEAR A FEW YEARS AGO HE USUALLY KEEPS HIS BILE IN
CHECK BUT ON THE TALKSHOW SETS HE LETS IT BLOSSOM ACHIEVING A WEIRDLY
PERFECT MATCH THE TALK SHOWS GIVE MR LIBLICK A BROADCAST FORUM FOR
UNMODULATED RIGHTEOUS RAGE HE GIVES THE TALK SHOWS AN UNPAID PERFORMER WHO
RANTS IN CLEAN SOUND BITES SELDOM LOSES HIS ABILITY TO THINK CLEARLY AND
PROMISES TO TURN THE BLANDEST PROGRAM INTO SOMETHING OUTRAGEOUS

IF WE WERE DOING A HOLIDAY SHOW AND EVERYTHING WAS HAPPY BILL WOULD STILL
STAND UP AND YELL AT SOMEONE MARVELS BURT DUBROW A VICE PRESIDENT AT
MULTIMEDIA ENTERTAINMENT WHICH OVERSEES THE PRODUCTION OF SHOWS STARRING
MS RAPHAEL AND PHIL DONAHUE AND DISTRIBUTES RUSH LIMBAUGH'S SHOWS MS
RAPHAEL SAYS THAT AS STUDIO GUESTS GO IN MY 37YEAR CAREER BILLY IS
PROBABLY THE BEST

THE MOST SUCCESSFUL DAYTIME TALK SHOWS SERVE A STEADY DIET OF HEROES AND
VILLAINS PREFERABLY AT THE SAME TIME DOING BATTLE MR LIBLICK SEES
HIMSELF AS A PROXY FOR THE PEOPLE ON THE OTHER SIDE OF THE TELEVISION A
SORT OF BRONX CHORUS WHOSE JOB IT IS TO DELIVER IN A HOSTILE BELLOW A
MESSAGE OF TOLERANCE AND RESPECT CONSIDER THESE DIATRIBES HE HAS DISPENSED
ON NATIONAL TELEVISION OVER THE PAST 18 MONTHS

 TO A TEENAGE BABY SITTER WHO SLEPT WITH THE HUSBAND OF HER EMPLOYER A
WOMAN HIRED YOU TO BE A BABY SITTER NOT A PROSTITUTE

 TO THREE SISTERS AND THE MAN WHO MARRIED ONE OF THEM TWICE ANOTHER ONCE
AND HAD AN AFFAIR WITH THE THIRD HOW MANY PEOPLE HAVE YOU HAD AFFAIRS
WITH I THINK YOU ALL NEED HELP

 POINTING ONE BY ONE TO A NUMBER OF BLACK AND WHITE SUPREMACISTS YOU ARE
SICK PATHETIC ANIMALS YOU ARE A RACIST YOU ARE A BIGOT  YOU'RE A
PIG YOU'RE A PIG AND YOU'RE A PIG BURN YOURSELVES IN ONE BIG
CROSSBURNING

 TO A MAN WHO GOT HIS WIFE'S 16YEAROLD SISTER PREGNANT THAT PIG THAT
PIECE OF TRASH UP THERE HE SHOULD BE SITTING IN SOME KIND OF MENTAL
INSTITUTION

MR LIBLICK BEGAN HIS TALKSHOW CAREER QUITE BY ACCIDENT AFTER HIS LIFE
ABRUPTLY UNRAVELED IN MID1992 HE HAD BEEN WORKING FOR NEARLY 18 YEARS AT A
STRING OF COMMUNITY NEWSPAPERS IN THE BRONX WHERE HE EVENTUALLY SERVED AS
ASSISTANT TO THE CHAIN'S PUBLISHER BUT AFTER REPEATED CLASHES WITH HIS
BOSS HE QUIT

I QUIT THE ONLY JOB I EVER HAD THEN MY MOTHER GOT SICK AND DIED FOUR WEEKS
LATER SAYS MR LIBLICK WHO STILL LIVES IN THE APARTMENT THEY SHARED FOR
MANY YEARS I WAS TOTALLY NUMB

WALKING THROUGH ROCKEFELLER CENTER TO CONSULT HIS LAWYER HE WAS HANDED A
TICKET TO THE NOWDEFUNCT FAITH DANIELS SHOW AN HOUR LATER HE WAS ON HIS
FEET IN FRONT OF A TELEVISION CAMERA CHEWING OUT THOMAS ROBB NATIONAL
DIRECTOR OF THE KU KLUX KLAN

YOU SHOULD BE ASHAMED OF YOURSELF HE RAILED YOUR TEETH ARE PROBABLY AS
FALSE AS YOU ARE WE SHOULD BURN PEOPLE LIKE YOU SHAME ON YOU

ONE ROUND OF APPLAUSE AND HE WAS HOOKED

MR LIBLICK'S FRIENDS AREN'T ALTOGETHER SURPRISED BY HIS APTITUDE FOR
SETTLING THE HASH OF COMPLETE STRANGERS AT THE BRONX NEWSPAPERS HE WAS THE
OFFICE GOSSIP AND EVERYBODY'S CONFIDANT HE'S LIKE AN OLD JEWISH MOTHER IN
A YOUNG MALE BODY SAYS ROXANNE DONOVAN A PUBLICIST WHO USED TO WORK
THERE HE WAS INVOLVED IN EVERYONE'S LIFE HE LOVES WHEN PEOPLE DO GOOD
BUT HE CAN BE REAL JUDGMENTAL IF HE THINKS YOU'VE DONE WRONG

STILL MR LIBLICK'S FRIENDS ARE ASTONISHED THAT HIS AUDACITY HAS LANDED HIM
ON NATIONAL TELEVISION SO REGULARLY THIS GUY JUST WALKED IN OFF THE
STREETS SAYS BILL GORDON A FORMER COWORKER I'VE GOT A LOT OF FRIENDS
IN SHOW BUSINESS AND HE'S GOTTEN MORE EXPOSURE THAN MOST ENTERTAINERS GET
IN A LIFETIME

BUT NOW MR LIBLICK WANTS MORE HE HAS BEEN LIVING ON HIS SAVINGS AND HE
NEEDS A JOB THESE DAYS WHEN A TALKSHOW DEVOTEE CONGRATULATES HIM IN THE
STUDIO OR ON THE STREET HE IS INCLINED TO BLURT OUT DO YOU LIKE WHAT I
SAY SHOULDN'T I HAVE MY OWN SHOW

HE HAS MADE A DEMO TAPE AND HIRED AN AGENT I COULD GO MOUTH TO MOUTH WITH
HOWARD STERN OR RUSH LIMBAUGH HE SAYS IT'S TIME THAT SOMEONE DID

JUST WHAT WOULD HIS NICHE BE IN THE ALREADY CROWDED FIELD I'M REAL HE
SAYS I COME FROM THE AUDIENCE 9404140106 940414 ENTERPRISE FOCUS ON
FRANCHISING TIES TO FAMOUS PARENT DIDN'T HELP THE BROWN BROTHERS  
BY JEFFREY A TANNENBAUM STAFF REPORTER OF THE WALL STREET JOURNAL

OUR JOY RIDE WITH THRIFTY RENTACAR ENDED IN A WRECK TWO BROTHERS SAY

LURED BY PROMISES OF SUCCESS AND SECURITY INDEPENDENT BUSINESSES OFTEN
CONVERT INTO FRANCHISES IF THE FRANCHISER'S OWNER IS A FAMOUS COMPANY
THOSE EXPECTATIONS CAN RUN HIGH

BUT RICHARD AND BRUCE BROWN OF NEW YORK CITY SAY THEIR BROWN FLIGHT RENTAL
ONE CORP WENT FROM RICHES TO RUIN AFTER ENLISTING IN 1990 WITH THRIFTY
RENTACAR SYSTEMS INC A TULSA OKLA FRANCHISER OWNED BY CHRYSLER CORP

BECAUSE OF THRIFTY'S TIES TO THE AUTO MAKER THE BROTHERS SAY THEY EXPECTED
TO OBTAIN CARS AT LOWER COSTS THAN BEFORE ENABLING BROWN TO OPERATE A
LARGER FLEET BUT THEY SAY THEIR COMPANY SUFFERED A DISASTROUS SHORTAGE OF
CARS DURING THE CRUCIAL SUMMER SEASON IN 1991 AND SOON COLLAPSED

THRIFTY AND BROWN ENDED UP SUING EACH OTHER IN FEDERAL COURT IN TULSA IN
WHAT BEGAN AS A SIMPLE COLLECTION ACTION THRIFTY SOUGHT MONEY AND CARS THAT
BROWN BY THEN TERMINATED AS A FRANCHISEE ALLEGEDLY OWED IT BROWN THEN
SOUGHT DAMAGES LARGELY OVER CLAIMS THAT IT HAD BEEN DEFRAUDED WHEN IT PAID
400000 TO JOIN THE SYSTEM ACCORDING TO BROWN THRIFTY KNEW WHEN IT SOLD
THE FRANCHISE BUT DIDN'T TELL THE BROWNS THAT CHRYSLER WAS AN
UNRELIABLE SUPPLIER OF THRIFTY CARS

LAST YEAR THE PLAINTIFF LOST A SUMMARY JUDGMENT ON ITS FRAUD CLAIM AND
THRIFTY WON A 23 MILLION JURY AWARD PLUS COSTS BUT THE BROTHERS FIGHT
ON IN FEDERAL APPEALS COURT IN DENVER BROWN MAINTAINS THAT JUDGE THOMAS R
BRETT ERRED WHEN HE DIDN'T LET THE FRAUD CLAIM AND RELATED EVIDENCE GO
BEFORE THE JURY THRIFTY SAYS THE JUDGE WAS CORRECT BECAUSE THE ISSUE IN
DISPUTE WAS COVERED BY ITS FRANCHISE CONTRACT ORAL ARGUMENT IN THE APPEAL
OCCURRED LAST MONTH

IN COURT PAPERS BROWN SAYS IT OBTAINED THRIFTY INTERNAL MEMORANDA FROM 1990
WARNING OF GENOCIDE FOR FRANCHISEES RELATED TO THE TIMING OF CHRYSLER CAR
DELIVERIES

IN SUM CHRYSLER WAS NOT THE BENEVOLENT SUPPORTIVE HEAD OF FAMILY WHICH
THRIFTY DESCRIBED TO THE BROWNS BROWN SAYS IN THE COURT PAPERS
CERTAINLY IT WAS NOT A RELIABLE SOURCE OF VEHICLES A CHRYSLER
SPOKESWOMAN SAYS THE REAL ISSUE OF THE CASE HAS NOTHING TO DO WITH WHETHER
IT WAS A RELIABLE SUPPLIER TO THRIFTY

THRIFTY IN COURT DOCUMENTS CONCEDES THAT CHRYSLER SLASHED PRODUCTION EARLY
IN 1991 IN RESPONSE TO AN INDUSTRYWIDE DOWNTURN IN SALES AS A RESULT
THRIFTY ADDS ITS CHAIN RECEIVED ONLY 15413 CHRYSLER VEHICLES OF 21657 IT
HAD ORDERED THRIFTY CONCEDES THAT BROWN RECEIVED ONLY ABOUT TWOTHIRDS OF
THE CARS THAT THE FRANCHISEE HAD ORDERED

BUT THRIFTY SAYS IT NEVER GUARANTEED SPECIFIC DELIVERY DATES FOR VEHICLES
IT SAYS BROWN FILLED OUT ORDER FORMS WITH SUCH A DISCLAIMER

THRIFTY ALSO SAYS BROWN TURNED DOWN A CHANCE TO GET NISSAN MAXIMA CARS

CRUISING SPECIALISTS SAY THEIR SHARP FOCUS IS BRUISING THE COMPETITION

WITH TOTAL CRUISESHIP CAPACITY EXPECTED TO GROW ONLY SLOWLY THERE WOULD
SEEM TO BE LITTLE ROOM FOR LARGE NUMBERS OF NEW TRAVEL AGENTS TO BOOK SUCH
BUSINESS BUT SPECIALISTS IN CRUISES CAN EASILY WIN MARKET SHARE AWAY FROM
GENERAL AGENCIES SAYS J MICHAEL LONDON PRESIDENT OF CRUISE HOLIDAYS
INTERNATIONAL INC A SAN DIEGO FRANCHISER OF CRUISEONLY TRAVEL AGENCIES

THOUGH HE DECLINES TO DISCLOSE THE CHAIN'S SALES HE SAYS THEY LEAPED 30 IN
THE FIRST QUARTER YOU DON'T GROW 30 WITHOUT STEALING MARKET SHARE 
THAT'S MATHEMATICALLY IMPOSSIBLE HE ADDS THE COMPANY WITH 172
FRANCHISEES WILL ADD 20 THIS YEAR AND 40 IN 1995 HE PREDICTS

A SIMILAR FRANCHISER GALAXSEA ASSOCIATES INC IN FORT LAUDERDALE FLA NOW
HAS 52 UNITS INCLUDING 14 OPENED SINCE THE END OF 1992 THOMAS J MARTIN
PRESIDENT SAYS FRANCHISEES INTERVIEW EACH CUSTOMER FOR AT LEAST 10 MINUTES
TO PLUMB THEIR NEEDS A LEVEL OF SERVICE NOT USUAL AT GENERAL TRAVEL
AGENCIES

GALAXSEA SAYS IT RECENTLY INCREASED ITS FRANCHISESALES FORCE TO SIX PEOPLE
FROM FOUR

NO SMOKING BAB SYSTEMS INC THE CHICAGO FRANCHISER OF BIG APPLE BAGEL
SHOPS TELLS PROSPECTIVE FRANCHISEES BEGINNING THIS MONTH NEW FRANCHISEES
MUST SIGN CONTRACTS THAT CALL FOR SMOKEFREE STORES EXISTING FRANCHISEES
HAVE VOLUNTEERED TO GO ALONG WITH THE BAN SAYS MICHAEL W EVANS CHIEF
EXECUTIVE OFFICER BESIDES CITING HEALTH CONCERNS HE SAYS THAT TOBACCO
SMOKE DETRACTS FROM THE APPEAL OF FRESH BAGELS

A SWEET VICTORY TURNS SOUR IN A DISTRIBUTOR'S FIGHT WITH A GIANT

LAST MONTH A FEDERAL JURY IN NEWARK NJ AWARDED 94 MILLION PLUS COSTS
AND INTEREST TO COOPER DISTRIBUTING CO IN A DISPUTE WITH RAYTHEON CO'S
AMANA REFRIGERATION UNIT BASED IN AMANA IOWA

BUT WILLIAM COOPER OWNER OF COOPER SAYS HIS WIDELY PUBLICIZED TRIUMPH NOW
FEELS MORE LIKE A LOSS HE HAS DISCOVERED ONE MORE PITFALL OF LENGTHY
LITIGATION WITH A WEALTHY ADVERSARY

THAT'S BECAUSE JUDGE MARYANNE TRUMP BARRY IN A SUBSEQUENT RULING REFUSED
TO ALLOW COOPER TO KEEP OPERATING AS AN AMANA DISTRIBUTOR DURING THE LEGAL
APPEAL THAT AMANA SAYS IT EXPECTS TO MAKE COOPER HAD BEEN SEEKING DAMAGES
IN THE UNDERLYING CASE NOT AN ORDER PRESERVING ITS BUSINESS SHE NOTED

MOREOVER MR COOPER SAYS HE EXPECTS AMANA'S APPEAL TO DRAG ON FOR YEARS
BEFORE HE SEES ANY MONEY IF HE SEES IT AT ALL AS A RESULT HE SAYS WE
MUST NOW BEGIN TO LIQUIDATE OUR COMPANY WITHOUT ANY MONETARY RELIEF TO
SOFTEN THE BLOW

THE SUIT AROSE IN 1991 AFTER AMANA IN A CONSOLIDATION MOVE TERMINATED
COOPER AS A DISTRIBUTOR COOPER SUED FOR DAMAGES ARGUING IN PART THAT IT
WAS PROTECTED BY A NEW JERSEY FRANCHISE LAW AGAINST ARBITRARY TERMINATIONS
COOPER WAS ALLOWED TO KEEP OPERATING WHILE THE CASE MADE ITS WAY THROUGH THE
TRIAL COURT

AMANA SAYS IT WILL BASE ITS APPEAL ON ITS BELIEF THAT THE NEW JERSEY LAW
DOESN'T COVER ITS RELATIONSHIP WITH COOPER

BRIEFS COMMERCIAL DEVELOPERS ARE SEEKING TO BUY THREE BUILDINGS IN DOWNTOWN
CHICAGO AND CONVERT THEM LATE THIS YEAR INTO A SHOWROOMANDOFFICE COMPLEX
FOR FRANCHISERS TO BE CALLED THE FRANCHISING AND LICENSING WORLD CENTER 
 MCDONALD'S CORP AND A FOREIGN PARTNER HAVE OPENED THE FIRST MCDONALD'S
UNIT IN THE MIDDLE EASTERN SULTUNATE OF OMAN 9404140105 940414 JEWELS ARE
ADDING SPARKLE TO THE ART MARKET  BY ALEXANDRA PEERS STAFF
REPORTER OF THE WALL STREET JOURNAL

QUIETLY AND WITH LITTLE FANFARE JEWELS ARE SURPASSING FINE ART AS THE
FASTESTAPPRECIATING SECTOR OF THE ART MARKET

THE MOST LUCRATIVE THREE DAYS IN THE HISTORY OF THE JEWELRY MARKET TOOK
PLACE LAST NOVEMBER WHEN CHRISTIES INTERNATIONAL PLC AND SOTHEBY'S HOLDINGS
INC RAISED MORE THAN 110 MILLION FROM THE SALE OF DIAMONDS EMERALDS AND
JEWELRY SOTHEBY'S TWODAY TAKE ALONE 685 MILLION ECLIPSED THE 502
MILLION TOTAL FOR THE RENOWNED SALE OF THE DUCHESS OF WINDSOR JEWELS IN
1987

AWAY FROM THE AUCTION SALESROOM THERE HAS ALSO BEEN AN UPTICK IN SALES
SOME REGIONAL US JEWELRYSTORE CHAINS REPORTED RECORD SALES IN 1993 AT
THE LOW END OF THE MARKET TELEVISION HOMESHOPPING CHANNELS HAVE HELPED
SPUR JEWELRY SALES AND THE WORLD GOLD COUNCIL A TRADE GROUP REPORTED THAT
GOLDJEWELRY SALES IN THE US CONSUMED 248 TONS OF GOLD IN 1993 UP 8 FROM
230 TONS IN 1992

SOTHEBY'S WORLDWIDE JEWELRY SALES CLIMBED 64 IN 1993 TO 221 MILLION FROM
135 MILLION IN 1992 CHRISTIE'S SALES CLIMBED 26 THOSE GAINS SET THE
STAGE FOR ANOTHER ROUND OF MILLIONDOLLAR JEWELRY AUCTIONS THAT'S TAKING
PLACE IN NEW YORK THIS WEEK

THE JEWELRY MARKET IS VOLATILE MOVING NOT ON LOGICAL FUNDAMENTALS SO MUCH
AS ON DEATH DIVORCE AND DEBT THE THREE FACTORS THAT PROMPT RICH COLLECTORS
TO PART WITH THEIR GEMS HEADLINEGRABBING AUCTIONS AN UPTICK IN INFLATION
OR WORLD CONFLICTS THAT SPUR A DESIRE FOR PORTABLE WEALTH TEMPORARILY
INVIGORATE THE MARKET THEN ACTIVITY SUBSIDES WHAT'S GOING ON NOW DEALERS
AND APPRAISERS SAY ISN'T AN ACROSSTHEBOARD BOOM BUT SUSTAINED STRONG
BUYING FOR TOPQUALITY PIECES INDIFFERENCE TO MIDRANGE GEMS AND JEWELRY
AND RABID PRICE APPRECIATION FOR COSTUME JEWELRY

THE MAIN REASON FOR THE SUCCESSFUL SALES JEWELRY IS BECOMING THE
INTERNATIONAL CURRENCY OF THE ART MARKET ACTIVELY BOUGHT AND SOLD BY MIDDLE
EASTERN DEALERS LATIN AMERICAN TYCOONS US INDUSTRIALISTS AND MOST OF
ALL BY ASIAN COLLECTORS MADE NEWLY RICH BY THE REGION'S ECONOMIC BOOM

AT AUCTIONS HELD IN NEW YORK SO FAR THIS WEEK THE INTEREST FROM SOUTHEAST
ASIA HAS BEEN EXTREMELY STRONG AND WE HAVE SEEN 20 OF THE BIDS IN OUR SALE
THIS WEEK COMING FROM COLLECTORS IN TAIPEI SINGAPORE AND HONG KONG SAYS
CHRISTIE'S HEAD OF JEWELRY SALES FRANCOIS CURIEL JEWELRY AND GEM SALES AT
CHRISTIE'S NOW ACCOUNT FOR 15 OF THE COMPANY'S AUCTION SALES WORLDWIDE
SECOND ONLY TO THE REVENUE RAISED BY SALES OF IMPRESSIONIST AND MODERN
PAINTINGS

THE JEWELRY BOOM IS RELEVANT EVEN TO THOSE COLLECTORS FOR WHOM A WILDLY
EXPENSIVE GEM IS A PIPE DREAM GRANDMA'S CIRCLE PIN OF SMALL PEARLS A
RHINESTONE AMERICAN FLAG PIN FROM THE WORLD WAR II ERA OR A 1930S BANGLE
BRACELET MAY NOW BE WORTH HUNDREDS OF DOLLARS

A WARNING TO PHILISTINES JEWELRY LIKE ALL COLLECTIBLES MAKES A POOR
INVESTMENT BECAUSE COLLECTORS GENERALLY BUY AT RETAIL PRICES AND SELL
WHOLESALE THAT SAID SOME TYPES OF JEWELRY HISTORICALLY HAVE HELD THEIR
VALUE BETTER THAN OTHERS OVER THE DECADES

PARISIAN ART DECO PIECES FROM THE 1920S ARE PRACTICALLY RECESSIONPROOF FOR
EXAMPLE NOT ONLY BECAUSE OF THEIR BEAUTY BUT BECAUSE SO MUCH ART DECO
JEWELRY WAS BROKEN UP TO SELL THE GEMS AFTER THE 1929 STOCKMARKET CRASH ON
THE OTHER HAND THE PEARL MARKET IS THE BUYER BEWARE SECTOR OF THE JEWELRY
BUSINESS HISTORICALLY THE MOST VOLATILE PEARL PRICES CLIMB AND FALL
TREMENDOUSLY BASED ON SUCH FACTORS AS THE MOVEMENT OF THE YEN FADS IN PEARL
SIZE AND COLOR AND WATERPOLLUTION LEVELS IN JAPAN AND CHINA

AND NAME JEWELRY SO CALLED NOT BECAUSE OF THE FAMOUS ROYALS OR SOCIALITES
WHO OWNED IT BUT AFTER THE DESIGNING HOUSE THAT CRAFTED IT HOLDS ITS VALUE
BETTER THAN SIMILARQUALITY ANONYMOUS PIECES AUCTION CATALOGS NOW ACCORD
JEWELRY HOUSES AND DESIGNERS THE SAME BIOGRAPHIES AND INDEX LISTINGS ONCE
ONLY GIVEN TO FINE ARTISTS

SAYS JOHN BLOCK SOTHEBY'S NEW YORK JEWELRY DIRECTOR THESE NAMES MEAN A
LOT WINSTON VAN CLEEF & ARPELS TIFFANY THEY SIGNIFY A CERTAIN QUALITY
OF STONES AND A CERTAIN QUALITY OF CLASSIC DESIGN PEOPLE ARE WILLING TO PAY
A PREMIUM FOR THAT

FETCHING THE HIGHEST PRICES NOW IS HARRY WINSTON INC JEWELRY WINSTON'S
LIGHTWEIGHT FLEXIBLE WIRE MOUNTINGS REVOLUTIONIZED JEWELRY DESIGN BECAUSE
THEY SHOWED OFF THE STONES SAYS JOYCE JONAS DIRECTOR OF JEWELRY APPRAISAL
AND EDUCATION PROGRAMS FOR NEW YORK UNIVERSITY AND THE UNIVERSITY OF MAINE
A WINSTON STAR RUBY AND DIAMOND RING SOLD TUESDAY AT CHRISTIE'S FOR 11
MILLION ABOUT FIVE TIMES ITS PRESALE PRICE ESTIMATE BUT COLLECTORS AND
DEALERS AT THE AUCTION PASSED ON MANY OTHER ITEMS WITHOUT THE NAME OR RARITY
OF THE WINSTON RUBY

DEALERS AND COLLECTORS SAY THE KEY TO BUYING JEWELRY WHETHER SPENDING
1000 ON COSTUME JEWELRY OR 1 MILLION ON A RING IS TO PURCHASE A
HIGHQUALITY SIGNATURE PIECE EMBLEMATIC OF THE PERIOD

FOR EXAMPLE A DELICATE 1930S BRACELET WITH GEMS OF MANY COLORS MAY BE
GORGEOUS BUT IT'S ATYPICAL THE DOMINANT STYLE OF THE DECADE WAS BIG
BOLD BICHROMATIC JEWELRY SUCH AS DIAMONDS OFFSET WITH EMERALDS SIMILARLY
A LATE 19THCENTURY PIECE WITH LITTLE OR NO DETAILING IS UNCHARACTERISTIC
AS INTRICATE FILIGREE METALWORK IS A HALLMARK OF THE PERIOD

ONE BRISKLY APPRECIATING REDISCOVERED AREA 20THCENTURY AMERICAN JEWELRY
ONCE LOOKED DOWN UPON AMERICAN JEWELRY MUCH OF IT DESIGNED BY SKILLED
EUROPEAN JEWELERS WHO FLED THE NAZIS AND HEAVILY INFLUENCED BY HOLLYWOOD
GLAMOUR IS BOOMING IN POPULARITY AND HAS RISEN 15 TO 20 IN PRICE FROM
1991 LEVELS DEALERS SAY

OTHER JEWELRY RISING IN VALUE LIMITED EDITIONS IN 1889 TIFFANY & CO
PRODUCED 25 ORCHID BROOCHES FOR THE PARIS EXPOSITION TIFFANY WON THE GOLD
MEDAL FOR JEWELRY THERE PRIMARILY BECAUSE OF THESE BROOCHES WHICH ARE
EXACT REPLICAS OF A NATURAL ORCHID TODAY MOST OF THESE ORCHID BROOCHES ARE
LOST OR IN PRIVATE COLLECTIONS LATE LAST YEAR ONE AT SOTHEBY'S HAD BEEN
EXPECTED TO SELL FOR ABOUT 20000 AND BROUGHT 415000

PRICE APPRECIATION HAS BEEN EVEN MORE STRIKING IN THE SUPPOSEDLY
ALMOSTWORTHLESS FIELD OF COSTUME JEWELRY BUT WARNS HARRICE SIMONS MILLER
AUTHOR OF THE COSTUME JEWELRY IDENTIFICATION AND PRICE GUIDE THE
COSTUMEJEWELRY MARKET IS FADDISH AS THE ITEMS HAVE NO INTRINSIC GEM VALUE
IN THE '80S EVERY YOUNG GIRL WAS WEARING RHINESTONES SHE SAYS IN 1993
THE CROSS WAS A BIG DEAL THAT LASTED FOR ABOUT A SEASON

THE CURRENT HOT AREA IN COSTUME JEWELRY SAYS MS MILLER IS BAKELITE
JEWELRY AN EARLY FORM OF PLASTIC MADE IN THE 1930S PARTICULARLY POPULAR
ARE BAKELITE BANGLES THAT HAVE AGED TO THE COLOR OF BUTTERSCOTCH THEY FETCH
100 OR MORE SOME NAME JEWELERS IN THE COSTUME FIELD ARE EISENBERG INC
SCAPARELLI AND MIRIAM HASKELL THEIR PIECES FETCH IN THE THOUSANDS

IN THE COSTUMEJEWELRY MARKET A NUMBER OF PIECES ARE ALMOST UNCOLLECTIBLE
NOW BECAUSE OF PRICE SAYS SUSAN FRAUENS A LOS ANGELES ATTORNEY AND
COLLECTOR OF ANTIQUES AND COSTUME JEWELRY AN EISENBERG ORIGINAL YOU WOULD
PICK UP FOR 10 A FEW YEARS AGO YOU'RE SEEING PRICES OF FOUR FIGURES
NOW THEY ARE WORTH IT SAYS MS FRAUENS NOTING THAT THE ONLY PART OF HER
VALUABLE ANTIQUES COLLECTION LEFT UNSCATHED IN THE RECENT EARTHQUAKE WAS HER
JEWELRY 9404140104 940414 MARKETING & MEDIA SEAGRAM INCREASES STAKE 
IN TIME WARNER TO 142

NEW YORK SEAGRAM CO INCREASED ITS STAKE IN TIME WARNER INC TO 142 BY
BUYING 4590000 TIME WARNER SHARES FOR 1734 MILLION SINCE MARCH 1

ACCORDING TO A FILING WITH THE SECURITIES AND EXCHANGE COMMISSION THE
MONTREALBASED LIQUOR AND BEVERAGE CONCERN NOW HOLDS 538 MILLION TIME
WARNER SHARES IN ITS FILING SEAGRAM INDICATED ITS MOST RECENTLY ACQUIRED
TIME WARNER STOCKS WERE BOUGHT AT PRICES RANGING FROM 3675 TO 38 A SHARE

SEAGRAM HAS INDICATED IT PLANS TO ACQUIRE UP TO 15 OF THE MEDIA AND
ENTERTAINMENT CONCERN'S STOCK OUTSTANDING EARLIER THIS YEAR TIME WARNER
UNVEILED A POISON PILL PLAN THAT EFFECTIVELY LIMITS AN OUTSIDE INVESTOR'S
STAKE TO 15

TIME WARNER DECLINED TO COMMENT ON SEAGRAM'S LATEST PURCHASES SEAGRAM
DIDN'T IMMEDIATELY RETURN CALLS SEEKING COMMENT

IN NEW YORK STOCK EXCHANGE TRADING TIME WARNER GAINED 50 CENTS TO 38125
WHILE SEAGRAM FINISHED UNCHANGED AT 29125 9404140103 940414 WHO'S NEWS
 BUCKLEY TO HEAD CONGRESS'S JOINT TAXATION COMMITTEE

WASHINGTON CONGRESSIONAL LEADERS CHOSE JOHN BUCKLEY A LONGTIME
LEGISLATIVE DRAFTSMAN TO HEAD THE JOINT COMMITTEE ON TAXATION A
NONPARTISAN PANEL THAT'S CRUCIAL TO MUCH LEGISLATION

MR BUCKLEY WILL BECOME CHIEF OF STAFF NEXT WEEK AS THE TAXWRITING HOUSE
WAYS AND MEANS COMMITTEE IS PREPARING TO TAKE UP PRESIDENT CLINTON'S TOP
PRIORITYHEALTHCARE LEGISLATION THE JOINT COMMITTEE PROVIDES BOTH
TECHNICAL ADVICE ON TAX PROPOSALS AND THE ESTIMATES OF THEIR REVENUE IMPACT
UNDER CONGRESS'S PAYASYOUGO RULES THOSE ESTIMATES CAN MEAN LIFE OR DEATH
FOR REVENUELOSING PROVISIONS

MR BUCKLEY WHO COULDN'T BE REACHED FOR COMMENT WAS CHOSEN BY THE CHAIRMEN
OF THE TAXWRITING COMMITTEES REP DAN ROSTENKOWSKI D ILL OF THE WAYS
AND MEANS COMMITTEE AND SEN DANIEL MOYNIHAN D NY OF THE FINANCE
COMMITTEE AFTER A SEARCH OF SEVERAL MONTHS HE HAS BEEN THE PRINCIPAL HOUSE
DRAFTSMAN FOR TAX BILLS WORKING IN THE RELATIVE ANONYMITY OF THE OFFICE OF
LEGISLATIVE COUNSEL

HE SUCCEEDS HANK GUTMAN WHO LEFT ON JAN 1 TO JOIN THE WASHINGTON OFFICE OF
THE ATLANTABASED LAW FIRM KING & SPALDING MR BUCKLEY IS HIGHLY REGARDED
IN THE TAX COMMUNITY MR GUTMAN SAID HE BRINGS AN INTIMATE KNOWLEDGE OF
THE TAX LEGISLATIVE PROCESS TO THE JOB 9404140102 940414 HUD TO REVIEW 
MORTGAGE RULES FOR RACIAL BIAS  BY JOHN CONNOR SPECIAL TO THE
WALL STREET JOURNAL

WASHINGTON THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SAID IT WILL
REVIEW THE UNDERWRITING AND APPRAISAL GUIDELINES OF THE FEDERAL NATIONAL
MORTGAGE ASSOCIATION AND THE FEDERAL HOME LOAN MORTGAGE CORP TO MAKE SURE
THEY DON'T FOSTER RACIAL DISCRIMINATION

QUESTIONS HAVE BEEN RAISED IN RECENT YEARS ABOUT WHETHER THE GUIDELINES
DISCOURAGE LENDING IN AREAS WITH SUBSTANTIAL CONCENTRATIONS OF MINORITIES
FANNIE MAE AND FREDDIE MAC ARE SHAREHOLDEROWNED GOVERNMENTSPONSORED
ENTERPRISES THAT BUY MORTGAGES AND PACKAGE THEM INTO SECURITIES SOLD IN
FINANCIAL MARKETS

WE FEEL VERY STRONGLY THAT THE ENTERPRISES SHOULD ENSURE THAT MINORITIES
HAVE EQUAL ACCESS TO THE BENEFITS OF THE SECONDARY MARKET AND WILL MONITOR
CLOSELY THE EFFORTS TO FANNIE MAE AND FREDDIE MAC TO EXTEND THE BENEFITS OF
THEIR ACTIVITIES TO MINORITIES HUD SECRETARY HENRY CISNEROS SAID IN
TESTIMONY TO THE SENATE BANKING COMMITTEE

MR CISNEROS SAID THAT THE NUMBER OF CONVENTIONALMORTGAGE ORIGINATIONS FOR
AFRICANAMERICAN AND HISPANIC BORROWERS AND THE NUMBER OF MINORITY LOANS
PURCHASED BY FANNIE MAE AND FREDDIE MAC ARE FAR TOO LOW HE ALSO NOTED
THAT THE PERCENTAGE OF MORTGAGES PURCHASED BY THE TWO HOUSINGFINANCE GIANTS
IS SHARPLY LOWER IN CENSUS TRACTS WITH LARGE CONCENTRATIONS OF MINORITIES
THAN IN ONES WITH FEWER MINORITIES

IN 1992 AFRICANAMERICANS ACCOUNTED FOR JUST 26 OF ALL
CONVENTIONALMORTGAGE ORIGINATIONS AND HISPANICS ACCOUNTED FOR 33 OF
TOTAL ORIGINATIONS MORTGAGES TO AFRICANAMERICANS REPRESENTED ONLY 23 OF
FANNIE MAE'S PURCHASES AND 17 OF FREDDIE MAC'S PURCHASES IN 1993

WHILE ACKNOWLEDGING THAT FANNIE MAE AND FREDDIE MAC DON'T ORIGINATE LOANS
MR CISNEROS SAID WE EXPECT TO SEE CHANGES IN THE LEVEL OF THE
GOVERNMENTSPONSORED ENTERPRISES' BUSINESS THAT BENEFITS MINORITIES

FANNIE MAE SPOKESMAN DAVID JEFFERS SAID ALL THESE PERCENTAGES NEED TO BE
HIGHER HE SAID HIS AGENCY IS COMMITTED TO DOING ALL IT CAN DO TO COMBAT
DISCRIMINATION IN MORTGAGE FINANCE

MR CISNEROS OBSERVED THAT BOTH AGENCIES SAY THEY'VE TAKEN STEPS TO MAKE
THEIR UNDERWRITING GUIDELINES MORE FLEXIBLE HE ALSO SAID THEY HAVE IMPROVED
THEIR OVERALL PERFORMANCE IN MEETING AFFORDABLEHOUSING GOALS SET BY
CONGRESS ALTHOUGH MORE REMAINS TO BE DONE

BOTH AGENCIES FELL SHORT OF THEIR 1993 GOALS FOR ASSISTING CENTRAL CITIES
ACCORDING TO MR CISNEROS HE SAID HIS DEPARTMENT IS ASKING FANNIE MAE AND
FREDDIE MAC TO DETAIL HOW THEY PLAN TO MEET THEIR CENTRALCITIES GOALS FOR
1994 9404140101 940414 SUIT AGAINST SEC RULES ON MUNI DEALERS' TIES 
TO POLITICS TO BE REFILED

WASHINGTON THE ALABAMA MUNICIPAL BOND DEALER WHO SUED THE SECURITIES AND
EXCHANGE COMMISSION OVER ITS NEW RULE COVERING MUNI DEALERS' POLITICAL
CONTRIBUTIONS IS SEEKING A NEW VENUE FOR HIS LAWSUIT

WILLIAM BLOUNT A BOND DEALER WHO IS ALSO CHAIRMAN OF ALABAMA'S DEMOCRATIC
PARTY ASKED A US DISTRICT COURT TO DISMISS HIS COMPLAINT WITHOUT
PREJUDICE HIS LAWYER ANDREW CAMPBELL SAID HE EXPECTS THE JUDGE HANDLING
THE CASE TO AGREE TO THE DISMISSAL MOTION SHORTLY HE SAID THE LAWSUIT WILL
BE REFILED WITHIN THE NEXT WEEK OR SO IN THE FEDERAL APPEALS COURT IN EITHER
ATLANTA OR WASHINGTON

THE SEC ALREADY HAD MOVED TO DISMISS THE LAWSUIT AS IMPROPERLY FILED SAYING
LEGAL CHALLENGES TO RULES SUCH AS THE ONE IN QUESTION ARE THE EXCLUSIVE
PURVIEW OF FEDERAL APPEALS COURTS

MR BLOUNT AND HIS FIRM BLOUNT PARRISH & ROTON INC ARE CHALLENGING AS
UNCONSTITUTIONAL THE SEC'S RECENTLY APPROVED RULE DESIGNED TO END THE
PRACTICE OF MUNI DEALERS MAKING CAMPAIGN CONTRIBUTIONS TO STATE AND LOCAL
OFFICIALS TO WIN BONDUNDERWRITING BUSINESS 9404140100 940414 MARKETING &
MEDIA LIBRARY OF CONGRESS FORMS A TEAM TO START BIMONTHLY MAGAZINE

WASHINGTON THE LIBRARY OF CONGRESS SAID IT FORMED A PARTNERSHIP WITH A
NEW YORK COMPANY TO PRODUCE CIVILIZATION A BIMONTHLY MAGAZINE FOR THE
INSTITUTION THE MAGAZINE TO BE LAUNCHED IN NOVEMBER WILL INCLUDE ARTICLES
ABOUT COLLECTIONS AND ACTIVITIES AT THE LIBRARY OF CONGRESS THE PUBLICATION
WILL BE ONE OF THE BENEFITS OF A 20 MEMBERSHIP FEE BUT THE MAGAZINE WILL
ALSO SEEK INDEPENDENT SUBSCRIBERS AND NEWSSTAND SALES

THE EDITOR OF THE MAGAZINE WILL BE STEPHEN G SMITH 45 YEARS OLD
WASHINGTON NEWS EDITOR FOR KNIGHTRIDDER INC NEWSPAPERS RAYMOND J SACHS
53 YEARS OLD A FORMER SENIOR VICE PRESIDENT OF CONDE NAST'S BON APPETIT
WILL BE PUBLISHER THE LIBRARY OF CONGRESS SAID IT ANTICIPATES INITIAL PAID
CIRCULATION OF BETWEEN 140000 AND 160000 FROM SUBSCRIBERS AND NEWSSTAND
SALES

THE MAGAZINE WILL BE PUBLISHED UNDER A LICENSE FROM THE LIBRARY TO A
PARTNERSHIP CONTROLLED BY LOC MANAGEMENT CORP WHOSE CHAIRMAN IS
INVESTMENT BANKER MARK M EDMISTON LOC'S PRESIDENT WILL BE H FRED
KRIMENDAHL A MANAGING PARTNER OF INVESTMENT FIRM PETRUS PARTNERS LTD
WHICH IS THE PRIMARY FINANCIAL BACKER OF THE MAGAZINE 9404140099 940414
WEIRTON STEEL PROPOSES SMALLER SHARE OFFERING WORKERS' BOARD ROLE

PITTSBURGH WEIRTON STEEL CORP RENEWED EFFORTS TO CUT ITS DEBT LOAD
THROUGH A STOCK SALE SAYING IT PLANS TO OFFER UP TO 15 MILLION COMMON
SHARES TO THE PUBLIC

LAST SEPTEMBER THE STEELMAKER PROPOSED SELLING AS MANY AS 30 MILLION COMMON
SHARES BUT THE BOARD WITHDREW THE PLAN IN NOVEMBER BECAUSE OF STIFF
OPPOSITION FROM WORKERS WHO CONTROL 77 OF THE VOTING POWER THROUGH AN
EMPLOYEE STOCKOWNERSHIP PLAN WORKERS SAID THE OFFERING WOULD DILUTE THEIR
STAKE

BUT IN MAKING THE NEW PROPOSAL THE BOARD ADDRESSED SEVERAL OF THE WORKERS'
CONCERNS FOR INSTANCE IT PROPOSED ADDING A DIRECTOR WHO WOULD BE NOMINATED
BY THE ESOP THE PROPOSAL WOULD INCREASE THE NUMBER OF DIRECTORS TO 14 FROM
13

THE BOARD ALSO RECOMMENDED THAT INDEPENDENT DIRECTORS CAN'T HAVE HAD
SUBSTANTIAL FINANCIAL TRANSACTIONS WITH THE COMPANY OR ANY OF ITS
SUBSIDIARIES OR AFFILIATES OR THE COMPANY'S PRINCIPAL UNION WITHIN A
TWOYEAR PERIOD PRECEDING APPOINTMENT TO THE BOARD

WORKERS COMPLAINED LAST YEAR THAT THE LAW FIRM WHERE DIRECTOR HARVEY L
SPERRY WORKS WILLKIE FARR & GALLAGHER IN NEW YORK BILLED WEIRTON MORE THAN
1 MILLION WHILE ALSO REPRESENTING FOREIGN STEELMAKERS

THE BOARD CALLED A SHAREHOLDER MEETING FOR MAY 26 APPROVAL OF THE PROPOSALS
WILL REQUIRE AN 80 VOTE 9404140098 940414 INTERNATIONAL WORLD WIRE 
 COMPILED BY RICHARD L HOLMAN

THE EUROPEAN UNION COMMISSION PROPOSED LEGISLATION THAT WOULD REQUIRE
MULTINATIONALS OPERATING IN ANY EU COUNTRIES BUT BRITAIN TO CONSULT WITH
EMPLOYEES ON MANAGEMENT DECISIONS

THE MOVE FOLLOWED THE RECENT COLLAPSE OF TALKS BETWEEN EUROPEAN TRADE UNIONS
AND EMPLOYERS FOR A VOLUNTARY ACCORD TO HEAD OFF LEGISLATION THE MEASURE
WOULD MARK THE EU'S FIRST USE OF A SOCIAL PROTOCOL THAT ALLOWS BRITAIN TO
OPT OUT OF THE 12MEMBER TRADE BLOC'S LABOR LAWS THOUGH BRITISH FIRMS
OPERATING IN OTHER EU COUNTRIES WOULD HAVE TO COMPLY

THE PROPOSAL WAS WELCOMED BY THE EUROPEAN TRADE UNION CONFEDERATION AND
OPPOSED IN ITS CURRENT FORM BY THE UNICE EMPLOYERS' FEDERATION

UNDER THE PLAN COMPANIES WOULD HAVE TWO YEARS TO SET UP TRANSNATIONAL
MECHANISMS FOR INFORMING AND CONSULTING WITH THEIR WORKERS THE PROPOSAL
ALSO SETS RULES ON WORKER COMMITTEES A CONTESTED ISSUE

THE INTERNATIONAL AIRLINE PASSENGERS ASSOCIATION WARNED AGAINST TAKING
FLIGHTS IN THE FORMER SOVIET UNION OR EVEN FLYING OVER IT ON WESTERN
CARRIERS THE SAFETY ALERT THE IAPA'S FIRST SUCH BROAD ADMONITION CITED
OVERLOADED AIRPLANES LACK OF COCKPIT DISCIPLINE PILOT ERROR AGING
AIRCRAFT AND EVEN MISSILES FIRED AT CIVILIAN AIRLINERS IN AREAS OF POLITICAL
INSTABILITY IT SAID WESTERN SAFETY PROCEDURES SUCH AS AIRCRAFT
INSPECTIONS AND MAINTENANCE AND RENEWAL OF PILOT PROFICIENCY ARE RARE IN
FORMER SOVIET COUNTRIES MOREOVER IT LISTED HIJACKING RISKS AIRLINE AND
GOVERNMENT CORRUPTION AND  AN INADEQUATE AND DECAYING AIR TRAFFIC
INFRASTRUCTURE

CHINA WILL TIGHTEN INSPECTIONS OF PERSONAL INCOME TAX COLLECTIONS LATER THIS
YEAR TO COMBAT TAX EVASION PRIMARY TARGETS WILL BE FOREIGNERS AND CHINESE
EMPLOYEES OF FOREIGN COMPANIES WHO ARE IN THE HIGHEST TAX BRACKETS OF UP TO
45 AND WHO IN THE PAST HAVE USED LOOPHOLES TO REDUCE PAYMENTS THE CHINA
DAILY SAID THE GOVERNMENT IN JANUARY INSTITUTED NEW TAX POLICIES AIMED AT
RAISING MONEY FOR CASHSTRAPPED STATE ENTERPRISES AS A RESULT INDIVIDUAL
INCOME TAX REVENUE JUMPED 56 IN THE FIRST QUARTER FROM A YEAR EARLIER

HUNGARY WILL START A NEW PROGRAM MONDAY TO PUT STATE ENTERPRISES IN PRIVATE
HANDS CRITICS SAID THE TIMING AHEAD OF THE MAY 8 GENERAL ELECTION IS
AIMED MORE AT GETTING VOTES FOR THE GOVERNING COALITION TRAILING BADLY IN
PUBLICOPINION POLLS THE GOVERNMENT HOPES TO SELL OFF 116 BILLION OF
STATE ASSETS INVOLVING 70 COMPANIES OVER THE NEXT FIVE YEARS HUNGARIANS
MAY BUY AS MUCH AS 960 OF SHARES IN INTERESTFREE INSTALLMENTS THE AVERAGE
MONTHLY WAGE IS 192 BUT THE GOVERNMENT HOPES TO TAP LARGE PERSONAL SAVINGS
FOR INVESTMENT STATEOWNED FIRMS MANY UNPROFITABLE FELL BELOW 50 OF THE
COUNTRY'S TOTAL LAST YEAR

BELARUS'S PARLIAMENT WILL STUDY THE LEGALITY OF THE MONETARY UNION ITS
PREMIER AGREED TUESDAY TO FORM WITH RUSSIA OPPOSITION LAWMAKERS SAID PRIME
MINISTER VYACHESLAV KEBICH EXCEEDED HIS AUTHORITY IN CEDING CENTRALBANK
CONTROL OF MONETARY POLICY MR KEBICH SAID A CONSTITUTIONAL AMENDMENT WAS
NEEDED FOR A PROVISION GIVING RUSSIA CONTROL OF THE JOINT RUBLE CURRENCY HE
SOUGHT THE PACT TO BOOST THE AILING ECONOMY AHEAD OF JUNE PRESIDENTIAL
ELECTIONS IN WHICH HE MAY RUN

CHINA OPENED A SPECIALIZED BANK TO MAKE LOWINTEREST LOANS FOR HIGHPRIORITY
PROJECTS THE STATE DEVELOPMENT BANK IS THE FIRST OF THREE BANKS INCLUDING
IMPORTEXPORT AND AGRICULTURE INSTITUTIONS BEING SET UP BY THE GOVERNMENT
TO UNDERWRITE ITS POLICY INITIATIVES THE NEW BANK AIMS TO DIRECT FUNDS
TOWARD BUILDING RAILWAYS ROADS POWER STATIONS AND MINES WHILE HELPING TO
REIN IN WHAT BEIJING CONSIDERS EXCESSIVE INVESTMENT IN UNESSENTIAL PROJECTS
SUCH AS LUXURY HOUSING AND HOTELS

THE EUROPEAN UNION CONFIRMED ITS DECISION TO SEEK COURT ACTION AGAINST
GREECE WHICH IGNORED AN EU DEADLINE TO LIFT ITS TRADE EMBARGO AGAINST THE
FORMER YUGOSLAV REPUBLIC OF MACEDONIA

THE EU COMMISSION WANTS AN EU COURT OF JUSTICE INJUNCTION FORCING GREECE TO
SUSPEND THE EMBARGO THE DECISION WAS CONDEMNED BY GREECE WHICH HAS STRONG
PUBLIC SUPPORT FOR ITS POSITION

WITHOUT INFORMING ITS EU PARTNERS GREECE ON FEB 16 CLOSED ITS SALONIKA
PORT TO MOST PRODUCTS BOUND FOR OR COMING FROM MACEDONIA THIS WAS PROMPTED
BY A DISPUTE ABOUT THE NAME MACEDONIA A SYMBOL IN THE MACEDONIAN FLAG AND
SOME ARTICLES IN THE MACEDONIAN CONSTITUTION

UNDER EU LAW A MEMBER STATE CAN'T UNILATERALLY CLOSE A BORDER UNLESS ITS
NATIONAL SECURITY IS THREATENED GREECE INSISTS ITS NEIGHBOR'S USE OF THE
NAME MACEDONIA IMPLIES TERRITORIAL AIMS FOR THE NORTHERN GREEK PROVINCE OF
MACEDONIA

A TWODAY STRIKE IN TURKEY BY AIRLINE PILOTS TO PROTEST WORK SCHEDULES ENDED
AFTER THE GOVERNMENT PROMISED TO MEET THEIR DEMANDS FOR SUFFICIENT REST
PERIODS THE WALKOUT COST STATEOWNED TURKISH AIRLINES 7 MILLION  
FLIGHT CONTROLLERS AT 33 AIRPORTS IN VENEZUELA STOPPED WORK FOR THREE HOURS
TO DEMAND THE 50 PAY INCREASE FOR PUBLIC EMPLOYEES THAT THE PREVIOUS
GOVERNMENT AGREED UPON LAST DECEMBER THE NEW GOVERNMENT HAS WITHHELD THE
BOOST IN DEALING WITH BUDGET PROBLEMS 9404140097 940414 TECHNOLOGY &
HEALTH PHARMACEUTICAL CONSORTIUM TO BEGIN CLINICAL TRIALS OF COMBINED
AIDS DRUGS  BY ELYSE TANOUYE STAFF REPORTER OF THE WALL STREET
JOURNAL

A CONSORTIUM OF 16 PHARMACEUTICAL COMPANIES WILL ANNOUNCE TODAY THAT IT WILL
BEGIN AN UNUSUAL TESTING PROGRAM TO MORE QUICKLY ASSESS WHETHER COMBINING
AIDS DRUGS WILL BETTER FIGHT THE VIRUS THAT CAUSES THE DISEASE

DRUG COMPANIES HAVE BEEN STYMIED IN THEIR SEARCH FOR A SINGLE AGENT AGAINST
AIDS BECAUSE THE HUMAN IMMUNODEFICIENCY VIRUS KNOWN AS HIV QUICKLY MUTATES
INTO FORMS THAT RESIST THE DRUG IT IS HOPED THAT THE SIMULTANEOUS
ADMINISTRATION OF THREE DRUGS WILL OVERWHELM THE VIRUS BY ATTACKING IT AT
DIFFERENT POINTS AND INTERFERE WITH ITS ABILITY TO REPLICATE THE UNUSUAL
TESTING TECHNIQUE OF GIVING PATIENTS A NUMBER OF DRUGS AT THE SAME TIME HAS
BEEN SUCCESSFUL IN THE PAST IN FINDING TREATMENTS FOR TUBERCULOSIS LEPROSY
AND CERTAIN CANCERS

JUERGEN DREWS CHAIRMAN OF THE SCIENTIFIC PANEL OF THE INTERCOMPANY
COLLABORATION ON AIDS DRUG DEVELOPMENT WILL UNVEIL THE CLINICAL TRIALS IN A
PRESENTATION TO THE NATIONAL TASK FORCE FOR AIDS DRUG DEVELOPMENT A
GOVERNMENTAPPOINTED PANEL IN ALEXANDRIA VA IN THE TRIALS EACH OF FOUR
SEPARATE GROUPS OF 100 PATIENTS WILL BE TESTED WITH ONE OF FOUR COMBINATIONS
OF THREE DRUGS FOR UP TO A YEAR THE DRUGS WILL BE TESTED IN RELATIVELY
HEALTHY PATIENTS WHO HAVEN'T YET UNDERGONE AIDS DRUG TREATMENT

THE INITIAL FOUR TRIALS WILL TEST IN VARIOUS COMBINATIONS BURROUGHS WELLCOME
CO'S RETROVIR GENERICALLY KNOWN AS AZT BRISTOLMYERS SQUIBB CO'S VIDEX
GLAXO INC'S AND BIOCHEM PHARMA'S 3TC HOFFMANNLA ROCHE'S HIVID AND
SAQUINAVIR ITS HIV PROTEINASE INHIBITOR AND BOEHRINGER INGELHEIM CORP'S
NEVIRAPINE

THE DRUG COMBINATIONS HAVE SHOWN PROMISE IN THE TEST TUBE THE CLINICAL
TRIALS EXPECTED TO BEGIN IN THE FALL ARE DESIGNED AS AN INITIAL SCREENING
OF THE EFFECTIVENESS OF THE VARIOUS DRUG COMBINATIONS IF ANY APPEAR
PROMISING MORE TRADITIONAL STUDIES WILL FOLLOW ACCORDING TO DAVID BARRY
GROUP DIRECTOR OF RESEARCH DEVELOPMENT AND MEDICAL OF WELLCOME PLC WHO
LEADS THE CONSORTIUM'S CLINICAL SUBCOMMITTEE THAT DEVELOPED THE STUDY
DESIGN

SOME DRUG COMPANIES SUCH AS BURROUGHS WELLCOME AND HOFFMANNLA ROCHE HAVE
CONDUCTED COMBINATION STUDIES OF THEIR OWN BUT THE PATIENTS WERE GENERALLY
SICKER AND ALREADY RESISTANT TO ONE OR MORE OF THE DRUGS

THE CONSORTIUM'S TRIAL STRUCTURE WON'T INVOLVE A PLACEBO CONTROL NECESSARY
TO PROVE EFFECTIVENESS OF A TREATMENT THE TRIAL WON'T PICK UP SUBTLE
DIFFERENCES BETWEEN THE DRUG COMBINATIONS BUT THE RESEARCHERS HOPE IT WILL
PICK UP THOSE CASES THAT ARE SURPRISINGLY GOOD OR EFFECTIVE SAID DR DREWS
WHO IS HEAD OF INTERNATIONAL RESEARCH AND DEVELOPMENT FOR HOFFMANNLA ROCHE

THE INTERCOMPANY COLLABORATION WAS FORMED A YEAR AGO TO SPEED UP RESEARCH IN
AIDS DRUG TREATMENT BY BRINGING TOGETHER COMPANIES THAT AGREED TO SHARE
INFORMATION AND PARTICIPATE IN JOINT RESEARCH THE COMPANIES ARE MERCK & CO
OF WHITEHOUSE STATION NJ ELI LILLY & CO OF INDIANAPOLIS IND AB
ASTRA SWEDEN BRISTOLMYERS SQUIBB NEW YORK BOEHRINGER INGELHEIM A
RIDGEFIELD CONN UNIT OF BOEHRINGER INGELHEIM INTERNATIONAL GMBH GERMANY
BURROUGHS WELLCOME CO A UNIT OF WELLCOME PLC BRITAIN DUPONT MERCK A
JOINT UNIT OF MERCK AND DUPONT CO WILMINGTON DEL GLAXO HOLDINGS PLC
BRITAIN HOECHST AG GERMANY HOFFMANNLA ROCHE A UNIT OF THE SWISS COMPANY
ROCHE HOLDING LTD MILES LABORATORIES A US UNIT OF THE GERMAN COMPANY
BAYER AG PFIZER INC NEW YORK SIGMA TAU ITALY SMITHKLINE BEECHAM PLC
BRITAIN AJI PHARMA USA A UNIT OF AJINOMOTO CO OF JAPAN AND SYNTEX CORP
PALO ALTO CALIF 9404140096 940414 LAW JURORS CALCULATE PUNITIVE
DAMAGES IN UNUSUAL MANNER  BIG AWARD IN ASBESTOS CASE WAS BASED
ON NUMBER 18 MEANING LIFE IN HEBREW  BY WADE LAMBERT STAFF
REPORTER OF THE WALL STREET JOURNAL

WHEN A NEW YORK JURY DECIDED TO AWARD HUGE PUNITIVE DAMAGES TO THREE
ASBESTOS VICTIMS AN UNUSUAL FACTOR HELPED IT CALCULATE THE AMOUNT THE JURY
AWARDED 18 MILLION TO EACH OF THE VICTIMS BECAUSE THE NUMBER 18 SYMBOLIZES
LIFE IN HEBREW

THE JURY ASSESSED A TOTAL OF 54 MILLION IN PUNITIVE DAMAGES AGAINST
OWENSCORNING FIBERGLAS CORP IN ADDITION TO 12 MILLION IN COMPENSATORY
DAMAGES THE TOTAL AMOUNTS TO 41 OF THE TOLEDO OHIO COMPANY'S NET INCOME
FOR 1993 OWENS STOPPED USING ASBESTOS IN ITS INSULATION PRODUCTS IN 1972

PUNITIVE DAMAGE AWARDS OF THIS MAGNITUDE ARE OFTEN REDUCED ON APPEAL FOR
NOW THOUGH THE AWARD IS SURE TO STIR THE DEBATE OVER PUNITIVE DAMAGES
WHICH ARE DESIGNED TO PUNISH AND DETER WRONGDOING WHILE AN ATTORNEY FOR THE
PLAINTIFFS PRAISED THE AWARD AS ONE OF THE BIGGEST EVER IN AN ASBESTOS
PERSONALINJURY CASE CRITICS OF PUNITIVEDAMAGE AWARDS SAID IT ILLUSTRATES
THE NEED FOR CLEARER STANDARDS IN CALCULATING SUCH PENALTIES

THE DAMAGES WERE AWARDED TUESDAY IN THE COMBINED CASES OF THREE VICTIMS WHO
WERE EXPOSED TO ASBESTOS IN THEIR WORK ASBESTOS ONCE WIDELY USED AS AN
INSULATOR CAN CAUSE CANCER AND OTHER ILLNESSES YEARS AFTER EXPOSURE IN THE
CASE BEFORE THE NEW YORK JURY ONE OF THE VICTIMS HAS TERMINAL LUNG CANCER
THE OTHER TWO MEN DIED OF AN ASBESTOSRELATED AILMENT BEFORE THE TRIAL

HEATHER CASTILE ONE OF THE JURORS SAID THE JURY QUICKLY DECIDED THAT TO
SEND A MESSAGE TO THE COMPANY IT SHOULD AWARD EITHER ONETHIRD OR ONEHALF
OF THE COMPANY'S ANNUAL PROFIT OF 131 MILLION TO COMPROMISE THEY
CONSIDERED CHOOSING A FIGURE ROUGHLY IN BETWEEN

MS CASTILE SAID THAT INFORMATION HELPED THE JURY COME TO AGREEMENT ON THE
AMOUNT WHEN WE HEARD THAT WE WERE LIKE YES THIS IS WHAT WE WANT' THE
DAMAGE AWARD WAS APPROVED BY FIVE OF THE SIX JURORS WHICH WAS SUFFICIENT
FOR A VERDICT TO BE REACHED IN THE NEW YORK STATE COURT PROCEEDING

UNDER A MYSTICAL NUMEROLOGY SYSTEM CALLED GEMATRIA EVERY LETTER OF THE
HEBREW ALPHABET IS ASSIGNED A NUMERICAL VALUE THE HEBREW WORD CHAI OR
LIFE HAS COME TO BE ASSOCIATED WITH THE NUMBER 18 BECAUSE THE WORD CONSISTS
OF TWO LETTERS ONE ASSIGNED THE NUMBER 10 AND THE OTHER ASSIGNED THE NUMBER
8

JERRY KRISTAL A LAWYER FOR THE PLAINTIFFS SAID THE JURORS WERE EXTREMELY
UPSET AND WANTED TO SEND A STRONG MESSAGE TO THE COMPANY MS LEVITZ TOLD
THE LAWYERS THAT SHE THOUGHT THE NUMBER 18 WAS SYMBOLIC AND IMPORTANT
SAID MR KRISTAL OF THE LAW FIRM GREITZER & LOCKS IN PHILADELPHIA

WILLIAM K HAMILTON A SPOKESMAN FOR OWENSCORNING FIBERGLAS SAID WE
EXPECT THIS AMOUNT TO BE SUBSTANTIALLY REDUCED ON APPEAL AS HAS BEEN
CUSTOMARY IN THESE CASES HE SAID THE COMPANY WILL ASK THE TRIAL JUDGE TO
REDUCE OR ELIMINATE THE PUNITIVE DAMAGES BUT NO DECISION HAS BEEN MADE ON
WHETHER TO CHALLENGE THE MUCH SMALLER COMPENSATORY DAMAGES

VICTOR SCHWARTZ AN ATTORNEY AND LOBBYIST WHO HAS CAMPAIGNED FOR
RESTRICTIONS ON PUNITIVE DAMAGES SAID THE VERDICT ILLUSTRATES THE NEED FOR
STANDARDS TO BE SET TO CALCULATE SUCH PENALTIES THEY MIGHT AS WELL HAVE
USED A MULTIPLE OF THE BIRTHDAY OF THE PLAINTIFF OR A MULTIPLE OF THE DAYS
HE HAD BEEN SICK MR SCHWARTZ SAID 9404140095 940414 REVIEW & OUTLOOK
EDITORIAL ASIDES THE GIVING GAME

THE SEC NOW HAS FORMALLY FORBIDDEN BOND FIRMS TO AID POLITICAL CANDIDATES
BUT PLENTY OF LOOPHOLES REMAIN SUCH AS THOSE FOR BONDLAWYER DONORS AND FOR
THE CAMPAIGNS FOR THE BOND ISSUES THEMSELVES MEANWHILE ANOTHER MAJOR
SOURCE OF INSIDER FUNDING FOR STATE TREASURER AND COMPTROLLER CANDIDATES
WHO TYPICALLY WOULD BECOME PUBLIC PENSION TRUSTEES ARE FOLKS WHO INVEST FOR
THE PUBLIC FUNDS ONE MONEY MANAGER TOLD US OF BEING BOMBARDED FOR
CONTRIBUTIONS HIS REFUSALS BEING MET WITH 30 SECONDS OF SILENCE ON THE
OTHER END AND YOU CAN IMAGINE WHAT YOU'RE SUPPOSED TO BE THINKING
9404140094 940414 WHO'S NEWS CAPITAL ASSOCIATES INC

CAPITAL ASSOCIATES INC LAKEWOOD COLO WILLIAM B PATTON JR A
DIRECTOR OF THE EQUIPMENTLEASING COMPANY SINCE 1987 WAS NAMED CHAIRMAN
SUCCEEDING RICHARD KAZAN WHO REMAINS A DIRECTOR MR PATTON 58 YEARS OLD
AN EXECUTIVE AT UNISYS CORP HAS BEEN A CAPITAL ASSOCIATES DIRECTOR SINCE
1987 MR KAZAN 49 FOUNDED THE COMPANY AND WAS CHAIRMAN FOR 20 YEARS THE
COMPANY DIDN'T GIVE A REASON FOR THE CHANGE AND MR KAZAN COULDN'T BE
REACHED FOR COMMENT SEPARATELY GARY M JACOBS WAS NAMED A DIRECTOR
INCREASING THE BOARD'S SIZE TO SIX MEMBERS MR JACOBS 47 IS EXECUTIVE
VICE PRESIDENT AND CHIEF FINANCIAL OFFICER OF CORPORATE EXPRESS INC A
CLOSELY HELD STATIONER IN DENVER HE ALSO IS A LARGE CAPITAL ASSOCIATES
SHAREHOLDER 9404140092 940414 WHO'S NEWS AMERICAN STOCK EXCHANGE

AMERICAN STOCK EXCHANGE NEW YORK THE EXCHANGE NAMED FIVE NEW GOVERNORS
FOR A THREEYEAR TERM ON THE 25MEMBER BOARD FORMER NEW YORK MAYOR AND
COLUMBIA UNIVERSITY SCHOOL OF INTERNATIONAL AND PUBLIC AFFAIRS PROF DAVID
N DINKINS EDWIN S CROOKS JR PRESIDENT AND DIRECTOR OF CROOKS OSCHER &
CO A NEW YORK SECURITIES TRADING FIRM JOHN N HATSOPOULOS VICE PRESIDENT
AND CHIEF FINANCIAL OFFICER OF THERMEDICS INC ALAN G QUASHA CHAIRMAN
HANOVER DIRECT INC AND WILL K WEINSTEIN SENIOR PARTNER GENESIS MERCHANT
GROUP SECURITIES LP ALAIR A TOWNSEND PUBLISHER OF CRAIN'S NEW YORK
BUSINESS WILL COMPLETE THE TERM OF CLIFFORD L ALEXANDER JR WHO RESIGNED
EARLIER THIS YEAR THE TERM EXPIRES IN APRIL 1996 9404140091 940414
PENNZOIL PROPOSES OFFER FOR COENERCO OF 2222 MILLION  BY
TAMSIN CARLISLE STAFF REPORTER OF THE WALL STREET JOURNAL

CALGARY ALBERTA PENNZOIL CO PROPOSED TO OFFER ABOUT 306 MILLION
CANADIAN DOLLARS US2222 MILLION TO ACQUIRE COENERCO RESOURCES LTD
TOPPING A HOSTILE BID FROM NUMAC ENERGY INC

PENNZOIL PROPOSED TO PAY C860 624 A SHARE FOR ALL THE CALGARY OIL AND
GAS PRODUCER'S COMMON SHARES C1050 FOR EACH C1000 OF ITS 6
SUBORDINATED CONVERTIBLE DEBENTURES AND TO ASSUME ABOUT C54 MILLION OF
COENERCO'S DEBT

HOWEVER THE OFFER WON'T BE MADE FIRM UNTIL PENNZOIL FINISHES ASSESSING
COENERCO'S FINANCIAL POSITION AND ASSETS IT IS ALSO DEPENDENT ON 90 OF
COENERCO'S SHARES OUTSTANDING BEING TENDERED INTO THE OFFER AND WILL
REQUIRE REGULATORY APPROVAL

PENNZOIL'S PROPOSED OFFER IS SUBSTANTIALLY RICHER THAN AN EARLIER BID BY
NUMAC A CALGARY OIL AND GAS PRODUCER TO ACQUIRE COENERCO FOR CASH AND NEW
SHARES THE NUMAC BID WHICH COENERCO'S BOARD ADVISED THE COMPANY'S
SHAREHOLDERS TO REJECT EXPIRES TODAY BASED ON RECENT MARKET PRICES
COENERCO VALUED THE OFFER AT ABOUT C2782 MILLION

STEPHEN LETWIN NUMAC'S CHIEF FINANCIAL OFFICER SAID NUMAC DOESN'T PLAN TO
SWEETEN ITS OFFER IN RESPONSE TO PENNZOIL'S PROPOSAL

ROBERT HAPER PENNZOIL VICE PRESIDENT PUBLIC RELATIONS SAID THE HOUSTON
PETROLEUM COMPANY EXPECTS TO MAKE A DEFINITIVE OFFER TO ACQUIRE COENERCO IN
ABOUT TWO WEEKS

DAVID MARTIN COENERCO'S PRESIDENT AND CHIEF EXECUTIVE OFFICER SAID HE
EXPECTS THE COMPANY'S BOARD TO ISSUE A RECOMMENDATION TO SHAREHOLDERS
SHORTLY AFTER THE FINAL OFFER IS RECEIVED

ANOTHER DIFFERENCE BETWEEN THE PENNZOIL AND NUMAC BIDS IS THAT NUMAC'S OFFER
DOESN'T EXTEND TO COENERCO SHARES AND DEBENTURES HELD BY NONCANADIANS

MR HARPER SAID COENERCO REPRESENTS AN IMPORTANT INTERNATIONAL
ACQUISITION FOR PENNZOIL THAT WOULD COMPLEMENT THE COMPANY'S EXISTING
CANADIAN OIL AND GAS OPERATIONS WHICH ARE IN ROUGHLY THE SAME AREAS OF
ALBERTA AS SOME OF COENERCO'S OIL AND GAS PROPERTIES BASED ON CURRENT
PRODUCTION FIGURES HE ESTIMATED THAT THE COMBINED COMPANY WOULD PRODUCE
ABOUT 11000 BARRELS A DAY OF OIL AND ABOUT 61 MILLION CUBIC FEET A DAY OF
GAS COMPARED WITH 1000 BARRELS A DAY OF OIL AND 11 MILLION CUBIC FEET A
DAY OF GAS FOR PENNZOIL ALONE

PENNZOIL'S STOCK CLOSED AT 4725 IN COMPOSITE TRADING ON THE NEW YORK STOCK
EXCHANGE UP 75 CENTS A SHARE COENERCO'S STOCK CLOSED AT C825 ON THE
TORONTO STOCK EXCHANGE DOWN C1 A SHARE NUMAC'S STOCK CLOSED AT 6125 A
SHARE ON THE AMERICAN STOCK EXCHANGE UP 625 CENTS A SHARE OR 114
9404140090 940414 MARKETING BRIEF NOTED

RADIO PURCHASE CAPITAL CITIES/ABC INC SAID IT SIGNED A DEFINITIVE PACT TO
BUY RADIO STATION KMPCAM IN LOS ANGELES FROM GOLDEN WEST BROADCASTERS
WHICH IS OWNED BY GENE AND JACKIE AUTRY CAPITAL CITIES ALREADY OWNS KABCAM
IN LOS ANGELES TERMS WEREN'T DISCLOSED

FAST COPY MACMILLAN PUBLISHERS LTD'S ST MARTIN'S PRESS UNIT SAID IT WILL
RELEASE AN INSTANT BOOK ON THE ROCK ARTIST KURT COBAIN WHO COMMITTED
SUICIDE LAST WEEK THE BOOK TO BE TITLED NEVER FADE AWAY THE KURT COBAIN
STORY WILL ARRIVE IN BOOKSTORES APRIL 26 ABOUT 250000 COPIES WILL BE
PRINTED 9404140089 940414 TECHNOLOGY & HEALTH BETA CAROTENE'S POWER TO
AVERT CANCER IS QUESTIONED AS MORE STUDIES CONTINUE  BY JERRY E
BISHOP STAFF REPORTER OF THE WALL STREET JOURNAL

IT MAY BE ANOTHER TWO YEARS BEFORE NEW STUDIES CAN SHOW WHETHER BETA
CAROTENE AND OTHER ANTIOXIDANT VITAMINS ARE HELPFUL OR HARMFUL IN PREVENTING
CANCER

VITAMINS SUCH AS BETA CAROTENE AND VITAMINS A AND E HAVE BEEN THOUGHT TO
HELP PREVENT CANCER BECAUSE ACCORDING TO A PREVAILING THEORY THEY SCAVENGE
OXYGEN COMPOUNDS THAT CAN DAMAGE CELLS AND TURN THEM MALIGNANT

DOUBTS ABOUT THE VITAMINS' CANCERINHIBITING POWERS WERE RAISED BY THE
RESULTS OF A STUDY OF 29000 MIDDLEAGED MEN IN FINLAND ALL OF WHOM WERE
SMOKERS AND AT HIGH RISK OF LUNG CANCER OVER THE LAST FIVE TO EIGHT YEARS
THREE QUARTERS OF THE MEN HAVE BEEN TAKING DAILY DOSES OF EITHER BETA
CAROTENE OR VITAMIN E OR BOTH WHILE THE REMAINING QUARTER TOOK AN INERT OR
PLACEBO CAPSULE

THE RESULTS REPORTED IN THIS WEEK'S NEW ENGLAND JOURNAL OF MEDICINE FAIL
TO SHOW ANY BENEFIT OF THE VITAMINS IN PREVENTING LUNG CANCER AND EVEN
HINTED THAT BETA CAROTENE MIGHT INCREASE THE RISK OF LUNG CANCER AND
POSSIBLY HEART DISEASE ONLY 876 OF THE SMOKERS DEVELOPED LUNG CANCER
DURING THE STUDY BUT THE INCIDENCE OF THIS CANCER WAS 18 HIGHER AMONG USERS
OF BETA CAROTENE THAN AMONG THOSE WHO DIDN'T TAKE THE VITAMIN

THE RESEARCHERS WHO CARRIED OUT THE STUDY AS WELL AS OTHERS WHO ARE DOING
RESEARCH ON THE VITAMINS EXPRESSED ASTONISHMENT AT THE RESULTS AND CITED A
RANGE OF RESEARCH INDICATING A BENEFIT FROM TAKING THE VITAMINS OR FOODS
RICH IN THEM

ALTHOUGH THIS MIGHT BE A REAL FINDING IT MAY SIMPLY HAVE BEEN DUE TO AN
EXTREME PLAY OF CHANCE SINCE THE FINDING IS SO MUCH AT VARIANCE WITH THE
TOTALITY OF OTHER EVIDENCE SUGGESTING A BENEFIT DECLARED AN ACCOMPANYING
EDITORIAL BY CHARLES H HENNEKENS AND JULIE E BURING OF BRIGHAM AND WOMEN'S
HOSPITAL IN BOSTON AND RICHARD PETO OF THE IMPERIAL CANCER RESEARCH FUND
UNIT IN OXFORD ENGLAND

DRS HENNEKENS AND BURING HEAD RESEARCH TEAMS THAT ARE CARRYING OUT TWO
OTHER LARGESCALE EXPERIMENTS THAT MIGHT RESOLVE THE NEW QUESTIONS HANGING
OVER THE ANTIOXIDANT VITAMINS THE FIRST RESULTS OF AN EXPERIMENT INVOLVING
22000 MALE PHYSICIANS WHO'VE BEEN TAKING REGULAR DOSES OF BETA CAROTENE
SINCE 1982 ARE EXPECTED TO BE AVAILABLE IN 1996

THEY ALSO ARE MONITORING THE FATES OF 40000 NURSES PHYSICIANS AND OTHER
WOMEN IN THE HEALTH PROFESSIONS WHO ARE TAKING BETA CAROTENE AND VITAMIN E
THE RESULTS OF THIS WOMEN'S HEALTH STUDY WON'T BE KNOWN FOR ANOTHER DOZEN
YEARS HOWEVER

THE RESULTS OF A THIRD EXPERIMENT INVOLVING 18000 SMOKERS AND ASBESTOS
WORKERS WHO ARE TAKING BETA CAROTENE PLUS VITAMIN A ARE EXPECTED IN 1998

THE EDITORIAL ALSO NOTED THE FDA'S ATTEMPT TO CRACK DOWN ON MEDICAL CLAIMS
FOR HEALTH FOODS AND THE HEALTHFOOD INDUSTRY'S MOVES TO GET CONGRESS TO
REININ THE FDA THE RESULTS OF THE FINNISH TRIAL DO NOT DISPROVE THE
POTENTIAL BENEFITS OF ANTIOXIDANT VITAMINS BUT THEY DO PROVIDE TIMELY
SUPPORT FOR SKEPTICISM AND FOR A MORATORIUM ON UNSUBSTANTIATED HEALTH
CLAIMS THE THREE PHYSICIANS WROTE 9404140088 940414 COMMODITIES 
COTTON FUTURES PRICES RISE SHARPLY ON RUMORS OF BUYING INTEREST BY CHINA
BULLISH CROP REPORTS  BY SUZANNE MCGEE STAFF REPORTER OF THE WALL
STREET JOURNAL

RUMORS OF STRONG BUYING INTEREST FROM CHINA AND BULLISH CROP REPORTS HELPED
PUSH COTTON FUTURES PRICES SHARPLY HIGHER

ON THE NEW YORK COTTON EXCHANGE COTTON FOR MAY DELIVERY SETTLED AT 7984
CENTS A POUND UP 179 CENTS THE WIDELY WATCHED JULY CONTRACT ALSO MOVED
SHARPLY HIGHER SETTLING AT 7942 CENTS A POUND UP 102 CENTS

THIS HAS BEEN A VERY STRONG VERY IMPORTANT SESSION FOR COTTON SAID
SANDRA KAUL SENIOR ANALYST AT SMITH BARNEY SHEARSON INC IN NEW YORK IT
CAME CLOSE TO BREAKING THROUGH ITS HIGHS OF THE YEAR OF AROUND 80 CENTS A
POUND ON SOME VERY HEAVY TRADING

THE BULLISH TONE FOR THE MARKET WAS SET EARLY BY A REPORT FROM THE US
AGRICULTURE DEPARTMENT THAT SHOWED A DECLINE IN EXISTING WAREHOUSE STOCKS OF
COTTON TO 305 MILLION BALES FROM 313 MILLION BALES THE DEPARTMENT ALSO
SLASHED ITS FORECASTS FOR WORLD COTTON PRODUCTION IN THE 12MONTH PERIOD
ENDING IN JULY TO 768 MILLION BALES FROM 777 MILLION BALES

THE USDA IS ALSO LOOKING FOR AN INCREASE IN EXPORTS THIS YEAR SAID JAMES
STEEL AN ANALYST WITH REFCO INC IN NEW YORK DOMESTIC COTTON CONSUMPTION
IS AT ITS HIGHEST LEVELS SINCE WORLD WAR II HE NOTED AND ANY INCREASE IN
EXPORTS WOULD TIGHTEN SUPPLIES FURTHER BOLSTERING THE BULLISH TREND IN THE
COMMODITY'S PRICE

FUELING THE FRENZIED BUYING INTEREST WERE RUMORS OF CHINESE INTEREST IN
PURCHASING LARGE QUANTITIES OF COTTON

HARRY ROBB A TRADER WITH CARGILL INVESTOR SERVICES SAID DEALERS HAVE
CONFIRMED THAT CHINA SO FAR HAS PURCHASED ABOUT 300000 BALES OF COTTON
RUMORS THAT IT COULD BE SEEKING AN ADDITIONAL 700000 TO 19 MILLION BALES
SENT THE MAY CONTRACT HIGHER WITH COTTON TRADERS INTERESTED IN TAKING
DELIVERY FOR POSSIBLE RESALE TO THE CHINESE

THE US IS THE ONLY PLACE WHERE CHINA CAN BUY THOSE AMOUNTS OF COTTON AT
THIS TIME OF THE YEAR MR ROBB ADDED

CHINA AS ONE OF THE WORLD'S LARGEST EXPORTER OF TEXTILES NEEDS
HIGHQUALITY COTTON FROM OVERSEAS TO BLEND WITH ITS LOWERGRADE DOMESTIC
COTTON TO PRODUCE FABRIC THAT IS ACCEPTABLE TO BUYERS IN NORTH AMERICA AND
EUROPE COTTON ANALYSTS SAID AS A RESULT THEY SAID THAT CHINESE DEMAND FOR
US COTTON HAS GROWN SIGNIFICANTLY IN THE PAST FEW YEARS

WHILE TRADERS SAID COTTON FUTURES STILL FACE STRONG RESISTANCE AT THE LEVEL
OF 8005 CENTS TO 8015 CENTS A POUND SOME ANALYSTS BELIEVE THE COMMODITY'S
STEADY UPWARD MARCH WILL CONTINUE

THIS IS SEASONALLY THE TIME OF YEAR WHEN COTTON FUTURES ARE STRONGEST MS
KAUL SAID STOCKS ARE ALREADY LOW DEMAND IS RISING AND THERE'S SOME
CONCERN ABOUT DRY WEATHER IN WEST TEXAS WHERE A LOT OF COTTON IS GROWN
JUST AS THE PLANTING SEASON GETS UNDER WAY

IN OTHER COMMODITY MARKETS YESTERDAY

LIVESTOCK AND GRAINS PRICES OF HOG FUTURES CONTRACTS FELL AMID REPORTS OF
ABUNDANT NUMBERS OF HOGS READY FOR SLAUGHTER ACCORDING TO LIVESTOCK
TRADERS THE NATION'S MEATPACKERS ARE KILLING ROUGHLY 8 MORE HOGS THIS WEEK
THAN THEY DID FOR THE YEAREARLIER WEEK IN TRADING AT THE CHICAGO
MERCANTILE EXCHANGE THE HOG CONTRACT FOR JUNE DELIVERY FELL 072 CENT A
POUND TO SETTLE AT 5167 CENTS THE DROP IN HOG PRICES TRIPPED TECHNICAL
INDICATORS IN THE PORKBELLY PIT WHERE PRICES SANK SHARPLY THE PORKBELLY
CONTRACT FOR JULY DELIVERY DROPPED 127 CENTS A POUND TO SETTLE AT 5340
CENTS AT THE CHICAGO BOARD OF TRADE PRICES OF CORN FUTURES CONTRACTS
SETTLED MIXED AS FORECASTERS PREDICTED THE END OF A WET SPELL THAT HAS
POSTPONED FIELD WORK IN THE MIDWEST AND TRIGGERED FLOODING ALONG SOME
RIVERS THE LATEST 10DAY FORECAST BY METEOROLOGISTS CALLS FOR DRY AND WARM
WEATHER OVER THE CORN AND SOYBEAN BELTS

PRECIOUS METALS PLATINUM FUTURES ROSE FURTHER AS CONCERNS ABOUT THE
POLITICAL SITUATION IN SOUTH AFRICA ESCALATED ON THE NEW YORK MERCANTILE
EXCHANGE PLATINUM FOR JULY DELIVERY ROSE 240 TO SETTLE AT 40320 AN
OUNCE WILLIAM O'NEILL CHIEF FUTURES STRATEGIST AT MERRILL LYNCH & CO
SAID THE PRECIOUS METAL APPEARS TO BE RESPONDING TO NEWS REPORTS THAT THE
ZULU LEADERSHIP HAS REJECTED THE PROPOSED FRAMEWORK FOR ARBITRATION AIMED AT
RESOLVING SOME OF THE DIFFERENCES BETWEEN THE ZULUDOMINATED INKATHA FREEDOM
PARTY AND THE AFRICAN NATIONAL CONGRESS AHEAD OF THE SOUTH AFRICAN ELECTIONS
LATER THIS MONTH SOUTH AFRICA PRODUCES THE MAJORITY OF THE WORLD'S
PLATINUM AND TRADERS NOTE THAT THE METAL'S FUTURES PRICE IS RESPONDING TO
THE EXISTING TIGHT SUPPLY AND THE POSSIBILITY OF FUTURE SUPPLY DISRUPTIONS
PRICES OF OTHER PRECIOUS METALS DRIFTED HIGHER AND LOWER THROUGHOUT THE
SESSION ON NEW YORK'S COMMODITY EXCHANGE GOLD FOR JUNE DELIVERY SETTLED AT
38000 AN OUNCE DOWN 40 CENTS WHILE MAY SILVER SETTLED ONE CENT HIGHER AT
5315 AN OUNCE 9404140087 940414 TECHNOLOGY FOXMEYER TO FORM 
PHARMACY NETWORK FOR HEALTH PROGRAMS

DALLAS FOXMEYER CORP A LARGE PHARMACEUTICAL DISTRIBUTOR IS SEEKING TO
SET UP A NETWORK OF ITS INDEPENDENTPHARMACY CUSTOMERS TO HELP THEM SUPPLY
MANAGED HEALTHCARE PROGRAMS

BECAUSE OF RED TAPE AND OTHER REASONS MANY INDEPENDENT PHARMACIES AREN'T
ENROLLED IN MANAGEDCARE PROGRAMS A FOXMEYER SPOKESMAN SAID UNDER MANAGED
CARE INSURERS PAY FOR PRESCRIPTIONS BOUGHT ONLY AT ENROLLED PHARMACIES
WHICH AGREE TO CHARGE CERTAIN PRICES

FOXMEYER'S NETWORK WOULD TRY TO NEGOTIATE ARRANGEMENTS FOR ITS MEMBERS WITH
INSURERS AND OTHER PAYERS SUCH AS HEALTH MAINTENANCE ORGANIZATIONS THE
NETWORK WOULD ALSO BE WILLING TO WORK WITH COMPANIES SUCH AS MCKESSON
CORP'S PCS HEALTH SYSTEMS INC THAT MANAGE PRESCRIPTIONDRUG PROGRAMS FOR
CORPORATE EMPLOYEES

FOXMEYER'S MOVE RESEMBLES A RECENTLY DISCLOSED EFFORT BY THE NATIONAL
ASSOCIATION OF CHAIN DRUG STORES TO FORM A COMPANY TO COMPETE FOR THE
DRUGPROGRAM MANAGEMENT BUSINESS

THE LARGEST PORTION ABOUT 35 OF FOXMEYER'S 51 BILLION IN ANNUAL
SALES COMES FROM MORE THAN 4500 INDEPENDENT PHARMACIES ABOUT 800 OF THOSE
DRUGSTORES ARE ALREADY PART OF THE COMPANY'S HEALTH MART SYSTEM UNDER WHICH
THEY SHARE A BRAND NAME MERCHANDISING MARKETING AND OTHER SERVICES

FOXMEYER SEES ITS MANAGEDCARE INITIATIVE AS A WAY OF HELPING ITS SMALL
CUSTOMERS KEEP UP IN THE CHANGING WORLD OF HEALTH CARE IF WE DON'T KEEP
OUR BIGGEST CUSTOMER BASE VIABLE WE'RE IN TROUBLE THE SPOKESMAN SAID
9404140086 940414 TECHNOLOGY & HEALTH CAREMARK FORMS STRATEGIC
ALLIANCES WITH 3 DRUG FIRMS  BY RON WINSLOW STAFF REPORTER OF
THE WALL STREET JOURNAL

CAREMARK INTERNATIONAL INC ANNOUNCED STRATEGIC ALLIANCES WITH THREE MAJOR
PHARMACEUTICAL COMPANIES IN A MOVE THAT REFLECTS INTENSE JOCKEYING FOR
COMPETITIVE ADVANTAGE IN THE PHARMACEUTICAL INDUSTRY

THE NORTHBROOK ILL PROVIDER OF HOME CARE PRESCRIPTIONDRUGBENEFIT
MANAGEMENT AND OTHER HEALTH SERVICES SAID THAT UNDER THE ALLIANCES IT WILL
WORK WITH THE DRUG COMPANIES AND ITS OWN DATABASE TO DEVELOP STRATEGIES TO
PROVIDE COSTEFFECTIVE DRUG BENEFITS TO ITS CUSTOMERS

THE PARTICIPATING DRUG COMPANIES INCLUDE PFIZER INC AND RHONEPOULENC RORER
INC THE THIRD CONCERN WASN'T IMMEDIATELY IDENTIFIED CAREMARK SAID
NEGOTIATIONS WITH A FEW OTHER COMPANIES TO JOIN THE PROGRAM ARE UNDER WAY

THE ALLIANCES AREN'T EXCLUSIVE RELATIONSHIPS AND SOME ANALYSTS VIEWED THE
ANNOUNCEMENT AS MORE MARKETING THAN SUBSTANCE SINCE DRUG COMPANIES AND
PHARMACY BENEFIT MANAGERS OFTEN NEGOTIATE DISCOUNT PRICES IN RETURN FOR
SALES VOLUME OR MARKET SHARE

WITHOUT EXCLUSIVE ARRANGEMENTS THESE ALLIANCES DON'T REALLY HAVE ANY
MEANING SAID HEMANT K SHAH OF HKS & CO AN INDEPENDENT ANALYST IN
WARREN NJ

BUT THOMAS W HODSON SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER AT
CAREMARK MAINTAINED THAT DATA NOT DISCOUNTS ARE AT THE HEART OF THE
ALLIANCES HE SAID HE EXPECTS THE ARRANGEMENTS TO INCREASE 1994 EARNINGS BY
FIVE CENTS TO SIX CENTS A SHARE FOR 1993 THE COMPANY EARNED 777 MILLION
OR 106 A SHARE

MR HODSON SAID THE DRUG COMPANIES WILL HAVE EXCLUSIVE ACCESS TO CAREMARK'S
PRESCRIPTIONDRUG DATABASE WHICH COVERS ABOUT 28 MILLION PEOPLE CAREMARK
WILL LINK THIS DATA WHICH INCLUDES INFORMATION ON SUCH AREAS AS PRESCRIBING
PATTERNS AND PATIENT COMPLIANCE WITH OTHER DATA FROM ITS CUSTOMER BASE ON
HOSPITAL ADMISSIONS AND USE OF OTHER HEALTH SERVICES

HE SAID THE COMBINED DATABASES ARE EXPECTED TO ENABLE CAREMARK AND THE DRUG
COMPANIES TO STUDY HOW DIFFERENT DRUG TREATMENT REGIMENS EFFECT THE HEALTH
OUTCOMES OF PATIENTS AND TO DEVELOP PROTOCOLS FOR THE MOST COSTEFFECTIVE
USE OF DRUGS THE COMPANIES WILL DEVELOP SUCH PROTOCOLS FOR SEVERAL
DISEASES INCLUDING AIDS HEART DISEASE ASTHMA HYPERTENSION DEPRESSION
AND DIABETES

RATHER THAN AUTOMATICALLY USING THE NEWEST AND PERHAPS MOST EXPENSIVE DRUG
MR HODSON SAID WE SEE AN INTEREST FROM OUT CUSTOMERS TO PUT IN PLACE THE
RIGHT THERAPIES TO STEP UP IN TERMS OF COST TO GET TO THE DRUG THAT'S MOST
APPROPRIATE FOR THE PATIENT

MERCK & CO WHOSE MERGER WITH MEDCO CONTAINMENT SERVICES INC LAST YEAR HAS
HELPED PROMPT COMPETITORS TO STRIKE UP ALLIANCES WITH DRUGBENEFITS MANAGERS
SUCH AS CAREMARK HAS SAID IT HOPES TO USE MEDCO'S PRESCRIPTIONDRUG DATA IN
SIMILAR WAYS 9404140085 940414 DAIMLERBENZ UNVEILS ELECTRIC VEHICLE 
CLAIMING A BREAKTHROUGH ON FUEL CELLS  BY OSCAR SURIS STAFF
REPORTER OF THE WALL STREET JOURNAL

DAIMLERBENZ AG MAKER OF MERCEDESBENZ AUTOMOBILES UNVEILED A NOBATTERY
ELECTRIC VEHICLE THAT IT CLAIMS WILL LEAD TO A VIABLE ALTERNATIVE FOR THE
INTERNAL COMBUSTION ENGINE

DAIMLER AT A NEWS CONFERENCE IN STUTTGART GERMANY SAID THE VEHICLE RELIES
ON FUEL CELLS A TECHNOLOGY THAT ALLOWS GASES SUCH AS HYDROGEN AND OXYGEN TO
REACT YIELDING ENERGY THAT CAN BE USED AS ELECTRICAL POWER DAIMLER
SHOWCASED ITS FUEL CELLS IN A MERCEDESBENZ VAN BOASTING IT HAD SOLVED ALL
OF THE TECHNOLOGY'S FUNDAMENTAL PROBLEMS

THE BREAKTHROUGH COULD INFLUENCE SIMILAR EFFORTS IN THE US WHERE THE
CLINTON ADMINISTRATION HAS FORMED A PARTNERSHIP WITH DETROIT'S BIG THREE TO
DEVELOP A NEW GENERATION OF EXTREMELY EFFICIENT YET AFFORDABLE PASSENGER
CARS DAIMLER'S CLAIMS WILL GIVE AMMUNITION TO THOSE WHO BELIEVE MR
CLINTON'S PROGRAM WHICH HAS DRAWN CRITICISM FOR ITS SLOW PROGRESS SHOULD
ALSO FOCUS ON FUEL CELLS

FUEL CELLS WERE ON THE TABLE BUT THEY WERE A LITTLE CLOSE TO THE EDGE
SAID BOB ROSE A LOBBYIST WHO HAS BEEN MONITORING THE PROGRESS OF
WASHINGTON'S PARTNERSHIP WITH DETROIT NOW I THINK THEY HAVE BEEN MOVED TO
THE CENTER OF THE TABLE

THE BIG THREE IN CONCERT WITH SEVERAL GOVERNMENT AGENCIES HAVE PROMISED TO
DELIVER BY 2000 A CONCEPT VEHICLE OF A FAMILY SEDAN WITH THREE TIMES THE
FUEL EFFICIENCY OF CURRENT MODELS AND A PRODUCTION PROTOTYPE BY 2004
HOWEVER DAIMLER CLAIMED YESTERDAY THAT IT IS WITHIN FIVE YEARS OF
DEVELOPING A PRODUCTION PROTOTYPE OF FUEL CELLS THAT ARE SMALL ENOUGH AND
LIGHT ENOUGH TO BE USED IN AUTOMOBILES

TO BE SURE CONCERNS REMAIN ABOUT THE COSTS ASSOCIATED WITH FUEL CELLS
MATERIALS USED IN CREATING THE BOXLIKE DEVICES' STACKABLE PLATES AND THIN
MEMBRANES CAN BE EXPENSIVE ALSO THE USE OF HYDROGEN AS A FUEL RAISES
QUESTIONS ABOUT STORAGE AND INFRASTRUCTURE NEEDS ISSUES THAT COULD DERAIL
CONSUMER ACCEPTANCE

REDUCING THE FUEL CELL TO AN AUTOMOTIVE PRODUCT IS A TREMENDOUS CHALLENGE
SAID BRADFORD BATES FORD MOTOR CO'S MANAGER FOR ALTERNATIVE POWER SOURCES
THERE IS A TREMENDOUSLY LONG LIST OF ENGINEERING ISSUES TO DEAL WITH

STILL DAIMLER CLAIMED ITS FUEL CELL DEVELOPED JOINTLY WITH BALLARD POWER
SYSTEMS INC OF VANCOUVER CANADA COULD RUN SIMPLY ON METHANOL A FUEL THAT
CAN BE CONVERTED INTO HYDROGEN ABOARD A VEHICLE AND CAN BE DISPENSED EASILY
OUT OF EXISTING SERVICESTATION PUMPS

INDEED DETROIT HAS ALREADY BEEN PONDERING THE PRACTICALITY OF FUEL CELLS
EITHER THROUGH GOVERNMENTSPONSORED PROJECTS OR THROUGH INDIVIDUAL EFFORTS
THE TECHNOLOGY IS ESSENTIALLY EMISSIONFREE EXCEPT FOR RELEASES OF CARBON
DIOXIDE DURING THE METHANOL CONVERSION BECAUSE ITS CHIEF BYPRODUCT IS
WATER CONCERNS ABOUT RANGE BETWEEN FILLUPS ARE NOT AS PROMINENT AS WITH
ELECTRIC VEHICLES BECAUSE FUEL CELLS HAVE ENERGYSTORAGE CAPABILITIES
COMPARABLE TO GASOLINEPOWERED CARS

BUT WITH A GERMAN COMPANY LIKE DAIMLER PUSHING THE TECHNOLOGY SO
CONFIDENTLY THE QUESTION NOW REMAINS WHETHER DETROIT AND WASHINGTON MUST
RESPOND SWIFTLY OR RISK FORFEITING A POTENTIAL TECHNOLOGICAL EDGE TO FOREIGN
COMPETITORS

I THINK GENERAL MOTORS AND PEOPLE LIKE THAT HAVE THE CAPABILITY TO DO IT
SAID MOSSADIQ UMEDALY CHIEF FINANCIAL OFFICER OF BALLARD POWER SYSTEMS THE
FUELCELL DEVELOPER IT'S JUST A QUESTION OF WILL